VORNADO REALTY LP
For the period ended Sep 30, 2026. Filed Nov 2, 2026.
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.
Sep 30, 2026 · Filed Nov 2, 2026
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 | |
|---|---|---|
| September 30, 2026 | December 31, 2025 | |
| ASSETS | ||
| Real estate, at cost: | ||
| Land | $2,357,135 | $2,408,914 |
| Buildings and improvements | 11,138,348 | 10,942,418 |
| Development costs and construction in progress | 1,037,845 | 890,143 |
| Leasehold improvements and equipment | 110,729 | 105,080 |
| Total | 14,644,057 | 14,346,555 |
| Less accumulated depreciation and amortization | (4,534,751) | (4,191,075) |
| Real estate, net | 10,109,306 | 10,155,480 |
| Right-of-use assets | 667,270 | 671,308 |
| Net investment in lease | 166,672 | 166,024 |
| Cash and cash equivalents | 580,496 | 840,850 |
| Restricted cash | 143,339 | 136,696 |
| Tenant and other receivables | 110,269 | 77,137 |
| Investments in partially owned entities | 2,244,170 | 1,941,278 |
| Receivable arising from the straight-lining of rents | 828,287 | 752,545 |
| Deferred leasing costs, net of accumulated amortization of $251,710 and $233,448 | 394,515 | 374,620 |
| Identified intangible assets, net of accumulated amortization of $87,096 and $81,962 | 104,930 | 110,593 |
| Other assets | 288,911 | 294,587 |
| $15,638,165 | $15,521,118 | |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
| Mortgages payable, net | $4,847,467 | $4,920,669 |
| Senior unsecured notes, net | 842,276 | 747,202 |
| Unsecured term loan, net | 840,569 | 797,337 |
| Unsecured revolving credit facilities | 918,000 | 720,420 |
| Lease liabilities | 694,361 | 699,640 |
| Accounts payable and accrued expenses | 411,957 | 376,190 |
| Deferred compensation plan | 102,544 | 113,778 |
| Other liabilities | 327,943 | 341,359 |
| Total liabilities | 8,985,117 | 8,716,595 |
| Commitments and contingencies | ||
| Redeemable noncontrolling interests: | ||
| Class A units - 16,572,667 and 16,650,713 units outstanding | 561,482 | 554,136 |
| Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
| Total redeemable noncontrolling partnership units | 565,017 | 557,671 |
| Redeemable noncontrolling interest in a consolidated subsidiary | 68,158 | 90,280 |
| Total redeemable noncontrolling interests | 633,175 | 647,951 |
| Shareholders' equity: | ||
| Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,787,338 and 48,788,450 shares | 1,182,493 | 1,182,345 |
| Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 186,958,059 and 190,666,367 shares | 7,478 | 7,627 |
| Additional capital | 8,297,470 | 8,288,363 |
| Earnings less than distributions | (3,678,344) | (3,491,603) |
| Accumulated other comprehensive income (loss) | 36,890 | (5) |
| Total shareholders' equity | 5,845,987 | 5,986,727 |
| Noncontrolling interests in consolidated subsidiaries | 173,886 | 169,845 |
| Total equity | 6,019,873 | 6,156,572 |
| $15,638,165 | $15,521,118 | |
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, | ||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| REVENUES: | ||||
| Rental revenues | $409,621 | $389,097 | $1,213,878 | $1,176,104 |
| Fee and other income | 58,036 | 64,603 | 175,126 | 180,612 |
| Total revenues | 467,657 | 453,700 | 1,389,004 | 1,356,716 |
| EXPENSES: | ||||
| Operating | (245,521) | (241,769) | (715,801) | (685,857) |
| Depreciation and amortization | (169,045) | (117,122) | (458,801) | (348,851) |
| General and administrative | (34,705) | (37,490) | (116,050) | (116,065) |
| Income (expense) from deferred compensation plan liability | 4,333 | (6,756) | 1,269 | (8,790) |
| Transaction related costs and other | (393) | (3,563) | (1,328) | (4,327) |
| Total expenses | (445,331) | (406,700) | (1,290,711) | (1,163,890) |
| Income from partially owned entities | 23,318 | 21,940 | 99,335 | 135,588 |
| Interest and other investment income, net | 5,107 | 22,413 | 23,423 | 41,730 |
| (Expense) income from deferred compensation plan assets | (4,333) | 6,756 | (1,269) | 8,790 |
| Interest and debt expense | (88,714) | (84,459) | (267,502) | (268,204) |
