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Vornado Realty Trust
🏹 Trader: 🎯 Near 52W High 💎 VCP Breakout | BRS 75 Ready View all →
$7.3B
Market Cap
7.9
P/E
PEG
1.8%
ROCE
14.4%
ROE
1.16
D/E
14.3%
OPM
-7.4%
% from 52W High
62
α RS
🔍 VNO is showing a high-conviction setup because it matches 3 of 37 tracked screener presets, Sector RRG has Real Estate in the Improving quadrant with the trail still strengthening, and RS Rating is 67. Net: Broad signal stack, not a recommendation. ? Conviction RRG RS Rating
Sources
Conviction 3/37 · Real Estate in Improving quadrant · RS Rating 67
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🌏 Global Investor Returns
Currency-adjusted total returns for VNO including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
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About

Vornado Realty Trust is a fully integrated real estate investment trust with a 26 million square-foot portfolio of premier New York City office, retail and multifamily assets and the developer of the new PENN DISTRICT.

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📈 Growth Pattern
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⭐ Superinvestors Holding VNO
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 163.5K $4.2M 0.01% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Vornado Realty Trust: New York office REIT with strong leasing momentum and 350 Park Avenue development
Revenue & Profitability
First quarter 2026 Comparable FFO was $0.52 per share, down from $0.63 in Q1 2025, mainly due to prior-year ground rent reversal. Full-year 2026 Comparable FFO is expected to be slightly higher than 2025, ramping quarterly. The company expects significant earnings growth in 2027 from lease-up at PENN 1 and PENN 2 and the Park Avenue Plaza acquisition. Liquidity stands at $2.6 billion ($1.2 billion cash and $1.4 billion undrawn credit lines). FFO outlook: $0.10 accretion from Park Avenue Plaza on a full-year GAAP basis.
Outlook
Management sees a long-lasting landlord's market in New York City driven by supply-demand imbalance: limited new supply, rising construction costs ($2,500/sq ft), and strong tenant demand from financial services, law firms, and AI companies. Manhattan leasing volume in Q1 2026 reached nearly 12 million sq ft, the highest first-quarter level since 2014. The firm believes New York and San Francisco will be winners as intellectual capitals. Risk: geopolitical volatility and potential impact of AI on office jobs, but management considers AI disruption overblown.
Growth Drivers
Key growth levers include leasing up remaining vacancy in the Penn District (PENN 1 and PENN 2), executing the 350 Park Avenue development with Citadel as anchor tenant (850,000+ sq ft), and capturing mark-to-market rent increases across the portfolio (current starting rents in Manhattan average $103/sq ft). The recent Park Avenue Plaza acquisition (49% stake) provides accretive income and upside from below-market rents (40-50% below market). Asset sales of non-core properties will provide additional capital for reinvestment.
Balance Sheet & CapEx
Not discussed in this earnings call. (No specific CapEx guidance or capacity plans were provided; however, the company noted that for 350 Park Avenue, incremental equity from Vornado is not required for nearly three years. The company has ample liquidity ($2.6B) for planned investments and share buybacks.)
Margins
Not discussed in this earnings call. (No explicit margin data or trajectory was provided. However, management noted that free rent is burning off, and tenant improvement costs are starting to decline, which should improve cash flow and operating margins over time. The Park Avenue Plaza acquisition is expected to be $0.10 accretive on a full-year GAAP basis.)
Key Risks
Key risks mentioned include geopolitical volatility (especially the Middle East conflict) that could impact the economy and tenant behavior, though no changes seen yet. The mayor's 'tax the rich' rhetoric and public spat with Ken Griffin create uncertainty for the 350 Park Avenue project, but CEO Roth expressed confidence the project will proceed. AI disruption to office jobs is acknowledged but viewed as overblown. The company also has several over-leveraged buildings where it is uneconomic to invest in leasing.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-04
Q2 2026 saw strong FFO growth, robust Manhattan leasing, and rising rents amid a landlord's market. Major developments and acquisitions are set to drive further earnings and occupancy gains, with liquidity and leverage well managed for future cycles.
Q1 2026 Q1 2026 2026-05-05
Strong leasing and acquisitions are driving growth, with 2026 FFO expected to exceed 2025 and significant earnings acceleration projected for 2027 as major projects lease up and new assets contribute. Liquidity remains robust, and management is confident in outperforming the sector.
Q4 2025 Q4 2025 2026-02-10
Leasing activity reached record levels in 2025, driving occupancy to 91.2% and positioning the portfolio for significant earnings growth in 2027 as major lease-ups and developments come online. Liquidity and balance sheet metrics improved, with robust capital markets and share buybacks ongoing.
Q3 2025 Q3 2025 2025-11-04
Strong Q3 results driven by robust Manhattan office leasing, rising rents, and improved balance sheet metrics. Major development projects and retail transformations are underway, with significant earnings growth expected in 2027 as new leases and redevelopments come online.
Q2 2025 Q2 2025 2025-08-05
Leasing momentum and strong demand in Manhattan drove occupancy and rent growth, with FFO beating expectations and liquidity improving. Major leases, asset refinancing, and disciplined capital allocation position the company for significant earnings growth by 2027, especially as PENN 1 and PENN 2 lease up.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Information Sources:
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