Vornado Q4 FFO Drops 3.6% to $112.9M; Completes $525M Refi at SOFR+1.78%
Vornado reported Q4 net income of $0.6 million versus $1.2 million a year earlier and FFO of $112.9 million (0.56/share) down from $117.1 million, with adjusted FFO of $110.9 million (0.55/share) versus $122.2 million. The REIT refinanced One Park Avenue with a $525 million SOFR+1.78% loan through 2031, replacing SOFR+1.22%.
1. Q4 Financial Performance
Net income attributable to common shareholders for Q4 2025 was $601,000, or $0.00 per diluted share, down from $1,203,000, or $0.01 per share a year earlier. FFO was $112.9 million, or $0.56 per share, versus $117.1 million in Q4 2024, and adjusted FFO declined to $110.9 million, or $0.55 per share, from $122.2 million.
2. Year-End Income Drivers
For the year ended December 31, 2025, net income attributable to common shareholders rose to $842.9 million, or $4.20 per diluted share, driven by an $803.2 million gain on the 770 Broadway NHU master lease, a $76.2 million gain on the partial sale of 666 Fifth Avenue condominium units, and a $17.2 million rent expense reversal. Full-year FFO was $486.8 million, or $2.42 per diluted share, with adjusted FFO of $465.6 million, or $2.32 per share.
3. One Park Avenue Refinancing
Vornado completed a $525 million interest-only refinancing of its 945,000 square foot One Park Avenue office building at SOFR plus 1.78%, maturing in February 2031. The new loan replaces a prior $525 million facility at SOFR plus 1.22% due March 2026, and the property maintains 74% occupancy by New York University.