REIT boardRanked among REITs, not on the main board. A REIT's earnings are dominated by depreciation on assets that typically appreciate, so net margin and return on assets understate it against an operating company.
AI-extracted from the 10-Q filed 2026-08-03 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Vornado reported Q2 2026 net income attributable to common shareholders of $16.4M ($0.08 per diluted share), down from $743.8M in Q2 2025 due to absence of prior-year $803M NYU master lease gain; FFO per diluted share was $0.74 vs. $0.60 YoY.
Biggest Revenue Drivers
Rental revenues$405.1M+5.9% YoY
Same store operations contributed $37.5M increase; acquisitions and dispositions reduced revenue by $9.6M.
Fee and other income$57.2M-3.4% YoY
BMS cleaning fees decreased $4.1M; offset partially by $2.3M increase in other income.
Biggest Revenue Drivers
Total revenue: $462.2M+4.7% YoY
Rental revenues$405.1M+5.9% YoY
Same store operations contributed $37.5M increase; acquisitions and dispositions reduced revenue by $9.6M.
Fee and other income$57.2M-3.4% YoY
BMS cleaning fees decreased $4.1M; offset partially by $2.3M increase in other income.
Largest Expense Items
Operating expenses$223.6M+1.9% YoY
Same store operations increased $14.5M; offset by $6.4M decrease from acquisitions/dispositions.
Interest and debt expense$89.6M+1.9% YoY
$7.1M higher interest from $500M senior notes issuance; $4.5M higher rates; offset by $6.4M lower cap amortization.
Margins: NOI at share increased 9.8% to $304.1M; NOI at share - cash basis rose 2.9% to $263.2M, reflecting strong same-store growth of 11.9% in New York offset by 14.3% decline at 555 California Street due to asset impairment.
Watch Items from the Filing
888 Seventh Avenue $244.5M mortgage entered default in December 2025; forbearance agreement through March 2027 defers payment of accrued interest and amortization.
PENN 1 ground lease: arbitration determined $15M or $20.2M annual rent; ground lessor's court vacatur of arbitration panel decision granted October 2025; Vornado appealing; sublease litigation ongoing could increase rent retroactive to June 2023.
555 California Street same-store NOI declined 14.3% YoY (cash basis -48.6%) due to pre-impairment factors; property carried as investment in partially owned entities.
Park Avenue Plaza acquisition completed June 2026 for $230M cash (49% interest at $950/sq ft); co-owned with Fisher Brothers; provides geographic diversification but concentrates NYC exposure.
350 Park Avenue joint venture option with Kenneth C. Griffin entity: Vornado must decide by August 2026 whether to proceed with 23-40% stake ($1.2B put option if declined).
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Mandelbaum DavidReporting ownerGrant or award · May 21, 2026
McGuire Raymond JReporting ownerGrant or award · May 21, 2026
Congress trading in VNO
3 transactions in VNO reported by 1 member of Congress under the STOCK Act, most recent trade Apr 10, 2023. Reported transactions, not recommendations.
About VORNADO REALTY TRUST (VNO): stock profile, AI score and financials
VORNADO REALTY TRUST (VNO) stock profile, AI quality score, and SEC EDGAR financial data, a Real Estate sector company. 13F Pro's AI-powered ranking engine scores VNO at 42.1/100 on a composite quality score built from its SEC filings, placing it at rank #106 of 148 stocks — the bottom half of the AI-ranked universe. Based on the latest XBRL financial filings (Q2 2026), VORNADO REALTY TRUST reports quarterly revenue of $462.2M, net income of $32.0M, an operating margin of 9.3%. Top institutional holders of VNO by reported 13-F value include BlackRock, VANGUARD PORTFOLIO MANAGEMENT, NORGES BANK, based on the most recent SEC filings. VNO trades on the NYSE exchange and files with the SEC under CIK 899689. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate VNO daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for VORNADO REALTY TRUST directly from SEC EDGAR.