Here are 1-3 brief analogies for Vornado Realty Trust:

• Tesla for sustainable commercial real estate.

• Patagonia for prime city office buildings.

• Marriott for top-tier urban office properties.

• Commercial Real Estate Leasing: Vornado provides rentable space in its portfolio of office, retail, and other commercial properties primarily in New York City, Chicago, and San Francisco.
• Property Management Services: The company offers comprehensive management services for its owned commercial properties, ensuring their operation, maintenance, and tenant satisfaction.

Vornado Realty Trust (VNO) primarily sells to other companies that lease its commercial real estate properties. Its portfolio, concentrated in prime urban markets like New York City, Chicago, and San Francisco, consists mainly of office and retail spaces.

While Vornado maintains a diversified tenant base, some of its major customers (tenants occupying significant portions of its properties) include:

• Google (Alphabet Inc. - GOOGL)
• Amazon.com, Inc. (AMZN)
• Madison Square Garden Sports Corp. (MSGS) and related Madison Square Garden entities

Steven Roth, Chairman of the Board and Chief Executive Officer

Steven Roth is the Chairman of the Board and Chief Executive Officer of Vornado Realty Trust, a position he has held since May 1989, and was reappointed CEO on April 15, 2013. He is also the co-founder and Managing General Partner of Interstate Properties and Chairman and Chief Executive Officer of Alexander's, Inc. Mr. Roth acquired an 18% stake in Vornado Inc. (the predecessor company) in 1980 through Interstate Properties, subsequently shifting its focus from retail operations to real estate. He led the conversion of Vornado into a real estate investment trust (REIT) and took it public in 1993. Mr. Roth was instrumental in acquiring a controlling interest in Alexander's in 1995, and acquiring properties from Mendik Company in 1997, along with 20 more office buildings in Manhattan in 1998. He is also the Chairman Emeritus of JBG Smith Properties and served as a Trustee of Urban Edge Properties, a Vornado spin-off.

Michael J. Franco, President and Chief Financial Officer

Michael J. Franco is the President and Chief Financial Officer of Vornado Realty Trust, having assumed the President role in 2019 and the CFO role in 2021. He joined Vornado in 2010 from Morgan Stanley, where he served as a Managing Director and Head of the Morgan Stanley Real Estate Funds (MSREF) in the U.S. During his 20-year tenure at Morgan Stanley, Mr. Franco played a significant role in developing its real estate investing platform, leading numerous major investments, and overseeing the acquisition and disposition of over $40 billion of real estate assets, including various commercial and residential properties, non-performing loan portfolios, and several public REITs.

Glen J. Weiss, Executive Vice President – Office Leasing and Co-Head of Real Estate

Glen J. Weiss is the Executive Vice President – Office Leasing and Co-Head of Real Estate at Vornado Realty Trust. In this role, he oversees all leasing activities across Vornado's properties in New York, Chicago, and San Francisco, including its significant Manhattan portfolio. Mr. Weiss is also jointly responsible for overseeing all aspects of Vornado's real estate portfolio, including strategic planning, operations, development, and acquisition activities. He began his career in 1986 as a summer porter at The Mendik Company, which Vornado acquired in 1997, and transitioned to leasing after the acquisition.

Barry S. Langer, Executive Vice President – Development and Co-Head of Real Estate

Barry S. Langer serves as the Executive Vice President – Development and Co-Head of Real Estate for Vornado Realty Trust. He is jointly responsible for the daily operations of Vornado's real estate business and is actively involved in all development, acquisition, and disposition activities.

Haim Chera, Executive Vice President – Head of Retail

Haim Chera is the Executive Vice President – Head of Retail at Vornado Realty Trust. He is responsible for overseeing the leasing activity for Vornado's New York Street Retail Portfolio. Before joining Vornado, Mr. Chera was a principal at Crown Acquisitions, a family-owned investment business specializing in high street retail in major gateway cities. He started his career in his family's third-generation retail clothing business.

Key Risks to Vornado Realty Trust (VNO):

1. Structural Shift to Hybrid/Remote Work and its Impact on Office Demand: Vornado Realty Trust faces significant challenges due to the ongoing structural shift towards hybrid and remote work models. This trend continues to depress demand for office space, particularly in its core New York City market, leading to elevated vacancy rates and downward pressure on rental income. The struggling office market creates major risk for Vornado, despite its portfolio of high-quality New York City real estate.
2. High Debt Load and Interest Rate Sensitivity: The company carries a substantial debt load, and persistently high interest rates pose a major risk. Higher rates increase borrowing costs, make refinancing existing debt more expensive, and can significantly squeeze cash flow, ultimately pressuring property values. Vornado is currently in a deleveraging cycle, actively managing its substantial debt, but refinancing remains a critical challenge, with market sentiment around Federal Reserve policy being a key driver of risk.
3. Market Concentration Risk: Vornado's heavy concentration in the Manhattan office and retail markets, along with premier assets in Chicago and San Francisco, exposes it to significant market concentration risk. While this focus can be a strength, it also makes the company highly vulnerable to localized economic downturns, adverse changes in the real estate market, shifts in tenant demand within these specific regions, or regulatory changes such as property tax increases.

