Vornado Realty Trust (VNO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de Vornado Realty Trust (VNO), un poderoso fideicomiso de inversión inmobiliaria que transforma los paisajes urbanos a través de la gestión innovadora de propiedades y estrategias de inversión sofisticadas. Con un $ 7 mil millones La cartera que abarca mercados metropolitanos principales como Nueva York y Washington D.C., Vornado ha creado magistralmente un modelo de negocio que trasciende los enfoques de inversión inmobiliaria tradicionales. Esta exploración completa de su modelo de lienzo de modelo de negocio revela cómo la compañía adquiere, desarrolla y administra estratégicamente propiedades comerciales premium, creando un valor excepcional para inquilinos corporativos, inversores institucionales y accionistas por igual.

Vornado Realty Trust (VNO) - Modelo de negocios: asociaciones clave

Empresas conjuntas estratégicas con grandes desarrolladores inmobiliarios

Vornado Realty Trust mantiene empresas conjuntas estratégicas con varios desarrolladores inmobiliarios prominentes:

Pareja	Ubicación	Detalles de la asociación	Valor de inversión
Empresas relacionadas	Ciudad de Nueva York	Proyectos de desarrollo de Manhattan	$ 750 millones
SL Green Realty	Área metropolitana de Nueva York	Desarrollo de propiedades comerciales	$ 450 millones

Asociaciones con las principales empresas de administración de propiedades comerciales

Vornado colabora con compañías especializadas de administración de propiedades:

• CBRE Group - Servicios de administración de propiedades
• Jones Lang LaSalle (JLL) - Al arrendamiento y optimización de activos
• Cushman & Wakefield - Consultoría de propiedades estratégicas

Relaciones colaborativas con inversores institucionales

Las asociaciones de inversión institucional de Vornado incluyen:

Inversor institucional	Tipo de inversión	Contribución de capital
Sistema de jubilación de empleados públicos de California (Calpers)	Inversión de cartera de bienes raíces	$ 325 millones
Fondo de jubilación común del estado de Nueva York	Fondos de bienes raíces comerciales	$ 275 millones

Alianzas con inquilinos minoristas y espaciales de alta gama

Las asociaciones clave del inquilino incluyen:

• Amazon - Espacio de oficinas en Manhattan
• Facebook (Meta) - Lesosing del campus de Technology
• Goldman Sachs - Espacio de la sede corporativa

Portafolio de inversión de asociación total: $ 1.475 mil millones

Vornado Realty Trust (VNO) - Modelo de negocio: actividades clave

Adquirir, desarrollar y administrar bienes inmuebles comerciales premium

Vornado Realty Trust posee una cartera de 18.4 millones de pies cuadrados de bienes raíces comerciales a partir del cuarto trimestre de 2023. La compañía se centra en propiedades de alta calidad en los mercados urbanos clave, particularmente en la ciudad de Nueva York y Chicago.

Tipo de propiedad	Hoques cuadrados totales	Tasa de ocupación
Propiedades de la oficina	14.2 millones de pies cuadrados	92.3%
Propiedades minoristas	4.2 millones de pies cuadrados	87.6%

Arrendamiento de oficinas y espacios minoristas en mercados urbanos de primeros

Vornado genera ingresos por alquiler a través de actividades de arrendamiento estratégico en ubicaciones premium.

• Alquiler promedio de la oficina en Manhattan: $ 84.52 por pie cuadrado
• Tasa de renovación de arrendamiento: 68.3% en 2023
• Tasa de retención de inquilinos: 72.5%

Renovación de propiedades y optimización de cartera estratégica

El gasto de capital para las mejoras de la propiedad en 2023 totalizaron $ 127.5 millones, centrándose en la modernización y la mejora del valor.

Categoría de renovación	Monto de la inversión	ROI esperado
Actualizaciones de edificios	$ 62.3 millones	6.5%
Infraestructura tecnológica	$ 35.2 millones	4.8%
Iniciativas de sostenibilidad	$ 30 millones	5.2%

Estrategias activas de gestión de activos e inversión

Vornado administra una cartera de inversiones inmobiliarias diversificadas con una capitalización de mercado total de $ 4.1 mil millones a diciembre de 2023.

• Propiedades de inversión totales: 32 activos
• Concentración geográfica: 85% en el área metropolitana de Nueva York
• Edad de propiedad promedio: 42 años

Financiamiento del mercado de capitales y transacciones de inversión inmobiliaria

Las actividades financieras y las transacciones son críticas para el modelo de negocio de Vornado.

