VORNADO REALTY LP
For the period ended Jun 30, 2025. Filed Aug 4, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 4, 2025
VNO$35.82-0.1%Stored close · as of Nov 6, 2026
Contents
Item 1. Financial Statements of Vornado Realty Trust:
| (Amounts in thousands, except unit, share, and per share amounts) | As of | |
|---|---|---|
| June 30, 2025 | December 31, 2024 | |
| ASSETS | ||
| Real estate, at cost: | ||
| Land | $2,385,812 | $2,434,209 |
| Buildings and improvements | 10,560,211 | 10,439,113 |
| Development costs and construction in progress | 872,493 | 1,097,395 |
| Leasehold improvements and equipment | 112,832 | 120,915 |
| Total | 13,931,348 | 14,091,632 |
| Less accumulated depreciation and amortization | (4,028,816) | (4,025,349) |
| Real estate, net | 9,902,532 | 10,066,283 |
| Right-of-use assets | 677,249 | 678,804 |
| Net investment in lease | 165,634 | — |
| Cash and cash equivalents | 1,204,863 | 733,947 |
| Restricted cash | 158,435 | 215,672 |
| Tenant and other receivables | 65,210 | 58,853 |
| Investments in partially owned entities | 2,003,206 | 2,691,478 |
| Receivable arising from the straight-lining of rents | 700,392 | 707,020 |
| Deferred leasing costs, net of accumulated amortization of $223,946 and $268,532 | 326,688 | 354,882 |
| Identified intangible assets, net of accumulated amortization of $78,836 and $75,002 | 114,381 | 118,215 |
| Other assets | 289,906 | 373,454 |
| $15,608,496 | $15,998,608 | |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
| Mortgages payable, net | $4,977,526 | $5,676,014 |
| Senior unsecured notes, net | 746,588 | 1,195,914 |
| Unsecured term loan, net | 796,643 | 795,948 |
| Unsecured revolving credit facilities | 575,000 | 575,000 |
| Lease liabilities | 710,261 | 749,759 |
| Accounts payable and accrued expenses | 336,524 | 374,013 |
| Deferred compensation plan | 104,765 | 114,580 |
| Other liabilities | 347,131 | 345,511 |
| Total liabilities | 8,594,438 | 9,826,739 |
| Commitments and contingencies | ||
| Redeemable noncontrolling interests: | ||
| Class A units - 16,708,413 and 16,850,803 units outstanding | 638,930 | 708,408 |
| Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
| Total redeemable noncontrolling partnership units | 642,465 | 711,943 |
| Redeemable noncontrolling interest in a consolidated subsidiary | 107,632 | 122,715 |
| Total redeemable noncontrolling interests | 750,097 | 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 192,040,522 and 190,846,580 shares | 7,682 | 7,634 |
| Additional capital | 8,203,781 | 8,052,793 |
| Earnings less than distributions | (3,311,586) | (4,142,249) |
| Accumulated other comprehensive income | 9,857 | 57,700 |
| Total shareholders' equity | 6,092,098 | 5,158,242 |
| Noncontrolling interests in consolidated subsidiaries | 171,863 | 178,969 |
| Total equity | 6,263,961 | 5,337,211 |
| $15,608,496 | $15,998,608 | |
CONSOLIDATED STATEMENTS OF INCOME
| (Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| REVENUES: | ||||
| Rental revenues | $382,252 | $393,595 | $787,007 | $782,873 |
| Fee and other income | 59,185 | 56,671 | 116,009 | 103,768 |
| Total revenues | 441,437 | 450,266 | 903,016 | 886,641 |
| EXPENSES: | ||||
| Operating | (219,348) | (229,380) | (444,088) | (455,604) |
| Depreciation and amortization | (115,574) | (109,774) | (231,729) | (218,433) |
| General and administrative | (39,978) | (38,475) | (78,575) | (76,372) |
| Expense from deferred compensation plan liability | (3,123) | (1,398) | (2,034) | (5,918) |
| Transaction related costs and other | (721) | (3,361) | (764) | (4,014) |
| Total expenses | (378,744) | (382,388) | (757,190) | (760,341) |
| Income from partially owned entities | 16,671 | 47,949 | 113,648 | 64,228 |
| Interest and other investment income, net | 11,056 | 10,511 | 19,317 | 22,235 |
| Income from deferred compensation plan assets | 3,123 | 1,398 | 2,034 | 5,918 |
