Vornado Realty Trust VNO
Vornado is a fully integrated REIT that owns and operates a diversified real estate portfolio concentrated primarily in New York City. The company owns 51 Manhattan operating properties comprising 19.2 million square feet of office space, 2.3 million square feet of street retail space, and 1,331 residential units, along with development sites including 350 Park Avenue, 623 Fifth Avenue, and the Hotel Pennsylvania site; a 32.4% interest in Alexander's, Inc., which owns five properties in the greater New York metropolitan area; the 3.7 million square foot THE MART in Chicago; and a 70% controlling interest in 555 California Street, a 1.8 million square foot office complex in San Francisco. The company also owns Building Maintenance Services LLC, a subsidiary providing cleaning and security services to its buildings and third parties.
Business overview written from the company's own Form 10-K (Item 1), filed 2026-02-09 — refreshed whenever it files a new one. The figures above are current; see its SEC filings. ✓ From the 10-K
Plain-English: the Snapshot is the quick read — what it pays you (yield, dividend), how its cash flow looks (FFO/AFFO, Price/OCF) and how much debt it carries. Switch to Expert in the header to hide these explanations.
Snapshot
Reported FFO / FFO, as Adjusted / leverage are from the Q1 2026 earnings release (filed 2026-05-04) — 8-K, EX-99.1 ✓ Verified to filing.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
$10,000 invested
Illustrative income only, at today's price and latest declared dividend — it excludes price changes, dividend cuts and taxes. Not a forecast.
Model VNO yourself — any amount, shares, per-payment & a multi-year DRIP projection →
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $1.81B | $904.96M | $481.46M | $1.77B | $1.26B |
| 2024 | $1.79B | $70.39M | $469.42M | $880.61M | $537.72M |
| 2023 | $1.81B | $105.49M | $457.57M | $845.61M | $648.15M |
| 2022 | $1.80B | $-346.50M | $526.31M | $423.31M | $798.94M |
| 2021 | $1.59B | $176.00M | $432.59M | $840.50M | $761.81M |
| 2020 | $1.53B | $-297.00M | $417.94M | $203.52M | $424.24M |
Dividends
Recent regular dividends per share (special distributions excluded), oldest → newest.
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2025-12-18 | 2025-12-18 | 2025-12-29 | 2025-12-08 | $0.74 | Annual |
| 2024-12-16 | 2024-12-16 | 2024-12-27 | 2024-12-05 | $0.74 | Annual |
| 2023-12-14 | 2023-12-15 | 2023-12-27 | 2023-12-05 | $0.30 | Annual |
| 2023-01-27 | 2023-01-30 | 2023-02-10 | 2023-01-18 | $0.38 | Semi-Annual |
| 2022-11-04 | 2022-11-07 | 2022-11-18 | 2022-10-27 | $0.53 | Quarterly |
| 2022-08-05 | 2022-08-08 | 2022-08-19 | 2022-07-28 | $0.53 | Quarterly |
| 2022-05-06 | 2022-05-09 | 2022-05-20 | 2022-04-27 | $0.53 | Quarterly |
| 2022-01-28 | 2022-01-31 | 2022-02-11 | 2022-01-19 | $0.53 | Quarterly |
| 2021-11-05 | 2021-11-08 | 2021-11-19 | 2021-10-28 | $0.53 | Quarterly |
| 2021-08-06 | 2021-08-09 | 2021-08-20 | 2021-07-29 | $0.53 | Quarterly |
| 2021-05-07 | 2021-05-10 | 2021-05-21 | 2021-04-28 | $0.53 | Quarterly |
| 2021-01-29 | 2021-02-01 | 2021-02-12 | 2021-01-20 | $0.53 | Quarterly |
| 2020-11-06 | 2020-11-09 | 2020-11-20 | 2020-10-29 | $0.53 | Quarterly |
| 2020-08-07 | 2020-08-10 | 2020-08-21 | 2020-07-30 | $0.53 | Quarterly |
| 2020-05-08 | 2020-05-11 | 2020-05-22 | 2020-04-29 | $0.66 | Quarterly |
| 2020-01-24 | 2020-01-27 | 2020-02-14 | 2020-01-15 | $0.66 | Quarterly |
| 2019-12-27 | 2019-12-30 | 2020-01-15 | 2019-12-18 | $1.95 | Special |
| 2019-11-01 | 2019-11-04 | 2019-11-18 | 2019-10-25 | $0.66 | Quarterly |
| 2019-08-02 | 2019-08-05 | 2019-08-16 | 2019-07-25 | $0.66 | Quarterly |
| 2019-05-03 | 2019-05-06 | 2019-05-17 | 2019-04-24 | $0.66 | Quarterly |
| 2019-01-25 | 2019-01-28 | 2019-02-14 | 2019-01-16 | $0.66 | Quarterly |
| 2018-11-02 | 2018-11-05 | 2018-11-19 | 2018-10-25 | $0.63 | Quarterly |
| 2018-08-03 | 2018-08-06 | 2018-08-17 | 2018-07-26 | $0.63 | Quarterly |
| 2018-05-04 | 2018-05-07 | 2018-05-18 | 2018-04-25 | $0.63 | Quarterly |
Coverage (payout of operating cash flow): 45.11%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Recent news — VNO
Vornado Realty Trust: Preferred Shares Remain Attractive
VNO or EXR: Which Is the Better Value Stock Right Now?
Should You Buy Vornado (VNO) After Golden Cross?
Vornado Stock Soars 44.9% in Three Months: Will This Momentum Last?
Key Reasons to Add Vornado Stock to Your Portfolio Right Now
Vornado Realty Acquires 49% Interest in Park Avenue Plaza for $1.1B
VNO or EXR: Which Is the Better Value Stock Right Now?
Are Investors Undervaluing Vornado Realty Trust (VNO) Right Now?
Headlines via Financial Modeling Prep; links open the original publisher in a new tab. Not an endorsement or investment advice.
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Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.