Segment & Geographic Data
Quant-Grade Normalized (live API)
API & CSV Delivery
Vornado Realty Trust's Business Segments
Vornado Realty Trust's reported revenue by business segment and by geographic region, quarterly and annual, normalized against the consolidated income statement. Free below: the top 3 rows per table, this quarter and this fiscal year. Subscriber access adds the full segment history and operating income by segment.
Segment Data As of Q1 FY2026
Reportable Segments
2
Largest Segment
New York
Total Revenue
$ 459
Regions Reported
-
Revenue Share by Reportable Segment - Q1 FY2026
- New York82.2%
- Other17.8%
Revenue by Reportable Segment - Q1 FY2026
| Segment | Revenue (Millions) | % of Total |
|---|---|---|
| New York | $ 377 | 82.2% |
| Other | $ 82 | 17.8% |
Revenue by Product & Service Category - Q1 FY2026
- Rental Revenue86.9%
- Fee and other income13.1%
- Building Maintenance Service8.6%
- Product and Service, Other3.9%
- Tenant services2.5%
- Parking Revenue1.1%
- Management and leasing fees0.6%
Revenue by Product & Service Category - Q1 FY2026
| Category | Revenue (Millions) | % of Total |
|---|---|---|
| Rental Revenue | $ 399 | 86.9% |
| Fee and other income | $ 60 | 13.1% |
| Building Maintenance Service | $ 39 | 8.6% |
Product and service categories are a supplemental disclosure and are not required to sum to consolidated revenue or to the reportable segments above.
4 more categories available
Sign in to unlock the full Vornado Realty Trust dataset.
Description of Vornado Realty Trust
Vornado Realty Trust is a fully-integrated real estate investment trust (REIT) that manages a diverse portfolio of properties, primarily focused on the New York City market. Its operations encompass the ownership, management, and development of commercial real estate, including office buildings, retail spaces, and mixed-use developments.
Vornados business model includes leasing and managing its properties, as well as engaging in redevelopment and repositioning projects to enhance value. The companys portfolio is characterized by a mix of high-profile, iconic assets and strategic investments in key urban markets.
In addition to its New York operations, Vornado has interests in properties in Washington, D.C. and other regions. The companys approach emphasizes optimizing asset performance through strategic management, tenant relations, and property enhancements.
As of the latest information, Vornado Realty Trust continues to focus on its core markets, adapting to market trends and changing demands, while maintaining its position as a leading player in the real estate sector.
Vornados business model includes leasing and managing its properties, as well as engaging in redevelopment and repositioning projects to enhance value. The companys portfolio is characterized by a mix of high-profile, iconic assets and strategic investments in key urban markets.
In addition to its New York operations, Vornado has interests in properties in Washington, D.C. and other regions. The companys approach emphasizes optimizing asset performance through strategic management, tenant relations, and property enhancements.
As of the latest information, Vornado Realty Trust continues to focus on its core markets, adapting to market trends and changing demands, while maintaining its position as a leading player in the real estate sector.
Vornado Realty Trust is a prominent publicly traded real estate investment trust (REIT) with a diversified portfolio that focuses on the ownership and management of commercial real estate, primarily within the key markets of New York City and the Washington, D.C. metropolitan area. Vornado operates across four principal segments: Office, Retail, Merchandise Mart, and Temperature Controlled Logistics. Here is a detailed breakdown of each segments offerings, including property types, lease structures, tenant industries, and associated services.
1. Office Segment
The Office Segment is integral to Vornados overall strategy, featuring an extensive portfolio of 86 properties that collectively encompass around 26 million square feet of office space. This segment is bifurcated primarily between New York City and the Washington, D.C. region.
New York City Office Properties
- Portfolio Size: 20 properties spanning approximately 13.4 million square feet.
- Space Composition: Consists of about 12.6 million square feet of office space and 805,000 square feet of retail space, plus five garages totaling 332,000 square feet.
