Vornado Realty Trust (VNO)

Over the past six months, Vornado's stock price has been influenced by several events. In Q1 2025, Vornado reported a net income improvement due to asset sales and rent adjustments. The company completed a $450 million refinancing of PENN 11. Q2 earnings surpassed analyst estimates, while Q3 EPS missed forecasts despite revenue exceeding expectations, leading to a stock decline. Analyst ratings saw upgrades from Citigroup and JPMorgan, while Scotiabank lowered its price target. VNO's stock experienced a slight decline over the past six months but rebounded in the week leading up to November 25, 2025.

Demand for Vornado Realty Trust's products and services is influenced more by economic conditions and market trends than seasonal patterns. The New York City office market is experiencing strong leasing momentum, with rising Manhattan office occupancy rates. Demand for Manhattan retail space has also shown strength. The commercial real estate sector faces headwinds from remote work trends and broader economic concerns, including the potential impact of artificial intelligence on office-using employment, as well as fluctuations in interest rates and inflation.

Vornado Realty Trust (VNO) is a Real Estate Investment Trust (REIT) focused on owning, managing, and developing office and high street retail properties, primarily leasing Class A office and street retail spaces. The company operates within the Real Estate sector as an Office REIT, offering leasing of office spaces, street retail properties, and residential units, along with services like building maintenance, property development, and construction management.

Vornado Realty Trust's property portfolio is heavily concentrated in New York City, particularly Manhattan, including the Penn District redevelopment area. The company also holds assets in other major U.S. cities, such as THE MART in Chicago and 555 California Street in San Francisco.

Vornado has maintained a strong reputation as a leader in sustainability, managing over 26 million square feet of LEED certified buildings and receiving the Energy Star Partner of the Year Award for Sustained Excellence in 2024. The broader commercial real estate market faces challenges, including concerns about New York City's business environment and the impact of artificial intelligence on office employment, affecting investor sentiment and Vornado's stock performance.

Vornado Realty Trust's ownership is concentrated among institutional investors, holding between 83.42% and 93.59% of the shares. Insiders own between 6.50% and 27.00%, while retail investors hold a minimal 0.00%. Key institutional shareholders include Vanguard Group Inc. and BlackRock Inc. David Mandelbaum and Steven Roth are the largest individual shareholders, and there has been notable insider selling activity over the past three months.