Stock Report | May 29, 2021 | NYSE Symbol: VNO | VNO is in the S&P 500

Vornado Realty Trust

Recommendation Price 12-Mo. Target Price Report Currency Investment Style
HOLD « « « « « USD 47.28 (as of market close May 28, 2021) USD 49.00 USD Mid-Cap Value
Equity Analyst Kenneth Leon

GICS Sector Real Estate Summary This real estate investment trust focuses on redeveloping office towers, retail locations, and
Sub-Industry Office REITs office properties centered in urban central business districts.

Key Stock Statistics (Source: CFRA, S&P Global Market Intelligence (SPGMI), Company Reports)
52-Wk Range USD 49.04 - 30.2 Oper.FFO/Sh.2021E USD 2.85 Market Capitalization[B] USD 9.05 Beta 1.39
Trailing 12-Month FFO/Share USD 3.86 Oper.FFO/Sh.2022E USD 3.15 Yield [%] 4.48 3-yr Proj. FFO/Sh. CAGR[%]
Trailing 12-Month P/FFO 12.25 P/FFO on FFO/Sh.2021 16.59 Dividend Rate/Share USD 2.12 SPGMI's Quality Ranking B
USD 10K Invested 5 Yrs Ago 7,523.0 Common Shares Outstg.[M] 191.00 Institutional Ownership [%] 77.0

Price Performance Analyst's Risk Assessment

LOW MEDIUM HIGH

Our risk assessment reflects high concentration in
Manhattan, attractive real estate holdings in New York City,
redevelopment projects, liquid balance sheet, and
manageable debt maturity schedule. The pandemic and
municipal government policies concerning commercial
real estate have heightened the risk that New York City
may not recover either quickly or back to the success the
economy enjoyed prior to Covid-19. Municipal elections
may reverse adverse policies, but the pandemic-caused
recession has significantly reduced New York’s tax revenue
base.

Revenue/Earnings Data

Revenue (Million USD)

1Q 2Q 3Q 4Q Year
2022 -- -- -- -- E 1,635
2021 409 -- -- -- E 1,560
Source: CFRA, S&P Global Market Intelligence
2020 445 343 364 376 1,528
Past performance is not an indication of future performance and should not be relied upon as such.
2019 542 486 492 484 2,004
Analysis prepared by Kenneth Leon on May 04, 2021 11:52 AM ET, when the stock traded at USD 47.91.
2018 527 551 549 547 2,173
2017 506 556 486 540 2,096
Highlights Investment Rationale/Risk
FFO Per Share (USD)
u Manhattan office and retailing market remains u VNO faces challenging NYC office market that
difficult. In Q1 2021, total cash NOI was 7.4% Y/ probably hit rock bottom this past winter. We 1Q 2Q 3Q 4Q Year
Y lower but 1.9% higher Q/Q with NY properties think pandemic weakened Manhattan office 2022 E 0.77 E 0.78 E 0.79 E 0.81 E 3.15
(-6.9% Y/Y, +1.9% Q/Q), Chicago theMart (- market, as normalized leasing to absorb office 2021 0.65 E 0.69 E 0.73 E 0.78 E 2.85
19.9%, -1.3%), and 555 California St. in San vacancies and regain rental rate growth may 2020 0.68 1.07 1.46 0.72 3.93
Francisco (+3.4%, +6.1%). Slow pace of workers not happen until 2022. VNO committed $2.4 2019 1.30 0.86 1.46 1.63 5.25
back to their offices is drag on Manhattan office billion in redevelopments with $1.2 billion spent 2018 0.71 1.01 0.99 1.10 --
market, but NYC officials declared full opening for Penn District near Hudson Yards. There is 2017 1.08 1.35 0.52 0.80 3.75
by July. still a debate whether a new normal will take Fiscal Year ended Dec 31. FFO Estimates based on CFRA's Funds
u We have seen increased concessions to sign root, as to how companies and employees plan From Operations Est.
new office leases. VNO leased NY office space to use office space. In our view, a hybrid model
for 208,000 sq. ft. in Q1 2021 at initial rent of where workers are in the office 2-3 days per Dividend Data
$79.35 annual rent per sq. ft. versus the $98.93 weeks will be common work practices.
Amount Date Ex-Div. Stk. of Payment
sq. ft. average for its NY office portfolio. VNO’s u Risks to our opinion are a weak economic
(USD) Decl. Date Record Date
James Farley Post Office office/retail complex recovery, higher rental delinquencies, and
and Penn Station offices are next to Hudson anemic pace of office space absorption. 0.5300 Apr 28 May 07 May 10 May 21 '21
Yards. VNO's Penn Station project is to create 0.5300 Jan 20 Jan 29 Feb 01 Feb 12 '21
u On May 4, we raised our target by $10 to $49 on
the new train station for Amtrak and Long Island 0.5300 Oct 29 Nov 06 Nov 09 Nov 20 '20
a forward P/FFO of 17.2x our 2021 FFO 0.5300 Jul 30 Aug 07 Aug 10 Aug 21 '20
Railroad. estimate, a premium to office REIT peer average
u We see long-term potential of $85-$95 rent per at 15.5x, given VNO’s high rent concentration in Dividends have been paid since 1990. Source: Company reports
sq. ft. for renovated offices. Here is VNO's Manhattan. We kept our 2021 FFO estimate Past performance is not an indication of future performance
and should not be relied as such.
current average annual rent per sq. ft. for these unchanged at $2.85 and raised 2022’s by $0.05
Forecasts are not reliable indicator of future performance.
properties (Penn 1 at $70, Penn 2 at $59, Penn to $3.15. VNO posts Q1 2021 FFO of $0.65, a
11 at $68, 100 West 33rd St. at $69, and 7 West $0.02 consensus miss. Cancellations of trade
34th St. at $79). The refacing of Penn 1 and shows at Chicago’s MART hurts rent revenue,
Penn 2 will be vast improvement with new while Manhattan may begin to stabilize in terms
retail/restaurants in a newly constructed of leasing activity starting in Q3 2021.
mezzanine level.

