| Cash Flow | 2025-09-30 | 2025-06-30 |
|---|---|---|
| Net income | 932,290 | 913,051 |
| Prepaid lease payment (net of initial direct costs) | -901,409 | -901,409 |
| Gain on sales-type lease | 803,248 | 803,248 |
| Depreciation and amortization (including amortization of deferred financing costs) | 363,383 | 241,538 |
| Equity in net income of partially owned entities | 135,588 | 113,648 |
| Distributions of income from partially owned entities | 80,548 | 54,205 |
| Straight-lining of rents | 44,235 | 19,706 |
| Net gains on disposition of wholly owned and partially owned assets | 24,039 | 24,039 |
| Amortization of interest rate cap premiums | 20,387 | 14,176 |
| Stock-based compensation expense | 19,114 | 13,541 |
| Change in deferred tax liability | 683 | 4,488 |
| Amortization of below-market leases, net | 284 | 184 |
| Other non-cash adjustments | -2,488 | -4,022 |
| Tenant and other receivables | 30,318 | 5,265 |
| Prepaid assets | 52,554 | -14,578 |
| Other assets | 94,291 | 48,632 |
| Lease liabilities | -41,303 | -39,498 |
| Accounts payable and accrued expenses | 20,519 | -20,388 |
| Other liabilities | -2,849 | -7,454 |
| Net cash provided by operating activities | 1,112,112 | 1,078,946 |
| Proceeds from partial redemption of fifth avenue and times square jv preferred equity | - | 749,000 |
| Distributions of capital from partially owned entities | - | 3,323 |
| Proceeds from sale of condominium units and ancillary amenities at 220 central park south | - | 24,839 |
| Proceeds from sales of real estate | - | 22,308 |
| Development costs and construction in progress | - | 82,064 |
| Additions to real estate | - | 152,513 |
| Acquisitions of real estate and other | - | 22,771 |
| Investments in partially owned entities | - | 16,967 |
| Net cash provided by (used in) investing activities | 208,524 | 525,155 |
| Repayments of borrowings | 1,900,683 | 1,278,232 |
| Proceeds from borrowings | 835,420 | 120,000 |
| Dividends paid on preferred shares | 46,578 | 31,052 |
| Deferred financing costs | 6,809 | 470 |
| Contributions from noncontrolling interests | 1,927 | 673 |
| Distributions to noncontrolling interests | 1,396 | 1,365 |
| Other financing activity, net | -41 | 24 |
| Net cash used in financing activities | -1,118,160 | -1,190,422 |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 202,476 | 413,679 |
| Cash and cash equivalents at beginning of period | 949,619 | - |
| Cash and cash equivalents at end of period | 1,152,095 | - |
VORNADO REALTY TRUST (VNO)
VORNADO REALTY TRUST (VNO)