# VORNADO REALTY TRUST (VNO)

Informational only - not investment advice.

CIK: 0000899689
SIC: 6798 Real Estate Investment Trusts
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/)
Latest 10-K filed: 2026-02-09
SEC page: https://www.sec.gov/edgar/browse/?CIK=899689
Filing source: https://www.sec.gov/Archives/edgar/data/899689/000089968926000009/vno-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-09 · accession 0000899689-26-000009 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000899689.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,810,425,000 USD | 2025 | verified |
| Net income | 904,955,000 USD | 2025 | verified |
| Assets | 15,521,118,000 USD | 2025 | verified |
| Net margin | 49.99% | 2025 | computed |
| Revenue YoY | +1.27% | 2025 | computed |
| ROE | 15.12% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | VNO | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 50.0% | 16.8% | 90 | 149 |
| Revenue growth | 1.3% | 3.7% | 37 | 149 |
| ROE | 15.1% | 5.7% | 90 | 151 |
| ROA | 5.8% | 1.5% | 91 | 155 |
| Liabilities / equity | 1.46 | 1.48 | 49 | 151 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1810425000 | USD | 2025 | 2026-02-09 |
| Net income | 904955000 | USD | 2025 | 2026-02-09 |
| Assets | 15521118000 | USD | 2025 | 2026-02-09 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-09. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000899689.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 2,084,126,000 | 2,163,720,000 |  | 1,527,951,000 | 1,589,210,000 | 1,799,995,000 | 1,811,163,000 | 1,787,686,000 | 1,810,425,000 |
| Net income | 906,917,000 | 227,416,000 | 449,954,000 | 3,147,937,000 | -297,005,000 | 175,999,000 | -346,499,000 | 105,494,000 | 70,387,000 | 904,955,000 |
| Diluted EPS | 4.34 | 0.85 | 2.01 | 16.21 | -1.83 | 0.53 | -2.13 | 0.23 | 0.04 | 4.20 |
| Operating cash flow | 995,080,000 | 860,142,000 | 802,641,000 | 662,539,000 | 424,240,000 | 761,806,000 | 798,944,000 | 648,152,000 | 537,723,000 | 1,258,385,000 |
| Dividends paid | 475,961,000 | 496,490,000 | 479,348,000 | 503,785,000 | 827,319,000 | 406,109,000 | 406,562,000 | 129,066,000 | 141,103,000 | 141,277,000 |
| Share buybacks |  |  |  |  |  | 0.00 | 0.00 | 29,183,000 | 0.00 | 50,991,000 |
| Assets | 20,814,847,000 | 17,397,934,000 | 17,180,794,000 | 18,287,013,000 | 16,221,822,000 | 17,266,588,000 | 16,493,375,000 | 16,187,665,000 | 15,998,608,000 | 15,521,118,000 |
| Liabilities | 11,917,905,000 | 11,405,296,000 | 11,289,349,000 | 10,087,120,000 | 8,667,400,000 | 10,062,667,000 | 9,980,263,000 | 9,843,931,000 | 9,826,739,000 | 8,716,595,000 |
| Stockholders' equity | 6,898,519,000 | 4,337,652,000 | 4,465,231,000 | 6,732,030,000 | 6,533,198,000 | 6,236,346,000 | 5,839,728,000 | 5,509,064,000 | 5,158,242,000 | 5,986,727,000 |
| Cash and cash equivalents | 1,501,027,000 | 1,817,655,000 | 570,916,000 | 1,515,012,000 | 1,624,482,000 | 1,760,225,000 | 889,689,000 | 997,002,000 | 733,947,000 | 840,850,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 10.91% | 20.80% |  | -19.44% | 11.07% | -19.25% | 5.82% | 3.94% | 49.99% |
| Return on equity | 13.15% | 5.24% | 10.08% | 46.76% | -4.55% | 2.82% | -5.93% | 1.91% | 1.36% | 15.12% |
| Return on assets | 4.36% | 1.31% | 2.62% | 17.21% | -1.83% | 1.02% | -2.10% | 0.65% | 0.44% | 5.83% |
| Liabilities / equity | 1.73 | 2.63 | 2.53 | 1.50 | 1.33 | 1.61 | 1.71 | 1.79 | 1.91 | 1.46 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-03. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000899689.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.04 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.03 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.24 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 450,995,000 | 68,375,000 | 0.28 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 441,886,000 | -45,484,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 436,375,000 | 6,495,000 | -0.05 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 450,266,000 | 50,789,000 | 0.18 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 443,255,000 | -3,626,000 | -0.10 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 457,790,000 | 16,729,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 461,579,000 | 102,368,000 | 0.43 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 441,437,000 | 759,345,000 | 3.70 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 453,700,000 | 27,115,000 | 0.06 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 453,709,000 | 16,127,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 459,105,000 | -7,317,000 | -0.12 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 462,242,000 | 31,959,000 | 0.08 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from VNO's latest 10-K: [/company/VNO/business/](/company/VNO/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from VNO's latest 10-K: [/company/VNO/risk-factors/](/company/VNO/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/899689/000089968926000046/vno-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-03
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Certain statements contained in this Quarterly Report constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Quarterly Report on Form 10‑Q. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost and cost to complete; estimates of future rents; estimates of future capital expenditures, dividends to common and preferred shareholders and Operating Partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2025.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q or the date of any document incorporated by reference. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this Quarterly Report on Form 10-Q.

