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Vornado Realty Trust

Vornado Realty Trust

VNO
$40.34USD↓-1.03%-0.42 today

MARKET CAP

7.6B

P/E (TTM)

11.1x

FWD P/E

307.2x

DAY RANGE

$40 – $41

52W RANGE

$25
$43

AI Summary

Stalk
Buy NowMedium

VNO remains in a Stage 2 advancing structure with clear successive higher highs and higher lows since March. Price has pulled back into the rising 9/20 EMA zone and held support, confirming bullish acceptance. The short-term trend is intact with no exhaustion signals and RSI moderating. Both medium- and long-term biases remain bullish despite an active Terminal Double Top pattern introducing moderate Stage 3 distribution risk. Execution is appropriate now on signs of acceptance at the EMA confluence.

  • ↑Q1’26 leasing hit ~12M sq ft, driving average rent to $103/sq ft
  • ↑Occupancy climbed to 91.2% in Q4’25 with tight Class A supply
  • ↓Loan-to-value ~1.9x elevates leverage risk amid rate hikes
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The case for & against

Bull & Bear analysis

Bearish

Vornado Realty Trust (NYSE: VNO) is a premier real estate investment trust focusing primarily on owning and managing Class A office and retail properties in New York City, particularly within the Manhattan area. As a leading player in the commercial real estate sector, Vornado is strategically positioned to benefit from the current recovery in office leasing driven by increasing demand amid limited supply, especially in its flagship Penn District. The company's emphasis on high-quality assets and its aggressive expansion plans exemplify its commitment to maintaining a competitive edge in a rapidly changing market.

Bull says

  • ↑Q1’26 leasing hit ~12M sq ft, driving average rent to $103/sq ft
  • ↑Occupancy climbed to 91.2% in Q4’25 with tight Class A supply
  • ↑$200M share repurchase underway, plus $300M additional authorization
  • ↑49% Park Avenue Plaza acquisition adds ~$0.10/share accretion first year
  • ↑High earnings yield and strong profitability suggest undervaluation
  • ↑$2.6B liquidity (cash + undrawn credit) supports growth

Bear says

  • ↓Loan-to-value ~1.9x elevates leverage risk amid rate hikes
  • ↓Q1’26 FFO fell to $0.52/sh from $0.63/sh YoY
  • ↓Negative growth factors and downward analyst revisions limit upside
  • ↓High rate sensitivity heightens borrowing-cost exposure
  • ↓Elevated volatility and 52.7% short interest reflect skepticism
  • ↓Analysts see ~58% overvaluation vs. intrinsic fair value

Investment themes with VNO

Nuclear↑ +1.23%

Nuclear energy production and related companies

WELL · PLD · EQIX
Office REITs↑ +0.69%

VNO · BXP · CUZ

Earnings Call · Q1 2026 · Mgmt. Guidance

Updated 05-07-2026bullish

Transcript signals

Bull points

  • higher FFO resulting from the execution of the NYU MAS release at 770 in the prior year and strong income growth at PEN1 and PEN2
  • We now expect full-year 2026 comparable FFO to be slightly higher than 2025, ramping up each quarter due to gap rents coming online, lower interest expense after June 2026 bonds are repaid, and some seasonality relating to our signing.
  • Manhattan leasing volume reached nearly 12 million square feet, the highest first quarter level since 2014

Bear points

  • First quarter comparable FFO was $0.52 per share, compared to $0.63 per share for last year's first quarter, primarily due to the reversal of previously accrued PEN1 ground rent expense in the prior year's first quarter and higher net interest expense
  • The election is over and now is the time for hard work and management, not show voting. New York is an enormous enterprise with a city budget of $120 billion and a state budget of $250 billion. If there is a $5 or $10 billion budget shortfall, surely that money can be found by managing rather than by taxing.
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