Vornado Realty Trust

Vornado Realty Trust is a U.S.-based real estate investment trust that owns and operates office, retail, and mixed-use properties, with a concentration in the New York metropolitan area. Its portfolio also includes interests in select assets outside New York, including Chicago and San Francisco, and it conducts substantially all of its property business through its operating partnership.

50,0 %

+1,3 %

— Vornado Realty Trust
%
Office properties55% Leasing and operating office buildings, primarily in Manhattan and other major U.S. markets.
Retail properties15% Street retail, flagship stores, and retail components within mixed-use assets.
Development and redevelopment10% Ground-up development, repositioning, and redevelopment of existing properties.
Residential and mixed-use8% Apartment units and mixed-use assets that combine residential and commercial uses.
Property services and signage7% Building maintenance, cleaning, security, and signage-related income.
Other real estate investments5% Equity interests and other real estate-related investments, including unconsolidated holdings.

Vornado’s customers are primarily office tenants, retail tenants, and users of its mixed-use and residential...

  • Office tenantsprimary

    Businesses leasing office space in Manhattan and other core urban assets for location, prestige, and access.

  • Retail tenantsprimary

    Merchants and brands leasing street retail and flagship space for visibility and customer traffic.

  • Residential tenantssecondary

    Residents occupying apartment units in Vornado-owned residential properties.

  • Third-party service customersemerging

    External customers purchasing cleaning, security, and related building services from BMS.

  • Mixed-use and special asset userssecondary

    Users of development sites, signage assets, and mixed-use properties tied to urban redevelopment.

Vornado’s business is centered in New York City, especially Manhattan, where it owns a large portfolio of office,...

  • •New York City is the core market and largest source of property income
  • •Manhattan holdings include office, retail, residential, and development sites
  • •Chicago exposure comes through THE MART
  • •San Francisco exposure comes through 555 California Street
  • •Greater New York exposure also exists through Alexander’s investment

Vornado’s strategy is to concentrate capital in select urban markets, especially New York City, where it believes...

01
Concentrate on New York City and other select urban marketslong-term

The portfolio is built around locations where long-term capital appreciation and rent growth are believed to be strongest.

02
Redevelop and reposition existing assetsmedium-term

Upgrading and reconfiguring properties can improve leasing economics and unlock embedded land value.

03
Recycle capital through selective acquisitions and dispositionsshort-term

Buying and selling assets helps fund development and maintain portfolio quality.

04
Maintain exposure to real estate-related operating businessesmedium-term

These investments can complement property ownership and broaden income sources.

Vornado is heavily exposed to office real estate, so tenant demand, work patterns, and leasing conditions in urban...

high

Office market demand decline

Most NOI comes from office properties, so shifts in tenant space needs can pressure leasing and cash flow.

Scope
Approximately 78% of NOI from office properties in 2025
Materiality
high
high

Development and redevelopment execution risk

Projects can suffer from financing constraints, zoning delays, cost overruns, and leasing shortfalls.

Scope
Development sites and redevelopment projects across Manhattan
Materiality
high
high

Interest rate and capital market risk

Property values, refinancing, and acquisition economics are sensitive to borrowing costs and market liquidity.

Scope
REIT balance sheet and property valuation sensitivity
Materiality
high
medium

Geographic concentration in New York City

A large share of assets and income is tied to one metro area, increasing local market and regulatory exposure.

Scope
Manhattan and greater New York portfolio
Materiality
high
medium

Tenant collectability and credit risk

Rental revenue depends on tenant payment performance and lease collectability assessments.

Scope
Office and retail lease portfolio
Materiality
medium
Impairment of real estate and unconsolidated investments
Can materially affect asset carrying values and impairment losses
Tenant collectability assessments
Can change rental revenue and receivable balances
Acquisition accounting for real estate
Affects transaction costs, basis allocation, and future depreciation
Lease revenue recognition
Affects timing and comparability of reported revenue

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: 29/04/2026