Management’s Discussion and Analysis of Financial Condition and Results of Operations includes a discussion of our consolidated financial statements for the three and six months ended June 30, 2026. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the operating results for the full year. Certain prior year balances have been reclassified in order to conform to the current year presentation.

41

Overview

Vornado Realty Trust (“Vornado”) is a fully-integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P. (the “Operating Partnership”), a Delaware limited partnership. Vornado is the sole general partner of and owned approximately 91.2% of the common limited partnership interest in the Operating Partnership as of June 30, 2026. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.

We compete with a large number of real estate investors, property owners and developers, some of whom may be willing to accept lower returns on their investments. Principal factors of competition are rents charged, tenant concessions offered, attractiveness of location, the quality of the property and the breadth and the quality of services provided. Our success depends upon, among other factors, trends of the global, national, regional and local economies, the financial condition and operating results of current and prospective tenants and customers, availability and cost of capital, construction and renovation costs, taxes, governmental regulations, legislation, population and employment trends. See “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding these factors.

Our business has been, and may continue to be, affected by interest rate fluctuations, the effects of inflation and other uncertainties including the potential for an economic downturn. These factors could have a material impact on our business, financial condition, results of operations and cash flows.

Vornado Realty Trust

Quarter Ended June 30, 2026 Financial Results Summary

Net income attributable to common shareholders for the quarter ended June 30, 2026 was $16,434,000, or $0.08 per diluted share, compared to $743,819,000, or $3.70 per diluted share, for the prior year’s quarter. The decrease is primarily due to the $803,248,000 gain related to the 770 Broadway master lease with New York University ("NYU") during the three months ended June 30, 2025.

Funds from operations (“FFO”) attributable to common shareholders plus assumed conversions for the quarter ended June 30, 2026 was $144,078,000, or $0.74 per diluted share, compared to $120,928,000, or $0.60 per diluted share, for the prior year’s quarter. FFO attributable to common shareholders plus assumed conversions for the quarters ended June 30, 2026 and 2025 include certain items that impact the comparability of period-to-period FFO, which are listed in the table below. The aggregate of these items, net of amounts attributable to noncontrolling interests, increased FFO attributable to common shareholders plus assumed conversions for the quarter ended June 30, 2026 by $13,005,000, or $0.07 per diluted share, and $7,604,000, or $0.04 per diluted share, for the quarter ended June 30, 2025.