- Tenant Composition: Occupied by a variety of industries with notable sectors including:
- Retail: 13%
- Publishing: 10%
- Government: 8%
- Legal: 7%
- Technology: 6%
- Advertising: 6%
- Pharmaceuticals: 5%
- Finance: 5%
- Other sectors: 11% spanning insurance, health services, and engineering.
Lease Structure:
- Standard lease terms generally range from 5 to 15 years, often incorporating annual rent escalations and provisions for tenant improvement allowances. Tenants are responsible for increases in real estate taxes and operational expenses.
Charles E. Smith Commercial Realty (CESCR) Properties
- Portfolio Size: Includes 66 office properties alongside one hotel in the Washington, D.C. area, amounting to approximately 14.2 million square feet.
- Key Features: A significant portion (35%) is leased to U.S. government agencies, alongside management for 19 garages contributing about 4 million square feet.
- Tenant Composition:
- U.S. Government: 42%
- Government Contractors: 29%
- Legal Services: 4%
- Additional industries including communication and transportation.
Lease Structure:
- Typical lease terms are 4 to 7 years, featuring renewal options at market rates, as well as annual rent adjustments and operational expense reimbursements.
Retail Segment
Vornados retail portfolio consists of a diversified array of formats, ranging from strip shopping centers to supermarkets and urban retail locations.
- Portfolio Size: Comprises a total of 94 retail properties, including:
- 51 strip shopping centers (9.2 million square feet)
- 25 supermarkets (primarily located in Southern California)
- 5 regional malls in New York, New Jersey, and Puerto Rico.
Key Properties:
- Green Acres Mall: A large facility of 1.6 million square feet, anchored by major department stores and currently in the process of renovations and expansions.
- Monmouth Mall: A 1.4 million square feet property with 50% ownership, hosting key anchors such as Macys.
- Bergen Mall: Involved in substantial redevelopment planning following lease terminations with significant tenants.
- Montehiedra Mall: Spanning 554,000 square feet, featuring anchors such as Home Depot and Kmart.
Tenant Composition:
- Department Stores: 20%
- Family Apparel: 14%
- Supermarkets: 10%
- Other categories (31%) encompassing home improvement and restaurants.
Merchandise Mart Segment
This segment focuses on properties designed for showrooms and trade exhibitions, providing a crucial venue for industry-specific events.
- Portfolio Size: Includes 8 properties around 8.6 million square feet, along with seven parking garages totaling over 1.15 million square feet.
Showroom Space:
- Offers spaces for permanent and temporary use by manufacturers and wholesalers for product displays.
- Hosts significant trade shows including NeoCon, a premier event for the contract furniture sector.
Tenant Composition:
- Industries represented include:
- Residential Design: 25%
- Gifts: 21%
- Residential Furnishings: 17%
- Contract Furnishings: 14%
- Other categories comprise a total of 23%.
Lease Structure:
- Typically involves lease terms from 3 to 15 years, with structured escalations and tenant improvement allowances.
Temperature Controlled Logistics Segment
After divesting a significant interest in Americold Realty Trust, Vornado has streamlined this segment to focus on temperature-controlled logistics.
Americold Logistics:
- Specializes in refrigerated warehousing and transportation management, catering primarily to the food industry.
- Manages 88 temperature-controlled facilities that oversee warehousing, transportation routing, and distribution channel evaluations.
Conclusion
Vornado Realty Trust presents a rich, strategically diverse portfolio aimed at delivering high-quality office environments, robust retail options, specialist showroom facilities, and efficient logistics solutions. The company’s varied composition by industry within its segments showcases its strategic adaptability in responding to market demands in prime urban locales. Its lease structures are designed to foster long-term tenancy and provide flexibility for tenant improvements, promoting sustained revenue and high occupancy rates. As Vornado continues to evolve, it remains well-positioned to adjust its offerings according to changing market dynamics and consumer preferences.
1. Office Segment
The Office Segment is integral to Vornados overall strategy, featuring an extensive portfolio of 86 properties that collectively encompass around 26 million square feet of office space. This segment is bifurcated primarily between New York City and the Washington, D.C. region.
New York City Office Properties
- Portfolio Size: 20 properties spanning approximately 13.4 million square feet.
