VORNADO REALTY LP
For the period ended Dec 31, 2025. Filed Feb 9, 2026.
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FY2025 · Filed Feb 9, 2026
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Item 8. Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of Vornado Realty Trust
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Vornado Realty Trust and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 9, 2026, expressed an unqualified opinion on the Company’s internal control over financial reporting.
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Real Estate Recoverability Assessment – Refer to Note 2 to the financial statements
Critical Audit Matter Description
The Company’s real estate properties are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. The recoverability assessment is determined based on projected future cash flows that utilize capitalization rates and available market information. Preparation of the Company’s undiscounted cash flows requires management to make significant estimates and assumptions related to future market rental rates and capitalization rates.
We identified the recoverability assessment of certain real estate properties as a critical audit matter because of the significant estimates and assumptions related to future market rental rates and capitalization rates. Performing audit procedures to evaluate the reasonableness of these estimates and assumptions required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to the recoverability assessment of real estate properties included the following, among others:
We tested the effectiveness of controls over management’s evaluation of recoverability of its real estate properties, including those over future market rental rates and capitalization rates used in the assessment.
We evaluated the reasonableness of future market rental rates and capitalization rates used by management against independent market data, focusing on geographical location and property type. In addition, we developed ranges of independent estimates of future market rental rates and capitalization rates and compared those to the amounts used by management.
We involved our fair value specialists in providing comparable market transaction details to further evaluate management’s selected future market rental rates and capitalization rates, as applicable.
We evaluated the reasonableness of management’s assumptions and estimates by performing a retrospective analysis of the Company’s actual results compared to the prior projected future cash flow analyses.
We evaluated whether the assumptions and estimates were consistent with evidence obtained in other areas of the audit.
/s/DELOITTE & TOUCHE LLP
We have served as the Company’s auditor since 1976.
| (Amounts in thousands, except unit, share and per share amounts) | As of December 31, | |
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Real estate, at cost: | ||
| Land | $2,408,914 | $2,434,209 |
| Buildings and improvements | 10,942,418 | 10,439,113 |
| Development costs and construction in progress | 890,143 | 1,097,395 |
| Leasehold improvements and equipment | 105,080 | 120,915 |
| Total | 14,346,555 | 14,091,632 |
| Less accumulated depreciation and amortization | (4,191,075) | (4,025,349) |
| Real estate, net | 10,155,480 | 10,066,283 |
| Right-of-use assets | 671,308 | 678,804 |
| Net investment in lease | 166,024 | — |
| Cash and cash equivalents | 840,850 | 733,947 |
| Restricted cash | 136,696 | 215,672 |
| Tenant and other receivables | 77,137 | 58,853 |
| Investments in partially owned entities | 1,941,278 | 2,691,478 |
| Receivable arising from the straight-lining of rents | 752,545 | 707,020 |
| Deferred leasing costs, net of accumulated amortization of $233,448 and $268,532 | 374,620 | 354,882 |
| Identified intangible assets, net of accumulated amortization of $81,962 and $75,002 | 110,593 | 118,215 |
| Other assets | 294,587 | 373,454 |
| $15,521,118 | $15,998,608 | |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
| Mortgages payable, net | $4,920,669 | $5,676,014 |
| Senior unsecured notes, net | 747,202 | 1,195,914 |
| Unsecured term loan, net | 797,337 | 795,948 |
| Unsecured revolving credit facilities | 720,420 | 575,000 |
| Lease liabilities | 699,640 | 749,759 |
| Accounts payable and accrued expenses | 376,190 | 374,013 |
| Deferred compensation plan | 113,778 | 114,580 |
| Other liabilities | 341,359 | 345,511 |
| Total liabilities | 8,716,595 | 9,826,739 |
| Commitments and contingencies | ||
| Redeemable noncontrolling interests: | ||
| Class A units - 16,650,713 and 16,850,803 units outstanding | 554,136 | 708,408 |
| Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
| Total redeemable noncontrolling partnership units | 557,671 | 711,943 |
| Redeemable noncontrolling interest in a consolidated subsidiary | 90,280 | 122,715 |
| Total redeemable noncontrolling interests | 647,951 | 834,658 |
| Shareholders' equity: | ||
| 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 | 1,182,345 | 1,182,364 |
| 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 | 7,627 | 7,634 |
| Additional capital | 8,288,363 | 8,052,793 |
| Earnings less than distributions | (3,491,603) | (4,142,249) |
| Accumulated other comprehensive (loss) income | (5) | 57,700 |
| Total shareholders' equity | 5,986,727 | 5,158,242 |
| Noncontrolling interests in consolidated subsidiaries | 169,845 | 178,969 |
| Total equity | 6,156,572 | 5,337,211 |
| $15,521,118 | $15,998,608 | |
See notes to the consolidated financial statements.
