Q3 2025 Vornado Realty Trust and Alexander's Inc Earnings Call Transcript

Nov 04, 2025 / 03:00PM GMT

Release Date Price: $72.5 (+3.57%)

Transcript 8-K10-Q

Key Points

Positve

Vornado Realty Trust (VNO) reported a strong quarter with comparable FFO of $0.57 per share, beating analysts' consensus by $0.02.
The company has a robust leasing pipeline, with expectations to exceed 80% occupancy in the Penn District by year-end.
Vornado Realty Trust (VNO) has successfully reduced its net debt to EBITDA ratio to 7.3 times, improving its financial stability.
The company has significant liquidity, with $2.6 billion in immediate liquidity, including cash and undrawn credit lines.
Vornado Realty Trust (VNO) is experiencing strong demand in the New York City office market, with high leasing volumes and increasing rents.

Negative

The company anticipates flat comparable FFO for 2026 due to non-core asset sales and redevelopment projects taking income offline.
There is uncertainty surrounding the litigation related to the Penn District, which could impact financial outcomes.
The retail market in certain areas, such as Chicago, remains weaker compared to other regions.
Vornado Realty Trust (VNO) faces challenges with the retail apocalypse and pandemic impacts on certain assets, such as the 650 Madison Avenue property.
The company is dealing with delays in the Penn Station transformation project, which could affect future development opportunities.

Operator

Good morning and welcome to the Vornado Realty Trust 3rd quarter of 2025 earnings call. My name is Joe and I'll be your operator on today's call.

This call is being recorded for replay purposes, and all lines are in a listen-only mode.

Our speakers will address your questions at the end of the presentation during the question-and-answer session. At that time, please press star then one on your touchtone phone.

I will now turn the call over to Mr. Steve Bornstein, executive Vice President and corporation counsel. Please go ahead.

Steven Borenstein

Vornado Realty Trust - Executive Vice President, Corporation Counsel & Secretary

Welcome to Vornado Realty Trust 3rd quarter earnings call. Yesterday afternoon we issued our 3rd quarter earnings release and filed our quarterly report on Form 10 with the Securities and Exchange Commission. These documents, as well as our supplemental financial information package, are available on our website www.VO.com under the investor

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