| Gain on debt extinguishment | — | — | 32,073 | — |
| Gain on sales-type lease | — | — | — | 803,248 |
| Net gains on disposition of wholly owned and partially owned assets | — | — | — | 24,039 |
| (Loss) income before income taxes | (42,296) | 13,650 | (15,647) | 938,017 |
| Income tax (expense) benefit | (3,668) | 5,589 | (13,147) | (5,727) |
| Net (loss) income | (45,964) | 19,239 | (28,794) | 932,290 |
| Less net loss (income) attributable to noncontrolling interests in: | ||||
| Consolidated subsidiaries | 10,180 | 8,912 | 17,122 | 30,326 |
| Operating Partnership | 4,171 | (1,036) | 4,701 | (73,788) |
| Net (loss) income attributable to Vornado | (31,613) | 27,115 | (6,971) | 888,828 |
| Preferred share dividends | (15,525) | (15,526) | (46,575) | (46,578) |
| NET (LOSS) INCOME attributable to common shareholders | $(47,138) | $11,589 | $(53,546) | $842,250 |
| (LOSS) INCOME PER COMMON SHARE - BASIC: | ||||
| Net (loss) income per common share | $(0.25) | $0.06 | $(0.28) | $4.39 |
| Weighted average shares outstanding | 186,822 | 192,050 | 187,909 | 191,804 |
| (LOSS) INCOME PER COMMON SHARE - DILUTED: | ||||
| Net (loss) income per common share | $(0.25) | $0.06 | $(0.28) | $4.19 |
| Weighted average shares outstanding | 186,846 | 200,150 | 187,909 | 201,098 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Net (loss) income | $(45,964) | $19,239 | $(28,794) | $932,290 |
| Other comprehensive income (loss): | ||||
| Change in fair value of consolidated interest rate hedges and other | 4,977 | (7,041) | 23,658 | (48,183) |
| Other comprehensive income (loss) of nonconsolidated subsidiaries | 7,337 | 130 | 16,641 | (11,121) |
| Comprehensive (loss) income | (33,650) | 12,328 | 11,505 | 872,986 |
| Less comprehensive loss (income) attributable to noncontrolling interests | 13,334 | 8,900 | 18,398 | (37,856) |
| Comprehensive (loss) income attributable to Vornado | $(20,316) | $21,228 | $29,903 | $835,130 |
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, 2026: | |||||||||
| Balance as of June 30, 2026 | 48,788 | $1,182,505 | 186,721 | $7,469 | $8,202,784 | $(3,631,204) | $26,033 | $175,697 | $5,963,284 |
| Net loss attributable to Vornado | — | — | — | — | — | (31,613) | — | — | (31,613) |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | (2,670) | (2,670) |
| Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (15,525) | — | — | (15,525) |
| Common shares issued upon redemption of Class A units, at redemption value | — | — | 237 | 10 | 8,938 | — | — | — | 8,948 |
| Contributions | — | — | — | — | — | — | — | 882 | 882 |
| Distributions | — | — | — | — | — | — | — | (8) | (8) |
| Conversion of Series A preferred shares to common shares | (1) | (12) | 1 | — | 12 | — | — | — | — |
| Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 7,337 | — | 7,337 |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | 4,977 | — | 4,977 |
| Redeemable Class A unit measurement adjustment | — | — | — | — | 85,734 | — | (440) | — | 85,294 |
| Other comprehensive income attributable to noncontrolling interests in: | |||||||||
| Operating Partnership | — | — | — | — | — | — | (1,006) | — | (1,006) |
| Consolidated subsidiaries | — | — | — | — | — | — | (11) | 11 | — |
| Other | — | — | (1) | (1) | 2 | (2) | — | (26) | (27) |
| Balance as of September 30, 2026 | 48,787 | $1,182,493 | 186,958 | $7,478 | $8,297,470 | $(3,678,344) | $36,890 | $173,886 | $6,019,873 |
| 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 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 11 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 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
| (Amounts in thousands) · AccumulatedOtherComprehensive(Loss) Income · 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, 2026: | |||||||||
| 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 |
| Net loss attributable to Vornado | — | — | — | — | — | (6,971) | — | — | (6,971) |
| Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | — | 4,610 | 4,610 |