| (Amounts in thousands, except per share amounts) | For the Year Ended December 31, | ||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| REVENUES: | |||
| Rental revenues | $1,558,241 | $1,568,806 | $1,607,486 |
| Fee and other income | 252,184 | 218,880 | 203,677 |
| Total revenues | 1,810,425 | 1,787,686 | 1,811,163 |
| EXPENSES: | |||
| Operating | (919,959) | (927,796) | (905,158) |
| Depreciation and amortization | (462,201) | (447,500) | (434,273) |
| General and administrative | (156,115) | (148,520) | (162,883) |
| Expense from deferred compensation plan liability | (10,938) | (12,638) | (12,162) |
| Transaction related costs, impairment losses and other | (2,531) | (5,242) | (50,691) |
| Total expenses | (1,551,744) | (1,541,696) | (1,565,167) |
| Income from partially owned entities | 141,310 | 112,464 | 38,689 |
| Interest and other investment income, net | 55,113 | 45,974 | 43,287 |
| Income from deferred compensation plan assets | 10,938 | 12,638 | 12,162 |
| Interest and debt expense | (353,868) | (390,269) | (349,223) |
| Gain on sales-type lease | 803,248 | — | — |
| Net gains on disposition of wholly owned and partially owned assets | 35,291 | 16,048 | 71,199 |
| Income before income taxes | 950,713 | 42,845 | 62,110 |
| Income tax expense | (13,509) | (22,729) | (29,222) |
| Net income | 937,204 | 20,116 | 32,888 |
| Less net loss (income) attributable to noncontrolling interests in: | |||
| Consolidated subsidiaries | 41,622 | 51,131 | 75,967 |
| Operating Partnership | (73,871) | (860) | (3,361) |
| Net income attributable to Vornado | 904,955 | 70,387 | 105,494 |
| Preferred share dividends | (62,104) | (62,112) | (62,116) |
| NET INCOME attributable to common shareholders | $842,851 | $8,275 | $43,378 |
| INCOME PER COMMON SHARE - BASIC: | |||
| Net income per common share | $4.40 | $0.04 | $0.23 |
| Weighted average shares outstanding | 191,759 | 190,539 | 191,005 |
| INCOME PER COMMON SHARE - DILUTED: | |||
| Net income per common share | $4.20 | $0.04 | $0.23 |
| Weighted average shares outstanding | 201,049 | 196,626 | 191,856 |
| (Amounts in thousands) | For the Year Ended December 31, | ||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net income | $937,204 | $20,116 | $32,888 |
| Other comprehensive (loss) income: | |||
| Other comprehensive loss of nonconsolidated subsidiaries | (10,386) | (6,992) | (8,286) |
| Change in fair value of consolidated interest rate hedges and other | (53,452) | 947 | (112,051) |
| Comprehensive income (loss) | 873,366 | 14,071 | (87,449) |
| Less comprehensive (income) loss attributable to noncontrolling interests | (26,087) | 48,876 | 85,665 |
| Comprehensive income (loss) attributable to Vornado | $847,279 | $62,947 | $(1,784) |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| (Amounts in thousands, except per share amount) · Common Shares · AdditionalCapital · EarningsLess ThanDistributions · AccumulatedOtherComprehensive Income (Loss) · Non-controllingInterests inConsolidatedSubsidiaries · TotalEquity | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Preferred Shares | |||||||||||||||
| Shares · Amount · Shares · Amount | |||||||||||||||
| 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 | — | — | — | — | — | 904,955 | — | — | 904,955 | ||||||
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (12,768) | (12,768) | ||||||
| Dividends on common shares ($0.74 per share) | — | — | — | — | — | (141,277) | — | — | (141,277) | ||||||
| Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (62,104) | — | — | (62,104) | ||||||
| Common shares issued: | |||||||||||||||
| Upon redemption of Class A units, at redemption value | — | — | 1,280 | 51 | 51,901 | — | — | — | 51,952 | ||||||
| Under employees' share option plan | — | — | 1 | — | 42 | — | — | — | 42 | ||||||
| Conversion of Series A preferred shares to common shares | (1) | (19) | — | — | 19 | — | — | — | — | ||||||
| Contributions | — | — | — | — | — | — | — | 10,138 | 10,138 | ||||||
| Distributions | — | — | — | — | — | — | — | (5,339) | (5,339) | ||||||
| Repurchase of common shares | — | — | (1,462) | (58) | — | (50,932) | — | — | (50,990) | ||||||
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (10,386) | — | (10,386) | ||||||
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | (53,452) | — | (53,452) | ||||||
| Redeemable Class A unit measurement adjustment | — | — | — | — | 183,608 | — | (30) | — | 183,578 | ||||||
| Other comprehensive loss attributable to noncontrolling interests in: | |||||||||||||||
| Operating Partnership | — | — | — | — | — | — | 5,126 | — | 5,126 | ||||||
| Consolidated subsidiaries | — | — | — | — | — | — | 1,037 | (1,037) | — | ||||||
| Other | — | — | — | — | 4 | — | (118) | (114) | |||||||
| Balance as of December 31, 2025 | 48,788 | $1,182,345 | 190,666 | $7,627 | $8,288,363 | $(3,491,603) | $(5) | $169,845 | $6,156,572 | ||||||
