Vornado Realty Trust

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

May 6, 2024

VORNADO REALTY TRUST

(Exact Name of Registrant as Specified in Charter)

Maryland

No.

001-11954

No.

22-1657560

(State or Other

(Commission

(IRS Employer

Jurisdiction of Incorporation)

File Number)

Identification No.)

VORNADO REALTY L.P.

(Exact Name of Registrant as Specified in Charter)

Delaware

No.

001-34482

No.

13-3925979

(State or Other

(Commission

(IRS Employer

Jurisdiction of Incorporation)

File Number)

Identification No.)


888 Seventh Avenue
New York,	New York	10019
(Address of Principal Executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 894-7000

Former name or former address, if changed since last report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Registrant

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Vornado Realty Trust

Common Shares of beneficial interest, $.04 par value per share

VNO

New York Stock Exchange

Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share:

Vornado Realty Trust

5.40% Series L

VNO/PL

New York Stock Exchange

Vornado Realty Trust

5.25% Series M

VNO/PM

New York Stock Exchange

Vornado Realty Trust

5.25% Series N

VNO/PN

New York Stock Exchange

Vornado Realty Trust

4.45% Series O

VNO/PO

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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 new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

On May 6, 2024, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the first quarter of 2024. That press release referred to supplemental data that is available on the Company’s website. That press release and the supplemental data are attached to this Current Report on Form 8-K as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated by reference herein.

Exhibits 99.1, 99.2 and 99.3 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company or Vornado Realty L.P. under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01. Financial Statements and Exhibits.


(d)	Exhibits.

	The following exhibits are being furnished as part of this Current Report on Form 8-K:

	99.1	Vornado Realty Trust press release dated May 6, 2024
	99.2	Vornado Realty Trust supplemental operating and financial data for the quarter ended March 31, 2024
	99.3	Vornado Realty Trust supplemental fixed income data for the quarter ended March 31, 2024
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			VORNADO REALTY TRUST
			(Registrant)

			By:			/s/ Deirdre Maddock
			Name:			Deirdre Maddock
			Title:			Chief Accounting Officer (duly authorized officer and principal accounting officer)

Date: May 6, 2024

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			VORNADO REALTY L.P.
			(Registrant)
			By:			VORNADO REALTY TRUST,
						Sole General Partner

			By:			/s/ Deirdre Maddock
			Name:			Deirdre Maddock
			Title:			Chief Accounting Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. (duly authorized officer and principal accounting officer)

Date: May 6, 2024

Document

P R E S S R E L E A S E

Vornado Announces First Quarter 2024 Financial Results

New York City | May 6, 2024

Vornado Realty Trust (NYSE: VNO) reported today:

Quarter Ended March 31, 2024 Financial Results

NET LOSS attributable to common shareholders for the quarter ended March 31, 2024 was $9,034,000, or $0.05 per diluted share, compared to net income attributable to common shareholders of $5,168,000, or $0.03 per diluted share, for the prior year's quarter.

FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended March 31, 2024 was $104,129,000, or $0.53 per diluted share, compared to $119,083,000, or $0.61 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table below, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended March 31, 2024 was $108,847,000, or $0.55 per diluted share, and $116,288,000, or $0.60 per diluted share, for the prior year's quarter.

The following table reconciles FFO attributable to common shareholders plus assumed conversions (non-GAAP) to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP):


(Amounts in thousands, except per share amounts)	For the Three Months Ended March 31,
	2024		2023
FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1)	$	104,129	$	119,083
Per diluted share (non-GAAP)	$	0.53	$	0.61

Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions:
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)	$	4,134	$	2,875
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities	—		(6,173)
Other	1,009		288
	5,143		(3,010)
Noncontrolling interests' share of above adjustments	(425)		215
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net	$	4,718	$	(2,795)
Per diluted share (non-GAAP)	$	0.02	$	(0.01)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	108,847	$	116,288
Per diluted share (non-GAAP)	$	0.55	$	0.60

________________________________

(1)See page 9 for a reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months ended March 31, 2024 and 2023.


NYSE: VNO \| WWW.VNO.COM						PAGE 1 OF 14

FFO, as Adjusted Bridge - Q1 2024 vs. Q1 2023

The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2023 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2024:


(Amounts in millions, except per share amounts)	FFO, as Adjusted
	Amount		Per Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months March 31, 2023	$	116.3	$	0.60

(Decrease) increase in FFO, as adjusted due to:
Lease expirations, rent commencement, and other tenant related items	(4.5)
Change in interest expense, net of interest income	(3.9)
Reduced general and administrative expense (primarily stock compensation)	3.6
Other, net	(1.9)
	(6.7)
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities	(0.8)
Net decrease	(7.5)		(0.05)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2024	$	108.8	$	0.55

See page 9 for a reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months ended March 31, 2024 and 2023. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on the previous page.


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Financing Activity

280 Park Avenue

On April 4, 2024, a joint venture, in which we have a 50% interest, amended and extended the $1,075,000,000 mortgage loan on 280 Park Avenue. The maturity date on the amended loan was extended to September 2026, with options to fully extend to September 2028, subject to certain conditions. The interest rate on the amended loan remains at SOFR plus 1.78%. Additionally, on April 4, 2024, the joint venture amended and extended the $125,000,000 mezzanine loan, and subsequently repaid the loan for $62,500,000.

435 Seventh Avenue

On April 9, 2024, we completed a $75,000,000 refinancing of 435 Seventh Avenue, of which $37,500,000 is recourse to the Operating Partnership. The interest-only loan bears a rate of SOFR plus 2.10% and matures in April 2028. The interest rate on the loan was swapped to a fixed rate of 6.96% through April 2026. The loan replaces the previous $95,696,000 fully recourse loan, which bore interest at SOFR plus 1.41%.

Unsecured Revolving Credit Facility

On May 3, 2024, we extended one of our two unsecured revolving credit facilities to April 2029 (as fully extended). The new $915,000,000 facility replaces the existing $1.25 billion facility that was due to mature in April 2026. The new facility currently bears interest at a rate of SOFR plus 1.20% with a facility fee of 25 basis points. Our $1.25 billion revolving credit facility matures in December 2027 (as fully extended) and has an interest rate of SOFR plus 1.14% and a facility fee of 25 basis points.

Interest Rate Swap and Cap Arrangements

We entered into the following interest rate swap and cap arrangements during the three months ended March 31, 2024:

(Amounts in thousands)

Notional Amount
(at share)

All-In Swapped Rate

Expiration Date

Variable Rate Spread

Interest rate swaps:

PENN 11(1)

250,000

6.21%

10/25

S+206

Index Strike Rate

Interest rate caps:

61 Ninth Avenue (45.1% interest)

75,543

4.39%

01/26

S+146

________________________________

(1)Together with the existing $250,000 swap arrangement on the $500,000 PENN 11 mortgage loan, the loan will bear interest at an all-in swapped rate of 6.28% through October 2025.

Dispositions

On April 12, 2024, we closed on the sale of two condominium units at 220 CPS for net proceeds of $31,605,000; four units remain unsold.

Alexander’s

On May 3, 2024, Alexander’s, Inc. (“Alexander’s”), in which we own a 32.4% common equity interest, and Bloomberg L.P. reached an agreement to extend the leases covering approximately 947,000 square feet at 731 Lexington Avenue that were scheduled to expire in February 2029 for a term of eleven years to February 2040.


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Leasing Activity

The leasing activity and related statistics below are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Second generation relet space represents square footage that has not been vacant for more than nine months and tenant improvements and leasing commissions are based on our share of square feet leased during the period.

For the Three Months Ended March 31, 2024:

•291,000 square feet of New York Office space (250,000 square feet at share) at an initial rent of $89.23 per square foot and a weighted average lease term of 11.1 years. The changes in the GAAP and cash mark-to-market rent on the 95,000 square feet of second generation space were positive 2.8% and positive 2.4%, respectively. Tenant improvements and leasing commissions were $12.98 per square foot per annum, or 14.5% of initial rent.

•36,000 square feet of New York Retail space (33,000 square feet at share) at an initial rent of $253.83 per square foot and a weighted average lease term of 3.8 years. The changes in the GAAP and cash mark-to-market rent on the 27,000 square feet of second generation space were positive 4.4% and negative 18.1%, respectively. Tenant improvements and leasing commissions were $29.16 per square foot per annum, or 11.5% of initial rent.

•51,000 square feet at THE MART (all at share) at an initial rent of $64.02 per square foot and a weighted average lease term of 4.5 years. The changes in the GAAP and cash mark-to-market rent on the 43,000 square feet of second generation space were positive 6.4% and negative 0.1%, respectively. Tenant improvements and leasing commissions were $8.37 per square foot per annum, or 13.1% of initial rent.

•41,000 square feet at 315 Montgomery Street in San Francisco (29,000 square feet at share) at an initial rent of $67.57 per square foot and a weighted average lease term of 5.4 years. The changes in the GAAP and cash mark-to-market rent on the 29,000 square feet of second generation space were negative 25.3% and negative 30.1%, respectively. Tenant improvements and leasing commissions were $4.01 per square foot per annum, or 5.9% of initial rent.

Occupancy


(At Vornado's share)	New York						THE MART		555 California Street
	Total		Office		Retail
Occupancy as of March 31, 2024	88.2	%	89.3	%	75.0	%	77.6	%	94.5	%

Same Store Net Operating Income ("NOI") At Share:


	Total		New York		THE MART		555 California Street
Same store NOI at share % decrease(1):
Three months ended March 31, 2024 compared to March 31, 2023	(4.8)	%	(4.6)	%	(10.0)	%	(2.4)	%

Three months ended March 31, 2024 compared to December 31, 2023	(6.5)	%	(6.7)	%	(0.3)	%	(8.8)	%

Same store NOI at share - cash basis % decrease(1):
Three months ended March 31, 2024 compared to March 31, 2023	(5.0)	%	(5.1)	%	(3.3)	%	(4.4)	%

Three months ended March 31, 2024 compared to December 31, 2023	(6.3)	%	(6.4)	%	(3.7)	%	(7.3)	%

____________________

(1)See pages 11 through 14 for same store NOI at share and same store NOI at share - cash basis reconciliations.


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NOI At Share & NOI At Share - Cash Basis:

The elements of our New York and Other NOI at share and NOI at share - cash basis for the three months ended March 31, 2024 and 2023 and the three months ended December 31, 2023 are summarized below.


(Amounts in thousands)	For the Three Months Ended
	March 31,				December 31, 2023
	2024		2023
NOI at share:
New York:
Office(1)	$	167,988	$	174,270	$	182,769
Retail	47,466		47,196		47,378
Residential	5,968		5,458		5,415
Alexander's	11,707		9,070		12,013

Total New York	233,129		235,994		247,575
Other:
THE MART	14,486		15,409		14,516
555 California Street	16,529		16,929		18,125
Other investments	4,980		5,151		6,880
Total Other	35,995		37,489		39,521
NOI at share	$	269,124	$	273,483	$	287,096





NOI at share - cash basis:
New York:
Office(1)	$	166,370	$	182,081	$	183,742
Retail	43,873		44,034		46,491
Residential	5,690		5,051		5,137
Alexander's	14,861		9,861		11,059

Total New York	230,794		241,027		246,429
Other:
THE MART	14,949		14,675		15,511
555 California Street	16,938		17,718		18,265
Other investments	4,932		5,115		7,012
Total Other	36,819		37,508		40,788
NOI at share - cash basis	$	267,613	$	278,535	$	287,217

________________________________

(1)Includes Building Maintenance Services NOI of $7,217, $6,289 and $6,424, respectively, for the three months ended March 31, 2024 and 2023 and December 31, 2023.


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Active Development/Redevelopment Summary as of March 31, 2024:


(Amounts in thousands, except square feet)
		(at Vornado’s share)								Projected Incremental Cash Yield
New York segment:	Property Rentable Sq. Ft.	Budget			Cash Amount Expended		Remaining Expenditures		Stabilization Year
PENN District:
PENN 2	1,795,000	$	750,000		$	659,108	$	90,892	2026		9.5%
Districtwide Improvements	N/A	100,000			52,785		47,215		N/A		N/A
Total PENN District		850,000		(1)	711,893		138,107

Sunset Pier 94 Studios (49.9% interest)	266,000	125,000		(2)	7,994		117,006		2026		10.3%

Total Active Development Projects		$	975,000		$	719,887	$	255,113

________________________________

(1)Excluding debt and equity carry.

(2)Represents our 49.9% share of the $350,000 development budget, excluding the $40,000 value of our contributed leasehold interest and net of an estimated $9,000 for our share of development fees and reimbursement for overhead costs incurred by us. $34,000 will be funded via cash contributions, of which $7,994 has been funded as of March 31, 2024.

There can be no assurance that the above projects will be completed, completed on schedule or within budget. In addition, there can be no assurance that the Company will be successful in leasing the properties on the expected schedule or at the assumed rental rates.

Conference Call and Audio Webcast

As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, May 7, 2024 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 888-317-6003 (domestic) or 412-317-6061 (international) and entering the passcode 5722274. A live webcast of the conference call will be available on Vornado’s website at www.vno.com in the Investor Relations section and an online playback of the webcast will be available on the website following the conference call.

Contact

Thomas J. Sanelli

(212) 894-7000

Supplemental Data

Further details regarding results of operations, properties and tenants can be accessed at the Company’s website www.vno.com. Vornado Realty Trust is a fully - integrated equity real estate investment trust.

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2023. Currently, some of the factors are the increased interest rates and effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.


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VORNADO REALTY TRUST

CONSOLIDATED BALANCE SHEETS


(Amounts in thousands)	As of				Increase (Decrease)
	March 31, 2024		December 31, 2023
ASSETS
Real estate, at cost:
Land	$	2,436,221	$	2,436,221	$	—
Buildings and improvements	10,017,573		9,952,954		64,619
Development costs and construction in progress	1,322,810		1,281,076		41,734
Leasehold improvements and equipment	131,762		130,953		809
Total	13,908,366		13,801,204		107,162
Less accumulated depreciation and amortization	(3,837,679)		(3,752,827)		(84,852)
Real estate, net	10,070,687		10,048,377		22,310
Right-of-use assets	678,951		680,044		(1,093)
Cash, cash equivalents, and restricted cash
Cash and cash equivalents	892,652		997,002		(104,350)
Restricted cash	256,268		264,582		(8,314)

Total	1,148,920		1,261,584		(112,664)
Tenant and other receivables	76,627		69,543		7,084
Investments in partially owned entities	2,599,134		2,610,558		(11,424)

220 CPS condominium units ready for sale	36,578		35,941		637
Receivable arising from the straight-lining of rents	706,280		701,666		4,614
Deferred leasing costs, net	355,790		355,010		780
Identified intangible assets, net	124,887		127,082		(2,195)
Other assets	409,311		297,860		111,451
Total assets	$	16,207,165	$	16,187,665	$	19,500
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	5,690,639	$	5,688,020	$	2,619
Senior unsecured notes, net	1,194,383		1,193,873		510
Unsecured term loan, net	794,906		794,559		347
Unsecured revolving credit facilities	575,000		575,000		—
Lease liabilities	737,500		732,859		4,641
Accounts payable and accrued expenses	388,988		411,044		(22,056)
Deferred revenue	30,877		32,199		(1,322)
Deferred compensation plan	108,919		105,245		3,674
Other liabilities	308,643		311,132		(2,489)
Total liabilities	9,829,855		9,843,931		(14,076)
Redeemable noncontrolling interests	643,142		638,448		4,694
Shareholders' equity	5,539,087		5,509,064		30,023
Noncontrolling interests in consolidated subsidiaries	195,081		196,222		(1,141)
Total liabilities, redeemable noncontrolling interests and equity	$	16,207,165	$	16,187,665	$	19,500


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VORNADO REALTY TRUST

OPERATING RESULTS


(Amounts in thousands, except per share amounts)	For the Three Months Ended March 31,
	2024		2023
Revenues	$	436,375	$	445,923

Net (loss) income	$	(6,273)	$	11,198
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	11,982		9,928
Operating Partnership	786		(429)
Net income attributable to Vornado	6,495		20,697
Preferred share dividends	(15,529)		(15,529)
Net (loss) income attributable to common shareholders	$	(9,034)	$	5,168

(Loss) income per common share - basic:
Net (loss) income per common share	$	(0.05)	$	0.03
Weighted average shares outstanding	190,429		191,869

(Loss) income per common share - diluted:
Net (loss) income per common share	$	(0.05)	$	0.03
Weighted average shares outstanding	190,429		191,881

FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	104,129	$	119,083
Per diluted share (non-GAAP)	$	0.53	$	0.61

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	108,847	$	116,288
Per diluted share (non-GAAP)	$	0.55	$	0.60

Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share	196,481		194,409

FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. In addition to FFO attributable to common shareholders plus assumed conversions, we also disclose FFO attributable to common shareholders plus assumed conversions, as adjusted. Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, we believe it provides a meaningful presentation of operating performance. Reconciliations of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions are provided on the following page. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on page 1 of this press release.


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VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS

The following table reconciles net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions:


(Amounts in thousands, except per share amounts)	For the Three Months Ended March 31,
	2024		2023
Net (loss) income attributable to common shareholders	$	(9,034)	$	5,168
Per diluted share	$	(0.05)	$	0.03

FFO adjustments:
Depreciation and amortization of real property	$	96,783	$	94,792


Our share of partially owned entities:
Depreciation and amortization of real property	26,163		27,469


	122,946		122,261
Noncontrolling interests' share of above adjustments	(10,171)		(8,746)
FFO adjustments, net	$	112,775	$	113,515

FFO attributable to common shareholders	$	103,741	$	118,683
Impact of assumed conversion of dilutive convertible securities	388		400
FFO attributable to common shareholders plus assumed conversions	$	104,129	$	119,083
Per diluted share	$	0.53	$	0.61

Reconciliation of weighted average shares outstanding:
Weighted average common shares outstanding	190,429		191,869
Effect of dilutive securities:
Share-based payment awards	4,204		70
Convertible securities	1,848		2,470
Denominator for FFO per diluted share	196,481		194,409


NYSE: VNO \| WWW.VNO.COM						PAGE 9 OF 14

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below is a reconciliation of net (loss) income to NOI at share and NOI at share - cash basis for the three months ended March 31, 2024 and 2023 and the three months ended December 31, 2023.