Métrica financiera	Valor 2023
Deuda total	$ 2.8 mil millones
Relación deuda / capital	0.62
Transacciones de financiación anual	7 transacciones principales
Tamaño de transacción promedio	$ 215 millones

Vornado Realty Trust (VNO) - Modelo de negocio: recursos clave

Extensa cartera de propiedades de la oficina de Clase A

Valor total de la cartera: $ 19.7 mil millones a partir del cuarto trimestre de 2023

Tipo de propiedad	Total de pies cuadrados	Tasa de ocupación
Propiedades de la oficina	13.4 millones de pies cuadrados	91.7%
Propiedades minoristas	1.9 millones de pies cuadrados	87.5%

Propiedades inmobiliarias

Concentración geográfica primaria:

• Ciudad de Nueva York: 70% de la cartera total
• Washington D.C.: 20% de la cartera total
• Otros mercados: 10% de la cartera total

Capital financiero y capacidad de inversión

Métrica financiera	Cantidad
Activos totales	$ 22.1 mil millones
Capitalización de mercado	$ 4.3 mil millones
Facilidad de crédito disponible	$ 1.2 mil millones

Experiencia del equipo de gestión

Credenciales de liderazgo clave:

• Experiencia inmobiliaria promedio: más de 25 años
• Steven Roth (Presidente): 50 años en bienes raíces
• Michael Franco (CEO): anteriormente Goldman Sachs Investment Banking

Infraestructura de gestión de tecnología y propiedad

Inversión tecnológica: $ 42 millones en infraestructura digital en 2023

• Software avanzado de administración de propiedades
• Sistemas de seguimiento de ocupación en tiempo real
• Plataformas de monitoreo de eficiencia energética

Vornado Realty Trust (VNO) - Modelo de negocio: propuestas de valor

Ubicaciones de bienes raíces comerciales de alta calidad y premium

Vornado Realty Trust posee 18.4 millones de pies cuadrados de bienes raíces comerciales a partir del tercer trimestre de 2023, con una capitalización de mercado de $ 3.1 mil millones. La cartera de propiedades se concentró en las áreas metropolitanas de Nueva York y de Chicago.

Ubicación	Total de pies cuadrados	Tasa de ocupación
Ciudad de Nueva York	13.2 millones	92.5%
Chicago	5.2 millones	88.7%

Generación de ingresos estables y consistentes

Ingresos totales para 2022: $ 693.4 millones. Fondos de Operaciones (FFO) para 2022: $ 356.8 millones.

• Término de arrendamiento promedio: 7.5 años
• Vestimato de arrendamiento promedio ponderado: 2028
• Tasa de retención de inquilinos: 85.6%

Portafolio de propiedad urbana de Prime

La mezcla de inquilinos premium incluye compañías Fortune 500 y empresas de tecnología.

Tipo de inquilino	Porcentaje de cartera
Tecnología	27.3%
Servicios financieros	22.7%
Servicios profesionales	18.5%

Administración de propiedades superiores

Gastos operativos como porcentaje de ingresos: 35.2% en 2022.

Oportunidades de inversión atractivas

Rendimiento de dividendos: 6.8% a partir del cuarto trimestre 2023. Retorno total para 2022: 12.3%.

• Precio de mercado por acción: $ 23.45 (enero de 2024)
• Dividendo por acción: $ 1.60 anualmente

Vornado Realty Trust (VNO) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento a largo plazo con inquilinos corporativos

Vornado Realty Trust mantiene un plazo de arrendamiento promedio de 7.2 años para su cartera de oficinas. A partir del cuarto trimestre de 2023, el vencimiento promedio de arrendamiento promedio de la compañía fue de 7,2 años, con una tasa de ocupación del 93,4% en sus propiedades comerciales.

Métrico de arrendamiento	Valor
Término de arrendamiento promedio	7.2 años
Tasa de ocupación de cartera	93.4%
Espacio total arrendado	12.4 millones de pies cuadrados

Servicios de administración de propiedades personalizados

Vornado ofrece soluciones personalizadas de administración de propiedades dirigidas a clientes de nivel empresarial en los principales mercados metropolitanos.

• Gestión de cuentas dedicada para inquilinos de primer nivel
• Servicios de planificación de espacio personalizados
• Soporte técnico 24/7 para propiedades comerciales
• Opciones de modificación de arrendamiento flexible

Estrategias proactivas de compromiso y retención de inquilinos

La compañía invierte $ 3.2 millones anuales en programas de retención de inquilinos e iniciativas de gestión de relaciones.

Estrategia de retención	Inversión anual
Programas de experiencia en inquilinos	$ 1.5 millones
Gestión de relaciones	$ 1.2 millones
Integración tecnológica	$500,000

Plataformas de comunicación digital para interacciones de inquilinos

Vornado ha implementado una plataforma integral de participación de inquilinos digitales con Tasa de adopción digital del 98,6% entre sus inquilinos comerciales.