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
| (Amounts in thousands, except per share amount) · Common Shares · AdditionalCapital · EarningsLess ThanDistributions · AccumulatedOtherComprehensive Income · Non-controllingInterests inConsolidatedSubsidiaries · TotalEquity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Preferred Shares | |||||||||
| Shares · Amount · Shares · Amount | |||||||||
| 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 | — | — | — | — | — | 70,387 | — | — | 70,387 |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (19,964) | (19,964) |
| Dividends on common shares ($0.74 per share) | — | — | — | — | — | (141,103) | — | — | (141,103) |
| Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (62,112) | — | — | (62,112) |
| Common shares issued: | |||||||||
| Upon redemption of Class A units, at redemption value | — | — | 449 | 18 | 15,894 | — | — | — | 15,912 |
| Conversion of Series A preferred shares to common shares | (4) | (95) | 7 | — | 95 | — | — | — | — |
| Contributions | — | — | — | — | — | — | — | 1,961 | 1,961 |
| Distributions | — | — | — | — | — | — | — | (1,339) | (1,339) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (6,992) | — | (6,992) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | 947 | — | 947 |
| Redeemable Class A unit measurement adjustment | — | — | — | — | (226,612) | — | 26 | — | (226,586) |
| Other comprehensive loss (income) attributable to noncontrolling interests in: | |||||||||
| Operating Partnership | — | — | — | — | — | — | 693 | — | 693 |
| Consolidated subsidiaries | — | — | — | — | — | — | (2,087) | 2,087 | — |
| Other | — | — | — | 22 | 125 | (26) | (2) | 2 | 121 |
| 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 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
| (Amounts in thousands, except per share amounts) · Common Shares · AdditionalCapital · EarningsLess ThanDistributions · AccumulatedOtherComprehensiveIncome · Non-controllingInterests inConsolidatedSubsidiaries · TotalEquity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Preferred Shares | |||||||||
| Shares · Amount · Shares · Amount | |||||||||
| Balance as of December 31, 2022 | 48,793 | $1,182,459 | 191,867 | $7,654 | $8,369,228 | $(3,894,580) | $174,967 | $236,652 | $6,076,380 |
| Net income attributable to Vornado | — | — | — | — | — | 105,494 | — | — | 105,494 |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (36,582) | (36,582) |
| Dividends on common shares ($0.675 per share) | — | — | — | — | — | (129,066) | — | — | (129,066) |
| Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (62,116) | — | — | (62,116) |
| Common shares issued: | |||||||||
| Upon redemption of Class A units, at redemption value | — | — | 539 | 21 | 8,468 | — | — | — | 8,489 |
| Under dividend reinvestment plan | — | — | 11 | — | 146 | — | — | — | 146 |
| Contributions | — | — | — | — | — | — | — | 24,033 | 24,033 |
| Distributions | — | — | — | — | — | — | — | (21,526) | (21,526) |
| Deferred compensation shares and options | — | — | (2) | — | 321 | (25) | — | — | 296 |
| Repurchase of common shares | — | — | (2,024) | (81) | — | (29,102) | — | — | (29,183) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | — | (8,286) | — | (8,286) |
| Change in fair value of interest rate swaps and other | — | — | — | — | — | — | (112,051) | — | (112,051) |
| Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | — | — | — | — | 20,668 | — | — | — | 20,668 |
| Redeemable Class A unit measurement adjustment | — | — | — | — | (135,540) | — | (2,574) | — | (138,114) |
| Other comprehensive loss attributable to noncontrolling interests in: | |||||||||
| Operating Partnership | — | — | — | — | — | — | 9,340 | — | 9,340 |
| Consolidated subsidiaries | — | — | — | — | — | — | 3,719 | (3,719) | — |
| Deconsolidation of partially owned entity | — | — | — | — | — | — | — | (2,636) | (2,636) |
| 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 |
| (Amounts in thousands) | For the Year Ended December 31, | ||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows from Operating Activities: | |||
| Net income | $937,204 | $20,116 | $32,888 |
| 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) | 481,456 | 469,423 | 457,574 |
| Equity in net income of partially owned entities | (141,310) | (112,464) | (38,689) |
| Distributions of income from partially owned entities | 114,754 | 142,880 | 172,873 |
| Straight-lining of rents | (71,960) | (5,086) | (8,808) |
| Net gains on disposition of wholly owned and partially owned assets | (35,291) | (16,048) | (71,199) |
| Stock-based compensation expense | 25,479 | 30,172 | 43,201 |
| Amortization of interest rate cap premiums | 23,466 | 41,745 | 10,989 |
| Change in deferred tax liability | 3,530 | 13,008 | 17,020 |
| Amortization of below-market leases, net | (383) | (3,035) | (5,268) |
