Vornado Realty Trust Management

Management criteria checks 2/4

Vornado Realty Trust's CEO is Steve Roth, appointed in Apr 2013, has a tenure of 11.67 years. total yearly compensation is $26.84M, comprised of 3.7% salary and 96.3% bonuses, including company stock and options. directly owns 1.65% of the company’s shares, worth €139.76M. The average tenure of the management team and the board of directors is 5.7 years and 15.1 years respectively.

Key information

Steve Roth

Chief executive officer

US$26.8m

Total compensation

CEO salary percentage	3.7%
CEO tenure	11.7yrs
CEO ownership	1.7%
Management average tenure	5.7yrs
Board average tenure	15.1yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Steve Roth's remuneration changed compared to Vornado Realty Trust's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	-US$54m
Jun 30 2024	n/a	n/a	US$18m
Mar 31 2024	n/a	n/a	US$29m
Dec 31 2023	US$27m	US$1m	US$43m
Sep 30 2023	n/a	n/a	-US$389m
Jun 30 2023	n/a	n/a	-US$434m
Mar 31 2023	n/a	n/a	-US$430m
Dec 31 2022	US$10m	US$822k	-US$409m
Sep 30 2022	n/a	n/a	US$96m
Jun 30 2022	n/a	n/a	US$126m
Mar 31 2022	n/a	n/a	US$123m
Dec 31 2021	US$10m	US$825k	US$101m
Sep 30 2021	n/a	n/a	-US$119m
Jun 30 2021	n/a	n/a	-US$104m
Mar 31 2021	n/a	n/a	-US$350m
Dec 31 2020	US$11m	US$544k	-US$349m
Sep 30 2020	n/a	n/a	US$53m
Jun 30 2020	n/a	n/a	US$323m
Mar 31 2020	n/a	n/a	US$3b
Dec 31 2019	US$11m	US$880k	US$3b
Sep 30 2019	n/a	n/a	US$3b
Jun 30 2019	n/a	n/a	US$3b
Mar 31 2019	n/a	n/a	US$583m
Dec 31 2018	US$12m	US$1m	US$384m
Sep 30 2018	n/a	n/a	US$310m
Jun 30 2018	n/a	n/a	US$138m
Mar 31 2018	n/a	n/a	US$125m
Dec 31 2017	US$11m	US$1m	US$175m

Compensation vs Market: Steve's total compensation ($USD26.84M) is above average for companies of similar size in the German market ($USD3.29M).

Compensation vs Earnings: Steve's compensation has increased whilst the company is unprofitable.

CEO

Steve Roth (82 yo)

11.7yrs

Tenure

US$26,843,514

Compensation

Mr. Steven Roth, also known as Steve, has been the Chairman Emeritus at JBG SMITH Properties since May 13, 2021. He has been the Chairman of the Board and Chief Executive Officer at Vornado Realty Trust, G...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Steven Roth	Chairman of the Board & CEO	11.7yrs	US$26.84m	1.65% € 139.8m
Michael Franco	President & CFO	5.7yrs	US$17.24m	0.12% € 9.9m
Glen Weiss	Executive VP of Office Leasing & Co-Head of Real Estate	17.9yrs	US$14.81m	0.033% € 2.8m
Barry Langer	Executive VP of Development & Co-Head of Real Estate	9.6yrs	US$14.21m	0.015% € 1.3m
Haim Chera	Executive VP & Head of Retail	5.7yrs	US$9.44m	0.20% € 17.3m
Robert Larson	Senior Vice President of Operations	no data	no data	no data
Deirdre Maddock	Senior VP & Chief Accounting Officer	3.1yrs	no data	no data
Robert Entin	Chief Information Officer & Executive VP	19.3yrs	no data	no data
Thomas Sanelli	Executive VP of Finance & Chief Administrative Officer	4yrs	no data	no data
Catherine Creswell	Director of Investor Relations	no data	no data	no data
Steven Borenstein	Senior VP	no data	no data	no data
Frank Maiorano	Executive VP and Head of Tax & Compliance	2.9yrs	no data	no data

5.7yrs

Average Tenure

53.5yo

Average Age

Experienced Management: VO7's management team is seasoned and experienced (5.7 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Steven Roth	Chairman of the Board & CEO	45.9yrs	US$26.84m	1.65% € 139.8m
William Helman	Independent Trustee	5.9yrs	US$222.55k	0.0080% € 673.7k
David Mandelbaum	Independent Trustee	45.9yrs	US$212.55k	0.21% € 17.7m
Russell Wight	Independent Trustee	45.9yrs	US$212.55k	1.22% € 102.8m
Michael Fascitelli	Trustee	28yrs	US$421.70k	0.69% € 58.3m
Mandakini Puri	Independent Trustee	8yrs	US$267.55k	0% € 0
Raymond McGuire	Independent Director	2.8yrs	US$217.02k	0% € 0
Candace Beinecke	Lead Independent Trustee	17.3yrs	US$317.55k	0.018% € 1.5m
Daniel Tisch	Independent Trustee	12.9yrs	US$267.55k	0.029% € 2.4m
Beatrice Bassey	Independent Trustee	4.8yrs	US$242.55k	0% € 0

15.1yrs

Average Tenure

70yo

Average Age

Experienced Board: VO7's board of directors are seasoned and experienced ( 15.1 years average tenure).

