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What changed in VORNADO REALTY TRUST's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of VORNADO REALTY TRUST's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+251 added−218 removedSource: 10-K (2026-02-09) vs 10-K (2025-02-10)

Top changes in VORNADO REALTY TRUST's 2025 10-K

251 paragraphs added · 218 removed · 163 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

16 edited+9 added−12 removed25 unchanged
Biggest changeThe Sustainability Report is not incorporated by reference and should not be considered part of this Annual Report on Form 10-K.
Biggest changeThere can be no assurance that our Vision 2030 commitment will be achieved in the planned time frame. The Sustainability Report is not incorporated by reference and should not be considered part of this Annual Report on Form 10-K. HUMAN CAPITAL MANAGEMENT Our employees are the foundation of our business.
Compensation, Benefits and Employee Wellbeing To attract and retain the best-qualified talent and to help our employees stay healthy, balance their work and personal lives, and meet their financial and retirement goals, we offer competitive benefits including, but not limited to, market-competitive compensation, healthcare (medical, dental and vision coverage), a health savings account, 401(k) and employer match, dependent care flexible spending account, parental leave, adoption/surrogacy benefits, short-term and long-term disability insurance, life insurance, time off/paid holidays, tuition reimbursement, subsidized gym memberships, employee wellness programs and incentives, in-workplace vaccinations, commuter benefits, an employee assistance program and workplace flexibility. 9 HUMAN CAPITAL MANAGEMENT - CONTINUED Talent Development To foster talent and growth, we provide training and continuing education, promote career and personal development, and encourage innovation and engagement.
Compensation, Benefits and Employee Wellbeing To attract and retain the best-qualified talent and to help our employees stay healthy, balance their work and personal lives, and meet their financial and retirement goals, we offer competitive benefits including, but not limited to, market-competitive compensation, healthcare (medical, dental and vision coverage), a health savings account, 401(k) and employer match, dependent care flexible spending account, parental leave, adoption/surrogacy benefits, short-term and long-term disability insurance, life insurance, pet insurance, time off/paid holidays, tuition reimbursement, subsidized gym memberships, employee wellness programs and incentives, in-workplace vaccinations, commuter benefits, an employee assistance program and workplace flexibility. 9 HUMAN CAPITAL MANAGEMENT - CONTINUED Talent Development To foster talent and growth, we provide training and continuing education, promote career and personal development, and encourage innovation and engagement.
We expect to finance our growth, acquisitions and investments using internally generated funds and proceeds from asset sales and by accessing the public and private capital markets. We may also offer Vornado common or preferred shares or Operating Partnership units in exchange for property and may repurchase or otherwise reacquire these securities in the future.
We expect to finance our growth from acquisitions, developments, redevelopments and investments using internally generated funds and proceeds from asset sales and by accessing the public and private capital markets. We may also offer Vornado common or preferred shares or Operating Partnership units in exchange for property and may repurchase or otherwise reacquire these securities in the future.
TENANTS ACCOUNTING FOR OVER 10% OF REVENUES None of our tenants accounted for more than 10% of total revenues in any of the years ended December 31, 2024, 2023 and 2022. 10 CERTAIN ACTIVITIES We do not base our acquisitions and investments on specific allocations by type of property.
TENANTS ACCOUNTING FOR OVER 10% OF REVENUES None of our tenants accounted for more than 10% of total revenues in any of the years ended December 31, 2025, 2024 and 2023. 10 CERTAIN ACTIVITIES We do not base our acquisitions and investments on specific allocations by type of property.
Sunset Pier 94 Studios On August 28, 2023, we, together with Hudson Pacific Properties and Blackstone Inc., formed a joint venture (“Pier 94 JV”) to develop a 266,000 square foot purpose-built studio campus in Manhattan. We own a 49.9% equity interest in the joint venture.
Sunset Pier 94 Studios On August 28, 2023, we, together with Hudson Pacific Properties and Blackstone Inc., formed a joint venture to develop Pier 94 into a 266,000 square foot purpose-built studio campus in Manhattan. We own a 49.9% equity interest in the joint venture.
SEGMENT DATA We operate in the following reportable segments: New York and Other. Financial information related to these reportable segments for the years ended December 31, 2024, 2023 and 2022 is set forth in Note 22 – Segment Information to our consolidated financial statements in this Annual Report on Form 10-K.
SEGMENT DATA We operate in the following reportable segments: New York and Other. Financial information related to these reportable segments for the years ended December 31, 2025, 2024 and 2023 is set forth in Note 23 – Segment Information to our consolidated financial statements in this Annual Report on Form 10-K.
DEVELOPMENT / REDEVELOPMENT PROJECTS AND OPPORTUNITIES PENN District PENN 2 We are redeveloping PENN 2, a 1,795,000 square foot (as expanded) office building, located on the west side of Seventh Avenue between 31st and 33rd Street. The development cost of this project is estimated to be $750,000,000, of which $697,451,000 of cash has been expended as of December 31, 2024.
DEVELOPMENT / REDEVELOPMENT PROJECTS AND OPPORTUNITIES PENN District PENN 2 We are redeveloping PENN 2, a 1,825,000 square foot (as expanded) office building, located on the west side of Seventh Avenue between 31st and 33rd Street. The development cost of this project is estimated to be $750,000,000, of which $724,843,000 of cash has been expended as of December 31, 2025.
Vornado is the sole general partner of and owned approximately 91.4% of the common limited partnership interest in the Operating Partnership as of December 31, 2024.
Vornado is the sole general partner of and owned approximately 91.3% of the common limited partnership interest in the Operating Partnership as of December 31, 2025.
We are also making districtwide improvements within the PENN District. The development cost of these improvements is estimated to be $100,000,000, of which $70,919,000 of cash has been expended as of December 31, 2024.
We are also making districtwide improvements within the PENN District. The development cost of these improvements is estimated to be $100,000,000, of which $80,196,000 of cash has been expended as of December 31, 2025.
The development cost of the project is estimated to be $350,000,000, which will be funded with $183,200,000 of construction financing ($29,782,000 drawn as of December 31, 2024) and $166,800,000 of equity contributions.
The development cost of the project is estimated to be $350,000,000, which will be funded with $183,200,000 of construction financing ($143,870,000 drawn as of December 31, 2025) and $166,800,000 of equity contributions.
We currently own all or portions of: New York: • 56 Manhattan operating properties consisting of: • 20.1 million square feet of office space in 30 of the properties; • 2.4 million square feet of street retail space in 49 of the properties; • 1,330 units in two Manhattan residential properties; • Multiple development sites, including 350 Park Avenue, Sunset Pier 94 Studios, the Hotel Pennsylvania site (PENN 15) and other PENN district sites; • A 32.4% interest in Alexander’s, Inc.
We currently own all or portions of: New York: • 51 Manhattan operating properties consisting of: • 19.2 million square feet of office space in 26 of the properties; • 2.3 million square feet of street retail space in 45 of the properties; • 1,331 units in two Manhattan residential properties; • Multiple development sites and redevelopment projects, including 350 Park Avenue, Sunset Pier 94 Studios, 623 Fifth Avenue, the Hotel Pennsylvania site (PENN 15) and other PENN district sites; • A 32.4% interest in Alexander’s, Inc.
HUMAN CAPITAL MANAGEMENT As of December 31, 2024, we had 2,996 employees, consisting of (i) 2,568 employees of Building Maintenance Services LLC, a wholly owned subsidiary, which provides cleaning, security, engineering and parking services primarily to our New York properties, (ii) 374 employees in our corporate office, and (iii) 54 employees of THE MART.
As of December 31, 2025, we had 3,145 employees, consisting of (i) 2,725 employees of Building Maintenance Services LLC, a wholly owned subsidiary, which provides cleaning, security, engineering and parking services primarily to our New York properties, (ii) 369 employees in our corporate office, and (iii) 51 employees of THE MART.
Generally our activities are reviewed and may be modified from time to time by Vornado’s Board of Trustees without the vote of our shareholders or Operating Partnership unitholders. PRINCIPAL EXECUTIVE OFFICES Our principal executive offices are located at 888 Seventh Avenue, New York, New York 10019; telephone (212) 894‑7000.
Generally our activities are reviewed and may be modified from time to time by Vornado’s Board of Trustees without the vote of our shareholders or Operating Partnership unitholders.
From October 2024 to September 2030, the Vornado/Rudin JV has the option to put the 350 Park Site to KG for $1.2 billion ($900,000,000 to Vornado). We are also evaluating other development and redevelopment opportunities at certain of our properties in Manhattan including, in particular, the PENN District.
We are also evaluating other development and redevelopment opportunities at certain of our properties in Manhattan including, in particular, the PENN District.
The foregoing does not include employees of partially owned entities. Human capital management is critical to our success and our employees are the foundation of our human capital.
The foregoing does not include employees of partially owned entities.
We are committed to transparent reporting of sustainability performance indicators and publish an annual Sustainability Report in accordance with the Global Reporting Initiative and aligned with the metrics codified by the Sustainability Accounting Standards Board. We also submit public reports to CDP, CSA (the S&P Global Corporate Sustainability Assessment) and EP100 (global initiative led by Climate Group).
We are committed to transparent reporting of sustainability performance indicators and publish an annual Sustainability Report in accordance with the Global Reporting Initiative and aligned with the metrics codified by the Sustainability Accounting Standards Board. Further details on our environmental sustainability initiatives and strategy, including our Vision 2030 Roadmap, can be found in our 2024 Sustainability Report at (vno.com/sustainability).
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ACQUISITIONS We completed the following acquisition transaction during 2024: • $50 million B-Note investment at par; which is in default and secured by a Midtown Manhattan property.
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ACQUISITIONS We completed the following acquisition transactions during 2025: • $218 million acquisition of the 623 Fifth Avenue office condominium, a 36-story, 383,000 square foot building; • $35 million A-Note investment at par plus accrued interest, secured by 3 East 54th Street (we subsequently purchased the property in January 2026).
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DISPOSITIONS We completed the following sale transactions during 2024: • $88 million for the sale of our 49.9% interest in 50-70 West 93rd Street with net proceeds of $2 million after deducting our share of the existing $84 million mortgage loan; and • $32 million net proceeds from the sale of two condominium units at 220 Central Park South (“220 CPS”). 7 FINANCINGS We completed the following financing transactions during 2024: • $1.1 billion mortgage loan amended and extended, and $125 million mezzanine loan amended and extended and subsequently repaid for $63 million on 280 Park Avenue (50% ownership); • $915 million unsecured revolving credit facility maturing April 2029; replaced the $1.25 billion facility due to mature in April 2026; • $863 million of interest rate swap arrangements; • $625 million restructuring of 85 Tenth Avenue (49.9% ownership); • $400 million refinancing of 640 Fifth Avenue (52% ownership); • $400 million refinancing of 731 Lexington Avenue office condominium (32.4% ownership); and • $75 million refinancing of 435 Seventh Avenue.
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DISPOSITIONS We completed the following sale transactions during 2025: • $350 million sale to UNIQLO of the portion of its U.S. flagship store at 666 Fifth Avenue (52.0% ownership) with the $342 million of net proceeds partially redeeming our preferred equity; • $205 million sale of 512 West 22nd Street (55.0% ownership) with net proceeds of $38 million after deducting our share of the existing $123 million mortgage loan; • $37 million net proceeds from the sale of three condominium units and ancillary amenities at 220 Central Park South; • $33 million net proceeds from the sale of eight residential condominium units and two retail condominium units at 304-306 Canal Street and 334 Canal Street; • $19 million sale of 49 West 57th Street (50.0% ownership) with net proceeds of $9 million. 7 FINANCINGS We completed the following financing transactions during 2025: • $700 million repayment of the 770 Broadway mortgage loan; • $675 million refinancing of Independence Plaza (50.1% ownership); • $450 million repayment of our 3.50% senior unsecured notes due January 2025; • $450 million refinancing of PENN 11; • $450 million financing of 1535 Broadway (52.0% ownership); • $300 million restructuring of the 731 Lexington Avenue retail condominium (32.4% ownership); splitting the loan into a $133 million A-Note and $167 million C-Note and subsequent repurchase of the A-Note by Alexander’s; • $175 million refinancing of Rego Park II (32.4% ownership); • $120 million refinancing of 4 Union Square South.
Removed
As of December 31, 2024, we have fully funded our share of equity and cash contributions. 350 Park Avenue On January 24, 2023, we and the Rudin family (“Rudin”) completed agreements with Citadel Enterprise Americas LLC (“Citadel”) and with an affiliate of Kenneth C.
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During 2024, we fully funded our share of equity and cash contributions. 623 Fifth Avenue Office Condominium We are redeveloping the 623 Fifth Avenue office condominium, a 36-story, 383,000 square foot building situated above the flagship Saks Fifth Avenue department store, into a premier boutique office building.
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Griffin, Citadel’s Founder and CEO (“KG”), for a series of transactions relating to 350 Park Avenue and 40 East 52nd Street.
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We purchased the property in September 2025 for $218,000,000 and at closing, borrowed $145,420,000 under our revolving credit facility to partially finance the acquisition. The development cost of this project, including the cost of acquiring the property, is estimated to be $450,000,000, of which $222,644,000 of cash has been expended as of December 31, 2025.
Removed
In connection therewith, we entered into a joint venture with Rudin (the “Vornado/Rudin JV”) that purchased 39 East 51st Street for $40,000,000, funded on a 50/50 basis by Vornado and Rudin. 39 East 51st Street will be combined with 350 Park Avenue and 40 East 52nd Street to create a premier development site (the “350 Park Site”).
Added
We expect to complete the redevelopment for delivery to tenants in 2027. 350 Park Avenue On December 18, 2025, an affiliate of Kenneth C.
Removed
From October 2024 to June 2030, an affiliate of KG has the option to either (i) acquire a 60% interest in a joint venture with the Vornado/Rudin JV (with Vornado having an effective 36% interest in the entity) to build a new 1,700,000 square foot office tower, valuing the 350 Park Site at $1.2 billion or (ii) purchase the 350 Park Site for $1.4 billion ($1.085 billion to Vornado).
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Griffin, Citadel Enterprise Americas LLC’s (“Citadel”) Founder and CEO (“KG”), exercised an option to acquire at least a 60% interest in a joint venture (the “350 Park JV”) that would develop the 350 Park Avenue site (the “Investment Option”).
Removed
In 2024, we: • became the first major U.S. real estate owner and operator to achieve 100% LEED certification across our entire portfolio of certifiable buildings; • received GRESB's five star rating and an assessment score of 92, placing us in the top 3% within Americas/Listed, and the “Green Star” distinction for the twelfth consecutive year; • received the National Association of Real Estate Investment Trusts’ (“NAREIT”) inaugural “The Impact at Scale Award,” for implementing operational initiatives in the PENN district that advance corporate sustainability and deliver measurable impact; and • were recognized as an EPA ENERGY STAR Partner of the Year with the distinction of having demonstrated nine years of sustained excellence.
Added
Vornado and the Rudin Family, via a joint venture (the “Vornado/Rudin JV”), have the option to acquire an interest between 23% and 40% in the 350 Park JV (with Vornado having an effective ownership ranging from 21% to 36%). 350 Park JV would combine 350 Park Avenue with 39 East 51 st Street (owned by the Vornado/Rudin JV) and 40 East 52 nd Street (owned by the Rudin Family) to build a new 1,850,000 square foot office tower (the “350 Park Site”) with Citadel as the anchor tenant.
Removed
Further details on our environmental sustainability initiatives and strategy, including our Vision 2030 Roadmap, can be found in our 2023 Sustainability Report at (vno.com/sustainability). There can be no assurance that our Vision 2030 commitment will be achieved in the planned time frame.
Added
The Vornado/Rudin JV has until July 2026 to determine whether to enter into the 350 Park JV with KG or to exercise the option to put the 350 Park Site to KG for $1.2 billion ($900,000,000 to Vornado). The Investment Option closing is subject to the satisfaction of certain conditions.
Removed
MATERIALS AVAILABLE ON OUR WEBSITE Copies of our Annual Report on Form 10‑K, Quarterly Reports on Form 10‑Q, Current Reports on Form 8‑K and amendments to those reports, as well as Reports on Forms 3, 4 and 5 regarding officers, trustees and 10% beneficial owners, filed or furnished pursuant to Section 13(a), 15(d) or 16(a) of the Securities Exchange Act of 1934 are available free of charge through our website (www.vno.com) as soon as reasonably practicable after they are electronically filed with, or furnished to, the Securities and Exchange Commission.
Added
In 2025, we: • received GRESB's five star rating and an assessment score of 91, placing us in the top 3% for the Americas/Listed, and the “Green Star” distinction for the thirteenth consecutive year; • achieved 100% WELL Health-Safety certification across our in-service office portfolio.
Removed
Also available on our website are copies of our Audit Committee Charter, Compensation Committee Charter, Corporate Governance and Nominating Committee Charter, Code of Business Conduct and Ethics, and Corporate Governance Guidelines. In the event of any changes to these charters or the code or guidelines, revised copies will also be made available on our website.
Removed
Copies of these documents are also available directly from us free of charge. Our website also includes other financial and non-financial information, including certain non-GAAP financial measures, none of which is a part of this Annual Report on Form 10-K.
Removed
Copies of our filings under the Securities Exchange Act of 1934 are also available free of charge from us, upon request. 11

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

38 edited+10 added−1 removed175 unchanged
Biggest changeThese costs, taxes or penalties could increase our operating costs and decrease the cash available to pay our obligations or distribute to our equity owners. Changes to tax laws could affect REITs generally, the trading of our shares and our results of operations, both positively and negatively, in ways that are difficult to anticipate.
Biggest changeWe actively track and assess possible impact from regulations across our buildings and evaluate cost of compliance versus impact on business operations and property valuations in our regular capital cycles. These costs, taxes or penalties could increase our operating costs and decrease the cash available to pay our obligations or distribute to our equity owners.
The factors that affect the value of our real estate investments include, among other things: • global, national, regional and local economic conditions and geopolitical events; • competition from other available space, including co-working space and sub-leases; • local conditions such as an oversupply of space or a reduction in demand for real estate in the area; • how well we manage our properties; • the development and/or redevelopment of our properties; • changes in market rental rates; • trends in office real estate, including many tenants’ preferences for space in modern amenitized buildings which may require the landlord to incur significant capital expenditures; • increased competition from online shopping and its impact on retail tenants and their demand for retail space; • potential changes in trade relationships, new tariffs and other trade protection measures or barriers that may adversely affect retailers and retail store values; • the timing and costs associated with property improvements and rentals; • whether we are able to pass all or portions of any increases in operating costs through to tenants; • changes in real estate taxes and other expenses; • fluctuations in interest rates; • the ability of state and local governments to operate within their budgets; • whether tenants and users such as customers and shoppers consider a property attractive; • changes in consumer preferences adversely affecting retailers and retail store values; • changes in tenant space utilization; • the financial condition of our tenants, including the extent of tenant bankruptcies or defaults; • consequences of any armed conflict involving, or terrorist attacks against, the United States or individual acts of violence in public spaces; • availability of financing on acceptable terms or at all; • inflation or deflation; • our ability to obtain adequate insurance; • government regulation, including changes in fiscal policies, taxation, and zoning laws; • potential liability and compliance costs associated with environmental or other laws or regulations; • natural disasters; • general competitive factors; • climate change; and • the impact of pandemics or outbreaks of other infectious diseases.
