Vornado Realty Trust Q3 2025 Earnings Recap

Vornado Realty Trust delivered a strong performance in Q3 2025, leveraging robust tenant demand and effective leasing strategies to achieve industry-leading results amidst a revitalizing New York City office market.

Key Takeaways

• Vornado's office leasing volume reached 3.7 million square feet in the first nine months, marking the highest in over a decade and featuring average starting rents of $99 per square foot.
• Q3 demonstrated a remarkable 15.7% GAAP and 10.4% cash mark-to-market increase, with an average lease term exceeding 12 years.
• PENN 2 achieved 78% occupancy and is on track to exceed year-end guidance, contributing to a projected incremental cash yield increase above 10.2%.
• With a net debt-to-EBITDA ratio of 7.3x and liquidity of $2.6 billion, Vornado maintains a strong balance sheet amidst a competitive real estate landscape.