Share count
201Mpeak FY2025
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VNO, Vornado Realty Trust
Vornado is a fully integrated REIT and conducts its business through, and substantially all of its interests in properties are held by, the Operating Partnership, a Delaware limited partnership.
We expect to finance our growth from acquisitions, developments, redevelopments and investments using internally generated funds and proceeds from asset sales and by accessing the public and private capital markets.
During 2024, we fully funded our share of equity and cash contributions. 623 Fifth Avenue Office Condominium We are redeveloping the 623 Fifth Avenue office condominium, a 36-story, 383,000 square foot building situated above the flagship Saks Fifth Avenue department store, into a premier boutique office building.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$1.8B
+1.3% YoY · 3% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $459M −0.5% vs yr-ago qtr
Net income ($22M) yr-ago $100M
Net margin −4.8% yr-ago 21.6%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is New York (82%) and Other (18%).
- What moves the needle
- Occupancy, rents, and the cost of debt. Read on funds from operations and net asset value, because GAAP depreciation distorts the earnings, and a property downturn meets a balance sheet built on leverage. On its own account, the filing leans hardest on concentrated dependence, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Funds from operations per share have shrunk (−2% a year). The dividend takes 11% of FFO, and is covered. The quality and location of the properties, the lease terms and occupancy, and the cost of the debt are what the 10-K settles, and no single ratio captures them.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →New York is 82% of revenue, with Other the other meaningful segment at 18%.
Revenue by reportable segment, FY2025
- New York82%$1.5B
- Other18%$334M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $2.0B | $2.1B | $2.2B | $1.9B | $1.5B | $1.6B | $1.8B | $1.8B | $1.8B | $1.8B | $1.8B | RevenueRevenue |
| $907M | $227M | $450M | $3.1B | ($297M) | $176M | ($346M) | $105M | $70M | $905M | $795M | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| $1.5B | $757M | $923M | $1.0B | $121M | $609M | $79M | $492M | $524M | $1.4B | $1.3B | Funds from operationsFFO |
| Balance sheet | |||||||||||
| 32% | 66% | 52% | 50% | 684% | 67% | 513% | 26% | 27% | 10% | 11% | Dividend payout (FFO)Payout |
| $14.2B | $14.8B | $16.2B | $13.1B | $12.1B | $13.2B | $13.3B | $13.8B | $14.1B | $14.3B | $14.6B | Real estate (gross)RE gross |
| $20.8B | $17.4B | $17.2B | $18.3B | $16.2B | $17.3B | $16.5B | $16.2B | $16.0B | $15.5B | $15.9B | Total assetsAssets |
| $1.3B | $1.6B | $1.7B | $1.8B | $1.8B | $2.6B | $2.6B | $2.6B | $2.6B | $2.3B | $2.8B | Total debtDebt |
| ($168M) | ($225M) | $1.1B | $252M | $194M | $802M | $1.2B | $1.6B | $1.8B | $1.4B | $1.7B | Net debt / (cash)Net debt |
| 1.8× | 1.8× | 1.7× | 12.3× | -0.1× | 1.7× | -0.2× | 1.4× | 1.2× | 3.6× | 1.7× | Interest coverageInt. cov. |
| $6.9B | $4.3B | $4.5B | $6.7B | $6.5B | $6.2B | $5.8B | $5.5B | $5.2B | $6.0B | $6.0B | Shareholders’ equityEquity |
| Per share | |||||||||||
| 190M | 191M | 191M | 191M | 191M | 192M | 192M | 192M | 197M | 201M | 190M | Shares out (diluted)Shares |
| $7.87 | $3.96 | $4.82 | $5.32 | $0.63 | $3.17 | $0.41 | $2.56 | $2.66 | $6.72 | $6.64 | FFO / shareFFO/sh |
| $2.50 | $2.60 | $2.51 | $2.64 | $4.33 | $2.11 | $2.12 | $0.67 | $0.72 | $0.70 | $0.74 | Dividends / shareDiv/sh |
| $36.27 | $22.68 | $23.34 | $35.24 | $34.18 | $32.46 | $30.45 | $28.71 | $26.23 | $29.78 | $31.73 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | −1.7%/yr | +2.4%/yr |
| Owner earnings / share | +4.6%/yr | +16.7%/yr |
| EPS | −0.6%/yr | — |
| Dividends / share | −13.2%/yr | −30.5%/yr |
| Capital spending / share | −3.5%/yr | +200.2%/yr |
| Book value / share | −2.2%/yr | −2.7%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$1.8Blow FY2020
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- about $6.72 per shareNet income $905M + depreciation $481M − gains on sale $35M
What this means
GAAP net income with property depreciation added back, because the buildings a REIT charges against earnings usually hold or grow their value. This, not net income, is what a REIT is actually priced on. It is an approximation here: where a filing reports gains on property sales, we remove them, the way the NAREIT definition does.