| Real estate impairment losses | — | — | 45,007 |
| Credit losses on investments | — | — | 8,269 |
| Net realized and unrealized gain on real estate fund investments | — | — | (1,861) |
| Return of capital from real estate fund investments | — | — | 1,861 |
| Other non-cash adjustments | 4,510 | 13,995 | 9,874 |
| Changes in operating assets and liabilities: | |||
| Tenant and other receivables | (18,787) | 4,704 | 9,379 |
| Prepaid assets | 8,644 | (8,346) | (12,854) |
| Other assets | (133,058) | (74,420) | (79,110) |
| Lease liabilities | (43,352) | 16,900 | 17,582 |
| Accounts payable and accrued expenses | 6,277 | (6,800) | 10,723 |
| Other liabilities | (955) | 10,979 | 28,701 |
| Net cash provided by operating activities | 1,258,385 | 537,723 | 648,152 |
| 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 | (296,681) | — | (33,145) |
| Additions to real estate | (268,258) | (222,739) | (211,899) |
| Development costs and construction in progress | (144,609) | (242,874) | (552,701) |
| Proceeds from sales of real estate and other | 58,339 | 2,000 | 123,519 |
| Distributions of capital from partially owned entities | 50,927 | — | 18,869 |
| Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 37,374 | 31,605 | 24,484 |
| Investments in partially owned entities | (35,585) | (115,357) | (57,297) |
| Investment in loan receivable | (35,000) | (50,000) | — |
| Proceeds from maturities of U.S. Treasury bills | — | — | 468,598 |
| Proceeds from repayment of participation in 150 West 34th Street mortgage loan | — | — | 105,000 |
| Deconsolidation of cash and restricted cash held by a previously consolidated entity | — | — | (14,216) |
| Net cash provided by (used in) investing activities | 115,507 | (597,365) | (128,788) |
| (Amounts in thousands) | For the Year Ended December 31, | ||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows from Financing Activities: | |||
| Repayments of borrowings | $(1,903,513) | $(97,439) | $(148,000) |
| Proceeds from borrowings | 835,794 | 75,000 | — |
| Dividends paid on common shares | (141,277) | (141,103) | (129,066) |
| Dividends paid on preferred shares | (62,104) | (62,112) | (62,116) |
| Repurchase of common shares | (50,991) | — | (29,183) |
| Distributions to noncontrolling interests | (23,067) | (18,156) | (38,970) |
| Deferred financing costs | (7,478) | (13,870) | (4,424) |
| Contributions from noncontrolling interests | 6,712 | 5,300 | 132,701 |
| Other financing activity, net | (41) | 57 | 121 |
| Net cash used in financing activities | (1,345,965) | (252,323) | (278,937) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 27,927 | (311,965) | 240,427 |
| Cash and cash equivalents and restricted cash at beginning of period | 949,619 | 1,261,584 | 1,021,157 |
| Cash and cash equivalents and restricted cash at end of period | $977,546 | $949,619 | $1,261,584 |
| Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||
|---|---|---|---|
| Cash and cash equivalents at beginning of period | $733,947 | $997,002 | $889,689 |
| Restricted cash at beginning of period | 215,672 | 264,582 | 131,468 |
| Cash and cash equivalents and restricted cash at beginning of period | $949,619 | $1,261,584 | $1,021,157 |
| Cash and cash equivalents at end of period | $840,850 | $733,947 | $997,002 |
| Restricted cash at end of period | 136,696 | 215,672 | 264,582 |
| Cash and cash equivalents and restricted cash at end of period | $977,546 | $949,619 | $1,261,584 |
| Supplemental Disclosure of Cash Flow Information: | |||
| Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $313,093 | $322,774 | $381,410 |
| Cash payments for income taxes | $5,201 | $7,608 | $10,365 |
| 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 | 183,578 | (226,586) | (138,114) |
| Write-off of fully depreciated assets | (115,939) | (122,548) | (82,343) |
| Change in fair value of consolidated interest rate hedges and other | (53,452) | 947 | (112,051) |
| Accrued capital expenditures included in accounts payable and accrued expenses | 43,875 | 39,784 | 52,091 |
| Reclassification of assets held for sale (included in "other assets") | 3,044 | 15,279 | — |
| Initial investment in Sunset Pier 94 Joint Venture upon contribution of leasehold interest | — | — | 50,090 |
| Decrease in assets and liabilities resulting from the deconsolidation of Pier 94: | |||
| Real estate | — | — | 21,693 |
| Right-of-use assets | — | — | 7,081 |
| Lease liabilities | — | — | (20,692) |
To the Partners of Vornado Realty L.P. and the Board of Trustees of Vornado Realty Trust
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Vornado Realty L.P. and subsidiaries (the “Partnership”) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Partnership’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 9, 2026, expressed an unqualified opinion on the Partnership’s internal control over financial reporting.
