Vornado(US:VNO) ZACKS·2026-02-10 17:35Core Insights - Vornado Realty Trust's (VNO) fourth-quarter 2025 adjusted funds from operations (FFO) were 55 cents per share, missing the Zacks Consensus Estimate of 57 cents and reflecting a 9.8% year-over-year decline [1][11] - Total revenues for the quarter were $453.7 million, exceeding the Zacks Consensus Estimate of $434.8 million, although it showed a slight year-over-year decrease [2][11] - The company reported a full-year FFO of $2.32 per share for 2025, which was higher than the previous year's $2.26 but below the consensus estimate of $2.33 [2] Financial Performance - Total same-store net operating income (NOI) for the quarter was $260.6 million, up from $248.1 million in the prior-year quarter, with significant increases in the New York and THE MART portfolios [4] - The New York office portfolio saw 960,000 square feet leased at an initial rent of $95.36 per square foot, with a weighted average lease term of 9.9 years [5] - The New York retail portfolio leased 21,000 square feet at an initial rent of $273.56 per square foot, with a weighted average lease term of 8.2 years [6] Occupancy Rates - The total occupancy rate for the New York portfolio was 90.0%, an increase of 240 basis points year over year, while THE MART's occupancy was 81.5%, up 140 basis points [8] - Conversely, occupancy for the 555 California Street portfolio decreased to 88.9%, down 310 basis points year over year [8] Balance Sheet - Vornado ended the fourth quarter with cash and cash equivalents of $840.9 million, a decrease from $1.01 billion as of September 30, 2025 [9]