| Interest and debt expense | (87,929) | (98,401) | (183,745) | (188,879) |
| Gain on sales-type lease | 803,248 | — | 803,248 | — |
| Net gains on disposition of wholly owned and partially owned assets | 8,488 | 16,048 | 24,039 | 16,048 |
| Income before income taxes | 817,350 | 45,383 | 924,367 | 45,850 |
| Income tax expense | (4,123) | (5,284) | (11,316) | (12,024) |
| Net income | 813,227 | 40,099 | 913,051 | 33,826 |
| Less net loss (income) attributable to noncontrolling interests in: | ||||
| Consolidated subsidiaries | 10,981 | 13,890 | 21,414 | 25,872 |
| Operating Partnership | (64,863) | (3,200) | (72,752) | (2,414) |
| Net income attributable to Vornado | 759,345 | 50,789 | 861,713 | 57,284 |
| Preferred share dividends | (15,526) | (15,529) | (31,052) | (31,058) |
| NET INCOME attributable to common shareholders | $743,819 | $35,260 | $830,661 | $26,226 |
| INCOME PER COMMON SHARE - BASIC: | ||||
| Net income per common share | $3.87 | $0.19 | $4.33 | $0.14 |
| Weighted average shares outstanding | 191,984 | 190,492 | 191,680 | 190,460 |
| INCOME PER COMMON SHARE - DILUTED: | ||||
| Net income per common share | $3.70 | $0.18 | $4.14 | $0.13 |
| Weighted average shares outstanding | 201,066 | 194,405 | 200,927 | 194,518 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| (Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Net income | $813,227 | $40,099 | $913,051 | $33,826 |
| Other comprehensive (loss) income: | ||||
| Change in fair value of consolidated interest rate hedges and other | (15,080) | 1,192 | (41,142) | 49,401 |
| Other comprehensive loss of nonconsolidated subsidiaries | (3,668) | (1,685) | (11,251) | (2,227) |
| Comprehensive income | 794,479 | 39,606 | 860,658 | 81,000 |
| Less comprehensive (income) loss attributable to noncontrolling interests | (52,264) | 10,067 | (46,756) | 15,991 |
| Comprehensive income attributable to Vornado | $742,215 | $49,673 | $813,902 | $96,991 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| (Amounts in thousands, except per unit amount) · AccumulatedOtherComprehensiveIncome · 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 EndedJune 30, 2025: | |||||||||
| Balance as of March 31, 2025 | 48,789 | $1,182,364 | 191,949 | $7,678 | $8,152,507 | $(4,055,415) | $26,984 | $175,851 | $5,489,969 |
| Net income attributable to Vornado | — | — | — | — | — | 759,345 | — | — | 759,345 |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (3,987) | (3,987) |
| Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (15,526) | — | — | (15,526) |
| Common shares issued upon redemption of Class A units, at redemption value | — | — | 92 | 4 | 3,423 | — | — | — | 3,427 |
| Contributions | — | — | — | — | — | — | — | 620 | 620 |
| Distributions | — | — | — | — | — | — | — | (177) | (177) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (3,668) | — | (3,668) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | (15,080) | — | (15,080) |
| Redeemable Class A unit measurement adjustment | — | — | — | — | 47,851 | — | 2 | — | 47,853 |
| Other comprehensive loss attributable to noncontrolling interests in: | |||||||||
| Operating Partnership | — | — | — | — | — | — | 1,494 | — | 1,494 |
| Consolidated subsidiaries | — | — | — | — | — | — | 124 | (124) | — |
| Other | — | — | — | — | — | 10 | 1 | (320) | (309) |
| 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 |
| Preferred Shares · Common Shares · Additional Capital · Earnings Less Than Distributions · AccumulatedOtherComprehensive Income · Non-controlling Interests in Consolidated Subsidiaries · Total Equity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | |||||||||
| For the Three Months EndedJune 30, 2024: | |||||||||
| Balance as of March 31, 2024 | 48,793 | $1,182,459 | 190,483 | $7,598 | $8,261,568 | $(4,018,454) | $105,916 | $195,081 | $5,734,168 |
