olivLaw · US equity research
Vornado Realty Trust VNO
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
Vornado Realty Trust is an integrated REIT with a large share of office and retail assets in the New York metropolitan area, and in 2026 its focus has shifted to growing quarterly results and selective acquisitions such as a stake in Park Avenue Plaza. The company remains exposed to the fragility of the office market and to dependence on a single market, so the trajectory of rents and occupancy in Manhattan matters greatly for results. Vornado reported adjusted FFO of 0.67 dollars per diluted share for the quarter ended June 30, 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Vornado Realty Trust (VNO) stock was 35.87 USD (−1.16% on the day), with market capitalisation 6.7 bn USD, P/E 357.7 on diluted EPS of 0.10 USD over the last 12 months, dividend yield 2.06%, beta 1.18, 52-week range 24.71–40.91 USD. Latest reported quarter (Q2 2026): revenue of 462.2 m USD (+4.7% YoY), net income of 32.0 m USD (−95.8% YoY), diluted EPS 0.08 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.9
- strong (55–70)
- Bollinger (20, 2)
- 31.92 – 36.21
- in the upper half of the band · %B 0.92 · band width 12.6%
- SMA 50 / 200
- 34.67 / 33.39
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.25 / -0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.0% | −5.9% | +13.0 pp | — |
| 3 months | −7.9% | −4.6% | −3.3 pp | — |
| 6 months | +12.0% | +0.2% | +11.7 pp | — |
| Year to date | +7.8% | +7.4% | +0.4 pp | — |
| 1 year | +0.9% | +8.2% | −7.3 pp | +3.3% |
| 3 years | +56.8% | +68.4% | −11.7 pp | +10.3% |
| 5 years | −19.6% | +56.5% | −76.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 443.3 m | 457.8 m | 461.6 m | 441.4 m | 453.7 m | 453.7 m | 459.1 m | 462.2 m |
| Depreciation & amortisation | 116.0 m | 118.3 m | 121.3 m | 115.6 m | 117.1 m | 118.1 m | 124.1 m | 171.2 m |
| Interest expense | 100.9 m | 100.5 m | 95.8 m | 87.9 m | 84.5 m | 85.7 m | 89.2 m | 89.6 m |
| Pre-tax income | -14.6 m | 11.6 m | 107.0 m | 817.4 m | 13.7 m | 12.7 m | -16.1 m | 42.8 m |
| Income tax | 4.9 m | 5.8 m | 7.2 m | 4.1 m | -5.6 m | 7.8 m | 5.9 m | 3.6 m |
| Net income | -3.6 m | 16.7 m | 102.4 m | 759.3 m | 27.1 m | 16.1 m | -7.3 m | 32.0 m |
| Diluted EPS | -0.10 | 0.08 ≈ | 0.43 | 3.70 | 0.06 | 0.08 ≈ | -0.12 | 0.08 |
| Operating cash flow | 105.4 m ≈ | 206.2 m | 52.0 m | 1.0 bn ≈ | 33.2 m ≈ | 146.3 m | 47.7 m | 163.7 m ≈ |
| Dividends paid | 0 ≈ | 141.1 m | — | — | — | — | — | — |
| Share repurchases | 0 ≈ | 0 | 0 | 0 ≈ | — | — | 79.9 m | 53.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 93 percentile of its own 30-quarter history (min 2.4, median 34.6, max 391.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.2 bn | 1.9 bn | 1.5 bn | 1.6 bn | 1.8 bn | 1.8 bn | 1.8 bn | 1.8 bn |
| Revenue YoY | +3.8% | −11.0% | −20.6% | +4.0% | +13.3% | +0.6% | −1.3% | +1.3% |
| Net income | 450.0 m | 3.1 bn | -297.0 m | 176.0 m | -346.5 m | 105.5 m | 70.4 m | 905.0 m |
| Net income YoY | +97.9% | +599.6% | −109.4% | unavailable | −296.9% | unavailable | −33.3% | +1,185.7% |
| Diluted EPS | 2.01 | 16.21 | -1.83 | 0.53 | -2.13 | 0.23 | 0.04 | 4.20 |
| Diluted EPS YoY | +136.5% | +706.5% | −111.3% | unavailable | −501.9% | unavailable | −82.6% | +10,400.0% |
| net % | 20.8% | 163.6% | -19.4% | 11.1% | -19.2% | 5.8% | 3.9% | 50.0% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 840.9 m USD
- Financial debt
- 2.3 bn USD
- Net debt
- 1.4 bn USD
- Equity
- 6.2 bn USD
- Total assets
- 15.5 bn USD
- Debt / equity
- 0.37x
- Current ratio
- unavailable
- ROE
- 15.7%
- ROA
- 5.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 1.6 bn | 1.8 bn | 1.8 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 09 Feb 2026verified |