(Amounts in thousands)	For the Three Months Ended
	March 31,				December 31, 2023
	2024		2023
Net (loss) income	$	(6,273)	$	11,198	$	(100,613)
Depreciation and amortization expense	108,659		106,565		110,197
General and administrative expense	37,897		41,595		46,040
Transaction related costs, impairment losses and other	653		658		49,190
(Income) loss from partially owned entities	(16,279)		(16,666)		33,518

Interest and other investment income, net	(11,724)		(9,584)		(5,833)
Interest and debt expense	90,478		86,237		87,695
Net gains on disposition of wholly owned and partially owned assets	—		(7,520)		(6,607)
Income tax expense	6,740		4,667		8,374
NOI from partially owned entities	70,369		68,097		74,819
NOI attributable to noncontrolling interests in consolidated subsidiaries	(11,396)		(11,764)		(9,684)
NOI at share	269,124		273,483		287,096
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(1,511)		5,052		121
NOI at share - cash basis	$	267,613	$	278,535	$	287,217

NOI at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We consider NOI at share - cash basis to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.


NYSE: VNO \| WWW.VNO.COM						PAGE 10 OF 14

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Same store NOI at share represents NOI at share from operations which are in service in both the current and prior year reporting periods. Same store NOI at share - cash basis is same store NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We present these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store NOI at share and same store NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the three months ended March 31, 2024 compared to March 31, 2023.


(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended March 31, 2024	$	269,124		$	233,129		$	14,486		$	16,529		$	4,980
Less NOI at share from:
Development properties	(7,958)			(7,958)			—			—			—
Other non-same store income, net	(6,045)			(1,058)			(7)			—			(4,980)
Same store NOI at share for the three months ended March 31, 2024	$	255,121		$	224,113		$	14,479		$	16,529		$	—

NOI at share for the three months ended March 31, 2023	$	273,483		$	235,994		$	15,409		$	16,929		$	5,151
Less NOI at share from:
Dispositions	114			(570)			684			—			—
Development properties	(4,331)			(4,331)			—			—			—
Other non-same store (income) expense, net	(1,414)			3,737			—			—			(5,151)
Same store NOI at share for the three months ended March 31, 2023	$	267,852		$	234,830		$	16,093		$	16,929		$	—

Decrease in same store NOI at share	$	(12,731)		$	(10,717)		$	(1,614)		$	(400)		$	—

% decrease in same store NOI at share	(4.8)		%	(4.6)		%	(10.0)		%	(2.4)		%	0.0		%


NYSE: VNO \| WWW.VNO.COM						PAGE 11 OF 14

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, THE MART, 555 California Street and other investments for the three months ended March 31, 2024 compared to March 31, 2023.


(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended March 31, 2024	$	267,613		$	230,794		$	14,949		$	16,938		$	4,932
Less NOI at share - cash basis from:
Development properties	(5,970)			(5,970)			—			—			—
Other non-same store income, net	(6,602)			(1,663)			(7)			—			(4,932)
Same store NOI at share - cash basis for the three months ended March 31, 2024	$	255,041		$	223,161		$	14,942		$	16,938		$	—

NOI at share - cash basis for the three months ended March 31, 2023	$	278,535		$	241,027		$	14,675		$	17,718		$	5,115
Less NOI at share - cash basis from:
Dispositions	47			(728)			775			—			—
Development properties	(4,146)			(4,146)			—			—			—
Other non-same store income, net	(6,069)			(954)			—			—			(5,115)
Same store NOI at share - cash basis for the three months ended March 31, 2023	$	268,367		$	235,199		$	15,450		$	17,718		$	—

Decrease in same store NOI at share - cash basis	$	(13,326)		$	(12,038)		$	(508)		$	(780)		$	—

% decrease in same store NOI at share - cash basis	(5.0)		%	(5.1)		%	(3.3)		%	(4.4)		%	0.0		%


NYSE: VNO \| WWW.VNO.COM						PAGE 12 OF 14

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED


(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended March 31, 2024	$	269,124		$	233,129		$	14,486		$	16,529		$	4,980
Less NOI at share from:
Development properties	(7,958)			(7,958)			—			—			—
Other non-same store income, net	(5,685)			(698)			(7)			—			(4,980)
Same store NOI at share for the three months ended March 31, 2024	$	255,481		$	224,473		$	14,479		$	16,529		$	—

NOI at share for the three months ended December 31, 2023	$	287,096		$	247,575		$	14,516		$	18,125		$	6,880
Less NOI at share from:
Development properties	(6,833)			(6,833)			—			—			—
Other non-same store (income) expense, net	(7,089)			(219)			10			—			(6,880)
Same store NOI at share for the three months ended December 31, 2023	$	273,174		$	240,523		$	14,526		$	18,125		$	—

Decrease in same store NOI at share	$	(17,693)		$	(16,050)		$	(47)		$	(1,596)		$	—

% decrease in same store NOI at share	(6.5)		%	(6.7)		%	(0.3)		%	(8.8)		%	0.0		%


NYSE: VNO \| WWW.VNO.COM						PAGE 13 OF 14

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED


(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended March 31, 2024	$	267,613		$	230,794		$	14,949		$	16,938		$	4,932
Less NOI at share - cash basis from:
Development properties	(5,970)			(5,970)			—			—			—
Other non-same store income, net	(6,241)			(1,302)			(7)			—			(4,932)
Same store NOI at share - cash basis for the three months ended March 31, 2024	$	255,402		$	223,522		$	14,942		$	16,938		$	—

NOI at share - cash basis for the three months ended December 31, 2023	$	287,217		$	246,429		$	15,511		$	18,265		$	7,012
Less NOI at share - cash basis from:
Development properties	(6,011)			(6,011)			—			—			—
Other non-same store (income) expense, net	(8,568)			(1,566)			10			—			(7,012)
Same store NOI at share - cash basis for the three months ended December 31, 2023	$	272,638		$	238,852		$	15,521		$	18,265		$	—

Decrease in same store NOI at share - cash basis	$	(17,236)		$	(15,330)		$	(579)		$	(1,327)		$	—

% decrease in same store NOI at share - cash basis	(6.3)		%	(6.4)		%	(3.7)		%	(7.3)		%	0.0		%


NYSE: VNO \| WWW.VNO.COM						PAGE 14 OF 14

Document

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INDEX
		Page
	BUSINESS DEVELOPMENTS	3
	FINANCIAL INFORMATION
	Financial Highlights	4
	FFO, As Adjusted Bridge	5
	Consolidated Balance Sheets	6
	Net (Loss) Income Attributable to Common Shareholders (Consolidated and by Segment)	7	-	8
	Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment)	9	-	10
	Same Store NOI at Share and Same Store NOI at Share - Cash Basis	11


	DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES	12


	LEASING ACTIVITY AND LEASE EXPIRATIONS
	Leasing Activity	13
	Lease Expirations	14	-	16
	CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS	17
	UNCONSOLIDATED JOINT VENTURES	18	-	19
	DEBT AND CAPITALIZATION
	Capital Structure	20
	Common Shares Data	21
	Debt Analysis	22
	Hedging Instruments	23
	Consolidated Debt Maturities	24
	PROPERTY STATISTICS
	Top 30 Tenants	25
	Square Footage	26
	Occupancy and Residential Statistics	27
	Ground Leases	28
	Property Table	29	-	37
	EXECUTIVE OFFICERS AND RESEARCH COVERAGE	38
	APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
	Definitions	i
	Reconciliations	ii	-	xiii

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. Currently, some of the factors are the increased interest rates and effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2023. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include Funds From Operations ("FFO"), Funds Available for Distribution ("FAD"), Net Operating Income ("NOI") and Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this supplemental package on page i in the Appendix.

This supplemental package should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and the Company’s Supplemental Fixed Income Data package for the quarter ended March 31, 2024, both of which can be accessed at the Company’s website www.vno.com.

- 2 -

BUSINESS DEVELOPMENTS

Financing Activity

280 Park Avenue

435 Seventh Avenue

Unsecured Revolving Credit Facility

Interest Rate Swap and Cap Arrangements

We entered into the following interest rate swap and cap arrangements during the three months ended March 31, 2024. See page 23 for further information on our interest rate swap and cap arrangements:

(Amounts in thousands)

Notional Amount
(at share)

All-In Swapped Rate

Expiration Date

Variable Rate Spread

Interest rate swaps:

PENN 11(1)

250,000

6.21%

10/25

S+206

Index Strike Rate

Interest rate caps:

61 Ninth Avenue (45.1% interest)

75,543

4.39%

01/26

S+146

____________________

(1)Together with the existing $250,000 swap arrangement on the $500,000 PENN 11 mortgage loan, the loan will bear interest at an all-in swapped rate of 6.28% through October 2025.

Dispositions

On April 12, 2024, we closed on the sale of two condominium units at 220 Central Park South (“220 CPS”) for net proceeds of $31,605,000; four units remain unsold.

Alexander’s

- 3 -


FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended
	March 31,						December 31, 2023
	2024			2023
Total revenues	$	436,375		$	445,923		$	441,886

Net (loss) income attributable to common shareholders	$	(9,034)		$	5,168		$	(61,013)
Per common share:
Basic	$	(0.05)		$	0.03		$	(0.32)
Diluted	$	(0.05)		$	0.03		$	(0.32)




FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	108,847		$	116,288		$	123,751
Per diluted share (non-GAAP)	$	0.55		$	0.60		$	0.63

FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	104,129		$	119,083		$	121,105
FFO - Operating Partnership ("OP") basis (non-GAAP)	$	113,485		$	128,229		$	131,871
Per diluted share (non-GAAP)	$	0.53		$	0.61		$	0.62

Dividends per common share	$	—	(1)	$	0.375		$	0.30

FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)	N/A		(1)	62.5		%	47.6		%
FAD payout ratio	N/A		(1)	85.2		%	75.0		%

Weighted average VNO common shares outstanding	190,429			191,874			190,364
Redeemable Class A units and LTIP Unit awards	17,174			14,789			16,976
Weighted average VRLP Class A units outstanding	207,603			206,663			207,340
Dilutive share based payment awards	4,204			71			2,857
Redeemable preferred units - common share equivalents	1,875			2,470			2,104
Weighted average VRLP Class A units outstanding - diluted	213,682			209,204			212,301

________________________________

(1)We anticipate that we will pay a common share dividend for 2024 in the fourth quarter, subject to approval by our Board of Trustees.

Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.

- 4 -


FFO, AS ADJUSTED BRIDGE - Q1 2024 VS. Q1 2023 (unaudited)


(Amounts in millions, except per share amounts)	FFO, as Adjusted
	Amount		Per Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months March 31, 2023	$	116.3	$	0.60

(Decrease) increase in FFO, as adjusted due to:
Lease expirations, rent commencement, and other tenant related items	(4.5)
Change in interest expense, net of interest income	(3.9)
Reduced general and administrative expense (primarily stock compensation)	3.6
Other, net	(1.9)
	(6.7)
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities	(0.8)
Net decrease	(7.5)		(0.05)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2024	$	108.8	$	0.55

Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.

- 5 -


CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
	As of				Increase (Decrease)
	March 31, 2024		December 31, 2023
ASSETS
Real estate, at cost:
Land	$	2,436,221	$	2,436,221	$	—
Buildings and improvements	10,017,573		9,952,954		64,619
Development costs and construction in progress	1,322,810		1,281,076		41,734
Leasehold improvements and equipment	131,762		130,953		809
Total	13,908,366		13,801,204		107,162
Less accumulated depreciation and amortization	(3,837,679)		(3,752,827)		(84,852)
Real estate, net	10,070,687		10,048,377		22,310
Right-of-use assets	678,951		680,044		(1,093)
Cash, cash equivalents, and restricted cash
Cash and cash equivalents	892,652		997,002		(104,350)
Restricted cash	256,268		264,582		(8,314)

Total	1,148,920		1,261,584		(112,664)
Tenant and other receivables	76,627		69,543		7,084
Investments in partially owned entities	2,599,134		2,610,558		(11,424)

220 CPS condominium units ready for sale	36,578		35,941		637
Receivable arising from the straight-lining of rents	706,280		701,666		4,614
Deferred leasing costs, net	355,790		355,010		780
Identified intangible assets, net	124,887		127,082		(2,195)
Other assets	409,311		297,860		111,451
Total assets	$	16,207,165	$	16,187,665	$	19,500
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	5,690,639	$	5,688,020	$	2,619
Senior unsecured notes, net	1,194,383		1,193,873		510
Unsecured term loan, net	794,906		794,559		347
Unsecured revolving credit facilities	575,000		575,000		—
Lease liabilities	737,500		732,859		4,641
Accounts payable and accrued expenses	388,988		411,044		(22,056)
Deferred revenue	30,877		32,199		(1,322)
Deferred compensation plan	108,919		105,245		3,674
Other liabilities	308,643		311,132		(2,489)
Total liabilities	9,829,855		9,843,931		(14,076)
Redeemable noncontrolling interests	643,142		638,448		4,694
Shareholders' equity	5,539,087		5,509,064		30,023
Noncontrolling interests in consolidated subsidiaries	195,081		196,222		(1,141)
Total liabilities, redeemable noncontrolling interests and equity	$	16,207,165	$	16,187,665	$	19,500

- 6 -


CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Three Months Ended
	March 31,						December 31, 2023
	2024		2023		Variance
Property rentals(1)	$	337,376	$	343,152	$	(5,776)	$	340,539
Tenant expense reimbursements(1)	46,638		56,095		(9,457)		45,730
Amortization of acquired below-market leases, net	693		1,367		(674)		1,185
Straight-lining of rents	4,571		(3,821)		8,392		4,038
Total rental revenues	389,278		396,793		(7,515)		391,492
Fee and other income:
Building Maintenance Services ("BMS") cleaning fees	35,780		35,328		452		36,035
Management and leasing fees	2,611		3,049		(438)		3,070
Other income	8,706		10,753		(2,047)		11,289
Total revenues	436,375		445,923		(9,548)		441,886
Operating expenses	(226,224)		(228,773)		2,549		(219,925)
Depreciation and amortization	(108,659)		(106,565)		(2,094)		(110,197)
General and administrative	(37,897)		(41,595)		3,698		(46,040)
Expense from deferred compensation plan liability	(4,520)		(3,728)		(792)		(4,621)
Transaction related costs, impairment losses and other	(653)		(658)		5		(49,190)
Total expenses	(377,953)		(381,319)		3,366		(429,973)
Income (loss) from partially owned entities	16,279		16,666		(387)		(33,518)

Interest and other investment income, net	11,724		9,584		2,140		5,833
Income from deferred compensation plan assets	4,520		3,728		792		4,621
Interest and debt expense	(90,478)		(86,237)		(4,241)		(87,695)
Net gains on disposition of wholly owned and partially owned assets	—		7,520		(7,520)		6,607
Income (loss) before income taxes	467		15,865		(15,398)		(92,239)
Income tax expense	(6,740)		(4,667)		(2,073)		(8,374)
Net (loss) income	(6,273)		11,198		(17,471)		(100,613)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	11,982		9,928		2,054		49,717
Operating Partnership	786		(429)		1,215		5,412
Net income (loss) attributable to Vornado	6,495		20,697		(14,202)		(45,484)
Preferred share dividends	(15,529)		(15,529)		—		(15,529)

Net (loss) income attributable to common shareholders	$	(9,034)	$	5,168	$	(14,202)	$	(61,013)



Capitalized expenditures:
Development payroll	$	2,499	$	2,849	$	(350)	$	2,416
Interest and debt expense	12,564		8,857		3,707		13,051

________________________________

(1)"Property rentals" and "tenant expense reimbursements" represent non-GAAP financial measures which are reconciled above to "rental revenues" the most directly comparable financial measure calculated in accordance with GAAP.

- 7 -


NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)
(Amounts in thousands)


	For the Three Months Ended March 31, 2024
	Total		New York		Other
Property rentals(1)	$	337,376	$	269,362	$	68,014
Tenant expense reimbursements(1)	46,638		36,856		9,782
Amortization of acquired below-market leases, net	693		524		169
Straight-lining of rents	4,571		4,993		(422)
Total rental revenues	389,278		311,735		77,543
Fee and other income:
BMS cleaning fees	35,780		38,640		(2,860)
Management and leasing fees	2,611		2,712		(101)
Other income	8,706		5,147		3,559
Total revenues	436,375		358,234		78,141
Operating expenses	(226,224)		(188,278)		(37,946)
Depreciation and amortization	(108,659)		(85,599)		(23,060)
General and administrative	(37,897)		(13,208)		(24,689)
Expense from deferred compensation plan liability	(4,520)		—		(4,520)
Transaction related costs and other	(653)		—		(653)
Total expenses	(377,953)		(287,085)		(90,868)
Income from partially owned entities	16,279		15,231		1,048

Interest and other investment income, net	11,724		4,006		7,718
Income from deferred compensation plan assets	4,520		—		4,520
Interest and debt expense	(90,478)		(38,087)		(52,391)

Income (loss) before income taxes	467		52,299		(51,832)
Income tax expense	(6,740)		(1,464)		(5,276)
Net (loss) income	(6,273)		50,835		(57,108)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	11,982		9,082		2,900
Net income (loss) attributable to Vornado Realty L.P.	5,709		$	59,917	$	(54,208)
Less net loss attributable to noncontrolling interests in the Operating Partnership	815
Preferred unit distributions	(15,558)

Net loss attributable to common shareholders	$	(9,034)
For the three months ended March 31, 2023
Net income (loss) attributable to Vornado Realty L.P.	$	21,126	$	63,245	$	(42,119)
Net income attributable to common shareholders	$	5,168

________________________________

- 8 -

NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT (NON-GAAP) (unaudited)

(Amounts in thousands)


	For the Three Months Ended March 31, 2024
	Total		New York		Other
Total revenues	$	436,375	$	358,234	$	78,141
Operating expenses	(226,224)		(188,278)		(37,946)
NOI - consolidated	210,151		169,956		40,195
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(11,396)		(4,536)		(6,860)
Add: Our share of NOI from partially owned entities	70,369		67,709		2,660
NOI at share	269,124		233,129		35,995
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(1,511)		(2,335)		824
NOI at share - cash basis	$	267,613	$	230,794	$	36,819


	For the Three Months Ended March 31, 2023
	Total		New York		Other
Total revenues	$	445,923	$	363,814	$	82,109
Operating expenses	(228,773)		(188,321)		(40,452)
NOI - consolidated	217,150		175,493		41,657
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(11,764)		(4,823)		(6,941)
Add: Our share of NOI from partially owned entities	68,097		65,324		2,773
NOI at share	273,483		235,994		37,489
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	5,052		5,033		19
NOI at share - cash basis	$	278,535	$	241,027	$	37,508


	For the Three Months Ended December 31, 2023
	Total		New York		Other
Total revenues	$	441,886	$	361,105	$	80,781
Operating expenses	(219,925)		(182,600)		(37,325)
NOI - consolidated	221,961		178,505		43,456
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(9,684)		(3,323)		(6,361)
Add: Our share of NOI from partially owned entities	74,819		72,393		2,426
NOI at share	287,096		247,575		39,521
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	121		(1,146)		1,267
NOI at share - cash basis	$	287,217	$	246,429	$	40,788

________________________________

See Appendix page vi for details of NOI at share components.

