Vornado Realty Trust (VNO)

US — Real Estate Sector
Peers: DLR  STAG  FR  NNN  CTRE  STWD  FRT  KRC  RITM  BRX 

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Key Metrics & Ratings

  • symbol VNO
  • Rev/Share 9.4481
  • Book/Share 36.5405
  • PB 1.008
  • Debt/Equity 1.3013
  • CurrentRatio 1.9335
  • ROIC 0.0179

 

  • MktCap 6115025851.0
  • FreeCF/Share 6.8643
  • PFCF 4.6386
  • PE 6.7526
  • Debt/Assets 0.5013
  • DivYield 0.0232
  • ROE 0.1601

 

  • Rating A
  • Score 4
  • Recommendation Buy
  • P/E Score 4
  • DCF Score 5
  • P/B Score 2
  • D/E Score 1

Recent Analyst Ratings

Type Ticker Analyst Firm Previous Rating Current Rating Previous Price Target Current Price Target Date
Upgrade VNO JP Morgan Underweight Neutral -- $41 Nov. 24, 2025
Initiation VNO Ladenburg Thalmann -- Buy -- $48 Oct. 13, 2025
Upgrade VNO Citigroup Sell Neutral -- $42 Sept. 12, 2025
Upgrade VNO Mizuho Neutral Outperform $38 $48 Jan. 7, 2025
Upgrade VNO Evercore ISI Underperform Outperform -- -- Aug. 20, 2024

News

Vornado Realty Trust: Premier NYC Properties, Shares Trade At A Discount
VNO
Published: January 22, 2026 by: Seeking Alpha
Sentiment: Negative

Vornado Realty Trust is a REIT that is among the most premier real estate owners and operators in the New York City market. Shares were pummeled during the COVID-19 pandemic but have since recovered over the past two years. Despite the recovery in both its share price and in leasing fundamentals, VNO is still underperforming broader markets.

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image for news Vornado Realty Trust: Premier NYC Properties, Shares Trade At A Discount
Alexander's Announces Fourth Quarter Earnings Release Date and Vornado Realty Trust Quarterly Conference Call
ALX, VNO
Published: January 21, 2026 by: GlobeNewsWire
Sentiment: Neutral

PARAMUS, N.J., Jan. 21, 2026 (GLOBE NEWSWIRE) -- Alexander's, Inc. (NYSE: ALX) today announced that it will file its annual report on Form 10-K for the year ended December 31, 2025 with the U.S. Securities and Exchange Commission and issue its fourth quarter and full year earnings release on Monday, February 9, 2026, before the New York Stock Exchange opens.

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image for news Alexander's Announces Fourth Quarter Earnings Release Date and Vornado Realty Trust Quarterly Conference Call
Vornado Reports First Lease at Sunset Pier 94 Studios With Paramount
VNO
Published: January 16, 2026 by: Zacks Investment Research
Sentiment: Positive

VNO's inaugural 70,000-square-foot lease at Sunset Pier 94 Studios with Paramount highlights diversification and strengthens long-term revenue visibility.

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image for news Vornado Reports First Lease at Sunset Pier 94 Studios With Paramount
How Vornado Is Expanding in Manhattan While Strengthening Liquidity
VNO
Published: January 09, 2026 by: Zacks Investment Research
Sentiment: Positive

VNO expands in Manhattan with a $141 Million Plaza District site buy while extending debt maturities.

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image for news How Vornado Is Expanding in Manhattan While Strengthening Liquidity
Office Real Estate Rebound in the Cards in 2026? 2 REITs to Watch
CUZ, VNO
Published: December 19, 2025 by: Zacks Investment Research
Sentiment: Positive

CUZ and VNO stand out as premium U.S. office demand rises, supply tightens, and easing rates set the stage for a modest leasing rebound in 2026.