| Dividends on preferred shares (see Note 11 for dividends per share amounts) | — | — | — | — | — | (46,575) | — | — | (46,575) |
| Common shares issued upon redemption of Class A units, at redemption value | — | — | 823 | 33 | 25,902 | — | — | — | 25,935 |
| Contributions | — | — | — | — | — | — | — | 882 | 882 |
| Distributions | — | — | — | — | — | — | — | (1,556) | (1,556) |
| Repurchase of common shares | — | — | (4,533) | (181) | — | (133,215) | — | — | (133,396) |
| Conversion of Series A preferred shares to common shares | (2) | (28) | 2 | — | 28 | — | — | — | — |
| Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | — | 16,641 | — | 16,641 |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | — | 23,658 | — | 23,658 |
| Redeemable Class A unit measurement adjustment | — | — | — | — | (16,824) | — | 21 | — | (16,803) |
| Other comprehensive income attributable to noncontrolling interests in: | |||||||||
| Operating Partnership | — | — | — | — | — | — | (3,292) | — | (3,292) |
| Consolidated subsidiaries | — | — | — | — | — | — | (132) | 132 | — |
| Other | 1 | 176 | — | (1) | 1 | 20 | (1) | (27) | 168 |
| Balance as of September 30, 2026 | 48,787 | $1,182,493 | 186,958 | $7,478 | $8,297,470 | $(3,678,344) | $36,890 | $173,886 | $6,019,873 |
| AccumulatedOtherComprehensive Income · 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 11 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 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (Amounts in thousands) | For the Nine Months Ended September 30, | |
|---|---|---|
| 2026 | 2025 | |
| Cash Flows from Operating Activities: | ||
| Net (loss) income | $(28,794) | $932,290 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Depreciation and amortization (including amortization of deferred financing costs) | 474,631 | 363,383 |
| Equity in net income of partially owned entities | (99,335) | (135,588) |
| Distributions of income from partially owned entities | 86,015 | 80,548 |
| Straight-lining of rents | (77,012) | (44,235) |
| Gain on debt extinguishment | (32,073) | — |
| Stock-based compensation expense | 17,983 | 19,114 |
| Change in deferred tax liability | 5,685 | 683 |
| Amortization of below-market leases, net | (340) | (284) |
| Amortization of interest rate cap premiums | 130 | 20,387 |
| Prepaid lease payment (net of initial direct costs) | — | 901,409 |
| Gain on sales-type lease | — | (803,248) |
| Net gains on disposition of wholly owned and partially owned assets | — | (24,039) |
| Other non-cash adjustments | 8,785 | 2,488 |
| Changes in operating assets and liabilities: | ||
| Tenant and other receivables | (37,335) | (30,318) |
| Prepaid assets | (67,342) | (52,554) |
| Other assets | (25,252) | (94,291) |
| Lease liabilities | (5,279) | (41,303) |
| Accounts payable and accrued expenses | 45,248 | 20,519 |
| Other liabilities | (2,718) | (2,849) |
| Net cash provided by operating activities | 262,997 | 1,112,112 |
| Cash Flows from Investing Activities: | ||
| Investments in partially owned entities | (297,123) | (29,162) |
| Additions to real estate | (185,549) | (211,461) |
| Acquisitions of real estate and other | (170,319) | (245,251) |
| Development costs and construction in progress | (88,361) | (117,404) |
| Proceeds from repayment of loan receivable | 85,000 | — |
| Proceeds from sales of real estate and other | 49,750 | 25,675 |
| Distributions of capital from partially owned entities | 6,063 | 47,288 |
| Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity | — | 749,000 |
| Investment in loan receivable | — | (35,000) |
| Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | — | 24,839 |
| Net cash (used in) provided by investing activities | (600,539) | 208,524 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
| (Amounts in thousands) | For the Nine Months Ended September 30, | |
|---|---|---|
| 2026 | 2025 | |
| Cash Flows from Financing Activities: | ||
| Proceeds from borrowings | $1,714,781 | $835,420 |
| Repayments of borrowings | (1,415,569) | (1,900,683) |
| Repurchase of common shares | (133,396) | — |
| Dividends paid on preferred shares | (46,575) | (46,578) |
