Companies · VNO
Vornado Realty Trust
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Latest analysis
Updated Aug 4, 2026
Vornado posts $0.67 comparable FFO — beating consensus by $0.10 — as Manhattan Class A landlord market drives 13.7% same-store office NOI growth and $180M signed-but-not-commenced rent pipeline.
Vornado's Q2 2026 results signal a definitive inflection: comparable FFO of $0.67 beat analyst consensus by 17.5%, driven by PENN 1 and PENN 2 rent commencements and 13.7% GAAP same-store office NOI growth. New York office occupancy reached 92.2% — up 780 basis points from the Q1 2025 trough — with a $180 million signed-but-not-commenced rent pipeline representing roughly $150 million of incremental FFO not yet in earnings. Management's forward posture is unambiguously bullish: 350 Park Avenue is under demolition with a $3.3 billion construction loan secured, a 36% ownership stake being exercised alongside Ken Griffin and Citadel as anchor, and a 25% selldown to family offices planned for September closing.
Tone: bullishRevenue
$1.8B
VNO 10-K · FY 2025
Employees
3,145
Revenue FY2024
$1.8B
Founded
1946
Profile
VNO 10-K Item 1 · Feb 9, 2026Vornado Realty Trust is a fully integrated REIT concentrated in New York City office and retail properties, with additional assets in Chicago and San Francisco. The company owns or holds interests in approximately 51 Manhattan operating properties totaling over 21 million square feet of office and retail space, alongside development sites in the PENN District. Vornado conducts its business through Vornado Realty L.P., of which it is the sole general partner owning approximately 91.3% of common limited partnership interest.
Read filing description ↓ Collapse description ↑
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 currently own all or portions of: 51 Manhattan operating properties consisting of 19.2 million square feet of office space in 26 of the properties; 2.3 million square feet of street retail space in 45 of the properties; 1,331 units in two Manhattan residential properties; Multiple development sites and redevelopment projects, including 350 Park Avenue, Sunset Pier 94 Studios, 623 Fifth Avenue, the Hotel Pennsylvania site (PENN 15) and other PENN district sites; A 32.4% interest in Alexander's, Inc., which owns five properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg, L.P. headquarters building, and The Alexander, a 312-unit apartment tower in Queens; Signage throughout the PENN District and Times Square; and Building Maintenance Services LLC, a wholly owned subsidiary, which provides cleaning and security services for our buildings and third parties. Other Real Estate and Investments include the 3.7 million square foot THE MART in Chicago, a 70% controlling interest in 555 California Street in San Francisco's financial district aggregating 1.8 million square feet, and other real estate and investments.
Primary products
- Office space
- Street retail space
- Residential units
- Studio campus
- Cleaning and security services
- Signage
Business segments
End markets
Geographies
Named customers
None of our tenants accounted for more than 10% of total revenues in any of the years ended December 31, 2025, 2024 and 2023.
Named competitors
“Principal factors of competition are rents charged, tenant concessions offered, attractiveness of location, the quality of the property and the breadth and the quality of services provided.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased modestly in 2025 to $1.81 billion from $1.79 billion in 2024, driven by growth in fee and other income that partially offset a decline in rental revenues.
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