Vornado Realty Stock Price, News & Analysis

Vornado Realty Trust (NYSE:VNO) has secured a major 19-year lease agreement with Verizon for its New York headquarters at PENN 2. The telecommunications giant will occupy 203,000 square feet, including office space across the 8th-10th floors and a flagship retail location on Seventh Avenue.

The lease includes 25,000 square feet of exclusive outdoor space. PENN 2, part of THE PENN DISTRICT campus, features modern amenities including a triple-height lobby, outdoor tenant loggias, and 72,000 square feet of outdoor green spaces. The building is already home to notable tenants like Madison Square Garden, Universal Music Group, and Major League Soccer.

The location offers extensive transit connectivity through Penn Station and will provide access to 180,000 square feet of Vornado's WorkLife amenities.

Vornado Realty Trust (NYSE:VNO), a fully-integrated equity real estate investment trust, has scheduled its second quarter 2025 earnings release for Monday, August 4, 2025, after market close. The company will host a conference call and audio webcast to discuss the results on Tuesday, August 5, 2025 at 10:00 a.m. ET.

Investors can access the conference call by dialing 888-317-6003 (domestic) or 412-317-6061 (international) with passcode 9032041. A live webcast will be available on Vornado's website at www.vno.com in the Investor Relations section, with a replay available following the call.

Vornado Realty Trust (NYSE:VNO) has successfully completed a $450 million refinancing of PENN 11, a 1.2 million square foot Manhattan office building in THE PENN DISTRICT. The new five-year interest-only loan will mature in August 2030 with a fixed rate of 6.35%.

The company paid down $50 million of the previous $500 million loan, which had an interest rate of SOFR plus 2.06% (swapped to a fixed rate of 6.28%) and was set to mature in October 2025.

Newmark Group (NASDAQ: NMRK) has successfully arranged a significant $675 million refinancing deal for Independence Plaza, a major residential complex in Manhattan's Tribeca neighborhood. The financing was secured on behalf of Vornado Realty Trust and Stellar Management. The property encompasses 1,328 residential units across three 39-story towers, totaling 1.4 million square feet, and includes townhomes, parking facilities, and retail space. The refinancing was secured through a consortium of major banks including Deutsche Bank, Wells Fargo, Bank of America, and Morgan Stanley. The transaction was led by Newmark's senior executives Jordan Roeschlaub and Nick Scribani, with support from Jonathan Firestone and John Caraviello.

Vornado Realty Trust (NYSE:VNO) has announced the completion of a $675 million refinancing for Independence Plaza, a 1,328-unit residential complex in Manhattan's Tribeca area, through its 50.1% owned joint venture. The new five-year interest-only loan, maturing in June 2030, carries a fixed interest rate of 5.84%. This refinancing replaces the previous $675 million loan that had a 4.25% interest rate and was set to mature in July 2025. The refinancing represents a significant financial transaction for the real estate investment trust, though it comes with a higher interest rate reflecting current market conditions.

Vornado Realty Trust (NYSE:VNO) has announced that its 55% owned joint venture has agreed to sell 512 West 22nd Street, a 173,000 square foot Class A office building, for $205 million. The transaction is expected to close in the third quarter of 2025. The joint venture plans to use a portion of the proceeds to repay the $123.6 million mortgage loan that currently encumbers the property. The sale is subject to customary closing conditions.

Vornado Realty Trust (NYSE: VNO) reported strong Q1 2025 financial results with net income of $86.8M ($0.43 per share), compared to a net loss of $9M in Q1 2024. The improvement was driven by a $76.2M gain from selling part of 666 Fifth to UNIQLO and a $17.2M reversal of PENN 1 rent expense. FFO reached $135M ($0.67 per share), up from $104.1M ($0.53 per share) year-over-year. Key developments include: - NYU master lease at 770 Broadway for 1.07M sq ft, with $935M prepaid lease payment - Sale of UNIQLO portion at 666 Fifth Avenue for $350M - New $450M financing at 1535 Broadway at 6.90% interest - Total occupancy at 83.5% in New York portfolio - Leasing activity showed positive rent spreads with 9.5% GAAP increase for office space

Vornado Realty Trust (NYSE:VNO) has finalized a significant 70-year master lease agreement with New York University (NYU) for 1,076,000 square feet at 770 Broadway. The deal includes a $935 million upfront payment from NYU, plus annual lease payments of $9.3 million. The triple net lease arrangement allows NYU to assume existing office leases and related tenant income. NYU also secured purchase options for 2055 and 2095.

Vornado utilized part of the prepaid lease payment to clear the property's $700 million mortgage loan. The company will maintain ownership of the 92,000 square feet retail condominium currently leased to Wegmans.

[ "Secured substantial upfront payment of $935 million, strengthening cash position", "Established steady annual revenue stream of $9.3 million for 70 years", "Eliminated $700 million mortgage debt on the property", "Retained valuable 92,000 sq ft retail space leased to Wegmans", "Long-term lease provides stable occupancy with creditworthy tenant (NYU)" ]

Vornado Realty Trust (NYSE:VNO) has announced its quarterly preferred dividend distributions. The Board of Trustees declared dividends for multiple series of preferred shares, payable on July 1, 2025, to shareholders of record as of June 16, 2025.

The dividend breakdown includes:

• Series A Convertible: $0.8125000 per share
• Series L Cumulative Redeemable: $0.3375000 per share
• Series M Cumulative Redeemable: $0.3281250 per share
• Series N Cumulative Redeemable: $0.3281250 per share
• Series O Cumulative Redeemable: $0.2781250 per share

As a fully-integrated equity real estate investment trust, Vornado acknowledges potential impacts from interest rate changes and inflation on their business operations, financial condition, and tenant relationships.