VORNADO REALTY TRUST — Form 8-K
Filed November 2, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 68/100
What the filing says
Vornado restructured 350 Park Avenue on Oct 20, 2026: contributed property valued $900M to new 36.1%-owned JV with Kenneth Griffin (60%), securing $1.05B Citadel anchor lease and $3.3B construction loan (SOFR+3.00%, matures Oct 2032). Will recognize ~$485M gain in Q4. Separately acquired 49% Park Avenue Plaza ($1.1B valuation) in June, 3 East 54th Street ($141M in Jan), and repurchased 4.5M shares ($133M, nine months). Q3 net loss $47M vs. $12M income YoY; FFO $0.62/share vs. $0.58; 9M FFO $1.85/share flat to $1.86 prior year. New York same-store NOI +10.2%, THE MART +4.0%; 555 Cal -3.4% cash basis. Liquidity $1.9B.
Why this rating
350 Park Ave $485M Q4 gain transforms earnings; $1.1B Park Ave Plaza is 16% of market cap. Transformational asset structure but core operations flat; elevated one-time gains mask softness in West Coast/retail.
See more from November 2, 2026.
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