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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):
February 13, 2023
 
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 York10019
(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 OVNO/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 February 13, 2023, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the fourth quarter of 2022.  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:
Vornado Realty Trust press release dated February 13, 2023
Vornado Realty Trust supplemental operating and financial data for the quarter and year ended December 31, 2022
Vornado Realty Trust supplemental fixed income data for the quarter and year ended December 31, 2022
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


2



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: February 13, 2023
 
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: February 13, 2023








3

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P R E S S R E L E A S E
Vornado Announces Fourth Quarter 2022 Financial Results
New York City | February 13, 2023
Vornado Realty Trust (NYSE: VNO) reported today:
Quarter Ended December 31, 2022 Financial Results
NET LOSS attributable to common shareholders for the quarter ended December 31, 2022 was $493,280,000, or $2.57 per diluted share, compared to net income attributable to common shareholders of $11,269,000, or $0.06 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, net income attributable to common shareholders, as adjusted (non-GAAP) for the quarter ended December 31, 2022 was $19,954,000, or $0.10 per diluted share, and $22,977,000, or $0.12 per diluted share for the quarter ended December 31, 2021.
FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended December 31, 2022 was $176,465,000, or $0.91 per diluted share, compared to $141,017,000, or $0.73 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on page 3, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended December 31, 2022 was $139,041,000, or $0.72 per diluted share, and $156,130,000, or $0.81 per diluted share for the quarter ended December 31, 2021.
Year Ended December 31, 2022 Financial Results
NET LOSS attributable to common shareholders for the year ended December 31, 2022 was $408,615,000, or $2.13 per diluted share, compared to net income attributable to common shareholders of $101,086,000, or $0.53 per diluted share, for the year ended December 31, 2021. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, net income attributable to common shareholders, as adjusted (non-GAAP) for the year ended December 31, 2022 was $126,468,000, or $0.66 per diluted share, and $88,153,000, or $0.46 per diluted share, for the year ended December 31, 2021.
FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the year ended December 31, 2022 was $638,928,000, or $3.30 per diluted share, compared to $571,074,000, or $2.97 per diluted share, for the year ended December 31, 2021. Adjusting for the items that impact period-to-period comparability listed in the table on page 3, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the year ended December 31, 2022 was $608,892,000, or $3.15 per diluted share, and $549,863,000, or $2.86 per diluted share, for the year ended December 31, 2021.
Non-Cash Impairment Charges
Net loss attributable to common shareholders for the quarter and year ended December 31, 2022 includes $595,488,000 of non-cash impairment charges, of which $483,037,000 relates to Vornado’s common equity investment in the Fifth Avenue and Times Square joint venture ("Retail JV").
By way of background, in April 2019, we recognized a $2.559 billion gain upon the transfer of seven properties to the Retail JV, which included a GAAP required write-up to fair value of its retained interest in the properties. The $483,037,000 impairment charge recognized this quarter together with the $409,060,000 impairment charge previously recognized in 2020, effectively reverse a portion of the $2.559 billion gain attributable to the 2019 required write-up.
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The following table reconciles net (loss) income attributable to common shareholders to net income attributable to common shareholders, as adjusted (non-GAAP):
(Amounts in thousands, except per share amounts)For the Three Months Ended
December 31,
For the Year Ended
December 31,
 2022202120222021
Net (loss) income attributable to common shareholders$(493,280)$11,269 $(408,615)$101,086 
Per diluted share$(2.57)$0.06 $(2.13)$0.53 
Certain expense (income) items that impact net (loss) income attributable to common shareholders:
Non-cash real estate impairment losses on wholly owned and partially owned assets$595,488 $— $595,488 $7,880 
Net gains on disposition of wholly owned and partially owned assets(47,769)(11,620)(62,685)(15,315)
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities(29,773)(13,584)(35,858)(44,607)
Hotel Pennsylvania loss (primarily accelerated building depreciation expense)26,614 8,998 71,087 29,472 
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)3,482 9,180 13,665 10,868 
Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV— — (13,613)— 
Other3,449 19,569 7,289 (2,436)
551,491 12,543 575,373 (14,138)
Noncontrolling interests' share of above adjustments(38,257)(835)(40,290)1,205 
Total of certain expense (income) items that impact net (loss) income attributable to common shareholders$513,234 $11,708 $535,083 $(12,933)
Per diluted share (non-GAAP)$2.67 $0.06 $2.79 $(0.07)
Net income attributable to common shareholders, as adjusted (non-GAAP)$19,954 $22,977 $126,468 $88,153 
Per diluted share (non-GAAP)$0.10 $0.12 $0.66 $0.46 

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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
December 31,
For the Year Ended
December 31,
 2022202120222021
FFO attributable to common shareholders plus assumed conversions (non-GAAP)$176,465 $141,017 $638,928 $571,074 
Per diluted share (non-GAAP)$0.91 $0.73 $3.30 $2.97 
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
After-tax net gain on sale of 220 CPS condominium units and ancillary amenities$(29,773)$(13,584)$(35,858)$(44,607)
Net gains on disposition of wholly owned and partially owned assets(17,372)— (17,372)(643)
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)3,482 9,180 13,665 10,868 
Other3,449 20,595 7,289 12,026 
(40,214)16,191 (32,276)(22,356)
Noncontrolling interests' share of above adjustments2,790 (1,078)2,240 1,145 
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net$(37,424)$15,113 $(30,036)$(21,211)
Per diluted share (non-GAAP)$(0.19)$0.08 $(0.15)$(0.11)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)$139,041 $156,130 $608,892 $549,863 
Per diluted share (non-GAAP)$0.72 $0.81 $3.15 $2.86 
FFO, as Adjusted Bridge - Q4 2022 vs. Q4 2021
The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2021 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2022:
(Amounts in millions, except per share amounts)FFO, as Adjusted
AmountPer Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2021$156.1 $0.81 
(Decrease) increase in FFO, as adjusted due to:
Increase in interest expense, net of increase in interest income(29.6)
Rent commencement and other tenant related items11.7 
Prior period accrual adjustments related to theMART property tax expense
8.1 
Straight-line impact of PENN 1 2023 estimated ground rent reset (5.7)
Other, net(1.3)
(16.8)
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities(0.3)
Net decrease(17.1)(0.09)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2022$139.0 $0.72 
See page 12 for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months and years ended December 31, 2022 and 2021. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided above.
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350 Park Avenue:
On January 24, 2023, we and the Rudin family (“Rudin”) completed agreements with Citadel Enterprise Americas LLC (“Citadel”) and with an affiliate of Kenneth C. Griffin, Citadel’s Founder and CEO (“KG”), for a series of transactions relating to 350 Park Avenue and 40 East 52nd Street.
Citadel will master lease 350 Park Avenue, a 585,000 square foot Manhattan office building, on an “as is” basis for ten years, with an initial annual net rent of $36,000,000. Per the terms of the lease, no tenant allowance or free rent is being provided. Citadel will also master lease Rudin’s adjacent property at 40 East 52nd Street (390,000 square feet).
In addition, we have entered into a joint venture with Rudin (“Vornado/Rudin”) to purchase 39 East 51st Street for $40,000,000 and, upon formation of the KG joint venture described below, will combine that property with 350 Park Avenue and 40 East 52nd Street to create a premier development site (collectively, the “Site”).
From October 2024 to June 2030, KG will have the option to either:
acquire a 60% interest in a joint venture with Vornado/Rudin that would value the Site at $1.2 billion ($900,000,000 to Vornado and $300,000,000 to Rudin) and build a new 1,700,000 square foot office tower (the “Project”) pursuant to East Midtown Subdistrict zoning with Vornado/Rudin as developer. KG would own 60% of the joint venture and Vornado/Rudin would own 40% (with Vornado owning 36% and Rudin owning 4% of the joint venture along with a $250,000,000 preferred equity interest in the Vornado/Rudin joint venture).
at the joint venture formation, Citadel or its affiliates will execute a pre-negotiated 15-year anchor lease with renewal options for approximately 850,000 square feet (with expansion and contraction rights) at the Project for its primary office in New York City;
the rent for Citadel’s space will be determined by a formula based on a percentage return (that adjusts based on the actual cost of capital) on the total Project cost;
the master leases will terminate at the scheduled commencement of demolition;
or, exercise an option to purchase the Site for $1.4 billion ($1.085 billion to Vornado and $315,000,000 to Rudin), in which case Vornado/Rudin would not participate in the new development.
The parties intend to immediately commence design of the project and process approvals.
Further, Vornado/Rudin will have the option from October 2024 to September 2030 to put the Site to KG for $1.2 billion ($900,000,000 to Vornado and $300,000,000 to Rudin). For ten years following any put option closing, unless the put option is exercised in response to KG’s request to form the joint venture or KG makes a $200,000,000 termination payment, Vornado/Rudin will have the right to invest in a joint venture with KG on the terms described above if KG proceeds with development of the Site.
Dividend:
On January 18, 2023, Vornado’s Board of Trustees declared a reduced quarterly dividend of $0.375 per share.
Dispositions:
220 CPS
During the three months ended December 31, 2022, we closed on the sale of two condominium units and ancillary amenities at 220 CPS for net proceeds of $71,895,000 resulting in a financial statement net gain of $34,844,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $5,071,000 of income tax expense was recognized on our consolidated statements of income. During the year ended December 31, 2022, we closed on the sale of three condominium units and ancillary amenities at 220 CPS for net proceeds of $88,019,000 resulting in a financial statement net gain of $41,874,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $6,016,000 of income tax expense was recognized on our consolidated statements of income. From inception to December 31, 2022, we have closed on the sale of 109 units and ancillary amenities for net proceeds of $3,094,915,000 resulting in financial statement net gains of $1,159,129,000. As of December 31, 2022, we are 97% sold.
SoHo Properties
On January 13, 2022, we sold two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street for $84,500,000 and realized net proceeds of $81,399,000. In connection with the sale, we recognized a net gain of $551,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
Center Building (33-00 Northern Boulevard)
On June 17, 2022, we sold the Center Building, an eight-story 498,000 square foot office building located at 33‑00 Northern Boulevard in Long Island City, New York, for $172,750,000. We realized net proceeds of $58,946,000 after repayment of the existing $100,000,000 mortgage loan and closing costs. In connection with the sale, we recognized a net gain of $15,213,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.