| Deferred financing costs | (34,250) | (6,809) |
| Distributions to noncontrolling interests | (2,078) | (1,396) |
| Contributions from noncontrolling interests | 882 | 1,927 |
| Other financing activity, net | 36 | (41) |
| Net cash provided by (used in) financing activities | 83,831 | (1,118,160) |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (253,711) | 202,476 |
| Cash and cash equivalents and restricted cash at beginning of period | 977,546 | 949,619 |
| Cash and cash equivalents and restricted cash at end of period | $723,835 | $1,152,095 |
| Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
| Cash and cash equivalents at beginning of period | $840,850 | $733,947 |
| Restricted cash at beginning of period | 136,696 | 215,672 |
| Cash and cash equivalents and restricted cash at beginning of period | $977,546 | $949,619 |
| Cash and cash equivalents at end of period | $580,496 | $1,009,876 |
| Restricted cash at end of period | 143,339 | 142,219 |
| Cash and cash equivalents and restricted cash at end of period | $723,835 | $1,152,095 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $240,203 | $234,495 |
| Cash payments for income taxes | $9,349 | $5,006 |
| Non-Cash Information: | ||
| Write-off of fully depreciated assets | $(76,946) | $(86,619) |
| Accrued capital expenditures included in accounts payable and accrued expenses | 50,541 | 30,250 |
| Forgiveness of mortgage principal | (27,005) | — |
| Change in fair value of consolidated interest rate hedges and other | 23,658 | (48,183) |
| Redeemable Class A unit measurement adjustment | (16,803) | 70,160 |
| 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 |
| Reclassification of assets held for sale (included in "other assets") | — | 3,044 |
CONSOLIDATED BALANCE SHEETS
| (Amounts in thousands, except unit amounts) | As of | |
|---|---|---|
| September 30, 2026 | December 31, 2025 | |
| ASSETS | ||
| Real estate, at cost: | ||
| Land | $2,357,135 | $2,408,914 |
| Buildings and improvements | 11,138,348 | 10,942,418 |
| Development costs and construction in progress | 1,037,845 | 890,143 |
| Leasehold improvements and equipment | 110,729 | 105,080 |
| Total | 14,644,057 | 14,346,555 |
| Less accumulated depreciation and amortization | (4,534,751) | (4,191,075) |
| Real estate, net | 10,109,306 | 10,155,480 |
| Right-of-use assets | 667,270 | 671,308 |
| Net investment in lease | 166,672 | 166,024 |
| Cash and cash equivalents | 580,496 | 840,850 |
| Restricted cash | 143,339 | 136,696 |
| Tenant and other receivables | 110,269 | 77,137 |
| Investments in partially owned entities | 2,244,170 | 1,941,278 |
| Receivable arising from the straight-lining of rents | 828,287 | 752,545 |
| Deferred leasing costs, net of accumulated amortization of $251,710 and $233,448 | 394,515 | 374,620 |
| Identified intangible assets, net of accumulated amortization of $87,096 and $81,962 | 104,930 | 110,593 |
| Other assets | 288,911 | 294,587 |
| $15,638,165 | $15,521,118 | |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
| Mortgages payable, net | $4,847,467 | $4,920,669 |
| Senior unsecured notes, net | 842,276 | 747,202 |
| Unsecured term loan, net | 840,569 | 797,337 |
| Unsecured revolving credit facilities | 918,000 | 720,420 |
| Lease liabilities | 694,361 | 699,640 |
| Accounts payable and accrued expenses | 411,957 | 376,190 |
| Deferred compensation plan | 102,544 | 113,778 |
| Other liabilities | 327,943 | 341,359 |
| Total liabilities | 8,985,117 | 8,716,595 |
| Commitments and contingencies | ||
| Redeemable noncontrolling interests: | ||
| Class A units - 16,572,667 and 16,650,713 units outstanding | 561,482 | 554,136 |
| Series D cumulative redeemable preferred units - 141,400 units outstanding | 3,535 | 3,535 |
| Total redeemable noncontrolling partnership units | 565,017 | 557,671 |
| Redeemable noncontrolling interest in a consolidated subsidiary | 68,158 | 90,280 |
| Total redeemable noncontrolling interests | 633,175 | 647,951 |
| Partners' equity: | ||
| Partners' capital | 9,487,441 | 9,478,335 |