| Depreciation & amortisation | 417.9 m | 432.6 m | 526.3 m | 457.6 m | 469.4 m | 481.5 m | SEC (XBRL)· 09 Feb 2026verified |
| Interest expense | 229.3 m | 231.1 m | 279.8 m | 349.2 m | 390.3 m | 353.9 m | SEC (XBRL)· 09 Feb 2026verified |
| Pre-tax income | -425.2 m | 197.1 m | -361.0 m | 62.1 m | 42.8 m | 950.7 m | SEC (XBRL)· 09 Feb 2026verified |
| Income tax | 36.6 m | -10.5 m | 21.7 m | 29.2 m | 22.7 m | 13.5 m | SEC (XBRL)· 09 Feb 2026verified |
| Net income | -297.0 m | 176.0 m | -346.5 m | 105.5 m | 70.4 m | 905.0 m | SEC (XBRL)· 09 Feb 2026verified |
| Diluted EPS | -1.83 | 0.53 | -2.13 | 0.23 | 0.04 | 4.20 | SEC (XBRL)· 09 Feb 2026verified |
| Weighted average diluted shares | 191.1 m | 192.1 m | 191.8 m | 191.9 m | 196.6 m | 201.0 m | SEC (XBRL)· 09 Feb 2026verified |
| Dividend per share | 2.38 | 2.12 | 2.12 | 0.68 | 0.74 | 0.74 | SEC (XBRL)· 09 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.6 bn | 1.8 bn | 889.7 m | 997.0 m | 733.9 m | 840.9 m | SEC (XBRL)· 09 Feb 2026verified |
| Intangibles (excl. goodwill) | 23.9 m | 154.9 m | 139.6 m | 127.1 m | 118.2 m | 110.6 m | SEC (XBRL)· 09 Feb 2026verified |
| Total assets | 16.2 bn | 17.3 bn | 16.5 bn | 16.2 bn | 16.0 bn | 15.5 bn | SEC (XBRL)· 09 Feb 2026verified |
| Long-term debt | 1.8 bn | 2.6 bn | 2.6 bn | 2.6 bn | 2.6 bn | 2.3 bn | SEC (XBRL)· 09 Feb 2026verified |
| Total liabilities | 8.7 bn | 10.1 bn | 10.0 bn | 9.8 bn | 9.8 bn | 8.7 bn | SEC (XBRL)· 09 Feb 2026verified |
| Equity | 6.9 bn | 6.5 bn | 6.1 bn | 5.7 bn | 5.3 bn | 6.2 bn | SEC (XBRL)· 09 Feb 2026verified |
| Shares outstanding at year end | 191.4 m | 191.7 m | 191.9 m | 190.4 m | 190.8 m | 190.7 m | SEC (XBRL)· 09 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 424.2 m | 761.8 m | 798.9 m | 648.2 m | 537.7 m | 1.3 bn | SEC (XBRL)· 09 Feb 2026verified |
| Investing cash flow | -87.8 m | -532.3 m | -906.9 m | -128.8 m | -597.4 m | 115.5 m | SEC (XBRL)· 09 Feb 2026verified |
| Financing cash flow | -213.2 m | -29.5 m | -801.3 m | -278.9 m | -252.3 m | -1.3 bn | SEC (XBRL)· 09 Feb 2026verified |
| Dividends paid | 827.3 m | 406.1 m | 406.6 m | 129.1 m | 141.1 m | 141.3 m | SEC (XBRL)· 09 Feb 2026verified |
| Share repurchases | — | 0 | 0 | 29.2 m | 0 | 51.0 m | SEC (XBRL)· 09 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 26 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 6.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality19
- Returns12
- Growth2
- Valuation45
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.72 – 81.03 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)9.72 – 13.08 (Mid 11.15)
- Peers: P/B27.24 – 81.03 (Mid 48.64)27 companies used · median multiple 1.6x · quartiles 0.9x – 2.6xALX, APLE, CMCT, CTO, DLR, ESS, EXR, HR, HST, ICR-PA, KIM, KRC, LTC, NNN, O, PLD, PSA, REXR, RITM, SEVN, SLG, STWD, VICI, VMRK, VTR, WELL, WHLR
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 26/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 1.1% | 19 (vs peers) | 10% |
| EBITDA margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 0.2% | 2 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 1.2x | 65 (vs peers) | 31% |
| P/E (TTM) · Valuation | 357.7x | 0 (vs peers) | 14% |
| Dividend yield · Returns | 2.1% | 15 (vs peers) | 24% |
| Payout ratio (EPS) · Returns | 738.0% | 0 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/2 factors with a value
- Growth2/100 · 1/1 factors with a value
- Quality· partial19/100 · 1/2 factors with a value
- Returns12/100 · 2/2 factors with a value
- Valuation45/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Vornado Realty Trust (VNO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.8 bn USD in 2025; YoY growth 1.3%; net margin 3.7%; ROE 1.1%.
