Q4 2025 Vornado Realty Trust Earnings Call

February 10, 2026

Operator: Good morning, and welcome to the Vornado Realty Trust Q4 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. 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 1 on your touch-tone phone. I will now turn the call over to Mr. Steve Borenstein, Executive Vice President and Corporation Counsel. Please go ahead, sir.

Speaker #5: 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.

Speaker #5: 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.

Speaker #5: At that time, please press star, then one on your touch-tone phone. I will now turn the call over to Mr. Steven Borenstein, Executive Vice President and Corporation Counsel.

Speaker #5: Please go ahead, sir.

Speaker #6: 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.

Steve Borenstein: Welcome to Vornado Realty Trust's Q4 Earnings Call. Yesterday afternoon, we issued our Q4 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 included in our earnings release, Form 10-K, and financial supplements. Please be aware that statements made during this call may be deemed forward-looking statements, and actual results may differ materially from these statements due to a variety of risks, uncertainties, and other factors.

Q4 2025 Vornado Realty Trust Earnings Call

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Q4 2025 Vornado Realty Trust Earnings Call

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Tuesday, February 10th, 2026 at 3:00 PM

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Speaker #6: as our supplemental financial information These documents, as well 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-cash financial measures.

Speaker #6: Reconciliations of these measures, to the most directly comparable gap measures, are included in our earnings release Form 10-K and financial supplement. Please be aware that statements made during this call may be deemed forward-looking statements and actual results may defer materially from these statements due to a variety of risks, uncertainties, and other factors.

Steve Borenstein: included in our earnings release, Form 10-K, and financial supplements. Please be aware that statements made during this call may be deemed forward-looking statements, and actual results may differ materially from these statements due to a variety of risks, uncertainties, and other factors.

Speaker #6: Please refer to our filings with the securities and exchange commission, including our annual report on Form 10-K for the year ended December 31, 2025, for more information regarding these risks and uncertainties.

Steve Borenstein: Please refer to our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2025, for more information regarding these risks and uncertainties. The call may include time-sensitive information that may be accurate only as of today's date. The company does not undertake a duty to update any forward-looking statements. On the call today from management for our opening comments are Steven Roth, Chairman and Chief Executive Officer, and Michael Franco, President and Chief Financial Officer. Our senior team is also present and available for questions. I will now turn the call over to Steven Roth.

Speaker #6: The call may include time-sensitive information that may be accurate only as of today's date. The company does not undertake a duty to update any forward-looking statements.

Speaker #6: On the call today from management for our opening comments are Steven Roth, Chairman and Chief Executive Officer, and Michael Franco, President and Chief Financial Officer.

Speaker #6: Our CEO team is also present and available for questions. I will now turn the call over to Steven Ross.

Speaker #7: Thank you, Steven. Good morning, everyone. Here at Vornado Business, it's good and getting better. As you all know, Vornado is a premier Manhattan-centric office company.

Steven Roth: Thank you, Steven. Good morning, everyone. Here at Vornado, business is good and getting better. As you all know, Vornado is a premier Manhattan-centric office company, and I'm sure we can all agree that Manhattan is clearly far and away the best office and residential too, by the way, real estate market in the country. As predicted on our recent calls, New York is now on the foothills of the best landlords' market in 20 years. We believe this landlords' market in Manhattan will continue to tighten and last for a long time. Fundamentals are truly outstanding, the best ever. The long and short of it is that tenant demand from finance, tech, and most other industries is extremely robust in the face of declining availabilities in the better-building subset. Take a look at our assets. We have the Penn District, our city within a city.

Speaker #7: And I'm sure we can all agree that Manhattan is clearly far and away the best office—and residential too, by the way—real estate market in the country.

Speaker #7: As predicted on our recent calls, New York is now on the foothills of the best landlords market in 20 years. We believe this landlords market in Manhattan will continue to tighten and last for a long time.

Steven Roth: Fundamentals are truly outstanding, the best ever. The long and short of it is that tenant demand from finance, tech, and most other industries is extremely robust in the face of declining availabilities in the better-building subset. Take a look at our assets. We have the Penn District, our city within a city.

Speaker #7: Fundamentals are truly outstanding. The best ever. The long and short of it is that tenant demand from finance, tech, and most other industries is extremely robust in the face of declining availabilities, in the better building subset.

Speaker #7: Take a look at our assets. We have the Penn District. Our city within a city. A roster of our other assets in the better building category where in-place rents are well under market and market rents are rising.

Steven Roth: A roster of our other assets in the better-building category where in-place rents are well under market and market rents are rising. We have an irreplaceable portfolio of very scarce, think scarce as hens teeth, high-street retail assets like 5th Avenue and then Times Square. We have the largest and most successful and growing large-format signage business. We have in-house our wholly-owned, vertically integrated cleaning and security company. We have the best development program in town highlighted by 350 Park Avenue, Penn 15, and now 623 5th Avenue. And most importantly, we have the best management team, leasing, development, finance, and operations in the business. In short, we are a very focused Manhattan-based office tower specialist.

Speaker #7: We have an irreplaceable portfolio of very scarce think scarce as hens teeth, high street retail assets like Fifth Avenue and then Times Square. We have the largest and most successful and growing large format signage business.

Speaker #7: We have in-house our wholly owned vertically integrated cleaning and security company. We have the best development program in town highlighted by 350 Park Avenue, Penn 15, and now 623 Fifth Avenue.

Speaker #7: And most importantly, we have the best management team leasing, development, finance, and operations in the business. In short, we are a very focused Manhattan-based office power specialist.

Speaker #7: And while I'm—and while not in Manhattan, let's not forget 555 California Street, the best building in rapidly recovering San Francisco, where occupancy is 95%, and rents are north of tower.

Steven Roth: And while not in Manhattan, let's not forget 555 California Street, the best building in rapidly recovering San Francisco, where occupancy is 95% and rents are north of $160 per sq ft in the tower. At Vornado, we had an industry-leading quarter and an industry-leading year in almost every performance metric. And when I say industry-leading, I mean better than the other guys. Here's the scorecard. During 2025, Glenn and his team leased 4.6 million sq ft of office space overall, consisting of 3.7 million sq ft in Manhattan, 446,000 sq ft in San Francisco, and 394,000 sq ft in Chicago. This was our highest Manhattan leasing volume in over a decade and our second-highest year on record.

