VORNADO REALTY TRUST VNO
VORNADO REALTY TRUST is a publicly traded real estate investment trust specializing in NYC Commercial Office properties.
Executive Summary: VORNADO REALTY TRUST (VNO) Institutional Rating
Quantitative Verdict: VORNADO REALTY TRUST (VNO) trades at an annualized dividend yield of 10.49% with an AFFO payout ratio of 83.9%, earning a Dividend Safety Score of 40 / 100 (Elevated Risk). The stock currently trades at a 8.3% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $37.93, backed by an institutional portfolio of 150 commercial properties operating at 87.0% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
VORNADO REALTY TRUST operates as a Operationally Intensive in the NYC Commercial Office real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 87.0%.
Labor & Overhead Efficiency
- • Total Global Employees: 3,145
- • Estimated Market Cap: $7.13 B
- • Capital Per Employee: $2.27M
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.54%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 5.04% | $49.22 | +29.8% | $34.80 | Undervalued |
| 5.54% | $44.78 | +18.1% | $34.80 | Undervalued |
| 6.04% | $41.07 | +8.3% | $34.80 | Undervalued |
| 6.54% Base Case | $37.93 | 0.0% | $34.80 | Undervalued |
| 7.04% | $35.24 | -7.1% | $34.80 | Undervalued |
| 7.54% | $32.90 | -13.3% | $34.80 | Overvalued |
| 8.04% | $30.85 | -18.7% | $34.80 | Overvalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $0.9125 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| VORNADO REALTY TRUST Core Physical Asset Portfolio | United States (Nationwide Footprint) | 18,000,000 sq ft (implied) | 87.0% | Diversified Commercial Tenants | SEC Schedule III Verified |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: VNO vs Peers
Institutional CompsDirect peer benchmark comparing VORNADO REALTY TRUST against its top competitors in the NYC Commercial Office industry.
| Metric | VNO (Current) | SLG | EQIX | PSA |
|---|---|---|---|---|
| Share Price | $34.80 | $50.14 | $955.03 | $309.89 |
| Dividend Yield | 10.49% | 10.51% | 1.78% | 3.87% |
| Dividend Safety Score | 40 / 100 | 40 / 100 | 91 / 100 | 93 / 100 |
| Price / AFFO Multiple | 8.0x | 8.0x | 26.24x | 18.56x |
| NAV Premium / Discount | -8.3% | -8.3% | +3.8% | -10.2% |
| Portfolio Occupancy | 87.0% | 87.0% | 97.4% | 92.4% |
| Commercial Properties | 150 | 150 | 260 | 3,050 |
Frequently Asked Questions (VNO FAQ)
VORNADO REALTY TRUST (VNO) currently pays an annualized dividend of $3.65 per share, representing an annualized dividend yield of 10.49%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 83.9%, earning a Dividend Safety Score of 40/100 with a risk rating of 'Elevated Risk'.
Based on REITwave's institutional property-level valuation models, VORNADO REALTY TRUST's consensus base NAV is $37.93 per share. Trading at $34.80, the stock reflects an implied market cap rate of 6.54% and trades at a 8.3% discount to NAV (undervalued).
VORNADO REALTY TRUST owns and operates approximately 150 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 87.0% with a weighted average lease term (WALT) of 6.5 years.
VORNADO REALTY TRUST currently trades at a Price / AFFO multiple of 8.0x based on forward AFFO per share of $4.35. Its Price / FFO multiple stands at 7.4x against forward FFO per share of $4.70.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Executive Leadership / VORNADO Corp. Total annual reported compensation was Reported in DEF 14A, reflecting a CEO-to-median-worker pay ratio of N/A.
VORNADO REALTY TRUST maintains a Net Debt-to-EBITDA ratio of 7.8x and carries an investment-grade credit rating of BBB. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.