Key Highlights

  • Vornado reported a third quarter 2026 net loss to common shareholders of $47.1 million, while FFO rose to $0.62 per share.
  • Empire State Realty Trust raised its 2026 Core FFO guidance to $0.77 to $0.80 per share.
  • Acadia reported same-property NOI growth of 10.2% for the quarter.
  • SITE Centers declared a $3.00 per share Special Dividend payable Nov 5, 2026.
  • Alexander's Net Income reached $27.4 million, up from $6.0 million a year earlier.

Which Retail and Office REITs Reported Third-Quarter 2026 Results?

Five real estate Investment trusts with retail and office holdings reported third-quarter 2026 results on or around Nov 2, 2026, and the group split between growth and shrinkage. Vornado Realty Trust (NYSE:VNO) posted Revenue of $467.7 million, up about 3.1% (calculated), and a net loss to common shareholders of $47.1 million, while FFO rose to $0.62 per share.

Empire State Realty Trust (NYSE:ESRT) reported revenue of $193.1 million, down about 2.4% (calculated), net income of $0.02 per diluted share and a raised Core FFO outlook. Acadia Realty Trust (NYSE:AKR) posted revenue of $95.0 million, down about 6.0% (calculated), and a $3.6 million net loss, though FFO as adjusted rose to $0.31 per share.

SITE Centers (NYSE:SITC) reported revenue of $8.6 million, down 68.4% (calculated) as it sells properties ahead of a wind-up, and a net loss of $5.4 million. Alexander's (NYSE:ALX) reported revenue of $72.1 million, up about 34.9% (calculated), and net income of $27.4 million.

Revenue bases differ widely, from $8.6 million to $467.7 million, so percentage changes are not like-for-like. Net income also mixes in non-cash items such as Depreciation and impairments, which is why several of these trusts lean on FFO.

Vornado Realty Trust: Why Did a Net Loss Come With Higher FFO?

Vornado reported a net loss attributable to common shareholders of $47.1 million, or $0.25 per diluted share, against net income of $11.6 million a year earlier. FFO plus assumed conversions rose to $122.6 million, or $0.62 per share, from $0.58. Depreciation and amortization of $169.0 million, up from $117.1 million, accounts for much of the gap because FFO adds it back.

The company owns office, retail and residential properties, with about 90% of its NOI at share coming from the New York City area. NOI at share rose to $300.1 million from $266.7 million, and New York office occupancy was 93.0%.

A joint venture formed on Oct 20, 2026 for a 350 Park Avenue office tower is expected to produce a net gain of about $485 million in the fourth quarter. The filing did not include a common dividend figure, and no shares were repurchased in the quarter.

Empire State Realty Trust: How Far Did the Core FFO Outlook Move?

Empire State Realty Trust reported Core FFO of $0.20 per share, down from $0.23, and now expects 2026 Core FFO of $0.77 to $0.80, up from a July range of $0.75 to $0.79. The commercial portfolio was 95.6% leased and 92.3% occupied at Sep 30, 2026.

Observatory revenue fell to $26.8 million from $36.0 million, while office leasing spreads stayed positive at 9.9%. The company repurchased $85.8 million of stock since its second-quarter call and completed the $217.5 million sale of 1359 Broadway after quarter-end.

The updated guidance range already includes Buybacks to date and the 1359 Broadway sale, and the observation deck assumption is unchanged.

Acadia Realty Trust: What Drove 10.2% Same-Property NOI Growth?

Acadia reported FFO as adjusted of $0.31 per share, up from $0.29, with same-property NOI up 10.2%. Street retail gained more than 15%, while the stabilized suburban portfolio rose 2.5%. The net loss of $3.6 million included $11.7 million of Impairment charges.

The company owns retail real estate focused on street and urban corridors and runs an investment management platform. It bought about $150 million of street retail Assets in the quarter, and its signed-not-open Lease pipeline reached roughly $22 million of annual base rent.

Full-year same-property NOI guidance rose to 7.5% to 8.5%, while the FFO as adjusted range of $1.24 to $1.26 per share was maintained. The company declared a quarterly distribution of $0.20 per share.

SITE Centers: What Is Left as the Wind-Up Nears the End?

SITE Centers reported a net loss of $5.4 million, or $0.10 per share, against a loss of $6.2 million a year earlier. Rental income dropped to $4.5 million from $24.2 million after shopping center sales, and operating FFO was a loss of $3.1 million.

Only The Blocks, retail units in Portland, Oregon, and two office buildings in Beachwood, Ohio, remained as real estate investments as of Oct 30, 2026. A sale of The Blocks for roughly $18.2 million is under contract, with closing targeted by the end of the fourth quarter.

The board declared a $3.00 special dividend, totaling $158.1 million, payable Nov 5, 2026. Unrestricted cash was $200.2 million with no consolidated debt, and the company intends to delist from the NYSE before trading begins on Dec 4, 2026.

Alexander's: How Much Did One Lease Termination Add?

Alexander's reported net income of $27.4 million, or $5.33 per diluted share, versus $6.0 million, and FFO of $36.3 million, or $7.07 per share. Rental revenues rose to $72.1 million from $53.4 million, and the filing credits $18.8 million of higher straight-line revenue to a department-store tenant's lease modification and early termination at Rego Park.

The tenant agreed to pay about $29.0 million to end its lease, and the company signed a 15-year lease with a big-box retailer for the space. Interest and Debt expense fell to $10.9 million from $14.1 million after December 2025 restructurings.

Cash and restricted cash reached $349.1 million, and $4.50 per share was paid as a dividend in the quarter. The filing notes its largest tenant produced about 55% of nine-month rental revenue.

Retail and Office REIT Scorecard: Revenue Shrinks at Three of Five

Combined revenue across the five trusts was about $836.4 million (calculated), and combined net income was a loss of about $22.8 million (calculated), with Vornado's $47.1 million loss outweighing the profits at Alexander's and Empire State Realty Trust. Only two of the five, Vornado and Alexander's, grew revenue.

The simple average revenue change was about negative 7.8% (calculated), but that is dominated by SITE Centers' 68.4% decline from asset sales and Alexander's one-time lease termination effect. Vornado's revenue was about 6.5 times Alexander's (calculated).

Bases differ: net income figures include non-cash charges and gains, Acadia and Empire State Realty Trust headlined FFO measures, and SITE Centers is winding down, so its results are not comparable with ongoing operators.

What to Watch Next: Nov 5 Dividend, Dec 4 Delisting and Fourth-Quarter Gains

SITE Centers pays its special dividend on Nov 5, 2026, plans to delist before trading begins on Dec 4, 2026, and targets a fourth-quarter close on The Blocks. Empire State Realty Trust has a webcast and conference call set for Nov 3, 2026.

Vornado expects to recognize the estimated $485 million 350 Park Avenue gain in the fourth quarter, though its materials gave no specific date. Acadia expects two San Francisco tenants to open in November and has Dallas openings running through 2027.

Alexander's next report covers results through Dec 31, 2026, and its Flushing ground rent rises in February 2027.