--- title: "Vornado Realty Trust | 8-K: FY2025 Q4 Revenue: USD 453.71 M" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/275367079.md" datetime: "2026-02-09T21:52:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275367079.md) - [en](https://longbridge.com/en/news/275367079.md) - [zh-HK](https://longbridge.com/zh-HK/news/275367079.md) --- > 支持的语言: [English](https://longbridge.com/en/news/275367079.md) | [繁體中文](https://longbridge.com/zh-HK/news/275367079.md) # 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 Overview ##### Net Income Attributable to Common Shareholders - For 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 Revenues - Total 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 Share - **GAAP 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 & Liquidity - Cash 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 Dispositions - **Acquisitions:** 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 . ### 相关股票 - [Vornado Realty Trust (VNO.US)](https://longbridge.com/zh-CN/quote/VNO.US.md) ## 相关资讯与研究 - [Earnings Flash (VNO) Vornado Realty Trust Posts Q3 FFO $0.58 per Share, vs. FactSet Est of $0.55](https://longbridge.com/zh-CN/news/264089649.md) - [Raspberry Pi Holdings plc GAAP EPS of $0.14, revenue of $323.2M](https://longbridge.com/zh-CN/news/281152477.md) - [ZyVersa Therapeutics GAAP EPS of -$4.18](https://longbridge.com/zh-CN/news/281255183.md) - [Enveric Biosciences GAAP EPS of -$6.12](https://longbridge.com/zh-CN/news/280983365.md) - [Electra Battery Materials GAAP EPS of -C$4.16](https://longbridge.com/zh-CN/news/280982421.md)