Vornado Realty Trust (VNO) Bundle
A Brief History of Vornado Realty Trust (VNO)
Company Overview
Vornado Realty Trust (NYSE: VNO) is a real estate investment trust headquartered in New York City. As of December 31, 2023, the company's market capitalization was $4.2 billion.
Portfolio Composition
| Property Type | Total Square Feet | Occupancy Rate |
|---|---|---|
| Office Properties | 20.4 million | 92.4% |
| Retail Properties | 2.3 million | 88.6% |
Financial Performance
For the fiscal year 2023, Vornado reported:
- Total Revenue: $759.4 million
- Net Income: $142.3 million
- Funds from Operations (FFO): $385.6 million
Key Property Locations
Vornado's primary markets include:
- New York City
- Chicago
- San Francisco
Leadership
Steven Roth serves as Chairman and CEO, with a tenure since the company's founding in 1980.
Stock Performance
As of January 2024, VNO stock was trading at $22.37, with a dividend yield of 6.8%.
Recent Strategic Moves
In 2023, Vornado completed property sales totaling $387.2 million to streamline its portfolio.
A Who Owns Vornado Realty Trust (VNO)
Major Institutional Shareholders
| Shareholder | Shares Owned | Percentage |
|---|---|---|
| The Vanguard Group, Inc. | 14,297,817 | 13.25% |
| BlackRock Inc. | 9,781,617 | 9.07% |
| Cohen & Steers, Inc. | 6,542,121 | 6.07% |
| State Street Corporation | 5,613,475 | 5.21% |
Top Insider Ownership
- Steven Roth (Chairman): 3,076,378 shares
- Michael Franco (CEO): 298,712 shares
- David Mandelbaum (Director): 1,542,189 shares
Ownership Distribution
Institutional Ownership: 80.42%
Insider Ownership: 6.25%
Public Float: 13.33%
Largest Institutional Investors
| Institution | Value of Holdings |
|---|---|
| Vanguard Total Stock Market Index Fund | $412,456,000 |
| BlackRock Institutional Trust | $378,921,000 |
| State Street Global Advisors | $267,543,000 |
Vornado Realty Trust (VNO) Mission Statement
Corporate Overview
Vornado Realty Trust (NYSE: VNO) is a fully integrated real estate investment trust (REIT) headquartered in New York City.
| Financial Metric | 2023 Value |
|---|---|
| Total Market Capitalization | $3.68 billion |
| Total Assets | $18.6 billion |
| Total Equity | $8.1 billion |
Strategic Focus Areas
- Office Property Investment
- Retail Property Management
- Mixed-Use Real Estate Development
- Urban Market Concentration
Geographic Portfolio
| Market | Property Count | Percentage of Portfolio |
|---|---|---|
| New York City | 52 properties | 78% |
| Chicago | 8 properties | 12% |
| Other Markets | 6 properties | 10% |
Key Performance Metrics
- Occupancy Rate: 92.5%
- Net Operating Income: $789 million
- Funds from Operations (FFO): $456 million
Investment Strategy
Core Investment Approach: High-quality, trophy assets in prime urban locations with significant potential for value appreciation.
How Vornado Realty Trust (VNO) Works
Company Overview
Vornado Realty Trust is a real estate investment trust (REIT) with a market capitalization of $2.85 billion as of January 2024. The company is headquartered in New York City and focuses on owning and managing commercial real estate properties.
Property Portfolio
| Total Real Estate Assets | $14.2 billion |
| Office Properties | 6.7 million square feet |
| Retail Properties | 1.2 million square feet |
| Geographical Focus | New York City, Chicago, San Francisco |
Financial Performance
| Annual Revenue (2023) | $769 million |
| Net Operating Income | $456 million |
| Dividend Yield | 6.8% |
Key Investment Segments
- Office Buildings
- Retail Centers
- Mixed-Use Developments
- Hospitality Properties
Occupancy Rates
| Overall Portfolio Occupancy | 89.5% |
| Office Space Occupancy | 92.3% |
| Retail Space Occupancy | 85.6% |
Debt Profile
| Total Debt | $6.3 billion |
| Debt-to-Equity Ratio | 0.65 |
| Average Interest Rate | 4.2% |
Strategic Focus Areas
- Urban Core Real Estate
- High-Quality Commercial Properties
- Value-Add Redevelopment Projects
How Vornado Realty Trust (VNO) Makes Money
Real Estate Portfolio Breakdown
Vornado Realty Trust generates revenue through the following property segments:
| Office Properties | $618.4 million in rental revenue (2022) |
| Retail Properties | $137.6 million in rental revenue (2022) |
| Merchandise Mart | $95.2 million in revenue (2022) |
Geographic Concentration
Vornado focuses primarily on properties in:
- New York City
- Chicago
- San Francisco
Revenue Streams
| Total Revenue (2022) | $851.2 million |
| Net Operating Income | $502.3 million |
| Funds from Operations (FFO) | $389.7 million |
Property Types
- Class A office buildings
- Retail spaces
- Mixed-use properties
Key Financial Metrics
| Occupancy Rate | 92.4% |
| Average Rent per Square Foot | $75.30 |
| Total Property Value | $8.2 billion |
Investment Strategy
Vornado generates income through:
- Rental income from commercial properties
- Property management fees
- Strategic property sales
Market Positioning
| Total Portfolio Size | 20.1 million square feet |
| Number of Properties | 47 properties |
| Market Capitalization | $2.3 billion |
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