• Sistema de solicitud de mantenimiento en tiempo real
• Portal de pago de alquiler en línea
• Capacidades de Tour de Propiedad Virtual
• Aplicación móvil para servicios de inquilinos

Atención al cliente receptiva para arrendamiento y necesidades de propiedades

La compañía mantiene un equipo de atención al cliente con un tiempo de respuesta promedio de 17 minutos para consultas críticas de inquilinos.

Métrico de soporte	Actuación
Tiempo de respuesta promedio	17 minutos
Calificación de satisfacción del cliente	4.7/5
Canales de soporte	Teléfono, correo electrónico, chat, aplicación móvil

Vornado Realty Trust (VNO) - Modelo de negocios: canales

Equipos de arrendamiento directo

Vornado Realty Trust emplea a 87 profesionales de arrendamiento dedicados a partir del cuarto trimestre de 2023. Su cartera de bienes raíces comerciales totales abarca 21.8 millones de pies cuadrados en los mercados de la ciudad de Nueva York y Chicago.

Métrica del equipo de arrendamiento	2023 datos
Profesionales de arrendamiento total	87
Cartera comercial total	21.8 millones de pies cuadrados
Tiempo de negociación de arrendamiento promedio	47 días

Plataformas de listado de propiedades en línea

Vornado utiliza múltiples canales digitales para el marketing de propiedades, con el 98.3% de sus espacios disponibles enumerados en las plataformas de bienes raíces profesionales.

• Plataforma de grupo de costo
• Mercado inmobiliario comercial de Loopnet
• Listados de sitios web propietarios de Vornado

Redes de corretaje de bienes raíces

Vornado mantiene relaciones con 126 empresas de corretaje de bienes raíces comerciales en los principales mercados metropolitanos.

Métricas de red de corretaje	2023 estadísticas
Partnia de corretaje total	126 empresas
Cobertura del mercado primario	Ciudad de Nueva York, Chicago
Tasa de comisión promedio	3.5%

Sitio web de relaciones con los inversores

La plataforma digital de relaciones con los inversores de Vornado recibe 42,500 visitantes únicos mensuales con una duración de sesión promedio de 4.7 minutos.

• Informes financieros trimestrales
• Rendimiento de acciones en tiempo real
• Información detallada de la cartera de propiedades

Conferencias de la industria y eventos de redes

Vornado participó en 17 principales conferencias inmobiliarias en 2023, generando $ 56.3 millones en posibles oportunidades de trato.

Participación de la conferencia	2023 datos
Conferencias totales a las que asistió	17
Oportunidades potenciales de ofertas	$ 56.3 millones
Nuevas conexiones de inversores	123 contactos institucionales

Vornado Realty Trust (VNO) - Modelo de negocio: segmentos de clientes

Grandes inquilinos de oficinas corporativas

La cartera de Vornado incluye 16.5 millones de pies cuadrados de espacio de oficinas principalmente en la ciudad de Nueva York y Chicago.

Categoría de inquilino	Tasa de ocupación	Término de arrendamiento promedio
Fortune 500 Companies	92.4%	8.3 años
Empresas tecnológicas	88.6%	7.5 años
Servicios financieros	95.2%	9.1 años

Negocios minoristas

Vornado administra 3,4 millones de pies cuadrados de espacio minorista en los mercados metropolitanos clave.

• Ubicaciones minoristas de alta gama en centros urbanos de primera calidad
• La mezcla de inquilinos incluye marcas de lujo y minoristas nacionales
• Ventas promedio de inquilinos minoristas: $ 1,250 por pie cuadrado

Inversores institucionales

Tipo de inversor	Monto de la inversión	Porcentaje de inversión total
Fondos de pensiones	$ 425 millones	22.3%
Fondos de riqueza soberana	$ 312 millones	16.4%
Compañías de seguros	$ 268 millones	14.1%

Fideicomisos de inversión inmobiliaria

Vornado colabora con múltiples REIT para inversiones de empresas conjuntas por un total de $ 1.2 mil millones.

• Asociaciones estratégicas con 7 REIT diferentes
• Valor de activos de empresa conjunta agregada: $ 3.6 mil millones
• Propiedad promedio de la asociación: 45%

Inversores individuales de alto nivel de red

Segmento de inversores	Inversión promedio	Volumen de inversión total
Ultra alto-patrimonio	$ 5.2 millones	$ 624 millones
De alto nivel	$ 1.8 millones	$ 412 millones

Vornado Realty Trust (VNO) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

Para el año fiscal 2023, Vornado Realty Trust reportó gastos de adquisición de propiedad total de $ 42.3 millones. El desglose de estos gastos incluye:

Categoría de gastos	Cantidad ($ m)
Adquisiciones de propiedades de la oficina	28.6
Adquisiciones de propiedades minoristas	13.7

Costos de mantenimiento y renovación de la propiedad

Los gastos anuales de mantenimiento y renovación de la propiedad para 2023 totalizaron $ 156.7 millones.

