Vornado Realty Trusts
Vornado Realty Trust (VNO) is one of the largest owners and managers of commercial real estate in the United States with a portfolio of over 100 million square feet, primarily located in the New York and Washington, DC, areas. Vornado’s core businesses include New York, Washington, DC, and retail properties primarily in the northeast states, California, and Puerto Rico.
As of December 31, 2013, Vornado’s real estate portfolio consisted of the following:
New York City:
In early April, Vornado announced that it intended to spin off its retail portfolio into a separate REIT and distribute the new company—cleverly called Spinco—to shareholders as a tax-free distribution. This follows Simon Property Group’s (SPG) plan to spin off its strip mall portfolio into a separate REIT and distribute it to shareholders.
Vornado is the largest office REIT by market cap, coming in at just under $20 billion. Its primary competitors are Boston Properties (BXP), S.L. Green (SLG), and Brookfield Office Properties (BPO). The office REIT space is highly competitive.