VNO Stock: Vornado's One-a-Year Dividend vs FFO and FAD, New York Occupancy, Debt and 350 Park From Its Own Filings (2026)
Some links pay us a referral fee; each one says so. Disclosure
Quick Answer
As of October 18, 2026, Vornado Realty Trust (NYSE: VNO, SEC CIK 899689) pays one common dividend a year, in the fourth quarter: $0.74 a share for 2024 and again for 2025 (declared December 8, 2025). That was 31.9% of 2025 FFO as adjusted ($2.32 a share) but 97.4% of FAD (funds available for distribution), because FAD fell to $167.5 million in 2025 from $347.2 million in 2024 (company figures). Vornado did not suspend the dividend; it cut it in January 2023 (quarterly $0.53 to $0.375, then $0.30 in December, $0.675 for the year against $2.12 in 2022) and moved to one payment a year. The June 30, 2026 10-Q says only that Vornado expects to pay a 2026 dividend in December “subject to approval” by the board, with no amount. FFO as adjusted for the first half of 2026 was $1.19 a share, the same as a year earlier. New York office occupancy at Vornado's share was 92.2% at June 30, 2026, against 88.4% nine months before. Contractual debt at Vornado's share was $9.57 billion at a 5.01% average rate, of which $1.58 billion (16.5%, our arithmetic) falls due in 2026 and 2027, including a $244.5 million mortgage on 888 Seventh Avenue in default since December 10, 2025 and under a forbearance agreement to March 2027. The $400 million 350 Park Avenue loan, now held by an affiliate of the Citadel founder, matures in January 2027. As of October 18, 2026 the Form 10-Q for the quarter ended September 30, 2026 is not filed.
Key Takeaways
- This is not a suspended dividend; it is a cut and a change of calendar. Vornado paid $0.66 a quarter in the first half of 2020 and $0.53 from the third quarter of 2020 through 2022 ($2.12 a year in 2021 and 2022). On January 18, 2023 it declared $0.375; the second quarter of 2023 shows $0.00 against $0.53; a $0.30 dividend was declared on December 5, 2023, so 2023 totals $0.675, down 68.2% from 2022 (our arithmetic). Since then it has paid once a year: $0.74 for 2024 and $0.74 for 2025.
- Against FFO the dividend is small; against FAD it was not. $0.74 was 30.6% of reported 2025 FFO of $2.42 (our arithmetic) and 31.9% of FFO as adjusted (company figure). But Vornado's own FAD payout ratio went from 42.3% for 2024 to 97.4% for 2025. FAD fell 51.8% (our arithmetic) while FFO as adjusted per share rose 2.7%. Recurring tenant improvements, leasing commissions and capital spending deducted in FAD rose 30.3% to $265.8 million, and a line for straight-line rent and similar non-cash items took out $131.5 million against $3.7 million in 2024.
- FAD recovered in 2026, and the dividend is decided in December. FAD was $45.6 million in Q1 2026 and $77.9 million in Q2, $123.5 million for the half against $72.2 million a year earlier (our arithmetic, derived from the supplementals). Recurring leasing and capital costs deducted in FAD were $33.1 million in Q2 2026 against $104.2 million in Q2 2025. If the board repeated $0.74, the 10-K says it would take about $141.0 million for common shareholders and $12.3 million for third-party unitholders, 70.1% of the last four quarters of FAD (our illustration, not the company's payout definition).
- New York office is fuller; the other segments are not. New York office occupancy at Vornado's share was 91.2% at December 31, 2025, 91.6% at March 31, 2026 and 92.2% at June 30, 2026, from 88.8% at December 31, 2024 and 88.4% at September 30, 2025 (the pool of buildings changed, so this is not like-for-like). Street retail is 77.8%, THE MART 80.4% and 555 California Street 87.5%, down from 96.3% at September 30, 2025. New York is 82.8% of Q2 NOI at share (our arithmetic).
- The debt table puts the pressure in 2026, 2027 and 2028. Debt at share maturing in 2026 (including the loan in default) is $662.9 million, in 2027 $919.4 million and in 2028 $2.55 billion, 26.7% of the total, assuming as-of-right extensions (company table). The largest 2026 item is the $625 million 85 Tenth Avenue loan (49.9% owned) due December 2026. Net debt to EBITDAre, as adjusted, was 8.0x for the twelve months to June 30, 2026, against 7.7x for 2025 and 8.6x for 2024.
