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Schedule III Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
COLUMN ACOLUMN BCOLUMN CCOLUMN DCOLUMN ECOLUMN FCOLUMN GCOLUMN HCOLUMN I
Encumbrances(1)
Initial cost to company Costs
capitalized
subsequent
to acquisition		Gross amount at which
carried at close of period		Accumulated
depreciation
and
amortization
Date of
construction(3)
Date
acquired		Life on which
depreciation
in latest
income
statement
is computed
LandBuildings
and
improvements		LandBuildings
and
improvements
Total(2)
New York
1290 Avenue of the Americas$950,000 $518,244 $926,992 $370,950 $518,244 $1,297,942 $1,816,186 $553,859 19632007(4)
One Park Avenue525,000 197,057 369,016 18,465 197,057 387,481 584,538 47,331 19262021(4)
350 Park Avenue400,000 265,889 363,381 109,406 306,034 432,642 738,676 203,124 19602006(4)
PENN 1— — 412,169 1,079,236 — 1,491,405 1,491,405 540,473 19721998(4)
100 West 33rd Street 480,000 331,371 361,443 26,826 282,953 436,687 719,640 209,915 1911/20092007(4)
150 West 34th Street75,000 119,657 268,509 — 119,657 268,509 388,166 71,043 19002015(4)
PENN 2575,000 
(5)
53,615 164,903 1,109,927 52,689 1,275,756 1,328,445 135,733 19681997(4)
90 Park Avenue— 8,000 175,890 205,287 8,000 381,177 389,177 235,908 19641997(4)
770 Broadway— 52,898 95,686 (126,396)4,502 17,686 22,188 10,175 19071998(4)
888 Seventh Avenue244,543 — 117,269 176,739 — 294,008 294,008 190,015 19801998(4)
PENN 11450,000 40,333 85,259 151,331 40,333 236,590 276,923 131,628 19231997(4)
909 Third Avenue350,000 — 120,723 116,781 — 237,504 237,504 152,268 19691999(4)
150 East 58th Street— 39,303 80,216 67,955 39,303 148,171 187,474 88,012 19691998(4)
595 Madison Avenue— 62,731 62,888 88,633 62,731 151,521 214,252 75,329 19681999(4)
330 West 34th Street— — 8,599 168,272 — 176,871 176,871 78,402 19251998(4)
715 Lexington Avenue— — 26,903 21,178 30,086 17,995 48,081 4,981 19232001(4)
4 Union Square South120,000 24,079 55,220 16,237 24,079 71,457 95,536 35,413 1965/20041993(4)
The Farley Building — — 476,235 972,618 — 1,448,853 1,448,853 210,961 19122018(4)
260 Eleventh Avenue— — 80,482 8,262 — 88,744 88,744 22,655 19112015(4)
606 Broadway74,494 45,406 8,993 486 23,930 30,955 54,885 3,936 2016(4)
435 Seventh Avenue75,000 19,893 19,091 146 19,893 19,237 39,130 11,326 20021997(4)
131-135 West 33rd Street— 8,315 21,312 (55)8,315 21,257 29,572 5,099 2016(4)
1131 Third Avenue— 7,844 7,844 5,588 7,844 13,432 21,276 4,030 1997(4)
431 Seventh Avenue— 16,700 2,751 300 16,700 3,051 19,751 1,423 2007(4)
138-142 West 32nd Street— 9,252 9,936 2,227 9,252 12,163 21,415 3,363 19202015(4)
966 Third Avenue— 8,869 3,631 — 8,869 3,631 12,500 1,119 2013(4)
137 West 33rd Street— 6,398 1,550 — 6,398 1,550 7,948 417 19322015(4)
825 Seventh Avenue— 1,483 697 4,318 1,483 5,015 6,498 1,801 1997(4)
537 West 26th Street— 10,370 17,632 16,260 26,631 17,631 44,262 3,579 2018(4)
COLUMN ACOLUMN BCOLUMN CCOLUMN DCOLUMN ECOLUMN FCOLUMN GCOLUMN HCOLUMN I
Encumbrances(1)
Initial cost to companyCosts
capitalized
subsequent
to acquisition		Gross amount at which
carried at close of period		Accumulated
