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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


			For the quarterly period ended:			September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the transition period from:						to


Commission File Number:	001-11954	(Vornado Realty Trust)
Commission File Number:	001-34482	(Vornado Realty L.P.)

Vornado Realty Trust

Vornado Realty L.P.


			(Exact name of registrants as specified in its charter)

Vornado Realty Trust

Maryland

22-1657560

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

Vornado Realty L.P.

Delaware

13-3925979

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)


888 Seventh Avenue,	New York,	New York	10019
(Address of principal executive offices) (Zip Code)


(212)			894-7000
(Registrants’ telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Registrant

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Vornado Realty Trust

Common Shares of beneficial interest, $.04 par value per share

VNO

New York Stock Exchange

Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share:

Vornado Realty Trust

5.40% Series L

VNO/PL

New York Stock Exchange

Vornado Realty Trust

5.25% Series M

VNO/PM

New York Stock Exchange

Vornado Realty Trust

5.25% Series N

VNO/PN

New York Stock Exchange

Vornado Realty Trust

4.45% Series O

VNO/PO

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Vornado Realty Trust: Yes ☑ No ☐ Vornado Realty L.P.: Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Vornado Realty Trust: Yes ☑ No ☐ Vornado Realty L.P.: Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Vornado Realty Trust:

☑

Large Accelerated Filer

☐

Accelerated Filer

☐

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

Vornado Realty L.P.:

☐

Large Accelerated Filer

☐

Accelerated Filer

☑

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Vornado Realty Trust: ☐ Vornado Realty L.P.: ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Vornado Realty Trust: Yes ☐ No ☑ Vornado Realty L.P.: Yes ☐ No ☑

As of September 30, 2025, 192,054,832 of Vornado Realty Trust’s common shares of beneficial interest are outstanding.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2025 of Vornado Realty Trust and Vornado Realty L.P. Unless stated otherwise or the context otherwise requires, references to “Vornado” refer to Vornado Realty Trust, a Maryland real estate investment trust (“REIT”), and references to the “Operating Partnership” refer to Vornado Realty L.P., a Delaware limited partnership. References to the “Company,” “we,” “us” and “our” mean collectively Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.

The Operating Partnership is the entity through which we conduct substantially all of our business and own, either directly or through subsidiaries, substantially all of our assets. Vornado is the sole general partner and also a 91.5% limited partner of the Operating Partnership. As the sole general partner of the Operating Partnership, Vornado has exclusive control of the Operating Partnership’s day-to-day management.

Under the limited partnership agreement of the Operating Partnership, unitholders may present their Class A units for redemption at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time). Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the distribution to a Class A unitholder is equal to the dividend paid to a Vornado common shareholder. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. Vornado generally expects that it will elect to issue its common shares in connection with each such presentation for redemption rather than having the Operating Partnership pay cash. With each such exchange or redemption, Vornado’s percentage ownership in the Operating Partnership will increase. In addition, whenever Vornado issues common shares other than to acquire Class A units of the Operating Partnership, Vornado must contribute any net proceeds it receives to the Operating Partnership and the Operating Partnership must issue to Vornado an equivalent number of Class A units of the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.

The Company believes that combining the quarterly reports on Form 10-Q of Vornado and the Operating Partnership into this single report provides the following benefits:

•enhances investors’ understanding of Vornado and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•eliminates duplicative disclosure and provides a more streamlined and readable presentation because a substantial portion of the disclosure applies to both Vornado and the Operating Partnership; and

•creates time and cost efficiencies in the preparation of one combined report instead of two separate reports.

The Company believes it is important to understand the few differences between Vornado and the Operating Partnership in the context of how Vornado and the Operating Partnership operate as a consolidated company. The financial results of the Operating Partnership are consolidated into the financial statements of Vornado. Vornado does not have any significant assets, liabilities or operations, other than its investment in the Operating Partnership. The Operating Partnership, not Vornado, generally executes all significant business relationships other than transactions involving the securities of Vornado. The Operating Partnership holds substantially all of the assets of Vornado. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by Vornado, which are contributed to the capital of the Operating Partnership in exchange for Class A units of partnership in the Operating Partnership, and the net proceeds of debt offerings by Vornado, which are contributed to the Operating Partnership in exchange for debt securities of the Operating Partnership, as applicable, the Operating Partnership generates all remaining capital required by the Company’s business. These sources may include working capital, net cash provided by operating activities, borrowings under the revolving credit facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties.

To help investors better understand the key differences between Vornado and the Operating Partnership, certain information for Vornado and the Operating Partnership in this report has been separated, as set forth below:

•Item 1. Financial Statements (unaudited), which includes the following specific disclosures for Vornado Realty Trust and Vornado Realty L.P.:

•Note 11. Redeemable Noncontrolling Interests

•Note 12. Shareholders' Equity/Partners' Capital

•Note 14. Income (Loss) Per Share and Per Class A Unit

•Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable.

This report also includes separate Part I, Item 4. Controls and Procedures and Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections and separate Exhibits 31 and 32 certifications for each of Vornado and the Operating Partnership in order to establish that the requisite certifications have been made and that Vornado and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

PART I.

Financial Information:

Page Number

Item 1.

Financial Statements of Vornado Realty Trust:

Consolidated Balance Sheets (Unaudited) as of September 30, 2025 and December 31, 2024

Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024

Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024

Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024

Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2025 and 2024

Financial Statements of Vornado Realty L.P.:

Consolidated Balance Sheets (Unaudited) as of September 30, 2025 and December 31, 2024

Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024

Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024

Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024

Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2025 and 2024

Vornado Realty Trust and Vornado Realty L.P.:

Notes to Consolidated Financial Statements (Unaudited)

Reports of Independent Registered Public Accounting Firm

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II.

