Vornado beats Q2 2026 forecasts on stronger Manhattan leasing

Vornado Realty Trust reported second-quarter 2026 earnings that beat Wall Street expectations, driven by stronger leasing and higher occupancy in its Manhattan portfolio. The real estate investment trust posted earnings per share of $0.08 versus an expected loss of $0.01, with revenue reaching $462.24 million against forecasts of $457.78 million. Comparable funds from operations hit $0.67 per share, exceeding analyst estimates of $0.57 and up from $0.56 a year earlier. New York office occupancy rose to 92.2%, a 60-basis-point increase from the prior quarter, while same-store net operating income for New York offices jumped 13.7% on a GAAP basis. Management said full-year 2026 comparable FFO should exceed 2025 levels, with significant earnings growth expected in 2027 as leases at Penn One, Penn Two, and other properties commence. The company also expects occupancy to surpass 93% by year-end and return to its historical 95-96% range.