Penn Station Rebuild Finally Has a Master Developer
Amtrak and the federal government have selected Penn Transformation Partners, a joint venture of Halmer, Skanska, and Vornado Realty Trust, as the master developer for the Penn Station rebuild. The project aims to make the station more spacious and well-lit, revamp Madison Square Garden's exterior, and add a glass entrance. The Federal Railroad Administration expects to spend $200 million on initial design and permitting, with an $8 billion federal contribution, while New York State has withdrawn its funding.
Vornado Realty Trust (NYSE:VNO) Given New $33.00 Price Target at Scotiabank
Scotiabank has raised its price target for Vornado Realty Trust (NYSE:VNO) to $33.00 from $32.00, reiterating a "sector perform" rating. This adjustment follows Vornado's Q1 earnings miss of -$0.12 per share, despite revenue beating estimates at $459.1 million. The company also announced a $300 million share repurchase program, indicating management's belief that the stock is undervalued, while the consensus analyst rating remains "Hold" with an average target price of $34.18.
Barclays Maintains Vornado Realty Trust(VNO.US) With Sell Rating, Maintains Target Price $28
Barclays has reiterated its Sell rating for Vornado Realty Trust (VNO.US) and maintained its target price at $28. This reflects the firm's ongoing outlook for the real estate investment trust.
Vornado Realty Trust PFD CONV SER A declares $0.8125 dividend
Vornado Realty Trust PFD CONV SER A has announced a dividend of $0.8125. The ex-dividend date is June 28, 2024, and the payment date is July 15, 2024, for shareholders of record as of July 1, 2024. This declaration reflects the company's commitment to returning value to its preferred shareholders.
How Investors Are Reacting To Vornado Realty Trust (VNO) Penn District Retail Push And Meatpacking Refinance
Vornado Realty Trust (VNO) recently refinanced 61 Ninth Avenue with a $161 million, interest-only loan and is advancing its Penn District plan by leasing over 100,000 square feet of retail space. These actions underscore Vornado's strategy to focus on premium Manhattan assets, combining long-term financing with an expanded retail presence near Penn Station to bolster its mixed-use redevelopment thesis. While these moves support the investment narrative by extending debt maturities and adding potential future rental income, the company still faces risks from persistent remote work trends and high office vacancy.
Vornado Realty Trust (VNO) Stock Up 3.5% and Still Undervalued -- GF Score: 78/100
Vornado Realty Trust (VNO) saw its shares rise by 3.5% to $31.65, yet it remains undervalued by 0.9% according to GuruFocus's GF Value™. The company holds a GF Score™ of 78/100, indicating good long-term return potential, primarily due to its strong valuation rank, despite showing vulnerabilities in financial strength. Insider purchases of $5.6 million further suggest confidence in the company's future.
Pacific Heights Asset Management LLC Purchases 150,000 Shares of Vornado Realty Trust $VNO
Pacific Heights Asset Management LLC significantly increased its stake in Vornado Realty Trust (NYSE:VNO) by 75% in the fourth quarter, purchasing an additional 150,000 shares to own a total of 350,000 shares valued at $11.65 million. Other institutional investors like Franklin Resources, State Street Corp, and Principal Financial Group also increased their holdings in VNO. Despite reporting a wider-than-expected quarterly loss of ($0.12) per share, Vornado's revenue of $459.11 million surpassed estimates, and the company authorized a $300 million share buyback program.
Vornado Bringing New Retail to Seventh Avenue
Vornado Realty Trust is redeveloping a stretch of Seventh Avenue in Manhattan's Penn District to introduce new retail spaces. This project involves demolishing and rebuilding structures between 34th and 33rd streets, with over 100,000 square feet available for fashion and beauty retailers. Vornado aims to create an authentic New York retail experience in this high-footfall area, where it has already invested heavily in office space and food and beverage establishments.
A Look At Vornado Realty Trust (VNO) Valuation After Recent Share Price Weakness
Vornado Realty Trust (VNO) has experienced mixed share performance recently, with a 4.91% decline over the past week but gains over the past month and three months. Despite a recent share price weakness, the stock is considered 19.2% undervalued compared to some valuation estimates, with a fair value of $37.85 against its current price of $30.58. This valuation is based on anticipated robust rent growth in Manhattan's premium office segment, though potential risks include weakening office demand or if new projects like Penn District underperform expectations.
