Vornado Announces Fourth Quarter 2025 Financial Results

Rhea-AI Summary

Vornado (NYSE: VNO) reported results for the quarter and year ended December 31, 2025. Q4 2025 FFO was $112.9M ($0.56 per diluted share) and FFO, as adjusted, was $110.9M ($0.55). FY 2025 net income was $842.9M ($4.20) driven by an $803.2M gain from the 770 Broadway NYU master lease and other asset dispositions. The company completed multiple acquisitions, dispositions, and refinancing actions, including a $500M 2033 note offering and upsized revolving credit facilities.

Positive

• Year net income of $842.9M driven by 770 Broadway master lease gain
• FFO, as adjusted $465.6M for FY 2025, up versus FY 2024
• Completed strategic asset sales including portion of 666 Fifth to UNIQLO with $76.2M gain
• Secured financing: $500M 5.75% notes due 2033 and upsized revolver to $1.13B

Negative

• Quarterly FFO, as adjusted decreased by $11.3M versus Q4 2024
• Q4 2025 net income attributable to common shareholders fell to $0.6M from $1.2M
• Event of default on the $244.5M mortgage for 888 Seventh Avenue (loan matured unpaid)

Key Figures

Q4 2025 net income: $601,000 ($0.00/diluted) Q4 2025 FFO: $112,927,000 ($0.56/diluted) Q4 2025 FFO, as adjusted: $110,873,000 ($0.55/diluted) +5 more

8 metrics

Q4 2025 net income $601,000 ($0.00/diluted) Quarter ended Dec 31, 2025 vs $1,203,000 ($0.01) prior-year quarter

Q4 2025 FFO $112,927,000 ($0.56/diluted) FFO attributable to common shareholders vs $117,085,000 ($0.58) prior year

Q4 2025 FFO, as adjusted $110,873,000 ($0.55/diluted) Adjusted FFO vs $122,212,000 ($0.61) for Q4 2024

FY 2025 net income $842,851,000 ($4.20/diluted) Year ended Dec 31, 2025 vs $8,275,000 ($0.04) in 2024

FY 2025 FFO $486,826,000 ($2.42/diluted) FFO vs $470,021,000 ($2.37) for full year 2024

FY 2025 FFO, as adjusted $465,554,000 ($2.32/diluted) Adjusted FFO vs $447,071,000 ($2.26) for full year 2024

3 East 54th acquisition $141,000,000 Purchase of demolition-ready asset on 18,400 sq ft of land

623 Fifth Avenue acquisition $218,000,000 Purchase of 36-story, 383,000 sq ft office condominium

Market Reality Check

Price: $30.99 Vol: Volume 2,231,386 is 48% a...

normal vol

$30.99 Last Close

Volume Volume 2,231,386 is 48% above average 1,512,714, indicating elevated pre-news activity. normal

Technical Price 30.99 is below 200-day MA 37.28 and 31.69% under the 52-week high.

Peers on Argus

VNO was up 2.66% while key office REIT peers KRC, SLG, CUZ, CDP and DEI were all...

VNO was up 2.66% while key office REIT peers KRC, SLG, CUZ, CDP and DEI were all down between 0.58% and , pointing to a stock-specific move rather than a sector-wide shift.

Common Catalyst Several office REIT peers had routine news (earnings, conference participation), but price moves diverged from VNO, suggesting today’s focus was on VNO’s own results and balance sheet actions.

Previous Earnings Reports

5 past events · Latest: Nov 03 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 03	Q3 2025 earnings	Positive	-4.9%	Stronger Q3 net income and higher FFO versus prior year.
Aug 04	Q2 2025 earnings	Neutral	-4.1%	Large NYU lease gain but lower FFO than prior year.
May 05	Q1 2025 earnings	Positive	+3.7%	Return to profitability and higher FFO helped by asset gains.
Feb 10	Q4 2024 earnings	Negative	+0.8%	FFO and full-year FFO down despite improved quarterly net income.
Nov 04	Q3 2024 earnings	Negative	+2.0%	Net loss and declining FFO with weaker same-store NOI.

Pattern Detected

Recent earnings for VNO have often seen muted-to-negative average reactions (average move -0.51%), with several positive fundamental updates met by selling pressure.

Recent Company History

Over the last five earnings cycles from Nov 2024 through Nov 2025, Vornado’s results featured large one-time gains from the NYU 770 Broadway master lease and the 666 Fifth UNIQLO transaction, alongside mixed underlying FFO trends. Net income swung from losses in 2024 to substantial gains in 2025, while FFO and adjusted FFO were more modestly variable. Today’s Q4 and full‑year 2025 report extends this theme of sizeable transaction-driven gains layered on steadier, incremental FFO changes.

Historical Comparison

earnings

-0.5 %

Average Historical Move

Historical Analysis

In the past year, VNO reported 5 earnings releases with an average move of -0.51%. Today’s pre-release gain of 2.66% sits above that typical post-earnings reaction range.

Typical Pattern

Earnings from late 2024 through 2025 show a shift from losses and declining FFO to large transaction-driven net income gains, while adjusted FFO trends improved more gradually across quarters.

Market Pulse Summary

This announcement details Q4 and full-year 2025 results, with net income rising to $842.9M for 2025,...

Analysis

This announcement details Q4 and full-year 2025 results, with net income rising to $842.9M for 2025, largely from gains on major New York assets, while full-year FFO and adjusted FFO improved more modestly. The release also outlines significant acquisitions, dispositions, and refinancings that reshape the portfolio and debt profile. Investors may watch future trends in adjusted FFO, leasing progress, and execution on redevelopment projects like 623 Fifth Avenue and 3 East 54th Street.