The estimated value range is 18.48–47.05 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 29.90 USD, the price of 35.87 USD leaves a potential of -16.7% (value / price − 1) and a margin of safety of -20.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 26/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, quality. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROE: 1.1%
- Revenue CAGR 3Y: 0.2%
- P/E (TTM): 357.7x
- Dividend yield: 2.1%
- Payout ratio (EPS): 738.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage.
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 180.0 bn | 105.1 | 4.0% | 12.7% | +35.6% | +18% / +175% |
| PLDPrologis, Inc. | 119.9 bn | 32.4 | 7.1% | 42.5% | +7.2% | +0% / +12% |
| EQIXEquinix Inc | 98.7 bn | 59.9 | 11.5% | 16.4% | +5.4% | +32% / +22% |
| AMTAmerican Tower Corporation | 90.0 bn | 27.2 | 90.6% | 30.7% | +5.1% | +7% / −7% |
| PSAPublic Storage | 63.6 bn | 34.6 | 16.0% | 37.8% | +2.7% | +24% / +32% |
| DLRDigital Realty Trust, Inc. | 61.4 bn | 45.6 | 6.2% | 21.7% | +10.0% | +9% / +26% |
| ORealty Income Corporation | 56.6 bn | 41.0 | 3.6% | 22.9% | +9.1% | +3% / +10% |
| VTRVentas, Inc. | 47.1 bn | 167.5 | 1.9% | 4.0% | +18.5% | +10% / +94% |
| CCICrown Castle Inc. | 38.7 bn | 47.9 | — | 20.1% | −4.4% | −0% / −22% |
| EXRExtra Space Storage Inc. | 33.4 bn | 32.6 | 7.9% | 29.9% | +3.7% | +20% / +23% |
| IRMIron Mountain Inc | 31.4 bn | 68.4 | — | 6.1% | +12.2% | +22% / +64% |
| VICIVICI Properties Inc. | 27.8 bn | 11.6 | 8.3% | 56.5% | +4.1% | −13% / −16% |
| VMRKVivmark Residential | 24.5 bn | 28.6 | 8.1% | — | +4.8% | +6% / +15% |
| SBACSba Communications Corporation | 20.2 bn | 20.8 | — | 34.5% | +5.1% | −1% / −22% |
| ESSEssex Property Trust, Inc. | 17.4 bn | 41.7 | 8.0% | 22.7% | +6.4% | +3% / +27% |
| KIMKimco Realty Corporation | 17.2 bn | 28.3 | 5.8% | 27.8% | +5.1% | +24% / +33% |
| HSTHost Hotels & Resorts, Inc. | 16.9 bn | 16.5 | 15.8% | 16.5% | +7.6% | +40% / +41% |
| RHPRyman Hospitality Properties, Inc. | 9.1 bn | 31.9 | 26.0% | 9.9% | +10.2% | +38% / +31% |
| REXRRexford Industrial Realty, Inc. | 8.1 bn | — | -5.8% | -47.1% | +7.1% | −8% / −22% |
| NNNNnn REIT, Inc. | 8.0 bn | 20.2 | 8.9% | 40.9% | +6.6% | +0% / +2% |
| VNOVornado Realty Trust | 6.7 bn | 357.7 | 1.1% | 3.7% | +1.3% | +1% / +57% |
| HRHealthcare Realty Trust Incorporated | 6.5 bn | — | -1.0% | -4.0% | −6.9% | +5% / +25% |
| OUTOUTFRONT Media Inc. | 5.6 bn | 22.8 | 39.7% | 12.7% | +0.0% | +36% / +155% |
| RITMRithm Capital Corp. | 5.3 bn | 13.7 | 5.8% | 8.7% | −6.7% | −18% / −9% |
| STWDStarwood Property Trust, Inc. | 4.8 bn | 21.7 | 3.5% | 11.4% | −5.3% | −30% / −35% |
1- and 3-year price returns: for VNO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 73.55 Total return 106% · Per year 106% | 130.31 Total return 264% · Per year 264% | 196.66 Total return 449% · Per year 449% |
| 3 years | 65.33 Total return 84% · Per year 23% | 130.81 Total return 268% · Per year 54% | 217.62 Total return 511% · Per year 83% |
| 5 years | 58.03 Total return 65% · Per year 11% | 131.31 Total return 271% · Per year 30% | 240.80 Total return 578% · Per year 47% |
- Exit P/E± 32.70
- Net margin± 22.89
- Annual revenue growth± 19.60
- Annual dilution± 1.92
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
In brief
Vornado Realty Trust is an integrated REIT with a large share of office and retail assets in the New York metropolitan area, and in 2026 its focus has shifted to growing quarterly results and selective acquisitions such as a stake in Park Avenue Plaza. The company remains exposed to the fragility of the office market and to dependence on a single market, so the trajectory of rents and occupancy in Manhattan matters greatly for results. Vornado reported adjusted FFO of 0.67 dollars per diluted share for the quarter ended June 30, 2026 23.
