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Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Pay Versus Performance Table
The Company’s compensation philosophy is to pay for performance over the long- and short-term taking into consideration a range of factors, including both financial and non-financial performance measures. We align executive and shareholder interests through a compensation program providing a mix of salary, annual cash bonus incentives, and equity compensation, as further described in the “Compensation Discussion and Analysis” section above.
As required by SEC rules, the table below shows the following information for the past four fiscal years: (i) “total” compensation for our NEOs for purposes of the “Summary Compensation Table”; (ii) the “Compensation Actually Paid” to named executive officers (calculated using rules required by the SEC); (iii) our total shareholder return (“TSR”); (iv) the TSR of the NAREIT All Equity Index; (v) our net income; and (vi) our FFO as adjusted per share. “Compensation Actually Paid” does not represent the value of cash and equity compensation received by named executive officers during the year, but rather is an amount calculated under SEC rules and includes, among other things, year-over-year changes in the value of unvested equity-based awards. As a result of the calculation methodology required by SEC rules, “Compensation Actually Paid” amounts below differ from compensation actually received by the individuals above and the compensation decisions described in the “Compensation Discussion and Analysis” section above.
Year
(a)
Summary
Compensation
Table Total
for PEO

($)
(b)
Compensation
Actually Paid
to PEO

($)
(c)
Average
Summary
Compensation
Table Total
for Non-PEO
NEOs

($)
(d)
Average
Compensation
Actually Paid
to Non-PEO
NEOs

($)
(e)
Value of Initial Fixed
$100 Investment
Based on:
Net
Income
(loss)
($ Millions)
(h)
FFO, as
adjusted,
per Share
(i)
Total
Shareholder
Return

(VNO TSR)
($)

(f)
Peer
group TSR

(NAREIT
ALL Equity
Index TSR)