Key Terms

funds from operations ("ffo"), non-gaap, sofr, non-recourse, +4 more

8 terms

funds from operations ("ffo") financial

"FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed"

Funds from operations ("FFO") is a measure used mainly for real estate companies that adjusts accounting profit to better show recurring cash-generating performance. Think of it as a landlord’s report of rent-like income: it adds back non-cash charges such as depreciation and removes one-time gains from property sales so investors can see the steady, repeatable earnings that matter for dividend coverage and valuation.

non-gaap financial

"plus assumed conversions (non-GAAP) for the quarter ended December 31, 2025"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

sofr financial

"bears interest at a rate of SOFR plus 1.78%. The loan replaced the previous"

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

non-recourse financial

"The non-recourse, five-year interest-only mortgage loan matures in February 2031"

A non-recourse loan is a type of debt where the lender’s recovery is limited to a specific asset pledged as collateral, and the borrower cannot be personally pursued for any remaining balance if the asset’s value falls short. For investors, non-recourse financing shifts downside risk onto the lender and protects a borrower’s other assets, which can affect a company’s risk profile, borrowing costs, and potential returns — much like insurance that covers only the item left as collateral.

pik interest financial

"junior C-Note held by the lenders of the original loan, which accrues PIK interest"

Payment-in-kind (PIK) interest is interest on a loan or bond that is paid by adding to the borrower’s debt rather than by handing over cash; think of it as paying rent by giving an IOU that increases the total owed instead of using money now. Investors care because PIK raises short-term cash for the borrower but increases future risk — the lender receives a larger, deferred payment and assumes more credit and timing uncertainty.

revolving credit facility financial

"we completed a $1.105 billion refinancing of one of our two revolving credit facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

senior unsecured notes financial

"completed a public offering of $500,000,000 5.75% senior unsecured notes due"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

interest-only loan financial

"The five-year interest-only loan matures in February 2031 and bears interest"

An interest-only loan is a debt where the borrower pays only the interest charges for a set period, with the original amount borrowed (the principal) due later as a single payment or in a new repayment schedule. For investors, this matters because it boosts short-term cash flow for the borrower but raises the risk of larger future payments or default, which affects credit quality, bank earnings and the value of related securities—think of it as renting money now and facing a big bill later.

AI-generated analysis. Not financial advice.

NEW YORK, Feb. 09, 2026 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) reported today:

Quarter Ended December 31, 2025 Financial Results

NET INCOME attributable to common shareholders for the quarter ended December 31, 2025 was $601,000, or $0.00 per diluted share, compared to $1,203,000, or $0.01 per diluted share, for the prior year's quarter.

FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended December 31, 2025 was $112,927,000, or $0.56 per diluted share, compared to $117,085,000, or $0.58 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended December 31, 2025 was $110,873,000, or $0.55 per diluted share, and $122,212,000, or $0.61 per diluted share, for the prior year's quarter.

Year Ended December 31, 2025 Financial Results

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 increase is primarily due to the $803,248,000 gain related to the 770 Broadway master lease with New York University ("NYU"), the $76,162,000 net gain recognized upon the disposition of a portion of the 666 Fifth condominium to UNIQLO, and the $17,240,000 reversal of PENN 1 rent expense previously accrued following the April 2025 rent reset determination (which is subject to the ongoing litigation described on page 6).

FFO attributable to common shareholders plus assumed conversions (non-GAAP) 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. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the year ended December 31, 2025 was $465,554,000, or $2.32 per diluted share, and $447,071,000, or $2.26 per diluted share, for the year ended December 31, 2024.

The following table reconciles FFO attributable to common shareholders plus assumed conversions (non-GAAP) to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP):

(Amounts in thousands, except per share amounts)	For the Three Months Ended December 31,								For the Year Ended December 31,
		2025				2024				2025				2024
FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1)	$	112,927			$	117,085			$	486,826			$	470,021
Per diluted share (non-GAAP)	$	0.56			$	0.58			$	2.42			$	2.37
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	$	(5,910	)		$	—			$	(17,020	)		$	(13,069	)
Gain on sale of Canal Street residential condominium units		(3,574	)			—				(13,911	)			—
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)		3,048				3,456				13,176				14,353
Our share of the gain on the discounted extinguishment of the 280 Park Avenue mezzanine loan		—				—				—				(31,215	)
Other		4,241				2,104				(5,315	)			5,000
		(2,195	)			5,560				(23,070	)			(24,931	)
Noncontrolling interests' share of above adjustments on a dilutive basis		141				(433	)			1,798				1,981
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net	$	(2,054	)		$	5,127			$	(21,272	)		$	(22,950	)
Per diluted share (non-GAAP)	$	(0.01	)		$	0.03			$	(0.10	)		$	(0.11	)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	110,873			$	122,212			$	465,554			$	447,071
Per diluted share (non-GAAP)	$	0.55			$	0.61			$	2.32			$	2.26

________________________________

(1)	See page 13 for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months and years ended December 31, 2025 and 2024.