| Net income attributable to Vornado | — | — | — | — | — | 50,789 | — | — | 50,789 |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (5,487) | (5,487) |
| Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (15,529) | — | — | (15,529) |
| Common shares issued upon redemption of Class A units, at redemption value | — | — | 22 | 1 | 550 | — | — | — | 551 |
| Contributions | — | — | — | — | — | — | — | 1,488 | 1,488 |
| Distributions | — | — | — | — | — | — | — | (107) | (107) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (1,685) | — | (1,685) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | 1,192 | — | 1,192 |
| Redeemable Class A unit measurement adjustment | — | — | — | — | 52,539 | — | (21) | — | 52,518 |
| Other comprehensive loss (income) attributable to noncontrolling interests in: | |||||||||
| Operating Partnership | — | — | — | — | — | — | 100 | — | 100 |
| Consolidated subsidiaries | — | — | — | — | — | — | (723) | 723 | — |
| Other | — | — | — | — | — | — | — | 1 | 1 |
| 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 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
| (Amounts in thousands, except per unit amount) · AccumulatedOtherComprehensiveIncome · Non-controlling Interests in Consolidated Subsidiaries | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Preferred Shares · Common Shares · Additional Capital · Earnings Less Than Distributions · Total Equity | |||||||||
| Shares · Amount · Shares · Amount | |||||||||
| For the Six Months Ended June 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 | — | — | — | — | — | 861,713 | — | — | 861,713 |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (6,988) | (6,988) |
| Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (31,052) | — | — | (31,052) |
| Common shares issued: | |||||||||
| Upon redemption of Class A units, at redemption value | — | — | 1,193 | 48 | 48,530 | — | — | — | 48,578 |
| Under employees’ share option plan | — | — | 1 | — | 36 | — | — | — | 36 |
| Contributions | — | — | — | — | — | — | — | 673 | 673 |
| Distributions | — | — | — | — | — | — | — | (186) | (186) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (11,251) | — | (11,251) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | (41,142) | — | (41,142) |
| Redeemable Class A unit measurement adjustment | — | — | — | — | 102,422 | — | (34) | — | 102,388 |
| Other comprehensive loss attributable to noncontrolling interests in: | |||||||||
| Operating Partnership | — | — | — | — | — | — | 4,271 | — | 4,271 |
| Consolidated subsidiaries | — | — | — | — | — | — | 311 | (311) | — |
| Other | — | — | — | — | — | 2 | 2 | (294) | (290) |
| 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 |
| Preferred Shares · Common Shares · Additional Capital · Earnings Less Than Distributions · AccumulatedOtherComprehensive Income · Non-controlling Interests in Consolidated Subsidiaries · Total Equity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | |||||||||
| For the Six Months Ended June 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 | — | — | — | — | — | 57,284 | — | — | 57,284 |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (9,982) | (9,982) |
| Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (31,058) | — | — | (31,058) |
| Common shares issued upon redemption of Class A units, at redemption value | — | — | 115 | 5 | 3,035 | — | — | — | 3,040 |
| Contributions | — | — | — | — | — | — | — | 1,758 | 1,758 |
| Distributions | — | — | — | — | — | — | — | (185) | (185) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (2,227) | — | (2,227) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | 49,401 | — | 49,401 |
| Redeemable Class A unit measurement adjustment | — | — | — | — | 48,186 | — | (43) | — | 48,143 |
| Other comprehensive income attributable to noncontrolling interests in: | |||||||||
| Operating Partnership | — | — | — | — | — | — | (3,582) | — | (3,582) |