- Lightly coveredDividends $141M ÷ FFO $1.4BIndustry peers: median 45%
What this means
A REIT must distribute most of its taxable income, so a high payout is normal and the question is whether FFO covers it. Above 100%, the trust is funding the dividend with debt or asset sales, and a cut usually follows.
Is it sound?
- Not cleanly capturedIndustry peers: median 35%
What this means
This REIT tags its borrowings in a way the pipeline could not fully total, so we decline to show a leverage figure rather than a misleadingly low one. The debt schedule in the 10-K is where to read its true leverage.
- Comfortable(operating income + depreciation) ÷ interest $354MIndustry peers: median 4.5×
What this means
How many times the property cash earnings cover the interest bill. Comfortable coverage is what lets a REIT refinance through a tight credit market instead of being forced to sell into one.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Lease obligations
the lease note, SEC EDGAR →Debt by another name. What the business owes on the property, aircraft, stores and equipment it rents rather than owns is a fixed claim due on a schedule; added back to the debt, it is the true leverage. That ladder, and what it adds to the debt on the page above.
Lease payments by year, scaled to the largest; “later” is everything beyond year five, shown apart. These are the contractual cash payments, before the interest the filing imputes back out to the balance-sheet liability.
Due in the next 12 months$45Ma fixed cash payment, owed whether or not the business has a good year
Total lease payments$2.0Bevery year plus the tail, undiscounted: the full cash the leases will take
On the balance sheet$700Mthe present value of those payments, the recognised lease liability
True leverage: debt plus leases
On-balance-sheet debt$2.3B
Lease obligations (present value)$700M
Total fixed claims on the business$3.0B
Counting the leases the way Buffett does, the fixed claims on this business come to $3.0B, of which the leases are 24%. The lease wall above and the debt schedule together are the calendar of what must be paid, and when.
Lease ladder read from the ASC 842 tags in the company’s Dec 31, 2025 annual report and reconciled: the yearly buckets sum to the undiscounted total, which less the imputed interest equals the balance-sheet liability; a ladder that doesn’t tie out is withheld.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2022 | Steven Roth | $9.9M | −$4.9M | $796M |
| 2022 | Steven Roth | $9.9M | −$4.9M | $796M |
| 2023 | Steven Roth | $26.8M | $62.9M | $615M |
| 2023 | Steven Roth | $26.8M | $62.9M | $615M |
| 2024 | Steven Roth | $2.9M | $68.4M | $538M |
| 2024 | Steven Roth | $2.9M | $68.4M | $538M |
| 2025 | Steven Roth | $3.1M | −$32.2M | $962M |
| 2025 | Steven Roth | $3.1M | −$32.2M | $962M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership9.3%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$25M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 4% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Office REITs
The same industry, side by side on the REIT lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | FFO margin | FFO / assets | Payout (FFO) | Debt / assets |
|---|---|---|---|---|---|
| BXPBXP Inc. | $3.5B | 42% | 5.6% | 55% | 40% |
| AREAlexandria Real Estate Equities Inc. | $3.0B | 48% | 4.0% | 53% | 35% |
| VNOVornado Realty Trust | $1.8B | 37% | 3.9% | 51% | — |
| KRCKilroy Realty | $1.1B | 56% | 5.6% | 42% | 39% |
| DEIDouglas Emmett | $1.0B | 47% | 4.6% | 40% | 53% |
| SLGSL Green Realty | $1.0B | 37% | 3.4% | 69% | 27% |
| CUZCousins Properties | $994M | 52% | 5.7% | 45% | 31% |
| ESRTEmpire State Realty Trust Inc. | $768M | 30% | 5.1% | 17% | 20% |
| Group median | — | 44% | 4.9% | 48% | — |
The price
What a price has to assume.
What the price implies
price / FFOA REIT is priced on a multiple of its funds from operations (FFO), the cash it earns once the depreciation on its buildings is added back. Type today’s price; we show the multiple you would pay and the income and growth it implies.
$
The assumptions
FFO / share, delivered45%/yr’20→’25
The justified multiple is 1 ÷ (required return − growth), a perpetuity on FFO. At an 8% required return and 3% growth, a REIT is worth about 20× FFO.
Enter a price above to run it.
Price / FFO—
Justified by growth—
Dividend yield—
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
FFO about $6.64 per share on 188M shares. The dials set the multiple they justify; your price sets the multiple you are paying. FFO here adds back depreciation and removes property-sale gains, the NAREIT method; it does not net out maintenance capex (AFFO), occupancy or lease terms, which the 10-K does.
Cite: Owner Scorecard, "Vornado Realty Trust (VNO), the owner's record," https://ownerscorecard.com/c/VNO, data as of 2026-07-09.
Manual order: ← VNDA its page in the Manual VNOM →
Industry order: ← VICI the REITs — Specialty & Diversified chapter VTR →