0000899689-26-000009 | 10-K | XBRL Viewer

Interest and Debt Expense (Tables)

12 Months Ended

Dec. 31, 2025

Interest and Debt Expense [Abstract]

The following table sets forth the details of interest and debt expense:


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024		2023
Interest expense	$	349,794	$	377,813	$	357,995
Capitalized interest and debt expense	(38,648)		(51,212)		(43,062)
Amortization of interest rate cap premiums	23,466		41,745		10,989
Amortization of deferred financing fees	19,256		21,923		23,301
	$	353,868	$	390,269	$	349,223

Redeemable Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

Schedule of Redeemable Noncontrolling Partnership Units

Below are the details of redeemable noncontrolling partnership units.


(Amounts in thousands, except units and per unit amounts)	Balance as of December 31,						Units Outstanding as of December 31,		Per Unit Liquidation Preference		Preferred or Annual Distribution Rate
Unit Series	2025			2024			2025	2024
Common:
Class A units held by third parties	$	554,136	(1)	$	708,408	(1)	16,650,713	16,850,803	n/a		$	0.74

Perpetual Preferred/Redeemable Preferred:
3.25% D-17 Cumulative Redeemable(2)	$	3,535		$	3,535		141,400	141,400	$	25.00	$	0.8125

________________________________________

(1)Balance reflects the redemption value which is based on Vornado’s quarter-end closing common share price.

(2)Holders may tender units for redemption to the Operating Partnership for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at Vornado's option at any time.

Schedule of Activity of Redeemable Noncontrolling Interests

Below is a table summarizing the activity of redeemable noncontrolling partnership units.


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024
Beginning balance	$	711,943	$	483,786
Net income	73,871		860
Other comprehensive loss	(5,126)		(693)
Distributions	(12,893)		(12,698)
Redemption of Class A units for Vornado common shares, at redemption value	(51,952)		(15,912)
Redeemable Class A unit measurement adjustment	(183,578)		226,586
Other, net	25,406		30,014
Ending balance	$	557,671	$	711,943

Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary.


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024
Beginning balance	$	122,715	$	154,662
Net loss	(28,854)		(31,167)
Distributions	(4,835)		(4,119)
Contributions	1,254		3,339
Ending balance	$	90,280	$	122,715

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheets), (ii) loans receivable for which we have elected the fair value option under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10"), (iii) interest rate swaps and caps and (iv) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units). The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy.


(Amounts in thousands)	As of December 31, 2025
	Total		Level 1		Level 2		Level 3
Deferred compensation plan assets ($17,590 included in restricted cash and $96,188 in other assets)	$	113,778	$	73,192	$	—	$	40,586
Loans receivable (included in other assets)	107,166		—		—		107,166
Interest rate swaps and caps designated as a hedge (included in other assets)	13,985		—		13,985		—

Interest rate caps not designated as a hedge (included in other assets)	42		—		42		—
Total assets	$	234,971	$	73,192	$	14,027	$	147,752

Mandatorily redeemable instruments (included in other liabilities)	$	49,465	$	49,465	$	—	$	—
Interest rate swaps designated as a hedge (included in other liabilities)	3,093		—		3,093		—

Total liabilities	$	52,558	$	49,465	$	3,093	$	—


(Amounts in thousands)	As of December 31, 2024
	Total		Level 1		Level 2		Level 3

Deferred compensation plan assets ($8,958 included in restricted cash and $105,622 in other assets)	$	114,580	$	70,025	$	—	$	44,555
Loans receivable (included in investments in partially owned entities)	85,319		—		—		85,319
Interest rate swaps and caps designated as a hedge (included in other assets)	88,982		—		88,982		—
Interest rate caps not designated as a hedge (included in other assets)	1,040		—		1,040		—
Total assets	$	289,921	$	70,025	$	90,022	$	129,874

Mandatorily redeemable instruments (included in other liabilities)	$	49,684	$	49,684	$	—	$	—
Interest rate swaps designated as a hedge (included in other liabilities)	1,023		—		1,023		—
Interest rate caps not designated as a hedge (included in other liabilities)	1,040		—		1,040		—
Total liabilities	$	51,747	$	49,684	$	2,063	$	—

15. Fair Value Measurements - continued

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued

Deferred Compensation Plan Assets

Deferred compensation plan assets that are classified as Level 3 consist of investments in limited partnerships and investment funds, which are managed by third parties. We receive quarterly financial reports that provide net asset values on a fair value basis from a third-party administrator, which are compiled from the quarterly reports provided to them from each limited partnership and investment fund. The period of time over which these underlying assets are expected to be liquidated is unknown. The third-party administrator does not adjust these values in determining our share of the net assets and we do not adjust these values when reported in our consolidated financial statements.

The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3.


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024
Beginning balance	$	44,555	$	46,290
Purchases	2,126		1,718
Sales	(10,109)		(9,051)
Realized and unrealized losses	(1,407)		(2,282)
Other, net	5,421		7,880
Ending balance	$	40,586	$	44,555

Loans Receivable

The table below summarizes the changes in fair value of loans receivable that are classified as Level 3.


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024
Beginning balance	$	85,319	$	32,984
Investment in loan receivable	35,000		50,000
Paydowns	(32,984)		(571)
Interest accrual	11,275		2,906
Funding	8,556		—
Ending balance(1)	$	107,166	$	85,319

____________________________

(1)Represents the 3 East 54th Street loan balance. On January 7, 2026, we closed on the acquisition of 3 East 54th Street and the loan balance was credited towards the purchase price. See Note - 24 Subsequent Events for further details.

15. Fair Value Measurements - continued

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued

Derivatives and Hedging

We use derivative instruments principally to reduce our exposure to interest rate increases. We do not enter into or hold derivative instruments for speculative trading purposes. We recognize the fair values of all derivatives in "other assets" or "other liabilities" on our consolidated balance sheets. Changes in the fair value of our cash flow hedges are recognized in other comprehensive income until the hedged item is recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of hedging instruments and hedged items, but will have no effect on cash flows. Cash payments and receipts related to our interest rate hedges are classified as operating activities and included within our disclosure of cash paid for interest on our consolidated statements of cash flows, consistent with the classification of the hedged interest payments.

The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of December 31, 2025 and 2024, respectively.


(Amounts in thousands)	As of December 31, 2025										As of December 31, 2024
	Notional Amount			All-In Swapped Rate		Swap/Cap Expiration Date	Fair Value Asset		Fair Value Liability		Fair Value Asset		Fair Value Liability
Interest rate swaps:
555 California Street mortgage loan:
In-place swap	$	840,000	(1)	6.03%		05/26	$	—	$	1,160	$	765	$	—
Forward swap (effective 05/26)	840,000			5.56%	(2)	05/28	—		959		—		—
Unsecured term loan(3)	750,000			4.22%		(4)	3,522		—		16,217		—
Unsecured revolving credit facility	575,000			3.84%		08/27	5,208		—		18,510		—
One Park Avenue mortgage loan(3)	500,000		(5)	3.95%		07/27	4,189		—		15,243		—
100 West 33rd Street mortgage loan	480,000			5.26%		06/27	—		736		6,808		—
1290 Avenue of the Americas mortgage loan(6)	200,000			4.58%		09/27	1,047		—		5,249		—
435 Seventh Avenue mortgage loan	75,000			6.96%		04/26	—		238		—		741
PENN 11 mortgage loan(7)							—		—		17		282
4 Union Square South mortgage loan(8)							—		—		12		—
Interest rate caps:
Various mortgage loans							19		—		26,161		—
							$	13,985	$	3,093	$	88,982	$	1,023

________________________________________

(1)Represents our 70.0% share of the $1.2 billion mortgage loan.

(2)Reflects the May 2026 increase in variable rate spread to S+230. The variable rate spread will further increase to S+255 in May 2027.

(3)The $700,000 corporate-level interest rate swap previously allocated to the 770 Broadway mortgage loan (see Note 5 - 770 Broadway) has been reallocated and now hedges $500,000 of the One Park Avenue mortgage loan and $200,000 of the unsecured term loan. The December 31, 2024 fair value is presented based on the current period reallocation.

(4)Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in February 2031 (see Note 24 - Subsequent Events). The impact of these interest rate swap arrangements is detailed below:


	Swapped Balance		All-In Swapped Rate	Unswapped Balance (bears interest at S+125)

Through 10/26	$	750,000	4.22%	$	50,000
10/26 through 07/27	250,000		3.99%	550,000
07/27 through 08/27	50,000		3.99%	750,000

(5)The remaining $25,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.22% (4.97% as of December 31, 2025) and has a 4.39% SOFR strike rate cap.

(6)The $200,000 corporate level interest swap previously allocated to the 888 Seventh Avenue mortgage loan has been reallocated and now hedges the 1290 Avenue of the Americas mortgage loan. The remaining $750,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.62% (5.37% as of December 31, 2025) and has a 4.00% SOFR strike rate cap.

(7)In July 2025, we completed a $450,000 refinancing of PENN 11 at a fixed rate of 6.35% (See Note 9 - Debt).

(8)In August 2025, we completed a $120,000 refinancing of 4 Union Square South at a fixed rate of 5.64% (see Note 9 - Debt).

15. Fair Value Measurements - continued

Fair Value Measurements on a Nonrecurring Basis

There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheet as of December 31, 2025 and 2024.

Financial Assets and Liabilities not Measured at Fair Value

Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government) and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. The fair value of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair value of our secured debt and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments.


(Amounts in thousands)	As of December 31, 2025					As of December 31, 2024
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents	$	508,812		$	509,000	$	639,366		$	639,000
Debt:
Mortgages payable	$	4,944,037		$	4,754,000	$	5,707,176		$	5,486,000
Senior unsecured notes	750,000			714,000		1,200,000			1,129,000
Unsecured term loan	800,000			800,000		800,000			800,000
Unsecured revolving credit facilities	720,420			720,000		575,000			575,000
Total	$	7,214,457	(1)	$	6,988,000	$	8,282,176	(1)	$	7,990,000

________________________________________

(1)Excludes $28,829 and $39,300 of deferred financing costs, net and other as of December 31, 2025 and 2024, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate And Accumulated Depreciation
Encumbrances	$ 5,664,457
Initial cost to company
Land	2,405,392
Buildings and improvements	5,774,792
Costs capitalized subsequent to acquisition	6,166,371
Gross amount at which carried at close of period
Land	2,408,914
Buildings and improvements	11,937,641
Total	14,346,555
Accumulated depreciation and amortization	4,191,075	$ 4,025,349	$ 3,752,827	$ 3,470,991
Net basis difference of assets and liabilities between tax basis and GAAP basis	$ 1,600,000
Maximum
Gross amount at which carried at close of period
Real estate and accumulated depreciation life used for depreciation (in years)	40 years
Leasehold improvements, equipment and other
Real Estate And Accumulated Depreciation
Encumbrances	$ 0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	105,080
Gross amount at which carried at close of period
Land	0
Buildings and improvements	105,080
Total	105,080
Accumulated depreciation and amortization	76,332
New York
Real Estate And Accumulated Depreciation
Encumbrances	4,464,457
Initial cost to company
Land	2,020,709
Buildings and improvements	4,511,157
Costs capitalized subsequent to acquisition	5,177,092
Gross amount at which carried at close of period
Land	2,026,372
Buildings and improvements	9,682,586
Total	11,708,958
Accumulated depreciation and amortization	3,073,672
New York \| 1290 Avenue of the Americas
Real Estate And Accumulated Depreciation
Encumbrances	950,000
Initial cost to company
Land	518,244
Buildings and improvements	926,992
Costs capitalized subsequent to acquisition	370,950
Gross amount at which carried at close of period
Land	518,244
Buildings and improvements	1,297,942
Total	1,816,186
Accumulated depreciation and amortization	553,859
New York \| One Park Avenue
Real Estate And Accumulated Depreciation
Encumbrances	525,000
Initial cost to company
Land	197,057
Buildings and improvements	369,016
Costs capitalized subsequent to acquisition	18,465
Gross amount at which carried at close of period
Land	197,057
Buildings and improvements	387,481
Total	584,538
Accumulated depreciation and amortization	47,331
New York \| 350 Park Avenue
Real Estate And Accumulated Depreciation
Encumbrances	400,000
Initial cost to company
Land	265,889
Buildings and improvements	363,381
Costs capitalized subsequent to acquisition	109,406
Gross amount at which carried at close of period
Land	306,034
Buildings and improvements	432,642
Total	738,676
Accumulated depreciation and amortization	203,124
New York \| PENN 1
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	412,169
Costs capitalized subsequent to acquisition	1,079,236
Gross amount at which carried at close of period
Land	0
Buildings and improvements	1,491,405
Total	1,491,405
Accumulated depreciation and amortization	540,473
New York \| 100 West 33rd Street
Real Estate And Accumulated Depreciation
Encumbrances	480,000
Initial cost to company
Land	331,371
Buildings and improvements	361,443
Costs capitalized subsequent to acquisition	26,826
Gross amount at which carried at close of period
Land	282,953
Buildings and improvements	436,687
Total	719,640
Accumulated depreciation and amortization	209,915
New York \| 150 West 34th Street
Real Estate And Accumulated Depreciation
Encumbrances	75,000
Initial cost to company
Land	119,657
Buildings and improvements	268,509
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	119,657
Buildings and improvements	268,509
Total	388,166
Accumulated depreciation and amortization	71,043
New York \| PENN 2
Real Estate And Accumulated Depreciation
Encumbrances	575,000
Initial cost to company
Land	53,615
Buildings and improvements	164,903
Costs capitalized subsequent to acquisition	1,109,927
Gross amount at which carried at close of period
Land	52,689
Buildings and improvements	1,275,756
Total	1,328,445
Accumulated depreciation and amortization	135,733
New York \| 90 Park Avenue
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	8,000
Buildings and improvements	175,890
Costs capitalized subsequent to acquisition	205,287
Gross amount at which carried at close of period
Land	8,000
Buildings and improvements	381,177
Total	389,177
Accumulated depreciation and amortization	235,908
New York \| 770 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	52,898
Buildings and improvements	95,686
Costs capitalized subsequent to acquisition	(126,396)
Gross amount at which carried at close of period
Land	4,502
Buildings and improvements	17,686
Total	22,188
Accumulated depreciation and amortization	10,175
New York \| 888 Seventh Avenue
Real Estate And Accumulated Depreciation
Encumbrances	244,543
Initial cost to company
Land	0
Buildings and improvements	117,269
Costs capitalized subsequent to acquisition	176,739
Gross amount at which carried at close of period
Land	0
Buildings and improvements	294,008
Total	294,008
Accumulated depreciation and amortization	190,015
New York \| PENN 11
Real Estate And Accumulated Depreciation
Encumbrances	450,000
Initial cost to company
Land	40,333
Buildings and improvements	85,259
Costs capitalized subsequent to acquisition	151,331
Gross amount at which carried at close of period
Land	40,333
Buildings and improvements	236,590
Total	276,923
Accumulated depreciation and amortization	131,628
New York \| 909 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	350,000
Initial cost to company
Land	0
Buildings and improvements	120,723
Costs capitalized subsequent to acquisition	116,781
Gross amount at which carried at close of period
Land	0
Buildings and improvements	237,504
Total	237,504
Accumulated depreciation and amortization	152,268
New York \| 150 East 58th Street
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	39,303
Buildings and improvements	80,216
Costs capitalized subsequent to acquisition	67,955
Gross amount at which carried at close of period
Land	39,303
Buildings and improvements	148,171
Total	187,474
Accumulated depreciation and amortization	88,012
New York \| 595 Madison Avenue
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	62,731
Buildings and improvements	62,888
Costs capitalized subsequent to acquisition	88,633
Gross amount at which carried at close of period
Land	62,731
Buildings and improvements	151,521
Total	214,252
Accumulated depreciation and amortization	75,329
New York \| 330 West 34th Street
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	8,599
Costs capitalized subsequent to acquisition	168,272
Gross amount at which carried at close of period
Land	0
Buildings and improvements	176,871
Total	176,871
Accumulated depreciation and amortization	78,402
New York \| 715 Lexington Avenue
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	26,903
Costs capitalized subsequent to acquisition	21,178
Gross amount at which carried at close of period
Land	30,086
Buildings and improvements	17,995
Total	48,081
Accumulated depreciation and amortization	4,981
New York \| 4 Union Square South
Real Estate And Accumulated Depreciation
Encumbrances	120,000
Initial cost to company
Land	24,079
Buildings and improvements	55,220
Costs capitalized subsequent to acquisition	16,237
Gross amount at which carried at close of period
Land	24,079
Buildings and improvements	71,457
Total	95,536
Accumulated depreciation and amortization	35,413
New York \| The Farley Building
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	476,235
Costs capitalized subsequent to acquisition	972,618
Gross amount at which carried at close of period
Land	0
Buildings and improvements	1,448,853
Total	1,448,853
Accumulated depreciation and amortization	210,961
New York \| 260 Eleventh Avenue
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	80,482
Costs capitalized subsequent to acquisition	8,262
Gross amount at which carried at close of period
Land	0
Buildings and improvements	88,744
Total	88,744
Accumulated depreciation and amortization	22,655
New York \| 606 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	74,494
Initial cost to company
Land	45,406
Buildings and improvements	8,993
Costs capitalized subsequent to acquisition	486
Gross amount at which carried at close of period
Land	23,930
Buildings and improvements	30,955
Total	54,885
Accumulated depreciation and amortization	3,936
New York \| 435 Seventh Avenue
Real Estate And Accumulated Depreciation
Encumbrances	75,000
Initial cost to company
Land	19,893
Buildings and improvements	19,091
Costs capitalized subsequent to acquisition	146
Gross amount at which carried at close of period
Land	19,893
Buildings and improvements	19,237
Total	39,130
Accumulated depreciation and amortization	11,326
New York \| 131-135 West 33rd Street
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	8,315
Buildings and improvements	21,312
Costs capitalized subsequent to acquisition	(55)
Gross amount at which carried at close of period
Land	8,315
Buildings and improvements	21,257
Total	29,572
Accumulated depreciation and amortization	5,099
New York \| 1131 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	7,844
Buildings and improvements	7,844
Costs capitalized subsequent to acquisition	5,588
Gross amount at which carried at close of period
Land	7,844
Buildings and improvements	13,432
Total	21,276
Accumulated depreciation and amortization	4,030
New York \| 431 Seventh Avenue
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	16,700
Buildings and improvements	2,751
Costs capitalized subsequent to acquisition	300
Gross amount at which carried at close of period
Land	16,700
Buildings and improvements	3,051
Total	19,751
Accumulated depreciation and amortization	1,423
New York \| 138-142 West 32nd Street
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	9,252
Buildings and improvements	9,936
Costs capitalized subsequent to acquisition	2,227
Gross amount at which carried at close of period
Land	9,252
Buildings and improvements	12,163
Total	21,415
Accumulated depreciation and amortization	3,363
New York \| 966 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	8,869
Buildings and improvements	3,631
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	8,869
Buildings and improvements	3,631
Total	12,500
Accumulated depreciation and amortization	1,119
New York \| 137 West 33rd Street
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	6,398
Buildings and improvements	1,550
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	6,398
Buildings and improvements	1,550
Total	7,948
Accumulated depreciation and amortization	417
New York \| 825 Seventh Avenue
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	1,483
Buildings and improvements	697
Costs capitalized subsequent to acquisition	4,318
Gross amount at which carried at close of period
Land	1,483
Buildings and improvements	5,015
Total	6,498
Accumulated depreciation and amortization	1,801
New York \| 537 West 26th Street
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	10,370
Buildings and improvements	17,632
Costs capitalized subsequent to acquisition	16,260
Gross amount at which carried at close of period
Land	26,631
Buildings and improvements	17,631
Total	44,262
Accumulated depreciation and amortization	3,579
New York \| 339 Greenwich Street
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	2,622
Buildings and improvements	12,333
Costs capitalized subsequent to acquisition	(9,990)
Gross amount at which carried at close of period
Land	866
Buildings and improvements	4,099
Total	4,965
Accumulated depreciation and amortization	573
New York \| Hotel Pennsylvania site (PENN 15)
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	29,903
Buildings and improvements	121,712
Costs capitalized subsequent to acquisition	250,850
Gross amount at which carried at close of period
Land	78,321
Buildings and improvements	324,144
Total	402,465
Accumulated depreciation and amortization	0
New York \| 623 Fifth Avenue
Real Estate And Accumulated Depreciation
Encumbrances	145,420
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	226,030
Gross amount at which carried at close of period
Land	0
Buildings and improvements	226,030
Total	226,030
Accumulated depreciation and amortization	0
New York \| Other (Including Signage)
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	140,477
Buildings and improvements	31,892
Costs capitalized subsequent to acquisition	99,225
Gross amount at which carried at close of period
Land	132,202
Buildings and improvements	139,392
Total	271,594
Accumulated depreciation and amortization	39,781
Other
Real Estate And Accumulated Depreciation
Encumbrances	1,200,000
Initial cost to company
Land	384,683
Buildings and improvements	1,263,635
Costs capitalized subsequent to acquisition	884,199
Gross amount at which carried at close of period
Land	382,542
Buildings and improvements	2,149,975
Total	2,532,517
Accumulated depreciation and amortization	1,041,071
Other \| THE MART, Illinois
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	64,528
Buildings and improvements	319,146
Costs capitalized subsequent to acquisition	522,188
Gross amount at which carried at close of period
Land	64,535
Buildings and improvements	841,327
Total	905,862
Accumulated depreciation and amortization	449,935
Other \| 527 West Kinzie, Illinois
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	5,166
Buildings and improvements	0
Costs capitalized subsequent to acquisition	362
Gross amount at which carried at close of period
Land	5,166
Buildings and improvements	362
Total	5,528
Accumulated depreciation and amortization	0
Other \| Total THE MART
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	69,694
Buildings and improvements	319,146
Costs capitalized subsequent to acquisition	522,550
Gross amount at which carried at close of period
Land	69,701
Buildings and improvements	841,689
Total	911,390
Accumulated depreciation and amortization	449,935
Other \| 555 California Street, California
Real Estate And Accumulated Depreciation
Encumbrances	1,200,000
Initial cost to company
Land	223,446
Buildings and improvements	895,379
Costs capitalized subsequent to acquisition	300,992
Gross amount at which carried at close of period
Land	223,446
Buildings and improvements	1,196,371
Total	1,419,817
Accumulated depreciation and amortization	518,104
Other \| Borgata Land, Atlantic City, NJ
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	83,089
Buildings and improvements	0
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	83,089
Buildings and improvements	0
Total	83,089
Accumulated depreciation and amortization	0
Other \| 40 East 66th Street Residential, New York
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	8,454
Buildings and improvements	13,321
Costs capitalized subsequent to acquisition	(8,193)
Gross amount at which carried at close of period
Land	5,273
Buildings and improvements	8,309
Total	13,582
Accumulated depreciation and amortization	3,981
Other \| Annapolis, Maryland
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	9,652
Costs capitalized subsequent to acquisition	0
Gross amount at which carried at close of period
Land	0
Buildings and improvements	9,652
Total	9,652
Accumulated depreciation and amortization	5,718
Other \| Wayne Towne Center, New Jersey
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	26,137
Costs capitalized subsequent to acquisition	49,626
Gross amount at which carried at close of period
Land	0
Buildings and improvements	75,763
Total	75,763
Accumulated depreciation and amortization	49,804
Other \| Paramus, New Jersey
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	17,395
Gross amount at which carried at close of period
Land	1,033
Buildings and improvements	16,362
Total	17,395
Accumulated depreciation and amortization	12,659
Other \| Other
Real Estate And Accumulated Depreciation
Encumbrances	0
Initial cost to company
Land	0
Buildings and improvements	0
Costs capitalized subsequent to acquisition	1,829
Gross amount at which carried at close of period
Land	0
Buildings and improvements	1,829
Total	1,829
Accumulated depreciation and amortization	$ 870

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following is a summary of our debt:


(Amounts in thousands)	Weighted Average Interest Rate as of December 31, 2025(1)		Balance as of December 31,
			2025		2024
Mortgages Payable:
Fixed rate(2)	5.05%		$	3,415,000	$	4,591,400
Variable rate(3)	5.70%	(4)	1,529,037		1,115,776
Total	5.25%		4,944,037		5,707,176
Deferred financing costs, net and other			(23,368)		(31,162)
Total, net			$	4,920,669	$	5,676,014
Unsecured Debt:
Senior unsecured notes	2.73%		$	750,000	$	1,200,000
Deferred financing costs, net and other			(2,798)		(4,086)
Senior unsecured notes, net			747,202		1,195,914

Unsecured term loan	4.27%		800,000		800,000
Deferred financing costs, net and other			(2,663)		(4,052)
Unsecured term loan, net			797,337		795,948

Unsecured revolving credit facilities	4.05%		720,420		575,000

Total, net			$	2,264,959	$	2,566,862

________________________________________

(1)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See Note 15 - Fair Value Measurements for further information on our consolidated hedging instruments.

(2)Includes variable rate mortgages with interest rates fixed by interest rate swap arrangements.

(3)Includes variable rate mortgages subject to interest rate cap arrangements. As of December 31, 2025, $1,210,000 of our variable rate debt was subject to interest rate cap arrangements. The interest rate cap arrangements have a weighted average strike rate of 4.47% and a weighted average remaining term of eight months.

(4)Includes additional 3.00% default interest on the 606 Broadway mortgage loan.

Schedule of Principal Maturities of Mortgages Payable and Unsecured Debt

As of December 31, 2025, the principal maturities of mortgages payable and unsecured debt, including as-of-right extension options, for the next five years and thereafter are presented below. The below excludes the $74,494,000 mortgage loan on 606 Broadway and the $244,543,000 mortgage loan on 888 Seventh Avenue which are in maturity default.


(Amounts in thousands)	Mortgages Payable		Unsecured Debt
Year Ended December 31,
2026(1)	$	525,000	$	400,000
2027	880,000		1,520,420		(2)
2028	2,300,000		—
2029	—		—
2030	450,000		—
Thereafter	470,000		350,000

________________________________________

(1)In January 2026, we (i) completed a public offering of $500,000 senior unsecured notes, which will partially be used to repay our $400,000 unsecured notes due June 2026 and (ii) refinanced the $525,000 One Park Avenue loan. See Note 24 - Subsequent Events for further details.

(2)On January 7, 2026, we completed a refinancing of our $1,250,000 unsecured revolving credit facility ($720,420 drawn as of December 31, 2025) and our $800,000 unsecured term loan. See Note 24 - Subsequent Events for further details.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

Identified Intangible Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 383	$ 3,035	$ 5,268
Other Identified Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 5,718	$ 6,930	$ 8,342

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUES:
Total revenues	$ 1,810,425	$ 1,787,686	$ 1,811,163
EXPENSES:
Operating	(919,959)	(927,796)	(905,158)
Depreciation and amortization expense	(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	0	0
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/Vornado Realty L.P.	904,955	70,387	105,494
Preferred share dividends/unit distributions	(62,104)	(62,112)	(62,116)
Net income attributable to common shareholders/Class A unitholders	$ 842,851	$ 8,275	$ 43,378
INCOME PER COMMON SHARE - BASIC:
Net income per common share (in dollars per share)	$ 4.40	$ 0.04	$ 0.23
Weighted average shares outstanding (in shares)	191,759	190,539	191,005
INCOME PER COMMON SHARE - DILUTED:
Net income per common share (in dollars per share)	$ 4.20	$ 0.04	$ 0.23
Weighted average shares outstanding (in shares)	201,049	196,626	191,856
Rental revenues
REVENUES:
Total revenues	$ 1,558,241	$ 1,568,806	$ 1,607,486
Fee and other income
REVENUES:
Total revenues	$ 252,184	$ 218,880	$ 203,677

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUES:
Total revenues	$ 1,810,425	$ 1,787,686	$ 1,811,163
EXPENSES:
Operating	(919,959)	(927,796)	(905,158)
Depreciation and amortization expense	(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	0	0
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/Vornado Realty L.P.	904,955	70,387	105,494
Preferred unit distributions	(62,104)	(62,112)	(62,116)
Net income attributable to common shareholders/Class A unitholders	842,851	8,275	43,378
Rental revenues
REVENUES:
Total revenues	1,558,241	1,568,806	1,607,486
Fee and other income
REVENUES:
Total revenues	252,184	218,880	203,677
Vornado Realty L.P.
REVENUES:
Total revenues	1,810,425	1,787,686	1,811,163
EXPENSES:
Operating	(919,959)	(927,796)	(905,158)
Depreciation and amortization expense	(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	0	0
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/Vornado Realty L.P.	978,826	71,247	108,855
Preferred unit distributions	(62,219)	(62,227)	(62,231)
Net income attributable to common shareholders/Class A unitholders	$ 916,607	$ 9,020	$ 46,624
INCOME PER CLASS A UNIT - BASIC:
Net income per Class A unit (in dollars per unit)	$ 4.39	$ 0.03	$ 0.22
Weighted average units outstanding (in shares)	205,697	204,981	205,105
INCOME PER CLASS A UNIT - DILUTED:
Net income per Class A unit (in dollars per unit)	$ 4.21	$ 0.03	$ 0.22
Weighted average units outstanding (in shares)	214,987	211,068	205,956
Vornado Realty L.P. \| Rental revenues
REVENUES:
Total revenues	$ 1,558,241	$ 1,568,806	$ 1,607,486
Vornado Realty L.P. \| Fee and other income
REVENUES:
Total revenues	$ 252,184	$ 218,880	$ 203,677

770 Broadway (Tables)

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

Schedule of Sales-Type and Direct Financing Leases, Payment to be Received, Maturity

Future minimum lease payments to be received as of December 31, 2025 are as follows:


(Amounts in thousands)	As of December 31, 2025
2026	$	9,281
2027	9,281
2028	9,281
2029	9,281
2030	9,281
Thereafter	597,194
Total minimum lease payments	643,599
Amount representing interest	(493,737)
Sales-type lease receivable	149,862
Asset unguaranteed residual value	16,162
Net investment in lease	$	166,024

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument
Deferred financing costs, net and other	$ (28,829)	$ (39,300)
Total, net	4,920,669	5,676,014
Long-term debt	$ 2,264,959	2,566,862
Mortgages Payable
Debt Instrument
Weighted Average Interest Rate	5.25%
Long-term debt, gross	$ 4,944,037	5,707,176
Deferred financing costs, net and other	(23,368)	(31,162)
Total, net	$ 4,920,669	5,676,014
Mortgages Payable \| Fixed rate
Debt Instrument
Weighted Average Interest Rate	5.05%
Long-term debt, gross	$ 3,415,000	4,591,400
Mortgages Payable \| Variable rate
Debt Instrument
Weighted Average Interest Rate	5.70%
Long-term debt, gross	$ 1,529,037	1,115,776
Additional default stated rate (as a percent)	3.00%
Mortgages Payable \| Variable rate \| Interest Rate Cap
Debt Instrument
Derivative, notional amount	$ 1,210,000
Cap strike rate	4.47%
Derivative, average remaining maturity	8 months
Senior unsecured notes
Debt Instrument
Weighted Average Interest Rate	2.73%
Long-term debt, gross	$ 750,000	1,200,000
Deferred financing costs, net and other	(2,798)	(4,086)
Long-term debt	$ 747,202	1,195,914
Unsecured term loan
Debt Instrument
Weighted Average Interest Rate	4.27%
Long-term debt, gross	$ 800,000	800,000
Deferred financing costs, net and other	(2,663)	(4,052)
Long-term debt	$ 797,337	795,948
Unsecured revolving credit facilities
Debt Instrument
Weighted Average Interest Rate	4.05%
Long-term debt	$ 720,420	$ 575,000