EBIT per share of Vornado Realty Trust – BMV:VNO
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Vornado, Stellar reveal plans for Independence Plaza expansion
Vornado Realty Trust and Stellar Management have filed plans to expand Independence Plaza in Tribeca, proposing a 72-story building with 976 units, including options for 251 affordable units. The project aims to avoid the ULURP process by being a "modification" of the existing site plan, though it still requires environmental review. This expansion follows a 2024 community meeting that raised concerns about construction and potential structural risks to nearby historic townhouses.
Tower plans have begun for Independence Plaza
Vornado Realty Trust and Stellar Management have filed plans for an additional 1090-foot, 72-story residential tower at Independence Plaza in Tribeca, which would include 976 units and 251 affordable housing units. The project, which involves demolishing existing townhouses and adding retail space, does not require a full land use review due to original zoning but will undergo environmental review. Construction is estimated to begin in early 2028 and conclude by 2032.
Vornado, Stellar Finalize Plans to Add 976 Residential Units to Independence Plaza
Vornado Realty Trust and Stellar Management have finalized plans to add 976 residential units to Independence Plaza in Manhattan's Tribeca neighborhood. The development includes a 72-story tower and smaller buildings, utilizing the city’s Universal Affordability Preference program to include affordable housing. This project also aims to improve the public realm with additional retail space and enhanced streetscapes, addressing the '70s superblock design and current community needs.
VIRGINIA RETIREMENT SYSTEMS ET Al Purchases 35,600 Shares of Vornado Realty Trust $VNO
Virginia Retirement Systems ET Al recently increased its stake in Vornado Realty Trust (NYSE:VNO) by 12.4%, purchasing an additional 35,600 shares, bringing its total to 322,600 shares valued at approximately $10.7 million. This move is part of a broader trend of institutional investors boosting their positions in the real estate investment trust, with institutional ownership now at 90.02%. The company recently missed quarterly EPS expectations but authorized a $300 million share repurchase program, signaling confidence in its undervalued stock.
Vornado JV Refinance Meatpacking Offices for $161M
Vornado Realty Trust's joint venture has secured a new $161-million refinancing for 61 Ninth Ave. in the Meatpacking District, a property fully leased to Aetna and Starbucks. This interest-only loan replaces a previous $155-million loan and carries a variable interest rate tied to SOFR. The refinancing follows a recent extension and partial paydown of a $167.5-million loan secured in 2019.
Transit Access Drives Office Demand Near Penn Station Despite Conditions
Despite historical challenges and ongoing uncertainties, office demand in the Penn Station area of Manhattan is soaring, primarily due to its unparalleled transit access. Major companies like Robinhood Markets have signed significant leases in redeveloped towers, exceeding initial rent projections. This area, alongside Hudson Yards and Manhattan West, has become a top destination for office relocations in New York City, demonstrating the critical role of transportation in driving real estate value.
What Vornado Realty Trust (VNO)'s Park Avenue Plaza Deal and Buybacks Mean For Shareholders
Vornado Realty Trust (VNO) recently reported Q1 2026 results, announcing a US$300 million share repurchase program, quarterly preferred dividends, and an agreement to acquire a 49% interest in Park Avenue Plaza for US$1.10 billion. These moves reinforce Vornado's strategy of focusing on high-end Manhattan office assets and capital allocation, despite current earnings pressures. The company's investment narrative centers on the long-term value of prime Manhattan office assets and the Penn District redevelopment, with near-term catalysts depending on leasing progress and occupancy.
Vornado JV Completes $161 Million Refinancing of 61 Ninth Avenue
Vornado Realty Trust announced that its 45.1% owned joint venture has completed a $161 million refinancing for 61 Ninth Avenue, an office and retail property in Manhattan. The new interest-only loan matures in March 2029 and carries a floating interest rate starting at SOFR plus 3.00%. This refinancing replaces a previous $155 million loan that had a lower interest rate and was set to mature in November 2026.
Manhattan office with Aetna and Starbucks gets $161M refi
Vornado Realty Trust's joint venture has refinanced its 61 Ninth Avenue property in Manhattan for $161 million. The office and retail space, fully leased to Aetna and Starbucks, received an interest-only loan that extends its maturity to March 2029. This new financing replaces a previous $155 million facility and features tiered interest rates over SOFR.
