Vornado Realty Trust (VNO): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo estratégico de Vornado Realty Trust (VNO), um Trust Powerhouse Real Estate Investment que transforma paisagens urbanas por meio de gerenciamento inovador de propriedades e estratégias sofisticadas de investimento. Com um US $ 7 bilhões Portfólio abrangendo mercados metropolitanos principais como Nova York e Washington DC, Vornado criou magistralmente um modelo de negócios que transcende as abordagens tradicionais de investimento imobiliário. Essa exploração abrangente de seu modelo de negócios Canvas revela como a empresa adquire estrategicamente, desenvolve e gerencia propriedades comerciais premium, criando um valor excepcional para inquilinos corporativos, investidores institucionais e acionistas.

Vornado Realty Trust (VNO) - Modelo de negócios: Parcerias -chave

Joint ventures estratégicos com grandes promotores imobiliários

A Vornado Realty Trust mantém joint ventures estratégicos com vários promotores imobiliários proeminentes:

Parceiro	Localização	Detalhes da parceria	Valor de investimento
Empresas relacionadas	Nova York	Projetos de desenvolvimento de Manhattan	US $ 750 milhões
SL Green Realty	Área metropolitana de Nova York	Desenvolvimento de propriedades comerciais	US $ 450 milhões

Parcerias com as principais empresas de gerenciamento de propriedades comerciais

Vornado colabora com empresas especializadas de gerenciamento de propriedades:

• Grupo CBRE - Serviços de Gerenciamento de Propriedades
• Jones Lang Lasalle (JLL) - Otimização de leasing e ativos
• Cushman & Wakefield - Consultoria de Propriedade Estratégica

Relações colaborativas com investidores institucionais

As parcerias de investimento institucional de Vornado incluem:

Investidor institucional	Tipo de investimento	Contribuição de capital
Sistema de Aposentadoria dos Funcionários Públicos da Califórnia (Calpers)	Investimento de portfólio imobiliário	US $ 325 milhões
Fundo de Aposentadoria Comum do Estado de Nova York	Fundos imobiliários comerciais	US $ 275 milhões

Alianças com inquilinos de varejo e escritório de alta qualidade

As principais parcerias de inquilinos incluem:

• Amazon - Espaço de escritório em Manhattan
• Facebook (Meta) - Leasing do campus de tecnologia
• Goldman Sachs - Espaço da sede corporativa

Portfólio de investimentos em parceria total: US $ 1,475 bilhão

Vornado Realty Trust (VNO) - Modelo de negócios: Atividades -chave

Adquirir, desenvolver e gerenciar imóveis comerciais premium

A Vornado Realty Trust possui um portfólio de 18,4 milhões de pés quadrados de imóveis comerciais a partir do quarto trimestre de 2023. A empresa se concentra em propriedades de alta qualidade nos principais mercados urbanos, particularmente em Nova York e Chicago.

Tipo de propriedade	Mágua quadrada total	Taxa de ocupação
Propriedades do escritório	14,2 milhões de pés quadrados	92.3%
Propriedades de varejo	4,2 milhões de pés quadrados	87.6%

Office de leasing e espaços de varejo nos mercados urbanos principais

Vornado gera receita de aluguel por meio de atividades estratégicas de leasing em locais premium.

• Aluguel médio de escritório em Manhattan: US $ 84,52 por pé quadrado
• Taxa de renovação do arrendamento: 68,3% em 2023
• Taxa de retenção de inquilinos: 72,5%

Renovação de propriedades e otimização de portfólio estratégico

As despesas de capital para melhorias na propriedade em 2023 totalizaram US $ 127,5 milhões, com foco na modernização e aprimoramento de valor.

Categoria de renovação	Valor do investimento	ROI esperado
Construindo atualizações	US $ 62,3 milhões	6.5%
Infraestrutura de tecnologia	US $ 35,2 milhões	4.8%
Iniciativas de sustentabilidade	US $ 30 milhões	5.2%

Estratégias de gerenciamento de ativos e ativos ativos

Vornado gerencia um portfólio diversificado de investimentos imobiliários com uma capitalização de mercado total de US $ 4,1 bilhões em dezembro de 2023.

