VORNADO REALTY TRUST

Listed Company

VNO-POCIK 0000899689NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$1.81B

Net Income

$904.96M

Total Assets

$15.52B

Equity

$5.99B

Shares Out

188.10M

Op. Cash Flow

$1.26B

VNO$40.35+5.00% · past yearDBEQ Basic

Daily closing prices

Business

Vornado Realty Trust is a fully-integrated REIT that owns and operates a diversified real estate portfolio primarily in New York City, with additional properties in Chicago and San Francisco. The company holds office, retail, and residential properties, including development and redevelopment projects, and owns a significant interest in Alexander's Inc.; it also operates Building Maintenance Services LLC, providing cleaning and security services. Vornado pursues value creation through property acquisition, tenant placement, and capital-intensive development and redevelopment activities across its operating segments.

Summary from 10-K filed 2026-02-09

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	1,810	1,788	1,811	1,800	1,589
Operating	−920	−928	−905	−874	−797
Depreciation and amortization expense	−462	−448	−434	−505	−412
General and administrative	−156	−149	−163	−134	−135
Expense from deferred compensation plan liability	−11	−13	−12	10	−10
Transaction related costs, impairment losses and other	−3	−5	−51	−32	−14
Total expenses	−1,552	−1,542	−1,565	−1,534	−1,368
Income from partially owned entities	141	112	39	−461	131
Interest and other investment income, net	55	46	43	23	5
Income from deferred compensation plan assets	11	13	12	−10	10
Interest and debt expense	−354	−390	−349	−280	−231
Gain on sales-type lease	803	0	0	—	—
Net gains on disposition of wholly owned and partially owned assets	35	16	71	101	51
Income before income taxes	951	43	62	−361	197
Income tax expense	−14	−23	−29	−22	10
Net income	937	20	33	−383	208
Consolidated subsidiaries	42	51	76	6	−24
Operating Partnership	−74	−860,000	−3	30	−8
Net income attributable to Vornado/Vornado Realty L.P.	905	70	105	−346	176
Preferred share dividends/unit distributions	−62	−62	−62	−62	−66
Net income attributable to common shareholders/Class A unitholders	843	8	43	−409	101
Net income per common share (in dollars per share)	4.4	0.04	0.23	−2.13	0.53
Weighted average shares outstanding (in shares)	192	191	191	192	192
Net income per common share (in dollars per share)	4.2	0.04	0.23	−2.13	0.53
Weighted average shares outstanding (in shares)	201	197	192	192	192

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	2,409	2,434	2,436	2,452	2,540
Buildings and improvements	10,942	10,439	9,953	9,804	9,839
Development costs and construction in progress	890	1,097	1,281	933	719
Leasehold improvements and equipment	105	121	131	125	120
Total	14,347	14,092	13,801	13,315	13,218
Less accumulated depreciation and amortization	−4,191	−4,025	−3,753	−3,471	−3,376
Real estate, net	10,155	10,066	10,048	9,844	9,841
Right-of-use assets	671	679	680	684	337
Net investment in lease	166	0	—	—	—
Cash and cash equivalents	841	734	997	890	1,760
Restricted cash	137	216	265	131	170
Tenant and other receivables	77	59	70	81	80
Investments in partially owned entities	1,941	2,691	2,611	2,665	3,297
Receivable arising from the straight-lining of rents	753	707	702	695	656
Deferred leasing costs, net of accumulated amortization of $233,448 and $268,532	375	355	355	374	392
Identified intangible assets, net of accumulated amortization of $81,962 and $75,002	111	118	127	140	155
Other assets	295	373	334	474	513
Assets	15,521	15,999	16,188	16,493	17,267
Mortgages payable, net	4,921	5,676	5,688	5,829	6,053
Senior unsecured notes, net	747	1,196	1,194	1,192	1,190
Unsecured term loan, net	797	796	795	793	798
Unsecured revolving credit facilities	720	575	575	575	575
Lease liabilities	700	750	733	736	370
Accounts payable and accrued expenses	376	374	411	451	613
Deferred compensation plan	114	115	105	96	110
Other liabilities	341	346	311	268	305
Total liabilities	8,717	9,827	9,844	9,980	10,063
Commitments and contingencies	—	—	—	—	—
Total redeemable noncontrolling interests	648	835	638	437	689
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,788,450 and 48,789,180 shares	1,182	1,182	1,182	1,182	1,182
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,666,367 and 190,846,580 shares	8	8	8	8	8
Additional capital	8,288	8,053	8,263	8,369	8,143
Earnings less than distributions	−3,492	−4,142	−4,009	−3,895	−3,079
Accumulated other comprehensive (loss) income	−5,000	58	65	175	−18
Total shareholders' / partners' equity	5,987	5,158	5,509	5,840	6,236
Noncontrolling interests in consolidated subsidiaries	170	179	196	237	279
Total equity	6,157	5,337	5,705	6,076	6,515
Total liabilities, redeemable noncontrolling interests / partnership units and equity	15,521	15,999	16,188	16,493	17,267