Redistribution or reproduction is prohibited without written permission. Copyright © 2021 CFRA. This document is not intended to provide personal investment advice and it does not take into account the specific investment
objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek independent financial advice regarding the suitability and/or appropriateness of making an investment
or implementing the investment strategies discussed in this document and should understand that statements regarding future prospects may not be realized. Investors should note that income from such investments, if any,
may fluctuate and that the value of such investments may rise or fall. Accordingly, investors may receive back less than they originally invested. Investors should seek advice concerning any impact this investment may have on
their personal tax position from their own tax advisor. Please note the publication date of this document. It may contain specific information that is no longer current and should not be used to make an investment decision. Unless
otherwise indicated, there is no intention to update this document.
1
Stock Report | May 29, 2021 | NYSE Symbol: VNO | VNO is in the S&P 500
Vornado Realty Trust
Business Summary May 04, 2021 Corporate information

CORPORATE OVERVIEW. Vornado Realty Trust is a diversified REIT that has interests in a wide range of Investor contact
properties, including office buildings, retail properties, refrigerated warehouses, a hotel, and dry warehouses, C. C. Creswell (212-894-7000)
among others, primarily in the Northeast.
CORPORATE STRATEGY. The company's business objective is invest in those properties, mostly in New York Office
City, where management believes it has a high probability of capital appreciation. VNO seeks new properties 888 Seventh Avenue, New York, New York, 10019
bought at a discount to replacement cost and there is opportunity for building improvement to realize
Telephone
higher rents and returns. In the past year, management is more focused on increasing the returns and
212-894-7000
maximizing value from its existing portfolio versus new acquisitions.
MARKET PROFILE. The market for office leases is inherently cyclical, as the U.S. office market tends to track Fax
the overall economy on a lagged basis. Local economic conditions, particularly the employment level, play an N/A
important role in determining competitive dynamics. In our opinion, VNO's principal target market, the New
Website
York City metropolitan area, has vacancy rates below the average nationwide.
www.vno.com
PROPERTY PORTFOLIO. As of December 31, 2020, the company’s ownership share was 20.6 million square
feet of Manhattan office, 2.7 million square feet of Manhattan street retail; the 1,700 room Hotel
Officers
Pennsylvania located on Seventh Avenue at 33rd Street in the Penn Plaza district, and a 32.4% interest in
Alexander’s, Inc., which owns 7 properties in the greater New York metropolitan area, including 731 Chairman of the Board & Executive VP & Chief
Lexington Avenue, a 1.3 million square foot Bloomberg, L.P. headquarters building. CEO Accounting Officer
S. Roth M. J. Iocco
In 2020, other real estate and related investments cover the 3.7 million square foot theMART in Chicago, a
70% controlling interest in 555 California Street, a three-building office complex in San Francisco's financial President & CFO President & CFO
district aggregating 1.8 million square feet, known as the Bank of America Center; and a 25.0% interest in M. J. Franco M. J. Franco
Vornado Capital Partners, its real estate fund.
Chairman of the Board & Senior VP, Corporation
IMPACT OF MAJOR DEVELOPMENTS. On July 17, 2017, VNO completed the spin-off of its Washington, DC CEO Counsel & Secretary
segment, comprised of 37 office properties, 18 future development assets totaling over 10.4 million square S. Roth S. J. Borenstein
feet of estimated potential development, and $412.5 million of cash. On July 18, 2017, JBGS was combined
with the management business and certain Washington, DC assets of The JBG Companies (“JBG”), a
Washington, DC real estate company. Board Members
On April 18, 2019, VNO announced it transferred a 45.4% common equity interest in its portfolio of retail B. H. Bassey M. Puri
assets on Upper Fifth Avenue and Times Square, premium properties in our view, to a group of institutional C. K. Beinecke R. B. Wight
investors advised by Crown Acquisitions Inc. The transaction values the portfolio at $5.6 billion at a 4.5% cap D. M. Mandelbaum R. R. West
rate. VNO is the general partner of the joint venture formed to own the assets, and the company will own
51.0% of the common equity. Net cash proceeds to VNO from the transaction will be about $1.2 billion, after D. R. Tisch S. Roth
debt repayments on a $390 million mortgage loan on 666 Fifth Avenue and a $144 million mortgage loan at M. D. Fascitelli W. W. Helman
655 Fifth Avenue. VNO will have a tax gain of approximately $735 million.
CORPORATE GOVERNANCE. Interstate Properties, a New Jersey general partnership, and its partners owned Domicile Auditor
an aggregate of approximately 7.2% of the common shares of VNO and 26.2% of the common stock of Maryland Deloitte & Touche LLP
Alexander’s. Steven Roth, David Mandelbaum and Russell B. Wight, Jr. are the three partners of Interstate
Properties. Mr. Roth is the Chairman of the Board of Trustees and CEO of VNO, the managing general partner Founded
of Interstate Properties, and the Chairman of the Board of Directors and CEO of Alexander’s. The other N/A
parties are trustees of VNO and also directors of Alexander’s. We believe these overlapping interests create
governance risks as Mr. Roth, Interstate Properties and its partners may have substantial influence over Employees
VNO. 2,899
FINANCIAL TRENDS. As of December 31, 2020, VNO had $1.62 billion of cash and cash equivalents from Stockholders
significant property dispositions, and $2.5 billion of borrowing capacity under its unsecured revolving credit 858
facilities. VNO’s total consolidated debt is $7.4 billion, with $1.6 billion maturing in 2021 and $1.65 billion
due in 2022. In addition, pro rata debt on joint ventures is $2.4 billion with most debt maturities beyond
2021.
VNO has a diversified office tenant base with 38.7% of total annualized rental revenue (ARR) coming from its
top 30 tenants. Its six largest tenants are Facebook (4.2% of total ARR) excluding the recent 730,000 sq. ft.
lease for the James Farley Post Office, IPG and affiliates (3.5%), Bloomberg L.P. (2.1%), Google/Motorola
Mobility (2.0%), Equitable Insurance (1.7%), and Verizon Media Group (1.7%). The Penn District
redevelopment plan is budgeted for $2.42 billion with $1.35 billion spent to date and $1.18 billion still to be
spent on one of the largest redevelopments in the country. Total rentable space is approximately 5.18
million sq. ft. with rent stabilized or operational for the Farley building in 2022 and Penn 2 office in 2025.