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Dispositions - continued:
484-486 Broadway
On December 15, 2022, we sold 484-486 Broadway, a 30,000 square foot retail and residential building for $23,520,000, and realized net proceeds of $22,430,000. In connection with the sale, we recognized a net gain of $2,919,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
40 Fulton Street
On December 21, 2022, we sold 40 Fulton Street, a 251,000 square foot Manhattan office and retail building, for $101,000,000, and realized net proceeds of $96,566,000. In connection with the sale, we recognized a net gain of $31,876,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
Financings:
100 West 33rd Street
On June 15, 2022, we completed a $480,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot building comprised of 859,000 square feet of office space and 255,000 square feet of retail space. The interest-only loan bears a rate of SOFR plus 1.65% (5.96% as of December 31, 2022) through March 2024, increasing to SOFR plus 1.85% thereafter. The interest rate on the loan was swapped to a fixed rate of 5.06% through March 2024, and 5.26% through June 2027. The loan matures in June 2027, with two one-year extension options subject to debt service coverage ratio and loan-to-value tests. The loan replaces the previous $580,000,000 loan that bore interest at LIBOR plus 1.55% and was scheduled to mature in April 2024.
770 Broadway
On June 28, 2022, we completed a $700,000,000 refinancing of 770 Broadway, a 1.2 million square foot Class A Manhattan office building. The interest-only loan bears a rate of SOFR plus 2.25% (6.48% as of December 31, 2022) and matures in July 2024 with three one-year extension options (July 2027 as fully extended). The interest rate on the loan was swapped to a fixed rate of 4.98% through July 2027. The loan replaces the previous $700,000,000 loan that bore interest at SOFR plus 1.86% and was scheduled to mature in July 2022.
Unsecured Revolving Credit Facility
On June 30, 2022, we amended and extended one of our two revolving credit facilities. The $1.25 billion amended facility bears interest at a rate of SOFR plus 1.15% (5.47% as of December 31, 2022). The term of the facility was extended from March 2024 to December 2027, as fully extended. The facility fee is 25 basis points. On August 16, 2022, the interest rate on the $575,000,000 drawn on the facility was swapped to a fixed interest rate of 3.88% through August 2027. Our other $1.25 billion revolving credit facility matures in April 2026, as fully extended, and bears a rate of SOFR plus 1.19% with a facility fee of 25 basis points.
Unsecured Term Loan
On June 30, 2022, we extended our $800,000,000 unsecured term loan from February 2024 to December 2027. The extended loan bears interest at a rate of SOFR plus 1.30% (5.62% as of December 31, 2022) and is currently swapped to a fixed rate of 4.05%.
330 West 34th Street land owner joint venture
On August 18, 2022, the joint venture that owns the fee interest in the 330 West 34th Street land, in which we have a 34.8% interest, completed a $100,000,000 refinancing. The interest-only loan bears interest at a fixed rate of 4.55% and matures in September 2032. In connection with the refinancing, we realized net proceeds of $10,500,000. The loan replaces the previous $50,150,000 loan that bore interest at a fixed rate of 5.71%.
697-703 Fifth Avenue (Fifth Avenue and Times Square JV)
On December 21, 2022, the 697-703 Fifth Avenue $450,000,000 non-recourse mortgage loan matured and was not repaid, at which time the lenders declared an event of default. During December 2022, $29,000,000 of property-level funds were applied by the lenders against the principal balance resulting in a $421,000,000 loan balance as of December 31, 2022. The loan bears default interest at the Prime Rate plus 1.00% (8.50% as of December 31, 2022). The Fifth Avenue and Times Square JV is in negotiations with the lenders regarding a restructuring but there can be no assurance as to the timing and ultimate resolution of these negotiations. We do not believe that the resolution of these negotiations will result in further impairment losses on our investment in the Fifth Avenue and Times Square JV.
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Financings - continued:
Interest Rate Hedging Activities
During the year ended December 31, 2022, we entered into $2.0 billion of interest rate swap arrangements and extended a $500,000,000 interest rate swap arrangement, reducing our variable rate debt at share as a percentage of our total debt at share to 27% from 47% (excluding our participation in the 150 West 34th Street mortgage loan which was repaid on January 9, 2023). The exposure to LIBOR/SOFR index increases on our $2.8 billion of unswapped variable rate debt is partially mitigated over the next year by $2.2 billion of interest rate caps and by an increase in interest income on our cash, cash equivalents, restricted cash and investments in U.S. Treasury bills. For further detail on our interest rate swap and cap arrangements, see page 34 of our Supplemental Operating and Financial Data package for the quarter and year ended December 31, 2022.
The table below presents the interest rate swap arrangements entered into during the year ended December 31, 2022.
(Amounts in thousands)Notional AmountAll-In Swapped RateSwap Expiration DateVariable Rate Spread
770 Broadway mortgage loan$700,000 4.98%07/27S+225
Unsecured revolving credit facility575,000 3.88%08/27S+115
Unsecured term loan(1)
50,000 4.04%08/27S+130
Unsecured term loan (effective 10/23)(1)
500,000 4.39%10/26S+130
100 West 33rd Street mortgage loan480,000 5.06%06/27S+165
888 Seventh Avenue mortgage loan(2)
200,000 4.76%09/27S+180
____________________
(1)On February 7, 2023, we entered into a forward interest rate swap arrangement for $150,000 of the $800,000 unsecured term loan. The unsecured term loan, which matures in December 2027, is subject to various interest rate swap arrangements through August 2027, see below for details:
Swapped BalanceAll-In Swapped RateUnswapped Balance
(bears interest at S+130)
Through 10/23$800,000 4.05%$— 
10/23 through 7/25700,000 4.53%100,000 
7/25 through 10/26550,000 4.36%250,000 
10/26 through 8/2750,000 4.04%750,000 
(2)The remaining $77,800 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80%.

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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 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 December 31, 2022
154,000 square feet of New York Office space (147,000 square feet at share) at an initial rent of $84.58 per square foot and a weighted average lease term of 7.6 years. The changes in the GAAP and cash mark-to-market rent on the 135,000 square feet of second generation space were positive 17.2% and positive 9.8%, respectively. Tenant improvements and leasing commissions were $10.32 per square foot per annum, or 12.2% of initial rent.
20,000 square feet of New York Retail space (15,000 square feet at share) at an initial rent of $284.73 per square foot and a weighted average lease term of 11.8 years. The 20,000 square feet was first generation space. Tenant improvements and leasing commissions were $26.98 per square foot per annum, or 9.5% of initial rent.
24,000 square feet at theMART (all at share) at an initial rent of $59.45 per square foot and a weighted average lease term of 6.5 years. The changes in the GAAP and cash mark-to-market rent on the 23,000 square feet of second generation space were negative 7.3% and negative 12.1%, respectively. Tenant improvements and leasing commissions were $6.60 per square foot per annum, or 11.1% of initial rent.
For the Year Ended December 31, 2022
894,000 square feet of New York Office space (753,000 square feet at share) at an initial rent of $84.51 per square foot and a weighted average lease term of 8.9 years. The changes in the GAAP and cash mark-to-market rent on the 498,000 square feet of second generation space were positive 9.0% and positive 5.4%, respectively. Tenant improvements and leasing commissions were $11.84 per square foot per annum, or 14.0% of initial rent.
111,000 square feet of New York Retail space (100,000 square feet at share) at an initial rent of $266.25 per square foot and a weighted average lease term of 11.6 years. The changes in the GAAP and cash mark-to-market rent on the 42,000 square feet of second generation space were negative 38.3% and negative 34.2%, respectively. Tenant improvements and leasing commissions were $22.68 per square foot per annum, or 8.5% of initial rent.
299,000 square feet at theMART (all at share) at an initial rent of $52.40 per square foot and a weighted average lease term of 7.2 years. The changes in the GAAP and cash mark-to-market rent on the 244,000 square feet of second generation space were negative 4.8% and negative 5.4%, respectively. Tenant improvements and leasing commissions were $10.48 per square foot per annum, or 20.0% of initial rent.
210,000 square feet at 555 California Street (147,000 square feet at share) at an initial rent of $96.40 per square foot and a weighted average lease term of 5.9 years. The changes in the GAAP and cash mark-to-market rent on the 135,000 square feet of second generation space were positive 24.3% and positive 13.6%, respectively. Tenant improvements and leasing commissions were $7.15 per square foot per annum, or 7.4% of initial rent.
Same Store Net Operating Income ("NOI") At Share:
Below is the percentage increase (decrease) in same store NOI at share and same store NOI at share - cash basis of our New York segment, theMART and 555 California Street.
TotalNew York
theMART(2)
555 California Street
Same store NOI at share % increase (decrease)(1):
Three months ended December 31, 2022 compared to December 31, 20216.3 %5.0 %32.1 %0.3 %
Year ended December 31, 2022 compared to December 31, 20217.1 %3.5 %64.2 %2.7 %
Three months ended December 31, 2022 compared to September 30, 2022(0.8)%5.6 %(41.1)%3.4 %
Same store NOI at share - cash basis % increase (decrease)(1):
Three months ended December 31, 2022 compared to December 31, 20217.9 %5.9 %24.7 %16.8 %
Year ended December 31, 2022 compared to December 31, 20219.0 %5.0 %58.0 %13.3 %
Three months ended December 31, 2022 compared to September 30, 2022(0.9)%4.8 %(37.6)%4.4 %
____________________
(1)See pages 14 through 19 for same store NOI at share and same store NOI at share - cash basis reconciliations.
(2)2022 includes the impact of prior period accrual adjustments related to (i) a property tax reassessment recognized in the third quarter and (ii) a change in the property tax rate recognized in the fourth quarter. 2022 also includes an increase in tradeshow activity compared to the prior year.