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Prepaid lease payment (net of initial direct costs)	901	0	0	—	—
Gain on sales-type lease	−803	0	0	—	—
Depreciation and amortization (including amortization of deferred financing costs)	481	469	458	526	433
Equity in net income of partially owned entities	−141	−112	−39	461	−131
Distributions of income from partially owned entities	115	143	173	185	215
Straight-lining of rents	−72	−5	−9	−46	9
Stock-based compensation expense	25	30	43	29	38
Amortization of interest rate cap premiums	23	42	11	430,000	11,000
Change in deferred tax liability	4	13	17	14	11
Amortization of below-market leases, net	−383,000	−3	−5	−5	−9
Real estate impairment losses	0	0	45	19	8
Credit losses on investments	0	0	8	0	0
Net realized and unrealized gain on real estate fund investments	0	0	−2	3	−5
Return of capital from real estate fund investments	0	0	2	5	5
Other non-cash adjustments	5	14	10	4	−4
Tenant and other receivables	−19	5	9	−4	−187,000
Prepaid assets	9	−8	−13	104	30
Other assets	−133	−74	−79	−35	−55
Lease liabilities	−43	17	18	16	−4
Accounts payable and accrued expenses	6	−7	11	6	36
Other liabilities	−955,000	11	29	824,000	692,000
Net cash provided by operating activities	1,258	538	648	799	762
Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity	749	0	0	—	—
Acquisitions of real estate and other	−297	0	−33	−3	−3
Additions to real estate	−268	−223	−212	−160	−149
Development costs and construction in progress	−145	−243	−553	−738	−586
Proceeds from sales of real estate and other	58	2	124	373	100
Distributions of capital from partially owned entities	51	0	19	34	106
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South	37	32	24	88	137
Investments in partially owned entities	−36	−115	−57	−33	−15
Investment in loan receivable	−35	−50	0	0	—
Proceeds from maturities of U.S. Treasury bills	0	0	469	597	0
Proceeds from repayment of participation in 150 West 34th Street mortgage loan	0	0	105	0	0
Deconsolidation of cash and restricted cash held by a previously consolidated entity	0	0	−14	0	0
Net cash provided by (used in) investing activities	116	−597	−129	−907	−532
Repayments of borrowings	−1,904	−97	−148	−1,251	−1,584
Proceeds from borrowings	836	75	0	1,030	3,248
Dividends paid on common shares	−141	−141	−129	−407	−406
Dividends paid on preferred shares	−62	−62	−62	−62	−66
Repurchase of common shares	−51	0	−29	0	0
Distributions to noncontrolling interests	−23	−18	−39	−85	−191
Deferred financing costs	−7	−14	−4	−33	−51
Contributions from noncontrolling interests in consolidated subsidiaries	7	5	133	6	4
Other financing activity, net	−41,000	57,000	121,000	800,000	—
Net cash used in financing activities	−1,346	−252	−279	−801	−29
Net increase (decrease) in cash and cash equivalents and restricted cash	28	−312	240	−909	200
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums	313	323	381	252	189
Cash payments for income taxes	5	8	10	8	9
Write-off of fully depreciated assets	−116	−123	−82	−279	−124
Change in fair value of consolidated interest rate hedges and other	−53	947,000	−112	190	51
Accrued capital expenditures included in accounts payable and accrued expenses	44	40	52	105	292
"Reclassification of assets held for sale (included in ""other assets"")"	3	15	0	0	80
Initial investment in Sunset Pier 94 Joint Venture upon contribution of leasehold interest	0	0	50	0	0

Filings

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Frequently asked questions

What is VORNADO REALTY TRUST's CIK number?

VORNADO REALTY TRUST's SEC CIK number is 0000899689 (899689). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find VORNADO REALTY TRUST's SEC filings?

All of VORNADO REALTY TRUST's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did VORNADO REALTY TRUST last report earnings?

VORNADO REALTY TRUST (VNO-PO) most recently filed an earnings 8-K with the SEC on May 4, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0000899689-26-000028). This is VORNADO REALTY TRUST's most recent earnings filing of record — not a forecast of its next earnings date.

What is VORNADO REALTY TRUST's most recent earnings 8-K?

VORNADO REALTY TRUST's latest earnings 8-K (Item 2.02) was filed May 4, 2026 under accession 0000899689-26-000028. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

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