Stock-based Compensation (Schedule Of Share Based Compensation Stock Options Activity) (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Weighted- Average Remaining Contractual Term
Options outstanding, Weighted average remaining contractual term	2 years 8 months 15 days
Options exercisable	2 years 8 months 15 days
AO LTIP Units
Shares
Outstanding at December 31 , 2024 (in shares) \| shares	535,867
Outstanding at December 31 , 2025 (in shares) \| shares	535,867
Options exercisable, Number of options (in shares) \| shares	535,867
Weighted- Average Exercise Price
Outstanding, Weighted average grant date fair value at December 31 , 2024 (in dollars per share) \| $ / shares	$ 59.52
Outstanding, Weighted average grant date fair value at December 31 , 2025 (in dollars per share) \| $ / shares	59.52
Options exercisable, Weighted average exercise price per share December 31, 2025 (in dollars per share) \| $ / shares	$ 59.52
Weighted- Average Remaining Contractual Term
Options outstanding, Weighted average remaining contractual term	3 years 3 months 3 days
Options exercisable	3 years 3 months 3 days

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Deferred leasing costs, net of accumulated amortization	$ 233,448	$ 268,532
Identified intangible assets, net of accumulated amortization	$ 81,962	$ 75,002
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Preferred shares of beneficial interest: par value per share (in dollars per share)	$ 0	$ 0
Preferred shares of beneficial interest: authorized shares (in shares)	110,000,000	110,000,000
Preferred shares of beneficial interest: issued shares (in shares)	48,788,450	48,789,180
Preferred shares of beneficial interest: outstanding shares (in shares)	48,788,450	48,789,180
Common shares of beneficial interest: par value per share (in dollars per share)	$ 0.04	$ 0.04
Common shares of beneficial interest: authorized shares (in shares)	250,000,000	250,000,000
Common shares of beneficial interest: issued shares (in shares)	190,666,367	190,846,580
Common shares of beneficial interest: outstanding shares (in shares)	190,666,367	190,846,580
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	16,650,713	16,850,803
Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	141,400	141,400

Dispositions	12 Months Ended
Dispositions	Dec. 31, 2025
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Dispositions	Dispositions 220 Central Park South During the year ended December 31, 2025, we closed on the sale of three condominium units and ancillary amenities at 220 CPS for net proceeds of $37,374,000, resulting in a financial statement net gain of $21,080,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $4,051,000 of income tax expense was recognized on our consolidated statements of income. One unit remains unsold, with a carrying value of $5,483,000 which is included in “other assets” on our consolidated balance sheets. Canal Street Condominium Units During the year ended December 31, 2025, we closed on the sale of eight residential and two retail condominium units at 304-306 Canal Street and 334 Canal Street for net proceeds of $32,613,000, resulting in a financial statement net gain of $14,211,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. All units have been sold.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common shares, dividends (in dollars per share)	$ 0.74	$ 0.74	$ 0.675

Fair Value Measurements (Carrying Amounts and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Deferred financing costs, net and other	$ 28,829	$ 39,300
Mortgages Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Deferred financing costs, net and other	23,368	31,162
Senior unsecured notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Deferred financing costs, net and other	2,798	4,086
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash equivalents, carrying amount	508,812	639,366
Debt, carrying amount	7,214,457	8,282,176
Carrying Amount \| Mortgages Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt, carrying amount	4,944,037	5,707,176
Carrying Amount \| Senior unsecured notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt, carrying amount	750,000	1,200,000
Carrying Amount \| Unsecured term loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt, carrying amount	800,000	800,000
Carrying Amount \| Unsecured revolving credit facilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt, carrying amount	720,420	575,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt, carrying amount	6,988,000	7,990,000
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash equivalents, fair value	509,000	639,000
Fair Value \| Mortgages Payable \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt, carrying amount	4,754,000	5,486,000
Fair Value \| Senior unsecured notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt, carrying amount	714,000	1,129,000
Fair Value \| Unsecured term loan \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt, carrying amount	800,000	800,000
Fair Value \| Unsecured revolving credit facilities \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt, carrying amount	$ 720,000	$ 575,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
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 / Vornado Realty L.P.	$ 847,279	$ 62,947	$ (1,784)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

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+ Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION


COLUMN A	COLUMN B			COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances(1)			Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction(3)	Date acquired	Life on which depreciation in latest income statement is computed
				Land		Buildings and improvements				Land		Buildings and improvements		Total(2)
New York

1290 Avenue of the Americas	$	950,000		$	518,244	$	926,992	$	370,950	$	518,244	$	1,297,942	$	1,816,186	$	553,859	1963	2007	(4)
One Park Avenue	525,000			197,057		369,016		18,465		197,057		387,481		584,538		47,331		1926	2021	(4)
350 Park Avenue	400,000			265,889		363,381		109,406		306,034		432,642		738,676		203,124		1960	2006	(4)
PENN 1	—			—		412,169		1,079,236		—		1,491,405		1,491,405		540,473		1972	1998	(4)
100 West 33rd Street	480,000			331,371		361,443		26,826		282,953		436,687		719,640		209,915		1911/2009	2007	(4)
150 West 34th Street	75,000			119,657		268,509		—		119,657		268,509		388,166		71,043		1900	2015	(4)
PENN 2	575,000		(5)	53,615		164,903		1,109,927		52,689		1,275,756		1,328,445		135,733		1968	1997	(4)
90 Park Avenue	—			8,000		175,890		205,287		8,000		381,177		389,177		235,908		1964	1997	(4)
770 Broadway	—			52,898		95,686		(126,396)		4,502		17,686		22,188		10,175		1907	1998	(4)
888 Seventh Avenue	244,543			—		117,269		176,739		—		294,008		294,008		190,015		1980	1998	(4)
PENN 11	450,000			40,333		85,259		151,331		40,333		236,590		276,923		131,628		1923	1997	(4)
909 Third Avenue	350,000			—		120,723		116,781		—		237,504		237,504		152,268		1969	1999	(4)
150 East 58th Street	—			39,303		80,216		67,955		39,303		148,171		187,474		88,012		1969	1998	(4)
595 Madison Avenue	—			62,731		62,888		88,633		62,731		151,521		214,252		75,329		1968	1999	(4)
330 West 34th Street	—			—		8,599		168,272		—		176,871		176,871		78,402		1925	1998	(4)
715 Lexington Avenue	—			—		26,903		21,178		30,086		17,995		48,081		4,981		1923	2001	(4)
4 Union Square South	120,000			24,079		55,220		16,237		24,079		71,457		95,536		35,413		1965/2004	1993	(4)
The Farley Building	—			—		476,235		972,618		—		1,448,853		1,448,853		210,961		1912	2018	(4)
260 Eleventh Avenue	—			—		80,482		8,262		—		88,744		88,744		22,655		1911	2015	(4)
606 Broadway	74,494			45,406		8,993		486		23,930		30,955		54,885		3,936			2016	(4)
435 Seventh Avenue	75,000			19,893		19,091		146		19,893		19,237		39,130		11,326		2002	1997	(4)
131-135 West 33rd Street	—			8,315		21,312		(55)		8,315		21,257		29,572		5,099			2016	(4)

1131 Third Avenue	—			7,844		7,844		5,588		7,844		13,432		21,276		4,030			1997	(4)
431 Seventh Avenue	—			16,700		2,751		300		16,700		3,051		19,751		1,423			2007	(4)
138-142 West 32nd Street	—			9,252		9,936		2,227		9,252		12,163		21,415		3,363		1920	2015	(4)

966 Third Avenue	—			8,869		3,631		—		8,869		3,631		12,500		1,119			2013	(4)
137 West 33rd Street	—			6,398		1,550		—		6,398		1,550		7,948		417		1932	2015	(4)
825 Seventh Avenue	—			1,483		697		4,318		1,483		5,015		6,498		1,801			1997	(4)
537 West 26th Street	—			10,370		17,632		16,260		26,631		17,631		44,262		3,579			2018	(4)


COLUMN A	COLUMN B			COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances(1)			Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction(3)	Date acquired	Life on which depreciation in latest income statement is computed
				Land		Buildings and improvements				Land		Buildings and improvements		Total(2)
New York - continued

339 Greenwich Street	$	—		$	2,622	$	12,333	$	(9,990)	$	866	$	4,099	$	4,965	$	573		2017	(4)
Hotel Pennsylvania site (PENN 15)	—			29,903		121,712		250,850		78,321		324,144		402,465		—		1919	1997	(4)
623 Fifth Avenue	145,420		(5)	—		—		226,030		—		226,030		226,030		—			2025	(4)

Other (Including Signage)	—			140,477		31,892		99,225		132,202		139,392		271,594		39,781				(4)
Total New York	4,464,457			2,020,709		4,511,157		5,177,092		2,026,372		9,682,586		11,708,958		3,073,672


Other
THE MART, Illinois	$	—		$	64,528	$	319,146	$	522,188	$	64,535	$	841,327	$	905,862	$	449,935	1930	1998	(4)
527 West Kinzie, Illinois	—			5,166		—		362		5,166		362		5,528		—			1998
Total THE MART	—			69,694		319,146		522,550		69,701		841,689		911,390		449,935

555 California Street, California	1,200,000			223,446		895,379		300,992		223,446		1,196,371		1,419,817		518,104		1922,1969 -1970	2007	(4)
Borgata Land, Atlantic City, NJ	—			83,089		—		—		83,089		—		83,089		—		—	2010
40 East 66th Street Residential, New York	—			8,454		13,321		(8,193)		5,273		8,309		13,582		3,981		—	2005	(4)
Annapolis, Maryland	—			—		9,652		—		—		9,652		9,652		5,718			2005	(4)
Wayne Towne Center, New Jersey	—			—		26,137		49,626		—		75,763		75,763		49,804			2010	(4)
Paramus, New Jersey	—			—		—		17,395		1,033		16,362		17,395		12,659		1967	1987	(4)
Other	—			—		—		1,829		—		1,829		1,829		870				(4)
Total Other	1,200,000			384,683		1,263,635		884,199		382,542		2,149,975		2,532,517		1,041,071

Leasehold improvements, equipment and other	—			—		—		105,080		—		105,080		105,080		76,332

Total December 31, 2025	$	5,664,457		$	2,405,392	$	5,774,792	$	6,166,371	$	2,408,914	$	11,937,641	$	14,346,555	$	4,191,075

________________________________________

(1)Represents contractual debt obligations.

(2)The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $1.6 billion lower than the amounts reported for financial statement purposes.

(3)Date of original construction - many properties have had substantial renovation or additional construction, see "costs capitalized subsequent to acquisition" column.

(4)Depreciation of the buildings and improvements is calculated over lives ranging from the life of the lease to forty years.

(5)Secured amount outstanding on revolving credit facilities.

The following is a reconciliation of real estate assets and accumulated depreciation:


	Year Ended December 31,
	2025		2024		2023
Real Estate
Balance at beginning of period	$	14,091,632	$	13,801,204	$	13,314,755
Additions during the period:
Land	55,575		—		40,145
Buildings & improvements and other	628,493		431,999		713,740
	14,775,700		14,233,203		14,068,640
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated	429,145		141,571		267,436
Balance at end of period	$	14,346,555	$	14,091,632	$	13,801,204

Accumulated Depreciation
Balance at beginning of period	$	4,025,349	$	3,752,827	$	3,470,991
Depreciation expense	418,192		396,231		382,638
	4,443,541		4,149,058		3,853,629
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	252,466		123,709		100,802
Balance at end of period	$	4,191,075	$	4,025,349	$	3,752,827

Basis of Presentation and Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Deferred tax assets, net	$ 3,385	$ 6,142
Deferred tax liabilities	88,153	84,877
Income tax expense	$ 13,509	$ 22,729	$ 29,222
Effective income tax reconciliation (as a percent)	1.40%	53.00%	47.00%
Estimated taxable income net	$ 141,029	$ 145,630	$ 102,903
Net basis difference of assets and liabilities between tax basis and GAAP basis	1,600,000
220 Central Park South
Income Tax Contingency [Line Items]
Income tax expense	4,051
The Farley Building
Income Tax Contingency [Line Items]
Income tax expense	13,176	14,353	11,722
220 Central Park South
Income Tax Contingency [Line Items]
Income tax expense		$ 2,106	$ 2,168
UNITED STATES
Income Tax Contingency [Line Items]
Net operating loss carryforwards	193,000
Net operating loss carryforwards, valuation allowance	184,000
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Net operating loss carryforwards	232,000
Net operating loss carryforwards, valuation allowance	$ 232,000
Ordinary Income
Income Tax Contingency [Line Items]
Taxable income distributed (as a percent)	100.00%	100.00%	100.00%
Ordinary Income Under Section 199A
Income Tax Contingency [Line Items]
Taxable income distributed (as a percent)	40.60%
Long-Term Capital Gain
Income Tax Contingency [Line Items]
Taxable income distributed (as a percent)	45.90%
Qualified Dividend Income
Income Tax Contingency [Line Items]
Taxable income distributed (as a percent)	13.50%

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated VIEs As of December 31, 2025 and 2024, we had several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We primarily account for our investment in these entities under the equity method (see Note 4 – Investments in Partially Owned Entities). As of December 31, 2025 and 2024, $264,336,000 and $261,443,000, respectively, of the carrying amount of assets related to our unconsolidated VIEs was included in “investments in partially owned entities” on our consolidated balance sheets. Additionally, as of December 31, 2025 and 2024, $107,166,000 and $52,530,000, respectively, was included in “other assets” on our consolidated balance sheets. Our maximum exposure to loss from our unconsolidated VIEs as of December 31, 2025 and 2024 was $374,502,000 and $316,973,000, respectively. Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Farley Building and certain properties that have noncontrolling interests. These entities are VIEs because the noncontrolling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities. As of December 31, 2025, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,734,109,000 and $2,744,932,000 respectively. As of December 31, 2024, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,804,481,000 and $2,738,539,000, respectively.

Leases (Schedule of Rent Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Fixed rent expense	$ 48,148	$ 45,941	$ 46,538
Variable rent expense	(15,919)	14,573	14,679
Rent expense	$ 32,229	$ 60,514	$ 61,217

Stock-based Compensation (Schedule Of Share Based Payment Award Stock Options Valuation Assumptions) (Details) - Performance AO LTIP Units	12 Months Ended
	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	33.00%
Risk free interest rate	4.00%
Expected dividend yield	6.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

As lessor

We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rent payable monthly in advance. Leases typically provide for periodic step‑ups in rent over the term of the lease and pass through to tenants their share of increases in real estate taxes and operating expenses over a base year. Certain leases also require additional variable rent payments based on a percentage of the tenants’ sales. Electricity is provided to tenants on a sub-metered basis or included in rent based on surveys and adjusted for subsequent utility rate increases. Leases also typically provide for free rent and tenant improvement allowances for all or a portion of the tenant’s initial construction costs of its premises.

As of December 31, 2025, future undiscounted cash flows under non-cancelable operating leases were as follows:


(Amounts in thousands)	As of December 31, 2025
For the year ended December 31,
2026	$	1,247,189
2027	1,244,027
2028	1,250,190
2029	1,151,259
2030	1,054,372
Thereafter	8,022,048

For the year ended December 31, 2025, we had one lease obligation, as lessor, that is classified as a sales-type lease with an expiration date in 2095. See Note 5 - 770 Broadway for further details.

As lessee

We have a number of ground leases which are classified as operating leases. As of December 31, 2025, our ROU assets and lease liabilities were $671,308,000 and $699,640,000, respectively. As of December 31, 2024, our ROU assets and lease liabilities were $678,804,000 and $749,759,000, respectively.

When the rate implicit in a lease is not readily determinable, the discount rate applied to measure each ROU asset and lease liability is based on our incremental borrowing rate ("IBR"). We consider the general economic environment and our ratings and factor in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. Certain of our ground leases offer renewal options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised are included in the measurement of the lease liability and corresponding ROU asset.

Certain of our ground leases are subject to fair market rent resets based on a percentage of the appraised value of the underlying assets at specified future dates. Fair market rent resets occurring during the lease term, which may be material, do not give rise to remeasurement of the related ROU assets and lease liabilities and will be recognized in the periods in which they are incurred as variable rent expense.

19. Leases - continued

As lessee - continued

The following table sets forth information related to the measurement of our lease liabilities.


(Amounts in thousands)	For the Year Ended December 31,
	2025				2024			2023
Weighted average remaining lease term (in years)	46.7				47.2			47.9
Weighted average discount rate	5.60		%		5.59		%	5.59		%
Cash paid for operating leases	$	53,313		(1)	$	22,466		$	22,499

________________________________________

(1)Includes a 2025 payment of $19,236 for prior period PENN 1 ground rent owed based on the April 2025 rent reset determination. See below for further details.

We recognize rent expense as a component of "operating" expenses on our consolidated statements of income. Rent expense is comprised of fixed and variable lease payments. The following table sets forth the details of our rent expense.


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024		2023
Fixed rent expense	$	48,148	$	45,941	$	46,538
Variable rent expense	(15,919)		14,573		14,679
Rent expense	$	32,229	$	60,514	$	61,217

As of December 31, 2025, future lease payments due under operating ground leases were as follows:


(Amounts in thousands)	As of December 31, 2025
For the year ended December 31,
2026	$	45,064
2027	46,273
2028	46,678
2029	47,107
2030	47,562
Thereafter	1,768,928
Total undiscounted cash flows	2,001,612
Present value discount	(1,301,972)
Lease liabilities	$	699,640

PENN 1

Our future lease payments disclosed above include payments for our PENN 1 ground lease based on an amount estimated in January 2022, when we exercised the second of three 25-year renewal options. The ground lease is subject to fair market value resets at each 25-year renewal period. The first renewal period commenced June 2023 and, together with our second option exercise in January 2022, extends the lease term through June 2073. On April 22, 2025, an arbitration panel (the “Panel”) appointed to determine the ground rent payable for the 25-year period beginning June 17, 2023 determined that the annual rent payable will be $15,000,000 or $20,220,000, depending on the outcome of litigation described in the following paragraph. On July 21, 2025, the ground lessor filed a motion in New York County Supreme Court to vacate the Panel’s ground rent determination. On October 31, 2025, the court granted the ground lessor’s motion. We believe the decision is without merit and are appealing the court’s decision.

Further, litigation is currently pending between the parties in New York County Supreme Court regarding the existence of a sublease potentially affecting the value of the land parcel. The court denied our motion to dismiss that action and, in January 2026, the appellate court affirmed that decision. That sublease litigation is now continuing in front of the lower court. Under the Panel’s decision (assuming the aforementioned vacatur decision that we are appealing is reversed), if the fee owner prevails in a final judgment in that litigation, the annual rent for the 25-year term will be $20,220,000, retroactive to June 17, 2023. We are paying based on the $15,000,000 annual rent.

The Farley Building

The future lease payments detailed above exclude the ground and building lease at the Farley Building. The consolidated joint venture, in which we own a 95% controlling interest, has a 99-year triple-net lease with Empire State Development ("ESD") for 846,000 rentable square feet of commercial space at the property, comprised of approximately 730,000 square feet of office space and approximately 116,000 square feet of restaurant and retail space. Our lease of the commercial space at the property is accounted for as a “failed sale-leaseback” as a result of us being deemed the "accounting owner" during development of the property in accordance with ASC 842-40-55 and the lease subsequently meeting "finance lease" classification pursuant to ASC 842-40-25 upon substantial completion. The lease calls for annual rent payments and fixed payments in lieu of real estate taxes ("PILOT") through June 2030. Following the fixed PILOT payment period, the PILOT is calculated in a manner consistent with buildings subject to New York City real estate taxes and assessments. As of December 31, 2025, future rent and fixed PILOT payments are $508,983,000.

Leases

As lessor

As of December 31, 2025, future undiscounted cash flows under non-cancelable operating leases were as follows:


(Amounts in thousands)	As of December 31, 2025
For the year ended December 31,
2026	$	1,247,189
2027	1,244,027
2028	1,250,190
2029	1,151,259
2030	1,054,372
Thereafter	8,022,048

For the year ended December 31, 2025, we had one lease obligation, as lessor, that is classified as a sales-type lease with an expiration date in 2095. See Note 5 - 770 Broadway for further details.

As lessee

19. Leases - continued

As lessee - continued

The following table sets forth information related to the measurement of our lease liabilities.


(Amounts in thousands)	For the Year Ended December 31,
	2025				2024			2023
Weighted average remaining lease term (in years)	46.7				47.2			47.9
Weighted average discount rate	5.60		%		5.59		%	5.59		%
Cash paid for operating leases	$	53,313		(1)	$	22,466		$	22,499

________________________________________

(1)Includes a 2025 payment of $19,236 for prior period PENN 1 ground rent owed based on the April 2025 rent reset determination. See below for further details.


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024		2023
Fixed rent expense	$	48,148	$	45,941	$	46,538
Variable rent expense	(15,919)		14,573		14,679
Rent expense	$	32,229	$	60,514	$	61,217

As of December 31, 2025, future lease payments due under operating ground leases were as follows:


(Amounts in thousands)	As of December 31, 2025
For the year ended December 31,
2026	$	45,064
2027	46,273
2028	46,678
2029	47,107
2030	47,562
Thereafter	1,768,928
Total undiscounted cash flows	2,001,612
Present value discount	(1,301,972)
Lease liabilities	$	699,640

PENN 1

The Farley Building

Redeemable Noncontrolling Interests (Schedule of Redeemable Noncontrolling Partnership Units) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) shares
Redeemable Noncontrolling Interest
Exchange ratio	1
Class A units held by third parties
Redeemable Noncontrolling Interest
Class A units held by third parties \| $	$ 554,136	$ 708,408
Units outstanding (in shares) \| shares	16,650,713	16,850,803
Preferred or annual distribution rate (in dollars per share)	$ 0.74
3.25% D-17 Cumulative Redeemable
Redeemable Noncontrolling Interest
Stated rate (as a percent)	3.25%
Perpetual Preferred/Redeemable Preferred: \| $	$ 3,535	$ 3,535
Units outstanding (in shares) \| shares	141,400	141,400
Per unit liquidation preference (in dollars per share)	$ 25.00
Preferred or annual distribution rate (in dollars per share)	$ 0.8125

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Jun. 30, 2025
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-11954
Entity Registrant Name	Vornado Realty Trust
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	22-1657560
Entity Address, Address Line One	888 Seventh Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	(212)
Local Phone Number	894-7000
Title of 12(g) Security	Series A Convertible Preferred Shares of beneficial interest, liquidation preference $50.00 per share
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float		$ 6,833,930,000
Entity Common Stock, Shares Outstanding	190,666,367
Documents Incorporated by Reference	Part III: Portions of Proxy Statement for Annual Meeting of Vornado Realty Trust’s Shareholders to be held on May 21, 2026.
Entity Central Index Key	0000899689
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Shares of beneficial interest, $.04 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of beneficial interest, $.04 par value per share
Trading Symbol	VNO
Security Exchange Name	NYSE
5.40% Series L
Entity Information [Line Items]
Title of 12(b) Security	5.40% Series L
Trading Symbol	VNO/PL
Security Exchange Name	NYSE
5.25% Series M
Entity Information [Line Items]
Title of 12(b) Security	5.25% Series M
Trading Symbol	VNO/PM
Security Exchange Name	NYSE
5.25% Series N
Entity Information [Line Items]
Title of 12(b) Security	5.25% Series N
Trading Symbol	VNO/PN
Security Exchange Name	NYSE
4.45% Series O
Entity Information [Line Items]
Title of 12(b) Security	4.45% Series O
Trading Symbol	VNO/PO
Security Exchange Name	NYSE
Vornado Realty L.P.
Entity Information [Line Items]
Entity File Number	001-34482
Entity Registrant Name	VORNADO REALTY LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3925979
Title of 12(g) Security	Class A Units of Limited Partnership Interest
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float		$ 403,978,000
Entity Central Index Key	0001040765

Investments in Partially Owned Entities (Independence Plaza) (Details) - JV $ in Millions	Jun. 05, 2025 USD ($) unit	Jun. 04, 2025 USD ($)
Independence Plaza
Schedule of Equity Method Investments [Line Items]
Number of units \| unit	1,328
Independence Plaza \| Non-Recourse Loan Due 2030
Schedule of Equity Method Investments [Line Items]
Debt amount	$ 675
Stated rate (as a percent)	5.84%
Independence Plaza \| Non-Recourse Loan Due 2025
Schedule of Equity Method Investments [Line Items]
Debt amount		$ 675
Stated rate (as a percent)		4.25%
Independence Plaza
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	50.10%

Shareholders' Equity/Partners' Capital (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Preferred Units

The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating Partnership outstanding as of December 31, 2025 and 2024. During 2025, we paid $62,104,000 in preferred dividends.



(Amounts in thousands, except share/unit and per share/per unit amounts)									Per Share/Unit
	Balance as of December 31,				Shares/Units Outstanding as of December 31,				Liquidation Preference			Annual Dividend/ Distribution(1)
Preferred Shares/Units	2025		2024			2025	2024
Convertible Preferred:
6.50% Series A: authorized 8,450 and 9,180 shares/units(2)	$	806	$	825		8,450	9,180			$	50.00		$	3.25
Cumulative Redeemable Preferred(3):
5.40% Series L: authorized 13,800,000 shares/units	290,306		290,306			12,000,000	12,000,000			25.00			1.35
5.25% Series M: authorized 13,800,000 shares/units	308,946		308,946			12,780,000	12,780,000			25.00			1.3125
5.25% Series N: authorized 12,000,000 shares/units	291,134		291,134			12,000,000	12,000,000			25.00			1.3125
4.45% Series O: authorized 12,000,000 shares/units	291,153		291,153			12,000,000	12,000,000			25.00			1.1125
	$	1,182,345	$	1,182,364		48,788,450	$	48,789,180

________________________________________

(1)Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears.

(2)Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A preferred share/unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/Class A units per Series A preferred share/unit.

(3)Series L, Series M and Series N preferred shares/units are redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. Series O preferred shares/units are redeemable commencing September 2026 at a redemption price of $25.00 per share/unit.

Interest and Other Investment Income, Net

12 Months Ended

Dec. 31, 2025

Interest and Other Income [Abstract]

Interest and Other Investment Income, Net

The following table sets forth the details of interest and other investment income, net:


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024		2023
Interest on cash and cash equivalents and restricted cash	$	37,531	$	42,571	$	44,786
Interest on loans receivable	9,618		3,450		1,351
Income (loss) from real estate fund investments(1)	6,047		(47)		1,590
Change in fair value of marketable securities	1,917		—		—
Amortization of discount on investments in U.S. Treasury bills	—		—		3,829
Credit losses on investments	—		—		(8,269)

	$	55,113	$	45,974	$	43,287

________________________________________

(1)On July 11, 2025, the Vornado Capital Partners Real Estate Fund (the “Fund”), which we consolidate, closed on the sale of The Lucida. The proceeds from the sale were used to repay the $145,000 non-recourse mortgage loan, which was in maturity default. As we have no carrying value or contingent liabilities related to The Lucida, this results in no impact to our consolidated financial statements. The Lucida was the final investment held by the Fund.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 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	(26,087)	48,876	85,665
Comprehensive income (loss) attributable to Vornado / Vornado Realty L.P.	847,279	62,947	(1,784)
Vornado Realty L.P.
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 / Vornado Realty L.P.	$ 916,024	$ 63,114	$ (7,763)

- Definition

+ References + Details

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Revenue Recognition

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the years ended December 31, 2025, 2024 and 2023 is set forth in Note 23 - Segment Information.


(Amounts in thousands)	For the Year Ended December 31, 2025
	Total		New York		Other
Property rentals	$	1,464,053	$	1,188,892	$	275,161
Trade shows	21,997		—		21,997
Sales type lease income(1)	6,634		6,634		—
Lease revenues(2)	1,492,684		1,195,526		297,158
Tenant services	45,237		31,839		13,398
Parking revenues	20,320		15,945		4,375
Rental revenues	1,558,241		1,243,310		314,931
BMS cleaning fees	157,686		166,526		(8,840)		(3)
Management and leasing fees	11,564		12,157		(593)
Other income	82,934		54,529		28,405
Fee and other income	252,184		233,212		18,972
Total revenues	$	1,810,425	$	1,476,522	$	333,903


(Amounts in thousands)	For the Year Ended December 31, 2024
	Total		New York		Other
Property rentals	$	1,486,503	$	1,215,854	$	270,649
Trade shows	21,541		—		21,541
Lease revenues(2)	1,508,044		1,215,854		292,190
Tenant services	41,549		29,344		12,205
Parking revenues	19,213		15,228		3,985
Rental revenues	1,568,806		1,260,426		308,380
BMS cleaning fees	149,225		159,903		(10,678)		(3)
Management and leasing fees	14,680		15,443		(763)
Other income	54,975		36,225		18,750
Fee and other income	218,880		211,571		7,309
Total revenues	$	1,787,686	$	1,471,997	$	315,689

____________________

See notes on following page.

3. Revenue Recognition - continued


(Amounts in thousands)	For the Year Ended December 31, 2023
	Total		New York		Other
Property rentals	$	1,523,890	$	1,222,229	$	301,661
Trade shows	20,781		—		20,781
Lease revenues(2)	1,544,671		1,222,229		322,442
Tenant services	42,460		31,086		11,374
Parking revenues	20,355		16,502		3,853
Rental revenues	1,607,486		1,269,817		337,669
BMS cleaning fees	141,937		151,608		(9,671)		(3)
Management and leasing fees	13,040		13,619		(579)
Other income	48,700		17,114		31,586
Fee and other income	203,677		182,341		21,336
Total revenues	$	1,811,163	$	1,452,158	$	359,005

________________________________________

(1)See Note 5 - 770 Broadway for details.

(2)The components of lease revenues were as follows:


	For the Year Ended December 31,
	2025		2024		2023
Fixed billings	$	1,367,177	$	1,355,033	$	1,394,626
Variable billings	118,873		153,011		150,045
Total contractual operating lease billings	1,486,050		1,508,044		1,544,671
Sales-type lease income	6,634		—		—

Lease revenues	$	1,492,684	$	1,508,044	$	1,544,671

(3)Represents the elimination of BMS cleaning fees related to THE MART and 555 California Street which are included as income in the New York segment.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Income Per Share and Per Class A Unit (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted


(Amounts in thousands, except per share amounts)	For the Year Ended December 31,
	2025		2024		2023
Numerator:
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
Distributions and earnings allocated to unvested participating securities	—		—		(2)
Numerator for basic income per common share	842,851		8,275		43,376
Impact of assumed conversion of dilutive potential convertible securities	1,409		—		—
Numerator for diluted income per common share	$	844,260	$	8,275	$	43,376

Denominator:
Denominator for basic income per common share - weighted average shares	191,759		190,539		191,005
Effect of dilutive securities(1):
Share-based awards	7,976		6,087		851
Convertible securities	1,314		—		—
Denominator for diluted income per common share - weighted average shares and assumed conversions	201,049		196,626		191,856

Income per common share:
Basic	$	4.40	$	0.04	$	0.23
Diluted	$	4.20	$	0.04	$	0.23

____________________

(1)For the year ended December 31, 2025, there were no antidilutive potential common shares. The calculation of diluted income per common share for the years ended December 31, 2024 and 2023 excluded weighted average potential common shares of 1,580, and 3,458, respectively, as their effect was antidilutive.


