Vornado Realty Trust | 8-K: FY2025 Q4 Revenue: USD 453.71 M

Revenue: As of FY2025 Q4, the actual value is USD 453.71 M.EPS: As of FY2025 Q4, the actual value is USD 0, beating the estimate of USD -0.05.EBIT: As of FY2025 Q4, the actual value is USD 84.98 M.Financial Performance OverviewNet Income Attributable to Common ShareholdersFor the quarter ended December 31, 2025, net income was $601,000, a decrease from $1,203,000 in the prior year’s quarter .For the year ended December 31, 2025, net income was $842,851,000, significantly up from $8,275,000 for the year ended December 31, 2024 . This increase was primarily driven by an $803,248,000 gain from the 770 Broadway master lease with NYU, a $76,162,000 net gain from the disposition of a portion of 666 Fifth to UNIQLO, and a $17,240,000 reversal of PENN 1 rent expense .Funds From Operations (FFO) Attributable to Common Shareholders (non-GAAP)FFO for the quarter ended December 31, 2025, was $112,927,000, down from $117,085,000 in the prior year’s quarter .FFO for the year ended December 31, 2025, was $486,826,000, an increase from $470,021,000 for the year ended December 31, 2024 .Adjusted Funds From Operations (FFO) Attributable to Common Shareholders (non-GAAP)Adjusted FFO for the quarter ended December 31, 2025, was $110,873,000, compared to $122,212,000 for the prior year’s quarter .Adjusted FFO for the year ended December 31, 2025, was $465,554,000, up from $447,071,000 for the year ended December 31, 2024 .Total RevenuesTotal revenues for the quarter ended December 31, 2025, were $453,709,000, a slight decrease from $457,790,000 in the same quarter of the prior year .Total revenues for the year ended December 31, 2025, were $1,810,425,000, up from $1,787,686,000 for the year ended December 31, 2024 .Segment Revenue (Year Ended December 31, 2025)New York segment: $1,476,522,000 .Other segment: $333,903,000 .Property Rentals: $1,318,866,000, down from $1,368,985,000 in 2024 .Tenant Expense Reimbursements: $167,032,000, down from $191,700,000 in 2024 .BMS Cleaning Fees: $157,686,000, up from $149,225,000 in 2024 .Net Operating Income (NOI) at ShareGAAP Basis:Total NOI at share for the quarter ended December 31, 2025, was $274,260,000, down from $284,966,000 in Q4 2024 .Total NOI at share for the year ended December 31, 2025, was $1,111,899,000, up from $1,099,752,000 for the year ended December 31, 2024 .Same store NOI at share increased by 5.0% for the three months ended December 31, 2025, compared to December 31, 2024, and by 5.4% for the year ended December 31, 2025, compared to 2024 .Cash Basis (non-GAAP):Total NOI at share - cash basis for the quarter ended December 31, 2025, was $243,402,000, a decrease from $276,588,000 in Q4 2024 .Total NOI at share - cash basis for the year ended December 31, 2025, was $980,422,000, a decrease from $1,096,089,000 for the year ended December 31, 2024 .Same store NOI at share - cash basis decreased by -8.3% for the three months ended December 31, 2025, compared to December 31, 2024, and by -5.5% for the year ended December 31, 2025, compared to 2024 . The decrease in cash basis NOI for New York Office was primarily due to the NYU master lease at 770 Broadway, free rent periods on new leases, and a $22,361,000 payment for prior period PENN 1 ground rent .Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) (Non-GAAP)EBITDAre Attributable to the Operating Partnership:Three months ended December 31, 2025: $263,084,000, compared to $270,960,000 for the same period in 2024 .Year ended December 31, 2025: $1,072,898,000, compared to $1,059,129,000 for the year ended December 31, 2024 .EBITDAre Attributable to the Operating Partnership, as Adjusted:Three months ended December 31, 2025: $254,805,000, compared to $272,692,000 for the same period in 2024 .Year ended December 31, 2025: $1,039,843,000, compared to $1,049,320,000 for the year ended December 31, 2024 .Funds Available for Distributions (FAD) (Non-GAAP)For the three months ended December 31, 2025, FAD was $40,690,000, a decrease from $84,034,000 for the same period in 2024 .Operating Expenses (Year Ended December 31, 2025)Total Expenses: $1,551,744,000, up from $1,541,696,000 in 2024 .Operating expenses: -$919,959,000, an