Vornado Earnings Reports

Vornado Realty Trust saw a rebound in Q3 2025, posting positive net income and higher funds from operations driven by leasing activity, the NYU lease, and asset dispositions.

Vornado Realty Trust experienced a substantial increase in net income for Q2 2025, largely due to an $803.2 million gain from the 770 Broadway master lease with NYU. While GAAP EPS saw a significant rise, non-GAAP FFO per diluted share slightly decreased compared to the prior year's quarter. The company also reported varied performance across its property segments, with strong occupancy in New York Office and 555 California Street.

Vornado Realty Trust posted a net income of $86.8M in Q1 2025, reversing a prior-year loss, largely due to a significant gain from the 666 Fifth Avenue sale and the reversal of accrued rent expense at PENN 1.

Vornado Realty Trust reported a net income of $1.2 million for Q4 2024, a significant improvement from the $61 million net loss in Q4 2023. Adjusted funds from operations (FFO) stood at $122.2 million, a slight decline from $123.8 million in the prior year. Revenue reached $457.8 million, reflecting an increase from Q4 2023. The company saw fluctuations in its leasing activity and occupancy rates across its properties.

Vornado Realty Trust reported a net loss attributable to common shareholders for the quarter ended September 30, 2024. However, Funds From Operations (FFO) attributable to common shareholders plus assumed conversions, as adjusted, was positive, although lower than the prior year's quarter.

Vornado Realty Trust reported a net income of $35.26 million for Q2 2024, with FFO at $148.94 million. The company executed several strategic financing activities, including refinancing and extending credit facilities. Leasing activity showed positive mark-to-market rents in New York Office and Retail spaces, while THE MART experienced negative mark-to-market rent changes. Same-store NOI decreased overall, with significant declines at 555 California Street.

Vornado Realty Trust reported a net loss of $9.034 million for Q1 2024, a decrease from the net income of $5.168 million in the same quarter of the previous year. FFO attributable to common shareholders plus assumed conversions was $104.129 million, down from $119.083 million in the prior year's quarter. Leasing activity included 291,000 square feet of New York Office space and 36,000 square feet of New York Retail space.

Vornado Realty Trust reported a net loss attributable to common shareholders of $61.013 million, or $0.32 per diluted share, for the quarter ended December 31, 2023. However, net income attributable to common shareholders, as adjusted (non-GAAP), was $8.040 million, or $0.04 per diluted share. FFO attributable to common shareholders plus assumed conversions (non-GAAP) was $121.105 million, or $0.62 per diluted share, while FFO as adjusted was $123.751 million, or $0.63 per diluted share.

Vornado Realty Trust reported a net income of $52.8 million, or $0.28 per diluted share, for the quarter ended September 30, 2023, compared to $7.8 million, or $0.04 per diluted share, for the prior year's quarter. Non-GAAP net income was $12.8 million, or $0.07 per diluted share, compared to $37.4 million, or $0.19 per diluted share, for the prior year's quarter. FFO attributable to common shareholders was $119.5 million, or $0.62 per diluted share, compared to $152.5 million, or $0.79 per diluted share, for the prior year's quarter. Adjusted FFO was $127.2 million, or $0.66 per diluted share, compared to $157.4 million, or $0.81 per diluted share, for the prior year's quarter.

Vornado Realty Trust reported net income of $46.4 million, or $0.24 per diluted share, for the quarter ended June 30, 2023. The company completed the sale of the Rego Park III land parcel and restructured the 697-703 Fifth Avenue mortgage loan.

Vornado Realty Trust reported a decrease in net income attributable to common shareholders for Q1 2023, with $5,168,000, or $0.03 per diluted share, compared to $26,478,000, or $0.14 per diluted share in the prior year's quarter. FFO attributable to common shareholders plus assumed conversions also decreased to $119,083,000, or $0.61 per diluted share, from $154,908,000, or $0.80 per diluted share in the same period last year.

Vornado Realty Trust reported a net loss attributable to common shareholders of $493.3 million, or $2.57 per diluted share, for Q4 2022. However, adjusted non-GAAP net income was $19.9 million, or $0.10 per diluted share. FFO attributable to common shareholders plus assumed conversions was $176.5 million, or $0.91 per diluted share, while adjusted non-GAAP FFO was $139.0 million, or $0.72 per diluted share.

Vornado Realty Trust reported net income of $7.8 million, or $0.04 per diluted share, and non-GAAP net income of $37.4 million, or $0.19 per diluted share, for the quarter ended September 30, 2022. FFO was $152.5 million, or $0.79 per diluted share, and non-GAAP FFO was $157.4 million, or $0.81 per diluted share.

Vornado Realty Trust reported a net income attributable to common shareholders of $50.418 million, or $0.26 per diluted share, for the quarter ended June 30, 2022. FFO attributable to common shareholders plus assumed conversions was $154.965 million, or $0.80 per diluted share.