- 9 -

NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT AND SUBSEGMENT (NON-GAAP) (unaudited)

(Amounts in thousands)


	For the Three Months Ended
	March 31,				December 31, 2023
	2024		2023
NOI at share:
New York:
Office(1)	$	167,988	$	174,270	$	182,769
Retail	47,466		47,196		47,378
Residential	5,968		5,458		5,415
Alexander’s	11,707		9,070		12,013

Total New York	233,129		235,994		247,575
Other:
THE MART	14,486		15,409		14,516
555 California Street	16,529		16,929		18,125
Other investments	4,980		5,151		6,880
Total Other	35,995		37,489		39,521
NOI at share	$	269,124	$	273,483	$	287,096





NOI at share - cash basis:
New York:
Office(1)	$	166,370	$	182,081	$	183,742
Retail	43,873		44,034		46,491
Residential	5,690		5,051		5,137
Alexander's	14,861		9,861		11,059

Total New York	230,794		241,027		246,429
Other:
THE MART	14,949		14,675		15,511
555 California Street	16,938		17,718		18,265
Other investments	4,932		5,115		7,012
Total Other	36,819		37,508		40,788
NOI at share - cash basis	$	267,613	$	278,535	$	287,217

________________________________

(1)Includes BMS NOI of $7,217, $6,289 and $6,424, respectively, for the three months ended March 31, 2024 and 2023 and December 31, 2023.

- 10 -

SAME STORE NOI AT SHARE AND SAME STORE NOI AT SHARE - CASH BASIS (NON-GAAP) (unaudited)


	Total		New York		THE MART		555 California Street
Same store NOI at share % decrease(1):
Three months ended March 31, 2024 compared to March 31, 2023	(4.8)	%	(4.6)	%	(10.0)	%	(2.4)	%

Three months ended March 31, 2024 compared to December 31, 2023	(6.5)	%	(6.7)	%	(0.3)	%	(8.8)	%

Same store NOI at share - cash basis % decrease(1):
Three months ended March 31, 2024 compared to March 31, 2023	(5.0)	%	(5.1)	%	(3.3)	%	(4.4)	%

Three months ended March 31, 2024 compared to December 31, 2023	(6.3)	%	(6.4)	%	(3.7)	%	(7.3)	%

________________________________

(1)See pages vii through x in the Appendix for same store NOI at share and same store NOI at share - cash basis reconciliations.

- 11 -


DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES
(Amounts in thousands, except square feet)
		(at Vornado’s share)								Projected Incremental Cash Yield
Active Development Projects: New York segment:	Property Rentable Sq. Ft.	Budget			Cash Amount Expended		Remaining Expenditures		Stabilization Year
PENN District:
PENN 2	1,795,000	$	750,000		$	659,108	$	90,892	2026		9.5%
Districtwide Improvements	N/A	100,000			52,785		47,215		N/A		N/A
Total PENN District		850,000		(1)	711,893		138,107

Sunset Pier 94 Studios (49.9% interest)	266,000	125,000		(2)	7,994		117,006		2026		10.3%

Total Active Development Projects		$	975,000		$	719,887	$	255,113

Future Opportunities: New York segment:	Property Zoning Sq. Ft. (at 100%)
PENN District:
Hotel Pennsylvania land	2,052,000
Eighth Avenue and 34th Street land	105,000
Multiple other opportunities - office/residential/retail
Total PENN District	2,157,000
350 Park Avenue assemblage (the “350 Park Site”)(3)	1,389,000
260 Eleventh Avenue - office(4)	280,000
57th Street land (50% interest)	150,000
Other segment:
527 West Kinzie land, Chicago	330,000
Total Future Opportunities	4,306,000

________________________________

(1)Excluding debt and equity carry.

(3)From October 2024 to June 2030, an affiliate of Kenneth C. Griffin (“KG”) will have the option to either (i) acquire a 60% interest in a joint venture with Vornado and Rudin (the “Vornado/Rudin JV”) (with Vornado having an effective 36% interest in the entity) to build a new 1,700,000 square foot office tower, valuing the 350 Park Site at $1.2 billion or (ii) purchase the 350 Park Site for $1.4 billion ($1.085 billion to Vornado). From October 2024 to September 2030, the Vornado/Rudin JV will have the option to put the 350 Park Site to KG for $1.2 billion ($900 million to Vornado).

(4)The building is subject to a ground lease which expires in 2114.

- 12 -


LEASING ACTIVITY (unaudited)
(Square feet in thousands)

The leasing activity and related statistics in the table below are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with GAAP. Second generation relet space represents square footage that has not been vacant for more than nine months and tenant improvements and leasing commissions are based on our share of square feet leased during the period.


	New York									555 California Street(1)
	Office			Retail			THE MART
Three Months Ended March 31, 2024
Total square feet leased	291			36			51			41
Our share of square feet leased:	250			33			51			29
Initial rent(2)	$	89.23		$	253.83		$	64.02		$	67.57
Weighted average lease term (years)	11.1			3.8			4.5			5.4
Second generation relet space:
Square feet	95			27			43			29
GAAP basis:
Straight-line rent(3)	$	84.59		$	243.73		$	65.03		$	56.78
Prior straight-line rent	$	82.31		$	233.56		$	61.11		$	75.96
Percentage increase (decrease)	2.8		%	4.4		%	6.4		%	(25.3)		%
Cash basis (non-GAAP):
Initial rent(2)	$	90.66		$	248.54		$	65.83		$	67.57
Prior escalated rent	$	88.50		$	303.42		$	65.87		$	96.68
Percentage increase (decrease)	2.4		%	(18.1)		%	(0.1)		%	(30.1)		%
Tenant improvements and leasing commissions:
Per square foot	$	144.11		$	110.79		$	37.67		$	21.67
Per square foot per annum	$	12.98		$	29.16		$	8.37		$	4.01
Percentage of initial rent	14.5		%	11.5		%	13.1		%	5.9		%

________________________________

(1)Represents leasing activity at 315 Montgomery Street.

(2)Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.

(3)Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases and includes the effect of free rent and periodic step-ups in rent.

- 13 -


LEASE EXPIRATIONS (unaudited) NEW YORK SEGMENT

	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)		Annualized Escalated Rents of Expiring Leases				Percentage of Annualized Escalated Rent
				Total		Per Sq. Ft.
Office:	First Quarter 2024(2)	36,000		$	2,873,000	$	79.81	0.2	%



	Second Quarter 2024	400,000		37,815,000		94.54		3.2	%
	Third Quarter 2024	60,000		4,770,000		79.50		0.4	%
	Fourth Quarter 2024	144,000		11,053,000		76.76		0.9	%
	Remaining 2024	604,000		53,638,000		88.80		4.5	%
	First Quarter 2025	113,000		8,519,000		75.39		0.7	%
	Remaining 2025	488,000		38,392,000		78.67		3.3	%
	2026	1,169,000		95,556,000		81.74		8.2	%
	2027	1,294,000		102,350,000		79.10		8.8	%
	2028	1,044,000		83,816,000		80.28		7.2	%
	2029	1,269,000		103,298,000		81.40		8.8	%
	2030	634,000		53,405,000		84.24		4.6	%
	2031	898,000		81,416,000		90.66		7.0	%
	2032	958,000		94,504,000		98.65		8.1	%
	2033	502,000		42,938,000		85.53		3.7	%
	2034	584,000		62,966,000		107.82		5.4	%
	Thereafter	4,384,000	(3)	344,378,000		78.55		29.5	%



Retail:	First Quarter 2024(2)	4,000		$	479,000	$	119.75	0.2	%



	Second Quarter 2024	—		—		—		0.0	%
	Third Quarter 2024	8,000		7,622,000		952.75		3.1	%
	Fourth Quarter 2024	—		—		—		0.0	%
	Remaining 2024	8,000		7,622,000		952.75		3.1	%
	First Quarter 2025	100,000		4,594,000		45.94		1.9	%
	Remaining 2025	57,000		5,929,000		104.02		2.4	%
	2026	160,000		29,181,000		182.38		11.9	%
	2027	32,000		20,546,000		642.06		8.4	%
	2028	31,000		13,972,000		450.71		5.7	%
	2029	53,000		26,014,000		490.83		10.6	%
	2030	154,000		23,851,000		154.88		9.7	%
	2031	68,000		30,414,000		447.26		12.4	%
	2032	57,000		29,540,000		518.25		12.1	%
	2033	17,000		6,068,000		356.94		2.5	%
	2034	81,000		8,486,000		104.77		3.5	%
	Thereafter	300,000		38,255,000		127.52		15.6	%

________________________________

(1) Excludes storage, vacancy and other.

(2) Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter.

(3) Assumes U.S. Post Office exercises all lease renewal options through 2038 for 492,000 square feet at 909 Third Avenue given the below-market rent on their options.

- 14 -


LEASE EXPIRATIONS (unaudited) THE MART

	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)	Annualized Escalated Rents of Expiring Leases				Percentage of Annualized Escalated Rent
			Total		Per Sq. Ft.
Office / Showroom / Retail:	First Quarter 2024(2)	3,000	$	220,000	$	73.33	0.2	%






	Second Quarter 2024	37,000	2,187,000		59.11		1.5	%
	Third Quarter 2024	30,000	1,719,000		57.30		1.2	%
	Fourth Quarter 2024	79,000	4,428,000		56.05		3.0	%
	Remaining 2024	146,000	8,334,000		57.08		5.7	%
	First Quarter 2025	104,000	5,480,000		55.92		3.7	%
	Remaining 2025	111,000	6,548,000		58.99		4.5	%
	2026	283,000	16,587,000		58.61		11.3	%
	2027	192,000	10,613,000		55.28		7.2	%
	2028	705,000	35,927,000		50.96		24.5	%
	2029	155,000	8,752,000		56.46		6.0	%
	2030	47,000	3,039,000		64.66		2.1	%
	2031	309,000	15,441,000		49.97		10.5	%
	2032	420,000	20,339,000		48.43		13.9	%
	2033	54,000	2,680,000		49.63		1.8	%
	2034	94,000	4,438,000		47.21		3.0	%
	Thereafter	180,000	8,209,000		45.61		5.6	%

________________________________

(1) Excludes storage, vacancy and other.

(2) Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter.

- 15 -


LEASE EXPIRATIONS (unaudited) 555 California Street

	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)	Annualized Escalated Rents of Expiring Leases				Percentage of Annualized Escalated Rent
			Total		Per Sq. Ft.
Office / Retail:	First Quarter 2024(2)	—	$	—	$	—	0.0	%




	Second Quarter 2024	—	—		—		0.0	%
	Third Quarter 2024	—	—		—		0.0	%
	Fourth Quarter 2024	65,000	6,964,000		107.14		6.3	%
	Remaining 2024	65,000	6,964,000		107.14		6.3	%
	First Quarter 2025	—	—		—		0.0	%
	Remaining 2025	266,000	24,599,000		92.48		22.1	%
	2026	238,000	24,581,000		103.28		22.1	%
	2027	65,000	6,242,000		96.03		5.6	%
	2028	112,000	10,588,000		94.54		9.5	%
	2029	120,000	12,073,000		100.61		10.8	%
	2030	109,000	10,028,000		92.00		9.0	%
	2031	29,000	1,956,000		67.45		1.8	%
	2032	5,000	670,000		134.00		0.6	%
	2033	15,000	1,759,000		117.27		1.6	%
	2034	—	—		—		0.0	%
	Thereafter	153,000	11,937,000		78.02		10.6	%

________________________________

(1) Excludes storage, vacancy and other.

(2) Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter.

- 16 -


CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
CONSOLIDATED
(Amounts in thousands)
	For the Three Months Ended March 31, 2024
	Total Company		New York Segment		THE MART		555 California Street		Other
Capital expenditures:
Expenditures to maintain assets	$	18,899	$	11,123	$	5,263	$	1,764	$	749
Tenant improvements	12,186		11,928		258		—		—
Leasing commissions	2,146		2,120		26		—		—
Recurring tenant improvements, leasing commissions and other capital expenditures	33,231		25,171		5,547		1,764		749
Non-recurring capital expenditures(1)	19,815		16,411		1,471		1,913		20
Total capital expenditures and leasing commissions	$	53,046	$	41,582	$	7,018	$	3,677	$	769

Development and redevelopment expenditures(2):
PENN 2	$	36,838	$	36,838	$	—	$	—	$	—
PENN 1	11,675		11,675		—		—		—
PENN Districtwide improvements	7,334		7,334		—		—		—
Hotel Pennsylvania site	7,108		7,108		—		—		—
The Farley Building	4,795		4,795		—		—		—
Other	7,542		5,725		586		—		1,231
	$	75,292	$	73,475	$	586	$	—	$	1,231

________________________________

(1)Primarily tenant improvements and leasing commissions on first generation space.

(2)Inclusive of capitalized interest expense, operating expenses and development payroll.

- 17 -


UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
		As of March 31, 2024
Joint Venture Name	Asset Category	Percentage Ownership	Company's Carrying Amount		Company's Pro rata Share of Debt(1)		100% of Joint Venture Debt(1)			Maturity Date(2)	Spread over SOFR	Interest Rate(3)
Fifth Avenue and Times Square JV	Retail/Office	51.5%	$	2,241,278	$	419,308	$	855,879		Various	Various	Various

Alexander's	Office/Retail	32.4%	85,260		355,280		1,096,544			Various	Various	Various

Partially owned office buildings/land:
West 57th Street properties	Office/Retail/Land	50.0%	41,092		—		—			N/A	N/A	N/A
512 West 22nd Street	Office/Retail	55.0%	32,644		69,952		127,185			06/25	S+200	6.50%
280 Park Avenue	Office/Retail	50.0%	30,281		600,000		1,200,000		(4)	09/24	S+203	7.35%
825 Seventh Avenue	Office	50.0%	5,245		27,000		54,000			01/26	S+275	8.08%
61 Ninth Avenue	Office/Retail	45.1%	962		75,543		167,500			01/26	S+146	5.85%
650 Madison Avenue	Office/Retail	20.1%	—		161,024		800,000			12/29	N/A	3.49%

Other investments:
Independence Plaza	Residential/Retail	50.1%	53,612		338,175		675,000			07/25	N/A	4.25%
Sunset Pier 94 Studios	Studio Campus	49.9%	52,083		50		100			09/26	S+475	10.08%
Rosslyn Plaza	Office/Residential	43.7% to 50.4%	35,194		12,603		25,000			04/26	S+200	7.32%
Other	Various	Various	21,483		124,235		665,736			Various	Various	Various
			$	2,599,134	$	2,183,170	$	5,666,944
Investments in partially owned entities included in other liabilities(5):
7 West 34th Street	Office/Retail	53.0%	$	(70,207)	$	159,000	$	300,000		06/26	N/A	3.65%
85 Tenth Avenue	Office/Retail	49.9%	(13,852)		311,875		625,000			12/26	N/A	4.55%
			$	(84,059)	$	470,875	$	925,000

________________________________

(1)Represents the contractual debt obligations. Vornado Realty L.P. guarantees an aggregate $803,000 of JV partnership debt, primarily comprised of the $500,000 mortgage loan on 640 Fifth Avenue included in the Fifth Avenue and Times Square JV and the $300,000 mortgage loan on 7 West 34th Street.

(2)Assumes the exercise of as-of-right extension options.

(3)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable.

(4)On April 4, 2024, the joint venture amended and extended the $1,075,000 mortgage loan to September 2026, with options to fully extend to September 2028, subject to certain conditions. Additionally, on April 4, 2024, the joint venture amended and extended the $125,000 mezzanine loan, and subsequently repaid the loan for $62,500. See page 3 for details.

(5)Our negative basis results from distributions in excess of our investment.