The factors that affect the value of our real estate investments include, among other things: • global, national, regional and local economic conditions and geopolitical events; • competition from other available space, including co-working space and sub-leases; • local conditions such as an oversupply of space or a reduction in demand for real estate in the area; • how well we manage our properties; • the development and/or redevelopment of our properties; • changes in market rental rates; • trends in office real estate, including many tenants’ preferences for space in modern amenitized buildings which may require the landlord to incur significant capital expenditures; • increased competition from online shopping and its impact on retail tenants and their demand for retail space; • potential changes in trade relationships, tariffs and other trade protection measures or barriers that may adversely affect retailers and retail store values; • the timing and costs associated with property improvements and rentals; • whether we are able to pass all or portions of any increases in operating costs through to tenants; • changes in real estate taxes and other expenses; • fluctuations in interest rates; • the ability of state and local governments to operate within their budgets; • whether tenants and users such as customers and shoppers consider a property attractive; • changes in consumer preferences adversely affecting retailers and retail store values; • changes in tenant space utilization; • the financial condition of our tenants, including the extent of tenant bankruptcies or defaults; • consequences of any armed conflict involving, or terrorist attacks against, the United States or individual acts of violence in public spaces; • availability of financing on acceptable terms or at all; • inflation or deflation; • our ability to obtain adequate insurance; • government regulation, including changes in fiscal policies, taxation, and zoning laws; • potential liability and compliance costs associated with environmental or other laws or regulations; • natural disasters; • general competitive factors; • climate change; and • the impact of pandemics or outbreaks of other infectious diseases.
In addition to the factors affecting national economic conditions generally, the factors affecting economic conditions in this area include: • financial performance and productivity of the media, advertising, professional services, financial, technology, retail, insurance and real estate industries; • business layoffs or downsizing; • any oversupply of, or reduced demand for, real estate; • industry slowdowns; • the effects of inflation; • interest rate fluctuations; • relocations of businesses; • changing demographics; • work from home and use of alternative work places; • changes in the number of domestic and international tourists to our markets (including as a result of changes in the relative strengths of world currencies); • changes in diplomatic and trade relationships, as well as potential tariffs; • the fiscal health of New York State and New York City governments and local transit authorities; • quality of life conditions; • infrastructure quality; • increased government regulation and costs of complying with such regulations; and • changes in rates or limitations on the deductibility of state and local taxes.
In addition to the factors affecting national economic conditions generally, the factors affecting economic conditions in this area include: • financial performance and productivity of the media, advertising, professional services, financial, technology, retail, insurance and real estate industries; • business layoffs or downsizing; • any oversupply of, or reduced demand for, real estate; • industry slowdowns; • the effects of inflation; • interest rate fluctuations; • relocations of businesses; • changing demographics; • work from home and use of alternative work places; • changes in the number of domestic and international tourists to our markets (including as a result of changes in the relative strengths of world currencies); • changes in diplomatic and trade relationships, as well as potential tariffs; • the fiscal health and policies of New York State and New York City governments and local transit authorities; • quality of life conditions; • infrastructure quality; • increased government regulation and costs of complying with such regulations; and • changes in rates or limitations on the deductibility of state and local taxes.
These factors include: • our financial condition and performance; • the financial condition of our tenants, including the extent of tenant bankruptcies or defaults; • actual or anticipated quarterly fluctuations in our operating results and financial condition; • our dividend policy; • the reputation of REITs and real estate investments generally and the attractiveness of REIT equity securities in comparison to other equity securities, including securities issued by other real estate companies, and fixed income securities; • uncertainty and volatility in the equity and credit markets; • fluctuations in interest rates; • changes in revenue or earnings estimates or publication of research reports and recommendations by financial analysts or actions taken by rating agencies with respect to our securities or those of other REITs; • failure to meet analysts’ revenue or earnings estimates; • speculation in the press or investment community; • strategic actions by us or our competitors, such as acquisitions or restructurings; • the extent of institutional investor interest in us; • the extent of short-selling of Vornado common shares and the shares of our competitors; • fluctuations in the stock price and operating results of our competitors; 21 • share repurchase plans; • general financial and economic market conditions and, in particular, developments related to market conditions for office REITs and other real estate related companies and the New York City real estate market; • inflation; • local, domestic and international economic factors unrelated to our performance (including the macro-economic impact of geopolitical conflicts); • fiscal policies or inaction at the U.S. federal government level that may lead to federal government shutdowns or negative impacts on the U.S. economy; • changes in tax laws and rules; and • all other risk factors addressed elsewhere in this Annual Report on Form 10-K.
These factors include: • our financial condition and performance; • the financial condition of our tenants, including the extent of tenant bankruptcies or defaults; • actual or anticipated quarterly fluctuations in our operating results and financial condition; • our dividend policy; • the reputation of REITs and real estate investments generally and the attractiveness of REIT equity securities in comparison to other equity securities, including securities issued by other real estate companies, and fixed income securities; • uncertainty and volatility in the equity and credit markets; • fluctuations in interest rates; • changes in revenue or earnings estimates or publication of research reports and recommendations by financial analysts or actions taken by rating agencies with respect to our securities or those of other REITs; • failure to meet analysts’ revenue or earnings estimates; • speculation in the press or investment community; • strategic actions by us or our competitors, such as acquisitions or restructurings; • the extent of institutional investor interest in us; • the extent of short-selling of Vornado common shares and the shares of our competitors; • fluctuations in the stock price and operating results of our competitors; 20 • share repurchase plans; • general financial and economic market conditions and, in particular, developments related to market conditions for office REITs and other real estate related companies and the New York City real estate market; • inflation; • local, domestic and international economic factors unrelated to our performance (including the macro-economic impact of geopolitical conflicts); • fiscal policies or inaction at the U.S. federal government level that may lead to federal government shutdowns or negative impacts on the U.S. economy; • changes in tax laws and rules; and • all other risk factors addressed elsewhere in this Annual Report on Form 10-K.
These risks include, without limitation, (i) the availability and pricing of financing on favorable terms or at all; (ii) the availability and timely receipt of zoning and other regulatory approvals; (iii) cost overruns, especially in an inflationary environment, and untimely completion of construction (including risks beyond our control, such as weather or labor conditions, material shortages or supply chain delays); (iv) the potential for the fluctuation of occupancy rates and rents at redeveloped properties, which may result in our investment not being profitable; (v) start up, repositioning and redevelopment costs may be higher than anticipated; (vi) the potential that we may fail to recover expenses already incurred if we abandon development or redevelopment opportunities after we begin to explore them; (vii) the potential that we may expend funds on and devote management time to projects which we do not complete; (viii) the inability to complete leasing of a property on schedule or at all, resulting in an increase in carrying or redevelopment costs; (ix) the possibility that properties will be leased at below expected rental rates and (x) to the extent the redevelopment activities are conducted in partnership with third parties, the possibility of disputes with our joint venture 16 development partners and the potential that we miss certain project milestone deadlines.
These risks include, without limitation, (i) the availability and pricing of financing on favorable terms or at all; (ii) the availability and timely receipt of zoning and other regulatory approvals; (iii) cost overruns, especially in an inflationary environment, and untimely completion of construction (including risks beyond our control, such as weather or labor conditions, material shortages or supply chain delays); (iv) the potential for the fluctuation of occupancy rates and rents at redeveloped properties, which may result in our investment not being profitable; (v) start up, repositioning and redevelopment costs may be higher than anticipated; (vi) the potential that we may fail to recover expenses already incurred if we abandon development or redevelopment opportunities after we begin to explore them; (vii) the potential that we may expend funds on and devote management time to projects which we do not complete; (viii) the inability to complete leasing of a property on schedule or at all, resulting in an increase in carrying or redevelopment costs; (ix) the possibility that properties will be leased at below expected rental rates and (x) to the extent the redevelopment activities are conducted in partnership with third parties, the possibility of disputes with our joint venture 15 development partners and the potential that we miss certain project milestone deadlines.
However, identification of new compliance concerns or undiscovered areas of contamination, changes in the extent or known scope of contamination, human exposure to contamination or changes in clean-up or compliance requirements could result in significant costs to us. 23 RISKS RELATED TO TECHNOLOGY, CYBERSECURITY AND DATA PROTECTION The occurrence of cyber incidents, or a deficiency in our cyber security, as well as other disruptions to our IT networks and related systems, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships or reputation, all of which could negatively impact our financial results.
However, identification of new compliance concerns or undiscovered areas of contamination, changes in the extent or known scope of contamination, human exposure to contamination or changes in clean-up or compliance requirements could result in significant costs to us. 22 RISKS RELATED TO TECHNOLOGY, CYBERSECURITY AND DATA PROTECTION The occurrence of cyber incidents, or a deficiency in our cyber security, as well as other disruptions to our IT networks and related systems, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships or reputation, all of which could negatively impact our financial results.
Our operating and financial policies, including our policies with respect to acquisitions of real estate or other companies, growth, operations, indebtedness, capitalization, dividends and distributions, are exclusively determined by Vornado’s Board of Trustees. Accordingly, our equity holders do not control these policies. 20 Steven Roth and Interstate Properties may exercise substantial influence over us.
Our operating and financial policies, including our policies with respect to acquisitions of real estate or other companies, growth, operations, indebtedness, capitalization, dividends and distributions, are exclusively determined by Vornado’s Board of Trustees. Accordingly, our equity holders do not control these policies. 19 Steven Roth and Interstate Properties may exercise substantial influence over us.
As of December 31, 2024, Interstate Properties, a New Jersey general partnership, and its partners beneficially owned an aggregate of approximately 7.1% of the common shares of beneficial interest of Vornado and 26.0% of the common stock of Alexander’s, which is described below. Steven Roth, David Mandelbaum and Russell B. Wight, Jr. are the three partners of Interstate Properties. Mr.
As of December 31, 2025, Interstate Properties, a New Jersey general partnership, and its partners beneficially owned an aggregate of approximately 7.1% of the common shares of beneficial interest of Vornado and 26.0% of the common stock of Alexander’s, which is described below. Steven Roth, David Mandelbaum and Russell B. Wight, Jr. are the three partners of Interstate Properties. Mr.
We manage and lease the real estate assets of Interstate Properties pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent. See Note 21 – Related Party Transactions to our consolidated financial statements in this Annual Report on Form 10-K for additional information.
We manage and lease the real estate assets of Interstate Properties pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent. See Note 22 – Related Party Transactions to our consolidated financial statements in this Annual Report on Form 10-K for additional information.
There can be no assurance that audits will not occur with increased frequency or that the ultimate result of such audits will not have a material adverse effect on our results of operations. 22 At any time, the U.S. federal income tax laws governing REITs or the administrative interpretations of those laws may be amended.
There can be no assurance that audits will not occur with increased frequency or that the ultimate result of such audits will not have a material adverse effect on our results of operations. 21 At any time, the U.S. federal income tax laws governing REITs or the administrative interpretations of those laws may be amended.
In addition, Vornado’s participation in any distribution of the assets of any of its direct or indirect subsidiaries upon the liquidation, reorganization or insolvency is only after the claims of the creditors, including trade creditors and preferred equity holders, are satisfied. 19 Vornado’s Amended and Restated Declaration of Trust (the “declaration of trust”) sets limits on the ownership of its shares.
In addition, Vornado’s participation in any distribution of the assets of any of its direct or indirect subsidiaries upon the liquidation, reorganization or insolvency is only after the claims of the creditors, including trade creditors and preferred equity holders, are satisfied. 18 Vornado’s Amended and Restated Declaration of Trust (the “declaration of trust”) sets limits on the ownership of its shares.
There may be conflicts of interest between Alexander’s and us. As of December 31, 2024, we owned 32.4% of the outstanding common stock of Alexander’s. Alexander’s is a REIT that has five properties, which are located in the greater New York metropolitan area.
There may be conflicts of interest between Alexander’s and us. As of December 31, 2025, we owned 32.4% of the outstanding common stock of Alexander’s. Alexander’s is a REIT that has five properties, which are located in the greater New York metropolitan area.
If our hedges do not qualify as “highly effective,” the changes in the fair value of these instruments would be reflected in our results of operations and could adversely impact our earnings. 18 Covenants in our debt instruments could adversely affect our financial condition and our acquisitions and development activities.
If our hedges do not qualify as “highly effective,” the changes in the fair value of these instruments would be reflected in our results of operations and could adversely impact our earnings. 17 Covenants in our debt instruments could adversely affect our financial condition and our acquisitions and development activities.
These increased tax costs could, among other things, adversely affect the trading price for our common shares, our financial condition, our results of operations and the amount of cash available for the payment of dividends. 15 Significant inflation and increases in the inflation rate could adversely affect our business and financial results.
These increased tax costs could, among other things, adversely affect the trading price for our common shares, our financial condition, our results of operations and the amount of cash available for the payment of dividends. 14 Significant inflation and increases in the inflation rate could adversely affect our business and financial results.
These factors may cause the value of our real estate assets to decline, which may result in non-cash impairment charges and the impact could be material. 13 Real estate is a competitive business and that competition may adversely impact us.
These factors may cause the value of our real estate assets to decline, which may result in non-cash impairment charges and the impact could be material. 12 Real estate is a competitive business and that competition may adversely impact us.
In addition to the 2.3% that they indirectly own through Vornado, Interstate Properties, which is described above, and its partners owned 26.0% of the outstanding common stock of Alexander’s as of December 31, 2024. Mr.
In addition to the 2.3% that they indirectly own through Vornado, Interstate Properties, which is described above, and its partners owned 26.0% of the outstanding common stock of Alexander’s as of December 31, 2025. Mr.
Our unsecured indebtedness and debt that we may obtain in the future may contain customary restrictions, requirements and other limitations on our ability to incur indebtedness, including covenants that limit our ability to incur debt based upon the levels of certain ratios including total debt to total assets, secured debt to total assets, EBITDA to interest expense, and fixed charges, and that require us to maintain a certain ratio of unencumbered assets to unsecured debt.
Our existing unsecured indebtedness contains (and debt that we may obtain in the future may also contain) customary restrictions, requirements and other limitations on our ability to incur indebtedness, including covenants that limit our ability to incur debt based upon the levels of certain ratios including total debt to total assets, secured debt to total assets, EBITDA to interest expense, and fixed charges, and that require us to maintain a certain ratio of unencumbered assets to unsecured debt.
If the cost or amount of our indebtedness continues to increase or we cannot refinance our debt in sufficient amounts or on acceptable terms, we are at risk of credit rating downgrades and default on our obligations that could adversely affect our financial condition and results of operations. We may not be able to obtain capital to make investments.
If the cost or amount of our indebtedness increases or we cannot refinance our debt in sufficient amounts or on acceptable terms, we are at risk of credit rating downgrades and default on our obligations that could adversely affect our financial condition and results of operations. We may not be able to obtain capital to make investments.
Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also adversely affect our business, operations and financial condition. See “Forward-Looking Statements” contained herein on page 6 . RISKS RELATED TO OUR BUSINESS AND OPERATIONS We may be adversely affected by trends in office real estate, including work from home trends.
Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also adversely affect our business, operations and financial condition. See “Forward-Looking Statements” contained herein on page 6. RISKS RELATED TO OUR BUSINESS AND OPERATIONS We may be adversely affected by trends in office real estate.
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 $2,396,808 and 20% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss.
Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $2,424,264 and 20% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss.
As of December 31, 2024, there were six series of preferred units of the Operating Partnership not held by Vornado with a total liquidation value of $53,219,000.
As of December 31, 2025, there were six series of preferred units of the Operating Partnership not held by Vornado with a total liquidation value of $53,000,000.
Climate change may also have indirect effects on our business by increasing the cost of (or making unavailable) property insurance on terms we find acceptable, increasing the cost of energy at our properties and requiring us to expend funds as we seek to repair and protect our properties against such risks.
Extreme weather events may also have indirect effects on our business by increasing the cost of (or making unavailable) property insurance on terms we find acceptable, increasing the cost of energy at our properties and requiring us to expend funds as we seek to repair and protect our properties against such risks.
In addition, the volatility in the interest rate environment has led to an increase in interest rates on our variable rate debt, including on new hedging instruments, and an increase in the cost of refinancing our existing debt and entering into new debt, all of which have reduced, and could continue to reduce, our operating cash flows.
In addition, the volatility in the interest rate environment in recent years has led to an increase in interest rates on our variable rate debt, including with respect to new hedging instruments, and an increase in the cost of refinancing our existing debt and entering into new debt, all of which reduced, and could continue to reduce, our operating cash flows.
A significant portion of our properties is located in the New York metropolitan area and is affected by the economic cycles and risks inherent to this area. In 2024, approximately 89% of our NOI is from properties located in the New York metropolitan area.
A significant portion of our properties is located in the New York metropolitan area and is affected by the economic cycles and risks inherent to this area. In 2025, approximately 88% of our NOI is from properties located in the New York metropolitan area.
Local, national or global economic downturns could negatively affect the value of our properties, our businesses and profitability. 12 We are subject to risks that affect the general and New York City retail environments. In 2024, approximately 18% of our NOI is from Manhattan retail properties.
Local, national or global economic downturns could negatively affect the value of our properties, our businesses and profitability. 11 We are subject to risks that affect the general and New York City retail environments. In 2025, approximately 16% of our NOI is from Manhattan retail properties.
We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could adversely affect our business, results of operations and financial condition, the impact of which could be material. 14 Actual or threatened terrorist attacks or other criminal acts may adversely affect the value of our properties and our ability to generate cash flow.
We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material. 13 Actual or threatened terrorist attacks or other criminal acts may adversely affect the value of our properties and our ability to generate cash flow.
These factors could adversely affect the financial condition of our retail tenants, or result in the bankruptcy of such tenants, and the willingness of retailers to lease space in our retail locations, which could have an adverse effect on the value of our properties, our business and profitability.
These factors could adversely affect the financial condition of our retail tenants, or result in the bankruptcy of such tenants, and the demand for physical space in our retail locations, which could have an adverse effect on the value of our properties, our business and profitability.
