0000899689-26-000026 | 10-Q | XBRL Viewer

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Fair Value Measurements (Schedule of Derivative Instruments) (Details) - USD ($) $ in Thousands			1 Months Ended
	Jan. 07, 2026	Jan. 06, 2026	May 31, 2027	May 31, 2026	Apr. 30, 2026	Mar. 31, 2026	Dec. 31, 2025
Derivative [Line Items]
Long term debt						$ 2,798,953	$ 2,264,959
Designated as a Hedge
Derivative [Line Items]
Fair Value Asset						25,001	13,985
Fair Value Liability						332	3,093
Recurring \| Designated as a Hedge
Derivative [Line Items]
Fair Value Asset						25,001	13,985
Fair Value Liability						$ 332	3,093
555 California Street, In Place Swap \| Recurring \| Office \| 555 California Street
Derivative [Line Items]
Percentage share of mortgage loan						70.00%
Debt amount						$ 1,200,000
555 California Street, In Place Swap \| Interest Rate Swaps \| Recurring \| Designated as a Hedge
Derivative [Line Items]
Notional amount and swapped balance						$ 840,000
All-In Swapped Rate						6.03%
Fair Value Asset						$ 0	0
Fair Value Liability						320	1,160
555 California Street, Forward Swap \| Recurring \| Forecast
Derivative [Line Items]
Basis spread on variable rate			2.55%	2.30%
555 California Street, Forward Swap \| Interest Rate Swaps \| Recurring \| Designated as a Hedge
Derivative [Line Items]
Notional amount and swapped balance						$ 840,000
All-In Swapped Rate						5.56%
Fair Value Asset						$ 4,631	0
Fair Value Liability						0	959
Unsecured term loan
Derivative [Line Items]
Debt amount	$ 850,000	$ 800,000
Basis spread on variable rate	1.20%	1.25%
Unsecured term loan \| Interest Rate Swaps \| Recurring \| Designated as a Hedge
Derivative [Line Items]
Notional amount and swapped balance						$ 750,000
All-In Swapped Rate						4.17%
Fair Value Asset						$ 4,479	3,522
Fair Value Liability						0	0
Unsecured revolving credit facilities \| Interest Rate Swaps \| Recurring \| Designated as a Hedge
Derivative [Line Items]
Notional amount and swapped balance						$ 575,000
All-In Swapped Rate						3.78%
Fair Value Asset						$ 7,081	5,208
Fair Value Liability						0	0
One Park Avenue mortgage loan \| Interest Rate Swaps \| Recurring \| Designated as a Hedge
Derivative [Line Items]
Notional amount and swapped balance						$ 500,000
All-In Swapped Rate						4.52%
Fair Value Asset						$ 5,584	4,189
Fair Value Liability						0	0
Long term debt						$ 25,000
Derivative, basis spread on variable rate						1.78%
Variable interest rate						5.46%
Cap strike rate						5.20%
100 West 33rd Street mortgage loan \| Interest Rate Swaps \| Recurring \| Designated as a Hedge
Derivative [Line Items]
Notional amount and swapped balance						$ 480,000
All-In Swapped Rate						5.26%
Fair Value Asset						$ 1,295	0
Fair Value Liability						0	736
1290 Avenue of the Americas mortgage loan \| Interest Rate Swaps \| Recurring \| Designated as a Hedge
Derivative [Line Items]
Notional amount and swapped balance						$ 200,000
All-In Swapped Rate						4.58%
Fair Value Asset						$ 1,813	1,047
Fair Value Liability						0	0
Long term debt						$ 750,000
Derivative, basis spread on variable rate						1.62%
Variable interest rate						5.29%
Cap strike rate						4.00%
435 Seventh Avenue mortgage loan \| Interest Rate Swaps \| Recurring \| Designated as a Hedge
Derivative [Line Items]
Notional amount and swapped balance						$ 75,000
All-In Swapped Rate						6.96%
Fair Value Asset						$ 0	0
Fair Value Liability						12	238
435 Seventh Avenue mortgage loan \| Interest Rate Cap \| Recurring \| Designated as a Hedge \| Subsequent Event
Derivative [Line Items]
Cap strike rate					4.00%
Various mortgage loans \| Interest Rate Cap \| Recurring \| Designated as a Hedge
Derivative [Line Items]
Fair Value Asset						118	19
Fair Value Liability						0	$ 0
Unsecured Term Loan Expiring October 2026 \| Interest Rate Swaps \| Designated as a Hedge
Derivative [Line Items]
Notional amount and swapped balance						$ 750,000
All-In Swapped Rate						4.17%
Unswapped Balance						$ 100,000
Unsecured Term Loan Expiring July 2027 \| Interest Rate Swaps \| Designated as a Hedge
Derivative [Line Items]
Notional amount and swapped balance						$ 250,000
All-In Swapped Rate						3.94%
Unswapped Balance						$ 600,000
Unsecured Term Loan Expiring August 2027 \| Interest Rate Swaps \| Designated as a Hedge
Derivative [Line Items]
Notional amount and swapped balance						$ 50,000
All-In Swapped Rate						3.94%
Unswapped Balance						$ 800,000

Organization (Details)	3 Months Ended
Organization (Details)	Mar. 31, 2026
Operating Partnership
Organization [Line Items]
Common limited partnership interest in the operating partnership (as percent)	90.90%

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Deferred leasing costs, accumulated amortization	$ 237,704	$ 233,448
Identified intangible assets, net of accumulated amortization	$ 83,758	$ 81,962
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	16,946,794	16,650,713
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, accumulated amortization	$ 237,704	$ 233,448
Identified intangible assets, net of accumulated amortization	$ 83,758	$ 81,962
Vornado Realty L.P. \| Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	16,946,794	16,650,713
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

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Real estate, at cost:
Land	$ 2,425,240	$ 2,408,914
Buildings and improvements	11,076,744	10,942,418
Development costs and construction in progress	946,797	890,143
Leasehold improvements and equipment	108,582	105,080
Total	14,557,363	14,346,555
Less accumulated depreciation and amortization	(4,276,342)	(4,191,075)
Real estate, net	10,281,021	10,155,480
Right-of-use assets	669,685	671,308
Net investment in lease	166,234	166,024
Cash and cash equivalents	1,081,299	840,850
Restricted cash	130,217	136,696
Tenant and other receivables	98,031	77,137
Investments in partially owned entities	1,951,181	1,941,278
Receivable arising from the straight-lining of rents	778,704	752,545
Deferred leasing costs, net of accumulated amortization of $237,704 and $233,448	382,115	374,620
Identified intangible assets, net of accumulated amortization of $83,758 and $81,962	108,702	110,593
Other assets	272,348	294,587
Assets	15,919,537	15,521,118
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	4,915,659	4,920,669
Senior unsecured notes, net	1,241,462	747,202
Unsecured term loan, net	839,491	797,337
Unsecured revolving credit facilities	718,000	720,420
Lease liabilities	698,066	699,640
Accounts payable and accrued expenses	367,045	376,190
Deferred compensation plan	112,758	113,778
Other liabilities	317,596	341,359
Total liabilities	9,210,077	8,716,595
Commitments and contingencies
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	526,688	647,951
Partners' equity:
Earnings less than distributions	(3,594,200)	(3,491,603)
Accumulated other comprehensive income (loss)	15,221	(5)
Total shareholders' / partners' equity	6,018,030	5,986,727
Noncontrolling interests in consolidated subsidiaries	164,742	169,845
Total equity	6,182,772	6,156,572
Total liabilities, redeemable noncontrolling interests / partnership units and equity	15,919,537	15,521,118
Partnership Interest
Redeemable noncontrolling interests:
Class A units - 16,946,794 and 16,650,713 units outstanding	440,447	554,136
Series D cumulative redeemable preferred units - 141,400 units outstanding	3,535	3,535
Total redeemable noncontrolling interests	443,982	557,671
Redeemable noncontrolling interest in a consolidated subsidiary
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	82,706	90,280
Vornado Realty L.P.
Real estate, at cost:
Land	2,425,240	2,408,914
Buildings and improvements	11,076,744	10,942,418
Development costs and construction in progress	946,797	890,143
Leasehold improvements and equipment	108,582	105,080
Total	14,557,363	14,346,555
Less accumulated depreciation and amortization	(4,276,342)	(4,191,075)
Real estate, net	10,281,021	10,155,480
Right-of-use assets	669,685	671,308
Net investment in lease	166,234	166,024
Cash and cash equivalents	1,081,299	840,850
Restricted cash	130,217	136,696
Tenant and other receivables	98,031	77,137
Investments in partially owned entities	1,951,181	1,941,278
Receivable arising from the straight-lining of rents	778,704	752,545
Deferred leasing costs, net of accumulated amortization of $237,704 and $233,448	382,115	374,620
Identified intangible assets, net of accumulated amortization of $83,758 and $81,962	108,702	110,593
Other assets	272,348	294,587
Assets	15,919,537	15,521,118
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	4,915,659	4,920,669
Senior unsecured notes, net	1,241,462	747,202
Unsecured term loan, net	839,491	797,337
Unsecured revolving credit facilities	718,000	720,420
Lease liabilities	698,066	699,640
Accounts payable and accrued expenses	367,045	376,190
Deferred compensation plan	112,758	113,778
Other liabilities	317,596	341,359
Total liabilities	9,210,077	8,716,595
Commitments and contingencies
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	526,688	647,951
Partners' equity:
Partners' capital	9,597,009	9,478,335
Earnings less than distributions	(3,594,200)	(3,491,603)
Accumulated other comprehensive income (loss)	15,221	(5)
Total shareholders' / partners' equity	6,018,030	5,986,727
Noncontrolling interests in consolidated subsidiaries	164,742	169,845
Total equity	6,182,772	6,156,572
Total liabilities, redeemable noncontrolling interests / partnership units and equity	15,919,537	15,521,118
Vornado Realty L.P. \| Partnership Interest
Redeemable noncontrolling interests:
Class A units - 16,946,794 and 16,650,713 units outstanding	440,447	554,136
Series D cumulative redeemable preferred units - 141,400 units outstanding	3,535	3,535
Total redeemable noncontrolling interests	443,982	557,671
Vornado Realty L.P. \| Redeemable noncontrolling interest in a consolidated subsidiary
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	$ 82,706	$ 90,280

Shareholders' Equity/Partners' Capital (Schedule of Preferred Units) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Class of Stock [Line Items]
Common shares of beneficial interest: authorized shares (in shares)	250,000,000		250,000,000
Preferred shares of beneficial interest: authorized shares (in shares)	110,000,000		110,000,000
Common Class A
Class of Stock [Line Items]
Common shares of beneficial interest: authorized shares (in shares)	250,000,000	250,000,000
Common shares, dividends (in dollars per share)	$ 0	$ 0
Series A Preferred Stock \| Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend rate	6.50%	6.50%
Preferred shares of beneficial interest: authorized shares (in shares)	8,450	9,180
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.8125	$ 0.8125
Preferred stock, redemption price per share (in common shares/class A units per share/unit)	1.9531	1.9531
Series A Preferred Stock \| Convertible Preferred Stock \| Class A Unit
Class of Stock [Line Items]
Preferred stock, redemption price per share (in common shares/class A units per share/unit)	$ 1.9531	$ 1.9531
Series L Preferred Stock \| Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend rate	5.40%	5.40%
Preferred shares of beneficial interest: authorized shares (in shares)	13,800,000	13,800,000
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.3375	$ 0.3375
Preferred stock, liquidation preference per share (in dollars per share/unit)	$ 25.00	$ 25.00
Series M Preferred Stock \| Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend rate	5.25%	5.25%
Preferred shares of beneficial interest: authorized shares (in shares)	13,800,000	13,800,000
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.3281	$ 0.3281
Preferred stock, liquidation preference per share (in dollars per share/unit)	$ 25.00	$ 25.00
Series N Preferred Stock \| Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend rate	5.25%	5.25%
Preferred shares of beneficial interest: authorized shares (in shares)	12,000,000	12,000,000
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.3281	$ 0.3281
Preferred stock, liquidation preference per share (in dollars per share/unit)	$ 25.00	$ 25.00
Series O Preferred Stock \| Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend rate	4.45%	4.45%
Preferred shares of beneficial interest: authorized shares (in shares)	12,000,000	12,000,000
Preferred stock, dividend rate, per-dollar-amount (in dollars per share)	$ 0.2781	$ 0.2781
Preferred stock, liquidation preference per share (in dollars per share/unit)	$ 25.00	$ 25.00

Fair Value Measurements (Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	$ 112,758	$ 113,778
Loans receivable (included in other liabilities and other assets)		107,166
Total assets	138,458	234,971
Mandatorily redeemable instruments (included in other liabilities)	49,372	49,465
Total liabilities	50,198	52,558
Designated as a Hedge
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Interest rate swaps and caps, asset	25,001	13,985
Interest rate swaps and caps, liability	332	3,093
Not Designated as a Hedge
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Interest rate swaps and caps, asset	699	42
Interest rate swaps and caps, liability	494
Level 1
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	71,834	73,192
Loans receivable (included in other liabilities and other assets)		0
Total assets	71,834	73,192
Mandatorily redeemable instruments (included in other liabilities)	49,372	49,465
Total liabilities	49,372	49,465
Level 1 \| Designated as a Hedge
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Interest rate swaps and caps, asset	0	0
Interest rate swaps and caps, liability	0	0
Level 1 \| Not Designated as a Hedge
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Interest rate swaps and caps, asset	0	0
Interest rate swaps and caps, liability	0
Level 2
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	0	0
Loans receivable (included in other liabilities and other assets)		0
Total assets	25,700	14,027
Mandatorily redeemable instruments (included in other liabilities)	0	0
Total liabilities	826	3,093
Level 2 \| Designated as a Hedge
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Interest rate swaps and caps, asset	25,001	13,985
Interest rate swaps and caps, liability	332	3,093
Level 2 \| Not Designated as a Hedge
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Interest rate swaps and caps, asset	699	42
Interest rate swaps and caps, liability	494
Level 3
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	40,924	40,586
Loans receivable (included in other liabilities and other assets)		107,166
Total assets	40,924	147,752
Mandatorily redeemable instruments (included in other liabilities)	0	0
Total liabilities	0	0
Level 3 \| Designated as a Hedge
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Interest rate swaps and caps, asset	0	0
Interest rate swaps and caps, liability	0	0
Level 3 \| Not Designated as a Hedge
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Interest rate swaps and caps, asset	0	0
Interest rate swaps and caps, liability	0
Restricted Cash
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	33,913	17,590
Other Assets
Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis
Deferred compensation plan assets (included in restricted cash and other assets)	$ 78,845	$ 96,188

