沃那多房产信托 2025年度报告

FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE AOF 1934 For the Fiscal Year Ended:December 31, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGACT OF 1934 For the transition period fromtoCommission 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) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Vornado Realty Trust: Yes☐No☑Vornado Realty L.P.: Yes☐No☑ Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during 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 filing requirements 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 toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired 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 reportingcompany or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”and “emerging growth company” in Rule 12b-2 of the Exchange Act. Vornado Realty Trust: ☐Accelerated Filer☐Smaller Reporting Company☐Emerging Growth Company Vornado Realty L.P.: ☐Accelerated Filer☐Smaller Reporting Company☐Emerging Growth Company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or 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 has filed a report on and attestation to its management's assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report. Vornado Realty Trust:☑Vornado Realty L.P.:☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements. Vornado Realty Trust:☐Vornado Realty L.P.:☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). 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☑ The aggregate market value of the voting and non-voting common shares held by non-affiliates of Vornado Realty Trust, i.e. by personsother 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. There is no public market for the Class A units of limited partnership interest of Vornado Realty L.P. Based on the June 30, 2025 closingshare price of Vornado Realty Trust’s common shares, which are issuable upon redemption of the Class A units, the aggregate market valueof the Class A units held by non-affiliates of Vornado Realty L.P., i.e. by persons other than Vornado Realty Trust and its officers andtrustees, was $403,978,000 as of June 30, 2025. Documents Incorporated by Reference Part III: Portions of Proxy Statement for Annual Meeting of Vornado Realty Trust’s Shareholders to be held on May 21, 2026. EXPLANATORY NOTE This report combines the Annual Reports on Form 10-K for the fiscal year ended December 31, 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, Vorn