-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：VNO第一季度营收为4.59亿美元，同比下降0.5%，但高于市场预期3200万美元；每股FFO为0.52美元，同比下降17.5%，但高于预期0.01美元。同店净营业收入（NOI）按GAAP准则计算增长6.1%，但按现金计算下降2.9%。其中，纽约门店增长8.9%，而位于加州街555号的门店下降21.5%，反映出该公司持续依赖租金优惠和免租期。我们预计，由于租金优惠以及THE MART和加州街555号物业的负续租价差，该公司2026年上半年的FFO增长将较为疲软。 VNO 维持了积极的资本配置策略，以 1.41 亿美元收购了东 54 街 3 号，购入了公园大道广场 49% 的股份，并回购了价值 8000 万美元的股票。纽约的入住率提升至 90.3%（同比增长 620 个基点），但加州街 555 号的入住率下降至 86.7%（同比下降 560 个基点）。发行 5 亿美元债券后，净债务与 EBITDA 的比率从 7.7 倍上升至 8.1 倍。尽管租赁市场呈现出积极的趋势，但我们认为曼哈顿办公楼市场的复苏仍将是一个渐进的过程。
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