Core Insights - Vornado reported revenue of $453.71 million for the quarter ended December 2025, a year-over-year decline of 0.9%, with an EPS of $0.55 compared to $0.01 a year ago, indicating a significant improvement in earnings despite the revenue drop [1] - The revenue exceeded the Zacks Consensus Estimate of $434.77 million by 4.36%, while the EPS fell short of the consensus estimate of $0.57 by 3.05% [1] Financial Performance Metrics - Vornado's shares have returned -9.4% over the past month, underperforming the Zacks S&P 500 composite's -0.2% change, and currently holds a Zacks Rank 4 (Sell) [3] - Occupancy rates in New York were reported at 90%, surpassing the average estimate of 88.5% by four analysts [4] - Total property square footage in New York was 20,907.00 Ksq ft, slightly below the three-analyst average estimate of 21,036.00 Ksq ft [4] - New York retail occupancy was 79.4%, slightly below the average estimate of 80.1% [4] - New York office occupancy was reported at 91.2%, exceeding the average estimate of 89.8% [4] Revenue Breakdown - Total revenues from New York amounted to $374.81 million, compared to the estimated $348.51 million, reflecting a -2.3% change year-over-year [4] - Total rental revenues were $382.14 million, slightly below the average estimate of $382.95 million, representing a -4.1% year-over-year change [4] - Fee and other income from management and leasing fees was $2.61 million, below the average estimate of $2.85 million, with a year-over-year change of +3.6% [4] - Tenant expense reimbursements totaled $38.37 million, significantly lower than the estimated $42.7 million, reflecting a -15.2% change year-over-year [4] - Other income was reported at $27.71 million, exceeding the average estimate of $18.33 million, with a year-over-year change of +41.4% [4] - BMS cleaning fees amounted to $41.25 million, surpassing the average estimate of $36.98 million, with a year-over-year change of +10.9% [4] - Amortization of acquired below-market leases, net, was reported at $0.1 million, below the estimated $0.15 million, reflecting a -48.7% change year-over-year [4]