Vornado Realty Trust (VNO) - Net Assets
Based on the latest financial reports, Vornado Realty Trust (VNO) has net assets worth $7.02 Billion USD as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($15.75 Billion) and total liabilities ($8.73 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $7.02 Billion |
| % of Total Assets | 44.56% |
| Annual Growth Rate | 16.91% |
| 5-Year Change | -18.3% |
| 10-Year Change | -29.1% |
| Growth Volatility | 79.67 |
Vornado Realty Trust - Net Assets Trend (1990–2024)
This chart illustrates how Vornado Realty Trust's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Vornado Realty Trust (1990–2024)
The table below shows the annual net assets of Vornado Realty Trust from 1990 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | $6.17 Billion | -2.71% |
| 2023-12-31 | $6.34 Billion | -2.60% |
| 2022-12-31 | $6.51 Billion | -9.59% |
| 2021-12-31 | $7.20 Billion | -4.64% |
| 2020-12-31 | $7.55 Billion | -7.87% |
| 2019-12-31 | $8.20 Billion | +39.18% |
| 2018-12-31 | $5.89 Billion | -1.69% |
| 2017-12-31 | $5.99 Billion | -32.64% |
| 2016-12-31 | $8.90 Billion | +2.20% |
| 2015-12-31 | $8.71 Billion | -1.38% |
| 2014-12-31 | $8.83 Billion | +2.66% |
| 2013-12-31 | $8.60 Billion | -2.82% |
| 2012-12-31 | $8.85 Billion | +2.07% |
| 2011-12-31 | $8.67 Billion | +6.26% |
| 2010-12-31 | $8.16 Billion | +3.26% |
| 2009-12-31 | $7.90 Billion | +8.90% |
| 2008-12-31 | $7.26 Billion | -4.69% |
| 2007-12-31 | $7.61 Billion | +4.58% |
| 2006-12-31 | $7.28 Billion | +11.64% |
| 2005-12-31 | $6.52 Billion | +9.38% |
| 2004-12-31 | $5.96 Billion | +19.24% |
| 2003-12-31 | $5.00 Billion | +7.16% |
| 2002-12-31 | $4.66 Billion | +15.18% |
| 2001-12-31 | $4.05 Billion | +14.57% |
| 2000-12-31 | $3.53 Billion | +7.86% |
| 1999-12-31 | $3.28 Billion | +47.90% |
| 1998-12-31 | $2.22 Billion | +48.49% |
| 1997-12-31 | $1.49 Billion | +440.14% |
| 1996-12-31 | $276.30 Million | +42.20% |
| 1995-12-31 | $194.30 Million | +55.32% |
| 1994-12-31 | $125.10 Million | -17.04% |
| 1993-12-31 | $150.80 Million | +4812.50% |
| 1992-12-31 | $-3.20 Million | -106.69% |
| 1991-12-31 | $47.80 Million | +57.24% |
| 1990-12-31 | $30.40 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Vornado Realty Trust's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 3269.3% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $7.63 Million | 0.15% |
| Other Comprehensive Income | $57.70 Million | 1.12% |
| Other Components | $9.24 Billion | 179.04% |
| Total Equity | $5.16 Billion | 100.00% |
Vornado Realty Trust Competitors by Market Cap
The table below lists competitors of Vornado Realty Trust ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Hangzhou Great Star Industrial Co Ltd
SHE:002444
|
$5.63 Billion |
|
Apogee Therapeutics, Inc. Common Stock
NASDAQ:APGE
|
$5.63 Billion |
|
China Vanke Co Ltd Class A
SHE:000002
|
$5.63 Billion |
|
JB Hi-Fi Limited
F:JB3
|
$5.63 Billion |
|
Bank BRISyariah Tbk PT
JK:BRIS
|
$5.62 Billion |
|
E Ink Holdings
TWO:8069
|
$5.62 Billion |
|
Shenzhen SC New Energy Technology Corp Class A
SHE:300724
|
$5.62 Billion |
|
Kingnet Network Co Ltd
SHE:002517
|
$5.62 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Vornado Realty Trust's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 5,509,064,000 to 5,158,242,000, a change of -350,822,000 (-6.4%).
