Companies · VNO
Vornado Realty Trust
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Latest analysis
Updated Nov 3, 2026
Vornado Q3 2026: Manhattan office leasing at 26-year peak, 350 Park JV closed, $204M signed-not-commenced revenue pipeline signals 2027-2028 growth inflection
Vornado posted comparable FFO of $0.65 per share in Q3 2026, up 14% year-over-year, driven by PENN1 and PENN2 rent commencements and Park Avenue Plaza acquisition income. The 350 Park Avenue joint venture with Ken Griffin closed post-quarter with a record $3.3 billion construction loan and a 1.05 million square foot Citadel anchor lease, anchoring a 9.2% unlevered return on cost. With $204 million in signed-but-not-commenced revenue flowing into income over the next five quarters and Manhattan office leasing on pace for its highest annual volume since 2000, Vornado's near-term earnings trajectory is structurally supported by a leasing pipeline that management characterizes as unprecedented.
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 the New York metropolitan area, owning and operating approximately 51 Manhattan properties totaling over 19 million square feet of office space and 2.3 million square feet of street retail. The company also holds significant assets at THE MART in Chicago and 555 California Street in San Francisco, along with a 32.4% interest in Alexander's, Inc. Vornado operates through Vornado Realty L.P., of which it is the sole general partner with approximately 91.3% ownership.
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. (NYSE: ALX), 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 ('BMS'), a wholly owned subsidiary, which provides cleaning and security services for our buildings and third parties. Outside New York, Vornado owns the 3.7 million square foot THE MART in Chicago and a 70% controlling interest in 555 California Street, a three-building office complex in San Francisco's financial district aggregating 1.8 million square feet.
Primary products
- Office space leasing
- Street retail leasing
- Residential units
- Cleaning and security services (Building Maintenance Services LLC)
- Signage (PENN District and Times Square)
- Studio campus (Sunset Pier 94 Studios)
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
“We compete with a large number of real estate investors, property owners and developers, some of whom may be willing to accept lower returns on their investments. 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 from $1.79 billion in 2024 to $1.81 billion in 2025, driven primarily by growth in fee and other income partially offset by a decline in rental revenues.
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