Vornado Realty Stock Price, News & Analysis

Vornado Realty Trust (NYSE:VNO) has completed the sale of 512 West 22nd Street, a 173,000 square foot Class A office building, through its 55% owned joint venture for $205 million.

Following the repayment of the $123 million mortgage loan and transaction expenses, Vornado's share of the net proceeds amounts to $38 million. The company anticipates recognizing a $11 million financial statement gain in the third quarter from this transaction.

Vornado Realty Trust (NYSE:VNO) has successfully completed a $120 million refinancing of its 4 Union Square South property, a 204,000 square foot retail property in Manhattan. The new ten-year interest-only loan features a fixed rate of 5.64%.

This refinancing replaces the previous $120 million loan that had an interest rate of SOFR plus 1.50% (equivalent to 5.85% as of August 11, 2025) and was set to mature in August 2025. The refinancing represents a strategic move to secure long-term fixed-rate financing for this significant Manhattan retail asset.

Vornado Realty Trust (NYSE:VNO) reported significant Q2 2025 financial results, with net income of $743.8 million ($3.70 per share), a substantial increase from $35.3 million ($0.18 per share) in Q2 2024. The surge was primarily driven by an $803.2 million gain from the NYU master lease at 770 Broadway.

FFO for Q2 2025 was $120.9 million ($0.60 per share), compared to $148.9 million ($0.76 per share) in Q2 2024. Notable transactions include NYU's 70-year master lease agreement with a $935 million prepaid payment, the sale of UNIQLO's portion at 666 Fifth Avenue for $350 million, and new financing activities including a $450 million PENN 11 refinancing at 6.35% fixed rate.

The company demonstrated strong leasing activity with 1,479,000 square feet of office space leased in New York during Q2 2025, achieving an 8.7% increase in cash basis rent for second-generation relet space.

Vornado Realty Trust (NYSE:VNO), a fully-integrated equity real estate investment trust, has announced quarterly preferred dividend declarations for multiple series of shares. The dividends include $0.8125 per share for Series A Convertible, $0.3375 for Series L, $0.3281 for Series M and N, and $0.2781 for Series O Cumulative Redeemable shares.

All declared dividends will be payable on October 1, 2025, to shareholders of record as of September 15, 2025.

Vornado Realty Trust (NYSE:VNO) has secured a major 19-year lease agreement with Verizon for its New York headquarters at PENN 2. The telecommunications giant will occupy 203,000 square feet, including office space across the 8th-10th floors and a flagship retail location on Seventh Avenue.

The lease includes 25,000 square feet of exclusive outdoor space. PENN 2, part of THE PENN DISTRICT campus, features modern amenities including a triple-height lobby, outdoor tenant loggias, and 72,000 square feet of outdoor green spaces. The building is already home to notable tenants like Madison Square Garden, Universal Music Group, and Major League Soccer.

The location offers extensive transit connectivity through Penn Station and will provide access to 180,000 square feet of Vornado's WorkLife amenities.

Vornado Realty Trust (NYSE:VNO), a fully-integrated equity real estate investment trust, has scheduled its second quarter 2025 earnings release for Monday, August 4, 2025, after market close. The company will host a conference call and audio webcast to discuss the results on Tuesday, August 5, 2025 at 10:00 a.m. ET.

Investors can access the conference call by dialing 888-317-6003 (domestic) or 412-317-6061 (international) with passcode 9032041. A live webcast will be available on Vornado's website at www.vno.com in the Investor Relations section, with a replay available following the call.

Vornado Realty Trust (NYSE:VNO) has successfully completed a $450 million refinancing of PENN 11, a 1.2 million square foot Manhattan office building in THE PENN DISTRICT. The new five-year interest-only loan will mature in August 2030 with a fixed rate of 6.35%.

The company paid down $50 million of the previous $500 million loan, which had an interest rate of SOFR plus 2.06% (swapped to a fixed rate of 6.28%) and was set to mature in October 2025.

Newmark Group (NASDAQ: NMRK) has successfully arranged a significant $675 million refinancing deal for Independence Plaza, a major residential complex in Manhattan's Tribeca neighborhood. The financing was secured on behalf of Vornado Realty Trust and Stellar Management. The property encompasses 1,328 residential units across three 39-story towers, totaling 1.4 million square feet, and includes townhomes, parking facilities, and retail space. The refinancing was secured through a consortium of major banks including Deutsche Bank, Wells Fargo, Bank of America, and Morgan Stanley. The transaction was led by Newmark's senior executives Jordan Roeschlaub and Nick Scribani, with support from Jonathan Firestone and John Caraviello.

Vornado Realty Trust (NYSE:VNO) has announced the completion of a $675 million refinancing for Independence Plaza, a 1,328-unit residential complex in Manhattan's Tribeca area, through its 50.1% owned joint venture. The new five-year interest-only loan, maturing in June 2030, carries a fixed interest rate of 5.84%. This refinancing replaces the previous $675 million loan that had a 4.25% interest rate and was set to mature in July 2025. The refinancing represents a significant financial transaction for the real estate investment trust, though it comes with a higher interest rate reflecting current market conditions.