Vornado reported a net loss of $22.8 million, or $0.12 per diluted share, for Q1 2026 compared to net income of $86.8 million, or $0.43 per diluted share in the prior year. Revenue reached $459.1 million, exceeding forecasts, while funds from operations attributable stood at $96.3 million, or $0.49 per share, and adjusted FFO was $103.1 million, or $0.52 per share.

Adjusted FFO declined by $23.1 million year-over-year to $103.1 million, driven by a $17.2 million reversal of ground rent accrual, $15.9 million of higher net interest expense, and a $7.6 million impact from the NYU master lease, partially offset by $3.4 million growth in variable businesses.

During the quarter, Vornado repurchased 2,745,713 common shares for $79.8 million at an average price of $29.08 per share. The board also approved a new $300 million share repurchase program, adding to the existing $200 million plan under which $21.2 million of capacity remains.

On April 28, Vornado agreed to acquire a 49% interest in Park Avenue Plaza at a $1.1 billion valuation, subject to its share of a $575 million fixed-rate loan maturing in November 2031. Earlier, the company purchased 3 East 54th Street for $141 million, acquiring a demolition-ready site zoned for 232,500 buildable square feet.