| Consolidated subsidiaries | — | — | — | — | — | — | (3,885) | 3,885 | — |
| Other | — | — | (1) | — | 145 | (25) | — | 1 | 121 |
| 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 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (Amounts in thousands) | For the Six Months Ended June 30, | |
|---|---|---|
| 2025 | 2024 | |
| Cash Flows from Operating Activities: | ||
| Net income | $913,051 | $33,826 |
| 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) | 241,538 | 229,797 |
| Equity in net income of partially owned entities | (113,648) | (64,228) |
| Distributions of income from partially owned entities | 54,205 | 54,618 |
| Net gains on disposition of wholly owned and partially owned assets | (24,039) | (16,048) |
| Straight-lining of rents | (19,706) | (4,372) |
| Amortization of interest rate cap premiums | 14,176 | 22,720 |
| Stock-based compensation expense | 13,541 | 16,269 |
| Change in deferred tax liability | 4,488 | 5,879 |
| Amortization of below-market leases, net | (184) | (1,910) |
| Other non-cash adjustments | 4,022 | 6,304 |
| Changes in operating assets and liabilities: | ||
| Tenant and other receivables | (5,265) | (2,840) |
| Prepaid assets | 14,578 | (6,965) |
| Other assets | (48,632) | (48,272) |
| Lease liabilities | (39,498) | 8,903 |
| Accounts payable and accrued expenses | (20,388) | (13,074) |
| Other liabilities | (7,454) | 5,557 |
| Net cash provided by operating activities | 1,078,946 | 226,164 |
| Cash Flows from Investing Activities: | ||
| Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity | 749,000 | — |
| Additions to real estate | (152,513) | (112,578) |
| Development costs and construction in progress | (82,064) | (138,076) |
| Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 24,839 | 31,605 |
| Acquisitions of real estate and other | (22,771) | — |
| Proceeds from sales of real estate | 22,308 | 2,000 |
| Investments in partially owned entities | (16,967) | (90,051) |
| Distributions of capital from partially owned entities | 3,323 | — |
| Net cash provided by (used in) investing activities | 525,155 | (307,100) |
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
| (Amounts in thousands) | For the Six Months Ended June 30, | |
|---|---|---|
| 2025 | 2024 | |
| Cash Flows from Financing Activities: | ||
| Repayments of borrowings | $(1,278,232) | $(95,696) |
| Proceeds from borrowings | 120,000 | 75,000 |
| Dividends paid on preferred shares | (31,052) | (31,058) |
| Distributions to noncontrolling interests | (1,365) | (242) |
| Contributions from noncontrolling interests | 673 | 1,758 |
| Deferred financing costs | (470) | (13,649) |
| Other financing activity, net | 24 | 93 |
| Net cash used in financing activities | (1,190,422) | (63,794) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 413,679 | (144,730) |
| 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 | $1,363,298 | $1,116,854 |
| 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 | $1,204,863 | $872,609 |
| Restricted cash at end of period | 158,435 | 244,245 |
| Cash and cash equivalents and restricted cash at end of period | $1,363,298 | $1,116,854 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $167,233 | $152,212 |
| Cash payments for income taxes | $3,627 | $4,436 |
| 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 | — |
| Redeemable Class A unit measurement adjustment | 102,388 | 48,143 |
| Write-off of fully depreciated assets | (68,003) | (47,840) |
| Change in fair value of consolidated interest rate hedges and other | (41,142) | 49,401 |
| Accrued capital expenditures included in accounts payable and accrued expenses | 21,323 | 25,997 |
| Reclassification of assets held for sale (included in "other assets") | — | 15,224 |
CONSOLIDATED BALANCE SHEETS
| (Amounts in thousands, except unit amounts) | As of | |
|---|---|---|
| June 30, 2025 | December 31, 2024 | |
| ASSETS | ||