NYSE: VNO | WWW.VNO.COM
PAGE 7 OF 19


NOI At Share:
The elements of our New York and Other NOI at share for the three months and years ended December 31, 2022 and 2021 and the three months ended September 30, 2022 are summarized below.
(Amounts in thousands)For the Three Months EndedFor the Year Ended
December 31,
December 31,September 30, 2022
2022202120222021
NOI at share:
New York:
Office(1)
$184,045 $179,929 $174,790 $718,686 $677,167 
Retail50,083 48,365 52,127 205,753 173,363 
Residential4,978 4,894 4,598 19,600 17,783 
Alexander's9,489 8,751 9,639 37,469 37,318 
Hotel Pennsylvania(2)
— — — — (12,677)
Total New York248,595 241,939 241,154 981,508 892,954 
Other:
theMART(3)
21,276 15,959 35,769 96,906 58,909 
555 California Street16,641 16,596 16,092 65,692 64,826 
Other investments5,243 3,928 4,074 17,942 16,679 
Total Other43,160 36,483 55,935 180,540 140,414 
NOI at share$291,755 $278,422 $297,089 $1,162,048 $1,033,368 
_______________________
See notes below.

NOI At Share - Cash Basis:
The elements of our New York and Other NOI at share - cash basis for the three months and years ended December 31, 2022 and 2021 and the three months ended September 30, 2022 are summarized below.
(Amounts in thousands)For the Three Months EndedFor the Year Ended
December 31,
December 31,September 30, 2022
2022202120222021
NOI at share - cash basis:
New York:
Office(1)
$182,648 $181,568 $174,606 $715,407 $686,507 
Retail46,168 44,536 48,096 188,846 160,801 
Residential4,660 4,758 4,556 18,214 16,656 
Alexander's10,236 9,538 10,434 40,532 40,525 
Hotel Pennsylvania(2)
— — — — (12,723)
Total New York243,712 240,400 237,692 962,999 891,766 
Other:
theMART(3)
23,163 18,413 36,772 101,912 64,389 
555 California Street17,672 15,128 16,926 67,813 60,680 
Other investments5,052 4,229 4,280 18,344 17,851 
Total Other45,887 37,770 57,978 188,069 142,920 
NOI at share - cash basis$289,599 $278,170 $295,670 $1,151,068 $1,034,686 
______________________
(1)Includes Building Maintenance Services NOI of $8,305, $6,918, $7,043, $27,598 and $26,344, respectively, for the three months ended December 31, 2022 and 2021 and September 30, 2022 and the years ended December 31, 2022 and 2021.
(2)    On April 5, 2021, we permanently closed the Hotel Pennsylvania. Beginning in the third quarter of 2021, we commenced capitalization of carrying costs in connection with our development of the Hotel Pennsylvania site.
(3)    2022 includes the impact of prior period accrual adjustments related to (i) a property tax reassessment recognized in the third quarter and (ii) a change in the property tax rate recognized in the fourth quarter. 2022 also includes an increase in tradeshow activity compared to the prior year.


NYSE: VNO | WWW.VNO.COM
PAGE 8 OF 19


PENN District - Active Development/Redevelopment Summary as of December 31, 2022
(Amounts in thousands of dollars, except square feet)
Property
Rentable
Sq. Ft.
Cash Amount
Expended
Remaining Expenditures
Stabilization Year
Projected Incremental
Cash Yield
Active PENN District ProjectsSegment
Budget(1)
The Farley Building (95% interest)New York846,000 1,120,000 (2)1,111,493 (2)8,507 (2)(3)6.2%
PENN 2 - as expandedNew York1,795,000 750,000 393,126 356,874 20259.5%
PENN 1 (including LIRR Concourse Retail)(4)
New York2,546,000 450,000 375,810 

74,190 N/A13.2%(4)(5)
Districtwide ImprovementsNew YorkN/A100,000 41,776 58,224 N/AN/A
Total Active PENN District Projects2,420,000 1,922,205 497,795 8.3%
________________________________
(1)    Excluding debt and equity carry.
(2)    Net of 154,000 of historic tax credit investor contributions, of which 88,000 has been funded to date (at our 95% share).
(3)    Office stabilized in 2022, Retail to stabilize in 2023/2024.
(4)    Property is ground leased through 2098, as fully extended. Fair market value resets occur in 2023, 2048 and 2073. The 13.2% projected return is before the ground rent reset in 2023, which may be material.
(5)    Projected to be achieved as pre-redevelopment leases roll, which have an approximate average remaining term of 3.6 years.

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, February 14, 2023 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 866-652-5200 (domestic) or 412-317-6060 (international) and asking the operator to join the Vornado Realty Trust conference call. 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 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; and 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, 2022. Currently, some of the factors are the increase in interest rates and inflation and the continuing effect of the COVID-19 pandemic 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.
NYSE: VNO | WWW.VNO.COM
PAGE 9 OF 19


VORNADO REALTY TRUST
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)As of December 31,Increase
(Decrease)
 20222021
ASSETS   
Real estate, at cost:
Land$2,451,828 $2,540,193 $(88,365)
Buildings and improvements9,804,204 9,839,166 (34,962)
Development costs and construction in progress933,334 718,694 214,640 
Leasehold improvements and equipment125,389 119,792 5,597 
Total13,314,755 13,217,845 96,910 
Less accumulated depreciation and amortization(3,470,991)(3,376,347)(94,644)
Real estate, net9,843,764 9,841,498 2,266 
Right-of-use assets684,380 337,197 347,183 
(1)
Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills:
Cash and cash equivalents889,689 1,760,225 (870,536)
Restricted cash131,468 170,126 (38,658)
Investments in U.S. Treasury bills471,962 — 471,962 
Total1,493,119 1,930,351 (437,232)
Tenant and other receivables81,170 79,661 1,509 
Investments in partially owned entities2,665,073 3,297,389 (632,316)
Real estate fund investments— 7,730 (7,730)
220 CPS condominium units ready for sale43,599 57,142 (13,543)
Receivable arising from the straight-lining of rents694,972 656,318 38,654 
Deferred leasing costs, net373,555 391,693 (18,138)
Identified intangible assets, net139,638 154,895 (15,257)
Other assets474,105 512,714 (38,609)
Total assets$16,493,375 $17,266,588 $(773,213)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net$5,829,018 $6,053,343 $(224,325)
Senior unsecured notes, net1,191,832 1,189,792 2,040 
Unsecured term loan, net793,193 797,812 (4,619)
Unsecured revolving credit facilities575,000 575,000 — 
Lease liabilities735,969 370,206 365,763 
(1)
Accounts payable and accrued expenses450,881 613,497 (162,616)
Deferred revenue39,882 48,118 (8,236)
Deferred compensation plan96,322 110,174 (13,852)
Other liabilities268,166 304,725 (36,559)
Total liabilities9,980,263 10,062,667 (82,404)
Redeemable noncontrolling interests436,732 688,683 (251,951)
Shareholders' equity5,839,728 6,236,346 (396,618)
Noncontrolling interests in consolidated subsidiaries236,652 278,892 (42,240)
Total liabilities, redeemable noncontrolling interests and equity$16,493,375 $17,266,588 $(773,213)
____________________________________________________________
(1)In January 2022, we exercised a 25-year renewal option on our PENN 1 ground lease extending the term through June 2073. As a result of the exercise, we remeasured the related ground lease liability to include the 25-year extension option and recorded an estimated incremental right-of-use asset and lease liability of approximately $350,000.
NYSE: VNO | WWW.VNO.COM
PAGE 10 OF 19


VORNADO REALTY TRUST
OPERATING RESULTS
(Amounts in thousands, except per share amounts)For the Three Months Ended
December 31,
For the Year Ended
December 31,
 2022202120222021
Revenues$446,940 $421,080 $1,799,995 $1,589,210 
Net (loss) income$(525,002)$31,963 $(382,612)$207,553 
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries10,493 (3,691)5,737 (24,014)
Operating Partnership36,758 (857)30,376 (7,540)
Net (loss) income attributable to Vornado(477,751)27,415 (346,499)175,999 
Preferred share dividends(15,529)(16,146)(62,116)(65,880)
Series K preferred share issuance costs— — — (9,033)
Net (loss) income attributable to common shareholders$(493,280)$11,269 $(408,615)$101,086 
(Loss) income per common share - basic:
Net (loss) income per common share$(2.57)$0.06 $(2.13)$0.53 
Weighted average shares outstanding191,831 191,679 191,775 191,551 
(Loss) income per common share - diluted:
Net (loss) income per common share$(2.57)$0.06 $(2.13)$0.53 
Weighted average shares outstanding191,831 192,040 191,775 192,122 
FFO attributable to common shareholders plus assumed conversions (non-GAAP)$176,465 $141,017 $638,928 $571,074 
Per diluted share (non-GAAP)$0.91 $0.73 $3.30 $2.97 
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)$139,041 $156,130 $608,892 $549,863 
Per diluted share (non-GAAP)$0.72 $0.81 $3.15 $2.86 
Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share194,080 192,065 193,570 192,148 

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, real estate impairment losses, 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 they exclude 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. The Company also uses FFO attributable to common shareholders plus assumed conversions, as adjusted for certain items that impact the comparability of period to period FFO, as one of several criteria to determine performance-based compensation for senior management. 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 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 3 of this press release.
NYSE: VNO | WWW.VNO.COM
PAGE 11 OF 19