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image for news Office Real Estate Rebound in the Cards in 2026? 2 REITs to Watch
Vornado Realty: Manhattan Office Space Becomes A Hot Commodity
VNO
Published: November 07, 2025 by: Seeking Alpha
Sentiment: Positive

Manhattan saw 3.73 million square feet of positive net office absorption in the third quarter, with VNO's occupancy rate set to move into the low 90s next year. Third quarter revenue and FFO beat consensus, with FFO of $0.58 per share, growing from $0.50 per share a year ago. The Series O Preferreds are trading at a 42% discount to their liquidation value per share and offer a current yield of 7.64%.

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image for news Vornado Realty: Manhattan Office Space Becomes A Hot Commodity
Vornado Realty Trust (VNO) Q3 2025 Earnings Call Transcript
VNO
Published: November 04, 2025 by: Seeking Alpha
Sentiment: Neutral

Vornado Realty Trust ( VNO ) Q3 2025 Earnings Call November 4, 2025 10:00 AM EST Company Participants Steven Borenstein - Executive VP, Corporation Counsel & Secretary Steven Roth - Chairman of the Board & CEO Michael Franco - President & CFO Glen Weiss - Executive VP of Office Leasing & Co-Head of Real Estate Barry Langer - Executive VP of Development & Co-Head of Real Estate Thomas Sanelli - Executive VP of Finance & Chief Administrative Officer Conference Call Participants Steve Sakwa - Evercore ISI Institutional Equities, Research Division Floris Gerbrand Van Dijkum - Ladenburg Thalmann & Co. Inc., …

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image for news Vornado Realty Trust (VNO) Q3 2025 Earnings Call Transcript
Vornado's Q3 FFO & Revenues Beat Estimates, Occupancy Improves
VNO
Published: November 04, 2025 by: Zacks Investment Research
Sentiment: Positive

VNO posts stronger Q3 results with higher FFO, rising occupancy and robust leasing across key New York assets.

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image for news Vornado's Q3 FFO & Revenues Beat Estimates, Occupancy Improves
Vornado Realty to Report Q3 Earnings: What's in Store for the Stock?
VNO
Published: October 31, 2025 by: Zacks Investment Research
Sentiment: Positive

VNO's Q3 results are set to show modest revenue and FFO gains, fueled by solid leasing in premium office assets.

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image for news Vornado Realty to Report Q3 Earnings: What's in Store for the Stock?
Vornado Declares Quarterly Dividends On Preferred Shares
VNO
Published: October 30, 2025 by: GlobeNewsWire
Sentiment: Neutral

NEW YORK, Oct. 30, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its Board of Trustees has declared the following quarterly preferred dividends: Series A Convertible $ .8125000 per share Series L Cumulative Redeemable $ .3375000 per share Series M Cumulative Redeemable $ .3281250 per share Series N Cumulative Redeemable $ .3281250 per share Series O Cumulative Redeemable $ .2781250 per share In each case, dividends are payable on January 2, 2026 to shareholders of record on December 15, 2025. Vornado Realty Trust is a fully-integrated equity real estate investment trust.

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image for news Vornado Declares Quarterly Dividends On Preferred Shares
Here's Why Vornado (VNO) is a Strong Momentum Stock
VNO
Published: September 19, 2025 by: Zacks Investment Research
Sentiment: Positive

Wondering how to pick strong, market-beating stocks for your investment portfolio? Look no further than the Zacks Style Scores.

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image for news Here's Why Vornado (VNO) is a Strong Momentum Stock
Vornado Stock Rallies 11% in a Month: Will This Trend Last?
VNO
Published: September 18, 2025 by: Zacks Investment Research
Sentiment: Positive

VNO's premium assets, strategic NYC focus and recent $218M acquisition are fueling its stock surge and growth momentum.

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image for news Vornado Stock Rallies 11% in a Month: Will This Trend Last?
Vornado Acquires 623 Fifth Avenue Condominium Office for $218M
VNO
Published: September 09, 2025 by: Zacks Investment Research
Sentiment: Positive

VNO buys 623 Fifth Avenue for $218M, eyeing a full redevelopment to create a premier Class A boutique office building.

