VORNADO REALTY TRUST 8K

Vornado Realty Trust’s April 1, 2026 chairman’s letter, filed as an 8‑K exhibit, reports materially higher 2025 earnings and FFO, details strong leasing and extensive refinancing and capital markets activity that strengthens liquidity and extends debt maturities, and outlines the company’s PENN DISTRICT strategy, development pipeline, and capital allocation policies.

The Form 8‑K current report includes the Chairman’s April 1, 2026 shareholder letter for Vornado Realty Trust, presenting full‑year 2025 results and significant recent developments: net income attributable to common shares rose to $842.9 million ($4.20 per diluted share) from $8.3 million ($0.04 per share) in 2024, while Funds From Operations (FFO), as adjusted, increased to $465.6 million ($2.32 per diluted share) from $447.1 million ($2.26 per share). The letter details operating performance by segment (New York office, retail, residential, THE MART, and 555 California), including a 5.4% same‑store NOI increase and strong New York leasing of 3.7 million square feet at nearly $98 per square foot starting rents. Management outlines extensive capital markets and liability management activity since January 1, 2025—over $5.1 billion of transactions—such as multiple refinancings of key Manhattan assets, a $500 million public offering of 5.75% senior unsecured notes due 2033, upsizing and extending revolving credit facilities and an unsecured term loan out to 2031, and progress in redeeming preferred equity in the Retail JV to reduce that balance to under $1.1 billion. The letter emphasizes that Farley/Meta, PENN 1, and PENN 2 (totaling 5.2 million square feet) are fully funded and unencumbered by debt, describes balance sheet metrics including net debt/EBITDA (7.7x at year‑end 2025) and the predominance of non‑recourse secured financing, highlights the PENN DISTRICT transformation and related leasing and projected yields, and discusses development projects (including 350 Park Avenue with Citadel as partner, 623 Fifth Avenue repositioning, PENN 15, and new residential projects). It also addresses dividend and buyback policies, Alexander’s Inc. and JBG SMITH activities, market views on New York office and retail, and provides reconciliations for NOI, FFO/FFO as adjusted, and EBITDA as adjusted.

Filing Facts

CIK

899689

Ticker

-

Form

8K

Source Type

sec

Accession

0000899689-26-000016

Alert Tier

6