($)
(g)
2023 26,843,514 62,897,417 13,923,495 30,208,873 52 112 33 2.61
2022 9,929,707 (4,862,908) 4,300,083 (829,591) 37 101 (383) 3.15
2021 9,763,351 13,365,756 3,853,014 5,479,626 70 134 208 2.86
2020 11,047,233 2,225,040 7,898,162 4,063,450 60 95 (462) 2.62
Column (b).   Reflects compensation amounts reported in the “Summary Compensation Table” for our CEO, Steven Roth, who is also our principal executive officer, or “PEO”, for the respective years shown.
Column (c).   “Compensation actually paid” to our CEO in each of 2023, 2022, 2021 and 2020 reflects the respective amounts set forth in column (b) of the table above, adjusted as set forth in the table below, as determined in accordance with SEC rules. The dollar amounts reflected in column (c) of the table above do not reflect the actual amount of compensation earned by or paid to our CEO during the applicable year. For information regarding the decisions made by our Compensation Committee in regard to the CEO’s compensation for each fiscal year, please see the Compensation Discussion and Analysis sections of the proxy statements reporting pay for the fiscal years covered in the table above.
Year
2020
2021
2022
2023
CEO
S. Roth
S. Roth
S. Roth
S. Roth
SCT Total Compensation ($) 11,047,233 9,763,351 9,929,707 26,843,514
Less: Stock and Option Award Values Reported in SCT for the Covered Year ($) (10,669,189) (9,251,060) (7,908,798) (21,799,562)
Plus: Fair Value for Stock and Option Awards Granted in the Covered Year ($) 9,242,062 10,661,601 3,339,202 50,073,881
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($) (7,815,409) 1,140,656 (11,209,625) 7,461,253
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in the Covered Year ($) (400,780) 484,990 413,928 (116,897)
Less: Fair Value of Stock and Option Awards Forfeited during the Covered Year ($) (54,741) (36,722)
Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans ($)
Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($)
Dividends or other earnings paid on stock or options awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year 821,123 620,959 572,678 471,950
Compensation Actually Paid ($) 2,225,040 13,365,756 (4,862,908) 62,897,417
In making the adjustments in the table above, the “value” of a stock award is the fair value of the award on the applicable date determined in accordance with FASB ASC Topic 718 using the valuation assumptions we then used to calculate the fair value of our equity awards. For more information on the valuation of our equity awards, please see the notes to our financial statements that appear in our Annual Report on Form 10-K for each fiscal year and the footnotes to the Summary Compensation Table that appears in the proxy statements reporting pay for the fiscal years covered in the table above.
Column (d).   The following non-CEO named executive officers are included in the average figures shown:
2020: Joseph Macnow, David R. Greenbaum, Michael J. Franco and Glen J. Weiss
2021: Michael J. Franco, Haim Chera, Barry S. Langer and Glen J. Weiss
2022: Michael J. Franco, Haim Chera, Barry S. Langer and Glen J. Weiss
2023: Michael J. Franco, Haim Chera, Barry S. Langer and Glen J. Weiss
Column (e).   Average “Compensation Actually Paid” to our non-CEO NEOs in each of 2023, 2022, 2021 and 2020 reflects the respective amounts set forth in column (d) of the table above, adjusted as set forth in the table below, as determined in accordance with SEC rules. The dollar amounts reflected in column (d) of the table above do not reflect the actual amount of compensation earned by or paid to our non-CEO NEOs during the applicable year. For information regarding the decisions made by our Compensation Committee in regards to the non-CEO NEOs’ compensation for each fiscal year, please the Compensation Discussion and Analysis sections of the proxy statements reporting pay for the fiscal years covered in the table above.
Year
2020
Average
2021
Average
2022
Average
2023
Average
SCT Total Compensation ($) 7,898,162 3,853,014 4,300,083 13,923,495
Less: Stock and Option Award Values Reported in SCT for the Covered Year ($) (3,599,693) (1,278,192) (1,613,244) (10,123,564)
Plus: Fair Value for Stock and Option Awards Granted
in the Covered Year ($)
2,968,413 1,569,816 494,457 25,282,730
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($) (2,607,245) 936,521 (3,981,631) 1,435,782
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in the Covered Year ($) (931,594) 36,766 (355,524) (480,325)
Less: Fair Value of Stock and Option Awards Forfeited
during the Covered Year ($)
(6,486) (7,729)
Less: Aggregate Change in Actuarial Present Value of
Accumulated Benefit Under Pension Plans ($)
Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($)
Dividends or other earnings paid on stock or options awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year 335,407 368,187 326,268 178,484
Compensation Actually Paid ($) 4,063,450 5,479,626 (829,591) 30,208,873
In making the adjustments in the table above, the “value” of a stock award is the fair value of the award on the applicable date determined in accordance with FASB ASC Topic 718 using the valuation assumptions we then used to calculate the fair value of our equity awards. For more information on the valuation of our equity awards, please see the notes to our financial statements that appear in our Annual Report on Form 10-K for each fiscal year and the footnotes to the Summary Compensation Table that appears in the proxy statements reporting pay for the fiscal years covered in the table above.
Column (f).   For the relevant fiscal year, represents the cumulative TSR of Vornado Realty Trust based on the value of an initial fixed investment of $100 on December 31, 2019 and the reinvestment of all dividends.
Column (g).   For the relevant fiscal year, represents the cumulative TSR of the NAREIT All Equity Index (“Peer Group TSR”) based on the value of an initial fixed investment of $100 on December 31, 2019 and the reinvestment of all dividends.
Column (h).   Reflects “Net Income” in the Company’s Consolidated Income Statements included in the Company’s Annual Reports on Form 10-K for each fiscal year.
Column (i).   Company-selected Measure is FFO attributable to common shareholders plus assumed conversions, as adjusted per Share.
     
Company Selected Measure Name FFO, as adjusted, per Share      
Named Executive Officers, Footnote
Column (b).   Reflects compensation amounts reported in the “Summary Compensation Table” for our CEO, Steven Roth, who is also our principal executive officer, or “PEO”, for the respective years shown.
Column (d).   The following non-CEO named executive officers are included in the average figures shown:
2020: Joseph Macnow, David R. Greenbaum, Michael J. Franco and Glen J. Weiss
2021: Michael J. Franco, Haim Chera, Barry S. Langer and Glen J. Weiss
2022: Michael J. Franco, Haim Chera, Barry S. Langer and Glen J. Weiss
2023: Michael J. Franco, Haim Chera, Barry S. Langer and Glen J. Weiss
     
Peer Group Issuers, Footnote
Column (g).   For the relevant fiscal year, represents the cumulative TSR of the NAREIT All Equity Index (“Peer Group TSR”) based on the value of an initial fixed investment of $100 on December 31, 2019 and the reinvestment of all dividends.
     
