Vornado is a fully integrated real estate investment trust that owns and operates a diversified portfolio of office, retail, and residential properties, concentrated primarily in Manhattan and select other major U.S. markets. The company owns 51 operating properties in New York comprising office and street retail space, apartments, and development sites; holds a significant equity stake in Alexander's Real Estate Equities; and operates major office and retail properties including THE MART in Chicago and a controlling interest in a San Francisco office complex. Vornado generates revenue through property leasing across its portfolio, pursues value creation by acquiring properties at a discount to replacement cost and redeveloping them to enhance returns, and finances operations and growth through internally generated cash, asset dispositions, debt refinancing, and capital market offerings.