| Earnings less than distributions | (3,678,344) | (3,491,603) |
| Accumulated other comprehensive income (loss) | 36,890 | (5) |
| Total partners' equity | 5,845,987 | 5,986,727 |
| Noncontrolling interests in consolidated subsidiaries | 173,886 | 169,845 |
| Total equity | 6,019,873 | 6,156,572 |
| $15,638,165 | $15,521,118 | |
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, | ||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| REVENUES: | ||||
| Rental revenues | $409,621 | $389,097 | $1,213,878 | $1,176,104 |
| Fee and other income | 58,036 | 64,603 | 175,126 | 180,612 |
| Total revenues | 467,657 | 453,700 | 1,389,004 | 1,356,716 |
| EXPENSES: | ||||
| Operating | (245,521) | (241,769) | (715,801) | (685,857) |
| Depreciation and amortization | (169,045) | (117,122) | (458,801) | (348,851) |
| General and administrative | (34,705) | (37,490) | (116,050) | (116,065) |
| Income (expense) from deferred compensation plan liability | 4,333 | (6,756) | 1,269 | (8,790) |
| Transaction related costs and other | (393) | (3,563) | (1,328) | (4,327) |
| Total expenses | (445,331) | (406,700) | (1,290,711) | (1,163,890) |
| Income from partially owned entities | 23,318 | 21,940 | 99,335 | 135,588 |
| Interest and other investment income, net | 5,107 | 22,413 | 23,423 | 41,730 |
| (Expense) income from deferred compensation plan assets | (4,333) | 6,756 | (1,269) | 8,790 |
| Interest and debt expense | (88,714) | (84,459) | (267,502) | (268,204) |
| Gain on debt extinguishment | — | — | 32,073 | — |
| Gain on sales-type lease | — | — | — | 803,248 |
| Net gains on disposition of wholly owned and partially owned assets | — | — | — | 24,039 |
| (Loss) income before income taxes | (42,296) | 13,650 | (15,647) | 938,017 |
| Income tax (expense) benefit | (3,668) | 5,589 | (13,147) | (5,727) |
| Net (loss) income | (45,964) | 19,239 | (28,794) | 932,290 |
| Less net loss attributable to noncontrolling interests in consolidated subsidiaries | 10,180 | 8,912 | 17,122 | 30,326 |
| Net (loss) income attributable to Vornado Realty L.P. | (35,784) | 28,151 | (11,672) | 962,616 |
| Preferred unit distributions | (15,554) | (15,555) | (46,661) | (46,664) |
| NET (LOSS) INCOME attributable to Class A unitholders | $(51,338) | $12,596 | $(58,333) | $915,952 |
| (LOSS) INCOME PER CLASS A UNIT - BASIC: | ||||
| Net (loss) income per Class A unit | $(0.25) | $0.06 | $(0.29) | $4.39 |
| Weighted average units outstanding | 202,080 | 205,846 | 202,661 | 205,806 |
| (LOSS) INCOME PER CLASS A UNIT - DILUTED: | ||||
| Net (loss) income per Class A unit | $(0.25) | $0.06 | $(0.29) | $4.20 |
| Weighted average units outstanding | 202,104 | 213,946 | 202,661 | 215,100 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| (Amounts in thousands) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Net (loss) income | $(45,964) | $19,239 | $(28,794) | $932,290 |
| Other comprehensive income (loss): | ||||
| Change in fair value of consolidated interest rate hedges and other | 4,977 | (7,041) | 23,658 | (48,183) |
| Other comprehensive income (loss) of nonconsolidated subsidiaries | 7,337 | 130 | 16,641 | (11,121) |
| Comprehensive (loss) income | (33,650) | 12,328 | 11,505 | 872,986 |
| Less comprehensive loss attributable to noncontrolling interests in consolidated subsidiaries | 10,169 | 9,427 | 16,989 | 31,152 |
| Comprehensive (loss) income attributable to Vornado Realty L.P. | $(23,481) | $21,755 | $28,494 | $904,138 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| (Amounts in thousands) · AccumulatedOtherComprehensive Income · 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, 2026: | ||||||||
| Balance as of June 30, 2026 | 48,788 | $1,182,505 | 186,721 | $8,210,253 | $(3,631,204) | $26,033 | $175,697 | $5,963,284 |
| Net loss attributable to Vornado Realty L.P. | — | — | — | — | (35,784) | — | — | (35,784) |
| Net loss attributable to redeemable partnership units | — | — | — | — | 4,171 | — | — | 4,171 |
| Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | (2,670) | (2,670) |
| Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (15,525) | — | — | (15,525) |
| Class A units issued to Vornado upon redemption of redeemable Class A units, at redemption value | — | — | 237 | 8,948 | — | — | — | 8,948 |
| Conversion of Series A preferred units to Class A units | (1) | (12) | 1 | 12 | — | — | — | — |
| Contributions | — | — | — | — | — | — | 882 | 882 |
| Distributions | — | — | — | — | — | — | (8) | (8) |
| Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 7,337 | — | 7,337 |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | 4,977 | — | 4,977 |
| Redeemable Class A unit measurement adjustment | — | — | — | 85,734 | — | (440) | — | 85,294 |
| Other comprehensive income attributable to noncontrolling interests: | ||||||||
| Redeemable partnership units | — | — | — | — | — | (1,006) | — | (1,006) |
| Consolidated subsidiaries | — | — | — | — | — | (11) | 11 | — |
| Other | — | — | (1) | 1 | (2) | — | (26) | (27) |
| Balance as of September 30, 2026 | 48,787 | $1,182,493 | 186,958 | $8,304,948 | $(3,678,344) | $36,890 | $173,886 | $6,019,873 |
| 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 September 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 11 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 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
| (Amounts in thousands) · Class A UnitsOwned by Vornado · AccumulatedOtherComprehensive(Loss) Income · Non-controlling Interests in Consolidated Subsidiaries | ||||||||
|---|---|---|---|---|---|---|---|---|
| Preferred Units · EarningsLess ThanDistributions · Total Equity | ||||||||
| Units · Amount · Units · Amount | ||||||||
| For the Nine Months Ended September 30, 2026: | ||||||||
| 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 |
| Net loss attributable to Vornado Realty L.P. | — | — | — | — | (11,672) | — | — | (11,672) |
| Net loss attributable to redeemable partnership units | — | — | — | — | 4,701 | — | — | 4,701 |
| Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries | — | — | — | — | — | — | 4,610 | 4,610 |
| Distributions to preferred unitholders (see Note 11 for distributions per unit amounts) | — | — | — | — | (46,575) | — | — | (46,575) |
| Class A units issued to Vornado upon redemption of redeemable Class A units, at redemption value | — | — | 823 | 25,935 | — | — | — | 25,935 |
| Contributions | — | — | — | — | — | — | 882 | 882 |
| Distributions | — | — | — | — | — | — | (1,556) | (1,556) |
| Repurchase of Class A units owned by Vornado | — | — | (4,533) | (181) | (133,215) | — | — | (133,396) |
| Conversion of Series A preferred units to Class A units | (2) | (28) | 2 | 28 | — | — | — | — |
| Other comprehensive income of nonconsolidated subsidiaries | — | — | — | — | — | 16,641 | — | 16,641 |
| Change in fair value of consolidated interest rate hedges and other | — | — | — | — | — | 23,658 | — | 23,658 |
| Redeemable Class A unit measurement adjustment | — | — | — | (16,824) | — | 21 | — | (16,803) |
| Other comprehensive income attributable to noncontrolling interests: | ||||||||
| Redeemable partnership units | — | — | — | — | — | (3,292) | — | (3,292) |
| Consolidated subsidiaries | — | — | — | — | — | (132) | 132 | — |
| Other | 1 | 176 | — | — | 20 | (1) | (27) | 168 |
| Balance as of September 30, 2026 | 48,787 | $1,182,493 | 186,958 | $8,304,948 | $(3,678,344) | $36,890 | $173,886 | $6,019,873 |
| 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 11 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 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (Amounts in thousands) | For the Nine Months Ended September 30, | |
|---|---|---|
| 2026 | 2025 | |
| Cash Flows from Operating Activities: | ||
| Net (loss) income | $(28,794) | $932,290 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Depreciation and amortization (including amortization of deferred financing costs) | 474,631 | 363,383 |
| Equity in net income of partially owned entities | (99,335) | (135,588) |
| Distributions of income from partially owned entities | 86,015 | 80,548 |
| Straight-lining of rents | (77,012) | (44,235) |