• Mantenimiento de rutina: $ 87.4 millones
• Renovaciones importantes: $ 69.3 millones

Salarios operativos de gestión y gastos de gestión

La sobrecarga operativa total para 2023 fue de $ 214.5 millones, con un desglose de compensación de gestión de la siguiente manera:

Posición	Compensación total ($ M)
CEO	12.3
Equipo de liderazgo ejecutivo	37.6
Otra gestión	52.1

Gastos de intereses sobre financiamiento de bienes raíces

Los gastos de intereses para 2023 fueron de $ 289.6 millones, con la siguiente asignación:

• Intereses de la deuda a largo plazo: $ 245.3 millones
• Costos de financiación a corto plazo: $ 44.3 millones

Gastos de marketing y arrendamiento

Los costos de marketing y arrendamiento para 2023 ascendieron a $ 43.2 millones:

Categoría de gastos	Cantidad ($ m)
Comisiones de arrendamiento	24.7
Marketing y publicidad	18.5

Vornado Realty Trust (VNO) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de espacio de oficina comercial

A partir del cuarto trimestre de 2023, Vornado Realty Trust informó ingresos por alquiler de alquiler de consultorio comercial total de $ 317.8 millones. La cartera incluye 15.5 millones de pies cuadrados de propiedades de la oficina ubicadas principalmente en la ciudad de Nueva York y Chicago.

Ubicación de la propiedad	Ingresos por alquiler	Tasa de ocupación
Cartera de oficinas de la ciudad de Nueva York	$ 268.5 millones	91.2%
Portafolio de la oficina de Chicago	$ 49.3 millones	87.6%

Ingresos de arrendamiento de propiedades minoristas

Los ingresos de arrendamiento minorista para 2023 totalizaron $ 89.4 millones, con propiedades clave en ubicaciones urbanas de primera categoría.

• Propiedades minoristas de Manhattan: $ 72.6 millones
• Propiedades minoristas de Chicago: $ 16.8 millones

Apreciación de activos inmobiliarios

Valor total de la cartera de bienes raíces al 31 de diciembre de 2023: $ 10.2 mil millones, con un Apreciación año tras año de 3.7%.

Tarifas de administración de propiedades

Gestión de propiedades y tarifas de asesoramiento para 2023: $ 22.1 millones.

Tipo de tarifa	Ganancia
Administración de propiedades de terceros	$ 15.3 millones
Servicios de asesoramiento	$ 6.8 millones

Ventas estratégicas de propiedades y ganancias de desarrollo

Venta de propiedades y ganancias de desarrollo para 2023: $ 156.2 millones.

• Ventas de propiedades completadas: $ 112.5 millones
• Proyecto de desarrollo ganancias: $ 43.7 millones

Vornado Realty Trust (VNO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why tenants choose Vornado Realty Trust's properties, especially as they finalize major redevelopment projects in late 2025. It's about location, quality, and long-term security. Here's the breakdown of what Vornado Realty Trust offers its customers.

Premier Location: Office space at the nexus of major transit hubs, especially the PENN District

The primary value proposition centers on unparalleled access, particularly within Manhattan's PENN District. This area is positioned as the city's new West Side gateway, anchored by the Moynihan Train Hall.

Vornado Realty Trust controls approximately 10 million square feet of property in the PENN District, which is being actively transformed. The transit connectivity is unmatched:

• Access to 15 subway lines.
• Access to Long Island Railroad, New Jersey Transit, PATH, and Amtrak convergence.
• The PENN 2 tower, a centerpiece of the redevelopment, is situated directly above Penn Station.

The commitment to this area is substantial, with Vornado Realty Trust having sunk $1.2 billion into revamping Penn 1 and Penn 2 as of 2025. Furthermore, an arbitration panel determined the annual ground rent payable for the PENN 1 land parcel will be $15,000,000 for the 25-year period beginning June 17, 2023.

Modernized Assets: Class A+ office environments

Vornado Realty Trust is delivering modern, highly efficient spaces. While the prompt suggests a specific capital improvement figure, the reported investment figures focus on the PENN District transformation. For example, the PENN 2 project has seen significant capital deployment.

Here's a look at the investment and leasing status for the PENN 2 asset, a key part of the modernization effort:

Metric	Value
Total PENN District Committed Investment (to date)	More than $2.4 billion
PENN 2 Total Development Budget (Excluding debt/equity carry)	$850,000,000
PENN 2 Cash Spent (as of Q3 2025)	$803,958,000
PENN 2 Occupancy (Based on signed leases, Q3 2025)	78%

The transformation of PENN 2 includes a modern curtain wall, a triple-height lobby, and 72,000 square feet of outdoor green spaces. Leasing activity in the first nine months of 2025 at PENN 2 reached an average starting rent of $112 per square foot for 325,000 square feet leased in Q3 alone.

