Vornado Realty Trust reported second-quarter comparable funds from operations of $0.67 per share, beating analyst consensus by $0.10 or 17.5%. Chairman and CEO Steven Roth highlighted a strengthening Manhattan office market, with leasing volume at a 25-year high and Class A vacancies down to 6.2%. The company leased 348,000 square feet of Manhattan office space in the quarter at an average starting rent of $107 per square foot, with GAAP mark-to-market of positive 7.7%. Vornado also announced plans to exercise its investment option for a 36% stake in the 350 Park Avenue development alongside Ken Griffin and Citadel, with a $3.3 billion construction loan ready. The company repurchased 1.8 million shares during the quarter at $29.92 per share and expects full-year 2026 comparable FFO to be higher than 2025.
Vornado Realty TrustVornado plans to exercise its investment option for a 36% stake in the 350 Park Avenue development alongside Ken Griffin and Citadel, indicating a significant capital commitment and partnership.