(Amounts in thousands, except per unit amounts)	For the Year Ended December 31,
	2025		2024		2023
Numerator:
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
Distributions and earnings allocated to participating securities	(13,265)		(1,964)		(1,323)
Numerator for basic income per Class A unit	903,342		7,056		45,301
Impact of assumed conversion of dilutive potential Class A units	1,409		—		—
Numerator for diluted income per Class A unit	$	904,751	$	7,056	$	45,301

Denominator:
Denominator for basic income per Class A unit – weighted average units	205,697		204,981		205,105
Effect of dilutive securities(1):
Unit-based awards	7,976		6,087		851
Convertible securities	1,314		—		—
Denominator for diluted income per Class A unit – weighted average units and assumed conversions	214,987		211,068		205,956

Income per Class A unit:
Basic	$	4.39	$	0.03	$	0.22
Diluted	$	4.21	$	0.03	$	0.22

____________________

(1)For the year ended December 31, 2025, there were no antidilutive potential Class A units. The calculation of diluted income per Class A unit for the years ended December 31, 2024 and 2023 excluded weighted average potential Class A units of 1,580, and 3,458, respectively, as their effect was antidilutive.

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in restricted cash and other assets)	$ 113,778	$ 114,580
Loans receivable (included in investments in partially owned entities and in other assets)	107,166	85,319
Total assets	234,971	289,921
Mandatorily redeemable instruments (included in other liabilities)	49,465	49,684
Total liabilities	52,558	51,747
Designated as a Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps and caps, asset	13,985	88,982
Interest rate swaps and caps, liability	3,093	1,023
Not Designated as a Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps and caps, asset	42	1,040
Interest rate swaps and caps, liability		1,040
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in restricted cash and other assets)	73,192	70,025
Loans receivable (included in investments in partially owned entities and in other assets)	0	0
Total assets	73,192	70,025
Mandatorily redeemable instruments (included in other liabilities)	49,465	49,684
Total liabilities	49,465	49,684
Level 1 \| Designated as a Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps and caps, asset	0	0
Interest rate swaps and caps, liability	0	0
Level 1 \| Not Designated as a Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps and caps, asset	0	0
Interest rate swaps and caps, liability		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in restricted cash and other assets)	0	0
Loans receivable (included in investments in partially owned entities and in other assets)	0	0
Total assets	14,027	90,022
Mandatorily redeemable instruments (included in other liabilities)	0	0
Total liabilities	3,093	2,063
Level 2 \| Designated as a Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps and caps, asset	13,985	88,982
Interest rate swaps and caps, liability	3,093	1,023
Level 2 \| Not Designated as a Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps and caps, asset	42	1,040
Interest rate swaps and caps, liability		1,040
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in restricted cash and other assets)	40,586	44,555
Loans receivable (included in investments in partially owned entities and in other assets)	107,166	85,319
Total assets	147,752	129,874
Mandatorily redeemable instruments (included in other liabilities)	0	0
Total liabilities	0	0
Level 3 \| Designated as a Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps and caps, asset	0	0
Interest rate swaps and caps, liability	0	0
Level 3 \| Not Designated as a Hedge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps and caps, asset	0	0
Interest rate swaps and caps, liability		0
Restricted Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in restricted cash and other assets)	17,590	8,958
Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in restricted cash and other assets)	$ 96,188	$ 105,622

Investments in Partially Owned Entities (512 West 22nd Street) (Details) ft² in Thousands, $ in Thousands		12 Months Ended
	Aug. 14, 2025 USD ($) ft²	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Net proceeds from sale of real estate		$ 37,374	$ 31,605	$ 24,484
Mortgage Loan Encumbering The Property \| Mortgages Payable \| 512 West 22nd Street
Schedule of Equity Method Investments [Line Items]
Repaid on loan	$ 122,930
JV \| 512 West 22nd Street
Schedule of Equity Method Investments [Line Items]
Net proceeds from sale of real estate	37,900
Net gain on sale of land	$ 11,002	$ 11,002
JV \| 512 West 22nd Street
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in sqft) \| ft²	173
Consideration received	$ 205,000
JV \| 512 West 22nd Street
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	55.00%

Debt (Narrative) (Details) ft² in Thousands, $ in Thousands							12 Months Ended
Debt (Narrative) (Details) ft² in Thousands, $ in Thousands	Dec. 10, 2025 USD ($)	Aug. 12, 2025 USD ($) ft²	Aug. 11, 2025 USD ($)	Jul. 16, 2025 USD ($) ft²	Jul. 15, 2025 USD ($)	Jan. 15, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument
Repayments of long-term debt							$ 1,903,513	$ 97,439	$ 148,000
Collateral property, net carrying value							6,000,000
PENN 11
Debt Instrument
Debt amount					$ 500,000
Repayments of long-term debt				$ 50,000
Basis spread on variable rate					2.06%
All-In Swapped Rate				6.28%
Proceeds from property refinancing				$ 130
4 Union Square South
Debt Instrument
Debt amount			$ 120,000
Basis spread on variable rate			1.50%
888 Seventh Avenue
Debt Instrument
Basis spread on variable rate	1.80%
Office Building \| PENN 11
Debt Instrument
Stated rate (as a percent)				6.35%
Debt amount				$ 450,000
Square footage of real estate property (in sqft) \| ft²				1,200
Debt term				5 years
Office Building \| 4 Union Square South
Debt Instrument
Stated rate (as a percent)		5.64%
Debt amount		$ 120,000
Square footage of real estate property (in sqft) \| ft²		204
Debt term		10 years
Office Building \| 888 Seventh Avenue
Debt Instrument
Debt amount	$ 244,543
Additional default stated rate (as a percent)	3.00%
Default interest waived, period	90 days
Unsecured revolving credit facilities
Debt Instrument
Debt amount							$ 720,420
Senior Unsecured Notes Due 2025 \| Senior unsecured notes
Debt Instrument
Repaid on loan						$ 450,000
Stated rate (as a percent)						3.50%

Leases (Narrative) (Details) ft² in Thousands		1 Months Ended	12 Months Ended
Leases (Narrative) (Details) ft² in Thousands	Apr. 22, 2025 USD ($)	Jan. 31, 2026 USD ($)	Dec. 31, 2025 USD ($) ft² lease	Dec. 31, 2024 USD ($)	Jan. 31, 2022 extension_option
Leases [Line Items]
Number of sales-type leases \| lease			1
Right-of-use assets			$ 671,308,000	$ 678,804,000
Lease liabilities			699,640,000	$ 749,759,000
PENN 1
Leases [Line Items]
Number of renewal options \| extension_option					3
Lease term	25 years				25 years
PENN 1 \| Operating Lease, Variable Component One
Leases [Line Items]
Annual amount	$ 15,000,000
PENN 1 \| Operating Lease, Variable Component Two
Leases [Line Items]
Annual amount	$ 20,220,000
PENN 1 \| Subsequent Event
Leases [Line Items]
Annual amount		$ 15,000,000
PENN 1 \| Pending Litigation
Leases [Line Items]
Annual amount			$ 20,220,000
Farley Building
Leases [Line Items]
Equity method ownership percentage			95.00%
Lease term			99 years
Square footage of real estate property (in sqft) \| ft²			846
Future rent and fixed PILOT payments			$ 508,983,000
Farley Building \| Office Building
Leases [Line Items]
Square footage of real estate property (in sqft) \| ft²			730
Farley Building \| Retail
Leases [Line Items]
Square footage of real estate property (in sqft) \| ft²			116

Transaction Related Costs, Impairment losses and Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Transaction Related Costs, Impairment Losses and Other [Abstract]
Transaction related costs and other, net	$ 1,989	$ 5,242	$ 5,684
Real estate impairment losses	542	0	45,007
Impairment losses and transaction related costs, net	$ 2,531	$ 5,242	$ 50,691

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION


COLUMN A	COLUMN B			COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances(1)			Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction(3)	Date acquired	Life on which depreciation in latest income statement is computed
				Land		Buildings and improvements				Land		Buildings and improvements		Total(2)
New York

1290 Avenue of the Americas	$	950,000		$	518,244	$	926,992	$	370,950	$	518,244	$	1,297,942	$	1,816,186	$	553,859	1963	2007	(4)
One Park Avenue	525,000			197,057		369,016		18,465		197,057		387,481		584,538		47,331		1926	2021	(4)
350 Park Avenue	400,000			265,889		363,381		109,406		306,034		432,642		738,676		203,124		1960	2006	(4)
PENN 1	—			—		412,169		1,079,236		—		1,491,405		1,491,405		540,473		1972	1998	(4)
100 West 33rd Street	480,000			331,371		361,443		26,826		282,953		436,687		719,640		209,915		1911/2009	2007	(4)
150 West 34th Street	75,000			119,657		268,509		—		119,657		268,509		388,166		71,043		1900	2015	(4)
PENN 2	575,000		(5)	53,615		164,903		1,109,927		52,689		1,275,756		1,328,445		135,733		1968	1997	(4)
90 Park Avenue	—			8,000		175,890		205,287		8,000		381,177		389,177		235,908		1964	1997	(4)
770 Broadway	—			52,898		95,686		(126,396)		4,502		17,686		22,188		10,175		1907	1998	(4)
888 Seventh Avenue	244,543			—		117,269		176,739		—		294,008		294,008		190,015		1980	1998	(4)
PENN 11	450,000			40,333		85,259		151,331		40,333		236,590		276,923		131,628		1923	1997	(4)
909 Third Avenue	350,000			—		120,723		116,781		—		237,504		237,504		152,268		1969	1999	(4)
150 East 58th Street	—			39,303		80,216		67,955		39,303		148,171		187,474		88,012		1969	1998	(4)
595 Madison Avenue	—			62,731		62,888		88,633		62,731		151,521		214,252		75,329		1968	1999	(4)
330 West 34th Street	—			—		8,599		168,272		—		176,871		176,871		78,402		1925	1998	(4)
715 Lexington Avenue	—			—		26,903		21,178		30,086		17,995		48,081		4,981		1923	2001	(4)
4 Union Square South	120,000			24,079		55,220		16,237		24,079		71,457		95,536		35,413		1965/2004	1993	(4)
The Farley Building	—			—		476,235		972,618		—		1,448,853		1,448,853		210,961		1912	2018	(4)
260 Eleventh Avenue	—			—		80,482		8,262		—		88,744		88,744		22,655		1911	2015	(4)
606 Broadway	74,494			45,406		8,993		486		23,930		30,955		54,885		3,936			2016	(4)
435 Seventh Avenue	75,000			19,893		19,091		146		19,893		19,237		39,130		11,326		2002	1997	(4)
131-135 West 33rd Street	—			8,315		21,312		(55)		8,315		21,257		29,572		5,099			2016	(4)

1131 Third Avenue	—			7,844		7,844		5,588		7,844		13,432		21,276		4,030			1997	(4)
431 Seventh Avenue	—			16,700		2,751		300		16,700		3,051		19,751		1,423			2007	(4)
138-142 West 32nd Street	—			9,252		9,936		2,227		9,252		12,163		21,415		3,363		1920	2015	(4)

966 Third Avenue	—			8,869		3,631		—		8,869		3,631		12,500		1,119			2013	(4)
137 West 33rd Street	—			6,398		1,550		—		6,398		1,550		7,948		417		1932	2015	(4)
825 Seventh Avenue	—			1,483		697		4,318		1,483		5,015		6,498		1,801			1997	(4)
537 West 26th Street	—			10,370		17,632		16,260		26,631		17,631		44,262		3,579			2018	(4)


COLUMN A	COLUMN B			COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
	Encumbrances(1)			Initial cost to company				Costs capitalized subsequent to acquisition		Gross amount at which carried at close of period						Accumulated depreciation and amortization		Date of construction(3)	Date acquired	Life on which depreciation in latest income statement is computed
				Land		Buildings and improvements				Land		Buildings and improvements		Total(2)
New York - continued

339 Greenwich Street	$	—		$	2,622	$	12,333	$	(9,990)	$	866	$	4,099	$	4,965	$	573		2017	(4)
Hotel Pennsylvania site (PENN 15)	—			29,903		121,712		250,850		78,321		324,144		402,465		—		1919	1997	(4)
623 Fifth Avenue	145,420		(5)	—		—		226,030		—		226,030		226,030		—			2025	(4)

Other (Including Signage)	—			140,477		31,892		99,225		132,202		139,392		271,594		39,781				(4)
Total New York	4,464,457			2,020,709		4,511,157		5,177,092		2,026,372		9,682,586		11,708,958		3,073,672


Other
THE MART, Illinois	$	—		$	64,528	$	319,146	$	522,188	$	64,535	$	841,327	$	905,862	$	449,935	1930	1998	(4)
527 West Kinzie, Illinois	—			5,166		—		362		5,166		362		5,528		—			1998
Total THE MART	—			69,694		319,146		522,550		69,701		841,689		911,390		449,935

555 California Street, California	1,200,000			223,446		895,379		300,992		223,446		1,196,371		1,419,817		518,104		1922,1969 -1970	2007	(4)
Borgata Land, Atlantic City, NJ	—			83,089		—		—		83,089		—		83,089		—		—	2010
40 East 66th Street Residential, New York	—			8,454		13,321		(8,193)		5,273		8,309		13,582		3,981		—	2005	(4)
Annapolis, Maryland	—			—		9,652		—		—		9,652		9,652		5,718			2005	(4)
Wayne Towne Center, New Jersey	—			—		26,137		49,626		—		75,763		75,763		49,804			2010	(4)
Paramus, New Jersey	—			—		—		17,395		1,033		16,362		17,395		12,659		1967	1987	(4)
Other	—			—		—		1,829		—		1,829		1,829		870				(4)
Total Other	1,200,000			384,683		1,263,635		884,199		382,542		2,149,975		2,532,517		1,041,071

Leasehold improvements, equipment and other	—			—		—		105,080		—		105,080		105,080		76,332

Total December 31, 2025	$	5,664,457		$	2,405,392	$	5,774,792	$	6,166,371	$	2,408,914	$	11,937,641	$	14,346,555	$	4,191,075

________________________________________

(1)Represents contractual debt obligations.

(2)The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $1.6 billion lower than the amounts reported for financial statement purposes.

(3)Date of original construction - many properties have had substantial renovation or additional construction, see "costs capitalized subsequent to acquisition" column.

(4)Depreciation of the buildings and improvements is calculated over lives ranging from the life of the lease to forty years.

(5)Secured amount outstanding on revolving credit facilities.

The following is a reconciliation of real estate assets and accumulated depreciation:


	Year Ended December 31,
	2025		2024		2023
Real Estate
Balance at beginning of period	$	14,091,632	$	13,801,204	$	13,314,755
Additions during the period:
Land	55,575		—		40,145
Buildings & improvements and other	628,493		431,999		713,740
	14,775,700		14,233,203		14,068,640
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated	429,145		141,571		267,436
Balance at end of period	$	14,346,555	$	14,091,632	$	13,801,204

Accumulated Depreciation
Balance at beginning of period	$	4,025,349	$	3,752,827	$	3,470,991
Depreciation expense	418,192		396,231		382,638
	4,443,541		4,149,058		3,853,629
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	252,466		123,709		100,802
Balance at end of period	$	4,191,075	$	4,025,349	$	3,752,827

Interest and Debt Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest and Debt Expense [Abstract]
Interest expense	$ 349,794	$ 377,813	$ 357,995
Capitalized interest and debt expense	(38,648)	(51,212)	(43,062)
Amortization of interest rate cap premiums	23,466	41,745	10,989
Amortization of deferred financing fees	19,256	21,923	23,301
Interest and debt expense, total	$ 353,868	$ 390,269	$ 349,223

Income Per Share and Per Class A Unit

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Income Per Share and Per Class A Unit

Vornado Realty Trust

Basic net income per common share is computed by dividing (i) net income attributable to common stockholders after allocation of dividends and undistributed earnings to participating securities by (ii) the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the dilutive impact of potential common shares and is computed after allocation of earnings to participating securities. Vornado’s participating securities include unvested restricted common shares. Employee stock options, OPP Units, AO LTIP Units, Performance AO LTIP Units and LTPP Units are included in the calculation of diluted income per share using the treasury stock method, if the effect is dilutive. Series A convertible preferred shares, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units, are included in the calculation of diluted income per share using the if-converted method, if the effect is dilutive. Net income is allocated to redeemable Class A units of the Operating Partnership on a one-for-one basis with Vornado common shares. As such, redemption of these units for Vornado common shares would not have a dilutive effect on income per common share.


(Amounts in thousands, except per share amounts)	For the Year Ended December 31,
	2025		2024		2023
Numerator:
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
Distributions and earnings allocated to unvested participating securities	—		—		(2)
Numerator for basic income per common share	842,851		8,275		43,376
Impact of assumed conversion of dilutive potential convertible securities	1,409		—		—
Numerator for diluted income per common share	$	844,260	$	8,275	$	43,376

Denominator:
Denominator for basic income per common share - weighted average shares	191,759		190,539		191,005
Effect of dilutive securities(1):
Share-based awards	7,976		6,087		851
Convertible securities	1,314		—		—
Denominator for diluted income per common share - weighted average shares and assumed conversions	201,049		196,626		191,856

Income per common share:
Basic	$	4.40	$	0.04	$	0.23
Diluted	$	4.20	$	0.04	$	0.23

____________________

13. Income Per Share and Per Class A Unit – continued

Vornado Realty L.P.

Basic net income per Class A unit is computed by dividing (i) net income attributable to Class A unitholders after allocation of distributions and undistributed earnings to participating securities by (ii) the weighted average number of Class A units outstanding for the period. Diluted earnings per share reflects the dilutive impact of potential Class A units and is computed after allocation of earnings to participating securities. VRLP’s participating securities include unvested LTIP Units and LTPP Units for which the applicable performance vesting conditions were satisfied. Equity awards subject to market and/or performance vesting conditions, including Vornado stock options, OPP Units, AO LTIP Units, Performance AO LTIP Units and LTPP Units, are included in the calculation of diluted income per Class A unit using the treasury stock method. Convertible securities, including Series A convertible preferred shares, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units, are included in the calculation of diluted income per Class A unit using the if-converted method, if dilutive.


(Amounts in thousands, except per unit amounts)	For the Year Ended December 31,
	2025		2024		2023
Numerator:
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
Distributions and earnings allocated to participating securities	(13,265)		(1,964)		(1,323)
Numerator for basic income per Class A unit	903,342		7,056		45,301
Impact of assumed conversion of dilutive potential Class A units	1,409		—		—
Numerator for diluted income per Class A unit	$	904,751	$	7,056	$	45,301

Denominator:
Denominator for basic income per Class A unit – weighted average units	205,697		204,981		205,105
Effect of dilutive securities(1):
Unit-based awards	7,976		6,087		851
Convertible securities	1,314		—		—
Denominator for diluted income per Class A unit – weighted average units and assumed conversions	214,987		211,068		205,956

Income per Class A unit:
Basic	$	4.39	$	0.03	$	0.22
Diluted	$	4.21	$	0.03	$	0.22

____________________

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Senior Unsecured Notes due 2025

We repaid our $450,000,000 3.50% senior unsecured notes on their January 15, 2025 maturity date.

PENN 11

On July 16, 2025, we completed a $450,000,000 refinancing of PENN 11, a 1,200,000 square foot Manhattan office building. The five-year interest-only loan matures in August 2030 and has a fixed rate of 6.35%. We paid down by $50,000,000 the prior $500,000,000 loan that bore interest at a rate of SOFR plus 2.06% (swapped to an all-in fixed rate of 6.28%) and was scheduled to mature in October 2025. The swap was terminated at the time of refinancing, and we received $130,000 of proceeds.

4 Union Square South

On August 12, 2025, we completed a $120,000,000 refinancing of 4 Union Square South, a 204,000 square foot Manhattan retail property. The ten-year interest-only loan matures in September 2035 and has a fixed rate of 5.64%. The loan replaced the previous $120,000,000 loan that bore interest at SOFR plus 1.50% and was scheduled to mature in August 2025.

888 Seventh Avenue

On December 10, 2025, the $244,543,000 non-recourse mortgage loan on 888 Seventh Avenue matured and was not repaid, at which time the lenders declared an event of default. The loan currently bears interest at a rate of SOFR plus 1.80% and provides for additional default interest of 3.00%. The default interest was waived for a ninety-day period. We have executed a term sheet with the lenders pursuant to which the lenders will forebear from exercising their remedies and will waive default interest until February 2027, subject to certain conditions. There can be no assurance that the forbearance agreement will be completed.

The following is a summary of our debt:


(Amounts in thousands)	Weighted Average Interest Rate as of December 31, 2025(1)		Balance as of December 31,
			2025		2024
Mortgages Payable:
Fixed rate(2)	5.05%		$	3,415,000	$	4,591,400
Variable rate(3)	5.70%	(4)	1,529,037		1,115,776
Total	5.25%		4,944,037		5,707,176
Deferred financing costs, net and other			(23,368)		(31,162)
Total, net			$	4,920,669	$	5,676,014
Unsecured Debt:
Senior unsecured notes	2.73%		$	750,000	$	1,200,000
Deferred financing costs, net and other			(2,798)		(4,086)
Senior unsecured notes, net			747,202		1,195,914

Unsecured term loan	4.27%		800,000		800,000
Deferred financing costs, net and other			(2,663)		(4,052)
Unsecured term loan, net			797,337		795,948

Unsecured revolving credit facilities	4.05%		720,420		575,000

Total, net			$	2,264,959	$	2,566,862

________________________________________

(2)Includes variable rate mortgages with interest rates fixed by interest rate swap arrangements.

(4)Includes additional 3.00% default interest on the 606 Broadway mortgage loan.

9. Debt – continued

The net carrying amount of properties collateralizing the above indebtedness amounted to $6.0 billion as of December 31, 2025.


(Amounts in thousands)	Mortgages Payable		Unsecured Debt
Year Ended December 31,
2026(1)	$	525,000	$	400,000
2027	880,000		1,520,420		(2)
2028	2,300,000		—
2029	—		—
2030	450,000		—
Thereafter	470,000		350,000

________________________________________

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 6
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Paragraph 1
-Subparagraph (d)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Redeemable Noncontrolling Interests (Schedule of Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Redeemable Noncontrolling Interests Rollforward
Beginning balance	$ 834,658
Net income attributable to redeemable partnership units	73,871	$ 860	$ 3,361
Other comprehensive loss	0	0	0
Ending balance	647,951	834,658
Partnership Interest
Redeemable Noncontrolling Interests Rollforward
Beginning balance	711,943	483,786
Net income attributable to redeemable partnership units	73,871	860
Other comprehensive loss	(5,126)	(693)
Distributions	(12,893)	(12,698)
Other, net	25,406	30,014
Ending balance	557,671	711,943	483,786
Partnership Interest \| Class A Unit
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for Vornado common shares, at redemption value	(51,952)	(15,912)
Redeemable Class A unit measurement adjustment	(183,578)	226,586
Subsidiary
Redeemable Noncontrolling Interests Rollforward
Beginning balance	122,715	154,662
Net income attributable to redeemable partnership units	(28,854)	(31,167)
Distributions	(4,835)	(4,119)
Contributions	1,254	3,339
Ending balance	$ 90,280	$ 122,715	$ 154,662

Leases (Schedule of Amounts Included in the Measurement of Lease Liability) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Line Items]
Weighted average remaining lease term (in years)	46 years 8 months 12 days	47 years 2 months 12 days	47 years 10 months 24 days
Weighted average discount rate	5.60%	5.59%	5.59%
Cash paid for operating leases	$ 53,313	$ 22,466	$ 22,499
PENN 1
Leases [Line Items]
Cash paid for operating leases	$ 19,236

Fair Value Measurements (Changes in the Fair Value of Loans Receivable) (Details) - Loans Receivable - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 85,319	$ 32,984
Investment in loan receivable	35,000	50,000
Paydowns	(32,984)	(571)
Interest accrual	11,275	2,906
Funding	8,556	0
Ending balance	$ 107,166	$ 85,319

Stock-based Compensation (Schedule of Performance AO LTIP Units Activity) (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Shares
Options outstanding at beginning of period (in shares) \| shares	140,989
Expired (in shares) \| shares	(15,230)
Options outstanding at end of period (in shares) \| shares	124,605
Option exercisable at end of period (in shares) \| shares	124,605
Weighted- Average Exercise Price
Options outstanding at beginning of period (in dollars per share) \| $ / shares	$ 64.61
Expired (in dollars per share) \| $ / shares	82.38
Options outstanding at end of period (in dollars per share) \| $ / shares	62.70
Options exercisable at end of period (in dollars per share) \| $ / shares	$ 62.70
Weighted- Average Remaining Contractual Term
Options outstanding, Weighted average remaining contractual term	2 years 8 months 15 days
Options exercisable	2 years 8 months 15 days
Performance AO LTIP Units
Shares
Outstanding at December 31 , 2024 (in shares) \| shares	14,484,260
Outstanding at December 31 , 2025 (in shares) \| shares	14,484,260
Options exercisable, Number of options (in shares) \| shares	0
Weighted- Average Exercise Price
Outstanding, Weighted average grant date fair value at December 31 , 2024 (in dollars per share) \| $ / shares	$ 16.68
Outstanding, Weighted average grant date fair value at December 31 , 2025 (in dollars per share) \| $ / shares	16.68
Options exercisable, Weighted average exercise price per share December 31, 2025 (in dollars per share) \| $ / shares	$ 0
Weighted- Average Remaining Contractual Term
Options outstanding, Weighted average remaining contractual term	7 years 6 months
Vornado stock options
Shares
Exercised (in shares) \| shares	(1,154)
Weighted- Average Exercise Price
Exercised (in dollars per share) \| $ / shares	$ 36.26

Identified Intangible Assets and Liabilities (Schedule of Estimated Annual Amortization) (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Below Market Leases Net Of Above Market Leases
Finite-Lived Intangible Assets [Line Items]
2026	$ 292
2027	(247)
2028	(149)
2029	(119)
2030	(539)
Other Identified Intangible Assets
Finite-Lived Intangible Assets [Line Items]
2026	5,615
2027	5,308
2028	4,175
2029	3,660
2030	$ 3,657

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Shareholders' Equity/Partners' Capital (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 30, 2023
Common Share [Line Items]
Common shares of beneficial interest: outstanding shares (in shares)	190,666,367	190,846,580
Distribution, common stock	$ 141,277,000	$ 141,103,000	$ 129,066,000
Stock repurchase program, authorized amount				$ 200,000,000
Common shares outstanding ratio to class A units ratio				100.00%
Common Shares
Common Share [Line Items]
Stock repurchase program, authorized amount	$ 200,000,000
Shares repurchased (in shares)	1,462,360
Shares repurchased, value	$ 50,962,000
Average price per share (in dollars per share)	$ 34.85
Stock repurchase program, remaining authorized repurchase amount	$ 119,895,000
Earnings Less Than Distributions
Common Share [Line Items]
Distribution, common stock	$ 141,277,000	$ 141,103,000	$ 129,066,000
Vornado Realty Trust
Common Share [Line Items]
Dividends to Vornado (in dollars per share)	$ 0.74
Vornado Realty Trust \| Common Shares
Common Share [Line Items]
Common shares of beneficial interest: outstanding shares (in shares)	190,666,367
Distribution, common stock	$ 141,277,000
Vornado Realty L.P. \| Common Shares
Common Share [Line Items]
Common shares of beneficial interest: outstanding shares (in shares)	190,666,367
Vornado Realty L.P. \| Class A Unit
Common Share [Line Items]
Common shares of beneficial interest: outstanding shares (in shares)	16,650,713
Distribution, common stock	$ 141,277,000
Dividends to Vornado (in dollars per share)	$ 0.74

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
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	0
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
Assets	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:
Total redeemable noncontrolling interests	647,951	834,658
Partners' equity:
Earnings less than distributions	(3,491,603)	(4,142,249)
Accumulated other comprehensive (loss) income	(5)	57,700
Total shareholders' / 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
Total liabilities, redeemable noncontrolling interests / partnership units and equity	15,521,118	15,998,608
Partnership Interest
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 interests	557,671	711,943
Redeemable noncontrolling interest in a consolidated subsidiary
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	90,280	122,715
Vornado Realty L.P.
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	0
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
Assets	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:
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 shareholders' / 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
Total liabilities, redeemable noncontrolling interests / partnership units and equity	15,521,118	15,998,608
Vornado Realty L.P. \| Partnership Interest
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 interests	557,671	711,943
Vornado Realty L.P. \| Redeemable noncontrolling interest in a consolidated subsidiary
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	$ 90,280	$ 122,715

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class A common shares, dividends (in dollars per share)	$ 0.74	$ 0.74	$ 0.675
Vornado Realty L.P.
Class A common shares, dividends (in dollars per share)	$ 0.74	$ 0.74	$ 0.675

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Insurance For our properties, we maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which $275,000,000, includes communicable disease coverage, and we maintain all risk property and rental value insurance with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as flood and earthquake, excluding communicable disease coverage. Our California properties have earthquake insurance with coverage of $350,000,000 per occurrence and in the aggregate, subject to a deductible in the amount of 5% of the value of the affected property. We maintain coverage for certified terrorism acts with limits of $6.0 billion per occurrence and in the aggregate (as listed below), $1.2 billion for non-certified acts of terrorism, and $5.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027. Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for acts of terrorism including NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $2,424,264 and 20% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss. We are ultimately responsible for any loss incurred by PPIC. Certain condominiums in which we own an interest (including the Farley Condominiums) maintain insurance policies with different per occurrence and aggregate limits than our policies described above. We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism and other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material. Our debt instruments, consisting of mortgage loans secured by our properties, senior unsecured notes and revolving credit agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. Further, if lenders insist on greater coverage than we are able to obtain it could adversely affect our ability to finance or refinance our properties and expand our portfolio. 21. Commitments and Contingencies - continued Other Commitments and Contingencies We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position, results of operations or cash flows. Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us. We may, from time to time, enter into guarantees including, but not limited to, payment guarantees to lenders of unconsolidated joint ventures for tax purposes, completion guarantees for development and redevelopment projects, and guarantees to fund leasing costs. These agreements terminate either upon the satisfaction of specified obligations or repayment of the underlying loans. As of December 31, 2025, the aggregate dollar amount of these guarantees is approximately $438,194,000, including the $300,000,000 payment guarantee for the mortgage loan secured by 7 West 34th Street, which was extinguished in January 2026 when the mortgage loan was refinanced, and partial payment guarantees on 435 Seventh Avenue and 150 West 34th Street. Other than these loans, our mortgage loans are non-recourse to us. As of December 31, 2025, $25,769,000 of letters of credit were outstanding under our unsecured revolving credit facilities. Our unsecured revolving credit facilities contain financial covenants that require us to maintain minimum interest coverage and maximum debt to market capitalization ratios, and provide for increased interest rates in the event of a decline in the credit rating assigned to our senior unsecured notes. Our unsecured revolving credit facilities also contain customary conditions precedent to borrowing, including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal. Our 95% consolidated joint venture (5% is owned by Related Companies ("Related")) developed and owns the Farley Building. In connection with the development of the property, the joint venture admitted a historic Tax Credit Investor partner. Under the terms of the historic tax credit arrangement, the joint venture is required to comply with various laws, regulations, and contractual provisions. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, may require a refund or reduction of the Tax Credit Investor’s capital contributions. As of December 31, 2025, the Tax Credit Investor has made $209,661,000 in capital contributions. Vornado and Related have guaranteed certain of the joint venture’s obligations to the Tax Credit Investor. As of December 31, 2025, we had construction commitments aggregating approximately $11,471,000.

