Vornado Realty Trust
vno.comWhat Do They Do?
Owns and leases office and retail properties to business tenants, and provides cleaning, security and other building services to tenants and third parties.
10-K for FY2025, filed Feb 9, 2026
How Do They Make Money?
Tenants pay rent for leased space over operating lease terms. Parking customers pay hourly or monthly fees; trade-show exhibitors rent booths when available; third parties and partly owned entities pay management, leasing and building-service fees as services are provided.
10-K for FY2025, filed Feb 9, 2026Revenue Recognition: Rental revenues include revenues from the leasing of space at our properties to tenants, trade shows, tenant services…View ↗
Revenues derived from the operations of our parking facilities, which charge hourly or monthly fees to provide parking services to…View ↗
We classify revenues derived from management, leasing and other contractual agreements (including BMS cleaning, engineering and security…View ↗
$1.8B
-
10-K for FY2025, filed Feb 9, 2026
$1.8B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Rental revenues
Recurring
10-K for FY2025, filed Feb 9, 2026 |
86%
FY2022: 89%
|
Rental revenues, FY2025
$1.6B Sources
|
Recurring |
|
Fee and other income
|
14%
FY2022: 11%
|
Fee and other income, FY2025
$252.2M Sources
|
Who Are Their Customers?
Business tenants lease office and retail space from Vornado; parking customers pay hourly or monthly, trade-show exhibitors rent booths, and third parties or partly owned entities contract for management, leasing and building services.
10-K for FY2025, filed Feb 9, 2026We own and operate office and retail properties with a concentration in the New York metropolitan area. In addition, we have a 32.4%…View ↗
Revenue Recognition: Rental revenues include revenues from the leasing of space at our properties to tenants, trade shows, tenant services…View ↗
Revenues derived from the operations of our parking facilities, which charge hourly or monthly fees to provide parking services to…View ↗
We classify revenues derived from management, leasing and other contractual agreements (including BMS cleaning, engineering and security…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 50 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 9, 2026
10-K for FY2025, filed Feb 9, 2026
$905MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 3, 2026
Open tableView ↗
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Aug 3, 2026
Bought an interest in Park Avenue Plaza
Vornado completed a purchase of a 49.0% interest in the office property; Fisher Brothers retained a 51.0% interest and continues to manage it.
Sources
8-K, filed Aug 3, 2026
On June 11, 2026, we completed the purchase of a 49.0% interest in Park Avenue Plaza at a gross asset valuation of $1.1 billion ($950 per…View ↗
Growing. Revenue grew 14% in 4 years, from $1.6B in FY2021 to $1.8B in FY2025, about 3% a year.
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