Vornado Realty Trust

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