Speaker #7: $160 per square foot in the Vornado. We had an industry-leading quarter, and an industry-leading year in almost every performance metric. And when I say industry-leading, I mean better than the other guys.

Speaker #7: Here's the scorecard. During 2025, Glenn and his team leased 4.6 million square feet of office space overall, consisting of 3.7 million square feet in Manhattan, 446,000 square feet in San Francisco, and 394,000 square feet in Chicago.

Speaker #7: This was our highest Manhattan leasing volume in over a decade and our second highest year on record. Excluding the 1.1 million square foot master lease with NYU, our average starting rents in Manhattan were $98 per square foot.

Steven Roth: Excluding the 1.1 million square foot master lease with NYU, our average starting rents in Manhattan were $98 per square foot, with marked markets of plus 10.4% GAAP and plus 7.8% cash, and with an average lease term of over 11 years. For the second year in a row, Vornado was the clear leader in $100 per square foot leasing, with 46 leases totaling 2.5 million square feet for two-thirds of our activity. PENN 1 and PENN 2 led here with a total of 23 deals, comprising more than 1 million square feet between both properties. In Q4, we executed 25 New York office deals totaling 960,000 square feet at average starting rents of $95 per square foot. Marked markets for the quarter were plus 8.1% GAAP and plus 7.2% cash, at an average lease term of 10 years.

Speaker #7: We've marked the markets of plus 10.4% cap and plus 7.8% cash. And with an average lease term of over 11 years. For the second year in a row, Vornado was the clear leader in $100 per square foot leasing.

Speaker #7: With 46 leases totaling $2.5 million square feet, or two-thirds of our activity. Penn 1 and Penn 2 led here with a total of $23 deals comprising more than $1 million square feet between both properties.

Speaker #7: In the fourth quarter, we executed $25 New York office deals totaling $960,000 square feet. At average starting rents of $95 per square foot. Marked the markets for the quarter were plus 8.1% cap and plus 7.2% cash.

Speaker #7: And an average lease term of 10 years. Half this activity was for leases with over $100 per square foot starting rents. 2025 results reflected the market's growing appreciation for our transformation of the Penn District.

Steven Roth: Half this activity was for leases with over $100 per sq ft starting rents. 2025 results reflected the market's growing appreciation for our transformation of the Penn District. Tenants and brokers get it. High-quality office space, the best transportation, literally on top of Penn Station, the region's transportation hub, and the plethora of amenities and hangout spaces are unmatched. In 2025, at PENN 2, we leased 908,000 sq ft at average starting rents of $109 per sq ft with an average term of over 17 years. This includes 231,000 sq ft leased during Q4 at average starting rents of $114 per sq ft with an average term of over 13 years, all well above our original underwriting. We have now leased over 1.4 million sq ft at PENN 2 since project inception, putting us at 80% occupancy, hitting the target which we guided to.

Speaker #7: Tenants and brokers get it. High-quality office space, the best transportation—literally on top of Penn Station, the region's transportation hub—and the plethora of amenities and hangout spaces are unmatched.

Speaker #7: In 2025, at Penn 2, we leased $908,000 square feet at average starting rents of $109 per square foot. With an average term of over 17 years.

Speaker #7: This includes $231,000 square feet leased during the fourth quarter at average starting rents of $114 per foot. With an average term of over 13 years.

Speaker #7: All well above our original underwriting. We have now leased over 1.4 million square feet at Penn 2 since Project Inception. Putting us at 80% occupancy, hitting the target which we guided to.

Speaker #7: We expect to finish the lease up this year. Based on the leases we have executed and the activity in the remaining space, we have increased our projected incremental cash yield from 10.2% to 11.6%, as you will see on page 22 of our supplement.

Steven Roth: We expect to finish the lease up this year. Based on the leases we have executed and the activity in the remaining space, we have increased our projected incremental cash yield from 10.2% to 11.6%, as you will see on page 22 of our supplement. At PENN 1, we leased 420,000sq ft during the year at average starting rents of $97 per foot, also well above our original underwriting. Since the start of physical redevelopment at PENN 1, we have leased over 1.7 million sq ft at average starting rents of $94 per foot. At PENN 2, we have just 348,000sq ft of vacancy left to lease. At PENN 1, we have 177,000sq ft of vacancy left to lease, plus 500,000sq ft of first-generation leases still to roll over. The good news is that this will all generate income very shortly.

Speaker #7: At Penn 1, we leased $420,000 square feet during the year at average starting rents of $97 per foot. Also well above our original underwriting.

Speaker #7: Since the start of physical redevelopment at Penn 1, we have leased over 1.7 million square feet. At average starting rents of $94 per foot.

Speaker #7: At Penn 2, we have just 348,000 square feet of vacancy left to lease. At Penn 1, we have 177,000 square feet of vacancy left to lease.

Speaker #7: Plus half a million square feet of first-generation leases still to roll over. The good news is that this will all generate income very shortly.

Speaker #7: At Penn 11, we finalized two important leases during the fourth quarter as our major tenant there expanded by another 95,000 square feet, bringing their total footprint to 550,000 square feet.

Steven Roth: At PENN 11, we finalized two important leases during Q4 as our major tenant there expanded by another 95,000sq ft, bringing their total footprint to 550,000sq ft, and AMC Networks renewed for 178,000sq ft. In 2025, our office occupancy rose from 88.8% to 91.2%. Let's pause here for a minute and dig in. There has been some recent chatter about physical occupancy, call it lease occupancy, versus economic occupancy, call it GAAP occupancy. Most look at the difference on a square foot basis. I prefer to look at it on a dollars and cents basis. The former, lease occupancy, is based on signed leases, including those not yet recognized by GAAP. The latter, GAAP occupancy, represents leases that are recognized as paying GAAP rents.

Speaker #7: And AMC Networks renewed for 178,000 square feet. In 2025, our office occupancy rose from 88.8% to 91.2%. Let's pause here for a minute and dig in.

Speaker #7: There has been some recent chatter about physical occupancy—call it leased occupancy—versus economic occupancy, which some refer to as gap occupancy. Most people look at the difference on a square foot basis.