PEO Total Compensation Amount $ 26,843,514 $ 9,929,707 $ 9,763,351 $ 11,047,233
PEO Actually Paid Compensation Amount $ 62,897,417 (4,862,908) 13,365,756 2,225,040
Adjustment To PEO Compensation, Footnote
Column (b).   Reflects compensation amounts reported in the “Summary Compensation Table” for our CEO, Steven Roth, who is also our principal executive officer, or “PEO”, for the respective years shown.
Column (c).   “Compensation actually paid” to our CEO in each of 2023, 2022, 2021 and 2020 reflects the respective amounts set forth in column (b) of the table above, adjusted as set forth in the table below, as determined in accordance with SEC rules. The dollar amounts reflected in column (c) of the table above do not reflect the actual amount of compensation earned by or paid to our CEO during the applicable year. For information regarding the decisions made by our Compensation Committee in regard to the CEO’s compensation for each fiscal year, please see the Compensation Discussion and Analysis sections of the proxy statements reporting pay for the fiscal years covered in the table above.
Year
2020
2021
2022
2023
CEO
S. Roth
S. Roth
S. Roth
S. Roth
SCT Total Compensation ($) 11,047,233 9,763,351 9,929,707 26,843,514
Less: Stock and Option Award Values Reported in SCT for the Covered Year ($) (10,669,189) (9,251,060) (7,908,798) (21,799,562)
Plus: Fair Value for Stock and Option Awards Granted in the Covered Year ($) 9,242,062 10,661,601 3,339,202 50,073,881
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($) (7,815,409) 1,140,656 (11,209,625) 7,461,253
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in the Covered Year ($) (400,780) 484,990 413,928 (116,897)
Less: Fair Value of Stock and Option Awards Forfeited during the Covered Year ($) (54,741) (36,722)
Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans ($)
Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($)
Dividends or other earnings paid on stock or options awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year 821,123 620,959 572,678 471,950
Compensation Actually Paid ($) 2,225,040 13,365,756 (4,862,908) 62,897,417
In making the adjustments in the table above, the “value” of a stock award is the fair value of the award on the applicable date determined in accordance with FASB ASC Topic 718 using the valuation assumptions we then used to calculate the fair value of our equity awards. For more information on the valuation of our equity awards, please see the notes to our financial statements that appear in our Annual Report on Form 10-K for each fiscal year and the footnotes to the Summary Compensation Table that appears in the proxy statements reporting pay for the fiscal years covered in the table above.
     
Non-PEO NEO Average Total Compensation Amount $ 13,923,495 4,300,083 3,853,014 7,898,162
Non-PEO NEO Average Compensation Actually Paid Amount $ 30,208,873 (829,591) 5,479,626 4,063,450
Adjustment to Non-PEO NEO Compensation Footnote
Column (d).   The following non-CEO named executive officers are included in the average figures shown:
2020: Joseph Macnow, David R. Greenbaum, Michael J. Franco and Glen J. Weiss
2021: Michael J. Franco, Haim Chera, Barry S. Langer and Glen J. Weiss
2022: Michael J. Franco, Haim Chera, Barry S. Langer and Glen J. Weiss
2023: Michael J. Franco, Haim Chera, Barry S. Langer and Glen J. Weiss
Column (e).   Average “Compensation Actually Paid” to our non-CEO NEOs in each of 2023, 2022, 2021 and 2020 reflects the respective amounts set forth in column (d) of the table above, adjusted as set forth in the table below, as determined in accordance with SEC rules. The dollar amounts reflected in column (d) of the table above do not reflect the actual amount of compensation earned by or paid to our non-CEO NEOs during the applicable year. For information regarding the decisions made by our Compensation Committee in regards to the non-CEO NEOs’ compensation for each fiscal year, please the Compensation Discussion and Analysis sections of the proxy statements reporting pay for the fiscal years covered in the table above.
Year
2020
Average
2021
Average
2022
Average
2023
Average
SCT Total Compensation ($) 7,898,162 3,853,014 4,300,083 13,923,495
Less: Stock and Option Award Values Reported in SCT for the Covered Year ($) (3,599,693) (1,278,192) (1,613,244) (10,123,564)
Plus: Fair Value for Stock and Option Awards Granted
in the Covered Year ($)
2,968,413 1,569,816 494,457 25,282,730
Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($) (2,607,245) 936,521 (3,981,631) 1,435,782
Change in Fair Value of Stock and Option Awards from Prior Years that Vested in the Covered Year ($) (931,594) 36,766 (355,524) (480,325)
Less: Fair Value of Stock and Option Awards Forfeited
during the Covered Year ($)
(6,486) (7,729)
Less: Aggregate Change in Actuarial Present Value of
Accumulated Benefit Under Pension Plans ($)
Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($)
Dividends or other earnings paid on stock or options awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year 335,407 368,187 326,268 178,484
Compensation Actually Paid ($) 4,063,450 5,479,626 (829,591) 30,208,873
In making the adjustments in the table above, the “value” of a stock award is the fair value of the award on the applicable date determined in accordance with FASB ASC Topic 718 using the valuation assumptions we then used to calculate the fair value of our equity awards. For more information on the valuation of our equity awards, please see the notes to our financial statements that appear in our Annual Report on Form 10-K for each fiscal year and the footnotes to the Summary Compensation Table that appears in the proxy statements reporting pay for the fiscal years covered in the table above.
     
