Vornado Realty (VNO) Q3 2026 Earnings
GAAP loss includes depreciation and amortization of real property of $155,709 thousand (vs. $103,617 thousand prior year), a $2,066 thousand deferred tax liability on the Farley Building investment and $3,500 thousand of net gains on sale of real estate from partially owned entities. FFO as adjusted (non-GAAP) was $0.65 per diluted share; FFO (non-GAAP) was $0.62 per diluted share.
How Did VNO Stock React to Q3 2026 Earnings?
Did VNO Beat Earnings? Q3 2026 Results
No. Vornado Realty reported Q3 2026 earnings of $-0.25 a share on Nov 2, 2026, missing the $-0.22 consensus estimate by 13.6%. Revenue was $467.7M against a $476.5M estimate.
Vornado Realty Trust delivered a disappointing third quarter, missing both top and bottom lines as a sharp rise in depreciation weighed heavily on results. The New York office landlord reported a GAAP net loss of $0.25 per diluted share, falling short of the $0.22 consensus loss estimate by 13.64%, as depreciation and amortization of real property surged to $155.71 million from $103.62 million a year earlier, swinging the company from net income of $0.06 per share to a loss. Revenue rose 3.1% year over year to $467.66 million, but still missed the $476.52 million consensus by 1.86%. On a funds-from-operations basis, FFO as adjusted climbed to $0.65 per diluted share from $0.57, though that trailed the prior quarter's $0.67. Looking ahead, Vornado expects to book an estimated $485.00 million net gain in the fourth quarter from deconsolidating 350 Park Avenue into its newly formed joint venture with Rudin and a Kenneth Griffin affiliate, where Citadel has signed a 1.05 million square foot anchor lease anchoring the roughly 1.9 million square foot development.
- Rent commencements, net of lease expirations, added $17.5 million to FFO as adjusted year over year
- Park Avenue Plaza acquisition contributed $9.0 million to FFO as adjusted; Park Avenue Plaza NOI at share was $12.2 million in Q3
- Variable businesses (primarily signage) added $3.2 million
- Lower interest and other investment income ($5.1 million vs. $22.4 million) reduced FFO as adjusted by $9.3 million
- Higher interest expense (primarily 2033 senior unsecured notes) reduced FFO as adjusted by $8.7 million
- Total same store NOI at share up 9.0% and cash basis up 3.2% year over year
- New York same store NOI at share up 10.2% and cash basis up 4.9% year over year; excluding the Bloomberg rent abatement, cash basis up 8.4%
- THE MART same store NOI at share up 4.0% and cash basis up 16.3% year over year
- New York office second-generation GAAP straight-line rents up 37.2% and cash rents up 25.9% in Q3
- 555 California Street second-generation GAAP rents up 59.0% and cash rents up 38.0% in Q3
- THE MART second-generation GAAP rents up 12.6% and cash rents up 7.7% in Q3
- Alexander's NOI at share of $14.97 million vs. $8.77 million, including termination income at the Rego Park shopping center
- Total NOI at share of $300.1 million vs. $266.7 million in the prior-year quarter; NOI at share - cash basis of $255.7 million vs. $235.9 million
- EBITDAre, as adjusted, of $279.5 million vs. $253.8 million in the prior-year quarter
- FAD of $54.2 million vs. $54.6 million in the prior-year quarter
- New York total occupancy rose to 91.5% from 90.8% at June 30, 2026; New York office occupancy rose to 93.0% from 92.2%
- BMS NOI declined to $4.9 million from $7.0 million year over year
What Is Vornado Realty's Outlook?
Vornado expects to recognize an estimated net gain of approximately $485 million in Q4 2026 from deconsolidating 350 Park Avenue and 39 East 51st Street into the new 350 Park JV, which it now accounts for under the equity method. For 2026, the company anticipates continuing its policy of paying one common share dividend in December, subject to Board approval. For 350 Park Avenue (36.1% interest), its share of the total project budget is $2.134 billion, with $290 million of cash equity remaining; projected stabilization is 2030 at a 9.2% unlevered cash yield. For 623 Fifth Avenue, the budget is $450 million, with $195.7 million remaining; projected stabilization is 2028 at a 10.1% yield. Future development opportunities total 3,357,000 zoning square feet, including PENN 15 (2,052,000), 527 West Kinzie land in Chicago (330,000), 34th and Eighth Avenue land (312,000), 260 Eleventh Avenue (280,000), 3 East 54th Street (233,000) and 57th Street land (150,000; 50% interest). Effective October 2026, $343 million of the revolving credit facility and $600 million of the term loan are capped at a 4.75% SOFR strike through October 2027.
VNO YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $467.7M | $453.7M | +3.1% |
VNO Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.