Investments in Partially Owned Entities (650 Madison Avenue) (Details) - 650 Madison Avenue ft² in Thousands, $ in Millions	Oct. 31, 2025 USD ($) ft²
Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Debt amount \| $	$ 800
JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	22.20%
JV \| 650 Madison Avenue
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in sqft) \| ft²	601

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Basis of Presentation and Significant Accounting Policies (Real Estate) (Details)	Dec. 31, 2025
Minimum
Real Estate [Line Items]
Real estate and accumulated depreciation life used for depreciation (in years)	7 years
Maximum
Real Estate [Line Items]
Real estate and accumulated depreciation life used for depreciation (in years)	40 years

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Vornado Realty Trust (“Vornado”) is a fully‑integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P. (the “Operating Partnership”), a Delaware limited partnership. Accordingly, Vornado’s cash flow and ability to pay dividends to its shareholders are dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of and owned approximately 91.3% of the common limited partnership interest in the Operating Partnership as of December 31, 2025. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado. We currently own all or portions of: New York: •51 Manhattan operating properties consisting of: •19.2 million square feet of office space in 26 of the properties; •2.3 million square feet of street retail space in 45 of the properties; •1,331 units in two Manhattan residential properties; •Multiple development sites and redevelopment projects, including 350 Park Avenue, Sunset Pier 94 Studios, 623 Fifth Avenue, the Hotel Pennsylvania site (PENN 15) and other PENN District sites; •A 32.4% interest in Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX), which owns five properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg, L.P. headquarters building, and The Alexander, a 312-unit apartment tower in Queens; •Signage throughout the PENN District and Times Square; and •Building Maintenance Services LLC ("BMS"), a wholly owned subsidiary, which provides cleaning and security services for our buildings and third parties. Other Real Estate and Investments: •The 3.7 million square foot THE MART in Chicago; •A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco’s financial district aggregating 1.8 million square feet; and •Other real estate and investments.

Segment Information (Narrative) (Details)	12 Months Ended
Segment Information (Narrative) (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Fair Value Measurements (Schedule of Derivative Instruments) (Details) - USD ($) $ in Thousands	1 Months Ended
	May 31, 2027	May 31, 2026	Dec. 31, 2025	Aug. 12, 2025	Jul. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Long term debt			$ 2,264,959			$ 2,566,862
Office Building \| PENN 11 Mortgage Loan
Derivative [Line Items]
Debt amount					$ 450,000
Designated as a Hedge
Derivative [Line Items]
Fair Value Asset			13,985			88,982
Fair Value Liability			3,093			1,023
Designated as a Hedge \| Recurring
Derivative [Line Items]
Fair Value Asset			13,985			88,982
Fair Value Liability			$ 3,093			1,023
555 California Street, In Place Swap \| Office Building \| 555 California Street, California \| Recurring
Derivative [Line Items]
Percentage share of mortgage loan			70.00%
Debt amount			$ 1,200,000
555 California Street, In Place Swap \| Interest Rate Swap \| Designated as a Hedge \| Recurring
Derivative [Line Items]
Notional amount and swapped balance			$ 840,000
All-In Swapped Rate			6.03%
Fair Value Asset			$ 0			765
Fair Value Liability			1,160			0
555 California Street, Forward Swap \| Forecast \| Recurring
Derivative [Line Items]
Basis spread on variable rate	2.55%	2.30%
555 California Street, Forward Swap \| Interest Rate Swap \| Designated as a Hedge \| Recurring
Derivative [Line Items]
Notional amount and swapped balance			$ 840,000
All-In Swapped Rate			5.56%
Fair Value Asset			$ 0			0
Fair Value Liability			959			0
Unsecured term loan \| Interest Rate Swap \| Recurring
Derivative [Line Items]
Debt amount			200,000
Unsecured term loan \| Interest Rate Swap \| Designated as a Hedge \| Recurring
Derivative [Line Items]
Notional amount and swapped balance			$ 750,000
All-In Swapped Rate			4.22%
Fair Value Asset			$ 3,522			16,217
Fair Value Liability			0			0
Unsecured revolving credit facilities \| Interest Rate Swap \| Designated as a Hedge \| Recurring
Derivative [Line Items]
Notional amount and swapped balance			$ 575,000
All-In Swapped Rate			3.84%
Fair Value Asset			$ 5,208			18,510
Fair Value Liability			0			0
One Park Avenue Mortgage Loan \| Interest Rate Swap \| Recurring
Derivative [Line Items]
Debt amount			$ 500,000
One Park Avenue Mortgage Loan \| Interest Rate Swap \| Designated as a Hedge
Derivative [Line Items]
Cap strike rate			4.39%
One Park Avenue Mortgage Loan \| Interest Rate Swap \| Designated as a Hedge \| Recurring
Derivative [Line Items]
Notional amount and swapped balance			$ 500,000
All-In Swapped Rate			3.95%
Fair Value Asset			$ 4,189			15,243
Fair Value Liability			0			0
Long term debt			$ 25,000
Derivative, basis spread on variable rate			1.22%
Variable interest rate			4.97%
100 West 33rd Street Mortgage Loan \| Interest Rate Swap \| Designated as a Hedge \| Recurring
Derivative [Line Items]
Notional amount and swapped balance			$ 480,000
All-In Swapped Rate			5.26%
Fair Value Asset			$ 0			6,808
Fair Value Liability			$ 736			0
1290 Avenue Of Americas Mortgage Loan \| Interest Rate Swap \| Designated as a Hedge
Derivative [Line Items]
Cap strike rate			4.00%
1290 Avenue Of Americas Mortgage Loan \| Interest Rate Swap \| Designated as a Hedge \| Recurring
Derivative [Line Items]
Notional amount and swapped balance			$ 200,000
All-In Swapped Rate			4.58%
Fair Value Asset			$ 1,047			5,249
Fair Value Liability			0			0
Long term debt			$ 750,000
Derivative, basis spread on variable rate			1.62%
Variable interest rate			5.37%
435 Seventh Avenue mortgage loan \| Interest Rate Swap \| Designated as a Hedge \| Recurring
Derivative [Line Items]
Notional amount and swapped balance			$ 75,000
All-In Swapped Rate			6.96%
Fair Value Asset			$ 0			0
Fair Value Liability			238			741
PENN 11 Mortgage Loan \| Interest Rate Swap \| Designated as a Hedge \| Recurring
Derivative [Line Items]
Fair Value Asset			0			17
Fair Value Liability			0			282
Stated rate (as a percent)					6.35%
4 Union Square South Mortgage Loan \| Office Building \| Recurring
Derivative [Line Items]
Debt amount				$ 120,000
4 Union Square South Mortgage Loan \| Interest Rate Swap \| Designated as a Hedge \| Recurring
Derivative [Line Items]
Fair Value Asset			0			12
Fair Value Liability			0			0
Stated rate (as a percent)				5.64%
Various Mortgage Loans \| Interest Rate Cap \| Designated as a Hedge \| Recurring
Derivative [Line Items]
Fair Value Asset			19			26,161
Fair Value Liability			0			$ 0
770 Broadway Mortgage Loan \| Interest Rate Swap \| Recurring
Derivative [Line Items]
Notional amount and swapped balance			700,000
Unsecured Term Loan July 2025 through October 2026 \| Interest Rate Swap \| Designated as a Hedge
Derivative [Line Items]
Notional amount and swapped balance			$ 750,000
All-In Swapped Rate			4.22%
Unswapped Balance			$ 50,000
Unsecured Term Loan Expiring July 2027 \| Interest Rate Swap \| Designated as a Hedge
Derivative [Line Items]
Notional amount and swapped balance			$ 250,000
All-In Swapped Rate			3.99%
Unswapped Balance			$ 550,000
Unsecured Term Loan October 2026 through August 2027 \| Interest Rate Swap \| Designated as a Hedge
Derivative [Line Items]
Notional amount and swapped balance			$ 50,000
All-In Swapped Rate			3.99%
Unswapped Balance			$ 750,000
888 Seventh Avenue Mortgage Loan \| Interest Rate Swap \| Recurring
Derivative [Line Items]
Notional amount and swapped balance			$ 200,000

Award Timing Disclosure	12 Months Ended
Award Timing Disclosure	Dec. 31, 2025
Award Timing Disclosures [Line Items]
Award Timing MNPI Considered	true

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Real estate, balance at beginning of period	$ 14,091,632	$ 13,801,204	$ 13,314,755
Additions during the period	14,775,700	14,233,203	14,068,640
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated	429,145	141,571	267,436
Real estate, balance at end of period	14,346,555	14,091,632	13,801,204
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Accumulated depreciation, balance at beginning of period	4,025,349	3,752,827	3,470,991
Depreciation expense	418,192	396,231	382,638
Real estate accumulated depreciation	4,443,541	4,149,058	3,853,629
Less: Accumulated depreciation on assets sold, written-off and deconsolidated	252,466	123,709	100,802
Accumulated depreciation, balance at end of period	4,191,075	4,025,349	3,752,827
Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions during the period	55,575	0	40,145
Buildings & improvements and other
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions during the period	$ 628,493	$ 431,999	$ 713,740

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor [Line Items]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	New York, New York
Vornado Realty L.P.
Auditor [Line Items]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	New York, New York

Investments in Partially Owned Entities

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in Partially Owned Entities

Fifth Avenue and Times Square JV

As of December 31, 2025, we own a 51.5% common interest in a joint venture ("Fifth Avenue and Times Square JV") which owns interests in properties located at 640 Fifth Avenue, 655 Fifth Avenue, 666 Fifth Avenue, 689 Fifth Avenue, 697-703 Fifth Avenue, 1535 Broadway and 1540 Broadway (collectively, the "Properties"). The remaining 48.5% common interest in the joint venture is owned by a group of institutional investors (the "Investors"). Our 51.5% common interest in the joint venture represents an effective 51.0% interest in the Properties. The 48.5% common interest in the joint venture owned by the Investors represents an effective 47.2% interest in the Properties.

As of December 31, 2025, we own $1.079 billion aggregate liquidation preference of preferred equity interests in certain of the properties, which had been reduced from $1.828 billion as of December 31, 2024, following the partial redemptions discussed below. The preferred equity has an annual coupon of 4.75% through April 2029, and will then be based on a formulaic rate. It can be redeemed under certain conditions on a tax deferred basis.

As of December 31, 2025, the carrying amount of our investment in the joint venture was less than our share of the equity in the net assets of the joint venture by approximately $709,414,000, the basis difference primarily resulting from the non-cash impairment losses recognized in prior periods. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Fifth Avenue and Times Square JV’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as a reduction to depreciation expense over their estimated useful lives.

We receive an annual fee for managing the Properties equal to 2% of the gross revenues from the Properties. In addition, we are entitled to a development fee of 5% of development costs, plus reimbursement of certain costs, for development projects performed by us. We are entitled to 1.5% of development costs, plus reimbursement of certain costs, as a supervisory fee for development projects not performed by us. We provide leasing services for fees calculated based on a percentage of rents, less any commissions paid to third-party real estate brokers, if applicable. We jointly provide leasing services for the retail space with Crown Retail Services LLC, and exclusively provide leasing services for the office space. We recognized property management fee income, included in "fee and other income" on our consolidated statements of income, of $3,538,000, $4,276,000 and $4,587,000 for the years ended December 31, 2025, 2024 and 2023, respectively.

Wholly owned subsidiaries of Vornado provide cleaning, security and engineering services at certain Properties. We recognized income for these services, included in "fee and other income" on our consolidated statements of income, of $4,567,000, $4,624,000 and $4,499,000 for the years ended December 31, 2025, 2024 and 2023, respectively.

We believe, based on comparable fees charged by other real estate companies, that the fees described above are consistent with the market.

On January 8, 2025, the Fifth Avenue and Times Square JV completed the sale to UNIQLO of the portion of its U.S. flagship store at 666 Fifth Avenue owned by the joint venture for $350,000,000 and realized net proceeds of $342,000,000. The net proceeds were used to partially redeem Vornado’s preferred equity on the asset. The joint venture continues to own 23,832 square feet of retail space (7,416 square feet at grade) at 666 Fifth Avenue consisting of the Abercrombie & Fitch and Tissot stores. We recognized a financial statement gain of $76,162,000, which is included in “income from partially owned entities” on our consolidated statements of income.

On April 14, 2025, the Fifth Avenue and Times Square JV completed a $450,000,000 financing of 1535 Broadway. The interest-only non-recourse loan bears interest at a fixed rate of 6.90% and matures in May 2030. After transaction costs and reserves, $407,000,000 of the net proceeds from the financing were used to partially redeem Vornado’s preferred equity on the asset.

4. Investments in Partially Owned Entities – continued

Alexander’s, Inc

As of December 31, 2025, we own 1,654,068 Alexander’s common shares, or approximately 32.4% of Alexander’s common equity. We manage, develop and lease Alexander’s properties pursuant to agreements which expire in March of each year and are automatically renewable. As of December 31, 2025 and 2024, Alexander’s owed us an aggregate of $134,000 and $1,159,000, respectively, pursuant to such agreements.

As of December 31, 2025, the market value (“fair value” pursuant to ASC Topic 820, Fair Value Measurements ("ASC 820")) of our investment in Alexander’s, based on Alexander’s December 31, 2025 closing share price of $217.94, was $360,488,000, or $313,212,000 in excess of the carrying amount on our consolidated balance sheet. As of December 31, 2025, the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexander’s by approximately $29,054,000. The majority of this basis difference resulted from the excess of our purchase price for the Alexander’s common stock acquired over the book value of Alexander’s net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Alexander’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not material to our share of equity in Alexander’s net income.

We receive an annual fee for managing Alexander’s and all of its properties equal to the sum of (i) $2,800,000, (ii) 2% of the gross revenue from the Rego Park II Shopping Center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $387,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. In addition, we are entitled to a development fee of 6% of development costs, as defined.

We provide Alexander’s with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through twentieth year of a lease term and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. In the event third party real estate brokers are used, Alexander’s is directly responsible for any third-party lease commissions and, in such circumstances, our fee is one-third of the applicable third-party lease commissions.

Wholly owned subsidiaries of Vornado provide cleaning, engineering, security, and garage management services to certain Alexander’s properties. During the years ended December 31, 2025, 2024 and 2023, we recognized $3,849,000, $4,611,000 and $4,629,000 of income, respectively, for these.

On December 5, 2025, Alexander’s completed a $175,000,000 refinancing of Rego Park II shopping center, located in Queens, New York. The five-year interest-only loan matures in December 2030 and bears interest at a rate of SOFR plus 2.00%. Alexander’s paid down by $23,544,000 the prior $198,544,000 loan that bore interest at a rate of SOFR plus 1.45% and was scheduled to mature in December 2025.

On December 23, 2025, Alexander’s entered into an agreement to restructure the $300,000,000 mortgage loan on the retail condominium portion of 731 Lexington Avenue, which previously bore interest at SOFR plus 1.51%. The restructured loan was split into (i) a $132,500,000 senior A-Note that was purchased by a wholly owned subsidiary of Alexander’s, which bears interest at a fixed rate of 7.00% and (ii) a $167,500,000 junior C-Note held by the lenders of the original loan, which accrues PIK interest at 4.55%. In addition, Alexander’s has the right to fund operating shortfalls, interest on the A-Note and capital for re-leasing at the property through a B-Note, which will be junior to the A-Note and senior to the C-Note. The B-Note bears interest at a fixed rate of 13.50%, except for loan amounts above $65,000,000 used to pay interest on the A-Note, which will bear interest at a fixed rate of 7.00%. The restructured loan matures in December 2035.

Independence Plaza

On June 5, 2025, a joint venture, in which we have a 50.1% interest, completed a $675,000,000 refinancing of Independence Plaza, a 1,328 unit residential complex in the Tribeca submarket of Manhattan. The interest-only non-recourse loan bears interest at a fixed rate of 5.84% and matures in June 2030. The loan replaced the previous $675,000,000 loan that was scheduled to mature in July 2025 and bore interest at 4.25%.

49 West 57th Street

On June 26, 2025, a joint venture, in which we own a 50.0% interest, completed the sale of the 49 West 57th Street commercial condominium. We received net proceeds of $8,650,000 and recognized a financial statement net gain of $2,527,000 which is included in "income from partially owned entities" on our consolidated statements of income.

512 West 22nd Street

On August 14, 2025, a joint venture, in which we own a 55.0% interest, completed the sale of 512 West 22nd Street, a 173,000 square foot office building, for $205,000,000. The joint venture used a portion of the proceeds to repay the $122,930,000 mortgage loan encumbering the property. We received net proceeds of $37,900,000 and recognized a financial statement net gain of $11,002,000, which is included in “income from partially owned entities” on our consolidated statements of income.

4. Investments in Partially Owned Entities – continued

650 Madison Avenue

In October 2025, a joint venture, in which we own a 22.2% interest, received a notice of default (the “Notice”) on the $800,000,000 non-recourse mortgage loan secured by 650 Madison Avenue, a 601,000 square foot Manhattan office and retail building. The Notice asserts that the joint venture is in default under the loan agreement due to its failure to pay the full interest and reserve amounts due and owing under the loan agreement and that the joint venture’s obligations became immediately due and payable. In November 2025, the joint venture cured the default and the loan is currently in good standing.

As previously announced in the fourth quarter of 2022, we wrote off our entire investment in 650 Madison Avenue and accordingly carry this investment at zero on our balance sheet and no longer record our share of net income (loss) from this investment.

Below is a schedule of our investments in partially owned entities.


(Amounts in thousands)	Percentage Ownership as of December 31, 2025	Balance as of December 31,
		2025		2024
Investments:
Fifth Avenue and Times Square JV (see page 87 for details)	51.5%	$	1,538,141	$	2,235,546
Partially owned office buildings/land(1)	Various	148,958		186,190
Alexander’s (see page 88 for details)	32.4%	47,276		68,492
Other equity method investments(2)	Various	206,903		201,250
		$	1,941,278	$	2,691,478
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(65,726)	$	(70,552)
85 Tenth Avenue	49.9%	(25,198)		(18,978)
		$	(90,924)	$	(89,530)

_________________________________________________________________________________________

(1)Includes interests in 280 Park Avenue, 61 Ninth Avenue and others.

(2)Includes interests in Independence Plaza, Sunset Pier 94 Joint Venture (“Pier 94 JV”), Rosslyn Plaza and others.

(3)Our negative basis results from distributions in excess of our investment.

Below is a schedule of income from partially owned entities.


(Amounts in thousands)	Percentage Ownership as of December 31, 2025	For the Year Ended December 31,
		2025		2024		2023
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 87 for details):
Equity in net income	51.5%	$	14,716	$	43,451	$	35,209
Return on preferred equity, net of our share of the expense		27,528		40,668		37,416
Net gain on sale		76,162		—		—
		118,406		84,119		72,625

Alexander's (see page 88 for details):
Equity in net income	32.4%	8,915		13,813		15,441
Management, leasing and development fees		5,717		5,263		5,238
Net gain on sale of land		—		—		16,396
		14,632		19,076		37,075

Partially owned office buildings(1)(2)	Various	(2,705)		(839)		(73,589)

Other equity method investments(3)	Various	10,977		10,108		2,578

		$	141,310	$	112,464	$	38,689

________________________________________

(1)Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street (sold on August 14, 2025), 61 Ninth Avenue, 85 Tenth Avenue and others.

(2)2025 includes the $11,002 gain associated with the sale of 512 West 22nd Street (see page 88 for details) and 2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan.

(3)Includes interests in Independence Plaza, Pier 94 JV, Rosslyn Plaza and others.

4. Investments in Partially Owned Entities – continued

Below is a summary of the debt of our partially owned entities.


(Amounts in thousands)	Percentage Ownership as of December 31, 2025	Maturity(1)	Weighted Average Interest Rate as of December 31, 2025(2)	100% Partially Owned Entities’ Debt(3) as of December 31,
				2025		2024
Mortgages Payable:
Partially owned office buildings(4)(5)	Various	2026-2028	5.15%	$	2,221,500	$	3,146,918
Alexander's	32.4%	2027-2035	4.82%	836,691		996,544
Fifth Avenue and Times Square JV	51.5%	2028-2030	6.73%	1,195,708		753,194
Other(6)	Various	2026-2032	6.31%	1,417,019		1,311,662

________________________________________

(1)Assumes the exercise of as-of-right extension options.

(2)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable.

(3)The Operating Partnership guarantees $303,000 of debt, primarily comprised of the $300,000 mortgage loan on 7 West 34th Street. Upon the refinancing in January 2026, the payment guarantee for the mortgage loan secured by 7 West 34th Street was extinguished.

(4)Includes interests in 280 Park Avenue, 7 West 34th Street, 61 Ninth Avenue, 85 Tenth Avenue and others.

(5)Excludes our 22.2% share of the $800,000 650 Madison mortgage loan. We wrote-off our entire investment in 650 Madison in 2022 and no longer record our share of net income (loss) for this investment. See page 89 for further details.

(6)Includes interests in Independence Plaza, Pier 94 JV, Rosslyn Plaza and others.

Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities was $2,478,544,000 and $2,477,701,000 as of December 31, 2025 and 2024, respectively.

Summary of Condensed Combined Financial Information

The following is a summary of condensed combined financial information for all of our partially owned entities.


(Amounts in thousands)	As of December 31,
	2025		2024
Balance Sheet:
Assets	$	10,575,000	$	11,296,000
Liabilities	7,268,000		7,073,000
Noncontrolling interests	1,151,000		1,905,000
Equity	2,156,000		2,318,000


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024		2023
Income Statement:
Total revenue	$	1,073,000	$	1,119,000	$	1,132,000
Net income	5,000		33,000		34,000
Net loss attributable to the entities	(49,000)		(49,000)		(40,000)

Redeemable Noncontrolling Interests

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interests

Redeemable Noncontrolling Partnership Units

Redeemable noncontrolling partnership units are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period-to-period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and a distribution made to a Class A unitholder is equal to the dividend paid to a Vornado common shareholder.

Below are the details of redeemable noncontrolling partnership units.


(Amounts in thousands, except units and per unit amounts)	Balance as of December 31,						Units Outstanding as of December 31,		Per Unit Liquidation Preference		Preferred or Annual Distribution Rate
Unit Series	2025			2024			2025	2024
Common:
Class A units held by third parties	$	554,136	(1)	$	708,408	(1)	16,650,713	16,850,803	n/a		$	0.74

Perpetual Preferred/Redeemable Preferred:
3.25% D-17 Cumulative Redeemable(2)	$	3,535		$	3,535		141,400	141,400	$	25.00	$	0.8125

________________________________________

(1)Balance reflects the redemption value which is based on Vornado’s quarter-end closing common share price.

Below is a table summarizing the activity of redeemable noncontrolling partnership units.


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024
Beginning balance	$	711,943	$	483,786
Net income	73,871		860
Other comprehensive loss	(5,126)		(693)
Distributions	(12,893)		(12,698)
Redemption of Class A units for Vornado common shares, at redemption value	(51,952)		(15,912)
Redeemable Class A unit measurement adjustment	(183,578)		226,586
Other, net	25,406		30,014
Ending balance	$	557,671	$	711,943

10. Redeemable Noncontrolling Interests - continued

Redeemable Noncontrolling Partnership Units - continued

Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity. Accordingly, the fair value of these units is included as a component of "other liabilities" on our consolidated balance sheets and aggregated $49,465,000 and $49,684,000 as of December 31, 2025 and 2024, respectively. Changes in the value from period-to-period, if any, are charged to “interest and debt expense” on our consolidated statements of income.

Redeemable Noncontrolling Interest in a Consolidated Subsidiary

A consolidated joint venture in which we own a 95% interest, developed and owns the Farley Building. As of December 31, 2025, a historic tax credit investor (the "Tax Credit Investor") has funded $209,661,000 of capital contributions to the Farley Building development.

The arrangement includes a put option whereby the joint venture may be obligated to purchase the Tax Credit Investor’s ownership interest in the Farley Building at a future date. The put price is calculated based on a pre-determined formula. As exercise of the put option is outside of the joint venture’s control, the Tax Credit Investor’s interest, together with the put option, have been recorded to “redeemable noncontrolling interest in a consolidated subsidiary” on our consolidated balance sheets. The redeemable noncontrolling interest is recorded at the greater of the carrying amount or redemption value at the end of each reporting period. Changes in the value from period-to-period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. There was no adjustment required for the years ended December 31, 2025 and 2024.

Redeemable Noncontrolling Interest in a Consolidated Subsidiary

Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary.


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024
Beginning balance	$	122,715	$	154,662
Net loss	(28,854)		(31,167)
Distributions	(4,835)		(4,119)
Contributions	1,254		3,339
Ending balance	$	90,280	$	122,715

Identified Intangible Assets and Liabilities (Schedule of Identified Intangible Assets and Intangible Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross amount	$ 192,555	$ 193,217
Accumulated amortization	(81,962)	(75,002)
Total, net	110,593	118,215
Identified intangible liabilities (included in deferred revenue):
Gross amount	134,499	134,499
Accumulated amortization	(113,271)	(110,982)
Total, net	$ 21,228	$ 23,517

Redeemable Noncontrolling Interests (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Redeemable Noncontrolling Interest
Exchange ratio	1
Fair value conversion ratio	1
Farley Office and Retail Building \| JV
Redeemable Noncontrolling Interest
Equity method ownership percentage	95.00%
Capital contributions	$ 209,661
Redeemable Noncontrolling Partnership Units
Redeemable Noncontrolling Interest
Mandatorily redeemable instruments (included in other liabilities)	$ 49,465	$ 49,684

Investments in Partially Owned Entities (Schedule of Condensed Combined Financial Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Real Estate Properties
Assets	$ 15,521,118	$ 15,998,608
Liabilities	8,716,595	9,826,739
Noncontrolling interests	647,951	834,658
Equity	5,986,727	5,158,242
Total revenues	1,810,425	1,787,686	$ 1,811,163
Net income	937,204	20,116	32,888
Net loss attributable to the entities	904,955	70,387	105,494
Partially Owned Properties
Real Estate Properties
Assets	10,575,000	11,296,000
Liabilities	7,268,000	7,073,000
Noncontrolling interests	1,151,000	1,905,000
Equity	2,156,000	2,318,000
Total revenues	1,073,000	1,119,000	1,132,000
Net income	5,000	33,000	34,000
Net loss attributable to the entities	$ (49,000)	$ (49,000)	$ (40,000)

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Alexander’s, Inc. We own 32.4% of Alexander’s. Steven Roth, the Chairman of Vornado’s Board of Trustee’s and its Chief Executive Officer, is also the Chairman of the Board of Directors and Chief Executive Officer of Alexander’s. We provide various services to Alexander’s in accordance with management, development and leasing agreements. These agreements are described in Note 4 - Investments in Partially Owned Entities. Interstate Properties (“Interstate”) Interstate is a general partnership in which Mr. Roth is the managing general partner. David Mandelbaum and Russell B. Wight, Jr., Trustees of Vornado and Directors of Alexander’s, respectively, are Interstate’s two other general partners. As of December 31, 2025, Interstate and its partners beneficially owned an aggregate of approximately 7.1% of the common shares of beneficial interest of Vornado and 26.0% of Alexander’s common stock. We manage and lease the real estate assets of Interstate pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent. The management agreement has a term of one year and is automatically renewable unless terminated by either of the parties on 60 days’ notice at the end of the term. We believe, based upon comparable fees charged by other real estate companies, that the management agreement terms are consistent with the market. We earned $200,000, $208,000, and $206,000 of management fees under the agreement for the years ended December 31, 2025, 2024 and 2023, respectively. 22. Related Party Transactions - continued Fifth Avenue and Times Square JV We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements. These agreements are described in Note 4 - Investments in Partially Owned Entities. Haim Chera, Executive Vice President - Head of Retail, has an investment in Crown Acquisitions Inc. and Crown Retail Services LLC (collectively, "Crown"), companies controlled by Mr. Chera's family. Crown has a nominal minority interest in Fifth Avenue and Times Square JV. Additionally, we have other investments with Crown.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Investments in Partially Owned Entities (Schedule of Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Mortgage loans on real estate, face amount of mortgages	$ 303,000
Partially Owned Properties
Schedule of Equity Method Investments [Line Items]
Equity method investment pro rata share debt of partially owned entities	2,478,544	$ 2,477,701
7 West 34th Street
Schedule of Equity Method Investments [Line Items]
Mortgage loans on real estate, face amount of mortgages	$ 300,000
Partially owned office buildings
Schedule of Equity Method Investments [Line Items]
Weighted average interest rate	5.15%
Equity method investment debt of partially owned entities	$ 2,221,500	3,146,918
Alexander's
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	32.40%
Weighted average interest rate	4.82%
Equity method investment debt of partially owned entities	$ 836,691	996,544
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	51.50%
Weighted average interest rate	6.73%
Equity method investment debt of partially owned entities	$ 1,195,708	753,194
Other
Schedule of Equity Method Investments [Line Items]
Weighted average interest rate	6.31%
Equity method investment debt of partially owned entities	$ 1,417,019	$ 1,311,662