FFO, as Adjusted Bridge - Q4 2025 vs. Q4 2024

The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2024 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2025:

(Amounts in millions, except per share amounts)	FFO, as Adjusted
	Amount				Per Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2024	$	122.2			$	0.61
(Decrease) / increase in FFO, as adjusted due to:
330 West 34th Street termination and recapture fees, net of straight-line rent write-offs relating to new WeWork lease recorded in Q4 2024		(19.2	)
Interest expense, net of interest income		(9.2	)
Rent commencements, net of lease expirations		8.3
Impact of NYU master lease at 770 Broadway		8.3
Variable businesses (primarily signage)		6.5
Capitalized interest (primarily PENN 2)		(3.2	)
Asset sales		(2.0	)
Other, net		(2.3	)
		(12.8	)
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities		1.5
Net decrease		(11.3	)			(0.06	)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2025	$	110.9			$	0.55

See page 13 for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months and years ended December 31, 2025 and 2024. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided above.

Acquisitions

3 East 54th Street

On January 7, 2026, we acquired 3 East 54th Street, a demolition-ready asset situated on 18,400 square feet of land, for $141,000,000. Previously, in July 2025, we purchased the $35,000,000 A-Note secured by the property at par plus accrued interest, and in August 2024, we purchased the $50,000,000 B-Note secured by the property. The A-Note and B-Note were in default. The $107,000,000 loan balance, including default interest and advances, was credited towards the purchase price.

3 East 54th Street is located between Fifth Avenue and Madison Avenue on 54th Street, adjacent to the St. Regis Hotel and our Upper Fifth Avenue retail properties. The land is zoned for approximately 232,500 buildable square feet as-of-right, and we intend to promptly demolish the existing buildings on the site.

623 Fifth Avenue

On September 4, 2025, we purchased the 623 Fifth Avenue office condominium, a 36-story, 383,000 square foot building situated above the flagship Saks Fifth Avenue department store, for $218,000,000. At closing, we borrowed $145,420,000 under our revolving credit facility to partially finance the acquisition. We are redeveloping the asset into a premier, boutique office building. We expect to complete the redevelopment for delivery to tenants in 2027.

Dispositions

512 West 22nd Street

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

49 West 57th Street

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

220 Central Park South

During the year ended December 31, 2025, we closed on the sale of three condominium units and ancillary amenities at 220 CPS for net proceeds of $37,374,000, resulting in a financial statement net gain of $21,080,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $4,051,000 of income tax expense was recognized on our consolidated statements of income. One unit remains unsold.

Canal Street Condominium Units

During the year ended December 31, 2025, we closed on the sale of eight residential and two retail condominium units at 304-306 Canal Street and 334 Canal Street for net proceeds of $32,613,000, resulting in a financial statement net gain of $14,211,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. All units have been sold.

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. The net proceeds were used to partially redeem Vornado’s preferred equity on the asset. The joint venture continues to own 23,832 square feet of retail space (7,416 square feet at grade) at 666 Fifth Avenue consisting of the Abercrombie & Fitch and Tissot stores. We recognized a financial statement gain of $76,162,000, which is included in “income from partially owned entities” on our consolidated statements of income.

Financing Activity

One Park Avenue

On February 9, 2026, we completed a $525,000,000 refinancing of One Park Avenue, a 945,000 square foot Manhattan office building. The five-year interest-only loan matures in February 2031 and bears interest at a rate of SOFR plus 1.78%. The loan replaced the previous $525,000,000 loan that bore interest at SOFR plus 1.22% and was scheduled to mature in March 2026.

61 Ninth Avenue

On February 2, 2026, a joint venture, in which we have a 45.1% interest, entered into a seven-month extension with the lenders on the $167,500,000 mortgage loan encumbering 61 Ninth Avenue and simultaneously paid down the principal balance by $12,500,000 to $155,000,000. The loan was previously scheduled to mature in January 2026. The non-recourse interest only loan bears interest at a rate of SOFR plus 2.45% and matures in August 2026, with a three-month extension option subject to certain conditions.

Financing Activity - continued

825 Seventh Avenue Office Condominium

On January 26, 2026, a joint venture, in which we have a 50.0% interest, entered into a nine-month extension with the lenders on the $54,000,000 mortgage loan encumbering the office condominium of 825 Seventh Avenue and simultaneously paid down the principal balance by $6,000,000 to $48,000,000. The loan was previously scheduled to mature in January 2026. The non-recourse interest only loan bears interest at a rate of SOFR plus 2.75% and matures in October 2026, with a fifteen-month extension option subject to loan-to-value and debt yield requirements.

7 West 34th Street

On January 23, 2026, a joint venture, in which we have a 53.0% interest, completed a $250,000,000 refinancing of 7 West 34th Street, a 477,000 square foot Manhattan office and retail building. The non-recourse, five-year interest-only mortgage loan matures in February 2031 and has a fixed rate of 5.79%. The joint venture paid down by $50,000,000 the prior $300,000,000 full-recourse loan that bore interest at 3.65% and was scheduled to mature in June 2026. The loan was paid down using property-level reserves and a $25,000,000 member loan from Vornado which accrues interest at 16.00% and receives priority on distributions.

Senior Unsecured Notes Due 2033

On January 14, 2026, we completed a public offering of $500,000,000 5.75% senior unsecured notes due February 1, 2033 (“2033 Notes”). Interest on the senior unsecured notes is payable semi-annually on February 1 and August 1, commencing August 1, 2026. The 2033 Notes were sold at 99.824% of their face amount to yield 5.78%. A portion of the $494,000,000 net proceeds from the 2033 Notes will be used to repay our $400,000,000 senior unsecured notes due June 2026 at maturity.

