Vornado Realty Trust Posts Q1 Profit

(RTTNews) - Vornado Realty Trust (VNO) Monday reported first-quarter net income attributable to common shareholders of $86.8 million or $0.43 per share, compared to a net loss attributable to common shareholders of $9.0 million or $0.05 per share for the prior year's quarter.

The increase is primarily due to the $76.2 million net gain recognized upon the disposition of a portion of the 666 Fifth condominium to UNIQLO, and the $17.2 million reversal of PENN 1 rent expense previously accrued following the April 2025 rent reset determination.

Funds From Operations attributable to common shareholders plus assumed conversions for the quarter ended March 31, 2025 was $135.0 million, or $0.67 per share, compared to $104.1 million, or $0.53 per share, for the prior year's quarter.

Adjusted FFO was $126.2 million or $0.63 per share, compared to $108.8 million, or $0.55 per share, for the prior year's quarter.

Revenues for the quarter were $461.6 million, compared to $436.4 million last year.