- 18 -


UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	Percentage Ownership at March 31, 2024	Our Share of Net Income for the Three Months Ended March 31,				Our Share of NOI (non-GAAP) for the Three Months Ended March 31,
		2024		2023		2024		2023
Joint Venture Name
New York:
Fifth Avenue and Times Square JV:
Equity in net income	51.5%	$	9,291	$	10,199	$	28,102	$	29,564
Return on preferred equity, net of our share of the expense		9,328		9,226		—		—

		18,619		19,425		28,102		29,564
280 Park Avenue	50.0%	(8,042)		(4,529)		8,340		10,241
Alexander's	32.4%	5,154		3,571		11,707		9,070
85 Tenth Avenue	49.9%	(2,522)		(4,194)		3,075		1,510
7 West 34th Street	53.0%	1,139		1,085		3,623		3,596
512 West 22nd Street	55.0%	(529)		(355)		1,664		1,482
Independence Plaza	50.1%	(427)		(497)		5,169		5,009
West 57th Street properties	50.0%	(200)		(168)		(7)		82
61 Ninth Avenue	45.1%	(80)		(46)		1,908		1,848
Other, net	Various	2,119		680		4,128		2,922
		15,231		14,972		67,709		65,324

Other:
Alexander's corporate fee income	32.4%	1,180		1,173		658		651
Rosslyn Plaza	43.7% to 50.4%	(105)		529		523		1,114
Other, net	Various	(27)		(8)		1,479		1,008
		1,048		1,694		2,660		2,773

Total		$	16,279	$	16,666	$	70,369	$	68,097

- 19 -


CAPITAL STRUCTURE (unaudited)
(Amounts in thousands, except per share and per unit amounts)

				As of March 31, 2024
Debt (contractual balances):
Consolidated debt(1):
Mortgages payable				$	5,729,615
Senior unsecured notes				1,200,000
$800 Million unsecured term loan				800,000
$2.5 Billion unsecured revolving credit facilities				575,000
				8,304,615
Pro rata share of debt of non-consolidated entities				2,654,045
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)				(682,059)
				10,276,601		(A)

	Shares/Units	Liquidation Preference
Perpetual Preferred:
3.25% preferred units (D-17) (141,400 units @ $25.00 per unit)				3,535
5.40% Series L preferred shares	12,000	$	25.00	300,000
5.25% Series M preferred shares	12,780	25.00		319,500
5.25% Series N preferred shares	12,000	25.00		300,000
4.45% Series O preferred shares	12,000	25.00		300,000
				1,223,035		(B)

	Converted Shares	March 31, 2024 Common Share Price
Equity:
Common shares	190,483	$	28.77	5,480,196
Redeemable Class A units and LTIP Unit awards	17,116	28.77		492,427
Convertible share equivalents:
Series D-13 preferred units	1,623	28.77		46,694
Series G-1 through G-4 preferred units	101	28.77		2,906
Series A preferred shares	25	28.77		719
				6,022,942		(C)
Total Market Capitalization (A+B+C)				$	17,522,578

________________________________

(1)See reconciliation on page xi in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of March 31, 2024.

- 20 -


COMMON SHARES DATA (NYSE: VNO) (unaudited)

Vornado Realty Trust common shares are traded on the New York Stock Exchange ("NYSE") under the symbol VNO. Below is a summary of performance and dividends for VNO common shares (based on NYSE prices):


	First Quarter		Fourth Quarter		Third Quarter		Second Quarter
	2024		2023		2023		2023
High price	$	29.46	$	32.21	$	26.21	$	18.55
Low price	$	24.17	$	18.36	$	17.28	$	12.31
Closing price - end of quarter	$	28.77	$	28.25	$	22.68	$	18.14

Outstanding shares, Class A units and convertible preferred units as converted (in thousands)	209,348		209,159		209,448		210,336





Closing market value of outstanding shares, Class A units and convertible preferred units as converted	$	6.0	Billion	$	5.9	Billion	$	4.8	Billion	$	3.8	Billion

We anticipate that we will pay a common share dividend for 2024 in the fourth quarter, subject to approval by our Board of Trustees.

- 21 -


DEBT ANALYSIS (unaudited)
(Amounts in thousands)
	As of March 31, 2024
	Total			Variable			Fixed(1)
(Contractual debt balances)	Amount		Weighted Average Interest Rate	Amount		Weighted Average Interest Rate	Amount		Weighted Average Interest Rate
Consolidated debt(2)	$	8,304,615	4.18%	$	1,311,865	6.25%	$	6,992,750	3.79%
Pro rata share of debt of non-consolidated entities	2,654,045		5.36%	1,452,826		6.60%	1,201,219		3.87%
Total	10,958,660		4.46%	2,764,691		6.43%	8,193,969		3.80%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)	(682,059)			(397,059)			(285,000)
Company's pro rata share of total debt	$	10,276,601	4.41%	$	2,367,632	6.30%	$	7,908,969	3.84%

________________________________

(1)Includes variable rate debt with interest rates fixed by interest rate swap arrangements and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement.

(2)See reconciliation on page xi in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of March 31, 2024.

As of March 31, 2024, $1,304,229 of variable rate debt (at share) is subject to interest rate cap arrangements, the $1,063,403 of variable rate debt not subject to interest rate cap arrangements represents 10% of our total pro rata share of debt. See the following page for details.

Debt Covenant Ratios(1):

Senior Unsecured Notes
Due 2025, 2026 and 2031

Unsecured Revolving Credit Facilities(2) and Unsecured Term Loan(2)

Required

Actual

Required

Actual

Total outstanding debt/total assets

Less than 65%

52%

(3)

Less than 60%

41%

(4)

Secured debt/total assets

Less than 50%

34%

(3)

Less than 50%

30%

(4)

Interest coverage ratio (annualized combined EBITDA to annualized interest expense)

Greater than 1.50

1.93

N/A

Fixed charge coverage

N/A

Greater than 1.40

1.94

Unencumbered assets/unsecured debt

Greater than 150%

321%

N/A

Unsecured debt/cap value of unencumbered assets

N/A

Less than 60%

22%

Unencumbered coverage ratio

N/A

Greater than 1.75

6.48


Consolidated Unencumbered EBITDA (non-GAAP):	Q1 2024 Annualized
New York	$	267,908
Other	83,976
Total	$	351,884

________________________________

(1)Our debt covenant ratios and consolidated unencumbered EBITDA are computed in accordance with the terms of our senior unsecured notes, unsecured revolving credit facilities, and unsecured term loan, as applicable. The methodology used for these computations may differ significantly from similarly titled ratios and amounts of other companies. For additional information regarding the methodology used to compute these ratios, please see our filings with the SEC of our revolving credit facilities, senior debt indentures and applicable prospectuses and prospectus supplements.

(2)Covenant ratios presented above are calculated per the terms of the $915,000 unsecured revolving credit facility effective May 3, 2024 (see page 3 for details). We expect that the covenant terms under our $1.25 billion unsecured revolving credit facility and our unsecured term loan will be conformed to the covenant terms under the $915,000 unsecured revolving credit facility during the second quarter of 2024. Please see Part I, Item 5. Other Information of our Quarterly Report on Form 10-Q for the three months ended March 31, 2024 for additional information regarding the terms of the new $915,000 facility.

(3)Total assets calculated as EBITDA capped at 7.0%.

(4)Total assets calculated as EBITDA capped at the following rates: 6.5% for office, 6.0% for retail, 8.0% for trade shows, 5.75% for multifamily, 7.25% for hotel, and 6.5% for other asset types.

- 22 -


HEDGING INSTRUMENTS AS OF MARCH 31, 2024 (unaudited)
(Amounts in thousands)
	Debt Information						Swap / Cap Information
	Balance at Share		Maturity Date(1)		Variable Rate Spread		Notional Amount at Share			Expiration Date		All-In Swapped Rate

Interest Rate Swaps:
Consolidated:
555 California Street mortgage loan
In-place swap	$	840,000		05/28		S+205	$	840,000			05/24	2.29%
Forward swap (effective 05/24)							840,000				05/26	6.03%
770 Broadway mortgage loan	700,000			07/27		S+225	700,000				07/27	4.98%
PENN 11 mortgage loan	500,000			10/25		S+206	500,000				10/25	6.28%
Unsecured revolving credit facility	575,000			12/27		S+114	575,000				08/27	3.87%
Unsecured term loan	800,000			12/27		S+129
Through 07/25							700,000				07/25	4.52%
07/25 through 10/26							550,000				10/26	4.35%
10/26 through 8/27							50,000				08/27	4.03%
100 West 33rd Street mortgage loan	480,000			06/27		S+165	480,000				06/27	5.06%
888 Seventh Avenue mortgage loan	259,800			12/25		S+180	200,000				09/27	4.76%
4 Union Square South mortgage loan	120,000			08/25		S+150	97,750				01/25	3.74%
Unconsolidated:
731 Lexington Avenue - retail condominium mortgage loan	97,200			08/25		S+151	97,200				05/25	1.76%
50-70 West 93rd Street mortgage loan	41,667			12/24		S+164	41,168				06/24	3.14%
Interest Rate Caps:												Index Strike Rate	Cash Interest Rate(2)	Effective Interest Rate(3)
Consolidated:
1290 Avenue of the Americas mortgage loan	$	665,000		11/28		S+162	$	665,000			11/25	1.00%	2.62%	5.94%
One Park Avenue mortgage loan	525,000			03/26		S+122	525,000				03/25	3.89%	5.11%	6.16%
150 West 34th Street mortgage loan	75,000			02/28		S+215	75,000				02/26	5.00%	7.15%	7.75%
606 Broadway mortgage loan	37,060			09/24		S+191	37,060				09/24	4.00%	5.91%	5.95%
Unconsolidated:

640 Fifth Avenue mortgage loan	259,925			05/24		S+111	259,925				05/24	4.00%	5.11%	6.03%
731 Lexington Avenue - office condominium mortgage loan	162,000			06/24		Prime+0	162,000				06/24	6.00%	6.00%	8.46%
61 Ninth Avenue mortgage loan	75,543			01/26		S+146	75,543				01/26	4.39%	5.85%	6.31%
512 West 22nd Street mortgage loan	69,952			06/25		S+200	69,952				06/25	4.50%	6.50%	7.16%
Rego Park II mortgage loan	65,624			12/25		S+145	65,624				11/24	4.15%	5.60%	6.28%
Fashion Centre Mall/Washington Tower mortgage loan	34,125			05/26		S+305	34,125				05/24	3.89%	6.94%	6.98%

Debt subject to interest rate swaps and subject to a 1.00% SOFR interest rate cap							$	4,896,118
Variable rate debt subject to interest rate caps							1,304,229
Fixed rate debt per loan agreements							3,012,851
Variable rate debt not subject to interest rate swaps or caps							1,063,403		(4)
Total debt at share							$	10,276,601

________________________________

(1)Assumes the exercise of as-of-right extension options.

(2)Equals the sum of (i) the index rate in effect as of the most recent contractual reset date, adjusted for hedging instruments, and (ii) the contractual spread.

(3)Equals the sum of (i) the cash interest rate and (ii) the effect of amortization of the interest rate cap premium over the term.

(4)Our exposure to SOFR index increases is partially mitigated by an increase in interest income on our cash, cash equivalents and restricted cash.

See page 3 for details of interest rate hedging arrangements entered into during 2024.

- 23 -


CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property	Maturity Date(1)	Spread over SOFR			Interest Rate(2)		2024		2025		2026		2027		2028		Thereafter		Total
Secured Debt:
435 Seventh Avenue(3)	04/24		S+141		6.74%		$	95,696	$	—	$	—	$	—	$	—	$	—	$	95,696
606 Broadway (50.0% interest)	09/24		S+191		5.91%		74,119		—		—		—		—		—		74,119
4 Union Square South	08/25		S+150	(4)	4.31%		—		120,000		—		—		—		—		120,000
PENN 11	10/25				6.28%		—		500,000		—		—		—		—		500,000
888 Seventh Avenue(5)	12/25		S+180	(4)	5.30%		—		259,800		—		—		—		—		259,800
One Park Avenue	03/26		S+122		5.11%		—		—		525,000		—		—		—		525,000
350 Park Avenue	01/27				3.92%		—		—		—		400,000		—		—		400,000
100 West 33rd Street	06/27				5.06%		—		—		—		480,000		—		—		480,000
770 Broadway	07/27				4.98%		—		—		—		700,000		—		—		700,000
150 West 34th Street	02/28		S+215		7.15%		—		—		—		—		75,000		—		75,000
555 California Street (70.0% interest)	05/28		S+205	(4)	3.81%		—		—		—		—		1,200,000		—		1,200,000
1290 Avenue of the Americas (70.0% interest)	11/28				2.62%		—		—		—		—		950,000		—		950,000
909 Third Avenue	04/31				3.23%		—		—		—		—		—		350,000		350,000
Total Secured Debt							169,815		879,800		525,000		1,580,000		2,225,000		350,000		5,729,615
Unsecured Debt:
Senior unsecured notes due 2025	01/25				3.50%		—		450,000		—		—		—		—		450,000
$1.25 Billion unsecured revolving credit facility(6)	04/26		S+119		—		—		—		—		—		—		—		—
Senior unsecured notes due 2026	06/26				2.15%		—		—		400,000		—		—		—		400,000
$1.25 Billion unsecured revolving credit facility	12/27				3.87%	(7)	—		—		—		575,000		—		—		575,000
$800 Million unsecured term loan	12/27		S+129	(4)	4.78%	(7)	—		—		—		800,000		—		—		800,000
Senior unsecured notes due 2031	06/31				3.40%		—		—		—		—		—		350,000		350,000
Total Unsecured Debt							—		450,000		400,000		1,375,000		—		350,000		2,575,000
Total Debt							$	169,815	$	1,329,800	$	925,000	$	2,955,000	$	2,225,000	$	700,000	$	8,304,615
Weighted average rate							6.38%		4.97%		3.83%		4.58%		3.42%		3.32%		4.18%

Fixed rate debt(8)							$	—	$	1,247,750	$	400,000	$	2,855,000	$	1,790,000	$	700,000	$	6,992,750
Fixed weighted average rate expiring							—		4.83%		2.15%		4.51%		2.47%		3.32%		3.79%
Floating rate debt							$	169,815	$	82,050	$	525,000	$	100,000	$	435,000	$	—	$	1,311,865
Floating weighted average rate expiring							6.38%		7.04%		5.11%		6.62%		7.34%		—		6.25%

________________________________

(1)Assumes the exercise of as-of-right extension options.

(2)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See the previous page for information on interest rate swap and interest rate cap arrangements.

(3)On April 9, 2024, we completed a $75,000 refinancing of 435 Seventh Avenue, extending the maturity date to April 2028. See page 3 for details.

(4)Balance is partially hedged by interest rate swap arrangements. See previous page for details.

(5)In December 2023, we entered into a loan modification pursuant to which principal amortization is waived for a period of time.

(6)On May 3, 2024, we amended one of our two revolving credit facilities, extending the maturity date to April 2029. See page 3 for details.

(7)Reflects a 0.01% interest rate reduction that we qualified for by achieving certain sustainability key performance indicator (KPI) metrics. We must achieve the KPI metrics annually in order to receive the interest rate reduction.

(8)Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity, and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement. See the previous page for information on interest rate swap arrangements.

- 24 -

TOP 30 TENANTS (unaudited)

(Amounts in thousands, except square feet)


Tenants	Square Footage At Share	Annualized Escalated Rents At Share(1)		% of Total Annualized Escalated Rents At Share
Meta Platforms, Inc.	1,451,153	$	167,395	9.5	%
IPG and affiliates	1,029,557	68,207		3.9	%
Citadel	585,460	62,498		3.6	%
New York University	685,290	48,886		2.7	%
Bloomberg L.P.	306,768	43,277		2.4	%
Google/Motorola Mobility (guaranteed by Google)	759,446	42,537		2.4	%
Amazon (including its Whole Foods subsidiary)	312,694	30,699		1.7	%
Neuberger Berman Group LLC	306,612	28,184		1.6	%
Swatch Group USA	11,957	27,515		1.5	%
AMC Networks, Inc.	326,717	25,830		1.5	%
LVMH Brands	65,060	25,692		1.4	%
Bank of America	247,615	24,521		1.4	%
Apple Inc.	412,434	24,076		1.4	%
Madison Square Garden & Affiliates	314,765	20,908		1.2	%
Victoria's Secret	33,156	20,087		1.1	%
PwC	241,196	19,126		1.1	%
PJT Partners Holding	134,953	18,672		1.0	%
Macy's	242,837	18,218		1.0	%
Fast Retailing (Uniqlo)	47,167	13,741		0.8	%
The City of New York	232,010	12,137		0.7	%
King & Spalding	122,859	11,979		0.7	%
Foot Locker	149,987	11,716		0.7	%
WSP USA	172,666	11,166		0.6	%
AbbVie Inc.	168,673	11,166		0.6	%
Axon Capital	93,127	10,915		0.6	%
Alston & Bird LLP	126,872	10,744		0.6	%
Burlington Coat Factory	108,844	10,706		0.6	%
Cushman & Wakefield	127,485	10,312		0.6	%
Aetna Life Insurance Company	64,196	10,139		0.6	%
Kirkland & Ellis LLP	106,751	9,589		0.5	%
				48.0	%

________________________________

(1)Represents monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rents at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space.

