Vornado Realty Trust (NYSE:VNO) is included among the 13 Best REIT Dividend Stocks to Invest in.
On March 2, Scotiabank lowered the firm’s price recommendation on Vornado Realty Trust (NYSE:VNO) to $32 from $36. The firm maintained a Sector Perform rating on the shares. The analyst said the firm is updating its price targets for U.S. Real Estate & REIT stocks under coverage following Q4 results. Scotiabank said REITs should consider raising target development yields and place greater focus on the near-term impact on funds from operations per share. The firm also suggested that external growth through acquisitions presents a “better thematic story.”
During the company’s Q4 2025 earnings call, Chairman and CEO Steven Roth said business conditions at Vornado were improving. He described the company as a premium office landlord with a strong focus on Manhattan. In his view, the New York office market may be entering what could become the strongest landlord environment in nearly two decades. Roth said he believes the Manhattan office market will continue to tighten, supported by strong fundamentals that he described as the best the market has seen.
He also highlighted the PENN District as one of the company’s most important assets and referred to it as a city within a city. Roth noted that the leasing team completed 4.6 million square feet of office leasing during 2025. That marked the company’s highest leasing volume in Manhattan in more than ten years and its second-best year on record. He also discussed the projected incremental cash yield at PENN 2, which has been revised upward from 10.2% to 11.6%. Roth pointed to recent acquisitions as well, including the purchase of 623 Fifth Avenue for $218 million and 3 East 54th Street. Both properties are expected to undergo significant redevelopment and could generate strong returns.
Vornado Realty Trust (NYSE:VNO) is a fully integrated equity real estate investment trust. The company conducts its business through, and substantially all of its interests in properties are held by Vornado Realty L.P.
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