Vornado Realty Trust is a prominent real estate investment trust (REIT) in the United States. It was founded in 1982 as a result of the merger between two real estate companies: Vornado Inc. and Alexander's Inc. The company's headquarters are located in New York City.
Vornado's primary focus is on owning, operating, and developing high-quality commercial properties, including office buildings, retail centers, and residential properties. The company has a significant presence in key markets, with a strong emphasis on properties in New York City and Washington, D.C.
As a REIT, Vornado is required to distribute at least 90% of its taxable income to shareholders in the form of dividends, making it an attractive investment option for income-oriented investors. The company's diversified real estate portfolio and strategic focus on high-demand urban locations contribute to its long-term stability and growth potential.
Over the years, Vornado has been involved in various high-profile real estate projects, including the redevelopment of New York City's Penn Plaza district and the ownership of the iconic 220 Central Park South luxury residential tower.
In addition to its real estate activities, Vornado also operates a merchandise mart business through its subsidiary, The Merchandise Mart, which owns and operates commercial showrooms and exhibition spaces for wholesale buyers and sellers in various industries. This further diversifies the company's revenue streams and strengthens its position in the commercial real estate market.