Vornado Realty Trust
- NYSE: VNO
- S&P 400 component
Michael J. Franco (CIO)
Joseph Macnow (CFO)
[1]
Vornado Realty Trust is a real estate investment trust formed in Maryland in 1982, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.
Investments
Notable properties owned by the company include:[1]
- New York Marriott Marquis (Retail & signage)
- 1540 Broadway (Retail & signage)
- Manufacturers Trust Company Building (510 Fifth Avenue) (Retail)
- 660 Fifth Avenue (Retail)
- 770 Broadway
- 888 Seventh Avenue
- Crowne Plaza Times Square Manhattan (Retail & office)
- Fuller Building
- Penn 1
- The future site of 15 Penn Plaza
- Rego Center
The company also owns:
- 70% of 555 California Street in San Francisco, California (30% is owned by affiliates of Donald Trump)
- 70% of 1290 Avenue of the Americas in New York City (30% is owned by Donald Trump)[2]
- Merchandise Mart in Chicago, Illinois
- 32.4% of Alexander's, which owns 731 Lexington Avenue
History
Two Guys
The origins of the company can be traced back to the Two Guys discount store chain, founded in 1947 by brothers Sidney and Herbert Hubschman.[3] In 1959, Two Guys acquired O. A. Sutton Corporation, manufacturers of the Vornado line of electric fans, and the company was subsequently renamed Vornado Inc.[3]
By 1964, the company operated over 200 stores.[4] In the 1970s, Vornado began divesting its retail operations. In 1978, the company sold 80 Two Guys locations in California.[3]
In 1980, Interstate Properties Inc., a real estate development company controlled by Steven Roth, acquired an 18% stake in Vornado, since Roth became interested in the company's real estate holdings.[3] In 1981, Interstate Properties took control of the firm after winning a proxy struggle against existing management and closed additional stores, reducing the number of stores in operation to 12.[5][6]
Acquisition of Alexander's (1986–1995)
In 1986, Interstate Properties and Donald Trump each bought approximately 20% of Alexander's, a failing retailer whose real estate holdings included a store that occupied the entire block between East 58th and 59th streets and Lexington and Third Avenues in Manhattan.[7]
In 1988, they each raised their stakes to 27% of the company, but Trump pledged his interest as collateral for a personal loan from Citicorp and in 1991, Trump was forced to turn over his holdings to Citibank.[8]
In 1992, Roth and Alexander's creditors forced Alexander's into bankruptcy.[9]
Alexander's emerged from bankruptcy in 1993 as a real estate investment trust. That same year, Vornado Inc. was converted into a REIT, Vornado Realty Trust. In 1995, Vornado bought Citicorp's interest in Alexander's.[10]
Vornado Air licensing deal (1989)
In 1989, the Vornado name was licensed to Vornado Air, LLC, a new company formed to manufacture heating and cooling equipment. Outside of the brand licensing agreement, the Trust has no modern relation to Vornado Air, LLC.[citation needed]
Acquisition of properties from Bernard H. Mendik (1997)
In April 1997, the company acquired a company owned by Bernard H. Mendik in a $654 million stock transaction that added a large portfolio of office buildings in Manhattan to Vornado's assets. Mendik became co-chairman of Vornado until his resignation in October 1998.[11]
World Trade Center lease (2001)
On February 15, 2001, the Port Authority announced that Vornado Realty Trust had won the bid for a 99-year lease for the World Trade Center, offering $3.25 billion.[12] Silverstein Properties was outbid by $30 million by Vornado. However, Vornado balked over lease terms and possible tax liabilities.[13] Silverstein signed a lease for the World Trade Center in April 2001,[14] 5 months before the September 11 attacks.