improvement from -$927,796,000 in 2024 .Depreciation and amortization: -$462,201,000, up from -$447,500,000 in 2024 .General and administrative: -$156,115,000, up from -$148,520,000 in 2024 .Key Balance Sheet Items (as of December 31, 2025)Total assets were $15,521,118,000, a decrease from $15,998,608,000 at December 31, 2024 .Total liabilities were $8,716,595,000, down from $9,826,739,000 at December 31, 2024 .Mortgages payable, net, decreased to $4,920,669,000 from $5,676,014,000 .Senior unsecured notes, net, decreased to $747,202,000 from $1,195,914,000 .Unsecured revolving credit facilities increased to $720,420,000 from $575,000,000 .Cash Flow & LiquidityCash and Cash Equivalents: $841,000,000 as of December 31, 2025, up from $734,000,000 as of December 31, 2024 .Total Liquidity: $2,397,000,000 as of December 31, 2025, down from $2,482,000,000 as of December 31, 2024 .Net Debt to EBITDAre, as Adjusted: 7.7x for the year ended December 31, 2025, an improvement from 8.6x for 2024 .Recurring Tenant Improvements, Leasing Commissions and Other Capital Expenditures: -$268,978,000 for the year ended December 31, 2025 .Development and Redevelopment Expenditures (Year Ended December 31, 2025)Total Capital Expenditures and Leasing Commissions: $373,933,000 .PENN 2: $62,537,000 .Hotel Pennsylvania site (PENN 15): $19,437,000 .PENN Districtwide improvements: $9,575,000 .Other development and redevelopment: $53,060,000 .Leasing Activity (Our Share of Square Feet Leased)Three Months Ended December 31, 2025:New York Office: 869,000 square feet .New York Retail: 14,000 square feet .THE MART: 26,000 square feet .Year Ended December 31, 2025:New York Office: 3,510,000 square feet . Total square feet leased for New York Office was 3,742,000 . New York Office second generation relet space cash basis percentage increase was 7.8% .New York Retail: 103,000 square feet . Total square feet leased for New York Retail was 130,000 .THE MART: 394,000 square feet .555 California Street: 312,000 square feet . Total square feet leased for 555 California Street was 446,000 .Occupancy (at Vornado Realty Trust’s share, as of December 31, 2025)New York Total: 90.0% .New York Office: 91.2% .New York Retail: 79.4% .THE MART: 81.5% .555 California Street: 88.9% .Acquisitions and DispositionsAcquisitions: 沃那多房产信托 acquired 3 East 54th Street for $141,000,000 on January 7, 2026, and the 623 Fifth Avenue office condominium for $218,000,000 on September 4, 2025 .Dispositions: The company completed several sales in 2025, including 512 West 22nd Street (joint venture’s 55.0% interest) for $205,000,000, 49 West 57th Street (joint venture’s 50.0% interest) for net proceeds of $8,650,000, three condominium units at 220 Central Park South for net proceeds of $37,374,000, and residential/retail units at Canal Street for net proceeds of $32,613,000 .Financing Activity沃那多房产信托 completed a $525,000,000 refinancing of One Park Avenue on February 9, 2026, and a public offering of $500,000,000 5.75% senior unsecured notes due February 1, 2033, on January 14, 2026 .The company refinanced one of its revolving credit facilities to $1.130 billion in February 2026 and upsized another to $1.0 billion in January 2026, also refinancing its unsecured term loan to $850,000,000 .Development/Redevelopment Summary (as of December 31, 2025)Significant projects include PENN 2 with a budget of $750,000,000 (沃那多房产信托’s share) and projected incremental cash yield of 11.6%, and the 623 Fifth Avenue office condominium redevelopment with a budget of $450,000,000 and projected incremental cash yield of 10.1% .Residential Statistics (December 31, 2025)769 units owned by 沃那多房产信托， with an occupancy rate of 95.5% and average monthly rent of $5,051 per unit .Outlook / Guidance沃那多房产信托 anticipates maintaining its common share dividend policy in 2026, paying one common share dividend in the fourth quarter . The company expects to re-qualify for interest rate reductions on its unsecured term loan and revolving credit facilities in April 2026 due to sustainability margin adjustments . However, there is no assurance that development projects will be completed on schedule or within budget, or that properties will be leased at expected rates .