Six Months Ended June 30, 2026 Financial Results Summary

Net loss attributable to common shareholders for the six months ended June 30, 2026 was $6,408,000, or $0.03 per diluted share, compared to net income attributable to common shareholders of $830,661,000, or $4.14 per diluted share, for the six months ended June 30, 2025. The decrease is primarily due to the $803,248,000 gain related to the 770 Broadway master lease with NYU during the six months ended June 30, 2025.

FFO attributable to common shareholders plus assumed conversions for the six months ended June 30, 2026 was $240,391,000, or $1.22 per diluted share, compared to $256,028,000, or $1.27 per diluted share, for the six months ended June 30, 2025. FFO attributable to common shareholders plus assumed conversions for the six months ended June 30, 2026 and 2025 include certain items that impact the comparability of period-to-period FFO, which are listed in the table below. The aggregate of these items, net of amounts attributable to noncontrolling interests, increased FFO attributable to common shareholders plus assumed conversions for the six months ended June 30, 2026 by $6,150,000, or $0.03 per diluted share and $16,400,000, or $0.08 per diluted share for the six months ended June 30, 2025.

The following table reconciles the difference between our FFO attributable to common shareholders plus assumed conversions and our FFO attributable to common shareholders plus assumed conversions, as adjusted:

[[GREPCENT_TABLE]]
[["(Amounts in thousands)","For the Three Months Ended June 30,","","For the Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:"],["606 Broadway debt extinguishment gain, net of noncontrolling interests","$","(16,141)","","","$","\u2014","","","$","(16,141)","","","$","\u2014"],["Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)","2,679","","","3,337","","","5,663","","","6,542"],["Gain on sale of Canal Street residential condominium units","\u2014","","","(8,362)","","","\u2014","","","(10,337)"],["After-tax net gain on sale of 220 Central Park South (\"220 CPS\") condominium units and ancillary amenities","\u2014","","","\u2014","","","\u2014","","","(11,110)"],["Other","(656)","","","(3,217)","","","3,797","","","(2,895)"],["","(14,118)","","","(8,242)","","","(6,681)","","","(17,800)"],["Noncontrolling interests' share of above adjustments on a dilutive basis","1,113","","","638","","","531","","","1,400"],["Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net","$","(13,005)","","","$","(7,604)","","","$","(6,150)","","","$","(16,400)"]]
[[/GREPCENT_TABLE]]

42

Overview - continued

Same Store Net Operating Income (“NOI”) At Share

The percentage increase (decrease) in same store NOI at share and same store NOI at share - cash basis of our New York segment, THE MART and 555 California Street are below.

[[GREPCENT_TABLE]]
[["","","Total","","New York","","THE MART","","555 California Street(1)"],["Same store NOI at share % increase (decrease)"],["Three months ended June 30, 2026 compared to June 30, 2025","","9.8","%","","11.9","%","","9.1","%","","(14.3)","%"],["Six months ended June 30, 2026 compared to June 30, 2025","","8.1","%","","10.5","%","","5.7","%","","(17.9)","%"],["Same store NOI at share - cash basis % increase (decrease)"],["Three months ended June 30, 2026 compared to June 30, 2025","","2.9","%","","6.2","%","","15.1","%","","(48.6)","%"],["Six months ended June 30, 2026 compared to June 30, 2025","","0.8","%","","4.7","%","","9.3","%","","(49.9)","%"]]
[[/GREPCENT_TABLE]]
____________________________

(1)Variance in same store NOI at share vs. same store NOI at share - cash basis is primarily due to GAAP rent commencing on new leases with free rent periods.

Calculations of same store NOI at share, reconciliations of our net income (loss) to NOI at share, NOI at share - cash basis and FFO and the reasons we consider these non-GAAP financial measures useful are provided in the following pages of Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Acquisitions

Park Avenue Plaza

On June 11, 2026, we completed the purchase of a 49.0% interest in Park Avenue Plaza at a gross asset valuation of $1.1 billion ($950 per square foot). We acquired our interest subject to our share of the $575,000,000 loan encumbering the property, resulting in a cash purchase price of approximately $230,000,000, net of seller credits and inclusive of transaction costs. The loan bears interest at a fixed rate of 2.99% and matures in November 2031.

