Who Owns Vornado Realty Trust Company?

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Who owns Vornado Realty Trust?

Understanding Vornado Realty Trust's ownership is key to grasping its market influence and strategic direction. The company's transformation from a discount retailer to a major commercial real estate entity in New York City highlights a significant evolution in its ownership structure.

As a publicly traded REIT, Vornado Realty Trust's ownership is dispersed among many shareholders, with institutional investors and the public holding significant stakes. This structure means no single entity typically holds a controlling interest, but major shareholders can exert considerable influence.

Who owns Vornado Realty Trust?

The ownership of Vornado Realty Trust (NYSE:VNO) is primarily distributed among its public shareholders. As of 2024 and into 2025, institutional investors, including large asset management firms and mutual funds, hold a substantial portion of the company's shares. Individual investors also contribute to the broad ownership base. The company's conversion to a REIT in 1993 established this publicly traded model. For a deeper understanding of its strategic positioning, one might consider a Vornado Realty Trust BCG Matrix analysis.

The ownership of Vornado Realty Trust is deeply intertwined with Steven Roth, who spearheaded its transformation. The company's roots trace back to Vornado Inc., which acquired the Two Guys discount department store chain in 1980. Steven Roth assumed the role of CEO for Vornado Inc. in 1980, becoming the driving force behind its strategic evolution into a real estate investment trust.

Origins of Vornado

The entity that evolved into Vornado Realty Trust began as Vornado Inc. This company acquired the Two Guys discount department store chain in 1980. The predecessor to Vornado Inc., Windsor-Fifth Ave., Inc., was incorporated in 1936.

Steven Roth's Entry

Steven Roth became CEO of Vornado Inc. in 1980. His leadership has been central to the company's strategic direction and its transition into a real estate investment trust.

Two Guys Foundation

The Two Guys discount chain was founded in 1947 by brothers Sidney and Herbert Hubschman. This retail operation formed a key part of the early Vornado Inc.

Interstate Properties' Stake

In 1980, Interstate Properties Inc., a real estate development firm led by Steven Roth, acquired an 18% stake in Vornado. This acquisition was driven by an interest in Vornado's real estate assets.

Alexander's Investment

Roth expanded his Manhattan real estate involvement in 1985 by acquiring a stake in Alexander's, a retailer with substantial land holdings. By 1988, Roth, through Interstate Properties, held a 27% stake in Alexander's.

Vornado's REIT Conversion

In 1993, Vornado Inc. converted into Vornado Realty Trust, a REIT. This marked a significant shift in the company's structure and focus.

Steven Roth's influence grew significantly as Vornado Realty Trust evolved. Following the conversion to a REIT in 1993, Vornado held $115 million in cash and $421 million in total assets. A subsequent equity offering raised $172 million, solidifying Roth's control, with him holding 38% of the outstanding shares through Interstate Properties and personal holdings. By 1995, Vornado acquired Citicorp's interest in Alexander's for $54.8 million, granting Roth majority control through Vornado and Interstate, and he assumed the CEO position at Alexander's. This period highlights the strategic acquisitions and restructuring that shaped Vornado Realty Trust's ownership structure, with Roth emerging as the dominant figure. Understanding these early moves is key to understanding Revenue Streams & Business Model of Vornado Realty Trust.

Key Ownership Milestones

Steven Roth's strategic maneuvers were pivotal in shaping Vornado Realty Trust's ownership. His early investments and leadership transformed the company from its retail origins into a significant real estate entity.

• Steven Roth became CEO of Vornado Inc. in 1980.
• Interstate Properties Inc. acquired an 18% stake in Vornado in 1980.
• Roth and Donald Trump each acquired approximately 20% of Alexander's in 1986.
• Vornado Realty Trust was formed in 1993 through a conversion.
• By 1993, Steven Roth held 38% of Vornado's outstanding shares.
• In 1995, Vornado acquired Citicorp's interest in Alexander's, increasing Roth's control.

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Vornado Realty Trust's ownership structure has been shaped by its conversion to a publicly traded REIT in 1993 and subsequent strategic acquisitions and divestitures. As a company listed on the New York Stock Exchange, its ownership is widely distributed among various shareholders.

Vornado Realty Trust (NYSE:VNO) is a publicly traded entity, meaning its ownership is dispersed among a broad base of shareholders. As of July 29, 2025, the company's market capitalization stood at $6.6 billion. The vast majority of Vornado's shares, approximately 91.87%, are held by institutional investors. These major investors, as of March 31, 2025, included Vanguard Group Inc. with 23,836,195 shares, BlackRock, Inc. holding 21,967,528 shares, Norges Bank with 17,342,373 shares as of December 31, 2024, Franklin Resources Inc. owning 11,929,684 shares, and State Street Corp. with 8,793,267 shares. These entities collectively manage significant assets, indicating a substantial portion of Vornado Realty Trust's stock is held by large financial institutions and funds.

