Investment Approach

VNO Capital is committed to delivering premium real estate investment opportunities to our investors. We utilize a process-oriented, value-based approach to invest in assets that trade at a discount to inherent value as determined by replacement cost, break-up value, cash flow, earnings power and liquidation value. We employ a number of strategies to exploit market dislocation or misjudgments that may result from market euphoria, litigation, complex contingent liabilities, general economic conditions or market cycles and complex and inappropriate capital structures.

Thinking of our investments as a system rather than isolated parts dictates that our decision framework extend beyond the standardized return metrics to include considerations that, among other things, account for an asset's life-cycle viability in a changing environment. This approach enables us to identify inflection points around which we structure our investment activity, giving rise to an investment portfolio that delivers superior risk-adjusted returns. Together, our framework, organizational structure and modus operandi serve as a competitive advantage in:

• Identifying displacement and market triggers
• Mitigating risk and diversifying our holdings
• Generating sustainable cash flow from operations
• Optimizing capital allocation to maximize returns

Real Estate Strategy

Every investment decision is preceded by diligent research and rigorous screening of economic, demographic, and real estate market data. Our strategy, which targets value-added industrial, office, retail and residential investments in the US and internationally, is derived from both macroeconomic themes and microeconomic trends. We aggressively search for acquisition opportunities; combining entrepreneurial deal sourcing with institutional grade underwriting to identify underperforming assets with purchase prices below replacement cost within a target market.

We are particularly cautious about downside risk; hence, we take all steps necessary to ensure suitable downside protection. Our team meticulously analyze where value can be added and in parallel formulate accurate and conservative costs, timelines and absorption to stabilization. Once we have completed our analysis, we compare investment yields and costs to determine whether or not to pursue an acquisition.

We undertake hands-on Post Acquisition Management and Support to enhance value and maximize asset performance. Principal among our efforts are: restructuring debt, physical upgrades, reconfigurations or improvements, expanding property or phasing in further development, re-tenanting and tenant buyouts. From sourcing through to disposition we remain passionate about every investment and our intensity is manifested in our execution.

Working With Us

The providers of financing are integral in completing successful transactions. VNO Capital dedicates much of its time to identifying and building relationships with equity partners, whose investment objectives align with or complement our own. We function as a conduit of ideas, information and opportunities for investors in their effort to source durable, successful real estate investments. Our time and care in execution, ensure our equity partners achieve their investment objectives.

Working with us; you can expect candid, plain english communication throughout the investment life cycle, in which VNO Capital may execute some or all of the following*:

• Opportunity Sourcing and Evaluation
• LOI and Contract Preparation and Negotiation
• Due Diligence and Analysis
• Investment Package and Investor Presentations
• Equity and/or Debt Sourcing and JV Partner Evaluation
• Post Acquisition Management and Support

*Advisory Service(s)

Investor Relations

We appreciate your interest in VNO Capital. We continue to seek equity partners to enhance the strength and purchase power of our firm. Currently, our direct real estate investments can be offered only to Accredited Investors as defined in Rule 501 of Regulation D under the Securities Act of 1933.

Accredited Investors interested in learning more about our operations, holdings or investment offerings may request a copy of our Investment + Media Kit via email to ir@vnocap.com.

NOTE: Our investment objective is to generate current income and capital appreciation by investing in value-added real estate. However, investing in real estate involves inherent risks, which may include property market and interest rate fluctuations and illiquidity. The direct real estate investments offered by VNO Capital are structured as hybrid investments, with both fixed income and growth components, to protect against loss of capital and the inherent liquidity risks associated with investing in real estate. Nonetheless, we urge investors to carefully consider all risks prior to any investment.