Interest and Debt Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Interest and Debt Expense [Abstract]
Interest expense	$ 93,720	$ 93,848
Capitalized interest and debt expense	(10,118)	(10,868)
Amortization of deferred financing costs	5,542	5,110
Amortization of interest rate cap premiums	62	7,726
Interest and debt expense, Total	$ 89,206	$ 95,816

Revenue Recognition (Schedule of Revenues by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues	Total revenues
Lease revenues	$ 382,487	$ 388,950
Total revenues	459,105	461,579
Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	399,184	404,755
Lease revenues
Disaggregation of Revenue [Line Items]
Lease revenues	382,487	388,950
Property rentals
Disaggregation of Revenue [Line Items]
Lease revenues	373,355	382,514
Trade shows
Disaggregation of Revenue [Line Items]
Lease revenues	6,602	6,436
Sales-type lease income
Disaggregation of Revenue [Line Items]
Lease revenues	2,530	0
Tenant services
Disaggregation of Revenue [Line Items]
Revenue	11,532	10,935
Parking revenues
Disaggregation of Revenue [Line Items]
Revenue	5,165	4,870
Fee and other income
Disaggregation of Revenue [Line Items]
Revenue	59,921	56,824
Total revenues	59,921	56,824
BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenue	39,343	36,476
Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenue	2,715	3,030
Other income
Disaggregation of Revenue [Line Items]
Revenue	17,863	17,318
New York
Disaggregation of Revenue [Line Items]
Total revenues	377,486	374,546
New York \| Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	320,545	322,672
New York \| Lease revenues
Disaggregation of Revenue [Line Items]
Lease revenues	308,053	310,688
New York \| Property rentals
Disaggregation of Revenue [Line Items]
Lease revenues	305,523	310,688
New York \| Trade shows
Disaggregation of Revenue [Line Items]
Lease revenues	0	0
New York \| Sales-type lease income
Disaggregation of Revenue [Line Items]
Lease revenues	2,530	0
New York \| Tenant services
Disaggregation of Revenue [Line Items]
Revenue	8,464	8,160
New York \| Parking revenues
Disaggregation of Revenue [Line Items]
Revenue	4,028	3,824
New York \| Fee and other income
Disaggregation of Revenue [Line Items]
Revenue	56,941	51,874
New York \| BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenue	42,069	38,496
New York \| Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenue	2,922	3,205
New York \| Other income
Disaggregation of Revenue [Line Items]
Revenue	11,950	10,173
Other
Disaggregation of Revenue [Line Items]
Total revenues	81,619	87,033
Other \| Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	78,639	82,083
Other \| Lease revenues
Disaggregation of Revenue [Line Items]
Lease revenues	74,434	78,262
Other \| Property rentals
Disaggregation of Revenue [Line Items]
Lease revenues	67,832	71,826
Other \| Trade shows
Disaggregation of Revenue [Line Items]
Lease revenues	6,602	6,436
Other \| Sales-type lease income
Disaggregation of Revenue [Line Items]
Lease revenues	0	0
Other \| Tenant services
Disaggregation of Revenue [Line Items]
Revenue	3,068	2,775
Other \| Parking revenues
Disaggregation of Revenue [Line Items]
Revenue	1,137	1,046
Other \| Fee and other income
Disaggregation of Revenue [Line Items]
Revenue	2,980	4,950
Other \| BMS cleaning fees
Disaggregation of Revenue [Line Items]
Revenue	(2,726)	(2,020)
Other \| Management and leasing fees
Disaggregation of Revenue [Line Items]
Revenue	(207)	(175)
Other \| Other income
Disaggregation of Revenue [Line Items]
Revenue	$ 5,913	$ 7,145

Organization	3 Months Ended
Organization	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization 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. Vornado is the sole general partner of and owned approximately 90.9% of the common limited partnership interest in the Operating Partnership as of March 31, 2026. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.

(Loss) Income Per Share and Per Class A Unit

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

(Loss) Income Per Share and Per Class A Unit

Vornado Realty Trust

Basic net (loss) income per common share is computed by dividing (i) net (loss) income attributable to common shareholders 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 (loss) 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 (loss) income per share using the if-converted method, if the effect is dilutive. Net (loss) 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 (loss) income per common share.


(Amounts in thousands, except per share amounts)	For the Three Months Ended March 31,
	2026		2025
Numerator:


Net (loss) income attributable to Vornado	$	(7,317)	$	102,368
Preferred share dividends	(15,525)		(15,526)

Net (loss) income attributable to common shareholders	(22,842)		86,842
Distributions and earnings allocated to unvested participating securities	—		—
Numerator for basic (loss) income per common share	(22,842)		86,842
Impact of assumed conversion of dilutive convertible securities	(74)		283
Numerator for diluted (loss) income per common share	$	(22,916)	$	87,125

Denominator:
Denominator for basic (loss) income per common share - weighted average shares	189,658		191,371
Effect of dilutive securities(1):
Share-based payment awards	—		8,161
Convertible securities	24		1,203
Denominator for diluted (loss) income per common share - weighted average shares and assumed conversions	189,682		200,735

(LOSS) INCOME PER COMMON SHARE:
Basic	$	(0.12)	$	0.45
Diluted	$	(0.12)	$	0.43

________________________

(1)The calculation of diluted (loss) income per common share for the three months ended March 31, 2026 and 2025 excluded weighted average potential common shares of 7,796 and 49, respectively, as their effect was antidilutive.

12. (Loss) Income Per Share and Per Class A Unit - continued

Vornado Realty L.P.

Basic net (loss) income per Class A unit is computed by dividing (i) net (loss) 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 unit reflects the dilutive impact of potential Class A units and is computed after allocation of earnings to participating securities. Vornado Realty L.P.’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 (loss) income per Class A unit using the treasury stock method, if the effect is dilutive. Convertible securities, including Series A convertible preferred units, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units, are included in the calculation of diluted (loss) income per Class A unit using the if-converted method, if the effect is dilutive.


(Amounts in thousands, except per unit amounts)	For the Three Months Ended March 31,
	2026		2025
Numerator:


Net (loss) income attributable to Vornado Realty L.P.	$	(9,336)	$	110,257
Preferred unit distributions	(15,554)		(15,555)

Net (loss) income attributable to Class A unitholders	(24,890)		94,702
Distributions and earnings allocated to unvested participating securities	—		(1,331)
Numerator for basic (loss) income per Class A unit	(24,890)		93,371
Impact of assumed conversion of dilutive convertible securities	(74)		283
Numerator for diluted (loss) income per Class A unit	$	(24,964)	$	93,654

Denominator:
Denominator for basic (loss) income per Class A unit - weighted average units	204,409		205,761
Effect of dilutive securities(1):
Unit-based payment awards	—		8,161
Convertible securities	24		1,203
Denominator for diluted (loss) income per Class A unit - weighted average units and assumed conversions	204,433		215,125

(LOSS) INCOME PER CLASS A UNIT:


Basic	$	(0.12)	$	0.45
Diluted	$	(0.12)	$	0.44

________________________

(1)The calculation of diluted (loss) income per Class A unit for the three months ended March 31, 2026 and 2025 excluded weighted average potential Class A units of 7,796 and 49, respectively, as their effect was antidilutive.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
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 $2.5 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 $2,360,428 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. 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. The PENN 1 ground lease is subject to fair market value resets at each of the three 25-year renewal periods. 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. 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 March 31, 2026, the aggregate dollar amount of these guarantees is approximately $134,715,000, including partial payment guarantees on 435 Seventh Avenue and 150 West 34th Street. Other than these loans, our mortgage loans are non-recourse to us. 17. Commitments and Contingencies - continued Other Commitments and Contingencies - continued As of March 31, 2026, $23,720,000 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 higher 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 March 31, 2026, 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 March 31, 2026, we had construction commitments aggregating approximately $15,034,000.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026
	Total		Level 1		Level 2		Level 3
Deferred compensation plan assets ($33,913 included in restricted cash and $78,845 in other assets)	$	112,758	$	71,834	$	—	$	40,924

Interest rate swaps and caps designated as a hedge (included in other assets)	25,001		—		25,001		—

Interest rate caps not designated as a hedge (included in other assets)	699		—		699		—
Total assets	$	138,458	$	71,834	$	25,700	$	40,924

Mandatorily redeemable instruments (included in other liabilities)	$	49,372	$	49,372	$	—	$	—
Interest rate swaps designated as a hedge (included in other liabilities)	332		—		332		—
Interest rate caps not designated as a hedge (included in other liabilities)	494		—		494		—
Total liabilities	$	50,198	$	49,372	$	826	$	—

(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	$	—

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 Three Months Ended March 31, 2026

Beginning balance	$	40,586
Purchases	4,337
Sales	(5,228)
Realized and unrealized gains	524
Other, net	705
Ending balance	$	40,924

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 Three Months Ended March 31, 2026

Beginning balance	$	107,166

Repayments(1)	(107,337)
Interest accrual	171


Ending balance	$	—

__________________________

(1)In January 2026, we acquired 3 East 54th Street and the outstanding loan balance, including default interest and advances, was credited towards the purchase price. See Note 6 - Acquisitions for further details.

Schedule of Derivative Assets at Fair Value

The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of March 31, 2026 and December 31, 2025.


(Amounts in thousands)	As of March 31, 2026										As of December 31, 2025
	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	$	—	$	320	$	—	$	1,160
Forward swap (effective 05/26)	840,000			5.56%	(2)	05/28	4,631		—		—		959
Unsecured term loan	750,000			4.17%		(3)	4,479		—		3,522		—
Unsecured revolving credit facility	575,000			3.78%		08/27	7,081		—		5,208		—
One Park Avenue mortgage loan	500,000		(4)	4.52%		07/27	5,584		—		4,189		—
100 West 33rd Street mortgage loan	480,000			5.26%		06/27	1,295		—		—		736
1290 Avenue of the Americas mortgage loan	200,000		(5)	4.58%		09/27	1,813		—		1,047		—
435 Seventh Avenue mortgage loan	75,000			6.96%		(6)	—		12		—		238
Interest rate caps:
Various mortgage loans							118		—		19		—
							$	25,001	$	332	$	13,985	$	3,093

______________________

(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)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. The impact of these interest rate swap arrangements is detailed below:


	Swapped Balance		All-In Swapped Rate	Unswapped Balance (bears interest at S+120)
Through 10/26	$	750,000	4.17%	$	100,000
10/26 through 07/27	250,000		3.94%	600,000
07/27 through 08/27	50,000		3.94%	800,000

(4)The remaining $25,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.78% (5.46% as of March 31, 2026) and has a 5.20% SOFR strike rate cap in place.

(5)The remaining $750,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.62% (5.29% as of March 31, 2026) and has a 4.00% SOFR strike rate cap in place.

(6)In April 2026, we entered into a 4.00% interest rate cap arrangement expiring April 2027 and effective upon the April 2026 expiration of the currently in-place swap.

Schedule of Derivative Liabilities at Fair Value

The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of March 31, 2026 and December 31, 2025.


(Amounts in thousands)	As of March 31, 2026										As of December 31, 2025
	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	$	—	$	320	$	—	$	1,160
Forward swap (effective 05/26)	840,000			5.56%	(2)	05/28	4,631		—		—		959
Unsecured term loan	750,000			4.17%		(3)	4,479		—		3,522		—
Unsecured revolving credit facility	575,000			3.78%		08/27	7,081		—		5,208		—
One Park Avenue mortgage loan	500,000		(4)	4.52%		07/27	5,584		—		4,189		—
100 West 33rd Street mortgage loan	480,000			5.26%		06/27	1,295		—		—		736
1290 Avenue of the Americas mortgage loan	200,000		(5)	4.58%		09/27	1,813		—		1,047		—
435 Seventh Avenue mortgage loan	75,000			6.96%		(6)	—		12		—		238
Interest rate caps:
Various mortgage loans							118		—		19		—
							$	25,001	$	332	$	13,985	$	3,093

______________________

(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+120)
Through 10/26	$	750,000	4.17%	$	100,000
10/26 through 07/27	250,000		3.94%	600,000
07/27 through 08/27	50,000		3.94%	800,000

(4)The remaining $25,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.78% (5.46% as of March 31, 2026) and has a 5.20% SOFR strike rate cap in place.

(5)The remaining $750,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.62% (5.29% as of March 31, 2026) and has a 4.00% SOFR strike rate cap in place.

(6)In April 2026, we entered into a 4.00% interest rate cap arrangement expiring April 2027 and effective upon the April 2026 expiration of the currently in-place swap.

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 March 31, 2026					As of December 31, 2025
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents	$	428,617		$	429,000	$	508,812		$	509,000
Debt:
Mortgages payable	$	4,944,037		$	4,765,000	$	4,944,037		$	4,754,000
Senior unsecured notes	1,250,000			1,200,000		750,000			714,000
Unsecured term loan	850,000			850,000		800,000			800,000
Unsecured revolving credit facilities	718,000			718,000		720,420			720,000
Total	$	7,762,037	(1)	$	7,533,000	$	7,214,457	(1)	$	6,988,000

______________________

(1)Excludes $47,425 and $28,829 of deferred financing costs, net and other as of March 31, 2026 and December 31, 2025, 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

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenues by Segment

Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the three months ended March 31, 2026 and 2025 is set forth in Note 18 - Segment Information.


