Vornado Realty Trust VNORP

Vornado Realty Trust is a fully integrated real estate investment trust that owns and operates office, retail, and residential properties, primarily in the New York City metropolitan area, and also manages assets such as the Merchandise Mart (The Mart) and 555 California Street. As of March 31, 2026, the company’s total property portfolio comprised 33,042,000 square feet of space in service, of which Vornado’s share amounted to 26,023,000 square feet. The overall occupancy rate stood at 90.3%, with the New York office segment reporting 91.6% occupancy, the retail portion 78.3%, and the residential component 96.5%. Vornado conducts its business through its operating partnership, Vornado Realty L. P., in which it holds approximately a 90.9% interest.

Vornado generates revenue principally from leasing its properties to tenants, which produced rental income of $459,105,000 for the three months ended March 31, 2026. The company also earns fees for property management, leasing, and building services, such as cleaning and security, which contributed additional revenue streams. Furthermore, Vornado realizes income from the sale of real estate assets and from its interests in joint ventures and other investments, although these items constitute a smaller portion of total revenue.

The company operates through the following segments: New York and Other.

• New York: This segment comprises office, retail, and residential properties located primarily in the New York City metropolitan area, including office buildings with ground floor retail, standalone retail on high traffic streets such as Fifth Avenue and Madison Avenue, and residential apartment complexes. As of March 31, 2026, the New York portion accounted for 18,615,000 square feet of office space, 2,032,000 square feet of retail space, and 1,186 residential units, delivering an aggregate occupancy rate of 90.3% across the segment.

• Other: This segment includes the Merchandise Mart (The Mart) in Chicago with 3,696,000 square feet of space, the 555 California Street office building in San Francisco comprising 1,822,000 square feet, and various other investments such as joint ventures and real estate holdings outside the New York region. The Other segment’s total space in service was 9,101,000 square feet, of which Vornado’s share was 6,598,000 square feet, and the occupancy rate averaged 80.9%.

Vornado holds a strong position among the largest office and retail real estate investment trusts in the United States, competing with peers such as SL Green Realty, Boston Properties, and Equity Residential. Its competitive advantages stem from a concentrated portfolio of high quality assets in premier locations, deep relationships with credit worthy tenants, and an integrated platform that combines acquisition, development, leasing, and property management capabilities. The company’s focus on major markets like New York City, Chicago, and San Francisco enables it to command premium rents and maintain resilient occupancy levels even during economic fluctuations.

Vornado serves a diverse tenant base that includes corporate office users, national and regional retailers, and residential renters. The company’s properties are occupied by businesses in sectors such as finance, technology, legal services, fashion, and hospitality, as well as individuals seeking rental housing. The mix of tenants helps to diversify revenue streams and reduce reliance on any single industry or geography.