These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on the Partnership’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Real Estate Recoverability Assessment – Refer to Note 2 to the financial statements
Critical Audit Matter Description
The Partnership’s real estate properties are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. The recoverability assessment is determined based on projected future cash flows that utilize capitalization rates and available market information. Preparation of the Partnership’s undiscounted cash flows requires management to make significant estimates and assumptions related to future market rental rates and capitalization rates.
We identified the recoverability assessment of certain real estate properties as a critical audit matter because of the significant estimates and assumptions related to future market rental rates and capitalization rates. Performing audit procedures to evaluate the reasonableness of these estimates and assumptions required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to the recoverability assessment of real estate properties included the following, among others:
We tested the effectiveness of controls over management’s evaluation of recoverability of its real estate properties, including those over future market rental rates and capitalization rates used in the assessment.
We evaluated the reasonableness of future market rental rates and capitalization rates used by management against independent market data, focusing on geographical location and property type. In addition, we developed ranges of independent estimates of future market rental rates and capitalization rates and compared those to the amounts used by management.
We involved our fair value specialists in providing comparable market transaction details to further evaluate management’s selected future market rental rates and capitalization rates, as applicable.
We evaluated the reasonableness of management’s assumptions and estimates by performing a retrospective analysis of the Partnership’s actual results compared to the prior projected future cash flow analyses.
We evaluated whether the assumptions and estimates were consistent with evidence obtained in other areas of the audit.
/s/DELOITTE & TOUCHE LLP
We have served as the Partnership’s auditor since 1997.
| (Amounts in thousands, except unit amounts) | As of December 31, | |
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Real estate, at cost: | ||
| Land | $2,408,914 | $2,434,209 |
| Buildings and improvements | 10,942,418 | 10,439,113 |
| Development costs and construction in progress | 890,143 | 1,097,395 |
| Leasehold improvements and equipment | 105,080 | 120,915 |
| Total | 14,346,555 | 14,091,632 |
| Less accumulated depreciation and amortization | (4,191,075) | (4,025,349) |
| Real estate, net | 10,155,480 | 10,066,283 |
| Right-of-use assets | 671,308 | 678,804 |
| Net investment in lease | 166,024 | — |
| Cash and cash equivalents | 840,850 | 733,947 |
| Restricted cash | 136,696 | 215,672 |
| Tenant and other receivables | 77,137 | 58,853 |
| Investments in partially owned entities | 1,941,278 | 2,691,478 |
| Receivable arising from the straight-lining of rents | 752,545 | 707,020 |
| Deferred leasing costs, net of accumulated amortization of $233,448 and $268,532 | 374,620 | 354,882 |
| Identified intangible assets, net of accumulated amortization of $81,962 and $75,002 | 110,593 | 118,215 |
| Other assets | 294,587 | 373,454 |
| $15,521,118 | $15,998,608 | |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
| Mortgages payable, net | $4,920,669 | $5,676,014 |
| Senior unsecured notes, net | 747,202 | 1,195,914 |
| Unsecured term loan, net | 797,337 | 795,948 |
| Unsecured revolving credit facilities | 720,420 | 575,000 |
| Lease liabilities | 699,640 | 749,759 |
| Accounts payable and accrued expenses | 376,190 | 374,013 |
| Deferred compensation plan | 113,778 | 114,580 |
| Other liabilities | 341,359 | 345,511 |
| Total liabilities | 8,716,595 | 9,826,739 |
| Commitments and contingencies | ||
| Redeemable noncontrolling interests: | ||
| Class A units - 16,650,713 and 16,850,803 units outstanding | 554,136 | 708,408 |
| Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
| Total redeemable noncontrolling partnership units | 557,671 | 711,943 |
| Redeemable noncontrolling interest in a consolidated subsidiary | 90,280 | 122,715 |
| Total redeemable noncontrolling interests | 647,951 | 834,658 |
| Partners' equity: | ||
| Partners' capital | 9,478,335 | 9,242,791 |
| Earnings less than distributions | (3,491,603) | (4,142,249) |
| Accumulated other comprehensive (loss) income | (5) | 57,700 |
| Total partners' equity | 5,986,727 | 5,158,242 |
| Noncontrolling interests in consolidated subsidiaries | 169,845 | 178,969 |
| Total equity | 6,156,572 | 5,337,211 |
| $15,521,118 | $15,998,608 | |
See notes to the consolidated financial statements.