SWOT
Strengths
- Portfolio of premium Manhattan assets, with Class A office buildings and properties in the PENN district and Times Square 1. Long experience in development and redevelopment, with sustainability certifications across the certifiable office portfolio 1.
- Flexible financing structure that allowed significant refinancings in 2026, such as the One Park Avenue refinancing 2. Quarterly results in 2026 show growth in FFO and in same store NOI in the New York segment 23.
- Diversification through stakes in assets such as Park Avenue Plaza and Alexander's, which extend exposure to the New York market 31.
Weaknesses
- High concentration in a single geographic area, New York, where most net operating income is generated 1. Dependence on office space makes the company vulnerable to changes in working patterns 1.
- Performance of the Chicago and San Francisco holdings was weak in 2026, with large contractions in same store NOI at 555 California Street 2. Development costs for large projects can exceed initial estimates 1.
- Litigation over the PENN 1 ground rent introduces uncertainty about future costs 1. Accounting results have been influenced by non-recurring gains, such as the one from 770 Broadway 2.
Opportunities
- Development of 350 Park Avenue, with Citadel as anchor tenant, could generate significant value if conditions are met 1. Redevelopment of PENN 2 and 623 Fifth Avenue could raise returns if completed on schedule 1.
- Acquisitions below replacement cost, such as those in 2026, can open opportunities if the market stays favorable 3. A recovery in demand for Class A office space could support rents in Manhattan 2.
- Sales of non-core assets and partnerships can fund new projects without increasing leverage 13. Growth in signage and other variable businesses could add revenue 3.
Threats
- Hybrid work and smaller space footprints could reduce long-term demand for the company's offices 1. Competition from newer buildings can press rents and occupancy 1.
- Interest rate risk, inflation and access to financing could complicate refinancings and developments 1. Geopolitical events, terrorist attacks and climate change could affect asset values in the concentrated regions 1.
- Financial difficulties of tenants, including bankruptcy, could reduce revenue and cash flow 1. Changes in tax and regulatory policy in New York could raise compliance costs 1.
Risks
- High exposure to office spacehigh
Most NOI comes from office properties, and changes in how tenants use space can affect revenue and asset values 1.
- Geographic concentrationhigh
Nearly all NOI comes from the New York metropolitan area, so a local decline would have a material impact on the company 1.
- Tenant bankruptcymedium
Bankruptcy or non-payment by major tenants could reduce revenue and delay recovery of receivables 1.
- PENN 1 ground rent litigationmedium
The ground rent litigation could change costs and results if the court decides in favor of the ground lessor 1.
- Limited insurance coveragelow
Certain losses, including from catastrophic events, may exceed coverage and remain the company's responsibility 1.
Investment thesis
What would need to be true (bull case)
- If demand for Class A office space in Manhattan continues to recover, New York results could support further FFO and dividend growth 23.
- Redevelopment projects and selective acquisitions such as Park Avenue Plaza could create value over the medium term if completed as planned 13.
- A solid financial position, with successful refinancings in 2026, could reduce refinancing risk and support flexibility 2.
What would break the thesis
- If hybrid work and office space reduction intensify, rents and occupancy in the Vornado portfolio could decline 1.
- Weak performance in Chicago and San Francisco shows that not all assets benefit from the recovery, and NOI contractions could continue 2.
- Dependence on New York and the PENN 1 land litigation could limit flexibility and add unforeseen costs 1.
