Vornado Realty Trust (VNO)

Over the past six months, Vornado Realty Trust's stock has experienced several notable events. In August 2025, the company reported a significant jump in Q2 net income, increasing by 1,955%, followed by the completion of the acquisition of 623 Fifth Avenue in September 2025. In November 2025, Vornado announced its Q3 earnings, which were boosted by a one-off gain of $827.3 million, leading to profitability and a robust 46.1% per year earnings growth rate over the last five years. However, forecasts projected a sharp drop in earnings by 83.8% per year over the coming three years, with revenue expected to rise at a slower 3.3% per year. The company also declared quarterly dividends on its preferred shares in October 2025 and April 2025. As of February 7, 2026, the stock opened at $31.29, with a 12-month range of $29.68–$45.37, and analysts have given Vornado Realty Trust a consensus "Hold" recommendation. In February 2026, Vornado appointed Newmark as the exclusive leasing agent for the next phase of retail redevelopment in THE PENN DISTRICT.

While specific seasonal fluctuations in demand for Vornado Realty Trust's products and services are not explicitly detailed, the company's success is generally influenced by trends in national and local economies, the financial condition of current and prospective tenants, and the availability and cost of capital. Positive drivers for Vornado include market demand for New York City space and demand for office and retail in NYC. Leasing momentum in 2024 and early 2025 indicates ongoing demand for its offerings.

Vornado Realty Trust (VNO) is a fully integrated REIT specializing in the ownership, management, and development of high-quality commercial properties, primarily in the Real Estate sector, focusing on high-value assets. Vornado's major products and services include premier office leasing, street retail leasing, multifamily asset management, real estate development and redevelopment, property management, tenant services, financial services, sustainability initiatives, and technology and connectivity solutions. The company generates revenue primarily by leasing Class A office and street retail space.

Vornado Realty Trust's geographic footprint is highly concentrated in the New York City metropolitan area, particularly in Manhattan, with premier assets across dominant submarkets. Vornado is also the largest owner and manager of street retail in Manhattan. Beyond New York, the company owns significant assets in other major U.S. cities, including San Francisco and Chicago.

Vornado Realty Trust has maintained a strong brand reputation in the past year, particularly in the area of sustainability and tenant experience. In January 2025, Vornado became the first major real estate company in the United States to achieve 100% LEED certification across its entire in-service portfolio. The company received Nareit's 2024 Sustainability Impact Award for THE PENN DISTRICT redevelopment and achieved the first U.S. certification and Platinum rating globally from ModeScore. Vornado was awarded the ENERGY STAR Partner of the Year Award for Sustained Excellence in 2024 and received "Green Star" distinction for the 11th time and a 5-star rating from GRESB. The company is a member of the Climate Group's EP 100 and received the National Association of Real Estate Investment Trusts (NAREIT) Leader in the Light Award. Vornado focuses on providing tenants with the best experience and operating the best buildings, integrating sustainability into its corporate strategy for over a decade.

The ownership of Vornado Realty Trust is primarily distributed among institutional investors and individual insiders. Approximately 90% to 92.46% of the stock is held by institutional investors, including Vanguard Group Inc., BlackRock Inc., Norges Bank, Franklin Resources Inc., and State Street Corp. Individual insiders collectively hold a notable percentage of shares, with key individual shareholders including David Mandelbaum, Steven Roth, and Russell B. Wight Jr.