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Stock-based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
2026 Omnibus Share Plan
On May 21, 2026, our shareholders approved the 2026 Omnibus Share Plan (the “Plan”), which replaces the 2023 Omnibus Share Plan. Under the Plan, the Compensation Committee of Vornado’s Board of Trustees (the “Committee”) may grant incentive and nonqualified Vornado stock options, restricted Vornado common shares, restricted Operating Partnership units (“LTIP Units”), outperformance plan awards (“OPP Units”), appreciation-only long-term incentive plan units (“AO LTIP Units”), performance conditioned appreciation-only long-term incentive plan units (“Performance AO LTIP Units”), and long-term performance plan LTIP units (“LTPP Units”) to certain of our employees and officers. Awards may be granted up to a maximum of 8,000,000 shares, if all awards granted are Full Value awards, as defined in the Plan, and up to 16,000,000 shares, if all of the awards granted are Not Full Value Awards, as defined in the Plan. Full Value Awards are securities that have a value equivalent to the underlying Vornado common share or Class A unit of the Operating Partnership, such as restricted Vornado common shares or LTIP Units. Vornado stock options, AO LTIP Units and Performance AO LTIP Units are Not Full Value Awards; these securities require the payment of an exercise price.
LTPP Units
LTPP Units are multi-year, LTIP units-based performance equity compensation plans. On March 2, 2026, the Compensation Committee approved the 2026 Long-Term Performance Plan (“2026 LTPP”). Awards under the 2026 LTPP are bifurcated between operational performance (75%) and relative performance (25%) measurements and may be earned at specified threshold, target and maximum levels.
The operational component awards may be earned based on Vornado’s 2027 operational performance in FFO, as adjusted per share. Any LTPP award units tentatively earned based on Vornado’s 2027 operational performance are subject to an absolute return modifier pursuant to which such award units are subject to a potential reduction (but not increase) of up to 30% if Vornado’s three-year total shareholder return (“TSR”) is below specified levels.
Awards under relative components may be earned based on Vornado’s three-year TSR measured against a peer group custom index. Awards earned under the relative component of the 2026 LTPP are subject to reductions of up to 30% if Vornado’s three-year TSR is below specified levels.
If the designated performance objectives are achieved, awards earned under 2026 LTPP will vest 50% in March 2029 and 50% in March 2030. In addition, the Chief Executive Officer is required to hold any earned and vested awards for three years following each such vesting date and all other award recipients are required to hold such awards for one year following each such vesting date. Dividends on awards granted under the 2026 LTPP accrue during the applicable performance period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives.
LTPP Units granted during the six months ended June 30, 2026 had a grant date fair value of $18,711,000.
Below is a summary of our stock-based compensation expense, a component of “general and administrative” expense on our consolidated statements of income.
 (Amounts in thousands)For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
LTIP Units$3,708 $4,058 $5,968 $6,595 
Performance AO LTIP Units
2,587 2,906 5,335 5,782 
LTPP Units
1,509 469 2,145 953 
OPP Units
— 86 11 211 
$7,804 $7,519 $13,459 $13,541