-- 独立系調査会社CFRAは、に対し、以下の調査レポートを提供しました。CFRAのアナリストは、以下のように見解をまとめています。VNOは第1四半期の売上高が4億5,900万ドルとなり、前年同期比0.5%減となりましたが、市場予想を3,200万ドル上回りました。1株当たりFFOは0.52ドルで、前年同期比17.5%減となりましたが、市場予想を0.01ドル上回りました。既存店純営業利益（NOI）はGAAPベースで6.1%増加しましたが、キャッシュベースでは2.9%減少しました。ニューヨークは8.9%増加しましたが、555カリフォルニアストリートは21.5%減少しました。これは、賃料減免やフリーリース期間への依存が続いていることを反映しています。賃料減免とTHE MARTおよび555カリフォルニアストリート物件の再リースによるスプレッドのマイナスの影響により、2026年上半期のFFO成長は低調になると予想されます。 VNOは積極的な資本配分を維持し、3 East 54th Streetを1億4100万ドルで取得、Park Avenue Plazaの49%を購入、8000万ドルの自社株買いを実施しました。ニューヨークの稼働率は90.3%（前年同期比+620bps）に改善しましたが、555 California Streetでは86.7%（前年同期比-560bps）に低下しました。5億ドルの債務発行後、純負債対EBITDA比率は7.7倍から8.1倍に上昇しました。マンハッタンのオフィス市場の回復は、リースに関する好調な傾向が見られるものの、依然として緩やかなものと考えています。
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