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
December 31,
For the Year Ended
December 31,
2022202120222021
Net (loss) income attributable to common shareholders$(493,280)$11,269 $(408,615)$101,086 
Per diluted share$(2.57)$0.06 $(2.13)$0.53 
FFO adjustments:
Depreciation and amortization of real property$121,900 $117,497 $456,920 $373,792 
Real estate impairment losses19,098 — 19,098 7,880 
Net gain on sale of real estate(30,397)— (58,751)— 
Proportionate share of adjustments to equity in net (loss) income of partially owned entities to arrive at FFO:
Depreciation and amortization of real property32,243 34,418 130,647 139,247 
Net gain on sale of real estate— (12,623)(169)(15,675)
Increase in fair value of marketable securities— (37)— (1,155)
Real estate impairment losses 576,390 — 576,390 — 
719,234 139,255 1,124,135 504,089 
Noncontrolling interests' share of above adjustments(49,894)(9,517)(77,912)(34,144)
FFO adjustments, net$669,340 $129,738 $1,046,223 $469,945 
FFO attributable to common shareholders$176,060 $141,007 $637,608 $571,031 
Impact of assumed conversion of dilutive convertible securities405 10 1,320 43 
FFO attributable to common shareholders plus assumed conversions$176,465 $141,017 $638,928 $571,074 
Per diluted share$0.91 $0.73 $3.30 $2.97 
Reconciliation of weighted average shares outstanding:
Weighted average common shares outstanding191,831 191,679 191,775 191,551 
Effect of dilutive securities:
Convertible securities2,182 
(1)
25 1,545 
(1)
26 
Share-based payment awards67 361 250 571 
Denominator for FFO per diluted share194,080 192,065 193,570 192,148 
______________________
(1)On January 1, 2022, we adopted Accounting Standards Update 2020-06, which requires us to include our Series D-13 cumulative redeemable preferred units and Series G-1 through G-4 convertible preferred units in our dilutive earnings per share calculations, if the effect is dilutive.
NYSE: VNO | WWW.VNO.COM
PAGE 12 OF 19


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 and years ended December 31, 2022 and 2021 and the three months ended September 30, 2022.
For the Three Months EndedFor the Year Ended
December 31,
(Amounts in thousands)December 31,September 30, 2022
2022202120222021
Net (loss) income $(525,002)$31,963 $20,112 $(382,612)$207,553 
Depreciation and amortization expense133,871 126,349 134,526 504,502 412,347 
General and administrative expense31,439 34,204 29,174 133,731 134,545 
Impairment losses, transaction related costs and other26,761 3,185 996 31,722 13,815 
Loss (income) from partially owned entities545,126 (43,749)(24,341)461,351 (130,517)
Loss (income) from real estate fund investments1,880 (5,959)111 (3,541)(11,066)
Interest and other investment income, net(10,587)(918)(5,228)(19,869)(4,612)
Interest and debt expense88,242 78,192 76,774 279,765 231,096 
Net gains on disposition of wholly owned and partially owned assets(65,241)(14,959)— (100,625)(50,770)
Income tax expense (benefit)6,974 10,055 3,711 21,660 (10,496)
NOI from partially owned entities77,221 79,223 76,020 305,993 310,858 
NOI attributable to noncontrolling interests in consolidated subsidiaries(18,929)(19,164)(14,766)(70,029)(69,385)
NOI at share291,755 278,422 297,089 1,162,048 1,033,368 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other(2,156)(252)(1,419)(10,980)1,318 
NOI at share - cash basis$289,599 $278,170 $295,670 $1,151,068 $1,034,686 

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, net 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 13 OF 19


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, net 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, theMART, 555 California Street and other investments for the three months ended December 31, 2022 compared to December 31, 2021.
(Amounts in thousands)TotalNew YorktheMART555 California StreetOther
NOI at share for the three months ended December 31, 2022$291,755 $248,595 $21,276 $16,641 $5,243 
Less NOI at share from:
Dispositions(1,424)(1,424)— — — 
Development properties(4,335)(4,335)— — — 
Other non-same store income, net(8,791)(3,346)(202)— (5,243)
Same store NOI at share for the three months ended December 31, 2022$277,205 $239,490 $21,074 $16,641 $— 
NOI at share for the three months ended December 31, 2021$278,422 $241,939 $15,959 $16,596 $3,928 
Less NOI at share from:
Dispositions(3,720)(3,720)— — — 
Development properties(7,248)(7,248)— — — 
Other non-same store income, net(6,782)(2,854)— — (3,928)
Same store NOI at share for the three months ended December 31, 2021$260,672 $228,117 $15,959 $16,596 $— 
Increase in same store NOI at share$16,533 $11,373 $5,115 $45 $— 
% increase in same store NOI at share6.3 %5.0 %32.1 %0.3 %0.0 %
NYSE: VNO | WWW.VNO.COM
PAGE 14 OF 19


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, theMART, 555 California Street and other investments for the three months ended December 31, 2022 compared to December 31, 2021.
(Amounts in thousands)TotalNew YorktheMART555 California StreetOther
NOI at share - cash basis for the three months ended December 31, 2022$289,599 $243,712 $23,163 $17,672 $5,052 
Less NOI at share - cash basis from:
Dispositions(1,112)(1,112)— — — 
Development properties(3,461)(3,461)— — — 
Other non-same store income, net(8,734)(3,480)(202)— (5,052)
Same store NOI at share - cash basis for the three months ended December 31, 2022$276,292 $235,659 $22,961 $17,672 $— 
NOI at share - cash basis for the three months ended December 31, 2021$278,170 $240,400 $18,413 $15,128 $4,229 
Less NOI at share - cash basis from:
Dispositions(3,813)(3,813)— — — 
Development properties(7,187)(7,187)— — — 
Other non-same store income, net(11,043)(6,814)— — (4,229)
Same store NOI at share - cash basis for the three months ended December 31, 2021$256,127 $222,586 $18,413 $15,128 $— 
Increase in same store NOI at share - cash basis$20,165 $13,073 $4,548 $2,544 $— 
% increase in same store NOI at share - cash basis7.9 %5.9 %24.7 %16.8 %0.0 %

NYSE: VNO | WWW.VNO.COM
PAGE 15 OF 19


VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, theMART, 555 California Street and other investments for the year ended December 31, 2022 compared to December 31, 2021.
(Amounts in thousands)TotalNew YorktheMART555 California StreetOther
NOI at share for the year ended December 31, 2022$1,162,048 $981,508 $96,906 $65,692 $17,942 
Less NOI at share from:
Change in ownership interest in One Park Avenue(13,370)(13,370)— — — 
Dispositions(9,494)(9,494)— — — 
Development properties(69,779)(69,779)— — — 
Other non-same store income, net(26,701)(8,557)(202)— (17,942)
Same store NOI at share for the year ended December 31, 2022$1,042,704 $880,308 $96,704 $65,692 $— 
NOI at share for the year ended December 31, 2021$1,033,368 $892,954 $58,909 $64,826 $16,679 
Less NOI at share from:
Dispositions(13,512)(13,512)— — — 
Development properties(31,291)(30,443)— (848)— 
Hotel Pennsylvania (permanently closed on April 5, 2021)12,677 12,677 — — — 
Other non-same store income, net(27,774)(11,095)— — (16,679)
Same store NOI at share for the year ended December 31, 2021$973,468 $850,581 $58,909 $63,978 $— 
Increase in same store NOI at share$69,236 $29,727 $37,795 $1,714 $— 
% increase in same store NOI at share7.1 %3.5 %64.2 %2.7 %0.0 %

NYSE: VNO | WWW.VNO.COM
PAGE 16 OF 19


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, theMART, 555 California Street and other investments for the year ended December 31, 2022 compared to December 31, 2021.
(Amounts in thousands)TotalNew YorktheMART555 California StreetOther
NOI at share - cash basis for the year ended December 31, 2022$1,151,068 $962,999 $101,912 $67,813 $18,344 
Less NOI at share - cash basis from:
Change in ownership interest in One Park Avenue(10,111)(10,111)— — — 
Dispositions(8,719)(8,719)— — — 
Development properties(47,846)(47,846)— — — 
Other non-same store income, net(28,211)(9,665)(202)— (18,344)
Same store NOI at share - cash basis for the year ended December 31, 2022$1,056,181 $886,658 $101,710 $67,813 $— 
NOI at share - cash basis for the year ended December 31, 2021$1,034,686 $891,766 $64,389 $60,680 $17,851 
Less NOI at share - cash basis from:
Dispositions(13,469)(13,469)— — — 
Development properties(32,453)(31,605)— (848)— 
Hotel Pennsylvania (permanently closed on April 5, 2021)12,723 12,723 — — — 
Other non-same store income, net(32,789)(14,938)— — (17,851)
Same store NOI at share - cash basis for the year ended December 31, 2021$968,698 $844,477 $64,389 $59,832 $— 
Increase in same store NOI at share - cash basis$87,483 $42,181 $37,321 $7,981 $— 
% increase in same store NOI at share - cash basis9.0 %5.0 %58.0 %13.3 %0.0 %

NYSE: VNO | WWW.VNO.COM
PAGE 17 OF 19


VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, theMART, 555 California Street and other investments for the three months ended December 31, 2022 compared to September 30, 2022.
(Amounts in thousands)TotalNew YorktheMART555 California StreetOther
NOI at share for the three months ended December 31, 2022$291,755 $248,595 $21,276 $16,641 $5,243 
Less NOI at share from:
Dispositions(1,424)(1,424)— — — 
Development properties(18,351)(18,351)— — — 
Other non-same store income, net(6,796)(1,351)(202)— (5,243)
Same store NOI at share for the three months ended December 31, 2022$265,184 $227,469 $21,074 $16,641 $— 
NOI at share for the three months ended September 30, 2022$297,089 $241,154 $35,769 $16,092 $4,074 
Less NOI at share from:
Dispositions(1,696)(1,696)— — — 
Development properties(22,914)(22,914)— — — 
Other non-same store income, net(5,250)(1,176)— — (4,074)
Same store NOI at share for the three months ended September 30, 2022$267,229 $215,368 $35,769 $16,092 $— 
(Decrease) increase in same store NOI at share$(2,045)$12,101 $(14,695)$549 $— 
% (decrease) increase in same store NOI at share(0.8)%5.6 %(41.1)%3.4 %0.0 %