- Net income of 70,387,000 contributed positively to equity growth.
- Dividend payments of 203,215,000 reduced retained earnings.
- Other comprehensive income decreased equity by 7,415,000.
- Other factors decreased equity by 210,579,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $70.39 Million | +1.36% |
| Dividends Paid | $203.22 Million | -3.94% |
| Other Comprehensive Income | $-7.42 Million | -0.14% |
| Other Changes | $-210.58 Million | -4.08% |
| Total Change | $- | -6.37% |
Book Value vs Market Value Analysis
This analysis compares Vornado Realty Trust's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.12x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 64.14x to 1.12x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1990-12-31 | $0.46 | $29.28 | x |
| 1991-12-31 | $0.24 | $29.28 | x |
| 1992-12-31 | $-0.10 | $29.28 | x |
| 1993-12-31 | $2.47 | $29.28 | x |
| 1994-12-31 | $2.62 | $29.28 | x |
| 1995-12-31 | $4.09 | $29.28 | x |
| 1996-12-31 | $5.52 | $29.28 | x |
| 1997-12-31 | $22.37 | $29.28 | x |
| 1998-12-31 | $21.18 | $29.28 | x |
| 1999-12-31 | $23.12 | $29.28 | x |
| 2000-12-31 | $22.98 | $29.28 | x |
| 2001-12-31 | $27.37 | $29.28 | x |
| 2002-12-31 | $23.49 | $29.28 | x |
| 2003-12-31 | $25.87 | $29.28 | x |
| 2004-12-31 | $29.55 | $29.28 | x |
| 2005-12-31 | $36.60 | $29.28 | x |
| 2006-12-31 | $40.10 | $29.28 | x |
| 2007-12-31 | $40.27 | $29.28 | x |
| 2008-12-31 | $35.82 | $29.28 | x |
| 2009-12-31 | $35.98 | $29.28 | x |
| 2010-12-31 | $34.29 | $29.28 | x |
| 2011-12-31 | $36.71 | $29.28 | x |
| 2012-12-31 | $36.73 | $29.28 | x |
| 2013-12-31 | $36.04 | $29.28 | x |
| 2014-12-31 | $35.75 | $29.28 | x |
| 2015-12-31 | $35.33 | $29.28 | x |
| 2016-12-31 | $36.48 | $29.28 | x |
| 2017-12-31 | $22.68 | $29.28 | x |
| 2018-12-31 | $23.32 | $29.28 | x |
| 2019-12-31 | $35.23 | $29.28 | x |
| 2020-12-31 | $34.18 | $29.28 | x |
| 2021-12-31 | $32.46 | $29.28 | x |
| 2022-12-31 | $30.45 | $29.28 | x |
| 2023-12-31 | $28.71 | $29.28 | x |
| 2024-12-31 | $26.23 | $29.28 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Vornado Realty Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 1.36%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 3.94%
- • Asset Turnover: 0.11x
- • Equity Multiplier: 3.10x
- Recent ROE (1.36%) is below the historical average (14.75%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1990 | 27.92% | 13.15% | 0.08x | 25.19x | $2.76 Million |
| 1991 | 125.93% | 25.12% | 0.10x | 48.57x | $9.39 Million |
| 1992 | 0.00% | 2.96% | 0.10x | 0.00x | $1.52 Million |
| 1993 | 24.20% | 58.33% | 0.12x | 3.33x | $16.43 Million |
| 1994 | 35.30% | 46.87% | 0.22x | 3.37x | $29.53 Million |
| 1995 | 27.28% | 51.56% | 0.21x | 2.53x | $33.57 Million |
| 1996 | 22.22% | 52.34% | 0.21x | 2.05x | $33.77 Million |
| 1997 | 4.64% | 30.11% | 0.08x | 1.92x | $-70.38 Million |
| 1998 | 8.58% | 33.65% | 0.10x | 2.48x | $-25.37 Million |
| 1999 | 9.85% | 30.52% | 0.12x | 2.67x | $-3.04 Million |
| 2000 | 11.26% | 29.12% | 0.13x | 3.06x | $26.12 Million |
