Security
VORNADO REALTY TRUST 5.40% Series L Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share · VNO PRL
VNO PRLNYSEPreferred stockCurrentCIK 899689Updated Oct 4, 2026
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Financials
FY 2025 · USDSource
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balance sheet · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| ASSETS | ||||
| AssetsUSD | 15,521,118,000Source | 15,998,608,000Source | 16,187,665,000Source | 16,493,375,000Source |
| Current assets: | ||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 840,850,000Source | 733,947,000Source | 997,002,000Source | 889,689,000Source |
| Accounts Receivable | — | — | — | — |
| Operating Lease, Right-of-Use AssetUSD | 671,308,000Source | 678,804,000Source | 680,044,000Source | 684,380,000Source |
| LIABILITIES AND EQUITY | ||||
| LiabilitiesUSD | 8,716,595,000Source | 9,826,739,000Source | 9,843,931,000Source | 9,980,263,000Source |
| Stockholders’ equity: | ||||
| Preferred Stock, Value, IssuedUSD | 1,182,345,000Source | 1,182,364,000Source | 1,182,459,000Source | 1,182,459,000Source |
| Common Stock, Value, IssuedUSD | 7,627,000Source | 7,634,000Source | 7,594,000Source | 7,654,000Source |
| Additional Paid in CapitalUSD | 8,288,363,000Source | 8,052,793,000Source | 8,263,291,000Source | 8,369,228,000Source |
| Retained Earnings (Accumulated Deficit)USD | -3,491,603,000Source | -4,142,249,000Source | -4,009,395,000Source | -3,894,580,000Source |
| Accumulated Other Comprehensive Income (Loss), Net of TaxUSD | -5,000Source | 57,700,000Source | 65,115,000Source | 174,967,000Source |
| Stockholders' Equity Attributable to ParentUSD | 5,986,727,000Source | 5,158,242,000Source | 5,509,064,000Source | 5,839,728,000Source |
| Liabilities and EquityUSD | 15,521,118,000Source | 15,998,608,000Source | 16,187,665,000Source | 16,493,375,000Source |
| Stockholders' Equity Attributable to Noncontrolling InterestUSD | 169,845,000Source | 178,969,000Source | 196,222,000Source | 236,652,000Source |
| Additional Financial Items | ||||
| Deferred Tax Liabilities, NetUSD | 88,153,000Source | 84,877,000Source | 74,721,000Source | 54,597,000Source |
| Long-term DebtUSD | 2,264,959,000Source | 2,566,862,000Source | 2,563,432,000Source | 2,560,025,000Source |
| Redeemable Noncontrolling Interest, Equity, Carrying AmountUSD | 647,951,000Source | 834,658,000Source | 638,448,000Source | 436,732,000Source |
| Short-term InvestmentsUSD | — | — | 0Source | 471,962,000Source |
cash flow · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling InterestUSD | 937,204,000Source | 20,116,000Source | 32,888,000Source | -382,612,000Source |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation, Depletion and AmortizationUSD | 481,456,000Source | 469,423,000Source | 457,574,000Source | 526,306,000Source |
| Share-based Payment Arrangement, Noncash ExpenseUSD | 25,479,000Source | 30,172,000Source | 43,201,000Source | 29,249,000Source |
| Changes in operating assets and liabilities: | ||||
| Increase (Decrease) in Accounts ReceivableUSD | 18,787,000Source | -4,704,000Source | -9,379,000Source | 4,437,000Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | 1,258,385,000Source | 537,723,000Source | 648,152,000Source | 798,944,000Source |
| Cash flows from investing activities: | ||||
| Net Cash Provided by (Used in) Investing ActivitiesUSD | 115,507,000Source | -597,365,000Source | -128,788,000Source | -906,864,000Source |
| Cash flows from financing activities: | ||||
| Payments for Repurchase of Common StockUSD | 50,991,000Source | 0Source | 29,183,000Source | — |
| Net Cash Provided by (Used in) Financing ActivitiesUSD | -1,345,965,000Source | -252,323,000Source | -278,937,000Source | -801,274,000Source |
| Payments of Ordinary Dividends, Common StockUSD | 141,277,000Source | 141,103,000Source | 129,066,000Source | 406,562,000Source |
| Proceeds from (Payments for) Other Financing ActivitiesUSD | -41,000Source | 57,000Source | — | — |
| Repayments of Long-term DebtUSD | 1,903,513,000Source | 97,439,000Source | 148,000,000Source | 1,251,373,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | 27,927,000Source | -311,965,000Source | 240,427,000Source | -909,194,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | 977,546,000Source | 949,619,000Source | 1,261,584,000Source | 1,021,157,000Source |
| Supplemental disclosure of cash flow information: | ||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | 313,093,000Source | 322,774,000Source | 381,410,000Source | 252,371,000Source |
| Additional Financial Items | ||||
| Share-based Payment Arrangement, ExpenseUSD | 25,479,000Source | 30,172,000Source | 43,201,000Source | 29,249,000Source |