What to watch
- Decision on the 350 Park Avenue option versus Citadelby July 2026
- Development of same store NOI in the New York segmentQ3 2026
- Completion of the 623 Fifth Avenue redevelopment2027
- Outcome of the PENN 1 ground rent and sublease litigationnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
The business
Vornado Realty Trust (NYSE: VNO) is an integrated real estate investment trust that owns and operates mainly office and retail properties, concentrated in the New York metropolitan area. Its business is conducted through Vornado Realty L.P., of which the company is sole general partner and owned approximately 91.2% of the common limited partnership interest as of June 30, 2026 2. The stated strategy is to maximize shareholder value by buying properties at a discount to replacement cost, developing and redeveloping assets, and investing in operating companies with a significant real estate component 1. Growth is financed with internally generated funds, asset sale proceeds and public and private capital markets 1.
The geographic footprint is dominated by New York: Manhattan office buildings, street retail, properties in the PENN district, and a 32.4% interest in Alexander's, Inc. (NYSE: ALX) 1. The company also holds THE MART in Chicago and a 70% controlling interest in 555 California Street in San Francisco 1. A wholly owned subsidiary, Building Maintenance Services LLC, provides cleaning and security services to its buildings and to third parties 1.
In 2025 the company completed significant transactions: a sale to UNIQLO of part of its Fifth Avenue flagship, a master lease with New York University for 770 Broadway that produced a gain of 803,248,000 dollars, and the purchase of 623 Fifth Avenue for 218 million dollars 12. In 2026 it bought a 49% interest in Park Avenue Plaza 3. On the development side, PENN 2 and 350 Park Avenue remain in focus, but their completion is not assured 1.
Segments
New York
The New York segment includes Manhattan office and retail assets, among them properties in the PENN district and Times Square, which generate the largest share of the company's net operating income 1. For the first half of 2026, same store NOI at share for the segment rose 8.1% against the same period of 2025 2.
Market context
The office market is in transition: tenants are becoming more selective and prefer modern, well-amenitized buildings near transit hubs, which has increased competition among landlords and the capital needed to keep Class A status 1. Manhattan is the largest office market in the United States, which exposes Vornado directly to the pace of occupancy recovery 1. The retail market depends on consumer spending, tourism and office occupancy in the city 1.
For 2026, first-half results show a recovery in New York office performance, with same store NOI at share up 9.8% in the second quarter, alongside a sharp contraction at 555 California Street 2. If the New York recovery continues it could support FFO growth; if pressure in the office market persists, rent pressure could return 12.
Trends
- Hybrid work and reconfiguration of office spaceheadwind
Remote and flexible work reduce tenants' space requirements, and companies are reassessing the square footage they occupy. Artificial intelligence could amplify this shift by reducing or reconfiguring space needs 1.
- Demand for modern, well-amenitized buildingsmixed
Tenants prefer modern buildings with amenities and transit access, which favors Vornado's Class A assets, but obliges owners to make significant capital expenditures to maintain that status 1.
- Recovery of occupancy and rents in Manhattantailwind
Results in 2026 show higher same store NOI in New York and FFO growth, which could reflect a return of activity to the city centre 23.
- Pressure on retail and tourismheadwind
Manhattan retail depends on consumption, tourism and competition from online commerce, and changes in trade policy and tariffs could affect tenants and the value of spaces 1.
Competitive position
Vornado competes with a large number of real estate investors, property owners and developers, some of whom may accept lower returns. The main competitive factors are rents charged, tenant concessions, location, property quality and services provided 1. In Manhattan, newer or better-located properties can limit the company's ability to lease space at the rents it wants 1.
Competition is further intensified by co-working space and sublease availability, which can reduce demand for Vornado's spaces 1. The company nonetheless remains an investment concentrated on New York, and its advantage depends on the quality of its assets and its ability to redevelop them 1.
- Alexander's, Inc.ALX
Company in which Vornado holds 32.4%, with properties in the New York metropolitan area; it is also an indirect competitor for office and residential space in the region 1.
- Real estate investors and developers in New York
Competition in Manhattan comes from a large number of owners and developers, many willing to accept lower returns 1.
- Newer office properties in the metropolitan area
Newer buildings with more amenities and better transit positioning can compete directly with the Vornado portfolio 1.
- Co-working and sublease space
These alternatives can reduce demand for traditional office space and press on rents 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report02 Nov 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report22 May 2026Shareholder vote
- Current report04 May 2026Results of operations · Financial statements and exhibits
- Quarterly report04 May 2026
- Current report08 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Current report07 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Proxy statement07 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Vornado Realty Trust · 09 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Vornado Realty Trust · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Vornado Realty Trust · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.