We have outstanding debt, and its cost may continue to increase and refinancing may not be available on acceptable terms and could affect our future operations. As of December 31, 2024, our consolidated mortgages and unsecured indebtedness, excluding related premium, discount and deferred financing costs, totaled $8.3 billion.
We have outstanding debt, and the amount of debt and its cost may increase; refinancing may not be available on acceptable terms and could affect our future operations. As of December 31, 2025, our consolidated mortgages and unsecured indebtedness, excluding related premium, discount and deferred financing costs, totaled $7.2 billion.
As of December 31, 2024, Vornado had authorized but unissued 59,153,420 common shares of beneficial interest, $0.04 par value, and 58,390,820 preferred shares of beneficial interest, no par value; of which 21,273,952 common shares are reserved for issuance upon redemption of Class A Operating Partnership units, convertible securities and employee stock options and 11,200,000 preferred shares are reserved for issuance upon redemption of preferred Operating Partnership units.
As of December 31, 2025, Vornado had authorized but unissued 59,333,633 common shares of beneficial interest, $0.04 par value, and 58,391,550 preferred shares of beneficial interest, no par value; of which 20,399,118 common shares are reserved for issuance upon redemption of Class A Operating Partnership units, convertible securities and employee stock options and 11,200,000 preferred shares are reserved for issuance upon redemption of preferred Operating Partnership units.
In addition, buildings which consume fossil fuel onsite may be subject to penalties in the future. Although these laws and regulations have not had any material adverse effects on our business to date, they could result in substantial costs, including compliance costs, increased energy costs, retrofit costs and construction costs.
Although these laws and regulations have not had any material adverse effects on our business to date, they could result in substantial costs, including compliance costs, increased energy costs, retrofit costs and construction costs.
Physical climate change, and natural disasters, including earthquakes, storms, storm surges, tornados, floods and hurricanes, could cause significant damage to our properties and the surrounding environment or area.
Physical climate change, and natural disasters, including earthquakes, storms, storm surges, tornados, floods, wildfires, hurricanes and rising sea levels, could cause significant damage to our properties and the surrounding environment or area. Government efforts to combat climate change may impact the cost of operating our properties.
Furthermore, rent payments under such leasehold interests are periodically adjusted pursuant to the respective contractual arrangements, including the currently ongoing PENN 1 June 2023 rent reset process. These rent resets may result in materially higher rents that could adversely affect our financial condition and results of operation.
Furthermore, rent payments under such leasehold interests are periodically adjusted pursuant to the respective contractual arrangements and the initial rent reset determination may be subsequently challenged in litigation brought by either party. These rent resets may result in materially higher rents that could adversely affect our results of operation.
The interest rate hedge instruments we may use to manage some of our exposure to interest rate volatility involve risks, including the risk that counterparties may fail to perform under these arrangements. If interest rates continue to fall, these arrangements may cause us to pay higher interest on our debt obligations than would otherwise be the case.
The interest rate hedge instruments we may use to manage some of our exposure to interest rate volatility involve risks, including the risk that counterparties may fail to perform under these arrangements.
The rules dealing with U.S. federal, state and local income taxation are constantly under review by persons involved in the legislative process and by the IRS and the Treasury Department. Changes to tax laws (which changes may have retroactive application) could adversely affect the taxation of REITs and their shareholders.
Changes to tax laws could affect REITs generally, the trading of our shares and our results of operations, both positively and negatively, in ways that are difficult to anticipate. The rules dealing with U.S. federal, state and local income taxation are constantly under review by persons involved in the legislative process and by the IRS and the Treasury Department.
In 2024, approximately 76% of our net operating income (“NOI” a non-GAAP measure) is from our office properties. Work from home, flexible or hybrid work schedules, open workplaces, videoconferencing, and teleconferencing remain prevalent in certain situations following the COVID-19 pandemic.
In 2025, approximately 78% of our net operating income (“NOI” a non-GAAP measure) is from our office properties. Work from home, flexible or hybrid work schedules, open workplaces, videoconferencing, and teleconferencing have become more common in recent years.
De-carbonization of grid-supplied energy (as has been mandated by the Climate Leadership and Community Protection Act in New York State) could lead to increased energy costs and operating expenses for our buildings. Retrofitting our building systems to consume less energy could lead to increased capital costs.
Decarbonization of grid-supplied energy (as has been mandated by the Climate Leadership and Community Protection Act (CLCPA) in New York State) could lead to increased energy costs and operating expenses for our buildings. In October 2025, the Albany County Supreme Court ordered the New York Department of Environmental Conservation (DEC) to finalize regulations required under the CLCPA.
Additionally, due to the greater risk associated with a loan secured by a leasehold interest than a loan secured by a fee interest, we face risks related to the availability and pricing of financing on favorable terms or at all for such ground leasehold interests. 17 RISKS RELATED TO OUR INDEBTEDNESS AND ACCESS TO CAPITAL Significantly tighter capital markets and economic conditions have affected and may continue to materially affect our liquidity, financial condition and results of operations as well as the value of an investment in our debt and equity securities.
Additionally, due to the greater risk associated with a loan secured by a leasehold interest than a loan secured by a fee interest, we face risks related to the availability and pricing of financing on favorable terms or at all for such ground leasehold interests.
For additional information on our cybersecurity risk management process, see Item 1C. Cybersecurity.
For additional information on our cybersecurity risk management process, see Item 1C. Cybersecurity. We have begun the use of AI capabilities with the goal of creating additional efficiencies in conducting our business and operations.
Removed
Potentially adverse consequences of climate change, including rising sea levels and increased temperature fluctuations, could similarly have an impact on our properties and the economies of the metropolitan areas in which we operate. Government efforts to combat climate change may impact the cost of operating our properties.
Added
This ruling compels the DEC to implement a cap-and-invest program to enforce greenhouse gas emission limits, which had been delayed. Retrofitting our building systems to consume less energy could lead to increased capital costs. In addition, buildings which consume fossil fuel onsite may be subject to penalties in the future.
Added
Changes to tax laws (which changes may have retroactive application) could adversely affect the taxation of REITs and their shareholders.
Added
See “Business - Overview — PENN 1 Ground Rent Reset Determination” for information regarding the ground rent litigation involving PENN 1. 16 RISKS RELATED TO OUR INDEBTEDNESS AND ACCESS TO CAPITAL Capital markets and economic conditions can materially affect our liquidity, financial condition and results of operations as well as the value of an investment in our debt and equity securities.
Added
If interest rates subsequently fall from the time we execute our interest rate hedge arrangements, these arrangements may cause us to pay higher interest on our debt obligations than would otherwise be the case.
Added
While we intend to use AI appropriately and to attempt to mitigate ethical and legal issues presented by its use, we may ultimately be unsuccessful in identifying or resolving issues before they arise.
Added
There can be no assurance that we or our service providers will properly implement AI, and the failure to do so could have an adverse effect on our business and results of operations. 23 PRINCIPAL EXECUTIVE OFFICES Our principal executive offices are located at 888 Seventh Avenue, New York, New York 10019; telephone (212) 894‑7000.
Added
MATERIALS AVAILABLE ON OUR WEBSITE Copies of our Annual Report on Form 10‑K, Quarterly Reports on Form 10‑Q, Current Reports on Form 8‑K and amendments to those reports, as well as Reports on Forms 3, 4 and 5 regarding officers, trustees and 10% beneficial owners, filed or furnished pursuant to Section 13(a), 15(d) or 16(a) of the Securities Exchange Act of 1934 are available free of charge through our website (www.vno.com) as soon as reasonably practicable after they are electronically filed with, or furnished to, the Securities and Exchange Commission.
Added
Also available on our website are copies of our Audit Committee Charter, Compensation Committee Charter, Corporate Governance and Nominating Committee Charter, Code of Business Conduct and Ethics, and Corporate Governance Guidelines. In the event of any changes to these charters or the code or guidelines, revised copies will also be made available on our website.
Added
Copies of these documents are also available directly from us free of charge. Our website also includes other financial and non-financial information, including certain non-GAAP financial measures, none of which is a part of this Annual Report on Form 10-K.
Added
Copies of our filings under the Securities Exchange Act of 1934 are also available free of charge from us, upon request.

Item 2. Properties

Properties — owned and leased real estate

14 edited+2 added−3 removed1 unchanged
Biggest changeSquare Feet NEW YORK SEGMENT Property % Ownership Type % Occupancy In Service Under Development or Not Available for Lease Total Property PENN 1 (ground leased through 2098) (1) 100.0 % Office / Retail 83.7 % 2,552,000 — 2,552,000 1290 Avenue of the Americas 70.0 % Office / Retail 92.7 % 2,106,000 — 2,106,000 PENN 2 100.0 % Office / Retail 100.0 % 402,000 1,393,000 1,795,000 909 Third Avenue (ground leased through 2063) (1) 100.0 % Office 93.1 % 1,352,000 — 1,352,000 280 Park Avenue (2) 50.0 % Office / Retail 92.2 % 1,266,000 — 1,266,000 Independence Plaza, Tribeca (1,327 units) (2) 50.1 % Retail / Residential 54.7 % (3) 1,258,000 — 1,258,000 770 Broadway 100.0 % Office / Retail 56.0 % 1,183,000 — 1,183,000 PENN 11 100.0 % Office / Retail 99.6 % 1,151,000 — 1,151,000 100 West 33rd Street 100.0 % Office / Retail 73.1 % 1,115,000 — 1,115,000 90 Park Avenue 100.0 % Office / Retail 98.2 % 956,000 — 956,000 One Park Avenue 100.0 % Office / Retail 93.6 % 945,000 — 945,000 888 Seventh Avenue (ground leased through 2067) (1) 100.0 % Office / Retail 84.3 % 887,000 — 887,000 The Farley Building (ground and building leased through 2116) (1) 95.0 % Office / Retail 91.7 % 846,000 — 846,000 330 West 34th Street (65.2% ground leased through 2149) (1) 100.0 % Office / Retail 77.3 % 726,000 — 726,000 85 Tenth Avenue (2) 49.9 % Office / Retail 85.8 % 638,000 — 638,000 650 Madison Avenue (2) 20.1 % Office / Retail 82.9 % 601,000 — 601,000 350 Park Avenue 100.0 % Office 100.0 % 585,000 — 585,000 150 East 58th Street (4) 100.0 % Office / Retail 81.7 % 544,000 — 544,000 7 West 34th Street (2) 53.0 % Office / Retail 100.0 % 477,000 — 477,000 595 Madison Avenue 100.0 % Office / Retail 89.0 % 330,000 — 330,000 640 Fifth Avenue (2) 52.0 % Office / Retail 92.2 % 315,000 — 315,000 Sunset Pier 94 Studios (ground and building leased through 2110) (1)(2) 49.9 % Studio (5) — 266,000 266,000 260 Eleventh Avenue (ground leased through 2114) (1) 100.0 % Office 100.0 % 209,000 — 209,000 4 Union Square South 100.0 % Retail 100.0 % 204,000 — 204,000 61 Ninth Avenue (2 buildings) (ground leased through 2115) (1)(2) 45.1 % Office / Retail 100.0 % 194,000 — 194,000 512 West 22nd Street (2) 55.0 % Office / Retail 100.0 % 173,000 — 173,000 825 Seventh Avenue 51.2 % Office (2) / Retail 80.1 % 173,000 — 173,000 1540 Broadway (2) 52.0 % Retail 78.5 % 161,000 — 161,000 Paramus 100.0 % Office 85.6 % 129,000 — 129,000 666 Fifth Avenue (2)(6) 52.0 % Retail 100.0 % 114,000 — 114,000 1535 Broadway (2) 52.0 % Retail / Theatre 99.3 % 107,000 — 107,000 57th Street (2 buildings) (2) 50.0 % Office / Retail 71.2 % 103,000 — 103,000 689 Fifth Avenue (2) 52.0 % Office / Retail 100.0 % 97,000 — 97,000 150 West 34th Street 100.0 % Retail 100.0 % 79,000 — 79,000 655 Fifth Avenue (2) 50.0 % Retail 100.0 % 57,000 — 57,000 435 Seventh Avenue 100.0 % Retail 100.0 % 43,000 — 43,000 606 Broadway 50.0 % Office / Retail 24.8 % 36,000 — 36,000 697-703 Fifth Avenue (2) 44.8 % Retail 100.0 % 26,000 — 26,000 1131 Third Avenue 100.0 % Retail 100.0 % 23,000 — 23,000 131-135 West 33rd Street 100.0 % Retail 100.0 % 23,000 — 23,000 ________________________________________ See notes on page 28 . 26 PROPERTY LISTING – CONTINUED Square Feet NEW YORK SEGMENT – CONTINUED Property % Ownership Type % Occupancy In Service Under Development or Not Available for Lease Total Property 715 Lexington Avenue 100.0 % Retail 100.0 % 22,000 — 22,000 537 West 26th Street 100.0 % Retail 100.0 % 17,000 — 17,000 334 Canal Street 100.0 % Retail / Residential — % (3) — 14,000 14,000 304-306 Canal Street 100.0 % Retail / Residential 100.0 % (3) 4,000 9,000 13,000 40 East 66th Street (3 units) 100.0 % Residential 100.0 % 10,000 — 10,000 431 Seventh Avenue 100.0 % Retail 100.0 % 9,000 — 9,000 138-142 West 32nd Street 100.0 % Retail 80.3 % 8,000 — 8,000 339 Greenwich Street 100.0 % Retail 100.0 % 8,000 — 8,000 966 Third Avenue 100.0 % Retail 100.0 % 7,000 — 7,000 968 Third Avenue (2) 50.0 % Retail 100.0 % 7,000 — 7,000 137 West 33rd Street 100.0 % Retail 100.0 % 3,000 — 3,000 57th Street (2) 50.0 % Land (5) — — — Eighth Avenue and 34th Street 100.0 % Land (5) — — — Hotel Pennsylvania Site (PENN 15) 100.0 % Land (5) — — — Other (3 buildings) 100.0 % Retail 100.0 % 16,000 — 16,000 Alexander's, Inc.: 731 Lexington Avenue (2) 32.4 % Office / Retail 98.9 % 1,080,000 — 1,080,000 Rego Park II, Queens (6.6 acres) (2) 32.4 % Retail 99.0 % 479,000 136,000 615,000 Rego Park I, Queens (4.8 acres) (2) 32.4 % Retail 100.0 % 86,000 252,000 338,000 The Alexander Apartment Tower, Queens (312 units) (2) 32.4 % Residential 94.2 % 255,000 — 255,000 Flushing, Queens (1.0 acre ground leased through 2037) (1)(2) 32.4 % Retail 100.0 % 167,000 — 167,000 Total New York Segment 88.6 % 24,364,000 2,070,000 26,434,000 Our Ownership Interest 87.6 % 19,241,000 1,675,000 20,916,000 ________________________________________ See notes on page 28 . 27 PROPERTY LISTING – CONTINUED Square Feet OTHER SEGMENT Property % Ownership Type % Occupancy In Service Under Development or Not Available for Lease Total Property THE MART: THE MART, Chicago 100.0 % Office / Retail / Trade show / Showroom 80.1 % 3,684,000 — 3,684,000 527 West Kinzie, Chicago 100.0 % Land (5) — — — Other (2 properties) (2) , Chicago 50.0 % Retail 89.5 % 19,000 — 19,000 Total THE MART 80.2 % 3,703,000 — 3,703,000 Our Ownership Interest 80.1 % 3,694,000 — 3,694,000 555 California Street: 555 California Street 70.0 % Office / Retail 96.6 % 1,507,000 — 1,507,000 315 Montgomery Street 70.0 % Office / Retail 93.6 % 236,000 — 236,000 345 Montgomery Street 70.0 % Office / Retail — % 78,000 — 78,000 Total 555 California Street 92.0 % 1,821,000 — 1,821,000 Our Ownership Interest 92.0 % 1,275,000 — 1,275,000 Other: Rosslyn Plaza, VA (197 units) (2) 45.6 % Office / Residential 28.5 % (3) 685,000 304,000 989,000 Fashion Centre Mall / Washington Tower, VA (2) 7.5 % Office / Retail 93.4 % 1,038,000 — 1,038,000 Wayne Towne Center, Wayne, NJ (ground leased through 2064) (1) 100.0 % Retail 100.0 % 686,000 4,000 690,000 Annapolis, MD (ground leased through 2042) (1) 100.0 % Retail 100.0 % 128,000 — 128,000 Atlantic City, NJ (11.3 acres ground leased through 2070 to VICI Properties for a portion of the Borgata Hotel and Casino complex) 100.0 % Land 100.0 % — — — Total Other 83.5 % 2,537,000 308,000 2,845,000 Our Ownership Interest 86.5 % 1,202,000 144,000 1,346,000 ________________________________________ (1) Term assumes all renewal options exercised, if applicable.