Key Stakeholders in Vornado Realty Trust

Understanding Vornado Realty Trust ownership reveals a strong presence of institutional investors. These major shareholders play a crucial role in the company's governance and strategic direction.

• Vanguard Group Inc. is a significant holder.
• BlackRock, Inc. also maintains a substantial stake.
• Norges Bank is among the top institutional owners.
• Franklin Resources Inc. and State Street Corp. are also major investors.
• Individual insiders collectively hold a notable percentage of shares.

Individual insiders also represent a significant ownership bloc, accounting for 27.03% of Vornado Realty Trust stock. David Mandelbaum stands out as the largest individual shareholder, possessing 20.36 million shares, which equates to 10.61% of the company. As of July 29, 2025, his holdings were valued at approximately $813.17 million. The operational structure of Vornado Realty Trust involves Vornado Realty L.P., where the Trust acts as the sole general partner. As of March 31, 2025, Vornado Realty Trust held approximately 91.4% of the common limited partnership interest. This structure means the Trust's financial capacity, including its ability to pay dividends and meet debt obligations, is directly tied to the performance of the Operating Partnership. Over time, Vornado has strategically expanded its portfolio, notably by increasing its control over Alexander's Inc. to bolster its presence in New York City, while also divesting non-core assets to concentrate on prime office and retail properties in key urban markets. This strategic approach is a key aspect of Brief History of Vornado Realty Trust.

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The Board of Trustees and senior leadership at Vornado Realty Trust are instrumental in shaping the company's strategic path and overseeing its daily operations. As of July 2025, Steven Roth holds the positions of Chairman of the Board and Chief Executive Officer, a role he has occupied since May 1989, with a reappointment on April 15, 2013. He also serves as Chairman of the Executive Committee of the Board, a position he has held since April 1980. Michael J. Franco is the President and Chief Financial Officer.

The composition of the Board of Trustees is designed to incorporate a blend of individuals who either represent substantial Vornado Realty Trust shareholders or are founders, alongside independent trustees. This mix aims to ensure a broad spectrum of skills and expertise, facilitating substantive discussions while maintaining a majority of independent trustees for robust governance. Candace Beinecke serves as the Lead Independent Trustee, underscoring the commitment to independent oversight.

Vornado Realty Trust Governance and Shareholder Rights

Vornado Realty Trust operates under a general principle of one-share-one-vote for its common shares. However, the Board of Trustees possesses the authority to adjust the number of beneficial interest shares and can establish preferred share series that may impact control changes.

• One-share-one-vote principle for common shares.
• Board can increase share numbers without shareholder approval.
• Authority to establish preferred share series with potential control implications.
• Maryland law restricts business combinations with interested shareholders for five years without board approval.
• Trustee removal requires a two-thirds affirmative vote for cause.
• Understanding the Target Market of Vornado Realty Trust is key to appreciating its operational framework.

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Institutional investors hold a significant majority of Vornado Realty Trust's shares, indicating a strong presence of large financial entities in its ownership structure. As of March 31, 2025, institutions accounted for 91.87% of the company's ownership, reflecting confidence from major market players in Vornado's strategy and assets.

Vornado Realty Trust has been actively managing its portfolio and strategic development over the past few years. The company reported revenues of US$1.79 billion for the fiscal year ending December 31, 2024, with a net income of US$20.1 million. Office occupancy saw an increase to 88.8% by late 2024, supported by 3.4 million square feet of leasing activity in 2024, including 2.65 million square feet in New York City at market-leading rents of $104. A key development is the proposed master lease with NYU for 1 million square feet at 770 Broadway, which could boost office occupancy to 92.1%. Despite anticipated temporary occupancy dips in early 2025 due to new developments like PENN 2, Vornado expects stabilization and a return to low 90s occupancy within the year. The development yield for PENN 2 reached 10.2%, highlighting a strategic focus on enhancing its New York City office and retail segments. While facing increased net interest expenses, the company has maintained financial stability, partly due to lease termination income. Vornado projects a slight decrease in Funds From Operations (FFO) for 2025 but anticipates substantial earnings growth by 2027.

Leasing Activity and Occupancy

In 2024, Vornado completed 3.4 million square feet of leasing, improving office occupancy to 88.8%. This includes significant leasing in New York City, with market-leading starting rents of $104.

Strategic Development Focus

The company is advancing landmark projects like the Penn District redevelopment. The development yield for PENN 2 increased to 10.2%, emphasizing a commitment to its core New York City assets.

Financial Performance and Outlook

For the fiscal year 2024, Vornado reported revenues of US$1.79 billion and a net income of US$20.1 million. While 2025 FFO is expected to slightly decrease, significant earnings growth is projected by 2027.

Insider and Shareholder Activity

Insider activity in late 2024 and early 2025 showed more selling than buying. Vornado has maintained its dividend payments for 35 consecutive years, despite its stock experiencing pressure, declining over 22% year-to-date as of April 2025.

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