| Gain on debt extinguishment | (32,073) | — |
| Stock-based compensation expense | 17,983 | 19,114 |
| Change in deferred tax liability | 5,685 | 683 |
| Amortization of below-market leases, net | (340) | (284) |
| Amortization of interest rate cap premiums | 130 | 20,387 |
| Prepaid lease payment (net of initial direct costs) | — | 901,409 |
| Gain on sales-type lease | — | (803,248) |
| Net gains on disposition of wholly owned and partially owned assets | — | (24,039) |
| Other non-cash adjustments | 8,785 | 2,488 |
| Changes in operating assets and liabilities: | ||
| Tenant and other receivables | (37,335) | (30,318) |
| Prepaid assets | (67,342) | (52,554) |
| Other assets | (25,252) | (94,291) |
| Lease liabilities | (5,279) | (41,303) |
| Accounts payable and accrued expenses | 45,248 | 20,519 |
| Other liabilities | (2,718) | (2,849) |
| Net cash provided by operating activities | 262,997 | 1,112,112 |
| Cash Flows from Investing Activities: | ||
| Investments in partially owned entities | (297,123) | (29,162) |
| Additions to real estate | (185,549) | (211,461) |
| Acquisitions of real estate and other | (170,319) | (245,251) |
| Development costs and construction in progress | (88,361) | (117,404) |
| Proceeds from repayment of loan receivable | 85,000 | — |
| Proceeds from sales of real estate and other | 49,750 | 25,675 |
| Distributions of capital from partially owned entities | 6,063 | 47,288 |
| Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity | — | 749,000 |
| Investment in loan receivable | — | (35,000) |
| Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South | — | 24,839 |
| Net cash (used in) provided by investing activities | (600,539) | 208,524 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
| (Amounts in thousands) | For the Nine Months Ended September 30, | |
|---|---|---|
| 2026 | 2025 | |
| Cash Flows from Financing Activities: | ||
| Proceeds from borrowings | $1,714,781 | $835,420 |
| Repayments of borrowings | (1,415,569) | (1,900,683) |
| Repurchase of Class A units owned by Vornado | (133,396) | — |
| Distributions to preferred unitholders | (46,575) | (46,578) |
| Deferred financing costs | (34,250) | (6,809) |
| Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries | (2,078) | (1,396) |
| Contributions from noncontrolling interests in consolidated subsidiaries | 882 | 1,927 |
| Other financing activity, net | 36 | (41) |
| Net cash provided by (used in) financing activities | 83,831 | (1,118,160) |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (253,711) | 202,476 |
| Cash and cash equivalents and restricted cash at beginning of period | 977,546 | 949,619 |
| Cash and cash equivalents and restricted cash at end of period | $723,835 | $1,152,095 |
| Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
| Cash and cash equivalents at beginning of period | $840,850 | $733,947 |
| Restricted cash at beginning of period | 136,696 | 215,672 |
| Cash and cash equivalents and restricted cash at beginning of period | $977,546 | $949,619 |
| Cash and cash equivalents at end of period | $580,496 | $1,009,876 |
| Restricted cash at end of period | 143,339 | 142,219 |
| Cash and cash equivalents and restricted cash at end of period | $723,835 | $1,152,095 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Cash payments for interest (excluding capitalized interest) and interest rate cap premiums | $240,203 | $234,495 |
| Cash payments for income taxes | $9,349 | $5,006 |
| Non-Cash Information: | ||
| Write-off of fully depreciated assets | $(76,946) | $(86,619) |
| Accrued capital expenditures included in accounts payable and accrued expenses | 50,541 | 30,250 |
| Forgiveness of mortgage principal | (27,005) | — |
| Change in fair value of consolidated interest rate hedges and other | 23,658 | (48,183) |
| Redeemable Class A unit measurement adjustment | (16,803) | 70,160 |
| 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 |
| Reclassification of assets held for sale (included in "other assets") | — | 3,044 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.