- Two Midtown situations were open when the 10-Q was written. The $244.5 million 888 Seventh Avenue mortgage matured on December 10, 2025 and was not repaid; the lenders declared an event of default and agreed on March 9, 2026 to forbear and to waive default interest through March 2027. At 350 Park Avenue an affiliate of the Citadel founder exercised an option on December 18, 2025 and lent $400 million at 4.00% due January 2027; the deadline for Vornado and the Rudin family to join the development or put the site for $1.2 billion moved from July 2026 (10-K) to August 2026 (10-Q). No filing we read says which they chose.
- Vornado has been buying back shares. In the first half of 2026 it repurchased 4.5 million shares for about $133.4 million; common shares outstanding fell from 190,666,367 to 186,720,531, down 2.1% (our arithmetic). The board added $300 million of authorization on April 29, 2026 and $286.6 million remained on August 3.
CSV · 336 rows
Vornado Realty Trust (VNO): dividend history, FFO and FAD, occupancy, leasing, NOI, expirations, tenants, debt, 2026 financings, 350 Park Avenue, 888 Seventh Avenue, sales, buybacks and filing dates
336 rows from Vornado's Forms 10-K, 10-Q and 8-K earnings releases and supplementals, Q4 2024 to Q2 2026, plus five earlier 10-Ks for the dividend history. Accession number on every row.
The dividend history as filed: two cuts and one calendar change
Vornado's 10-Ks give the dividend paid each year. The 10-K for 2020 also records a $1.95 special dividend declared on December 18, 2019 and paid on January 15, 2020, $372.4 million in total, which is separate from the quarterly rate.
| Year | Common dividend per share | Total paid ($ thousand) | What the filing says |
|---|---|---|---|
| 2020 | $0.66, $0.66, $0.53, $0.53 = $2.38 (our arithmetic) | 454,857 | $0.66 in the first and second quarters, $0.53 in the third and fourth (10-K for 2020). The $1.95 special dividend declared December 2019 was paid in January 2020 and is not in this total. |
| 2021 | $0.53 each quarter = $2.12 | 406,109 | 10-K for 2021 |
| 2022 | $0.53 each quarter = $2.12 | 406,562 | 10-K for 2022 |
| Q1 2023 | $0.375 | 71,950 | Declared January 18, 2023 with an “indicated annual rate of $1.50 per common share” (10-K for 2022). Down 29.2% from $0.53 (our arithmetic). |
| Q2 2023 | $0.00 | none | The 10-Q shows no common dividend against $0.53 in Q2 2022, and $0.375 against $1.06 for six months. |
| 2023 total | $0.375 + $0.30 = $0.675 | 129,066 | The $0.30 was declared December 5, 2023. Down 68.2% from 2022 (our arithmetic). |
| 2024 | $0.74 | 141,103 | Declared December 5, 2024; one dividend in the fourth quarter. |
| 2025 | $0.74 | 141,277 | Declared December 8, 2025; one dividend in the fourth quarter. |
| 2026 | not declared | not applicable | 10-Q: “We anticipate that we will pay a common share dividend for 2026 in December, subject to approval by our Board of Trustees.” No amount is stated. |
Vornado also pays preferred shareholders every quarter. Preferred share dividends were $15.5 million in Q2 2026 and $31.1 million for the half, and the 10-K expects about $62.0 million of preferred dividends in 2026. Those are paid before anything goes to common shares.
