Vornado Realty Trust (NYSE: VNO) is Steve Roth’s Manhattan concentration: premier New York office and retail plus the generational PENN District bet, redeveloping the blocks around Penn Station into a corporate campus, financed through an office cycle that forced the dividend to blink.
| Vornado Realty Trust (VNO) Snapshot | |
|---|---|
| Share Price (delayed) | $40.91 +2.45% |
| Market Cap | $7.6B |
| Annualized Dividend | $0.74 (Quarterly) |
| Dividend Yield | 1.81% |
| Sector | Office ยท New York Office |
Market data updates automatically several times daily. Last price refresh: Aug 04, 2026.
Business Model
Vornado owns trophy Manhattan office (plus THE MART in Chicago and prime Fifth Avenue/Times Square retail), with the PENN District as the defining project: millions of square feet being repositioned around the region’s busiest transit hub. New York’s office recovery, return-to-office mandates, record leasing in premier buildings, has been the tailwind; Q4 2025 FFO of $0.55 still missed expectations, the recovery arriving unevenly.
Dividend Reality
Vornado cut its dividend and briefly paused it entirely during the office crisis, shifting to year-end determinations sized to taxable income before resuming regular payments. The record demands the honest framing: this payout follows the cycle and management’s capital priorities, not a streak.
The Honest Risk Section
Single-market concentration in the most expensive office market on earth, PENN District execution measured in decades, retail exposure to Manhattan tourism cycles, and a controlled-company governance structure. The assets are irreplaceable; the shareholder experience has been cyclical in the fullest sense.
Frequently Asked Questions
What is Vornado’s PENN District project?
The multi-decade redevelopment of Vornado’s holdings around Penn Station into a modern corporate campus, the company’s defining value-creation bet.
Has Vornado cut its dividend?
Yes, cut and briefly suspended during the office downturn before resuming; the payout is sized to conditions rather than defended as a streak.
Analysis based on company disclosures through Q1 2026. Live market data updates automatically. Independent research, not investment advice.