(Amounts in thousands)	For the Three Months Ended March 31, 2026							For the Three Months Ended March 31, 2025
	Total		New York(1)		Other(1)			Total		New York(1)		Other(1)
Property rentals	$	373,355	$	305,523	$	67,832		$	382,514	$	310,688	$	71,826
Trade shows	6,602		—		6,602			6,436		—		6,436
Sales-type lease income	2,530		2,530		—			—		—		—
Lease revenues(2)	382,487		308,053		74,434			388,950		310,688		78,262
Tenant services	11,532		8,464		3,068			10,935		8,160		2,775
Parking revenues	5,165		4,028		1,137			4,870		3,824		1,046
Rental revenues	399,184		320,545		78,639			404,755		322,672		82,083
BMS cleaning fees	39,343		42,069		(2,726)		(3)	36,476		38,496		(2,020)		(3)
Management and leasing fees	2,715		2,922		(207)			3,030		3,205		(175)
Other income	17,863		11,950		5,913			17,318		10,173		7,145
Fee and other income	59,921		56,941		2,980			56,824		51,874		4,950
Total revenues	$	459,105	$	377,486	$	81,619		$	461,579	$	374,546	$	87,033

____________________

(1)We have recast certain prior period disclosures to reflect changes to the property composition of our reportable segments. See Note 2 - Basis of Presentation for additional information.

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


	For the Three Months Ended March 31,
	2026		2025
Fixed billings	$	340,640	$	348,581
Variable billings	39,317		40,369
Total contractual operating lease billings	379,957		388,950
Sales-type lease income	2,530		—

Lease revenues	$	382,487	$	388,950

(3)Represents the elimination of Building Maintenance Services LLC ("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 Three Months Ended March 31,
	2026		2025
Fixed billings	$	340,640	$	348,581
Variable billings	39,317		40,369
Total contractual operating lease billings	379,957		388,950
Sales-type lease income	2,530		—

Lease revenues	$	382,487	$	388,950

Shareholders' Equity/Partners' Capital (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Common and Preferred Shares/Units

The following table sets forth the details of our dividends/distributions per common share/Class A unit and dividends/distributions per share/unit for each class of preferred shares/units of beneficial interest.


(Per share/unit)	For the Three Months Ended March 31,
	2026		2025
Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units	$	—	$	—
Preferred shares/units(1):
Convertible preferred:
6.50% Series A: authorized 8,450 and 9,180 shares/units(2)	0.8125		0.8125
Cumulative redeemable preferred(3):
5.40% Series L: authorized 13,800,000 shares/units	0.3375		0.3375
5.25% Series M: authorized 13,800,000 shares/units	0.3281		0.3281
5.25% Series N: authorized 12,000,000 shares/units	0.3281		0.3281
4.45% Series O: authorized 12,000,000 shares/units	0.2781		0.2781

__________________________

(1)Preferred share dividends/preferred unit distributions 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.

Identified Intangible Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Intangible Assets, Net (Excluding Goodwill) [Abstract]

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
	March 31, 2026		December 31, 2025
Identified intangible assets:
Gross amount	$	192,460	$	192,555
Accumulated amortization	(83,758)		(81,962)
Total, net	$	108,702	$	110,593
Identified intangible liabilities (included in other liabilities):
Gross amount	$	134,499	$	134,499
Accumulated amortization	(113,844)		(113,271)
Total, net	$	20,655	$	21,228

Investments in Partially Owned Entities (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Partially Owned Entities

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


(Amounts in thousands)	Percentage Ownership as of March 31, 2026	Balance as of
		March 31, 2026		December 31, 2025
Investments:
Fifth Avenue and Times Square JV (see page 20 for details)	51.5%	$	1,535,921	$	1,538,141
Partially owned office buildings/land(1)	Various	166,326		148,958
Alexander's (see page 20 for details):	32.4%	41,485		47,276
Other investments(2)	Various	207,449		206,903
		$	1,951,181	$	1,941,278
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(40,846)	$	(65,726)
85 Tenth Avenue	49.9%	(26,218)		(25,198)
		$	(67,064)	$	(90,924)

____________________

(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 March 31, 2026	For the Three Months Ended March 31,
		2026		2025
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 20 for details):

Equity in net income	51.5%	$	4,323	$	5,837
Return on preferred equity, net of our share of the expense		6,105		8,543
Net gain on sale		—		76,162
		10,428		90,542
Alexander's (see page 20 for details):
Equity in net income	32.4%	1,455		3,923
Management, leasing and development fees		1,245		1,633

		2,700		5,556

Partially owned office buildings(1)	Various	(2,835)		(3,622)

Other investments(2)	Various	2,529		4,501

		$	12,822	$	96,977

____________________

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

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

Segment Information (Narrative) (Details)	3 Months Ended
Segment Information (Narrative) (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	2

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
REVENUES:
Total revenues	$ 459,105	$ 461,579
EXPENSES:
Operating	(246,631)	(224,740)
Depreciation and amortization	(118,528)	(116,155)
General and administrative	(42,245)	(38,597)
(Expense) income from deferred compensation plan liability	(581)	1,089
Transaction related costs and other	(762)	(43)
Total expenses	(408,747)	(378,446)
Income from partially owned entities	12,822	96,977
Interest and other investment income, net	9,327	8,261
Income (expense) from deferred compensation plan assets	581	(1,089)
Interest and debt expense	(89,206)	(95,816)
Net gains on disposition of wholly owned and partially owned assets	0	15,551
(Loss) income before income taxes	(16,118)	107,017
Income tax expense	(5,908)	(7,193)
Net (loss) income	(22,026)	99,824
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	12,690	10,433
Net (loss) income attributable to Vornado	(7,317)	102,368
Preferred unit distributions	(15,525)	(15,526)
Net income (loss) attributable to common shareholders/Class A unitholders	(22,842)	86,842
Rental revenues
REVENUES:
Total revenues	399,184	404,755
Fee and other income
REVENUES:
Total revenues	59,921	56,824
Vornado Realty L.P.
REVENUES:
Total revenues	459,105	461,579
EXPENSES:
Operating	(246,631)	(224,740)
Depreciation and amortization	(118,528)	(116,155)
General and administrative	(42,245)	(38,597)
(Expense) income from deferred compensation plan liability	(581)	1,089
Transaction related costs and other	(762)	(43)
Total expenses	(408,747)	(378,446)
Income from partially owned entities	12,822	96,977
Interest and other investment income, net	9,327	8,261
Income (expense) from deferred compensation plan assets	581	(1,089)
Interest and debt expense	(89,206)	(95,816)
Net gains on disposition of wholly owned and partially owned assets	0	15,551
(Loss) income before income taxes	(16,118)	107,017
Income tax expense	(5,908)	(7,193)
Net (loss) income	(22,026)	99,824
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	12,690	10,433
Net (loss) income attributable to Vornado	(9,336)	110,257
Preferred unit distributions	(15,554)	(15,555)
Net income (loss) attributable to common shareholders/Class A unitholders	$ (24,890)	$ 94,702
(LOSS) INCOME PER CLASS A UNIT - BASIC:
Net (loss) income per Class A unit (in dollars per unit)	$ (0.12)	$ 0.45
Weighted average units outstanding, basic (in shares)	204,409	205,761
(LOSS) INCOME PER CLASS A UNIT - DILUTED:
Net (loss) income per Class A unit (in dollars per unit)	$ (0.12)	$ 0.44
Weighted average units outstanding, diluted (in shares)	204,433	215,125
Vornado Realty L.P. \| Rental revenues
REVENUES:
Total revenues	$ 399,184	$ 404,755
Vornado Realty L.P. \| Fee and other income
REVENUES:
Total revenues	$ 59,921	$ 56,824

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Park Avenue Plaza On April 28, 2026, we agreed to purchase a 49.0% interest in Park Avenue Plaza at a gross asset valuation of $1.1 billion ($950 per square foot). Park Avenue Plaza is a 45-story, 1,200,000 rentable square foot building located at 55 East 52nd Street. The Class A office building, co-owned by Fisher Brothers, has protected Park Avenue views and occupies the full through-block between East 52nd and East 53rd Street. We will acquire our interest subject to our share of the $575,000,000 loan encumbering the property that bears interest at a fixed rate of 2.99% and matures in November 2031. Fisher Brothers will retain its current 51.0% ownership interest and will continue to manage and lease the property. Vornado and Fisher Brothers will have joint control over major decisions. We expect to close the acquisition in the second quarter of 2026. Share Repurchase Program On April 29, 2026, Vornado announced that its Board of Trustees has authorized the repurchase of up to $300,000,000 of its outstanding common shares under a new share repurchase program. Under Vornado’s existing $200,000,000 share repurchase program that was announced in April 2023, Vornado has repurchased 6,929,439 of its common shares at an average price of $25.80 per share and has $21,191,000 remaining capacity under that prior program.

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

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 Three Months Ended March 31,
	2026		2025
Performance AO LTIP Units	$	2,748	$	2,876
LTIP Units	2,260		2,537
LTPP Units	636		484
OPP Units	11		125

	$	5,655	$	6,022

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Information

Below is a summary of NOI at share by segment for the three months ended March 31, 2026 and 2025.


(Amounts in thousands)	For the Three Months Ended March 31, 2026
	Total		New York		Other
Total revenues	$	459,105	$	377,486	$	81,619
Deduct: operating expenses(1)	(246,631)		(203,428)		(43,203)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(8,659)		(2,945)		(5,714)
Add: NOI from partially owned entities	68,308		65,436		2,872
NOI at share	$	272,123	$	236,549	$	35,574


(Amounts in thousands)	For the Three Months Ended March 31, 2025
	Total		New York		Other
Total revenues	$	461,579	$	374,546	$	87,033
Deduct: operating expenses(1)	(224,740)		(182,423)		(42,317)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,660)		(3,161)		(7,499)
Add: NOI from partially owned entities	67,111		63,859		3,252
NOI at share	$	293,290	$	252,821	$	40,469

_____________________

(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.

18. Segment Information - continued

Below is a reconciliation of NOI at share to (loss) income before income taxes for the three months ended March 31, 2026 and 2025.


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
NOI at share	$	272,123	$	293,290
NOI attributable to noncontrolling interests in consolidated subsidiaries	8,659		10,660
NOI from partially owned entities	(68,308)		(67,111)
Net gains on disposition of wholly owned and partially owned assets	—		15,551

Interest and debt expense	(89,206)		(95,816)
Interest and other investment income, net	9,327		8,261
Income from partially owned entities	12,822		96,977
Transaction related costs and other	(762)		(43)
General and administrative expense	(42,245)		(38,597)
Depreciation and amortization expense	(118,528)		(116,155)
(Loss) income before income taxes	$	(16,118)	$	107,017

Interest and Debt Expense

3 Months Ended

Mar. 31, 2026

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 Three Months Ended March 31,
	2026		2025
Interest expense	$	93,720	$	93,848
Capitalized interest and debt expense	(10,118)		(10,868)
Amortization of deferred financing costs	5,542		5,110
Amortization of interest rate cap premiums	62		7,726
	$	89,206	$	95,816

Redeemable Noncontrolling Interests (Activity of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Redeemable Noncontrolling Interests Rollforward
Beginning balance	$ 647,951
Net (loss) income	(2,019)	$ 7,889
Other comprehensive income (loss)	0	0
Ending balance	526,688
Partnership Interest
Redeemable Noncontrolling Interests Rollforward
Beginning balance	557,671	711,943
Net (loss) income	(2,019)	7,889
Other comprehensive income (loss)	1,366	(2,777)
Distributions	(29)	(493)
Other, net	5,771	6,065
Ending balance	443,982	622,941
Partnership Interest \| Class A Unit
Redeemable Noncontrolling Interests Rollforward
Redemption of Class A units for Vornado common shares, at redemption value	(5,276)	(45,151)
Redeemable Class A unit measurement adjustment	(113,502)	(54,535)
Subsidiary
Redeemable Noncontrolling Interests Rollforward
Beginning balance	90,280	122,715
Net (loss) income	(7,574)	(7,432)
Ending balance	$ 82,706	$ 115,283

Stock-based Compensation (Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5,655	$ 6,022
Performance AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2,748	2,876
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2,260	2,537
LTPP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	636	484
OPP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 11	$ 125

- 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

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Vornado’s 2023 Omnibus Share 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.

LTPP Units

LTPP Units are multi-year, LTIP units-based performance equity compensation plans. On March 2, 2026, the Compensation Committee approved the 2026 Long-Term Performance Plan (“2026 LTPP”). Awards under the 2026 LTPP are bifurcated between operational performance (75%) and relative performance (25%) measurements and may be earned at specified threshold, target and maximum levels.

The operational component awards may be earned based on Vornado’s 2027 operational performance in FFO, as adjusted per share. Any LTPP award units tentatively earned based on Vornado’s 2027 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 a peer group custom index. Awards earned under the relative component of the 2026 LTPP are subject to reductions of up to 30% if Vornado’s three-year TSR is below specified levels.

If the designated performance objectives are achieved, awards earned under 2026 LTPP will vest 50% in March 2029 and 50% in March 2030. 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 2026 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.

LTPP Units granted during the three months ended March 31, 2026 had a grant date fair value of $18,711,000.

