36.65
+2.32%
Close of 9 Nov 2026, in USD
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About Vornado Realty Trust
From its filings with the US Securities and Exchange Commission
Vornado Realty Trust is based in New York, New York and is incorporated in Maryland. Its shares trade on NYSE under the ticker VNO. The SEC classifies its business as real estate investment trusts. In the fiscal year to 31 December 2025, it reported revenue of $1.81bn and net income of $905.0m. At that date it held total assets of $15.52bn and shareholders' equity of $5.99bn.
Vornado is a fully‑integrated REIT and conducts its business through, and substantially all of its interests in properties are held by, the Operating Partnership, a Delaware limited partnership. Accordingly, Vornado’s cash flow and ability to pay dividends to its shareholders are dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of and owned approximately 91.3% of the common limited partnership interest in the Operating Partnership as of December 31, 2025.
We expect to finance our growth from acquisitions, developments, redevelopments and investments using internally generated funds and proceeds from asset sales and by accessing the public and private capital markets. We may also offer Vornado common or preferred shares or Operating Partnership units in exchange for property and may repurchase or otherwise reacquire these securities in the future.
We are redeveloping PENN 2, a 1,825,000 square foot (as expanded) office building, located on the west side of Seventh Avenue between 31st and 33rd Street. The development cost of this project is estimated to be $750,000,000, of which $724,843,000 of cash has been expended as of December 31, 2025.
Quoted from its 10-K, filed 9 Feb 2026. Read the filing on SEC.gov ↗
Company facts
- Sector
- Real Estate
- Industry
- Equity Real Estate Investment Trusts (REITs)
- Listed since
- 31 Jan 1962
- Employees
- 3,145
- Website
- vno.com ↗
- Head office
- 888 SEVENTH AVE, NEW YORK, NY, 10019
- Incorporated in
- MD
- Classification
- Real Estate Investment Trusts
- Filer status
- Large accelerated filer
Leadership
Pay as last reported
- Mr. Steven RothChairman of the Board of the Trustees, Chief Executive Officer, since 1989$2.9m
- Mr. Michael FrancoPresident, Chief Financial Officer$2.5m
- Mr. Haim CheraExecutive Vice President, Head of Retail$3.0m
- Mr. Barry LangerExecutive Vice President - Development, Co-Head of Real Estate$2.5m
- Mr. Glen WeissExecutive Vice President - Office Leasing, Co-Head of Real Estate$2.8m
- Ms. Candace BeineckeLead Independent Trustee$318,083
- Mr. Michael FascitelliTrustee, since 1996$422,469
- Ms. Beatrice Hamza BasseyIndependent Trustee$243,083
- Mr. William HelmanIndependent Trustee$223,083
- Mr. David MandelbaumIndependent Trustee$213,083
- Mr. Raymond McguireIndependent Trustee$218,083
- Ms. Mandakini PuriIndependent Trustee$268,083
Environmental, social and governance
Scores out of 100, from our data supplier
- Overall
- 58
- Environment
- 79
- Social
- 52
- Governance
- 44
- Direct emissions (scope 1)
- 22,586 t
- Energy emissions (scope 2)
- 69,496 t
- Value chain emissions (scope 3)
- 101,007 t
- Women in the workforce
- 36.7466%
- Carbon reduction policy
- No
- Human rights policy
- Yes
SWOT analysis
AI-generated by our data supplier. Not written or checked by our editors.
Strengths
- Vornado Realty Trust is one of the leading real estate investment trusts (REITs) with a strong market position. They have a diverse portfolio of prime commercial properties in prominent locations, which provides a steady stream of rental income.
- The company has a solid financial position and a proven track record of generating consistent revenue and delivering strong returns to its investors. Vornado's expertise in property management and development allows them to maximize the value of their assets.
Weaknesses
- Vornado Realty Trust relies heavily on the performance of the commercial real estate market. Any downturn or instability in the market can negatively impact their financial performance and property valuations.
- The company's high dependence on major cities like New York City exposes them to risks associated with local economic conditions, regulatory changes, and tenant demand fluctuations in those specific markets.
Opportunities
- Vornado has the opportunity to expand its portfolio through strategic acquisitions or development projects in emerging markets or regions with potential for economic growth. This would diversify their risk and potentially increase their revenue streams.
- The increasing demand for sustainable and energy-efficient buildings presents an opportunity for Vornado to invest in environmentally friendly properties, attracting tenants who prioritize sustainability and potentially reducing operating costs in the long run.
Threats
- The ongoing COVID-19 pandemic poses a threat to Vornado Realty Trust, as it has significantly impacted the commercial real estate market and the demand for office spaces. Remote work trends and changing workplace preferences may continue to challenge the sector.
- Competition from other real estate developers and investors in prime locations poses a threat to Vornado's ability to acquire attractive properties at favorable terms. Market competition may also impact rental rates and occupancy levels.
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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