2001–present
In 2001, the company acquired Charles E. Smith Commercial Realty, owner of a portfolio of assets primarily in Arlington, Virginia, in a $1.58 billion transaction. Robert H. Smith and Robert P. Kogod were added to the board of directors of Vornado.[15]
In 2005, the company bought a 32.5% interest in Toys "R" Us.[16] Toys "R" Us filed bankruptcy in 2018 and the investment was written off.[17][18][19]
In 2013, Steven Roth replaced Michael D. Fascitelli as CEO of Vornado. Fascitelli had been CEO since 2009.[20]
In 2015, the company spun off its interest in Urban Edge Properties, a spinoff consisting of its former retail holdings outside Manhattan, to its shareholders.[21]
In 2017, the company merged its Charles E. Smith Companies subsidiary into the JBG Companies, forming JBG Smith.[22]
References
- ^ a b "Vornado Realty Trust 2021 Form 10-K Annual Report". Securities and Exchange Commission.
- ^ Alexander, Dan (October 16, 2020). "Donald Trump Has At Least $1 Billion In Debt, More Than Twice The Amount He Suggested". Forbes.
- ^ a b c d Barmash, Isadore (June 13, 1981). "A Change At Troubled Vornado". The New York Times.
- ^ Sloane, Leonard (October 10, 1964). "Two Guys Stores Are Expanding". The New York Times.
- ^ Barmash, Isadore (November 3, 1981). "Vornado To Increase Store Closings By 18 Units". The New York Times.
- ^ Sloan, Allan (June 2, 1992). "Looking Closer At The Odd Bankruptcy Of Alexander's Inc". The Washington Post.
- ^ "Trump to Acquire 20% of Alexander's". The New York Times. November 22, 1986.
- ^ "Alexander's Jumps On Trump Rumor". The New York Times. May 14, 1991.
- ^ "Alexander's Shuts All Its 11 Stores; Plans Liquidation". The New York Times. May 16, 1992.
- ^ "Vornado and Affiliate Get Control of Alexander's". The New York Times. March 7, 1995.
- ^ Saxon, Wolfgang (May 30, 2001). "Bernard Mendik, 72, Prominent Landlord and Head of Real Estate Industry Board, Dies". The New York Times.
- ^ "Vornado wins WTC lease". CNN. Reuters. February 22, 2001.
- ^ Bagli, Charles V. (March 17, 2001). "World Trade Center Deal Remains in Doubt". The New York Times.
- ^ Bagli, Charles V. (April 27, 2001). "Deal Is Signed To Take Over Trade Center". The New York Times.
- ^ Spinner, Jackie (October 20, 2001). "Vornado to Buy Commercial Arm of Smith Realty Giant". The Washington Post.
- ^ "Bain Capital, KKR And Vornado Complete Acquisition Of Toys "R" Us, Inc" (Press release). Bain Capital. July 21, 2005 – via Securities and Exchange Commission.
- ^ Jones, Charisse (September 19, 2017). "Toys R Us files for bankruptcy". USA Today.
- ^ Hals, Tom; Rucinski, Tracy (September 19, 2017). "Toys 'R' Us seeks bankruptcy to survive retail upheaval". Reuters.
- ^ Bhattarai, Abha (September 19, 2017). "Toys 'R' Us files for bankruptcy amid struggle to pay down billions in debt". The Washington Post.
- ^ "Michael D. Fascitelli to Step Down as Vornado's Chief Executive Officer; Steven Roth, the Company's Chairman, Appointed as Chief Executive Officer" (Press release). Vornado Realty Trust. February 27, 2013 – via Business Wire.
- ^ "Vornado Announces Completion of Spin-Off of Urban Edge Properties" (Press release). Vornado Realty Trust. January 15, 2015 – via Business Wire.
- ^ "JBG SMITH Properties Announces Completion of Its Spin-Off From Vornado Realty Trust and Its Combination With The JBG Companies" (Press release). Vornado Realty Trust. July 18, 2017 – via PR Newswire.
External links
- Business data for Vornado Realty Trust:
- Bloomberg
- Reuters
- SEC filings
- Yahoo!
