On May 18, 2026, Vornado Realty Trust (VNO) shares rose 3.5% to a current price of $31.65. The stock has experienced significant volatility over the past year,

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Surging oil prices and hotter inflation reports reignited rate-hike concerns, sending Treasury yields to one-year highs as the Iran conflict remained stalemated despite the highly anticipated Trump-Xi summit.

NEW YORK, May 12, 2026 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 45.1% owned joint venture has completed a $161 million refinancing of 61 Ninth Avenue, a 194,000 square foot office and retail property in the Meatpacking district of Manhattan, which is fully leased to Aetna and Starbucks. The interest only loan, which matures in March 2029, as fully extended, carries a rate of SOFR plus 3.00% for the first year, SOFR plus 3.35% for the second year and SOFR plus 3.85% for the remainder of the term.

OUTFRONT Media's Q1 AFFO beat estimates as transit revenues jump 22.3% and billboard yield improves, lifting margins and cash flow.

Vornado Realty Trust recorded dual beats in its fiscal 2026 first quarter and attractive preferred spreads over US10Y. VNO reported first-quarter revenue of $459.11 million, beating consensus by $31.46 million, with a sequential improvement in the year-over-year revenue dip. Funds from operations (FFO) per diluted share was $0.49, down from $0.67 last year. But New York occupancy rose 30 basis points to 90.3% to end the first quarter.

Vornado Realty Trust (VNO) Q1 2026 Earnings Call Transcript

VNO posts in-line Q1 FFO as leasing, NOI and occupancy rise in key portfolios, while deals, buybacks and refinancing reshape its balance sheet.

Vornado Realty Trust is mispriced as if its depressed earnings are permanent, overlooking its high-quality Manhattan assets and redevelopment upside. VNO's valuation is anchored to stressed cash NOI, but normalization and project completions could drive 13–14% asset-level and up to 82% equity upside. Redevelopment projects, such as PENN District and 623 Fifth Avenue, target 10–12% yields, well above NYC office cap rates, supporting future NOI growth.

Vornado Realty Trust reported weaker-than-expected results, but improving occupancy and a potential rebound in 2027 are keeping investors optimistic.