2031 Revolving Credit Facility

On January 7, 2026, we completed a $1.105 billion refinancing of one of our two revolving credit facilities. On February 4, 2026, the facility was upsized to $1.130 billion. The $1.130 billion amended facility currently bears interest at a rate of SOFR plus 1.05% and is scheduled to mature in February 2031 (as fully extended). The facility fee is 25 basis points. The facility replaced the previous $1.25 billion revolving credit facility which was scheduled to mature in December 2027. 

2029 Revolving Credit Facility

On January 7, 2026, we upsized our $915,000,000 revolving credit facility that matures in April 2029 (as fully extended) to $1.0 billion. The credit facility currently bears interest at a rate of SOFR plus 1.16% and has a facility fee of 0.24%.

Unsecured Term Loan

On January 7, 2026, we completed a refinancing of our unsecured term loan and upsized the loan amount to $850,000,000. The loan bears interest at SOFR plus 1.20% and matures in February 2031 (as fully extended). The loan replaced the previous $800,000,000 term loan which bore interest at SOFR plus 1.25% and was scheduled to mature in December 2027.

Alexander's Inc. ("Alexander's")

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

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

888 Seventh Avenue 

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

Financing Activity - continued

650 Madison Avenue

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

As previously announced in the fourth quarter of 2022, Vornado wrote off its entire investment in 650 Madison Avenue and accordingly carries this investment at zero on its balance sheet and, since then, no longer records its share of net income (loss) from this investment.

4 Union Square South

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

PENN 11 

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

Independence Plaza

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

Sustainability Margin Adjustment

In April 2025, we qualified for a sustainability margin adjustment on our unsecured term loan and revolving credit facilities by achieving certain KPI metrics, which reduced our interest rate by 0.05% and 0.04%, respectively. Following the January 2026 refinancing of our 2031 revolving credit facility and unsecured term loan, we expect to requalify for this interest rate reduction in April 2026 and we continue to qualify for this interest rate reduction on our existing 2029 revolving credit facility.

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. The interest-only non-recourse loan bears interest at a fixed rate of 6.90% and matures in May 2030. After transaction costs and reserves, $407,000,000 of the net proceeds from the financing were used to partially redeem Vornado’s preferred equity on the asset.

Senior Unsecured Notes due 2025

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

350 Park Avenue

On December 18, 2025, an affiliate of Kenneth C. 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”). 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. 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.

770 Broadway

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

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

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

In connection with the transaction, we recorded a gain on sales-type lease of $803,248,000.

PENN 1 Ground Rent Reset Determination

On April 22, 2025, an arbitration panel (the “Panel”) appointed to determine the ground rent payable by Vornado’s subsidiary for the PENN 1 land parcel for the 25-year period beginning June 17, 2023 determined that the annual rent payable will be $15,000,000 or $20,220,000, depending on the outcome of litigation described in the following paragraph. On July 21, 2025, the ground lessor filed a motion in New York County Supreme Court to vacate the Panel’s ground rent determination. On October 31, 2025, the court granted the ground lessor’s motion. We believe the decision is without merit and are appealing the court’s decision.

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

We were accruing $26,205,000 per annum of ground rent based on a previous estimate and therefore, in connection with the Panel’s determination (which is subject to the ongoing litigation described above), we reversed $17,240,000 of previously accrued rent expense during the year ended December 31, 2025, and are now paying based on a $15,000,000 annual rent amount.

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.

During the year ended December 31, 2025, we repurchased 1,462,360 common shares for $50,962,000 at an average price per share of $34.85. Subsequent to December 31, 2025, we repurchased 889,566 common shares for $28,756,000, at an average price per share of $32.33.

As of February 6, 2026, $91,140,000 remained available for repurchases under a $200,000,000 share repurchase plan authorized by Vornado's Board of Trustees in 2023.

Leasing Activity

The leasing activity and related statistics in the tables below are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Second generation relet space represents square footage that has not been vacant for more than nine months and tenant improvements and leasing commissions are based on our share of square feet leased during the period.

(Square feet in thousands)		New York
		Office				Retail				THE MART
Three Months Ended December 31, 2025
Total square feet leased			960				21				26
Our share of square feet leased:			869				14				26
Initial rent(1)		$	95.36			$	273.56			$	62.73
Weighted average lease term (years)			9.9				8.2				4.4
Second generation relet space:
Square feet			441				6				26
GAAP basis:
Straight-line rent(2)		$	85.40			$	388.72			$	61.33
Prior straight-line rent		$	78.97			$	479.34			$	54.38
Percentage increase (decrease)			8.1	%		(18.9		)%			12.8	%
Cash basis (non-GAAP):
Initial rent(1)		$	90.11			$	364.66			$	62.73
Prior escalated rent		$	84.09			$	538.88			$	59.23
Percentage increase (decrease)			7.2	%		(32.3		)%			5.9	%
Tenant improvements and leasing commissions:
Per square foot		$	145.95			$	95.88			$	14.31
Per square foot per annum		$	14.74			$	11.69			$	3.25
Percentage of initial rent			15.5	%			4.3	%			5.2	%

(Square feet in thousands)		New York												555 California Street
		Office(3)				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(1)		$	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(2)		$	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(1)		$	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)	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.
(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.
(3)	The leasing statistics other than square feet leased, exclude the impact of the 1,076 square foot master lease to NYU at 770 Broadway.