- 25 -


SQUARE FOOTAGE (unaudited)
(Square feet in thousands)
		At Vornado's Share
	At 100%		Under Development or Not Available for Lease	In Service
		Total		Office	Retail	Showroom	Other
Segment:
New York:
Office	20,384	17,551	1,642	15,726	—	183	—
Retail	2,394	1,955	270	—	1,685	—	—
Residential - 1,662 units	1,498	764	19	—	—	—	745
Alexander's (32.4% interest), including 312 residential units	2,455	795	45	307	361	—	82
	26,731	21,065	1,976	16,033	2,046	183	827

Other:
THE MART	3,688	3,679	—	2,104	103	1,257	215
555 California Street (70% interest)	1,820	1,274	—	1,240	34	—	—
Other	2,845	1,346	144	212	879	—	111
	8,353	6,299	144	3,556	1,016	1,257	326

Total square feet at March 31, 2024	35,084	27,364	2,120	19,589	3,062	1,440	1,153

Total square feet at December 31, 2023	35,082	27,365	2,025	19,674	3,073	1,440	1,153

	At 100%
Parking Garages (not included above):	Square Feet	Number of Garages	Number of Spaces
New York	1,635	9	4,685
THE MART	558	4	1,643
555 California Street	168	1	461
Rosslyn Plaza	411	4	1,094
Total at March 31, 2024	2,772	18	7,883

- 26 -


OCCUPANCY (unaudited)

	New York		THE MART		555 California Street
Occupancy rate at:
March 31, 2024	88.2	%	77.6	%	94.5	%
December 31, 2023	89.4	%	79.2	%	94.5	%
March 31, 2023	89.9	%	80.3	%	94.9	%


RESIDENTIAL STATISTICS (unaudited)

		Vornado's Ownership Interest
	Number of Units	Number of Units	Occupancy Rate	Average Monthly Rent Per Unit
New York:
March 31, 2024	1,974	939	97.5%	$4,163
December 31, 2023	1,974	939	96.8%	$4,115
March 31, 2023	1,976	941	96.8%	$3,914

- 27 -


GROUND LEASES (unaudited)
(Amounts in thousands, except square feet)

Property	Current Annual Rent at Share			Next Option Renewal Date		Fully Extended Lease Expiration		Rent Increases and Other Information
Consolidated:
New York:
The Farley Building (95% interest)		$	4,750		None		2116		None
PENN 1:
Land		TBD			2073		2098		Rent resets at the beginning of each 25-year renewal term at fair market value (“FMV”). The rent reset for the 25-year period commencing June 2023 is currently ongoing and the timing is uncertain. The final FMV determination may be materially higher or lower than our January 2022 estimate.
Long Island Railroad Concourse Retail		1,379			2048		2098		Two 25-year renewal options. Base rent increases every 10 years, with the next rent increase in 2028, based on the increase in gross income reduced by the increase in real estate taxes and operating expenses. In addition, percentage rent is payable based on gross annual income above a specified threshold. Base and percentage rent are reduced by a rent credit calculated as a percentage of development costs funded by Vornado.
260 Eleventh Avenue		4,448			None		2114		Rent increases annually by the lesser of CPI or 1.5% compounded. We have a purchase option exercisable at a future date for $110,000 increased annually by the lesser of CPI or 1.5% compounded.
888 Seventh Avenue		3,350			2028		2067		Two 20-year renewal options at FMV.
330 West 34th Street - 65.2% ground leased		10,265			2051		2149		Two 30-year and one 39-year renewal option at FMV.
909 Third Avenue		1,600			2041		2063		One 22-year renewal option at current annual rent.
962 Third Avenue (the Annex building to 150 East 58th Street) - 50.0% ground leased		666			None		2118		Rent resets every ten years to FMV.
Other:
Wayne Town Center		5,697			2035		2064		Two 10-year renewal options and one 9-year renewal option. Rent increases annually by the greater of CPI or 6%.
Annapolis		650			None		2042		Fixed rent increases to $750 per annum in 2032.
Unconsolidated:
Sunset Pier 94 Studios (49.9% interest)		449			2060		2110		Five 10-year renewal options. Fixed rent increases in 2028 and every five years thereafter. Beginning in September 2028, additional rent is payable in an amount equal to 6% of gross revenue less the base rent.
61 Ninth Avenue (45.1% interest)		3,635			None		2115		Rent increases every three years based on CPI, subject to a cap. In 2051, 2071 and 2096, rent resets based on the increase in the property's gross revenue net of real estate taxes, if greater than the CPI reset.
Flushing (Alexander's) (32.4% interest)		259			2027		2037		One 10-year renewal option at 90% of FMV.

- 28 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)			Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK:
PENN District:
PENN 1
(ground leased through 2098)**															Cisco, Hartford Fire Insurance, Empire Healthchoice Assurance, Inc., United
															Healthcare Services, Inc., Siemens Mobility, WSP USA, Gusto Inc., Samsung,
-Office	100.0	%	81.7	%	$	80.09			2,255,000	2,255,000	—				Canaccord Genuity LLC*
-Retail	100.0	%	100.0	%	172.98				302,000	75,000	227,000				Bank of America, Starbucks, Blue Bottle Coffee Inc., Shake Shack
	100.0	%	82.2	%	83.17		$	183,000	2,557,000	2,330,000	227,000	$	—

PENN 2
-Office	100.0	%	100.0	%	59.19				1,752,000	243,000	1,509,000				Madison Square Garden, EMC, Major League Soccer LLC*
-Retail	100.0	%	100.0	%	618.21				43,000	4,000	39,000				JPMorgan Chase
	100.0	%	100.0	%	68.82		37,300		1,795,000	247,000	1,548,000	575,000		(4)

The Farley Building (ground and building leased through 2116)**
-Office	95.0	%	100.0	%	117.86				730,000	730,000	—				Meta Platforms, Inc.
-Retail	95.0	%	36.7	%	312.69				116,000	116,000	—				Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels
	95.0	%	91.5	%	128.36		99,100		846,000	846,000	—	—			Avra Prime*

PENN 11

-Office	100.0	%	100.0	%	72.05				1,110,000	1,110,000	—				Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's
-Retail	100.0	%	80.1	%	152.13				39,000	39,000	—				PNC Bank National Association, Starbucks
	100.0	%	99.3	%	74.30		79,100		1,149,000	1,149,000	—	500,000

100 West 33rd Street
-Office	100.0	%	89.5	%	67.90				859,000	859,000	—				IPG and affiliates
-Retail	100.0	%	3.6	%	100.00				255,000	255,000	—				Aeropostale
	100.0	%	70.6	%	68.26		52,800		1,114,000	1,114,000	—	480,000

330 West 34th Street
(65.2% ground leased through 2149)**
-Office	100.0	%	76.8	%	76.82				701,000	701,000	—				Structure Tone, Deutsch, Inc., Web.com, Footlocker, HomeAdvisor, Inc.
-Retail	100.0	%	92.7	%	105.09				24,000	24,000	—				Starbucks
	100.0	%	77.3	%	77.75		42,400		725,000	725,000	—	100,000		(5)

435 Seventh Avenue
-Retail	100.0	%	100.0	%	35.22		1,500		43,000	43,000	—	95,696		(6)	Forever 21

7 West 34th Street
-Office	53.0	%	100.0	%	81.51				458,000	458,000	—				Amazon
-Retail	53.0	%	100.0	%	344.45				19,000	19,000	—				Amazon, Lindt, Naturalizer (guaranteed by Caleres)
	53.0	%	100.0	%	92.61		43,300		477,000	477,000	—	300,000

431 Seventh Avenue
-Retail	100.0	%	100.0	%	249.85		1,100		9,000	9,000	—	—			Essen

138-142 West 32nd Street
-Retail	100.0	%	80.3	%	121.80		400		8,000	8,000	—	—

150 West 34th Street
-Retail	100.0	%	100.0	%	38.58		3,000		78,000	78,000	—	75,000			Old Navy

- 29 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)			Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property										Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
PENN District (Continued):
137 West 33rd Street
-Retail	100.0	%	100.0	%	$	103.71		$	300	3,000	3,000	—	$	—

131-135 West 33rd Street
-Retail	100.0	%	100.0	%	64.23			1,500		23,000	23,000	—	—

Other (3 buildings)
-Retail	100.0	%	65.4	%	189.68			1,600		16,000	16,000	—	—

Total PENN District								546,400		8,843,000	7,068,000	1,775,000	2,125,696

Midtown East:
909 Third Avenue
(ground leased through 2063)**															IPG and affiliates, AbbVie Inc., United States Post Office,
-Office	100.0	%	93.1	%	67.09		(7)	60,000		1,352,000	1,352,000	—	350,000		Geller & Company, Morrison Cohen LLP, Sard Verbinnen


150 East 58th Street(8)
-Office	100.0	%	81.8	%	82.16					541,000	541,000	—			Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail	100.0	%	100.0	%	96.40					3,000	3,000	—
	100.0	%	81.9	%	82.24			36,100		544,000	544,000	—	—

715 Lexington Avenue
-Retail	100.0	%	100.0	%	198.99			4,300		22,000	22,000	—	—		Orangetheory Fitness, Casper, Santander Bank, Blu Dot

966 Third Avenue
-Retail	100.0	%	100.0	%	112.60			800		7,000	7,000	—	—		McDonald's

968 Third Avenue
-Retail	50.0	%	100.0	%	188.17			1,200		7,000	7,000	—	—		Wells Fargo

Total Midtown East								102,400		1,932,000	1,932,000	—	350,000

Midtown West:
888 Seventh Avenue
(ground leased through 2067)**															Axon Capital LP, Lone Star US Acquisitions LLC, Top-New York, Inc.,
-Office	100.0	%	86.4	%	99.46					872,000	872,000	—			Vornado Executive Headquarters, United Talent Agency
-Retail	100.0	%	100.0	%	313.88					15,000	15,000	—			Redeye Grill L.P.
	100.0	%	86.5	%	101.66			77,100		887,000	887,000	—	259,800

57th Street - 2 buildings
-Office	50.0	%	85.4	%	60.79					81,000	81,000	—
-Retail	50.0	%	42.5	%	125.51					22,000	22,000	—
	50.0	%	78.3	%	66.64			5,100		103,000	103,000	—	—

825 Seventh Avenue
-Office	50.0	%	79.6	%	59.02					169,000	169,000	—			Young Adult Institute Inc., New Alternatives for Children, Inc.
-Retail	100.0	%	100.0	%	161.27					4,000	4,000	—
			80.1	%	61.99			8,400		173,000	173,000	—	54,000

Total Midtown West								90,600		1,163,000	1,163,000	—	313,800

- 30 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet				Encumbrances (non-GAAP) (in thousands)(3)			Major Tenants
Property									Total Property		In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Park Avenue:
280 Park Avenue																Franklin Templeton Co. LLC, PJT Partners,
-Office	50.0	%	88.7	%	$	115.02			1,237,000		1,237,000	—				Investcorp International Inc., GIC Inc., Wells Fargo
-Retail	50.0	%	93.8	%	54.61				28,000		28,000	—				Starbucks, Fasano Restaurant
	50.0	%	88.8	%	113.60		$	126,900	1,265,000		1,265,000	—	$	1,200,000	(9)

350 Park Avenue
-Office	100.0	%	100.0	%	106.75		62,500		585,000		585,000	—	400,000			Citadel

Total Park Avenue							189,400		1,850,000		1,850,000	—	1,600,000
Grand Central:
90 Park Avenue																Alston & Bird, Capital One, PwC, MassMutual,
-Office	100.0	%	96.4	%	83.01				938,000		938,000	—				Factset Research Systems Inc., Foley & Lardner
-Retail	100.0	%	72.8	%	167.06				18,000		18,000	—				Citibank, Starbucks
	100.0	%	96.0	%	84.18		74,600		956,000		956,000	—	—



Madison/Fifth:
640 Fifth Avenue																Fidelity Investments, Abbott Capital Management,
-Office	52.0	%	91.5	%	109.18				246,000		246,000	—				Avolon Aerospace, Houlihan Lokey Advisors Parent, Inc.
-Retail	52.0	%	96.2	%	1,093.28				69,000		69,000	—				Victoria's Secret, Dyson
	52.0	%	92.2	%	264.93		73,300		315,000		315,000	—	500,000

666 Fifth Avenue
-Retail	52.0	%	100.0	%	395.73		41,300		114,000	(10)	114,000	—	—			Fast Retailing (Uniqlo), Abercrombie & Fitch, Tissot

595 Madison Avenue																LVMH Moet Hennessy Louis Vuitton Inc.,
-Office	100.0	%	88.0	%	80.50				300,000		300,000	—				Albea Beauty Solutions, Aerin LLC
-Retail	100.0	%	100.0	%	739.47				30,000		30,000	—				Fendi, Berluti, Christofle Silver Inc.
	100.0	%	88.8	%	127.56		38,700		330,000		330,000	—	—

650 Madison Avenue																Sotheby's International Realty, Inc., BC Partners Inc.,
-Office	20.1	%	85.8	%	101.83				564,000		564,000	—				Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)
-Retail	20.1	%	94.3	%	1,111.11				37,000		37,000	—				Moncler USA Inc., Tod's, Celine, Balmain
	20.1	%	86.1	%	146.29		72,600		601,000		601,000	—	800,000

689 Fifth Avenue
-Office	52.0	%	100.0	%	95.71				81,000		81,000	—				Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail	52.0	%	100.0	%	1,075.53				17,000		17,000	—				MAC Cosmetics, Canada Goose
	52.0	%	100.0	%	211.43		21,300		98,000		98,000	—	—

655 Fifth Avenue
-Retail	50.0	%	100.0	%	294.53		17,400		57,000		57,000	—	—			Ferragamo

697-703 Fifth Avenue
-Retail	44.8	%	100.0	%	2,561.30		38,600		26,000		26,000	—	355,879			Swatch Group USA, Harry Winston

Total Madison/Fifth							303,200		1,541,000		1,541,000	—	1,655,879

- 31 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Midtown South:
770 Broadway
-Office	100.0	%	78.5	%	$	113.49			1,077,000	1,077,000	—			Meta Platforms, Inc., Yahoo Inc.
-Retail	100.0	%	92.0	%	93.37				106,000	106,000	—			Bank of America N.A., Wegmans Food Markets
	100.0	%	79.7	%	111.55		$	103,500	1,183,000	1,183,000	—	$	700,000

One Park Avenue
														New York University, BMG Rights Management LLC,
-Office	100.0	%	95.4	%	72.47				867,000	867,000	—			Robert A.M. Stern Architect
-Retail	100.0	%	90.1	%	82.32				78,000	78,000	—			Bank of Baroda, Citibank, Equinox
	100.0	%	95.0	%	73.23		64,300		945,000	945,000	—	525,000

4 Union Square South
-Retail	100.0	%	100.0	%	136.98		28,000		204,000	204,000	—	120,000		Burlington, Whole Foods Market, DSW, Sephora

Total Midtown South							195,800		2,332,000	2,332,000	—	1,345,000

Rockefeller Center:
1290 Avenue of the Americas														Hachette Book Group Inc., Bryan Cave LLP,
														Neuberger Berman Group LLC, SSB Realty LLC,
														Cushman & Wakefield, Columbia University, Selendy Gay Elsberg PLLC*,
-Office	70.0	%	88.9	%	87.87				2,044,000	2,044,000	—			Fubotv Inc, LinkLaters, King & Spalding*
-Retail	70.0	%	94.0	%	232.03				76,000	76,000	—			Duane Reade, JPMorgan Chase Bank, Starbucks
Total Rockefeller Center	70.0	%	89.0	%	91.94		184,400		2,120,000	2,120,000	—	950,000

SoHo:
606 Broadway (19 East Houston Street)
-Office	50.0	%	79.1	%	105.32				30,000	30,000	—
-Retail	50.0	%	100.0	%	733.71				6,000	6,000	—			HSBC, Harman International
	50.0	%	81.8	%	206.31		5,900		36,000	36,000	—	74,119

304-306 Canal Street
-Retail	100.0	%	100.0	%	61.39				4,000	4,000	—			Stellar Works
-Residential (4 units)	100.0	%	0.0	%					9,000	—	9,000
	100.0	%					200		13,000	4,000	9,000	—

334 Canal Street
-Retail	100.0	%	0.0	%	—				4,000	—	4,000
-Residential (4 units)	100.0	%	0.0	%					10,000	—	10,000
	100.0	%					—		14,000	—	14,000	—

Total SoHo							6,100		63,000	40,000	23,000	74,119

- 32 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Times Square:
1540 Broadway
-Retail	52.0	%	78.5	%	$	115.93	$	15,000	161,000	161,000	—	$	—	U.S. Polo, Forever 21, Disney

1535 Broadway
-Retail	52.0	%	98.2	%	1,144.02				45,000	45,000	—			T-Mobile, Swatch Group USA, Levi's, Sephora
-Theatre	52.0	%	100.0	%	16.58				62,000	62,000	—			Nederlander-Marquis Theatre
	52.0	%	99.3	%	435.46		42,900		107,000	107,000	—	—

Total Times Square							57,900		268,000	268,000	—	—

Upper East Side:
1131 Third Avenue
-Retail	100.0	%	100.0	%	217.18		4,900		23,000	23,000	—	—		Nike, Crunch LLC, J.Jill

40 East 66th Street
-Residential (3 units)	100.0	%	100.0	%					10,000	10,000	—	—

Total Upper East Side							4,900		33,000	33,000	—	—





Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)**
-Office	100.0	%	100.0	%	49.61		10,400		209,000	209,000	—	—		The City of New York

85 Tenth Avenue														Google, Telehouse International Corp.,
-Office	49.9	%	86.4	%	95.73				595,000	595,000	—			Clear Secure, Inc., Shopify
-Retail	49.9	%	55.0	%	52.06				43,000	43,000	—
	49.9	%	84.5	%	93.98		50,100		638,000	638,000	—	625,000

537 West 26th Street
-Retail	100.0	%	100.0	%	161.89		2,800		17,000	17,000	—	—		The Chelsea Factory Inc.

61 Ninth Avenue (2 buildings)
(ground leased through 2115)**
-Office	45.1	%	100.0	%	146.56				171,000	171,000	—			Aetna Life Insurance Company, Apple Inc.
-Retail	45.1	%	100.0	%	395.85				23,000	23,000	—			Starbucks
	45.1	%	100.0	%	162.96		33,900		194,000	194,000	—	167,500

512 West 22nd Street														Warner Media, Next Jump, Omniva LLC,
-Office	55.0	%	84.5	%	122.47				165,000	165,000	—			Capricorn Investment Group
-Retail	55.0	%	100.0	%	106.79				8,000	8,000	—			Galeria Nara Roesler, Harper's Books
	55.0	%	85.2	%	121.62		17,900		173,000	173,000	—	127,185

Total Chelsea/Meatpacking District							115,100		1,231,000	1,231,000	—	919,685

- 33 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Upper West Side:
50-70 West 93rd Street
-Residential (324 units)	49.9	%	100.0	%	$	—	$	—	283,000	283,000	—	$	83,500

Tribeca:
Independence Plaza
-Residential (1,327 units)	50.1	%	97.0	%					1,186,000	1,186,000	—
-Retail	50.1	%	57.6	%	86.88				72,000	72,000	—			Duane Reade
	50.1	%					4,700		1,258,000	1,258,000	—	675,000

339 Greenwich Street
-Retail	100.0	%	100.0	%	77.13		400		8,000	8,000	—	—		Sarabeth's

Total Tribeca							5,100		1,266,000	1,266,000	—	675,000
New Jersey:
Paramus
-Office	100.0	%	82.8	%	25.71		2,600		129,000	129,000	—	—		Vornado's Administrative Headquarters

