Vornado Realty L.P.: Update to credit analysis following downgrade; outlook changed to stable
Our credit view of this issuer reflects its laddered lease expiration schedule and diverse tenant base, constrained by its geographic concentration.Vornado Realty Trust is a real estate investment trust and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P. (the Operating Partnership). The company is the sole general partner of the Operating Partnership. The company owns and operates office and retail properties with a concentration in the New York City metropolitan area. In addition, the company has interest in Alexander's, Inc., which owns properties in the New York metropolitan area, as well as interests in other real estate and related investments.
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