depreciation
and
amortization
Date of
construction(3)
Date
acquired		Life on which
depreciation
in latest
income
statement
is computed
LandBuildings
and
improvements		LandBuildings
and
improvements
Total(2)
New York - continued
339 Greenwich Street$— $2,622 $12,333 $(9,990)$866 $4,099 $4,965 $573 2017(4)
Hotel Pennsylvania site (PENN 15)— 29,903 121,712 250,850 78,321 324,144 402,465 — 19191997(4)
623 Fifth Avenue145,420 
(5)
— — 226,030 — 226,030 226,030 — 2025(4)
Other (Including Signage)— 140,477 31,892 99,225 132,202 139,392 271,594 39,781 (4)
Total New York4,464,457 2,020,709 4,511,157 5,177,092 2,026,372 9,682,586 11,708,958 3,073,672 
Other
THE MART, Illinois$— $64,528 $319,146 $522,188 $64,535 $841,327 $905,862 $449,935 19301998(4)
527 West Kinzie, Illinois— 5,166 — 362 5,166 362 5,528 — 1998
Total THE MART— 69,694 319,146 522,550 69,701 841,689 911,390 449,935 
555 California Street, California1,200,000 223,446 895,379 300,992 223,446 1,196,371 1,419,817 518,104 1922,1969 -19702007(4)
Borgata Land, Atlantic City, NJ— 83,089 — — 83,089 — 83,089 — —2010
40 East 66th Street Residential, New York— 8,454 13,321 (8,193)5,273 8,309 13,582 3,981 —2005(4)
Annapolis, Maryland— — 9,652 — — 9,652 9,652 5,718 2005(4)
Wayne Towne Center, New Jersey— — 26,137 49,626 — 75,763 75,763 49,804 2010(4)
Paramus, New Jersey— — — 17,395 1,033 16,362 17,395 12,659 19671987(4)
Other— — — 1,829 — 1,829 1,829 870 (4)
Total Other1,200,000 384,683 1,263,635 884,199 382,542 2,149,975 2,532,517 1,041,071 
Leasehold improvements, equipment and other— — — 105,080 — 105,080 105,080 76,332 
Total December 31, 2025$5,664,457 $2,405,392 $5,774,792 $6,166,371 $2,408,914 $11,937,641 $14,346,555 $4,191,075 
________________________________________
(1)Represents contractual debt obligations.
(2)The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $1.6 billion lower than the amounts reported for financial statement purposes.
(3)Date of original construction - many properties have had substantial renovation or additional construction, see "costs capitalized subsequent to acquisition" column.
(4)Depreciation of the buildings and improvements is calculated over lives ranging from the life of the lease to forty years.
(5)Secured amount outstanding on revolving credit facilities.
The following is a reconciliation of real estate assets and accumulated depreciation:
Year Ended December 31,
 202520242023
Real Estate   
Balance at beginning of period$14,091,632 $13,801,204 $13,314,755 
Additions during the period:
Land55,575 — 40,145 
Buildings & improvements and other628,493 431,999 713,740 
 14,775,700 14,233,203 14,068,640 
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated429,145 141,571 267,436 
Balance at end of period$14,346,555 $14,091,632 $13,801,204 
Accumulated Depreciation
Balance at beginning of period$4,025,349 $3,752,827 $3,470,991 
Depreciation expense418,192 396,231 382,638 
 4,443,541 4,149,058 3,853,629 
Less: Accumulated depreciation on assets sold, written-off and deconsolidated252,466 123,709 100,802 
Balance at end of period$4,191,075 $4,025,349 $3,752,827