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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:      
Net income $ 937,204 $ 20,116 $ 32,888
Adjustments to reconcile net income to net cash provided by operating activities:      
Prepaid lease payment (net of initial direct costs) 901,409 0 0
Gain on sales-type lease (803,248) 0 0
Depreciation and amortization (including amortization of deferred financing costs) 481,456 469,423 457,574
Equity in net income of partially owned entities (141,310) (112,464) (38,689)
Distributions of income from partially owned entities 114,754 142,880 172,873
Straight-lining of rents (71,960) (5,086) (8,808)
Net gains on disposition of wholly owned and partially owned assets (35,291) (16,048) (71,199)
Stock-based compensation expense 25,479 30,172 43,201
Amortization of interest rate cap premiums 23,466 41,745 10,989
Change in deferred tax liability 3,530 13,008 17,020
Amortization of below-market leases, net (383) (3,035) (5,268)
Real estate impairment losses 0 0 45,007
Credit losses on investments 0 0 8,269
Net realized and unrealized gain on real estate fund investments 0 0 (1,861)
Return of capital from real estate fund investments 0 0 1,861
Other non-cash adjustments 4,510 13,995 9,874
Changes in operating assets and liabilities:      
Tenant and other receivables (18,787) 4,704 9,379
Prepaid assets 8,644 (8,346) (12,854)
Other assets (133,058) (74,420) (79,110)
Lease liabilities (43,352) 16,900 17,582
Accounts payable and accrued expenses 6,277 (6,800) 10,723
Other liabilities (955) 10,979 28,701
Net cash provided by operating activities 1,258,385 537,723 648,152
Cash Flows from Investing Activities:      
Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity 749,000 0 0
Acquisitions of real estate and other (296,681) 0 (33,145)
Additions to real estate (268,258) (222,739) (211,899)
Development costs and construction in progress (144,609) (242,874) (552,701)
Proceeds from sales of real estate and other 58,339 2,000 123,519
Distributions of capital from partially owned entities 50,927 0 18,869
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South 37,374 31,605 24,484
Investments in partially owned entities (35,585) (115,357) (57,297)
Investment in loan receivable (35,000) (50,000) 0
Proceeds from maturities of U.S. Treasury bills 0 0 468,598
Proceeds from repayment of participation in 150 West 34th Street mortgage loan 0 0 105,000
Deconsolidation of cash and restricted cash held by a previously consolidated entity 0 0 (14,216)
Net cash provided by (used in) investing activities 115,507 (597,365) (128,788)
Cash Flows from Financing Activities:      
Repayments of borrowings (1,903,513) (97,439) (148,000)
Proceeds from borrowings 835,794 75,000 0
Distributions to Vornado (141,277) (141,103) (129,066)
Distributions to preferred unitholders (62,104) (62,112) (62,116)
Repurchase of Class A units owned by Vornado (50,991) 0 (29,183)
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries (23,067) (18,156) (38,970)
Deferred financing costs (7,478) (13,870) (4,424)
Contributions from noncontrolling interests in consolidated subsidiaries 6,712 5,300 132,701
Other financing activity, net (41) 57 121
Net cash used in financing activities (1,345,965) (252,323) (278,937)
Net increase (decrease) in cash and cash equivalents and restricted cash 27,927 (311,965) 240,427
Cash and cash equivalents and restricted cash at beginning of period 949,619 1,261,584 1,021,157
Cash and cash equivalents and restricted cash at end of period 977,546 949,619 1,261,584
Reconciliation of Cash and Cash Equivalents and Restricted Cash:      
Cash and cash equivalents at beginning of period 733,947 997,002 889,689
Restricted cash at beginning of period 215,672 264,582 131,468
Cash and cash equivalents and restricted cash at beginning of period 949,619 1,261,584 1,021,157
Cash and cash equivalents at end of period 840,850 733,947 997,002
Restricted cash at end of period 136,696 215,672 264,582
Cash and cash equivalents and restricted cash at end of period 977,546 949,619 1,261,584
Supplemental Disclosure of Cash Flow Information:      
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums 313,093 322,774 381,410
Cash payments for income taxes 5,201 7,608 10,365
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:      
Redeemable Class A unit measurement adjustment 183,578 (226,586) (138,114)
Write-off of fully depreciated assets (115,939) (122,548) (82,343)
Change in fair value of consolidated interest rate hedges and other (53,452) 947 (112,051)
Accrued capital expenditures included in accounts payable and accrued expenses 43,875 39,784 52,091
Reclassification of assets held for sale (included in "other assets") 3,044 15,279 0
Initial investment in Sunset Pier 94 Joint Venture upon contribution of leasehold interest 0 0 50,090
770 Broadway      
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:      
Real estate 172,120 0 0
Receivable arising from the straight-lining of rents 26,362 0 0
Deferred leasing costs, net of accumulated amortization 60,308 0 0
Other 7,322 0 0
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94:      
Real estate 172,120 0 0
Pier 94      
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:      
Real estate 0 0 21,693
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94:      
Real estate 0 0 21,693
Right-of-use assets 0 0 7,081
Lease liabilities 0 0 (20,692)
Vornado Realty L.P.      
