VORNADO REALTY TRUST

For the period ended Dec 31, 2024. Filed Feb 10, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 10, 2025

VNO$36.65+2.3%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 2. PROPERTIES

PROPERTY LISTING

We operate in two reportable segments: New York and Other. The following pages provide details of our real estate properties as of December 31, 2024.

	Square Feet
NEW YORK SEGMENTProperty · %Ownership · Type · %Occupancy · In Service · UnderDevelopmentor NotAvailablefor Lease · TotalProperty
PENN 1 (ground leased through 2098)(1)	100.0%	Office / Retail	83.7%		2,552,000	—	2,552,000
1290 Avenue of the Americas	70.0%	Office / Retail	92.7%		2,106,000	—	2,106,000
PENN 2	100.0%	Office / Retail	100.0%		402,000	1,393,000	1,795,000
909 Third Avenue (ground leased through 2063)(1)	100.0%	Office	93.1%		1,352,000	—	1,352,000
280 Park Avenue(2)	50.0%	Office / Retail	92.2%		1,266,000	—	1,266,000
Independence Plaza, Tribeca (1,327 units)(2)	50.1%	Retail / Residential	54.7%	(3)	1,258,000	—	1,258,000
770 Broadway	100.0%	Office / Retail	56.0%		1,183,000	—	1,183,000
PENN 11	100.0%	Office / Retail	99.6%		1,151,000	—	1,151,000
100 West 33rd Street	100.0%	Office / Retail	73.1%		1,115,000	—	1,115,000
90 Park Avenue	100.0%	Office / Retail	98.2%		956,000	—	956,000
One Park Avenue	100.0%	Office / Retail	93.6%		945,000	—	945,000
888 Seventh Avenue (ground leased through 2067)(1)	100.0%	Office / Retail	84.3%		887,000	—	887,000
The Farley Building (ground and building leased through 2116)(1)	95.0%	Office / Retail	91.7%		846,000	—	846,000
330 West 34th Street (65.2% ground leased through 2149)(1)	100.0%	Office / Retail	77.3%		726,000	—	726,000
85 Tenth Avenue(2)	49.9%	Office / Retail	85.8%		638,000	—	638,000
650 Madison Avenue(2)	20.1%	Office / Retail	82.9%		601,000	—	601,000
350 Park Avenue	100.0%	Office	100.0%		585,000	—	585,000
150 East 58th Street(4)	100.0%	Office / Retail	81.7%		544,000	—	544,000
7 West 34th Street(2)	53.0%	Office / Retail	100.0%		477,000	—	477,000
595 Madison Avenue	100.0%	Office / Retail	89.0%		330,000	—	330,000
640 Fifth Avenue(2)	52.0%	Office / Retail	92.2%		315,000	—	315,000
Sunset Pier 94 Studios (ground and building leased through 2110)(1)(2)	49.9%	Studio	(5)		—	266,000	266,000
260 Eleventh Avenue (ground leased through 2114)(1)	100.0%	Office	100.0%		209,000	—	209,000
4 Union Square South	100.0%	Retail	100.0%		204,000	—	204,000
61 Ninth Avenue (2 buildings) (ground leased through 2115)(1)(2)	45.1%	Office / Retail	100.0%		194,000	—	194,000
512 West 22nd Street(2)	55.0%	Office / Retail	100.0%		173,000	—	173,000
825 Seventh Avenue	51.2%	Office(2) / Retail	80.1%		173,000	—	173,000
1540 Broadway(2)	52.0%	Retail	78.5%		161,000	—	161,000
Paramus	100.0%	Office	85.6%		129,000	—	129,000
666 Fifth Avenue (2)(6)	52.0%	Retail	100.0%		114,000	—	114,000
1535 Broadway(2)	52.0%	Retail / Theatre	99.3%		107,000	—	107,000
57th Street (2 buildings)(2)	50.0%	Office / Retail	71.2%		103,000	—	103,000
689 Fifth Avenue(2)	52.0%	Office / Retail	100.0%		97,000	—	97,000
150 West 34th Street	100.0%	Retail	100.0%		79,000	—	79,000
655 Fifth Avenue(2)	50.0%	Retail	100.0%		57,000	—	57,000
435 Seventh Avenue	100.0%	Retail	100.0%		43,000	—	43,000
606 Broadway	50.0%	Office / Retail	24.8%		36,000	—	36,000
697-703 Fifth Avenue(2)	44.8%	Retail	100.0%		26,000	—	26,000
1131 Third Avenue	100.0%	Retail	100.0%		23,000	—	23,000
131-135 West 33rd Street	100.0%	Retail	100.0%		23,000	—	23,000

See notes on page 28.