• Propriedades totais de investimento: 32 ativos
• Concentração geográfica: 85% na área metropolitana de Nova York
• Idade média da propriedade: 42 anos

Financiamento do mercado de capitais e transações de investimento imobiliário

As atividades e transações financeiras são críticas para o modelo de negócios de Vornado.

Métrica financeira	2023 valor
Dívida total	US $ 2,8 bilhões
Relação dívida / patrimônio	0.62
Transações de financiamento anual	7 grandes transações
Tamanho médio da transação	US $ 215 milhões

Vornado Realty Trust (VNO) - Modelo de negócios: Recursos -chave

Extenso portfólio das propriedades do escritório da classe A

Valor total do portfólio: US $ 19,7 bilhões a partir do quarto trimestre 2023

Tipo de propriedade	Pés quadrados totais	Taxa de ocupação
Propriedades do escritório	13,4 milhões de pés quadrados	91.7%
Propriedades de varejo	1,9 milhão de pés quadrados	87.5%

Holdings imobiliários

Concentração geográfica primária:

• Nova York: 70% do portfólio total
• Washington DC: 20% do portfólio total
• Outros mercados: 10% do portfólio total

Capital financeiro e capacidade de investimento

Métrica financeira	Quantia
Total de ativos	US $ 22,1 bilhões
Capitalização de mercado	US $ 4,3 bilhões
Linha de crédito disponível	US $ 1,2 bilhão

Especialização da equipe de gerenciamento

Credenciais principais de liderança:

• Experiência imobiliária média: mais de 25 anos
• Steven Roth (Presidente): 50 anos em imóveis
• Michael Franco (CEO): anteriormente Goldman Sachs Real Estate Investment Banking

Infraestrutura de tecnologia e gerenciamento de propriedades

Investimento em tecnologia: US $ 42 milhões em infraestrutura digital em 2023

• Software avançado de gerenciamento de propriedades
• Sistemas de rastreamento de ocupação em tempo real
• Plataformas de monitoramento de eficiência energética

Vornado Realty Trust (VNO) - Modelo de Negócios: Proposições de Valor

Locais imobiliários comerciais premium de alta qualidade

A Vornado Realty Trust possui 18,4 milhões de pés quadrados de imóveis comerciais a partir do terceiro trimestre de 2023, com uma capitalização de mercado de US $ 3,1 bilhões. O portfólio de propriedades concentrou -se nas áreas metropolitanas de Nova York e Chicago.

Localização	Pés quadrados totais	Taxa de ocupação
Nova York	13,2 milhões	92.5%
Chicago	5,2 milhões	88.7%

Geração de renda estável e consistente

Receita total para 2022: US $ 693,4 milhões. Fundos das operações (FFO) para 2022: US $ 356,8 milhões.

• Termo médio de arrendamento: 7,5 anos
• Expiração média ponderada de arrendamento: 2028
• Taxa de retenção de inquilinos: 85,6%

Portfólio de propriedades urbanas principais

A mix de inquilinos premium inclui empresas da Fortune 500 e empresas de tecnologia.

Tipo de inquilino	Porcentagem de portfólio
Tecnologia	27.3%
Serviços financeiros	22.7%
Serviços profissionais	18.5%

Gerenciamento de propriedade superior

Despesas operacionais como porcentagem de receita: 35,2% em 2022.

Oportunidades de investimento atraentes

Rendimento de dividendos: 6,8% a partir do quarto trimestre 2023. Retorno total para 2022: 12,3%.

• Preço de mercado por ação: US $ 23,45 (janeiro de 2024)
• Dividendo por ação: US $ 1,60 anualmente

Vornado Realty Trust (VNO) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de arrendamento de longo prazo com inquilinos corporativos

A Vornado Realty Trust mantém um prazo médio de arrendamento de 7,2 anos para seu portfólio de escritórios. A partir do quarto trimestre de 2023, a expiração média ponderada de arrendamento da empresa foi de 7,2 anos, com 93,4% de taxa de ocupação em suas propriedades comerciais.

Métrica de arrendamento	Valor
Termo de arrendamento médio	7,2 anos
Taxa de ocupação de portfólio	93.4%
Espaço arrendado total	12,4 milhões de pés quadrados

Serviços personalizados de gerenciamento de propriedades

A Vornado oferece soluções personalizadas de gerenciamento de propriedades direcionadas a clientes em nível corporativo nos principais mercados metropolitanos.

