Description of Vornado Realty Trust's Business Segments

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.

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Composition of Vornado Realty Trust Revenues by Segments


Rental revenues	86.95 %	of total Revenue
Lease revenues	83.31 %	of total Revenue
Property rentals	81.32 %	of total Revenue
Trade shows	1.44 %	of total Revenue
Sales-type lease income	0.55 %	of total Revenue
Tenant services	2.51 %	of total Revenue
Parking revenues	1.13 %	of total Revenue
Fee and other income	13.05 %	of total Revenue
BMS cleaning fees	8.57 %	of total Revenue
Management and leasing fees	0.59 %	of total Revenue
Other income	3.89 %	of total Revenue
New York	82.22 %	of total Revenue
New York Rental revenues	69.82 %	of total Revenue
New York Lease revenues	67.1 %	of total Revenue
New York Property rentals	66.55 %	of total Revenue
New York Sales-type lease income	0.55 %	of total Revenue
New York Tenant services	1.84 %	of total Revenue
New York Parking revenues	0.88 %	of total Revenue
New York Fee and other income	12.4 %	of total Revenue
New York BMS cleaning fees	9.16 %	of total Revenue
New York Management and leasing fees	0.64 %	of total Revenue
New York Other income	2.6 %	of total Revenue
Other	17.78 %	of total Revenue
Other Rental revenues	17.13 %	of total Revenue
Other Lease revenues	16.21 %	of total Revenue
Other Property rentals	14.77 %	of total Revenue
Other Trade shows	1.44 %	of total Revenue
Other Tenant services	0.67 %	of total Revenue
Other Parking revenues	0.25 %	of total Revenue
Other Fee and other income	0.65 %	of total Revenue
Other BMS cleaning fees	-0.59 %	of total Revenue
Other Management and leasing fees	-0.05 %	of total Revenue
Other Other income	1.29 %	of total Revenue

Q1 three months ended (Mar 31 2026)
Revenues by Business Segments	Revenues (in millions $)	% (of total Revenues)
Rental revenues	399.18	86.95 %
Lease revenues	382.49	83.31 %
Property rentals	373.36	81.32 %
Trade shows	6.60	1.44 %
Sales-type lease income	2.53	0.55 %
Tenant services	11.53	2.51 %
Parking revenues	5.17	1.13 %
Fee and other income	59.92	13.05 %
BMS cleaning fees	39.34	8.57 %
Management and leasing fees	2.72	0.59 %
Other income	17.86	3.89 %
New York	377.49	82.22 %
New York Rental revenues	320.55	69.82 %
New York Lease revenues	308.05	67.1 %
New York Property rentals	305.52	66.55 %
New York Sales-type lease income	2.53	0.55 %
New York Tenant services	8.46	1.84 %
New York Parking revenues	4.03	0.88 %
New York Fee and other income	56.94	12.4 %
New York BMS cleaning fees	42.07	9.16 %
New York Management and leasing fees	2.92	0.64 %
New York Other income	11.95	2.6 %
Other	81.62	17.78 %
Other Rental revenues	78.64	17.13 %
Other Lease revenues	74.43	16.21 %
Other Property rentals	67.83	14.77 %
Other Trade shows	6.60	1.44 %
Other Tenant services	3.07	0.67 %
Other Parking revenues	1.14	0.25 %
Other Fee and other income	2.98	0.65 %
Other BMS cleaning fees	-2.73	-0.59 %
Other Management and leasing fees	-0.21	-0.05 %
Other Other income	5.91	1.29 %
Total	459.11	100 %

Q1 three months ended (Mar 31 2026)
Revenue Growth rates by Segment	Y/Y Revenue %	Q/Q Revenue %
Rental revenues	-1.38 %	-
Lease revenues	-1.66 %	-
Property rentals	-2.39 %	-
Trade shows	2.58 %	-
Sales-type lease income	-	-
Tenant services	5.46 %	-
Parking revenues	6.06 %	-
Fee and other income	5.45 %	-
BMS cleaning fees	7.86 %	-
Management and leasing fees	-10.4 %	-
Other income	3.15 %	-
New York	0.78 %	-
New York Rental revenues	-0.66 %	-
New York Lease revenues	-0.85 %	-
New York Property rentals	-1.66 %	-
New York Sales-type lease income	-	-
New York Tenant services	3.73 %	-
New York Parking revenues	5.33 %	-
New York Fee and other income	9.77 %	-
New York BMS cleaning fees	9.28 %	-
New York Management and leasing fees	-8.83 %	-
New York Other income	17.47 %	-
Other	-6.22 %	-
Other Rental revenues	-4.2 %	-
Other Lease revenues	-4.89 %	-
Other Property rentals	-5.56 %	-
Other Trade shows	2.58 %	-
Other Tenant services	10.56 %	-
Other Parking revenues	8.7 %	-
Other Fee and other income	-39.8 %	-
Other BMS cleaning fees	-	-
Other Management and leasing fees	-	-
Other Other income	-17.24 %	-
Total	-0.54 %	-