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image for news Vornado Acquires 623 Fifth Avenue Condominium Office for $218M
Why Is Vornado (VNO) Up 2.3% Since Last Earnings Report?
VNO
Published: September 03, 2025 by: Zacks Investment Research
Sentiment: Positive

Vornado (VNO) reported earnings 30 days ago. What's next for the stock?

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image for news Why Is Vornado (VNO) Up 2.3% Since Last Earnings Report?
Vornado Realty Doubles Down On Manhattan, I'm Buying Its Series O Preferreds
VNO
Published: August 29, 2025 by: Seeking Alpha
Sentiment: Positive

Vornado Realty's Series O preferreds offer an attractive 7.5% yield from a portfolio of prime Manhattan office properties. Manhattan office occupancy is rising, with strong tenant demand and limited new supply set to support FFO and revenue growth. VNO generated double-digit GAAP leasing spreads in the second quarter. Pending Fed rate cuts and non-core asset sales are set to improve VNO's leverage profile and liquidity, enhancing the preferreds' appeal.

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image for news Vornado Realty Doubles Down On Manhattan, I'm Buying Its Series O Preferreds
Vornado Bolsters Portfolio With the Acquisition of 623 Fifth Avenue
VNO
Published: August 26, 2025 by: Zacks Investment Research
Sentiment: Positive

VNO is set to acquire 623 Fifth Avenue for $218M, aiming to redevelop it into a premier Class A boutique office building.

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image for news Vornado Bolsters Portfolio With the Acquisition of 623 Fifth Avenue
Vornado's JV Sells 512 West 22nd Street Property for $205M
VNO
Published: August 18, 2025 by: Zacks Investment Research
Sentiment: Positive

VNO secures $38M in net proceeds and expects an $11M gain from its sale of 512 West 22nd Street.

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image for news Vornado's JV Sells 512 West 22nd Street Property for $205M
Vornado Boosts Strength With Refinancing of 4 Union Square South
VNO
Published: August 13, 2025 by: Zacks Investment Research
Sentiment: Positive

VNO completes $120M refinancing for 4 Union Square South, locking in a fixed interest rate and boosting liquidity.

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image for news Vornado Boosts Strength With Refinancing of 4 Union Square South
Vornado Realty Trust (VNO) Q2 2025 Earnings Call Transcript
VNO
Published: August 05, 2025 by: Seeking Alpha
Sentiment: Neutral

Vornado Realty Trust (NYSE:VNO ) Q2 2025 Earnings Conference Call August 5, 2025 10:00 AM ET Company Participants Glen J. Weiss - Executive VP of Office Leasing & Co- Head of Real Estate Michael J.

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image for news Vornado Realty Trust (VNO) Q2 2025 Earnings Call Transcript
Vornado's Q2 FFO Beat Estimates, Same-Store NOI Rises Y/Y
VNO
Published: August 05, 2025 by: Zacks Investment Research
Sentiment: Positive

VNO's Q2 results reflect growth in same-store NOI, aided by higher leasing activity.

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image for news Vornado's Q2 FFO Beat Estimates, Same-Store NOI Rises Y/Y
Vornado Declares Quarterly Dividends On Preferred Shares
VNO
Published: July 31, 2025 by: GlobeNewsWire
Sentiment: Neutral

NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its Board of Trustees has declared the following quarterly preferred dividends:

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image for news Vornado Declares Quarterly Dividends On Preferred Shares
Vornado Boosts Strength With Refinancing of PENN 11 Building
VNO
Published: July 17, 2025 by: Zacks Investment Research
Sentiment: Positive

VNO completes $450M refinancing for PENN 11, boosting liquidity and extending debt maturity to 2030.

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image for news Vornado Boosts Strength With Refinancing of PENN 11 Building
Primary win by pro-rent freeze Mamdani knocks shares of Flagstar bank on NYC market exposure
NYCB, SLG, VNO
Published: June 25, 2025 by: CNBC
Sentiment: Negative

Zohran Mamdani, who is now the likely favorite to win the general election in November, promised to freeze rent increases in stabilized units during his campaign. The New York City mayor has the power to appoint representatives to the regulatory board that oversees rent-controlled apartments.

