Vornado's Class-A Portfolio has Long-Term Value Despite Weak Short-Term Office Fundamentals

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 56 Manhattan properties consisting of 20.1 million square feet of office space, 2.4 million square feet of street retail space, 1,330 residential units, and a 32.4% interest in Alexander’s, which owns six properties in the New York area. Vornado also owns a few non-New York properties which are well-located in CBDs of Chicago and San Francisco, but has recently announced its intention to sell these properties. 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.