Q1 three months ended (Mar 31 2026)
Income by Business Segments	Income (in millions $)	% (Profit Margin)
Total	-22.03	-

Q1 three months ended (Mar 31 2026)
Income Growth rates by Segment	Y/Y Income %	Q/Q Income %
Total	-	-

Annual Report on Vornado Realty Trust Divisions, Sales by Country


Rental revenues	86.07 %	of total Revenue
Tenant services	2.5 %	of total Revenue
Parking revenues	1.12 %	of total Revenue
Fee and other income	13.93 %	of total Revenue
BMS cleaning fees	8.71 %	of total Revenue
Management and leasing fees	0.64 %	of total Revenue
Other income	4.58 %	of total Revenue
New York	81.56 %	of total Revenue
New York Rental revenues	68.68 %	of total Revenue
New York Tenant services	1.76 %	of total Revenue
New York Parking revenues	0.88 %	of total Revenue
New York Fee and other income	12.88 %	of total Revenue
New York BMS cleaning fees	9.2 %	of total Revenue
New York Management and leasing fees	0.67 %	of total Revenue
New York Other income	3.01 %	of total Revenue
Other	18.44 %	of total Revenue
Other Rental revenues	17.4 %	of total Revenue
Other Tenant services	0.74 %	of total Revenue
Other Parking revenues	0.24 %	of total Revenue
Other Fee and other income	1.05 %	of total Revenue
Other BMS cleaning fees	-0.49 %	of total Revenue
Other Management and leasing fees	-0.03 %	of total Revenue
Other Other income	1.57 %	of total Revenue

Twelve months ended 2025
VNO s Annual Revenue by Geography and Business Segments	Sales (in millions $)	% (of total Sales)
Rental revenues	1,558.24	86.07 %
Tenant services	45.24	2.5 %
Parking revenues	20.32	1.12 %
Fee and other income	252.18	13.93 %
BMS cleaning fees	157.69	8.71 %
Management and leasing fees	11.56	0.64 %
Other income	82.93	4.58 %
New York	1,476.52	81.56 %
New York Rental revenues	1,243.31	68.68 %
New York Tenant services	31.84	1.76 %
New York Parking revenues	15.95	0.88 %
New York Fee and other income	233.21	12.88 %
New York BMS cleaning fees	166.53	9.2 %
New York Management and leasing fees	12.16	0.67 %
New York Other income	54.53	3.01 %
Other	333.90	18.44 %
Other Rental revenues	314.93	17.4 %
Other Tenant services	13.40	0.74 %
Other Parking revenues	4.38	0.24 %
Other Fee and other income	18.97	1.05 %
Other BMS cleaning fees	-8.84	-0.49 %
Other Management and leasing fees	-0.59	-0.03 %
Other Other income	28.41	1.57 %
Total	1,810.43	100 %

Twelve months ended 2025
VNO s Annual Income by Country and Business Segments	Income (in millions $)	% (Profit Margin)
Total	937.20	51.77 %

Twelve months ended 2025
Annual Revenue and Income Growth by Country and Business Segments	% Y/Y Sales Growth	% Y/Y Income Growth
Rental revenues	-0.67 %	-
Tenant services	8.88 %	-
Parking revenues	5.76 %	-
Fee and other income	15.22 %	-
BMS cleaning fees	5.67 %	-
Management and leasing fees	-21.23 %	-
Other income	50.86 %	-
New York	0.31 %	-
New York Rental revenues	-1.36 %	-
New York Tenant services	8.5 %	-
New York Parking revenues	4.71 %	-
New York Fee and other income	10.23 %	-
New York BMS cleaning fees	4.14 %	-
New York Management and leasing fees	-21.28 %	-
New York Other income	50.53 %	-
Other	5.77 %	-
Other Rental revenues	2.12 %	-
Other Tenant services	9.77 %	-
Other Parking revenues	9.79 %	-
Other Fee and other income	159.57 %	-
Other BMS cleaning fees	-	-
Other Management and leasing fees	-	-
Other Other income	51.49 %	-
Total	1.27 %	4559 %

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