Biggest changeSquare Feet NEW YORK SEGMENT Property % Ownership Type % Occupancy In Service Under Development or Not Available for Lease Total Property PENN 1 (ground leased through 2098) (1) 100.0 % Office / Retail 88.9 % 2,553,000 — 2,553,000 1290 Avenue of the Americas 70.0 % Office / Retail 91.3 % 2,089,000 — 2,089,000 PENN 2 100.0 % Office / Retail 79.5 % 1,825,000 — 1,825,000 909 Third Avenue (ground leased through 2063) (1) 100.0 % Office 72.7 % 1,353,000 — 1,353,000 280 Park Avenue (2) 50.0 % Office / Retail 95.3 % 1,267,000 — 1,267,000 Independence Plaza, Tribeca (1,328 units) (2) 50.1 % Retail / Residential 68.4 % (3) 1,258,000 — 1,258,000 770 Broadway 100.0 % Office / Retail 100.0 % 1,183,000 — 1,183,000 PENN 11 100.0 % Office / Retail 97.9 % 1,159,000 — 1,159,000 100 West 33rd Street 100.0 % Office / Retail 87.4 % 858,000 257,000 1,115,000 90 Park Avenue 100.0 % Office / Retail 99.2 % 956,000 — 956,000 One Park Avenue 100.0 % Office / Retail 94.0 % 945,000 — 945,000 888 Seventh Avenue (ground leased through 2067) (1) 100.0 % Office / Retail 87.0 % 888,000 — 888,000 The Farley Building (ground and building leased through 2116) (1) 95.0 % Office / Retail 92.4 % 846,000 — 846,000 330 West 34th Street (65.2% ground leased through 2149) (1) 100.0 % Office / Retail 96.1 % 726,000 — 726,000 85 Tenth Avenue (2) 49.9 % Office / Retail 89.1 % 641,000 — 641,000 350 Park Avenue 100.0 % Office 100.0 % 585,000 — 585,000 150 East 58th Street (4) 100.0 % Office / Retail 80.5 % 544,000 — 544,000 7 West 34th Street (2) 53.0 % Office / Retail 99.6 % 477,000 — 477,000 623 Fifth Avenue 100.0 % Office (5) — 383,000 383,000 595 Madison Avenue 100.0 % Office / Retail 88.4 % 332,000 — 332,000 640 Fifth Avenue (2) 52.0 % Office / Retail 92.8 % 315,000 — 315,000 Sunset Pier 94 Studios (ground and building leased through 2110) (1)(2) 49.9 % Studio (5) — 266,000 266,000 260 Eleventh Avenue (ground leased through 2114) (1) 100.0 % Office 100.0 % 209,000 — 209,000 4 Union Square South 100.0 % Retail 100.0 % 204,000 — 204,000 61 Ninth Avenue (2 buildings) (ground leased through 2115) (1)(2) 45.1 % Office / Retail 100.0 % 194,000 — 194,000 825 Seventh Avenue 51.2 % Office (2) / Retail 80.1 % 173,000 — 173,000 1540 Broadway (2) 52.0 % Retail 22.1 % 161,000 — 161,000 1535 Broadway (2) 52.0 % Retail / Theatre 100.0 % 107,000 — 107,000 689 Fifth Avenue (2) 52.0 % Office / Retail 95.2 % 97,000 — 97,000 150 West 34th Street 100.0 % Retail 100.0 % 79,000 — 79,000 50 West 57th Street (2) 50.0 % Office / Retail 88.3 % 79,000 — 79,000 655 Fifth Avenue (2) 50.0 % Retail 100.0 % 57,000 — 57,000 435 Seventh Avenue 100.0 % Retail 100.0 % 43,000 — 43,000 606 Broadway 50.0 % Office / Retail 24.8 % 36,000 — 36,000 697-703 Fifth Avenue (2) 44.8 % Retail 100.0 % 27,000 — 27,000 1131 Third Avenue 100.0 % Retail 63.7 % 23,000 — 23,000 666 Fifth Avenue (2) 52.0 % Retail 100.0 % 24,000 — 24,000 131-135 West 33rd Street 100.0 % Retail 100.0 % 22,000 — 22,000 ________________________________________ See notes on page 28. 26 PROPERTY LISTING – CONTINUED Square Feet NEW YORK SEGMENT – CONTINUED Property % Ownership Type % Occupancy In Service Under Development or Not Available for Lease Total Property 715 Lexington Avenue 100.0 % Retail 100.0 % 22,000 — 22,000 537 West 26th Street 100.0 % Retail 100.0 % 17,000 — 17,000 40 East 66th Street (3 units) 100.0 % Residential 100.0 % 10,000 — 10,000 431 Seventh Avenue 100.0 % Retail 100.0 % 9,000 — 9,000 138-142 West 32nd Street 100.0 % Retail 80.3 % 8,000 — 8,000 339 Greenwich Street 100.0 % Retail 100.0 % 9,000 — 9,000 966 Third Avenue 100.0 % Retail 100.0 % 7,000 — 7,000 968 Third Avenue (2) 50.0 % Retail 100.0 % 7,000 — 7,000 137 West 33rd Street 100.0 % Retail 100.0 % 3,000 — 3,000 57th Street (2) 50.0 % Land (5) — — — Eighth Avenue and 34th Street 100.0 % Land (5) — — — Hotel Pennsylvania site (PENN 15) 100.0 % Land (5) — — — Other (4 buildings) 56.7 % Retail 74.2 % 34,000 — 34,000 Alexander's, Inc.: 731 Lexington Avenue (2) 32.4 % Office / Retail 91.7 % 1,080,000 — 1,080,000 Rego Park II, Queens (6.6 acres) (2) 32.4 % Retail 98.3 % 606,000 — 606,000 Rego Park I, Queens (4.8 acres) (2) 32.4 % Retail — % — 338,000 338,000 The Alexander Apartment Tower, Queens (312 units) (2) 32.4 % Residential 97.7 % 255,000 — 255,000 Flushing, Queens (1.0 acre ground leased through 2037) (2) 32.4 % Retail 100.0 % 167,000 — 167,000 Total New York Segment 89.5 % 24,569,000 1,244,000 25,813,000 Our Ownership Interest 90.0 % 20,024,000 883,000 20,907,000 ________________________________________ See notes on page 28. 27 PROPERTY LISTING – CONTINUED Square Feet OTHER SEGMENT Property % Ownership Type % Occupancy In Service Under Development or Not Available for Lease Total Property THE MART: THE MART, Chicago 100.0 % Office / Retail / Trade show / Showroom 81.5 % 3,693,000 — 3,693,000 527 West Kinzie, Chicago 100.0 % Land (5) — — — Other (1 property) (2) , Chicago 50.0 % Retail 85.5 % 4,000 — 4,000 Total THE MART 81.5 % 3,697,000 — 3,697,000 Our Ownership Interest 81.5 % 3,695,000 — 3,695,000 555 California Street: 555 California Street, San Francisco 70.0 % Office / Retail 94.6 % 1,509,000 — 1,509,000 315 Montgomery Street, San Francisco 70.0 % Office / Retail 49.0 % 235,000 — 235,000 345 Montgomery Street, San Francisco 70.0 % Office / Retail 100.0 % 76,000 — 76,000 Total 555 California Street 88.9 % 1,820,000 — 1,820,000 Our Ownership Interest 88.9 % 1,274,000 — 1,274,000 Other: Rosslyn Plaza, VA (197 units) (2) 45.6 % Office / Residential 22.5 % (3) 685,000 304,000 989,000 Fashion Centre Mall / Washington Tower, VA (2) 7.5 % Office / Retail 95.6 % 1,038,000 — 1,038,000 Wayne Towne Center, Wayne, NJ (ground leased through 2064) (1) 100.0 % Retail 100.0 % 690,000 — 690,000 Annapolis, MD (ground leased through 2042) (1) 100.0 % Retail 100.0 % 128,000 — 128,000 Atlantic City, NJ (11.3 acres ground leased through 2070 to VICI Properties for a portion of the Borgata Hotel and Casino complex) 100.0 % Land 100.0 % — — — Paramus, NJ (Vornado administrative headquarters) 100.0 % Office 71.2 % 129,000 — 129,000 650 Madison Avenue (2)(6) , New York, NY 22.2 % Office / Retail 67.1 % 601,000 — 601,000 Total Other 81.0 % 3,271,000 304,000 3,575,000 Our Ownership Interest 82.4 % 1,470,000 140,000 1,610,000 ________________________________________ (1) Term assumes all renewal options exercised, if applicable.
ITEM 2. PROPERTIES PROPERTY LISTING We operate in two reportable segments: New York and Other. The following pages provide details of our real estate properties as of December 31, 2024.
ITEM 2. PROPERTIES PROPERTY LISTING We operate in two reportable segments: New York and Other. The following pages provide details of our real estate properties as of December 31, 2025.
Alexander’s As of December 31, 2024, we own 32.4% of the outstanding common stock of Alexander’s, which owns five properties in the greater New York City aggregating 2.5 million square feet, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg L.P. headquarters building.
Alexander’s As of December 31, 2025, we own 32.4% of the outstanding common stock of Alexander’s, which owns five properties in the greater New York City aggregating 2.4 million square feet, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg L.P. headquarters building.
(2) Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter. (3) Based on current market conditions, we expect to re-lease this space at rents between $80 to $90 per square foot. (4) Excludes the expiration of 492,000 square feet at 909 Third Avenue for U.S.
(2) Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter. (3) Based on current market conditions, we expect to re-lease this space at rents between $85 to $95 per square foot. (4) Excludes the expiration of 492,000 square feet at 909 Third Avenue for U.S.
ANNUALIZED ESCALATED RENTS (1) (AT SHARE) BY TENANT INDUSTRY: Industry Percentage Office: Financial Services 22 % Technology 15 % Professional Services 7 % Real Estate 5 % Advertising/Marketing 5 % Entertainment and Electronics 4 % Education 3 % Insurance 2 % Health Services 2 % Engineering, Architect & Surveying 2 % Apparel 1 % Communications 1 % Government 1 % Other 6 % 76 % Retail: Apparel 4 % Luxury Retail 4 % Banking 2 % Restaurants 2 % Grocery 1 % Other 6 % 19 % Showroom 5 % Total 100 % ________________________________________ (1) Annualized escalated rents represent monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12.
ANNUALIZED ESCALATED RENTS (1) (AT SHARE) BY TENANT INDUSTRY: Industry Percentage Office: Financial Services 23 % Technology 13 % Professional Services 7 % Advertising/Marketing 6 % Entertainment and Electronics 6 % Education 4 % Real Estate 4 % Engineering, Architect & Surveying 3 % Health Services 2 % Communications 2 % Insurance 1 % Apparel 1 % Government 1 % Other 7 % 80 % Retail: Apparel 3 % Luxury Retail 3 % Restaurants 2 % Banking 1 % Grocery 1 % Other 5 % 15 % Showroom 5 % Total 100 % ________________________________________ (1) Annualized escalated rents represent monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12.
Post Office as we assume the exercise of all renewal options through 2038 given the below-market rent on their options. (5) Based on current market conditions, we expect to re-lease this space at rents between $125 to $150 per square foot.
Post Office as we assume the exercise of all renewal options through 2038 given the below-market rent on their options. (5) Based on current market conditions, we expect to re-lease this space at rents between $450 to $500 per square foot.
As of December 31, 2024, THE MART had an occupancy rate of 80.1% and a weighted average annual rent per square foot of $53.32. 555 California Street We own a 70% controlling interest in a three-building office complex aggregating 1.8 million square feet, located at California and Montgomery Streets in San Francisco’s financial district (“555 California Street”).
As of December 31, 2025, THE MART had an occupancy rate of 81.5% and a weighted average annual rent per square foot of $54.03. 555 California Street We own a 70% controlling interest in a three-building office complex aggregating 1.8 million square feet, located at California and Montgomery Streets in San Francisco’s financial district (“555 California Street”).
The New York segment also includes nine garages totaling 1.6 million square feet (4,685 spaces). As of December 31, 2024, the occupancy rate for our New York segment was 87.6%.
The New York segment also includes nine garages totaling 1.6 million square feet (4,685 spaces). As of December 31, 2025, the occupancy rate for our New York segment was 90.0%.
As of December 31, 2024, Alexander's had an occupancy rate of 99.1% and a weighted average annual rent per square foot of $119.53. OTHER REAL ESTATE AND INVESTMENTS THE MART We own the 3.7 million square foot THE MART in Chicago, whose largest tenant is Motorola Mobility at 609,000 square feet, the lease of which is guaranteed by Google.
As of December 31, 2025, Alexander's had an occupancy rate of 94.6% and a weighted average annual rent per square foot of $115.14. OTHER REAL ESTATE AND INVESTMENTS THE MART We own the 3.7 million square foot THE MART in Chicago, whose largest tenant is Motorola Mobility at 609,000 square feet, the lease of which is guaranteed by Google.
The 26.4 million square feet is comprised of 20.1 million square feet of Manhattan office in 30 of the properties, 2.4 million square feet of Manhattan street retail in 49 of the properties, 1,330 units in two residential properties, and our 32.4% interest in Alexander’s, which owns five properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg, L.P. headquarters building, and The Alexander, a 312-unit apartment tower in Queens.
The 25.8 million square feet is comprised of 19.9 million square feet of Manhattan office in 28 of the properties, 2.3 million square feet of Manhattan street retail in 45 of the properties, 1,331 units in two residential properties, and our 32.4% interest in Alexander’s, which owns five properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg, L.P. headquarters building, and The Alexander, a 312-unit apartment tower in Queens.
Annualized escalated rents at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space. (2) Includes Madison Square Garden Entertainment’s new lease at PENN 2.
Annualized escalated rents at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space. (2) Includes NYU’s master lease of 1,076,000 square feet at 770 Broadway.
As of December 31, 2024, 555 California Street had an occupancy rate of 92.0% and a weighted average annual rent per square foot of $98.90. 31
As of December 31, 2025, 555 California Street had an occupancy rate of 88.9%, which reflects the impact of lease expirations at 315 Montgomery Street during the fourth quarter, and a weighted average annual rent per square foot of $103.50. 31
See page 37 for details. 28 TOP 10 TENANTS BASED ON ANNUALIZED ESCALATED RENTS (1) (AT SHARE): Tenant Square Footage At Share Annualized Escalated Rents At Share % of Total Annualized Escalated Rents At Share Meta Platforms, Inc. 1,176,828 $ 141,598 7.7 % IPG and affiliates 955,211 64,056 3.6 % Citadel 585,460 62,498 3.5 % New York University 685,290 49,552 2.7 % Madison Square Garden & Affiliates (2) 449,053 45,451 2.5 % Bloomberg L.P. 306,768 43,863 2.4 % Google/Motorola Mobility (guaranteed by Google) 759,446 42,875 2.3 % Amazon (including its Whole Foods subsidiary) 312,694 31,025 1.7 % Swatch Group USA 11,957 28,689 1.5 % Neuberger Berman Group LLC 306,612 28,363 1.5 % ________________________________________ See notes below.
(6) In 2022, our investment was written down to zero and we no longer record our share of net income (loss). 28 TOP 10 TENANTS BASED ON ANNUALIZED ESCALATED RENTS (1) (AT SHARE): (Amounts in thousands, except square feet) Tenant Square Footage At Share Annualized Escalated Rents At Share % of Total Annualized Escalated Rents At Share Meta Platforms, Inc. 693,500 $ 82,906 4.5 % IPG and affiliates 955,211 63,897 3.5 % Citadel 585,460 62,498 3.4 % New York University (2) 1,761,681 58,353 3.1 % Bloomberg L.P. 306,768 44,479 2.4 % Madison Square Garden & Affiliates 449,053 44,032 2.3 % Google/Motorola Mobility (guaranteed by Google) 759,446 43,464 2.3 % UMG Recordings, Inc, 336,700 35,411 1.9 % Apple Inc. 556,057 33,796 1.8 % Amazon (including its Whole Foods subsidiary) 312,694 32,421 1.7 % ________________________________________ See notes below.
Occupancy and weighted average annual rent per square foot: Office: Vornado's Ownership Interest As of December 31, Total Square Feet In Service Square Feet In Service Square Feet At Share Occupancy Rate Weighted Average Annual Escalated Rent Per Square Foot 2024 20,343,000 18,714,000 16,024,000 88.8 % $ 88.38 2023 20,383,000 18,699,000 16,001,000 90.7 % 86.30 2022 19,902,000 18,724,000 16,028,000 91.9 % 83.98 2021 20,630,000 19,442,000 16,757,000 92.2 % 80.01 2020 20,586,000 18,361,000 15,413,000 93.4 % 79.05 Retail: Vornado's Ownership Interest As of December 31, Total Square Feet In Service Square Feet In Service Square Feet At Share Occupancy Rate Weighted Average Annual Escalated Rent Per Square Foot 2024 2,421,000 2,387,000 1,943,000 73.7 % $ 213.05 2023 2,394,000 2,123,000 1,684,000 74.9 % 224.88 2022 2,556,000 2,289,000 1,851,000 74.4 % 215.72 2021 2,693,000 2,267,000 1,825,000 80.7 % 214.22 2020 2,690,000 2,275,000 1,805,000 78.8 % 226.38 Occupancy and average monthly rent per unit: Residential: Vornado's Ownership Interest As of December 31, Total Number of Units Total Number of Units Occupancy Rate Average Monthly Rent Per Unit 2024 1,642 769 96.6 % $ 4,713 2023 1,974 939 96.8 % 4,115 2022 1,976 941 96.7 % 3,882 2021 1,986 951 97.0 % 3,776 2020 1,995 960 84.9 % 3,714 30 NEW YORK – CONTINUED Lease expirations as of December 31, 2024 (at share): Number of Expiring Leases Square Feet of Expiring Leases (1) Percentage of New York Square Feet Annualized Escalated Rents of Expiring Leases Year Total Per Square Foot Office: Fourth Quarter 2024 (2) 13 56,000 0.4% $ 4,394,000 $ 78.46 2025 67 591,000 4.2% 45,517,000 77.02 (3) 2026 72 1,163,000 8.3% 96,849,000 83.28 2027 100 1,341,000 9.6% 107,992,000 80.53 2028 (4) 67 1,051,000 7.5% 85,447,000 81.30 2029 72 1,290,000 9.2% 106,828,000 82.81 2030 64 691,000 4.9% 57,851,000 83.72 2031 37 696,000 5.0% 64,668,000 92.91 2032 32 1,014,000 7.2% 99,800,000 98.42 2033 20 517,000 3.7% 44,524,000 86.12 2034 29 748,000 5.8% 78,714,000 105.23 Retail: Fourth Quarter 2024 (2) 2 1,000 0.1% $ 266,000 $ 266.00 2025 15 178,000 14.0% 15,092,000 84.79 (5) 2026 11 84,000 6.6% 26,722,000 318.12 2027 12 52,000 4.1% 21,514,000 413.73 2028 9 27,000 2.1% 10,978,000 406.59 2029 12 53,000 4.2% 23,559,000 444.51 2030 18 146,000 11.5% 24,458,000 167.52 2031 25 68,000 5.3% 31,214,000 459.03 2032 22 55,000 4.3% 30,115,000 547.55 2033 12 33,000 2.6% 10,754,000 325.88 2034 27 138,000 10.8% 17,308,000 125.42 ________________________________________ (1) Excludes storage, vacancy and other.
Occupancy and average monthly rent per unit: Residential: Vornado's Ownership Interest As of December 31, Total Number of Units Total Number of Units Occupancy Rate Average Monthly Rent Per Unit 2025 1,643 769 95.5 % $ 5,051 2024 1,642 769 96.6 % 4,713 2023 1,974 939 96.8 % 4,115 2022 1,976 941 96.7 % 3,882 2021 1,986 951 97.0 % 3,776 30 NEW YORK – CONTINUED Lease expirations as of December 31, 2025 (at share): Number of Expiring Leases Square Feet of Expiring Leases (1) Percentage of New York Square Feet Annualized Escalated Rents of Expiring Leases Year Total Per Square Foot Office: Fourth Quarter 2025 (2) 8 37,000 0.2% $ 3,000,000 $ 81.08 2026 63 929,000 6.1% 74,154,000 79.82 (3) 2027 89 953,000 6.2% 80,578,000 84.55 2028 (4) 65 970,000 6.3% 77,672,000 80.07 2029 73 1,125,000 7.3% 87,124,000 77.44 2030 60 718,000 4.7% 65,470,000 91.18 2031 49 876,000 5.7% 82,530,000 94.21 2032 29 1,182,000 7.7% 113,366,000 95.91 2033 27 563,000 3.7% 49,133,000 87.27 2034 32 431,000 3.3% 40,755,000 94.56 2035 37 1,030,000 7.2% 83,452,000 81.02 Retail: Fourth Quarter 2025 (2) 2 1,000 0.1% $ 25,000 $ 25.00 2026 8 21,000 1.8% 5,198,000 247.52 (5) 2027 18 53,000 4.8% 22,931,000 432.66 2028 9 41,000 3.7% 9,912,000 241.76 2029 13 52,000 4.7% 22,546,000 433.58 2030 14 144,000 12.9% 23,737,000 164.84 2031 20 57,000 5.1% 30,232,000 530.39 2032 22 62,000 5.6% 31,907,000 514.63 2033 14 36,000 3.2% 12,272,000 340.89 2034 35 146,000 13.1% 20,475,000 140.24 2035 11 24,000 2.7% 12,372,000 515.50 ________________________________________ (1) Excludes storage, vacancy and other.
