Vornado Realty Trust
VNORP
Other OTC51.75
USD
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Vornado Realty Trust
VNORP
(Other OTC)
Recent
price
51.75
P/E
ratio
- -
div
yld
- -
ROIC.AI
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- Business
- Vornado Realty Trust (NYSE: VNO), a fully integrated real estate investment trust founded in 1982 and headquartered at 888 Seventh Avenue in New York City, owns, manages and develops premier office and retail properties primarily concentrated in New York City, with additional holdings in Chicago and San Francisco. The company owns all or portions of 56 Manhattan operating properties encompassing 20.1 million square feet of office space in 30 properties, 2.4 million square feet of street retail space in 49 properties, 1,330 residential units in two properties and multiple development sites including 350 Park Avenue, the Penn District surrounding Pennsylvania Station, Sunset Pier 94 Studios and the Hotel Pennsylvania site; a 32.4% interest in Alexander's Inc., which owns five properties in the New York metropolitan area including the Bloomberg headquarters at 731 Lexington Avenue; signage throughout Times Square and the Penn District; the 3.7 million square foot Mart in Chicago; and a 70% controlling interest in the 1.8 million square foot 555 California Street office campus in San Francisco's financial district. Through its wholly owned subsidiary Building Maintenance Services (BMS), Vornado provides engineering, janitorial, security and architectural maintenance services to its portfolio and third-party clients; the company also offers web-based tenant services for maintenance, janitorial, after-hours HVAC and plumbing requests, and leads the industry in energy management with over 26 million square feet of LEED-certified buildings and the Energy Star Partner of the Year Sustained Excellence Award in 2024. In recent developments, Vornado acquired the 383,000 square foot 623 Fifth Avenue office condominium above Saks Fifth Avenue for $218 million in September 2025, planning redevelopment into a boutique Class A office for delivery in 2027; completed a 70-year master lease of 1,076,000 square feet at 770 Broadway to New York University in May 2025 for a $935 million prepaid payment, recognizing an $803 million sales-type lease gain while retaining the 92,000 square foot Wegmans retail condominium; sold portions of retail condominiums at 666 Fifth Avenue to UNIQLO and residential units at 220 Central Park South and Canal Street, generating significant gains; disposed of office buildings at 512 West 22nd Street and 49 West 57th Street through joint ventures; and refinanced properties including PENN 11, Independence Plaza and 4 Union Square South with new fixed-rate loans.
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