Dividend against FFO and FAD, year by year
FFO here is Vornado's Nareit-style FFO attributable to common shareholders plus assumed conversions. FFO as adjusted removes items the company says affect comparability. FAD (funds available for distribution) is Vornado's own cash measure: FFO less recurring tenant improvements, leasing commissions and capital spending, with straight-line rent and similar non-cash items taken out. Vornado reports its payout ratio on FFO as adjusted and on FAD, and only for the full year, because it pays once a year.
| Year | Dividend per share | FFO per diluted share (reported) | Dividend as % of reported FFO (our arithmetic) | FFO as adjusted per share | FFO payout, company (as adjusted) | FAD ($ thousand) | FAD payout, company |
|---|---|---|---|---|---|---|---|
| 2020 | $2.38 | $3.93 | 60.6% | not in the filings we read | not reported in the filings we read | not in the filings we read | not reported in the filings we read |
| 2021 | $2.12 | $2.97 | 71.4% | not in the filings we read | not reported in the filings we read | not in the filings we read | not reported in the filings we read |
| 2022 | $2.12 | $3.30 | 64.2% | not in the filings we read | not reported in the filings we read | not in the filings we read | not reported in the filings we read |
| 2023 | $0.675 | $2.59 | 26.1% | $2.61 | not in the filings we read | not in the filings we read | not in the filings we read |
| 2024 | $0.74 | $2.37 | 31.2% | $2.26 | 32.7% | 347,234 | 42.3% |
| 2025 | $0.74 | $2.42 | 30.6% | $2.32 | 31.9% | 167,504 | 97.4% |
The per-share dividend in 2020 to 2022 was larger than today's, and so was FFO: 2022 reported FFO was $3.30 and 2023 was $2.59. The dividend fell by more than FFO did. In 2020 to 2022 it took 60.6% to 71.4% of reported FFO; since 2023 it has taken 26.1% to 31.2% (our arithmetic). Over the last four quarters to June 30, 2026, FFO as adjusted summed to $2.31 a share, so $0.74 is 32.0% of it (our arithmetic).
Why the FAD payout jumped in 2025
FAD fell $179.7 million between 2024 and 2025 (our arithmetic) while FFO rose from $470.0 million to $486.8 million. The 10-K and supplemental show two deductions that moved.
| Line in the FAD reconciliation (Vornado's share) | 2025 ($ thousand) | 2024 ($ thousand) |
|---|---|---|
| FFO attributable to common shareholders plus assumed conversions | 486,826 | 470,021 |
| Recurring tenant improvements, leasing commissions and other capital expenditures | (265,836) | (203,955) |
| Non-cash adjustments for straight-line rents, amortization of below-market leases and other | (131,477) | (3,663) |
| FAD (company figure) | 167,504 | 347,234 |
| Company FAD payout ratio | 97.4% | 42.3% |
The filing does not itemize what drove the straight-line line from $3.7 million to $131.5 million. The company's earnings bridges list an “impact of NYU master lease at 770 Broadway” as a positive to FFO of $8.9 million in Q2 2026 and $7.6 million in Q1 2026; read the 10-K note on the lease before attributing the FAD swing to it. On leasing, the 2025 tenant improvement and commission line was 30.3% higher than in 2024 (our arithmetic).
Quarter by quarter: FFO, FAD and leasing costs
Because the dividend is paid once a year, a quarterly dividend column would show a zero in three quarters. This table shows FFO and FAD instead.
| Quarter | FFO per diluted share | FFO as adjusted per share | FFO ($ thousand) | FAD ($ thousand) | Recurring TI, commissions and capex in FAD ($ thousand) |
|---|---|---|---|---|---|
| Q1 2025 | $0.67 | $0.63 | 135,039 | 78,827 (our arithmetic: year less three quarters) | not in the files we read |
| Q2 2025 | $0.60 | $0.56 | 120,928 | (6,631) | 104,203 |
| Q3 2025 | $0.58 | $0.57 | 117,372 | 54,618 | 52,376 |
| Q4 2025 | $0.56 | $0.55 | 112,927 | 40,690 | 61,186 |
| Q1 2026 | $0.49 | $0.52 | 96,263 | 45,603 | 45,225 |
| Q2 2026 | $0.74 | $0.67 | 144,078 | 77,914 | 33,109 |
Q2 2026 reported FFO of $0.74 includes a $16.1 million net gain on the extinguishment of the 606 Broadway loan, so FFO as adjusted ($0.67) is the cleaner comparison. Against Q2 2025 ($0.56) the company's bridge gives a $17.8 million net increase: rent commencements net of expirations $13.3 million, the NYU lease $8.9 million, variable businesses (mainly signage) $8.0 million, less $10.2 million of interest expense, mostly on the 2033 notes. In Q1 2026 FFO as adjusted fell $23.1 million against Q1 2025, of which $17.2 million was the Q1 2025 reversal of PENN 1 ground rent and $15.9 million was net interest expense.