Occupancy

(At Vornado's share)	New York									THE MART			555 California Street(1)
	Total			Office			Retail
Occupancy as of December 31, 2025	90.0	%		91.2	%		79.4	%		81.5	%		88.9	%

____________________

(1)	Reflects the impact of 315 Montgomery Street lease expirations during the fourth quarter.

Same Store Net Operating Income ("NOI") (non-GAAP) At Share:
	Total			New York			THE MART(2)			555 California Street
Same store NOI at share % increase (decrease)(1):
Three months ended December 31, 2025 compared to December 31, 2024	5.0	%		2.2	%		141.1	%		(7.1	)%
Year ended December 31, 2025 compared to December 31, 2024	5.4	%		3.9	%	(3)	34.3	%		1.3	%
Three months ended December 31, 2025 compared to September 30, 2025	4.2	%		5.0	%		10.3	%		(10.8	)%
Same store NOI at share - cash basis % (decrease) increase(1):
Three months ended December 31, 2025 compared to December 31, 2024	(8.3	)%		(7.9	)%	(4)	43.5	%		(42.3	)%	(6)
Year ended December 31, 2025 compared to December 31, 2024	(5.5	)%		(6.6	)%	(4)(5)	24.6	%		(16.2	)%	(6)
Three months ended December 31, 2025 compared to September 30, 2025	3.2	%		5.9	%		13.1	%		(36.9	)%

____________________

(1)	See pages 15 through 20 for same store NOI at share and same store NOI at share - cash basis reconciliations.
(2)	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.
(3)	Excludes the impact of the $17,240,000 reversal of previously accrued PENN 1 ground rent. See page 6 for further details.
(4)	Decrease in same store NOI at share - cash basis vs. GAAP basis is primarily due to (i) current period PENN 1 ground rent increase and (ii) GAAP rent commencing on new leases with free rent periods.
(5)	Excludes the impact of the April 2025 $22,361,000 true-up payment for prior period PENN 1 ground rent owed based on the rent reset determination (which is subject to the ongoing litigation described on page 6).
(6)	Variance in same store NOI at share cash basis vs. GAAP basis is primarily due to GAAP rent commencing on new leases with free rent periods.

NOI At Share and NOI At Share - Cash Basis:

The elements of our New York and Other NOI at share and NOI at share - cash basis for the three months and years ended December 31, 2025 and 2024 and the three months ended September 30, 2025 are summarized below.

(Amounts in thousands)	For the Three Months Ended									For the Year Ended December 31,
	December 31,						September 30, 2025
		2025			2024						2025			2024
NOI at share:
New York:
Office(1)	$	177,961		$	193,215		$	171,128		$	713,694		$	706,592
Retail(2)		44,598			48,238			42,183			175,694			191,379
Residential		6,395			6,072			6,457			25,406			24,044
Alexander's		8,034			9,515			8,770			34,628			39,895
Total New York		236,988			257,040			228,538			949,422			961,910
Other:
THE MART(3)		14,808			6,168			13,275			69,196			51,686
555 California Street		14,614			15,854			17,293			68,436			64,963
Other investments		7,850			5,904			7,570			24,845			21,193
Total Other		37,272			27,926			38,138			162,477			137,842
NOI at share	$	274,260		$	284,966		$	266,676		$	1,111,899		$	1,099,752

NOI at share - cash basis:
New York:
Office(1)(4)	$	155,334		$	181,438		$	145,556		$	595,926		$	698,138
Retail(2)		39,824			44,130			37,536			160,779			176,798
Residential		5,969			5,750			5,989			23,796			22,914
Alexander's		8,928			10,615			9,509			38,319			46,172
Total New York		210,055			241,933			198,590			818,820			944,022
Other:
THE MART(3)		15,177			10,550			13,267			71,219			57,235
555 California Street		10,379			18,138			16,455			65,655			74,621
Other investments		7,791			5,967			7,618			24,728			20,211
Total Other		33,347			34,655			37,340			161,602			152,067
NOI at share - cash basis	$	243,402		$	276,588		$	235,930		$	980,422		$	1,096,089

________________________________

(1)	Includes Building Maintenance Services NOI of $7,904, $6,895, $6,985, $29,408 and $30,318 for the three months ended December 31, 2025 and 2024 and September 30, 2025 and the years ended December 31, 2025 and 2024, respectively.
(2)	2025 includes the impact of the sale of a portion of the 666 Fifth Avenue retail condominium. See page 3 for details.
(3)	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 write-off of a receivable arising from the straight-lining of rents due to the tenant being deemed uncollectible.
(4)	2025 decrease is primarily due to (i) the impact of the NYU master lease at 770 Broadway, which included a $935,000 rent prepayment (see page 5 for further details), (ii) free rent periods on new leases commencing and (iii) the April 2025 payment of $22,361 for prior period PENN 1 ground rent owed based on the rent reset determination (which is subject to the ongoing litigation described on page 6).

Active Development/Redevelopment Summary as of December 31, 2025:

(Amounts in thousands, except square feet)
				(at Vornado’s share)									Projected Leasing Stabilization Year		Projected Incremental Cash Yield
		Property Rentable Sq. Ft.		Budget			Cash Amount Expended			Remaining Expenditures
New York segment:
PENN District:
PENN 2		1,825,000		$	750,000		$	724,843		$	25,157		2026		11.6%
Districtwide Improvements		N/A			100,000			80,196			19,804		N/A		N/A
Total PENN District					850,000	(1)		805,039			44,961
Sunset Pier 94 Studios (49.9% interest)		266,000			125,000	(2)		105,462			19,538		2027		9.0%
623 Fifth Avenue office condominium		383,000			450,000	(3)		222,644			227,356		2028		10.1%
Total Active Development Projects				$	1,425,000		$	1,133,145		$	291,855

________________________________

(1)	Excluding debt and equity carry.
(2)	Represents our 49.9% share of the $350,000 development budget, excluding the $40,000 value of our contributed leasehold interest and net of an estimated $9,000 for our share of development fees and reimbursement for overhead costs incurred by us. During 2024, we fully funded our $34,000 share of cash contributions.
(3)	Includes purchase price.

