Vornado Realty Trust and its operating partnership, Vornado Realty L.P., filed a combined quarterly report with the SEC on November 2, 2026, covering the period ended September 30, 2026.

Key Highlights

  • Dual registrants: The filing covers both Vornado Realty Trust (Commission File Number 001-11954) and Vornado Realty L.P. (Commission File Number 001-34482) in a single combined report.
  • Shares outstanding: As of October 30, 2026, 187,006,749 common shares of beneficial interest were outstanding for Vornado Realty Trust.
  • UPREIT structure: Vornado is the sole general partner and a 91.2% limited partner of the Operating Partnership, which holds substantially all of Vornado's assets and conducts its operations.
  • NYSE-listed securities: Vornado Realty Trust lists common shares (NYSE:VNO) and four series of cumulative redeemable preferred shares on the New York Stock Exchange, including 5.40% Series L, 5.25% Series M, 5.25% Series N, and 4.45% Series O.
  • Filer classification: Vornado Realty Trust is classified as a large accelerated filer; Vornado Realty L.P. is classified as a non-accelerated filer.

Vornado's UPREIT Structure and Operating Partnership Relationship

According to the filing, Vornado Realty Trust is a Maryland real estate investment trust that operates substantially all of its business through Vornado Realty L.P., a Delaware limited partnership. The Operating Partnership holds substantially all of Vornado's assets and executes the significant business relationships of the enterprise, while Vornado itself has no significant assets, liabilities, or operations beyond its investment in the Operating Partnership.

The filing describes the arrangement as an umbrella partnership REIT, or UPREIT. Under the limited partnership agreement, holders of Class A units may present those units for redemption at any time, subject to issuance restrictions. The Operating Partnership may satisfy redemptions in cash, or Vornado may assume the obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. The filing notes that "the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the distribution to a Class A unitholder is equal to the dividend paid to a Vornado common shareholder." Vornado generally expects to issue common shares rather than cash in connection with such redemptions, and each exchange increases Vornado's percentage ownership in the Operating Partnership.

The company disclosed that it chose to combine the quarterly reports of both registrants into one filing, citing benefits including eliminating duplicative disclosure and enabling investors to view the business in the same manner as management. Separate certifications and certain entity-specific disclosures, including information on redeemable noncontrolling interests, shareholders' equity and partners' capital, and per-share and per-unit income figures, are included for each registrant individually within the report.

What Was Disclosed

Vornado Realty Trust and Vornado Realty L.P. filed a combined quarterly report for the period ended September 30, 2026, disclosing their UPREIT structure, share counts as of October 30, 2026, NYSE-listed securities, and filer classifications for both registrants.