Speaker #7: I prefer to look at it on a dollars-and-cents basis. The former, leased occupancy, is based on signed leases, including those not yet recognized by GAAP.

Speaker #7: The latter, gap occupancy, represents leases that are recognized as paying gap rents. At Vornado, the difference is over 200 million dollars. Which is revenue signed and committed that will be gap recognized over the next several years.

Steven Roth: At Vornado, the difference is over $200 million, which is revenue signed and committed that will be GAAP recognized over the next several years. That number represents gross rents, but since the buildings are already paying full taxes and almost full operating expenses, that gross revenue number is very close to net. This income is pretty much of a sure thing. A word of caution to those who are modeling: there are lots of in and outs that go into our financials, and I suggest that you not use more than a 40-cent uptick in the 2027 year. Our New York office leasing pipeline remains robust, with nearly 1 million sq ft of leases in negotiation and various stages of proposal. Michael and Glenn will talk about this in a minute.

Speaker #7: That number represents gross rents. But since the buildings are already paying full taxes at almost full operating expenses, that gross revenue number is very close to net.

Speaker #7: This income is pretty much a sure thing. A word of caution to those who are modeling: there are lots of ins and outs that go into our financials, and I suggest that you not use more than a $0.40 uptick in the 2027 year.

Speaker #7: Our New York office leasing pipeline remains robust with nearly a million square feet of leases in negotiation. And various stages of proposal. Michael and Glenn will talk about this in a minute.

Speaker #7: Recognizing the shortage of large blocks in the better buildings, we can make available at our bringing-to-market prime space of up to 380,000 square feet at Penn 1, up to 350,000 square feet at Penn 2, and up to 400,000 square feet at 1290 Avenue of the Americas.

Steven Roth: Recognizing the shortage of large blocks in the better buildings, we can make available at our bringing-to-market prime space of up to 380,000 sq ft at PENN 1, up to 350,000 sq ft at PENN 2, and up to 400,000 sq ft at 1290 Avenue of the Americas. We are making available to the marketplace what our clients need and want. Demand for our retail assets is robust and accelerating. Now, turning to our development program. Construction will commence in April, two months from now, on our 1.85 million sq ft 350 Park Avenue new build, with Citadel as our anchor tenant and Ken Griffin as our 60% partner. At our PENN 15 site, we have been busy responding to anchor tenant requests for proposals for substantial blocks of space. We recently acquired two very high-potential development assets in unique locations, which I call in the middle of everything.

Speaker #7: We are making available to the marketplace what our clients need and want. Demand for our retail assets is robust and accelerating. Now turning to our development program.

Speaker #7: Construction will commence in April, two months from now, on our 1.85 million square foot 350 Park Avenue new build with physical as our anchor tenant at Ken Griffin as our 60% partner.

Speaker #7: At our Penn 15 site, we have been busy responding to anchor tenant requests for proposals for substantial blocks of space. We recently acquired two very high-potential development assets in unique locations, which I call in the middle of everything.

Speaker #7: 623 Fifth Avenue is a 383,000 square foot asset. That was originally built to the highest standards by Swiss Bank Corporation as the US headquarters.

Steven Roth: 623 Fifth Avenue is a 383,000sq ft asset that was originally built to the highest standards by Swiss Bank Corporation as the US headquarters. Our asset sits on the top of Saks Fifth Avenue and starts at floor 11 up to floor 36. We acquired the property in September for $218 million for $569 per sq ft. Here's why I think this is the best deal ever. The location is the middle of everything, with unique light, air, and city views. You can reach out and touch Rockefeller Center, St. Patrick's Cathedral, J.P. Morgan Chase's new headquarters, and even our 350 Park Avenue. Just for the fun of it, take a look at this location on Google Maps. The building is substantially vacant, which is a huge advantage to us as a redeveloper. Built in 1990, the building is modern.

Speaker #7: Our asset sits on the top of Saxton Avenue flagship and starts at floor 11 up to floor 36. We acquired the property in September for 218 million dollars.

Speaker #7: With 569 dollars per foot. Here's why I think this is the best deal ever. The location is the middle of everything with unique light and air and city views.

Speaker #7: You can reach out and touch Rockefeller Center, St. Patrick's Cathedral, JP Morgan Chase's new headquarters, and even our 350 Park Avenue. Just for the fun of it, take a look at this location on Google Maps.

Speaker #7: The building is substantially vacant, which is a huge advantage to us as a redeveloper. Built in 1990, the building is modern. Our business plan is to create here the 220 Central Park South of boutique office, i.e., the best of the best.

Steven Roth: Our business plan is to create here the 220 Central Park South of boutique office, i.e., the best of the best. We acquired this asset for $569 a foot. The finished product, all in soup to nuts, including tenant concessions, is budgeted at $1,175 per foot. We will be creating here a new soup to nuts building, every bit equal to a ground-up new build for half the price in a premium platinum location. We will deliver to tenants by the end of 2027 half the time of a new build. Recognizing that Saks Fifth Avenue, now in bankruptcy, has an uncertain future, I believe that any outcome to the Saks Fifth Avenue bankruptcy will be good for us.

Speaker #7: We acquired this asset for 569 dollars a foot. The finished product all in soup to nuts, including tenant concessions, is budgeted at 1,175 dollars per foot.

Speaker #7: We will be creating here a new soup to nuts building every bit equal to a ground-up new build. Perhaps the price in a premium platinum location.

Speaker #7: We will deliver to tenants by the end of 2027. Half the time of a new build. Recognizing that Saxton Avenue now in bankruptcy has an uncertain future, I believe that any outcome to the Saxton Avenue bankruptcy will be good for us.

Speaker #7: And the punchline is at a 10% return on cost with, say, a 5% exit or measure of value, we will achieve a double or with leverage a four-bagger or an 11-cent incremental increase to earnings.

Steven Roth: The punchline is, at a 10% return on cost with, say, a 5% exit or measure of value, we will achieve a double or, with leverage, a 4-bagger or a $0.11 incremental increase to earnings. In January, we closed for $141 million on the acquisition of 3 East 54th Street, a development site that is between 5th Avenue and Madison Avenue on 54th Street, adjacent to the St. Regis Hotel and our prime upper 5th Avenue retail properties. We previously acquired the $85 million mortgage on this property, which accreted to $107 million, and that was credited towards the purchase price. The development site currently is zoned for 232,500 sq ft as of right, and the location is excellent for hotel, office, and residential uses. We are considering several options for the site and have already received interesting incoming.

