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VNO · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Vornado Realty Trust (VNO) stock moving?
Vornado's Q3 2026 report on Nov 2 was mixed: FFO of $0.62 per share missed the $0.64 estimate and the company posted a $47.1M net loss attributable to common shareholders, while sales of $467.657M beat the $461.996M estimate. The stock fell 3.1% on Nov 3 to $33.87 on 3.68M shares, roughly double the recent average, then rebounded 7.1% to $36.29 on Nov 4 on 2.81M shares, suggesting buyers stepped in after the initial reaction. Since then the shares have drifted lower, reaching a $37.13 high on Nov 9 before closing at $35.56 on Nov 10, down 3.0% on lighter volume of 1.02M. The 30-day range runs from $32.52 to $37.13, and the price now sits in the upper half of it. The preferred dividend declaration on Oct 29 is routine and adds little new information. Overall the news flow leans slightly negative on earnings quality, offset by a revenue beat and a rebound that has not fully held.
News behind the analysis
- Vornado Realty Q3 2026 Earnings Call TranscriptVornado discussed its third-quarter 2026 results on its earnings call, with the full transcript now published.
- Vornado Realty Trust Reports Third Quarter 2026 Financial ResultsVornado reported a net loss attributable to common shareholders of $47.1 million for the quarter ended September 30, 2026.
- Vornado Realty Q3 FFO $0.62 Misses $0.64 Estimate, Sales $467.657M Beat $461.996M EstimateVornado's third-quarter FFO came in at $0.62 per share, below the $0.64 estimate, while sales of $467.657M topped the $461.996M estimate.
- Vornado Realty Trust Declares Quarterly Preferred DividendsVornado declared its regular quarterly dividends on its preferred shares, a routine corporate action.
About Vornado Realty Trust
Vornado Realty Trust is a real estate investment trust (REIT) that owns, leases and develops office buildings and street retail space, mostly in Manhattan, plus a few other assets such as THE MART in Chicago and 555 California Street in San Francisco. It stands out for its large holdings around Penn Station and on Park Avenue, including 350 Park Avenue, a new tower it is developing in a joint venture with Ken Griffin and Rudin, with Citadel as the anchor tenant.
How it makes money
Most of its money comes from rent paid by office tenants in its New York buildings. Smaller amounts come from high-street retail leases in Manhattan, apartments, its Chicago and San Francisco properties, and fees from joint ventures. Quarterly revenue is roughly $460–470 million. REIT investors usually judge results by funds from operations (FFO), a measure of property cash earnings, rather than net income. Vornado's comparable FFO was about $0.65 per share in Q3 2026.
What usually moves VNO
- Manhattan office leasing demand and occupancy
- Interest rates and refinancing costs
- Progress on big developments like 350 Park Ave and the Penn District
- Office property values and sales of assets
- Return-to-office trends