VNOMEDIUM SIGNALFINANCIAL10-K

VNO demonstrated meaningful balance sheet strengthening through debt reduction and equity growth while consolidating its Manhattan real estate portfolio.

The company's financial position improved notably with stockholders' equity growing 16.1% to $6.0B while simultaneously reducing total debt by 11.8% to $2.3B, indicating disciplined capital management. This deleveraging effort, combined with higher cash reserves, positions VNO with greater financial flexibility for future development projects and potential market volatility.

Comparing 2026-02-09 vs 2025-02-10View on EDGAR →
FINANCIAL ANALYSIS

VNO's balance sheet showed broad-based improvement across key metrics, with stockholders' equity expanding meaningfully to $6.0B while total debt declined to $2.3B. Cash and equivalents grew modestly to $840.9M, and total liabilities decreased 11.3% to $8.7B. The overall financial picture signals a company focused on strengthening its capital structure through deleveraging while maintaining adequate liquidity for operations and growth initiatives.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+16.1%
$5.2B→$6.0B

Equity base grew 16.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Cash & Equivalents
Balance Sheet
+14.6%
$733.9M→$840.9M

Cash grew 14.6% — improving liquidity position supports investment and shareholder returns.

Total Debt
Balance Sheet
-11.8%
$2.6B→$2.3B

Debt reduced 11.8% — deleveraging strengthens balance sheet and reduces financial risk.

Total Liabilities
Balance Sheet
-11.3%
$9.8B→$8.7B

Liabilities reduced 11.3% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-02-09
PRIOR — 2025-02-10
ADDED
by persons other than officers and trustees of Vornado Realty Trust, was $ 6,833,930,000 at June 30, 2025.
As of December 31, 2025, there were 190,666,367 common shares of beneficial interest outstanding of Vornado Realty Trust.
by persons other than Vornado Realty Trust and its officers and trustees, was $ 403,978,000 as of June 30, 2025.
Vornado is the sole general partner of and owned approximately 91.3% of the common limited partnership interest in the Operating Partnership as of December 31, 2025.
We currently own all or portions of: New York: 51 Manhattan operating properties consisting of: 19.2 million square feet of office space in 26 of the properties; 2.3 million square feet of street retail space in 45 of the properties; 1,331 units in two Manhattan residential properties; Multiple development sites and redevelopment projects, including 350 Park Avenue, Sunset Pier 94 Studios, 623 Fifth Avenue, the Hotel Pennsylvania site (PENN 15) and other PENN district sites; A 32.4% interest in Alexander s, Inc.
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REMOVED
by persons other than officers and trustees of Vornado Realty Trust, was $ 4,651,296,000 at June 30, 2024.
As of December 31, 2024, there were 190,846,580 common shares of beneficial interest outstanding of Vornado Realty Trust.
by persons other than Vornado Realty Trust and its officers and trustees, was $ 317,537,000 as of June 30, 2024.
Vornado is the sole general partner of and owned approximately 91.4% of the common limited partnership interest in the Operating Partnership as of December 31, 2024.
We currently own all or portions of: New York: 56 Manhattan operating properties consisting of: 20.1 million square feet of office space in 30 of the properties; 2.4 million square feet of street retail space in 49 of the properties; 1,330 units in two Manhattan residential properties; Multiple development sites, including 350 Park Avenue, Sunset Pier 94 Studios, the Hotel Pennsylvania site (PENN 15) and other PENN district sites; A 32.4% interest in Alexander s, Inc.
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