| Real estate, at cost: | ||
| Land | $2,385,812 | $2,434,209 |
| Buildings and improvements | 10,560,211 | 10,439,113 |
| Development costs and construction in progress | 872,493 | 1,097,395 |
| Leasehold improvements and equipment | 112,832 | 120,915 |
| Total | 13,931,348 | 14,091,632 |
| Less accumulated depreciation and amortization | (4,028,816) | (4,025,349) |
| Real estate, net | 9,902,532 | 10,066,283 |
| Right-of-use assets | 677,249 | 678,804 |
| Net investment in lease | 165,634 | — |
| Cash and cash equivalents | 1,204,863 | 733,947 |
| Restricted cash | 158,435 | 215,672 |
| Tenant and other receivables | 65,210 | 58,853 |
| Investments in partially owned entities | 2,003,206 | 2,691,478 |
| Receivable arising from the straight-lining of rents | 700,392 | 707,020 |
| Deferred leasing costs, net of accumulated amortization of $223,946 and $268,532 | 326,688 | 354,882 |
| Identified intangible assets, net of accumulated amortization of $78,836 and $75,002 | 114,381 | 118,215 |
| Other assets | 289,906 | 373,454 |
| $15,608,496 | $15,998,608 | |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
| Mortgages payable, net | $4,977,526 | $5,676,014 |
| Senior unsecured notes, net | 746,588 | 1,195,914 |
| Unsecured term loan, net | 796,643 | 795,948 |
| Unsecured revolving credit facilities | 575,000 | 575,000 |
| Lease liabilities | 710,261 | 749,759 |
| Accounts payable and accrued expenses | 336,524 | 374,013 |
| Deferred compensation plan | 104,765 | 114,580 |
| Other liabilities | 347,131 | 345,511 |
| Total liabilities | 8,594,438 | 9,826,739 |
| Commitments and contingencies | ||
| Redeemable noncontrolling interests: | ||
| Class A units - 16,708,413 and 16,850,803 units outstanding | 638,930 | 708,408 |
| Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
| Total redeemable noncontrolling partnership units | 642,465 | 711,943 |
| Redeemable noncontrolling interest in a consolidated subsidiary | 107,632 | 122,715 |
| Total redeemable noncontrolling interests | 750,097 | 834,658 |
| Partners' equity: | ||
| Partners' capital | 9,393,827 | 9,242,791 |
| Earnings less than distributions | (3,311,586) | (4,142,249) |
| Accumulated other comprehensive income | 9,857 | 57,700 |
| Total partners' equity | 6,092,098 | 5,158,242 |
| Noncontrolling interests in consolidated subsidiaries | 171,863 | 178,969 |
| Total equity | 6,263,961 | 5,337,211 |
| $15,608,496 | $15,998,608 | |
CONSOLIDATED STATEMENTS OF INCOME
| (Amounts in thousands, except per unit amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| REVENUES: | ||||
| Rental revenues | $382,252 | $393,595 | $787,007 | $782,873 |
| Fee and other income | 59,185 | 56,671 | 116,009 | 103,768 |
| Total revenues | 441,437 | 450,266 | 903,016 | 886,641 |
| EXPENSES: | ||||
| Operating | (219,348) | (229,380) | (444,088) | (455,604) |
| Depreciation and amortization | (115,574) | (109,774) | (231,729) | (218,433) |
| General and administrative | (39,978) | (38,475) | (78,575) | (76,372) |
| Expense from deferred compensation plan liability | (3,123) | (1,398) | (2,034) | (5,918) |
| Transaction related costs and other | (721) | (3,361) | (764) | (4,014) |
| Total expenses | (378,744) | (382,388) | (757,190) | (760,341) |
| Income from partially owned entities | 16,671 | 47,949 | 113,648 | 64,228 |
| Interest and other investment income, net | 11,056 | 10,511 | 19,317 | 22,235 |
| Income from deferred compensation plan assets | 3,123 | 1,398 | 2,034 | 5,918 |
| Interest and debt expense | (87,929) | (98,401) | (183,745) | (188,879) |
| Gain on sales-type lease | 803,248 | — | 803,248 | — |
| Net gains on disposition of wholly owned and partially owned assets | 8,488 | 16,048 | 24,039 | 16,048 |
| Income before income taxes | 817,350 | 45,383 | 924,367 | 45,850 |
| Income tax expense | (4,123) | (5,284) | (11,316) | (12,024) |
| Net income | 813,227 | 40,099 | 913,051 | 33,826 |