What Vornado Realty Trust (VNO)'s Park Avenue Plaza Deal and Buybacks Mean For Shareholders
Vornado Realty Trust recently announced its Q1 2026 results, reporting $459.11 million in revenue and a net loss of $7.32 million. The company authorized a new $300 million share repurchase program and agreed to acquire a 49% interest in Park Avenue Plaza for $1.10 billion, underscoring its focus on high-end Manhattan office assets. This deal and continued buybacks highlight Vornado's strategy amidst near-term earnings pressure, with the long-term outlook depending on prime Manhattan assets and the Penn District redevelopment.
Norges Bank increases passive stake in VORNADO Realty Trust (VNO) to 7.71%
Norges Bank has reported an increased passive stake in VORNADO Realty Trust (VNO), now holding 14,709,182 shares, which represents 7.7146% of the common stock as of March 31, 2026. This disclosure was made via an amended Schedule 13G/A filing, indicating a passive investment rather than an intention to control the company. A portion of these shares is held on behalf of the Government of Norway.
Vornado plans three new sidewalk cafes outside Penn Station
Vornado is planning to install three new outdoor sidewalk cafes near Penn Station in a passageway off West 34th Street. This development is part of ongoing efforts to enhance the area around the transportation hub. The article mentions other featured stories about real estate and politics in New York.
Truist Financial Maintains Vornado Realty Trust(VNO.US) With Hold Rating
Truist Financial has reiterated its Hold rating for Vornado Realty Trust (VNO.US). The article provides no further details beyond this rating.
Real estate execs still in on Park Ave. project to be anchored by Ken Griffin’s Citadel
Vornado executive vice-president Glen Weiss confirmed that the company is proceeding with its 350 Park Avenue skyscraper project, which is set to be anchored by Ken Griffin's Citadel companies. This comes despite media speculation to the contrary and questions surrounding Griffin's commitment following a video attack by Mayor Zohran Mamdani. Griffin had previously stated his commitment was "under review," and a clause allows Vornado to withdraw if Griffin pulls out.
A Look At Vornado Realty Trust (VNO) Valuation After Earnings Beat Buyback Plan And Park Avenue Plaza Deal
Vornado Realty Trust (VNO) is gaining market attention after exceeding Q1 2026 earnings expectations, announcing a $300 million share repurchase plan, and securing a 49% stake in Park Avenue Plaza. Despite recent share price gains, the stock has seen declines over the year, leading to questions about whether it is still undervalued or if its current valuation already reflects future growth. While its P/E ratio is higher than its fair value, a discounted cash flow analysis suggests potential undervaluation at $37.85 against a last close of $32.04.
Number of shareholders of Vornado Realty Trust – DUS:VO7
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NYC real estate titan compares ‘tax the rich’ slogan to ‘disgusting racial slurs’ amid Mamdani clash
Steven Roth, CEO of Vornado Realty Trust, compared the phrase "tax the rich" to "disgusting racial slurs" during an earnings call, arguing that it unfairly targets wealthy individuals who contribute significantly to New York City's economy. This statement comes amidst a growing dispute between wealthy business leaders and New York City Mayor Zohran Mamdani over his "tax the rich" initiatives and proposed pied-à-terre tax, which has also drawn criticism from Citadel founder Ken Griffin. City Hall, however, defended Mamdani's approach as an effort to reform a "fundamentally broken" tax system and ensure fairness.
New York real estate titan likens the phrase ‘tax the rich’ to racial slurs
New York City billionaire Steve Roth, CEO of Vornado Realty Trust, stated that the phrase "tax the rich" is as hateful as racial slurs and should be condemned. His comments came during a company earnings call while responding to New York Mayor Zohran Mamdani's announcement of a "pied-à-terre" tax on second homes valued over $5 million, specifically referencing Ken Griffin. Roth argued that the wealthy, particularly the top 1%, are crucial to the economy and philanthropy, and should be praised rather than targeted.
Major League Soccer unveils global HQ ahead of the World Cup
Major League Soccer (MLS) has officially opened its new global headquarters at 2 Penn Plaza in New York, a strategic move ahead of the upcoming World Cup. This new facility will serve as the central hub for MLS' Match Day Center Operations. The article highlights this development as a significant step for the league's global presence and operational capabilities.
Vornado Realty Trust PFD CONV SER A declares $0.8125 dividend
This article announces that Vornado Realty Trust PFD CONV SER A has declared a dividend of $0.8125 per share. The dividend information is a direct reporting of corporate financial action. Due to the brevity of the content, no further details are available.
