Vornado Realty Trust Investor Relations Material

Vornado Realty Trust is an American real estate investment trust (REIT) that specializes in commercial properties. The company primarily focuses on acquiring, developing, and managing office buildings and street retail in Manhattan. Vornado's portfolio includes high-profile assets, such as office skyscrapers and luxury retail spaces, and its strategy long-term investment in properties with high potential for value appreciation and steady income generation. The company is headquartered in NYC and its shares are listed on the NYSE.

What we today know as Vornado Realty was founded in 1980. However, Its origins trace back to Two Guys, a discount store chain established in the 1940s by brothers Sidney and Herbert Hubschman. The company evolved through a series of mergers and acquisitions, most notably merging with the manufacturer of the Vornado line of fans and renaming itself in the process. Over time, Vornado shifted its focus from retail to real estate, divesting its retail operations during the latter part of the 1970s. What began as a merger between a discount store and a fan manufacturer has become an important player in NYC’s real estate market.

Vornado Realty Trust specializes in owning, managing, and developing office buildings and street retail properties. Primarily focused in New York City, the company's portfolio includes prime office and retail spaces in Manhattan. Vornado's strategy involves acquiring, managing, and optimizing commercial spaces to maximize their value and appeal, renting them out to generate revenue for the long term.

Vornado Realty Trust operates as a Real Estate Investment Trust (REIT), a type of company that owns, operates, or finances income-generating real estate. As a REIT, Vornado primarily invests in office buildings and street retail properties. The REIT structure mandates that the company distributes at least 90% of its taxable income to its shareholders in the form of dividends, as well as several other legally binding obligations. In return, the company receives certain tax benefits. This is a corporate structure employed by a large number of companies, including some of Vornados' competition, with two notable examples being SL Green Realty and Boston Properties.