PROPERTY LISTING – CONTINUED

	Square Feet
NEW YORK SEGMENT – CONTINUEDProperty · %Ownership · Type · %Occupancy · In Service · UnderDevelopmentor NotAvailablefor Lease · TotalProperty
715 Lexington Avenue	100.0%	Retail		100.0%		22,000		—		22,000
537 West 26th Street	100.0%	Retail		100.0%		17,000		—		17,000
334 Canal Street	100.0%	Retail / Residential		—%	(3)	—		14,000		14,000
304-306 Canal Street	100.0%	Retail / Residential		100.0%	(3)	4,000		9,000		13,000
40 East 66th Street (3 units)	100.0%	Residential		100.0%		10,000		—		10,000
431 Seventh Avenue	100.0%	Retail		100.0%		9,000		—		9,000
138-142 West 32nd Street	100.0%	Retail		80.3%		8,000		—		8,000
339 Greenwich Street	100.0%	Retail		100.0%		8,000		—		8,000
966 Third Avenue	100.0%	Retail		100.0%		7,000		—		7,000
968 Third Avenue(2)	50.0%	Retail		100.0%		7,000		—		7,000
137 West 33rd Street	100.0%	Retail		100.0%		3,000		—		3,000
57th Street(2)	50.0%	Land		(5)		—		—		—
Eighth Avenue and 34th Street	100.0%	Land		(5)		—		—		—
Hotel Pennsylvania Site (PENN 15)	100.0%	Land		(5)		—		—		—
Other (3 buildings)	100.0%	Retail		100.0%		16,000		—		16,000
Alexander's, Inc.:
731 Lexington Avenue(2)	32.4%	Office / Retail		98.9%		1,080,000		—		1,080,000
Rego Park II, Queens (6.6 acres)(2)	32.4%	Retail		99.0%		479,000		136,000		615,000
Rego Park I, Queens (4.8 acres)(2)	32.4%	Retail		100.0%		86,000		252,000		338,000
The Alexander Apartment Tower, Queens (312 units)(2)	32.4%	Residential		94.2%		255,000		—		255,000
Flushing, Queens (1.0 acre ground leased through 2037)(1)(2)	32.4%	Retail		100.0%		167,000		—		167,000
Total New York Segment			88.6%		24,364,000		2,070,000		26,434,000
Our Ownership Interest			87.6%		19,241,000		1,675,000		20,916,000

See notes on page 28.

PROPERTY LISTING – CONTINUED

	Square Feet
OTHER SEGMENTProperty · %Ownership · Type · %Occupancy · In Service · UnderDevelopmentor NotAvailablefor Lease · TotalProperty
THE MART:
THE MART, Chicago	100.0%	Office / Retail / Trade show / Showroom	80.1%	3,684,000		—		3,684,000
527 West Kinzie, Chicago	100.0%	Land	(5)		—		—		—
Other (2 properties)(2), Chicago	50.0%	Retail	89.5%	19,000		—		19,000
Total THE MART			80.2%	3,703,000		—		3,703,000
Our Ownership Interest			80.1%	3,694,000		—		3,694,000
555 California Street:
555 California Street	70.0%	Office / Retail	96.6%	1,507,000		—		1,507,000
315 Montgomery Street	70.0%	Office / Retail	93.6%	236,000		—		236,000
345 Montgomery Street	70.0%	Office / Retail	—%	78,000		—		78,000
Total 555 California Street			92.0%	1,821,000		—		1,821,000
Our Ownership Interest			92.0%	1,275,000		—		1,275,000

Other:
Rosslyn Plaza, VA (197 units)(2)	45.6%	Office / Residential	28.5%	(3)	685,000	304,000	989,000
Fashion Centre Mall / Washington Tower, VA(2)	7.5%	Office / Retail	93.4%		1,038,000	—	1,038,000
Wayne Towne Center, Wayne, NJ (ground leased through 2064)(1)	100.0%	Retail	100.0%		686,000	4,000	690,000
Annapolis, MD (ground leased through 2042)(1)	100.0%	Retail	100.0%		128,000	—	128,000
Atlantic City, NJ (11.3 acres ground leased through 2070 to VICI Properties for a portion of the Borgata Hotel and Casino complex)	100.0%	Land	100.0%		—	—	—
Total Other			83.5%		2,537,000	308,000	2,845,000
Our Ownership Interest			86.5%		1,202,000	144,000	1,346,000

(1)Term assumes all renewal options exercised, if applicable.