- v
- t
- e
- Antero Midstream
- Antero Resources
- ChampionX
- Chesapeake Energy
- Chord Energy
- Civitas Resources
- CNX Resources
- DT Midstream
- Equitrans Midstream
- HF Sinclair
- Matador Resources
- Murphy Oil
- Nov
- Ovintiv
- PBF Energy
- Permian Resources
- Range Resources
- Southwestern Energy
- Valaris Limited
- Weatherford International
- Alcoa
- AptarGroup
- Arcadium Lithium
- Ashland Global
- Avient
- Axalta
- Berry Global
- Cabot Corp
- Chemours
- Cleveland-Cliffs
- Commercial Metals
- Crown Holdings
- Eagle Materials
- Graphic Packaging
- Greif, Inc.
- Knife River Corporation
- Louisiana-Pacific
- MP Materials
- NewMarket Corporation
- Olin
- Reliance Steel & Aluminum Co.
- Royal Gold
- RPM International
- Scotts Miracle-Gro Company
- Silgan Holdings
- Sonoco
- U.S. Steel
- Westlake
- Acuity Brands
- Advanced Drainage Systems
- AECOM
- AGCO
- ASGN Inc.
- Avis Budget Group
- Brink's
- BWX Technologies
- CACI International
- Carlisle Companies
- Chart Industries
- Clean Harbors
- Comfort Systems USA
- Concentrix
- Core & Main
- Crane
- Curtiss-Wright
- Donaldson
- Emcor
- EnerSys
- ESAB
- EXL Service
- Exponent, Inc.
- Flowserve
- Fluor
- Fortune Brands Innovations
- FTI Consulting
- GATX
- Genpact
- Graco
- GXO Logistics
- Hertz
- Hexcel
- Insperity
- ITT
- KBR
- Kirby
- Knight-Swift
- Landstar System
- Lennox International
- Lincoln Electric
- ManpowerGroup
- MasTec
- Maximus Inc.
- MDU Resources
- Middleby
- MSA Safety
- MSC Industrial Direct
- nVent Electric plc
- Oshkosh
- Owens Corning
- Paylocity
- RBC Bearings
- Regal Rexnord
- Ryder
- Saia
- Science Applications Intl Corp
- Sensata Technologies
- Simpson Manufacturing Company
- Stericycle
- Sunrun
- Terex
- Tetra Tech
- Timken
- The Toro Company
- Trex
- UFP Industries
- Valmont
- Watsco
- Watts Water Technologies
- Werner Enterprises
- WESCO International
- Woodward
- XPO, Inc.
- Adient
- Aramark
- Autoliv
- AutoNation
- Boyd Gaming
- Brunswick
- Burlington
- Capri Holdings
- Carter's
- Choice Hotels
- Churchill Downs Inc.
- Columbia Sportswear
- Crocs
- Deckers Brands
- Dick's Sporting Goods
- Duolingo
- Five Below
- Floor & Decor
- Fox Factory
- GameStop
- Gap
- Gentex
- Goodyear Tire & Rubber
- Graham Holdings
- Grand Canyon Education
- H&R Block
- Harley-Davidson
- Helen of Troy Limited
- Hilton Grand Vacations
- Hyatt
- KB Home
- Lear
- Leggett & Platt
- Light & Wonder
- Lithia Motors
- Macy's
- Marriott Vacations Worldwide
- Mattel
- Murphy USA
- Nordstrom
- Ollie's Bargain Outlet
- Penn Entertainment
- Penske Automotive Group
- Planet Fitness
- Polaris
- PVH
- RH
- Service Corp Intl
- Skechers
- Taylor Morrison
- Tempur Sealy
- Texas Roadhouse
- Thor Industries
- Toll Brothers
- TopBuild Corp.
- Travel + Leisure Co.
- Under Armour (Class A)
- Under Armour (Class C)
- Vail Resorts
- Valvoline
- Visteon
- Wendy's
- Williams-Sonoma
- Wingstop
- Wyndham Hotels & Resorts
- Yeti Holdings
- BellRing Brands
- BJ's Wholesale Club
- Boston Beer Company
- Casey's General Stores
- Celsius Holdings
- Coca-Cola Consolidated
- Coty
- Darling Ingredients
- e.l.f. Beauty
- Flowers Foods
- Grocery Outlet
- Ingredion
- Lancaster Colony Corp
- Performance Food Group
- Pilgrim's Pride
- Post Holdings
- Sprouts Farmers Market
- US Foods
- Acadia Healthcare
- Amedisys
- Arrowhead Pharmaceuticals
- Azenta
- Bruker
- Chemed Corp.
