Key Highlights

  • Third-quarter 2026 common stockholders absorbed a $47.1 million loss, equal to $0.25 for every diluted share.
  • Funds from operations, including assumed conversions, reached $122.6 million, equal to $0.62 a share, versus $117.4 million, or $0.58, previously.
  • Top-line Revenue came to $467.7 million, versus $453.7 million a year before.
  • NOI at share climbed to $300.1 million, against $266.7 million twelve months earlier.
  • Vornado ended the quarter with $1.9 billion in liquidity, of which $724.0 million was cash plus restricted cash.

Common Shareholders Face a $47.1 Million Loss While FFO Edges Up to $0.62 a Share

Filed on Nov 2, 2026, the 10-Q for Vornado Realty Trust (NYSE:VNO) covers the quarter ended Sep 30, 2026. The company's common shareholders absorbed a $47.1 million loss, equal to $0.25 a diluted share, after earning $11.6 million, equal to $0.06 a share, a year earlier. Sales grew roughly 3.1% (calculated), reaching $467.7 million, versus $453.7 million.

This real estate Investment trust holds office, retail and apartment assets, and roughly 90% of its share of NOI originates in New York City. In-service space totals 34.0 million square feet, of which 26.5 million belongs to the company.

Funds from operations for common holders, including assumed conversions, reached $122.6 million, equal to $0.62 a share, versus $117.4 million, or $0.58 previously.

Non-Cash Charges Widen the Gap Between GAAP Results and FFO

Most of the difference between GAAP results and FFO stems from non-cash items. Depreciation and amortization totaled $169.0 million, compared with $117.1 million, and FFO adds it back. Interest and Debt expense moved up to $88.7 million, against $84.5 million.

Investment and other interest income fell to $5.1 million, down from $22.4 million. Income tax now shows a $3.7 million expense, where last year it was a $5.6 million benefit.

Across nine months, common shareholders faced a $53.5 million net loss, whereas the year-earlier figure was $842.3 million of net income, boosted by an $803.2 million gain connected to the 770 Broadway master lease. FFO for the period was $363.1 million, equal to $1.85 a share, compared with $373.5 million, or $1.86.

New York Office Deals Price 37.2% Above Prior Rents, Plus a 350 Park Joint Venture

Share-of-NOI came to $300.1 million, a roughly 12.5% advance (calculated). During the period, Manhattan office leasing covered 489,000 square feet at an opening rent of $122.96 per square foot, with a weighted term of 9.5 years. Re-leased second-generation spaces came in 37.2% above previous GAAP rents and 25.9% higher on a cash basis.

Occupancy stood at 93.0% for New York office and 97.8% for residential, whereas New York retail reached 78.4% and THE MART 79.5%.

A joint venture with co-investors was set up on Oct 20, 2026 to build an office tower of about 1.9 million square feet at 350 Park Avenue, which has a 1.05 million square foot anchor lease. A $3.3 billion construction financing closed as well, and the company projects a roughly $485 million net gain in Q4.

Cash and Credit Lines Total $1.9 Billion While $286.6 Million Remains on the Buyback Program

Liquidity reached $1.9 billion at Sep 30, 2026, made up of $724.0 million in cash and restricted cash plus $1.2 billion under revolving facilities. The company bought nothing in the quarter, yet it repurchased 4.5 million shares for $133.3 million across nine months, leaving $286.6 million of authorization.

Attention now shifts to the fourth quarter, when the anticipated $485 million gain connected to deconsolidating 350 Park Avenue should be booked.