Property under Development:
Sunset Pier 94 Studios (ground and building leased through 2110)**
‘-Studio	49.9	%	—		—		—		266,000	—	266,000	100

Properties to be Developed:
Hotel Pennsylvania site
-Land	100.0	%	—		—		—		—	—	—	—

57th Street
-Land	50.0	%	—		—		—		—	—	—	—

Eighth Avenue and 34th Street
-Land	100.0	%	—		—		—		—	—	—	—




New York Office:

Total			89.3	%	$	88.23	$	1,446,500	20,384,000	18,609,000	1,775,000	$	8,613,585

Vornado's Ownership Interest			89.3	%	$	86.10	$	1,204,100	17,551,000	15,909,000	1,642,000	$	6,153,994

New York Retail:

Total			77.2	%	$	263.49	$	432,000	2,394,000	2,124,000	270,000	$	720,694

Vornado's Ownership Interest			75.0	%	$	216.27	$	285,200	1,955,000	1,685,000	270,000	$	487,139

New York Residential:

Total			97.5	%					1,498,000	1,479,000	19,000	$	758,500

Vornado's Ownership Interest			97.5	%					764,000	745,000	19,000	$	379,842

- 34 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
ALEXANDER'S, INC.:
New York:
731 Lexington Avenue, Manhattan
-Office	32.4	%	100.0	%	$	142.02			947,000	947,000	—	$	500,000	Bloomberg L.P.
-Retail	32.4	%	90.3	%	254.61				132,000	132,000	—	300,000		The Home Depot, Hutong, Capital One
	32.4	%	98.9	%	153.72		$	161,900	1,079,000	1,079,000	—	800,000


Rego Park I, Queens (4.8 acres)	32.4	%	100.0	%	52.93		10,500		338,000	199,000	139,000			Burlington, Marshalls, IKEA

Rego Park II (adjacent to Rego Park I),
Queens (6.6 acres)	32.4	%	76.7	%	70.10		32,800		616,000	616,000	—	202,544		Costco, Kohl's, TJ Maxx, Best Buy*

Flushing, Queens (1.0 acre ground leased through 2037)**	32.4	%	100.0	%	32.82		5,500		167,000	167,000	—			New World Mall LLC

The Alexander Apartment Tower,
Rego Park, Queens, NY
-Residential (312 units)	32.4	%	96.8	%					255,000	255,000	—	94,000




Total Alexander's	32.4	%	92.5	%	111.59		210,700		2,455,000	2,316,000	139,000	1,096,544


Total New York			88.5	%	$	103.91	$	2,089,200	26,731,000	24,528,000	2,203,000	$	11,189,323

Vornado's Ownership Interest			88.2	%	$	96.91	$	1,601,400	21,065,000	19,089,000	1,976,000	$	7,376,255

________________________________

* Lease not yet commenced.

** Term assumes all renewal options exercised, if applicable.

(1)Weighted average escalated annual rent per square foot and average occupancy percentage for office properties excludes garages and de minimis amounts of storage space. Weighted average escalated annual rent per square foot for retail excludes non-selling space.

(2)Represents monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rents at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space. Includes rent from storage and other non-selling space and excludes rent from residential units.

(3)Represents contractual debt obligations.

(4)Secured amount outstanding on revolving credit facilities.

(5)Amount represents debt on land which is owned 34.8% by Vornado.

(6)On April 9, 2024, we completed a $75,000 refinancing of 435 Seventh Avenue. See page 3 for details.

(7)Excludes US Post Office lease for 492,000 square feet.

(8)Includes 962 Third Avenue (the Annex building to 150 East 58th Street) 50.0% ground leased through 2118**.

(9)On April 4, 2024, the joint venture amended and extended the $1,075,000 mortgage loan to September 2026, with options to fully extend to September 2028, subject to certain conditions. Additionally, on April 4, 2024, the joint venture amended and extended the $125,000 mezzanine loan, and subsequently repaid the loan for $62,500. See page 3 for details.

(10)75,000 square feet is leased from 666 Fifth Avenue Office Condominium.

- 35 -


OTHER SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
THE MART:

THE MART, Chicago														Motorola Mobility (guaranteed by Google), Avant LLC,
														ANGI Home Services, Inc, Paypal, Inc., ConAgra Foods Inc.,
														Allscripts Healthcare, Kellogg Company, IPG and affiliates*,
														Chicagoland Entrepreneurial Center, Holly Hunt Ltd.,
														Innovation Development Institute, Inc., Medline Industries, Inc,
-Office	100.0	%	81.6	%	$	49.28	$	85,800	2,104,000	2,104,000	—			Allstate Insurance Company, Steelcase, Baker Interiors Group, Ltd.

-Showroom/Trade show	100.0	%	72.5	%	57.78		60,900		1,472,000	1,472,000	—
-Retail	100.0	%	64.3	%	48.65		2,700		93,000	93,000	—
	100.0	%	77.5	%	52.43		149,400		3,669,000	3,669,000	—	$	—

Other (2 properties)	50.0	%	100.0	%	50.43		1,000		19,000	19,000	—	27,236
Total THE MART, Chicago							150,400		3,688,000	3,688,000	—	27,236



Property to be Developed:
527 West Kinzie, Chicago	100.0	%	—		—		—		—	—	—	—


Total THE MART			77.7	%	$	52.42	$	150,400	3,688,000	3,688,000	—	$	27,236

Vornado's Ownership Interest			77.6	%	$	52.43	$	149,900	3,679,000	3,679,000	—	$	13,618

555 California Street:
555 California Street	70.0	%	98.7	%	$	96.01	$	140,100	1,506,000	1,506,000	—	$	1,200,000	Bank of America, N.A., Dodge & Cox, Goldman Sachs & Co.,
														Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,
														McKinsey & Company Inc., UBS Financial Services,
														KKR Financial, Microsoft Corporation,
														Fenwick & West LLP, Sidley Austin

315 Montgomery Street	70.0	%	99.7	%	85.51		19,800		236,000	236,000	—	—		Bank of America, N.A., Regus, Ripple Labs Inc., Blue Shield, Lending Home Corporation

345 Montgomery Street	70.0	%	0.0	%	—		—		78,000	78,000	—	—

Total 555 California Street			94.5	%	$	94.59	$	159,900	1,820,000	1,820,000	—	$	1,200,000

Vornado's Ownership Interest			94.5	%	$	94.59	$	111,900	1,274,000	1,274,000	—	$	840,000

________________________________

* Lease not yet commenced.

** Term assumes all renewal options exercised, if applicable.

(1)Weighted average escalated annual rent per square foot excludes ground rent, storage rent and garages.

(3)Represents the contractual debt obligations.

- 36 -


OTHER SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet				Encumbrances (non-GAAP) (in thousands)(4)		Major Tenants
Property									Total Property	In Service		Under Development or Not Available for Lease
										Owned by Company	Owned by Tenant(3)
OTHER:
Virginia:
Rosslyn Plaza
-Office - 4 buildings	46.2	%	32.3	%	$	48.59			736,000	432,000	—	304,000			Nathan Associates
-Residential - 2 buildings (197 units)	43.7	%	98.5	%					253,000	253,000	—	—
	45.6	%					$	6,600	989,000	685,000	—	304,000	$	25,000

Fashion Centre Mall / Washington Tower
-Office	7.5	%	75.0	%	57.12				170,000	170,000	—	—	42,300		The Rand Corporation
-Retail	7.5	%	97.0	%	37.49				868,000	868,000	—	—	412,700		Macy's, Nordstrom
	7.5	%	93.4	%	40.07		50,500		1,038,000	1,038,000	—	—	455,000

New Jersey:
Wayne Town Center, Wayne (ground leased through 2064)**	100.0	%	100.0	%	31.51		19,400		690,000	243,000	443,000	4,000	—		JCPenney, Costco, Dick's Sporting Goods,
															Nordstrom Rack, UFC FIT

Atlantic City (11.3 acres ground leased through 2070 to VICI Properties for a portion of the Borgata Hotel and Casino complex)	100.0	%	100.0	%	—		—		—	—	—	—	—		VICI Properties (ground lessee)

Maryland:
Annapolis (ground and building leased through 2042)**	100.0	%	100.0	%	11.70		1,500		128,000	128,000	—	—	—		The Home Depot

Total Other			84.2	%	$	40.57	$	78,000	2,845,000	2,094,000	443,000	308,000	$	480,000

Vornado's Ownership Interest			87.2	%	$	27.16	$	27,760	1,346,000	759,000	443,000	144,000	$	46,728

________________________________

** Term assumes all renewal options exercised, if applicable.

(1)Weighted average escalated annual rent per square foot excludes ground rent, storage rent, garages and residential.

(3)Owned by tenant on land leased from the company.

(4)Represents the contractual debt obligations.

- 37 -

INVESTOR INFORMATION

Corporate Officers:

Steven Roth

Chairman of the Board and Chief Executive Officer

Michael J. Franco

President and Chief Financial Officer

Glen J. Weiss

Executive Vice President - Office Leasing - Co-Head of Real Estate

Barry S. Langer

Executive Vice President - Development - Co-Head of Real Estate

Haim Chera

Executive Vice President - Head of Retail

Thomas J. Sanelli

Executive Vice President - Finance and Chief Administrative Officer

RESEARCH COVERAGE

Camille Bonnel

Steve Sakwa

Vikram Malhotra

Bank of America/BofA Securities

Evercore ISI

Mizuho Securities (USA) Inc.

416-369-2140

212-446-9462

212-282-3827

Brendan Lynch

Caitlin Burrows/Julien Blouin

Ronald Kamdem

Barclays Capital

Goldman Sachs

Morgan Stanley

212-526-9428

212-902-4736/212-357-7297

212-296-8319

John P. Kim

Dylan Burzinski

Alexander Goldfarb/Connor Mitchell

BMO Capital Markets

Green Street Advisors

Piper Sandler

212-885-4115

949-640-8780

212-466-7937/203-861-7615

Michael Griffin

Anthony Paolone/Ray Zhong

Nicholas Yulico

Citi

JP Morgan

Scotia Capital (USA) Inc

212-816-5871

212-622-6682/212-622-5411

212-225-6904

Floris van Dijkum

Mark Streeter/Ian Snyder

Michael Lewis

Compass Point

JP Morgan Fixed Income

Truist Securities

646-757-2621

212-834-5086/212-834-3798

212-319-5659

Research Coverage - is provided as a service to interested parties and not as an endorsement of any report, or representation as to the accuracy of any information contained therein. Opinions, forecasts and other forward-looking statements expressed in analysts' reports are subject to change without notice.

- 38 -

APPENDIX

DEFINITIONS AND NON-GAAP RECONCILIATIONS


FINANCIAL SUPPLEMENT DEFINITIONS

The financial supplement includes various non-GAAP financial measures. Descriptions of these non-GAAP measures are provided below. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided on the following pages.

Net Operating Income ("NOI") at Share and NOI at Share - Cash Basis - NOI at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We consider NOI at share - cash basis to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

Same Store NOI at Share and Same Store NOI at Share - Cash Basis - Same store NOI at share represents NOI at share from operations which are in service in both the current and prior year reporting periods. Same store NOI at share - cash basis is same store NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We present these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store NOI at share and same store NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

Funds From Operations ("FFO") - FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies.

Funds Available For Distribution ("FAD") - FAD is defined as FFO less (i) cash basis recurring tenant improvements, leasing commissions and capital expenditures, (ii) straight-line rents and amortization of acquired below-market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. FAD is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure that management believes provides useful information regarding the Company's ability to fund its dividends.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") - EBITDAre (i.e., EBITDA for real estate companies) is a non-GAAP financial measure established by NAREIT, which may not be comparable to EBITDA reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition. NAREIT defines EBITDAre as GAAP net income or loss, plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property including losses and gains on change of control, plus impairment write-downs of depreciated property and of investments in unconsolidated entities caused by a decrease in value of depreciated property in the joint venture, plus adjustments to reflect the entity's share of EBITDA of unconsolidated entities. The Company has included EBITDAre because it is a performance measure used by other REITs and therefore may provide useful information to investors in comparing Vornado's performance to that of other REITs.

- i -


NON-GAAP RECONCILIATIONS RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended
	March 31,				December 31, 2023
	2024		2023
Reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):
Net (loss) income attributable to common shareholders	$	(9,034)	$	5,168	$	(61,013)
Per diluted share	$	(0.05)	$	0.03	$	(0.32)

FFO adjustments:
Depreciation and amortization of real property	$	96,783	$	94,792	$	98,085
Real estate impairment losses	—		—		22,206

Our share of partially owned entities:
Depreciation and amortization of real property	26,163		27,469		27,188

Real estate impairment losses	—		—		50,458
	122,946		122,261		197,937
Noncontrolling interests' share of above adjustments	(10,171)		(8,746)		(16,207)
FFO adjustments, net	$	112,775	$	113,515	$	181,730

FFO attributable to common shareholders (non-GAAP)	$	103,741	$	118,683	$	120,717
Impact of assumed conversion of dilutive convertible securities	388		400		388
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	104,129		119,083		121,105
Add back of FFO allocated to noncontrolling interests of the Operating Partnership	9,356		9,146		10,766
FFO attributable to Class A unitholders (non-GAAP)	$	113,485	$	128,229	$	131,871
FFO per diluted share (non-GAAP)	$	0.53	$	0.61	$	0.62

- ii -


NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended
	March 31,				December 31, 2023
	2024		2023
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	104,129	$	119,083	$	121,105
Per diluted share (non-GAAP)	$	0.53	$	0.61	$	0.62

Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions:
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)	$	4,134	$	2,875	$	3,526
After-tax net gain on sale of 220 CPS condominium units and ancillary amenities	—		(6,173)		(5,786)
Other	1,009		288		5,100
	5,143		(3,010)		2,840
Noncontrolling interests' share of above adjustments	(425)		215		(194)
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net	$	4,718	$	(2,795)	$	2,646


FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	108,847	$	116,288	$	123,751
Per diluted share (non-GAAP)	$	0.55	$	0.60	$	0.63

- iii -


NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited)
(Amounts in thousands)
		For the Three Months Ended
		March 31,						December 31, 2023
		2024			2023
FFO attributable to common shareholders, plus assumed conversions	(A)	$	104,129		$	119,083		$	121,105

Adjustments to arrive at FAD (at Vornado's share):
Certain items that impact FAD		5,143			(3,010)			2,840
Recurring tenant improvements, leasing commissions and other capital expenditures		(39,633)			(60,601)			(74,181)
Stock-based compensation expense		7,519			11,714			9,954
Amortization of debt issuance costs and other non-cash interest expense		17,388			8,840			13,881
Personal property depreciation		1,428			1,231			1,412
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other		(1,511)			5,052			121
Noncontrolling interests in the Operating Partnership's share of above adjustments		800			2,541			3,133
FAD adjustments, net	(B)	(8,866)			(34,233)			(42,840)

FAD (non-GAAP)	(A+B)	$	95,263		$	84,850		$	78,265

FAD payout ratio (1)		N/A		(2)	85.2		%	75.0		%

________________________________

(1)FAD payout ratios on a quarterly basis are not necessarily indicative of amounts for the full year due to fluctuation in timing of cash expenditures, the commencement of new leases and the seasonality of our operations.

(2)We anticipate that we will pay a common share dividend for 2024 in the fourth quarter, subject to approval by our Board of Trustees.

- iv -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET (LOSS) INCOME TO NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS (unaudited)

(Amounts in thousands)


	For the Three Months Ended
	March 31,				December 31, 2023
	2024		2023
Net (loss) income	$	(6,273)	$	11,198	$	(100,613)
Depreciation and amortization expense	108,659		106,565		110,197
General and administrative expense	37,897		41,595		46,040
Transaction related costs, impairment losses and other	653		658		49,190
(Income) loss from partially owned entities	(16,279)		(16,666)		33,518

Interest and other investment income, net	(11,724)		(9,584)		(5,833)
Interest and debt expense	90,478		86,237		87,695
Net gains on disposition of wholly owned and partially owned assets	—		(7,520)		(6,607)
Income tax expense	6,740		4,667		8,374
NOI from partially owned entities	70,369		68,097		74,819
NOI attributable to noncontrolling interests in consolidated subsidiaries	(11,396)		(11,764)		(9,684)
NOI at share	269,124		273,483		287,096
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(1,511)		5,052		121
NOI at share - cash basis	$	267,613	$	278,535	$	287,217

- v -

NON-GAAP RECONCILIATIONS

COMPONENTS OF NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS (unaudited)

(Amounts in thousands)


	For the Three Months Ended March 31,
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
New York	$	358,234	$	363,814	$	(188,278)	$	(188,321)	$	169,956	$	175,493	$	1,271	$	9,796	$	171,227	$	185,289
Other	78,141		82,109		(37,946)		(40,452)		40,195		41,657		870		92		41,065		41,749
Consolidated total	436,375		445,923		(226,224)		(228,773)		210,151		217,150		2,141		9,888		212,292		227,038
Noncontrolling interests' share in consolidated subsidiaries	(53,167)		(56,815)		41,771		45,051		(11,396)		(11,764)		(5,138)		(5,614)		(16,534)		(17,378)
Our share of partially owned entities	120,742		115,526		(50,373)		(47,429)		70,369		68,097		1,486		778		71,855		68,875
Vornado's share	$	503,950	$	504,634	$	(234,826)	$	(231,151)	$	269,124	$	273,483	$	(1,511)	$	5,052	$	267,613	$	278,535


	For the Three Months Ended December 31, 2023
	Total Revenues		Operating Expenses		NOI		Non-cash Adjustments(1)		NOI - cash basis
New York	$	361,105	$	(182,600)	$	178,505	$	1,125	$	179,630
Other	80,781		(37,325)		43,456		1,035		44,491
Consolidated total	441,886		(219,925)		221,961		2,160		224,121
Noncontrolling interests' share in consolidated subsidiaries	(56,232)		46,548		(9,684)		(5,846)		(15,530)
Our share of partially owned entities	125,846		(51,027)		74,819		3,807		78,626
Vornado's share	$	511,500	$	(224,404)	$	287,096	$	121	$	287,217

________________________________

(1)Includes adjustments for straight-line rents, amortization of acquired below-market leases, net and other.