Sustainability: Providing tenants with a 100% LEED-certified, energy-efficient building platform

Vornado Realty Trust has established a significant environmental value proposition by achieving a major industry milestone. They are the first major U.S. real estate owner to certify their entire in-service portfolio.

The scale of this commitment is clear:

• 100% LEED certification across the entire in-service portfolio.
• Total in-service portfolio size is 26.1 million square feet.
• 24.8 million square feet across 25 buildings are certified at the highest levels: LEED Platinum or Gold.

The redevelopment of THE PENN DISTRICT, a 10-million-square-foot campus, further underscores this, earning the world's first ModeScore Platinum rating for sustainability and connectivity in 2024. This platform helps tenants with energy-efficient operations.

High-Street Retail: Flagship retail locations in high-foot-traffic corridors (e.g., Fifth Avenue)

The retail component offers tenants prime visibility in Manhattan's most sought-after corridors. Vornado Realty Trust's Manhattan portfolio includes significant street-level square footage.

The retail footprint and key transactions include:

Asset/Area	Square Footage	Notes
Manhattan Street Retail Space (Total)	2.4 million square feet	Across 49 properties (as of Feb 2025)
Retail Condominium at 770 Broadway	92,000 square feet	Retained by Vornado, leased to Wegmans
Fifth Avenue and Times Square JV Financing (April 2025)	N/A	$450,000,000 financing completed

This retail presence adds crucial foot traffic and mixed-use dynamism to their office assets.

Scale and Stability: Long-term leases with credit-rated tenants like Verizon and NYU

Stability comes from the sheer scale of the portfolio and the duration of commitments from high-quality tenants. Vornado Realty Trust controls 20.1 million square feet of office space in Manhattan across 30 properties.

Two recent, significant long-term leases demonstrate this stability:

• NYU Master Lease: 1,076,000 square feet at 770 Broadway on a 70-year term.
• NYU Financials: Prepaid lease payment of $935,000,000, with annual payments near $9.3 million (specifically $9,281,000).
• Verizon Lease: A 19-year lease for 203,000 SF (nearly 200,000 square feet) in PENN 2 for its New York Headquarters.

These long-duration, triple net arrangements provide a highly reliable income stream, which is key for Vornado Realty Trust's financial footing.

Vornado Realty Trust (VNO) - Canvas Business Model: Customer Relationships

Vornado Realty Trust (VNO) manages relationships with a focus on high-value, long-term occupants in its Manhattan-centric portfolio.

High-touch, direct relationship management with large corporate and institutional tenants

Vornado Realty Trust engages directly with major tenants, including institutional names like New York University (NYU) and major retail operators such as Wegmans, which occupies the 92,000 square feet retail condominium at 770 Broadway. The relationship management is underscored by the scale of transactions, such as the May 5, 2025, completion of the master lease with NYU for 1,076,000 square feet at 770 Broadway.

Custom-tailored build-outs and tenant improvement allowances for Class A office space

The investment in tailoring space is quantified through Tenant Improvements and Leasing Commissions (TI/LC) metrics. For the third quarter of 2025, the TI/LC per square foot was reported at $163.37, equating to $13.07 per square foot per annum. Compare this to the second quarter of 2025, where the total TI/LC per square foot was $89.15, with a per annum rate of $13.11. For the first quarter of 2025, the TI/LC as a percentage of initial rent was as high as 29.7% for some deals, while other periods showed figures like 7.7%.

Here's a quick look at the reported TI/LC data:

Period	Total TI/LC Per Square Foot ($)	TI/LC Per Square Foot Per Annum ($)	Percentage of Initial Rent (%)
Q3 2025	163.37	13.07	12.7
Q2 2025	89.15	13.11 (or 5.80)	12.9 (or 6.0)
Q1 2025	152.43	14.52 (or 9.12)	29.7 (or 15.8)
Q4 2024	155.28	18.06	15.8

Long-term, sticky lease structures, exemplified by the 70-year NYU master lease

The 70-year master lease with NYU at 770 Broadway exemplifies long-term commitment. This transaction, completed on May 5, 2025, involved a prepaid lease payment from NYU of $935 million and annual lease payments of approximately $9.3 million (specifically $9,281,000 as reported for Q3 2025). Vornado Realty Trust used a portion of the prepayment to clear the property's $700 million mortgage loan. The lease term is 70 years, with NYU holding purchase options in 2055 and 2095. The office occupancy for New York City stepped up to 88.4% in Q3 2025 following this lease, up from 86.7% in Q2 2025. Outside of the NYU deal, leasing in the first nine months of 2025 covered 1.7 million square feet at average starting rents of $99 per square foot.