Removed
(6) 75,000 square feet is leased from the 666 Fifth office condominium. On January 8, 2025, the Fifth Avenue and Times Square joint venture completed the sale to UNIQLO of the portion of its U.S. flagship store at 666 Fifth Avenue. In conjunction with the sale, the lease with the 666 Fifth Avenue office condominium was terminated.
Added
In addition to the $9,281 annual lease payments, which are included in annualized escalated rents above, NYU made a $935,000 prepaid lease payment at lease commencement. See page 37 for further details. 29 NEW YORK As of December 31, 2025, our New York segment consisted of 25.8 million square feet in 61 properties.
Removed
The joint venture continues to own 23,832 square feet of retail space at 666 Fifth Avenue.
Added
Occupancy and weighted average annual rent per square foot: Office: Vornado's Ownership Interest As of December 31, Total Square Feet In Service Square Feet In Service Square Feet At Share Occupancy Rate Weighted Average Annual Escalated Rent Per Square Foot 2025 19,884,000 19,235,000 17,078,000 91.2 % $ 90.56 2024 20,343,000 18,714,000 16,024,000 88.8 % 88.38 2023 20,383,000 18,699,000 16,001,000 90.7 % 86.30 2022 19,902,000 18,724,000 16,028,000 91.9 % 83.98 2021 20,630,000 19,442,000 16,757,000 92.2 % 80.01 Retail: Vornado's Ownership Interest As of December 31, Total Square Feet In Service Square Feet In Service Square Feet At Share Occupancy Rate Weighted Average Annual Escalated Rent Per Square Foot 2025 2,287,000 2,030,000 (1) 1,659,000 79.4 % $ 228.41 2024 2,421,000 2,387,000 1,943,000 73.7 % 213.05 2023 2,394,000 2,123,000 1,684,000 74.9 % 224.88 2022 2,556,000 2,289,000 1,851,000 74.4 % 215.72 2021 2,693,000 2,267,000 1,825,000 80.7 % 214.22 ________________________________________ (1) Reflects the impact of the 100 West 33rd Street retail space coming out of service during 2025.
Removed
Revenue recognition for portions of the new space has not yet commenced. 29 NEW YORK As of December 31, 2024, our New York segment consisted of 26.4 million square feet in 64 properties.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

9 edited+5 added−3 removed5 unchanged
Biggest changeThere can be no assurance that the performance of our shares will continue in line with the same or similar trends depicted in the graph below. 2019 2020 2021 2022 2023 2024 Vornado Realty Trust $ 100 $ 60 $ 70 $ 37 $ 52 $ 79 S&P 400 MidCap Index 100 114 142 123 144 164 FTSE Office (1) 100 82 100 62 63 77 The NAREIT All Equity Index (2) 100 95 134 101 112 118 ________________________________________ (1) The Company has elected to replace the NAREIT All Equity Index with the FTSE Office Index because we believe the FTSE Office Index represents a group of companies more aligned with a comparable peer group.
Biggest changeThere can be no assurance that the performance of our shares will continue in line with the same or similar trends depicted in the graph below. 2020 2021 2022 2023 2024 2025 Vornado Realty Trust $ 100 $ 118 $ 63 $ 87 $ 132 $ 107 S&P 400 MidCap Index 100 125 108 126 144 155 FTSE Office 100 122 76 78 94 81
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Vornado Realty Trust Vornado’s common shares are traded on the New York Stock Exchange under the symbol “VNO.” As of February 1, 2025, there were 695 holders of record of Vornado common shares. Vornado Realty L.P.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Vornado Realty Trust Vornado’s common shares are traded on the New York Stock Exchange under the symbol “VNO.” As of February 1, 2026, there were 648 holders of record of Vornado common shares. Vornado Realty L.P.
The graph assumes that $100 was invested on December 31, 2019 in our common shares, the S&P 400 MidCap Index, the NAREIT All Equity Index, and the FTSE Office Index and that all dividends were reinvested without the payment of any commissions.
The graph assumes that $100 was invested on December 31, 2020 in our common shares, the S&P 400 MidCap Index, and the FTSE Office Index and that all dividends were reinvested without the payment of any commissions.
As of February 1, 2025, there were 842 Class A unitholders of record. Recent Sales of Unregistered Securities Vornado Realty Trust During the fourth quarter of 2024, Vornado issued 197,519 of its common shares for the redemption of Class A units by certain limited partners of Vornado Realty L.P., and conversions of Series A preferred shares.
As of February 1, 2026, there were 787 Class A unitholders of record. Recent Sales of Unregistered Securities Vornado Realty Trust During the fourth quarter of 2025, Vornado issued 73,895 of its common shares for the redemption of Class A units by certain limited partners of Vornado Realty L.P., and conversions of Series A preferred shares.
Performance Graph The following graph is a comparison of the five-year cumulative return of Vornado’s common shares, the Standard & Poor’s 400 MidCap Index (the “S&P 400 MidCap Index”), the National Association of Real Estate Investment Trusts’ (“NAREIT”) All Equity Index, and the FTSE NAREIT Equity Office Index (the “FTSE Office”), a peer group index.
Performance Graph The following graph is a comparison of the five-year cumulative return of Vornado’s common shares, the Standard & Poor’s 400 MidCap Index (the “S&P 400 MidCap Index”) and the FTSE NAREIT Equity Office Index (the “FTSE Office”), a peer group index.
All of the securities referred to above were issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. There were no cash proceeds associated with these issuances.
All of the securities referred to above were issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.
On December 5, 2024, the Operating Partnership granted 23,190 LTIP Units at a market price of $43.12 per unit to Vornado consultants that are not executives of the Company as part of their annual consulting fees. The units were issued outside of Vornado’s 2023 Omnibus Share Plan.
There were no cash proceeds associated with these issuances. On December 16, 2025, the Operating Partnership granted 28,919 LTIP Units at a market price of $34.58 per unit to Vornado consultants that are not executives of the Company as part of their annual consulting fees. The units were issued outside of Vornado’s Omnibus Share Plan.
During the year ended December 31, 2024, no shares were repurchased. As of December 31, 2024, $170,857,000 remained available under the plan and authorized for repurchases. 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. Vornado Realty L.P. None.
The program 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. Vornado Realty L.P.
Such shares were issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. Vornado Realty L.P.
Such shares were issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. There were no cash proceeds associated with these issuances. Vornado Realty L.P. During the fourth quarter of 2025, Vornado Realty L.P. issued 728,527 Class A units to satisfy conversions of restricted Operating Partnership units (“LTIP Units”).
Removed
During the fourth quarter of 2024, Vornado Realty L.P. issued (i) 54,929 Class A units to satisfy conversions of restricted Operating Partnership units (“LTIP Units”) (ii) 195 Class A units to satisfy conversions of appreciation-only long-term incentive plan units (“AO LTIP Units”), and (iii) 2,319 LTIP Units pursuant to Vornado’s 2023 Omnibus Share Plan.
Added
The following table summarizes share repurchases executed under the plan during the three months ended December 31, 2025.
Removed
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.
Added
Period Total Number of Shares Repurchased Average Price Paid Per Share (1) Total Number of Shares Purchased as Part of Publicly Announced Program Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program October 1, 2025 - October 31, 2025 — $ — — $ 170,857,099 November 1, 2025 - November 30, 2025 660,498 35.24 660,498 147,582,863 December 1, 2025 - December 31, 2025 801,862 34.53 801,862 119,895,368 ________________________________________ (1) Average price paid per share excludes costs associated with the repurchases.
Removed
(2) To facilitate comparison to the performance graph presented in our Annual Report for the prior year, the NAREIT All Equity Index is presented above.
Added
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.
Added
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.
Added
Vornado Realty L.P. repurchased Class A units from Vornado Realty Trust equivalent to the number and price of common shares repurchased by Vornado Realty Trust during the three months ended December 31, 2025, as disclosed in the table above.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

82 edited+61 added−36 removed59 unchanged
Biggest changeThe following table details the net cash used in investing activities: (Amounts in thousands) For the Year Ended December 31, Increase (Decrease) in Cash Flow 2024 2023 Development costs and construction in progress $ (242,874) $ (552,701) $ 309,827 Additions to real estate (222,739) (211,899) (10,840) Investments in partially owned entities (115,357) (57,297) (58,060) Investment in loan receivable (50,000) — (50,000) Proceeds from sale of condominium units at 220 Central Park South 31,605 24,484 7,121 Proceeds from sales of real estate 2,000 123,519 (121,519) Proceeds from maturities of U.S.
Biggest changeThe following table details the net cash provided by (used in) investing activities: (Amounts in thousands) For the Year Ended December 31, Increase (Decrease) in Cash Flow 2025 2024 Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity $ 749,000 $ — $ 749,000 Acquisitions of real estate and other (296,681) — (296,681) Additions to real estate (268,258) (222,739) (45,519) Development costs and construction in progress (144,609) (242,874) 98,265 Proceeds from sales of real estate and other 58,339 2,000 56,339 Distributions of capital from partially owned entities 50,927 — 50,927 Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South 37,374 31,605 5,769 Investments in partially owned entities (35,585) (115,357) 79,772 Investment in loan receivable (35,000) (50,000) 15,000 Net cash provided by (used in) investing activities $ 115,507 $ (597,365) $ 712,872 Financing Activities Net cash flow used in financing activities is impacted by the timing and extent of issuances of debt and equity securities, distributions paid to common shareholders and unitholders of the Operating Partnership as well as principal and other repayments associated with our outstanding debt.
Net Gains on Disposition of Wholly Owned and Partially Owned Assets Net gains on disposition of wholly owned and partially owned assets of $16,048,000 for the year ended December 31, 2024, consists of (i) $15,175,000 from the sale of two condominium units at 220 CPS and (ii) $873,000 from the sale of our 49.9% interest in 50-70 West 93rd Street to our joint venture partner.
Net gains on disposition of wholly owned and partially owned assets of $16,048,000 for the year ended December 31, 2024, consists of (i) $15,175,000 from the sale of two condominium units at 220 CPS and (ii) $873,000 from the sale of our 49.9% interest in 50-70 West 93rd Street to our joint venture partner.
Sunset Pier 94 Studios On August 28, 2023, we, together with Hudson Pacific Properties and Blackstone Inc., formed a joint venture to develop a 266,000 square foot purpose-built studio campus in Manhattan. We own a 49.9% equity interest in the joint venture.
Sunset Pier 94 Studios On August 28, 2023, we, together with Hudson Pacific Properties and Blackstone Inc., formed a joint venture to develop Pier 94 into a 266,000 square foot purpose-built studio campus in Manhattan. We own a 49.9% equity interest in the joint venture.
Additionally, during 2025, Vornado expects to pay approximately $62,000,000 of cash dividends on preferred shares based on the number of preferred shares outstanding as of December 31, 2024. 51 Liquidity and Capital Resources - continued Debt We have an effective shelf registration for the offering of our equity and debt securities that is not limited in amount due to our status as a “well-known seasoned issuer.” We have issued senior unsecured notes from a shelf registration statement that contain financial covenants that restrict our ability to incur debt, and that require us to maintain a level of unencumbered assets based on the level of our secured debt.
Additionally, during 2026, Vornado expects to pay approximately $62,000,000 of cash dividends on preferred shares based on the number of preferred shares outstanding as of December 31, 2025. 51 Liquidity and Capital Resources - continued Debt We have an effective shelf registration for the offering of our equity and debt securities that is not limited in amount due to our status as a “well-known seasoned issuer.” We have issued senior unsecured notes from a shelf registration statement that contain financial covenants that restrict our ability to incur debt, and that require us to maintain a level of unencumbered assets based on the level of our secured debt.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Page Number Overview 35 Critical Accounting Estimates 42 Net Operating Income At Share by Segment for the Years Ended December 31, 2024 and 2023 43 Results of Operations for the Year Ended December 31, 2024 Compared to December 31, 2023 46 Related Party Transactions 49 Liquidity and Capital Resources 50 Funds From Operations for the Years Ended December 31, 2024 and 2023 56 34 Introduction The following discussion should be read in conjunction with the financial statements and related notes included under Part II, Item 8 of this Annual Report on Form 10-K.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Page Number Overview 35 Critical Accounting Estimates 42 Net Operating Income At Share by Segment for the Years Ended December 31, 2025 and 2024 43 Results of Operations for the Year Ended December 31, 2025 Compared to December 31, 2024 46 Related Party Transactions 49 Liquidity and Capital Resources 50 Funds From Operations for the Years Ended December 31, 2025 and 2024 56 34 Introduction The following discussion should be read in conjunction with the financial statements and related notes included under Part II, Item 8 of this Annual Report on Form 10-K.
Recent Accounting Pronouncements See Note 2 – Basis of Presentation and Significant Accounting Policies to our consolidated financial statements in this Annual Report on Form 10-K for a discussion concerning recent accounting pronouncements. 42 NOI At Share by Segment for the Years Ended December 31, 2024 and 2023 NOI at share represents total revenues less operating expenses including our share of partially owned entities.
Recent Accounting Pronouncements See Note 2 – Basis of Presentation and Significant Accounting Policies to our consolidated financial statements in this Annual Report on Form 10-K for a discussion concerning recent accounting pronouncements. 42 NOI At Share by Segment for the Years Ended December 31, 2025 and 2024 NOI at share represents total revenues less operating expenses including our share of partially owned entities.
We plan to fund these development and redevelopment expenditures from operating cash flow, existing liquidity, and/or borrowings. See detailed discussion below for our current development and redevelopment projects. PENN District PENN 2 We are redeveloping PENN 2, a 1,795,000 square foot (as expanded) office building, located on the west side of Seventh Avenue between 31st and 33rd Street.
We plan to fund these development and redevelopment expenditures from operating cash flow, existing liquidity, and/or borrowings. See detailed discussion below for our current development and redevelopment projects. PENN District PENN 2 We are redeveloping PENN 2, a 1,825,000 square foot (as expanded) office building, located on the west side of Seventh Avenue between 31st and 33rd Street.
We expect to finance our growth, acquisitions and investments using internally generated funds and proceeds from asset sales and by accessing the public and private capital markets. We may also offer Vornado common or preferred shares or Operating Partnership units in exchange for property and may repurchase or otherwise reacquire these securities in the future.
We expect to finance our growth from acquisitions, developments, redevelopments and investments using internally generated funds and proceeds from asset sales and by accessing the public and private capital markets. We may also offer Vornado common or preferred shares or Operating Partnership units in exchange for property and may repurchase or otherwise reacquire these securities in the future.
The amounts involved in connection with these transactions could be material to our consolidated financial statements. Details of 2024 financing activities are provided in the “Overview” of Management’s Discussion and Analysis of Financial Condition and Results of Operations. The contractual principal and interest repayments schedule of our consolidated debt as of December 31, 2024 is presented below.
The amounts involved in connection with these transactions could be material to our consolidated financial statements. Details of 2025 financing activities are provided in the “Overview” of Management’s Discussion and Analysis of Financial Condition and Results of Operations. The contractual principal and interest repayments schedule of our consolidated debt as of December 31, 2025 is presented below.
Our MD&A for the year ended December 31, 2022, including year-to-year comparisons between 2023 and 2022, can be found in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
Our MD&A for the year ended December 31, 2023, including year-to-year comparisons between 2024 and 2023, can be found in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
Details of certain items that impact FFO are discussed in the financial results summary of our “Overview.” Below is a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions for the years ended December 31, 2024 and 2023.
Details of certain items that impact FFO are discussed in the financial results summary of our “Overview.” Below is a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions for the years ended December 31, 2025 and 2024.
As of December 31, 2024, we were in compliance with all of the financial covenants required by our senior unsecured notes, our unsecured revolving credit facilities and our unsecured term loan. A summary of our consolidated debt as of December 31, 2024 is presented below.
As of December 31, 2025, we were in compliance with all of the financial covenants required by our senior unsecured notes, our unsecured revolving credit facilities and our unsecured term loan. A summary of our consolidated debt as of December 31, 2025 is presented below.
Our Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") within this section is focused on the years ended December 31, 2024 and 2023, including year-to-year comparisons between these years.
Our Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") within this section is focused on the years ended December 31, 2025 and 2024, including year-to-year comparisons between these years.
Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the year ended December 31, 2024 compared to December 31, 2023.
Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the year ended December 31, 2025 compared to December 31, 2024.
The calculations of both the numerator and denominator used in the computation of income per share are disclosed in Note 12 – Income (Loss) Per Share and Per Class A Unit , in our consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K.
The calculations of both the numerator and denominator used in the computation of income per share are disclosed in Note 13 – Income Per Share and Per Class A Unit , in our consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K.
The elements of our New York and Other NOI at share - cash basis for the years ended December 31, 2024 and 2023 are summarized below.
The elements of our New York and Other NOI at share - cash basis for the years ended December 31, 2025 and 2024 are summarized below.
(3) Estimated interest for variable rate debt based on the Term SOFR curve available as of December 31, 2024. 52 Liquidity and Capital Resources - continued Capital Expenditures Capital expenditures consist of expenditures to maintain and improve assets, tenant improvement allowances and leasing commissions. During 2025, we expect to spend $275,000,000 of capital expenditures for our consolidated properties.
(3) Estimated interest for variable rate debt based on the Term SOFR curve available as of December 31, 2025. 52 Liquidity and Capital Resources - continued Capital Expenditures Capital expenditures consist of expenditures to maintain and improve assets, tenant improvement allowances and leasing commissions. During 2026, we expect to spend $440,000,000 of capital expenditures for our consolidated properties.
If Vornado’s Board of Trustees were to declare a dividend consistent with our 2024 common share dividend of $0.74, the Operating Partnership would be required to distribute approximately (i) $141,000,000 of cash to Vornado for distribution to its common shareholders and (ii) $12,600,000 of cash to third party Class A unitholders.