| (Amounts in thousands, except per unit amounts) | For the Year Ended December 31, | ||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| REVENUES: | |||
| Rental revenues | $1,558,241 | $1,568,806 | $1,607,486 |
| Fee and other income | 252,184 | 218,880 | 203,677 |
| Total revenues | 1,810,425 | 1,787,686 | 1,811,163 |
| EXPENSES: | |||
| Operating | (919,959) | (927,796) | (905,158) |
| Depreciation and amortization | (462,201) | (447,500) | (434,273) |
| General and administrative | (156,115) | (148,520) | (162,883) |
| Expense from deferred compensation plan liability | (10,938) | (12,638) | (12,162) |
| Transaction related costs, impairment losses and other | (2,531) | (5,242) | (50,691) |
| Total expenses | (1,551,744) | (1,541,696) | (1,565,167) |
| Income from partially owned entities | 141,310 | 112,464 | 38,689 |
| Interest and other investment income, net | 55,113 | 45,974 | 43,287 |
| Income from deferred compensation plan assets | 10,938 | 12,638 | 12,162 |
| Interest and debt expense | (353,868) | (390,269) | (349,223) |
| Gain on sales-type lease | 803,248 | — | — |
| Net gains on disposition of wholly owned and partially owned assets | 35,291 | 16,048 | 71,199 |
| Income before income taxes | 950,713 | 42,845 | 62,110 |
| Income tax expense | (13,509) | (22,729) | (29,222) |
| Net income | 937,204 | 20,116 | 32,888 |
| Less net loss attributable to noncontrolling interests in consolidated subsidiaries | 41,622 | 51,131 | 75,967 |
| Net income attributable to Vornado Realty L.P. | 978,826 | 71,247 | 108,855 |
| Preferred unit distributions | (62,219) | (62,227) | (62,231) |
| NET INCOME attributable to Class A unitholders | $916,607 | $9,020 | $46,624 |
| INCOME PER CLASS A UNIT - BASIC: | |||
| Net income per Class A unit | $4.39 | $0.03 | $0.22 |
| Weighted average units outstanding | 205,697 | 204,981 | 205,105 |
| INCOME PER CLASS A UNIT - DILUTED: | |||
| Net income per Class A unit | $4.21 | $0.03 | $0.22 |
| Weighted average units outstanding | 214,987 | 211,068 | 205,956 |
| (Amounts in thousands) | For the Year Ended December 31, | ||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net income | $937,204 | $20,116 | $32,888 |
| Other comprehensive (loss) income: | |||
| Other comprehensive loss of nonconsolidated subsidiaries | (10,386) | (6,992) | (8,286) |
| Change in fair value of consolidated interest rate hedges and other | (53,452) | 947 | (112,051) |
| Comprehensive income (loss) | 873,366 | 14,071 | (87,449) |
| Less comprehensive loss attributable to noncontrolling interests in consolidated subsidiaries | 42,658 | 49,043 | 79,686 |
| Comprehensive income (loss) attributable to Vornado Realty L.P. | $916,024 | $63,114 | $(7,763) |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| (Amounts in thousands, except per unit amount) · Non-controllingInterests inConsolidatedSubsidiaries | ||||||||
|---|---|---|---|---|---|---|---|---|
| Preferred Units · Class A UnitsOwned by Vornado · EarningsLess ThanDistributions · AccumulatedOtherComprehensive Income (Loss) · TotalEquity | ||||||||
| Units · Amount · Units · Amount | ||||||||
| 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. | — | — | — | — | 978,826 | — | — | 978,826 |
| Net income attributable to redeemable partnership units | — | — | — | — | (73,871) | — | — | (73,871) |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (12,768) | (12,768) |
| Distributions to Vornado ($0.74 per unit) | — | — | — | — | (141,277) | — | — | (141,277) |
| Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (62,104) | — | — | (62,104) |
| Class A units issued to Vornado: | ||||||||
| Upon redemption of redeemable Class A units, at redemption value | — | — | 1,280 | 51,952 | — | — | — | 51,952 |
| Under Vornado's employees' share option plan | — | — | 1 | 42 | — | — | — | 42 |
| Conversion of Series A preferred units tocommon shares | (1) | (19) | — | 19 | — | — | — | — |
| Contributions | — | — | — | — | — | — | 10,138 | 10,138 |
| Distributions | — | — | — | — | — | — | (5,339) | (5,339) |
| Repurchase of Class A units owned by Vornado | — | — | (1,462) | (58) | (50,932) | — | — | (50,990) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (10,386) | — | (10,386) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | (53,452) | — | (53,452) |
| Redeemable Class A unit measurement adjustment | — | — | — | 183,608 | — | (30) | — | 183,578 |
| Other comprehensive loss attributable to noncontrolling interests in: | ||||||||
| Redeemable partnership units | — | — | — | — | — | 5,126 | — | 5,126 |
| Consolidated subsidiaries | — | — | — | — | — | 1,037 | (1,037) | — |
| Other | — | — | — | — | 4 | — | (118) | (114) |
| Balance as of December 31, 2025 | 48,788 | $1,182,345 | 190,666 | $8,295,990 | $(3,491,603) | $(5) | $169,845 | $6,156,572 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY – CONTINUED