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 Three Months Ended March 31,
	2026		2025
Performance AO LTIP Units	$	2,748	$	2,876
LTIP Units	2,260		2,537
LTPP Units	636		484
OPP Units	11		125

	$	5,655	$	6,022

Redeemable Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2026

Noncontrolling Interest [Abstract]

Schedule of Activity of Redeemable Noncontrolling Interests

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


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
Beginning balance	$	557,671	$	711,943
Net (loss) income	(2,019)		7,889
Other comprehensive income (loss)	1,366		(2,777)
Distributions	(29)		(493)
Redemption of Class A units for Vornado common shares, at redemption value	(5,276)		(45,151)
Redeemable Class A unit measurement adjustment	(113,502)		(54,535)
Other, net	5,771		6,065
Ending balance	$	443,982	$	622,941

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


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
Beginning balance	$	90,280	$	122,715
Net loss	(7,574)		(7,432)


Ending balance	$	82,706	$	115,283

Shareholders' Equity/Partners' Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Apr. 30, 2023
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount (up to)		$ 200,000
Common shares outstanding ratio to class A units ratio		100.00%
Common Shares
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)	2,745,713
Shares repurchased, value	$ 79,844
Average price per share (in dollars per share)	$ 29.08
Stock repurchase program, remaining authorized repurchase amount	$ 40,051

Investments in Partially Owned Entities (Fifth Avenue and Times Square JV) (Details) - Fifth Avenue and Times Square JV $ in Thousands	Mar. 31, 2026 USD ($)
Schedule Of Equity Method Investments
Equity method ownership percentage	51.50%
JV
Schedule Of Equity Method Investments
Aggregate of preferred equity interests	$ 1,079,000
Real estate basis difference, carrying amount	$ 705,161
JV \| Percentage Through April 2029
Schedule Of Equity Method Investments
Stated rate (in percent)	4.75%
JV \| Investors
Schedule Of Equity Method Investments
Equity method ownership percentage	48.50%
Equity method effective ownership percentage	47.20%
JV \| Vornado Realty Trust
Schedule Of Equity Method Investments
Equity method ownership percentage	51.50%
Equity method effective ownership percentage	51.00%

Revenue Recognition

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition


(Amounts in thousands)	For the Three Months Ended March 31, 2026							For the Three Months Ended March 31, 2025
	Total		New York(1)		Other(1)			Total		New York(1)		Other(1)
Property rentals	$	373,355	$	305,523	$	67,832		$	382,514	$	310,688	$	71,826
Trade shows	6,602		—		6,602			6,436		—		6,436
Sales-type lease income	2,530		2,530		—			—		—		—
Lease revenues(2)	382,487		308,053		74,434			388,950		310,688		78,262
Tenant services	11,532		8,464		3,068			10,935		8,160		2,775
Parking revenues	5,165		4,028		1,137			4,870		3,824		1,046
Rental revenues	399,184		320,545		78,639			404,755		322,672		82,083
BMS cleaning fees	39,343		42,069		(2,726)		(3)	36,476		38,496		(2,020)		(3)
Management and leasing fees	2,715		2,922		(207)			3,030		3,205		(175)
Other income	17,863		11,950		5,913			17,318		10,173		7,145
Fee and other income	59,921		56,941		2,980			56,824		51,874		4,950
Total revenues	$	459,105	$	377,486	$	81,619		$	461,579	$	374,546	$	87,033

____________________

(1)We have recast certain prior period disclosures to reflect changes to the property composition of our reportable segments. See Note 2 - Basis of Presentation for additional information.

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


	For the Three Months Ended March 31,
	2026		2025
Fixed billings	$	340,640	$	348,581
Variable billings	39,317		40,369
Total contractual operating lease billings	379,957		388,950
Sales-type lease income	2,530		—

Lease revenues	$	382,487	$	388,950

(3)Represents the elimination of Building Maintenance Services LLC ("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
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-Name Accounting Standards Codification
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Interest and Other Investment Income, Net (Tables)

3 Months Ended

Mar. 31, 2026

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 Three Months Ended March 31,
	2026		2025
Interest on cash and cash equivalents and restricted cash	$	8,705	$	6,961
Interest on loans receivable	269		1,157
Income from real estate fund investments	—		143
Other, net	353		—
	$	9,327	$	8,261

Debt (Narrative) (Details) ft² in Thousands, $ in Thousands								3 Months Ended
Debt (Narrative) (Details) ft² in Thousands, $ in Thousands	Mar. 10, 2026 USD ($)	Feb. 09, 2026 USD ($) ft²	Feb. 08, 2026 USD ($)	Feb. 04, 2026 USD ($)	Jan. 14, 2026 USD ($)	Jan. 07, 2026 USD ($) credit_facility	Jan. 06, 2026 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 10, 2025 USD ($)
Debt Instrument
Number of revolving credit facilities \| credit_facility						2
Repayments of long-term debt								$ 968,081	$ 574,368
Long-term debt defease								$ 2,798,953		$ 2,264,959
888 Seventh Avenue \| Office
Debt Instrument
Debt amount											$ 244,543
One Park Avenue
Debt Instrument
Loan balance		$ 525,000	$ 525,000
Square footage of real estate property (in sqft) \| ft²		945
One Park Avenue \| Office
Debt Instrument
Debt term		5 years
350 Park Avenue \| Kenneth C. Griffin (KG)
Debt Instrument
Basis spread on variable rate	4.00%
Net rent per annum	$ 16,000
Mortgages payable
Debt Instrument
Weighted average interest rate								5.28%
Mortgages payable \| 350 Park Avenue \| Kenneth C. Griffin (KG)
Debt Instrument
Debt amount	400,000
Revolving Credit Facility, 2031
Debt Instrument
Debt amount						$ 1,105,000
Maximum borrowing capacity				$ 1,130,000
Basis spread on variable rate				1.05%
Facility fee (as a percent)				0.25%
Unsecured Revolving Credit Facility, Maturing December 2027
Debt Instrument
Maximum borrowing capacity				$ 1,250,000
Revolving Credit Facility Maturing April 2029
Debt Instrument
Maximum borrowing capacity						$ 1,000,000	$ 915,000
Basis spread on variable rate						1.16%
Facility fee (as a percent)						0.24%
Unsecured term loan
Debt Instrument
Debt amount						$ 850,000	$ 800,000
Basis spread on variable rate						1.20%	1.25%
Senior Unsecured Notes Due 2033 \| Unsecured term loan
Debt Instrument
Debt amount					$ 500,000
Stated rate (in percent)					5.75%
Face amount, percent					99.824%
Weighted average interest rate					5.78%
Proceeds from debt					$ 494,000
Repayments of long-term debt					$ 400,000
One Park Avenue mortgage loan \| Mortgages payable
Debt Instrument
Basis spread on variable rate		1.78%
One Park Avenue Mortgage Loan due March 2026 \| Mortgages payable
Debt Instrument
Basis spread on variable rate			1.22%
350 Park Avenue \| Kenneth C. Griffin (KG)
Debt Instrument
Long-term debt defease	$ 400,000

Investments in Partially Owned Entities (61 Ninth Avenue) (Details) - USD ($) $ in Thousands			3 Months Ended
	Feb. 02, 2026	Feb. 01, 2026	Mar. 31, 2026	Mar. 31, 2025
Schedule Of Equity Method Investments
Repayments of long-term debt			$ 968,081	$ 574,368
61 Ninth Avenue \| Non-Recourse Loan Due 2026
Schedule Of Equity Method Investments
Extension term	3 months
Basis spread on variable rate	2.45%
61 Ninth Avenue \| Mortgages payable
Schedule Of Equity Method Investments
Debt amount	$ 155,000	$ 167,500
Repayments of long-term debt		$ 12,500
61 Ninth Avenue \| JV
Schedule Of Equity Method Investments
Equity method ownership percentage	45.10%
Extension term	7 months

Identified Intangible Assets and Liabilities (Schedule of Identified Intangible Assets and Intangible Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross amount	$ 192,460	$ 192,555
Accumulated amortization	(83,758)	(81,962)
Total, net	108,702	110,593
Identified intangible liabilities (included in other liabilities):
Gross amount	134,499	134,499
Accumulated amortization	(113,844)	(113,271)
Total, net	$ 20,655	$ 21,228

Investments in Partially Owned Entities (7 West 34th Street) (Details) ft² in Thousands, $ in Thousands		3 Months Ended
	Jan. 23, 2026 USD ($) ft²	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Jan. 22, 2026 USD ($)	Dec. 31, 2025 USD ($)
Schedule Of Equity Method Investments
Loans payable		$ 4,915,659			$ 4,920,669
Repayments of long-term debt		$ 968,081	$ 574,368
7 West 34th Street
Schedule Of Equity Method Investments
Equity method ownership percentage		53.00%
Office And Retail Building \| 7 West 34th Street
Schedule Of Equity Method Investments
Equity method ownership percentage	53.00%
Stated rate (in percent)	16.00%
Repayments of long-term debt	$ 25,000
Office And Retail Building \| 7 West 34th Street \| Nonrecourse
Schedule Of Equity Method Investments
Loans payable	$ 250,000
Square footage of real estate property (in sqft) \| ft²	477
Repayments of long-term debt	$ 50,000
Office And Retail Building \| 7 West 34th Street \| Nonrecourse \| Mortgage, 7 West 34th Street
Schedule Of Equity Method Investments
Loans payable				$ 300,000
Extension term	5 years
Stated rate (in percent)	5.79%			3.65%

Recently Issued Accounting Literature	3 Months Ended
Recently Issued Accounting Literature	Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Literature	Recently Issued Accounting Literature 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. 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 introduces 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.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Cover	3 Months Ended
Cover	Mar. 31, 2026 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	188,097,756
Entity Central Index Key	0000899689
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of beneficial interest, $.04 par value per share
Entity Trading Symbol	VNO
Security Exchange Name	NYSE
5.40% Series L
Entity Information [Line Items]
Title of 12(b) Security	5.40% Series L
Entity 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
Entity 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
Entity 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
Entity 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 L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3925979
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
Entity Shell Company	false
Entity Central Index Key	0001040765
Document Fiscal Year Focus	2026

Revenue Recognition (Schedule of Components of Lease Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer [Abstract]
Fixed billings	$ 340,640	$ 348,581
Variable billings	39,317	40,369
Total contractual operating lease billings	379,957	388,950
Sales-type lease income	2,530	0
Lease revenues	$ 382,487	$ 388,950

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2026
Investments, All Other Investments [Abstract]
Acquisitions	Acquisitions 3 East 54th Street On January 7, 2026, we acquired 3 East 54th Street, a demolition-ready asset situated on 18,400 square feet of land, for $141,000,000, which is included in “Development costs and construction in progress” on our consolidated balance sheets. Previously, in July 2025, we purchased the $35,000,000 A-Note secured by the property at par plus accrued interest, and in August 2024, we purchased the $50,000,000 B-Note secured by the property. The A-Note and B-Note were in default. The $107,000,000 loan balance, including default interest and advances, 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.

Subsequent Events (Details) $ / shares in Units, ft² in Millions	3 Months Ended		36 Months Ended
	Jun. 30, 2026 USD ($) ft² story $ / ft²	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) $ / shares shares	Apr. 29, 2026 USD ($)	Apr. 30, 2023 USD ($)
Subsequent Events
Stock repurchase program, authorized amount (up to)					$ 200,000,000
Common Stock
Subsequent Events
Shares repurchased (in shares) \| shares		2,745,713
Average price per share (in dollars per share) \| $ / shares		$ 29.08
Stock repurchase program, remaining authorized repurchase amount		$ 40,051,000	$ 40,051,000
Common Stock \| 2023 Share Repurchase Program
Subsequent Events
Stock repurchase program, authorized amount (up to)					$ 200,000,000
Shares repurchased (in shares) \| shares			6,929,439
Average price per share (in dollars per share) \| $ / shares			$ 25.80
Stock repurchase program, remaining authorized repurchase amount		$ 21,191,000	$ 21,191,000
Subsequent Event \| Common Stock
Subsequent Events
Stock repurchase program, authorized amount (up to)				$ 300,000,000
JV \| Fisher Brothers \| Forecast \| Park Avenue Plaza
Subsequent Events
Subsidiary, ownership percentage, parent	51.00%
Park Avenue Plaza \| Forecast
Subsequent Events
Number of stories \| story	45
Park Avenue Plaza \| Mortgage, Park Avenue Plaza \| Forecast
Subsequent Events
Debt amount	$ 575,000,000
Basis spread on variable rate	2.99%
Park Avenue Plaza \| JV \| Forecast
Subsequent Events
Equity method ownership percentage	49.00%
Aggregate of preferred equity interests	$ 1,100,000,000
Real estate investment, price per square foot (in dollars per square foot) \| $ / ft²	950
Real estate investment, rentable square footage (in square feet) \| ft²	1.2

Investments in Partially Owned Entities (Alexander's Inc.) (Details) - Alexander's - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 06, 2026	Sep. 30, 2026	Mar. 31, 2026
Schedule Of Equity Method Investments
Equity method ownership percentage			32.40%
Rego Park 2 Property
Schedule Of Equity Method Investments
Proceeds from sale of property	$ 235,500
Rego Park 2 Property \| Forecast
Schedule Of Equity Method Investments
Net gain on sale		$ 44,000
Equity Method Investee
Schedule Of Equity Method Investments
Ownership common shares, investee (in shares)			1,654,068
Equity method ownership percentage			32.40%
Closing share price (in dollars per share)			$ 236.20
Equity method investment fair value			$ 390,691
Excess of investee's fair value over carrying amount			349,206
Excess of investee's carrying amount over equity in net assets			$ 29,077

Shareholders' Equity/Partners' Capital

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Shareholders' Equity/Partners' Capital


(Per share/unit)	For the Three Months Ended March 31,
	2026		2025
Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units	$	—	$	—
Preferred shares/units(1):
Convertible preferred:
6.50% Series A: authorized 8,450 and 9,180 shares/units(2)	0.8125		0.8125
Cumulative redeemable preferred(3):
5.40% Series L: authorized 13,800,000 shares/units	0.3375		0.3375
5.25% Series M: authorized 13,800,000 shares/units	0.3281		0.3281
5.25% Series N: authorized 12,000,000 shares/units	0.3281		0.3281
4.45% Series O: authorized 12,000,000 shares/units	0.2781		0.2781

__________________________

(1)Preferred share dividends/preferred unit distributions are cumulative and are payable quarterly in arrears.

We anticipate that we will pay a common share dividend for 2026 in December, subject to approval by our Board of Trustees.

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.

During the three months ended March 31, 2026, Vornado repurchased 2,745,713 common shares for $79,844,000 at an average price per share of $29.08. The Operating Partnership repurchased Class A units from Vornado equivalent to the number and price of common shares repurchased by Vornado. As of March 31, 2026, $40,051,000 remained available for repurchase under the plan.