There can be no assurance that the above projects will be completed, completed on schedule or within budget. In addition, there can be no assurance that the Company will be successful in leasing the properties on the expected schedule or at the assumed rental rates.

Conference Call and Audio Webcast

As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, February 10, 2026 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 888-317-6003 (domestic) or 412-317-6061 (international) and entering the passcode 2775277. A live webcast of the conference call will be available on Vornado’s website at www.vno.com in the Investor Relations section and an online playback of the webcast will be available on the website following the conference call.

Contact
Thomas J. Sanelli
(212) 894-7000

Supplemental Data

Further details regarding results of operations, properties and tenants can be accessed at the Company’s website www.vno.com. Vornado Realty Trust is a fully - integrated equity real estate investment trust.

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2025. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.

VORNADO REALTY TRUST CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)	As of								Increase (Decrease)
	December 31, 2025				December 31, 2024
ASSETS
Real estate, at cost:
Land	$	2,408,914			$	2,434,209			$	(25,295	)
Buildings and improvements		10,942,418				10,439,113				503,305
Development costs and construction in progress		890,143				1,097,395				(207,252	)
Leasehold improvements and equipment		105,080				120,915				(15,835	)
Total		14,346,555				14,091,632				254,923
Less accumulated depreciation and amortization		(4,191,075	)			(4,025,349	)			(165,726	)
Real estate, net		10,155,480				10,066,283				89,197
Right-of-use assets		671,308				678,804				(7,496	)
Net investment in lease		166,024				—				166,024
Cash, cash equivalents, and restricted cash
Cash and cash equivalents		840,850				733,947				106,903
Restricted cash		136,696				215,672				(78,976	)
Total		977,546				949,619				27,927
Tenant and other receivables		77,137				58,853				18,284
Investments in partially owned entities		1,941,278				2,691,478				(750,200	)
Receivable arising from the straight-lining of rents		752,545				707,020				45,525
Deferred leasing costs, net		374,620				354,882				19,738
Identified intangible assets, net		110,593				118,215				(7,622	)
Other assets		294,587				373,454				(78,867	)
Total assets	$	15,521,118			$	15,998,608			$	(477,490	)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	4,920,669			$	5,676,014			$	(755,345	)
Senior unsecured notes, net		747,202				1,195,914				(448,712	)
Unsecured term loan, net		797,337				795,948				1,389
Unsecured revolving credit facilities		720,420				575,000				145,420
Lease liabilities		699,640				749,759				(50,119	)
Accounts payable and accrued expenses		376,190				374,013				2,177
Deferred compensation plan		113,778				114,580				(802	)
Other liabilities		341,359				345,511				(4,152	)
Total liabilities		8,716,595				9,826,739				(1,110,144	)
Redeemable noncontrolling interests		647,951				834,658				(186,707	)
Shareholders' equity		5,986,727				5,158,242				828,485
Noncontrolling interests in consolidated subsidiaries		169,845				178,969				(9,124	)
Total liabilities, redeemable noncontrolling interests and equity	$	15,521,118			$	15,998,608			$	(477,490	)

VORNADO REALTY TRUST OPERATING RESULTS
(Amounts in thousands, except per share amounts)	For the Three Months Ended December 31,								For the Year Ended December 31,
		2025				2024				2025				2024
Revenues	$	453,709			$	457,790			$	1,810,425			$	1,787,686
Net income	$	4,914			$	5,758			$	937,204			$	20,116
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries		11,296				11,107				41,622				51,131
Operating Partnership		(83	)			(136	)			(73,871	)			(860	)
Net income attributable to Vornado		16,127				16,729				904,955				70,387
Preferred share dividends		(15,526	)			(15,526	)			(62,104	)			(62,112	)
Net income attributable to common shareholders	$	601			$	1,203			$	842,851			$	8,275
Income per common share - basic:
Net income per common share	$	0.00			$	0.01			$	4.40			$	0.04
Weighted average shares outstanding		191,626				190,679				191,759				190,539
Income per common share - diluted:
Net income per common share	$	0.00			$	0.01			$	4.20			$	0.04
Weighted average shares outstanding		191,650				200,084				201,049				196,626
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	112,927			$	117,085			$	486,826			$	470,021
Per diluted share (non-GAAP)	$	0.56			$	0.58			$	2.42			$	2.37
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	110,873			$	122,212			$	465,554			$	447,071
Per diluted share (non-GAAP)	$	0.55			$	0.61			$	2.32			$	2.26
Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share		200,901				201,210				201,049				198,182

FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. In addition to FFO attributable to common shareholders plus assumed conversions, we also disclose FFO attributable to common shareholders plus assumed conversions, as adjusted. Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, we believe it provides a meaningful presentation of operating performance. Reconciliations of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions are provided on the following page. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on page 2 of this press release.

VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS

The following table reconciles net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions:

(Amounts in thousands, except per share amounts)	For the Three Months Ended December 31,								For the Year Ended December 31,
		2025				2024				2025				2024
Net income attributable to common shareholders	$	601			$	1,203			$	842,851			$	8,275
Per diluted share	$	0.00			$	0.01			$	4.20			$	0.04
FFO adjustments:
Depreciation and amortization of real property	$	100,098			$	101,824			$	411,114			$	399,694
Change in fair value of marketable securities		(198	)			—				(1,917	)			—
Gain on sales-type lease		—				—				(803,248	)			—
Real estate impairment losses		—				—				542				—
Net gains on sale of real estate		(300	)			—				(300	)			(873	)
Our share of partially owned entities:
Depreciation and amortization of real property		22,933				23,483				94,867				101,195
Net gains on sale of real estate		(225	)			—				(90,762	)			—
FFO adjustments, net		122,308				125,307				(389,704	)			500,016
Impact of assumed conversion of dilutive convertible securities		219				358				1,409				1,549
Noncontrolling interests' share of above adjustments on a dilutive basis		(10,201	)			(9,783	)			32,270				(39,819	)
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	112,927			$	117,085			$	486,826			$	470,021
Per diluted share	$	0.56			$	0.58			$	2.42			$	2.37
Reconciliation of weighted average shares outstanding:
Weighted average common shares outstanding		191,626				190,679				191,759				190,539
Effect of dilutive securities:
Share-based payment awards		7,902				9,405				7,976				6,087
Convertible securities		1,373				1,126				1,314				1,556
Denominator for FFO per diluted share		200,901				201,210				201,049				198,182

VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED

Below is a reconciliation of net (loss) income to NOI at share and NOI at share - cash basis for the three months and years ended December 31, 2025 and 2024 and the three months ended September 30, 2025.

(Amounts in thousands)	For the Three Months Ended												For the Year Ended December 31,
	December 31,								September 30, 2025
		2025				2024								2025				2024
Net income	$	4,914			$	5,758			$	19,239			$	937,204			$	20,116
Depreciation and amortization expense		113,350				113,061				117,122				462,201				447,500
General and administrative expense		40,050				36,637				37,490				156,115				148,520
Transaction related costs, impairment losses and other		(1,796	)			1,341				3,563				2,531				5,242
Income from partially owned entities		(5,722	)			(30,007	)			(21,940	)			(141,310	)			(112,464	)
Interest and other investment income, net		(13,383	)			(11,348	)			(22,413	)			(55,113	)			(45,974	)
Interest and debt expense		85,664				100,483				84,459				353,868				390,269
Gain on sales-type lease		—				—				—				(803,248	)			—
Net gains on disposition of wholly owned and partially owned assets		(11,252	)			—				—				(35,291	)			(16,048	)
Income tax expense (benefit)		7,782				5,822				(5,589	)			13,509				22,729
NOI from partially owned entities		65,093				73,270				64,884				263,315				279,229
NOI attributable to noncontrolling interests in consolidated subsidiaries		(10,440	)			(10,051	)			(10,139	)			(41,882	)			(39,367	)
NOI at share		274,260				284,966				266,676				1,111,899				1,099,752
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other		(30,858	)			(8,378	)			(30,746	)			(131,477	)			(3,663	)
NOI at share - cash basis	$	243,402			$	276,588			$	235,930			$	980,422			$	1,096,089

NOI at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We consider NOI at share to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED

Same store NOI at share represents NOI at share from operations which are in service in both the current and prior year reporting periods. Same store NOI at share - cash basis is same store NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We use these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store NOI at share and same store NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

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 three months ended December 31, 2025 compared to December 31, 2024.

(Amounts in thousands)	Total				New York				THE MART				555 California Street				Other
NOI at share for the three months ended December 31, 2025	$	274,260			$	236,988			$	14,808			$	14,614			$	7,850
Less NOI at share from:
Dispositions		(554	)			(533	)			(21	)			—				—
Development properties		(1,924	)			(1,924	)			—				—				—
Other non-same store income, net		(11,205	)			(3,216	)			(139	)			—				(7,850	)
Same store NOI at share for the three months ended December 31, 2025	$	260,577			$	231,315			$	14,648			$	14,614			$	—
NOI at share for the three months ended December 31, 2024	$	284,966			$	257,040			$	6,168			$	15,854			$	5,904
Less NOI at share from:
Dispositions		(4,969	)			(4,877	)			(92	)			—				—
Development properties		(7,028	)			(7,028	)			—				—				—
Other non-same store income, net		(24,849	)			(18,819	)			—				(126	)			(5,904	)
Same store NOI at share for the three months ended December 31, 2024	$	248,120			$	226,316			$	6,076			$	15,728			$	—
Increase (decrease) in same store NOI at share	$	12,457			$	4,999			$	8,572			$	(1,114	)		$	—
% increase (decrease) in same store NOI at share		5.0	%			2.2	%			141.1	%		(7.1		)%			0.0	%

VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - 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 three months ended December 31, 2025 compared to December 31, 2024.

