Vornado Realty Dips Despite Rising Manhattan Office Leasing

Vornado's NYC occupancy reaches 90% as FFO hits $0.56, with Series O Preferreds yielding 7.4%

Published on Feb. 13, 2026

Got story updates? Submit your updates here. ›

Vornado Realty Trust (VNO) has seen its stock price drop 30% from its 52-week high, even as the company's occupancy rate in Manhattan has continued to rise amid strengthening demand for prime office space in the city. The company's funds from operations (FFO) hit $0.56 per share, while its Series O Preferred shares are yielding 7.4% at a $15.10 price.

Why it matters

Vornado's performance is seen as a bellwether for the Manhattan office market, as the company is one of the largest owners of commercial real estate in the city. The divergence between the company's stock price and its operational metrics raises questions about investor sentiment and the overall health of the commercial real estate sector in New York.

The details

Vornado's Manhattan occupancy rate reached 90%, indicating strong demand for its office properties despite the broader economic uncertainty. The company's funds from operations (FFO), a key metric for REITs, hit $0.56 per share. Additionally, Vornado's Series O Preferred shares are yielding 7.4% at a $15.10 price, suggesting the market sees value in the company's preferred securities.

  • Vornado's stock price has dropped 30% from its 52-week high in the last few months.

The players

Vornado Realty Trust

A real estate investment trust (REIT) that is one of the largest owners of commercial real estate in Manhattan.

Got photos? Submit your photos here. ›

What they’re saying

“The equity market is a powerful mechanism as daily fluctuations in price get aggregated to incredible wealth creation or destruction over the long term.”

— Pacifica Yield, Analyst (Seeking Alpha)

The takeaway

Vornado's performance highlights the ongoing strength of the Manhattan office market, even as its stock price has declined. This divergence between the company's operational metrics and its share price suggests that investors may be factoring in broader economic uncertainties, despite the positive trends in Vornado's core business.