Park Avenue Plaza is a 45-story, 1.2 million rentable square foot building located at 55 East 52nd Street. The office building, co-owned by Fisher Brothers, has protected Park Avenue views and occupies the full through-block between East 52nd and East 53rd Street.

Fisher Brothers retains its current 51.0% ownership interest and continues to manage and lease the property. Vornado and Fisher Brothers have joint control over major decisions.

3 East 54th Street

On January 7, 2026, we acquired 3 East 54th Street, an asset situated on 18,400 square feet of land, for $141,000,000. Previously, in July 2025, we purchased the $35,000,000 A-Note secured by the property at par plus accrued interest, and in August 2024, we purchased the $50,000,000 B-Note secured by the property. The A-Note and B-Note were in default. Th

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/899689/000089968926000009/vno-20251231.htm
Complete FY 2025 MD&A: /company/VNO/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-09
Report date: 2025-12-31

ITEM 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

[[GREPCENT_TABLE]]
[["","Page Number"],["Overview","35"],["Critical Accounting Estimates","42"],["Net Operating Income At Share by Segment for the Years Ended December 31, 2025 and 2024","43"],["Results of Operations for the Year Ended December 31, 2025 Compared to December 31, 2024","46"],["Related Party Transactions","49"],["Liquidity and Capital Resources","50"],["Funds From Operations for the Years Ended December 31, 2025 and 2024","56"]]
[[/GREPCENT_TABLE]]

34

Introduction

The following discussion should be read in conjunction with the financial statements and related notes included under Part II, Item 8 of this Annual Report on Form 10-K.

Our Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") within this section is focused on the years ended December 31, 2025 and 2024, including year-to-year comparisons between these years. Our MD&A for the year ended December 31, 2023, including year-to-year comparisons between 2024 and 2023, can be found in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Overview

Vornado Realty Trust (“Vornado”) is a fully‑integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., (the “Operating Partnership”) a Delaware limited partnership. Accordingly, Vornado’s cash flow and ability to pay dividends to its shareholders are dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of and owned approximately 91.3% of the common limited partnership interest in the Operating Partnership as of December 31, 2025. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.

We own and operate office and retail properties with a concentration in the New York metropolitan area. In addition, we have a 32.4% interest in Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX), which owns five properties in the greater New York metropolitan area, as well as interests in other real estate and investments.

Our business objective is to maximize Vornado shareholder value, which we measure by the total return provided to our shareholders. Below is a table comparing Vornado’s performance to the FTSE Office and the MSCI US REIT Index (“MSCI”) for the following periods ended December 31, 2025:

[[GREPCENT_TABLE]]
[["","Total Return(1)"],["","Vornado","","FTSE Office","","MSCI"],["Three-month","(16.1","%)","","(13.1","%)","","(1.7","%)"],["One-year","(19.1","%)","","(14.0","%)","","3.0","%"],["Three-year","70.4","%","","6.6","%","","27.3","%"],["Five-year","6.9","%","","(18.9","%)","","37.5","%"],["Ten-year","(38.3","%)","","(11.4","%)","","74.2","%"]]
[[/GREPCENT_TABLE]]

________________________________________

(1)Past performance is not necessarily indicative of future performance.

We intend to achieve this objective by continuing to pursue our investment philosophy and to execute our operating strategies through:

•maintaining a superior team of operating and investment professionals and an entrepreneurial spirit;

•investing in properties in select markets, such as New York City, where we believe there is a high likelihood of capital appreciation;

•acquiring quality properties at a discount to replacement cost and where there is a significant potential for higher rents;

•developing and redeveloping properties to increase returns and maximize value; and

•investing in operating companies that have a significant real estate component.

