VNOVORNADO REALTY TRUST

Real Estate Investment Trusts

Revenue: $1.8B; 1.3% YoY
Operating margin: —
EBITDA: —
Market cap: $6.5B
Employees: 3,145; $576K revenue each
Net debt / EBITDA: —; $1.9B net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$10M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
134% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
15% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$576K · 34th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 30th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.6B	$1.8B	$1.8B	$1.8B	$1.8B	1.3%
Net income	$208M	−$383M	$33M	$20M	$937M	4585%
Operating cash flow	$762M	$799M	$648M	$538M	$1.3B	134%
Stock-based comp	$38M	$29M	$43M	$30M	$25M	16%
Buybacks	$0	$0	$29M	$0	$51M
Dividends	$406M	$407M	$129M	$141M	$141M	0.1%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 22, 2023	INTERSTATE PROPERTIES	SC 13D/A	7.1%	Passive

Insider trading

Open-market buys, 12 mo: $6M · 9
Open-market sells, 12 mo: $8M · 3
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	−$32M	107	—
FY2024	$3M	$68M	132	—
FY2023	$27M	$63M	87	—
FY2022	$10M	−$5M	63	—
FY2021	$10M	$13M	118	—