Vornado Realty Trust

VNO remains in a Stage 2 advancing corrective reset with clear successive higher highs and higher lows supported by rising EMAs and constructive volume. Although overbought, the recent pullback into the 9/21 EMA zone has been met with support, signaling a favorable entry aligned with the medium-term bullish bias. Low stage transition risk underpins confidence, and execution is now appropriate on signs of acceptance at this 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