We expect to finance our growth from acquisitions, developments, redevelopments and investments using internally generated funds and proceeds from asset sales and by accessing the public and private capital markets. We may also offer Vornado common or preferred shares or Operating Partnership units in exchange for property and may repurchase or otherwise reacquire these securities in the future.

We compete with a large number of real estate investors, property owners and developers, some of whom may be willing to accept lower returns on their investments. Principal factors of competition are rents charged, tenant concessions offered, attractiveness of location, the quality of the property and the breadth and the quality of services provided. Our success depends upon, among other factors, trends of the global, national, regional and local economies, the financial condition and operating results of current and prospective tenants and customers, availability and cost of capital, construction and renovation costs, taxes, governmental regulations, legislation, population and employment trends. See “Risk Factors” in Item 1A for additional information regarding these factors.

Our business has been, and may continue to be, affected by interest rates fluctuations, the effects of inflation and other uncertainties including the potential for an economic downturn. These factors could have a material impact on our business, financial condition, results of operations and cash flows.

35

Overview - continued

Vornado Realty Trust

Year Ended December 31, 2025 Financial Results Summary

Net income attributable to common shareholders for the year ended December 31, 2025 was $842,851,000, or $4.20 per diluted share, compared to $8,275,000, or $0.04 per diluted share, for the year ended December 31, 2024. 

Funds from operations ("FFO") attributable to common shareholders plus assumed conversions for the year ended December 31, 2025 was $486,826,000, or $2.42 per diluted share, compared to $470,021,000, or $2.37 per diluted share, for the year ended December 31, 2024. The years ended December 31, 2025 and 2024 include certain items that impact FFO, which are listed in the table below. The aggregate of these items, net of amounts attributable to noncontrolling interests, increased FFO by $21,272,000, or $0.10 per diluted share, for the year ended December 31, 2025 and by $22,950,000, or $0.11 per diluted share, for the year ended December 31, 2024.

The following table reconciles the difference between our FFO attributable to common shareholders plus assumed conversions and our FFO attributable to common shareholders plus assumed conversions, as adjusted:

[[GREPCENT_TABLE]]
[["(Amounts in thousands)","For the Year Ended December 31,"],["","2025","","2024"],["Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:"],["After-tax net gain on sale of 220 Central Park South (\"220 CPS\") condominium units and ancillary amenities","$","(17,020)","","","$","(13,069)"],["Gain on sale of Canal Street residential condominium units","(13,911)","","","\u2014"],["Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)","13,176","","","14,353"],["Our share of the gain on the discounted extinguishment of the 280 Park Avenue mezzanine loan","\u2014","","","(31,215)"],["Other","(5,315)","","","5,000"],["","(23,070)","","","(24,931)"],["Noncontrolling interests' share of above adjustments on a dilutive basis","1,798","","","1,981"],["Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net","$","(21,272)","","","$","(22,950)"]]
[[/GREPCENT_TABLE]]

Same Store Net Operating Income ("NOI") At Share

The percentage increase (decrease) in same store NOI at share and same store NOI at share - cash basis of our New York segment, THE MART and 555 California Street are below.

[[GREPCENT_TABLE]]
[["Year Ended December 31, 2025 compared to December 31, 2024:","","Total","","New York","","THE MART(1)","","555 California Street"],["Same store NOI at share % increase","","5.4","%","","3.9","%","(2)","34.3","%","","1.3","%"],["Same store NOI at share - cash basis % (decrease) increase","","(5.5)","%","","(6.6)","%","(3)(4)","24.6","%","","(16.2","%)","(5)"]]
[[/GREPCENT_TABLE]]

________________________________________

(1)2025 includes the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment and 2024 includes a $4,560,000 write-off of a receivable arising from the straight-lining of rents due to the tenant being deemed uncollectible.

(2)Excludes the impact of the $17,240,000 reversal of previously accrued PENN 1 ground rent.

