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Net Debt to EBITDA Ratio: Improved to 7.3 times.

Immediate Liquidity: $2.6 billion.

Comparable FFO: $0.57 per share, up from $0.52 per share in the previous year.

Same Store GAAP NOI: Increased by 9.1% for the quarter.

Same Store Cash NOI: Decreased by 7.4% for the quarter.

New York Office Occupancy: Increased to 88.4% from 86.7% last quarter.

Leasing Volume: 3.7 million square feet overall, with 2.8 million square feet in Manhattan office.

Average Starting Rents: $99 per square foot for the first nine months, $103 per square foot for the third quarter.

Mark-to-Market Gains: 15.7% GAAP and 10.4% cash for the third quarter.

Signage Revenue: Projected to be the highest year ever in 2025.

Cash Balances: $1.15 billion.

Undrawn Credit Lines: $1.44 billion.

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Release Date: November 04, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Vornado Realty Trust (NYSE: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 (NYSE: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 (NYSE:VNO) is experiencing strong demand in the New York City office market, with high leasing volumes and increasing rents.

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 (NYSE: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.

Q: How are you adjusting your leasing strategy at PEN2 with only 20% of the building left to lease, and how are rents changing for the remaining space? A: Glen Weiss, Executive Vice President - Office Leasing, Co-Head of Real Estate: Rents have increased, with the average now at $112 per square foot. We are confident in our approach with many deals in the works and expect to exceed our 80% occupancy goal by year-end. The tenant roster is strong with excellent credit profiles and diverse industry sectors.

Q: Regarding the 623 5th Avenue project, how do you plan to approach leasing, and what are your expectations for rents? A: Steven Roth, Chairman and CEO: We will follow a similar path as with 220 Central Park South, focusing on creating spectacular designs to attract tenants. We aim to make it a high-end boutique office and will enter the market with high aspirations once designs are complete.

Q: Can you provide details on your current signed but not open pipeline and the expected rent growth over the next few years? A: Michael Franco, President and CFO: We have a couple of hundred million dollars in the pipeline over the next two years, with the bulk of it coming in 2027. We expect significant rent growth, potentially exceeding 20-25% over the next 4-5 years, given the favorable market dynamics.

Q: What is Vornado's involvement in the Penn Station transformation project, and what impact do you expect on commercial development opportunities? A: Steven Roth, Chairman and CEO: We support improvements to Penn Station and are involved with one of the bidding groups, primarily focusing on retail. We believe government involvement and budget allocation for the project are positive developments.

Q: How do you view the potential for rent growth in the Penn District and other areas of your portfolio? A: Michael Franco, President and CFO: We expect significant rent growth, potentially more than 20-25% over the next few years. The market dynamics are favorable, with strong demand and limited supply, especially for high-quality spaces.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.