Other Information:

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

VORNADO REALTY TRUST

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(Amounts in thousands, except unit, share, and per share amounts)	As of
	September 30, 2025		December 31, 2024
ASSETS
Real estate, at cost:
Land	$	2,386,674	$	2,434,209
Buildings and improvements	10,716,133		10,439,113
Development costs and construction in progress	1,015,288		1,097,395
Leasehold improvements and equipment	111,528		120,915
Total	14,229,623		14,091,632
Less accumulated depreciation and amortization	(4,115,089)		(4,025,349)
Real estate, net	10,114,534		10,066,283
Right-of-use assets	677,556		678,804
Net investment in lease	165,812		—
Cash and cash equivalents	1,009,876		733,947
Restricted cash	142,219		215,672

Tenant and other receivables	89,322		58,853
Investments in partially owned entities	1,965,901		2,691,478


Receivable arising from the straight-lining of rents	724,807		707,020
Deferred leasing costs, net of accumulated amortization of $228,612 and $268,532	350,198		354,882
Identified intangible assets, net of accumulated amortization of $80,758 and $75,002	112,459		118,215
Other assets	394,414		373,454
	$	15,747,098	$	15,998,608
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	$	4,921,263	$	5,676,014
Senior unsecured notes, net	746,896		1,195,914
Unsecured term loan, net	796,990		795,948
Unsecured revolving credit facilities	720,420		575,000
Lease liabilities	708,457		749,759
Accounts payable and accrued expenses	382,267		374,013

Deferred compensation plan	111,574		114,580
Other liabilities	341,634		345,511
Total liabilities	8,729,501		9,826,739
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 16,694,264 and 16,850,803 units outstanding	676,619		708,408
Series D cumulative redeemable preferred units - 141,400 units outstanding	3,535		3,535
Total redeemable noncontrolling partnership units	680,154		711,943
Redeemable noncontrolling interest in a consolidated subsidiary	101,117		122,715
Total redeemable noncontrolling interests	781,271		834,658
Shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,789,180 shares	1,182,364		1,182,364
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 192,054,832 and 190,846,580 shares	7,682		7,634
Additional capital	8,172,106		8,052,793
Earnings less than distributions	(3,300,001)		(4,142,249)
Accumulated other comprehensive income	3,973		57,700
Total shareholders' equity	6,066,124		5,158,242
Noncontrolling interests in consolidated subsidiaries	170,202		178,969
Total equity	6,236,326		5,337,211
	$	15,747,098	$	15,998,608

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


(Amounts in thousands, except per share amounts)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
REVENUES:
Rental revenues	$	389,097	$	387,470	$	1,176,104	$	1,170,343
Fee and other income	64,603		55,785		180,612		159,553
Total revenues	453,700		443,255		1,356,716		1,329,896
EXPENSES:
Operating	(241,769)		(236,149)		(685,857)		(691,753)
Depreciation and amortization	(117,122)		(116,006)		(348,851)		(334,439)
General and administrative	(37,490)		(35,511)		(116,065)		(111,883)
Expense from deferred compensation plan liability	(6,756)		(5,171)		(8,790)		(11,089)
Transaction related costs and other	(3,563)		113		(4,327)		(3,901)
Total expenses	(406,700)		(392,724)		(1,163,890)		(1,153,065)

Income from partially owned entities	21,940		18,229		135,588		82,457

Interest and other investment income, net	22,413		12,391		41,730		34,626
Income from deferred compensation plan assets	6,756		5,171		8,790		11,089
Interest and debt expense	(84,459)		(100,907)		(268,204)		(289,786)
Gain on sales-type lease	—		—		803,248		—
Net gains on disposition of wholly owned and partially owned assets	—		—		24,039		16,048
Income (loss) before income taxes	13,650		(14,585)		938,017		31,265
Income tax benefit (expense)	5,589		(4,883)		(5,727)		(16,907)
Net income (loss)	19,239		(19,468)		932,290		14,358
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	8,912		14,152		30,326		40,024
Operating Partnership	(1,036)		1,690		(73,788)		(724)
Net income (loss) attributable to Vornado	27,115		(3,626)		888,828		53,658
Preferred share dividends	(15,526)		(15,528)		(46,578)		(46,586)

NET INCOME (LOSS) attributable to common shareholders	$	11,589	$	(19,154)	$	842,250	$	7,072

INCOME (LOSS) PER COMMON SHARE - BASIC:


Net income (loss) per common share	$	0.06	$	(0.10)	$	4.39	$	0.04
Weighted average shares outstanding	192,050		190,556		191,804		190,493

INCOME (LOSS) PER COMMON SHARE - DILUTED:


Net income (loss) per common share	$	0.06	$	(0.10)	$	4.19	$	0.04
Weighted average shares outstanding	200,150		190,556		201,098		195,473

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	19,239	$	(19,468)	$	932,290	$	14,358
Other comprehensive (loss) income:
Change in fair value of consolidated interest rate hedges and other	(7,041)		(98,940)		(48,183)		(49,539)
Other comprehensive income (loss) of nonconsolidated subsidiaries	130		(18,988)		(11,121)		(21,215)


Comprehensive income (loss)	12,328		(137,396)		872,986		(56,396)
Less comprehensive loss (income) attributable to noncontrolling interests	8,900		28,486		(37,856)		44,477
Comprehensive income (loss) attributable to Vornado	$	21,228	$	(108,910)	$	835,130	$	(11,919)

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)


(Amounts in thousands)											Accumulated Other Comprehensive Income		Non-controlling Interests in Consolidated Subsidiaries

	Preferred Shares			Common Shares			Additional Capital		Earnings Less Than Distributions						Total Equity
	Shares	Amount		Shares	Amount
For the Three Months Ended September 30, 2025:
Balance as of June 30, 2025	48,789	$	1,182,364	192,041	$	7,682	$	8,203,781	$	(3,311,586)	$	9,857	$	171,863	$	6,263,961
Net income attributable to Vornado	—	—		—	—		—		27,115		—		—		27,115
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	—	—		—	—		—		—		—		(1,143)		(1,143)

Dividends on preferred shares (see Note 12 for dividends per share amounts)	—	—		—	—		—		(15,526)		—		—		(15,526)


Common shares issued:
Upon redemption of Class A units, at redemption value	—	—		14	—		551		—		—		—		551
Under employees’ share option plan	—	—		—	—		6		—		—		—		6

Distributions	—	—		—	—		—		—		—		(2)		(2)


Other comprehensive income of nonconsolidated subsidiaries	—	—		—	—		—		—		130		—		130
Change in fair value of consolidated interest rate hedges and other	—	—		—	—		—		—		(7,041)		—		(7,041)
Redeemable Class A unit measurement adjustment	—	—		—	—		(32,231)		—		3		—		(32,228)
Other comprehensive loss attributable to noncontrolling interests in:
Operating Partnership	—	—		—	—		—		—		509		—		509
Consolidated subsidiaries	—	—		—	—		—		—		516		(516)		—
Other	—	—		—	—		(1)		(4)		(1)		—		(6)
Balance as of September 30, 2025	48,789	$	1,182,364	192,055	$	7,682	$	8,172,106	$	(3,300,001)	$	3,973	$	170,202	$	6,236,326



	Preferred Shares			Common Shares			Additional Capital		Earnings Less Than Distributions		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interests in Consolidated Subsidiaries		Total Equity
	Shares	Amount		Shares	Amount
For the Three Months Ended September 30, 2024:
Balance as of June 30, 2024	48,793	$	1,182,459	190,505	$	7,599	$	8,314,657	$	(3,983,194)	$	104,779	$	191,699	$	5,817,999
Net loss attributable to Vornado	—	—		—	—		—		(3,626)		—		—		(3,626)
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	—	—		—	—		—		—		—		(6,290)		(6,290)

