Financial Performance - Net income attributable to common shareholders for Q3 2025 was $11,589,000, or $0.06 per diluted share, compared to a net loss of $19,154,000, or $0.10 per diluted share in Q3 2024 [1] - For the nine months ended September 30, 2025, net income was $842,250,000, or $4.19 per diluted share, significantly up from $7,072,000, or $0.04 per diluted share in the same period of 2024, primarily due to a gain of $803,248,000 related to the NYU master lease [3] Funds from Operations (FFO) - FFO attributable to common shareholders plus assumed conversions for Q3 2025 was $117,372,000, or $0.58 per diluted share, compared to $99,256,000, or $0.50 per diluted share in Q3 2024 [2] - For the nine months ended September 30, 2025, FFO was $373,482,000, or $1.86 per diluted share, compared to $352,914,000, or $1.79 per diluted share in the same period of 2024 [4] Acquisitions and Dispositions - On September 4, 2025, the company purchased the 623 Fifth Avenue office condominium for $218,000,000, intending to redevelop it into a boutique office building by 2027 [10] - A joint venture sold 512 West 22nd Street for $205,000,000 on August 14, 2025, resulting in net proceeds of $37,900,000 and a financial statement net gain of $11,002,000 [12] Leasing Activity - Total square feet leased in Q3 2025 was 594,000, with an initial rent of $102.60 per square foot, reflecting a 15.7% increase compared to the prior year [34] - For the nine months ended September 30, 2025, total square feet leased was 2,782,000, with an initial rent of $99.26 per square foot, showing an 11.9% increase compared to the same period in 2024 [36] Occupancy Rates - As of September 30, 2025, occupancy rates were 87.5% overall, with office occupancy at 88.4% and retail occupancy at 79.2% [38] Same Store Net Operating Income (NOI) - Same store NOI at share increased by 7.5% for Q3 2025 compared to Q3 2024, and by 5.4% for the nine months ended September 30, 2025 compared to the same period in 2024 [41]

Core Insights - Vornado Realty Trust (VNO) shares have increased by 11% over the past month, significantly outperforming the industry growth of 1.3% [1] - The company's premium assets in select high-rent, high-barrier-to-entry markets are expected to thrive due to strong demand, supported by portfolio-repositioning efforts and a robust balance sheet [1][4] - Vornado completed the acquisition of the 623 Fifth Avenue office condominium for $218 million, adding 382,500 rentable square feet to its portfolio [1][6] Financial Performance - The Zacks Consensus Estimate for Vornado's 2025 funds from operations (FFO) per share has been revised upward by one cent to $2.27 [2] - In Q2 2025, Vornado leased a total of 1.7 million square feet, with 1.5 million square feet in New York at starting rents of $101.44, reflecting strong market demand [5][6] Strategic Initiatives - Vornado is focusing on opportunistic developments and divestitures, which provide capital for reinvestment in growth opportunities [6][8] - The company sold a 173,000-square-foot Class A office building for $205 million, indicating effective portfolio management [6][7] Market Position - Vornado's strategic focus on high-quality assets in the New York City office market, along with a diversified tenant base, is expected to drive steady cash flows and long-term growth [4] - The growth of office-using jobs and expansion in sectors like technology and finance are anticipated to enhance rental revenues in the coming quarters [5] Financial Strength - As of June 30, 2025, Vornado had $2.92 billion in liquidity, including $1.36 billion in cash and cash equivalents, and $1.56 billion available under its revolving credit facilities, positioning the company well for future investments [8]