Organization and Business (Details) ft² in Millions	12 Months Ended
Organization and Business (Details) ft² in Millions	Dec. 31, 2025 ft² property unit building
Alexander's
Real Estate Properties
Equity method ownership percentage	32.40%
New York \| Manhattan
Real Estate Properties
Number of real estate properties \| property	51
New York \| Manhattan \| Office Building
Real Estate Properties
Number of real estate properties \| property	26
Square footage of real estate property (in sqft) \| ft²	19.2
New York \| Manhattan \| Retail
Real Estate Properties
Number of real estate properties \| property	45
Square footage of real estate property (in sqft) \| ft²	2.3
New York \| Manhattan \| Residential Properties
Real Estate Properties
Number of real estate properties \| property	2
Number of units in real estate property \| unit	1,331
New York \| New York City Metropolitan Area \| Alexander's
Real Estate Properties
Number of real estate properties \| property	5
Equity method ownership percentage	32.40%
New York \| New York City Metropolitan Area \| Alexander's \| 731 Lexington Avenue
Real Estate Properties
Square footage of real estate property (in sqft) \| ft²	1.1
New York \| New York City Metropolitan Area \| Residential Properties \| Alexander's
Real Estate Properties
Number of units in real estate property \| unit	312
Other \| Chicago \| THE MART, Illinois
Real Estate Properties
Square footage of real estate property (in sqft) \| ft²	3.7
Other \| San Francisco \| Office Building \| 555 California Street, California
Real Estate Properties
Square footage of real estate property (in sqft) \| ft²	1.8
Number of buildings \| building	3
Other \| San Francisco \| Office Building \| 555 California Street, California \| 555 California Street, California
Real Estate Properties
Equity method ownership percentage	70.00%
Operating Partnership
Real Estate Properties
Common limited partnership interest in the operating partnership	91.30%

Investments in Partially Owned Entities (Fifth Avenue and Times Square JV) (Details) $ in Thousands			12 Months Ended
	Apr. 14, 2025 USD ($)	Jan. 08, 2025 USD ($) ft²	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of real estate			$ 37,374	$ 31,605	$ 24,484
Total revenues			1,810,425	1,787,686	1,811,163
Fee and other income
Schedule of Equity Method Investments [Line Items]
Total revenues			252,184	218,880	203,677
JV \| Fee and other income \| Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Total revenues			$ 4,567	4,624	4,499
JV \| 1535 Broadway
Schedule of Equity Method Investments [Line Items]
Stated rate (as a percent)	6.90%
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			51.50%
Fifth Avenue and Times Square JV \| 666 Fifth Avenue \| Residential Building
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of real estate		$ 342,000
Fifth Avenue and Times Square JV \| 1535 Broadway
Schedule of Equity Method Investments [Line Items]
Proceeds from financing	$ 407,000
Fifth Avenue and Times Square JV \| JV
Schedule of Equity Method Investments [Line Items]
Aggregate of preferred equity interests			$ 1,079,000	1,828,000
Real estate basis difference, carrying amount			$ 709,414
Property management fee agreement percentage of income (as a percent)			2.00%
Development fee (as a percent)			5.00%
Supervisory fee (as a percent)			1.50%
Fifth Avenue and Times Square JV \| JV \| Fee and other income
Schedule of Equity Method Investments [Line Items]
Property management fee income			$ 3,538	$ 4,276	$ 4,587
Fifth Avenue and Times Square JV \| JV \| 666 Fifth Avenue
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of real estate		$ 350,000
Square footage of real estate property (in sqft) \| ft²		23,832
Net gain on sale of land		$ 76,162
Fifth Avenue and Times Square JV \| JV \| 666 Fifth Avenue, At Grade
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in sqft) \| ft²		7,416
Fifth Avenue and Times Square JV \| JV \| 1535 Broadway
Schedule of Equity Method Investments [Line Items]
Proceeds from financing	$ 450,000
Fifth Avenue and Times Square JV \| JV \| Percentage Through April 2029
Schedule of Equity Method Investments [Line Items]
Stated rate (as a percent)			4.75%
Fifth Avenue and Times Square JV \| JV \| Investors
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			48.50%
Equity method effective ownership percentage			47.20%
Fifth Avenue and Times Square JV \| JV \| Vornado Realty Trust
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			51.50%
Equity method effective ownership percentage			51.00%

Multiemployer Benefit Plans	12 Months Ended
Multiemployer Benefit Plans	Dec. 31, 2025
Multiemployer Plan, Pension, Significant [Abstract]
Multiemployer Benefit Plans	Multiemployer Benefit Plans Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining agreements. Multiemployer Pension Plans Multiemployer Pension Plans differ from single-employer pension plans in that (i) contributions to multiemployer plans may be used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make their contributions, each of our participating subsidiaries may be required to bear its then pro rata share of unfunded obligations. If a participating subsidiary withdraws from a plan in which it participates, it may be subject to a withdrawal liability. As of December 31, 2025, our subsidiaries’ participation in these plans was not significant to our consolidated financial statements. During the years ended December 31, 2025, 2024 and 2023, we contributed $9,653,000, $8,059,000 and $7,913,000, respectively, towards Multiemployer Pension Plans, which is included as a component of “operating” expenses on our consolidated statements of income. Our subsidiaries’ contributions did not represent more than 5% of total employer contributions in any of these plans for the years ended December 31, 2025, 2024 and 2023. Multiemployer Health Plans Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired employees. During the years ended December 31, 2025, 2024 and 2023, our subsidiaries contributed $34,880,000, $29,555,000 and $28,764,000, respectively, towards these plans, which is included as a component of “operating” expenses on our consolidated statements of income.

- Definition

The entire disclosure for multiemployer plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-7

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-7

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480547/715-80-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715-80/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-7

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480547/715-80-55-7

+ Details

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2025
Investments, All Other Investments [Abstract]
Acquisitions	Acquisitions Investment in Loan On July 24, 2025, we purchased the $35,000,000 A-Note secured by 3 East 54th Street at par plus accrued interest. The A-Note accrues interest at 4.89% plus 4.00% default interest. The A-Note was recorded to “other assets” on our consolidated balance sheets. We previously acquired the $50,000,000 B-Note secured by the property in August 2024. The A-Note and B-Note were in default. On January 7, 2026, we closed on the acquisition of the property for $141,000,000. The $107,000,000 loan balance, including default interest and advances, was credited towards the purchase price. See Note 24 - Subsequent Events for further details. 623 Fifth Avenue On September 4, 2025, we purchased the 623 Fifth Avenue office condominium, a 36-story, 383,000 square foot building for $218,000,000, which is included in “Development costs and construction in progress” on our consolidated balance sheets. At closing, we borrowed $145,420,000 under our revolving credit facility to partially finance the acquisition. We are redeveloping the asset into a premier, boutique office building.

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In addition, certain prior year balances have been reclassified in order to conform to the current period presentation.
Recently Issued Accounting Literature	Recently Issued Accounting Literature In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted this update effective December 15, 2025. The adoption of ASU 2023-09 did not have a material impact on our disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of these standards on our consolidated financial statements. 2. Basis of Presentation and Significant Accounting Policies - continued Recently Issued Accounting Literature - continued In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”), which provides updates to clarify business combinations involving the exchange of equity interests when the legal entity is a VIE that meets the definition of a business. The guidance should be applied prospectively, effective for the fiscal years beginning after December 15, 2026 and interim reporting periods within fiscal years beginning after December 15, 2026, with early adoption permitted. We will apply the guidance in this update to evaluate future business combinations involving a VIE. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). This ASU updates the cost capitalization threshold for internal-use software development costs by removing all references to software project development stages and providing new guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. ASU 2025-06 is effective for all entities for annual reporting periods beginning after December 15, 2027, with early adoption permitted. Entities may apply the guidance prospectively, retrospectively, or via a modified prospective transition method. We are currently evaluating the impact of this standard on our consolidated financial statements. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements ("ASU 2025-09"). This ASU amends the existing requirements to allow individual forecasted transactions to be hedged in a group if they have similar risk exposure and introduced an alternative model for the application of hedge accounting to cash flow hedges of forecasted interest payments on choose-your-rate ("CYR") debt instruments. Further, the ASU permits an entity to designate a variable price component of a forecasted purchase or sale of a nonfinancial asset if the component is clearly and closely related to the nonfinancial asset being purchased or sold. ASU 2025-09 is effective for all entities for annual reporting periods beginning after December 15, 2026, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements.
Real Estate	Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment, including interest and debt expense, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives of these assets which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess whether the transaction should be accounted for as an asset acquisition or as a business combination. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. Our acquisitions of real estate generally will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related identified intangible assets). We assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments which are on a relative fair value basis. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. 2. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Our properties, including any related right-of-use ("ROU") assets and intangible assets, 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. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on information available at the time the analyses are prepared. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future rental revenues, operating expenses, capital expenditures, discount rates and capitalization rates which could differ materially from actual results.
Partially Owned Entities	Partially Owned Entities: We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider (i) whether the entity is a variable interest entity (“VIE”) in which we are the primary beneficiary or (ii) whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Equity investments that do not qualify for consolidation or equity method accounting are recorded at fair value in accordance with ASC Topic 321, Investments-Equity Securities ("ASC 321") or, if fair value is not readily determinable, are initially recognized at cost and subsequently remeasured if there is an orderly transaction in an identical or similar investment of the same issuer or if the investment is impaired. Investments in unconsolidated partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recorded when there is a decline in the fair value of an investment below its carrying value and we conclude that the decline is other-than-temporary during our intended holding period. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on information available at the time the analyses are prepared. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future rental revenues, operating expenses, capital expenditures, discount rates and capitalization rates which could differ materially from actual results.
Cash And Cash Equivalents	Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit and (ii) Certificate of Deposits placed through an Account Registry Service.
Restricted Cash	Restricted Cash: Restricted cash consists of cash escrowed under loan agreements (including for debt service, real estate taxes, property insurance, leasing costs and capital improvements), security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-Kind exchange and cash restricted in connection with our deferred compensation plan.
Deferred Charges	Deferred Charges: Direct financing costs are deferred and amortized on a straight-line basis, which approximates the effective interest rate method, over the terms of the related agreements as a component of interest expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases.
Revenue Recognition	Revenue Recognition: Rental revenues include revenues from the leasing of space at our properties to tenants, trade shows, tenant services and parking garage revenues. Rental revenues from operating leases are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. The excess of rents recognized over amounts contractually due are included in “receivable arising from the straight-lining of rents” on the consolidated balance sheets. Recoveries from tenants, consisting of amounts due for common area maintenance, real estate taxes, insurance, and other recoverable costs, are generally recognized as rental revenue in the same period as the related expenses are incurred. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC Topic 842, Leases (“ASC 842”). We recognize amortization of acquired below-market leases as an increase to rental revenues and amortization of acquired above-market leases as a decrease to rental revenues over the term of the lease (see Note 8 - Identified Intangible Assets and Liabilities). The Company provides its tenants with certain customary services at their request, such as sub-metered electric, service elevator, trash removal and other services. The revenues derived from these services are recognized in rental revenue as the services are transferred in accordance with ASC Topic 606 “Revenue from Contracts with Customers” (“ASC 606”). We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available information about the financial condition of the tenant, and other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received. Revenues derived from the operations of our parking facilities, which charge hourly or monthly fees to provide parking services to customers, are recognized as the services are transferred in accordance with ASC 606. Revenues from the operation of trade shows at our properties, primarily derived from booth rentals, are recognized when the trade show booths are made available for use by the exhibitors in accordance with ASC 842. We classify revenues derived from management, leasing and other contractual agreements (including BMS cleaning, engineering and security services) with third parties or with partially owned entities as “fee and other income” and recognize revenue as the services are transferred in accordance with ASC 606. We have one lease arrangement classified as a sales-type lease under ASC 842. For sales-type leases, we record a net investment in the lease which is measured as the present value of the fixed and determinable lease payments over the lease term, including the unguaranteed residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. Interest income is measured using the rate implicit in the lease over the lease term to produce a constant periodic rate of return on the net investment in the lease. Sales-type lease income is recorded in “rental revenues” on the consolidated statements of income.
Income Taxes	Income Taxes: Vornado operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856‑860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its REIT taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2025, were characterized, for federal income tax purposes, as 40.6% ordinary income under Section 199A of the Internal Revenue Code, 45.9% long-term capital gain and 13.5% qualified dividend income (taxed as long-term capital gain). Dividends distributed for the years ended December 31, 2024 and 2023 were characterized, for federal income tax purposes, as ordinary income under Section 199A of the Internal Revenue Code. We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. The Farley Building and our 220 Central Park South (“220 CPS”) condominium project are held through taxable REIT subsidiaries.
Redeemable Noncontrolling Partnership Units	Redeemable Noncontrolling Partnership Units Redeemable noncontrolling partnership units are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period-to-period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and a distribution made to a Class A unitholder is equal to the dividend paid to a Vornado common shareholder. Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity.
Unconsolidated & Consolidated VIEs	Unconsolidated VIEs As of December 31, 2025 and 2024, we had several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We primarily account for our investment in these entities under the equity method (see Note 4 – Investments in Partially Owned Entities). Consolidated VIEs Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Farley Building and certain properties that have noncontrolling interests. These entities are VIEs because the noncontrolling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities.
Fair Value Measurements	ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets.

Interest and Debt Expense

12 Months Ended

Dec. 31, 2025

Interest and Debt Expense [Abstract]

Interest and Debt Expense

The following table sets forth the details of interest and debt expense:


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024		2023
Interest expense	$	349,794	$	377,813	$	357,995
Capitalized interest and debt expense	(38,648)		(51,212)		(43,062)
Amortization of interest rate cap premiums	23,466		41,745		10,989
Amortization of deferred financing fees	19,256		21,923		23,301
	$	353,868	$	390,269	$	349,223

Debt (Schedule of Principal Maturities of Mortgages Payable and Unsecured Debt) (Details) - USD ($) $ in Thousands	Jan. 15, 2025	Jan. 31, 2026	Jan. 07, 2026	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument
Long term debt				$ 2,264,959	$ 2,566,862
Mortgages Payable
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2026				525,000
2027				880,000
2028				2,300,000
2029				0
2030				450,000
Thereafter				$ 470,000
Interest rate, effective percentage (in percent)				5.25%
Unsecured Debt
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2026				$ 400,000
2027				1,520,420
2028				0
2029				0
2030				0
Thereafter				350,000
Senior unsecured notes
Debt Instrument
Long term debt				$ 747,202	1,195,914
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
Interest rate, effective percentage (in percent)				2.73%
Senior unsecured notes \| Subsequent Event
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
Debt amount		$ 500,000
Senior Unsecured Notes due June 2026 \| Subsequent Event
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
Debt amount		400,000
Unsecured revolving credit facilities
Debt Instrument
Long term debt				$ 720,420	$ 575,000
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
Interest rate, effective percentage (in percent)				4.05%
Debt amount				$ 720,420
Unsecured revolving credit facilities \| Subsequent Event
Debt Instrument
Long term debt			$ 800,000
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
Debt amount			$ 1,250,000
Mortgage, 606 Broadway
Debt Instrument
Long term debt				74,494
Mortgage , 888 Seventh Avenue
Debt Instrument
Long term debt				$ 244,543
Senior Unsecured Notes Due 2025 \| Senior unsecured notes
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
Repaid on loan	$ 450,000
One Park Avenue \| Senior unsecured notes \| Subsequent Event
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
Maximum borrowing capacity		$ 525,000

Stock-based Compensation (LTPP Units & OPP Units) (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands		1 Months Ended	12 Months Ended
	Feb. 09, 2026	Feb. 28, 2025	Dec. 31, 2025	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
LTPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value			$ 0	$ 9,491		$ 0
Share-based compensation expense				$ 4,670
Units earned under the plan (in shares)				653,779
LTPP \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units earned under the plan (in shares)	437,642
Long-Term Performance Award 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units earned under the plan (in shares)		168,371			240,027
OPP Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting period			4 years
Out Performance Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units earned under the plan (in shares)		827,644
Operational \| LTPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage breakdown of awards			50.00%
Operational \| LTPP \| Comparable FFO per Share
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage breakdown of awards			75.00%
Operational \| LTPP \| Sustainability Performance Metrics
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage breakdown of awards			25.00%
Relative \| LTPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage breakdown of awards			50.00%
Percentage reduction threshold			30.00%
Duration of performance measurement period			3 years
Relative \| LTPP \| Dow Jones U.S. Real Estate Office Index
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage reduction threshold			50.00%
Relative \| LTPP \| Northeast Peer Group Custom Index
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage reduction threshold			50.00%
Absolute \| LTPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage reduction threshold			30.00%
Award requisite service period (in years)			1 year
Absolute \| LTPP \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period (in years)			3 years
Absolute \| LTPP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent vested, year three			50.00%
Percent vested, year four			50.00%
Absolute \| Long-Term Performance Award 2022 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent vested, year three			50.00%
Percent vested, year four			50.00%

Income Per Share and Per Class A Unit (Narrative) (Details)	12 Months Ended
	Dec. 31, 2025
Earnings Per Share [Abstract]
Net income (loss) allocation	1

Investments in Partially Owned Entities (49 West 57th Street) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 26, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Net proceeds from sale of real estate		$ 37,374	$ 31,605	$ 24,484
JV \| 49 West 57th Street
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage	50.00%
49 West 57th Street \| JV
Schedule of Equity Method Investments [Line Items]
Net proceeds from sale of real estate	$ 8,650
Net gain on sale of land	$ 2,527

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

The Company’s operating segments are based on our method of internal reporting which classifies our operations by geographic area. We aggregate these operating segments into two reportable segments, New York and Other, which is based on similar economic characteristics.

Net operating income (“NOI”) at share represents total revenues less operating expenses, including our share of partially owned entities. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer, who considers NOI at share to be the measure of segment profit and loss for making decisions on how to allocate resources and assessing the unlevered performance of our segments as it relates to the return on assets as opposed to the levered return on equity. Asset information by segment is not reported as the CODM does not use this measure to assess segment performance or to make resource allocation decisions.

Below is a summary of financial information by segment for the years ended December 31, 2025, 2024 and 2023.


(Amounts in thousands)	For the Year Ended December 31, 2025
	Total		New York		Other
Total revenues	$	1,810,425	$	1,476,522	$	333,903
Deduct: operating expenses(1)	(919,959)		(766,758)		(153,201)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(41,882)		(13,846)		(28,036)
Add: NOI from partially owned entities	263,315		253,504		9,811
NOI at share	$	1,111,899	$	949,422	$	162,477


(Amounts in thousands)	For the Year Ended December 31, 2024
	Total		New York		Other
Total revenues	$	1,787,686	$	1,471,997	$	315,689




Deduct: operating expenses(1)	(927,796)		(766,347)		(161,449)

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(39,367)		(12,899)		(26,468)
Add: NOI from partially owned entities	279,229		269,159		10,070
NOI at share	$	1,099,752	$	961,910	$	137,842


(Amounts in thousands)	For the Year Ended December 31, 2023
	Total		New York		Other
Total revenues	$	1,811,163	$	1,452,158	$	359,005




Deduct: operating expenses(1)	(905,158)		(733,478)		(171,680)

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(48,553)		(15,547)		(33,006)
Add: NOI from partially owned entities	285,761		274,436		11,325
NOI at share	$	1,143,213	$	977,569	$	165,644

__________________________________

(1) Includes various expenses associated with operating our properties, including but not limited to: real estate taxes, ground rent, insurance, and utilities. Our CODM is not regularly provided with significant expense categories and amounts included within net operating income at share.

23. Segment Information - continued

Below is a reconciliation of NOI at share to income before income taxes for the years ended December 31, 2025, 2024 and 2023.


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024		2023
NOI at share	$	1,111,899	$	1,099,752	$	1,143,213
NOI attributable to noncontrolling interests in consolidated subsidiaries	41,882		39,367		48,553
NOI from partially owned entities	(263,315)		(279,229)		(285,761)
Net gains on disposition of wholly owned and partially owned assets	35,291		16,048		71,199
Gain on sales-type lease	803,248		—		—
Interest and debt expense	(353,868)		(390,269)		(349,223)
Interest and other investment income, net	55,113		45,974		43,287
Income from partially owned entities	141,310		112,464		38,689
Transaction related costs, impairment losses and other	(2,531)		(5,242)		(50,691)
General and administrative expense	(156,115)		(148,520)		(162,883)
Depreciation and amortization expense	(462,201)		(447,500)		(434,273)
Income before income taxes	$	950,713	$	42,845	$	62,110

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Income Per Share and Per Class A Unit - Schedule Of Earnings Per Share Basic And Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income attributable to Vornado/Vornado Realty L.P.	$ 904,955	$ 70,387	$ 105,494
Preferred share dividends/unit distributions	(62,104)	(62,112)	(62,116)
Net income attributable to common shareholders/Class A unitholders	842,851	8,275	43,378
Distributions and earnings allocated to unvested participating securities	0	0	(2)
Numerator for basic income per common share/Class A unit	842,851	8,275	43,376
Impact of assumed conversion of dilutive potential convertible securities	1,409	0	0
Numerator for diluted income per common share/Class A unit	$ 844,260	$ 8,275	$ 43,376
Denominator:
Denominator for basic income per common share - weighted average shares (in shares)	191,759	190,539	191,005
Effect of dilutive securities/units
Share/unit-based awards (in shares)	7,976	6,087	851
Convertible securities (in shares)	1,314	0	0
Denominator for diluted income per common share - weighted average shares and assumed conversions (in shares)	201,049	196,626	191,856
Income per common share:
Basic (in dollars per share)	$ 4.40	$ 0.04	$ 0.23
Diluted (in dollars per share)	$ 4.20	$ 0.04	$ 0.23
Income per common share:
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect (in shares)	0	1,580	3,458
Vornado Realty L.P.
Numerator:
Net income attributable to Vornado/Vornado Realty L.P.	$ 978,826	$ 71,247	$ 108,855
Preferred share dividends/unit distributions	(62,219)	(62,227)	(62,231)
Net income attributable to common shareholders/Class A unitholders	916,607	9,020	46,624
Distributions and earnings allocated to unvested participating securities	(13,265)	(1,964)	(1,323)
Numerator for basic income per common share/Class A unit	903,342	7,056	45,301
Impact of assumed conversion of dilutive potential convertible securities	1,409	0	0
Numerator for diluted income per common share/Class A unit	$ 904,751	$ 7,056	$ 45,301
Denominator:
Denominator for basic income per Class A unit – weighted average units (in shares)	205,697	204,981	205,105
Effect of dilutive securities/units
Share/unit-based awards (in shares)	7,976	6,087	851
Convertible securities (in shares)	1,314	0	0
Denominator for diluted income per Class A unit – weighted average units and assumed conversions (in shares)	214,987	211,068	205,956
Income per common share:
Basic (in dollars per share)	$ 4.39	$ 0.03	$ 0.22
Diluted (in dollars per share)	$ 4.21	$ 0.03	$ 0.22
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect (in shares)	0	1,580	3,458

Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Variable Interest Entity
Carrying amount of investments in partially owned entities	$ 1,941,278	$ 2,691,478
Other assets	294,587	373,454
Assets	15,521,118	15,998,608
Liabilities	8,716,595	9,826,739
Unconsolidated VIEs
Variable Interest Entity
Carrying amount of investments in partially owned entities	264,336	261,443
Other assets	107,166	52,530
Maximum exposure to loss	374,502	316,973
Consolidated VIEs
Variable Interest Entity
Assets	4,734,109	4,804,481
Liabilities	$ 2,744,932	$ 2,738,539

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

+ Details

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Identified Intangible Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Finite-Lived Intangible Assets [Line Items]

Schedule of Identified Intangible Assets and Intangible Liabilities

The following summarizes our identified intangible assets (primarily in-place and above-market leases) and liabilities (primarily below-market leases).


(Amounts in thousands)	Balance as of December 31,
	2025		2024
Identified intangible assets:
Gross amount	$	192,555	$	193,217
Accumulated amortization	(81,962)		(75,002)
Total, net	$	110,593	$	118,215
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	134,499	$	134,499
Accumulated amortization	(113,271)		(110,982)
Total, net	$	21,228	$	23,517

Below Market Leases Net Of Above Market Leases

Finite-Lived Intangible Assets [Line Items]

Schedule of Estimated Annual Amortization

Estimated annual amortization for each of the five succeeding years commencing January 1, 2026 is below:


(Amounts in thousands)
2026	$	292
2027	(247)
2028	(149)
2029	(119)
2030	(539)

Other Identified Intangible Assets

Finite-Lived Intangible Assets [Line Items]

Schedule of Estimated Annual Amortization

Estimated annual amortization for each of the five succeeding years commencing January 1, 2026 is below:


(Amounts in thousands)
2026	$	5,615
2027	5,308
2028	4,175
2029	3,660
2030	3,657

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Interest and Other Investment Income, Net (Tables)

12 Months Ended

Dec. 31, 2025

Interest and Other Income [Abstract]

Schedule of Interest and Other Investment Income, Net

The following table sets forth the details of interest and other investment income, net:


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024		2023
Interest on cash and cash equivalents and restricted cash	$	37,531	$	42,571	$	44,786
Interest on loans receivable	9,618		3,450		1,351
Income (loss) from real estate fund investments(1)	6,047		(47)		1,590
Change in fair value of marketable securities	1,917		—		—
Amortization of discount on investments in U.S. Treasury bills	—		—		3,829
Credit losses on investments	—		—		(8,269)

	$	55,113	$	45,974	$	43,287

________________________________________

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Units	Earnings Less Than Distributions	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interests in Consolidated Subsidiaries	Vornado Realty L.P.	Vornado Realty L.P. Preferred Units	Vornado Realty L.P. Class A Units Owned by Vornado	Vornado Realty L.P. Earnings Less Than Distributions	Vornado Realty L.P. Accumulated Other Comprehensive Income (Loss)	Vornado Realty L.P. Non- controlling Interests in Consolidated Subsidiaries
Beginning balance (in shares) at Dec. 31, 2022		48,793,000					48,793,000
Beginning balance at Dec. 31, 2022	$ 6,076,380	$ 1,182,459	$ (3,894,580)	$ 174,967	$ 236,652	$ 6,076,380	$ 1,182,459	$ 8,376,882	$ (3,894,580)	$ 174,967	$ 236,652
Beginning balance (in shares) at Dec. 31, 2022								191,867,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Vornado/Vornado Realty L.P.	105,494		105,494			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)	(36,582)					(36,582)
Distributions to Vornado						(129,066)			(129,066)
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts)	(62,116)		(62,116)			(62,116)			(62,116)
Class A units issued to Vornado:
Upon redemption of redeemable Class A units, at redemption value (in shares)								539,000
Upon redemption of redeemable Class A units, at redemption value	8,489					8,489		$ 8,489
Under Vornado's dividend reinvestment plan (in shares)								11,000
Under Vornado's dividend reinvestment plan	146					146		$ 146
Contributions	24,033				24,033	24,033					24,033
Distributions	(21,526)				(21,526)	(21,526)					(21,526)
Deferred compensation units and options (in shares)								(2,000)
Deferred compensation units and options	296		(25)			296		$ 321	(25)
Repurchase of Class A units owned by Vornado (in shares)								(2,024,000)
Repurchase of Class A units owned by Vornado	(29,183)		(29,102)			(29,183)		$ (81)	(29,102)
Other comprehensive income (loss) of nonconsolidated subsidiaries	(8,286)			(8,286)		(8,286)				(8,286)
Change in fair value of consolidated interest rate hedges and other	(112,051)			(112,051)		(112,051)				(112,051)
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards	20,668					20,668		20,668
Redeemable Class A unit measurement adjustment	(138,114)			(2,574)		(138,114)		(135,540)		(2,574)
Redeemable partnership units	9,340			9,340		9,340				9,340
Consolidated subsidiaries	0			3,719	(3,719)	0				3,719	(3,719)
Other						(2,636)					(2,636)
Ending balance (in shares) at Dec. 31, 2023		48,793,000					48,793,000
Ending balance at Dec. 31, 2023	5,705,286	$ 1,182,459	(4,009,395)	65,115	196,222	5,705,286	$ 1,182,459	$ 8,270,885	(4,009,395)	65,115	196,222
Ending balance (in shares) at Dec. 31, 2023								190,391,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Vornado/Vornado Realty L.P.	70,387		70,387			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)	(19,964)					(19,964)
Distributions to Vornado						(141,103)			(141,103)
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts)	(62,112)		(62,112)			(62,112)			(62,112)
Class A units issued to Vornado:
Upon redemption of redeemable Class A units, at redemption value (in shares)								449,000
Upon redemption of redeemable Class A units, at redemption value	15,912					15,912		$ 15,912
Conversion of Series A preferred units to common shares (in shares)		(4,000)					(4,000)	7,000
Conversion of Series A preferred units to common shares	0	$ (95)				0	$ (95)	$ 95
Contributions	1,961				1,961	1,961					1,961
Distributions	(1,339)				(1,339)	(1,339)					(1,339)
Other comprehensive income (loss) of nonconsolidated subsidiaries	(6,992)			(6,992)		(6,992)				(6,992)
Change in fair value of consolidated interest rate hedges and other	947			947		947				947
Redeemable Class A unit measurement adjustment	(226,586)			26		(226,586)		(226,612)		26
Redeemable partnership units	693			693		693				693
Consolidated subsidiaries	0			(2,087)	2,087	0				(2,087)	2,087
Other	$ 121		(26)	(2)	2	121		147	(26)	(2)	2
Ending balance (in shares) at Dec. 31, 2024	48,789,180	48,789,000					48,789,000
Ending balance at Dec. 31, 2024	$ 5,337,211	$ 1,182,364	(4,142,249)	57,700	178,969	5,337,211	$ 1,182,364	$ 8,060,427	(4,142,249)	57,700	178,969
Ending balance (in shares) at Dec. 31, 2024	190,846,580							190,847,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Vornado/Vornado Realty L.P.	$ 904,955		904,955			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)	(12,768)					(12,768)
Distributions to Vornado						(141,277)			(141,277)
Distributions to preferred unitholders (see Note 11 for distributions per unit amounts)	(62,104)		(62,104)			(62,104)			(62,104)
Class A units issued to Vornado:
Upon redemption of redeemable Class A units, at redemption value (in shares)								1,280,000
Upon redemption of redeemable Class A units, at redemption value	51,952					51,952		$ 51,952
Under employees' share option plan (in shares)								1,000
Under employees' share option plan	42					42		$ 42
Conversion of Series A preferred units to common shares (in shares)		(1,000)					(1,000)
Conversion of Series A preferred units to common shares	0	$ (19)				0	$ (19)	$ 19
Contributions	10,138				10,138	10,138					10,138
Distributions	(5,339)				(5,339)	(5,339)					(5,339)
Repurchase of Class A units owned by Vornado (in shares)								(1,462,000)
Repurchase of Class A units owned by Vornado	(50,990)		(50,932)			(50,990)		$ (58)	(50,932)
Other comprehensive income (loss) of nonconsolidated subsidiaries	(10,386)			(10,386)		(10,386)				(10,386)
Change in fair value of consolidated interest rate hedges and other	(53,452)			(53,452)		(53,452)				(53,452)
Redeemable Class A unit measurement adjustment	183,578			(30)		183,578		183,608		(30)
Redeemable partnership units	5,126			5,126		5,126				5,126
Consolidated subsidiaries	0			1,037	(1,037)	0				1,037	(1,037)
Other	$ (114)		4		(118)	(114)			4		(118)
Ending balance (in shares) at Dec. 31, 2025	48,788,450	48,788,000					48,788,000
Ending balance at Dec. 31, 2025	$ 6,156,572	$ 1,182,345	$ (3,491,603)	$ (5)	$ 169,845	$ 6,156,572	$ 1,182,345	$ 8,295,990	$ (3,491,603)	$ (5)	$ 169,845
Ending balance (in shares) at Dec. 31, 2025	190,666,367							190,666,000

Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Partially Owned Entities

Below is a schedule of our investments in partially owned entities.


