Vornado Realty Trust is a U.S. equity REIT whose portfolio and operating identity are centered on Manhattan office and Manhattan high-street retail, with additional marquee assets in Chicago and San Francisco. Organized as an umbrella partnership REIT, Vornado operates through Vornado Realty L.P., allowing it to own, develop, lease and manage properties within an integrated platform. The company’s evolution over decades has converged on dense, supply-constrained urban corridors, most notably Midtown Manhattan and the Penn District, while retaining ownership interests in selective non-New York assets. Vornado’s core business is Class A office and street-level retail in New York City, augmented by specialty assets and signage, plus a stake in Alexander’s.