- vi -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2024 COMPARED TO MARCH 31, 2023 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended March 31, 2024	$	269,124		$	233,129		$	14,486		$	16,529		$	4,980
Less NOI at share from:
Development properties	(7,958)			(7,958)			—			—			—
Other non-same store income, net	(6,045)			(1,058)			(7)			—			(4,980)
Same store NOI at share for the three months ended March 31, 2024	$	255,121		$	224,113		$	14,479		$	16,529		$	—

NOI at share for the three months ended March 31, 2023	$	273,483		$	235,994		$	15,409		$	16,929		$	5,151
Less NOI at share from:
Dispositions	114			(570)			684			—			—
Development properties	(4,331)			(4,331)			—			—			—
Other non-same store (income) expense, net	(1,414)			3,737			—			—			(5,151)
Same store NOI at share for the three months ended March 31, 2023	$	267,852		$	234,830		$	16,093		$	16,929		$	—

Decrease in same store NOI at share	$	(12,731)		$	(10,717)		$	(1,614)		$	(400)		$	—

% decrease in same store NOI at share	(4.8)		%	(4.6)		%	(10.0)		%	(2.4)		%	0.0		%

- vii -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED MARCH 31, 2024 COMPARED TO MARCH 31, 2023 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended March 31, 2024	$	267,613		$	230,794		$	14,949		$	16,938		$	4,932
Less NOI at share - cash basis from:
Development properties	(5,970)			(5,970)			—			—			—
Other non-same store income, net	(6,602)			(1,663)			(7)			—			(4,932)
Same store NOI at share - cash basis for the three months ended March 31, 2024	$	255,041		$	223,161		$	14,942		$	16,938		$	—

NOI at share - cash basis for the three months ended March 31, 2023	$	278,535		$	241,027		$	14,675		$	17,718		$	5,115
Less NOI at share - cash basis from:
Dispositions	47			(728)			775			—			—
Development properties	(4,146)			(4,146)			—			—			—
Other non-same store income, net	(6,069)			(954)			—			—			(5,115)
Same store NOI at share - cash basis for the three months ended March 31, 2023	$	268,367		$	235,199		$	15,450		$	17,718		$	—

Decrease in same store NOI at share - cash basis	$	(13,326)		$	(12,038)		$	(508)		$	(780)		$	—

% decrease in same store NOI at share - cash basis	(5.0)		%	(5.1)		%	(3.3)		%	(4.4)		%	0.0		%

- viii -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2024 COMPARED TO DECEMBER 31, 2023 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended March 31, 2024	$	269,124		$	233,129		$	14,486		$	16,529		$	4,980
Less NOI at share from:
Development properties	(7,958)			(7,958)			—			—			—
Other non-same store income, net	(5,685)			(698)			(7)			—			(4,980)
Same store NOI at share for the three months ended March 31, 2024	$	255,481		$	224,473		$	14,479		$	16,529		$	—

NOI at share for the three months ended December 31, 2023	$	287,096		$	247,575		$	14,516		$	18,125		$	6,880
Less NOI at share from:
Development properties	(6,833)			(6,833)			—			—			—
Other non-same store (income) expense, net	(7,089)			(219)			10			—			(6,880)
Same store NOI at share for the three months ended December 31, 2023	$	273,174		$	240,523		$	14,526		$	18,125		$	—

Decrease in same store NOI at share	$	(17,693)		$	(16,050)		$	(47)		$	(1,596)		$	—

% decrease in same store NOI at share	(6.5)		%	(6.7)		%	(0.3)		%	(8.8)		%	0.0		%

- ix -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED MARCH 31, 2024 COMPARED TO DECEMBER 31, 2023 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended March 31, 2024	$	267,613		$	230,794		$	14,949		$	16,938		$	4,932
Less NOI at share - cash basis from:
Development properties	(5,970)			(5,970)			—			—			—
Other non-same store income, net	(6,241)			(1,302)			(7)			—			(4,932)
Same store NOI at share - cash basis for the three months ended March 31, 2024	$	255,402		$	223,522		$	14,942		$	16,938		$	—

NOI at share - cash basis for the three months ended December 31, 2023	$	287,217		$	246,429		$	15,511		$	18,265		$	7,012
Less NOI at share - cash basis from:
Development properties	(6,011)			(6,011)			—			—			—
Other non-same store (income) expense, net	(8,568)			(1,566)			10			—			(7,012)
Same store NOI at share - cash basis for the three months ended December 31, 2023	$	272,638		$	238,852		$	15,521		$	18,265		$	—

Decrease in same store NOI at share - cash basis	$	(17,236)		$	(15,330)		$	(579)		$	(1,327)		$	—

% decrease in same store NOI at share - cash basis	(6.3)		%	(6.4)		%	(3.7)		%	(7.3)		%	0.0		%

- x -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)

	As of March 31, 2024
	Consolidated Debt, Net		Deferred Financing Costs, Net and Other		Consolidated Contractual Debt
Mortgages payable	$	5,690,639	$	38,976	$	5,729,615
Senior unsecured notes	1,194,383		5,617		1,200,000
$800 Million unsecured term loan	794,906		5,094		800,000
$2.5 Billion unsecured revolving credit facilities	575,000		—		575,000
	$	8,254,928	$	49,687	$	8,304,615

- xi -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET (LOSS) INCOME TO EBITDAre (unaudited)

(Amounts in thousands)


	For the Three Months Ended
	March 31,				December 31, 2023
	2024		2023
Reconciliation of net (loss) income to EBITDAre (non-GAAP):
Net (loss) income	$	(6,273)	$	11,198	$	(100,613)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	11,982		9,928		49,717
Net income (loss) attributable to the Operating Partnership	5,709		21,126		(50,896)
EBITDAre adjustments at share:
Depreciation and amortization expense	124,374		123,492		126,685
Interest and debt expense	117,340		111,117		114,727
Income tax expense	7,426		4,954		8,589
Real estate impairment losses	—		—		72,664

EBITDAre at share	254,849		260,689		271,769
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	12,076		12,186		(3,157)
EBITDAre (non-GAAP)	$	266,925	$	272,875	$	268,612

- xii -


NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	For the Three Months Ended
	March 31,				December 31, 2023
	2024		2023
EBITDAre (non-GAAP)	$	266,925	$	272,875	$	268,612

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(12,076)		(12,186)		3,157

Certain expense (income) items that impact EBITDAre:
Gain on sale of 220 CPS condominium units and ancillary amenities	—		(7,520)		(6,607)
Other	1,009		946		2,915
Total of certain expense (income) items that impact EBITDAre	1,009		(6,574)		(3,692)

EBITDAre, as adjusted (non-GAAP)	$	255,858	$	254,115	$	268,077

- xiii -

Document

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INDEX
		Page
	FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS	3	-	4
	DEBT AND CAPITALIZATION
	Unsecured Notes Covenant Ratios and Credit Ratings	5
	Liquidity and Capitalization	6
	Net Debt to EBITDAre, As Adjusted / Debt Snapshot	7
	Hedging Instruments	8
	Consolidated Debt Maturities	9	-	10
	PROPERTY STATISTICS
	Top 15 Tenants	11
	Lease Expirations	12
	DEVELOPMENT ACTIVITY
	Development/Redevelopment - Active Projects	13
	APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS	i	-	v

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. Currently, some of the factors are the increased interest rates and effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2023. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this supplemental package on page ii in the Appendix.

This supplemental package should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and the Company’s Supplemental Operating and Financial Data package for the quarter ended March 31, 2024, both of which can be accessed at the Company’s website www.vno.com.

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

First Quarter 2024 Financial Highlights

Net loss attributable to common shareholders for the quarter ended March 31, 2024 was $9.0 million, or $0.05 per diluted share, compared to net income attributable to common shareholders of $5.2 million, or $0.03 per diluted share, for the prior year's quarter.

EBITDAre, as adjusted (non-GAAP) for the quarter ended March 31, 2024 was $255.9 million, compared to $254.1 million for the prior year’s quarter.

Liquidity

As of March 31, 2024, we had $3.0 billion of liquidity comprised of $1.1 billion of cash and cash equivalents and restricted cash and $1.9 billion available on our $2.5 billion revolving credit facilities. Following the May 2024 amendment and extension of one of our two revolving credit facilities, we had $2.7 billion of liquidity.

Active Development

As of March 31, 2024, we have expended $711.9 million of cash with an estimated $138.1 million remaining to be spent for PENN 2 and PENN districtwide improvements.

We have a 49.9% interest in a joint venture that is developing Sunset Pier 94 Studios. As of March 31, 2024, we have funded $8.0 million of our estimated $34.0 million share of cash contributions to the project.

2024 Business Developments

Financing Activity

280 Park Avenue

On April 4, 2024, a joint venture, in which we have a 50% interest, amended and extended the $1.1 billion mortgage loan on 280 Park Avenue. The maturity date on the amended loan was extended to September 2026, with options to fully extend to September 2028, subject to certain conditions. The interest rate on the amended loan remains at SOFR plus 1.78%. Additionally, on April 4, 2024, the joint venture amended and extended the $125.0 million mezzanine loan, and subsequently repaid the loan for $62.5 million.

435 Seventh Avenue

On April 9, 2024, we completed a $75.0 million refinancing of 435 Seventh Avenue, of which $37.5 million is recourse to the Operating Partnership. The interest-only loan bears a rate of SOFR plus 2.10% and matures in April 2028. The interest rate on the loan was swapped to a fixed rate of 6.96% through April 2026. The loan replaces the previous $95.7 million fully recourse loan, which bore interest at SOFR plus 1.41%.

Unsecured Revolving Credit Facility

On May 3, 2024, we extended one of our two unsecured revolving credit facilities to April 2029 (as fully extended). The new $915.0 million facility replaces the existing $1.25 billion facility that was due to mature in April 2026. The new facility currently bears interest at a rate of SOFR plus 1.20% with a facility fee of 25 basis points. Our $1.25 billion revolving credit facility matures in December 2027 (as fully extended) and has an interest rate of SOFR plus 1.14% and a facility fee of 25 basis points.

Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

2024 Business Developments - continued

Financing Activity - continued

Interest Rate Swap and Cap Arrangements

We entered into the following interest rate swap and cap arrangements during the three months ended March 31, 2024. See page 8 for further information on our interest rate swap and cap arrangements:

(Amounts in thousands)

Notional Amount
(at share)

All-In Swapped Rate

Expiration Date

Variable Rate Spread

Interest rate swaps:

PENN 11(1)

250,000

6.21%

10/25

S+206

Index Strike Rate

Interest rate caps:

61 Ninth Avenue (45.1% interest)

75,543

4.39%

01/26

S+146

______________________________

(1)Together with the existing $250,000 swap arrangement on the $500,000 PENN 11 mortgage loan, the loan will bear interest at an all-in swapped rate of 6.28% through October 2025.

Dispositions

On April 12, 2024, we closed on the sale of two condominium units at 220 CPS for net proceeds of $31.6 million; four units remain unsold.

Alexander’s

On May 3, 2024, Alexander’s, Inc., in which we own a 32.4% common equity interest, and Bloomberg L.P. reached an agreement to extend the leases covering approximately 947,000 square feet at 731 Lexington Avenue that were scheduled to expire in February 2029 for a term of eleven years to February 2040.

Leasing Activity

The leasing activity and related statistics below are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with GAAP. Second generation relet space represents square footage that has not been vacant for more than nine months and tenant improvements and leasing commissions are based on our share of square feet leased during the period.

For the Three Months Ended March 31, 2024

291,000 square feet of New York Office space (250,000 square feet at share) at an initial rent of $89.23 per square foot and a weighted average lease term of 11.1 years. The changes in the GAAP and cash mark-to-market rent on the 95,000 square feet of second generation space were positive 2.8% and positive 2.4%, respectively. Tenant improvements and leasing commissions were $12.98 per square foot per annum, or 14.5% of initial rent.

36,000 square feet of New York Retail space (33,000 square feet at share) at an initial rent of $253.83 per square foot and a weighted average lease term of 3.8 years. The changes in the GAAP and cash mark-to-market rent on the 27,000 square feet of second generation space were positive 4.4% and negative 18.1%, respectively. Tenant improvements and leasing commissions were $29.16 per square foot per annum, or 11.5% of initial rent.

51,000 square feet at THE MART (all at share) at an initial rent of $64.02 per square foot and a weighted average lease term of 4.5 years. The changes in the GAAP and cash mark-to-market rent on the 43,000 square feet of second generation space were positive 6.4% and negative 0.1%, respectively. Tenant improvements and leasing commissions were $8.37 per square foot per annum, or 13.1% of initial rent.

41,000 square feet at 315 Montgomery Street in San Francisco (29,000 square feet at share) at an initial rent of $67.57 per square foot and a weighted average lease term of 5.4 years. The changes in the GAAP and cash mark-to-market rent on the 29,000 square feet of second generation space were negative 25.3% and negative 30.1%, respectively. Tenant improvements and leasing commissions were $4.01 per square foot per annum, or 5.9% of initial rent.

UNSECURED NOTES COVENANT RATIOS AND CREDIT RATINGS (unaudited)

(Amounts in thousands)


		As of
Unsecured Notes Covenant Ratios(1)	Required	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023
Total outstanding debt/total assets(2)	Less than 65%	52%	50%	50%	49%
Secured debt/total assets	Less than 50%	34%	33%	33%	33%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50	1.93	2.15	2.17	2.30
Unencumbered assets/unsecured debt	Greater than 150%	321%	320%	319%	320%


Consolidated Unencumbered EBITDA(1) (non-GAAP):	Q1 2024 Annualized
New York	$	267,908
Other	83,976
Total	$	351,884

Credit Ratings(3):

Rating

Outlook

Moody’s

Ba1

Stable

S&P

BBB-

Negative

Fitch

BB+

Stable

________________________________

(1)Our debt covenant ratios and consolidated unencumbered EBITDA are computed in accordance with the terms of our senior unsecured notes. The methodology used for these computations may differ significantly from similarly titled ratios and amounts of other companies. For additional information regarding the methodology used to compute these ratios and amounts, please see our filings with the SEC of our senior debt indentures and applicable prospectuses and prospectus supplements.

(2)Total assets include EBITDA capped at 7.0% per the terms of our senior unsecured notes covenants.

(3)Credit ratings are provided for informational purposes only and are not a recommendation to buy or sell our securities.


LIQUIDITY AND CAPITALIZATION (unaudited)
(Amounts in millions, except per share amounts)


Liquidity Snapshot

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(1)			The debt balances presented represent contractual debt balances. See reconciliation on page iii in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of March 31, 2024.
(2)			On May 3, 2024, we amended one of our two revolving credit facilities, extending the maturity date to April 2029. See page 3 for additional details.
(3)			Based on the Vornado Realty Trust (NYSE: VNO) March 31, 2024 quarter end closing common share price of $28.77.

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Company capitalization(1):	Amount		% Total
Consolidated mortgages payable (at 100%)	$	5,730	37%
Unsecured debt (contractual)(2)	2,575		16%
Perpetual preferred shares/units	1,223		8%
Equity(3)	6,023		39%
Total	15,551		100%
Pro rata share of debt of non-consolidated entities	2,654
Less: Noncontrolling interests' share of consolidated debt	(682)
Total at share	$	17,523


NET DEBT TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in millions)
	As of and For the Trailing Twelve Months Ended March 31, 2024			As of and For the Year Ended December 31,
				2023			2022			2021
Secured debt	$	5,730		$	5,730		$	5,878		$	6,099
Unsecured debt	2,575			2,575			2,575			2,575
Pro rata share of debt of non-consolidated entities	2,654			2,654			2,697			2,700
Less: Noncontrolling interests’ share of consolidated debt	(682)			(682)			(682)			(682)
Company’s pro rata share of total debt	$	10,277		$	10,277		$	10,468		$	10,692
% Unsecured debt	25%			25%			25%			24%

Company’s pro rata share of total debt	$	10,277		$	10,277		$	10,468		$	10,692
Less: Cash and cash equivalents and investments in U.S. Treasury bills	(893)			(997)			(1,362)			(1,760)
Less: Escrowed cash included within restricted cash on our balance sheet	(234)			(222)			(94)			(131)
Less: Pro rata share of unconsolidated partially owned entities’ cash and cash equivalents and escrowed cash	(316)			(296)			(316)			(291)
Plus: Noncontrolling interests’ share of cash and cash equivalents, escrowed cash and investments in U.S. Treasury bills	104			102			94			110
Less: Participation in 150 West 34th Street mortgage loan	—			—			(105)			(105)
Less: Projected cash proceeds from 220 Central Park South	(70)			(70)			(90)			(148)
Net debt	$	8,868		$	8,794		$	8,595		$	8,367
EBITDAre, as adjusted (non-GAAP)	$	1,083		$	1,081		$	1,091		$	949
Net debt / EBITDAre, as adjusted (non-GAAP)	8.2		x	8.1		x	7.9		x	8.8		x

See page ii in the Appendix for definitions of EBITDAre and net debt to EBITDAre, as adjusted. See reconciliation of net (loss) income to EBITDAre on page iv in the Appendix and reconciliation of EBITDAre to EBITDAre, as adjusted on page v in the Appendix.


DEBT SNAPSHOT (unaudited)
(Amounts in millions)
	As of March 31, 2024
	Total			Variable			Fixed(1)
(Contractual debt balances)	Amount		Weighted Average Interest Rate	Amount		Weighted Average Interest Rate	Amount		Weighted Average Interest Rate
Consolidated debt(2)	$	8,305	4.18%	$	1,312	6.25%	$	6,993	3.79%
Pro rata share of debt of non-consolidated entities	2,654		5.36%	1,453		6.60%	1,201		3.87%
Total	10,959		4.46%	2,765		6.43%	8,194		3.80%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)	(682)			(397)			(285)
Company's pro rata share of total debt	$	10,277	4.41%	$	2,368	6.30%	$	7,909	3.84%

As of March 31, 2024, $1,304 of variable rate debt (at share) is subject to interest rate cap arrangements, the $1,063 of variable rate debt not subject to interest rate cap arrangements represents 10% of our total pro rata share of debt. See the following page for details.