Redistribution or reproduction is prohibited without prior written permission. Copyright © 2021 CFRA. 2
Stock Report | May 29, 2021 | NYSE Symbol: VNO | VNO is in the S&P 500
Vornado Realty Trust
Quantitative Evaluations Expanded Ratio Analysis

Fair Value Rank NR 1 2 3 4 5 2020 2019 2018 2017

Lowest Highest Price/FFO 9.50 12.67 N/A N/A
Based on CFRA's proprietary quantitative model, FFO/Revenue (%) 49.12 52.13 N/A 34.39
stocks are ranked from most overvalued (1) to most Interest Coverage Ratio 1.19 1.88 1.75 1.82
undervalued (5). % LT Debt to Capitalization 51.03 49.37 62.70 63.07
Avg. Diluted Shares Outstg. (M) 191.15 191.05 191.29 191.26
Fair Value N/A
Calculation Figures based on fiscal year-end price

Volatility NA LOW AVERAGE HIGH

Technical NEUTRAL Since February, 2021, the technical indicators for VNO Key Growth Rates and Averages
Evaluation have been NEUTRAL"
Past Growth Rate (%) 1 Year 3 Years 5 Years
Insider Activity NA UNFAVORABLE NEUTRAL FAVORABLE Net Income NM 9.31 NM
Revenue -19.53 -8.38 -3.90

Ratio Analysis (Annual Avg.)

% LT Debt to Capitalization 51.03 54.36 55.55
FFO Payout Ratio (%) 110.24 53.48 52.48
Interest Coverage Ratio 1.19 1.61 1.79

Company Financials Fiscal year ending Dec 31

Per Share Data (USD) 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Tangible Book Value 27.84 30.42 18.04 17.30 29.99 27.54 27.91 27.66 27.82 29.82
Earnings -1.83 16.21 2.01 0.92 2.21 2.41 1.05 -0.94 1.76 2.35
Earnings (Normalized) 0.98 -0.16 1.03 0.84 1.12 0.85 0.89 0.46 1.61 1.66
FFO 3.93 5.25 N/A N/A N/A N/A N/A N/A N/A N/A
Dividends 2.38 2.64 2.52 2.62 2.52 2.52 2.92 2.92 2.76 2.76
Payout Ratio (%) NM 18.00 119.00 247.00 61.00 73.00 73.00 132.00 95.00 86.00
Prices: High 68.68 70.54 78.31 111.72 108.69 126.62 120.23 91.91 88.50 98.77
Prices: Low 27.64 58.60 59.48 71.90 78.91 84.60 87.82 76.19 72.64 68.39
P/FFO Ratio: High 17.47 13.44 20.50 29.79 14.19 23.11 24.89 26.95 20.16 15.38
P/FFO Ratio: Low 7.03 11.16 15.57 19.17 10.30 15.44 18.18 22.34 16.55 10.65