Dividends on preferred shares (see Note 12 for dividends per share amounts)	—	—		—	—		—		(15,528)		—		—		(15,528)

Common shares issued upon redemption of Class A units, at redemption value	—	—		143	6		4,773		—		—		—		4,779
Conversion of Series A preferred shares to common shares	—	(10)		1	—		10		—		—		—		—
Contributions	—	—		—	—		—		—		—		93		93
Distributions	—	—		—	—		—		—		—		(998)		(998)


Other comprehensive loss of nonconsolidated subsidiaries	—	—		—	—		—		—		(18,988)		—		(18,988)
Change in fair value of consolidated interest rate hedges and other	—	—		—	—		—		—		(98,940)		—		(98,940)
Redeemable Class A unit measurement adjustment	—	—		—	—		(228,717)		—		27		—		(228,690)
Other comprehensive loss attributable to noncontrolling interests in:
Operating Partnership	—	—		—	—		—		—		9,454		—		9,454
Consolidated subsidiaries	—	—		—	—		—		—		3,190		(3,190)		—
Other	—	—		—	—		—		3		—		2		5
Balance as of September 30, 2024	48,793	$	1,182,449	190,649	$	7,605	$	8,090,723	$	(4,002,345)	$	(478)	$	181,316	$	5,459,270

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED

(UNAUDITED)


(Amounts in thousands)											Accumulated Other Comprehensive Income		Non-controlling Interests in Consolidated Subsidiaries

	Preferred Shares			Common Shares			Additional Capital		Earnings Less Than Distributions						Total Equity
	Shares	Amount		Shares	Amount
For the Nine Months Ended September 30, 2025:
Balance as of December 31, 2024	48,789	$	1,182,364	190,847	$	7,634	$	8,052,793	$	(4,142,249)	$	57,700	$	178,969	$	5,337,211
Net income attributable to Vornado	—	—		—	—		—		888,828		—		—		888,828
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	—	—		—	—		—		—		—		(8,131)		(8,131)

Dividends on preferred shares (see Note 12 for dividends per share amounts)	—	—		—	—		—		(46,578)		—		—		(46,578)

Common shares issued:
Upon redemption of Class A units, at redemption value	—	—		1,207	48		49,081		—		—		—		49,129
Under employees’ share option plan	—	—		1	—		42		—		—		—		42
Contributions	—	—		—	—		—		—		—		673		673
Distributions	—	—		—	—		—		—		—		(188)		(188)


Other comprehensive loss of nonconsolidated subsidiaries	—	—		—	—		—		—		(11,121)		—		(11,121)
Change in fair value of consolidated interest rate hedges and other	—	—		—	—		—		—		(48,183)		—		(48,183)
Redeemable Class A unit measurement adjustment	—	—		—	—		70,191		—		(31)		—		70,160
Other comprehensive loss attributable to noncontrolling interests in:
Operating Partnership	—	—		—	—		—		—		4,780		—		4,780
Consolidated subsidiaries	—	—		—	—		—		—		827		(827)		—
Other	—	—		—	—		(1)		(2)		1		(294)		(296)
Balance as of September 30, 2025	48,789	$	1,182,364	192,055	$	7,682	$	8,172,106	$	(3,300,001)	$	3,973	$	170,202	$	6,236,326



	Preferred Shares			Common Shares			Additional Capital		Earnings Less Than Distributions		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interests in Consolidated Subsidiaries		Total Equity
	Shares	Amount		Shares	Amount
For the Nine Months Ended September 30, 2024:
Balance as of December 31, 2023	48,793	$	1,182,459	190,391	$	7,594	$	8,263,291	$	(4,009,395)	$	65,115	$	196,222	$	5,705,286
Net income attributable to Vornado	—	—		—	—		—		53,658		—		—		53,658
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	—	—		—	—		—		—		—		(16,272)		(16,272)

Dividends on preferred shares (see Note 12 for dividends per share amounts)	—	—		—	—		—		(46,586)		—		—		(46,586)

Common shares issued upon redemption of Class A units, at redemption value	—	—		258	11		7,808		—		—		—		7,819
Conversion of Series A preferred shares to common shares	—	(10)		1	—		10		—		—		—		—
Contributions	—	—		—	—		—		—		—		1,851		1,851
Distributions	—	—		—	—		—		—		—		(1,183)		(1,183)


Other comprehensive loss of nonconsolidated subsidiaries	—	—		—	—		—		—		(21,215)		—		(21,215)
Change in fair value of consolidated interest rate hedges and other	—	—		—	—		—		—		(49,539)		—		(49,539)
Redeemable Class A unit measurement adjustment	—	—		—	—		(180,531)		—		(16)		—		(180,547)
Other comprehensive loss (income) attributable to noncontrolling interests in:
Operating Partnership	—	—		—	—		—		—		5,872		—		5,872
Consolidated subsidiaries	—	—		—	—		—		—		(695)		695		—
Other	—	—		(1)	—		145		(22)		—		3		126
Balance as of September 30, 2024	48,793	$	1,182,449	190,649	$	7,605	$	8,090,723	$	(4,002,345)	$	(478)	$	181,316	$	5,459,270

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


(Amounts in thousands)	For the Nine Months Ended September 30,
	2025		2024
Cash Flows from Operating Activities:
Net income	$	932,290	$	14,358
Adjustments to reconcile net income to net cash provided by operating activities:
Prepaid lease payment (net of initial direct costs)	901,409		—
Gain on sales-type lease	(803,248)		—
Depreciation and amortization (including amortization of deferred financing costs)	363,383		351,123
Equity in net income of partially owned entities	(135,588)		(82,457)
Distributions of income from partially owned entities	80,548		101,826
Straight-lining of rents	(44,235)		2,950
Net gains on disposition of wholly owned and partially owned assets	(24,039)		(16,048)
Amortization of interest rate cap premiums	20,387		32,792
Stock-based compensation expense	19,114		22,813
Change in deferred tax liability	683		9,823
Amortization of below-market leases, net	(284)		(2,842)
Other non-cash adjustments	2,488		11,427
Changes in operating assets and liabilities:
Tenant and other receivables	(30,318)		(7,054)
Prepaid assets	(52,554)		(60,506)
Other assets	(94,291)		(53,720)
Lease liabilities	(41,303)		13,201
Accounts payable and accrued expenses	20,519		(12,723)
Other liabilities	(2,849)		6,580
Net cash provided by operating activities	1,112,112		331,543

