Q4 2025 Vornado Realty Trust and Alexander's Inc Earnings Call Transcript

Feb 10, 2026 / 03:00PM GMT

Release Date Price: $66

Transcript 8-K10-K

Key Points

Positve

Vornado Realty Trust (VNO) achieved its highest Manhattan leasing volume in over a decade, with 3.7 million square feet leased in 2025.
The company reported a robust tenant demand from finance, tech, and other industries, contributing to a tightening landlord market in Manhattan.
Vornado Realty Trust (VNO) has a strong development pipeline, including projects like 350 Park Avenue and PENN 15, which are expected to enhance its portfolio.
The company has a significant liquidity position with $2.39 billion, including cash balances and undrawn credit lines.
Vornado Realty Trust (VNO) has successfully refinanced or repaid almost half of its balance sheet, improving its net debt-to-EBITDA metric to 7.7 times.

Negative

The company's fourth-quarter comparable FFO decreased to $0.55 per share from $0.61 per share in the previous year, primarily due to higher net interest expense.
Vornado Realty Trust (VNO) faces challenges with the retail market on Upper Fifth Avenue and Times Square, which is still struggling to meet top tick rents from previous years.
The company anticipates a negative impact in 2026 due to the transition from demolition to full capitalization at 350 Park Avenue.
Vornado Realty Trust (VNO) continues to pay a reduced stub dividend, with no plans to return to a full normal quarterly dividend in the near term.
The projected cash yield on the Sunset Pier 94 project declined due to challenges in the streaming business, affecting leasing activity.

Operator

Good morning, and welcome to the Vornado Realty Trust Fourth Quarter 2025 Earnings Call. My name is Nick, and I will be your operator for today's call. This call is being recorded for replay purposes. (Operator Instructions)

I will now turn the call over to Mr. Steven Borenstein, Executive Vice President and Corporation Counsel.

Please go ahead, sir.

Steven Borenstein

Vornado Realty Trust - Executive Vice President and Corporation Counsel

Welcome to Vornado Realty Trust fourth quarter earnings call. Yesterday afternoon, we issued our fourth quarter earnings release and filed our annual report on Form 10-K with the Securities and Exchange Commission. These documents as well as our supplemental financial information package are available on our website, www.vno.com, under the Investor Relations section. In these documents and during today's call, we will discuss certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are

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