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Vornado Realty VNO Amortization of Below Market Lease

Amortization of Below Market Lease at other companies

Granite Point Mortgage Trust logo
Granite Point Mortgage TrustGPMT
$14K+75.0%
Vornado Realty logo
Vornado RealtyVNO
$101K+14.8%
TPG RE Finance Trust, Inc. logo
TPG RE Finance Trust, Inc.TRTX
-$66K-205%
Stag Industrial logo
Stag IndustrialSTAG
-$509K+12.8%
Ladder Capital logo
Ladder CapitalLADR
-$229K+43.0%
Kimco Realty logo
Kimco RealtyKIM
-$13.63M-157%

Other financials

Income statement

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Revenue$459.1M-0.5%
Net income-$7.3M-107%
EPS (diluted)-$0.12-128%

Balance sheet

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Cash & equivalents$1.2B+50.1%
Total debt$3.5B+376%
Total equity$6.0B+13.2%
Total assets$15.9B+2.1%

Cash flow

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Operating cash flow$47.7M-8.2%
CapEx$171.8M
Free cash flow-$124.1M-338%

Valuation

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Market cap$7.11B-29.8%
Enterprise value$9.4B+3.6%
P/E8.9×-52.0×
P/S3.9×-1.7×

Profitability

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Operating margin26.9%
Net margin44%+34.8pp
FCF margin75.8%+47.7pp

Returns & leverage

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Return on equity14%+11.0pp
Debt / equity0.6×+0.4×

Where this comes from

Reported directly by Vornado Realty in its filing.

Tagged under the XBRL concept us-gaap:AmortizationOfBelowMarketLease.

The official record: Vornado Realty’s 10-Q, filed May 4, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Vornado Realty's amortization of below market lease?
Vornado Realty (VNO) reported amortization of below market lease of $101K in Q1 2026.
How has Vornado Realty's amortization of below market lease changed year-over-year?
Vornado Realty's amortization of below market lease increased by 14.8% year-over-year, from $88K to $101K.
What is the long-term trend for Vornado Realty's amortization of below market lease?
Over 4 years (2021 to 2025), Vornado Realty's amortization of below market lease has grown at a -54.9% compound annual growth rate (CAGR), from $9.25M to $383K.
What does amortization of below market lease mean?
Represents the non-cash amortization of intangible liabilities associated with leases acquired at below-market rates. This adjustment is added back to net income to reflect the true economic rental revenue of the property portfolio. It is a standard adjustment for REITs to normalize earnings across different acquisition vintages.