(Amounts in thousands)	Total				New York				THE MART				555 California Street				Other
NOI at share - cash basis for the three months ended December 31, 2025	$	243,402			$	210,055			$	15,177			$	10,379			$	7,791
Less NOI at share - cash basis from:
Dispositions		(554	)			(533	)			(21	)			—				—
Development properties		(1,684	)			(1,684	)			—				—				—
Other non-same store income, net		(15,722	)			(7,778	)			(153	)			—				(7,791	)
Same store NOI at share - cash basis for the three months ended December 31, 2025	$	225,442			$	200,060			$	15,003			$	10,379			$	—
NOI at share - cash basis for the three months ended December 31, 2024	$	276,588			$	241,933			$	10,550			$	18,138			$	5,967
Less NOI at share - cash basis from:
Dispositions		(3,958	)			(3,864	)			(94	)			—				—
Development properties		(6,787	)			(6,787	)			—				—				—
Other non-same store income, net		(20,065	)			(13,955	)			—				(143	)			(5,967	)
Same store NOI at share - cash basis for the three months ended December 31, 2024	$	245,778			$	217,327			$	10,456			$	17,995			$	—
(Decrease) increase in same store NOI at share - cash basis	$	(20,336	)		$	(17,267	)		$	4,547			$	(7,616	)		$	—
% (decrease) increase in same store NOI at share - cash basis	(8.3		)%		(7.9		)%			43.5	%		(42.3		)%			0.0	%

VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED

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.

(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	%			0.0	%

VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - 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)	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		)%			0.0	%

VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED

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 three months ended December 31, 2025 compared to September 30, 2025.

(Amounts in thousands)	Total				New York				THE MART				555 California Street				Other
NOI at share for the three months ended December 31, 2025	$	274,260			$	236,988			$	14,808			$	14,614			$	7,850
Less NOI at share from:
Dispositions		(554	)			(533	)			(21	)			—				—
Development properties		(1,924	)			(1,924	)			—				—				—
Other non-same store (income) expense, net		(7,724	)			265				(139	)			—				(7,850	)
Same store NOI at share for the three months ended December 31, 2025	$	264,058			$	234,796			$	14,648			$	14,614			$	—
NOI at share for the three months ended September 30, 2025	$	266,676			$	228,538			$	13,275			$	17,293			$	7,570
Less NOI at share from:
Dispositions		(782	)			(783	)			1				—				—
Development properties		(3,462	)			(3,462	)			—				—				—
Other non-same store income, net		(9,083	)			(602	)			—				(911	)			(7,570	)
Same store NOI at share for the three months ended September 30, 2025	$	253,349			$	223,691			$	13,276			$	16,382			$	—
Increase (decrease) in same store NOI at share	$	10,709			$	11,105			$	1,372			$	(1,768	)		$	—
% increase (decrease) in same store NOI at share		4.2	%			5.0	%			10.3	%		(10.8		)%			0.0	%

VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - 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 three months ended December 31, 2025 compared to September 30, 2025.

(Amounts in thousands)	Total				New York				THE MART				555 California Street				Other
NOI at share - cash basis for the three months ended December 31, 2025	$	243,402			$	210,055			$	15,177			$	10,379			$	7,791
Less NOI at share - cash basis from:
Dispositions		(554	)			(533	)			(21	)			—				—
Development properties		(1,684	)			(1,684	)			—				—				—
Other non-same store income, net		(12,479	)			(4,535	)			(153	)			—				(7,791	)
Same store NOI at share - cash basis for the three months ended December 31, 2025	$	228,685			$	203,303			$	15,003			$	10,379			$	—
NOI at share - cash basis for the three months ended September 30, 2025	$	235,930			$	198,590			$	13,267			$	16,455			$	7,618
Less NOI at share - cash basis from:
Dispositions		(1,052	)			(1,053	)			1				—				—
Development properties		(3,222	)			(3,222	)			—				—				—
Other non-same store income, net		(9,975	)			(2,357	)			—				—				(7,618	)
Same store NOI at share - cash basis for the three months ended September 30, 2025	$	221,681			$	191,958			$	13,268			$	16,455			$	—
Increase (decrease) in same store NOI at share - cash basis	$	7,004			$	11,345			$	1,735			$	(6,076	)		$	—
% increase (decrease) in same store NOI at share - cash basis		3.2	%			5.9	%			13.1	%		(36.9		)%			0.0	%

FAQ

What were Vornado (VNO) fourth quarter 2025 FFO and FFO, as adjusted?

Vornado reported Q4 2025 FFO of $112.9M ($0.56 per diluted share) and FFO, as adjusted of $110.9M ($0.55). According to the company, adjustments reflect certain gains, deferred tax items and noncontrolling interests that affected comparability.

Why did Vornado (VNO) report a large net income for year ended December 31, 2025?

Vornado's FY 2025 net income was $842.9M ($4.20 per diluted share), mainly due to an $803.2M gain on the 770 Broadway master lease with NYU. According to the company, additional gains from property dispositions also contributed materially.

What acquisitions did Vornado (VNO) complete around Q4 2025 and early 2026?

Vornado acquired 3 East 54th Street for $141M and purchased 623 Fifth Avenue for $218M. According to the company, 3 East 54th is demolition-ready with ~232,500 buildable sq ft and 623 Fifth is being redeveloped for 2027 tenant delivery.

What financing actions did Vornado (VNO) complete in January–February 2026?

Vornado issued $500M 5.75% senior notes due 2033, refinanced One Park Avenue with a $525M five-year loan, and upsized revolvers to $1.13B. According to the company, proceeds will refinance near-term maturities and support liquidity and portfolio financing.

Did Vornado (VNO) record any notable asset sales or joint venture dispositions in 2025?

Yes: the company recognized a $76.2M gain from the UNIQLO purchase of a portion of 666 Fifth Avenue and gains on 220 CPS and Canal Street sales. According to the company, these dispositions generated significant net proceeds and improved cash positions.