Income Statement Analysis (Million USD)

FFO 750.00 1,003 N/A 717.00 1,456 1,039 911.00 641.00 818.00 1,205
Rental Income 1,378 1,767 2,007 1,948 1,662 1,627 1,911 1,880 1,991 2,091
Mortgage Income N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Total Revenue 1,612 2,004 2,173 2,096 2,178 1,967 2,317 2,196 2,930 2,805
Selling General & Admin. Exp. 159.40 169.90 141.90 150.80 143.60 149.30 169.30 177.40 190.10 208.50
Interest Expense 229.30 264.10 347.90 345.70 330.20 309.30 412.80 425.80 484.80 519.20
Provision for Losses N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Depreciation + Amortization 399.70 419.10 446.60 429.40 421.00 379.80 481.30 461.60 490.00 516.20
Net Income NM 3,148 450.00 227.00 907.00 760.00 865.00 476.00 617.00 662.00
Net Income (Normalized) 187.40 NM 196.60 160.70 213.80 161.20 168.30 86.80 300.60 309.00

Balance Sheet and Other Financial Data (Million USD)

Cash 1,624 1,519 598.00 1,845 1,523 1,836 1,198 583.00 960.00 607.00
Short Term Debt N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Capitalization: Debt 7,515 7,498 9,902 10,236 9,497 11,142 9,585 10,093 11,182 9,623
Capitalization: Equity 7,554 8,200 5,891 5,993 8,897 8,705 8,827 8,598 8,848 8,669
Capitalization: Total 16,222 18,287 17,181 17,398 20,815 21,143 21,158 20,097 22,065 20,446
Earnings from Cont. Ops -462.00 3,334 422.00 277.00 577.00 636.00 423.00 -3.00 474.00 575.00
Total Assets 16,222 18,287 17,181 17,398 20,815 21,143 21,158 20,097 22,065 20,447

Source: S&P Global Market Intelligence. Data may be preliminary or restated; before results of discontinued operations/special items. Per share data adjusted for stock dividends; EPS diluted.
E-Estimated. NA-Not Available. NM-Not Meaningful. NR-Not Ranked. UR-Under Review.

Redistribution or reproduction is prohibited without prior written permission. Copyright © 2021 CFRA. 3
Stock Report | May 29, 2021 | NYSE Symbol: VNO | VNO is in the S&P 500
Vornado Realty Trust
Sub-Industry Outlook Industry Performance

We maintain a negative fundamental outlook on
the office real estate investment trusts (REITs)
sub-industry, given our fundamental expectation
that a recovery will be below pre-pandemic lease
occupancies. We have moved from a vibrant office
market with full employment to economic slack in
office real estate. Most offices across the U.S. are
open, but when will employees follow? Perhaps
when we are all vaccinated?
History suggests office REITs' share prices are
sensitive to the economy and employment growth.
Both of these metrics declined sharply at the
beginning of Covid-19 and remain poised to
rebound, but we may be entering a new normal as
to how companies and their employees want to
use office space. Looking ahead to 2021, office
real estate will begin to recover, but the new
normal may be very different, with safeguards to
protect workers from health risks.
We see major risks with a cautious public and
workforce that seeks to work remote or in a hybrid
model that requires one to be in the office 1-3
days a week. In 2021-2023, we view these work
scenarios as negative for office real estate cash
flows and office market values. Large urban
markets that depend on public trains, subways,
and buses are likely to lag other parts of the
country where you can drive to the office. Office
REITs’ portfolios have high concentrations of
properties in dense, urban markets. Office REITs
also bear higher operating costs to revamp the
lobby, elevators, office floors, and HVAC systems to
be Covid-19-compliant with government health
agencies. Office revamps are not a low cost or
easy task.
Both small and large tenants have the pricing
power to negotiate lower rents, to take less office
space, and to receive other incentives like free
rent. We think this applies to renewing existing
leases or signing new leases somewhere else.
Longer term, tenants are thinking about how
much office space is required, concentration risk
in high office towers, and new remote policies that
thin the office workforce.
In Q1 2021, free rent for long-term leases hit an
average of 12.5 months, according to CBRE, a GICS Sector: Real Estate
leading real estate service company. Office Sub-Industry: Office REITs
lease concessions in the form of free rent Based on S&P 1500 Indexes
increased significantly in 2020 as tenant Five-Year market price performance through May 29, 2021
demand fell to its lowest level since 2009.
CBRE says Q4 2020 was the third worst quarter
on record for U.S. office demand with 28.4
million sq. ft. of negative net absorption. New
York and San Francisco combined were 13.3
million sq. ft. of negative net absorption. The
largest declines in asking rents were in these
two markets given occupancy declines and
negative absorption. The overall downtown
vacancy rate reached 13.8% in Q4 2020, the
highest since 2003. A material uptick in
vacancy also occurred in the growing
Southeast markets, including Atlanta,
Charlotte, and Nashville.
REIT companies plan to invest in major new
property developments, as they avoid office
acquisitions and seek dispositions of non-core
properties. Many office REITs actively prune
non-core properties that are generally
suburban offices with 80% to 90% occupancy
rates versus central business district (CBD)
markets with mid-90% occupancy. The
pandemic has stalled many new development
starts, in our view. We do not see a full office
recovery until 2023 or 2024.
As of April 1, office REITs were up 7.9% versus
the S&P 1500 index up 7.8% year to date. In
2020, office REITs were down 22.5%, while the NOTE: A sector chart appears when the sub-industry does not have
S&P 1500 index was up 15.8%. sufficient historical index data.
All Sector & Sub-Industry information is based on the Global Industry
/ Kenneth Leon Classification Standard (GICS).
Past performance is not an indication of future performance and should
not be relied upon as such.
Source: CFRA, S&P Global Market Intelligence