If Vornado’s Board of Trustees were to declare a dividend consistent with our 2025 common share dividend of $0.74, the Operating Partnership would be required to distribute approximately (i) $141,000,000 of cash to Vornado for distribution to its common shareholders and (ii) $12,300,000 of cash to third party Class A unitholders.
Below is a summary of NOI at share and NOI at share - cash basis by segment for the years ended December 31, 2024 and 2023.
Below is a summary of NOI at share and NOI at share - cash basis by segment for the years ended December 31, 2025 and 2024.
The years ended December 31, 2024 and 2023 include certain items that impact FFO, which are listed in the table below.
The years ended December 31, 2025 and 2024 include certain items that impact FFO, which are listed in the table below.
Vornado is the sole general partner of and owned approximately 91.4% of the common limited partnership interest in the Operating Partnership as of December 31, 2024. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.
Vornado is the sole general partner of and owned approximately 91.3% of the common limited partnership interest in the Operating Partnership as of December 31, 2025. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.
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 $2,396,808 and 20% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss.
Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $2,424,264 and 20% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss.
Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, may require a refund or reduction of the Tax Credit Investor’s capital contributions. As of December 31, 2024, the Tax Credit Investor has made $208,407,000 in capital contributions. Vornado and Related have guaranteed certain of the joint venture’s obligations to the Tax Credit Investor.
Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, may require a refund or reduction of the Tax Credit Investor’s capital contributions. As of December 31, 2025, the Tax Credit Investor has made $209,661,000 in capital contributions. Vornado and Related have guaranteed certain of the joint venture’s obligations to the Tax Credit Investor.
As of December 31, 2024, we had construction commitments aggregating approximately $61,016,000. 55 Funds From Operations Vornado Realty Trust FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”).
As of December 31, 2025, we had construction commitments aggregating approximately $11,471,000. 55 Funds From Operations Vornado Realty Trust FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”).
These factors could have a material impact on our business, financial condition, results of operations and cash flows. 35 Overview - continued Vornado Realty Trust Year Ended December 31, 2024 Financial Results Summary Net income attributable to common shareholders for the year ended December 31, 2024 was $8,275,000, or $0.04 per diluted share, compared to $43,378,000, or $0.23 per diluted share, for the year ended December 31, 2023.
These factors could have a material impact on our business, financial condition, results of operations and cash flows. 35 Overview - continued Vornado Realty Trust Year Ended December 31, 2025 Financial Results Summary Net income attributable to common shareholders for the year ended December 31, 2025 was $842,851,000, or $4.20 per diluted share, compared to $8,275,000, or $0.04 per diluted share, for the year ended December 31, 2024.
The amounts involved in connection with these transactions could be material to our consolidated financial statements. In April 2023, our Board of Trustees authorized the repurchase of up to $200,000,000 of our outstanding common shares under a share repurchase program. As of December 31, 2024, $170,857,000 remained available and authorized for repurchases.
The amounts involved in connection with these transactions could be material to our consolidated financial statements. In April 2023, our Board of Trustees authorized the repurchase of up to $200,000,000 of our outstanding common shares under a share repurchase plan. As of December 31, 2025, $119,895,000 remained available and authorized for repurchases.
The development cost of the project is estimated to be $350,000,000, which will be funded with $183,200,000 of construction financing ($29,782,000 drawn as of December 31, 2024) and $166,800,000 of equity contributions.
The development cost of the project is estimated to be $350,000,000, which will be funded with $183,200,000 of construction financing ($143,870,000 drawn as of December 31, 2025) and $166,800,000 of equity contributions.
(4) Includes variable rate debt subject to interest rate cap arrangements with a total notional amount of $960,000, of which $360,000 is attributable to noncontrolling interests. The interest rate cap arrangements have a weighted average strike rate of 4.79% and a weighted average remaining term of four months. (5) Excludes additional 3.00% default interest on the 606 Broadway mortgage loan.
(4) Includes variable rate debt subject to interest rate cap arrangements with a total notional amount of $1,210,000, of which $645,000 is attributable to noncontrolling interests. The interest rate cap arrangements have a weighted average strike rate of 4.47% and a weighted average remaining term of eight months. (5) Excludes additional 3.00% default interest on the 606 Broadway mortgage loan.
(6) Includes variable rate debt subject to interest rate cap arrangements with a total notional amount of $244,272 at our pro rata share. The interest rate cap arrangements have a weighted average strike rate of 4.16% and a weighted average remaining term of nine months.
(6) Includes variable rate debt subject to interest rate cap arrangements with a total notional amount of $238,159 at our pro rata share. The interest rate cap arrangements have a weighted average strike rate of 4.23% and a weighted average remaining term of six months.
Funds from operations ("FFO") attributable to common shareholders plus assumed conversions for the year ended December 31, 2024 was $470,021,000, or $2.37 per diluted share, compared to $503,792,000, or $2.59 per diluted share, for the year ended December 31, 2023.
Funds from operations ("FFO") attributable to common shareholders plus assumed conversions for the year ended December 31, 2025 was $486,826,000, or $2.42 per diluted share, compared to $470,021,000, or $2.37 per diluted share, for the year ended December 31, 2024.
The aggregate of these items, net of amounts attributable to noncontrolling interests, increased FFO by $22,950,000, or $0.11 per diluted share, for the year ended December 31, 2024 and decreased FFO by $4,359,000, or $0.02 per diluted share, for the year ended December 31, 2023.
The aggregate of these items, net of amounts attributable to noncontrolling interests, increased FFO by $21,272,000, or $0.10 per diluted share, for the year ended December 31, 2025 and by $22,950,000, or $0.11 per diluted share, for the year ended December 31, 2024.
The following table reconciles the difference between our FFO attributable to common shareholders plus assumed conversions and our FFO attributable to common shareholders plus assumed conversions, as adjusted: (Amounts in thousands) For the Year Ended December 31, 2024 2023 Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: Our share of the gain on the discounted extinguishment of the 280 Park Avenue mezzanine loan $ (31,215) $ — Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary) 14,353 11,722 After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities (13,069) (11,959) Credit losses on investments — 8,269 Other 5,000 (3,336) (24,931) 4,696 Noncontrolling interests' share of above adjustments on a dilutive basis 1,981 (337) Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net $ (22,950) $ 4,359 36 Overview - continued Same Store Net Operating Income ("NOI") At Share The percentage decrease in same store NOI at share and same store NOI at share - cash basis of our New York segment, THE MART and 555 California Street are below.
The following table reconciles the difference between our FFO attributable to common shareholders plus assumed conversions and our FFO attributable to common shareholders plus assumed conversions, as adjusted: (Amounts in thousands) For the Year Ended December 31, 2025 2024 Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities $ (17,020) $ (13,069) Gain on sale of Canal Street residential condominium units (13,911) — Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary) 13,176 14,353 Our share of the gain on the discounted extinguishment of the 280 Park Avenue mezzanine loan — (31,215) Other (5,315) 5,000 (23,070) (24,931) Noncontrolling interests' share of above adjustments on a dilutive basis 1,798 1,981 Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net $ (21,272) $ (22,950) Same Store Net Operating Income ("NOI") At Share The percentage increase (decrease) in same store NOI at share and same store NOI at share - cash basis of our New York segment, THE MART and 555 California Street are below.
The development cost of this project is estimated to be $750,000,000, of which $697,451,000 of cash has been expended as of December 31, 2024. We are also making districtwide improvements within the PENN District. The development cost of these improvements is estimated to be $100,000,000, of which $70,919,000 of cash has been expended as of December 31, 2024.
The development cost of this project is estimated to be $750,000,000, of which $724,843,000 of cash has been expended as of December 31, 2025. We are also making districtwide improvements within the PENN District. The development cost of these improvements is estimated to be $100,000,000, of which $80,196,000 of cash has been expended as of December 31, 2025.
Income Tax Expense Income tax expense was $22,729,000 for the year ended December 31, 2024, compared to $29,222,000 in the prior year, a decrease of $6,493,000. This was primarily due to lower income tax expense incurred by our taxable REIT subsidiaries.
Income Tax Expense Income tax expense was $13,509,000 for the year ended December 31, 2025, compared to $22,729,000 in the prior year, a decrease of $9,220,000. This was primarily due to lower income tax expense incurred by our taxable REIT subsidiaries.
For the year ended December 31, 2024, net cash provided by operating activities of $537,723,000 was comprised of $594,706,000 of cash from operations, including distributions of income from partially owned entities of $142,880,000 and a net decrease of $56,983,000 in cash due to the timing of cash receipts and payments related to changes in operating assets and liabilities. 50 Liquidity and Capital Resources - continued Summary of Cash Flows - continued Investing Activities Net cash flow used in investing activities is impacted by the timing and extent of our development, capital improvement, acquisition and disposition activities during the year.
For the year ended December 31, 2025, net cash provided by operating activities of $1,258,385,000 was comprised of $1,439,616,000 of cash from operations, including distributions of income from partially owned entities of $114,754,000 and a net decrease of $181,231,000 in cash due to the timing of cash receipts and payments related to changes in operating assets and liabilities. 50 Liquidity and Capital Resources - continued Summary of Cash Flows - continued Investing Activities Net cash flow provided by (used in) investing activities is impacted by the timing and extent of our development, capital improvement, acquisition and disposition activities during the year.
(2) The impact of the interest rate cap arrangements discussed on the following page is reflected in our calculation of the effect of 1% change in base rates.
(2) The impact of the interest rate cap arrangements discussed on the following page is reflected in our calculation of the effect of 1% change in base rates. (3) Includes variable rate debt with interest rates fixed by interest rate swap arrangements.
(2) Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases and includes the effect of free rent and periodic step-ups in rent. 40 Overview - continued Square footage (in service) and Occupancy as of December 31, 2024 (Square feet in thousands) Square Feet (in service) Number of properties Total Portfolio Our Share Occupancy % New York: Office 30 (1) 18,714 16,024 88.8 % Retail (includes retail properties that are in the base of our office properties) 49 (1) 2,387 1,943 73.7 % Residential - 1,642 units (2) 2 (1) 1,196 604 96.6 % (2) Alexander's 5 2,067 670 99.1 % (2) 24,364 19,241 87.6 % Other: THE MART 3 3,703 3,694 80.1 % 555 California Street 3 1,821 1,275 92.0 % Other 11 2,537 1,202 86.5 % 8,061 6,171 Total square feet as of December 31, 2024 32,425 25,412 ________________________________________ See notes below.
Square footage (in service) and Occupancy as of December 31, 2024 (Square feet in thousands) Square Feet (in service) Number of properties Total Portfolio Our Share Occupancy % New York: Office 30 (1) 18,714 16,024 88.8 % Retail (includes retail properties that are in the base of our office properties) 49 (1) 2,387 1,943 73.7 % Residential - 1,642 units (3) 2 (1) 1,196 604 96.6 % (3) Alexander's 5 2,067 670 99.1 % (3) 24,364 19,241 87.6 % Other: THE MART 3 3,703 3,694 80.1 % 555 California Street 3 1,821 1,275 92.0 % Other 11 2,537 1,202 86.5 % 8,061 6,171 Total square feet as of December 31, 2024 32,425 25,412 ________________________________________ (1) Reflects the Office, Retail and Residential space within our 56 and 61 total New York properties in service as of December 31, 2025 and 2024, respectively.
Dividends On December 5, 2024, Vornado’s Board of Trustees declared a dividend of $0.74 per common share for 2024. We anticipate that our common share dividend policy for 2025 will be to pay one common share dividend in the fourth quarter.
Dividends/Share Repurchase Program On December 8, 2025, Vornado’s Board of Trustees declared a dividend of $0.74 per common share for 2025. We anticipate that in 2026 we will continue our common share dividend policy of paying one common share dividend in the fourth quarter.
As of December 31, 2024, we have $2.5 billion of liquidity comprised of $950.0 million of cash and cash equivalents and restricted cash and $1.5 billion available on our $2.2 billion revolving credit facilities.
As of December 31, 2025, we had $2.4 billion of liquidity comprised of $978 million of cash and cash equivalents and restricted cash and $1.4 billion available on our $2.2 billion revolving credit facilities.
As of December 31, 2024, the estimated fair value of our consolidated debt was $7,990,000,000. 57
As of December 31, 2025, the estimated fair value of our consolidated debt was $6,988,000,000. 57
Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.
(2) Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.
Year Ended December 31, 2024 compared to December 31, 2023: Total New York THE MART 555 California Street (2) Same store NOI at share % decrease (6.8) % (4.7) % (17.8) % (1) (21.9 %) Same store NOI at share - cash basis % decrease (4.5) % (3.3) % (10.6) % (13.2 %) ________________________________________ (1) 2024 includes a $4,560,000 write-off of a receivable arising from the straight-lining of rents due to the tenant being deemed uncollectible.
Year Ended December 31, 2025 compared to December 31, 2024: Total New York THE MART (1) 555 California Street Same store NOI at share % increase 5.4 % 3.9 % (2) 34.3 % 1.3 % Same store NOI at share - cash basis % (decrease) increase (5.5) % (6.6) % (3)(4) 24.6 % (16.2 %) (5) ________________________________________ (1) 2025 includes the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment and 2024 includes a $4,560,000 write-off of a receivable arising from the straight-lining of rents due to the tenant being deemed uncollectible.
Below is a table comparing Vornado’s performance to the FTSE Office and the MSCI US REIT Index (“MSCI”) for the following periods ended December 31, 2024: Total Return (1) Vornado FTSE Office MSCI Three-month 8.5 % (0.7 %) (6.1 %) One-year 51.3 % 21.5 % 8.8 % Three-year 12.2 % (22.7 %) (6.6 %) Five-year (21.4 %) (23.0 %) 23.5 % Ten-year (26.7 %) 3.3 % 73.5 % ________________________________________ (1) Past performance is not necessarily indicative of future performance.
Below is a table comparing Vornado’s performance to the FTSE Office and the MSCI US REIT Index (“MSCI”) for the following periods ended December 31, 2025: Total Return (1) Vornado FTSE Office MSCI Three-month (16.1 %) (13.1 %) (1.7 %) One-year (19.1 %) (14.0 %) 3.0 % Three-year 70.4 % 6.6 % 27.3 % Five-year 6.9 % (18.9 %) 37.5 % Ten-year (38.3 %) (11.4 %) 74.2 % ________________________________________ (1) Past performance is not necessarily indicative of future performance.
In connection with these sales, $2,106,000 of income tax expense was recognized on our consolidated statements of income.
In connection with these sales, $4,051,000 of income tax expense was recognized on our consolidated statements of income. One unit remains unsold.
(Amounts in thousands) As of December 31, 2024 Consolidated debt: Balance Weighted Average Interest Rate (1) Fixed rate (2) $ 7,066,400 4.28% Variable rate (3) 1,215,776 5.80% (4) Total 8,282,176 4.50% Deferred financing costs, net and other (39,300) Total, net $ 8,242,876 _______________________________________ (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.
(Amounts in thousands) As of December 31, 2025 Consolidated debt: Balance Weighted Average Interest Rate (1) Fixed rate (2) $ 5,490,000 4.49% Variable rate (3) 1,724,457 5.48% (4) Total 7,214,457 4.73% Deferred financing costs, net and other (28,829) Total, net $ 7,185,628 _______________________________________ (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.
Dispositions 220 Central Park South During the year ended December 31, 2024, we closed on the sale of two condominium units at 220 CPS for net proceeds of $31,605,000, resulting in a financial statement net gain of $15,175,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
We recognized a financial statement gain of $76,162,000, which is included in “income from partially owned entities” on our consolidated statements of income. 220 Central Park South During the year ended December 31, 2025, we closed on the sale of three condominium units and ancillary amenities at 220 Central Park South (“220 CPS”) for net proceeds of $37,374,000, resulting in a financial statement net gain of $21,080,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
During 2025, $58,522,000 of lease payments are due, including fair market rent resets accounted for as variable rent and excluding prior period accruals for ground rent resets yet to be determined. For 2026 and thereafter, we have $2,367,881,000 of future lease payments. We believe that our operating cash flow will be adequate to fund these lease payments.
During 2026, $47,205,000 of lease payments are due, including fair market rent resets accounted for as variable rent. For 2027 and thereafter, we have $1,784,297,667 of future lease payments. We believe that our operating cash flow will be adequate to fund these lease payments.
Our cash flow activities are summarized as follows: (Amounts in thousands) For the Year Ended December 31, (Decrease) Increase in Cash Flow 2024 2023 Net cash provided by operating activities $ 537,723 $ 648,152 $ (110,429) Net cash used in investing activities (597,365) (128,788) (468,577) Net cash used in financing activities (252,323) (278,937) 26,614 $ (311,965) $ 240,427 $ (552,392) Operating Activities Net cash provided by operating activities primarily consists of cash inflows from rental revenues and operating distributions from our unconsolidated partially owned entities less cash outflows for property expenses, general and administrative expenses and interest expense.
Our cash flow activities are summarized as follows: (Amounts in thousands) For the Year Ended December 31, Increase (Decrease) in Cash Flow 2025 2024 Net cash provided by operating activities $ 1,258,385 $ 537,723 $ 720,662 Net cash provided by (used in) investing activities 115,507 (597,365) 712,872 Net cash used in financing activities (1,345,965) (252,323) (1,093,642) $ 27,927 $ (311,965) $ 339,892 Operating Activities Net cash provided by operating activities primarily consists of cash inflows from rental revenues and operating distributions from our unconsolidated partially owned entities less cash outflows for property expenses, general and administrative expenses and interest expense.
(2) Based on the contractual maturity of our loans, including as-of-right extension options, as of December 31, 2024.
See Note 24 - Subsequent Events for further details. (2) Based on the contractual maturity of our loans, including as-of-right extension options, as of December 31, 2025.
The following table details the net cash used in financing activities: (Amounts in thousands) For the Year Ended December 31, Increase (Decrease) in Cash Flow 2024 2023 Dividends paid on common shares/Distributions to Vornado $ (141,103) $ (129,066) $ (12,037) Repayments of borrowings (97,439) (148,000) 50,561 Proceeds from borrowings 75,000 — 75,000 Dividends paid on preferred shares/Distributions to preferred unitholders (62,112) (62,116) 4 Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries (18,156) (38,970) 20,814 Deferred financing costs (13,870) (4,424) (9,446) Contributions from noncontrolling interests in consolidated subsidiaries 5,300 132,701 (127,401) Repurchase of common shares/Class A units owned by Vornado — (29,183) 29,183 Other financing activity, net 57 121 (64) Net cash used in financing activities $ (252,323) $ (278,937) $ 26,614 Dividends We anticipate that our common share dividend policy for 2025 will be to pay one common share dividend in the fourth quarter.
