VORNADO REALTY LP
For the period ended Sep 30, 2025. Filed Nov 3, 2025.
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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.
Sep 30, 2025 · Filed Nov 3, 2025
VNO$35.56-3.0%Stored close · as of Nov 10, 2026
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Item 1. Financial Statements of Vornado Realty Trust:
| (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 | |
CONSOLIDATED STATEMENTS OF INCOME
| (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 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| (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) |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| (Amounts in thousands) · 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 EndedSeptember 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 · AccumulatedOtherComprehensive Income (Loss) · Non-controlling Interests in Consolidated Subsidiaries · Total Equity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | |||||||||
| For the Three Months EndedSeptember 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 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
| (Amounts in thousands) · 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 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 · AccumulatedOtherComprehensive 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 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (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) |
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
| (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 |
CONSOLIDATED BALANCE SHEETS
| (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 | |
CONSOLIDATED STATEMENTS OF INCOME
| (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 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| (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) |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| (Amounts in thousands) · 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 EndedSeptember 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 UnitsOwned by Vornado · EarningsLess ThanDistributions · AccumulatedOtherComprehensiveIncome (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 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
| (Amounts in thousands) · AccumulatedOtherComprehensiveIncome · Non-controlling Interests in Consolidated Subsidiaries | ||||||||
|---|---|---|---|---|---|---|---|---|
| Preferred Units · Class A UnitsOwned by Vornado · EarningsLess ThanDistributions · 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 UnitsOwned by Vornado · EarningsLess ThanDistributions · AccumulatedOtherComprehensiveIncome (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 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (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) |
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
| (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 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.