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Why Is Vornado (VNO) Up 2.3% Since Last Earnings Report?
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It has been about a month since the last earnings report for Vornado (VNO - Free Report) . Shares have added about 2.3% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Vornado due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Vornado's Q2 FFO Beat Estimates, Same-Store NOI Rises Y/Y
Vornado’s second-quarter 2025 FFO plus assumed conversions, on an adjusted basis, were 56 cents per share, which beat the Zacks Consensus Estimate of 53 cents. However, the figure declined 1.8% year over year.
Results displayed year-over-year growth in total same-store NOI year over year. Also, Vornado witnessed decent leasing activity during the quarter.
Total revenues were $441.4 million in the reported quarter, which missed the Zacks Consensus Estimate of $455.4 million. On a year-over-year basis, revenues decreased nearly 2%.
Quarter in Detail
In the reported quarter, total same-store NOI (at share) came in at $260.8 million, up from $247.4 million in the prior-year quarter. The metrics for the New York, THE MART and 555 California Street portfolios increased 1.8%, 57.7% and 3.1%, respectively, from the prior-year period.
During the quarter, in the New York office portfolio, 1.5 million square feet of office space (1.4 million square feet at share) was leased for an initial rent of $101.44 per square foot and a weighted average lease term of 6.8 years. The tenant improvements and leasing commissions were $13.11 per square foot per annum or 12.9% of the initial rent.
In the New York retail portfolio, 57,000 square feet were leased (48,000 square feet at share) at an initial rent of $96.77 per square foot and a weighted average lease term of 8.1 years. The tenant improvements and leasing commissions were $5.80 per square foot per annum or 6% of the initial rent.
At THE MART, 127,000 square feet of space (all at share) was leased for an initial rent of $50.87 per square foot and a weighted average lease term of 5.6 years. The tenant improvements and leasing commissions were $9.12 per square foot per annum or 17.9% of the initial rent.
Vornado ended the quarter with occupancy in the total New York portfolio at 85.2%, down 310 basis points (bps) year over year. Occupancy in THE MART was 78.2%, up 130 bps year over year. Occupancy in 555 California Street was 92.3%, down 220 bps year over year.
Portfolio Activity
In the second quarter of 2025, a joint venture, in which the company owns a 50% interest, completed the sale of the 49 West 57th Street commercial condominium for $8.7 million.
Balance Sheet
Vornado exited the second quarter of 2025 with cash and cash equivalents of $1.2 billion, up from $568.9 million as of March 31, 2025.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a upward trend in estimates revision.
VGM Scores
Currently, Vornado has a average Growth Score of C, however its Momentum Score is doing a bit better with a B. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of this revision looks promising. Notably, Vornado has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Vornado belongs to the Zacks REIT and Equity Trust - Other industry. Another stock from the same industry, Alexandria Real Estate Equities (ARE - Free Report) , has gained 3.5% over the past month. More than a month has passed since the company reported results for the quarter ended June 2025.
Alexandria Real Estate Equities reported revenues of $762.04 million in the last reported quarter, representing a year-over-year change of -0.6%. EPS of -$0.64 for the same period compares with $2.36 a year ago.
Alexandria Real Estate Equities is expected to post earnings of $2.31 per share for the current quarter, representing a year-over-year change of -2.5%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.1%.
Alexandria Real Estate Equities has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.
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Why Is Vornado (VNO) Up 2.3% Since Last Earnings Report?
It has been about a month since the last earnings report for Vornado (VNO - Free Report) . Shares have added about 2.3% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Vornado due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Vornado's Q2 FFO Beat Estimates, Same-Store NOI Rises Y/Y
Vornado’s second-quarter 2025 FFO plus assumed conversions, on an adjusted basis, were 56 cents per share, which beat the Zacks Consensus Estimate of 53 cents. However, the figure declined 1.8% year over year.
Results displayed year-over-year growth in total same-store NOI year over year. Also, Vornado witnessed decent leasing activity during the quarter.
Total revenues were $441.4 million in the reported quarter, which missed the Zacks Consensus Estimate of $455.4 million. On a year-over-year basis, revenues decreased nearly 2%.
Quarter in Detail
In the reported quarter, total same-store NOI (at share) came in at $260.8 million, up from $247.4 million in the prior-year quarter. The metrics for the New York, THE MART and 555 California Street portfolios increased 1.8%, 57.7% and 3.1%, respectively, from the prior-year period.
During the quarter, in the New York office portfolio, 1.5 million square feet of office space (1.4 million square feet at share) was leased for an initial rent of $101.44 per square foot and a weighted average lease term of 6.8 years. The tenant improvements and leasing commissions were $13.11 per square foot per annum or 12.9% of the initial rent.
In the New York retail portfolio, 57,000 square feet were leased (48,000 square feet at share) at an initial rent of $96.77 per square foot and a weighted average lease term of 8.1 years. The tenant improvements and leasing commissions were $5.80 per square foot per annum or 6% of the initial rent.
At THE MART, 127,000 square feet of space (all at share) was leased for an initial rent of $50.87 per square foot and a weighted average lease term of 5.6 years. The tenant improvements and leasing commissions were $9.12 per square foot per annum or 17.9% of the initial rent.
Vornado ended the quarter with occupancy in the total New York portfolio at 85.2%, down 310 basis points (bps) year over year. Occupancy in THE MART was 78.2%, up 130 bps year over year. Occupancy in 555 California Street was 92.3%, down 220 bps year over year.
Portfolio Activity
In the second quarter of 2025, a joint venture, in which the company owns a 50% interest, completed the sale of the 49 West 57th Street commercial condominium for $8.7 million.
Balance Sheet
Vornado exited the second quarter of 2025 with cash and cash equivalents of $1.2 billion, up from $568.9 million as of March 31, 2025.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a upward trend in estimates revision.
VGM Scores
Currently, Vornado has a average Growth Score of C, however its Momentum Score is doing a bit better with a B. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of this revision looks promising. Notably, Vornado has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Vornado belongs to the Zacks REIT and Equity Trust - Other industry. Another stock from the same industry, Alexandria Real Estate Equities (ARE - Free Report) , has gained 3.5% over the past month. More than a month has passed since the company reported results for the quarter ended June 2025.
Alexandria Real Estate Equities reported revenues of $762.04 million in the last reported quarter, representing a year-over-year change of -0.6%. EPS of -$0.64 for the same period compares with $2.36 a year ago.
Alexandria Real Estate Equities is expected to post earnings of $2.31 per share for the current quarter, representing a year-over-year change of -2.5%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.1%.
Alexandria Real Estate Equities has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.