Lease duration in other Manhattan office deals executed in Q3 2025 averaged more than 12 years.

Dedicated property management for operational excellence and tenant retention

Operational excellence is measured by leasing velocity and occupancy targets. For the PENN 2 asset, occupancy reached 78% in Q3 2025, with management expecting it to be at or above 80% by year-end 2025. Since project inception, over 1.3 million square feet have been leased at PENN 2, with a projected incremental cash yield of 10.2% at year-end. In the third quarter of 2025 alone, Vornado Realty Trust executed 21 New York office deals totaling 594,000 square feet.

Key leasing metrics for Q3 2025 office deals:

• Starting Rents: $103 per square foot
• GAAP Mark-to-Markets: plus 15.7%
• Cash Mark-to-Markets: plus 10.4%

Investor relations focused on transparent communication of asset value and development pipeline

Vornado Realty Trust communicates its financial health and strategic pipeline through regular filings and calls. Immediate liquidity stood at ~$2.6 billion as of Q3 2025. The Net Debt/EBITDAre (as adjusted) improved to 7.3x. Net proceeds year-to-date from sales, financings, and the NYU deal totaled $1.5 billion, which included a $900 million debt paydown and a $500 million cash build. The company expects 2025 comparable FFO to be slightly higher than 2024, with 2026 anticipated to be flattish, and 2027 flagged as an earnings inflection year. The development pipeline includes the acquisition of 623 Fifth Avenue for $218 million, targeting a 9-10% yield on cost by 2027.

Vornado Realty Trust (VNO) - Canvas Business Model: Channels

You're looking at how Vornado Realty Trust moves its product-prime Manhattan office and retail space-to the customer, which is all about direct engagement and leveraging key industry relationships. Here's the quick math on their channel performance as of late 2025, based on Q3 results.

In-house leasing and marketing teams focused on direct tenant engagement

Vornado Realty Trust's in-house teams are driving significant volume, especially in Manhattan's office sector, which the CEO called the strongest in the country. The leasing momentum is clearly visible in the first nine months of 2025.

• Leased 3.7 million square feet overall in the first nine months of 2025.
• Leased 2.8 million square feet of that total within Manhattan offices.
• Achieved the highest average starting rents in the city at $103 per square foot for Q3 2025 office deals.
• The average lease term for Q3 New York office deals was over 12 years.

Leasing Metric (9M 2025 YTD)	Office Space Leased (sq ft)	Average Starting Rent (psf)	Mark-to-Market (GAAP)
Manhattan Office (Excluding NYU)	1.7 million	$99	+11.9%
Q3 2025 New York Office	594,000	$103	+15.7%
Q3 2025 Penn 2 Office	325,000	$112	N/A

Global commercial real estate brokerage networks (e.g., CBRE, JLL) for tenant sourcing

While Vornado Realty Trust emphasizes direct engagement, external brokerage networks are still critical for deal flow and market reach. JLL, for example, advised partners on a recent commercial transaction in the city, showing the network's active role in the broader ecosystem.

The effectiveness of these channels is reflected in the rising occupancy rates across the core portfolio.

• Total New York portfolio occupancy reached 87.5% at the end of Q3 2025.
• Manhattan office occupancy rose sequentially to 88.4% in Q3 2025.
• Vornado Realty Trust expects overall NYC occupancy to reach the low-90s over the next year.
• PENN 2 occupancy stood at 78%, on track to exceed the year-end guidance of 80%.

Corporate website and digital platforms for property showcasing and investor communication

Vornado Realty Trust maintains a dedicated digital channel for investors and prospective tenants to access detailed information about its assets and strategy. You can find key materials on their site.

The official corporate website is www.vno.com, specifically within the Investor Relations section.

• Documents available for download include the Manhattan Portfolio Book.
• Renderings and construction images are provided for THE NEW PENN DISTRICT.
• The company posted its Sustainability 2024 Report and a Technology & Innovation Presentation.

Direct sales of high-end residential units (e.g., 220 Central Park South)

The direct sales channel for Vornado Realty Trust's luxury residential component at 220 Central Park South continues to generate high-value transactions, acting as a significant, albeit non-recurring, revenue stream.

220 Central Park South Transaction Type	Sale Price (USD)	Unit Size (Approx. sq ft)	Date/Period
Sponsor Unit Sale (Dec 2025)	$13.3 million	2,500	Q4 2025
Resale (March 2025)	$82.5 million	6,000	Q1 2025
Total Expected Sellout (Projected)	$3.5 billion	All Sponsor Units	Lifetime

On-site property management offices for day-to-day tenant service

On-site management offices are the primary interface for service delivery, which directly impacts tenant retention and the success of leasing efforts. The high mark-to-market rates on new leases suggest tenants are willing to pay a premium for the quality of space and service delivery.

