Vornado Realty Trust swings to Q1 net loss

ReutersMay 4, 2026 8:37 PM

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Overview

U.S. office and retail REIT reported Q1 net loss, reversing prior-year profit
Adjusted FFO for Q1 fell year-over-year
Company repurchased 2.7 mln shares and authorized new $300 mln buyback program

Outlook

Company did not provide specific financial guidance for the current qtr or full yr in its press release

Result Drivers

PENN 1 GROUND RENT - Absence of prior-year reversal of accrued ground rent at PENN 1 reduced adjusted FFO by $17.2 mln
HIGHER INTEREST EXPENSE - Increased net interest expense reduced adjusted FFO by $15.9 mln
NYU MASTER LEASE - Impact of NYU master lease at 770 Broadway added $7.6 mln to adjusted FFO

Company press release: ID:nGNX4F2pCd

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Adjusted FFO (FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP))		$103.1 mln

Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 7 "hold" and 3 "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy."
Wall Street's median 12-month price target for Vornado Realty Trust is $32.00, about 6% above its May 1 closing price of $30.20

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

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