沃那多房产信托 2025年季度报告

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended:September 30, 2025 TRANSITION REPORT PURSUANT TOSECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from:to Commission File Number:001-11954(Vornado Realty Trust)Commission File Number:001-34482(Vornado Realty L.P.) Vornado Realty TrustVornado Realty L.P. (Exact name of registrants as specified in its charter) Vornado Realty TrustMaryland22-1657560 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.Vornado Realty Trust:Yes☑No☐Vornado Realty L.P.:Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Vornado Realty Trust:Yes☑No☐Vornado Realty L.P.:Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company.See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Vornado Realty Trust: ☐Accelerated Filer☐Smaller Reporting Company☐Emerging Growth Company ☑Large Accelerated Filer☐Non-Accelerated Filer Vornado Realty L.P.: ☐Accelerated Filer☐Smaller Reporting Company☐Emerging Growth Company ☐Large Accelerated Filer☑Non-Accelerated Filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Vornado Realty Trust:☐Vornado Realty L.P.:☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Vornado Realty Trust: Yes☐No☑Vornado Realty L.P.: Yes☐No☑ As of September 30, 2025,192,054,832of Vornado Realty Trust’s common shares of beneficial interest are outstanding. EXPLANATORY NOTE This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2025 of Vornado Realty Trust andVornado Realty L.P.Unless stated otherwise or the context otherwise requires, references to “Vornado” refer to Vornado Realty Trust, aMaryland real estate investment trust (“REIT”), and references to the “Operating Partnership” refer to Vornado Realty L.P., a Delawarelimited partnership. References to the “Company,” “we,” “us” and “our” mean collectively Vornado, the Operating Partnership and thosesubsidiaries consolidated by Vornado. The Operating Partnership is the entity through which we conduct substantially all of our business and own, either directly or throughsubsidiaries, substantially all of our assets. Vornado is the sole general partner and also a 91.5%limited partner of the OperatingPartnership.As the sole general partner of the Operating Partnership, Vornado has exclusive control of the Operating Partnership’s day-to-day management. Under the limited partnership agreement of the Operating Partnership, unitholders may present their Class A units for redemption atany time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time). Class Aunits may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay theholder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at alltimes equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value ofone Vornado common share, and the distribution to a Class A unitholder is equal to the dividend paid to a Vornado common shareholder.This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. Vornado generally expects that it will elect to issueits common shares in connection with each such presentation for redemption rather than having the Operating Partnership pay cash. Witheach such exchange or redemption, Vornado’s percentage ownership in the Operating Partnership will increase. In addition, wheneverVornado issues common shares other than to acquire Class A units of the Operating Partnership, Vornado must contribute any net proceedsit receives to the Operating Partnership and the Operating Partnership must issue to Vornado an equivalent number of Class A units of theOperating Partnership. This