• Vornado is like **Simon Property Group**, but focused on owning and managing prime office towers and high-street retail in Manhattan instead of shopping malls and outlets across the U.S.
• Vornado is like **Marriott**, but instead of operating hotels for travelers, they own and lease premium office and retail spaces for businesses, primarily in New York City.

• Office Property Leasing: Leasing premium office space to commercial tenants, primarily in New York City.
• Retail Property Leasing: Leasing high-street retail space to various businesses and brands, predominantly in New York City.
• Real Estate Development and Redevelopment: Developing new properties and redeveloping existing assets to create additional leasable space and enhance property value.

Vornado Realty Trust (VNO) is a real estate investment trust (REIT) that primarily owns, manages, and develops high-quality office and retail properties, predominantly in New York City. As such, its "customers" are its tenants, which are other companies rather than individuals.

Identifying specific "major customers" (tenants) can be dynamic, but based on typical REIT disclosures and public information, Vornado's tenant base includes a variety of businesses across different sectors. While Vornado has a diversified tenant base and typically avoids over-reliance on a single tenant, here are examples of the types of major companies that occupy significant space within its portfolio, based on past disclosures and general knowledge of its properties:

• Large financial institutions
• Major law firms
• Technology companies
• Consulting firms
• Retail chains (for its street retail properties)

Vornado rarely discloses individual tenant names as "major customers" in the same way a manufacturing company might, primarily because its revenue is diversified across hundreds of leases. However, based on the types of properties it owns (e.g., Class A office buildings in Midtown Manhattan, street retail in high-traffic areas), its tenants would be well-known corporations.

Specific public companies that have been reported as significant tenants in various Vornado properties over time include a range of blue-chip firms. However, VNO's 10-K filings typically state that no single tenant represents 3% or more of its total consolidated revenue, indicating a very diversified tenant base and a lack of specific "major customers" to name individually for general disclosure purposes. Therefore, rather than listing specific names which might quickly become outdated or misrepresent their current portfolio-wide significance, it's more accurate to describe the categories of companies that are its tenants:

Vornado's primary customers (tenants) are other companies, notably in the following categories:

• Financial services companies
• Professional services firms (e.g., law firms, consulting firms)
• Technology and media companies
• Major retail brands (for its street retail properties)

Due to Vornado's diversified tenant base, it typically avoids over-reliance on any single tenant, meaning no individual tenant is usually large enough to be considered a singular "major customer" dominating their revenue. Therefore, specific names and symbols are generally not highlighted in their investor materials.

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Steven Roth, Chairman of the Board and Chief Executive Officer

Michael J. Franco, President and Chief Financial Officer

Joseph Macnow, Chief Financial Officer Emeritus and Senior Advisor

David R. Greenbaum, Vice Chairman

Haim Chera, Executive Vice President – Head of Retail

Market Concentration and Shifting Demand in Urban Real Estate

Interest Rate Sensitivity and Debt Exposure

Economic and Market Volatility, including Regulatory and Taxation Changes

The following clear emerging threats have been identified for Vornado Realty Trust (VNO):

• The structural shift towards remote and hybrid work models: This ongoing trend is fundamentally altering the long-term demand for traditional office space. While initially a pandemic response, companies are continuing to re-evaluate and reduce their overall physical office footprints, adopt "desk hoteling," and require less square footage per employee. This sustained change in how businesses utilize office space represents a structural shift, not merely a cyclical downturn, potentially leading to lower occupancy rates, downward pressure on rental income, and prolonged vacancy periods for Vornado's large, conventional office properties in urban centers.

• The accelerating adoption of "space-as-a-service" and flexible office solutions: Tenants are increasingly demanding greater flexibility in their real estate commitments, including shorter lease terms, adaptable spaces that can scale up or down, and fully managed, amenity-rich office environments (e.g., through co-working providers or direct flex solutions). This challenges Vornado's traditional business model of offering long-term leases for large, undifferentiated office space, potentially requiring significant capital investment to reconfigure properties, offer competitive flexible options, or accept different lease structures, impacting profitability and market share.

For Vornado Realty Trust (symbol: VNO), the addressable markets for its main products or services are primarily concentrated in key urban areas within the United States.