Cash Flows from Investing Activities:
Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity	749,000		—
Acquisitions of real estate and other	(245,251)		—
Additions to real estate	(211,461)		(173,586)
Development costs and construction in progress	(117,404)		(187,799)
Distributions of capital from partially owned entities	47,288		—
Investment in loan receivable	(35,000)		(50,000)
Investments in partially owned entities	(29,162)		(109,301)
Proceeds from sales of real estate and other	25,675		2,000
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South	24,839		31,605
Net cash provided by (used in) investing activities	208,524		(487,081)

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED

(UNAUDITED)


(Amounts in thousands)	For the Nine Months Ended September 30,
	2025		2024
Cash Flows from Financing Activities:
Repayments of borrowings	$	(1,900,683)	$	(95,696)
Proceeds from borrowings	835,420		75,000
Dividends paid on preferred shares	(46,578)		(46,586)
Deferred financing costs	(6,809)		(13,667)
Contributions from noncontrolling interests	1,927		5,190
Distributions to noncontrolling interests	(1,396)		(1,269)
Other financing activity, net	(41)		57
Net cash used in financing activities	(1,118,160)		(76,971)
Net increase (decrease) in cash and cash equivalents and restricted cash	202,476		(232,509)
Cash and cash equivalents and restricted cash at beginning of period	949,619		1,261,584
Cash and cash equivalents and restricted cash at end of period	$	1,152,095	$	1,029,075

Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	$	733,947	$	997,002
Restricted cash at beginning of period	215,672		264,582
Cash and cash equivalents and restricted cash at beginning of period	$	949,619	$	1,261,584

Cash and cash equivalents at end of period	$	1,009,876	$	783,596
Restricted cash at end of period	142,219		245,479
Cash and cash equivalents and restricted cash at end of period	$	1,152,095	$	1,029,075

Supplemental Disclosure of Cash Flow Information:
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums	$	234,495	$	236,892
Cash payments for income taxes	$	5,006	$	6,010

Non-Cash Information:
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:
Real estate	$	172,120	$	—
Receivable arising from the straight-lining of rents	26,362		—
Deferred leasing costs, net of accumulated amortization	60,308		—
Other	7,322		—
Write-off of fully depreciated assets	(86,619)		(78,360)
Redeemable Class A unit measurement adjustment	70,160		(180,547)
Change in fair value of consolidated interest rate hedges and other	(48,183)		(49,539)
Accrued capital expenditures included in accounts payable and accrued expenses	30,250		31,669
Reclassification of assets held for sale (included in "other assets")	3,044		15,279

See notes to consolidated financial statements (unaudited).

VORNADO REALTY L.P.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(Amounts in thousands, except unit amounts)	As of
	September 30, 2025		December 31, 2024
ASSETS
Real estate, at cost:
Land	$	2,386,674	$	2,434,209
Buildings and improvements	10,716,133		10,439,113
Development costs and construction in progress	1,015,288		1,097,395
Leasehold improvements and equipment	111,528		120,915
Total	14,229,623		14,091,632
Less accumulated depreciation and amortization	(4,115,089)		(4,025,349)
Real estate, net	10,114,534		10,066,283
Right-of-use assets	677,556		678,804
Net investment in lease	165,812		—
Cash and cash equivalents	1,009,876		733,947
Restricted cash	142,219		215,672
Tenant and other receivables	89,322		58,853
Investments in partially owned entities	1,965,901		2,691,478


Receivable arising from the straight-lining of rents	724,807		707,020
Deferred leasing costs, net of accumulated amortization of $228,612 and $268,532	350,198		354,882
Identified intangible assets, net of accumulated amortization of $80,758 and $75,002	112,459		118,215
Other assets	394,414		373,454
	$	15,747,098	$	15,998,608
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	$	4,921,263	$	5,676,014
Senior unsecured notes, net	746,896		1,195,914
Unsecured term loan, net	796,990		795,948
Unsecured revolving credit facilities	720,420		575,000
Lease liabilities	708,457		749,759
Accounts payable and accrued expenses	382,267		374,013

Deferred compensation plan	111,574		114,580
Other liabilities	341,634		345,511
Total liabilities	8,729,501		9,826,739
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 16,694,264 and 16,850,803 units outstanding	676,619		708,408
Series D cumulative redeemable preferred units - 141,400 units outstanding	3,535		3,535
Total redeemable noncontrolling partnership units	680,154		711,943
Redeemable noncontrolling interest in a consolidated subsidiary	101,117		122,715
Total redeemable noncontrolling interests	781,271		834,658
Partners' equity:
Partners' capital	9,362,152		9,242,791
Earnings less than distributions	(3,300,001)		(4,142,249)
Accumulated other comprehensive income	3,973		57,700
Total partners' equity	6,066,124		5,158,242
Noncontrolling interests in consolidated subsidiaries	170,202		178,969
Total equity	6,236,326		5,337,211
	$	15,747,098	$	15,998,608

See notes to consolidated financial statements (unaudited).

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


(Amounts in thousands, except per unit amounts)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
REVENUES:
Rental revenues	$	389,097	$	387,470	$	1,176,104	$	1,170,343
Fee and other income	64,603		55,785		180,612		159,553
Total revenues	453,700		443,255		1,356,716		1,329,896
EXPENSES:
Operating	(241,769)		(236,149)		(685,857)		(691,753)
Depreciation and amortization	(117,122)		(116,006)		(348,851)		(334,439)
General and administrative	(37,490)		(35,511)		(116,065)		(111,883)
Expense from deferred compensation plan liability	(6,756)		(5,171)		(8,790)		(11,089)
Transaction related costs and other	(3,563)		113		(4,327)		(3,901)
Total expenses	(406,700)		(392,724)		(1,163,890)		(1,153,065)

Income from partially owned entities	21,940		18,229		135,588		82,457

Interest and other investment income, net	22,413		12,391		41,730		34,626
Income from deferred compensation plan assets	6,756		5,171		8,790		11,089
Interest and debt expense	(84,459)		(100,907)		(268,204)		(289,786)
Gain on sales-type lease	—		—		803,248		—
Net gains on disposition of wholly owned and partially owned assets	—		—		24,039		16,048
Income (loss) before income taxes	13,650		(14,585)		938,017		31,265
Income tax benefit (expense)	5,589		(4,883)		(5,727)		(16,907)
Net income (loss)	19,239		(19,468)		932,290		14,358
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	8,912		14,152		30,326		40,024
Net income (loss) attributable to Vornado Realty L.P.	28,151		(5,316)		962,616		54,382
Preferred unit distributions	(15,555)		(15,557)		(46,664)		(46,672)

NET INCOME (LOSS) attributable to Class A unitholders	$	12,596	$	(20,873)	$	915,952	$	7,710

INCOME (LOSS) PER CLASS A UNIT - BASIC:


Net income (loss) per Class A unit	$	0.06	$	(0.10)	$	4.39	$	0.04
Weighted average units outstanding	205,846		205,025		205,806		204,953

INCOME (LOSS) PER CLASS A UNIT - DILUTED:


Net income (loss) per Class A unit	$	0.06	$	(0.10)	$	4.20	$	0.04
Weighted average units outstanding	213,946		205,025		215,100		209,933

See notes to consolidated financial statements (unaudited).

