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Income (Loss) Per Share and Per Class A Unit | 6 Months Ended
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Jun. 30, 2026
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 June 30, |  | For the Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Numerator: |  |  |  |  |  |  |
Net income attributable to Vornado | $ | 31,959 |  |  | $ | 759,345 |  |  | $ | 24,642 |  |  | $ | 861,713 |
Preferred share dividends | (15,525) |  |  | (15,526) |  |  | (31,050) |  |  | (31,052) |
Net income (loss) attributable to common shareholders | 16,434 |  |  | 743,819 |  |  | (6,408) |  |  | 830,661 |
Distributions and earnings allocated to unvested participating securities | — |  |  | — |  |  | — |  |  | — |
Numerator for basic income (loss) per common share | 16,434 |  |  | 743,819 |  |  | (6,408) |  |  | 830,661 |
Impact of assumed conversion of dilutive convertible securities | — |  |  | 425 |  |  | — |  |  | 735 |
Numerator for diluted income (loss) per common share | $ | 16,434 |  |  | $ | 744,244 |  |  | $ | (6,408) |  |  | $ | 831,396 |
Denominator: |  |  |  |  |  |  |
Denominator for basic income (loss) per common share - weighted average shares | 187,279 |  |  | 191,984 |  |  | 188,462 |  |  | 191,680 |
Effect of dilutive securities(1): |  |  |  |  |  |  |
Share-based payment awards | 6,922 |  |  | 7,740 |  |  | — |  |  | 7,951 |
Convertible securities | — |  |  | 1,342 |  |  | — |  |  | 1,296 |
Denominator for diluted income (loss) per common share - weighted average shares and assumed conversions | 194,201 |  |  | 201,066 |  |  | 188,462 |  |  | 200,927 |
INCOME (LOSS) PER COMMON SHARE: |  |  |  |  |  |  |
Basic | $ | 0.09 |  |  | $ | 3.87 |  |  | $ | (0.03) |  |  | $ | 4.33 |
Diluted | $ | 0.08 |  |  | $ | 3.70 |  |  | $ | (0.03) |  |  | $ | 4.14 |
________________________ (1)The calculation of diluted income (loss) per common share for the three and six months ended June 30, 2026 excluded weighted average potential common shares of 1,546 and 8,141, respectively, as their effect was antidilutive. For the three and six months ended June 30, 2025, there were no antidilutive potential common share equivalents. 13. 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 June 30, |  | For the Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Numerator: |  |  |  |  |  |  |
Net income attributable to Vornado Realty L.P. | $ | 33,448 |  |  | $ | 824,208 |  |  | $ | 24,112 |  |  | $ | 934,465 |
Preferred unit distributions | (15,553) |  |  | (15,554) |  |  | (31,107) |  |  | (31,109) |
Net income (loss) attributable to Class A unitholders | 17,895 |  |  | 808,654 |  |  | (6,995) |  |  | 903,356 |
Distributions and earnings allocated to unvested participating securities | (196) |  |  | (11,272) |  |  | — |  |  | (12,644) |
Numerator for basic income (loss) per Class A unit | 17,699 |  |  | 797,382 |  |  | (6,995) |  |  | 890,712 |
Impact of assumed conversion of dilutive convertible securities | — |  |  | 425 |  |  | — |  |  | 735 |
Numerator for diluted income (loss) per Class A unit | $ | 17,699 |  |  | $ | 797,807 |  |  | $ | (6,995) |  |  | $ | 891,447 |
Denominator: |  |  |  |  |  |  |
Denominator for basic income (loss) per Class A unit - weighted average units | 201,703 |  |  | 205,809 |  |  | 203,045 |  |  | 205,785 |
Effect of dilutive securities(1): |  |  |  |  |  |  |
Unit-based payment awards | 6,922 |  |  | 7,740 |  |  | — |  |  | 7,951 |
Convertible securities | — |  |  | 1,342 |  |  | — |  |  | 1,296 |
Denominator for diluted income (loss) per Class A unit - weighted average units and assumed conversions | 208,625 |  |  | 214,891 |  |  | 203,045 |  |  | 215,032 |
INCOME (LOSS) PER CLASS A UNIT: |  |  |  |  |  |  |
Basic | $ | 0.09 |  |  | $ | 3.87 |  |  | $ | (0.03) |  |  | $ | 4.33 |
Diluted | $ | 0.08 |  |  | $ | 3.71 |  |  | $ | (0.03) |  |  | $ | 4.15 |
________________________ (1)The calculation of diluted income (loss) per Class A unit for the three and six months ended June 30, 2026 excluded weighted average potential Class A units of 1,546 and 8,141, respectively, as their effect was antidilutive. For the three and six months ended June 30, 2025, there were no antidilutive potential Class A unit equivalents.

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