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

(Loss) Income Per Share and Per Class A Unit (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted


(Amounts in thousands, except per share amounts)	For the Three Months Ended March 31,
	2026		2025
Numerator:


Net (loss) income attributable to Vornado	$	(7,317)	$	102,368
Preferred share dividends	(15,525)		(15,526)

Net (loss) income attributable to common shareholders	(22,842)		86,842
Distributions and earnings allocated to unvested participating securities	—		—
Numerator for basic (loss) income per common share	(22,842)		86,842
Impact of assumed conversion of dilutive convertible securities	(74)		283
Numerator for diluted (loss) income per common share	$	(22,916)	$	87,125

Denominator:
Denominator for basic (loss) income per common share - weighted average shares	189,658		191,371
Effect of dilutive securities(1):
Share-based payment awards	—		8,161
Convertible securities	24		1,203
Denominator for diluted (loss) income per common share - weighted average shares and assumed conversions	189,682		200,735

(LOSS) INCOME PER COMMON SHARE:
Basic	$	(0.12)	$	0.45
Diluted	$	(0.12)	$	0.43

________________________


(Amounts in thousands, except per unit amounts)	For the Three Months Ended March 31,
	2026		2025
Numerator:


Net (loss) income attributable to Vornado Realty L.P.	$	(9,336)	$	110,257
Preferred unit distributions	(15,554)		(15,555)

Net (loss) income attributable to Class A unitholders	(24,890)		94,702
Distributions and earnings allocated to unvested participating securities	—		(1,331)
Numerator for basic (loss) income per Class A unit	(24,890)		93,371
Impact of assumed conversion of dilutive convertible securities	(74)		283
Numerator for diluted (loss) income per Class A unit	$	(24,964)	$	93,654

Denominator:
Denominator for basic (loss) income per Class A unit - weighted average units	204,409		205,761
Effect of dilutive securities(1):
Unit-based payment awards	—		8,161
Convertible securities	24		1,203
Denominator for diluted (loss) income per Class A unit - weighted average units and assumed conversions	204,433		215,125

(LOSS) INCOME PER CLASS A UNIT:


Basic	$	(0.12)	$	0.45
Diluted	$	(0.12)	$	0.44

________________________

Interest and Debt Expense (Tables)

3 Months Ended

Mar. 31, 2026

Interest and Debt Expense [Abstract]

Schedule of Interest and Debt Expense

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


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
Interest expense	$	93,720	$	93,848
Capitalized interest and debt expense	(10,118)		(10,868)
Amortization of deferred financing costs	5,542		5,110
Amortization of interest rate cap premiums	62		7,726
	$	89,206	$	95,816

Identified Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2026

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
	March 31, 2026		December 31, 2025
Identified intangible assets:
Gross amount	$	192,460	$	192,555
Accumulated amortization	(83,758)		(81,962)
Total, net	$	108,702	$	110,593
Identified intangible liabilities (included in other liabilities):
Gross amount	$	134,499	$	134,499
Accumulated amortization	(113,844)		(113,271)
Total, net	$	20,655	$	21,228

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $101,000 and $88,000 for the three months ended March 31, 2026 and 2025, respectively.

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1,419,000 and $1,451,000 for the three months ended March 31, 2026 and 2025, respectively

Segment Information

3 Months Ended

Mar. 31, 2026

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 are 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 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.

We have recast certain prior period disclosures to reflect changes to our reportable segments. See Note 2 for additional information.

Below is a summary of NOI at share by segment for the three months ended March 31, 2026 and 2025.


(Amounts in thousands)	For the Three Months Ended March 31, 2026
	Total		New York		Other
Total revenues	$	459,105	$	377,486	$	81,619
Deduct: operating expenses(1)	(246,631)		(203,428)		(43,203)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(8,659)		(2,945)		(5,714)
Add: NOI from partially owned entities	68,308		65,436		2,872
NOI at share	$	272,123	$	236,549	$	35,574


(Amounts in thousands)	For the Three Months Ended March 31, 2025
	Total		New York		Other
Total revenues	$	461,579	$	374,546	$	87,033
Deduct: operating expenses(1)	(224,740)		(182,423)		(42,317)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,660)		(3,161)		(7,499)
Add: NOI from partially owned entities	67,111		63,859		3,252
NOI at share	$	293,290	$	252,821	$	40,469

_____________________

(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.

18. Segment Information - continued

Below is a reconciliation of NOI at share to (loss) income before income taxes for the three months ended March 31, 2026 and 2025.


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
NOI at share	$	272,123	$	293,290
NOI attributable to noncontrolling interests in consolidated subsidiaries	8,659		10,660
NOI from partially owned entities	(68,308)		(67,111)
Net gains on disposition of wholly owned and partially owned assets	—		15,551

Interest and debt expense	(89,206)		(95,816)
Interest and other investment income, net	9,327		8,261
Income from partially owned entities	12,822		96,977
Transaction related costs and other	(762)		(43)
General and administrative expense	(42,245)		(38,597)
Depreciation and amortization expense	(118,528)		(116,155)
(Loss) income before income taxes	$	(16,118)	$	107,017

- 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

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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Preferred Stock	Earnings Less Than Distributions	Accumulated Other Comprehensive Income	Non-controlling Interests in Consolidated Subsidiaries	Common Stock	Vornado Realty L.P.	Vornado Realty L.P. Preferred Stock	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	Vornado Realty L.P. Non-controlling Interests in Consolidated Subsidiaries
Beginning balance (in shares) at Dec. 31, 2024		48,789,000						48,789,000
Beginning balance at Dec. 31, 2024	$ 5,337,211	$ 1,182,364	$ (4,142,249)	$ 57,700	$ 178,969	$ 7,634	$ 5,337,211	$ 1,182,364	$ 8,060,427	$ (4,142,249)	$ 57,700	$ 178,969
Beginning balance (in shares) at Dec. 31, 2024						190,847,000			190,847,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income attributable to Vornado/Vornado Realty L.P.	102,368		102,368				110,257			110,257
Net loss (income) attributable to redeemable partnership units							(7,889)			(7,889)
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(3,001)				(3,001)		(3,001)					(3,001)
Distributions to preferred unitholders (see Note 10 for distributions per unit amounts)	(15,526)		(15,526)				(15,526)			(15,526)
Common shares issued:
Class A units issued to Vornado upon redemption of redeemable Class A units, at redemption value (in shares)						1,101,000			1,101,000
Class A units issued to Vornado upon redemption of redeemable Class A units, at redemption value	45,151					$ 44	45,151		$ 45,151
Under Vornado's employees’ share option plan (in shares)						1,000			1,000
Under Vornado's employees' share option plan	36						36		$ 36
Distributions	(9)				(9)		(9)					(9)
Contributions	53				53		53					53
Other comprehensive income (loss) of nonconsolidated subsidiaries	(7,583)			(7,583)			(7,583)				(7,583)
Change in fair value of consolidated interest rate hedges and other	(26,062)			(26,062)			(26,062)				(26,062)
Redeemable Class A unit measurement adjustment	54,535			(36)			54,535		54,571		(36)
Redeemable partnership units	2,777			2,777			2,777				2,777
Consolidated subsidiaries	0			187	(187)		0				187	(187)
Other	19		(8)	1	26		19			(8)	1	26
Ending balance (in shares) at Mar. 31, 2025		48,789,000						48,789,000
Ending balance at Mar. 31, 2025	$ 5,489,969	$ 1,182,364	(4,055,415)	26,984	175,851	$ 7,678	5,489,969	$ 1,182,364	$ 8,160,185	(4,055,415)	26,984	175,851
Ending balance (in shares) at Mar. 31, 2025						191,949,000			191,949,000
Beginning balance (in shares) at Dec. 31, 2025	48,788,450	48,788,000						48,788,000
Beginning balance at Dec. 31, 2025	$ 6,156,572	$ 1,182,345	(3,491,603)	(5)	169,845	$ 7,627	6,156,572	$ 1,182,345	$ 8,295,990	(3,491,603)	(5)	169,845
Beginning balance (in shares) at Dec. 31, 2025	190,666,367					190,666,000			190,666,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income attributable to Vornado/Vornado Realty L.P.	$ (7,317)		(7,317)				(9,336)			(9,336)
Net loss (income) attributable to redeemable partnership units							2,019			2,019
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(5,116)				(5,116)		(5,116)					(5,116)
Distributions to preferred unitholders (see Note 10 for distributions per unit amounts)	(15,525)		(15,525)				(15,525)			(15,525)
Common shares issued:
Class A units issued to Vornado upon redemption of redeemable Class A units, at redemption value (in shares)						177,000			177,000
Class A units issued to Vornado upon redemption of redeemable Class A units, at redemption value	5,276					$ 7	5,276		$ 5,276
Distributions	(78)				(78)		(78)					(78)
Repurchase of Class A units owned by Vornado (in shares)						(2,746,000)			(2,746,000)
Repurchase of Class A units owned by Vornado	(79,899)		(79,789)			$ (110)	(79,899)		$ (110)	(79,789)
Other comprehensive income (loss) of nonconsolidated subsidiaries	4,285			4,285			4,285				4,285
Change in fair value of consolidated interest rate hedges and other	12,406			12,406			12,406				12,406
Redeemable Class A unit measurement adjustment	113,502			(6)			113,502		113,508		(6)
Redeemable partnership units	(1,366)			(1,366)			(1,366)				(1,366)
Consolidated subsidiaries	0			(92)	92		0				(92)	92
Other (in shares)						1,000
Other	$ 32		34	(1)	(1)		32			34	(1)	(1)
Ending balance (in shares) at Mar. 31, 2026	48,788,450	48,788,000						48,788,000
Ending balance at Mar. 31, 2026	$ 6,182,772	$ 1,182,345	$ (3,594,200)	$ 15,221	$ 164,742	$ 7,524	$ 6,182,772	$ 1,182,345	$ 8,414,664	$ (3,594,200)	$ 15,221	$ 164,742
Ending balance (in shares) at Mar. 31, 2026	188,097,756					188,098,000			188,098,000

Stock-based Compensation (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
All Other Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Long-Term Performance Award 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value	$ 18,711
Long-Term Performance Award March 2029
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Long-Term Performance Award March 2030
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Operational \| Long-Term Performance Award 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage breakdown of awards	75.00%
Relative \| Long-Term Performance Award 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage breakdown of awards	25.00%
Percentage reduction threshold	30.00%
Duration of performance measurement period	3 years
Absolute \| Long-Term Performance Award 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage reduction threshold	30.00%

Investments in Partially Owned Entities (825 Seventh Avenue Office Condominium) (Details) - USD ($) $ in Thousands			3 Months Ended
	Jan. 26, 2026	Jan. 25, 2026	Mar. 31, 2026	Mar. 31, 2025
Schedule Of Equity Method Investments
Repayments of long-term debt			$ 968,081	$ 574,368
825 Seventh Avenue Office Condominium
Schedule Of Equity Method Investments
Equity method ownership percentage	50.00%
Extension term	9 months
825 Seventh Avenue Office Condominium \| Non-Recourse Loan Due 2026
Schedule Of Equity Method Investments
Extension term	15 months
Basis spread on variable rate	2.75%
825 Seventh Avenue Office Condominium \| Mortgages payable
Schedule Of Equity Method Investments
Debt amount	$ 48,000	$ 54,000
Repayments of long-term debt		$ 6,000

- 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

(Loss) Income Per Share and Per Class A Unit - Narrative (Details)	3 Months Ended
	Mar. 31, 2026
Earnings Per Share [Abstract]
Net income (loss) allocation	1

Investments in Partially Owned Entities (Schedule of Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 1,951,181	$ 1,941,278
Carrying amount of investments in partially owned entities	$ (67,064)	(90,924)
Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Interest	51.50%
Carrying amount of investments in partially owned entities	$ 1,535,921	1,538,141
Partially owned office buildings/land
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 166,326	148,958
Alexander's
Schedule Of Equity Method Investments
Interest	32.40%
Carrying amount of investments in partially owned entities	$ 41,485	47,276
Other investments
Schedule Of Equity Method Investments
Carrying amount of investments in partially owned entities	$ 207,449	206,903
7 West 34th Street
Schedule Of Equity Method Investments
Interest	53.00%
Carrying amount of investments in partially owned entities	$ (40,846)	(65,726)
85 Tenth Avenue
Schedule Of Equity Method Investments
Interest	49.90%
Carrying amount of investments in partially owned entities	$ (26,218)	$ (25,198)

Investments in Partially Owned Entities (Schedule of Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule Of Equity Method Investments
Equity in net income	$ 12,822	$ 96,977
Return on preferred equity, net of our share of the expense	23,710	28,382
Our share of net income (loss)	$ 12,822	96,977
Fifth Avenue and Times Square JV
Schedule Of Equity Method Investments
Interest	51.50%
Equity in net income	$ 4,323	5,837
Return on preferred equity, net of our share of the expense	6,105	8,543
Net gain on sale	0	76,162
Our share of net income (loss)	$ 10,428	90,542
Alexander's
Schedule Of Equity Method Investments
Interest	32.40%
Equity in net income	$ 1,455	3,923
Management, leasing and development fees	1,245	1,633
Our share of net income (loss)	2,700	5,556
Partially owned office buildings
Schedule Of Equity Method Investments
Our share of net income (loss)	(2,835)	(3,622)
Other investments
Schedule Of Equity Method Investments
Our share of net income (loss)	$ 2,529	$ 4,501