________________________________

(1) Includes variable rate debt with interest rates fixed by interest rate swap arrangements and the $950 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement.

(2) See reconciliation on page iii in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of March 31, 2024.


HEDGING INSTRUMENTS AS OF MARCH 31, 2024 (unaudited)
(Amounts in thousands)
	Debt Information						Swap / Cap Information
	Balance at Share		Maturity Date(1)		Variable Rate Spread		Notional Amount at Share			Expiration Date		All-In Swapped Rate

Interest Rate Swaps:
Consolidated:
555 California Street mortgage loan
In-place swap	$	840,000		05/28		S+205	$	840,000			05/24	2.29%
Forward swap (effective 05/24)							840,000				05/26	6.03%
770 Broadway mortgage loan	700,000			07/27		S+225	700,000				07/27	4.98%
PENN 11 mortgage loan	500,000			10/25		S+206	500,000				10/25	6.28%
Unsecured revolving credit facility	575,000			12/27		S+114	575,000				08/27	3.87%
Unsecured term loan	800,000			12/27		S+129
Through 07/25							700,000				07/25	4.52%
07/25 through 10/26							550,000				10/26	4.35%
10/26 through 8/27							50,000				08/27	4.03%
100 West 33rd Street mortgage loan	480,000			06/27		S+165	480,000				06/27	5.06%
888 Seventh Avenue mortgage loan	259,800			12/25		S+180	200,000				09/27	4.76%
4 Union Square South mortgage loan	120,000			08/25		S+150	97,750				01/25	3.74%
Unconsolidated:
731 Lexington Avenue - retail condominium mortgage loan	97,200			08/25		S+151	97,200				05/25	1.76%
50-70 West 93rd Street mortgage loan	41,667			12/24		S+164	41,168				06/24	3.14%
Interest Rate Caps:												Index Strike Rate	Cash Interest Rate(2)	Effective Interest Rate(3)
Consolidated:
1290 Avenue of the Americas mortgage loan	$	665,000		11/28		S+162	$	665,000			11/25	1.00%	2.62%	5.94%
One Park Avenue mortgage loan	525,000			03/26		S+122	525,000				03/25	3.89%	5.11%	6.16%
150 West 34th Street mortgage loan	75,000			02/28		S+215	75,000				02/26	5.00%	7.15%	7.75%
606 Broadway mortgage loan	37,060			09/24		S+191	37,060				09/24	4.00%	5.91%	5.95%
Unconsolidated:

640 Fifth Avenue mortgage loan	259,925			05/24		S+111	259,925				05/24	4.00%	5.11%	6.03%
731 Lexington Avenue - office condominium mortgage loan	162,000			06/24		Prime+0	162,000				06/24	6.00%	6.00%	8.46%
61 Ninth Avenue mortgage loan	75,543			01/26		S+146	75,543				01/26	4.39%	5.85%	6.31%
512 West 22nd Street mortgage loan	69,952			06/25		S+200	69,952				06/25	4.50%	6.50%	7.16%
Rego Park II mortgage loan	65,624			12/25		S+145	65,624				11/24	4.15%	5.60%	6.28%
Fashion Centre Mall/Washington Tower mortgage loan	34,125			05/26		S+305	34,125				05/24	3.89%	6.94%	6.98%

Debt subject to interest rate swaps and subject to a 1.00% SOFR interest rate cap							$	4,896,118
Variable rate debt subject to interest rate caps							1,304,229
Fixed rate debt per loan agreements							3,012,851
Variable rate debt not subject to interest rate swaps or caps							1,063,403		(4)
Total debt at share							$	10,276,601

________________________________

(1)Assumes the exercise of as-of-right extension options.

(2)Equals the sum of (i) the index rate in effect as of the most recent contractual reset date, adjusted for hedging instruments, and (ii) the contractual spread.

(3)Equals the sum of (i) the cash interest rate and (ii) the effect of amortization of the interest rate cap premium over the term.

(4)Our exposure to SOFR index increases is partially mitigated by an increase in interest income on our cash, cash equivalents and restricted cash.

See page 4 for details of interest rate hedging arrangements entered into during 2024.

CONSOLIDATED DEBT MATURITIES (CONTRACTUAL BALANCES) (unaudited)

(Amounts in millions)


Consolidated Debt Maturity Schedule(1) as of March 31, 2024 (Excludes pro rata share of JV debt)(2)

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Consolidated (100%):
Secured	$	170		(3)	$	880		$	525		$	1,580		$	2,225		$	350
Unsecured	—				450			400			1,375			—			350
Total consolidated debt (100%)	$	170			$	1,330		$	925		$	2,955		$	2,225		$	700
% of total consolidated debt	2.0		%		16.0		%	11.1		%	35.6		%	26.8		%	8.5		%
Debt maturities at share:
Consolidated debt (100%)	$	170			$	1,330		$	925		$	2,955		$	2,225		$	700
Pro rata share of debt of non-consolidated entities	1,064			(4)	575			620			40			159			196
Less: Noncontrolling interests' share of consolidated debt	(37)				—			—			—			(645)			—
Total debt at share	$	1,197			$	1,905		$	1,545		$	2,995		$	1,739		$	896
% of total debt at share	11.6		%		18.5		%	15.0		%	29.1		%	16.9		%	8.9		%

_______________________________

(1)Assumes the exercise of as-of-right extension options. Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity, and the $950 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement. See the previous page for information on interest rate swap arrangements.

(2)Vornado Realty L.P. guarantees an aggregate $803 of JV partnership debt, primarily comprised of the $500 mortgage loan on 640 Fifth Avenue included in the Fifth Avenue and Times Square JV and the $300 mortgage loan on 7 West 34th Street. These amounts are excluded from the consolidated debt maturity chart presented above.

(3)On April 9, 2024, we completed a $75 refinancing of 435 Seventh Avenue, extending the maturity date to April 2028. See page 3 for details.

(4)On April 4, 2024, the 280 Park Avenue joint venture, in which we have a 50% interest, amended and extended the $1,075 mortgage loan to September 2026, with options to fully extend to September 2028, subject to certain conditions. Additionally, on April 4, 2024, the joint venture amended and extended the $125 mezzanine loan, and subsequently repaid the loan for $62.5. See page 3 for details.


CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property	Maturity Date(1)	Spread over SOFR			Interest Rate(2)		2024		2025		2026		2027		2028		Thereafter		Total
Secured Debt:
435 Seventh Avenue(3)	04/24		S+141		6.74%		$	95,696	$	—	$	—	$	—	$	—	$	—	$	95,696
606 Broadway (50.0% interest)	09/24		S+191		5.91%		74,119		—		—		—		—		—		74,119
4 Union Square South	08/25		S+150	(4)	4.31%		—		120,000		—		—		—		—		120,000
PENN 11	10/25				6.28%		—		500,000		—		—		—		—		500,000
888 Seventh Avenue(5)	12/25		S+180	(4)	5.30%		—		259,800		—		—		—		—		259,800
One Park Avenue	03/26		S+122		5.11%		—		—		525,000		—		—		—		525,000
350 Park Avenue	01/27				3.92%		—		—		—		400,000		—		—		400,000
100 West 33rd Street	06/27				5.06%		—		—		—		480,000		—		—		480,000
770 Broadway	07/27				4.98%		—		—		—		700,000		—		—		700,000
150 West 34th Street	02/28		S+215		7.15%		—		—		—		—		75,000		—		75,000
555 California Street (70.0% interest)	05/28		S+205	(4)	3.81%		—		—		—		—		1,200,000		—		1,200,000
1290 Avenue of the Americas (70.0% interest)	11/28				2.62%		—		—		—		—		950,000		—		950,000
909 Third Avenue	04/31				3.23%		—		—		—		—		—		350,000		350,000
Total Secured Debt							169,815		879,800		525,000		1,580,000		2,225,000		350,000		5,729,615
Unsecured Debt:
Senior unsecured notes due 2025	01/25				3.50%		—		450,000		—		—		—		—		450,000
$1.25 Billion unsecured revolving credit facility(6)	04/26		S+119		—		—		—		—		—		—		—		—
Senior unsecured notes due 2026	06/26				2.15%		—		—		400,000		—		—		—		400,000
$1.25 Billion unsecured revolving credit facility	12/27				3.87%	(7)	—		—		—		575,000		—		—		575,000
$800 Million unsecured term loan	12/27		S+129	(4)	4.78%	(7)	—		—		—		800,000		—		—		800,000
Senior unsecured notes due 2031	06/31				3.40%		—		—		—		—		—		350,000		350,000
Total Unsecured Debt							—		450,000		400,000		1,375,000		—		350,000		2,575,000
Total Debt							$	169,815	$	1,329,800	$	925,000	$	2,955,000	$	2,225,000	$	700,000	$	8,304,615
Weighted average rate							6.38%		4.97%		3.83%		4.58%		3.42%		3.32%		4.18%

Fixed rate debt(8)							$	—	$	1,247,750	$	400,000	$	2,855,000	$	1,790,000	$	700,000	$	6,992,750
Fixed weighted average rate expiring							—		4.83%		2.15%		4.51%		2.47%		3.32%		3.79%
Floating rate debt							$	169,815	$	82,050	$	525,000	$	100,000	$	435,000	$	—	$	1,311,865
Floating weighted average rate expiring							6.38%		7.04%		5.11%		6.62%		7.34%		—		6.25%

________________________________

(1)Assumes the exercise of as-of-right extension options.

(2)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See page 8 for information on interest rate swap and interest rate cap arrangements.

(3)On April 9, 2024, we completed a $75,000 refinancing of 435 Seventh Avenue, extending the maturity date to April 2028. See page 3 for details.

(4)Balance is partially hedged by interest rate swap arrangements. See page 8 for details.

(5)In December 2023, we entered into a loan modification pursuant to which principal amortization is waived for a period of time.

(6)On May 3, 2024, we amended one of our two revolving credit facilities, extending the maturity date to April 2029. See page 3 for details.


TOP 15 TENANTS (unaudited)
(Amounts in thousands, except square feet)
Tenants	Square Footage At Share	Annualized Escalated Rents At Share(1)		% of Total Annualized Escalated Rents At Share
Meta Platforms, Inc.	1,451,153	$	167,395	9.5	%
IPG and affiliates	1,029,557	68,207		3.9	%
Citadel	585,460	62,498		3.6	%
New York University	685,290	48,886		2.7	%
Bloomberg L.P.	306,768	43,277		2.4	%
Google/Motorola Mobility (guaranteed by Google)	759,446	42,537		2.4	%
Amazon (including its Whole Foods subsidiary)	312,694	30,699		1.7	%
Neuberger Berman Group LLC	306,612	28,184		1.6	%
Swatch Group USA	11,957	27,515		1.5	%
AMC Networks, Inc.	326,717	25,830		1.5	%
LVMH Brands	65,060	25,692		1.4	%
Bank of America	247,615	24,521		1.4	%
Apple Inc.	412,434	24,076		1.4	%
Madison Square Garden & Affiliates	314,765	20,908		1.2	%
Victoria's Secret	33,156	20,087		1.1	%
				37.3	%

________________________________

LEASE EXPIRATIONS (unaudited)

(Amounts in thousands)


Our Share of Square Feet of Expiring Leases As of March 31, 2024

https://cdn.kscope.io/3b47ecb6136767bc050a2e2d0de65439-chart-d2e4600d521842c78faa.jpg



New York Office	640	601	1,169	1,294	1,044	1,269	634	898	958	502	584	4,384
New York Retail	12	157	160	32	31	53	154	68	57	17	81	300
THE MART	149	215	283	192	705	155	47	309	420	54	94	180
555 California Street	65	266	238	65	112	120	109	29	5	15	—	153
Total	866	1,239	1,850	1,583	1,892	1,597	944	1,304	1,440	588	759	5,017
% of total	4.5%	6.5%	9.7%	8.3%	9.9%	8.4%	4.9%	6.8%	7.5%	3.1%	4.0%	26.4%

_______________________________

(1) Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter.


DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS
(Amounts in thousands, except square feet)
		(at Vornado’s share)								Projected Incremental Cash Yield
New York segment:	Property Rentable Sq. Ft.	Budget			Cash Amount Expended		Remaining Expenditures		Stabilization Year
PENN District:
PENN 2	1,795,000	$	750,000		$	659,108	$	90,892	2026		9.5%

Districtwide Improvements	N/A	100,000			52,785		47,215		N/A		N/A
Total PENN District		850,000		(1)	711,893		138,107

Sunset Pier 94 Studios (49.9% interest)(2)	266,000	125,000		(2)	7,994		117,006		2026		10.3%

Total Active Development Projects		$	975,000		$	719,887	$	255,113

________________________________

(1)Excluding debt and equity carry.

APPENDIX

DEFINITIONS AND NON-GAAP RECONCILIATIONS

FIXED INCOME SUPPLEMENTAL DEFINITIONS

The fixed income supplement includes various non-GAAP financial measures. Descriptions of these non-GAAP measures are provided below. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided within this supplemental package.

EBITDAre - EBITDAre (i.e., EBITDA for real estate companies) is a non-GAAP financial measure established by the National Association of Real Estate Investment Trusts ("NAREIT"), which may not be comparable to EBITDA reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition. NAREIT defines EBITDAre as GAAP net income or loss, plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property including losses and gains on change of control, plus impairment write-downs of depreciated property and of investments in unconsolidated entities caused by a decrease in value of depreciated property in the joint venture, plus adjustments to reflect the entity's share of EBITDA of unconsolidated entities. The Company has included EBITDAre because it is a performance measure used by other REITs and therefore may provide useful information to investors in comparing Vornado's performance to that of other REITs.

Net Debt to EBITDAre, as adjusted - Net debt to EBITDAre, as adjusted represents the ratio of net debt to annualized EBITDAre, as adjusted. Net debt is calculated as (i) the Company’s consolidated debt less noncontrolling interests’ share of consolidated debt plus the Company’s pro rata share of debt of unconsolidated entities less (ii) the Company’s consolidated cash and cash equivalents, cash held in escrow and investments in U.S. Treasury bills less noncontrolling interests’ share of these amounts plus the Company’s pro rata share of these amounts for unconsolidated entities. Cash held in escrow represents cash escrowed under loan agreements including for debt service, real estate taxes, property insurance, and capital improvements, and the Company is not able to direct the use of this cash. The availability of cash and cash equivalents for use in debt reduction cannot be assumed, as the Company may use its cash and cash equivalents for other purposes. Further, the Company may not be able to direct the use of its pro rata share of cash and cash equivalents of unconsolidated entities. The Company discloses net debt to EBITDAre, as adjusted because management believes it is useful to investors as a supplemental measure in evaluating the Company’s balance sheet leverage. Net debt to EBITDAre, as adjusted may not be comparable to similarly titled measures employed by other companies.


NON-GAAP RECONCILIATIONS RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)
	As of March 31, 2024
	Consolidated Debt, Net		Deferred Financing Costs, Net and Other		Consolidated Contractual Debt
Mortgages payable	$	5,690,639	$	38,976	$	5,729,615
Senior unsecured notes	1,194,383		5,617		1,200,000
$800 Million unsecured term loan	794,906		5,094		800,000
$2.5 Billion unsecured revolving credit facilities	575,000		—		575,000
	$	8,254,928	$	49,687	$	8,304,615

iii

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET (LOSS) INCOME TO EBITDAre (unaudited)

(Amounts in thousands)


	For the Three Months Ended March 31,				For the Trailing Twelve Months Ended		For the Year Ended December 31,
	2024		2023		March 31, 2024		2023		2022		2021
Reconciliation of net (loss) income to EBITDAre (non-GAAP):
Net (loss) income	$	(6,273)	$	11,198	$	15,417	$	32,888	$	(382,612)	$	207,553
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries	11,982		9,928		78,021		75,967		5,737		(24,014)
Net income (loss) attributable to the Operating Partnership	5,709		21,126		93,438		108,855		(376,875)		183,539
EBITDAre adjustments at share:
Depreciation and amortization expense	124,374		123,492		500,239		499,357		593,322		526,539
Interest and debt expense	117,340		111,117		464,623		458,400		362,321		297,116
Real estate impairment losses	—		—		73,289		73,289		595,488		7,880
Income tax expense (benefit)	7,426		4,954		32,937		30,465		23,404		(9,813)
Net gains on sale of real estate	—		—		(72,955)		(72,955)		(58,920)		(15,675)
EBITDAre at share	254,849		260,689		1,091,571		1,097,411		1,138,740		989,586
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	12,076		12,186		39,295		39,405		71,786		75,987
EBITDAre (non-GAAP)	$	266,925	$	272,875	$	1,130,866	$	1,136,816	$	1,210,526	$	1,065,573


NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	For the Three Months Ended March 31,				For the Trailing Twelve Months Ended		For the Year Ended December 31,
	2024		2023		March 31, 2024		2023		2022		2021
EBITDAre (non-GAAP)	$	266,925	$	272,875	$	1,130,866	$	1,136,816	$	1,210,526	$	1,065,573

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(12,076)		(12,186)		(39,295)		(39,405)		(71,786)		(75,987)

Certain expense (income) items that impact EBITDAre:
Gain on sale of 220 CPS condominium units and ancillary amenities	—		(7,520)		(6,607)		(14,127)		(41,874)		(50,318)
Net gains on disposition of wholly owned and partially owned assets	—		(129)		(889)		(1,018)		(17,372)		(643)
Other	1,009		1,075		(1,000)		(934)		11,070		10,351
Total of certain expense (income) items that impact EBITDAre	1,009		(6,574)		(8,496)		(16,079)		(48,176)		(40,610)

EBITDAre, as adjusted (non-GAAP)	$	255,858	$	254,115	$	1,083,075	$	1,081,332	$	1,090,564	$	948,976