The clear emerging threat for Vornado Realty Trust is the fundamental and ongoing shift towards remote and hybrid work models. This trend significantly impacts the demand for traditional office space, particularly in major metropolitan areas where Vornado's portfolio is concentrated. Reduced office utilization, increased vacancy rates, and downward pressure on rents pose a direct challenge to the company's core business model of owning and managing commercial real estate.

Vornado Realty Trust (VNO) operates in the commercial real estate sector, primarily focusing on premier office and high street retail properties in New York City, Chicago, and San Francisco. The addressable markets for its main products and services in these regions are substantial:

• New York City: The commercial real estate market in New York City is estimated to be close to $2 trillion in value. Specifically for office space, the five boroughs of New York City comprise nearly 730 million square feet, with approximately 600 million square feet located in Manhattan. This market size is for the U.S. region.
• Chicago: The Chicago Central Business District (CBD) office market has an inventory of approximately 142.5 million square feet. The Chicago retail market boasts an inventory of around 589.7 million square feet. These market sizes are for the U.S. region.
• San Francisco: The office market in San Francisco has an inventory of about 86.3 million square feet. This market size is for the U.S. region.

Vornado Realty Trust (VNO) anticipates several key drivers for revenue growth over the next two to three years, primarily stemming from its strategic focus on the New York City market and ongoing redevelopment initiatives:

1. Lease-up and Stabilization of PENN District Properties: The continued lease-up of major redevelopment projects within the PENN District, specifically PENN 1 and PENN 2, is a significant expected driver. Vornado achieved 80% occupancy at PENN 2 by the fourth quarter of 2025 and expects to finalize its lease-up in 2026. The full positive impact from the lease-up of both PENN 1 and PENN 2 is projected to result in substantial earnings growth in 2027.
2. Increasing Occupancy Rates and Rental Growth in Manhattan Office Portfolio: Vornado has seen its Manhattan office occupancy improve, reaching 91.2% in the fourth quarter of 2025, up from 88.4% in the previous quarter, largely driven by strong leasing activity in the PENN District. The company anticipates further increases in occupancy over the next year or so. Moreover, Vornado has been achieving positive mark-to-markets on new leases and robust average starting rents, such as $95 per square foot for New York office deals in Q4 2025 with GAAP mark-to-markets of +8.1% and cash mark-to-markets of +7.2%.
3. Strategic Redevelopment Projects: Major redevelopment projects are poised to contribute to future revenue. The commencement of construction on the 350 Park Avenue project, in partnership with Citadel, is a long-term growth initiative. Additionally, the acquisition and planned redevelopment of 623 Fifth Avenue into a premium office location is anticipated to add approximately $0.11 to Funds From Operations (FFO) with expected returns exceeding 10% on cost.
4. Growth of the Signage Business: Vornado's signage business has consistently shown strong performance and is expected to continue contributing positively to Net Operating Income (NOI). The company projected 2025 to be a record-breaking year for this segment, particularly benefiting from its strategic positioning in the PENN District and Times Square.

Share Repurchases

• Vornado Realty Trust authorized a new share repurchase program of up to $200 million of its outstanding common shares in 2023.
• The company may use cash retained from dividends or asset sales to fund these repurchases.
• The share repurchase program does not have an expiration date and can be suspended or discontinued at any time.

Share Issuance

• Vornado Realty Trust's shares outstanding increased by 2.25% to 0.201 billion in 2025 from 2024.
• Shares outstanding increased by 2.49% to 0.197 billion in 2024 from 2023.
• In 2023, shares outstanding saw a 0.04% increase to 0.192 billion from 2022.

Outbound Investments

• In July 2025, Vornado purchased a $35 million A-Note secured by a Midtown Manhattan property, adding to a $50 million B-Note on the same property acquired in August 2024.

Capital Expenditures

• Capital expenditures for Vornado were $710 million in 2025, $466 million in 2024, $798 million in 2023, $901 million in 2022, and $862 million in 2021.
• Expected capital expenditures for 2026 are projected to be $807 million.
• A primary focus of capital expenditures includes the redevelopment of an asset into a premier, boutique office building, with delivery to tenants anticipated in 2027.