- Doximity
- Encompass Health
- Enovis
- Envista Holdings
- Exelixis
- Globus Medical
- Haemonetics
- Halozyme
- HealthEquity
- Inari Medical
- Integra Lifesciences Holdings
- Jazz Pharmaceuticals
- Lantheus Holdings
- LivaNova
- Masimo
- Medpace
- Neogen
- Neurocrine Biosciences
- Option Care Health
- Penumbra
- Perrigo
- Progyny
- QuidelOrtho
- R1 RCM
- Repligen
- Shockwave Medical
- Sotera Health
- Tenet Healthcare
- United Therapeutics
- Affiliated Managers Group
- Ally Financial
- American Financial Group
- Annaly Capital Management
- Associated Bank
- Bank OZK
- Brighthouse Financial
- Cadence Bank
- Carlyle Group
- CNO Financial Group
- Columbia Banking System
- Commerce Bancshares
- East West Bancorp
- Equitable Holdings
- Erie Indemnity
- Essent Group Ltd.
- Euronet Worldwide
- Evercore
- Federated Hermes
- Fidelity National Financial
- First American
- First Financial Bankshares
- First Horizon
- FirstCash
- FNB Corporation
- Frost Bank
- Glacier Bancorp
- Hancock Whitney
- Hanover Insurance
- Home BancShares
- Houlihan Lokey
- Interactive Brokers
- Intl Bancshares Corp
- Janus Henderson
- Jefferies
- Kemper
- Kinsale Capital Group
- MGIC Investment Corporation
- Morningstar, Inc.
- New York Community Bank
- Old National Bank
- Old Republic International
- Pinnacle Financial Partners
- Primerica
- Prosperity Bancshares
- Reinsurance Group of America
- RenaissanceRe
- RLI
- SEI
- Selective Insurance Group
- SLM Corp
- South State Bank
- Starwood Property Trust
- Stifel
- Synovus
- Texas Capital Bancshares
- UMB Financial Corp.
- United Bankshares
- Unum
- Valley Bank
- Voya Financial
- Webster Bank
- Western Union
- WEX Inc.
- Wintrust
- Allegro MicroSystems
- Amkor Technology
- Arrow Electronics
- Aspen Technology
- Avnet
- Belden
- Blackbaud
- Calix
- Ciena
- Cirrus Logic
- Cognex
- Coherent Corp.
- CommVault Systems
- Crane NXT
- Dolby
- Dropbox
- Dynatrace
- GoDaddy
- IPG Photonics
- Kyndryl
- Lattice Semiconductor
- Littelfuse
- Lumentum Holdings
- MACOM Technology Solutions
- Manhattan Associates
- MKS Instruments
- Novanta
- Onto Innovation
- Power Integrations
- Pure Storage
- Qualys
- Rambus
- Silicon Labs
- Supermicro
- Synaptics
- TD Synnex
- Teradata
- Universal Display
- Vishay
- Vontier
- Wolfspeed
- Agree Realty
- Apartment Income REIT
- Brixmor Property Group
- COPT Defense Properties
- Cousins Properties
- CubeSmart
- EastGroup Properties
- EPR Properties
- Equity Lifestyle Properties
- First Industrial Realty Trust
- Gaming and Leisure Properties
- Healthcare Realty Trust
- IRT Living
- Jones Lang LaSalle
- Kilroy Realty Corp
- Kite Realty Group Trust
- Lamar Advertising Company
- Medical Properties Trust
- National Storage Affiliates Trust
- NNN Reit
- Omega Healthcare Investors
- Park Hotels & Resorts
- Physicians Realty Trust
- PotlatchDeltic
- Rayonier
- Rexford Industrial Realty
- Sabra Health Care REIT
- STAG Industrial
- Vornado Realty Trust
- W. P. Carey