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Vornado Realty Trust offers well-covered preferred dividends, with a payout ratio under 14% and declining further as FFO grows. Consensus estimates project VNO's FFO per share to rise from $2.35 in 2026 to $2.69 in 2027, improving preferred dividend coverage. VNO.PR.L preferred shares yield 7.6%, trade at a 30% discount to par, and present an attractive risk/reward profile versus Treasuries.

Surging oil prices and hotter inflation reports reignited rate-hike concerns, sending Treasury yields to one-year highs as the Iran conflict remained stalemated despite the highly anticipated Trump-Xi summit.

Vornado Realty Trust recorded dual beats in its fiscal 2026 first quarter and attractive preferred spreads over US10Y. VNO reported first-quarter revenue of $459.11 million, beating consensus by $31.46 million, with a sequential improvement in the year-over-year revenue dip. Funds from operations (FFO) per diluted share was $0.49, down from $0.67 last year. But New York occupancy rose 30 basis points to 90.3% to end…

Vornado Realty Trust (VNO) Q1 2026 Earnings Call Transcript