Vornado Realty Trust (VNO)
Owns and operates Manhattan offices, street retail, and selected other real-estate assets.
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Generates property income from a New York-centered portfolio of Manhattan offices and street retail, with residential properties, garages, marketplace assets, and selected holdings outside New York. The REIT operates through Vornado Realty L.P. and reports New York and Other segments.
Generates property income chiefly from Manhattan office and street-retail properties. The New York portfolio also includes residential properties, garages, and an interest in Alexander’s; the company operates through Vornado Realty L.P.
The current structure followed the separation of non-core retail assets and the Washington business, concentrating the remaining company in New York. Beyond New York, assets include marketplace properties and selected prime holdings in Chicago and San Francisco. Active ownership and management are central to its stated operating model. Manhattan retail performance depends on consumer spending, tourism, office and residential occupancy, remote-working policies, online retail competition, and other local conditions.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | Truist Financial | Target | Target: $39 | Target: $35 |
| Sep 17, 2026 | Scotiabank | Reiterate | Rating: —Target: $41 | Target: $39 |
| Sep 2, 2026 | Scotiabank | Reiterate | Rating: —Target: $33 | Target: $41 |
| Aug 5, 2026 | Piper Sandler | Reiterate | Rating: —Target: $42 | Target: $44 |
| Jul 22, 2026 | UBS | Downgrade | Rating: — |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $675.4M · Total debt $9.06B · Total assets $15.61B · Shareholders' equity $5.79B
- Revenue
- $462.2M
- Operating income
- $25.6M
- Net income
- $32.0M
HistoryDividendAnnual yield
| Institutions | ≈ 101.48% | 189.49M shares | |
|---|---|---|---|
| 447 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.50% | 929.6K shares | |
| 5 holders · as of Jun 18, 2026 | |||
| Strategic holders | 20.64% | 38.54M shares | |
| 3 holders · as of Feb 14, 2023 | |||
| Adds to | 122.62% | ||
186.72M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 122.62%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 11.88% | 22.18M | as of Jun 30, 2026 |
Norges Bank (The Central Bank of Norway)Strategic | 9.68% | 18.08M | filed Jan 28, 2021 |
Vanguard Portfolio Management LLCInstitution | 7.78% | 14.53M | as of Jun 30, 2026 |
Norges BankInstitution | 7.72% | 14.41M | as of Jun 30, 2026 |
Franklin Resources IncInstitution | 7.17% | 13.38M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 17, 2026 | Michael D. Fascitelli | director | −133,350 | $36.62 |
| Jun 8, 2026 | Russell B. Jr Wight | director | +4,000 | $16.94 |
| Mar 12, 2026 | Daniel R. Tisch | director | +30,000 | $25.55 |
| Feb 27, 2026 | Daniel R. Tisch | director | +45,000 | $27.70 |
| Mar 2, 2026 | Daniel R. Tisch | director | +40,000 | $27.09 |
- SL Green Realty
Manhattan office and prime-retail landlord
- Empire State Realty Trust
Manhattan office and retail owner-operator
- BXP
Gateway-city owner developing premier Manhattan workplaces
- Acadia Realty Trust
Owner of street retail in key New York corridors
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Vornado Realty Trust | $35.32 | −0.73% | $6.69B | 1,074.9 | — | 3.7 | +4.7% |
| SL Green Realty | $52.24 | −1.33% | $3.77B | — | — | 3.6 | +16.5% |
| Empire State Realty Trust | $4.11 | −0.85% | $709.8M | — | — | 0.9 | +3.0% |
| BXP | $63.62 | −0.80% | $10.23B | 34.5 | 31.0 | 2.9 | +3.1% |
| Acadia Realty Trust | $19.45 | +0.49% | $2.66B | 56.1 | 61.7 | 6.6 | −7.2% |
| Median | 45.3 | 46.4 | 3.3 | +3.0% |