Interest Rates: Rising interest rates can make bonds more attractive, potentially pulling investors away from preferred stocks like VNO-P-L.US, thus lowering its price. Conversely, falling rates may boost its price.

Company Performance: The financial health and operating performance of Vornado Realty Trust (the issuer) directly influence the perceived risk of holding its preferred stock. Strong earnings and stable operations can support the stock price.

Market Sentiment: General investor confidence and risk appetite can affect the demand for preferred stocks. In risk-averse environments, investors might seek safer assets, potentially decreasing the price of VNO-P-L.US.

Dividend Payments: Consistent and reliable dividend payments are crucial for preferred stock valuations. Any concerns about Vornado's ability to maintain dividends can negatively impact the stock price.

Redemption Provisions: The terms of the preferred stock, including call dates and redemption prices, can affect its price. Proximity to a potential call date may limit price appreciation.

Credit Rating: Changes in Vornado Realty Trust's credit rating by agencies like Moody's or S&P can significantly influence the perceived risk associated with VNO-P-L.US and thus its price. A downgrade could lower the price.

Inflation: High inflation can erode the real value of fixed-income investments like preferred stocks. Investors may demand a higher yield (lower price) to compensate for inflation risk.

Supply and Demand: Basic supply and demand dynamics play a role. Increased selling pressure or limited buying interest can push the price of VNO-P-L.US down.

Alternative Investments: The attractiveness of other investment options, such as government bonds or other preferred stocks, can influence demand for VNO-P-L.US. If comparable alternatives offer better returns for similar risk, its price may decline.

Economic Conditions: Overall economic health, including GDP growth, employment rates, and consumer spending, can impact Vornado's business and subsequently the perceived risk of holding its preferred stock, affecting its price.

Real Estate Market: Because Vornado is a real estate investment trust (REIT), conditions in the commercial real estate market significantly influence its financial performance and stock price. Rising vacancy rates or declining rents could negatively impact VNO-P-L.US.

Liquidity: The ease with which VNO-P-L.US can be bought or sold without significantly affecting its price (liquidity) can play a role. Less liquid stocks may be more volatile.