HIGHBuilt-inGeographic
88%
New York metropolitan area
“10-K Item 1A: 'In 2025, approximately 88% of our NOI is from properties located in the New York metropolitan area'”
VNO · Concentration risk · 10-K extracted
Vornado Realty Trust (VNO) concentration risks
Updated
The most significant concentration Vornado Realty Trust discloses is New York metropolitan area at 88%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Vornado Realty Trust’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH2
MEDIUM0
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inProperty_type
78%
office
“10-K Item 1A: 'In 2025, approximately 78% of our net operating income ("NOI" a non-GAAP measure) is from our office properties'”
LOWBuilt-inProperty_type
16%
Manhattan retail
“10-K Item 1A: 'In 2025, approximately 16% of our NOI is from Manhattan retail properties'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is defined by two reinforcing structural exposures — geography and property type — both reflecting deliberate strategic positioning rather than idiosyncratic dependency risk. Approximately 88% of net operating income is derived from properties in the New York metropolitan area — a high-share geographic concentration by disclosed size. The character is structural: the portfolio was assembled around this market, so exposure to New York's office leasing dynamics, transit patterns, and regulatory environment is inherent to the business model. Layered directly on top is a property-type concentration: approximately 78% of net operating income comes from office properties — also a high-share, structural exposure. Office is the segment most sensitive to hybrid work adoption, lease renewal risk, and tenant demand trends, meaning the two high-share concentrations compound each other. A sustained softening of New York office demand affects the vast majority of the NOI base simultaneously. Manhattan retail properties contribute approximately 16% of NOI — a small share, also structural, providing modest diversification within the New York footprint. There is no disclosed customer, supplier, or counterparty concentration beyond the property portfolio itself. On balance, the dominant risk in this profile is the combination of a high-share geography and a high-share property type that are exposed to the same set of macro variables — New York office demand, corporate space utilization trends, and the credit quality of the office tenant base — making these the primary monitoring variables.
For the engine’s reasoning on VNO’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Office
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CDP | COPT Defense Properties | 2 | 2 | 1 | 5 |
| VNO● | Vornado Realty Trust | 2 | 0 | 1 | 3 |
| ARE | Alexandria Real Estate Equities | 2 | 0 | 0 | 2 |
| BXP | BXP, Inc. | 2 | 0 | 0 | 2 |
| CUZ | Cousins Properties Incorporated | 1 | 3 | 1 | 5 |
| DEI | Douglas Emmett, Inc. | 1 | 0 | 1 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.