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Real estate, at cost:
Land	$ 2,425,240	$ 2,408,914
Buildings and improvements	11,076,744	10,942,418
Development costs and construction in progress	946,797	890,143
Leasehold improvements and equipment	108,582	105,080
Total	14,557,363	14,346,555
Less accumulated depreciation and amortization	(4,276,342)	(4,191,075)
Real estate, net	10,281,021	10,155,480
Right-of-use assets	669,685	671,308
Net investment in lease	166,234	166,024
Cash and cash equivalents	1,081,299	840,850
Restricted cash	130,217	136,696
Tenant and other receivables	98,031	77,137
Investments in partially owned entities	1,951,181	1,941,278
Receivable arising from the straight-lining of rents	778,704	752,545
Deferred leasing costs, net of accumulated amortization of $237,704 and $233,448	382,115	374,620
Identified intangible assets, net of accumulated amortization of $83,758 and $81,962	108,702	110,593
Other assets	272,348	294,587
Assets	15,919,537	15,521,118
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	4,915,659	4,920,669
Senior unsecured notes, net	1,241,462	747,202
Unsecured term loan, net	839,491	797,337
Unsecured revolving credit facilities	718,000	720,420
Lease liabilities	698,066	699,640
Accounts payable and accrued expenses	367,045	376,190
Deferred compensation plan	112,758	113,778
Other liabilities	317,596	341,359
Total liabilities	9,210,077	8,716,595
Commitments and contingencies
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	526,688	647,951
Shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,788,450 shares	1,182,345	1,182,345
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 188,097,756 and 190,666,367 shares	7,524	7,627
Additional capital	8,407,140	8,288,363
Earnings less than distributions	(3,594,200)	(3,491,603)
Accumulated other comprehensive income (loss)	15,221	(5)
Total shareholders' / partners' equity	6,018,030	5,986,727
Noncontrolling interests in consolidated subsidiaries	164,742	169,845
Total equity	6,182,772	6,156,572
Total liabilities, redeemable noncontrolling interests / partnership units and equity	15,919,537	15,521,118
Partnership Interest
Redeemable noncontrolling interests:
Class A units - 16,946,794 and 16,650,713 units outstanding	440,447	554,136
Series D cumulative redeemable preferred units - 141,400 units outstanding	3,535	3,535
Total redeemable noncontrolling interests	443,982	557,671
Redeemable noncontrolling interest in a consolidated subsidiary
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	$ 82,706	$ 90,280

Identified Intangible Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Below Market Leases Net of Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 101	$ 88
Other Identified Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,419	$ 1,451

- 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

Variable Interest Entities ("VIEs") (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Variable Interest Entities
Carrying amount of investments in partially owned entities	$ 1,951,181	$ 1,941,278
Other assets	272,348	294,587
Assets	15,919,537	15,521,118
Liabilities	9,210,077	8,716,595
Unconsolidated VIEs
Variable Interest Entities
Carrying amount of investments in partially owned entities	282,269	264,336
Other assets	0	107,166
Maximum exposure to loss	282,269	374,502
Consolidated VIEs
Variable Interest Entities
Assets	4,699,449	4,734,109
Liabilities	$ 2,752,092	$ 2,744,932

- Definition

Amount of asset recognized for present right to economic benefit.

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

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+ 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

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
REVENUES:
Total revenues	$ 459,105	$ 461,579
EXPENSES:
Operating	(246,631)	(224,740)
Depreciation and amortization	(118,528)	(116,155)
General and administrative	(42,245)	(38,597)
(Expense) income from deferred compensation plan liability	(581)	1,089
Transaction related costs and other	(762)	(43)
Total expenses	(408,747)	(378,446)
Income from partially owned entities	12,822	96,977
Interest and other investment income, net	9,327	8,261
Income (expense) from deferred compensation plan assets	581	(1,089)
Interest and debt expense	(89,206)	(95,816)
Net gains on disposition of wholly owned and partially owned assets	0	15,551
(Loss) income before income taxes	(16,118)	107,017
Income tax expense	(5,908)	(7,193)
Net (loss) income	(22,026)	99,824
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	12,690	10,433
Operating Partnership	2,019	(7,889)
Net (loss) income attributable to Vornado	(7,317)	102,368
Preferred share dividends/unit distributions	(15,525)	(15,526)
Net income (loss) attributable to common shareholders/Class A unitholders	$ (22,842)	$ 86,842
(LOSS) INCOME PER COMMON SHARE - BASIC:
Net (loss) income per common share (in dollars per share)	$ (0.12)	$ 0.45
Weighted average shares outstanding (in shares)	189,658	191,371
(LOSS) INCOME PER COMMON SHARE - DILUTED:
Net (loss) income per common share (in dollars per share)	$ (0.12)	$ 0.43
Weighted average shares outstanding (in shares)	189,682	200,735
Rental revenues
REVENUES:
Total revenues	$ 399,184	$ 404,755
Fee and other income
REVENUES:
Total revenues	$ 59,921	$ 56,824

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2026
Basis of Presentation [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results for the full year. In addition, certain prior year balances have been reclassified in order to conform to the current period presentation. During the first quarter of 2026, the Company reclassified certain properties to our Other segment to align with changes in internal reporting used by the chief operating decision maker ("CODM") for assessing performance and allocating resources. Prior period segment disclosures have been recast to conform to the current presentation. These changes primarily impacted Note 4 - Revenue Recognition and Note 18 - Segment Information.

Fair Value Measurements (Schedule of Carrying Amounts and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Deferred financing costs, net and other	$ 47,425	$ 28,829
Mortgages payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Deferred financing costs, net and other	28,378	23,368
Senior unsecured notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Deferred financing costs, net and other	8,538	2,798
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, carrying amount	428,617	508,812
Debt, carrying amount	7,762,037	7,214,457
Carrying Amount \| Mortgages payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, carrying amount	4,944,037	4,944,037
Carrying Amount \| Senior unsecured notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, carrying amount	1,250,000	750,000
Carrying Amount \| Unsecured term loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, carrying amount	850,000	800,000
Carrying Amount \| Unsecured revolving credit facilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, carrying amount	718,000	720,420
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, carrying amount	7,533,000	6,988,000
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents, fair value	429,000	509,000
Fair Value \| Mortgages payable \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, carrying amount	4,765,000	4,754,000
Fair Value \| Senior unsecured notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, carrying amount	1,200,000	714,000
Fair Value \| Unsecured term loan \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, carrying amount	850,000	800,000
Fair Value \| Unsecured revolving credit facilities \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, carrying amount	$ 718,000	$ 720,000

Segment Information (Schedule of NOI by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Information
Total revenues	$ 459,105	$ 461,579
Deduct: operating expenses	(246,631)	(224,740)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(8,659)	(10,660)
Add: NOI from partially owned entities	68,308	67,111
NOI at share	272,123	293,290
New York
Segment Information
Total revenues	377,486	374,546
Deduct: operating expenses	(203,428)	(182,423)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(2,945)	(3,161)
Add: NOI from partially owned entities	65,436	63,859
NOI at share	236,549	252,821
Other
Segment Information
Total revenues	81,619	87,033
Deduct: operating expenses	(43,203)	(42,317)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(5,714)	(7,499)
Add: NOI from partially owned entities	2,872	3,252
NOI at share	$ 35,574	$ 40,469

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash Flows from Operating Activities:
Net (loss) income	$ (22,026)	$ 99,824
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	124,083	121,265
Straight-lining of rents	(26,210)	(4,299)
Distributions of income from partially owned entities	23,710	28,382
Equity in net income of partially owned entities	(12,822)	(96,977)
Stock-based compensation expense	5,655	6,022
Change in deferred tax liability	2,989	3,084
Amortization of below-market leases, net	(101)	(88)
Amortization of interest rate cap premiums	62	7,726
Net gains on disposition of wholly owned and partially owned assets	0	(15,551)
Other non-cash adjustments	4,242	5,011
Changes in operating assets and liabilities:
Tenant and other receivables	(22,830)	(13,424)
Prepaid assets	(64,575)	(53,578)
Other assets	18,618	(38,234)
Lease liabilities	(1,574)	(15,636)
Accounts payable and accrued expenses	18,091	19,567
Other liabilities	435	(1,060)
Net cash provided by operating activities	47,747	52,034
Cash Flows from Investing Activities:
Acquisitions of real estate and other	(171,840)	0
Proceeds from repayment of loan receivable	85,000	0
Additions to real estate	(65,989)	(42,192)
Investments in partially owned entities	(41,163)	(12,284)
Development costs and construction in progress	(36,284)	(40,934)
Distributions of capital from partially owned entities	350	0
Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity	0	342,000
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South	0	24,713
Proceeds from sales of real estate and other	0	4,198
Net cash (used in) provided by investing activities	(229,926)	275,501
Cash Flows from Financing Activities:
Proceeds from borrowings	1,514,781	120,000
Repayments of borrowings	(968,081)	(574,368)
Repurchase of Class A units owned by Vornado	(79,899)	0
Deferred financing costs	(35,137)	0
Distributions to preferred unitholders	(15,525)	(15,526)
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(107)	(504)
Contributions from noncontrolling interests in consolidated subsidiaries	0	53
Other financing activity, net	117	79
Net cash provided by (used in) financing activities	416,149	(470,266)
Net increase (decrease) in cash and cash equivalents and restricted cash	233,970	(142,731)
Cash and cash equivalents and restricted cash at beginning of period	977,546	949,619
Cash and cash equivalents and restricted cash at end of period	1,211,516	806,888
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	840,850	733,947
Restricted cash at beginning of period	136,696	215,672
Cash and cash equivalents and restricted cash at beginning of period	977,546	949,619
Cash and cash equivalents at end of period	1,081,299	568,861
Restricted cash at end of period	130,217	238,027
Cash and cash equivalents and restricted cash at end of period	1,211,516	806,888
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums	69,255	83,422
Cash payments for income taxes	2,643	1,800
Non-Cash Information:
Redeemable Class A unit measurement adjustment	113,502	54,535
Write-off of fully depreciated assets	(22,853)	(23,280)
Accrued capital expenditures included in accounts payable and accrued expenses	18,507	22,890
Change in fair value of consolidated interest rate hedges and other	12,406	(26,062)
Vornado Realty L.P.
Cash Flows from Operating Activities:
Net (loss) income	(22,026)	99,824
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	124,083	121,265
Straight-lining of rents	(26,210)	(4,299)
Distributions of income from partially owned entities	23,710	28,382
Equity in net income of partially owned entities	(12,822)	(96,977)
Stock-based compensation expense	5,655	6,022
Change in deferred tax liability	2,989	3,084
Amortization of below-market leases, net	(101)	(88)
Amortization of interest rate cap premiums	62	7,726
Net gains on disposition of wholly owned and partially owned assets	0	(15,551)
Other non-cash adjustments	4,242	5,011
Changes in operating assets and liabilities:
Tenant and other receivables	(22,830)	(13,424)
Prepaid assets	(64,575)	(53,578)
Other assets	18,618	(38,234)
Lease liabilities	(1,574)	(15,636)
Accounts payable and accrued expenses	18,091	19,567
Other liabilities	435	(1,060)
Net cash provided by operating activities	47,747	52,034
Cash Flows from Investing Activities:
Acquisitions of real estate and other	(171,840)	0
Proceeds from repayment of loan receivable	85,000	0
Additions to real estate	(65,989)	(42,192)
Investments in partially owned entities	(41,163)	(12,284)
Development costs and construction in progress	(36,284)	(40,934)
Distributions of capital from partially owned entities	350	0
Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity	0	342,000
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South	0	24,713
Proceeds from sales of real estate and other	0	4,198
Net cash (used in) provided by investing activities	(229,926)	275,501
Cash Flows from Financing Activities:
Proceeds from borrowings	1,514,781	120,000
Repayments of borrowings	(968,081)	(574,368)
Repurchase of Class A units owned by Vornado	(79,899)	0
Deferred financing costs	(35,137)	0
Distributions to preferred unitholders	(15,525)	(15,526)
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(107)	(504)
Contributions from noncontrolling interests in consolidated subsidiaries	0	53
Other financing activity, net	117	79
Net cash provided by (used in) financing activities	416,149	(470,266)
Net increase (decrease) in cash and cash equivalents and restricted cash	233,970	(142,731)
Cash and cash equivalents and restricted cash at beginning of period	977,546	949,619
Cash and cash equivalents and restricted cash at end of period	1,211,516	806,888
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	840,850	733,947
Restricted cash at beginning of period	136,696	215,672
Cash and cash equivalents and restricted cash at beginning of period	977,546	949,619
Cash and cash equivalents at end of period	1,081,299	568,861
Restricted cash at end of period	130,217	238,027
Cash and cash equivalents and restricted cash at end of period	1,211,516	806,888
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums	69,255	83,422
Cash payments for income taxes	2,643	1,800
Non-Cash Information:
Redeemable Class A unit measurement adjustment	113,502	54,535
Write-off of fully depreciated assets	(22,853)	(23,280)
Accrued capital expenditures included in accounts payable and accrued expenses	18,507	22,890
Change in fair value of consolidated interest rate hedges and other	$ 12,406	$ (26,062)

Redeemable Noncontrolling Interests

3 Months Ended

Mar. 31, 2026

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


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
Beginning balance	$	557,671	$	711,943
Net (loss) income	(2,019)		7,889
Other comprehensive income (loss)	1,366		(2,777)
Distributions	(29)		(493)
Redemption of Class A units for Vornado common shares, at redemption value	(5,276)		(45,151)
Redeemable Class A unit measurement adjustment	(113,502)		(54,535)
Other, net	5,771		6,065
Ending balance	$	443,982	$	622,941

As of March 31, 2026 and December 31, 2025, the aggregate redemption value of redeemable Class A units of the Operating Partnership, which are those units held by third parties, was $440,447,000 and $554,136,000, respectively, based on Vornado’s quarter-end closing common share price.

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 $49,372,000 and $49,465,000 as of March 31, 2026 and December 31, 2025, 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 hold a 95% interest, developed and owns the Farley Building. As of March 31, 2026, a historic tax credit investor (the "Tax Credit Investor") has funded $209,661,000 of capital contributions in connection with 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 three months ended March 31, 2026 and 2025.

