Why Is Vornado (VNO) Down 10.4% Since Last Earnings Report?

Vornado Realty Trust reported Q2 2026 FFO of 67 cents per share, beating consensus estimates by 17.54% with 19.6% year-over-year growth driven by rent commencements and same-store NOI growth. However, revenues missed expectations at $462.2 million versus $472.4 million consensus. The company showed strong New York office leasing activity and completed a $1.1 billion acquisition of a 49% interest in Park Avenue Plaza. Despite positive earnings, shares have underperformed the S&P 500 by 10.4% since the last earnings report, and the stock carries a Zacks Rank #3 (Hold) rating.