The following table details the net cash used in financing activities: (Amounts in thousands) For the Year Ended December 31, (Decrease) Increase in Cash Flow 2025 2024 Repayments of borrowings $ (1,903,513) $ (97,439) $ (1,806,074) Proceeds from borrowings 835,794 75,000 760,794 Dividends paid on common shares/Distributions to Vornado (141,277) (141,103) (174) Dividends paid on preferred shares/Distributions to preferred unitholders (62,104) (62,112) 8 Repurchase of common shares/Class A units owned by Vornado (50,991) — (50,991) Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries (23,067) (18,156) (4,911) Deferred financing costs (7,478) (13,870) 6,392 Contributions from noncontrolling interests in consolidated subsidiaries 6,712 5,300 1,412 Other financing activity, net (41) 57 (98) Net cash used in financing activities $ (1,345,965) $ (252,323) $ (1,093,642) Dividends We anticipate that our common share dividend policy for 2026 will be to pay one common share dividend in the fourth quarter.
Our exposure to a change in interest rates on our consolidated and non-consolidated debt (all of which arises out of non-trading activity) is as follows: (Amounts in thousands, except per share and unit amounts) As of December 31, 2024 Balance Weighted Average Interest Rate (1) Effect of 1% Change In Base Rates (2) Consolidated debt: Fixed rate (3) $ 7,066,400 4.28% $ — Variable rate (4) 1,215,776 5.80% (5) 6,548 $ 8,282,176 4.50% 6,548 Pro rata share of debt of non-consolidated entities: Fixed rate (3) $ 2,033,525 4.85% — Variable rate (6) 444,176 6.43% 2,012 $ 2,477,701 5.13% 2,012 Noncontrolling interests’ share of consolidated subsidiaries (3,971) Total change in annual net income attributable to the Operating Partnership 4,589 Noncontrolling interests’ share of the Operating Partnership (376) Total change in annual net income attributable to Vornado $ 4,213 Total change in annual net income attributable to the Operating Partnership per diluted Class A unit $ 0.02 Total change in annual net income attributable to Vornado per diluted common share $ 0.02 _______________________________________ (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.
Our exposure to a change in interest rates on our consolidated and non-consolidated debt (all of which arises out of non-trading activity) is as follows: (Amounts in thousands, except per share and unit amounts) As of December 31, 2025 Balance Weighted Average Interest Rate (1) Effect of 1% Change In Base Rates (2) Consolidated debt: Fixed rate (3) $ 5,490,000 4.49% $ — Variable rate (4) 1,724,457 5.48% (5) 11,530 $ 7,214,457 4.73% 11,530 Pro rata share of debt of non-consolidated entities: Fixed rate (3) $ 2,056,151 5.58% — Variable rate (6) 422,393 6.31% 2,974 $ 2,478,544 5.71% 2,974 Noncontrolling interests’ share of consolidated subsidiaries (4,685) Total change in annual net income attributable to the Operating Partnership 9,819 Noncontrolling interests’ share of the Operating Partnership (785) Total change in annual net income attributable to Vornado $ 9,034 Total change in annual net income attributable to the Operating Partnership per diluted Class A unit $ 0.05 Total change in annual net income attributable to Vornado per diluted common share $ 0.05 _______________________________________ (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.
We may refinance this maturing debt as it comes due or choose to repay it using cash and cash equivalents or our unsecured revolving credit facilities. We may also refinance or prepay other outstanding debt depending on prevailing market conditions, liquidity requirements and other factors.
We may refinance this maturing debt as it comes due, repay it using cash and cash equivalents or our unsecured revolving credit facilities or seek to restructure the debt to reflect current market conditions.
(Amounts in thousands, except per share amounts) For the Year Ended December 31, 2024 2023 Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: Net income attributable to common shareholders $ 8,275 $ 43,378 Per diluted share $ 0.04 $ 0.23 FFO adjustments: Depreciation and amortization of real property $ 399,694 $ 385,608 Net gains on sale of real estate (873) (53,305) Real estate impairment losses — 22,831 Our share of partially owned entities: Depreciation and amortization of real property 101,195 108,088 Net gain on sale of real estate — (16,545) Real estate impairment losses — 50,458 FFO adjustments, net 500,016 497,135 Impact of assumed conversion of dilutive convertible securities 1,549 1,642 Noncontrolling interests' share of above adjustments on a dilutive basis (39,819) (38,363) FFO attributable to common shareholders plus assumed conversions $ 470,021 $ 503,792 Per diluted share $ 2.37 $ 2.59 Reconciliation of weighted average shares outstanding: Weighted average common shares outstanding 190,539 191,005 Effect of dilutive securities: Convertible securities 1,556 2,468 Share-based payment awards 6,087 851 Denominator for FFO per diluted share 198,182 194,324 56 ITEM 7A.
(Amounts in thousands, except per share amounts) For the Year Ended December 31, 2025 2024 Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: Net income attributable to common shareholders $ 842,851 $ 8,275 Per diluted share $ 4.20 $ 0.04 FFO adjustments: Depreciation and amortization of real property $ 411,114 $ 399,694 Real estate impairment losses 542 — Gain on sales-type lease (803,248) — Net gains on sale of real estate (300) (873) Change in fair value of marketable securities (1,917) — Our share of partially owned entities: Depreciation and amortization of real property 94,867 101,195 Net gains on sale of real estate (90,762) — FFO adjustments, net (389,704) 500,016 Impact of assumed conversion of dilutive convertible securities 1,409 1,549 Noncontrolling interests' share of above adjustments on a dilutive basis 32,270 (39,819) FFO attributable to common shareholders plus assumed conversions $ 486,826 $ 470,021 Per diluted share $ 2.42 $ 2.37 Reconciliation of weighted average shares outstanding: Weighted average common shares outstanding 191,759 190,539 Effect of dilutive securities: Share-based payment awards 7,976 6,087 Convertible securities 1,314 1,556 Denominator for FFO per diluted share 201,049 198,182 56 ITEM 7A.
Summary of Cash Flows Cash and cash equivalents and restricted cash was $949,619,000 as of December 31, 2024, a $311,965,000 decrease from the balance as of December 31, 2023.
Summary of Cash Flows Cash and cash equivalents and restricted cash was $977,546,000 as of December 31, 2025, a $27,927,000 increase from the balance as of December 31, 2024.
(Amounts in thousands) For the Year Ended December 31, 2024 2023 Net income $ 20,116 $ 32,888 Depreciation and amortization expense 447,500 434,273 General and administrative expense 148,520 162,883 Transaction related costs, impairment losses and other 5,242 50,691 Income from partially owned entities (112,464) (38,689) Interest and other investment income, net (45,974) (43,287) Interest and debt expense 390,269 349,223 Net gains on disposition of wholly owned and partially owned assets (16,048) (71,199) Income tax expense 22,729 29,222 NOI from partially owned entities 279,229 285,761 NOI attributable to noncontrolling interests in consolidated subsidiaries (39,367) (48,553) NOI at share 1,099,752 1,143,213 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (3,663) (3,377) NOI at share - cash basis $ 1,096,089 $ 1,139,836 NOI At Share by Region (1) For the Year Ended December 31, 2024 2023 Region: New York metropolitan area 89 % 88 % Chicago, IL 5 % 6 % San Francisco, CA (1) 6 % 6 % 100 % 100 % ________________________________________ (1) 2023 excludes our $14,103,000 share of the receipt of a tenant settlement, net of legal expenses. 45 Results of Operations – Year Ended December 31, 2024 Compared to December 31, 2023 Revenues Our revenues were $1,787,686,000 for the year ended December 31, 2024 compared to $1,811,163,000 in the prior year, a decrease of $23,477,000.
(Amounts in thousands) For the Year Ended December 31, 2025 2024 Net income $ 937,204 $ 20,116 Depreciation and amortization expense 462,201 447,500 General and administrative expense 156,115 148,520 Transaction related costs, impairment losses and other 2,531 5,242 Income from partially owned entities (141,310) (112,464) Interest and other investment income, net (55,113) (45,974) Gain on sales-type lease (803,248) — Interest and debt expense 353,868 390,269 Net gains on disposition of wholly owned and partially owned assets (35,291) (16,048) Income tax expense 13,509 22,729 NOI from partially owned entities 263,315 279,229 NOI attributable to noncontrolling interests in consolidated subsidiaries (41,882) (39,367) NOI at share 1,111,899 1,099,752 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (131,477) (3,663) NOI at share - cash basis $ 980,422 $ 1,096,089 NOI At Share by Region For the Year Ended December 31, 2025 2024 Region: New York metropolitan area 88 % 89 % Chicago, IL 6 % 5 % San Francisco, CA 6 % 6 % 100 % 100 % 45 Results of Operations – Year Ended December 31, 2025 Compared to December 31, 2024 Revenues Our revenues were $1,810,425,000 for the year ended December 31, 2025 compared to $1,787,686,000 in the prior year, an increase of $22,739,000.
(Amounts in thousands) For the Year Ended December 31, 2024 2023 New York: Office $ 706,592 $ 727,000 Retail 191,379 188,561 Residential 24,044 21,910 Alexander's 39,895 40,098 Total New York 961,910 977,569 Other: THE MART (1) 51,686 61,519 555 California Street (2) 64,963 82,965 Other investments 21,193 21,160 Total Other 137,842 165,644 NOI at share $ 1,099,752 $ 1,143,213 ________________________________________ See notes below.
(Amounts in thousands) For the Year Ended December 31, 2025 2024 New York: Office (1) $ 713,694 $ 706,592 Retail (2) 175,694 191,379 Residential 25,406 24,044 Alexander's 34,628 39,895 Total New York 949,422 961,910 Other: THE MART (3) 69,196 51,686 555 California Street 68,436 64,963 Other investments 24,845 21,193 Total Other 162,477 137,842 NOI at share $ 1,111,899 $ 1,099,752 ________________________________________ See notes below.
This was primarily due to (i) $30,756,000 of higher amortization of interest rate cap premiums and (ii) $19,568,000 of higher interest expense resulting from higher average interest rates, inclusive of the impact of our interest rate hedging instruments, partially offset by (iii) $8,150,000 of higher capitalized interest.
This was primarily due to (i) $38,690,000 of lower interest expense resulting from lower average debt balances, (ii) $18,279,000 of lower amortization of interest rate cap premiums and (iii) $2,667,000 of lower amortization of deferred financing costs, partially offset by (iv) $12,564,000 of lower capitalized interest expense and (v) $11,494,000 of higher interest expense resulting from higher average interest rates, inclusive of the impact of our interest rate hedging instruments.
(Amounts in thousands) For the Year Ended December 31, 2024 Total New York Other Total revenues $ 1,787,686 $ 1,471,997 $ 315,689 Operating expenses (927,796) (766,347) (161,449) NOI - consolidated 859,890 705,650 154,240 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (39,367) (12,899) (26,468) Add: NOI from partially owned entities 279,229 269,159 10,070 NOI at share 1,099,752 961,910 137,842 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (3,663) (17,888) 14,225 NOI at share - cash basis $ 1,096,089 $ 944,022 $ 152,067 (Amounts in thousands) For the Year Ended December 31, 2023 Total New York Other Total revenues $ 1,811,163 $ 1,452,158 $ 359,005 Operating expenses (905,158) (733,478) (171,680) NOI - consolidated 906,005 718,680 187,325 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (48,553) (15,547) (33,006) Add: NOI from partially owned entities 285,761 274,436 11,325 NOI at share 1,143,213 977,569 165,644 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (3,377) (7,700) 4,323 NOI at share - cash basis $ 1,139,836 $ 969,869 $ 169,967 43 NOI At Share by Segment for the Years Ended December 31, 2024 and 2023 - continued The elements of our New York and Other NOI at share for the years ended December 31, 2024 and 2023 are summarized below.
(Amounts in thousands) For the Year Ended December 31, 2025 Total New York Other Total revenues $ 1,810,425 $ 1,476,522 $ 333,903 Operating expenses (919,959) (766,758) (153,201) NOI - consolidated 890,466 709,764 180,702 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (41,882) (13,846) (28,036) Add: NOI from partially owned entities 263,315 253,504 9,811 NOI at share 1,111,899 949,422 162,477 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (131,477) (130,602) (875) NOI at share - cash basis $ 980,422 $ 818,820 $ 161,602 (Amounts in thousands) For the Year Ended December 31, 2024 Total New York Other Total revenues $ 1,787,686 $ 1,471,997 $ 315,689 Operating expenses (927,796) (766,347) (161,449) NOI - consolidated 859,890 705,650 154,240 Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (39,367) (12,899) (26,468) Add: NOI from partially owned entities 279,229 269,159 10,070 NOI at share 1,099,752 961,910 137,842 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (3,663) (17,888) 14,225 NOI at share - cash basis $ 1,096,089 $ 944,022 $ 152,067 43 NOI At Share by Segment for the Years Ended December 31, 2025 and 2024 - continued The elements of our New York and Other NOI at share for the years ended December 31, 2025 and 2024 are summarized below.
Net Loss Attributable to Noncontrolling Interests in Consolidated Subsidiaries Net loss attributable to noncontrolling interests in consolidated subsidiaries was $51,131,000 for the year ended December 31, 2024, compared to $75,967,000 in the prior year, a decrease of $24,836,000. This resulted primarily from the allocation of the impairment loss recognized on 606 Broadway during 2023.
Net Loss Attributable to Noncontrolling Interests in Consolidated Subsidiaries Net loss attributable to noncontrolling interests in consolidated subsidiaries was $41,622,000 for the year ended December 31, 2025, compared to $51,131,000 in the prior year, a decrease of $9,509,000.
(Amounts in thousands) Total New York THE MART 555 California Street Other NOI at share - cash basis for the year ended December 31, 2024 $ 1,096,089 $ 944,022 $ 57,235 $ 74,621 $ 20,211 Less NOI at share - cash basis from: Dispositions (1,499) (1,509) 10 — — Development properties (21,561) (21,561) — — — Other non-same store income, net (31,681) (11,327) — (143) (20,211) Same store NOI at share - cash basis for the year ended December 31, 2024 $ 1,041,348 $ 909,625 $ 57,245 $ 74,478 $ — NOI at share - cash basis for the year ended December 31, 2023 $ 1,139,836 $ 969,869 $ 62,579 $ 85,819 $ 21,569 Less NOI at share - cash basis from: Dispositions (2,664) (4,138) 1,474 — — Development properties (15,519) (15,519) — — — Other non-same store income, net (30,737) (9,168) — — (21,569) Same store NOI at share - cash basis for the year ended December 31, 2023 $ 1,090,916 $ 941,044 $ 64,053 $ 85,819 $ — Decrease in same store NOI at share - cash basis $ (49,568) $ (31,419) $ (6,808) $ (11,341) $ — % decrease in same store NOI at share - cash basis (4.5) % (3.3) % (10.6) % (13.2) % — % Related Party Transactions See Note 21 - Related Party Transactions to our consolidated financial statements in this Annual Report on Form 10-K for a discussion concerning related party transactions. 49 Liquidity and Capital Resources Our cash requirements include property operating expenses, capital improvements, tenant improvements, debt service, leasing commissions, dividends to our shareholders, distributions to unitholders of the Operating Partnership, as well as acquisition and development and redevelopment costs.
(Amounts in thousands) Total New York THE MART 555 California Street Other NOI at share - cash basis for the year ended December 31, 2025 $ 980,422 $ 818,820 $ 71,219 $ 65,655 $ 24,728 Less NOI at share - cash basis from: Dispositions (5,304) (5,040) (264) — — Development properties (16,167) (16,167) — — — Other non-same store income, net (35,208) (7,067) (153) (3,260) (24,728) Same store NOI at share - cash basis for the year ended December 31, 2025 $ 923,743 $ 790,546 $ 70,802 $ 62,395 $ — NOI at share - cash basis for the year ended December 31, 2024 $ 1,096,089 $ 944,022 $ 57,235 $ 74,621 $ 20,211 Less NOI at share - cash basis from: Dispositions (16,942) (16,524) (418) — — Development properties (32,707) (32,707) — — — Other non-same store income, net (68,594) (48,240) — (143) (20,211) Same store NOI at share - cash basis for the year ended December 31, 2024 $ 977,846 $ 846,551 $ 56,817 $ 74,478 $ — (Decrease) increase in same store NOI at share - cash basis $ (54,103) $ (56,005) $ 13,985 $ (12,083) $ — % (decrease) increase in same store NOI at share - cash basis (5.5) % (6.6) % 24.6 % (16.2) % — % Related Party Transactions See Note 22 - Related Party Transactions to our consolidated financial statements in this Annual Report on Form 10-K for a discussion concerning related party transactions. 49 Liquidity and Capital Resources Our cash requirements include property operating expenses, capital improvements, tenant improvements, debt service, leasing commissions, dividends to our shareholders, distributions to unitholders of the Operating Partnership, as well as acquisition and development and redevelopment costs.
As of December 31, 2024, $960,000 of our variable rate debt was subject to interest rate cap arrangements. The interest rate cap arrangements have a weighted average strike rate of 4.79% and a weighted average remaining term of four months. (4) Excludes additional 3.00% default interest on the 606 Broadway mortgage loan.
The interest rate cap arrangements have a weighted average strike rate of 4.47% and a weighted average remaining term of eight months. (4) Excludes additional 3.00% default interest on the 606 Broadway mortgage loan. During 2026 and 2027, $925,000,000 and $2,400,420,000, respectively, of our outstanding consolidated debt matures, assuming the exercise of as-of-right extension options.
The net gain is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. 666 Fifth Avenue (Fifth Avenue and Times Square JV) On January 8, 2025, the Fifth Avenue and Times Square JV completed the sale to UNIQLO of the portion of its U.S. flagship store at 666 Fifth Avenue for $350,000,000 and realized net proceeds of $342,000,000.
We are redeveloping the asset into a premier, boutique office building. 37 Overview - continued Dispositions 666 Fifth Avenue (Fifth Avenue and Times Square JV) On January 8, 2025, the Fifth Avenue and Times Square JV completed the sale to UNIQLO of the portion of its U.S. flagship store at 666 Fifth Avenue owned by the joint venture for $350,000,000 and realized net proceeds of $342,000,000.
(3) Includes variable rate debt with interest rates fixed by interest rate swap arrangements and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement.
(2) Includes variable rate debt with interest rates fixed by interest rate swap arrangements. (3) Includes variable rate debt subject to interest rate cap arrangements with a total notional amount of $1,210,000, of which $645,000 is attributable to noncontrolling interests.
Our future lease payments disclosed above include payments for our PENN 1 ground lease based on an amount estimated in January 2022, when we exercised the second of three 25-year renewal options. The first renewal period commenced June 2023 and, together with the second option exercise, extends the lease term through June 2073.
The first renewal period commenced June 2023 and, together with our second option exercise in January 2022, extends the lease term through June 2073.