| 2001 | 10.26% | 26.92% | 0.14x | 2.64x | $6.70 Million |
| 2002 | 8.86% | 16.23% | 0.16x | 3.43x | $-29.83 Million |
| 2003 | 14.97% | 30.65% | 0.16x | 3.09x | $152.95 Million |
| 2004 | 14.78% | 34.73% | 0.15x | 2.89x | $191.64 Million |
| 2005 | 10.25% | 21.18% | 0.19x | 2.59x | $13.25 Million |
| 2006 | 9.11% | 20.65% | 0.15x | 2.92x | $-54.94 Million |
| 2007 | 10.39% | 21.38% | 0.13x | 3.67x | $23.85 Million |
| 2008 | 6.97% | 14.65% | 0.13x | 3.78x | $-171.41 Million |
| 2009 | 1.70% | 3.87% | 0.14x | 3.23x | $-518.11 Million |
| 2010 | 10.26% | 23.31% | 0.14x | 3.25x | $16.31 Million |
| 2011 | 9.70% | 22.72% | 0.14x | 2.99x | $-20.53 Million |
| 2012 | 9.01% | 22.31% | 0.13x | 3.21x | $-67.83 Million |
| 2013 | 7.04% | 17.24% | 0.14x | 2.97x | $-200.55 Million |
| 2014 | 12.82% | 32.81% | 0.12x | 3.15x | $190.31 Million |
| 2015 | 11.35% | 30.39% | 0.12x | 3.16x | $90.67 Million |
| 2016 | 13.92% | 38.33% | 0.12x | 3.02x | $270.72 Million |
| 2017 | 5.24% | 10.91% | 0.12x | 4.01x | $-206.35 Million |
| 2018 | 10.08% | 20.80% | 0.13x | 3.85x | $3.43 Million |
| 2019 | 46.76% | 163.55% | 0.11x | 2.72x | $2.47 Billion |
| 2020 | -4.55% | -19.44% | 0.09x | 2.48x | $-950.32 Million |
| 2021 | 2.82% | 11.07% | 0.09x | 2.77x | $-447.64 Million |
| 2022 | -5.93% | -19.25% | 0.11x | 2.82x | $-930.47 Million |
| 2023 | 1.91% | 5.82% | 0.11x | 2.94x | $-445.41 Million |
| 2024 | 1.36% | 3.94% | 0.11x | 3.10x | $-445.44 Million |
Industry Comparison
This section compares Vornado Realty Trust's net assets metrics with peer companies in the REIT - Office industry.
Industry Context
- Industry: REIT - Office
- Average net assets among peers: $1,190,337,700
- Average return on equity (ROE) among peers: 4.90%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Vornado Realty Trust (VNO) | $7.02 Billion | 27.92% | 1.24x | $5.62 Billion |
| Alexandria Real Estate Equities Inc (ARE) | $319.15 Million | 8.15% | 1.45x | $8.43 Billion |
| Brandywine Realty Trust (BDN) | $833.35 Million | 3.96% | 1.29x | $514.15 Million |
| Boston Properties Inc (BXP) | $3.00 Billion | 14.79% | 1.81x | $9.20 Billion |
| COPT Defense Properties (CDP) | $1.65 Billion | 4.37% | 1.21x | $3.65 Billion |
| City Office (CIO) | $549.13 Million | -4.84% | 1.24x | $4.84 Million |
| Creative Media & Community Trust Corporation (CMCT) | $85.83 Million | 8.36% | 0.42x | $15.08 Million |
| Cousins Properties Incorporated (CUZ) | $504.26 Million | 4.47% | 2.36x | $3.83 Billion |
| Eerly Govt Ppty Inc (DEA) | $1.20 Billion | 0.60% | 0.86x | $1.09 Billion |
| Douglas Emmett Inc (DEI) | $3.05 Billion | -1.21% | 1.04x | $1.75 Billion |
| Equity Commonwealth (EQC) | $708.05 Million | 10.35% | 0.74x | $169.73 Million |
About Vornado Realty Trust
Vornado Realty Trust ("Vornado") is a fully-integrated real estate investment trust ("REIT") and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P. (the "Operating Partnership"), a Delaware limited partnership. Vornado is the sole general partner of and owned approximately 91.5% of the common limited partnership interest in the Ope… Read more