| (Amounts in thousands, except per unit amount) · Non-controllingInterests inConsolidatedSubsidiaries | ||||||||
|---|---|---|---|---|---|---|---|---|
| Preferred Units · Class A UnitsOwned by Vornado · EarningsLess ThanDistributions · AccumulatedOtherComprehensive Income · TotalEquity | ||||||||
| Units · Amount · Units · Amount | ||||||||
| 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. | — | — | — | — | 71,247 | — | — | 71,247 |
| Net income attributable to redeemable partnership units | — | — | — | — | (860) | — | — | (860) |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (19,964) | (19,964) |
| Distributions to Vornado ($0.74 per unit) | — | — | — | — | (141,103) | — | — | (141,103) |
| Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (62,112) | — | — | (62,112) |
| Class A units redeemed for common shares | — | — | 449 | 15,912 | — | — | — | 15,912 |
| Conversion of Series A preferred units to common shares | (4) | (95) | 7 | 95 | — | — | — | — |
| Contributions | — | — | — | — | — | — | 1,961 | 1,961 |
| Distributions | — | — | — | — | — | — | (1,339) | (1,339) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (6,992) | — | (6,992) |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | 947 | — | 947 |
| Redeemable Class A unit measurement adjustment | — | — | — | (226,612) | — | 26 | — | (226,586) |
| Other comprehensive loss (income) attributable to noncontrolling interests in: | ||||||||
| Redeemable partnership units | — | — | — | — | — | 693 | — | 693 |
| Consolidated subsidiaries | — | — | — | — | — | (2,087) | 2,087 | — |
| Other | — | — | — | 147 | (26) | (2) | 2 | 121 |
| 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 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY – CONTINUED
| (Amounts in thousands, except per unit amounts) · Non-controllingInterests inConsolidatedSubsidiaries | ||||||||
|---|---|---|---|---|---|---|---|---|
| Preferred Units · Class A UnitsOwned by Vornado · EarningsLess ThanDistributions · AccumulatedOtherComprehensiveIncome · TotalEquity | ||||||||
| Units · Amount · Units · Amount | ||||||||
| Balance as of December 31, 2022 | 48,793 | $1,182,459 | 191,867 | $8,376,882 | $(3,894,580) | $174,967 | $236,652 | $6,076,380 |
| Net income attributable to Vornado Realty L.P. | — | — | — | — | 108,855 | — | — | 108,855 |
| Net income attributable to redeemable partnership units | — | — | — | — | (3,361) | — | — | (3,361) |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (36,582) | (36,582) |
| Distributions to Vornado ($0.675 per unit) | — | — | — | — | (129,066) | — | — | (129,066) |
| Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (62,116) | — | — | (62,116) |
| Class A units issued to Vornado: | ||||||||
| Upon redemption of redeemable Class A units, at redemption value | — | — | 539 | 8,489 | — | — | — | 8,489 |
| Under Vornado's dividend reinvestment plan | — | — | 11 | 146 | — | — | — | 146 |
| Contributions | — | — | — | — | — | — | 24,033 | 24,033 |
| Distributions | — | — | — | — | — | — | (21,526) | (21,526) |
| Deferred compensation units and options | — | — | (2) | 321 | (25) | — | — | 296 |
| Repurchase of Class A units owned by Vornado | — | — | (2,024) | (81) | (29,102) | — | — | (29,183) |
| Other comprehensive loss of nonconsolidated subsidiaries | — | — | — | — | — | (8,286) | — | (8,286) |
| Change in fair value of interest rate swaps and other | — | — | — | — | — | (112,051) | — | (112,051) |
| Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards | — | — | — | 20,668 | — | — | — | 20,668 |
| Redeemable Class A unit measurement adjustment | — | — | — | (135,540) | — | (2,574) | — | (138,114) |
| Other comprehensive income attributable to noncontrolling interests in: | ||||||||
| Redeemable partnership units | — | — | — | — | — | 9,340 | — | 9,340 |
| Consolidated subsidiaries | — | — | — | — | — | 3,719 | (3,719) | — |
| Deconsolidation of partially owned entity | — | — | — | — | — | — | (2,636) | (2,636) |
| 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 |
| (Amounts in thousands) | For the Year Ended December 31, | ||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows from Operating Activities: | |||
| Net income | $937,204 | $20,116 | $32,888 |
| 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) | 481,456 | 469,423 | 457,574 |
| Equity in net income of partially owned entities | (141,310) | (112,464) | (38,689) |
| Distributions of income from partially owned entities | 114,754 | 142,880 | 172,873 |
| Straight-lining of rents | (71,960) | (5,086) | (8,808) |
| Net gains on disposition of wholly owned and partially owned assets | (35,291) | (16,048) | (71,199) |
| Stock-based compensation expense | 25,479 | 30,172 | 43,201 |