Ultra-Wealthy CEO Says 'Tax The Rich' Akin To A Racial Slur
Vornado Realty Trust chairman Steven Roth stated that the phrase "tax the rich" is as hateful as racial slurs and even the "from the river to the sea" slogan. His comments came during an earnings call as he criticized New York City Mayor Zohran Mamdani's proposal to tax wealthy residents to address a $5.4 billion fiscal deficit. Roth, a billionaire and associate of Donald Trump, defended fellow billionaire Ken Griffin, suggesting politicians should praise and thank the rich rather than target them.
Vornado Realty Trust (VNO) Q1 FFO Steady Around US$106 Million Challenges Bearish Narratives
Vornado Realty Trust reported Q1 FFO of US$106.3 million, or US$0.56 per share, with recent trailing FFO at US$453.1 million. The company's net income of US$842.9 million for the trailing twelve months was significantly boosted by a US$925.2 million one-off gain, leading to a 45.2% net margin. While the stock trades below its DCF fair value and analyst targets, challenges remain regarding interest coverage and a modest 2.1% forecast revenue growth, which contrasts with the bullish narrative focused on premium Manhattan assets and redevelopment.
Real estate titan compares 'tax the rich' slogan to racial slurs
Real estate magnate Steve Roth, CEO of Vornado Realty Trust, controversially equated the phrase "tax the rich" to racial slurs and the "from the river to the sea" rallying cry. Roth's comments came during an earnings call where he defended billionaire Ken Griffin and criticized New York City Mayor Zohran Mamdani's proposed pied-à-terre tax, calling Mamdani's social media video "irresponsible and dangerous." He argued that the wealthy should be praised for their contributions to the tax base and urged the mayor to be more business-friendly.
Steve Roth Calls Mamdani Video “Irresponsible And Dangerous”
Vornado Realty Trust chairman Steve Roth criticized New York City Mayor Zohran Mamdani's viral video targeting hedge fund billionaire Ken Griffin, calling it "irresponsible and dangerous." Roth expressed frustration over political hostility towards wealth and business, arguing that it unfairly demonizes top earners who drive economic growth. The ongoing friction threatens the 350 Park Avenue development project, a significant office tower backed by Griffin, with Vornado facing a critical decision on its stake.
Vornado CEO appeals to Mamdani after mayor's Griffin 'blunder'
Vornado Realty Trust CEO Steven Roth is urging Zohran Mamdani to be more business-friendly after a social media post by the New York City mayor caused Ken Griffin's Citadel to threaten to withdraw from a new tower project. Mamdani's video criticized second-home buyers and specifically referenced Griffin's penthouse, which Roth described as a "blunder" that needs to be repaired. Despite this, Roth still expects Griffin to commit to the $6 billion project and hopes to offer more clarity to investors this summer.
Transcript: Vornado Realty Q1 2026 Earnings Conference Call
Vornado Realty (NYSE: VNO) held its Q1 2026 earnings conference call, reporting a decrease in comparable FFO to $0.52 per share but anticipating significant earnings growth in 2027 due to increased leasing activity in New York. The company announced the acquisition of a 49% interest in Park Avenue Plaza, which is expected to be accretive, and discussed strong leasing momentum in the Manhattan office market. CEO Steven Roth also addressed concerns regarding the 350 Park Avenue development and the broader economic and political landscape in New York City.
Zohran Mamdani's viral video outside Ken Griffin's penthouse shocks Vornado CEO: 'Ugly, unnecessary'
Vornado Realty Trust chairman Steve Roth criticized Zohran Mamdani's video targeting billionaire Ken Griffin as "ugly, unnecessary" and potentially detrimental to a $4.5 billion skyscraper project. The video, which assailed Griffin for owning an expensive apartment, has raised concerns that Griffin might withdraw from the crucial development, which would provide jobs and tax revenue for New York City. Roth's comments echo other real estate leaders who view Mamdani's actions as a dangerous blunder for the city's economic future.
Steven Roth Criticizes Mamdani Over Ken Griffin Spat in Earnings Call
Vornado Realty Trust Chairman Steven Roth criticized New York Mayor Zohran Mamdani during his company's first-quarter earnings call. Roth denounced Mamdani's social media video targeting Citadel CEO Ken Griffin over luxury pieds-à-terre, emphasizing the contributions of wealthy individuals to New York City's economy and philanthropy. Vornado also reported a lower net loss and slightly declining revenue in Q1 2026, with funds from operations growing, attributed partly to recent acquisitions.
