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Sep 30, 2025
Vornado Q3 2025 Earnings Report
Vornado reported a return to profitability in Q3 2025 with stronger FFO and higher EPS compared to the prior year.
Key Takeaways
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.
Returned to profitability with $11.6M in net income, up from a loss last year
Adjusted EPS came in at $0.57 per share
FFO rose to $117.4M ($0.58/share), with gains from NYU lease and asset sales
Revenue grew modestly to $454M for the quarter
Revenue by Geographic Location
Forward Guidance
Management emphasized cautious optimism, expecting continued impact from leasing momentum and redevelopment projects while remaining vigilant about macroeconomic headwinds.
Positive Outlook
- Strong leasing volumes across key markets
- Positive NOI growth in same-store New York portfolio
- Continued progress on PENN District redevelopment
- FFO supported by asset sales and NYU master lease
- Interest rate savings from sustainability margin adjustment
Challenges Ahead
- Decline in same-store NOI cash basis
- Ongoing litigation related to PENN 1 rent reset
- Weakness in THE MART and 555 California NOI
- Market headwinds from higher interest rates
- Retail softness in certain properties impacting revenue
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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