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


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
Beginning balance	$	90,280	$	122,715
Net loss	(7,574)		(7,432)


Ending balance	$	82,706	$	115,283

Redeemable Noncontrolling Interests (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Redeemable Noncontrolling Interest
Exchange ratio	1
Fair value conversion ratio	1
Farley Office and Retail \| 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)	49,372	$ 49,465
Partnership Interest
Redeemable Noncontrolling Interest
Redemption value of redeemable class A units	440,447	554,136
Partnership Interest \| Class A Units
Redeemable Noncontrolling Interest
Redemption value of redeemable class A units	$ 440,447	$ 554,136

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt

The following is a summary of our debt:


(Amounts in thousands)	Weighted Average Interest Rate as of March 31, 2026(1)			Balance as of
				March 31, 2026		December 31, 2025
Mortgages Payable:
Fixed rate(2)		5.14%		$	3,415,000	$	3,415,000
Variable rate(3)		5.61%	(4)	1,529,037		1,529,037
Total		5.28%		4,944,037		4,944,037
Deferred financing costs, net and other				(28,378)		(23,368)
Total, net				$	4,915,659	$	4,920,669
Unsecured Debt:
Senior unsecured notes		3.94%		$	1,250,000	$	750,000
Deferred financing costs, net and other				(8,538)		(2,798)
Senior unsecured notes, net				1,241,462		747,202

Unsecured term loan		4.25%		850,000		800,000
Deferred financing costs, net and other				(10,509)		(2,663)
Unsecured term loan, net				839,491		797,337

Unsecured revolving credit facilities		3.96%		718,000		720,420

Total, net				$	2,798,953	$	2,264,959

_____________________________

(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 14 - 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 March 31, 2026, $1,210,000 of our variable rate debt is subject to interest rate cap arrangements, of which $645,000 is attributable to noncontrolling interests. The interest rate cap arrangements have a weighted average SOFR strike rate of 4.48% and a weighted average remaining term of six months.

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

- 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

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2026
Basis of Presentation [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results for the full year. In addition, certain prior year balances have been reclassified in order to conform to the current period presentation. During the first quarter of 2026, the Company reclassified certain properties to our Other segment to align with changes in internal reporting used by the chief operating decision maker ("CODM") for assessing performance and allocating resources. Prior period segment disclosures have been recast to conform to the current presentation.
Recently Issued Accounting Literature	Recently Issued Accounting Literature 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. 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 introduces 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.
Unconsolidated & Consolidated VIEs	Unconsolidated VIEs As of March 31, 2026 and December 31, 2025, 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 5 – 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.
Redeemable Noncontrolling Interests	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.
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 Other Investment Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Interest and Other Income [Abstract]
Interest on cash and cash equivalents and restricted cash	$ 8,705	$ 6,961
Interest on loans receivable	269	1,157
Income from real estate fund investments	0	143
Other, net	353	0
Interest and other investment income, net	$ 9,327	$ 8,261

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument
Deferred financing costs, net and other	$ (47,425)	$ (28,829)
Total, net	4,915,659	4,920,669
Long term debt	$ 2,798,953	2,264,959
Mortgages payable
Debt Instrument
Weighted Average Interest Rate	5.28%
Long-term debt, gross	$ 4,944,037	4,944,037
Deferred financing costs, net and other	(28,378)	(23,368)
Total, net	$ 4,915,659	4,920,669
Mortgages payable \| Fixed rate
Debt Instrument
Weighted Average Interest Rate	5.14%
Long-term debt, gross	$ 3,415,000	3,415,000
Mortgages payable \| Variable rate
Debt Instrument
Weighted Average Interest Rate	5.61%
Long-term debt, gross	$ 1,529,037	1,529,037
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	4.48%
Derivative, noncontrolling interest	$ 645,000
Derivative, average remaining maturity	6 months
Unsecured Debt
Debt Instrument
Weighted Average Interest Rate	3.94%
Long-term debt, gross	$ 1,250,000	750,000
Deferred financing costs, net and other	(8,538)	(2,798)
Long term debt	$ 1,241,462	747,202
Unsecured term loan
Debt Instrument
Weighted Average Interest Rate	4.25%
Long-term debt, gross	$ 850,000	800,000
Deferred financing costs, net and other	(10,509)	(2,663)
Long term debt	$ 839,491	797,337
Unsecured revolving credit facilities
Debt Instrument
Weighted Average Interest Rate	3.96%
Long term debt	$ 718,000	$ 720,420

Segment Information (Schedule of Net Income (Loss) to NOI Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
NOI at share	$ 272,123	$ 293,290
NOI attributable to noncontrolling interests in consolidated subsidiaries	8,659	10,660
NOI from partially owned entities	(68,308)	(67,111)
Net gains on disposition of wholly owned and partially owned assets	0	15,551
Interest and debt expense	(89,206)	(95,816)
Interest and other investment income, net	9,327	8,261
Income from partially owned entities	12,822	96,977
Transaction related costs and other	(762)	(43)
General and administrative expense	(42,245)	(38,597)
Depreciation and amortization expense	(118,528)	(116,155)
(Loss) income before income taxes	$ (16,118)	$ 107,017

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net (loss) income	$ (22,026)	$ 99,824
Other comprehensive income (loss):
Change in fair value of consolidated interest rate hedges and other	12,406	(26,062)
Other comprehensive income (loss) of nonconsolidated subsidiaries	4,285	(7,583)
Comprehensive (loss) income	(5,335)	66,179
Less comprehensive loss attributable to noncontrolling interests in consolidated subsidiaries	13,251	5,508
Comprehensive income attributable to Vornado / Vornado Realty L.P.	7,916	71,687
Vornado Realty L.P.
Net (loss) income	(22,026)	99,824
Other comprehensive income (loss):
Change in fair value of consolidated interest rate hedges and other	12,406	(26,062)
Other comprehensive income (loss) of nonconsolidated subsidiaries	4,285	(7,583)
Comprehensive (loss) income	(5,335)	66,179
Less comprehensive loss attributable to noncontrolling interests in consolidated subsidiaries	12,598	10,620
Comprehensive income attributable to Vornado / Vornado Realty L.P.	$ 7,263	$ 76,799

- 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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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.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash Flows from Operating Activities:
Net (loss) income	$ (22,026)	$ 99,824
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	124,083	121,265
Straight-lining of rents	(26,210)	(4,299)
Distributions of income from partially owned entities	23,710	28,382
Equity in net income of partially owned entities	(12,822)	(96,977)
Stock-based compensation expense	5,655	6,022
Change in deferred tax liability	2,989	3,084
Amortization of below-market leases, net	(101)	(88)
Amortization of interest rate cap premiums	62	7,726
Net gains on disposition of wholly owned and partially owned assets	0	(15,551)
Other non-cash adjustments	4,242	5,011
Changes in operating assets and liabilities:
Tenant and other receivables	(22,830)	(13,424)
Prepaid assets	(64,575)	(53,578)
Other assets	18,618	(38,234)
Lease liabilities	(1,574)	(15,636)
Accounts payable and accrued expenses	18,091	19,567
Other liabilities	435	(1,060)
Net cash provided by operating activities	47,747	52,034
Cash Flows from Investing Activities:
Acquisitions of real estate and other	(171,840)	0
Proceeds from repayment of loan receivable	85,000	0
Additions to real estate	(65,989)	(42,192)
Investments in partially owned entities	(41,163)	(12,284)
Development costs and construction in progress	(36,284)	(40,934)
Distributions of capital from partially owned entities	350	0
Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity	0	342,000
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South	0	24,713
Proceeds from sales of real estate and other	0	4,198
Net cash (used in) provided by investing activities	(229,926)	275,501
Cash Flows from Financing Activities:
Proceeds from borrowings	1,514,781	120,000
Repayments of borrowings	(968,081)	(574,368)
Repurchase of common shares	(79,899)	0
Deferred financing costs	(35,137)	0
Dividends paid on preferred shares	(15,525)	(15,526)
Distributions to noncontrolling interests	(107)	(504)
Contributions from noncontrolling interests	0	53
Other financing activity, net	117	79
Net cash provided by (used in) financing activities	416,149	(470,266)
Net increase (decrease) in cash and cash equivalents and restricted cash	233,970	(142,731)
Cash and cash equivalents and restricted cash at beginning of period	977,546	949,619
Cash and cash equivalents and restricted cash at end of period	1,211,516	806,888
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	840,850	733,947
Restricted cash at beginning of period	136,696	215,672
Cash and cash equivalents and restricted cash	1,211,516	806,888
Cash and cash equivalents at end of period	1,081,299	568,861
Restricted cash at end of period	130,217	238,027
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums	69,255	83,422
Cash payments for income taxes	2,643	1,800
Non-Cash Information:
Redeemable Class A unit measurement adjustment	113,502	54,535
Write-off of fully depreciated assets	(22,853)	(23,280)
Accrued capital expenditures included in accounts payable and accrued expenses	18,507	22,890
Change in fair value of consolidated interest rate hedges and other	$ 12,406	$ (26,062)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Capital	Earnings Less Than Distributions	Accumulated Other Comprehensive Income	Non-controlling Interests in Consolidated Subsidiaries
Beginning balance (in shares) at Dec. 31, 2024		48,789,000
Beginning balance at Dec. 31, 2024	$ 5,337,211	$ 1,182,364	$ 7,634	$ 8,052,793	$ (4,142,249)	$ 57,700	$ 178,969
Beginning balance (in shares) at Dec. 31, 2024			190,847,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income attributable to Vornado/Vornado Realty L.P.	102,368				102,368
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(3,001)						(3,001)
Dividends on preferred shares (see Note 10 for dividends per share amounts)	(15,526)				(15,526)
Common shares issued:
Common shares issued upon redemption of Class A units, at redemption value (in shares)			1,101,000
Common shares issued upon redemption of Class A units, at redemption value	45,151		$ 44	45,107
Under employees' share option plan (in shares)			1,000
Under employees’ share option plan	36			36
Distributions	(9)						(9)
Contributions	53						53
Other comprehensive income (loss) of nonconsolidated subsidiaries	(7,583)					(7,583)
Change in fair value of consolidated interest rate hedges and other	(26,062)					(26,062)
Redeemable Class A unit measurement adjustment	54,535			54,571		(36)
Operating Partnership	2,777					2,777
Consolidated subsidiaries	0					187	(187)
Other	19				(8)	1	26
Ending balance (in shares) at Mar. 31, 2025		48,789,000
Ending balance at Mar. 31, 2025	$ 5,489,969	$ 1,182,364	$ 7,678	8,152,507	(4,055,415)	26,984	175,851
Ending balance (in shares) at Mar. 31, 2025			191,949,000
Beginning balance (in shares) at Dec. 31, 2025	48,788,450	48,788,000
Beginning balance at Dec. 31, 2025	$ 6,156,572	$ 1,182,345	$ 7,627	8,288,363	(3,491,603)	(5)	169,845
Beginning balance (in shares) at Dec. 31, 2025	190,666,367		190,666,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income attributable to Vornado/Vornado Realty L.P.	$ (7,317)				(7,317)
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	(5,116)						(5,116)
Dividends on preferred shares (see Note 10 for dividends per share amounts)	(15,525)				(15,525)
Common shares issued:
Common shares issued upon redemption of Class A units, at redemption value (in shares)			177,000
Common shares issued upon redemption of Class A units, at redemption value	5,276		$ 7	5,269
Distributions	(78)						(78)
Repurchase of common shares (in shares)			(2,746,000)
Repurchase of common shares	(79,899)		$ (110)		(79,789)
Other comprehensive income (loss) of nonconsolidated subsidiaries	4,285					4,285
Change in fair value of consolidated interest rate hedges and other	12,406					12,406
Redeemable Class A unit measurement adjustment	113,502			113,508		(6)
Operating Partnership	(1,366)					(1,366)
Consolidated subsidiaries	0					(92)	92
Other (in shares)			1,000
Other	$ 32				34	(1)	(1)
Ending balance (in shares) at Mar. 31, 2026	48,788,450	48,788,000
Ending balance at Mar. 31, 2026	$ 6,182,772	$ 1,182,345	$ 7,524	$ 8,407,140	$ (3,594,200)	$ 15,221	$ 164,742
Ending balance (in shares) at Mar. 31, 2026	188,097,756		188,098,000

Fair Value Measurements (Schedule of Changes in Fair Value of Loans Receivable ) (Details) - Loans Receivable $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 107,166
Repayments	(107,337)
Interest accrual	171
Ending balance	$ 0

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Deferred leasing costs, accumulated amortization	$ 237,704	$ 233,448
Identified intangible assets, net of accumulated amortization	$ 83,758	$ 81,962
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	48,788,450
Preferred shares of beneficial interest: outstanding shares (in shares)	48,788,450	48,788,450
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)	188,097,756	190,666,367
Common shares of beneficial interest: outstanding shares (in shares)	188,097,756	190,666,367
Class A Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	16,946,794	16,650,713
Cumulative Redeemable Preferred Unit
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Outstanding partnership units held by third parties (in shares)	141,400	141,400

Interest and Other Investment Income, Net

3 Months Ended

Mar. 31, 2026

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 Three Months Ended March 31,
	2026		2025
Interest on cash and cash equivalents and restricted cash	$	8,705	$	6,961
Interest on loans receivable	269		1,157
Income from real estate fund investments	—		143
Other, net	353		—
	$	9,327	$	8,261

Variable Interest Entities ("VIEs")	3 Months Ended
Variable Interest Entities ("VIEs")	Mar. 31, 2026
Variable Interest Entities [Abstract]
Variable Interest Entities ("VIEs")	Variable Interest Entities ("VIEs") Unconsolidated VIEs As of March 31, 2026 and December 31, 2025, 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 5 – Investments in Partially Owned Entities). As of March 31, 2026 and December 31, 2025, $282,269,000 and $264,336,000, respectively, of the carrying amount of assets related to our unconsolidated VIEs were included in “investments in partially owned entities” on our consolidated balance sheets. Additionally, as of March 31, 2026 and December 31, 2025, $0 and $107,166,000, respectively were included in “other assets” on our consolidated balance sheets. Our maximum exposure to loss from our unconsolidated VIEs as of March 31, 2026 and December 31, 2025 was $282,269,000 and $374,502,000, 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 March 31, 2026, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,699,449,000 and $2,752,092,000, respectively. 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.

Investments in Partially Owned Entities

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Investments in Partially Owned Entities

Fifth Avenue and Times Square JV

As of March 31, 2026, 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. We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements.

We also own $1.079 billion aggregate liquidation preference of preferred equity interests in certain of the properties. 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 March 31, 2026, 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 $705,161,000, the basis difference primarily resulting from 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.