• Gerenciamento de contas dedicado para inquilinos de primeira linha
• Serviços de planejamento espacial personalizado
• Suporte técnico 24/7 para propriedades comerciais
• Opções flexíveis de modificação de arrendamento

Estratégias proativas de engajamento e retenção de inquilinos

A empresa investe US $ 3,2 milhões anualmente em programas de retenção de inquilinos e iniciativas de gerenciamento de relacionamento.

Estratégia de retenção	Investimento anual
Programas de experiência em inquilinos	US $ 1,5 milhão
Gerenciamento de relacionamento	US $ 1,2 milhão
Integração de tecnologia	$500,000

Plataformas de comunicação digital para interações de inquilinos

Vornado implementou uma plataforma abrangente de engajamento de inquilinos digitais com 98,6% da taxa de adoção digital entre seus inquilinos comerciais.

• Sistema de solicitação de manutenção em tempo real
• Portal de pagamento de aluguel on -line
• Recursos de Tour de Propriedade Virtual
• Aplicativo móvel para serviços de inquilino

Suporte ao cliente responsivo para as necessidades de leasing e propriedade

A empresa mantém uma equipe de suporte ao cliente com um tempo médio de resposta de 17 minutos para consultas críticas de inquilinos.

Métrica de suporte	Desempenho
Tempo médio de resposta	17 minutos
Classificação de satisfação do cliente	4.7/5
Canais de suporte	Telefone, e -mail, chat, aplicativo móvel

Vornado Realty Trust (VNO) - Modelo de Negócios: Canais

Equipes diretas de leasing

A Vornado Realty Trust emprega 87 profissionais de leasing dedicados a partir do quarto trimestre de 2023. Seu portfólio imobiliário comercial total abrange 21,8 milhões de metros quadrados nos mercados de Nova York e Chicago.

Métrica da equipe de leasing	2023 dados
Total de profissionais de leasing	87
Portfólio comercial total	21,8 milhões de pés quadrados
Tempo médio de negociação de arrendamento	47 dias

Plataformas de listagem de propriedades online

A Vornado utiliza vários canais digitais para marketing de propriedades, com 98,3% de seus espaços disponíveis listados em plataformas imobiliárias profissionais.

• Plataforma do Grupo de Costar
• Loopnet Commercial Real Estate Marketplace
• Listagens de sites proprietários de Vornado

Redes de corretagem imobiliária

Vornado mantém o relacionamento com 126 corretoras comerciais de corretagem imobiliária nos principais mercados metropolitanos.

Métricas de rede de corretores	2023 Estatísticas
Total de parcerias de corretagem	126 empresas
Cobertura primária do mercado	Nova York, Chicago
Taxa média de comissão	3.5%

Site de Relações com Investidores

A Plataforma Digital de Relações com Investidores da Vornado recebe 42.500 visitantes únicos mensais com uma duração média da sessão de 4,7 minutos.

• Relatórios financeiros trimestrais
• Desempenho em tempo real
• Informações detalhadas do portfólio de propriedades

Conferências do setor e eventos de rede

Vornado participou de 17 principais conferências imobiliárias em 2023, gerando US $ 56,3 milhões em possíveis oportunidades de acordo.

Participação da conferência	2023 dados
As conferências totais compareceram	17
Oportunidades de acordo em potencial	US $ 56,3 milhões
Novas conexões de investidores	123 contatos institucionais

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

Grandes inquilinos de escritório corporativo

O portfólio de Vornado inclui 16,5 milhões de pés quadrados de espaço de escritório principalmente em Nova York e Chicago.

Categoria de inquilino	Taxa de ocupação	Termo de arrendamento médio
Fortune 500 empresas	92.4%	8,3 anos
Empresas de tecnologia	88.6%	7,5 anos
Serviços financeiros	95.2%	9,1 anos

Negócios de varejo

Vornado gerencia 3,4 milhões de pés quadrados de espaço de varejo nos principais mercados metropolitanos.