Sub-Industry: Office REITs Peer Group*: Office REITs

Recent 30-Day 1-Year Fair Return
Stock Stock Stk. Mkt. Price Price P/E Value Yield on Equity LTD to
Peer Group Symbol Exchange Currency Price Cap. (M) Chg. (%) Chg. (%) Ratio Calc. (%) (%) Cap (%)

Vornado Realty Trust VNO NYSE USD 47.28 9,052.0 3.1 24.8 NM N/A 4.5 -5.9 51.0
Cousins Properties Incorporated CUZ NYSE USD 37.09 5,514.0 1.6 19.0 23.0 N/A 3.3 5.3 33.1
Covivio GSEF.F OTCPK USD 91.25 8,673.0 -0.0 50.6 20.0 N/A N/A 3.1 43.4
Derwent London Plc DWVY.F OTCPK USD 46.20 5,195.0 N/A 35.3 NM N/A N/A -1.9 20.4
Dexus DXSP.F OTCPK USD 7.88 8,554.0 1.8 35.9 12.0 N/A N/A 8.2 26.6
Douglas Emmett, Inc. DEI NYSE USD 34.72 6,092.0 4.6 15.0 124.0 32.88 3.2 0.9 53.0
Inmobiliaria Colonial, SOCIMI, S.A. IMQC.F OTCPK USD 9.65 4,920.0 N/A 14.0 1682.0 N/A N/A 0.9 37.3
Japan Real Estate Investment Corporation JREI.F OTCPK USD 5,600.00 7,669.0 N/A N/A 27.0 N/A N/A 6.1 35.9
Kilroy Realty Corporation KRC NYSE USD 70.21 8,176.0 3.0 19.6 43.0 122.10 2.8 4.2 43.2
Nippon Building Fund Incorporation NBFJ.F OTCPK USD 5,500.00 9,201.0 N/A -25.5 27.0 N/A N/A 5.4 36.8
SL Green Realty Corp. SLG NYSE USD 79.22 5,494.0 6.4 75.3 16.0 N/A 4.6 7.1 47.1

*For Peer Groups with more than 10 companies or stocks, selection of issues is based on market capitalization.
NA-Not Available; NM-Not Meaningful.
Note: Peers are selected based on Global Industry Classification Standards and market capitalization. The peer group list includes companies with similar characteristics, but may not include all the companies within the same
industry and/or that engage in the same line of business.