- Space Composition: Consists of about 12.6 million square feet of office space and 805,000 square feet of retail space, plus five garages totaling 332,000 square feet.
- Tenant Composition: Occupied by a variety of industries with notable sectors including:
- Retail: 13%
- Publishing: 10%
- Government: 8%
- Legal: 7%
- Technology: 6%
- Advertising: 6%
- Pharmaceuticals: 5%
- Finance: 5%
- Other sectors: 11% spanning insurance, health services, and engineering.
Lease Structure:
- Standard lease terms generally range from 5 to 15 years, often incorporating annual rent escalations and provisions for tenant improvement allowances. Tenants are responsible for increases in real estate taxes and operational expenses.
Charles E. Smith Commercial Realty (CESCR) Properties
- Portfolio Size: Includes 66 office properties alongside one hotel in the Washington, D.C. area, amounting to approximately 14.2 million square feet.
- Key Features: A significant portion (35%) is leased to U.S. government agencies, alongside management for 19 garages contributing about 4 million square feet.
- Tenant Composition:
- U.S. Government: 42%
- Government Contractors: 29%
- Legal Services: 4%
- Additional industries including communication and transportation.
Lease Structure:
- Typical lease terms are 4 to 7 years, featuring renewal options at market rates, as well as annual rent adjustments and operational expense reimbursements.
Retail Segment
Vornados retail portfolio consists of a diversified array of formats, ranging from strip shopping centers to supermarkets and urban retail locations.
- Portfolio Size: Comprises a total of 94 retail properties, including:
- 51 strip shopping centers (9.2 million square feet)
- 25 supermarkets (primarily located in Southern California)
- 5 regional malls in New York, New Jersey, and Puerto Rico.
Key Properties:
- Green Acres Mall: A large facility of 1.6 million square feet, anchored by major department stores and currently in the process of renovations and expansions.
- Monmouth Mall: A 1.4 million square feet property with 50% ownership, hosting key anchors such as Macys.
- Bergen Mall: Involved in substantial redevelopment planning following lease terminations with significant tenants.
- Montehiedra Mall: Spanning 554,000 square feet, featuring anchors such as Home Depot and Kmart.
Tenant Composition:
- Department Stores: 20%
- Family Apparel: 14%
- Supermarkets: 10%
- Other categories (31%) encompassing home improvement and restaurants.
Merchandise Mart Segment
This segment focuses on properties designed for showrooms and trade exhibitions, providing a crucial venue for industry-specific events.
- Portfolio Size: Includes 8 properties around 8.6 million square feet, along with seven parking garages totaling over 1.15 million square feet.
Showroom Space:
- Offers spaces for permanent and temporary use by manufacturers and wholesalers for product displays.
- Hosts significant trade shows including NeoCon, a premier event for the contract furniture sector.
Tenant Composition:
- Industries represented include:
- Residential Design: 25%
- Gifts: 21%
- Residential Furnishings: 17%
- Contract Furnishings: 14%
- Other categories comprise a total of 23%.
Lease Structure:
- Typically involves lease terms from 3 to 15 years, with structured escalations and tenant improvement allowances.
Temperature Controlled Logistics Segment
After divesting a significant interest in Americold Realty Trust, Vornado has streamlined this segment to focus on temperature-controlled logistics.
Americold Logistics:
- Specializes in refrigerated warehousing and transportation management, catering primarily to the food industry.
- Manages 88 temperature-controlled facilities that oversee warehousing, transportation routing, and distribution channel evaluations.
Conclusion
Vornado Realty Trust presents a rich, strategically diverse portfolio aimed at delivering high-quality office environments, robust retail options, specialist showroom facilities, and efficient logistics solutions. The company’s varied composition by industry within its segments showcases its strategic adaptability in responding to market demands in prime urban locales. Its lease structures are designed to foster long-term tenancy and provide flexibility for tenant improvements, promoting sustained revenue and high occupancy rates. As Vornado continues to evolve, it remains well-positioned to adjust its offerings according to changing market dynamics and consumer preferences.