| Less net loss attributable to noncontrolling interests in consolidated subsidiaries | 10,981 | 13,890 | 21,414 | 25,872 |
| Net income attributable to Vornado Realty L.P. | 824,208 | 53,989 | 934,465 | 59,698 |
| Preferred unit distributions | (15,554) | (15,557) | (31,109) | (31,115) |
| NET INCOME attributable to Class A unitholders | $808,654 | $38,432 | $903,356 | $28,583 |
| INCOME PER CLASS A UNIT - BASIC: | ||||
| Net income per Class A unit | $3.87 | $0.19 | $4.33 | $0.14 |
| Weighted average units outstanding | 205,809 | 204,960 | 205,785 | 204,917 |
| INCOME PER CLASS A UNIT - DILUTED: | ||||
| Net income per Class A unit | $3.71 | $0.18 | $4.15 | $0.13 |
| Weighted average units outstanding | 214,891 | 208,873 | 215,032 | 208,975 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| (Amounts in thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Net income | $813,227 | $40,099 | $913,051 | $33,826 |
| Other comprehensive (loss) income: | ||||
| Change in fair value of consolidated interest rate hedges and other | (15,080) | 1,192 | (41,142) | 49,401 |
| Other comprehensive loss of nonconsolidated subsidiaries | (3,668) | (1,685) | (11,251) | (2,227) |
| Comprehensive income | 794,479 | 39,606 | 860,658 | 81,000 |
| Less comprehensive loss attributable to noncontrolling interests in consolidated subsidiaries | 11,105 | 13,167 | 21,725 | 21,987 |
| Comprehensive income attributable to Vornado Realty L.P. | $805,584 | $52,773 | $882,383 | $102,987 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| (Amounts in thousands, except per unit amount) · AccumulatedOtherComprehensiveIncome · Non-controlling Interests in Consolidated Subsidiaries | ||||||||
|---|---|---|---|---|---|---|---|---|
| Preferred Units · Class A UnitsOwned by Vornado · EarningsLess ThanDistributions · Total Equity | ||||||||
| Units · Amount · Units · Amount | ||||||||
| For the Three Months EndedJune 30, 2025: | ||||||||
| Balance as of March 31, 2025 | 48,789 | $1,182,364 | 191,949 | $8,160,185 | $(4,055,415) | $26,984 | $175,851 | $5,489,969 |
| Net income attributable to Vornado Realty L.P. | — | — | — | — | 824,208 | — | — | 824,208 |
| Net income attributable to redeemable partnership units | — | — | — | — | (64,863) | — | — | (64,863) |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (3,987) | (3,987) |
| Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (15,526) | — | — | (15,526) |
| Upon redemption of redeemable Class A units, at redemption value | — | — | 92 | 3,427 | — | — | — | 3,427 |
| Contributions | — | — | — | — | — | — | 620 | 620 |
| Distributions | — | — | — | — | — | — | (177) | (177) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (3,668) | — | (3,668) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | (15,080) | — | (15,080) |
| Redeemable Class A unit measurement adjustment | — | — | — | 47,851 | — | 2 | — | 47,853 |
| Other comprehensive loss attributable to noncontrolling interests in: | ||||||||
| Redeemable partnership units | — | — | — | — | — | 1,494 | — | 1,494 |
| Consolidated subsidiaries | — | — | — | — | — | 124 | (124) | — |
| Other | — | — | — | — | 10 | 1 | (320) | (309) |
| 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 |
| Preferred Units · Class A UnitsOwned by Vornado · EarningsLess ThanDistributions · AccumulatedOtherComprehensiveIncome · Non-controlling Interests in Consolidated Subsidiaries · Total Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| Units · Amount · Units · Amount | ||||||||
| For the Three Months Ended June 30, 2024: | ||||||||
| Balance as of March 31, 2024 | 48,793 | $1,182,459 | 190,483 | $8,269,166 | $(4,018,454) | $105,916 | $195,081 | $5,734,168 |
| Net income attributable to Vornado Realty L.P. | — | — | — | — | 53,989 | — | — | 53,989 |
| Net income attributable to redeemable partnership units | — | — | — | — | (3,200) | — | — | (3,200) |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (5,487) | (5,487) |
| Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (15,529) | — | — | (15,529) |
| Class A units redeemed for common shares | — | — | 22 | 551 | — | — | — | 551 |
| Contributions | — | — | — | — | — | — | 1,488 | 1,488 |
| Distributions | — | — | — | — | — | — | (107) | (107) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (1,685) | — | (1,685) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | 1,192 | — | 1,192 |
| Redeemable Class A unit measurement adjustment | — | — | — | 52,539 | — | (21) | — | 52,518 |
| Other comprehensive loss (income) attributable to noncontrolling interests: | ||||||||
| Redeemable partnership units | — | — | — | — | — | 100 | — | 100 |
| Consolidated subsidiaries | — | — | — | — | — | (723) | 723 | — |
| Other | — | — | — | — | — | — | 1 | 1 |
| 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 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
| (Amounts in thousands, except per unit amount) · AccumulatedOtherComprehensiveIncome · Non-controlling Interests in Consolidated Subsidiaries | ||||||||
|---|---|---|---|---|---|---|---|---|
| Preferred Units · Class A UnitsOwned by Vornado · EarningsLess ThanDistributions · Total Equity | ||||||||
| Units · Amount · Units · Amount | ||||||||
| For the Six Months Ended June 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. | — | — | — | — | 934,465 | — | — | 934,465 |
| Net income attributable to redeemable partnership units | — | — | — | — | (72,752) | — | — | (72,752) |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (6,988) | (6,988) |
| Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (31,052) | — | — | (31,052) |
| Class A units issued to Vornado: | ||||||||
| Upon redemption of redeemable Class A units, at redemption value | — | — | 1,193 | 48,578 | — | — | — | 48,578 |
| Under Vornado's employees' share option plan | — | — | 1 | 36 | — | — | — | 36 |
| Contributions | — | — | — | — | — | — | 673 | 673 |
| Distributions | — | — | — | — | — | — | (186) | (186) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (11,251) | — | (11,251) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | (41,142) | — | (41,142) |
| Redeemable Class A unit measurement adjustment | — | — | — | 102,422 | — | (34) | — | 102,388 |
| Other comprehensive loss attributable to noncontrolling interests in: | ||||||||
| Redeemable partnership units | — | — | — | — | — | 4,271 | — | 4,271 |
| Consolidated subsidiaries | — | — | — | — | — | 311 | (311) | — |
| Other | — | — | — | — | 2 | 2 | (294) | (290) |
| 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 |
| Preferred Units · Class A UnitsOwned by Vornado · EarningsLess ThanDistributions · AccumulatedOtherComprehensiveIncome · Non-controlling Interests in Consolidated Subsidiaries · Total Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| Units · Amount · Units · Amount | ||||||||
| For the Six Months Ended June 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. | — | — | — | — | 59,698 | — | — | 59,698 |
| Net income attributable to redeemable partnership units | — | — | — | — | (2,414) | — | — | (2,414) |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (9,982) | (9,982) |
| Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (31,058) | — | — | (31,058) |
| Class A units redeemed for common shares | — | — | 115 | 3,040 | — | — | — | 3,040 |
| Contributions | — | — | — | — | — | — | 1,758 | 1,758 |
| Distributions | — | — | — | — | — | — | (185) | (185) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (2,227) | — | (2,227) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | 49,401 | — | 49,401 |
| Redeemable Class A unit measurement adjustment | — | — | — | 48,186 | — | (43) | — | 48,143 |
| Other comprehensive income attributable to noncontrolling interests: | ||||||||