Redistribution or reproduction is prohibited without prior written permission. Copyright © 2021 CFRA. 4
Stock Report | May 29, 2021 | NYSE Symbol: VNO | VNO is in the S&P 500
Vornado Realty Trust
Analyst Research Notes and other Company News
May 04, 2021
10:59 AM ET... CFRA Retains Hold Opinion on Shares of Vornado Realty Trust (VNO
46.01***):
We raise our target by $10 to $49 on a forward P/FFO of 17.2x our 2021 FFO
estimate, a premium to office REIT peer average at 15.5x, given VNO’s high rent
concentration in Manhattan. We keep our 2021 FFO estimate unchanged at $2.85
and raise 2022’s by $0.05 to $3.15. VNO posts Q1 2021 FFO of $0.65, a $0.02
consensus miss. Total cash NOI was 7.4% Y/Y lower but 1.9% higher Q/Q with NY
properties (-6.9% Y/Y, +1.9% Q/Q), Chicago theMart (-19.9%, -1.3%), and 555
California St. in San Francisco (+3.4%, +6.1%). Slow pace of workers returning to
their offices is a drag on the Manhattan office market, but NYC officials declared a
full opening by July. Yet, we think normalized leasing to absorb office vacancies and
regain rental rate growth may not happen until 2022. We have seen increased
concessions to sign new office leases. VNO leased NY office space for 208,000 sqft
in Q1 2021 at initial rent of $79.35 annual rent per sqft versus the $98.93 sqft
average for its NY office portfolio; the dividend yield is 4.6%. / Kenneth Leon
February 17, 2021
10:42 AM ET... CFRA Raises Opinion on Shares of Vornado Realty Trust to Hold from
Sell (VNO 36.75***):
We raise our target by $4 to $39, applying forward P/FFO of 13.7x our 2021 FFO
estimate, still below office REIT peer average at 16.7x, given VNO’s concentration
risk in Manhattan. We keep our 2021 FFO estimate unchanged at $2.85 and
introduce new 2022’s at $3.10. VNO posts Q4 2020 FFO of $0.72, an $0.08 beat to
consensus. New York total occupancy was 92.7% versus 96.7% a year ago, while
cash NOI declined 18% Y/Y. Slow pace of workers returning to their office remains a
drag on Manhattan office market, as we think normalized leasing to absorb office
vacancies and regain rental rate growth may not happen until 2022-2023. We have
seen increased concessions to sign new office leases, but the pace remains
significantly lower than pre-pandemic levels. VNO committed $2.4 billion in
redevelopments for Penn District near Hudson Yards. Risks to VNO’s outlook remain
how companies and employees plan to use office space, in our view. New normal
may lead to higher sustained level in remote work and less office visits. / Kenneth
Leon
January 20, 2021
12:26 PM ET... CFRA Keeps Sell Opinion on Shares of Vornado Realty Trust (VNO
38.00**):
We reiterate our Sell rating, as VNO faces a challenging office market and has
difficulty in disposing major properties in New York and San Francisco. We lower our
target by $3 to $35, applying a forward P/FFO of 12.3x our 2021 FFO estimate, just
below the office REIT peer average at 12.7x. We lower our 2020 FFO estimate by
$0.05 to $3.80 and reduce 2021’s by $0.10 to $2.85. We think Covid-19’s impact still
casts a shadow over the Manhattan office market, as we think normalized leasing to
absorb office vacancies and regain rental rate growth may not happen until 2022-
2023. VNO has committed $2.2 billion in redevelopments for the Penn District near
Hudson Yards. We are entering a new normal as to how companies and employees
plan to use office space, in our view. The new normal leads to significant rise in
remote work and limited office visits as indicated by major industry surveys.
Manhattan faces challenges with reduced public services and higher taxes, which
may lead to knowledge workers migrating away. / Kenneth Leon
November 24, 2020
11:02 AM ET... CFRA Lowers Opinion on Shares of Vornado Realty Trust to Sell from
Hold (VNO 43.05**):
VNO’s share price has risen 34% since October lows in anticipation of a 2021 cyclical
recovery in real estate. We think Covid-19’s impact still cast a dark shadow over
Manhattan office market, as we think recovery to normalized leasing will take time
to absorb office vacancies and regain rental rate growth. We raise our target by $2
to $38 target, applying a forward P/FFO of 12.9x our 2021 FFO estimate, above the
11.5x office REIT peer average. We lower our 2020 FFO estimate by $0.15 to $3.85
and 2021’s by $0.30 to $2.95. We think VNO’s addressable markets may begin to
stabilize in 2021, but there is risk around the pace of employees returning back to
Manhattan offices, where VNO has high concentrations. We expect a 2021 U-shape
recovery for Manhattan office real estate that is not likely to see a growth phase
until 2022-2023. Leased retail space is material to VNO’s FFO outlook, and
September rents collected were only 82% from retail tenants, while 96% were from
office rents to a blended rate of 93.0%. / Kenneth Leon
Note: Research notes reflect CFRA's published opinions and analysis on the stock at the time the note was published. The note reflects the views of the equity analyst as of
the date and time indicated in the note, and may not reflect CFRA's current view on the company.
Redistribution or reproduction is prohibited without prior written permission. Copyright © 2021 CFRA.
November 03, 2020
02:12 PM ET... CFRA Reiterates Hold Opinion on Shares of Vornado Realty Trust (VNO
32.50***):
We raise our target by $4 to $36 on a forward P/FFO of 11.1x our 2021 FFO
estimate, above the 10.4x office REIT average given long-term premium value of
Manhattan real estate. We raise 2020’s FFO estimate $0.70 to $4.00 and 2021’s by
$0.30 to $3.25 as we expect major property dispositions that will reduce FFO. The
trust posts Q3 2020 FFO of $1.46, $0.18 better than consensus with outsized gains
of $246 million on condo sales. The Manhattan office and retailing market remains
under duress. VNO’s Q3 2020 rent collections was 93%, broken out 95% office and
82% retail tenants. VNO still plans to recapitalize (lower its equity ownership by
selling to investors) 555 California St. in San Francisco and 1290 Ave. of Americas in
NY, which may realize significant proceeds to allow for reinvestment in new
properties. The closure of Hotel Pennsylvania has hurt cash flow, and cash NOI was
down 16.4% for the trust. At quarter end, VNO’s total pro rata debt is $9.8 billion,
with $2.0 billion maturing in 2020-2021. / Kenneth Leon
October 28, 2020
02:48 PM ET... CFRA Raises to Hold from Sell Opinion on Shares of Vornado Realty
Trust (VNO 32.22***):
We keep our $32 target on forward P/FFO of 10.8x our 2021 FFO estimate, near
10.6x office REIT average given the Covid-19 impact on Manhattan office real
estate. We see a prolonged, slow leasing recovery and are conservative on how
VNO’s major tenants plan to use office space. Our FFO estimates are $3.30 in 2020
and $2.95 in 2021 that will be updated when VNO reports on November 4. One
positive from the last quarter is the new Facebook lease at the James Farley
Building in Penn District for 730,000 sq. ft. Yet, the Manhattan office and retailing
market remains under duress, with VNO’s office collections at 93% and retail tenant
collections at 72% for Q2 2020. There is risk on the pace of employees returning to
Manhattan offices, where VNO has high concentration in office and retail properties.
As of June 30, 2020, VNO’s total consolidated debt is $8.0 billion, with $2.8 billion
maturing in 2020-2021. In addition, pro rata debt on joint ventures is $2.4 billion
with most debt maturities beyond 2021. / Kenneth Leon
August 04, 2020
11:06 AM ET... CFRA Keeps Sell Opinion on Shares of Vornado Realty Trust (VNO
34.02**):
We keep our $32 target on a forward P/FFO of 10.8x our 2021 FFO estimate, below
the 15.1x office REIT average given the Covid-19 impact on Manhattan office real
estate. We see a prolonged, slow leasing recovery and are conservative on how
VNO’s major tenants plan to use office space. We raise 2020’s FFO estimate $0.40 to
$3.30 and keep 2021’s at $2.95 as we forecast major property dispositions that will
reduce the size of VNO’s rent portfolio. The trust posts Q2 2020 FFO of $1.06, $0.08
better than consensus. VNO plans to recapitalize (lower its equity ownership by
selling to investors) 555 California St. in San Francisco and 1290 Ave. of Americas in
NY, which could realize significant proceeds to allow for reinvestment in new
properties. Shares are up on closing the new Facebook lease at the James Farley
Building in Penn District for 730,000 sq. ft. Yet, the Manhattan office and retailing
market remains under duress, with VNO’s office collections at 93% and retail tenant
collections at 72% for Q2 2020. / Kenneth Leon
5
Stock Report | May 29, 2021 | NYSE Symbol: VNO | VNO is in the S&P 500
Vornado Realty Trust
Analysts Recommendations Wall Street Consensus Opinion