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


(Amounts in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	19,239	$	(19,468)	$	932,290	$	14,358
Other comprehensive (loss) income:
Change in fair value of consolidated interest rate hedges and other	(7,041)		(98,940)		(48,183)		(49,539)
Other comprehensive income (loss) of nonconsolidated subsidiaries	130		(18,988)		(11,121)		(21,215)


Comprehensive income (loss)	12,328		(137,396)		872,986		(56,396)
Less comprehensive loss attributable to noncontrolling interests in consolidated subsidiaries	9,427		17,342		31,152		39,329
Comprehensive income (loss) attributable to Vornado Realty L.P.	$	21,755	$	(120,054)	$	904,138	$	(17,067)

See notes to consolidated financial statements (unaudited).

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)


(Amounts in thousands)									Accumulated Other Comprehensive Income		Non-controlling Interests in Consolidated Subsidiaries
	Preferred Units			Class A Units Owned by Vornado			Earnings Less Than Distributions						Total Equity
	Units	Amount		Units	Amount
For the Three Months Ended September 30, 2025:
Balance as of June 30, 2025	48,789	$	1,182,364	192,041	$	8,211,463	$	(3,311,586)	$	9,857	$	171,863	$	6,263,961
Net income attributable to Vornado Realty L.P.	—	—		—	—		28,151		—		—		28,151
Net income attributable to redeemable partnership units	—	—		—	—		(1,036)		—		—		(1,036)
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	—	—		—	—		—		—		(1,143)		(1,143)

Distributions to preferred unitholders (see Note 12 for distributions per unit amounts)	—	—		—	—		(15,526)		—		—		(15,526)
Class A units issued to Vornado:
Upon redemption of redeemable Class A units, at redemption value	—	—		14	551		—		—		—		551
Under Vornado's employees' share option plan	—	—		—	6		—		—		—		6

Distributions	—	—		—	—		—		—		(2)		(2)


Other comprehensive income of nonconsolidated subsidiaries	—	—		—	—		—		130		—		130
Change in fair value of consolidated interest rate hedges and other	—	—		—	—		—		(7,041)		—		(7,041)
Redeemable Class A unit measurement adjustment	—	—		—	(32,231)		—		3		—		(32,228)
Other comprehensive loss attributable to noncontrolling interests:
Redeemable partnership units	—	—		—	—		—		509		—		509
Consolidated subsidiaries	—	—		—	—		—		516		(516)		—
Other	—	—		—	(1)		(4)		(1)		—		(6)
Balance as of September 30, 2025	48,789	$	1,182,364	192,055	$	8,179,788	$	(3,300,001)	$	3,973	$	170,202	$	6,236,326



	Preferred Units			Class A Units Owned by Vornado			Earnings Less Than Distributions		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interests in Consolidated Subsidiaries		Total Equity
	Units	Amount		Units	Amount
For the Three Months Ended September 30, 2024:
Balance as of June 30, 2024	48,793	$	1,182,459	190,505	$	8,322,256	$	(3,983,194)	$	104,779	$	191,699	$	5,817,999
Net loss attributable to Vornado Realty L.P.	—	—		—	—		(5,316)		—		—		(5,316)
Net loss attributable to redeemable partnership units	—	—		—	—		1,690		—		—		1,690
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	—	—		—	—		—		—		(6,290)		(6,290)

Distributions to preferred unitholders (see Note 12 for distributions per unit amounts)	—	—		—	—		(15,528)		—		—		(15,528)

Class A units redeemed for common shares	—	—		143	4,779		—		—		—		4,779
Conversion of Series A preferred units to common shares	—	(10)		1	10		—		—		—		—

Contributions	—	—		—	—		—		—		93		93
Distributions	—	—		—	—		—		—		(998)		(998)


Other comprehensive loss of nonconsolidated subsidiaries	—	—		—	—		—		(18,988)		—		(18,988)
Change in fair value of consolidated interest rate hedges and other	—	—		—	—		—		(98,940)		—		(98,940)
Redeemable Class A unit measurement adjustment	—	—		—	(228,717)		—		27		—		(228,690)

Other comprehensive loss attributable to noncontrolling interests:
Redeemable partnership units	—	—		—	—		—		9,454		—		9,454
Consolidated subsidiaries	—	—		—	—		—		3,190		(3,190)		—
Other	—	—		—	—		3		—		2		5
Balance as of September 30, 2024	48,793	$	1,182,449	190,649	$	8,098,328	$	(4,002,345)	$	(478)	$	181,316	$	5,459,270

See notes to consolidated financial statements (unaudited).

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED

(UNAUDITED)


(Amounts in thousands)									Accumulated Other Comprehensive Income		Non-controlling Interests in Consolidated Subsidiaries
	Preferred Units			Class A Units Owned by Vornado			Earnings Less Than Distributions						Total Equity
	Units	Amount		Units	Amount
For the Nine Months Ended September 30, 2025:
Balance as of December 31, 2024	48,789	$	1,182,364	190,847	$	8,060,427	$	(4,142,249)	$	57,700	$	178,969	$	5,337,211
Net income attributable to Vornado Realty L.P.	—	—		—	—		962,616		—		—		962,616
Net income attributable to redeemable partnership units	—	—		—	—		(73,788)		—		—		(73,788)
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	—	—		—	—		—		—		(8,131)		(8,131)

Distributions to preferred unitholders (see Note 12 for distributions per unit amounts)	—	—		—	—		(46,578)		—		—		(46,578)
Class A units issued to Vornado:
Upon redemption of redeemable Class A units, at redemption value	—	—		1,207	49,129		—		—		—		49,129
Under Vornado's employees' share option plan	—	—		1	42		—		—		—		42
Contributions	—	—		—	—		—		—		673		673
Distributions	—	—		—	—		—		—		(188)		(188)


Other comprehensive loss of nonconsolidated subsidiaries	—	—		—	—		—		(11,121)		—		(11,121)
Change in fair value of consolidated interest rate hedges and other	—	—		—	—		—		(48,183)		—		(48,183)
Redeemable Class A unit measurement adjustment	—	—		—	70,191		—		(31)		—		70,160
Other comprehensive loss attributable to noncontrolling interests:
Redeemable partnership units	—	—		—	—		—		4,780		—		4,780
Consolidated subsidiaries	—	—		—	—		—		827		(827)		—
Other	—	—		—	(1)		(2)		1		(294)		(296)
Balance as of September 30, 2025	48,789	$	1,182,364	192,055	$	8,179,788	$	(3,300,001)	$	3,973	$	170,202	$	6,236,326



