VORNADO REALTY TRUST — Form 8-K
Filed August 3, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 48/100
What the filing says
Vornado acquired 49% of Park Avenue Plaza for $1.1B gross valuation ($950/sf) on 6/11/26, jointly controlled with Fisher Brothers (51%). Q2 net income to common shareholders fell to $16.4M ($0.08/share) from $743.8M ($3.70/share) YoY, primarily due to absence of $803.2M gain from 770 Broadway NYU master lease in 2025. FFO as adjusted $131.1M ($0.67/share) vs $113.3M ($0.56/share) YoY. Completed $500M 5.75% senior notes due 2033, refinanced multiple facilities at higher rates reflecting current market conditions.
Why this rating
Park Avenue Plaza deal (~$540M equity at 49%, 3% of $18.8B market cap) is meaningful acquisition but modest relative to size. FFO growth (+0.11/share) shows operational improvement masked by comp against large 2025 one-time gain. Refinancing at elevated SOFR spreads indicates market stress and rising debt service costs.
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