Office Properties

• New York City (Manhattan), U.S.: The office market in New York City's five boroughs encompasses nearly 730 million square feet of office space, with approximately 600 million square feet located in Manhattan. For the first nine months of 2025, Manhattan office leasing activity reached 23.2 million square feet. Net office absorption in Manhattan was a robust 7.5 million square feet in the first half of 2025. Office sales in Manhattan totaled $3.5 billion in the first half of 2025.
• Washington D.C. Metropolitan Area, U.S.: The commercial real estate market in the Washington D.C. Metropolitan area, which includes the District of Columbia, Northern Virginia, and Suburban Maryland, comprises approximately 438.9 million square feet of rentable office space. Specifically for the District of Columbia, the office market (buildings over 25,000 square feet) consists of approximately 156.6 million square feet of rentable space as of May 2025.
• San Francisco, U.S.: The total office inventory for the San Francisco market was 88.0 million square feet in the first quarter of 2022. As of Q3 2025, around 36 million square feet were available. Office sales volume in San Francisco amounted to $1.1 billion in the first half of 2025.
• Chicago, U.S.: Vornado holds a premier office asset in Chicago, but specific addressable market size data in square feet or dollar value for the Chicago office market was not identified in the provided information. Null.

Street Retail Properties

• Manhattan, New York City, U.S.: While a total square footage for the entire Manhattan street retail market is not explicitly available in the provided data, the market demonstrated a four-quarter aggregate leasing velocity of 3.5 million square feet as of Q1 2025. The New York City retail sector contributed $55 billion in taxable sales to the city's economy in 2019. The Manhattan retail real estate market recorded a sales volume of $1.5 billion in 2024.

Residential Units

• New York City, U.S.: Vornado's residential portfolio consists of over 1,600 rental apartments across New York City. Specific addressable market size data in square feet or dollar value for this particular segment was not identified in the provided information. Null.

Vornado Realty Trust (VNO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Penn District Redevelopment and Lease-up: The ongoing redevelopment and successful lease-up of properties within the Penn District, particularly Penn 1 and Penn 2, are anticipated to be significant drivers of future revenue growth. The company expects substantial earnings growth by 2027 as these properties reach full occupancy and rental income ramps up. As of Q3 2025, Penn 2 was at 78% occupancy and projected to exceed 80% by year-end. Leasing activity at Penn 1 has already surpassed initial underwriting.
2. Strong Rent Growth and Occupancy Increases in Manhattan Office and Retail: Vornado has consistently achieved market-leading rents and increased occupancy across its Manhattan portfolio. The company reported Manhattan office leasing at $101 per square foot starting rents in Q2 2025, with significant mark-to-markets. Analyst consensus points to sustained high demand and low supply in Class A Manhattan office space, enabling Vornado to maintain pricing power.
3. Strategic Acquisitions and Redevelopment Projects: Vornado is focused on acquiring and redeveloping properties in prime locations to enhance value and generate higher rental income. A notable example is the acquisition of 623 Fifth Avenue, which is being repositioned as a premier office location targeting high rental rates and swift occupancy.
4. Growth in Signage Business: The company's signage business, particularly benefiting from its strategic positioning within the Penn District, is a strong contributor to revenue. Q3 2025 results highlighted increased Net Operating Income (NOI) from signage operations, with 2025 projected to be a record-breaking year for this segment.
5. Deleveraging and Balance Sheet Optimization: While not a direct revenue driver, Vornado's focus on deleveraging its balance sheet and optimizing its financial position provides increased flexibility for future investments and developments that will ultimately fuel revenue growth. Significant proceeds from asset sales and financings have been used to reduce debt and boost cash reserves, strengthening the company's capacity for future growth initiatives.

Share Repurchases

• Vornado Realty Trust repurchased 2,024,495 shares for $29.14 million under an equity buyback plan announced on April 26, 2023.
• From July 1, 2025, to September 30, 2025, the company did not repurchase any shares.
• As of Q2 2024, share repurchases were not a priority, with the company focusing on other capital allocation strategies.

Share Issuance

• Vornado announced the pricing of a public offering of $300 million in preferred shares.

Inbound Investments

• No significant inbound investments from strategic partners or private equity firms were explicitly found in the provided search results within the specified timeframe.

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 previously acquired in August 2024 for the same property.
• Vornado successfully acquired the 623 Fifth Avenue office condominium for $218 million in 2025, with plans for redevelopment into a premier office location.
• A joint venture with Vornado holding a 55.0% interest completed the sale of 512 West 22nd Street, a 173,000 square foot office building, for $205 million in August 2025.

Capital Expenditures

• Vornado's reported capital expenditures were $396 million in 2020, $3 million in 2021, $3 million in 2022, $33 million in 2023, and $0 million in 2024.
• Quarterly capital expenditures for June 2025 were $110.3 million.
• Capital expenditures are primarily focused on significant redevelopment projects, particularly within the PENN District (PENN 1 and PENN 2), and the redevelopment of 623 Fifth Avenue.