	Preferred Units			Class A Units Owned by Vornado			Earnings Less Than Distributions		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interests in Consolidated Subsidiaries		Total Equity
	Units	Amount		Units	Amount
For the Nine Months Ended September 30, 2024:
Balance as of December 31, 2023	48,793	$	1,182,459	190,391	$	8,270,885	$	(4,009,395)	$	65,115	$	196,222	$	5,705,286
Net income attributable to Vornado Realty L.P.	—	—		—	—		54,382		—		—		54,382
Net income attributable to redeemable partnership units	—	—		—	—		(724)		—		—		(724)
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	—	—		—	—		—		—		(16,272)		(16,272)

Distributions to preferred unitholders (see Note 12 for distributions per unit amounts)	—	—		—	—		(46,586)		—		—		(46,586)

Class A units redeemed for common shares	—	—		258	7,819		—		—		—		7,819
Conversion of Series A preferred units to common shares	—	(10)		1	10		—		—		—		—

Contributions	—	—		—	—		—		—		1,851		1,851
Distributions	—	—		—	—		—		—		(1,183)		(1,183)


Other comprehensive loss of nonconsolidated subsidiaries	—	—		—	—		—		(21,215)		—		(21,215)
Change in fair value of consolidated interest rate hedges and other	—	—		—	—		—		(49,539)		—		(49,539)
Redeemable Class A unit measurement adjustment	—	—		—	(180,531)		—		(16)		—		(180,547)

Other comprehensive loss (income) attributable to noncontrolling interests:
Redeemable partnership units	—	—		—	—		—		5,872		—		5,872
Consolidated subsidiaries	—	—		—	—		—		(695)		695		—
Other	—	—		(1)	145		(22)		—		3		126
Balance as of September 30, 2024	48,793	$	1,182,449	190,649	$	8,098,328	$	(4,002,345)	$	(478)	$	181,316	$	5,459,270

See notes to consolidated financial statements (unaudited).

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


(Amounts in thousands)	For the Nine Months Ended September 30,
	2025		2024
Cash Flows from Operating Activities:
Net income	$	932,290	$	14,358
Adjustments to reconcile net income to net cash provided by operating activities:
Prepaid lease payment (net of initial direct costs)	901,409		—
Gain on sales-type lease	(803,248)		—
Depreciation and amortization (including amortization of deferred financing costs)	363,383		351,123
Equity in net income of partially owned entities	(135,588)		(82,457)
Distributions of income from partially owned entities	80,548		101,826
Straight-lining of rents	(44,235)		2,950
Net gains on disposition of wholly owned and partially owned assets	(24,039)		(16,048)
Amortization of interest rate cap premiums	20,387		32,792
Stock-based compensation expense	19,114		22,813
Change in deferred tax liability	683		9,823
Amortization of below-market leases, net	(284)		(2,842)
Other non-cash adjustments	2,488		11,427
Changes in operating assets and liabilities:
Tenant and other receivables	(30,318)		(7,054)
Prepaid assets	(52,554)		(60,506)
Other assets	(94,291)		(53,720)
Lease liabilities	(41,303)		13,201
Accounts payable and accrued expenses	20,519		(12,723)
Other liabilities	(2,849)		6,580
Net cash provided by operating activities	1,112,112		331,543

Cash Flows from Investing Activities:
Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity	749,000		—
Acquisitions of real estate and other	(245,251)		—
Additions to real estate	(211,461)		(173,586)
Development costs and construction in progress	(117,404)		(187,799)
Distributions of capital from partially owned entities	47,288		—
Investment in loan receivable	(35,000)		(50,000)
Investments in partially owned entities	(29,162)		(109,301)
Proceeds from sales of real estate and other	25,675		2,000
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South	24,839		31,605
Net cash provided by (used in) investing activities	208,524		(487,081)

See notes to consolidated financial statements (unaudited).

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED

(UNAUDITED)


(Amounts in thousands)	For the Nine Months Ended September 30,
	2025		2024
Cash Flows from Financing Activities:
Repayments of borrowings	$	(1,900,683)	$	(95,696)
Proceeds from borrowings	835,420		75,000
Distributions to preferred unitholders	(46,578)		(46,586)
Deferred financing costs	(6,809)		(13,667)
Contributions from noncontrolling interests in consolidated subsidiaries	1,927		5,190
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(1,396)		(1,269)
Other financing activity, net	(41)		57
Net cash used in financing activities	(1,118,160)		(76,971)
Net increase (decrease) in cash and cash equivalents and restricted cash	202,476		(232,509)
Cash and cash equivalents and restricted cash at beginning of period	949,619		1,261,584
Cash and cash equivalents and restricted cash at end of period	$	1,152,095	$	1,029,075

Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	$	733,947	$	997,002
Restricted cash at beginning of period	215,672		264,582
Cash and cash equivalents and restricted cash at beginning of period	$	949,619	$	1,261,584

Cash and cash equivalents at end of period	$	1,009,876	$	783,596
Restricted cash at end of period	142,219		245,479
Cash and cash equivalents and restricted cash at end of period	$	1,152,095	$	1,029,075

Supplemental Disclosure of Cash Flow Information:
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums	$	234,495	$	236,892
Cash payments for income taxes	$	5,006	$	6,010

Non-Cash Information:
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:
Real estate	$	172,120	$	—
Receivable arising from the straight-lining of rents	26,362		—
Deferred leasing costs, net of accumulated amortization	60,308		—
Other	7,322		—
Write-off of fully depreciated assets	(86,619)		(78,360)
Redeemable Class A unit measurement adjustment	70,160		(180,547)
Change in fair value of consolidated interest rate hedges and other	(48,183)		(49,539)
Accrued capital expenditures included in accounts payable and accrued expenses	30,250		31,669
Reclassification of assets held for sale (included in "other assets")	3,044		15,279

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. Organization

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 91.5% of the common limited partnership interest in the Operating Partnership as of September 30, 2025. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.

2. Basis of Presentation

The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC.

We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated 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 nine months ended September 30, 2025 are not necessarily indicative of the operating results for the full year. In addition, certain prior year balances have been reclassified in order to conform to the current period presentation.