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image for news Primary win by pro-rent freeze Mamdani knocks shares of Flagstar bank on NYC market exposure
Vornado Stock Gains 8.7% in a Month: Will This Trend Continue?
VNO
Published: June 23, 2025 by: Zacks Investment Research
Sentiment: Positive

VNO stock jumps 8.7% in a month as strong leasing momentum, refinancing moves and portfolio shifts boost investor confidence.

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image for news Vornado Stock Gains 8.7% in a Month: Will This Trend Continue?
Newmark Arranges $675 Million Refinancing for Independence Plaza in Manhattan
NMRK, VNO
Published: June 10, 2025 by: PRNewsWire
Sentiment: Neutral

NEW YORK , June 10, 2025 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces it has arranged a $675 million loan on behalf of Vornado Realty Trust and Stellar Management for the refinancing of Independence Plaza, a 1,328-unit multifamily property located in the Tribeca neighborhood of Manhattan. Newmark Co-President of Global Debt & Structured Finance Jordan Roeschlaub and Vice Chairman Nick Scribani secured the financing from Deutsche Bank, Wells Fargo, Bank of America and Morgan Stanley.

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image for news Newmark Arranges $675 Million Refinancing for Independence Plaza in Manhattan
Vornado's Joint Venture Boosts Strength With $675M Refinancing
VNO
Published: June 06, 2025 by: Zacks Investment Research
Sentiment: Positive

VNO's JV locks in a $675 million refinancing for Manhattan's Independence Plaza at a higher fixed rate of 5.84% through June 2030.

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image for news Vornado's Joint Venture Boosts Strength With $675M Refinancing
Is it Wise to Retain Vornado Realty Stock in Your Portfolio Now?
VNO
Published: June 04, 2025 by: Zacks Investment Research
Sentiment: Positive

VNO is well-poised to benefit from its premium assets in select high-rent markets and portfolio-repositioning efforts, despite choppiness in the office real estate market.

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image for news Is it Wise to Retain Vornado Realty Stock in Your Portfolio Now?
Vornado (VNO) Up 1.2% Since Last Earnings Report: Can It Continue?
VNO
Published: June 04, 2025 by: Zacks Investment Research
Sentiment: Positive

Vornado (VNO) reported earnings 30 days ago. What's next for the stock?

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image for news Vornado (VNO) Up 1.2% Since Last Earnings Report: Can It Continue?
Public REITs Are Positioned For Trophy Office Upside
ARE, BX, BXP, CUZ, HIW, KRC, SLG, VNO
Published: June 02, 2025 by: Seeking Alpha
Sentiment: Positive

Office buildings are experiencing accelerating bifurcation; quality assets in strong markets are outperforming as obsolete buildings face decline or conversion. We capitalized on deeply discounted valuations in 2023-24, notably with HIW, which delivered a +43% total return in 2024. Current leasing momentum, generationally low supply, and return-to-office trends support positive earnings growth for high-quality office REITs.

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image for news Public REITs Are Positioned For Trophy Office Upside
Vornado Stock Gains 6.7% in a Month: Will the Trend Last?
VNO
Published: May 22, 2025 by: Zacks Investment Research
Sentiment: Positive

Tenants' healthy demand for premier office spaces and portfolio-repositioning initiatives is well-poised to support VNO's performance.

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image for news Vornado Stock Gains 6.7% in a Month: Will the Trend Last?

About Vornado Realty Trust (VNO)

  • IPO Date 1980-03-17
  • Website https://www.vno.com
  • Industry REIT - Office
  • CEO Steven Roth
  • Employees 2996

Vornado's portfolio is concentrated in the nation's key market New York City along with the premier asset in both Chicago and San Francisco. Vornado is also the real estate industry leader in sustainability policy. The company owns and manages over 23 million square feet of LEED certified buildings and received the Energy Star Partner of the Year Award, Sustained Excellence 2019. In 2012, Vornado commemorated 50 years on the NYSE.