The refinancing price shows up here. In 2026 Vornado repaid $400 million of 2.15% notes on June 1 and issued $500 million of 5.75% notes due 2033 on January 14. The annual coupon on the two is $8.6 million and $28.75 million (our arithmetic).
Occupancy: New York office, retail and the other segments
| Date | New York office | New York retail | New York total | THE MART | 555 California Street |
|---|---|---|---|---|---|
| Dec 31, 2024 | 88.8% | 73.7% | not in the files we read | not in the files we read | not in the files we read |
| Sep 30, 2025 | 88.4% | 79.2% | 87.5% | 80.7% | 96.3% |
| Dec 31, 2025 | 91.2% | 79.4% | 90.0% | 81.5% | 88.9% |
| Mar 31, 2026 | 91.6% | 78.3% | 90.3% | 80.0% | 86.7% |
| Jun 30, 2026 | 92.2% | 77.8% | 90.8% | 80.4% | 87.5% |
All percentages are at Vornado's share. The New York office row covers 30 buildings and 16.0 million square feet at December 31, 2024 and 25 buildings and 17.05 million at June 30, 2026 (the 10-Q tables), so part of the change is the pool, not only leasing. By building at June 30, 2026 the supplemental shows PENN 1 office at 90.8%, PENN 2 office at 90.6% and 909 Third Avenue office at 71.7%.
Leasing: rents up, but the build-out bill is large
| Quarter ended June 30, 2026 | New York office | New York retail | 555 California Street | THE MART |
|---|---|---|---|---|
| Square feet leased (thousand, 100%) | 348 | 61 | 103 | 15 |
| Initial cash rent per square foot | $107.24 | $277.05 | $54.12 | $71.70 |
| Weighted average lease term (years) | 8.0 | 2.0 | 7.3 | 2.5 |
| Second-generation rent change, GAAP | +7.7% | +12.1% | +14.0% | no second-generation space |
| Second-generation rent change, cash | +5.0% | +5.5% | +4.0% | no second-generation space |
| Tenant improvements and commissions per square foot | $113.69 | $38.94 | $96.27 | $49.39 |
| Tenant improvements and commissions as % of initial rent | 13.3% | 7.0% | 24.4% | 27.6% |
For the first half of 2026 the New York office tenant improvement and commission cost was $125.80 a square foot on an initial rent of $105.14. At 555 California Street it was $85.90 against $56.59. That segment's same-store NOI fell 14.3% on a GAAP basis and 48.6% on a cash basis in Q2; the release says the gap between the two measures is primarily GAAP rent commencing on new leases with free rent periods.
Net operating income
| NOI at Vornado's share ($ thousand) | Q2 2026 | Q2 2025 |
|---|---|---|
| New York office (includes base retail) | 183,424 | 170,935 |
| Total New York | 251,698 | 230,104 |
| THE MART | 27,299 | 25,197 |
| 555 California Street | 14,850 | 18,686 |
| Total NOI at share | 304,064 | 277,673 |
| Total NOI at share, cash basis | 263,183 | 231,719 |
Same-store NOI at share rose 9.8% in Q2 2026 (New York +11.9%, THE MART +9.1%, 555 California Street -14.3%); on a cash basis it rose 2.9% (New York +6.2%, THE MART +15.1%, 555 California Street -48.6%). New York is 82.8% of NOI at share (our arithmetic). THE MART's quarter and the prior year's include a reversal of a prior-period tax accrual, per the release.
