Vornado Realty Trust is a REIT focused almost entirely on Manhattan commercial real estate — management describes it as a "90% prime pitch Manhattan-centric company." The core business is owning and leasing Class A office and street retail space in New York City. Vornado's office portfolio spans roughly 19M sq ft across 26 Manhattan properties, anchored by the Penn District, a three-block cluster surrounding Pennsylvania Station that includes PENN 1, PENN 2, and the Farley Building (leased to Meta). PENN 2, a 1.8M sq ft building being refurbished at an estimated cost of $750M, has been the central focus of Vornado's recent leasing effort. Vornado also owns a ~2.3M sq ft Manhattan street retail portfolio and is the largest owner of outdoor signage in New York City. Outside New York, Vornado owns THE MART in Chicago and a 70% interest in 555 California Street in San Francisco — both considered non-core and potentially for sale. Vornado generates revenue by leasing space on long-term contracts, typically 10–20 years for office, with revenue driven by occupancy and per-square-foot rents. New leases often include free-rent periods before cash rent commences, creating a timing lag between lease signings and earnings recognition. Management has guided for a meaningful FFO inflection in 2027 when leases signed in 2024–2025 begin generating full cash rent. Longer-term growth is tied to Penn District rent convergence toward Hudson Yards levels, a development pipeline including a 1.85M sq ft tower at 350 Park Avenue anchored by Citadel, and selective asset dispositions to fund development and reduce leverage.