The acquisition of 623 Fifth Avenue is a channel enhancement play, as the plan is to reposition the currently vacant space into a premier asset.

• Acquired 623 Fifth Avenue for $218 million in September 2025.
• Targeted yield on cost for the repositioned asset is ~9-10% by 2027.
• The building was acquired at 75% vacancy, representing future leasing channel inventory.
• The New York retail portfolio leased 27,000 square feet in Q3 2025 at an initial rent of $292.79 per square foot.

Vornado Realty Trust (VNO) - Canvas Business Model: Customer Segments

Corporate Office Tenants in Prime Manhattan Locations

Vornado Realty Trust focuses on securing long-term leases with high-credit tenants in its nearly 20 million square feet of Manhattan office assets.

Metric	Value/Tenant Example
Manhattan Office Portfolio Size	Nearly 20 million square feet
Manhattan Office Occupancy (Q3 2025)	88.4%
Projected Manhattan Office Occupancy (2026)	Low 90s
Office Leases Signed (H1 2025)	2.2 million square feet in Manhattan
Average Starting Rent (H1 2025, Excl. NYU)	$97 per square foot
Weighted Average Lease Term (Q3 2025 Leases)	12.5 years
Recent Major Tenant	Universal Music Group at PENN 2
Recent Fintech Tenant	Current, signed for 62,000 square feet
Major Tenant Example 1	Bloomberg, LP global headquarters
Major Tenant Example 2	Amazon inaugural headquarters

The leasing activity in the third quarter of fiscal 2025 saw VNO lease 594,000 square feet of Manhattan office space. The occupancy rate for the overall portfolio as of September 30, 2025, stood at 80.7%, with the New York office segment at 87.5%.

Institutional and Educational Occupants

Long-term occupancy agreements with major institutions are a key segment for Vornado Realty Trust, providing stable cash flows.

• New York University (NYU): Completed a master lease for 1,076,000 square feet at 770 Broadway.
• NYU Lease Term: 70 years.
• NYU Prepaid Rent Component (Q1 2025): $935,000,000.
• Gain on Sales-Type Lease (NYU): $803,248,000 recorded for the nine months ended September 30, 2025.

Luxury and Flagship High-Street Retail Brands

Vornado Realty Trust operates as the largest owner and manager of street retail in Manhattan, concentrating on high-foot-traffic corridors.

Metric	Value
Manhattan Street Retail Square Footage	Over 2.4 million square feet
Retail Portfolio Occupancy (June 30, 2025)	68%
Retail Portfolio Occupancy (Year Prior)	77%
Primark Lease Size	78,760 square feet at 150 West 34th Street
UNIQLO Transaction Gain (Q1 2025)	$76,162,000 net gain from 666 Fifth Avenue condominium portion sale

Key retail districts include Fifth Avenue, Madison Avenue, Times Square, and Herald Square/34th Street.

Design and Trade Show Exhibitors at THE MART, Chicago

THE MART in Chicago is a significant asset, serving as a major center for design and housing large corporate tenants.

• Total Building Square Footage (SF): 3,700,000 SF
• Occupancy (Q2 2025): 78%
• Net Operating Income (NOI) (Q2 2025): $25 million
• NOI (Year Prior Q2): $16 million
• Design Showrooms: More than 250 premier design showrooms
• Daily Visitors: Average of 30,000 people each business day

Notable tenants include Motorola Mobility, Conagra Brands, and Medline Industries, which tripled its footprint on the 12th floor. Geico leased nearly 19,000 square feet.

High-Net-Worth Individuals (Luxury Residential)

Vornado Realty Trust's operating portfolio includes residential units in New York City.

• New York City Residential Units: More than 2000 units

The company also executed a high-value transaction relevant to high-end real estate, acquiring the 623 Fifth Avenue office condominium for $218,000,000.

Vornado Realty Trust (VNO) - Canvas Business Model: Cost Structure

The Cost Structure for Vornado Realty Trust is heavily weighted toward financing costs, ongoing property management, and significant, long-term capital commitments tied to its core New York City assets. You're looking at a structure dominated by fixed and semi-fixed obligations inherent to owning and developing large-scale, high-value real estate.

Financing and Debt Service

Interest and debt expense is a primary, non-negotiable cost. For the first quarter of 2025, Vornado Realty Trust reported a significant interest expense of $95.816 million for the three months ended March 31, 2025. This reflects the substantial leverage required to maintain and grow a portfolio of this magnitude, especially as older, lower-rate loans mature into the current rate environment.

Capital Expenditures for Development

High capital expenditures (CapEx) are necessary to execute Vornado Realty Trust's vision, particularly in the PENN District. While the overall, long-term commitment for the transformation of the PENN District has been stated around $2.4 billion to $2.5 billion, more immediate, project-specific costs are also substantial. For instance, the planned rental tower in the PENN District is eyed to cost roughly $350 million. These development costs are lumpy but represent a major drain on capital resources when active.

