VORNADO REALTY TRUSTVNO

VORNADO REALTY TRUST Segments Disclosure

10-KFiled Feb 9, 20263 min read
Segment Information
The Company’s operating segments are based on our method of internal reporting which classifies our operations by geographic area. We aggregate these operating segments into two reportable segments, New York and Other, which is based on similar economic characteristics.
Net operating income (“NOI”) at share represents total revenues less operating expenses, including our share of partially owned entities. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer, who considers NOI at share to be the measure of segment profit and loss for making decisions on how to allocate resources and assessing the unlevered performance of our segments as it relates to the return on assets as opposed to the levered return on equity. Asset information by segment is not reported as the CODM does not use this measure to assess segment performance or to make resource allocation decisions.
Below is a summary of financial information by segment for the years ended December 31, 2025, 2024 and 2023.
(Amounts in thousands)For the Year Ended December 31, 2025
TotalNew YorkOther
Total revenues$1,810,425 $1,476,522 $333,903 
Deduct: operating expenses(1)
(919,959)(766,758)(153,201)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(41,882)(13,846)(28,036)
Add: NOI from partially owned entities 263,315 253,504 9,811 
NOI at share$1,111,899 $949,422 $162,477 

(Amounts in thousands)For the Year Ended December 31, 2024
TotalNew YorkOther
Total revenues$1,787,686 $1,471,997 $315,689 
Deduct: operating expenses(1)
(927,796)(766,347)(161,449)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(39,367)(12,899)(26,468)
Add: NOI from partially owned entities279,229 269,159 10,070 
NOI at share$1,099,752 $961,910 $137,842 

(Amounts in thousands)For the Year Ended December 31, 2023
TotalNew YorkOther
Total revenues$1,811,163 $1,452,158 $359,005 
Deduct: operating expenses(1)
(905,158)(733,478)(171,680)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(48,553)(15,547)(33,006)
Add: NOI from partially owned entities285,761 274,436 11,325 
NOI at share$1,143,213 $977,569 $165,644 
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(1) Includes various expenses associated with operating our properties, including but not limited to: real estate taxes, ground rent, insurance, and utilities. Our CODM is not regularly provided with significant expense categories and amounts included within net operating income at share.
23. Segment Information - continued
Below is a reconciliation of NOI at share to income before income taxes for the years ended December 31, 2025, 2024 and 2023.
(Amounts in thousands)For the Year Ended December 31,
202520242023
NOI at share$1,111,899 $1,099,752 $1,143,213 
NOI attributable to noncontrolling interests in consolidated subsidiaries41,882 39,367 48,553 
NOI from partially owned entities(263,315)(279,229)(285,761)
Net gains on disposition of wholly owned and partially owned assets35,291 16,048 71,199 
Gain on sales-type lease803,248 — — 
Interest and debt expense(353,868)(390,269)(349,223)
Interest and other investment income, net55,113 45,974 43,287 
Income from partially owned entities141,310 112,464 38,689 
Transaction related costs, impairment losses and other(2,531)(5,242)(50,691)
General and administrative expense(156,115)(148,520)(162,883)
Depreciation and amortization expense(462,201)(447,500)(434,273)
Income before income taxes$950,713 $42,845 $62,110 

Historical Timeline

Fiscal YearFiled
2025Feb 9, 2026Showing above
2024Feb 10, 2025
2023Feb 12, 2024
2022Feb 13, 2023
2021Feb 14, 2022
2020Feb 16, 2021
2019Feb 18, 2020
2018Feb 11, 2019
2017Feb 12, 2018
2016Feb 13, 2017
2015Feb 16, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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