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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, theMART, 555 California Street and other investments for the three months ended December 31, 2022 compared to September 30, 2022.
(Amounts in thousands)TotalNew YorktheMART555 California StreetOther
NOI at share - cash basis for the three months ended December 31, 2022$289,599 $243,712 $23,163 $17,672 $5,052 
Less NOI at share - cash basis from:
Dispositions(1,112)(1,112)— — — 
Development properties(11,325)(11,325)— — — 
Other non-same store income, net(6,774)(1,520)(202)— (5,052)
Same store NOI at share - cash basis for the three months ended December 31, 2022$270,388 $229,755 $22,961 $17,672 $— 
NOI at share - cash basis for the three months ended September 30, 2022$295,670 $237,692 $36,772 $16,926 $4,280 
Less NOI at share - cash basis from:
Dispositions(1,379)(1,379)— — — 
Development properties(15,796)(15,796)— — — 
Other non-same store income, net(5,665)(1,385)— — (4,280)
Same store NOI at share - cash basis for the three months ended September 30, 2022$272,830 $219,132 $36,772 $16,926 $— 
(Decrease) increase in same store NOI at share - cash basis$(2,442)$10,623 $(13,811)$746 $— 
% (decrease) increase in same store NOI at share - cash basis(0.9)%4.8 %(37.6)%4.4 %0.0 %
NYSE: VNO | WWW.VNO.COM
PAGE 19 OF 19
Document


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INDEX 
 Page
BUSINESS DEVELOPMENTS-
FINANCIAL INFORMATION
Financial Highlights
FFO, As Adjusted Bridge
Consolidated Balance Sheets
Net (Loss) Income Attributable to Common Shareholders (Consolidated and by Segment)-
Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment)-
Same Store NOI at Share and Same Store NOI at Share - Cash Basis
DEVELOPMENT ACTIVITY
PENN District Active Development/Redevelopment Summary
Future Development Opportunities
LEASING ACTIVITY AND LEASE EXPIRATIONS
Leasing Activity-
Lease Expirations-
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS-
UNCONSOLIDATED JOINT VENTURES-
DEBT AND CAPITALIZATION
Capital Structure
Common Shares Data
Debt Analysis
Hedging Instruments
Consolidated Debt Maturities
PROPERTY STATISTICS
Top 30 Tenants
Square Footage
Occupancy and Residential Statistics
Ground Leases
Property Table-
EXECUTIVE OFFICERS AND RESEARCH COVERAGE
APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
Definitions
Reconciliations-
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 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; and 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 increase in interest rates and inflation and the continuing effect of the COVID-19 pandemic 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, 2022. 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 Annual Report on Form 10-K for the year ended December 31, 2022 and the Company’s Supplemental Operating and Financial Data package for the quarter and year ended December 31, 2022, both of which can be accessed at the Company’s website www.vno.com.
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BUSINESS DEVELOPMENTS 
350 Park Avenue
On January 24, 2023, we and the Rudin family (“Rudin”) completed agreements with Citadel Enterprise Americas LLC (“Citadel”) and with an affiliate of Kenneth C. Griffin, Citadel’s Founder and CEO (“KG”), for a series of transactions relating to 350 Park Avenue and 40 East 52nd Street.
Citadel will master lease 350 Park Avenue, a 585,000 square foot Manhattan office building, on an “as is” basis for ten years, with an initial annual net rent of $36,000,000. Per the terms of the lease, no tenant allowance or free rent is being provided. Citadel will also master lease Rudin’s adjacent property at 40 East 52nd Street (390,000 square feet).
In addition, we have entered into a joint venture with Rudin (“Vornado/Rudin”) to purchase 39 East 51st Street for $40,000,000 and, upon formation of the KG joint venture described below, will combine that property with 350 Park Avenue and 40 East 52nd Street to create a premier development site (collectively, the “Site”).
From October 2024 to June 2030, KG will have the option to either:
acquire a 60% interest in a joint venture with Vornado/Rudin that would value the Site at $1.2 billion ($900,000,000 to Vornado and $300,000,000 to Rudin) and build a new 1,700,000 square foot office tower (the “Project”) pursuant to East Midtown Subdistrict zoning with Vornado/Rudin as developer. KG would own 60% of the joint venture and Vornado/Rudin would own 40% (with Vornado owning 36% and Rudin owning 4% of the joint venture along with a $250,000,000 preferred equity interest in the Vornado/Rudin joint venture).
at the joint venture formation, Citadel or its affiliates will execute a pre-negotiated 15-year anchor lease with renewal options for approximately 850,000 square feet (with expansion and contraction rights) at the Project for its primary office in New York City;
the rent for Citadel’s space will be determined by a formula based on a percentage return (that adjusts based on the actual cost of capital) on the total Project cost;
the master leases will terminate at the scheduled commencement of demolition;
or, exercise an option to purchase the Site for $1.4 billion ($1.085 billion to Vornado and $315,000,000 to Rudin), in which case Vornado/Rudin would not participate in the new development.
The parties intend to immediately commence design of the project and process approvals.
Further, Vornado/Rudin will have the option from October 2024 to September 2030 to put the Site to KG for $1.2 billion ($900,000,000 to Vornado and $300,000,000 to Rudin). For ten years following any put option closing, unless the put option is exercised in response to KG’s request to form the joint venture or KG makes a $200,000,000 termination payment, Vornado/Rudin will have the right to invest in a joint venture with KG on the terms described above if KG proceeds with development of the Site.
The operating and financial metrics presented in this supplemental package for the quarter and year ended December 31, 2022 do not reflect the impact of Citadel’s master lease of 350 Park Avenue described above as the transaction closed in the first quarter of 2023.
Dividend
On January 18, 2023, Vornado’s Board of Trustees declared a reduced quarterly dividend of $0.375 per share.
Disposition Activity
220 Central Park South ("220 CPS")
During the three months ended December 31, 2022, we closed on the sale of two condominium units and ancillary amenities at 220 CPS for net proceeds of $71,895,000 resulting in a financial statement net gain of $34,844,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $5,071,000 of income tax expense was recognized on our consolidated statements of income. During the year ended December 31, 2022, we closed on the sale of three condominium units and ancillary amenities at 220 CPS for net proceeds of $88,019,000 resulting in a financial statement net gain of $41,874,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $6,016,000 of income tax expense was recognized on our consolidated statements of income. From inception to December 31, 2022, we have closed on the sale of 109 units and ancillary amenities for net proceeds of $3,094,915,000 resulting in financial statement net gains of $1,159,129,000. As of December 31, 2022, we are 97% sold.
SoHo Properties
On January 13, 2022, we sold two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street for $84,500,000 and realized net proceeds of $81,399,000. In connection with the sale, we recognized a net gain of $551,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.

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BUSINESS DEVELOPMENTS 
Disposition Activity - continued
Center Building (33-00 Northern Boulevard)
On June 17, 2022, we sold the Center Building, an eight-story 498,000 square foot office building located at 33‑00 Northern Boulevard in Long Island City, New York, for $172,750,000. We realized net proceeds of $58,946,000 after repayment of the existing $100,000,000 mortgage loan and closing costs. In connection with the sale, we recognized a net gain of $15,213,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
484-486 Broadway
On December 15, 2022, we sold 484-486 Broadway, a 30,000 square foot retail and residential building for $23,520,000, and realized net proceeds of $22,430,000. In connection with the sale, we recognized a net gain of $2,919,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
40 Fulton Street
On December 21, 2022, we sold 40 Fulton Street, a 251,000 square foot Manhattan office and retail building, for $101,000,000, and realized net proceeds of $96,566,000. In connection with the sale, we recognized a net gain of $31,876,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
Financing Activity
100 West 33rd Street
On June 15, 2022, we completed a $480,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot building comprised of 859,000 square feet of office space and 255,000 square feet of retail space. The interest-only loan bears a rate of SOFR plus 1.65% (5.96% as of December 31, 2022) through March 2024, increasing to SOFR plus 1.85% thereafter. The interest rate on the loan was swapped to a fixed rate of 5.06% through March 2024, and 5.26% through June 2027. The loan matures in June 2027, with two one-year extension options subject to debt service coverage ratio and loan-to-value tests. The loan replaces the previous $580,000,000 loan that bore interest at LIBOR plus 1.55% and was scheduled to mature in April 2024.
770 Broadway
On June 28, 2022, we completed a $700,000,000 refinancing of 770 Broadway, a 1.2 million square foot Class A Manhattan office building. The interest-only loan bears a rate of SOFR plus 2.25% (6.48% as of December 31, 2022) and matures in July 2024 with three one-year extension options (July 2027 as fully extended). The interest rate on the loan was swapped to a fixed rate of 4.98% through July 2027. The loan replaces the previous $700,000,000 loan that bore interest at SOFR plus 1.86% and was scheduled to mature in July 2022.
Unsecured Revolving Credit Facility
On June 30, 2022, we amended and extended one of our two revolving credit facilities. The $1.25 billion amended facility bears interest at a rate of SOFR plus 1.15% (5.47% as of December 31, 2022). The term of the facility was extended from March 2024 to December 2027, as fully extended. The facility fee is 25 basis points. On August 16, 2022, the interest rate on the $575,000,000 drawn on the facility was swapped to a fixed interest rate of 3.88% through August 2027. Our other $1.25 billion revolving credit facility matures in April 2026, as fully extended, and bears a rate of SOFR plus 1.19% with a facility fee of 25 basis points.
Unsecured Term Loan
On June 30, 2022, we extended our $800,000,000 unsecured term loan from February 2024 to December 2027. The extended loan bears interest at a rate of SOFR plus 1.30% (5.62% as of December 31, 2022) and is currently swapped to a fixed rate of 4.05%.
330 West 34th Street land owner joint venture
On August 18, 2022, the joint venture that owns the fee interest in the 330 West 34th Street land, in which we have a 34.8% interest, completed a $100,000,000 refinancing. The interest-only loan bears interest at a fixed rate of 4.55% and matures in September 2032. In connection with the refinancing, we realized net proceeds of $10,500,000. The loan replaces the previous $50,150,000 loan that bore interest at a fixed rate of 5.71%.