(3)Decrease in same store NOI at share - cash basis vs. GAAP basis is primarily due to (i) current period PENN 1 ground rent increase and (ii) GAAP rent commencing on new leases with free rent periods.

(4)Excludes the impact of the April 2025 $22,361,000 true-up payment for prior period PENN 1 ground rent owed based on the rent reset determination (which is subject to the ongoing litigation discussed on the following page).

(5)Decrease in same store NOI at share cash basis vs. GAAP basis is primarily due to GAAP rent commencing on new leases with free rent periods.

Calculations of same store NOI at share, reconciliations of our net income to NOI at share, NOI at share - cash basis and FFO and the reasons we consider these non-GAAP financial measures useful are provided in the following pages of Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Dividends/Share Repurchase Program

On December 8, 2025, Vornado’s Board of Trustees declared a dividend of $0.74 per common share for 2025. We anticipate that in 2026 we will continue our common share dividend policy of paying one common share dividend in the fourth quarter.

During the year ended December 31, 2025, we repurchased 1,462,360 common shares for $50,962,000 at an average price per share of $34.85. Subsequent to December 31, 2025, we repurchased 889,566 common shares for $28,756,000, at an average price per share of $32.33.

As of February 6, 2026, $91,140,000 remained available for repurchases under a $200,000,000 share repurchase plan authorized by Vornado's Board of Trustees in 2023.

36

Overview - continued

PENN 1 Ground Rent Reset Determination

On April 22, 2025, an arbitration panel (the “Panel”) appointed to determine the ground rent payable for the PENN 1 land parcel for the 25-year period beginning June 17, 2023 determined that the annual rent payable will be $15,000,000 or $20,220,000, depending on the outcome of litigation described in the following paragraph. On July 21, 2025, the ground lessor filed a motion in New York County Supreme Court to vacate the Panel’s ground rent determination. On October 31, 2025, the court granted the ground lessor’s motion. We believe the decision is without merit and are appealing the court’s decision.

Further, litigation is currently pending between the parties in New York County Supreme Court regarding the existence of a sublease potentially affecting the value of the land parcel. The court denied our motion to dismiss that action and, in January 2026, the appellate court affirmed that decision. That sublease litigation is now continuing in front of the lower court. Under the Panel’s decision (assuming the aforementioned vacatur decision that we are appealing is reversed), if the fee owner prevails in a final judgment in that litigation, the annual rent for the 25-year term will be $20,220,000, retroactive to June 17, 2023.

We were accruing $26,205,000 per annum of ground rent based on a previous estimate and therefore, in connection with the Panel’s determination (which is subject to the ongoing litigation described above), we reversed $17,240,000 of previously accrued rent expense during the year ended December 31, 2025, and are now paying based on a $15,000,000 annual rent amount.

35

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/VNO/mda/fy2025/
All MD&A years: /company/VNO/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/VNO/mda/fy2024/): filed 2025-02-10; accession 0000899689-25-000004 (https://www.sec.gov/Archives/edgar/data/899689/000089968925000004/vno-20241231.htm)
- [FY 2023 MD&A](/company/VNO/mda/fy2023/): filed 2024-02-12; accession 0000899689-24-000005 (https://www.sec.gov/Archives/edgar/data/899689/000089968924000005/vno-20231231.htm)
- [FY 2022 MD&A](/company/VNO/mda/fy2022/): filed 2023-02-13; accession 0000899689-23-000010 (https://www.sec.gov/Archives/edgar/data/899689/000089968923000010/vno-20221231.htm)
- [FY 2021 MD&A](/company/VNO/mda/fy2021/): filed 2022-02-14; accession 0000899689-22-000006 (https://www.sec.gov/Archives/edgar/data/899689/000089968922000006/vno-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/VNO.md · JSON record: /company/VNO.json · verified financials: /company/VNO/financials.json / /company/VNO/financials.csv · machine TOC for the whole site: /llms.txt