Vornado (VNO) Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Tue, February 10, 2026 astatine 10:34 AM CST 47 min read

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Tuesday, Feb. 10, 2026 astatine 10 a.m. ET

• Chairman and Chief Executive Officer — Steven Roth

• President and Chief Financial Officer — Michael Franco

• Executive Vice President, Leasing — Glen Weiss

On the telephone contiguous from absorption for our opening comments are Steven Roth, Chairman and Chief Executive Officer, and Michael Franco, President and Chief Financial Officer. Our elder squad is besides contiguous and disposable for questions. I volition present crook the telephone implicit to Steven Roth. Thank you, Steve, and bully morning, everyone.

Steven Roth: Here astatine Vornado, concern is bully and getting better. As you each know, Vornado is simply a premier Manhattan-centric bureau company. And I'm definite we tin each hold that Manhattan is intelligibly acold and distant the champion bureau and residential, too, by the way, existent property marketplace successful the country. Predicted connected our caller calls, New York is present connected the foothills of the champion landlord's marketplace successful 20 years. We judge this landlord's marketplace successful Manhattan volition proceed to tighten and past for a agelong time. Fundamentals are genuinely outstanding and the champion ever.

Long and abbreviated of it, is that tenant request from finance, tech, and astir different industries is highly robust, successful the look of declining availabilities and the amended gathering subset. Take a look astatine our assets. We person the Penn District, our metropolis wrong the city. A roster of our different assets successful the amended gathering class wherever in-place rents are good nether market. And marketplace rents are rising. We person an irreplaceable portfolio of precise scarce, deliberation scarce arsenic hen's teeth, precocious thoroughfare retail assets connected 5th Avenue, and successful Times Square. We person the largest and astir palmy and increasing ample format signage business. We person in-house our wholly owned vertically integrated cleaning and information company.

We person the champion improvement programme successful municipality highlighted by 350 Park Avenue, 1015, and present 623 5th Avenue. And astir importantly, we person the champion absorption squad leasing, development, finance, and operations successful the business. In short, we are a precise focused Manhattan-based bureau powerfulness specialist. And portion not successful Manhattan, let's not hide 555 California Street, but they're inactive being rapidly recovering San Francisco. Where occupancy is 95%. And rent is northbound of $160 per quadrate ft successful the tower. At Vornado, we had an industry-leading 4th and an industry-leading year. In astir each show metric. And erstwhile I accidental industry-leading, I mean amended than the different guys. Here's the scorecard.