• Locais de varejo sofisticados nos principais centros urbanos
• Mix de inquilino inclui marcas de luxo e varejistas nacionais
• Vendas médias de inquilinos de varejo: US $ 1.250 por pé quadrado

Investidores institucionais

Tipo de investidor	Valor do investimento	Porcentagem de investimento total
Fundos de pensão	US $ 425 milhões	22.3%
Fundos soberanos de riqueza	US $ 312 milhões	16.4%
Companhias de seguros	US $ 268 milhões	14.1%

Fundos de investimento imobiliário

Vornado colabora com vários REITs para investimentos em joint venture, totalizando US $ 1,2 bilhão.

• Parcerias estratégicas com 7 REITs diferentes
• Valor agregado do ativo da joint venture: US $ 3,6 bilhões
• Propriedade média da parceria: 45%

Investidores individuais de alta rede

Segmento de investidores	Investimento médio	Volume total de investimento
Ultra de alta rede	US $ 5,2 milhões	US $ 624 milhões
Alta rede	US $ 1,8 milhão	US $ 412 milhões

Vornado Realty Trust (VNO) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição de propriedades

Para o ano fiscal de 2023, a Vornado Realty Trust registrou despesas totais de aquisição de propriedades de US $ 42,3 milhões. A quebra dessas despesas inclui:

Categoria de despesa	Valor ($ m)
Aquisições de propriedades de escritórios	28.6
Aquisições de propriedades de varejo	13.7

Custos de manutenção e renovação de propriedades

As despesas anuais de manutenção e renovação de propriedades para 2023 totalizaram US $ 156,7 milhões.

• Manutenção de rotina: US $ 87,4 milhões
• Principais reformas: US $ 69,3 milhões

Salários de sobrecarga operacional e gerenciamento

A sobrecarga operacional total para 2023 foi de US $ 214,5 milhões, com a quebra de remuneração da administração da seguinte forma:

Posição	Compensação total ($ m)
CEO	12.3
Equipe de Liderança Executiva	37.6
Outra gestão	52.1

Despesas de juros sobre financiamento imobiliário

As despesas de juros de 2023 foram de US $ 289,6 milhões, com a seguinte alocação:

• Juros de dívida de longo prazo: US $ 245,3 milhões
• Custos de financiamento de curto prazo: US $ 44,3 milhões

Despesas de marketing e leasing

Os custos de marketing e leasing para 2023 totalizaram US $ 43,2 milhões:

Categoria de despesa	Valor ($ m)
Comissões de leasing	24.7
Marketing e publicidade	18.5

Vornado Realty Trust (VNO) - Modelo de negócios: fluxos de receita

Receita de aluguel de espaço de escritório comercial

A partir do quarto trimestre de 2023, a Vornado Realty Trust registrou receitas totais de aluguel de escritórios comerciais de US $ 317,8 milhões. O portfólio inclui 15,5 milhões de pés quadrados de propriedades de escritório localizadas principalmente em Nova York e Chicago.

Localização da propriedade	Receita de aluguel	Taxa de ocupação
Portfólio de escritórios da cidade de Nova York	US $ 268,5 milhões	91.2%
Portfólio de escritórios de Chicago	US $ 49,3 milhões	87.6%

Receitas de arrendamento de propriedades de varejo

As receitas de arrendamento de varejo para 2023 totalizaram US $ 89,4 milhões, com propriedades importantes em locais urbanos principais.

• Propriedades de varejo de Manhattan: US $ 72,6 milhões
• Propriedades de varejo de Chicago: US $ 16,8 milhões

Apreciação de ativos imobiliários

Valor total do portfólio imobiliário em 31 de dezembro de 2023: US $ 10,2 bilhões, com um Apreciação ano a ano de 3,7%.

Taxas de gerenciamento de propriedades

Taxas de gerenciamento de propriedades e consultoria para 2023: US $ 22,1 milhões.

Tipo de taxa	Receita
Gerenciamento de propriedades de terceiros	US $ 15,3 milhões
Serviços de consultoria	US $ 6,8 milhões

Vendas estratégicas de propriedades e lucros de desenvolvimento

Vendas de propriedades e lucros de desenvolvimento para 2023: US $ 156,2 milhões.

• Vendas de propriedades concluídas: US $ 112,5 milhões
• Projeto de desenvolvimento lucros: US $ 43,7 milhões

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.