3. Recently Issued Accounting Literature

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this standard but do not expect it to have a material impact on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of these standards on our consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”), which provides updates to clarify business combinations involving the exchange of equity interests when the legal entity is a VIE that meets the definition of a business. The guidance should be applied prospectively, effective for the fiscal years beginning after December 15, 2026 and interim reporting periods within fiscal years beginning after December 15, 2026, with early adoption permitted. We will apply the guidance in this update to evaluate future business combinations involving a VIE.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). This ASU updates the cost capitalization threshold for internal-use software development costs by removing all references to software project development stages and providing new guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. ASU 2025-06 is effective for all entities for annual reporting periods beginning after December 15, 2027, with early adoption permitted. Entities may apply the guidance prospectively, retrospectively, or via a modified prospective transition method. We are currently evaluating the impact of this standard on our consolidated financial statements.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

4. Revenue Recognition

Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the three and nine months ended September 30, 2025 and 2024 is set forth in Note 20 - Segment Information.


(Amounts in thousands)	For the Three Months Ended September 30, 2025							For the Three Months Ended September 30, 2024
	Total		New York		Other			Total		New York		Other
Property rentals	$	360,416	$	291,001	$	69,415		$	362,903	$	294,258	$	68,645
Trade shows	6,956		—		6,956			6,789		—		6,789
Sales-type lease income(1)	2,507		2,507		—			—		—		—
Lease revenues(2)	369,879		293,508		76,371			369,692		294,258		75,434
Tenant services	14,158		9,364		4,794			13,190		9,300		3,890
Parking revenues	5,060		3,892		1,168			4,588		3,611		977
Rental revenues	389,097		306,764		82,333			387,470		307,169		80,301
BMS cleaning fees	42,530		44,902		(2,372)		(3)	37,772		41,007		(3,235)		(3)
Management and leasing fees	2,998		3,170		(172)			2,841		3,089		(248)
Other income	19,075		12,504		6,571			15,172		11,218		3,954
Fee and other income	64,603		60,576		4,027			55,785		55,314		471
Total revenues	$	453,700	$	367,340	$	86,360		$	443,255	$	362,483	$	80,772

____________________

See notes below.


(Amounts in thousands)	For the Nine Months Ended September 30, 2025							For the Nine Months Ended September 30, 2024
	Total		New York		Other			Total		New York		Other
Property rentals	$	1,103,097	$	894,652	$	208,445		$	1,104,972	$	898,569	$	206,403
Trade shows	19,807		—		19,807			19,566		—		19,566
Sales-type lease income(1)	4,101		4,101		—			—		—		—
Lease revenues(2)	1,127,005		898,753		228,252			1,124,538		898,569		225,969
Tenant services	34,177		24,043		10,134			31,822		22,220		9,602
Parking revenues	14,922		11,657		3,265			13,983		11,018		2,965
Rental revenues	1,176,104		934,453		241,651			1,170,343		931,807		238,536
BMS cleaning fees	116,437		123,143		(6,706)		(3)	112,017		120,336		(8,319)		(3)
Management and leasing fees	8,954		9,525		(571)			12,161		12,712		(551)
Other income	55,221		34,592		20,629			35,375		23,440		11,935
Fee and other income	180,612		167,260		13,352			159,553		156,488		3,065
Total revenues	$	1,356,716	$	1,101,713	$	255,003		$	1,329,896	$	1,088,295	$	241,601

____________________

(1)See page 24 for details.

(2)The components of lease revenues were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Fixed payments	$	340,797	$	332,023	$	1,030,936	$	1,006,351
Variable payments	26,575		37,669		91,968		118,187
Total operating lease payments	367,372		369,692		1,122,904		1,124,538
Sales-type lease income	2,507		—		4,101		—

Lease revenues	$	369,879	$	369,692	$	1,127,005	$	1,124,538

(3)Represents the elimination of Building Maintenance Services LLC ("BMS") cleaning fees related to THE MART and 555 California Street which are included as income in the New York segment.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

5. Investments in Partially Owned Entities

Fifth Avenue and Times Square JV

As of September 30, 2025, we own a 51.5% common interest in a joint venture ("Fifth Avenue and Times Square JV") which owns interests in properties located at 640 Fifth Avenue, 655 Fifth Avenue, 666 Fifth Avenue, 689 Fifth Avenue, 697-703 Fifth Avenue, 1535 Broadway and 1540 Broadway (collectively, the "Properties"). The remaining 48.5% common interest in the joint venture is owned by a group of institutional investors (the "Investors"). Our 51.5% common interest in the joint venture represents an effective 51.0% interest in the Properties. The 48.5% common interest in the joint venture owned by the Investors represents an effective 47.2% interest in the Properties. We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements.

As of September 30, 2025, we own $1.079 billion aggregate liquidation preference of preferred equity interests in certain of the properties, which had been reduced from $1.828 billion as of December 31, 2024, following the partial redemptions discussed below. The preferred equity has an annual coupon of 4.75% through April 2029, and will then be based on a formulaic rate. It can be redeemed under certain conditions on a tax deferred basis.

On January 8, 2025, the Fifth Avenue and Times Square JV completed the sale to UNIQLO of the portion of its U.S. flagship store at 666 Fifth Avenue owned by the joint venture for $350,000,000 and realized net proceeds of $342,000,000. The net proceeds were used to partially redeem Vornado’s preferred equity on the asset. The joint venture continues to own 23,832 square feet of retail space (7,416 square feet at grade) at 666 Fifth Avenue consisting of the Abercrombie & Fitch and Tissot stores. We recognized a financial statement gain of $76,162,000, which is included in “income from partially owned entities” on our consolidated statements of income.

On April 14, 2025, the Fifth Avenue and Times Square JV completed a $450,000,000 financing of 1535 Broadway. The interest-only non-recourse loan bears interest at a fixed rate of 6.90% and matures in May 2030. After transaction costs and reserves, $407,000,000 of the net proceeds from the financing were used to partially redeem Vornado’s Fifth Avenue and Times Square JV preferred equity.

As of September 30, 2025, the carrying amount of our investment in the joint venture was less than our share of the equity in the net assets of the joint venture by approximately $713,798,000, the basis difference primarily resulting from non-cash impairment losses recognized in prior periods. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Fifth Avenue and Times Square JV’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as a reduction to depreciation expense over their estimated useful lives.

Alexander's, Inc. ("Alexander's") (NYSE: ALX)

As of September 30, 2025, we own 1,654,068 Alexander’s common shares, or approximately 32.4% of Alexander’s common equity. We manage, develop and lease Alexander’s properties pursuant to agreements which expire in March of each year and are automatically renewable. In addition, wholly owned subsidiaries of Vornado provide cleaning, engineering, security, and garage management services to certain Alexander’s properties.