Speaker #7: In January, we closed for 141 million on the acquisition of 3S54 Street, a development site that is between Fifth Avenue and Madison Avenue. On 54th Street, adjacent to the St.

Speaker #7: Regis Hotel at our prime upper Fifth Avenue retail properties. We previously acquired the 85 million dollar mortgage on this property. Which accreted to 107 million dollars.

Speaker #7: And that was credited towards the purchase price. The development site currently is owned for 232,500 square feet as of right. And the location is excellent for hotel, office, and residential uses.

Speaker #7: We are considering several options for the site and have already received interesting incoming. On 34th Street and 8th Avenue on 34th Street and 8th Avenue, we will develop a 475-unit rental residential building.

Steven Roth: On 34th Street and 8th Avenue, we will develop a 475-unit rental residential building and expect to break ground in the fall of this year. My use of the word "junkie" in last quarter's earnings got a lot of attention. I don't know why. In any event, we will replace the junkie retail on both sides of 7th Avenue along 34th Street, the gateway to our Penn District, with more modern, appealing, and exciting retail offerings. This will be another step forward and enhance what we have already accomplished at Penn. Our 50% owned Sunset Pier 94 Studios with partners HPT and Blackstone, Manhattan's first purpose-built film studio facility, has just opened, and all six sound stages were immediately leased by Paramount and Netflix. These are short-term leases but a great start.

Speaker #7: And expect to break ground in the fall of this year. My use of the word junkie in last quarter's earnings got a lot of attention.

Speaker #7: I don't know why. In any event, we will replace the junkie retail on both sides of 7th Avenue along 34th Street to gateway to our Penn District with more modern, appealing, and exciting retail offerings.

Speaker #7: This will be another step forward and enhance what we have already accomplished at Penn. Our 50% owned Sunset Pier 94 with partners HPP and Blackstone.

Speaker #7: Manhattan's first purpose-built film studio facility has just opened, and all six sound stages were immediately leased by Paramount and Netflix. These are short-term leases, but a great start.

Speaker #7: The Perch—a large glass pavilion on the rooftop of Penn 2 with indoor and outdoor food and drink, meeting, and hanging space—has been so well received that we did it again on the 17th floor setback at 1290 Avenue of the Americas.

Steven Roth: The Perch, a large glass pavilion on the rooftop of PENN 2 with indoor and outdoor food and drink, meeting and hanging space, has been so well received that we did it again on the 17th floor setback at 1290 Avenue of the Americas. This pavilion has just opened, and together with a 10-stall Five Iron Golf operation and new restaurants to come, makes 1290 the single best building on 6th Avenue. And that's, in my opinion, and that's a mouthful. We invite all of you to come take a look. Just call Glenn. Our tenants love these spaces, and they represent our continuing leadership and innovation in the hospitality side of our business, all to the delights of our tenants. Credit to Glenn and Barry for design and execution here. Not so long ago, $100 rents were rare.

Speaker #7: This pavilion has just opened and together with a 10-store five-iron golf operation and new restaurants to come, makes 1290 the single best building on 6th Avenue.

Speaker #7: And that's in my opinion, and that's a mouthful. We invite all of you to come take a look. Just call Glenn. Our tenants love these spaces and they represent our continuing leadership and innovation in the hospitality side of our business, all to the delights of our tenants.

Speaker #7: Credit to Glenn and Barry for design and execution here. Not so long ago, $100 rents were rare. Now they are ubiquitous in the better buildings.

Steven Roth: Now they are ubiquitous in the better buildings, with some rents reaching $200 and even an occasional $300. Why? It might be as I said that there is a profound shortage of "better" space, or it might be that the cost of a new build has doubled. It now costs, say, $2,500 per foot to build a new tower in Manhattan. You can all do the math. Even at these higher rents, it's touch and go to make a new tower pencil. And by the way, these new builds are multi-billion dollar monsters, which are very difficult for most to finance. Here at Vornado, we have always believed in maintaining a highly liquid, cash-heavy balance sheet. Our liquidity is $2.39 billion, comprised of cash balances of $978 million and our undrawn credit lines of $1.41 billion.

Speaker #7: To some, rents are reaching $200 and even an occasional $300. Why? It might be, as I said, that there is a profound shortage of 'better' space.

Speaker #7: Or it might be that the cost of a new build has doubled. It now costs, say, $2,500 per foot. To build a new tower in Manhattan.

Speaker #7: You can all do the math. Even at these higher rents, it's touch and go to make a new tower pencil. And by the way, these new builds are multi-billion dollar monsters which are very difficult for most to finance.

Speaker #7: Here at Vernado, we have always believed in maintaining a highly liquid, cash-heavy balance sheet. While liquidity is 2.39 billion comprised of cash balances of 978 million, and our ongoing credit lines of 1.41 billion.

Speaker #7: Over the last several months, we extended maturities through 2030 and '31 on nearly $3.5 billion of debt, and we sold $500 million of 5 and three-quarter percent 7-year bonds to pre-fund the maturity.

Steven Roth: Over the last several months, we extended maturities through 2031 on nearly $3.5 billion of debt, and we sold $500 million 5.75% 70-year bonds to pre-fund the maturity of our $400 million 2.15% June 2026 bond. Why did we go to market 6 months early? We follow the golden rule that it's wise to take the money when the markets are wide open and welcoming, and that certainly allows us to sleep at night. We are pretty good at math, and it's clear to us that there is a huge disconnect between our stock price and the value of our assets. Accordingly, we have gently put our toe in the stock buyback water. Over the last few months, we bought back 2,352,000 shares for $80 million at an average price of approximately $34.

Speaker #7: Of our 400 million, 2.15% June 26 bonds. Why'd we go to market six months early? We followed the golden rule that it's wise to take the money when the markets are wide open and welcoming.

Speaker #7: And that's certainly allows us to sleep at night. We have pretty good at math, and it's clear to us that there is a huge disconnect between our stock price and the value of our assets.

Speaker #7: Accordingly, we have gently put our toe in the stock buyback water. Over the last few months, we bought back 2,352,000 shares. For 80 million dollars at an average price of approximately $34.