| Redeemable partnership units | — | — | — | — | — | (3,582) | — | (3,582) |
| Consolidated subsidiaries | — | — | — | — | — | (3,885) | 3,885 | — |
| Other | — | — | (1) | 145 | (25) | — | 1 | 121 |
| 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 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (Amounts in thousands) | For the Six Months Ended June 30, | |
|---|---|---|
| 2025 | 2024 | |
| Cash Flows from Operating Activities: | ||
| Net income | $913,051 | $33,826 |
| 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) | 241,538 | 229,797 |
| Equity in net income of partially owned entities | (113,648) | (64,228) |
| Distributions of income from partially owned entities | 54,205 | 54,618 |
| Net gains on disposition of wholly owned and partially owned assets | (24,039) | (16,048) |
| Straight-lining of rents | (19,706) | (4,372) |
| Amortization of interest rate cap premiums | 14,176 | 22,720 |
| Stock-based compensation expense | 13,541 | 16,269 |
| Change in deferred tax liability | 4,488 | 5,879 |
| Amortization of below-market leases, net | (184) | (1,910) |
| Other non-cash adjustments | 4,022 | 6,304 |
| Changes in operating assets and liabilities: | ||
| Tenant and other receivables | (5,265) | (2,840) |
| Prepaid assets | 14,578 | (6,965) |
| Other assets | (48,632) | (48,272) |
| Lease liabilities | (39,498) | 8,903 |
| Accounts payable and accrued expenses | (20,388) | (13,074) |
| Other liabilities | (7,454) | 5,557 |
| Net cash provided by operating activities | 1,078,946 | 226,164 |
| Cash Flows from Investing Activities: | ||
| Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity | 749,000 | — |
| Additions to real estate | (152,513) | (112,578) |
| Development costs and construction in progress | (82,064) | (138,076) |
| Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 24,839 | 31,605 |
| Acquisitions of real estate and other | (22,771) | — |
| Proceeds from sales of real estate | 22,308 | 2,000 |
| Investments in partially owned entities | (16,967) | (90,051) |
| Distributions of capital from partially owned entities | 3,323 | — |
| Net cash provided by (used in) investing activities | 525,155 | (307,100) |
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
| (Amounts in thousands) | For the Six Months Ended June 30, | |
|---|---|---|
| 2025 | 2024 | |
| Cash Flows from Financing Activities: | ||
| Repayments of borrowings | $(1,278,232) | $(95,696) |
| Proceeds from borrowings | 120,000 | 75,000 |
| Distributions to preferred unitholders | (31,052) | (31,058) |
| Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (1,365) | (242) |
| Contributions from noncontrolling interests in consolidated subsidiaries | 673 | 1,758 |
| Deferred financing costs | (470) | (13,649) |
| Other financing activity, net | 24 | 93 |
| Net cash used in financing activities | (1,190,422) | (63,794) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 413,679 | (144,730) |
| 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 | $1,363,298 | $1,116,854 |
| 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 | $1,204,863 | $872,609 |
| Restricted cash at end of period | 158,435 | 244,245 |
| Cash and cash equivalents and restricted cash at end of period | $1,363,298 | $1,116,854 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $167,233 | $152,212 |
| Cash payments for income taxes | $3,627 | $4,436 |
| 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 | — |
| Redeemable Class A unit measurement adjustment | 102,388 | 48,143 |
| Write-off of fully depreciated assets | (68,003) | (47,840) |
| Change in fair value of consolidated interest rate hedges and other | (41,142) | 49,401 |
| Accrued capital expenditures included in accounts payable and accrued expenses | 21,323 | 25,997 |
| Reclassification of assets held for sale (included in "other assets") | — | 15,224 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.