Income Per Share and Per Class A Unit (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Earnings Per Share Basic and Diluted


(Amounts in thousands, except per share amounts)	For the Year Ended December 31,
	2025		2024		2023
Numerator:
Net income attributable to Vornado	$	904,955	$	70,387	$	105,494
Preferred share dividends	(62,104)		(62,112)		(62,116)
Net income attributable to common shareholders	842,851		8,275		43,378
Distributions and earnings allocated to unvested participating securities	—		—		(2)
Numerator for basic income per common share	842,851		8,275		43,376
Impact of assumed conversion of dilutive potential convertible securities	1,409		—		—
Numerator for diluted income per common share	$	844,260	$	8,275	$	43,376

Denominator:
Denominator for basic income per common share - weighted average shares	191,759		190,539		191,005
Effect of dilutive securities(1):
Share-based awards	7,976		6,087		851
Convertible securities	1,314		—		—
Denominator for diluted income per common share - weighted average shares and assumed conversions	201,049		196,626		191,856

Income per common share:
Basic	$	4.40	$	0.04	$	0.23
Diluted	$	4.20	$	0.04	$	0.23

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(1)For the year ended December 31, 2025, there were no antidilutive potential common shares. The calculation of diluted income per common share for the years ended December 31, 2024 and 2023 excluded weighted average potential common shares of 1,580, and 3,458, respectively, as their effect was antidilutive.


(Amounts in thousands, except per unit amounts)	For the Year Ended December 31,
	2025		2024		2023
Numerator:
Net income attributable to Vornado Realty L.P.	$	978,826	$	71,247	$	108,855
Preferred unit distributions	(62,219)		(62,227)		(62,231)
Net income attributable to Class A unitholders	916,607		9,020		46,624
Distributions and earnings allocated to participating securities	(13,265)		(1,964)		(1,323)
Numerator for basic income per Class A unit	903,342		7,056		45,301
Impact of assumed conversion of dilutive potential Class A units	1,409		—		—
Numerator for diluted income per Class A unit	$	904,751	$	7,056	$	45,301

Denominator:
Denominator for basic income per Class A unit – weighted average units	205,697		204,981		205,105
Effect of dilutive securities(1):
Unit-based awards	7,976		6,087		851
Convertible securities	1,314		—		—
Denominator for diluted income per Class A unit – weighted average units and assumed conversions	214,987		211,068		205,956

Income per Class A unit:
Basic	$	4.39	$	0.03	$	0.22
Diluted	$	4.21	$	0.03	$	0.22

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(1)For the year ended December 31, 2025, there were no antidilutive potential Class A units. The calculation of diluted income per Class A unit for the years ended December 31, 2024 and 2023 excluded weighted average potential Class A units of 1,580, and 3,458, respectively, as their effect was antidilutive.