Lease expirations and the largest tenants
| New York office, as of June 30, 2026 | Square feet expiring (Vornado share) | Annualized escalated rent ($ thousand) | % of New York annualized rent |
|---|---|---|---|
| Rest of 2026 | 337,000 | 21,936 | 1.7% |
| 2027 (three rows: Q1, Q2, rest) | 1,219,000 (our arithmetic) | 103,384 (our arithmetic) | 8.0% (our arithmetic) |
| 2028 | 948,000 | 75,917 | 5.9% |
| 2029 | 1,115,000 | 86,589 | 6.7% |
| 2030 | 718,000 | 66,204 | 5.2% |
Across all segments the supplemental shows expirations of 2.5% of square feet in 2026 (the column also includes the second quarter, month-to-month and holdover), 7.3% in 2027, 9.3% in 2028 and 7.1% in 2029. The 10-K for 2025, at December 31, 2025, put New York office expirations at 6.1% of New York square feet for 2026 and 6.2% for 2027.
| Tenant (June 30, 2026) | Square feet at share | % of annualized escalated rents at share |
|---|---|---|
| Meta Platforms | 700,327 | 4.7% |
| Omnicom (formerly IPG and affiliates) | 955,211 | 3.4% |
| New York University (includes the 770 Broadway master lease) | 1,761,681 | 3.1% |
| Bloomberg | 306,768 | 2.4% |
| Madison Square Garden and affiliates | 432,639 | 2.4% |
| Google/Motorola Mobility (guaranteed by Google) | 759,446 | 2.2% |
| UMG Recordings | 336,700 | 1.9% |
| Apple | 572,631 | 1.9% |
| Amazon (including Whole Foods) | 312,694 | 1.8% |
| Neuberger Berman | 306,612 | 1.5% |
The top 30 tenants are 44.6% of annualized escalated rents at share.
Debt: what falls due, and at what rate
Vornado's 10-Q has no maturity schedule, but its supplemental does, and it assumes the exercise of as-of-right extension options. Contractual consolidated debt was $7.49 billion at June 30, 2026 (mortgages $4.87 billion at 5.14%, notes $850 million, term loan $850 million, revolver $918 million drawn), 4.86% weighted average. Adding Vornado's share of unconsolidated entities' debt ($2.73 billion) and subtracting partners' share of two consolidated loans gives $9.57 billion at 5.01%. Of that, $3.98 billion is fixed by the loan agreements and $860.5 million of variable-rate debt has no swap or cap.
| Maturity | Consolidated debt, 100% ($ thousand) | % of consolidated | Total debt at Vornado's share ($ thousand) | % of total at share |
|---|---|---|---|---|
| 2026 (consolidated column is the 888 Seventh Avenue loan, already matured) | 244,543 | 3.3% | 662,925 | 6.9% |
| 2027 | 880,000 | 11.8% | 919,441 | 9.6% |
| 2028 | 2,300,000 | 30.7% | 2,553,861 | 26.7% |
| 2029 | none | 0.0% | 206,006 | 2.2% |
| 2030 | 450,000 | 6.0% | 1,078,808 | 11.3% |
| 2031 and later | 3,613,000 | 48.2% | 4,152,523 | 43.3% |
The first column is the company's; the 2026 label is our reading, because 888 Seventh Avenue's $244.5 million appears in it and the unconsolidated 2026 loans (Sunset Pier 94 Studios, 825 Seventh Avenue and 85 Tenth Avenue) add up to the $418.4 million difference at share. Debt due or in default through 2027 is 15.0% of consolidated debt and 16.5% of debt at share, $1.58 billion (our arithmetic). Net debt to EBITDAre, as adjusted, was 8.0x for the twelve months to June 30, 2026, 7.7x for 2025, 8.6x for 2024 and 8.2x for 2023. At June 30, 2026 liquidity was $2.0 billion: $789.0 million of cash and restricted cash and $1.2 billion available on $2.1 billion of revolving credit facilities.
