-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：VNO第一季營收為4.59億美元，較去年同期下降0.5%，但高於市場預期3,200萬美元；每股FFO為0.52美元，較去年同期下降17.5%，但高於預期0.01美元。同店淨營業收入（NOI）依GAAP準則計算成長6.1%，但以現金計算下降2.9%。其中，紐約門市成長8.9%，而位於加州街555號的門市下降21.5%，反映出該公司持續依賴租金優惠和免租期。我們預計，由於租金優惠以及THE MART和加州街555號物業的負續租價差，該公司2026年上半年的FFO成長將較為疲軟。 VNO 維持了積極的資本配置策略，以 1.41 億美元收購了東 54 街 3 號，購入了公園大道廣場 49% 的股份，並回購了價值 8000 萬美元的股票。紐約的入住率提升至 90.3%（年增 620 個基點），但加州街 555 號的入住率下降至 86.7%（年減 560 個基點）。發行 5 億美元債券後，淨負債與 EBITDA 的比率從 7.7 倍上升至 8.1 倍。儘管租賃市場呈現出積極的趨勢，但我們認為曼哈頓辦公大樓市場的復甦仍將是一個漸進的過程。
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