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BUSINESS DEVELOPMENTS 
Financing Activity - continued
697-703 Fifth Avenue (Fifth Avenue and Times Square JV)
On December 21, 2022, the 697-703 Fifth Avenue $450,000,000 non-recourse mortgage loan matured and was not repaid, at which time the lenders declared an event of default. During December 2022, $29,000,000 of property-level funds were applied by the lenders against the principal balance resulting in a $421,000,000 loan balance as of December 31, 2022. The loan bears default interest at the Prime Rate plus 1.00% (8.50% as of December 31, 2022). The Fifth Avenue and Times Square JV is in negotiations with the lenders regarding a restructuring but there can be no assurance as to the timing and ultimate resolution of these negotiations. We do not believe that the resolution of these negotiations will result in further impairment losses on our investment in the Fifth Avenue and Times Square JV.
Interest Rate Hedging Activities
During the year ended December 31, 2022, we entered into $2.0 billion of interest rate swap arrangements and extended a $500,000,000 interest rate swap arrangement, reducing our variable rate debt at share as a percentage of our total debt at share to 27% from 47% (excluding our participation in the 150 West 34th Street mortgage loan which was repaid on January 9, 2023). The exposure to LIBOR/SOFR index increases on our $2.8 billion of unswapped variable rate debt is partially mitigated over the next year by $2.2 billion of interest rate caps and by an increase in interest income on our cash, cash equivalents, restricted cash and investments in U.S. Treasury bills. See page 34 for further detail on our interest rate swap and cap arrangements.
The table below presents the interest rate swap arrangements entered into during the year ended December 31, 2022.
(Amounts in thousands)Notional AmountAll-In Swapped RateSwap Expiration DateVariable Rate Spread
770 Broadway mortgage loan$700,000 4.98%07/27S+225
Unsecured revolving credit facility575,000 3.88%08/27S+115
Unsecured term loan(1)
50,000 4.04%08/27S+130
Unsecured term loan (effective 10/23)(1)
500,000 4.39%10/26S+130
100 West 33rd Street mortgage loan480,000 5.06%06/27S+165
888 Seventh Avenue mortgage loan(2)
200,000 4.76%09/27S+180
____________________
(1)On February 7, 2023, we entered into a forward interest rate swap arrangement for $150,000 of the $800,000 unsecured term loan. The unsecured term loan, which matures in December 2027, is subject to various interest rate swap arrangements through August 2027, see below for details:
Swapped BalanceAll-In Swapped RateUnswapped Balance
(bears interest at S+130)
Through 10/23$800,000 4.05%$— 
10/23 through 7/25700,000 4.53%100,000 
7/25 through 10/26550,000 4.36%250,000 
10/26 through 8/2750,000 4.04%750,000 
(2)The remaining $77,800 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80%


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FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts)
 For the Three Months EndedFor the Year Ended
December 31,
 December 31,September 30, 2022
 2022202120222021
Total revenues$446,940 $421,080 $457,431 $1,799,995 $1,589,210 
Net (loss) income attributable to common shareholders$(493,280)
(1)
$11,269 $7,769 $(408,615)
(1)
$101,086 
Per common share:     
Basic$(2.57)
(1)
$0.06 $0.04 $(2.13)
(1)
$0.53 
Diluted$(2.57)
(1)
$0.06 $0.04 $(2.13)
(1)
$0.53 
Net income attributable to common shareholders, as adjusted (non-GAAP)$19,954 $22,977 $37,429 $126,468 $88,153 
Per diluted share (non-GAAP)$0.10 $0.12 $0.19 $0.66 $0.46 
FFO attributable to common shareholders plus assumed conversions, as adjusted
(non-GAAP)
$139,041 $156,130 $157,350 $608,892 $549,863 
Per diluted share (non-GAAP)$0.72 $0.81 $0.81 $3.15 $2.86 
FFO attributable to common shareholders plus assumed conversions (non-GAAP)$176,465 $141,017 $152,461 $638,928 $571,074 
FFO - Operating Partnership ("OP") basis (non-GAAP)$189,572 $151,071 $163,769 $686,349 $611,262 
Per diluted share (non-GAAP)$0.91 $0.73 $0.79 $3.30 $2.97 
Dividends per common share$0.53 $0.53 $0.53 $2.12 $2.12 
FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)73.6 %65.4 %65.4 %67.3 %74.1 %
FAD payout ratio93.0 %89.8 %80.3 %81.9 %93.8 %
Weighted average common shares outstanding (REIT basis)191,831 191,679 191,793 191,775 191,551 
Convertible units:
Class A units13,615 13,245 13,617 13,540 13,177 
Convertible securities(2)
2,182 25 1,790 1,545 26 
Share based payment awards381 810 502 604 916 
Weighted average common shares outstanding used in calculation of FFO per diluted share (OP basis)208,009 205,759 207,702 207,464 205,670 
______________________
(1)Net loss attributable to common shareholders for the quarter and year ended December 31, 2022 includes $595,488 of non-cash impairment charges, of which $483,037 relates to Vornado’s common equity investment in the Fifth Avenue and Times Square joint venture (“Retail JV”). By way of background, in April 2019, we recognized a $2.559 billion gain upon the transfer of seven properties to the Retail JV, which included a GAAP required write-up to fair value of its retained interest in the properties. The $483,037 impairment charge recognized this quarter together with the $409,060 impairment charge previously recognized in 2020, effectively reverse a portion of the $2.559 billion gain attributable to the 2019 required write-up.
(2)On January 1, 2022, we adopted Accounting Standards Update 2020-06, which requires us to include our Series D-13 cumulative redeemable preferred units and Series G-1 through G-4 convertible preferred units in our dilutive earnings per share calculations, if the effect is dilutive.
Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.
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FFO, AS ADJUSTED BRIDGE - Q4 2022 VS. Q4 2021 (unaudited)
(Amounts in millions, except per share amounts)
FFO, as Adjusted
AmountPer Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2021$156.1 $0.81 
(Decrease) increase in FFO, as adjusted due to:
Increase in interest expense, net of increase in interest income(29.6)
Rent commencement and other tenant related items11.7 
Prior period accrual adjustments related to theMART property tax expense
8.1 
Straight-line impact of PENN 1 2023 estimated ground rent reset (5.7)
Other, net(1.3)
(16.8)
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities(0.3)
Net decrease(17.1)(0.09)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2022$139.0 $0.72 