| Loan (June 30, 2026) | Balance, 100% ($ thousand) | Rate | Maturity |
|---|---|---|---|
| 888 Seventh Avenue (100% owned) | 244,543 | S+180, 5.42% | matured Dec 2025; default; forbearance |
| 350 Park Avenue (100% owned) | 400,000 | 4.00% fixed | Jan 2027 |
| 100 West 33rd Street (100%) | 480,000 | 5.26% | Jun 2027 |
| 555 California Street (70%) | 1,200,000 | S+230, 5.67% | May 2028 |
| 1290 Avenue of the Americas (70%) | 950,000 | S+162, 5.11% | Nov 2028 |
| PENN 11 (100%) | 450,000 | 6.35% | Aug 2030 |
| One Park Avenue (100%) | 525,000 | S+178, 4.56% | Feb 2031 |
| 909 Third Avenue (100%) | 350,000 | 3.23% | Apr 2031 |
| Senior unsecured notes due 2033 | 500,000 | 5.75% | Feb 2033 |
| 85 Tenth Avenue (49.9%, unconsolidated) | 625,000 | 4.55% | Dec 2026 |
| 280 Park Avenue (50%, unconsolidated) | 1,075,000 | 5.84% | Sep 2028 |
2026 financing events, in order
| Date | Event (from the Q2 2026 release and 10-Q) |
|---|---|
| Jan 7, 2026 | Unsecured term loan refinanced and upsized to $850,000,000 at SOFR plus 1.15%, maturing February 2031 (replaced $800,000,000 at SOFR plus 1.25%). The $915,000,000 revolver due April 2029 was upsized to $1.0 billion at SOFR plus 1.16%. |
| Jan 14, 2026 | $500,000,000 of 5.75% senior unsecured notes due February 1, 2033, sold at 99.824% to yield 5.78%; net proceeds $494,000,000 (Form 8-K, accession 0001104659-26-003748). |
| Jan 23, 2026 | 7 West 34th Street (53% owned) refinanced with a $250,000,000 five-year loan at 5.79%; the old $300,000,000 loan was paid down by $50,000,000 using reserves and a $25,000,000 member loan from Vornado at 16.00%. |
| Feb 4 and Feb 9, 2026 | 2031 revolver upsized to $1.130 billion at SOFR plus 1.01% (replacing $1.25 billion due December 2027); One Park Avenue refinanced with $525,000,000 at SOFR plus 1.78%, up from SOFR plus 1.22%. |
| Mar 9 and Mar 10, 2026 | Forbearance agreement on 888 Seventh Avenue; $400,000,000 loan on 350 Park Avenue from an affiliate of the Citadel founder. |
| May 8, 2026 | 61 Ninth Avenue (45.1% owned) refinanced with $161,000,000 at SOFR plus 3.00% in year one, rising to SOFR plus 3.35%. |
| Jun 1, 2026 | $400,000,000 of 2.15% senior unsecured notes repaid at maturity. |
350 Park Avenue, 888 Seventh Avenue and the PENN District
350 Park Avenue. On December 18, 2025 an affiliate of the Citadel founder exercised an option to acquire at least 60% of a joint venture that would combine 350 Park Avenue with 39 East 51st Street (held by a Vornado/Rudin joint venture) and 40 East 52nd Street (held by the Rudin family) to build a new office tower with Citadel as anchor. Vornado and the Rudins have the option to take 23% to 40% of the joint venture (Vornado 21% to 36% effective) or to put the site to the affiliate for $1.2 billion ($900 million to Vornado). The 10-K gave a deadline of July 2026 and a 1,850,000 square foot tower; the 10-Q, filed August 3, says August 2026 and approximately 1,900,000 square feet. On March 10, 2026 the affiliate provided a $400,000,000 mortgage at 4.00% due January 2027 that defeased the old $400,000,000 loan; Citadel vacated and assigned its master lease to the affiliate, with net rent amended to $16,000,000 a year, “equal to the interest payments under the new mortgage loan.” As of October 18, 2026 the last 8-K in the EDGAR list is dated August 3 and no filing we read says which option the Vornado/Rudin JV chose.
888 Seventh Avenue. The 10-Q says the $244,543,000 mortgage “matured and was not repaid, at which time the lenders declared an event of default.” Under the March 9, 2026 forbearance the lenders “waived default interest through March 2027”; scheduled interest and amortization accrue and are due when the forbearance ends. 888 Seventh Avenue is also the principal executive offices address on Vornado's Form 8-K cover pages. The 10-Q does not say what happens at the end of the forbearance.