Alexander's, Inc. ("Alexander's") (NYSE: ALX)

As of March 31, 2026, 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. In addition, wholly owned subsidiaries of Vornado provide cleaning, engineering, security, and garage management services to certain Alexander’s properties.

As of March 31, 2026, 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 March 31, 2026 closing share price of $236.20, was $390,691,000, or $349,206,000 in excess of the carrying amount on our consolidated balance sheets. As of March 31, 2026, the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeded our share of the equity in the net assets of Alexander’s by approximately $29,077,000. 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.

On March 6, 2026, Alexander’s entered into an agreement to sell its Rego Park I property for $235,500,000. Alexander’s expects to close the sale by the third quarter of 2026. Upon completion of the sale, we will recognize our approximate $44,000,000 share of the net gain. The sale is subject to customary closing conditions.

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 distributions.

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.

5. Investments in Partially Owned Entities - continued

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


(Amounts in thousands)	Percentage Ownership as of March 31, 2026	Balance as of
		March 31, 2026		December 31, 2025
Investments:
Fifth Avenue and Times Square JV (see page 20 for details)	51.5%	$	1,535,921	$	1,538,141
Partially owned office buildings/land(1)	Various	166,326		148,958
Alexander's (see page 20 for details):	32.4%	41,485		47,276
Other investments(2)	Various	207,449		206,903
		$	1,951,181	$	1,941,278
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(40,846)	$	(65,726)
85 Tenth Avenue	49.9%	(26,218)		(25,198)
		$	(67,064)	$	(90,924)

____________________

(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 March 31, 2026	For the Three Months Ended March 31,
		2026		2025
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 20 for details):

Equity in net income	51.5%	$	4,323	$	5,837
Return on preferred equity, net of our share of the expense		6,105		8,543
Net gain on sale		—		76,162
		10,428		90,542
Alexander's (see page 20 for details):
Equity in net income	32.4%	1,455		3,923
Management, leasing and development fees		1,245		1,633

		2,700		5,556

Partially owned office buildings(1)	Various	(2,835)		(3,622)

Other investments(2)	Various	2,529		4,501

		$	12,822	$	96,977

____________________

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

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

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

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 March 31, 2026
	Total		Level 1		Level 2		Level 3
Deferred compensation plan assets ($33,913 included in restricted cash and $78,845 in other assets)	$	112,758	$	71,834	$	—	$	40,924

Interest rate swaps and caps designated as a hedge (included in other assets)	25,001		—		25,001		—

Interest rate caps not designated as a hedge (included in other assets)	699		—		699		—
Total assets	$	138,458	$	71,834	$	25,700	$	40,924

Mandatorily redeemable instruments (included in other liabilities)	$	49,372	$	49,372	$	—	$	—
Interest rate swaps designated as a hedge (included in other liabilities)	332		—		332		—
Interest rate caps not designated as a hedge (included in other liabilities)	494		—		494		—
Total liabilities	$	50,198	$	49,372	$	826	$	—

(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	$	—

14. 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 Three Months Ended March 31, 2026

Beginning balance	$	40,586
Purchases	4,337
Sales	(5,228)
Realized and unrealized gains	524
Other, net	705
Ending balance	$	40,924

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 Three Months Ended March 31, 2026

Beginning balance	$	107,166

Repayments(1)	(107,337)
Interest accrual	171


Ending balance	$	—

__________________________

14. 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 March 31, 2026 and December 31, 2025.


(Amounts in thousands)	As of March 31, 2026										As of December 31, 2025
	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	$	—	$	320	$	—	$	1,160
Forward swap (effective 05/26)	840,000			5.56%	(2)	05/28	4,631		—		—		959
Unsecured term loan	750,000			4.17%		(3)	4,479		—		3,522		—
Unsecured revolving credit facility	575,000			3.78%		08/27	7,081		—		5,208		—
One Park Avenue mortgage loan	500,000		(4)	4.52%		07/27	5,584		—		4,189		—
100 West 33rd Street mortgage loan	480,000			5.26%		06/27	1,295		—		—		736
1290 Avenue of the Americas mortgage loan	200,000		(5)	4.58%		09/27	1,813		—		1,047		—
435 Seventh Avenue mortgage loan	75,000			6.96%		(6)	—		12		—		238
Interest rate caps:
Various mortgage loans							118		—		19		—
							$	25,001	$	332	$	13,985	$	3,093

______________________

(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+120)
Through 10/26	$	750,000	4.17%	$	100,000
10/26 through 07/27	250,000		3.94%	600,000
07/27 through 08/27	50,000		3.94%	800,000

(4)The remaining $25,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.78% (5.46% as of March 31, 2026) and has a 5.20% SOFR strike rate cap in place.

(5)The remaining $750,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.62% (5.29% as of March 31, 2026) and has a 4.00% SOFR strike rate cap in place.

(6)In April 2026, we entered into a 4.00% interest rate cap arrangement expiring April 2027 and effective upon the April 2026 expiration of the currently in-place swap.

14. 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 sheets as of March 31, 2026 and December 31, 2025.

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. The fair values of these instruments are estimated using discounted cash flow analyses 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 March 31, 2026					As of December 31, 2025
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents	$	428,617		$	429,000	$	508,812		$	509,000
Debt:
Mortgages payable	$	4,944,037		$	4,765,000	$	4,944,037		$	4,754,000
Senior unsecured notes	1,250,000			1,200,000		750,000			714,000
Unsecured term loan	850,000			850,000		800,000			800,000
Unsecured revolving credit facilities	718,000			718,000		720,420			720,000
Total	$	7,762,037	(1)	$	7,533,000	$	7,214,457	(1)	$	6,988,000

______________________

(1)Excludes $47,425 and $28,829 of deferred financing costs, net and other as of March 31, 2026 and December 31, 2025, 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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-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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-Name Accounting Standards Codification
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-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
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-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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (22,026)	$ 99,824
Other comprehensive income (loss):
Change in fair value of consolidated interest rate hedges and other	12,406	(26,062)
Other comprehensive income (loss) of nonconsolidated subsidiaries	4,285	(7,583)
Comprehensive (loss) income	(5,335)	66,179
Less comprehensive loss attributable to noncontrolling interests	13,251	5,508
Comprehensive income attributable to Vornado / Vornado Realty L.P.	$ 7,916	$ 71,687

- 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

Commitments and Contingencies (Details)			1 Months Ended	3 Months Ended
Commitments and Contingencies (Details)	Apr. 22, 2025 USD ($)	Jun. 17, 2023 USD ($)	Jan. 31, 2026 USD ($)	Mar. 31, 2026 USD ($)	Jan. 30, 2022 extension_option
Other Commitments [Abstract]
Payment guarantees				$ 134,715,000
Construction commitment				$ 15,034,000
Farley Office and Retail \| JV
Other Commitments [Abstract]
Equity method ownership percentage				95.00%
Capital contributions				$ 209,661,000
Farley Office and Retail \| Related Party
Other Commitments [Abstract]
Equity method ownership percentage				5.00%
PENN 1
Other Commitments [Abstract]
Number of renewal options \| extension_option					3
Lease, term		25 years
Annual amount			$ 15,000,000
PENN 1 \| Pending Litigation
Other Commitments [Abstract]
Annual amount		$ 20,220,000
PENN 1 \| Operating Lease, Variable Component One
Other Commitments [Abstract]
Annual amount	$ 15,000,000
PENN 1 \| Operating Lease, Variable Component Two
Other Commitments [Abstract]
Annual amount	$ 20,220,000
Unsecured revolving credit facilities
Other Commitments [Abstract]
Outstanding letters of credit				$ 23,720,000
PENN 1
Other Commitments [Abstract]
Lease, term					25 years
Term	25 years
General Liability
Insurance [Abstract]
Insurance limit per property				300,000,000
Insurance limit per occurrence				300,000,000
Disease Coverage
Insurance [Abstract]
Insurance limit per property				275,000,000
All Risk and Rental Value
Insurance [Abstract]
Insurance limit per occurrence				2,500,000,000
Earthquake California Properties
Insurance [Abstract]
Insurance limit per occurrence				350,000,000
Insurance maximum coverage limit in aggregate				$ 350,000,000
Registrant deductible percentage of property value				5.00%
Terrorism Acts
Insurance [Abstract]
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 [Abstract]
Insurance maximum coverage limit in aggregate				1,200,000,000
NBCR Acts
Insurance [Abstract]
Insurance limit per occurrence				5,000,000,000.0
Insurance maximum coverage limit in aggregate				5,000,000,000.0
NBCR Acts \| PPIC
Insurance [Abstract]
Insurance deductible				$ 2,360,428
Insurance deductible percentage of balance of covered loss				20.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Fair Value Measurements (Schedule of Changes in the Fair Value of Deferred Compensation Plan Assets) (Details) - Deferred Compensation Plan Assets $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 40,586
Purchases	4,337
Sales	(5,228)
Realized and unrealized gains	524
Other, net	705
Ending balance	$ 40,924

Acquisitions (Details) $ in Thousands	Jan. 07, 2026 USD ($) ft²	Jul. 24, 2025 USD ($)	Aug. 31, 2024 USD ($)
Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding loan balance	$ 107,000
A-Note \| Loans Receivable \| Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note		$ 35,000
B-Note \| Loans Receivable \| Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note			$ 50,000
3 East 54th Street
Accounts, Notes, Loans and Financing Receivable [Line Items]
Square footage of real estate property (in sqft) \| ft²	18,400
Acquisition costs	$ 141,000
Area of real estate property \| ft²	232,500

(Loss) 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	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net (loss) income attributable to Vornado/Vornado Realty L.P.	$ (7,317)	$ 102,368
Preferred share dividends/unit distributions	(15,525)	(15,526)
Net income (loss) attributable to common shareholders/Class A unitholders	(22,842)	86,842
Distributions and earnings allocated to unvested participating securities	0	0
Numerator for basic (loss) income per common share/Class A unit	(22,842)	86,842
Impact of assumed conversion of dilutive convertible securities	(74)	283
Numerator for diluted (loss) income per common share/Class A unit	$ (22,916)	$ 87,125
Denominator:
Denominator for basic (loss) income per common share - weighted average shares (in shares)	189,658	191,371
Effect of dilutive securities:
Share/unit-based awards (in shares)	0	8,161
Convertible securities (in shares)	24	1,203
Denominator for diluted (loss) income per common share - weighted average shares and assumed conversions (in shares)	189,682	200,735
(LOSS) INCOME PER COMMON SHARE/CLASS A UNIT:
Basic (in dollars per share)	$ (0.12)	$ 0.45
Diluted (in dollars per share)	$ (0.12)	$ 0.43
(LOSS) INCOME PER COMMON SHARE/CLASS A UNIT:
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect (in shares)	7,796	49
Vornado Realty L.P.
Numerator:
Net (loss) income attributable to Vornado/Vornado Realty L.P.	$ (9,336)	$ 110,257
Preferred share dividends/unit distributions	(15,554)	(15,555)
Net income (loss) attributable to common shareholders/Class A unitholders	(24,890)	94,702
Distributions and earnings allocated to unvested participating securities	0	(1,331)
Numerator for basic (loss) income per common share/Class A unit	(24,890)	93,371
Impact of assumed conversion of dilutive convertible securities	(74)	283
Numerator for diluted (loss) income per common share/Class A unit	$ (24,964)	$ 93,654
Denominator:
Denominator for basic (loss) income per Class A unit - weighted average units (in shares)	204,409	205,761
Effect of dilutive securities:
Share/unit-based awards (in shares)	0	8,161
Convertible securities (in shares)	24	1,203
Denominator for diluted (loss) income per Class A unit - weighted average units and assumed conversions (in shares)	204,433	215,125
(LOSS) INCOME PER COMMON SHARE/CLASS A UNIT:
Basic (in dollars per unit)	$ (0.12)	$ 0.45
Diluted (in dollars per unit)	$ (0.12)	$ 0.44
Weighted average common share / class A unit equivalents of excluded dilutive securities due to anti-dilutive effect (in shares)	7,796	49

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

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. On March 9, 2026, we entered into a forbearance agreement pursuant to which the lenders agreed to forbear from exercising their remedies and waived default interest through March 2027. During the forbearance period, regularly scheduled interest and required monthly amortization payments continue to accrue, but payment is deferred until the expiration or earlier termination of the forbearance period, at which time such amounts become due and payable.

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 24 basis points.

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.

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.

8. Debt - continued

350 Park Avenue

On March 10, 2026, an affiliate of Kenneth C. Griffin (“KG”) provided a $400,000,000 mortgage loan secured by 350 Park Avenue, the proceeds of which were used to defease the existing $400,000,000 mortgage loan in connection with the site’s development. The new interest-only loan bears interest at a fixed rate of 4.0% and matures in January 2027. Concurrently, and in connection with the planned development, Citadel Enterprise Americas LLC vacated the building and assigned its existing master lease to an affiliate of KG as tenant, and the lease was amended to provide for net rent of $16,000,000 per annum, equal to the interest payments under the new mortgage loan.

The following is a summary of our debt:


(Amounts in thousands)	Weighted Average Interest Rate as of March 31, 2026(1)			Balance as of
				March 31, 2026		December 31, 2025
Mortgages Payable:
Fixed rate(2)		5.14%		$	3,415,000	$	3,415,000
Variable rate(3)		5.61%	(4)	1,529,037		1,529,037
Total		5.28%		4,944,037		4,944,037
Deferred financing costs, net and other				(28,378)		(23,368)
Total, net				$	4,915,659	$	4,920,669
Unsecured Debt:
Senior unsecured notes		3.94%		$	1,250,000	$	750,000
Deferred financing costs, net and other				(8,538)		(2,798)
Senior unsecured notes, net				1,241,462		747,202

Unsecured term loan		4.25%		850,000		800,000
Deferred financing costs, net and other				(10,509)		(2,663)
Unsecured term loan, net				839,491		797,337

Unsecured revolving credit facilities		3.96%		718,000		720,420

Total, net				$	2,798,953	$	2,264,959

_____________________________

(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.

- 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
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+ Details