Vornado Realty Stock Price, News & Analysis

Vornado Realty Trust (NYSE: VNO) is an equity real estate investment trust (REIT) that describes itself in its public disclosures as a fully-integrated equity real estate investment trust. According to available information, Vornado owns and has ownership interests in Class A office and retail properties that are highly concentrated in Manhattan, with additional properties in San Francisco and Chicago. As a REIT, the company is structured to own, operate and invest in income-producing real estate.

Core real estate focus

Based on the company’s descriptions and recent announcements, Vornado’s portfolio includes Class A office buildings, retail properties, residential assets and commercial condominiums in key urban locations, particularly in Manhattan. The company highlights holdings and activities in Midtown Manhattan and the Plaza District, including properties such as 280 Park Avenue, 350 Park Avenue, 595 Madison Avenue, 623 Fifth Avenue, 640 Fifth Avenue, 689 Fifth Avenue and 1290 Avenue of the Americas, as referenced in its press releases. Vornado has also disclosed interests in properties such as 512 West 22nd Street, 4 Union Square South, PENN 1, PENN 11, Independence Plaza, 1535 Broadway and 770 Broadway, as well as residential and commercial condominium interests at 220 Central Park South and Canal Street locations.

Geographic concentration and property types

According to available information, Vornado’s real estate activities are highly concentrated in Manhattan, with additional properties in San Francisco and Chicago. Within Manhattan, the company’s disclosures reference office buildings, retail properties, mixed-use assets and residential complexes. Examples include a Class A office building at 512 West 22nd Street, a Manhattan retail property at 4 Union Square South, a large residential complex at Independence Plaza in the Tribeca submarket, and office and retail properties in the Plaza District and Times Square areas. These references illustrate the company’s focus on urban, institutional-quality real estate.

REIT structure and capital markets activity

Vornado Realty Trust is organized as a Maryland corporation and its common shares of beneficial interest trade on the New York Stock Exchange under the symbol VNO, as disclosed in its SEC filings. The company also has multiple series of cumulative redeemable preferred shares listed on the New York Stock Exchange, including Series L, Series M, Series N and Series O preferred shares, each with its own trading symbol. Vornado conducts its business through Vornado Realty L.P., the operating partnership of the REIT, which issues debt securities and maintains credit facilities referenced in company press releases.

Public announcements describe Vornado’s use of the capital markets, including senior unsecured notes issued by Vornado Realty L.P., revolving credit facilities and term loans. For example, the company has discussed a 2031 revolving credit facility, a term loan extended to 2031, and a 2029 revolving credit facility, as well as various non-recourse mortgage loans secured by specific properties. These disclosures indicate that Vornado uses a combination of unsecured and secured financing to support its real estate investments and refinancings.

Acquisitions, dispositions and redevelopment

Vornado’s news releases provide insight into its approach to portfolio management. The company has announced acquisitions such as the purchase of the 623 Fifth Avenue office condominium, a 36‑story building situated above the flagship Saks Fifth Avenue department store, and the acquisition of 3 East 54th Street, described as a demolition-ready asset on 18,400 square feet of land between Fifth Avenue and Madison Avenue. Vornado has stated its intention to reposition and redevelop 623 Fifth Avenue into a Class A boutique office building and to demolish existing buildings at 3 East 54th Street, subject to applicable zoning, to realize approximately 232,500 buildable square feet as-of-right.

The company also reports on dispositions and joint venture transactions. Examples include the sale of 512 West 22nd Street, a 173,000 square foot Class A office building, and the sale of a portion of the 666 Fifth Avenue condominium to a retail tenant, while retaining other retail space at that property. Vornado has also disclosed sales of condominium units at 220 Central Park South and Canal Street properties. These activities, as described by the company, show ongoing portfolio recycling and capital allocation within its core markets.

Joint ventures and partially owned entities

Vornado’s disclosures reference multiple joint ventures and partially owned entities. The company has described joint ventures in which it holds specific percentage interests, such as a 55.0% interest in the 512 West 22nd Street joint venture, a 50.1% interest in the Independence Plaza joint venture, a 50.0% interest in a 49 West 57th Street commercial condominium joint venture, and a 20.1% interest in a joint venture that owns 650 Madison Avenue. Vornado also reports a common equity interest in Alexander’s Inc., which owns certain retail condominium interests. These arrangements indicate that Vornado participates in both wholly owned and jointly controlled real estate investments.

Leasing and long-term arrangements

The company’s public statements describe notable leasing and ground lease arrangements. At 770 Broadway, Vornado entered into a master lease with New York University (NYU) for over one million square feet on an “as is”, triple net basis for a long-term lease term, with prepaid and annual lease payments and purchase options at specified future dates. Vornado has also disclosed a ground rent reset determination for the PENN 1 land parcel, where an arbitration panel determined the annual rent payable for a 25‑year period. These examples illustrate the long-duration contractual structures that can be present in the company’s portfolio.

Dividends and REIT characteristics

Consistent with its status as a REIT, Vornado regularly reports on dividends to common and preferred shareholders. The company has announced common share dividends and quarterly preferred dividends on its various preferred share series. While specific dividend amounts and dates are time‑sensitive, the recurring disclosures underscore that distributions are a central component of the REIT structure as described by the company.

Financial reporting and SEC registration

Vornado Realty Trust files reports with the U.S. Securities and Exchange Commission, including Form 10‑Q quarterly reports, Form 10‑K annual reports and Form 8‑K current reports. An example 8‑K filing notes that Vornado Realty Trust is incorporated in Maryland and that its common and preferred shares are registered under Section 12(b) of the Securities Exchange Act of 1934 and listed on the New York Stock Exchange. The company also provides supplemental financial data referenced in its earnings press releases, including non‑GAAP measures such as Funds From Operations (FFO) attributable to common shareholders plus assumed conversions, and FFO as adjusted, which are commonly used metrics in the REIT sector.

Position within the finance and insurance sector

Within the broader finance and insurance sector, Vornado is classified under Other Financial Vehicles and operates as an equity REIT focused on real estate ownership and related financing activities. Its disclosures emphasize concentration in high-profile urban markets, use of secured and unsecured financing, joint venture structures, and long-term leases and ground leases. Investors and analysts who follow the VNO stock often review the company’s property-level updates, capital markets transactions, and FFO‑based performance metrics as presented in its public filings and press releases.