PENN District. The supplemental lists 8.51 million square feet in the PENN District (8.25 million in service), with $1.855 billion of encumbrances on it (the company's non-GAAP column). PENN 1 ground rent is in litigation: an arbitration panel set $15,000,000 or $20,220,000 a year depending on the outcome, a New York court vacated the panel's determination on October 31, 2025, and Vornado is appealing. Per the 10-K, Vornado is paying on the $15,000,000 basis after reversing $17,240,000 of accrued rent in 2025. The Hotel Pennsylvania site (PENN 15) has 2,052,000 square feet of zoning and is listed under future opportunities, not active development. The one active project, 623 Fifth Avenue (383,000 square feet, bought September 4, 2025 for $218,000,000), has a $450,000,000 budget with $244,255 thousand spent, a 10.1% projected cash yield and delivery to tenants expected in 2027.
Sales, purchases and buybacks
| Date | Transaction | Amount in the filing |
|---|---|---|
| May 5, 2025 | 770 Broadway master lease with NYU (70 years) | $935,000,000 prepaid, $9,281,000 a year; gain on sales-type lease $803,248,000; $700,000,000 mortgage repaid |
| Jan 8, 2025 | Part of 666 Fifth Avenue sold to UNIQLO by the Fifth Avenue and Times Square JV | $350,000,000; net proceeds $342,000,000 |
| Aug 14, 2025 | 512 West 22nd Street (55% JV) sold | $205,000,000; Vornado net proceeds $37,900,000 |
| Sep 4, 2025 | 623 Fifth Avenue office condominium bought | $218,000,000 |
| Jan 7, 2026 | 3 East 54th Street acquired | $141,000,000 ($107,000,000 of defaulted note balance credited) |
| May 14, 2026 | 606 Broadway (50% JV) sold; buyer had bought the defaulted loan at a discount | JV received $3,000,000; debt extinguishment gain $32,073,000 |
| May 28, 2026 | Alexander's (32.4% owned) sold Rego Park I | $235,500,000; Vornado share of gain $44,329,000 |
| Jun 11, 2026 | 49.0% of Park Avenue Plaza bought (Fisher Brothers keeps 51% and manages it) | $1.1 billion gross valuation ($950 a square foot); cash price about $230,000,000; $575,000,000 loan at 2.99% to November 2031 |
| Period | Shares repurchased | Cost | Average price |
|---|---|---|---|
| 2023 | 2,024,495 | $29,143,000 | $14.40 |
| 2024 | none shown in the cash flow statement | none | not applicable |
| 2025 | 1,462,360 | $50,962,000 | $34.85 |
| Q1 2026 | 2,745,713 | $79,844,000 | $29.08 |
| Q2 2026 | 1,787,090 | $53,461,000 | $29.92 |
Quarter-end closing prices in the supplementals were $33.28 at December 31, 2025, $25.99 at March 31, 2026 and $39.30 at June 30, 2026, a market capitalization of $18.8 billion at June 30. On that last price a $0.74 dividend is 1.88% (our arithmetic). That is an illustration of the price on one date, not a forecast of the 2026 dividend or of any yield.
What the next report should show
| Item to check in the Q3 2026 10-Q | Last reported | What to compare against |
|---|---|---|
| FFO as adjusted per share | $0.67 in Q2 2026; $0.57 in Q3 2025 | Third-quarter 2025 and the $0.67 run rate |
| FAD and recurring leasing costs | $77.9 million and $33.1 million in Q2 2026 | Whether costs stay near $33 million or return to the $100 million of Q2 2025 |
| 350 Park Avenue decision | Deadline August 2026; no filing yet | A Form 8-K or the 10-Q subsequent events |
| 888 Seventh Avenue | Default; forbearance to March 2027 | Any extension, sale or lender action |
| 2026 dividend | “Subject to approval” in December | The amount declared; $0.74 was 2024 and 2025 |
| Net debt to EBITDAre, as adjusted | 8.0x | The Q3 supplemental |
| 85 Tenth Avenue loan | $625 million, 49.9% owned, due December 2026 | Refinancing or extension |
As of October 18, 2026 the Form 10-Q for the quarter ended September 30, 2026 is not filed. In the last three quarters the 10-Q was filed on the same day as the earnings 8-K: November 3, 2025, May 4, 2026 and August 3, 2026. If that holds, the Q3 10-Q would come with the earnings release in early November (our inference; Vornado had not announced a date in anything we found).