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

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CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
As of December 31, Increase
(Decrease)
 20222021
ASSETS   
Real estate, at cost:
Land$2,451,828 $2,540,193 $(88,365)
Buildings and improvements9,804,204 9,839,166 (34,962)
Development costs and construction in progress933,334 718,694 214,640 
Leasehold improvements and equipment125,389 119,792 5,597 
Total13,314,755 13,217,845 96,910 
Less accumulated depreciation and amortization(3,470,991)(3,376,347)(94,644)
Real estate, net9,843,764 9,841,498 2,266 
Right-of-use assets684,380 337,197 347,183 
(1)
Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills:
Cash and cash equivalents889,689 1,760,225 (870,536)
Restricted cash131,468 170,126 (38,658)
Investments in U.S. Treasury bills471,962 — 471,962 
Total1,493,119 1,930,351 (437,232)
Tenant and other receivables81,170 79,661 1,509 
Investments in partially owned entities2,665,073 3,297,389 (632,316)
Real estate fund investments— 7,730 (7,730)
220 CPS condominium units ready for sale43,599 57,142 (13,543)
Receivable arising from the straight-lining of rents694,972 656,318 38,654 
Deferred leasing costs, net373,555 391,693 (18,138)
Identified intangible assets, net139,638 154,895 (15,257)
Other assets474,105 512,714 (38,609)
Total assets$16,493,375 $17,266,588 $(773,213)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net$5,829,018 $6,053,343 $(224,325)
Senior unsecured notes, net1,191,832 1,189,792 2,040 
Unsecured term loan, net793,193 797,812 (4,619)
Unsecured revolving credit facilities575,000 575,000 — 
Lease liabilities735,969 370,206 365,763 
(1)
Accounts payable and accrued expenses450,881 613,497 (162,616)
Deferred revenue39,882 48,118 (8,236)
Deferred compensation plan96,322 110,174 (13,852)
Other liabilities268,166 304,725 (36,559)
Total liabilities9,980,263 10,062,667 (82,404)
Redeemable noncontrolling interests436,732 688,683 (251,951)
Shareholders' equity5,839,728 6,236,346 (396,618)
Noncontrolling interests in consolidated subsidiaries236,652 278,892 (42,240)
Total liabilities, redeemable noncontrolling interests and equity$16,493,375 $17,266,588 $(773,213)
________________________________
(1)In January 2022, we exercised a 25-year renewal option on our PENN 1 ground lease extending the term through June 2073. As a result of the exercise, we remeasured the related ground lease liability to include the 25-year extension option and recorded an estimated incremental right-of-use asset and lease liability of approximately $350,000.
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CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
 For the Three Months Ended
 December 31,September 30, 2022
 20222021Variance
Property rentals(1)
$354,453 $336,958 $17,495 $356,783 
Tenant expense reimbursements(1)
39,879 35,140 4,739 41,821 
Amortization of acquired below-market leases, net1,390 1,310 80 1,384 
Straight-lining of rents342 3,007 (2,665)9,156 
Total rental revenues396,064 376,415 19,649 409,144 
Fee and other income:
Building Maintenance Services ("BMS") cleaning fees35,921 32,393 3,528 35,062 
Management and leasing fees2,872 774 2,098 2,532 
Other income12,083 11,498 585 10,693 
Total revenues446,940 421,080 25,860 457,431 
Operating expenses(213,477)(202,717)(10,760)(221,596)
Depreciation and amortization(133,871)(126,349)(7,522)(134,526)
General and administrative(31,439)(34,204)2,765 (29,174)
(Expense) benefit from deferred compensation plan liability(521)(2,425)1,904 600 
Impairment losses, transaction related costs and other(26,761)(3,185)(23,576)(996)
Total expenses(406,069)(368,880)(37,189)(385,692)
(Loss) income from partially owned entities(545,126)43,749 (588,875)24,341 
(Loss) income from real estate fund investments(1,880)5,959 (7,839)(111)
Interest and other investment income, net10,587 918 9,669 5,228 
Income (loss) from deferred compensation plan assets521 2,425 (1,904)(600)
Interest and debt expense(88,242)(78,192)(10,050)(76,774)
Net gains on disposition of wholly owned and partially owned assets65,241 14,959 50,282 — 
(Loss) income before income taxes(518,028)42,018 (560,046)23,823 
Income tax expense(6,974)(10,055)3,081 (3,711)
Net (loss) income(525,002)31,963 (556,965)20,112 
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries10,493 (3,691)14,184 3,792 
Operating Partnership36,758 (857)37,615 (606)
Net (loss) income attributable to Vornado(477,751)27,415 (505,166)23,298 
Preferred share dividends(15,529)(16,146)617 (15,529)
Net (loss) income attributable to common shareholders$(493,280)$11,269 $(504,549)$7,769 
Capitalized expenditures:
Development payroll$3,838 $2,815 $1,023 $3,269 
Interest and debt expense
6,990 6,535 455 4,874 
________________________________
(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.
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CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
 For the Year Ended December 31,
 20222021Variance
Property rentals(1)
$1,388,202 $1,271,643 $116,559 
Tenant expense reimbursements(1)
168,128 152,283 15,845 
Amortization of acquired below-market leases, net5,178 9,249 (4,071)
Straight-lining of rents46,177 (8,644)54,821 
Total rental revenues1,607,685 1,424,531 183,154 
Fee and other income:
BMS cleaning fees137,673 119,780 17,893 
Management and leasing fees11,039 11,725 (686)
Other income43,598 33,174 10,424 
Total revenues1,799,995 1,589,210 210,785 
Operating expenses(873,911)(797,315)(76,596)
Depreciation and amortization(504,502)(412,347)(92,155)
General and administrative(133,731)(134,545)814 
Benefit (expense) from deferred compensation plan liability9,617 (9,847)19,464 
Impairment losses, transaction related costs and other(31,722)(13,815)(17,907)
Total expenses(1,534,249)(1,367,869)(166,380)
(Loss) income from partially owned entities(461,351)130,517 (591,868)
Income from real estate fund investments3,541 11,066 (7,525)
Interest and other investment income, net19,869 4,612 15,257 
(Loss) income from deferred compensation plan assets(9,617)9,847 (19,464)
Interest and debt expense(279,765)(231,096)(48,669)
Net gains on disposition of wholly owned and partially owned assets100,625 50,770 49,855 
(Loss) income before income taxes(360,952)197,057 (558,009)
Income tax (expense) benefit(21,660)10,496 (32,156)
Net (loss) income(382,612)207,553 (590,165)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries5,737 (24,014)29,751 
Operating Partnership30,376 (7,540)37,916 
Net (loss) income attributable to Vornado(346,499)175,999 (522,498)
Preferred share dividends(62,116)(65,880)3,764 
Series K preferred share issuance costs— (9,033)9,033 
Net (loss) income attributable to common shareholders$(408,615)$101,086 $(509,701)
Capitalized expenditures:
Development payroll
$12,216 $10,932 $1,284 
Interest and debt expense
19,085 38,320 (19,235)
________________________________
(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.
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NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)
(Amounts in thousands)
 For the Three Months Ended December 31, 2022
 TotalNew YorkOther
Property rentals(1)
$354,453 $286,279 $68,174 
Tenant expense reimbursements(1)
39,879 31,727 8,152 
Amortization of acquired below-market leases, net1,390 1,221 169 
Straight-lining of rents342 2,738 (2,396)
Total rental revenues396,064 321,965 74,099 
Fee and other income:
BMS cleaning fees35,921 38,242 (2,321)
Management and leasing fees2,872 3,072 (200)
Other income12,083 3,420 8,663 
Total revenues446,940 366,699 80,241 
Operating expenses(213,477)(179,910)(33,567)
Depreciation and amortization(133,871)(111,042)(22,829)
General and administrative(31,439)(11,414)(20,025)
Expense from deferred compensation plan liability(521)— (521)
Impairment losses, transaction related costs and other(26,761)(19,209)(7,552)
Total expenses(406,069)(321,575)(84,494)
(Loss) income from partially owned entities(545,126)(563,414)18,288 
Loss from real estate fund investments(1,880)— (1,880)
Interest and other investment income, net10,587 2,915 7,672 
Income from deferred compensation plan assets521 — 521 
Interest and debt expense(88,242)(43,053)(45,189)
Net gains on disposition of wholly owned and partially owned assets65,241 34,585 30,656 
(Loss) income before income taxes(518,028)(523,843)5,815 
Income tax expense(6,974)(1,396)(5,578)
Net (loss) income (525,002)(525,239)237 
Less net loss attributable to noncontrolling interests in consolidated subsidiaries10,493 7,018 3,475 
Net (loss) income attributable to Vornado Realty L.P.(514,509)$(518,221)$3,712 
Less net loss attributable to noncontrolling interests in the Operating Partnership36,787 
Preferred unit distributions(15,558)
Net loss attributable to common shareholders$(493,280)
For the three months ended December 31, 2021
Net income attributable to Vornado Realty L.P.$28,272 $60,548 $(32,276)
Net income attributable to common shareholders$11,269 
________________________________
(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.
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NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)
(Amounts in thousands)
 For the Year Ended December 31, 2022
 TotalNew YorkOther
Property rentals(1)
$1,388,202 $1,096,896 $291,306 
Tenant expense reimbursements(1)
168,128 126,582 41,546 
Amortization of acquired below-market leases, net5,178 4,530 648 
Straight-lining of rents46,177 52,173 (5,996)
Total rental revenues1,607,685 1,280,181 327,504 
Fee and other income:
BMS cleaning fees137,673 146,530 (8,857)
Management and leasing fees11,039 11,645 (606)
Other income43,598 11,086 32,512 
Total revenues1,799,995 1,449,442 350,553 
Operating expenses(873,911)(716,148)(157,763)
Depreciation and amortization(504,502)(413,491)(91,011)
General and administrative(133,731)(46,326)(87,405)
Benefit from deferred compensation plan liability9,617 — 9,617 
Impairment losses, transaction related costs and other(31,722)(20,318)(11,404)
Total expenses(1,534,249)(1,196,283)(337,966)
(Loss) income from partially owned entities(461,351)(486,177)24,826 
Income from real estate fund investments3,541 — 3,541 
Interest and other investment income, net19,869 4,695 15,174 
Loss from deferred compensation plan assets(9,617)— (9,617)
Interest and debt expense(279,765)(134,072)(145,693)
Net gains on disposition of wholly owned and partially owned assets100,625 62,939 37,686 
Loss before income taxes(360,952)(299,456)(61,496)
Income tax expense(21,660)(4,001)(17,659)
Net loss (382,612)(303,457)(79,155)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries5,737 5,431 306 
Net loss attributable to Vornado Realty L.P.(376,875)$(298,026)$(78,849)
Less net loss attributable to noncontrolling interests in the Operating Partnership30,491 
Preferred unit distributions(62,231)
Net loss attributable to common shareholders$(408,615)
For the year ended December 31, 2021
Net income attributable to Vornado Realty L.P.$183,539 $252,573 $(69,034)
Net income attributable to common shareholders$101,086 
________________________________
(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.


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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 December 31, 2022
TotalNew YorkOther
Total revenues$446,940 $366,699 $80,241 
Operating expenses(213,477)(179,910)(33,567)
NOI - consolidated233,463 186,789 46,674 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(18,929)(12,858)(6,071)
Add: Our share of NOI from partially owned entities77,221 74,664 2,557 
NOI at share291,755 248,595 43,160 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other(2,156)(4,883)2,727 
NOI at share - cash basis$289,599 $243,712 $45,887 

For the Three Months Ended December 31, 2021
TotalNew YorkOther
Total revenues$421,080 $335,841 $85,239 
Operating expenses(202,717)(158,092)(44,625)
NOI - consolidated218,363 177,749 40,614 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(19,164)(12,139)(7,025)
Add: Our share of NOI from partially owned entities79,223 76,329 2,894 
NOI at share278,422 241,939 36,483 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other(252)(1,539)1,287 
NOI at share - cash basis$278,170 $240,400 $37,770 

For the Three Months Ended September 30, 2022
TotalNew YorkOther
Total revenues$457,431 $360,033 $97,398 
Operating expenses(221,596)(182,131)(39,465)
NOI - consolidated235,835 177,902 57,933 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(14,766)(8,691)(6,075)
Add: Our share of NOI from partially owned entities76,020 71,943 4,077 
NOI at share297,089 241,154 55,935 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other(1,419)(3,462)2,043 
NOI at share - cash basis$295,670 $237,692 $57,978 
________________________________
See Appendix page vii for details of NOI at share components.