Vornado Realty Trust reported a net income attributable to common shareholders of $26.478 million, or $0.14 per diluted share, for the quarter ended March 31, 2022. Adjusted net income was $31.682 million, or $0.16 per diluted share. FFO attributable to common shareholders plus assumed conversions was $154.908 million, or $0.80 per diluted share.

Vornado Realty Trust reported net income attributable to common shareholders of $11.3 million, or $0.06 per diluted share, for the quarter ended December 31, 2021. Adjusted non-GAAP net income was $23 million, or $0.12 per diluted share. FFO attributable to common shareholders plus assumed conversions (non-GAAP) was $141 million, or $0.73 per diluted share, and as adjusted (non-GAAP) was $156.1 million, or $0.81 per diluted share.

Vornado Realty Trust reported a decrease in net income attributable to common shareholders for Q3 2021, with $37.689 million, or $0.20 per diluted share, compared to $53.170 million, or $0.28 per diluted share, for the prior year's quarter. The company completed the acquisition of its partner's ownership interest in One Park Avenue and sold three Manhattan retail properties. Leasing activity continued across New York Office and Retail spaces, as well as theMART and 555 California Street.

Vornado Realty Trust reported a net income attributable to common shareholders of $48.0 million, or $0.25 per diluted share, for the quarter ended June 30, 2021, compared to a net loss of $197.8 million, or $1.03 per diluted share, for the prior year's quarter. The company's FFO attributable to common shareholders plus assumed conversions was $153.4 million, or $0.80 per diluted share, compared to $203.3 million, or $1.06 per diluted share, for the prior year's quarter. Adjusted FFO increased to $133.2 million, or $0.69 per diluted share, from $107.4 million, or $0.56 per diluted share, in the prior year's quarter.

Vornado Realty Trust reported a net income of $4.1 million, or $0.02 per diluted share, for the quarter ended March 31, 2021. FFO attributable to common shareholders plus assumed conversions was $118.4 million, or $0.62 per diluted share. The company continued to be impacted by the COVID-19 pandemic, but leasing activity showed positive signs.

Vornado Realty Trust reported a net loss attributable to common shareholders of $209.1 million, or $1.09 per diluted share, for the quarter ended December 31, 2020, compared to a net income of $193.2 million, or $1.01 per diluted share, for the prior year's quarter. FFO attributable to common shareholders plus assumed conversions was $138.4 million, or $0.72 per diluted share, compared to $311.9 million, or $1.63 per diluted share, for the prior year's quarter. The results were impacted by the COVID-19 pandemic.

Vornado Realty Trust reported a net income of $53.17 million, or $0.28 per diluted share, for the quarter ended September 30, 2020. However, adjusting for items that impact period-to-period comparability, the adjusted non-GAAP net loss was $16.613 million, or $0.09 per diluted share. The company's business has been adversely affected by the COVID-19 pandemic, leading to lower rental income and occupancy levels.

Vornado Realty Trust reported a net loss attributable to common shareholders of $197.75 million, or $1.03 per diluted share, for the quarter ended June 30, 2020, compared to a net income of $2.400 billion, or $12.56 per diluted share, for the prior year's quarter. The results were significantly impacted by the COVID-19 pandemic, leading to lower rental income, temporary closures, and cancellation of trade shows.

Vornado Realty Trust reported a decrease in net income attributable to common shareholders for the quarter ended March 31, 2020, with $4,963,000 or $0.03 per diluted share, compared to $181,488,000, or $0.95 per diluted share, for the prior year's quarter. Funds From Operations (FFO) attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter was $130,360,000, or $0.68 per diluted share, compared to $247,684,000, or $1.30 per diluted share, for the prior year's quarter. The company's properties were adversely affected by the COVID-19 pandemic and preventive measures, including retail store closures, remote work for office tenants, temporary closure of the Hotel Pennsylvania, and postponement of trade shows at theMART.

Vornado Realty Trust reported a net income attributable to common shareholders of $193.2 million, or $1.01 per diluted share, for Q4 2019, compared to $100.5 million, or $0.53 per diluted share, for the prior year's quarter. Non-GAAP net income attributable to common shareholders was $56.4 million, or $0.29 per diluted share, compared to $49.4 million, or $0.26 per diluted share, for the prior year's quarter. FFO attributable to common shareholders plus assumed conversions was $311.9 million, or $1.63 per diluted share, compared to $210.1 million, or $1.10 per diluted share, for the prior year's quarter. Adjusted FFO attributable to common shareholders plus assumed conversions was $171.0 million, or $0.89 per diluted share, compared to $169.9 million, or $0.89 per diluted share, for the prior year's quarter.