(Amounts in thousands) Percentage Ownership as of December 31, 2024 For the Year Ended December 31, 2024 2023 Our share of net income (loss): Fifth Avenue and Times Square JV: Equity in net income (1) 51.5% $ 43,451 $ 35,209 Return on preferred equity, net of our share of the expense 40,668 37,416 84,119 72,625 Partially owned office buildings (2)(3)(4) Various (839) (73,589) Alexander's Inc.
(Amounts in thousands) Percentage Ownership as of December 31, 2025 For the Year Ended December 31, 2025 2024 Our share of net income (loss): Fifth Avenue and Times Square JV: Equity in net income (1) 51.5% $ 14,716 $ 43,451 Return on preferred equity, net of our share of the expense (2) 27,528 40,668 Net gain on sale 76,162 — 118,406 84,119 Partially owned office buildings (3)(4) Various (2,705) (839) Alexander's Inc. 32.4% 14,632 19,076 Other investments (5) Various 10,977 10,108 $ 141,310 $ 112,464 ________________________________________ (1) Decrease primarily due to the January 2025 sale of a portion of the 666 Fifth Avenue condominium and the April 2025 financing of 1535 Broadway, see page 38 for further details.
From October 2024 to September 2030, the Vornado/Rudin JV has the option to put the 350 Park Site to KG for $1.2 billion ($900,000,000 to Vornado). We are also evaluating other development and redevelopment opportunities at certain of our properties in Manhattan including, in particular, the PENN District.
We are also evaluating other development and redevelopment opportunities at certain of our properties in Manhattan including, in particular, the PENN District.
As of December 31, 2024, $57,643,000 of letters of credit were outstanding under our unsecured revolving credit facilities.
Other than these loans, our mortgage loans are non-recourse to us. As of December 31, 2025, $25,769,000 of letters of credit were outstanding under our unsecured revolving credit facilities.
The below excludes the $74,119,000 606 Broadway mortgage loan which is in maturity default. See page 93 for details.
The below excludes the $244,543,000 888 Seventh Avenue mortgage loan and the $74,494,000 606 Broadway mortgage loan which are in maturity default.
(Square feet in thousands) New York 555 California Street Office Retail THE MART Year Ended December 31, 2024 Total square feet leased 2,650 187 386 215 Our share of square feet leased: 1,653 161 386 152 Initial rent (1) $ 104.49 $ 160.01 $ 52.88 $ 102.80 Weighted average lease term (years) 8.4 9.4 7.5 7.6 Second generation relet space: Square feet 1,218 52 247 148 GAAP basis: Straight-line rent (2) $ 103.06 $ 312.43 $ 54.38 $ 103.05 Prior straight-line rent $ 92.97 $ 227.98 $ 51.57 $ 88.21 Percentage increase 10.9 % 37.0 % 5.4 % 16.8 % Cash basis (non-GAAP): Initial rent (1) $ 107.99 $ 294.38 $ 55.76 $ 101.31 Prior escalated rent $ 105.37 $ 271.77 $ 57.37 $ 101.45 Percentage increase (decrease) 2.5 % 8.3 % (2.8) % (0.1) % Tenant improvements and leasing commissions: Per square foot $ 81.56 $ 82.50 $ 91.00 $ 110.36 Per square foot per annum $ 9.71 $ 8.78 $ 12.13 $ 14.52 Percentage of initial rent 9.3 % 5.5 % 22.9 % 14.1 % _______________________________ (1) Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents.
(Square feet in thousands) New York 555 California Street Office (1) Retail THE MART Year Ended December 31, 2025 Total square feet leased 3,742 130 394 446 Our share of square feet leased: 3,510 103 394 312 Initial rent (2) $ 97.86 $ 186.34 $ 50.93 $ 117.28 Weighted average lease term (years) 11.3 9.4 8.0 10.8 Second generation relet space: Square feet 1,104 71 218 246 GAAP basis: Straight-line rent (3) $ 86.21 $ 151.71 $ 49.37 $ 133.94 Prior straight-line rent $ 78.12 $ 137.23 $ 49.85 $ 108.97 Percentage increase (decrease) 10.4 % 10.6 % (1.0) % 22.9 % Cash basis (non-GAAP): Initial rent (2) $ 90.69 $ 142.43 $ 53.25 $ 126.30 Prior escalated rent $ 84.10 $ 143.94 $ 56.11 $ 117.44 Percentage increase (decrease) 7.8 % (1.0) % (5.1) % 7.5 % Tenant improvements and leasing commissions: Per square foot $ 148.41 $ 146.78 $ 97.66 $ 192.27 Per square foot per annum $ 13.13 $ 15.61 $ 12.21 $ 17.80 Percentage of initial rent 13.4 % 8.4 % 24.0 % 15.2 % _______________________________ (1) The leasing statistics other than square feet leased, exclude the impact of the 1,076 square foot master lease to NYU at 770 Broadway.
(2) The Alexander Apartment Tower (312 units) is reflected in Residential unit count and occupancy. 41 Critical Accounting Estimates In preparing the consolidated financial statements we have made estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.
(4) Reflects the reclassification of our 22.2% interest in 650 Madison Avenue (see page 39 for further details) and our Paramus administrative headquarters from “Office” to “Other” during the year ended December 31, 2025. 41 Critical Accounting Estimates In preparing the consolidated financial statements we have made estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.
(Amounts in thousands) Total New York THE MART 555 California Street Other NOI at share for the year ended December 31, 2024 $ 1,099,752 $ 961,910 $ 51,686 $ 64,963 $ 21,193 Less NOI at share from: Dispositions (1,499) (1,509) 10 — — Development properties (35,182) (35,182) — — — Other non-same store income, net (34,735) (13,416) — (126) (21,193) Same store NOI at share for the year ended December 31, 2024 $ 1,028,336 $ 911,803 $ 51,696 $ 64,837 $ — NOI at share for the year ended December 31, 2023 $ 1,143,213 $ 977,569 $ 61,519 $ 82,965 $ 21,160 Less NOI at share from: Dispositions (2,321) (3,677) 1,356 — — Development properties (16,310) (16,310) — — — Other non-same store income, net (21,589) (429) — — (21,160) Same store NOI at share for the year ended December 31, 2023 $ 1,102,993 $ 957,153 $ 62,875 $ 82,965 $ — Decrease in same store NOI at share $ (74,657) $ (45,350) $ (11,179) $ (18,128) $ — % decrease in same store NOI at share (6.8) % (4.7) % (17.8) % (21.9) % — % 48 Results of Operations – Year Ended December 31, 2024 Compared to December 31, 2023 - continued Same Store Net Operating Income At Share - continued Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, THE MART, 555 California Street and other investments for the year ended December 31, 2024 compared to December 31, 2023.
(Amounts in thousands) Total New York THE MART 555 California Street Other NOI at share for the year ended December 31, 2025 $ 1,111,899 $ 949,422 $ 69,196 $ 68,436 $ 24,845 Less NOI at share from: Dispositions (4,953) (4,691) (262) — — Development properties (17,127) (17,127) — — — Other non-same store income, net (61,565) (33,847) (139) (2,734) (24,845) Same store NOI at share for the year ended December 31, 2025 $ 1,028,254 $ 893,757 $ 68,795 $ 65,702 $ — NOI at share for the year ended December 31, 2024 $ 1,099,752 $ 961,910 $ 51,686 $ 64,963 $ 21,193 Less NOI at share from: Dispositions (19,813) (19,347) (466) — — Development properties (33,914) (33,914) — — — Other non-same store income, net (70,025) (48,706) — (126) (21,193) Same store NOI at share for the year ended December 31, 2024 $ 976,000 $ 859,943 $ 51,220 $ 64,837 $ — Increase in same store NOI at share $ 52,254 $ 33,814 $ 17,575 $ 865 $ — % increase in same store NOI at share 5.4 % 3.9 % 34.3 % 1.3 % — % 48 Results of Operations – Year Ended December 31, 2025 Compared to December 31, 2024 - continued Same Store Net Operating Income At Share - continued Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, THE MART, 555 California Street and other investments for the year ended December 31, 2025 compared to December 31, 2024.
(Amounts in thousands) For the Year Ended December 31, 2024 2023 Interest on cash and cash equivalents and restricted cash $ 42,571 $ 44,786 Interest on loans receivable 3,450 1,351 (Loss) income from real estate fund investments (47) 1,590 Credit losses on investments — (8,269) Amortization of discount on investments in U.S.
(Amounts in thousands) For the Year Ended December 31, 2025 2024 Interest on cash and cash equivalents and restricted cash $ 37,531 $ 42,571 Interest on loans receivable 9,618 3,450 Income (loss) from real estate fund investments 6,047 (47) Change in fair value of marketable securities 1,917 — $ 55,113 $ 45,974 47 Results of Operations – Year Ended December 31, 2025 Compared to December 31, 2024 - continued Interest and Debt Expense Interest and debt expense was $353,868,000 for the year ended December 31, 2025, compared to $390,269,000 in the prior year, a decrease of $36,401,000.
(2) Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others. (3) In 2023, we recognized $50,458 of impairment losses. (4) 2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan.
(4) 2025 includes the $11,002 gain associated with the sale of 512 West 22nd Street, see page 38 for further details. 2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan. (5) Includes interests in Independence Plaza, Sunset Pier 94 Joint Venture (“Pier 94 JV”), Rosslyn Plaza and others.
Senior Unsecured Notes due 2025 We repaid our $450,000,000 3.50% senior unsecured notes on their January 15, 2025 maturity date. 38 Overview - continued Financings - continued Interest Rate Hedging We entered into the following interest rate swap and cap arrangements during the year ended December 31, 2024.
Financings Senior Unsecured Notes due 2025 We repaid our $450,000,000 3.50% senior unsecured notes on their January 15, 2025 maturity date. 1535 Broadway (Fifth Avenue and Times Square JV) On April 14, 2025, the Fifth Avenue and Times Square JV completed a $450,000,000 financing of 1535 Broadway.
(Amounts in thousands) For the Year Ended December 31, 2024 2023 New York: Office $ 698,138 $ 726,914 Retail 176,798 180,932 Residential 22,914 20,588 Alexander's 46,172 41,435 Total New York 944,022 969,869 Other: THE MART 57,235 62,579 555 California Street (2) 74,621 85,819 Other investments 20,211 21,569 Total Other 152,067 169,967 NOI at share - cash basis $ 1,096,089 $ 1,139,836 ________________________________________ (1) 2024 includes a $4,560 write-off of a receivable arising from the straight-lining of rents due to the tenant being deemed uncollectible.
(Amounts in thousands) For the Year Ended December 31, 2025 2024 New York: Office (4) $ 595,926 $ 698,138 Retail (2) 160,779 176,798 Residential 23,796 22,914 Alexander's 38,319 46,172 Total New York 818,820 944,022 Other: THE MART (3) 71,219 57,235 555 California Street 65,655 74,621 Other investments 24,728 20,211 Total Other 161,602 152,067 NOI at share - cash basis $ 980,422 $ 1,096,089 ________________________________________ (1) Increase is primarily due to revenue recognition on new leases partially offset by the impact of the NYU master lease at 770 Broadway, which included a $935,000 rent prepayment (see page 37 for further details).
The previous loan was fully recourse to the Operating Partnership and bore interest at SOFR plus 1.11%. 606 Broadway On September 5, 2024, the $74,119,000 non-recourse mortgage loan on 606 Broadway, in which we hold a 50% interest, matured and was not repaid, at which time the lender declared an event of default.
The restructured loan matures in December 2035. 888 Seventh Avenue On December 10, 2025, the $244,543,000 non-recourse mortgage loan on 888 Seventh Avenue matured and was not repaid, at which time the lenders declared an event of default. The loan currently bears interest at a rate of SOFR plus 1.80% and provides for additional default interest of 3.00%.
Net gains on disposition of wholly owned and partially owned assets of $71,199,000 for the year ended December 31, 2023, primarily consists of (i) $35,968,000 upon contribution of our Pier 94 leasehold to Sunset Pier 94 Joint Venture (“Pier 94 JV”) primarily due to the step-up of our retained investment in the leasehold interest to fair value, (ii) $20,181,000 from the sale of The Armory Show, and (iii) $14,127,000 from the sale of two condominium units at 220 CPS.
Net Gains on Disposition of Wholly Owned and Partially Owned Assets Net gains on disposition of wholly owned and partially owned assets of $35,291,000 for the year ended December 31, 2025, consists of (i) $21,080,000 from the sale of three condominium units and ancillary amenities at 220 CPS and (ii) $14,211,000 from the sale of eight Canal Street residential condominium units and two retail condominium units.
These agreements terminate either upon the satisfaction of specified obligations or repayment of the underlying loans. As of December 31, 2024, the aggregate dollar amount of these guarantees is approximately $516,872,000, including the payment guarantee for the mortgage loan secured by 7 West 34th Street. Other than these loans, our mortgage loans are non-recourse to us.
As of December 31, 2025, the aggregate dollar amount of these guarantees is approximately $438,194,000, including the $300,000,000 payment guarantee for the mortgage loan secured by 7 West 34th Street, which was extinguished in January 2026 when the mortgage loan was refinanced, and partial payment guarantees on 435 Seventh Avenue and 150 West 34th Street.
(5) 2023 includes our $16,396 share of the net gain from the sale of Alexander’s Rego III land parcel. (6) Includes interests in Independence Plaza, Rosslyn Plaza and others. Interest and Other Investment Income, net The following table sets forth the details of interest and other investment income, net.
Interest and Other Investment Income, net The following table sets forth the details of interest and other investment income, net.
The B-Note, together with the $35,000,000 A-Note, is in default. The B-Note accrues interest at 5.25% plus 4.00% default interest. The $50,000,000 B-Note investment was recorded to “other assets” on our consolidated balance sheets.
The A-Note was recorded to “other assets” on our consolidated balance sheets. We previously acquired the $50,000,000 B-Note secured by the property in August 2024. The A-Note and B-Note were in default. On January 7, 2026, we closed on the acquisition of the property for $141,000,000.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

4 edited+1 added−0 removed1 unchanged
Biggest change(Amounts in thousands) Debt Balance Variable Rate Spread Notional Amount All-In Swapped Rate Expiration Date Interest rate swaps: 555 California Street mortgage loan $ 1,200,000 S+205 $ 840,000 (1) 6.03% 05/26 770 Broadway mortgage loan 700,000 S+225 700,000 4.98% 07/27 PENN 11 mortgage loan 500,000 S+206 500,000 6.28% 10/25 Unsecured revolving credit facility 575,000 S+115 575,000 3.88% 08/27 Unsecured term loan: 800,000 S+130 In-place swap through 7/25 700,000 4.53% 07/25 In-place swap through 10/26 550,000 4.36% 10/26 In-place swap through 8/27 50,000 4.04% 08/27 100 West 33rd Street mortgage loan 480,000 S+185 480,000 5.26% 06/27 888 Seventh Avenue mortgage loan 258,057 S+180 200,000 4.76% 09/27 4 Union Square South mortgage loan 120,000 S+150 96,400 3.74% 01/25 435 Seventh Avenue mortgage loan 75,000 S+210 75,000 6.96% 04/26 Index Strike Rate Interest rate caps: 1290 Avenue of the Americas mortgage loan (2) 950,000 S+162 950,000 1.00% 11/25 One Park Avenue mortgage loan 525,000 S+122 525,000 3.89% 03/25 150 West 34th Street mortgage loan 75,000 S+215 75,000 5.00% 02/26 ____________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan.
Biggest change(Amounts in thousands) Debt Balance Variable Rate Spread Notional Amount All-In Swapped Rate Expiration Date Interest rate swaps: 555 California Street mortgage loan $ 1,200,000 S+205 $ 840,000 (1) 6.03% 05/26 Forward swap (effective 05/26) 840,000 5.56% (2) 05/28 1290 Avenue of the Americas mortgage loan 950,000 S+162 200,000 (3) 4.58% 09/27 Unsecured term loan: 800,000 S+125 In-place swap through 10/26 750,000 4.22% 10/26 In-place swap through 7/27 250,000 3.99% 07/27 In-place swap through 8/27 50,000 3.99% 08/27 Unsecured revolving credit facility 720,420 S+111 575,000 3.84% 08/27 One Park Avenue mortgage loan 525,000 S+122 500,000 (4) 3.95% 07/27 100 West 33rd Street mortgage loan 480,000 S+185 480,000 5.26% 06/27 435 Seventh Avenue mortgage loan 75,000 S+210 75,000 6.96% 04/26 Index Strike Rate Interest rate caps: 150 West 34th Street mortgage loan 75,000 S+215 75,000 5.00% 02/26 ____________________ (1) Represents our 70.0% share of the $1.2 billion mortgage loan.
The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of December 31, 2024.
The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of December 31, 2025.
(Amounts in thousands and at share) Debt Balance Variable Rate Spread Notional Amount All-In Swapped Rate Expiration Date Interest rate swaps: 280 Park Avenue $ 537,500 S+178 $ 537,500 5.84% 09/28 731 Lexington Avenue retail condominium 97,200 S+151 97,200 1.76% 05/25 Index Strike Rate Interest rate caps: 61 Ninth Avenue 75,543 S+146 75,543 4.39% 01/26 512 West 22nd Street 68,980 S+235 68,980 4.50% 06/25 Rego Park II 65,624 S+145 65,624 4.15% 12/25 Fashion Centre/Washington Tower 34,125 S+305 34,125 3.00% 05/25 58
(Amounts in thousands and at share) Debt Balance Variable Rate Spread Notional Amount All-In Swapped Rate Expiration Date Interest rate swaps: 280 Park Avenue $ 537,500 S+178 $ 537,500 5.84% 09/28 Index Strike Rate Interest rate caps: 61 Ninth Avenue 75,543 S+146 75,543 4.39% 01/26 Sunset Pier 94 Studios 71,791 S+478 71,791 4.00% 09/26 Rego Park II 56,700 S+200 56,700 4.50% 12/26 Fashion Centre/Washington Tower 34,125 S+305 34,125 3.89% 05/26 58
(2) In connection with the arrangement, we made a $63,100 up-front payment in 2023, of which $18,930 was attributable to noncontrolling interests. The following table summarizes our hedging instruments of our unconsolidated subsidiaries (shown at our pro rata ownership interest) as of December 31, 2024.
(4) The remaining $25,000 mortgage loan balance has a 4.39% SOFR strike rate cap in place. The following table summarizes our hedging instruments of our unconsolidated subsidiaries (shown at our pro rata ownership interest) as of December 31, 2025.
Added
In June 2025, we entered into the forward swap arrangement detailed above. (2) Reflects the May 2026 increase in variable rate spread to S+230. The variable rate spread will further increase to S+255 in May 2027. (3) The remaining $750,000 mortgage loan balance has a 4.00% SOFR strike rate cap in place.

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