Hold

Wall Street Consensus vs. Performance

For fiscal year 2021, analysts estimate that VNO will earn
USD 0.41. For fiscal year 2022, analysts estimate that
VNO's earnings per share will grow by 56.47% to USD 0.64.

No. of
Recommendations % of Total 1 Mo.Prior 3 Mos.Prior
Buy 2 15 2 2
Buy/Hold 2 15 2 2
Hold 5 38 5 6
Weak hold 3 23 3 2
Sell 1 8 1 1
No Opinion 0 0 0 0
Total 13 100 13 13

Wall Street Consensus Estimates

Fiscal Year Avg Est. High Est. Low Est. # of Est. Est. P/E
2022 0.64 0.64 0.64 1 74.35
2021 0.41 0.41 0.41 1 116.35
2022 vs. 2021 p 56% p 56% p 56% N/A% q -36%

Q2'22 N/A N/A N/A N/A N/A

Q2'21 0.10 0.10 0.10 1 471.53
Q2'22 vs. Q2'21 N/A% N/A% N/A% N/A% N/A%
Forecasts are not reliable indicator of future performance.
Note: A company's earnings outlook plays a major part in any investment decision. S&P Global Market Intelligence organizes the earnings estimates of over 2,300 Wall Street analysts, and
provides their consensus of earnings over the next two years, as well as how those earnings estimates have changed over time. Note that the information provided in relation to consensus
estimates is not intended to predict actual results and should not be taken as a reliable indicator of future performance.
Note: For all tables, graphs and charts in this report that do not cite any reference or source, the source is S&P Global Market Intelligence.

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Stock Report | May 29, 2021 | NYSE Symbol: VNO | VNO is in the S&P 500
Vornado Realty Trust
Glossary