(2)Denotes property not consolidated in the accompanying consolidated financial statements and related financial data included in the Annual Report on Form 10-K.

(3)Excludes residential occupancy statistics.

(4)Includes 962 Third Avenue (the Annex building to 150 East 58th Street) 50.0% ground leased through 2118 (assuming all renewal options are exercised).

(5)Properties under development or to be developed.

(6)75,000 square feet is leased from the 666 Fifth office condominium. On January 8, 2025, the Fifth Avenue and Times Square joint venture completed the sale to UNIQLO of the portion of its U.S. flagship store at 666 Fifth Avenue. In conjunction with the sale, the lease with the 666 Fifth Avenue office condominium was terminated. The joint venture continues to own 23,832 square feet of retail space at 666 Fifth Avenue. See page 37 for details.

TOP 10 TENANTS BASED ON ANNUALIZED ESCALATED RENTS(1) (AT SHARE):

Tenant	SquareFootageAt Share	AnnualizedEscalated RentsAt Share	% of Total AnnualizedEscalated RentsAt Share
Meta Platforms, Inc.	1,176,828	$141,598	7.7%
IPG and affiliates	955,211	64,056	3.6%
Citadel	585,460	62,498	3.5%
New York University	685,290	49,552	2.7%
Madison Square Garden & Affiliates(2)	449,053	45,451	2.5%
Bloomberg L.P.	306,768	43,863	2.4%
Google/Motorola Mobility (guaranteed by Google)	759,446	42,875	2.3%
Amazon (including its Whole Foods subsidiary)	312,694	31,025	1.7%
Swatch Group USA	11,957	28,689	1.5%
Neuberger Berman Group LLC	306,612	28,363	1.5%

ANNUALIZED ESCALATED RENTS(1) (AT SHARE) BY TENANT INDUSTRY:

Industry	Percentage
Office:
Financial Services	22%
Technology	15%
Professional Services	7%
Real Estate	5%
Advertising/Marketing	5%
Entertainment and Electronics	4%
Education	3%
Insurance	2%
Health Services	2%
Engineering, Architect & Surveying	2%
Apparel	1%
Communications	1%
Government	1%
Other	6%
	76%
Retail:
Apparel	4%
Luxury Retail	4%
Banking	2%
Restaurants	2%
Grocery	1%
Other	6%
	19%
Showroom	5%
Total	100%

(1)Annualized escalated rents represent monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rents at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space.

(2)Includes Madison Square Garden Entertainment’s new lease at PENN 2. Revenue recognition for portions of the new space has not yet commenced.

NEW YORK

As of December 31, 2024, our New York segment consisted of 26.4 million square feet in 64 properties. The 26.4 million square feet is comprised of 20.1 million square feet of Manhattan office in 30 of the properties, 2.4 million square feet of Manhattan street retail in 49 of the properties, 1,330 units in two residential properties, and our 32.4% interest in Alexander’s, 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 New York segment also includes nine garages totaling 1.6 million square feet (4,685 spaces).

As of December 31, 2024, the occupancy rate for our New York segment was 87.6%.

