Vornado Realty Trust
- Open
- 39.23
- Day high
- 39.78
- Day low
- 39.23
- Prev close
- 39.30
- Volume
- 104K
- Mkt cap
- $7.6B
- P/E (TTM)
- 10.4
- EPS (TTM)
- $3.81
- P/B
- 1.3
- P/S
- 4.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$4.9M over the last 3 months (1 open-market buy, 2 sales)
- 🏛Institutions mixed (13F)
Vornado Realty Trust (VNO) is a Real Estate company listed on NYSE. The stock is up 3% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 2 sales (SEC Form 4).
Vornado Realty Trust (VNO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
VNO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.52 | $0.52 | +0.0% | $459M | +6.3% |
| May 1, 2023 | $0.62 | $0.60 | -3.2% | $446M | -1.4% |
| Feb 13, 2023 | $0.67 | $0.72 | +7.5% | $447M | -1.9% |
| Oct 31, 2022 | $0.74 | $0.81 | +9.5% | $457M | +1.3% |
| Aug 1, 2022 | $0.79 | $0.83 | +5.1% | $453M | +5.1% |
| May 2, 2022 | $0.76 | $0.79 | +3.9% | $442M | +3.3% |
| Feb 14, 2022 | $0.74 | $0.81 | +9.5% | $421M | +1.0% |
| May 3, 2021 | $0.63 | $0.65 | +3.2% | $380M | -63.0% |
| Feb 16, 2021 | $0.64 | $0.66 | +3.1% | $376M | +30.5% |
| May 4, 2020 | $0.76 | $0.72 | -5.3% | $445M | -80.0% |
| Feb 18, 2020 | $0.87 | $1.01 | +16.1% | $461M | +16.1% |
| Apr 29, 2019 | $0.91 | $0.79 | -13.2% | $535M | -28.2% |
VNO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 18, 2026 | Fascitelli Michael Ddirector | Sell | 125,350 | $36.57 |
| Jun 18, 2026 | Fascitelli Michael Ddirector | Sell | 8,000 | $37.34 |
| Jun 10, 2026 | WIGHT RUSSELL B JRdirector | Buy | 1,000 | $17.69 |
| May 22, 2026 | McGuire Raymond Jdirector | Grant | 7,168 | — |
| May 22, 2026 | WIGHT RUSSELL B JRdirector | Grant | 7,168 | — |
| May 22, 2026 | Puri Mandakinidirector | Grant | 7,168 | — |
| May 22, 2026 | Beinecke Candace Kdirector | Grant | 7,168 | — |
| May 22, 2026 | TISCH DANIEL Rdirector | Grant | 7,168 | — |
| May 22, 2026 | Bassey Beatrice Hamzadirector | Grant | 7,168 | — |
| May 22, 2026 | MANDELBAUM DAVIDdirector | Grant | 7,168 | — |
| May 22, 2026 | Helman William Wdirector | Grant | 7,168 | — |
| May 22, 2026 | Fascitelli Michael Ddirector | Grant | 7,168 | — |
| Mar 16, 2026 | TISCH DANIEL Rdirector | Buy | 30,000 | $25.55 |
| Mar 4, 2026 | Maddock Deirdre K.officer: Chief Accounting Officer | Grant | 4,061 | — |
| Feb 26, 2026 | TISCH DANIEL Rdirector | Buy | 25,000 | $27.85 |
Source: VNO SEC Form 4 filings, latest Jun 18, 2026. For informational purposes only — not investment advice.
See the full VNO insider & 13F page →Vornado Realty Trust company profile
Overview
Vornado Realty Trust (NYSE:VNO) is a prominent real estate investment trust that has been publicly traded since 1980 and commemorated 50 years on the New York Stock Exchange in 2012. The company has established itself as a major player in premium commercial real estate, with a portfolio concentrated in Manhattan's most desirable locations, along with flagship properties in Chicago and San Francisco. Vornado has positioned itself as an industry leader in sustainability, managing over 23 million square feet of LEED-certified buildings and receiving the Energy Star Partner of the Year Award for Sustained Excellence in 2019.
Business
Vornado Realty Trust operates as a Real Estate Investment Trust (REIT) specializing in high-quality commercial properties in premier urban markets. A REIT is a company that owns, operates, or finances income-generating real estate and is required to distribute at least 90% of its taxable income to shareholders as dividends. The company's portfolio is strategically concentrated in three key segments: New York Office Properties represent the core of Vornado's business, accounting for the majority of its revenue. The company owns and operates premium office buildings in Manhattan's most coveted locations, including properties along Park Avenue, Fifth Avenue, and the Penn District near Pennsylvania Station. Notable assets include 280 Park Avenue, 731 Lexington Avenue, and the developing Penn District complex. These properties command premium rents, with recent leasing activity averaging over $100 per square foot. Retail Properties comprise high-end retail spaces primarily located on Manhattan's premier shopping corridors. The company owns street-level retail spaces in iconic locations such as Fifth Avenue and Times Square, leasing to luxury brands and flagship retailers. This segment includes properties like 666 Fifth Avenue, where Uniqlo operated a flagship store that was recently sold for $342 million. Other Markets include 555 California Street in San Francisco, a premier office tower with 98.7% occupancy, and theMART in Chicago, a massive commercial building housing showrooms and office tenants. These properties provide geographic diversification while maintaining the company's focus on trophy assets in major metropolitan markets. The company also has development projects, most notably the transformation of the Penn District around Pennsylvania Station, where Vornado is creating modern office spaces including PENN 1 and PENN 2 to capitalize on the area's transportation hub and ongoing infrastructure improvements.