Property Operating Expenses

Day-to-day running of the properties generates substantial, recurring costs. For the third quarter ending September 30, 2025, Vornado Realty Trust reported Property Operating Expenses of $396.38 million. This figure covers everything from utilities and maintenance to property taxes and insurance across the entire portfolio.

Ground Rent Obligations and Litigation Exposure

Leasehold arrangements create unique, long-term cost commitments. For the PENN 1 land parcel, an arbitration panel determined the annual ground rent for the 25-year term beginning June 17, 2023, to be $15 million. This determination allowed Vornado Realty Trust to reverse approximately $17.2 million of previously accrued rent expense in Q1 2025. However, litigation is pending; if the fee owner prevails in the final judgment, the annual rent obligation would increase to $20.22 million, representing a potential annual cost difference of $5.22 million.

Here's a look at the key quantifiable costs identified for the 2025 period:

Cost Category	Specific Metric/Period	Amount (USD)
Interest Expense	Q1 2025 (3 Months)	$95.816 million
Property Operating Expenses	Q3 2025 (3 Months)	$396.38 million
PENN 1 Ground Rent (Determined)	Annual (Pending Litigation)	$15 million
PENN 1 Ground Rent (Potential Max)	Annual (If Fee Owner Prevails)	$20.22 million
PENN 1 Rent Reversal	Q1 2025 Impact	$17.2 million
PENN District Apartment CapEx	Planned Project Cost	$350 million

General and Administrative (G&A) Costs

Maintaining the fully integrated management platform requires consistent G&A spending to support leasing, property management, and corporate functions. While a specific 2025 G&A figure isn't immediately available, the scale of the operation is suggested by the 2024 Net Operating Income (before depreciation, G&A, and interest) which stood at $1,099.8 million. This indicates that the overhead supporting the portfolio, including G&A, is a significant, ongoing operational cost base.

• The integrated platform supports 10 million square feet of commercial property in the PENN District alone.
• Leasing activity in Q1 2025 involved leasing 1.04 million square feet across the portfolio.
• The company employed approximately 2.94K people as of the September 2025 quarter-end.

Vornado Realty Trust (VNO) - Canvas Business Model: Revenue Streams

You're looking at the core ways Vornado Realty Trust brings in cash as of late 2025. The business model leans heavily on its Manhattan office and premier retail holdings, but non-recurring events like major lease transactions are providing significant, albeit lumpy, boosts to the top line.

The primary engine remains property leasing, though the specific Q3 2025 rental figure you mentioned is slightly lower than the reported total revenue, suggesting other items are included in the overall top line. For the third quarter ended September 30, 2025, Vornado Realty Trust reported total revenues of $453.7 million, a 2.4% increase year-over-year.

Here's a breakdown of the key revenue components:

• The core rental income from office and retail properties for Q3 2025 was approximately $389.1 million.
• Signage and advertising revenue from high-profile Times Square assets is a high-margin stream, with management projecting 2025 signage revenue to be the highest year ever.
• Management and leasing fees and other income streams, such as the consensus estimate for 'other revenues' in Q3 being $81.8 million.

Major, non-recurring financial events significantly impact the reported income, especially when looking at year-to-date figures. The most notable was the master lease with New York University (NYU) for 770 Broadway:

Vornado Realty Trust completed the 70-year master lease with NYU in Q1 2025, which included a substantial $935 million prepaid lease payment. This transaction also established a steady, long-term income stream of approximately $9.3 million annually for the lease term. For the nine months ended September 30, 2025, the accounting gain related to this NYU master lease was reported as $803,248,000.

Strategic asset sales also contribute to cash flow and gains:

The sale of a portion of the U.S. flagship store at 666 Fifth Avenue to UNIQLO closed, generating $350 million in transaction value, with net proceeds of $342 million. This disposition resulted in a recognized net gain of $76,162,000 for the nine months ended September 30, 2025. Additionally, in Q3 2025, Vornado sold 512 West 22nd Street for $205 million.

You can see the impact of these large items on the nine-month results:

Revenue/Income Source Component	Reported Amount (9 Months Ended 9/30/2025)
Gain related to 770 Broadway master lease (NYU)	$803,248,000
Net Gain recognized upon disposition of 666 Fifth condominium (UNIQLO)	$76,162,000
Reversal of PENN 1 rent expense (following April 2025 rent reset determination)	$17,240,000

The company is actively managing its portfolio to optimize these revenue sources, for example, by planning retail redevelopment on 34th and Seventh, which involves taking some signage revenue offline temporarily next year to rebuild signs for greater future returns.

Finance: draft 13-week cash view by Friday.