(Amounts in thousands)	Percentage Ownership as of December 31, 2025	Balance as of December 31,
		2025		2024
Investments:
Fifth Avenue and Times Square JV (see page 87 for details)	51.5%	$	1,538,141	$	2,235,546
Partially owned office buildings/land(1)	Various	148,958		186,190
Alexander’s (see page 88 for details)	32.4%	47,276		68,492
Other equity method investments(2)	Various	206,903		201,250
		$	1,941,278	$	2,691,478
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(65,726)	$	(70,552)
85 Tenth Avenue	49.9%	(25,198)		(18,978)
		$	(90,924)	$	(89,530)

_________________________________________________________________________________________

(1)Includes interests in 280 Park Avenue, 61 Ninth Avenue and others.

(2)Includes interests in Independence Plaza, Sunset Pier 94 Joint Venture (“Pier 94 JV”), Rosslyn Plaza and others.

(3)Our negative basis results from distributions in excess of our investment.

Below is a schedule of income from partially owned entities.


(Amounts in thousands)	Percentage Ownership as of December 31, 2025	For the Year Ended December 31,
		2025		2024		2023
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 87 for details):
Equity in net income	51.5%	$	14,716	$	43,451	$	35,209
Return on preferred equity, net of our share of the expense		27,528		40,668		37,416
Net gain on sale		76,162		—		—
		118,406		84,119		72,625

Alexander's (see page 88 for details):
Equity in net income	32.4%	8,915		13,813		15,441
Management, leasing and development fees		5,717		5,263		5,238
Net gain on sale of land		—		—		16,396
		14,632		19,076		37,075

Partially owned office buildings(1)(2)	Various	(2,705)		(839)		(73,589)

Other equity method investments(3)	Various	10,977		10,108		2,578

		$	141,310	$	112,464	$	38,689

________________________________________

(1)Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street (sold on August 14, 2025), 61 Ninth Avenue, 85 Tenth Avenue and others.

(3)Includes interests in Independence Plaza, Pier 94 JV, Rosslyn Plaza and others.

Below is a summary of the debt of our partially owned entities.


(Amounts in thousands)	Percentage Ownership as of December 31, 2025	Maturity(1)	Weighted Average Interest Rate as of December 31, 2025(2)	100% Partially Owned Entities’ Debt(3) as of December 31,
				2025		2024
Mortgages Payable:
Partially owned office buildings(4)(5)	Various	2026-2028	5.15%	$	2,221,500	$	3,146,918
Alexander's	32.4%	2027-2035	4.82%	836,691		996,544
Fifth Avenue and Times Square JV	51.5%	2028-2030	6.73%	1,195,708		753,194
Other(6)	Various	2026-2032	6.31%	1,417,019		1,311,662

________________________________________

(1)Assumes the exercise of as-of-right extension options.

(4)Includes interests in 280 Park Avenue, 7 West 34th Street, 61 Ninth Avenue, 85 Tenth Avenue and others.

(6)Includes interests in Independence Plaza, Pier 94 JV, Rosslyn Plaza and others.

The following is a summary of condensed combined financial information for all of our partially owned entities.


(Amounts in thousands)	As of December 31,
	2025		2024
Balance Sheet:
Assets	$	10,575,000	$	11,296,000
Liabilities	7,268,000		7,073,000
Noncontrolling interests	1,151,000		1,905,000
Equity	2,156,000		2,318,000


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024		2023
Income Statement:
Total revenue	$	1,073,000	$	1,119,000	$	1,132,000
Net income	5,000		33,000		34,000
Net loss attributable to the entities	(49,000)		(49,000)		(40,000)

Investments in Partially Owned Entities (Schedule of Investments) (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 14, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities		$ 1,941,278	$ 2,691,478
Carrying amount of investments in partially owned entities		(90,924)	(89,530)
512 West 22nd Street \| JV
Schedule of Equity Method Investments [Line Items]
Net gain on sale of land	$ 11,002	$ 11,002
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Interest		51.50%
Carrying amount of investments in partially owned entities		$ 1,538,141	2,235,546
Partially owned office buildings/land
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities		$ 148,958	186,190
Alexander's
Schedule of Equity Method Investments [Line Items]
Interest		32.40%
Carrying amount of investments in partially owned entities		$ 47,276	68,492
Net gain on sale of land		0	0	$ 16,396
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Carrying amount of investments in partially owned entities		$ 206,903	201,250
7 West 34th Street
Schedule of Equity Method Investments [Line Items]
Interest		53.00%
Carrying amount of investments in partially owned entities		$ (65,726)	(70,552)
85 Tenth Avenue
Schedule of Equity Method Investments [Line Items]
Interest		49.90%
Carrying amount of investments in partially owned entities		$ (25,198)	(18,978)
280 Park Avenue Mezzanine Loan
Schedule of Equity Method Investments [Line Items]
Net gain on early extinguishment of debt			$ 31,215

Stock-based Compensation (Vornado Stock Options, Performance AO LTIP Units, AO LTIP Units & LTIP Units) (Narrative) (Details) - USD ($)		12 Months Ended
	Jun. 29, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised		$ 42,000	$ 0	$ 0
Exercises in period, intrinsic value		6,000
Aggregate intrinsic value		0
Options exercisable		$ 0
Performance AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value				48,710,000
Vornado stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting period		4 years
Awards expiration term		10 years
Performance AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expiration term		10 years
Aggregate intrinsic value		$ 240,472,000
Performance AO LTIP Units \| 2023 Omnibus Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share)	$ 16.68
Increase in share price (as a percent)		75.00%
Performance AO LTIP Units \| 2023 Omnibus Share Plan \| Fourth Anniversary Of The Grant Date \| Performance condition 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)	80.00%
2023 Performance AO LTIP Units \| 2023 Omnibus Share Plan \| Third Anniversary Of The Grant Date \| Performance condition 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)	20.00%
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expiration term		10 years
Threshold level (as a percent)		100.00%
Special allocation (as a percent)		10.00%
Special distribution (as a percent)		10.00%
Options exercisable		$ 0
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value		2,342,000	2,104,000	45,468,000
Distributions, share-based compensation		1,979,000	2,160,000	1,302,000
Vested in period, fair value		$ 8,949,000	$ 10,707,000	$ 37,198,000
LTIP Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting period		3 years
LTIP Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting period		4 years

Shareholders' Equity/Partners' Capital (Schedule of Preferred Units) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Details Of Preferred Shares Of Beneficial Interest
Dividends on preferred shares	$ 62,104	$ 62,112	$ 62,116
Preferred shares of beneficial interest: authorized shares (in shares)	110,000,000	110,000,000
Preferred shares of beneficial interest	$ 1,182,345	$ 1,182,364
Preferred shares/units outstanding (in shares)	48,788,450	48,789,180
6.5% Series A \| Convertible Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock dividend rate	6.50%	6.50%
Preferred shares of beneficial interest: authorized shares (in shares)	8,450	9,180
Preferred shares of beneficial interest	$ 806	$ 825
Preferred shares/units outstanding (in shares)	8,450	9,180
Preferred stock, liquidation preference (in dollars per share/unit)	$ 50.00	$ 50.00
Preferred stock, annual dividend/ distribution (in dollars per share)	3.25	3.25
Preferred stock, redemption price per share (in dollars per share)	1.9531	1.9531
6.5% Series A \| Convertible Preferred Stock \| Class A Unit
Details Of Preferred Shares Of Beneficial Interest
Preferred stock, redemption price per share (in dollars per share)	$ 1.9531	$ 1.9531
5.40% Series L \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock dividend rate	5.40%	5.40%
Preferred shares of beneficial interest: authorized shares (in shares)	13,800,000	13,800,000
Preferred shares of beneficial interest	$ 290,306	$ 290,306
Preferred shares/units outstanding (in shares)	12,000,000	12,000,000
Preferred stock, liquidation preference (in dollars per share/unit)	$ 25.00	$ 25.00
Preferred stock, annual dividend/ distribution (in dollars per share)	$ 1.35	$ 1.35
5.25% Series M \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock dividend rate	5.25%	5.25%
Preferred shares of beneficial interest: authorized shares (in shares)	13,800,000	13,800,000
Preferred shares of beneficial interest	$ 308,946	$ 308,946
Preferred shares/units outstanding (in shares)	12,780,000	12,780,000
Preferred stock, liquidation preference (in dollars per share/unit)	$ 25.00	$ 25.00
Preferred stock, annual dividend/ distribution (in dollars per share)	$ 1.3125	$ 1.3125
5.25% Series N \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock dividend rate	5.25%	5.25%
Preferred shares of beneficial interest: authorized shares (in shares)	12,000,000	12,000,000
Preferred shares of beneficial interest	$ 291,134	$ 291,134
Preferred shares/units outstanding (in shares)	12,000,000	12,000,000
Preferred stock, liquidation preference (in dollars per share/unit)	$ 25.00	$ 25.00
Preferred stock, annual dividend/ distribution (in dollars per share)	$ 1.3125	$ 1.3125
4.45% Series O \| Redeemable Preferred Stock
Details Of Preferred Shares Of Beneficial Interest
Preferred stock dividend rate	4.45%	4.45%
Preferred shares of beneficial interest: authorized shares (in shares)	12,000,000	12,000,000
Preferred shares of beneficial interest	$ 291,153	$ 291,153
Preferred shares/units outstanding (in shares)	12,000,000	12,000,000
Preferred stock, liquidation preference (in dollars per share/unit)	$ 25.00	$ 25.00
Preferred stock, annual dividend/ distribution (in dollars per share)	$ 1.1125	$ 1.1125

Leases (Schedule of Future Undiscounted Cash Flows Under Non-Cancelable Operating Leases) (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2026	$ 1,247,189
2027	1,244,027
2028	1,250,190
2029	1,151,259
2030	1,054,372
Thereafter	$ 8,022,048

Stock-based Compensation (Schedule of Restricted LTIP Unit ) (Details) - LTIP Units	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Units
Outstanding at December 31 , 2024 (in shares) \| shares	2,919,095
Granted (in shares) \| shares	83,477
Vested (in shares) \| shares	(328,481)
Outstanding at December 31 , 2025 (in shares) \| shares	2,674,091
Weighted-Average Grant-Date Fair Value
Outstanding, Weighted average grant date fair value at December 31 , 2024 (in dollars per share) \| $ / shares	$ 15.97
Granted (in dollars per share) \| $ / shares	28.06
Vested (in dollars per share) \| $ / shares	27.24
Outstanding, Weighted average grant date fair value at December 31 , 2025 (in dollars per share) \| $ / shares	$ 14.96

Segment Information (Net Income (Loss) to NOI Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
NOI at share	$ 1,111,899	$ 1,099,752	$ 1,143,213
NOI attributable to noncontrolling interests in consolidated subsidiaries	41,882	39,367	48,553
NOI from partially owned entities	(263,315)	(279,229)	(285,761)
Net gains on disposition of wholly owned and partially owned assets	35,291	16,048	71,199
Interest and debt expense	(353,868)	(390,269)	(349,223)
Interest and other investment income, net	55,113	45,974	43,287
Income from partially owned entities	141,310	112,464	38,689
Transaction related costs, impairment losses and other	(2,531)	(5,242)	(50,691)
General and administrative	(156,115)	(148,520)	(162,883)
Depreciation and amortization expense	(462,201)	(447,500)	(434,273)
Income before income taxes	$ 950,713	$ 42,845	$ 62,110

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In addition, certain prior year balances have been reclassified in order to conform to the current period presentation. Recently Issued Accounting Literature In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted this update effective December 15, 2025. The adoption of ASU 2023-09 did not have a material impact on our disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of these standards on our consolidated financial statements. 2. Basis of Presentation and Significant Accounting Policies - continued Recently Issued Accounting Literature - continued In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”), which provides updates to clarify business combinations involving the exchange of equity interests when the legal entity is a VIE that meets the definition of a business. The guidance should be applied prospectively, effective for the fiscal years beginning after December 15, 2026 and interim reporting periods within fiscal years beginning after December 15, 2026, with early adoption permitted. We will apply the guidance in this update to evaluate future business combinations involving a VIE. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). This ASU updates the cost capitalization threshold for internal-use software development costs by removing all references to software project development stages and providing new guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. ASU 2025-06 is effective for all entities for annual reporting periods beginning after December 15, 2027, with early adoption permitted. Entities may apply the guidance prospectively, retrospectively, or via a modified prospective transition method. We are currently evaluating the impact of this standard on our consolidated financial statements. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements ("ASU 2025-09"). This ASU amends the existing requirements to allow individual forecasted transactions to be hedged in a group if they have similar risk exposure and introduced an alternative model for the application of hedge accounting to cash flow hedges of forecasted interest payments on choose-your-rate ("CYR") debt instruments. Further, the ASU permits an entity to designate a variable price component of a forecasted purchase or sale of a nonfinancial asset if the component is clearly and closely related to the nonfinancial asset being purchased or sold. ASU 2025-09 is effective for all entities for annual reporting periods beginning after December 15, 2026, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements. Significant Accounting Policies Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment, including interest and debt expense, are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the estimated useful lives of these assets which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess whether the transaction should be accounted for as an asset acquisition or as a business combination. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. Our acquisitions of real estate generally will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related identified intangible assets). We assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments which are on a relative fair value basis. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. 2. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Our properties, including any related right-of-use ("ROU") assets and intangible assets, 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. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on information available at the time the analyses are prepared. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future rental revenues, operating expenses, capital expenditures, discount rates and capitalization rates which could differ materially from actual results. Partially Owned Entities: We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider (i) whether the entity is a variable interest entity (“VIE”) in which we are the primary beneficiary or (ii) whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Equity investments that do not qualify for consolidation or equity method accounting are recorded at fair value in accordance with ASC Topic 321, Investments-Equity Securities ("ASC 321") or, if fair value is not readily determinable, are initially recognized at cost and subsequently remeasured if there is an orderly transaction in an identical or similar investment of the same issuer or if the investment is impaired. Investments in unconsolidated partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recorded when there is a decline in the fair value of an investment below its carrying value and we conclude that the decline is other-than-temporary during our intended holding period. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on information available at the time the analyses are prepared. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future rental revenues, operating expenses, capital expenditures, discount rates and capitalization rates which could differ materially from actual results. Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit and (ii) Certificate of Deposits placed through an Account Registry Service. Restricted Cash: Restricted cash consists of cash escrowed under loan agreements (including for debt service, real estate taxes, property insurance, leasing costs and capital improvements), security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-Kind exchange and cash restricted in connection with our deferred compensation plan. Deferred Charges: Direct financing costs are deferred and amortized on a straight-line basis, which approximates the effective interest rate method, over the terms of the related agreements as a component of interest expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. 2. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Revenue Recognition: Rental revenues include revenues from the leasing of space at our properties to tenants, trade shows, tenant services and parking garage revenues. Rental revenues from operating leases are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. The excess of rents recognized over amounts contractually due are included in “receivable arising from the straight-lining of rents” on the consolidated balance sheets. Recoveries from tenants, consisting of amounts due for common area maintenance, real estate taxes, insurance, and other recoverable costs, are generally recognized as rental revenue in the same period as the related expenses are incurred. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC Topic 842, Leases (“ASC 842”). We recognize amortization of acquired below-market leases as an increase to rental revenues and amortization of acquired above-market leases as a decrease to rental revenues over the term of the lease (see Note 8 - Identified Intangible Assets and Liabilities). The Company provides its tenants with certain customary services at their request, such as sub-metered electric, service elevator, trash removal and other services. The revenues derived from these services are recognized in rental revenue as the services are transferred in accordance with ASC Topic 606 “Revenue from Contracts with Customers” (“ASC 606”). We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available information about the financial condition of the tenant, and other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received. Revenues derived from the operations of our parking facilities, which charge hourly or monthly fees to provide parking services to customers, are recognized as the services are transferred in accordance with ASC 606. Revenues from the operation of trade shows at our properties, primarily derived from booth rentals, are recognized when the trade show booths are made available for use by the exhibitors in accordance with ASC 842. We classify revenues derived from management, leasing and other contractual agreements (including BMS cleaning, engineering and security services) with third parties or with partially owned entities as “fee and other income” and recognize revenue as the services are transferred in accordance with ASC 606. We have one lease arrangement classified as a sales-type lease under ASC 842. For sales-type leases, we record a net investment in the lease which is measured as the present value of the fixed and determinable lease payments over the lease term, including the unguaranteed residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. Interest income is measured using the rate implicit in the lease over the lease term to produce a constant periodic rate of return on the net investment in the lease. Sales-type lease income is recorded in “rental revenues” on the consolidated statements of income. 2. Basis of Presentation and Significant Accounting Policies - continued Significant Accounting Policies - continued Income Taxes: Vornado operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856‑860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its REIT taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2025, were characterized, for federal income tax purposes, as 40.6% ordinary income under Section 199A of the Internal Revenue Code, 45.9% long-term capital gain and 13.5% qualified dividend income (taxed as long-term capital gain). Dividends distributed for the years ended December 31, 2024 and 2023 were characterized, for federal income tax purposes, as ordinary income under Section 199A of the Internal Revenue Code. We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. The Farley Building and our 220 Central Park South (“220 CPS”) condominium project are held through taxable REIT subsidiaries. As of December 31, 2025 and 2024, our taxable REIT subsidiaries had deferred tax assets, net of valuation allowances, of $3,385,000 and $6,142,000, respectively, which are included in “other assets” on our consolidated balance sheets. As of December 31, 2025 and 2024, our taxable REIT subsidiaries had deferred tax liabilities of $88,153,000 and $84,877,000, respectively, which are included in "other liabilities" on our consolidated balance sheets. The deferred tax assets relate to net operating loss carry forwards and temporary differences between the book and tax basis of our assets. The deferred tax liabilities relate to temporary differences between the book and tax basis of our assets. As of December 31, 2025, our taxable REIT subsidiaries have an estimated $193,000,000 of federal net operating loss ("NOL") carryforwards and $232,000,000 of state and local NOL carryforwards, which are reduced by valuation allowances of $184,000,000 for federal NOL carryforwards and $232,000,000 for state and local NOL carryforwards. The NOL carryforwards are subject to certain limitations. For the year ended December 31, 2025, we recognized $13,509,000 of income tax expense based on an effective tax rate of approximately 1.4%. For the years ended December 31, 2024 and 2023, we recognized $22,729,000 and $29,222,000, respectively of income tax expense, based on effective tax rates of approximately 53.0% and 47.0%, respectively. Income tax expense recorded in each of the years primarily relates to our consolidated taxable REIT subsidiaries, and certain state, local, and franchise taxes. The year ended December 31, 2025 included $13,176,000 of income tax expense resulting from book to tax differences (primarily straight-line rent adjustments and depreciation) on our investment in The Farley Building and $4,051,000 of income tax expense recognized on the sale of 220 CPS condominium units. The year ended December 31, 2024 included $14,353,000 of income tax expense resulting from book to tax differences (primarily straight-line rent adjustments and depreciation) on our investment in The Farley Building and $2,106,000 of income tax expense recognized on the sale of 220 CPS condominium units. The year ended December 31, 2023 included $11,722,000 of income tax expense resulting from book to tax differences on our investment in The Farley Building and $2,168,000 of income tax expense recognized on the sale of 220 CPS condominium units. The Company has no uncertain tax positions recognized as of December 31, 2025 and 2024. The Operating Partnership’s partners are required to report their respective share of taxable income on their individual tax returns. The estimated taxable income attributable to Vornado common shareholders (unaudited) for the years ended December 31, 2025, 2024 and 2023 was approximately $141,029,000, $145,630,000, and $102,903,000, respectively. The book to tax differences between net income and estimated taxable income primarily result from differences in the income recognition or deductibility of depreciation and amortization, gain or loss from the sale of real estate and other capital transactions, impairment losses, straight-line rent adjustments, stock compensation expense and repairs expense related to the tangible property regulations. The net basis of Vornado’s assets and liabilities for tax reporting purposes is approximately $1.6 billion lower than the amounts reported in Vornado’s consolidated balance sheet as of December 31, 2025.

Related Party Transactions (Details) - Affiliated Entity $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) partner	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Alexander's
Related Party Transaction
Percentage of affiliated entity owned by company	32.40%
Number of other general partners \| partner	2
Percentage of affiliated entity owned by related parties	26.00%
Interstate Properties
Related Party Transaction
Percentage of company owned by related party	7.10%
Related party transaction annual fee percentage	4.00%
Term of management agreement	1 year
Period allowed for termination of automatic renewal of management agreement	60 days
Fee and other income from related parties \| $	$ 200	$ 208	$ 206

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We employ a comprehensive risk management strategy for the assessment, identification and management of material risks stemming from cybersecurity threats. Our methodologies involve a systematic evaluation of potential threats, vulnerabilities, and their potential impacts on our organization’s operations, data, and systems. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program, including legal, compliance, strategic, operational, and financial risk areas. Our cybersecurity risk management program includes: •Risk assessments designed to help identify material cybersecurity risks to our critical systems, information, and our broader enterprise IT environment; •A team principally responsible for managing our (i) cybersecurity risk assessment processes, (ii) security controls and (iii) response to cybersecurity incidents; •The use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls; •Cybersecurity awareness training of our employees, incident response personnel and senior management, including through the use of third-party providers for regular mandatory trainings; •A cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and •A risk management process for third-party service providers, suppliers, and vendors. We employ rigorous vetting processes and ongoing monitoring mechanisms designed to ensure their compliance with cybersecurity standards.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program, including legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Trustee’s considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees management’s implementation of our cybersecurity risk management program. The Committee receives periodic reports from management on our potential cybersecurity risks and threats and receives presentations on cybersecurity topics from our Chief Information Officer. The Committee reports to the full Board of Trustees regarding its activities, including those related to cybersecurity. The full Board of Trustees also receives briefings from management on cybersecurity matters as needed.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our management team, including our Chief Information Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Information Officer has many years of experience leading cybersecurity oversight and overall has broad, extensive experience with information technology, including security, auditing, compliance, systems and programming.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Committee receives periodic reports from management on our potential cybersecurity risks and threats and receives presentations on cybersecurity topics from our Chief Information Officer. The Committee reports to the full Board of Trustees regarding its activities, including those related to cybersecurity. The full Board of Trustees also receives briefings from management on cybersecurity matters as needed. Our management team, including our Chief Information Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Information Officer has many years of experience leading cybersecurity oversight and overall has broad, extensive experience with information technology, including security, auditing, compliance, systems and programming. Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment. Our cybersecurity incident response plan governs our assessment and response upon the occurrence of a material cybersecurity incident, including the process for informing senior management and our Board of Trustees.
Cybersecurity Risk Role of Management [Text Block]	Our management team, including our Chief Information Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Information Officer has many years of experience leading cybersecurity oversight and overall has broad, extensive experience with information technology, including security, auditing, compliance, systems and programming. Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment. Our cybersecurity incident response plan governs our assessment and response upon the occurrence of a material cybersecurity incident, including the process for informing senior management and our Board of Trustees.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management team, including our Chief Information Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Information Officer has many years of experience leading cybersecurity oversight and overall has broad, extensive experience with information technology, including security, auditing, compliance, systems and programming.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Information Officer has many years of experience leading cybersecurity oversight and overall has broad, extensive experience with information technology, including security, auditing, compliance, systems and programming.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our management team, including our Chief Information Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Information Officer has many years of experience leading cybersecurity oversight and overall has broad, extensive experience with information technology, including security, auditing, compliance, systems and programming.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

770 Broadway (Narrative) (Details) ft² in Thousands, $ in Thousands		12 Months Ended
	May 05, 2025 USD ($) ft²	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Real Estate [Line Items]
Prepaid lease payment		$ (901,409)	$ 0	$ 0
Net investment in lease		166,024	0
Asset unguaranteed residual value		16,162
Gain on sales-type lease		$ 803,248	$ 0	$ 0
770 Broadway \| New York University (“NYU”)
Real Estate [Line Items]
Square footage of real estate property (in sqft) \| ft²	1,076
Lessor, sales-type lease, term of contract	70 years
Prepaid lease payment	$ 935,000
Annual lease payments	9,281
Net investment in lease	165,487
Asset unguaranteed residual value	15,308
Sales-type lease, derecognized assets	266,112
Gain on sales-type lease	$ 803,248
770 Broadway \| New York University (“NYU”) \| Vornado
Real Estate [Line Items]
Square footage of real estate property (in sqft) \| ft²	92
770 Broadway \| New York University (“NYU”) \| Mortage Loan
Real Estate [Line Items]
Repaid on loan	$ 700,000

Investments in Partially Owned Entities (Schedule of Income (Loss) ) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity in net income	$ 141,310	$ 112,464	$ 38,689
Return on preferred equity, net of our share of the expense	114,754	142,880	172,873
Net gain on sale	0	0	(45,007)
Our share of net income (loss)	$ 141,310	112,464	38,689
Fifth Avenue and Times Square JV
Schedule of Equity Method Investments [Line Items]
Interest	51.50%
Equity in net income	$ 14,716	43,451	35,209
Return on preferred equity, net of our share of the expense	27,528	40,668	37,416
Net gain on sale	76,162	0	0
Our share of net income (loss)	$ 118,406	84,119	72,625
Alexander's
Schedule of Equity Method Investments [Line Items]
Interest	32.40%
Equity in net income	$ 8,915	13,813	15,441
Management, leasing and development fees	5,717	5,263	5,238
Net gain on sale of land	0	0	16,396
Our share of net income (loss)	14,632	19,076	37,075
Partially owned office buildings
Schedule of Equity Method Investments [Line Items]
Our share of net income (loss)	(2,705)	(839)	(73,589)
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Our share of net income (loss)	$ 10,977	$ 10,108	$ 2,578

Transaction Related Costs, Impairment losses and Other

12 Months Ended

Dec. 31, 2025

The following table sets forth the details of transaction related costs, impairment losses and other:


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024		2023
Transaction related costs and other, net	$	1,989	$	5,242	$	5,684
Real estate impairment losses	542		—		45,007

	$	2,531	$	5,242	$	50,691

Acquisitions (Details) ft² in Thousands, $ in Thousands	Jan. 07, 2026 USD ($)	Sep. 04, 2025 USD ($) ft² story	Jul. 24, 2025 USD ($)	Aug. 31, 2024 USD ($)
623 Fifth Avenue
Accounts, Notes, Loans and Financing Receivable [Line Items]
Acquisition costs		$ 218,000
Number of stories \| story		36
Proceeds on loan		$ 145,420
JV \| 623 Fifth Avenue
Accounts, Notes, Loans and Financing Receivable [Line Items]
Square footage of real estate property (in sqft) \| ft²		383
Real Estate \| Subsequent Event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Acquisition costs	$ 141,000
Outstanding loan balance	$ 107,000
A-Note \| Loans Receivable \| Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note			$ 35,000
Interest rate (in percent)			4.89%
Default interest rate (in percent)			4.00%
B-Note \| Loans Receivable \| Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note				$ 50,000