Speaker #7: Since our border authorization in 2023, we bought back a total of 4,376,000 shares for $109 million at an average price of approximately $25 per share.

Steven Roth: Since our board authorization in 2023, we bought back a total of 4,376,000 shares for $109 million at an average price of approximately $25 per share. Think about this. Vornado stock is a better buy today than it was at $15 three years ago. But as a believer in the predictive power of the stock market, I am certainly aware of the recent decline in our stock and, in fact, the decline in all real estate stocks. In our case, the decline was in the face of best fundamentals in Manhattan in the last 20 years. While this most likely represents a great buying opportunity, we will proceed with care, looking over our shoulder. There are few investments we can find that are more attractive right now than our stock. If this disconnect continues, we will become more aggressive.

Speaker #7: Think about this. Vernado stock is a better buy today than it was in '15, three years ago. But as a believer in the predictive power of the stock market, I am certainly aware of the recent decline in our stock and, in fact, the decline in all real estate stocks.

Speaker #7: In our case, the decline was in the face of the best fundamentals in Manhattan in the last 20 years. While this most likely represents a great buying opportunity, we will proceed with care, looking over our shoulder.

Speaker #7: There are a few investments we can find that are more attractive right now than our stocks. This disconnect continues. We will become more aggressive.

Speaker #7: As you can see from my opening remarks, we have a lot going on. I can tell you that the activity level in the market and in our office is double what it was.

Steven Roth: As you can see from my opening remarks, we have a lot going on. I can tell you that the activity level in the market and in our office is double what it was. All good stuff, and it's fun. Now, Michael, your turn. Thank you, Steve, and good morning, everyone. Comparable FFO was $2.32 per share for the year. As previously forecasted, this was slightly higher compared to 2024 comparable FFO and better than we had anticipated at the beginning of the year. Fourth quarter comparable FFO was $0.55 per share compared to $0.61 per share for fourth quarter 2024.

Speaker #7: All good stuff at its fun. Now, Michael, your turn.

Michael Franco: Thank you, Steve, and good morning, everyone. Comparable FFO was $2.32 per share for the year. As previously forecasted, this was slightly higher compared to 2024 comparable FFO and better than we had anticipated at the beginning of the year. Fourth quarter comparable FFO was $0.55 per share compared to $0.61 per share for fourth quarter 2024.

Speaker #2: Thank you, Steve, and good morning, everyone. Comparable FFO was $2.32 per share for the year. As previously forecasted, this was slightly higher compared to 2024 comparable FFO and better than we had anticipated at the beginning of the year.

Speaker #2: Fourth quarter comparable FFO was 55 cents per share compared to 61 cents per share for fourth quarter 2024. This decrease was primarily due to higher net interest expense and the lease termination income at 330 West 34th Street in the prior year's quarter.

Steven Roth: This decrease was primarily due to higher net interest expense and the lease termination income at 330 West 34th Street in the prior year's quarter, partially offset by rent commencements net of lease expirations, higher FFO resulting from the NYU master lease at 770 Broadway, and higher NOI from our signage business. We have provided a quarter-over-quarter bridge on page 2 of our earnings release and on page 8 of our financial supplement. Overall, company same-store GAAP NOI was up 5% for the quarter, while same-store cash NOI was down 8.3%. As explained last quarter, GAAP is more relevant to earnings given the cash numbers impacted by free rent from the significant amount of leasing in recent quarters, as well as the adjustment in cash rent related to the PENN 1 ground lease true-up. Now turning to 2026.

Michael Franco: This decrease was primarily due to higher net interest expense and the lease termination income at 330 West 34th Street in the prior year's quarter, partially offset by rent commencements net of lease expirations, higher FFO resulting from the NYU master lease at 770 Broadway, and higher NOI from our signage business. We have provided a quarter-over-quarter bridge on page 2 of our earnings release and on page 8 of our financial supplement. Overall, company same-store GAAP NOI was up 5% for the quarter, while same-store cash NOI was down 8.3%. As explained last quarter, GAAP is more relevant to earnings given the cash numbers impacted by free rent from the significant amount of leasing in recent quarters, as well as the adjustment in cash rent related to the PENN 1 ground lease true-up. Now turning to 2026.

Speaker #2: Partially offset by rent commencements that have lease expirations higher FFO resulting from the NYU master lease at 770 Broadway and higher NOI from our signage business.

Speaker #2: We have provided a quarter-over-quarter bridge on page two of our earnings release and on page eight of our financial supplement. Overall, company same-store gap NOI was up 5% for the quarter, while same-store cash NOI was down 8.3%.

Speaker #2: As explained last quarter, gap is more relevant to earnings, given the cash numbers impacted by free rent from the significant amount of leasing in recent quarters.

Speaker #2: As well as the adjustment in cash rent related to the Penn 1 ground lease truck. Now turning to 2026. As we previously mentioned, we still expect 2026 comparable FFO to be in line with 2025 due to the anticipation of some non-core asset sales and taking income offline in connection with our plans to redevelop 350 Park Avenue, and the 34th and 7th retail at Penn.

Steven Roth: As we previously mentioned, we still expect 2026 comparable FFO to be in line with 2025 due to the anticipation of some non-core asset sales, and taking income offline in connection with our plans to redevelop 350 Park Avenue and the 34th and 7th retail at Penn. Q1 will be more impacted due to GAAP rents ramping up throughout the year, higher interest expense from our recent bond issuance, and some seasonality relating to our signage business. As we previously indicated, we expect there to be significant earnings growth in 2027 as the positive impact from PENN 1 and PENN 2 lease uptakes affect. We had indicated on prior calls that we expected to achieve New York office occupancy in the low 90s in 2026. We got there early.

Michael Franco: As we previously mentioned, we still expect 2026 comparable FFO to be in line with 2025 due to the anticipation of some non-core asset sales, and taking income offline in connection with our plans to redevelop 350 Park Avenue and the 34th and 7th retail at Penn. Q1 will be more impacted due to GAAP rents ramping up throughout the year, higher interest expense from our recent bond issuance, and some seasonality relating to our signage business. As we previously indicated, we expect there to be significant earnings growth in 2027 as the positive impact from PENN 1 and PENN 2 lease uptakes affect. We had indicated on prior calls that we expected to achieve New York office occupancy in the low 90s in 2026. We got there early.