Vornado Realty Trust Management

Management criteria checks 2/4

Key information

Recent management updates

Trustee recently sold €16m worth of stock

Independent Trustee recently sold €1.7m worth of stock

Vornado Realty Trust Names Jason Kirschner Executive Vice President - Head of Capital Markets

Insufficient new directors

Vornado Trust Appoints Lauren Brust Moss as the Company’S Senior Vice President – Chief Sustainability Officer

Independent Trustee recently sold €4.6m worth of stock

Recent updates

Third quarter 2024 earnings released: US$0.019 loss per share (vs US$0.28 profit in 3Q 2023)

New minor risk - Share price stability

Second quarter 2024 earnings released: EPS: US$0.27 (vs US$0.24 in 2Q 2023)

Now 20% undervalued

Now 22% undervalued after recent price drop

Now 21% undervalued after recent price drop

Now 20% undervalued after recent price drop

Now 23% undervalued after recent price drop

First quarter 2024 earnings released: US$0.047 loss per share (vs US$0.027 profit in 1Q 2023)

New major risk - Revenue and earnings growth

New major risk - Revenue and earnings growth

Now 20% undervalued after recent price drop

Now 20% undervalued

New major risk - Revenue and earnings growth

Trustee recently sold €16m worth of stock

Independent Trustee recently sold €1.7m worth of stock

Vornado Realty Trust Declares Dividend, Payable on December 27, 2023

New minor risk - Share price stability

Third quarter 2023 earnings released: EPS: US$0.28 (vs US$0.04 in 3Q 2022)

Vornado Realty Trust Names Jason Kirschner Executive Vice President - Head of Capital Markets

Vornado Realty Trust to Report Q3, 2024 Results on Nov 04, 2024

Now 20% undervalued

Second quarter 2023 earnings released: EPS: US$0.24 (vs US$0.26 in 2Q 2022)

An unknown buyer entered into an agreement to acquire Four Manhattan Retail Properties from Vornado Realty Trust (NYSE:VNO).

Now 22% undervalued

First quarter 2023 earnings released: EPS: US$0.027 (vs US$0.14 in 1Q 2022)

Insufficient new directors

Now 21% undervalued after recent price drop

Full year 2022 earnings released: US$2.13 loss per share (vs US$0.53 profit in FY 2021)

Now 20% undervalued

Now 23% undervalued after recent price drop

Vornado Realty Trust Declares Quarterly Dividend, Payable on February 10, 2023

Third quarter 2022 earnings released: FFO per share: US$0.8 (vs US$0.83 in 3Q 2021)

Vornado Realty Trust Declares Quarterly Dividend on Common Shares, Payable on November 18, 2022

Vornado Realty Trust to Report Q3, 2023 Results on Oct 30, 2023

Second quarter 2022 earnings released: EPS: US$0.26 (vs US$0.25 in 2Q 2021)

Vornado Realty Trust Declares Quarterly Dividend on Common Shares, Payable on August 19, 2022

Vornado Trust Appoints Lauren Brust Moss as the Company’S Senior Vice President – Chief Sustainability Officer

An unknown buyer completed the acquisition of Center Building from Vornado Realty Trust (NYSE:VNO).

First quarter 2022 earnings released: EPS: US$0.14 (vs US$0.021 in 1Q 2021)

Vornado Realty Trust Declares Quarterly Dividend on Common Shares, Payable on May 20, 2022

Independent Trustee recently sold €4.6m worth of stock

Vornado Realty Trust, Annual General Meeting, May 19, 2022

Vornado Realty Trust Announces Board Changes

Full year 2021 earnings: Revenues and EPS in line with analyst expectations

Insufficient new directors

K Property Group, LLC and Lasalle Global Partner Solutions Limited completed the acquisition of Retail property in 478-482 Broadway, Manhattan from Vornado Realty Trust (NYSE:VNO).

Third quarter 2021 earnings released: EPS US$0.33 (vs US$0.28 in 3Q 2020)

An unknown buyer entered into an agreement to acquire Retail property in 478-482 Broadway, Manhattan from Vornado Realty Trust (NYSE:VNO).

Second quarter 2021 earnings released: EPS US$0.25 (vs US$1.04 loss in 2Q 2020)

First quarter 2021 earnings released: FFO US$0.62 per share (vs US$0.68 in 1Q 2020)

Vornado Declares Quarterly Dividend on Common Shares, Payable on May 21, 2021

New 90-day high: €37.20

Vornado Realty Trust(NYSE:VNO.PRL) dropped from S&P U.S. Preferred Stock Index

AvalonBay Communities Names Benjamin Schall as President and Updates on CEO Succession Plan

Vornado Realty Trust Announces Overhead Reduction Program

New 90-day low: €25.60

Revenue misses expectations

Third quarter 2020 earnings released: EPS US$0.34

Vornado Realty Trust to Report Q2, 2021 Results on Aug 02, 2021

An unknown buyer acquired 7.9% stake in Pennsylvania Real Estate Investment Trust (NYSE:PEI) from Vornado Realty Trust (NYSE:VNO) for $28.4 million.

First half earnings released

New 90-day low - €30.40

Vornado Realty Trust(NYSE:VNO) dropped from Russell 1000 Value-Defensive Index

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team