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events 3 East 54th Street On January 7, 2026, we closed on the acquisition of 3 East 54th Street, a demolition-ready asset situated on 18,400 square feet of land, for $141,000,000. We acquired the mortgage on this property in two transactions in 2024 and 2025, and the loan balance has accrued to $107,000,000, including default interest and advances. In connection with the acquisition, the $107,000,000 loan balance was credited towards the purchase price. 3 East 54th Street is located between Fifth Avenue and Madison Avenue on 54th Street, adjacent to the St. Regis Hotel and our Upper Fifth Avenue retail properties. The land is zoned for approximately 232,500 buildable square feet as-of-right, and we intend to promptly demolish the existing buildings on the site. 2031 Revolving Credit Facility On January 7, 2026, we completed a $1.105 billion refinancing of one of our two revolving credit facilities. On February 4, 2026, the facility was upsized to $1.130 billion. The $1.130 billion amended facility currently bears interest at a rate of SOFR plus 1.05% and is scheduled to mature in February 2031 (as fully extended). The facility fee is 25 basis points. The facility replaced the previous $1.25 billion revolving credit facility which was scheduled to mature in December 2027. 2029 Revolving Credit Facility On January 7, 2026, we upsized our $915,000,000 revolving credit facility that matures in April 2029 (as fully extended) to $1.0 billion. The credit facility currently bears interest at a rate of SOFR plus 1.16% and has a facility fee of 0.24%. Unsecured Term Loan On January 7, 2026, we completed a refinancing of our unsecured term loan and upsized the loan amount to $850,000,000. The loan bears interest at SOFR plus 1.20% and matures in February 2031 (as fully extended). The loan replaced the previous $800,000,000 term loan which bore interest at SOFR plus 1.25% and was scheduled to mature in December 2027. Senior Unsecured Notes Due 2033 On January 14, 2026, we completed a public offering of $500,000,000 5.75% senior unsecured notes due February 1, 2033 (“2033 Notes”). Interest on the senior unsecured notes is payable semi-annually on February 1 and August 1, commencing August 1, 2026. The 2033 Notes were sold at 99.824% of their face amount to yield 5.78%. A portion of the $494,000,000 net proceeds from the 2033 Notes will be used to repay our $400,000,000 senior unsecured notes due June 2026 at maturity. 7 West 34th Street On January 23, 2026, a joint venture, in which we have a 53.0% interest, completed a $250,000,000 refinancing of 7 West 34th Street, a 477,000 square foot Manhattan office and retail building. The non-recourse, five-year interest only mortgage loan matures in February 2031 and has a fixed rate of 5.79%. The joint venture paid down by $50,000,000 the prior $300,000,000 full-recourse loan that bore interest at 3.65% and was scheduled to mature in June 2026. The loan was paid down using property-level reserves and a $25,000,000 member loan from Vornado which accrues interest at 16.00% and receives priority on cash flow distributions. 24. Subsequent Events - continued 825 Seventh Avenue Office Condominium On January 26, 2026, a joint venture, in which we have a 50.0% interest, entered into a nine-month extension with the lenders on the $54,000,000 mortgage loan encumbering the office condominium of 825 Seventh Avenue and simultaneously paid down the principal balance by $6,000,000 to $48,000,000. The loan was previously scheduled to mature in January 2026. The non-recourse interest only loan bears interest at a rate of SOFR plus 2.75% and matures in October 2026, with a fifteen-month extension option subject to loan-to-value and debt yield requirements. 61 Ninth Avenue On February 2, 2026, a joint venture, in which we have a 45.1% interest, entered into a seven-month extension with the lenders on the $167,500,000 mortgage loan encumbering 61 Ninth Avenue and simultaneously paid down the principal balance by $12,500,000 to $155,000,000. The loan was previously scheduled to mature in January 2026. The non-recourse interest only loan bears interest at a rate of SOFR plus 2.45% and matures in August 2026, with a three-month extension option subject to certain conditions. One Park Avenue On February 9, 2026, we completed a $525,000,000 refinancing of One Park Avenue, a 945,000 square foot Manhattan office building. The five-year interest-only loan matures in February 2031 and bears interest at a rate of SOFR plus 1.78%. The loan replaced the previous $525,000,000 loan that bore interest at SOFR plus 1.22% and was scheduled to mature in March 2026.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Capital	Earnings Less Than Distributions	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interests in Consolidated Subsidiaries
Beginning balance (in shares) at Dec. 31, 2022		48,793,000
Beginning balance at Dec. 31, 2022	$ 6,076,380	$ 1,182,459	$ 7,654	$ 8,369,228	$ (3,894,580)	$ 174,967	$ 236,652
Beginning balance (in shares) at Dec. 31, 2022			191,867,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Vornado/Vornado Realty L.P.	105,494				105,494
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(36,582)						(36,582)
Dividends on common shares	(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 (in shares)			539,000
Upon redemption of Class A units, at redemption value	8,489		$ 21	8,468
Under dividend reinvestment plan (in shares)			11,000
Under dividend reinvestment plan	146			146
Contributions	24,033						24,033
Distributions	(21,526)						(21,526)
Deferred compensation shares and options (in shares)			(2,000)
Deferred compensation shares and options	296			321	(25)
Repurchase of common shares (in shares)			(2,024,000)
Repurchase of common shares	(29,183)		$ (81)		(29,102)
Other comprehensive income (loss) of nonconsolidated subsidiaries	(8,286)					(8,286)
Change in fair value of consolidated interest rate hedges 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	(138,114)			(135,540)		(2,574)
Operating Partnership	9,340					9,340
Consolidated subsidiaries	0					3,719	(3,719)
Deconsolidation of partially owned entity	(2,636)						(2,636)
Ending balance (in shares) at Dec. 31, 2023		48,793,000
Ending balance at Dec. 31, 2023	5,705,286	$ 1,182,459	$ 7,594	8,263,291	(4,009,395)	65,115	196,222
Ending balance (in shares) at Dec. 31, 2023			190,391,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Vornado/Vornado Realty L.P.	70,387				70,387
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(19,964)						(19,964)
Dividends on common shares	(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 (in shares)			449,000
Upon redemption of Class A units, at redemption value	15,912		$ 18	15,894
Conversion of Series A preferred shares to common shares (in shares)		(4,000)	7,000
Conversion of Series A preferred shares to common shares	0	$ (95)		95
Contributions	1,961						1,961
Distributions	(1,339)						(1,339)
Other comprehensive income (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	(226,586)			(226,612)		26
Operating Partnership	693					693
Consolidated subsidiaries	0					(2,087)	2,087
Other	$ 121		$ 22	125	(26)	(2)	2
Ending balance (in shares) at Dec. 31, 2024	48,789,180	48,789,000
Ending balance at Dec. 31, 2024	$ 5,337,211	$ 1,182,364	$ 7,634	8,052,793	(4,142,249)	57,700	178,969
Ending balance (in shares) at Dec. 31, 2024	190,846,580		190,847,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Vornado/Vornado Realty L.P.	$ 904,955				904,955
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(12,768)						(12,768)
Dividends on common shares	(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 (in shares)			1,280,000
Upon redemption of Class A units, at redemption value	51,952		$ 51	51,901
Under employees' share option plan (in shares)			1,000
Under employees' share option plan	42			42
Conversion of Series A preferred shares to common shares (in shares)		(1,000)
Conversion of Series A preferred shares to common shares	0	$ (19)		19
Contributions	10,138						10,138
Distributions	(5,339)						(5,339)
Repurchase of common shares (in shares)			(1,462,000)
Repurchase of common shares	(50,990)		$ (58)		(50,932)
Other comprehensive income (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	183,578			183,608		(30)
Operating Partnership	5,126					5,126
Consolidated subsidiaries	0					1,037	(1,037)
Other	$ (114)				4		(118)
Ending balance (in shares) at Dec. 31, 2025	48,788,450	48,788,000
Ending balance at Dec. 31, 2025	$ 6,156,572	$ 1,182,345	$ 7,627	$ 8,288,363	$ (3,491,603)	$ (5)	$ 169,845
Ending balance (in shares) at Dec. 31, 2025	190,666,367		190,666,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 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	0	0
Gain on sales-type lease	(803,248)	0	0
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	0	0	45,007
Credit losses on investments	0	0	8,269
Net realized and unrealized gain on real estate fund investments	0	0	(1,861)
Return of capital from real estate fund investments	0	0	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	0	0
Acquisitions of real estate and other	(296,681)	0	(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	0	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)	0
Proceeds from maturities of U.S. Treasury bills	0	0	468,598
Proceeds from repayment of participation in 150 West 34th Street mortgage loan	0	0	105,000
Deconsolidation of cash and restricted cash held by a previously consolidated entity	0	0	(14,216)
Net cash provided by (used in) investing activities	115,507	(597,365)	(128,788)
Cash Flows from Financing Activities:
Repayments of borrowings	(1,903,513)	(97,439)	(148,000)
Proceeds from borrowings	835,794	75,000	0
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)	0	(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 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
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:
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	0
Initial investment in Sunset Pier 94 Joint Venture upon contribution of leasehold interest	0	0	50,090
770 Broadway
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:
Real estate	172,120	0	0
Receivable arising from the straight-lining of rents	26,362	0	0
Deferred leasing costs, net of accumulated amortization	60,308	0	0
Other	7,322	0	0
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94:
Real estate	172,120	0	0
Pier 94
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:
Real estate	0	0	21,693
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94:
Real estate	0	0	21,693
Right-of-use assets	0	0	7,081
Lease liabilities	$ 0	$ 0	$ (20,692)

Stock-based Compensation (Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 25,479	$ 30,172	$ 43,201
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	12,090	14,044	22,179
Performance AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	11,103	12,774	11,426
LTPP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,901	2,519	7,189
OPP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	385	835	1,992
Vornado stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	0	162
Vornado restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	0	159
AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 0	$ 94

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
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	0
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
Assets	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:
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' / 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
Total liabilities, redeemable noncontrolling interests / partnership units and equity	15,521,118	15,998,608
Partnership Interest
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 interests	557,671	711,943
Redeemable noncontrolling interest in a consolidated subsidiary
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	$ 90,280	$ 122,715

Stock-based Compensation (Schedule of Unrecognized Compensation Expense) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 21,500
Weighted-Average Remaining Amortization Period	1 year 3 months 18 days
Performance AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 13,124
Weighted-Average Remaining Amortization Period	1 year 4 months 24 days
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 7,716
Weighted-Average Remaining Amortization Period	1 year 2 months 12 days
LTPP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 660
Weighted-Average Remaining Amortization Period	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Information

Below is a summary of financial information by segment for the years ended December 31, 2025, 2024 and 2023.


(Amounts in thousands)	For the Year Ended December 31, 2025
	Total		New York		Other
Total revenues	$	1,810,425	$	1,476,522	$	333,903
Deduct: operating expenses(1)	(919,959)		(766,758)		(153,201)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(41,882)		(13,846)		(28,036)
Add: NOI from partially owned entities	263,315		253,504		9,811
NOI at share	$	1,111,899	$	949,422	$	162,477


(Amounts in thousands)	For the Year Ended December 31, 2024
	Total		New York		Other
Total revenues	$	1,787,686	$	1,471,997	$	315,689




Deduct: operating expenses(1)	(927,796)		(766,347)		(161,449)

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(39,367)		(12,899)		(26,468)
Add: NOI from partially owned entities	279,229		269,159		10,070
NOI at share	$	1,099,752	$	961,910	$	137,842


(Amounts in thousands)	For the Year Ended December 31, 2023
	Total		New York		Other
Total revenues	$	1,811,163	$	1,452,158	$	359,005




Deduct: operating expenses(1)	(905,158)		(733,478)		(171,680)

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(48,553)		(15,547)		(33,006)
Add: NOI from partially owned entities	285,761		274,436		11,325
NOI at share	$	1,143,213	$	977,569	$	165,644

__________________________________

Below is a reconciliation of NOI at share to income before income taxes for the years ended December 31, 2025, 2024 and 2023.


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024		2023
NOI at share	$	1,111,899	$	1,099,752	$	1,143,213
NOI attributable to noncontrolling interests in consolidated subsidiaries	41,882		39,367		48,553
NOI from partially owned entities	(263,315)		(279,229)		(285,761)
Net gains on disposition of wholly owned and partially owned assets	35,291		16,048		71,199
Gain on sales-type lease	803,248		—		—
Interest and debt expense	(353,868)		(390,269)		(349,223)
Interest and other investment income, net	55,113		45,974		43,287
Income from partially owned entities	141,310		112,464		38,689
Transaction related costs, impairment losses and other	(2,531)		(5,242)		(50,691)
General and administrative expense	(156,115)		(148,520)		(162,883)
Depreciation and amortization expense	(462,201)		(447,500)		(434,273)
Income before income taxes	$	950,713	$	42,845	$	62,110

Fair Value Measurements (Changes in the Fair Value of Deferred Compensation Plan Assets) (Details) - Deferred Compensation Plan Assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 44,555	$ 46,290
Purchases	2,126	1,718
Sales	(10,109)	(9,051)
Realized and unrealized losses	(1,407)	(2,282)
Other, net	5,421	7,880
Ending balance	$ 40,586	$ 44,555

Subsequent Events (Details) $ in Thousands												12 Months Ended
Subsequent Events (Details) $ in Thousands	Feb. 09, 2026 USD ($) ft²	Feb. 04, 2026 USD ($)	Feb. 02, 2026 USD ($)	Feb. 01, 2026 USD ($)	Jan. 26, 2026 USD ($)	Jan. 25, 2026 USD ($)	Jan. 23, 2026 USD ($) ft²	Jan. 22, 2026 USD ($)	Jan. 14, 2026 USD ($)	Jan. 07, 2026 USD ($) ft² transaction credit_facility	Jan. 06, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Net proceeds from sale of real estate												$ 37,374	$ 31,605	$ 24,484
Repayments of long-term debt												1,903,513	97,439	$ 148,000
Loans payable												$ 4,920,669	5,676,014
7 West 34th Street
Subsequent Event [Line Items]
Equity method ownership percentage												53.00%
Mortgages Payable
Subsequent Event [Line Items]
Interest rate, effective percentage (in percent)												5.25%
Loans payable												$ 4,920,669	$ 5,676,014
Subsequent Event
Subsequent Event [Line Items]
Number of revolving credit facilities \| credit_facility										2
Subsequent Event \| 825 Seventh Avenue Office Condominium
Subsequent Event [Line Items]
Equity method ownership percentage					50.00%
Extension term					9 months
Subsequent Event \| 61 Ninth Avenue \| JV
Subsequent Event [Line Items]
Equity method ownership percentage			45.10%
Extension term			7 months
Subsequent Event \| Office And Retail Building \| 7 West 34th Street
Subsequent Event [Line Items]
Stated rate (as a percent)							16.00%
Repayments of long-term debt							$ 25,000
Equity method ownership percentage							53.00%
Subsequent Event \| Office And Retail Building \| 7 West 34th Street \| Non-recourse
Subsequent Event [Line Items]
Square footage of real estate property (in sqft) \| ft²							477,000
Repayments of long-term debt							$ 50,000
Loans payable							$ 250,000
Subsequent Event \| Mortgages Payable \| 825 Seventh Avenue Office Condominium
Subsequent Event [Line Items]
Debt amount					$ 48,000	$ 54,000
Repayments of long-term debt						$ 6,000
Subsequent Event \| Mortgages Payable \| 61 Ninth Avenue
Subsequent Event [Line Items]
Debt amount			$ 155,000	$ 167,500
Repayments of long-term debt				$ 12,500
Subsequent Event \| Revolving Credit Facility, 2031
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 1,130,000
Basis spread on variable rate		1.05%
Facility fee (as a percent)		0.25%
Debt amount										$ 1,105,000
Subsequent Event \| Unsecured Revolving Credit Facility, Maturing December 2027
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 1,250,000
Subsequent Event \| Revolving Credit Facility Maturing April 2029
Subsequent Event [Line Items]
Maximum borrowing capacity										$ 1,000,000	$ 915,000
Basis spread on variable rate										1.16%
Facility fee (as a percent)										0.24%
Subsequent Event \| Unsecured term loan
Subsequent Event [Line Items]
Basis spread on variable rate										1.20%	1.25%
Debt amount										$ 850,000	$ 800,000
Subsequent Event \| Senior Unsecured Notes Due 2033 \| Unsecured term loan
Subsequent Event [Line Items]
Debt amount									$ 500,000
Stated rate (as a percent)									5.75%
Face amount, percent									99.824%
Interest rate, effective percentage (in percent)									5.78%
Net proceeds from sale of real estate									$ 494,000
Repayments of long-term debt									$ 400,000
Subsequent Event \| Mortgage, 7 West 34th Street \| Office And Retail Building \| 7 West 34th Street \| Non-recourse
Subsequent Event [Line Items]
Basis spread on variable rate								3.65%
Stated rate (as a percent)							5.79%
Debt term							5 years
Loans payable								$ 300,000
Subsequent Event \| Non-Recourse Loan Due 2026 \| 825 Seventh Avenue Office Condominium
Subsequent Event [Line Items]
Basis spread on variable rate					2.75%
Extension term			15 months
Subsequent Event \| Non-Recourse Loan Due 2026 \| 61 Ninth Avenue
Subsequent Event [Line Items]
Basis spread on variable rate			2.45%
Extension term			3 months
Subsequent Event \| One Park Avenue Mortgage Loan \| Mortgages Payable
Subsequent Event [Line Items]
Basis spread on variable rate	1.78%
Debt term	5 years
Subsequent Event \| One Park Avenue Mortgage Loan due March 2026 \| Mortgages Payable
Subsequent Event [Line Items]
Basis spread on variable rate	1.22%
3 East 54th Street \| Subsequent Event
Subsequent Event [Line Items]
Square footage of real estate property (in sqft) \| ft²										18,400
Acquisition costs										$ 141,000
Number of transactions \| transaction										2
Loan balance										$ 107,000
Loan balance applied										$ 107,000
Area of real estate property \| ft²										232,500
One Park Avenue \| Subsequent Event
Subsequent Event [Line Items]
Square footage of real estate property (in sqft) \| ft²	945,000
Loan balance	$ 525,000

770 Broadway

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

770 Broadway

On May 5, 2025, we completed a master lease with New York University (“NYU”) to lease 1,076,000 square feet at 770 Broadway, on an “as is”, triple net basis for a 70-year lease term. Under the terms of the master lease, a rental agreement under Section 467 of the Internal Revenue Code, NYU made a prepaid lease payment of $935,000,000, and will also make annual lease payments of $9,281,000 during the lease term. NYU has an option to purchase the leased premises in both 2055 and at the end of the lease term in 2095. NYU assumed the existing office leases at the property.

We used a portion of the prepaid lease payment to repay the $700,000,000 mortgage loan which previously encumbered the property.

Vornado retained the 92,000 square feet retail condominium leased to Wegmans.

In connection with the above transaction, the Company recorded a net investment in lease of $165,487,000, which includes an unguaranteed residual asset of approximately $15,308,000. The net investment in lease was measured as the present value of the fixed and determinable lease payments over the 70-year lease term, including the unguaranteed residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. In addition, in connection with the above transaction, the Company derecognized assets of $266,112,000 and recorded a gain on sales-type lease of $803,248,000.

5. 770 Broadway - continued

As of December 31, 2025, our net investment in lease was $166,024,000. Future minimum lease payments to be received as of December 31, 2025 are as follows:


(Amounts in thousands)	As of December 31, 2025
2026	$	9,281
2027	9,281
2028	9,281
2029	9,281
2030	9,281
Thereafter	597,194
Total minimum lease payments	643,599
Amount representing interest	(493,737)
Sales-type lease receivable	149,862
Asset unguaranteed residual value	16,162
Net investment in lease	$	166,024

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenues by Segment


(Amounts in thousands)	For the Year Ended December 31, 2025
	Total		New York		Other
Property rentals	$	1,464,053	$	1,188,892	$	275,161
Trade shows	21,997		—		21,997
Sales type lease income(1)	6,634		6,634		—
Lease revenues(2)	1,492,684		1,195,526		297,158
Tenant services	45,237		31,839		13,398
Parking revenues	20,320		15,945		4,375
Rental revenues	1,558,241		1,243,310		314,931
BMS cleaning fees	157,686		166,526		(8,840)		(3)
Management and leasing fees	11,564		12,157		(593)
Other income	82,934		54,529		28,405
Fee and other income	252,184		233,212		18,972
Total revenues	$	1,810,425	$	1,476,522	$	333,903


(Amounts in thousands)	For the Year Ended December 31, 2024
	Total		New York		Other
Property rentals	$	1,486,503	$	1,215,854	$	270,649
Trade shows	21,541		—		21,541
Lease revenues(2)	1,508,044		1,215,854		292,190
Tenant services	41,549		29,344		12,205
Parking revenues	19,213		15,228		3,985
Rental revenues	1,568,806		1,260,426		308,380
BMS cleaning fees	149,225		159,903		(10,678)		(3)
Management and leasing fees	14,680		15,443		(763)
Other income	54,975		36,225		18,750
Fee and other income	218,880		211,571		7,309
Total revenues	$	1,787,686	$	1,471,997	$	315,689

____________________

See notes on following page.

3. Revenue Recognition - continued


(Amounts in thousands)	For the Year Ended December 31, 2023
	Total		New York		Other
Property rentals	$	1,523,890	$	1,222,229	$	301,661
Trade shows	20,781		—		20,781
Lease revenues(2)	1,544,671		1,222,229		322,442
Tenant services	42,460		31,086		11,374
Parking revenues	20,355		16,502		3,853
Rental revenues	1,607,486		1,269,817		337,669
BMS cleaning fees	141,937		151,608		(9,671)		(3)
Management and leasing fees	13,040		13,619		(579)
Other income	48,700		17,114		31,586
Fee and other income	203,677		182,341		21,336
Total revenues	$	1,811,163	$	1,452,158	$	359,005

________________________________________

(1)See Note 5 - 770 Broadway for details.

(2)The components of lease revenues were as follows:


	For the Year Ended December 31,
	2025		2024		2023
Fixed billings	$	1,367,177	$	1,355,033	$	1,394,626
Variable billings	118,873		153,011		150,045
Total contractual operating lease billings	1,486,050		1,508,044		1,544,671
Sales-type lease income	6,634		—		—

Lease revenues	$	1,492,684	$	1,508,044	$	1,544,671

(3)Represents the elimination of BMS cleaning fees related to THE MART and 555 California Street which are included as income in the New York segment.

Schedule of Components of Lease Revenues

The components of lease revenues were as follows:


	For the Year Ended December 31,
	2025		2024		2023
Fixed billings	$	1,367,177	$	1,355,033	$	1,394,626
Variable billings	118,873		153,011		150,045
Total contractual operating lease billings	1,486,050		1,508,044		1,544,671
Sales-type lease income	6,634		—		—

Lease revenues	$	1,492,684	$	1,508,044	$	1,544,671

Revenue Recognition (Schedule of Components of Lease Revenues) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Fixed billings	$ 1,367,177	$ 1,355,033	$ 1,394,626
Variable billings	118,873	153,011	150,045
Total contractual operating lease billings	1,486,050	1,508,044	1,544,671
Sales-type lease income	6,634	0	0
Lease revenues	$ 1,492,684	$ 1,508,044	$ 1,544,671

Identified Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Identified Intangible Assets and Liabilities

The following summarizes our identified intangible assets (primarily in-place and above-market leases) and liabilities (primarily below-market leases).


(Amounts in thousands)	Balance as of December 31,
	2025		2024
Identified intangible assets:
Gross amount	$	192,555	$	193,217
Accumulated amortization	(81,962)		(75,002)
Total, net	$	110,593	$	118,215
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	134,499	$	134,499
Accumulated amortization	(113,271)		(110,982)
Total, net	$	21,228	$	23,517

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $383,000, $3,035,000 and $5,268,000 for the years ended December 31, 2025, 2024 and 2023, respectively. Estimated annual amortization for each of the five succeeding years commencing January 1, 2026 is below:


(Amounts in thousands)
2026	$	292
2027	(247)
2028	(149)
2029	(119)
2030	(539)

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $5,718,000, $6,930,000 and $8,342,000 for the years ended December 31, 2025, 2024 and 2023, respectively. Estimated annual amortization for each of the five succeeding years commencing January 1, 2026 is below:


(Amounts in thousands)
2026	$	5,615
2027	5,308
2028	4,175
2029	3,660
2030	3,657

Shareholders' Equity/Partners' Capital

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Shareholders' Equity/Partners' Capital

Common Shares (Vornado Realty Trust)

As of December 31, 2025, there were 190,666,367 common shares outstanding. During 2025, we paid an aggregate of $141,277,000 of common dividends at an annual rate of $0.74 per share.

Class A Units (Vornado Realty L.P.)

As of December 31, 2025, there were 190,666,367 Class A units outstanding that were held by Vornado. These units are classified as “partners’ capital” on the consolidated balance sheets of the Operating Partnership. As of December 31, 2025, there were 16,650,713 Class A units outstanding, that were held by third parties. These units are classified outside of “partners’ capital” as “redeemable partnership units” on the consolidated balance sheets of the Operating Partnership (see Note 10 – Redeemable Noncontrolling Interests). During 2025, the Operating Partnership paid an aggregate of $141,277,000 of distributions to Vornado at an annual rate of $0.74 per unit.

Share Repurchase Program

In April 2023, our Board of Trustees authorized a share repurchase plan under which Vornado is authorized to repurchase up to $200,000,000 of its outstanding common shares. To the extent Vornado repurchases any of its common shares, in order to fund the common share repurchase and maintain the one-to-one ratio of the number of Vornado common shares outstanding and the number of Class A units owned by Vornado, the Operating Partnership will repurchase from Vornado an equal number of its Class A units at the same price.

Share repurchases may be made from time to time in the open market, through privately negotiated transactions or through other means as permitted by federal securities laws, including through block trades, accelerated share repurchase transactions and/or trading plans intended to qualify under Rule 10b5-1. The timing, manner, price and amount of any repurchases will be determined in Vornado’s discretion depending on business, economic and market conditions, corporate and regulatory requirements, prevailing prices for Vornado’s common shares, alternative uses for capital and other considerations. The plan does not have an expiration date and may be suspended or discontinued at any time and does not obligate Vornado to make any repurchases of its common shares.

11. Shareholders' Equity/Partners' Capital

Share Repurchase Program - continued

During the year ended December 31, 2025, Vornado repurchased 1,462,360 common shares for $50,962,000 at an average price per share of $34.85. The Operating Partnership repurchased Class A units from Vornado equivalent to the number and price of common shares repurchased by Vornado. As of December 31, 2025, $119,895,000 remained available for repurchases under a $200,000,000 share repurchase plan authorized by Vornado's Board of Trustees in 2023.

Preferred Shares/Units



(Amounts in thousands, except share/unit and per share/per unit amounts)									Per Share/Unit
	Balance as of December 31,				Shares/Units Outstanding as of December 31,				Liquidation Preference			Annual Dividend/ Distribution(1)
Preferred Shares/Units	2025		2024			2025	2024
Convertible Preferred:
6.50% Series A: authorized 8,450 and 9,180 shares/units(2)	$	806	$	825		8,450	9,180			$	50.00		$	3.25
Cumulative Redeemable Preferred(3):
5.40% Series L: authorized 13,800,000 shares/units	290,306		290,306			12,000,000	12,000,000			25.00			1.35
5.25% Series M: authorized 13,800,000 shares/units	308,946		308,946			12,780,000	12,780,000			25.00			1.3125
5.25% Series N: authorized 12,000,000 shares/units	291,134		291,134			12,000,000	12,000,000			25.00			1.3125
4.45% Series O: authorized 12,000,000 shares/units	291,153		291,153			12,000,000	12,000,000			25.00			1.1125
	$	1,182,345	$	1,182,364		48,788,450	$	48,789,180

________________________________________

(1)Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Transaction Related Costs, Impairment losses and Other (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Impairment Losses, Transaction Related Costs and Other

The following table sets forth the details of transaction related costs, impairment losses and other:


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024		2023
Transaction related costs and other, net	$	1,989	$	5,242	$	5,684
Real estate impairment losses	542		—		45,007

	$	2,531	$	5,242	$	50,691

Revenue Recognition (Schedule of Revenues by Segment ) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues	Total revenues	Total revenues
Lease income	$ 1,492,684	$ 1,508,044	$ 1,544,671
Total revenues	1,810,425	1,787,686	1,811,163
Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	1,558,241	1,568,806	1,607,486
Lease revenues
Disaggregation of Revenue [Line Items]
Lease income	1,492,684	1,508,044	1,544,671
Property rentals
Disaggregation of Revenue [Line Items]
Lease income	1,464,053	1,486,503	1,523,890
Trade shows
Disaggregation of Revenue [Line Items]
Lease income	21,997	21,541	20,781
Sales-type lease income
Disaggregation of Revenue [Line Items]
Lease income	6,634
Tenant services
Disaggregation of Revenue [Line Items]
Revenues	45,237	41,549	42,460
Parking revenues
Disaggregation of Revenue [Line Items]
Revenues	20,320	19,213	20,355
Fee and other income
Disaggregation of Revenue [Line Items]
Revenues	252,184	218,880	203,677
Total revenues	252,184	218,880	203,677
BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenues	157,686	149,225	141,937
Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenues	11,564	14,680	13,040
Other income
Disaggregation of Revenue [Line Items]
Revenues	82,934	54,975	48,700
New York
Disaggregation of Revenue [Line Items]
Total revenues	1,476,522	1,471,997	1,452,158
New York \| Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	1,243,310	1,260,426	1,269,817
New York \| Lease revenues
Disaggregation of Revenue [Line Items]
Lease income	1,195,526	1,215,854	1,222,229
New York \| Property rentals
Disaggregation of Revenue [Line Items]
Lease income	1,188,892	1,215,854	1,222,229
New York \| Trade shows
Disaggregation of Revenue [Line Items]
Lease income	0	0	0
New York \| Sales-type lease income
Disaggregation of Revenue [Line Items]
Lease income	6,634
New York \| Tenant services
Disaggregation of Revenue [Line Items]
Revenues	31,839	29,344	31,086
New York \| Parking revenues
Disaggregation of Revenue [Line Items]
Revenues	15,945	15,228	16,502
New York \| Fee and other income
Disaggregation of Revenue [Line Items]
Revenues	233,212	211,571	182,341
New York \| BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenues	166,526	159,903	151,608
New York \| Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenues	12,157	15,443	13,619
New York \| Other income
Disaggregation of Revenue [Line Items]
Revenues	54,529	36,225	17,114
Other
Disaggregation of Revenue [Line Items]
Total revenues	333,903	315,689	359,005
Other \| Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	314,931	308,380	337,669
Other \| Lease revenues
Disaggregation of Revenue [Line Items]
Lease income	297,158	292,190	322,442
Other \| Property rentals
Disaggregation of Revenue [Line Items]
Lease income	275,161	270,649	301,661
Other \| Trade shows
Disaggregation of Revenue [Line Items]
Lease income	21,997	21,541	20,781
Other \| Sales-type lease income
Disaggregation of Revenue [Line Items]
Lease income	0
Other \| Tenant services
Disaggregation of Revenue [Line Items]
Revenues	13,398	12,205	11,374
Other \| Parking revenues
Disaggregation of Revenue [Line Items]
Revenues	4,375	3,985	3,853
Other \| Fee and other income
Disaggregation of Revenue [Line Items]
Revenues	18,972	7,309	21,336
Other \| BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenues	(8,840)	(10,678)	(9,671)
Other \| Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenues	(593)	(763)	(579)
Other \| Other income
Disaggregation of Revenue [Line Items]
Revenues	$ 28,405	$ 18,750	$ 31,586

Investments in Partially Owned Entities (Alexander's Inc.) (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Dec. 05, 2025 USD ($)	Dec. 04, 2025 USD ($)	Dec. 31, 2025 USD ($) $ / shares $ / ft² shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 23, 2025 USD ($)
Schedule of Equity Method Investments [Line Items]
Tenant and other receivables			$ 77,137	$ 58,853
Repayments of long-term debt			$ 1,903,513	97,439	$ 148,000
Alexander's
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage			32.40%
Stated rate (as a percent)						7.00%
Alexander's \| Senior A-Note
Schedule of Equity Method Investments [Line Items]
Stated rate (as a percent)						7.00%
Alexander's \| Junior C-Note
Schedule of Equity Method Investments [Line Items]
Stated rate (as a percent)						4.55%
Alexander's \| B-Note
Schedule of Equity Method Investments [Line Items]
Stated rate (as a percent)						13.50%
Alexander's \| Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Debt amount						$ 300,000
Alexander's \| Mortgages Payable \| Senior A-Note
Schedule of Equity Method Investments [Line Items]
Debt amount						132,500
Alexander's \| Mortgages Payable \| Junior C-Note
Schedule of Equity Method Investments [Line Items]
Debt amount						167,500
Alexander's \| Mortgages Payable \| B-Note
Schedule of Equity Method Investments [Line Items]
Debt amount						$ 65,000
Alexander's \| Rego Park 2 Property
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate	2.00%
Debt amount	$ 175,000
Repayments of long-term debt	$ 23,544
Debt term	5 years
Alexander's \| Rego Park 2 Property \| Prior Alexander's Loan, Maturing in December 2025
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate		1.45%
Debt amount		$ 198,544
Alexander's \| Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Ownership common shares, investee (in shares) \| shares			1,654,068
Equity method ownership percentage			32.40%
Tenant and other receivables			$ 134	1,159
Closing share price (in dollars per share) \| $ / shares			$ 217.94
Equity method investment fair value			$ 360,488
Excess of investee's fair value over carrying amount			313,212
Excess of investee's carrying amount over equity in net assets			29,054
Management fee income			$ 2,800
Development fee (as a percent)			6.00%
Lease fee percentage of rent one to ten years			3.00%
Lease fee percentage of rent eleven to twenty years			2.00%
Lease fee percentage of rent twenty first to thirty years			1.00%
Alexander's \| Equity Method Investee \| Fee and other income
Schedule of Equity Method Investments [Line Items]
Fee income recognized by equity method investees for building maintenance services			$ 3,849	$ 4,611	$ 4,629
Alexander's \| Equity Method Investee \| Rego Park 2 Property
Schedule of Equity Method Investments [Line Items]
Property management fee agreement percentage of income (as a percent)			2.00%
Alexander's \| Equity Method Investee \| 731 Lexington Avenue
Schedule of Equity Method Investments [Line Items]
Property management fee agreement price per square foot \| $ / ft²			0.50
Alexander's \| Equity Method Investee \| Common Area 731 Lexington Avenue
Schedule of Equity Method Investments [Line Items]
Management fee income			$ 387
Property management fee agreement escalation percentage (as a percent)			3.00%
Alexander's \| Related Party
Schedule of Equity Method Investments [Line Items]
Percentage of lease fee, related party			33.33%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Dec. 31, 2025	Jan. 23, 2026	Jan. 22, 2026	Dec. 31, 2024
Other Commitments
Payment guarantees	$ 438,194,000
Construction commitment	11,471,000
Loans payable	$ 4,920,669,000			$ 5,676,014,000
Farley Office And Retail Building \| JV
Other Commitments
Equity method ownership percentage	95.00%
Farley Office And Retail Building \| Affiliated Entity
Other Commitments
Equity method ownership percentage	5.00%
Farley Office and Retail Building \| JV
Other Commitments
Equity method ownership percentage	95.00%
Capital contributions	$ 209,661,000
7 West 34th Street
Other Commitments
Equity method ownership percentage	53.00%
7 West 34th Street \| Office And Retail Building \| Subsequent Event
Other Commitments
Equity method ownership percentage		53.00%
7 West 34th Street \| Office And Retail Building \| Non-recourse \| Subsequent Event
Other Commitments
Loans payable		$ 250,000,000
7 West 34th Street \| Office And Retail Building \| Mortgage, 7 West 34th Street \| Non-recourse \| Subsequent Event
Other Commitments
Loans payable			$ 300,000,000
Unsecured revolving credit facilities
Other Commitments
Outstanding letters of credit	$ 25,769,000
General Liability
Insurance
Insurance limit per occurrence	300,000,000
Insurance limit per property	300,000,000
Disease Coverage
Insurance
Insurance limit per property	275,000,000
All Risk And Rental Value
Insurance
Insurance limit per occurrence	2,000,000,000.0
Earthquake California Properties
Insurance
Insurance limit per occurrence	350,000,000
Insurance maximum coverage limit in aggregate	$ 350,000,000
Vornado deductible, percentage of property value	5.00%
Terrorism Acts
Insurance
Insurance limit per occurrence	$ 6,000,000,000.0
Insurance maximum coverage limit in aggregate	6,000,000,000.0
Non-Certified Acts of Terrorism
Insurance
Insurance maximum coverage limit in aggregate	1,200,000,000
NBCR
Insurance
Insurance limit per occurrence	5,000,000,000.0
Insurance maximum coverage limit in aggregate	5,000,000,000.0
NBCR \| PPIC
Insurance
Insurance deductible	$ 2,424,264
Insurance deductible percentage of balance of covered loss	20.00%

Stock-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Vornado’s 2023 Omnibus Share Plan (the “Plan”) provides the Compensation Committee of Vornado’s Board of Trustees (the “Compensation Committee”) the ability to grant incentive and non-qualified Vornado stock options, restricted Vornado common shares, restricted Operating Partnership units (“LTIP Units”), out-performance plan awards (“OPP Units”), appreciation-only long-term incentive plan units (“AO LTIP Units”), performance conditioned appreciation-only long-term incentive plan units (“Performance AO LTIP Units”), and long-term performance plan units (“LTPP Units”) to certain of our employees and officers.