Vornado Realty Trust Releases Q1 2026 Financial Results
Vornado Realty Trust (VNO) announced its Q1 2026 financial results, reporting non-GAAP earnings of $0.52 per share, significantly beating analysts' forecasts. The company's revenue reached $459.1 million, surpassing Wall Street expectations and showing a slight year-over-year decrease of 0.5%. Funds From Operations (FFO) per diluted share stood at $1 for the quarter.
Vornado’s New Buyback, Park Avenue Plaza Deal and Quarterly Loss Could Be A Game Changer For VNO
Vornado Realty Trust recently reported a first-quarter 2026 net loss of US$7.32 million, a reversal from previous net income, despite sales of US$399.18 million and revenue of US$459.11 million. The company also announced a new US$300 million share repurchase program and maintained preferred dividends, while planning to acquire a 49% stake in Park Avenue Plaza. These combined actions present a strategic shift, balancing operational pressures with long-term portfolio positioning in premium Manhattan real estate, though refinancing and occupancy risks remain prominent.
Earnings Flash (VNO) Vornado Realty Trust Reports Q1 Revenue $459.1M, vs. FactSet Est of $431.7M
Vornado Realty Trust (VNO) reported its Q1 revenue at $459.1 million, surpassing FactSet's estimate of $431.7 million. This announcement follows recent news of the company's Q1 Non-GAAP FFO and revenue fall, which led to a drop in shares after hours. Vornado has also been active with an equity buyback plan and the acquisition of a 49% interest in Park Avenue Plaza.
VORNADO REALTY TRUST ($VNO) Releases Q1 2026 Earnings
Vornado Realty Trust (VNO) announced its Q1 2026 earnings, reporting $0.52 per share, significantly surpassing estimates of -$0.09, and revenue of $459.11 million, beating estimates by over $28 million. The report also detailed insider trading activity, showing 4 insider purchases in the last six months, and significant shifts in institutional holdings, with some funds increasing and others decreasing their positions. Analysts have issued recent ratings and price targets, with a median target of $30.0 from eight analysts.
Vornado under pressure in earnings with loss forecast looming
Vornado Realty Trust is expected to report a loss for its first quarter, facing challenges in the office market and pursuing a capital reallocation strategy. Analysts anticipate a loss of 3.8 cents per share on revenue of $431.8 million, with attention focused on funds from operations guidance, leasing activity, and capital allocation decisions. The report's findings will determine if Vornado can convert improving New York market conditions into short-term earnings growth.
Why Vornado Realty Shares Are Suddenly Sinking
Vornado Realty (VNO) shares are experiencing a decline as traders reassess its recent rally before the company's Q1 2026 earnings release. Investors are taking profits and questioning whether previous good news, including a $300 million share buyback and a strategic stake purchase in Park Avenue Plaza, is already factored into the stock's price, leading to a reversal after it had been a standout performer among office REITs.
Vornado Realty Trust 5.25 PFD SR N declares $0.3282 dividend
Vornado Realty Trust 5.25 PFD SR N has declared a dividend of $0.3282 per share. This financial action indicates the company's commitment to returning value to its preferred shareholders.
Vornado Realty Trust 4.45% CUM PFD O declares $0.2782 dividend
Vornado Realty Trust (VNO-P) has declared a dividend of $0.2782 for its 4.45% Series O Cumulative Redeemable Preferred Shares. This announcement is important for investors holding these preferred shares.
Vornado Realty Trust authorizes $300M share buyback program
Vornado Realty Trust has announced the authorization of a new share repurchase program, allowing for the buyback of up to $300 million of its common shares. This program replaces a previous authorization that had $122.9 million remaining. The company aims to enhance shareholder value through this strategic move.
Vornado Realty Trust Embeds Sustainability Across the Value Chain
Lauren Moss, SVP and chief sustainability officer at Vornado Realty Trust, discussed the company's consistent approach to sustainability over the past 15 years, focusing on driving value for stakeholders through efficiency, cost management, and strategic investments. She highlighted the increasing importance of data and benchmarking due to regulatory changes, and the role of new technologies like autonomous retro-commissioning and AI in optimizing operations and achieving savings. Moss emphasized that sustainability should be integrated throughout the organization's value chain.
Working capital per share of Vornado Realty Trust – FWB:VO7
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Vornado Realty Trust 5.25% CUM PFD M declares $0.3282 dividend
This article announces that Vornado Realty Trust's 5.25% Cumulative Redeemable Preferred Shares of Beneficial Interest, Series M, has declared a dividend of $0.3282 per share. This declaration falls under the financial news category, providing essential information for investors and shareholders of Vornado Realty Trust.