Speaker #2: First quarter will be more impacted due to gap rents ramping up throughout the year. Higher interest expense from our recent bond issuance and some seasonality relating to our signage business.

Speaker #2: As we previously indicated, we expect there to be significant earnings growth in 2027, as the positive impact from Penn 1 and Penn 2 lease uptakes takes effect.

Speaker #2: We had indicated on prior calls that we expected to achieve New York office occupancy in the low 90s in 2026. We got there early.

Speaker #2: New York office occupancy increased quarter to 91.2% from 88.4% last quarter, due to the significant volume of leasing we accomplished, principally in the Penn District.

Steven Roth: New York office occupancy increased this quarter to 91.2% from 88.4% last quarter due to the significant volume of leasing we accomplished, principally in the Penn District. As we execute on our strong leasing pipeline, we anticipate that our occupancy will continue to increase over the next year or so. Turning to the capital markets. The financing markets also recognize that the New York office market is back and performing at a level superior to any other market. The financing markets for these assets are very strong and liquid, with CMBS spreads reaching their tightest level since 2021 and banks continuing to expand lending for class A assets with solid rent rules. The unsecured bond market also remains strong and continues to be constructive for office credits in the right markets, with new issue spreads remaining tight. We took advantage of both these markets recently.

Michael Franco: New York office occupancy increased this quarter to 91.2% from 88.4% last quarter due to the significant volume of leasing we accomplished, principally in the Penn District. As we execute on our strong leasing pipeline, we anticipate that our occupancy will continue to increase over the next year or so. Turning to the capital markets. The financing markets also recognize that the New York office market is back and performing at a level superior to any other market. The financing markets for these assets are very strong and liquid, with CMBS spreads reaching their tightest level since 2021 and banks continuing to expand lending for class A assets with solid rent rules. The unsecured bond market also remains strong and continues to be constructive for office credits in the right markets, with new issue spreads remaining tight. We took advantage of both these markets recently.

Speaker #2: As we execute on our strong leasing pipeline, we anticipate that our occupancy will continue to increase over the next year or so. Turning to the capital markets.

Speaker #2: The financing markets also recognize that the New York office market is back and performing at a level superior to any other market. The financing markets for these assets are very strong and liquid, with CMBS spreads reaching their tightest level since 2021, and banks continuing to expand lending for Class A assets with solid rent rolls.

Speaker #2: The unsecured bond market also remains strong and continues to be constructive for office credits in the right markets, with new issue spreads remaining tight.

Speaker #2: We took advantage of both these markets recently. As Steve mentioned, since last quarter, we've been very active in refinancing our near-term maturities and bolstering liquidity with nearly $3.5 billion of financings.

Steven Roth: As Steve mentioned, since last quarter, we've been very active in refinancing our near-term maturities and bolstering liquidity with nearly $3.5 billion of financings. In addition to completing several mortgage refinancings, we also refinance our unsecured term loan, upsizing the loan amount by $50 million to $850 million, and extending the loan's maturity date from December 2027 to February 2031. We also refinance one of our two revolving credit facilities and upsize the second facility. So now we have one $1.13 billion revolving credit facility that matures in February 2031 and another $1 billion revolving credit facility that matures in April 2029. We very much appreciate the strong show of commitment from our banks, including a few new entrants to our facilities. We also took advantage of the strong conditions in the unsecured market and completed a $500 million 70-year unsecured bond offering at 5.75%, which was significantly oversubscribed.

Michael Franco: As Steve mentioned, since last quarter, we've been very active in refinancing our near-term maturities and bolstering liquidity with nearly $3.5 billion of financings. In addition to completing several mortgage refinancings, we also refinance our unsecured term loan, upsizing the loan amount by $50 million to $850 million, and extending the loan's maturity date from December 2027 to February 2031. We also refinance one of our two revolving credit facilities and upsize the second facility. So now we have one $1.13 billion revolving credit facility that matures in February 2031 and another $1 billion revolving credit facility that matures in April 2029. We very much appreciate the strong show of commitment from our banks, including a few new entrants to our facilities. We also took advantage of the strong conditions in the unsecured market and completed a $500 million 70-year unsecured bond offering at 5.75%, which was significantly oversubscribed.

Speaker #2: In addition to completing several mortgage refinancings, we also refinanced our unsecured term loan, upsizing the loan amount by $50 million to $850 million, and extending the loan's maturity date from December 2027 to February 2031.

Speaker #2: We also refinanced one of our two revolving credit facilities and upsized the second facility. So now we have one, 1.13 billion revolving credit facility that matures in February 2031, and another $1 billion revolving credit facility that matures in April 2029.

Speaker #2: We very much appreciate the strong show of commitment from our banks, including a few new entrants to our facilities. We also took advantage of the strong conditions in the unsecured market and completed a $500 million seven-year unsecured bond offering at 5.75%, which was significantly oversubscribed.

Speaker #2: A portion of the net proceeds from these notes will be used to repay our $400 million senior unsecured notes to mature in June. In total, since mid-2025, we have refinanced or repaid almost half of our balance sheet, including almost all of our unsecured debt, terming out our maturities and putting our balance sheet on even stronger footing.

Steven Roth: A portion of net proceeds from these notes will be used to repay our $400 million senior unsecured notes that mature in June. In total, since mid-2025, we have refinanced or repaid almost half of our balance sheet, including almost all of our unsecured debt, terming out our maturities, and putting our balance sheet on even stronger footing. Our net debt to EBITDA metric has improved to 7.7x from 8.6x at the start of the year, and our fixed charge coverage ratio, as expected, continues to steadily rise. We expect these ratios will continue to improve over time as income from PENN 1 and PENN 2 comes online. In recognition of the significant improvement we've made in our balance sheet metrics over the past 18 months, S&P recently changed their credit outlook on our company from negative to stable and affirmed our BBB-minus unsecured rating.