| Amortization of Debt Issuance CostsUSD | 19,256,000Source | 21,923,000Source | 23,301,000Source | 21,804,000Source |
| Gain (Loss) on Disposition of AssetsUSD | 35,291,000Source | 16,048,000Source | 71,199,000Source | 100,625,000Source |
| General and Administrative ExpenseUSD | 156,115,000Source | 148,520,000Source | 162,883,000Source | 133,731,000Source |
| Income (Loss) from Equity Method InvestmentsUSD | 141,310,000Source | 112,464,000Source | 38,689,000Source | -461,351,000Source |
| Income Tax Expense (Benefit)USD | 13,509,000Source | 22,729,000Source | 29,222,000Source | 21,660,000Source |
| Marketable Securities, Unrealized Gain (Loss)USD | — | — | — | 0Source |
| Net Income (Loss) Attributable to ParentUSD | 904,955,000Source | 70,387,000Source | 105,494,000Source | -346,499,000Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | 842,851,000Source | 8,275,000Source | 43,378,000Source | -408,615,000Source |
| Operating Costs and ExpensesUSD | 919,959,000Source | 927,796,000Source | 905,158,000Source | 873,911,000Source |
| Operating ExpensesUSD | 1,551,744,000Source | 1,541,696,000Source | 1,565,167,000Source | 1,534,249,000Source |
| Operating Lease, ExpenseUSD | 32,229,000Source | 60,514,000Source | 61,217,000Source | 59,391,000Source |
| Operating Lease, Lease IncomeUSD | 1,492,684,000Source | 1,508,044,000Source | 1,544,671,000Source | 1,543,317,000Source |
| Other Nonoperating Income (Expense)USD | — | 0Source | 0Source | 235,000Source |
| Payments of Financing CostsUSD | 7,478,000Source | 13,870,000Source | 4,424,000Source | — |
| Proceeds from Issuance of Long-term DebtUSD | 835,794,000Source | 75,000,000Source | 0Source | 1,029,773,000Source |
| Proceeds from Noncontrolling InterestsUSD | 6,712,000Source | 5,300,000Source | 132,701,000Source | 5,609,000Source |
| Proceeds from Stock Options ExercisedUSD | 42,000Source | — | — | 885,000Source |
| Financing Receivable, Credit Loss, Expense (Reversal)USD | 0Source | 0Source | 8,269,000Source | 0Source |
| Sales-type Lease, Selling Profit (Loss)USD | 803,248,000Source | — | — | — |
income statement · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Total RevenueUSD | 1,810,425,000Source | 1,787,686,000Source | 1,811,163,000Source | 1,799,995,000Source |
| Other Nonoperating Income (Expense)USD | — | 0Source | 0Source | 235,000Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestUSD | 950,713,000Source | 42,845,000Source | 62,110,000Source | -360,952,000Source |
| Income Tax Expense (Benefit)USD | 13,509,000Source | 22,729,000Source | 29,222,000Source | 21,660,000Source |
| Net Income (Loss) Attributable to ParentUSD | 904,955,000Source | 70,387,000Source | 105,494,000Source | -346,499,000Source |
| Earnings Per Share, BasicUSD per share | 4.4Source | 0.04Source | 0.23Source | -2.13Source |
| Earnings Per Share, DilutedUSD per share | 4.2Source | 0.04Source | 0.23Source | -2.13Source |
| Weighted Average Number of Shares Outstanding, Basicshares | 191,759,000Source | 190,539,000Source | 191,005,000Source | 191,775,000Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | 201,049,000Source | 196,626,000Source | 191,856,000Source | 191,775,000Source |
| Additional Financial Items | ||||
| Common Stock, Dividends, Per Share, DeclaredUSD per share | 0.74Source | 0.74Source | 0.68Source | 2.12Source |
| Depreciation, Depletion and Amortization, NonproductionUSD | 462,201,000Source | 447,500,000Source | 434,273,000Source | 504,502,000Source |
| General and Administrative ExpenseUSD | 156,115,000Source | 148,520,000Source | 162,883,000Source | 133,731,000Source |
| Income (Loss) from Equity Method InvestmentsUSD | 141,310,000Source | 112,464,000Source | 38,689,000Source | -461,351,000Source |
| Net Income (Loss) Attributable to Nonredeemable Noncontrolling InterestUSD | 12,768,000Source | 19,964,000Source | 36,582,000Source | -3,931,000Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | 842,851,000Source | 8,275,000Source | 43,378,000Source | -408,615,000Source |
| Operating Costs and ExpensesUSD | 919,959,000Source | 927,796,000Source | 905,158,000Source | 873,911,000Source |
| Operating ExpensesUSD | 1,551,744,000Source | 1,541,696,000Source | 1,565,167,000Source | 1,534,249,000Source |
| Operating Lease, ExpenseUSD | 32,229,000Source | 60,514,000Source | 61,217,000Source | 59,391,000Source |
| Operating Lease, Lease IncomeUSD | 1,492,684,000Source | 1,508,044,000Source | 1,544,671,000Source | 1,543,317,000Source |
| Preferred Stock Dividends, Income Statement ImpactUSD | 62,104,000Source | 62,112,000Source | 62,116,000Source | 62,116,000Source |
| Sales-type Lease, Selling Profit (Loss)USD | 803,248,000Source | — | — | — |