Under the Plan, awards may be granted up to a maximum 10,800,000 shares, if all awards granted are Full Value awards, as defined in the Plan, and up to 21,600,000 shares, if all of the awards granted are Not Full Value Awards, as defined in the Plan. Full Value Awards are securities that have a value equivalent to the underlying Vornado common share or Class A unit of the Operating Partnership, such as restricted Vornado common shares or LTIP Units. Vornado stock options, AO LTIP Units and Performance AO LTIP Units are Not Full Value Awards; these securities require the payment of an exercise price. As of December 31, 2025, Vornado had approximately 1,701,000 shares available for future grants under the Plan, if all awards granted are Full Value Awards, as defined.

12. Stock-based Compensation - continued

We account for forfeitures as they occur and any previously recognized compensation cost is reversed in the period that an award is forfeited. Below is a summary of our stock-based compensation expense, a component of "general and administrative" expense on our consolidated statements of income.


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024		2023
LTIP Units	$	12,090	$	14,044	$	22,179
Performance AO LTIP Units	11,103		12,774		11,426
LTPP Units	1,901		2,519		7,189
OPP Units	385		835		1,992
Vornado stock options	—		—		162
Vornado restricted stock	—		—		159
AO LTIP Units	—		—		94
	$	25,479	$	30,172	$	43,201

Below is a summary of unrecognized stock-based compensation expense as of December 31, 2025.


(Amounts in thousands)	As of December 31, 2025		Weighted-Average Remaining Amortization Period
Performance AO LTIP Units	$	13,124	1.4
LTIP Units	7,716		1.2
LTPP Units	660		1.0




	$	21,500	1.3

LTPP Units

LTPP Units are multi-year, LTIP units-based performance equity compensation plans. Awards granted under the LTPP are bifurcated between operational performance (50%) and relative performance (50%) measurements and may be earned at specified threshold, target and maximum levels.

The operational component awards may be earned based on Vornado’s operational performance in the following categories:

•FFO, as adjusted per share (75% weighting); and

•Sustainability performance metrics consisting of greenhouse emissions reductions, GRESB score and Green Building Certification (LEED) achievements (aggregate 25% weighting).

Any LTPP award units tentatively earned based on Vornado’s operational performance are subject to an absolute return modifier pursuant to which such award units are subject to a potential reduction (but not increase) of up to 30% if Vornado’s three-year total shareholder return (“TSR”) is below specified levels.

Awards under relative components may be earned based on Vornado’s three-year TSR, measured against the Dow Jones U.S. Real Estate Office Index (50% weighting) and a Northeast peer group custom index (50% weighting). Awards earned under the relative component of the LTPP are subject to reductions of up to 30% if Vornado’s three-year TSR is below specified levels.

In total, 653,779 units were earned under the 2023 LTPP plan which includes 437,642 units earned in February 2026. The units earned under the 2023 LTPP will vest 50% in January 2026 and 50% in January 2027. In total, 240,027 units were earned under the 2022 LTPP plan, which includes 168,371 units earned in February 2025. For the 2022 LTPP, 50% of the awards earned vested in January 2025 and the remaining 50% will vest in January 2026. In addition, the Chief Executive Officer is required to hold any earned and vested awards for three years following each such vesting date and all other award recipients are required to hold such awards for one year following each such vesting date. Dividends on awards granted under the LTPP accrue during the applicable performance period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives.

There were no LTPP Units granted during the years ended December 31, 2025 and 2024. LTPP Units granted during the year ended December 31, 2023 had a grant date fair value of $9,491,000, of which $4,670,000 was immediately expensed on the respective grant date due to acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service).

12. Stock-based Compensation – continued

OPP Units

OPP Units are multi-year, performance-based equity compensation plans under which participants have the opportunity to earn a class of units of the Operating Partnership if, and only if, Vornado outperforms a predetermined TSR and/or outperforms the market with respect to a relative TSR during the four-year performance period. OPP units, if earned, become convertible into Class A units of the Operating Partnership (and ultimately into Vornado common shares) following vesting.

There have been no OPP units granted since 2021.

In February 2025, 827,644 units were earned under the 2021 OPP plan.

Vornado Stock Options

Vornado stock options are granted at an exercise price equal to the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, generally vest over four years and expire ten years from the date of grant. Compensation expense related to Vornado stock option awards is recognized on a straight-line basis over the vesting period.

Below is a summary of Vornado’s stock option activity for the year ended December 31, 2025.


	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term
Outstanding as of December 31, 2024	140,989	$	64.61

Exercised	(1,154)	36.26

Expired	(15,230)	82.38
Outstanding as of December 31, 2025	124,605	$	62.70	2.71
Options exercisable as of December 31, 2025	124,605	$	62.70	2.71

There have been no Vornado stock options granted since 2020.

Cash received from Vornado stock option exercises for the year ended December 31, 2025 was $42,000. There were no Vornado stock options exercised during the years ended December 31, 2024 and 2023. The total intrinsic value of Vornado stock options exercised during the year ended December 31, 2025 was $6,000. As of December 31, 2025, the aggregate intrinsic value of outstanding and exercisable Vornado stock options was $0.

Performance AO LTIP Units

Performance AO LTIP Units are AO LTIP Units that require the achievement of certain performance conditions by a specified date or they are forfeited. If the performance conditions are met, once vested, the awards may be converted into Class A Operating Partnership units in the same manner as AO LTIP Units until ten years from the date of grant.

On June 29, 2023, the Committee granted Performance AO LTIP Units to a broad group of employees of the Company including its named executive officers. Each Performance AO LTIP Unit is potentially convertible into a number of Class A Units, determined by reference to the excess of the closing market price of Vornado common shares on the NYSE on the date of conversion over $16.68. During 2024, the performance conditions under the 2023 Performance AO LTIP plan were satisfied in full following a greater than 75% increase in the share price above the grant date share price. As of December 31, 2025, the aggregate intrinsic value of outstanding Performance AO LTIP Units was $240,472,000. The 2023 Performance AO LTIP units remain subject to time-based vesting requirements.

The 2023 Performance AO LTIP Units will vest with respect to 20% on the 3rd anniversary of the Grant Date, and the remaining 80% will vest on the 4th anniversary of the Grant Date, subject to the recipient’s continued employment with the Company.

Performance AO LTIP Units granted during the year ended December 31, 2023 had a fair value of $48,710,000. The fair value of each Performance AO LTIP Unit granted was estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the year ended December 31, 2023:




Expected volatility															33%
Risk free interest rate															4%
Expected dividend yield															6%

12. Stock-based Compensation – continued

Performance AO LTIP Units - continued

Below is a summary of Performance AO LTIP Units activity for the year ended December 31, 2025.


	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term
Outstanding as of December 31, 2024	14,484,260	$	16.68




Outstanding as of December 31, 2025	14,484,260	$	16.68	7.50
Options exercisable as of December 31, 2025	—	$	—	—

AO LTIP Units

AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a Vornado common share exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The threshold level is intended to be equal to 100% of the then fair market value of a Vornado common share on the date of grant. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Class A Operating Partnership units. AO LTIP Units have a term of ten years from the grant date. Each holder will generally receive special income allocations in respect of an AO LTIP Unit equal to 10% (or such other percentage specified in the applicable award agreement) of the income allocated in respect of a Class A Unit. Upon conversion of AO LTIP Units to Class A Units, holders will be entitled to receive in respect of each such AO LTIP Unit, on a per unit basis, a special distribution equal to 10% (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Class A Units during the period from the grant date of the AO LTIP Units through the date of conversion.

Below is a summary of AO LTIP Units activity for the year ended December 31, 2025.


	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term
Outstanding as of December 31, 2024	535,867	$	59.52




Outstanding as of December 31, 2025	535,867	$	59.52	3.26
Options exercisable as of December 31, 2025	535,867	$	59.52	3.26

There were no AO LTIP Units granted since 2020. As of December 31, 2025, the aggregate intrinsic value of outstanding and exercisable AO LTIP Units was $0.

LTIP Units

LTIP Units are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, generally vest over a period of three to four years, and are subject to a taxable book-up event, as defined. Compensation expense related to LTIP Units is recognized ratably over the vesting period using a graded vesting attribution model. Distributions paid on unvested LTIP Units amounted to $1,979,000, $2,160,000 and $1,302,000 in the years ended December 31, 2025, 2024 and 2023, respectively.

Below is a summary of restricted LTIP unit activity for the year ended December 31, 2025.


Unvested Units	Units	Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2024	2,919,095	$	15.97
Granted	83,477	28.06
Vested	(328,481)	27.24


Unvested as of December 31, 2025	2,674,091	14.96

LTIP Units granted in 2025, 2024 and 2023 had a fair value of $2,342,000, $2,104,000 and $45,468,000, respectively. The fair value of LTIP Units that vested during the years ended December 31, 2025, 2024 and 2023 was $8,949,000, $10,707,000 and $37,198,000, respectively.

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Below is a summary of our stock-based compensation expense, a component of "general and administrative" expense on our consolidated statements of income.


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024		2023
LTIP Units	$	12,090	$	14,044	$	22,179
Performance AO LTIP Units	11,103		12,774		11,426
LTPP Units	1,901		2,519		7,189
OPP Units	385		835		1,992
Vornado stock options	—		—		162
Vornado restricted stock	—		—		159
AO LTIP Units	—		—		94
	$	25,479	$	30,172	$	43,201

Schedule of Unrecognized Compensation Expense

Below is a summary of unrecognized stock-based compensation expense as of December 31, 2025.


(Amounts in thousands)	As of December 31, 2025		Weighted-Average Remaining Amortization Period
Performance AO LTIP Units	$	13,124	1.4
LTIP Units	7,716		1.2
LTPP Units	660		1.0




	$	21,500	1.3

Schedule of Share Based Compensation Stock Options Activity

Below is a summary of Vornado’s stock option activity for the year ended December 31, 2025.


	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term
Outstanding as of December 31, 2024	140,989	$	64.61

Exercised	(1,154)	36.26

Expired	(15,230)	82.38
Outstanding as of December 31, 2025	124,605	$	62.70	2.71
Options exercisable as of December 31, 2025	124,605	$	62.70	2.71

Below is a summary of AO LTIP Units activity for the year ended December 31, 2025.


	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term
Outstanding as of December 31, 2024	535,867	$	59.52




Outstanding as of December 31, 2025	535,867	$	59.52	3.26
Options exercisable as of December 31, 2025	535,867	$	59.52	3.26

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The fair value of each Performance AO LTIP Unit granted was estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the year ended December 31, 2023:




Expected volatility															33%
Risk free interest rate															4%
Expected dividend yield															6%

Schedule of Performance AO LTIP Units Activity

Below is a summary of Performance AO LTIP Units activity for the year ended December 31, 2025.


	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term
Outstanding as of December 31, 2024	14,484,260	$	16.68




Outstanding as of December 31, 2025	14,484,260	$	16.68	7.50
Options exercisable as of December 31, 2025	—	$	—	—

Schedule of Share Based Compensation Restricted Operating Partnership Units Activity

Below is a summary of restricted LTIP unit activity for the year ended December 31, 2025.


Unvested Units	Units	Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2024	2,919,095	$	15.97
Granted	83,477	28.06
Vested	(328,481)	27.24


Unvested as of December 31, 2025	2,674,091	14.96

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Aggregate the Fair Values of these Financial Assets and Liabilities

The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy.


(Amounts in thousands)	As of December 31, 2025
	Total		Level 1		Level 2		Level 3
Deferred compensation plan assets ($17,590 included in restricted cash and $96,188 in other assets)	$	113,778	$	73,192	$	—	$	40,586
Loans receivable (included in other assets)	107,166		—		—		107,166
Interest rate swaps and caps designated as a hedge (included in other assets)	13,985		—		13,985		—

Interest rate caps not designated as a hedge (included in other assets)	42		—		42		—
Total assets	$	234,971	$	73,192	$	14,027	$	147,752

Mandatorily redeemable instruments (included in other liabilities)	$	49,465	$	49,465	$	—	$	—
Interest rate swaps designated as a hedge (included in other liabilities)	3,093		—		3,093		—

Total liabilities	$	52,558	$	49,465	$	3,093	$	—


(Amounts in thousands)	As of December 31, 2024
	Total		Level 1		Level 2		Level 3

Deferred compensation plan assets ($8,958 included in restricted cash and $105,622 in other assets)	$	114,580	$	70,025	$	—	$	44,555
Loans receivable (included in investments in partially owned entities)	85,319		—		—		85,319
Interest rate swaps and caps designated as a hedge (included in other assets)	88,982		—		88,982		—
Interest rate caps not designated as a hedge (included in other assets)	1,040		—		1,040		—
Total assets	$	289,921	$	70,025	$	90,022	$	129,874

Mandatorily redeemable instruments (included in other liabilities)	$	49,684	$	49,684	$	—	$	—
Interest rate swaps designated as a hedge (included in other liabilities)	1,023		—		1,023		—
Interest rate caps not designated as a hedge (included in other liabilities)	1,040		—		1,040		—
Total liabilities	$	51,747	$	49,684	$	2,063	$	—

Schedule of Changes in Fair Value of Deferred Compensation Plan Assets

The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3.


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024
Beginning balance	$	44,555	$	46,290
Purchases	2,126		1,718
Sales	(10,109)		(9,051)
Realized and unrealized losses	(1,407)		(2,282)
Other, net	5,421		7,880
Ending balance	$	40,586	$	44,555

Schedule of Changes In Fair Value of Loans Receivable

The table below summarizes the changes in fair value of loans receivable that are classified as Level 3.


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024
Beginning balance	$	85,319	$	32,984
Investment in loan receivable	35,000		50,000
Paydowns	(32,984)		(571)
Interest accrual	11,275		2,906
Funding	8,556		—
Ending balance(1)	$	107,166	$	85,319

____________________________

Schedule of Derivative Assets at Fair Value

The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of December 31, 2025 and 2024, respectively.


(Amounts in thousands)	As of December 31, 2025										As of December 31, 2024
	Notional Amount			All-In Swapped Rate		Swap/Cap Expiration Date	Fair Value Asset		Fair Value Liability		Fair Value Asset		Fair Value Liability
Interest rate swaps:
555 California Street mortgage loan:
In-place swap	$	840,000	(1)	6.03%		05/26	$	—	$	1,160	$	765	$	—
Forward swap (effective 05/26)	840,000			5.56%	(2)	05/28	—		959		—		—
Unsecured term loan(3)	750,000			4.22%		(4)	3,522		—		16,217		—
Unsecured revolving credit facility	575,000			3.84%		08/27	5,208		—		18,510		—
One Park Avenue mortgage loan(3)	500,000		(5)	3.95%		07/27	4,189		—		15,243		—
100 West 33rd Street mortgage loan	480,000			5.26%		06/27	—		736		6,808		—
1290 Avenue of the Americas mortgage loan(6)	200,000			4.58%		09/27	1,047		—		5,249		—
435 Seventh Avenue mortgage loan	75,000			6.96%		04/26	—		238		—		741
PENN 11 mortgage loan(7)							—		—		17		282
4 Union Square South mortgage loan(8)							—		—		12		—
Interest rate caps:
Various mortgage loans							19		—		26,161		—
							$	13,985	$	3,093	$	88,982	$	1,023

________________________________________

(1)Represents our 70.0% share of the $1.2 billion mortgage loan.

(2)Reflects the May 2026 increase in variable rate spread to S+230. The variable rate spread will further increase to S+255 in May 2027.


	Swapped Balance		All-In Swapped Rate	Unswapped Balance (bears interest at S+125)

Through 10/26	$	750,000	4.22%	$	50,000
10/26 through 07/27	250,000		3.99%	550,000
07/27 through 08/27	50,000		3.99%	750,000

(5)The remaining $25,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.22% (4.97% as of December 31, 2025) and has a 4.39% SOFR strike rate cap.

(7)In July 2025, we completed a $450,000 refinancing of PENN 11 at a fixed rate of 6.35% (See Note 9 - Debt).

(8)In August 2025, we completed a $120,000 refinancing of 4 Union Square South at a fixed rate of 5.64% (see Note 9 - Debt).

Schedule of Derivative Liabilities at Fair Value

The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of December 31, 2025 and 2024, respectively.


(Amounts in thousands)	As of December 31, 2025										As of December 31, 2024
	Notional Amount			All-In Swapped Rate		Swap/Cap Expiration Date	Fair Value Asset		Fair Value Liability		Fair Value Asset		Fair Value Liability
Interest rate swaps:
555 California Street mortgage loan:
In-place swap	$	840,000	(1)	6.03%		05/26	$	—	$	1,160	$	765	$	—
Forward swap (effective 05/26)	840,000			5.56%	(2)	05/28	—		959		—		—
Unsecured term loan(3)	750,000			4.22%		(4)	3,522		—		16,217		—
Unsecured revolving credit facility	575,000			3.84%		08/27	5,208		—		18,510		—
One Park Avenue mortgage loan(3)	500,000		(5)	3.95%		07/27	4,189		—		15,243		—
100 West 33rd Street mortgage loan	480,000			5.26%		06/27	—		736		6,808		—
1290 Avenue of the Americas mortgage loan(6)	200,000			4.58%		09/27	1,047		—		5,249		—
435 Seventh Avenue mortgage loan	75,000			6.96%		04/26	—		238		—		741
PENN 11 mortgage loan(7)							—		—		17		282
4 Union Square South mortgage loan(8)							—		—		12		—
Interest rate caps:
Various mortgage loans							19		—		26,161		—
							$	13,985	$	3,093	$	88,982	$	1,023

________________________________________

(1)Represents our 70.0% share of the $1.2 billion mortgage loan.

(2)Reflects the May 2026 increase in variable rate spread to S+230. The variable rate spread will further increase to S+255 in May 2027.


	Swapped Balance		All-In Swapped Rate	Unswapped Balance (bears interest at S+125)

Through 10/26	$	750,000	4.22%	$	50,000
10/26 through 07/27	250,000		3.99%	550,000
07/27 through 08/27	50,000		3.99%	750,000

(5)The remaining $25,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.22% (4.97% as of December 31, 2025) and has a 4.39% SOFR strike rate cap.

(7)In July 2025, we completed a $450,000 refinancing of PENN 11 at a fixed rate of 6.35% (See Note 9 - Debt).

(8)In August 2025, we completed a $120,000 refinancing of 4 Union Square South at a fixed rate of 5.64% (see Note 9 - Debt).

Schedule of Carrying Amounts and Fair Values of Financial Instruments

The table below summarizes the carrying amounts and fair value of these financial instruments.


(Amounts in thousands)	As of December 31, 2025					As of December 31, 2024
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents	$	508,812		$	509,000	$	639,366		$	639,000
Debt:
Mortgages payable	$	4,944,037		$	4,754,000	$	5,707,176		$	5,486,000
Senior unsecured notes	750,000			714,000		1,200,000			1,129,000
Unsecured term loan	800,000			800,000		800,000			800,000
Unsecured revolving credit facilities	720,420			720,000		575,000			575,000
Total	$	7,214,457	(1)	$	6,988,000	$	8,282,176	(1)	$	7,990,000

________________________________________

(1)Excludes $28,829 and $39,300 of deferred financing costs, net and other as of December 31, 2025 and 2024, respectively.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Deferred leasing costs, net of accumulated amortization	$ 233,448	$ 268,532
Identified intangible assets, net of accumulated amortization	$ 81,962	$ 75,002
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	16,650,713	16,850,803
Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	141,400	141,400
Vornado Realty L.P.
ASSETS
Deferred leasing costs, net of accumulated amortization	$ 233,448	$ 268,532
Identified intangible assets, net of accumulated amortization	$ 81,962	$ 75,002
Vornado Realty L.P. \| Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	16,650,713	16,850,803
Vornado Realty L.P. \| Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	141,400	141,400

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Future Undiscounted Cash Flows Under Non-Cancelable Operating Leases

As of December 31, 2025, future undiscounted cash flows under non-cancelable operating leases were as follows:


(Amounts in thousands)	As of December 31, 2025
For the year ended December 31,
2026	$	1,247,189
2027	1,244,027
2028	1,250,190
2029	1,151,259
2030	1,054,372
Thereafter	8,022,048

Schedule of Amounts Included in Measurement of Lease Liability

The following table sets forth information related to the measurement of our lease liabilities.


(Amounts in thousands)	For the Year Ended December 31,
	2025				2024			2023
Weighted average remaining lease term (in years)	46.7				47.2			47.9
Weighted average discount rate	5.60		%		5.59		%	5.59		%
Cash paid for operating leases	$	53,313		(1)	$	22,466		$	22,499

________________________________________

(1)Includes a 2025 payment of $19,236 for prior period PENN 1 ground rent owed based on the April 2025 rent reset determination. See below for further details.

Schedule of Rent Expense

The following table sets forth the details of our rent expense.


(Amounts in thousands)	For the Year Ended December 31,
	2025		2024		2023
Fixed rent expense	$	48,148	$	45,941	$	46,538
Variable rent expense	(15,919)		14,573		14,679
Rent expense	$	32,229	$	60,514	$	61,217

Schedule of Future Lease Payments Due Under Operating Ground Leases

As of December 31, 2025, future lease payments due under operating ground leases were as follows:


(Amounts in thousands)	As of December 31, 2025
For the year ended December 31,
2026	$	45,064
2027	46,273
2028	46,678
2029	47,107
2030	47,562
Thereafter	1,768,928
Total undiscounted cash flows	2,001,612
Present value discount	(1,301,972)
Lease liabilities	$	699,640

Leases (Schedule of Future Lease Payments Due Under Operating Ground Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 45,064
2027	46,273
2028	46,678
2029	47,107
2030	47,562
Thereafter	1,768,928
Total undiscounted cash flows	2,001,612
Present value discount	(1,301,972)
Lease liabilities	$ 699,640	$ 749,759

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 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	0	0
Gain on sales-type lease	(803,248)	0	0
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	0	0	45,007
Credit losses on investments	0	0	8,269
Net realized and unrealized gain on real estate fund investments	0	0	(1,861)
Return of capital from real estate fund investments	0	0	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	0	0
Acquisitions of real estate and other	(296,681)	0	(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	0	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)	0
Proceeds from maturities of U.S. Treasury bills	0	0	468,598
Proceeds from repayment of participation in 150 West 34th Street mortgage loan	0	0	105,000
Deconsolidation of cash and restricted cash held by a previously consolidated entity	0	0	(14,216)
Net cash provided by (used in) investing activities	115,507	(597,365)	(128,788)
Cash Flows from Financing Activities:
Repayments of borrowings	(1,903,513)	(97,439)	(148,000)
Proceeds from borrowings	835,794	75,000	0
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)	0	(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
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:
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	0
Initial investment in Sunset Pier 94 Joint Venture upon contribution of leasehold interest	0	0	50,090
770 Broadway
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:
Real estate	172,120	0	0
Receivable arising from the straight-lining of rents	26,362	0	0
Deferred leasing costs, net of accumulated amortization	60,308	0	0
Other	7,322	0	0
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94:
Real estate	172,120	0	0
Pier 94
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:
Real estate	0	0	21,693
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94:
Real estate	0	0	21,693
Right-of-use assets	0	0	7,081
Lease liabilities	0	0	(20,692)
Vornado Realty L.P.
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	0	0
Gain on sales-type lease	(803,248)	0	0
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	0	0	45,007
Credit losses on investments	0	0	8,269
Net realized and unrealized gain on real estate fund investments	0	0	(1,861)
Return of capital from real estate fund investments	0	0	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	0	0
Acquisitions of real estate and other	(296,681)	0	(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	0	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)	0
Proceeds from maturities of U.S. Treasury bills	0	0	468,598
Proceeds from repayment of participation in 150 West 34th Street mortgage loan	0	0	105,000
Deconsolidation of cash and restricted cash held by a previously consolidated entity	0	0	(14,216)
Net cash provided by (used in) investing activities	115,507	(597,365)	(128,788)
Cash Flows from Financing Activities:
Repayments of borrowings	(1,903,513)	(97,439)	(148,000)
Proceeds from borrowings	835,794	75,000	0
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)	0	(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
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:
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	0
Initial investment in Sunset Pier 94 Joint Venture upon contribution of leasehold interest	0	0	50,090
Vornado Realty L.P. \| 770 Broadway
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:
Real estate	172,120	0	0
Receivable arising from the straight-lining of rents	26,362	0	0
Deferred leasing costs, net of accumulated amortization	60,308	0	0
Other	7,322	0	0
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94:
Real estate	172,120	0	0
Vornado Realty L.P. \| Pier 94
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:
Real estate	0	0	21,693
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94:
Real estate	0	0	21,693
Right-of-use assets	0	0	7,081
Lease liabilities	$ 0	$ 0	$ (20,692)

Stock-based Compensation (Stock-based Compensation Expense) (Narrative) (Details)	Dec. 31, 2025 shares
Full Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grants (in shares)	1,701,000
Maximum \| Full Value Awards \| 2023 Omnibus Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grants (in shares)	10,800,000
Maximum \| Not Full Value Awards \| 2023 Omnibus Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grants (in shares)	21,600,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Dispositions (Details) $ in Thousands	12 Months Ended
Dispositions (Details) $ in Thousands	Dec. 31, 2025 USD ($) property	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Acquisitions and Dispositions [Line Items]
Net proceeds from sale of real estate	$ 37,374	$ 31,605	$ 24,484
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 220 Central Park South
Acquisitions and Dispositions [Line Items]
Number of properties sold \| property	3
Net proceeds from sale of real estate	$ 37,374
Net gain on sale of land	$ 21,080
Number of properties unsold \| property	1
Unsold carrying amount	$ 5,483
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Canal Street Condominium Units, Residential Units
Acquisitions and Dispositions [Line Items]
Number of properties sold \| property	8
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Canal Street Condominium Units, Retail Units
Acquisitions and Dispositions [Line Items]
Number of properties sold \| property	2
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Canal Street Condominium Units
Acquisitions and Dispositions [Line Items]
Net proceeds from sale of real estate	$ 32,613
Net gain on sale of land	$ 14,211

Segment Information (Schedule of NOI by Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 1,810,425	$ 1,787,686	$ 1,811,163
Deduct: operating expenses	(919,959)	(927,796)	(905,158)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(41,882)	(39,367)	(48,553)
Add: NOI from partially owned entities	263,315	279,229	285,761
NOI at share	1,111,899	1,099,752	1,143,213
New York
Segment Reporting Information [Line Items]
Total revenues	1,476,522	1,471,997	1,452,158
Deduct: operating expenses	(766,758)	(766,347)	(733,478)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(13,846)	(12,899)	(15,547)
Add: NOI from partially owned entities	253,504	269,159	274,436
NOI at share	949,422	961,910	977,569
Other
Segment Reporting Information [Line Items]
Total revenues	333,903	315,689	359,005
Deduct: operating expenses	(153,201)	(161,449)	(171,680)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(28,036)	(26,468)	(33,006)
Add: NOI from partially owned entities	9,811	10,070	11,325
NOI at share	$ 162,477	$ 137,842	$ 165,644

- Definition

+ References

+ Details

770 Broadway (Schedule of Sales-Type and Direct Financing Leases, Payment to be Received, Maturity) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Real Estate [Abstract]
2026	$ 9,281
2027	9,281
2028	9,281
2029	9,281
2030	9,281
Thereafter	597,194
Total minimum lease payments	643,599
Amount representing interest	(493,737)
Sales-type lease receivable	149,862
Asset unguaranteed residual value	16,162
Net investment in lease	$ 166,024	$ 0

Interest and Other Investment Income, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 11, 2025
Net Investment Income [Line Items]
Interest on cash and cash equivalents and restricted cash	$ 37,531	$ 42,571	$ 44,786
Interest on loans receivable	9,618	3,450	1,351
Income (loss) from real estate fund investments	6,047	(47)	1,590
Change in fair value of marketable securities	1,917	0	0
Amortization of discount on investments in U.S. Treasury bills	0	0	3,829
Credit losses on investments	0	0	(8,269)
Interest and other investment income, net	55,113	45,974	$ 43,287
Long term debt	$ 2,264,959	$ 2,566,862
Non-Recourse Mortgage Loan, Maturity Default
Net Investment Income [Line Items]
Long term debt				$ 145,000

Multiemployer Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Multiemployer Pension Plans
Multiemployer Benefit Plans
Multiemployer plan, period contributions	$ 9,653	$ 8,059	$ 7,913
Multiemployer Health Plans
Multiemployer Benefit Plans
Multiemployer plan, period contributions	$ 34,880	$ 29,555	$ 28,764

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details