Vornado Realty Trust (NYSE: VNO) is a real estate investment trust that owns, manages, and develops office, retail, and residential properties. Revenue comes primarily from tenant rents across a portfolio concentrated in New York City, with additional assets at THE MART in Chicago and 555 California Street in San Francisco. The New York segment, the core of the business, held 30 office properties totaling 18,714,000 square feet and 49 retail properties totaling 2,387,000 square feet in service as of December 31, 2024, alongside 1,642 residential units. New York office occupancy was 88.8% and retail occupancy was 73.7% as of December 31, 2024. THE MART in Chicago comprised 3,703,000 total square feet at 80.1% occupancy, and 555 California Street in San Francisco totaled 1,821,000 square feet at 92.0% occupancy as of the same date. Total portfolio square footage across all segments was approximately 32,425,000 square feet as of December 31, 2024. Vornado is structured as a REIT and operates through Vornado Realty L.P. as its operating partnership.
- Revenue model
- Rental income from long-term office, retail, and residential leases. New York office leases signed in FY2025 carried initial rents averaging $97.86 per square foot with weighted average lease terms of 11.3 years. Retail leases at 555 California Street averaged $186.34 per square foot initial rent in FY2025. Residential units averaged $5,051 per month in FY2025 at 95.5% occupancy. Additional income comes from condominium unit sales at 220 Central Park South, which generated after-tax net gains of $17,020,000 in FY2025 and $13,069,000 in FY2024.
- Products and services
- Office space in Manhattan properties including PENN 1 (2,553,000 sq ft, 88.9% occupied), 1290 Avenue of the Americas (2,089,000 sq ft, 91.3% occupied), PENN 2 (1,825,000 sq ft, 79.5% occupied), 909 Third Avenue (1,353,000 sq ft, 72.7% occupied), and others as of December 31, 2025. Retail space in the base of office buildings and standalone retail properties. Residential units including the Alexander Apartment Tower (312 units) within the Independence Plaza complex. Development projects include the 623 Fifth Avenue office condominium redevelopment (383,000 sq ft, estimated total cost $450,000,000) and the Pier 94 studio campus joint venture (266,000 sq ft, estimated total cost $350,000,000, Vornado 49.9% interest). Luxury condominium sales at 220 Central Park South.
- Customers and end markets
- Office tenants under multi-year leases, with a weighted average lease term of 11.3 years for New York office space signed in FY2025. Retail tenants in Manhattan street-level and building-base locations. Residential renters averaging $5,051 per month as of December 31, 2025. No specific tenant concentration data disclosed in the excerpts.
- Value-chain role
- Property owner, developer, and operator. Vornado acquires, redevelops, and manages its own buildings, handles leasing directly, and holds equity interests in joint ventures. It does not operate as a third-party property manager. Capital expenditures are material: tenant improvements and leasing commissions in New York averaged $148.41 per square foot, or $13.13 per square foot per annum, for second-generation relet space in FY2025.
- Geographic exposure
- Concentrated in New York City, which accounted for 24,364,000 total square feet (of which 19,241,000 square feet were Vornado's share) as of December 31, 2024. Secondary markets include Chicago (THE MART, 3,703,000 sq ft) and San Francisco (555 California Street, 1,821,000 sq ft) as of December 31, 2024.
