Vornado's Fundamentals in 2024 Will Be Affected by a Difficult Manhattan Office Market

Vornado Realty is a fully integrated real estate investment trust with interests in high-quality office and retail properties located principally in Manhattan. The portfolio of the company is around 85% New York-centric and 80% office-centric. It owns 57 Manhattan properties consisting of 20.4 million square feet of office space, 2.4 million square feet of street retail space, 1,662 residential units, and a 32.4% interest in Alexander’s, which owns six properties in the New York area. Vornado also owns two non-New York properties in well-located central business districts of Chicago and San Francisco that have benefited from healthy tech office demand in supply-constrained regions. The strategy of the company is to maintain a high-quality portfolio by investing in markets that have a high likelihood of capital appreciation through acquisition, new development, and redevelopment opportunities.