Cash Flows from Operating Activities:      
Net income 937,204 20,116 32,888
Adjustments to reconcile net income to net cash provided by operating activities:      
Prepaid lease payment (net of initial direct costs) 901,409 0 0
Gain on sales-type lease (803,248) 0 0
Depreciation and amortization (including amortization of deferred financing costs) 481,456 469,423 457,574
Equity in net income of partially owned entities (141,310) (112,464) (38,689)
Distributions of income from partially owned entities 114,754 142,880 172,873
Straight-lining of rents (71,960) (5,086) (8,808)
Net gains on disposition of wholly owned and partially owned assets (35,291) (16,048) (71,199)
Stock-based compensation expense 25,479 30,172 43,201
Amortization of interest rate cap premiums 23,466 41,745 10,989
Change in deferred tax liability 3,530 13,008 17,020
Amortization of below-market leases, net (383) (3,035) (5,268)
Real estate impairment losses 0 0 45,007
Credit losses on investments 0 0 8,269
Net realized and unrealized gain on real estate fund investments 0 0 (1,861)
Return of capital from real estate fund investments 0 0 1,861
Other non-cash adjustments 4,510 13,995 9,874
Changes in operating assets and liabilities:      
Tenant and other receivables (18,787) 4,704 9,379
Prepaid assets 8,644 (8,346) (12,854)
Other assets (133,058) (74,420) (79,110)
Lease liabilities (43,352) 16,900 17,582
Accounts payable and accrued expenses 6,277 (6,800) 10,723
Other liabilities (955) 10,979 28,701
Net cash provided by operating activities 1,258,385 537,723 648,152
Cash Flows from Investing Activities:      
Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity 749,000 0 0
Acquisitions of real estate and other (296,681) 0 (33,145)
Additions to real estate (268,258) (222,739) (211,899)
Development costs and construction in progress (144,609) (242,874) (552,701)
Proceeds from sales of real estate and other 58,339 2,000 123,519
Distributions of capital from partially owned entities 50,927 0 18,869
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South 37,374 31,605 24,484
Investments in partially owned entities (35,585) (115,357) (57,297)
Investment in loan receivable (35,000) (50,000) 0
Proceeds from maturities of U.S. Treasury bills 0 0 468,598
Proceeds from repayment of participation in 150 West 34th Street mortgage loan 0 0 105,000
Deconsolidation of cash and restricted cash held by a previously consolidated entity 0 0 (14,216)
Net cash provided by (used in) investing activities 115,507 (597,365) (128,788)
Cash Flows from Financing Activities:      
Repayments of borrowings (1,903,513) (97,439) (148,000)
Proceeds from borrowings 835,794 75,000 0
Distributions to Vornado (141,277) (141,103) (129,066)
Distributions to preferred unitholders (62,104) (62,112) (62,116)
Repurchase of Class A units owned by Vornado (50,991) 0 (29,183)
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries (23,067) (18,156) (38,970)
Deferred financing costs (7,478) (13,870) (4,424)
Contributions from noncontrolling interests in consolidated subsidiaries 6,712 5,300 132,701
Other financing activity, net (41) 57 121
Net cash used in financing activities (1,345,965) (252,323) (278,937)
Net increase (decrease) in cash and cash equivalents and restricted cash 27,927 (311,965) 240,427
Cash and cash equivalents and restricted cash at beginning of period 949,619 1,261,584 1,021,157
Cash and cash equivalents and restricted cash at end of period 977,546 949,619 1,261,584
Reconciliation of Cash and Cash Equivalents and Restricted Cash:      
Cash and cash equivalents at beginning of period 733,947 997,002 889,689
Restricted cash at beginning of period 215,672 264,582 131,468
Cash and cash equivalents and restricted cash at beginning of period 949,619 1,261,584 1,021,157
Cash and cash equivalents at end of period 840,850 733,947 997,002
Restricted cash at end of period 136,696 215,672 264,582
Cash and cash equivalents and restricted cash at end of period 977,546 949,619 1,261,584
Supplemental Disclosure of Cash Flow Information:      
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums 313,093 322,774 381,410
Cash payments for income taxes 5,201 7,608 10,365
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:      
Redeemable Class A unit measurement adjustment 183,578 (226,586) (138,114)
Write-off of fully depreciated assets (115,939) (122,548) (82,343)
Change in fair value of consolidated interest rate hedges and other (53,452) 947 (112,051)
Accrued capital expenditures included in accounts payable and accrued expenses 43,875 39,784 52,091
Reclassification of assets held for sale (included in "other assets") 3,044 15,279 0
Initial investment in Sunset Pier 94 Joint Venture upon contribution of leasehold interest 0 0 50,090
Vornado Realty L.P. | 770 Broadway      
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:      
Real estate 172,120 0 0
Receivable arising from the straight-lining of rents 26,362 0 0
Deferred leasing costs, net of accumulated amortization 60,308 0 0
Other 7,322 0 0
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94:      
Real estate 172,120 0 0
Vornado Realty L.P. | Pier 94      
Decrease in assets and liabilities resulting from the derecognition of 770 Broadway:      
Real estate 0 0 21,693
Decrease in assets and liabilities resulting from the deconsolidation of Pier 94:      
Real estate 0 0 21,693
Right-of-use assets 0 0 7,081
Lease liabilities $ 0 $ 0 $ (20,692)