Occupancy and weighted average annual rent per square foot:

Office:

Vornado's Ownership Interest
As of December 31,	Total Square Feet	In ServiceSquare Feet	In ServiceSquare FeetAt Share	OccupancyRate	WeightedAverage Annual Escalated RentPer Square Foot
2024	20,343,000	18,714,000	16,024,000	88.8%	$88.38
2023	20,383,000	18,699,000	16,001,000	90.7%	86.30
2022	19,902,000	18,724,000	16,028,000	91.9%	83.98
2021	20,630,000	19,442,000	16,757,000	92.2%	80.01
2020	20,586,000	18,361,000	15,413,000	93.4%	79.05

Retail:

Vornado's Ownership Interest
As of December 31,	Total Square Feet	In ServiceSquare Feet	In ServiceSquare FeetAt Share	OccupancyRate	WeightedAverage Annual Escalated RentPer Square Foot
2024	2,421,000	2,387,000	1,943,000	73.7%	$213.05
2023	2,394,000	2,123,000	1,684,000	74.9%	224.88
2022	2,556,000	2,289,000	1,851,000	74.4%	215.72
2021	2,693,000	2,267,000	1,825,000	80.7%	214.22
2020	2,690,000	2,275,000	1,805,000	78.8%	226.38

Occupancy and average monthly rent per unit:

Residential:

Vornado's Ownership Interest
As of December 31,	Total Number of Units	TotalNumber of Units	OccupancyRate	Average MonthlyRent Per Unit
2024	1,642	769	96.6%	$4,713
2023	1,974	939	96.8%	4,115
2022	1,976	941	96.7%	3,882
2021	1,986	951	97.0%	3,776
2020	1,995	960	84.9%	3,714

NEW YORK – CONTINUED

Lease expirations as of December 31, 2024 (at share):

Number of Expiring Leases · Square Feet of Expiring Leases(1) · Percentage ofNew York Square Feet · Annualized Escalated Rentsof Expiring Leases
Year · Total · Per Square Foot
Office:
Fourth Quarter 2024(2)	13	56,000	0.4%	$4,394,000	$78.46
2025	67	591,000	4.2%	45,517,000	77.02	(3)
2026	72	1,163,000	8.3%	96,849,000	83.28
2027	100	1,341,000	9.6%	107,992,000	80.53
2028(4)	67	1,051,000	7.5%	85,447,000	81.30
2029	72	1,290,000	9.2%	106,828,000	82.81
2030	64	691,000	4.9%	57,851,000	83.72
2031	37	696,000	5.0%	64,668,000	92.91
2032	32	1,014,000	7.2%	99,800,000	98.42
2033	20	517,000	3.7%	44,524,000	86.12
2034	29	748,000	5.8%	78,714,000	105.23
Retail:
Fourth Quarter 2024(2)	2	1,000	0.1%	$266,000	$266.00
2025	15	178,000	14.0%	15,092,000	84.79	(5)
2026	11	84,000	6.6%	26,722,000	318.12
2027	12	52,000	4.1%	21,514,000	413.73
2028	9	27,000	2.1%	10,978,000	406.59
2029	12	53,000	4.2%	23,559,000	444.51
2030	18	146,000	11.5%	24,458,000	167.52
2031	25	68,000	5.3%	31,214,000	459.03
2032	22	55,000	4.3%	30,115,000	547.55
2033	12	33,000	2.6%	10,754,000	325.88
2034	27	138,000	10.8%	17,308,000	125.42

(1)Excludes storage, vacancy and other.

(2)Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter.

(3)Based on current market conditions, we expect to re-lease this space at rents between $80 to $90 per square foot.

(4)Excludes the expiration of 492,000 square feet at 909 Third Avenue for U.S. Post Office as we assume the exercise of all renewal options through 2038 given the below-market rent on their options.

(5)Based on current market conditions, we expect to re-lease this space at rents between $125 to $150 per square foot.

Alexander’s

As of December 31, 2024, we own 32.4% of the outstanding common stock of Alexander’s, which owns five properties in the greater New York City aggregating 2.5 million square feet, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg L.P. headquarters building. As of December 31, 2024, Alexander's had an occupancy rate of 99.1% and a weighted average annual rent per square foot of $119.53.

OTHER REAL ESTATE AND INVESTMENTS

THE MART

We own the 3.7 million square foot THE MART in Chicago, whose largest tenant is Motorola Mobility at 609,000 square feet, the lease of which is guaranteed by Google. As of December 31, 2024, THE MART had an occupancy rate of 80.1% and a weighted average annual rent per square foot of $53.32.

555 California Street

We own a 70% controlling interest in a three-building office complex aggregating 1.8 million square feet, located at California and Montgomery Streets in San Francisco’s financial district (“555 California Street”). As of December 31, 2024, 555 California Street had an occupancy rate of 92.0% and a weighted average annual rent per square foot of $98.90.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.