| Amortization of interest rate cap premiums | 23,466 | 41,745 | 10,989 |
| Change in deferred tax liability | 3,530 | 13,008 | 17,020 |
| Amortization of below-market leases, net | (383) | (3,035) | (5,268) |
| Real estate impairment losses | — | — | 45,007 |
| Credit losses on investments | — | — | 8,269 |
| Net realized and unrealized gain on real estate fund investments | — | — | (1,861) |
| Return of capital from real estate fund investments | — | — | 1,861 |
| Other non-cash adjustments | 4,510 | 13,995 | 9,874 |
| Changes in operating assets and liabilities: | |||
| Tenant and other receivables | (18,787) | 4,704 | 9,379 |
| Prepaid assets | 8,644 | (8,346) | (12,854) |
| Other assets | (133,058) | (74,420) | (79,110) |
| Lease liabilities | (43,352) | 16,900 | 17,582 |
| Accounts payable and accrued expenses | 6,277 | (6,800) | 10,723 |
| Other liabilities | (955) | 10,979 | 28,701 |
| Net cash provided by operating activities | 1,258,385 | 537,723 | 648,152 |
| 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 | (296,681) | — | (33,145) |
| Additions to real estate | (268,258) | (222,739) | (211,899) |
| Development costs and construction in progress | (144,609) | (242,874) | (552,701) |
| Proceeds from sales of real estate and other | 58,339 | 2,000 | 123,519 |
| Distributions of capital from partially owned entities | 50,927 | — | 18,869 |
| Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | 37,374 | 31,605 | 24,484 |
| Investments in partially owned entities | (35,585) | (115,357) | (57,297) |
| Investment in loan receivable | (35,000) | (50,000) | — |
| Proceeds from maturities of U.S. Treasury bills | — | — | 468,598 |
| Proceeds from repayment of participation in 150 West 34th Street mortgage loan | — | — | 105,000 |
| Deconsolidation of cash and restricted cash held by a previously consolidated entity | — | — | (14,216) |
| Net cash provided by (used in) investing activities | 115,507 | (597,365) | (128,788) |
| (Amounts in thousands) | For the Year Ended December 31, | ||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows from Financing Activities: | |||
| Repayments of borrowings | $(1,903,513) | $(97,439) | $(148,000) |
| Proceeds from borrowings | 835,794 | 75,000 | — |
| Distributions to Vornado | (141,277) | (141,103) | (129,066) |
| Distributions to preferred unitholders | (62,104) | (62,112) | (62,116) |
| Repurchase of Class A units owned by Vornado | (50,991) | — | (29,183) |
| Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (23,067) | (18,156) | (38,970) |
| Deferred financing costs | (7,478) | (13,870) | (4,424) |
| Contributions from noncontrolling interests in consolidated subsidiaries | 6,712 | 5,300 | 132,701 |
| Other financing activity, net | (41) | 57 | 121 |
| Net cash used in financing activities | (1,345,965) | (252,323) | (278,937) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 27,927 | (311,965) | 240,427 |
| Cash and cash equivalents and restricted cash at beginning of period | 949,619 | 1,261,584 | 1,021,157 |
| Cash and cash equivalents and restricted cash at end of period | $977,546 | $949,619 | $1,261,584 |
| Reconciliation of Cash and Cash Equivalents and Restricted Cash: | |||
|---|---|---|---|
| Cash and cash equivalents at beginning of period | $733,947 | $997,002 | $889,689 |
| Restricted cash at beginning of period | 215,672 | 264,582 | 131,468 |
| Cash and cash equivalents and restricted cash at beginning of period | $949,619 | $1,261,584 | $1,021,157 |
| Cash and cash equivalents at end of period | $840,850 | $733,947 | $997,002 |
| Restricted cash at end of period | 136,696 | 215,672 | 264,582 |
| Cash and cash equivalents and restricted cash at end of period | $977,546 | $949,619 | $1,261,584 |
| Supplemental Disclosure of Cash Flow Information: | |||
| Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $313,093 | $322,774 | $381,410 |
| Cash payments for income taxes | $5,201 | $7,608 | $10,365 |
| 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 | 183,578 | (226,586) | (138,114) |
| Write-off of fully depreciated assets | (115,939) | (122,548) | (82,343) |
| Change in fair value of consolidated interest rate hedges and other | (53,452) | 947 | (112,051) |
| Accrued capital expenditures included in accounts payable and accrued expenses | 43,875 | 39,784 | 52,091 |
| Reclassification of assets held for sale (included in "other assets") | 3,044 | 15,279 | — |
| Initial investment in Sunset Pier 94 Joint Venture upon contribution of leasehold interest | — | — | 50,090 |
| Decrease in assets and liabilities resulting from the deconsolidation of Pier 94: | — | — | — |
| Real estate | — | — | 21,693 |
| Right-of-use assets | — | — | 7,081 |
| Lease liabilities | — | — | (20,692) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.