STARS Abbreviations Used in Equity Research Reports

Since January 1, 1987, CFRA Equity and Fund Research Services, and its CAGR - Compound Annual Growth Rate
predecessor S&P Capital IQ Equity Research has ranked a universe of U.S. CAPEX - Capital Expenditures
common stocks, ADRs (American Depositary Receipts), and ADSs (American CY - Calendar Year
Depositary Shares) based on a given equity's potential for future performance. DCF - Discounted Cash Flow
Similarly, we have ranked Asian and European equities since June 30, 2002. DDM - Dividend Discount Model
Under proprietary STARS (Stock Appreciation Ranking System), equity analysts EBIT - Earnings Before Interest and Taxes
rank equities according to their individual forecast of an equity's future total EBITDA - Earnings Before Interest, Taxes, Depreciation & Amortization
return potential versus the expected total return of a relevant benchmark (e.g., EPS - Earnings Per Share
a regional index (MSCI AC Asia Pacific Index, MSCI AC Europe Index or S&P 500® EV - Enterprise Value
Index)), based on a 12-month time horizon. STARS was designed to meet the FCF - Free Cash Flow
needs of investors looking to put their investment decisions in perspective. Data FFO - Funds From Operations
used to assist in determining the STARS ranking may be the result of the FY - Fiscal Year
analyst's own models as well as internal proprietary models resulting from P/E - Price/Earnings
dynamic data inputs. P/NAV - Price to Net Asset Value
PEG Ratio - P/E-to-Growth Ratio
S&P Global Market Intelligence's Quality Ranking PV - Present Value
(also known as S&P Capital IQ Earnings & Dividend Rankings) - Growth and R&D - Research & Development
S&P Capital IQ Earnings & Dividend Rankings stability of earnings and dividends ROCE - Return on Capital Employed
are deemed key elements in establishing S&P Global Market Intelligence's ROE Return on Equity
earnings and dividend rankings for common stocks, which are designed to ROI - Return on Investment
capsulize the nature of this record in a single symbol. It should be noted, ROIC - Return on Invested Capital
however, that the process also takes into consideration certain adjustments ROA - Return on Assets
and modifications deemed desirable in establishing such rankings. The final SG&A - Selling, General & Administrative Expenses
score for each stock is measured against a scoring matrix determined by SOTP - Sum-of-The-Parts
analysis of the scores of a large and representative sample of stocks. The range WACC - Weighted Average Cost of Capital
of scores in the array of this sample has been aligned with the following ladder
of rankings: Dividends on American Depository Receipts (ADRs) and American Depository
Shares (ADSs) are net of taxes (paid in the country of origin).
A+ Highest B Below Average
Qualitative Risk Assessment
A High B- Lower
A Above C Lowest
Reflects an equity analyst's view of a given company's operational risk, or the
risk of a firm's ability to continue as an ongoing concern. The Qualitative Risk
B+ Average D In Reorganization
Assessment is a relative ranking to the U.S. STARS universe, and should be
NC Not Ranked reflective of risk factors related to a company's operations, as opposed to risk
and volatility measures associated with share prices. For an ETF this reflects on
EPS Estimates a capitalization-weighted basis, the average qualitative risk assessment
CFRA's earnings per share (EPS) estimates reflect analyst projections of future assigned to holdings of the fund.
EPS from continuing operations, and generally exclude various items that are
viewed as special, non-recurring, or extraordinary. Also, EPS estimates reflect STARS Ranking system and definition:
either forecasts of equity analysts; or, the consensus (average) EPS estimate, ««««« 5-STARS (Strong Buy):
which are independently compiled by S&P Global Market Intelligence, a data Total return is expected to outperform the total return of a relevant benchmark,
provider to CFRA. Among the items typically excluded from EPS estimates are by a notable margin over the coming 12 months, with shares rising in price on
asset sale gains; impairment, restructuring or merger-related charges; legal an absolute basis.
and insurance settlements; in process research and development expenses; ««««« 4-STARS (Buy):
gains or losses on the extinguishment of debt; the cumulative effect of Total return is expected to outperform the total return of a relevant benchmark
accounting changes; and earnings related to operations that have been over the coming 12 months.
classified by the company as discontinued. The inclusion of some items, such
as stock option expense and recurring types of other charges, may vary, and ««««« 3-STARS (Hold):
depend on such factors as industry practice, analyst judgment, and the extent Total return is expected to closely approximate the total return of a relevant
to which some types of data is disclosed by companies. benchmark over the coming 12 months.
««««« 2-STARS (Sell):
12-Month Target Price Total return is expected to underperform the total return of a relevant
The equity analyst's projection of the market price a given security will benchmark over the coming 12 months.
command 12 months hence, based on a combination of intrinsic, relative, and
««««« 1-STAR (Strong Sell):
private market valuation metrics, including Fair Value.
Total return is expected to underperform the total return of a relevant
CFRA Equity Research benchmark by a notable margin over the coming 12 months, with shares falling
CFRA Equity Research is produced and distributed by Accounting Research & in price on an absolute basis.
Analytics, LLC d/b/a CFRA ("CFRA US"; together with its affiliates and Relevant benchmarks:
subsidiaries, "CFRA"). Certain research is produced and distributed by CFRA MY In North America, the relevant benchmark is the S&P 500 Index, in Europe and
Sdn Bhd (Company No. 683377-A) (formerly known as Standard & Poor's in Asia, the relevant benchmarks are the MSCI AC Europe Index and the MSCI AC
Malaysia Sdn Bhd) ("CFRA Malaysia"). Certain research is distributed by CFRA Asia Pacific Index, respectively.
UK Limited ("CFRA UK"). CFRA UK and CFRA Malaysia are wholly-owned
subsidiaries of CFRA US.

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Stock Report | May 29, 2021 | NYSE Symbol: VNO | VNO is in the S&P 500
Vornado Realty Trust
Disclosures
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STARS Stock Reports:
Global STARS Distribution as of June 28, 2019
Ranking North America Europe Asia Global
Buy 34.4% 29.0% 41.1% 33.5%
Hold 56.1% 54.8% 46.4% 54.6%
Sell 10.5% 16.2% 12.5% 11.9%
Total 100.0% 100.0% 100.0% 100.0%
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Stock Report | May 29, 2021 | NYSE Symbol: VNO | VNO is in the S&P 500
Vornado Realty Trust
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