As of September 30, 2025, the market value ("fair value" pursuant to ASC Topic 820, Fair Value Measurements ("ASC 820")) of our investment in Alexander’s, based on Alexander’s September 30, 2025 closing share price of $234.49, was $387,862,000, or $334,270,000 in excess of the carrying amount on our consolidated balance sheets. As of September 30, 2025, the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeded our share of the equity in the net assets of Alexander’s by approximately $29,071,000. The majority of this basis difference resulted from the excess of our purchase price for the Alexander’s common stock acquired over the book value of Alexander’s net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Alexander’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not material to our share of equity in Alexander’s net income.

On August 1, 2025, Alexander’s entered into a 60-day extension with the lenders on the $300,000,000 non-recourse mortgage loan encumbering the retail condominium of 731 Lexington Avenue. The loan was previously scheduled to mature on August 5, 2025. Alexander’s did not repay the loan on the extended maturity date of October 3, 2025. Alexander’s is in discussions with the lenders regarding a potential loan restructuring.

Independence Plaza

On June 5, 2025, a joint venture, in which we have a 50.1% interest, completed a $675,000,000 refinancing of Independence Plaza, a 1,328 unit residential complex in the Tribeca submarket of Manhattan. The interest-only non-recourse loan bears interest at a fixed rate of 5.84% and matures in June 2030. The loan replaces the previous $675,000,000 non-recourse loan that was scheduled to mature in July 2025 and bore interest at 4.25%.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

5. Investments in Partially Owned Entities - continued

49 West 57th Street

On June 26, 2025, a joint venture, in which we own a 50.0% interest, completed the sale of the 49 West 57th Street commercial condominium. We received net proceeds of $8,650,000 and recognized a financial statement net gain of $2,527,000 which is included in "income from partially owned entities" on our consolidated statements of income.

512 West 22nd Street

On August 14, 2025, a joint venture, in which we have a 55.0% interest, completed the sale of 512 West 22nd Street, a 173,000 square foot office building, for $205,000,000. The joint venture used a portion of the proceeds to repay the $122,930,000 mortgage loan encumbering the property. We received net proceeds of $37,900,000 and recognized a financial statement net gain of $11,002,000, which is included in “income from partially owned entities” on our consolidated statements of income.

650 Madison Avenue

In October 2025, a joint venture, in which we own a 20.1% interest, received a notice of default (the “Notice”) on the $800,000,000 non-recourse mortgage loan secured by 650 Madison Avenue, a 601,000 square foot Manhattan office and retail building. The Notice asserts that the joint venture is in default under the loan agreement due to its failure to pay the full interest and reserve amounts due and owing under the loan agreement and that the joint venture’s obligations are now immediately due and payable.

As previously announced in the fourth quarter of 2022, we wrote off our entire investment in 650 Madison Avenue and accordingly carry this investment at zero on our balance sheet and no longer record our share of net income (loss) from this investment.

Below is a schedule summarizing our investments in partially owned entities.


(Amounts in thousands)	Percentage Ownership as of September 30, 2025	Balance as of
		September 30, 2025		December 31, 2024
Investments:
Fifth Avenue and Times Square JV (see page 22 for details)	51.5%	$	1,549,488	$	2,235,546
Partially owned office buildings/land(1)	Various	154,359		186,190
Alexander's (see page 22 for details):	32.4%	53,592		68,492
Other investments(2)	Various	208,462		201,250
		$	1,965,901	$	2,691,478
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(66,168)	$	(70,552)
85 Tenth Avenue	49.9%	(23,844)		(18,978)
		$	(90,012)	$	(89,530)

____________________

(1)Includes interests in 280 Park Avenue, 61 Ninth Avenue and others.

(2)Includes interests in Independence Plaza, Sunset Pier 94 Joint Venture (“Pier 94 JV”), Rosslyn Plaza and others.

(3)Our negative basis results from distributions in excess of our investment.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

5. Investments in Partially Owned Entities - continued

Below is a schedule of income from partially owned entities.


(Amounts in thousands)	Percentage Ownership as of September 30, 2025	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2025		2024		2025		2024
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 22 for details):

Equity in net income	51.5%	$	2,286	$	9,253	$	11,772	$	28,971
Return on preferred equity, net of our share of the expense		6,241		10,541		21,287		30,127
Net gain on sale		—		—		76,162		—
		8,527		19,794		109,221		59,098
Alexander's (see page 22 for details):
Equity in net income	32.4%	2,069		2,099		7,911		9,902
Management, leasing and development fees		1,405		1,530		4,444		3,895

		3,474		3,629		12,355		13,797

Partially owned office buildings(1)(2)	Various	6,953		(7,633)		976		3,261		(3)

Other investments(4)	Various	2,986		2,439		13,036		6,301

		$	21,940	$	18,229	$	135,588	$	82,457

____________________

(1)Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street (sold on August 14, 2025), 61 Ninth Avenue, 85 Tenth Avenue and others.

(2)2025 includes the $11,002 gain associated with the sale of 512 West 22nd Street. See page 23 for details.

(3)Includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan.

(4)Includes interests in Independence Plaza, Pier 94 JV, Rosslyn Plaza and others.

6. 770 Broadway

On May 5, 2025, we completed a master lease with New York University (“NYU”) to lease 1,076,000 square feet at 770 Broadway, on an “as is”, triple net basis for a 70-year lease term. Under the terms of the master lease, a rental agreement under Section 467 of the Internal Revenue Code, NYU made a prepaid lease payment of $935,000,000, and will also make annual lease payments of $9,281,000 during the lease term. NYU has an option to purchase the leased premises in both 2055 and at the end of the lease term in 2095. NYU assumed the existing office leases at the property.

We used a portion of the prepaid lease payment to repay the $700,000,000 mortgage loan which previously encumbered the property.

Vornado retained the 92,000 square feet retail condominium leased to Wegmans.

In connection with the above transaction, the Company recorded a net investment in lease of $165,487,000, which includes an unguaranteed residual asset of approximately $15,308,000. The net investment in lease was measured as the present value of the fixed and determinable lease payments over the 70-year lease term, including the unguaranteed residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. In addition, in connection with the above transaction, the Company derecognized assets of $266,112,000 and recorded a gain on sales-type lease of $803,248,000.

As of September 30, 2025, our net investment in lease was $165,812,000. Future minimum lease payments to be received as of September 30, 2025 are as follows:


(Amounts in thousands)	As of September 30, 2025
Remaining 2025	$	2,320
2026	9,281
2027	9,281
2028	9,281
2029	9,281
2030	9,281
Thereafter	597,194
Total minimum lease payments	645,919
Amount representing interest	(496,024)
Sales-type lease receivable	149,895
Asset unguaranteed residual value	15,917

VORNADO REALTY TRUST 10-Q