Vornado Realty Trust reported mixed results for the third quarter of 2026, with adjusted FFO per share beating analyst expectations despite a slight revenue miss. The company demonstrated strong operational momentum in its core New York portfolio, reaching management's occupancy targets ahead of schedule while securing significant future development milestones.
Key Highlights
- Adjusted FFO per share reached $0.65, exceeding the $0.64 consensus estimate on the back of higher New York occupancy and signage revenue.
- Manhattan office occupancy improved to 93.0%, surpassing the estimated 92.2% and reflecting robust demand for Class-A office space.
- Formed a major joint venture on October 20, 2026, to develop a 1.9 million square foot tower at 350 Park Avenue, anchored by a 1.05 million square foot Citadel lease.
- Closed a $3.3 billion construction loan for the 350 Park Avenue project at SOFR plus 3.00%, maturing in 2032.