Michael Franco: A portion of net proceeds from these notes will be used to repay our $400 million senior unsecured notes that mature in June. In total, since mid-2025, we have refinanced or repaid almost half of our balance sheet, including almost all of our unsecured debt, terming out our maturities, and putting our balance sheet on even stronger footing. Our net debt to EBITDA metric has improved to 7.7x from 8.6x at the start of the year, and our fixed charge coverage ratio, as expected, continues to steadily rise. We expect these ratios will continue to improve over time as income from PENN 1 and PENN 2 comes online. In recognition of the significant improvement we've made in our balance sheet metrics over the past 18 months, S&P recently changed their credit outlook on our company from negative to stable and affirmed our BBB-minus unsecured rating.

Speaker #2: Our net debt to EBITDA metric has improved to 7.7 times from 8.6 times at the start of the year, and our fixed charge coverage ratio, as expected, continues to steadily rise.

Speaker #2: We expect these ratios will continue to improve over time as income from Penn 1 and Penn 2 comes online. In recognition of the significant improvement we've made in our balance sheet metrics over the past 18 months, S&P recently changed their credit outlook on our company from negative to stable and affirmed our triple B minus unsecured rating.

Speaker #2: We are hopeful, fit, and moodies will follow suit as our balance sheet continues to improve. With that, I'll turn it over to the operator for Q&A.

Steven Roth: We are hopeful Fitch and Moody's will follow suit as our balance sheet continues to improve. With that, I'll turn it over to the operator for Q&A. Thank you. We will now begin the question and answer session. If you have a question, please press star, then 1 on your touchtone phone. If you wish to be removed from the queue, please press star, then 2. If you are using a speakerphone, you may need to pick up the headset first before pressing the numbers. Once again, if you have a question, please press star, then 1 on your touchtone phone. Each caller will be allowed to ask a question and a follow-up question before we move on to the next caller. The first question will come from Dylan Burzinski with Green Street. Please go ahead. Hi, guys. Thanks for taking the question.

Michael Franco: We are hopeful Fitch and Moody's will follow suit as our balance sheet continues to improve. With that, I'll turn it over to the operator for Q&A.

Operator: Thank you. We will now begin the question and answer session. If you have a question, please press star, then 1 on your touchtone phone. If you wish to be removed from the queue, please press star, then 2. If you are using a speakerphone, you may need to pick up the headset first before pressing the numbers. Once again, if you have a question, please press star, then 1 on your touchtone phone. Each caller will be allowed to ask a question and a follow-up question before we move on to the next caller.

Speaker #3: Thank you. We will now begin the question and answer session. If you have a question, please press star, then 1 on your touch-tone phone.

Speaker #3: If you wish to be removed from the queue, please press star, then 2. If you are using a speakerphone, you may need to pick up the headset first before pressing the numbers.

Speaker #3: Once again, if you have a question, please press star, then 1 on your touchstone phone. Each caller will be allowed to ask a question and a follow-up question before we move on to the next caller.

Operator: The first question will come from Dylan Burzinski with Green Street. Please go ahead. Hi, guys. Thanks for taking the question.

Speaker #3: And the first question will come from Dylan Brzezinski with Green Street. Please go

Speaker #3: ahead. Hi, guys.

Speaker #4: Thanks for taking the question. Maybe just touching on the 350 Park announcement in the release—is there anything that's changed in the structure at all versus what was originally disclosed back in, I think, December of 2022?

Speaker #4: Thanks for taking the question. Maybe just touching on the 350 Park announcement in the release. Is there anything that's changed in the structure at all versus what was originally disclosed back in, I think, December of 2022?

Steven Roth: Maybe just touching on the 350 Park announcement in the release. Is there anything that's changed in the structure at all versus what was originally disclosed back in, I think, December 2022? Good morning, Dylan. Thanks for joining. So in terms of the agreement, Ken Griffin wanted to accelerate the option exercise, which we were fine with. And in the course of that, there were some amendments related to the overall deal. Nothing, I would say, tremendously substantive in terms of the economics, but it gave Vornado and Rudin the flexibility to effectively, rather than just a fixed equity percentage, investing anywhere from, I think we put our percentage of 20% to 36%. So that's the main change. A couple other minor things, but I think that was the most material thing. But it's a project we're very excited about. He's very excited about.

Dylan Burzinski: Maybe just touching on the 350 Park announcement in the release. Is there anything that's changed in the structure at all versus what was originally disclosed back in, I think, December 2022?

Michael Franco: Good morning, Dylan. Thanks for joining. So in terms of the agreement, Ken Griffin wanted to accelerate the option exercise, which we were fine with. And in the course of that, there were some amendments related to the overall deal. Nothing, I would say, tremendously substantive in terms of the economics, but it gave Vornado and Rudin the flexibility to effectively, rather than just a fixed equity percentage, investing anywhere from, I think we put our percentage of 20% to 36%. So that's the main change.

Speaker #2: Good morning, Dylan. Thanks for joining. So in terms of the agreement, Ken Griffin wanted to accelerate the option exercise, which we were fine with.

Speaker #2: And in the course of that, there were some amendments related to the overall deal. Nothing, I would say, tremendously substantive in terms of the economics, but it gave Vornado and Rudin the flexibility to effectively, rather than just a fixed equity percentage, investing anywhere from, I think, we put our percentage of 20 to 36 percent.

Speaker #2: So that's the main change—a couple of other minor things, but I think that was the most material thing. But it's a project we're very excited about.

Michael Franco: A couple other minor things, but I think that was the most material thing. But it's a project we're very excited about. He's very excited about.

Speaker #2: He's very excited about it. Obviously, in the filing, the clock started, but we're excited about it, and I know there were questions about the put or so on.

Steven Roth: Obviously, in the filing, the clock started, but we're excited about it. And I know there were questions about the PUD or so on. We intend to be part of this project. Okay. That's helpful. And can you guys kind of just talk about sort of yield expectations, what that implies on sort of a required rent level, just anything as it relates to sort of the economics? And I guess, is it still Citadel's plan to sort of take down I think it was like 50% initially? So we'll publish that as we get a little bit closer to that date. There's a few things still moving around. But as we indicated originally, there is a formula that determines Citadel's rent. It's effectively it's based on a premium to what permanent financing costs are with a cap and collar. So that was unchanged.