Revenue model
Vornado generates revenue primarily through rental income from its commercial real estate portfolio. As a REIT, the company collects monthly rent payments from office and retail tenants under long-term lease agreements, typically ranging from 5 to 20 years. The company's customers include major corporations, financial institutions, law firms, technology companies, luxury retailers, and educational institutions like New York University, which recently signed a master lease for 1.1 million square feet. The business model benefits from several revenue enhancement mechanisms. Rent escalations are built into most leases, providing annual increases of 2-4% regardless of market conditions. When leases expire, Vornado can capture mark-to-market rent increases, as evidenced by recent leasing activity showing positive rent spreads of 10-13% over expiring rents. The company also generates income from tenant improvements and lease commissions when space is re-leased. Several factors influence Vornado's profitability margins. Interest rates significantly impact the company's cost of capital, as REITs typically carry substantial debt to finance property acquisitions and development. Rising rates increase borrowing costs and can compress margins. Office utilization trends affect demand for space, with current Manhattan office utilization around 70% compared to pre-pandemic levels. New supply in Manhattan remains limited due to high construction costs exceeding $1,000 per square foot, which supports rental pricing power. Geographic concentration in Manhattan creates both opportunity and risk - while the company benefits from premium rents in the world's most expensive office market, it's also exposed to local economic conditions and regulatory changes. The company's focus on Class A properties in prime locations provides resilience, as these assets typically maintain occupancy better during downturns and command premium rents during recoveries. Lease expiration schedules create both opportunity for rent increases and risk of vacancy, requiring active asset management and leasing efforts.
Competitive moat
Vornado's competitive moat stems primarily from its irreplaceable real estate assets in Manhattan's most prestigious locations. The company owns properties on Park Avenue, Fifth Avenue, and other trophy addresses where new construction is virtually impossible due to zoning restrictions, high land costs, and limited available sites. This scarcity creates a natural barrier to competition and supports premium pricing power. The company's scale and local expertise in the Manhattan market provides operational advantages. With decades of experience and deep relationships with brokers, tenants, and city officials, Vornado can more effectively lease space, manage properties, and navigate complex regulatory environments. The company's financial resources and access to capital markets enable it to undertake large-scale developments like the Penn District transformation that smaller competitors cannot match. However, Vornado's moat faces several challenges. The rise of remote and hybrid work has fundamentally altered office space demand, potentially reducing the premium that Manhattan locations command. Technology companies, which have been major office space consumers, are increasingly embracing distributed work models. Generational preferences among workers may favor flexibility over prestigious office locations. The company also faces competition from newer office developments in other markets that offer modern amenities and potentially lower costs. Co-working and flexible office providers are changing how companies think about space utilization. Additionally, alternative real estate investment vehicles and private equity firms with significant capital can compete for trophy assets when they become available. While Vornado's Manhattan portfolio provides some defensive characteristics, the moat is moderately strong but not impregnable. The company's success depends on Manhattan's continued relevance as a global business center and the gradual return of office utilization to more normalized levels.
Risks & safety
Vornado maintains a solid but leveraged financial position with adequate liquidity but meaningful debt obligations. • Liquidity Position: Strong with $568.9 million in cash and short-term investments plus $3 billion total liquidity including undrawn credit lines • Debt Profile: Debt-to-equity ratio of 1.60x represents moderate leverage typical for REITs, with no major maturities until mid-2024 providing refinancing runway • Cash Flow: Positive operating cash flow of $537.7 million annually, though quarterly variations exist; free cash flow positive at $52 million in Q1 2025 • Current Ratio: Healthy at 1.65x indicating ability to meet short-term obligations • Valuation Metrics: - EV/EBITDA of 11.8x appears reasonable for quality REIT - Price-to-book ratio of 1.33x suggests modest premium to asset value - Graham number analysis indicates potential undervaluation • Other Considerations: REIT structure requires 90% of taxable income distribution, limiting cash retention; exposure to interest rate cycles affects refinancing costs; Manhattan office market recovery timeline remains uncertain
Recent development
Over the past few years, Vornado has executed a significant strategic transformation focused on Penn District development and balance sheet optimization. The company completed major renovations of PENN 1 and PENN 2, creating modern office spaces totaling over 1.5 million square feet near Pennsylvania Station. This $1+ billion investment is designed to capitalize on the area's transportation advantages and ongoing public infrastructure improvements. The company has pursued aggressive asset monetization to strengthen its financial position, including the sale of Uniqlo's flagship space at 666 Fifth Avenue for $342 million at $20,000 per square foot, demonstrating the value of its retail portfolio. Vornado reduced debt by $915 million while increasing cash reserves to $1.4 billion, providing significant financial flexibility. A landmark transaction was the NYU master lease for 770 Broadway covering 1.1 million square feet with $935 million in prepaid rent, providing substantial cash flow while maintaining long-term ownership of the asset. The company also secured favorable outcomes in ground lease arbitrations and completed strategic refinancings including a $450 million facility at 1535 Broadway. Vornado has embraced sustainability leadership, achieving 100% LEED certification across its entire portfolio and receiving Energy Star recognition. The company suspended quarterly dividends to conserve cash during the market recovery while maintaining its REIT distribution requirements through annual payouts. Looking forward, management anticipates significant earnings growth by 2027 as the Penn District lease-up progresses and office utilization normalizes. The company expects occupancy to reach 94% within 24 months and is exploring potential residential development opportunities in the Penn District area.
VNO company profile · for informational purposes only — not investment advice.
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