Compensation Actually Paid vs. Total Shareholder Return [MISSING IMAGE: bc_tsr-pn.jpg]      
Compensation Actually Paid vs. Net Income
[MISSING IMAGE: bc_netincome-pn.jpg]
     
Compensation Actually Paid vs. Company Selected Measure
[MISSING IMAGE: bc_adjusted-pn.jpg]
     
Total Shareholder Return Vs Peer Group [MISSING IMAGE: bc_tsr-pn.jpg]      
Tabular List, Table
Below is an unranked list of the measures we consider most important in linking the compensation actually paid to our NEOs for 2023 with our performance.
Measure
Nature
Absolute TSR (used in LTPP)
Financial measure
Relative TSR (used in LTPP)
Financial measure
FFO, as adjusted, per Share (used in 2023 Annual Incentive Plan and LTPP)
Financial measure
Environmental, Social and Governance progress (used in LTPP)
Non-financial measure
     
Total Shareholder Return Amount $ 52 37 70 60
Peer Group Total Shareholder Return Amount 112 101 134 95
Net Income (Loss) $ 33,000,000 $ (383,000,000) $ 208,000,000 $ (462,000,000)
Company Selected Measure Amount | $ / shares 2.61 3.15 2.86 2.62
PEO Name Steven Roth      
Measure:: 1        
Pay vs Performance Disclosure        
Name Absolute TSR      
Measure:: 2        
Pay vs Performance Disclosure        
Name Relative TSR      
Measure:: 3        
Pay vs Performance Disclosure        
Name FFO, as adjusted, per Share      
Non-GAAP Measure Description
Column (i).   Company-selected Measure is FFO attributable to common shareholders plus assumed conversions, as adjusted per Share.
     
Measure:: 4        
Pay vs Performance Disclosure        
Name Environmental, Social and Governance progress      
PEO | S. Roth | Equity Awards Value In Summary Compensation Table (Grant Date Value)        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (21,799,562) $ (7,908,798) $ (9,251,060) $ (10,669,189)
PEO | S. Roth | Equity Awards Adjustments Fair Value as of Year End of Stock and Option Awards Granted during Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 50,073,881 3,339,202 10,661,601 9,242,062
PEO | S. Roth | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 7,461,253 (11,209,625) 1,140,656 (7,815,409)
PEO | S. Roth | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (116,897) 413,928 484,990 (400,780)
PEO | S. Roth | Fair Value Of Stock And Option Awards Forfeited During The Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (36,722) (54,741)
PEO | S. Roth | Pension Value In Aggregate Change in Actuarial Present Value of Accumulated Benefit [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount
PEO | S. Roth | Total Pension Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount
PEO | S. Roth | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 471,950 572,678 620,959 821,123
Non-PEO NEO | Equity Awards Value In Summary Compensation Table (Grant Date Value)        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (10,123,564) (1,613,244) (1,278,192) (3,599,693)
Non-PEO NEO | Equity Awards Adjustments Fair Value as of Year End of Stock and Option Awards Granted during Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 25,282,730 494,457 1,569,816 2,968,413
Non-PEO NEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,435,782 (3,981,631) 936,521 (2,607,245)
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (480,325) (355,524) 36,766 (931,594)
Non-PEO NEO | Fair Value Of Stock And Option Awards Forfeited During The Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (7,729) (6,486)
Non-PEO NEO | Pension Value In Aggregate Change in Actuarial Present Value of Accumulated Benefit [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount
Non-PEO NEO | Total Pension Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount
Non-PEO NEO | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 178,484 $ 326,268 $ 368,187 $ 335,407