What a holder or reader can do with this
This page is analysis of public documents, not investment, legal or tax advice. Things the filings let you check yourself:
- Pick the yardstick and name it. $0.74 is 30.6% of reported 2025 FFO and 97.4% of FAD (company figure). Both describe the same dividend.
- Remember it is one payment. There is no quarterly dividend to track; the signal is the December declaration, and the 10-Q gives no amount.
- Read leasing costs next to occupancy. Occupancy rose while FAD fell in 2025; in 2026 the cost line eased to $33.1 million in Q2.
- Put the two Midtown loans on a calendar. 888 Seventh Avenue's forbearance runs to March 2027; the 350 Park Avenue loan matures in January 2027.
- Compare office peers on the same dates in our ten-company office REIT table and in BXP's dividend, FFO and FAD; on what happens when an office REIT fails, see Office Properties Income Trust; for how REIT dividends reach a tax return, see our guide to estimated tax on REIT and BDC income; and for the structural difference with unlisted REITs, non-traded versus publicly traded REITs.
Filing alert · free
An email when Vornado Realty Trust files with the SEC
When Vornado Realty Trust files: what changed, the one number that matters, and the accession number to check it yourself.
FAQ
All figures are from Vornado Realty Trust (SEC CIK 899689; Vornado Realty L.P., CIK 1040765, files the same documents) filings read on EDGAR on October 18, 2026: Forms 10-K for 2025 (accession 0000899689-26-000009), 2024 (0000899689-25-000004), 2023 (0000899689-24-000005), 2022 (0000899689-23-000010), 2021 (0000899689-22-000006) and 2020 (0000899689-21-000009); Forms 10-Q for the quarters ended June 30, 2026 (0000899689-26-000046), March 31, 2026 (0000899689-26-000026), September 30, 2025 (0000899689-25-000040), June 30, 2023 (0000899689-23-000048) and March 31, 2023 (0000899689-23-000026); the earnings releases (Exhibit 99.1) and supplementals (Exhibit 99.2) attached to Forms 8-K for Q4 2024 (0000899689-25-000006), Q1 2025 (0000899689-25-000021), Q2 2025 (0000899689-25-000034), Q3 2025 (0000899689-25-000042), Q4 2025 (0000899689-26-000011), Q1 2026 (0000899689-26-000028) and Q2 2026 (0000899689-26-000048); the Forms 8-K of January 7, 2026 (0000899689-26-000003) and January 14, 2026 (0001104659-26-003748); and the EDGAR filing list for the company. Dividend-to-FFO percentages, sums of quarterly dividends, the 2023 and January 2023 percentage cuts, FAD changes, FAD for Q1 2025 and the first halves, the last-four-quarter sums, debt due through 2027, New York's share of NOI, share-count change and coupon comparison are our arithmetic from those rows; FFO, FFO as adjusted, FAD, EBITDAre and NOI at share are the company's own non-GAAP measures and definitions. This is analysis of public documents, not investment, legal or tax advice.
Keep reading.
- 0132 min read
ADC Stock: Agree Realty Monthly Dividend vs AFFO, Tenants and Debt (2026)
Agree Realty (NYSE: ADC) declared $0.801 of dividends in Q2 2026 against $1.14 of AFFO, 70.1%. Eight quarters of payout, tenant credit ratings, 7.0% cap rates, ground leases, $1.08 billion of forward equity and a 5.650% 2036 note, from the filings.
- 0234 min read
AMH Stock: American Homes 4 Rent Dividend, Core FFO, Debt (2026)
American Homes 4 Rent (NYSE: AMH) declared $0.33 for Q2 2026 against $0.49 of Core FFO, 67% on dollars (our arithmetic), and $0.45 of Adjusted FFO. Seven quarters of payout, a development pipeline that fell 55% in 2.5 years, four 20% joint ventures, $5.19 billion of unsecured debt and the preferred shares, from the filings.
- 0327 min read
Annaly Capital (NLY) Stock: Dividend vs Earnings, Book Value, Repo 2026
Annaly declared $0.75 a share for Q2 2026 on $20.15 of book value. Per share its earnings cover the dividend 1.05 times; in dollars, 1.04. Share count up 50%, no buybacks, $86.9 billion of repo, 40% overnight.