Vornado Realty Trust (VNO) Stock Price & How to Invest

Vornado is a fully integrated real estate investment trust organized in Maryland and run from 888 Seventh Avenue in New York. It reports in two segments, New York and Other. The New York segment covers all or portions of 51 Manhattan operating properties: roughly 19.2 million square feet of office space across 26 buildings, about 2.3 million square feet of street retail across 45 buildings, 1,331 apartments, the signage business in the PENN District and Times Square, and a 32.4% interest in Alexander's (NYSE: ALX), owner of the Bloomberg headquarters at 731 Lexington Avenue. The Other segment holds THE MART in Chicago (~3.7 million square feet) and that 70% interest in the ~1.8 million square foot 555 California Street complex. A wholly owned subsidiary called Building Maintenance Services cleans and secures the buildings, which is why headcount looks large for a landlord: ~3,145 employees as of December 31, 2025, of whom ~2,725 sat at BMS.

Second quarter 2026 revenue was ~$462 million and FFO as adjusted was ~$0.67 per diluted share, up from ~$0.56 a year earlier on rent commencements, the NYU master lease at 770 Broadway and stronger signage income. Occupancy at Vornado's share was ~87.5% overall and ~90.8% in New York office, and second generation New York office leases signed during the quarter started at cash rents ~5.0% above the prior escalated rent. A share price of ~$39.94 in late August 2026 sits near the top of a ~$24.57 to ~$43.37 52-week range, roughly 17 times annualized first-half adjusted FFO, which is not a distressed valuation for an office REIT. The central question is the balance sheet. Consolidated debt is ~$7.5 billion, one mortgage is already in default and under forbearance, and management has just committed to fund 36% of a ~$6.2 billion tower instead of taking ~$900 million of cash for the site.

The ~$244.5 million non-recourse mortgage on 888 Seventh Avenue matured in December 2025 without being repaid, the lenders declared an event of default, and a March 2026 forbearance defers the reckoning only to March 2027. Consolidated debt of ~$7.5 billion against ~$5.8 billion of book shareholders' equity means modest moves in Manhattan cap rates translate into large moves in the equity, and roughly $1.5 billion of variable-rate mortgages plus ~$918 million drawn on the revolvers keep the company exposed to short-term rates. The PENN 1 ground rent reset is unresolved: an arbitration panel set annual rent at ~$15 million or ~$20.22 million depending on separate sublease litigation, a New York court vacated that determination in October 2025, and Vornado is appealing while paying the lower figure. Outside New York the picture is weaker, with 555 California Street's same-store NOI at share down ~14.3% year over year in the second quarter and THE MART at ~77.8% occupancy. Funding 36% of a ~$6.2 billion tower also means years of construction spending before the asset produces cash.

13 analysts publish price targets on VNO, averaging $40.38 against a $39.94 price as of August 2026, or +1.1%. The published targets run from $31.00 to $50.00, a moderate spread, and the ratings split 4 buy, 6 hold, 3 sell. Over the last six months there have been 11 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full VNO forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Vornado Realty Trust. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. The 350 Park Avenue decision. On its August 2026 earnings call Vornado said it would exercise its option for the maximum 36% interest in the joint venture developing an approximately 1.9 million square foot tower at 350 Park Avenue, alongside a Kenneth Griffin affiliate at ~60% and the Rudin family at ~4%. The most optimistic published target, $50.00, assumes this works close to its best case.

The case against. The ~$244.5 million non-recourse mortgage on 888 Seventh Avenue matured in December 2025 without being repaid, the lenders declared an event of default, and a March 2026 forbearance defers the reckoning only to March 2027. The most pessimistic target, $31.00, is roughly what VNO is worth if this bites instead.

Read the full bull and bear case on VNO, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Vornado Realty Trust's investor relations page or your broker.

• Revenue (TTM through June 2026): ~$1.83B
• FFO as adjusted (Q2 2026): ~$0.67 per diluted share, vs ~$0.56 a year earlier
• Occupancy at share (June 30, 2026): ~87.5% total, ~90.8% New York office
• Consolidated debt (June 30, 2026): ~$7.5B, weighted average rate ~4% to ~5%
• Market capitalization: ~$8.1B at ~$39.94 per share
• Common dividend: ~$0.74 per share for 2025, paid once in the fourth quarter

Vornado is judged on FFO rather than net income, because depreciation on a Manhattan portfolio swamps GAAP earnings. The company reported a small net loss attributable to common shareholders for the first half of 2026 while adjusted FFO was ~$1.19 per diluted share, flat against 2025. At ~$39.94 the shares trade near ~17 times annualized first-half adjusted FFO and yield ~1.9%, so the swing factors are occupancy, renewal rent spreads and interest expense.

Other names that sit close to VNO: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get VNO exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so VNO sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where VNO fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

VNO is a debt-heavy, Manhattan-concentrated office REIT whose adjusted FFO has started rising again, with the 350 Park Avenue development and roughly $7.5 billion of consolidated debt deciding how much of that recovery reaches common shareholders.

Whether VNO is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is VNO a buy or a sell?, and where the stock could go from here in the VNO stock forecast.

For income investors, whether VNO pays a dividend and how the payout looks is covered in does VNO pay a dividend? And to weigh VNO against a peer, read the full side-by-side comparisons: VNO vs SLG and VNO vs BXP.