Michael Franco: Obviously, in the filing, the clock started, but we're excited about it. And I know there were questions about the PUD or so on. We intend to be part of this project. Okay. That's helpful. And can you guys kind of just talk about sort of yield expectations, what that implies on sort of a required rent level, just anything as it relates to sort of the economics? And I guess, is it still Citadel's plan to sort of take down I think it was like 50% initially? So we'll publish that as we get a little bit closer to that date. There's a few things still moving around. But as we indicated originally, there is a formula that determines Citadel's rent. It's effectively it's based on a premium to what permanent financing costs are with a cap and collar. So that was unchanged.

Speaker #2: We intend to be part of this project.

Speaker #4: Okay. That's helpful. And can you guys kind of just talk about sort of yield expectations, what that implies on sort of a required rent level, just anything as it relates to sort of the economics?

Speaker #4: And I guess, is it still Citadel's plan to sort of take down, I think it was like 50% initially?

Speaker #2: So we'll publish that as we go a little bit closer to that date. There's a few things still moving around, but as we indicated originally, there is a formula that determines Citadel's rent.

Speaker #2: It's effectively based on a premium to what permanent financing costs are with a cap and collar. So that was unchanged. Citadel still finalizing their space planning.

Steven Roth: Citadel is still finalizing their space planning. But I would tell you, in general, their appetite for space has grown from the original deal. So when we finish all that over the next few months, we will publish that. But I don't want to jump the gun just yet. Needless to say, we think it's going to be an extremely attractive project. Economically, we think it's going to be best building in the city. And we think the space we're going to have to lease is going to command the highest rents in the city. The next question will come from Steve Sakwa with Evercore ISI. Please go ahead. Yeah. Thanks. And good morning, Glenn. Could you maybe just provide a little color on just kind of your overall leasing pipeline and the conversations that you're having with tenants about space in the market today? Hi, Steve.

Michael Franco: Citadel is still finalizing their space planning. But I would tell you, in general, their appetite for space has grown from the original deal. So when we finish all that over the next few months, we will publish that. But I don't want to jump the gun just yet. Needless to say, we think it's going to be an extremely attractive project. Economically, we think it's going to be best building in the city. And we think the space we're going to have to lease is going to command the highest rents in the city.

Speaker #2: But I would tell you, in general, their appetite for space has grown from the original deal. So when we finish all that over the next few months, we will publish that.

Speaker #2: But I don't want to jump the gun just yet. Needless to say, we think it's going to be an extremely attractive project, economically. We think it's going to be best building in the city.

Speaker #2: And we think the space we're going to have to lease is going to command the highest rents in the

Speaker #2: City. The next question will come from Steve.

Operator: The next question will come from Steve Sakwa with Evercore ISI. Please go ahead.

Speaker #3: Sackwell with Evercore ISI. Please go ahead.

Speaker #5: Yeah. Thanks. Good morning, Glenn. Could you maybe just provide a little color on just kind of your overall leasing pipeline and the conversations that you're having with tenants about space and the market

Steve Sakwa: Yeah. Thanks. And good morning, Glenn. Could you maybe just provide a little color on just kind of your overall leasing pipeline and the conversations that you're having with tenants about space in the market today?

Speaker #5: today? Hi,

Speaker #6: Steve, so our pipeline continues to be really strong. I mean, that's even after leasing 3.7 million square feet last year. As Steve said in his remarks, we're creating opportunities for big box space within the buildings, mainly at Penn 1 and 1290, to meet the market and have the inventory as we see tenants expanding and coming into New York rapidly with immediate needs.

Steven Roth: Hi, Steve. So our pipeline continues to be really strong. I mean, that's even after leasing 3.7 million feet last year. As Steve said in his remarks, we're creating opportunities of big-box space within the buildings, namely at PENN 1 and 1290, to meet the market, have the inventory, as we see tenants expanding and coming into New York rapidly with immediate needs. So those are all great signs. In the pipeline, more than half of the activity are tenants that will be new to our buildings.

Steven Roth: So our pipeline continues to be really strong. I mean, that's even after leasing 3.7 million feet last year. As Steve said in his remarks, we're creating opportunities of big-box space within the buildings, namely at PENN 1 and 1290, to meet the market, have the inventory, as we see tenants expanding and coming into New York rapidly with immediate needs. So those are all great signs. In the pipeline, more than half of the activity are tenants that will be new to our buildings. And the other 50% are renewals and expansions. We're seeing financial services, and the law firms expand a lot within the portfolio right now. Our first quarter lease activity will reflect that. The tech tenants are also growing a lot. As you saw at PENN 11 last quarter, we're seeing action everywhere. New York is hitting on all cylinders.

Speaker #6: So those are all great signs. In the pipeline, more than half of the activity are tenants that will be new to our buildings. And the other 50% are renewals and expansions.

Steven Roth: And the other 50% are renewals and expansions. We're seeing financial services, and the law firms expand a lot within the portfolio right now. Our first quarter lease activity will reflect that. The tech tenants are also growing a lot. As you saw at PENN 11 last quarter, we're seeing action everywhere. New York is hitting on all cylinders.

Speaker #6: We're seeing financial services and the law firms expand a lot within the portfolio right now. Our first quarter lease activity will reflect that. The tech tenants are also growing a lot.

Speaker #6: As you saw at Penn 11 last quarter, we're seeing action everywhere. New York is hitting on all cylinders. Our team is hitting on all cylinders.

Steven Roth: Our team is hitting on all cylinders and coming off a huge year like we had last year. We don't see any letup in that at all. Okay. Thanks. And then maybe as a follow-up, Steve, you mentioned the share buybacks and the disconnect with NAV. And in other property types, we are seeing some of the public REITs lean more heavily into dispositions and both paying down debt but using those excess proceeds to buy back stock. Is that something that you would entertain more aggressively given where the stock is today? Yes. Any other comments beyond yes? Double yes. We have a few assets up for sale which will generate capital. We think our stock is stupid cheap. I think in past years, I said stupid, stupid, double stupid. So that's double yes.

Speaker #6: And coming off a huge year like we had last year, we don't see any letup in that at all.

Speaker #5: Okay. Thanks. And then maybe as a follow-up, Steve, you mentioned the share buybacks and the disconnect with NAV. And in other property types, we are seeing some of the public dispositions and both paying down debt but using those excess proceeds to buy back stock.

Speaker #5: Is that something that you would entertain more aggressively given where the stock is today?

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Q4 2025 Vornado Realty Trust Earnings Call

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