Vornado Realty Trust

Vornado is a fully-integrated real estate investment trust (REIT) that operates primarily through its Operating Partnership, a Delaware limited partnership. As of December 31, 2025, Vornado was the sole general partner and owned approximately 91.3% of the common limited partnership interest in the Operating Partnership. The company's cash flow and ability to pay dividends depend on the Operating Partnership's cash flow and its subsidiaries' ability to meet creditor obligations. Vornado owns properties and investments across several key areas: In New York, the company holds 51 Manhattan operating properties. These include 19.2 million square feet of office space across 26 properties, 2.3 million square feet of street retail space in 45 properties, and 1,331 units in two Manhattan residential properties. Vornado also owns multiple development and redevelopment sites, such as 350 Park Avenue, Sunset Pier 94 Studios, 623 Fifth Avenue, the Hotel Pennsylvania site (PENN 15), and other PENN district sites. Additionally, Vornado has a 32.4% interest in Alexander's, Inc., which owns five properties in the greater New York metropolitan area, including 731 Lexington Avenue (the 1.1 million square foot Bloomberg, L.P. headquarters building) and The Alexander (a 312-unit apartment tower in Queens). The company also owns signage throughout the PENN District and Times Square, and Building Maintenance Services LLC (BMS), a wholly owned subsidiary providing cleaning and security services for its buildings and third parties. Outside of New York, Vornado owns THE MART in Chicago, a 3.7 million square foot property. It also holds a 70% controlling interest in 555 California Street, a three-building office complex in San Francisco's financial district totaling 1.8 million square feet, along with other real estate and investments.