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Income (Loss) Per Share and Per Class A Unit
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Income (Loss) Per Share and Per Class A Unit Income (Loss) Per Share and Per Class A Unit
Vornado Realty Trust
Basic net income (loss) per common share is computed by dividing (i) net income (loss) attributable to common shareholders after allocation of dividends and undistributed earnings to participating securities by (ii) the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the dilutive impact of potential common shares and is computed after allocation of earnings to participating securities. Vornado’s participating securities include unvested restricted common shares. Employee stock options, OPP Units, AO LTIP Units, Performance AO LTIP Units and LTPP Units are included in the calculation of diluted income (loss) per share using the treasury stock method, if the effect is dilutive. Series A convertible preferred shares, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units are included in the calculation of diluted income (loss) per share using the if-converted method, if the effect is dilutive. Net income (loss) is allocated to redeemable Class A units of the Operating Partnership on a one-for-one basis with Vornado common shares. As such, redemption of these units for Vornado common shares would not have a dilutive effect on income (loss) per common share.
(Amounts in thousands, except per share amounts)For the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
Numerator:
Net income (loss) attributable to Vornado$27,115 $(3,626)$888,828 $53,658 
Preferred share dividends(15,526)(15,528)(46,578)(46,586)
Net income (loss) attributable to common shareholders11,589 (19,154)842,250 7,072 
Distributions and earnings allocated to unvested participating securities— — — — 
Numerator for basic income (loss) per common share11,589 (19,154)842,250 7,072 
Impact of assumed conversion of dilutive convertible securities— — 1,189 — 
Numerator for diluted income (loss) per common share$11,589 $(19,154)$843,439 $7,072 
Denominator:
Denominator for basic income (loss) per common share - weighted average shares192,050 190,556 191,804 190,493 
Effect of dilutive securities(1):
Share-based payment awards8,100 — 8,000 4,980 
Convertible securities— — 1,294 — 
Denominator for diluted income (loss) per common share - weighted average shares and assumed conversions200,150 190,556 201,098 195,473 
 INCOME (LOSS) PER COMMON SHARE:
Basic$0.06 $(0.10)$4.39 $0.04 
Diluted$0.06 $(0.10)$4.19 $0.04 
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(1)The calculation of diluted income (loss) per common share for the three months ended September 30, 2025 excluded 1,291 potential common share equivalents of our convertible securities, as their inclusion would be antidilutive. There were no antidilutive potential common share equivalents for the nine months ended September 30, 2025.
14.    Income (Loss) Per Share and Per Class A Unit - continued
Vornado Realty L.P.
Basic net income (loss) per Class A unit is computed by dividing (i) net income (loss) attributable to Class A unitholders after allocation of distributions and undistributed earnings to participating securities by (ii) the weighted average number of Class A units outstanding for the period. Diluted earnings per unit reflects the dilutive impact of potential Class A units and is computed after allocation of earnings to participating securities. Vornado Realty L.P.’s participating securities include unvested LTIP Units and LTPP Units for which the applicable performance vesting conditions were satisfied. Equity awards subject to market and/or performance vesting conditions, including Vornado stock options, OPP Units, AO LTIP Units, Performance AO LTIP Units and LTPP Units, are included in the calculation of diluted income (loss) per Class A unit using the treasury stock method, if the effect is dilutive. Convertible securities, including Series A convertible preferred units, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units, are included in the calculation of diluted income (loss) per Class A unit using the if-converted method, if the effect is dilutive.
(Amounts in thousands, except per unit amounts)For the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
Numerator:
Net income (loss) attributable to Vornado Realty L.P.$28,151 $(5,316)$962,616 $54,382 
Preferred unit distributions(15,555)(15,557)(46,664)(46,672)
Net income (loss) attributable to Class A unitholders12,596 (20,873)915,952 7,710 
Distributions and earnings allocated to unvested participating securities(175)— (12,792)(99)
Numerator for basic income (loss) per Class A unit12,421 (20,873)903,160 7,611 
Impact of assumed conversion of dilutive convertible securities— — 1,189 — 
Numerator for diluted income (loss) per Class A unit$12,421 $(20,873)$904,349 $7,611 
Denominator:
Denominator for basic income (loss) per Class A unit - weighted average units205,846 205,025 205,806 204,953 
Effect of dilutive securities(1):
Unit-based payment awards8,100 — 8,000 4,980 
Convertible securities— — 1,294 — 
Denominator for diluted income (loss) per Class A unit - weighted average units and assumed conversions213,946 205,025 215,100 209,933 
 INCOME (LOSS) PER CLASS A UNIT:
Basic$0.06 $(0.10)$4.39 $0.04 
Diluted$0.06 $(0.10)$4.20 $0.04 
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(1)The calculation of diluted income (loss) per Class A unit for the three months ended September 30, 2025 excluded 1,291 potential Class A unit equivalents of our convertible securities, as their inclusion would be antidilutive. There were no antidilutive potential Class A unit equivalents for the nine months ended September 30, 2025.