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NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT (NON-GAAP) (unaudited)
(unaudited and in thousands)
For the Year Ended December 31, 2022
TotalNew YorkOther
Total revenues$1,799,995 $1,449,442 $350,553 
Operating expenses(873,911)(716,148)(157,763)
NOI - consolidated926,084 733,294 192,790 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(70,029)(45,566)(24,463)
Add: Our share of NOI from partially owned entities 305,993 293,780 12,213 
NOI at share1,162,048 981,508 180,540 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other(10,980)(18,509)7,529 
NOI at share - cash basis$1,151,068 $962,999 $188,069 
For the Year Ended December 31, 2021
TotalNew YorkOther
Total revenues$1,589,210 $1,257,599 $331,611 
Operating expenses(797,315)(626,386)(170,929)
NOI - consolidated791,895 631,213 160,682 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(69,385)(38,980)(30,405)
Add: Our share of NOI from partially owned entities 310,858 300,721 10,137 
NOI at share1,033,368 892,954 140,414 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other1,318 (1,188)2,506 
NOI at share - cash basis$1,034,686 $891,766 $142,920 
________________________________
See Appendix page vii for details of NOI at share components.
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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 EndedFor the Year Ended
December 31,
December 31,September 30, 2022
2022202120222021
NOI at share:
New York:
Office(1)
$184,045 $179,929 $174,790 $718,686 $677,167 
Retail50,083 48,365 52,127 205,753 173,363 
Residential4,978 4,894 4,598 19,600 17,783 
Alexander's Inc. ("Alexander's")9,489 8,751 9,639 37,469 37,318 
Hotel Pennsylvania(2)
— — — — (12,677)
Total New York248,595 241,939 241,154 981,508 892,954 
Other:
theMART(3)
21,276 15,959 35,769 96,906 58,909 
555 California Street16,641 16,596 16,092 65,692 64,826 
Other investments5,243 3,928 4,074 17,942 16,679 
Total Other43,160 36,483 55,935 180,540 140,414 
NOI at share$291,755 $278,422 $297,089 $1,162,048 $1,033,368 
NOI at share - cash basis:
New York:
Office(1)
$182,648 $181,568 $174,606 $715,407 $686,507 
Retail46,168 44,536 48,096 188,846 160,801 
Residential4,660 4,758 4,556 18,214 16,656 
Alexander's10,236 9,538 10,434 40,532 40,525 
Hotel Pennsylvania(2)
— — — — (12,723)
Total New York243,712 240,400 237,692 962,999 891,766 
Other:
theMART(3)
23,163 18,413 36,772 101,912 64,389 
555 California Street17,672 15,128 16,926 67,813 60,680 
Other investments5,052 4,229 4,280 18,344 17,851 
Total Other45,887 37,770 57,978 188,069 142,920 
NOI at share - cash basis$289,599 $278,170 $295,670 $1,151,068 $1,034,686 
________________________________
(1)Includes BMS NOI of $8,305, $6,918, $7,043, $27,598 and $26,344, respectively, for the three months ended December 31, 2022 and 2021 and September 30, 2022 and the years ended December 31, 2022 and 2021.
(2)On April 5, 2021, we permanently closed the Hotel Pennsylvania. Beginning in the third quarter of 2021, we commenced capitalization of carrying costs in connection with our development of the Hotel Pennsylvania site.
(3)2022 includes the impact of prior period accrual adjustments related to (i) a property tax reassessment recognized in the third quarter and (ii) a change in the property tax rate recognized in the fourth quarter. 2022 also includes an increase in tradeshow activity compared to the prior year.

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SAME STORE NOI AT SHARE AND SAME STORE NOI AT SHARE - CASH BASIS (NON-GAAP) (unaudited)
TotalNew York
theMART(2)
555 California Street
Same store NOI at share % increase (decrease)(1):
Three months ended December 31, 2022 compared to December 31, 20216.3 %5.0 %32.1 %0.3 %
Year ended December 31, 2022 compared to December 31, 20217.1 %3.5 %64.2 %2.7 %
Three months ended December 31, 2022 compared to September 30, 2022(0.8)%5.6 %(41.1)%3.4 %
Same store NOI at share - cash basis % increase (decrease)(1):
Three months ended December 31, 2022 compared to December 31, 20217.9 %5.9 %24.7 %16.8 %
Year ended December 31, 2022 compared to December 31, 20219.0 %5.0 %58.0 %13.3 %
Three months ended December 31, 2022 compared to September 30, 2022(0.9)%4.8 %(37.6)%4.4 %
________________________________
(1)See pages viii through xiii in the Appendix for same store NOI at share and same store NOI at share - cash basis reconciliations.
(2)2022 includes the impact of prior period accrual adjustments related to (i) a property tax reassessment recognized in the third quarter and (ii) a change in the property tax rate recognized in the fourth quarter. 2022 also includes an increase in tradeshow activity compared to the prior year.
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PENN DISTRICT
ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited)
(Amounts in thousands of dollars, except square feet)
Property
Rentable
Sq. Ft.
Cash Amount
Expended
Remaining ExpendituresProjected Incremental
Cash Yield
Active PENN District ProjectsSegment
Budget(1)
Stabilization Year
The Farley Building (95% interest)New York846,000 1,120,000 (2)1,111,493 (2)8,507 (2)(3)6.2%
PENN 2 - as expandedNew York1,795,000 750,000 393,126 356,874 20259.5%
PENN 1 (including LIRR Concourse Retail)(4)
New York2,546,000 450,000 375,810 

74,190 N/A13.2%(4)(5)
Districtwide ImprovementsNew YorkN/A100,000 41,776 58,224 N/AN/A
Total Active PENN District Projects  2,420,000 1,922,205 497,795  8.3%
________________________________
(1)Excluding debt and equity carry.
(2)Net of 154,000 of historic tax credit investor contributions, of which 88,000 has been funded to date (at our 95% share).
(3)Office stabilized in 2022, Retail to stabilize in 2023/2024.
(4)Property is ground leased through 2098, as fully extended. Fair market value resets occur in 2023, 2048 and 2073. The 13.2% projected return is before the ground rent reset in 2023, which may be material.
(5)Projected to be achieved as pre-redevelopment leases roll, which have an approximate average remaining term of 3.6 years.



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.












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FUTURE DEVELOPMENT OPPORTUNITIES - AS OF DECEMBER 31, 2022 (unaudited)
Future OpportunitiesSegment
Property
Zoning
Sq. Ft.
(at 100%)
 
350 Park AvenueNew York1,389,000 
(1)
Hotel Pennsylvania site(2)
New York2,052,000 
PENN District - multiple other opportunities - office/residential/retailNew York
260 Eleventh Avenue - office(3)
New York280,000     
Undeveloped Land      
Rego Park III (32.4% interest)
New York550,000 
527 West Kinzie, Chicago
Other330,000 
57th Street (50% interest)New York150,000     
Eighth Avenue and 34th StreetNew York105,000 
Total undeveloped land
 1,135,000     
____________________
(1)Reflects entire assemblage, see page 3 for further information.
(2)We have permanently closed the Hotel Pennsylvania and plan to develop an office tower on the site. Demolition of the existing building structure commenced in the fourth quarter of 2021.
(3)The building is subject to a ground lease which expires in 2114.




There can be no assurance that the above projects will be completed, completed on schedule or within budget.

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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 
 OfficeRetailtheMART
Three Months Ended December 31, 2022   
Total square feet leased154 20 24 
Our share of square feet leased:147 15 24 
Initial rent(1)
$84.58 $284.73 $59.45 
Weighted average lease term (years)7.6 11.8 6.5 
Second generation relet space:
Square feet135 — 23 
GAAP basis:
Straight-line rent(2)
$79.73 $— $60.30 
Prior straight-line rent$68.04 $— $65.07 
Percentage increase (decrease)17.2 %0.0 %(7.3)%
Cash basis (non-GAAP):
Initial rent(1)
$83.66 $— $59.66 
Prior escalated rent$76.20 $— $67.87 
Percentage increase (decrease)9.8 %0.0 %(12.1)%
Tenant improvements and leasing commissions:
Per square foot$78.86 $318.41 $42.88 
Per square foot per annum$10.32 $26.98 $6.60 
Percentage of initial rent12.2 %9.5 %11.1 %
________________________________
(1)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.
(2)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.

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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
 OfficeRetailtheMART
Year Ended December 31, 2022    
Total square feet leased894 111 299 210 
Our share of square feet leased:753 100 299 147 
Initial rent(1)
$84.51 $266.25 $52.40 $96.40 
Weighted average lease term (years)8.9 11.6 7.2 5.9 
Second generation relet space:
Square feet498 42 244 135 
GAAP basis:
Straight-line rent(2)
$79.62 $229.84 $49.22 $87.43 
Prior straight-line rent$73.03 $372.60 $51.72 $70.32 
Percentage increase (decrease)9.0 %(38.3)%(4.8)%24.3 %
Cash basis (non-GAAP):
Initial rent(1)
$82.96 $257.34 $52.87 $93.50 
Prior escalated rent$78.70 $390.83 $55.91 $82.28 
Percentage increase (decrease)5.4 %(34.2)%(5.4)%13.6 %
Tenant improvements and leasing commissions:
Per square foot$104.93 $263.13 $75.44 $42.19 
Per square foot per annum$11.84 $22.68 $10.48 $7.15 
Percentage of initial rent14.0 %8.5 %20.0 %7.4 %
________________________________
(1)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.
(2)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.


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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
 TotalPer Sq. Ft.
Office:
Fourth Quarter 2022(2)
47,000 $1,712,000 $36.43 0.1 %
 First Quarter 2023566,000 55,434,000 97.94 4.7 %
 Second Quarter 2023154,000 12,302,000 79.88 1.0 %
Third Quarter 2023126,000 9,832,000 78.03 0.8 %
Fourth Quarter 2023598,000 59,815,000 100.03 5.1 %
 Total 20231,444,000 137,383,000 95.14 11.6 %
 2024943,000 88,875,000 94.25 7.5 %
 2025699,000 57,307,000 81.98 4.9 %
 20261,217,000 99,016,000 81.36 8.4 %
20271,160,000 89,200,000 76.90 7.6 %
20281,003,000 74,602,000 74.38 6.3 %
20291,161,000 94,292,000 81.22 8.0 %
2030623,000 51,308,000 82.36 4.3 %
2031899,000 79,770,000 88.73 6.8 %
2032404,000 35,215,000 87.17 3.0 %
Thereafter4,867,000 (3)372,042,000 76.44 31.5 %
Retail:
Fourth Quarter 2022(2)
16,000 $2,590,000 $161.88 1.0 %
 First Quarter 2023134,000 9,497,000 70.87 3.5 %
Second Quarter 2023— — — 0.0 %
Third Quarter 20237,000 3,505,000 500.71 1.3 %
 Fourth Quarter 20238,000 6,285,000 785.63 2.3 %
Total 2023149,000 19,287,000 129.44 7.1 %
2024133,000 22,680,000 170.53 8.4 %
202540,000 12,898,000 322.45 4.8 %
 202682,000 26,076,000 318.00 9.7 %
 202734,000 18,872,000 555.06 7.1 %
202827,000 13,470,000 498.89 5.0 %
 202950,000 26,772,000 535.44 10.0 %
 2030155,000 22,645,000 146.10 8.5 %
 203188,000 29,201,000 331.83 10.9 %
 203255,000 28,490,000 518.00 10.6 %
Thereafter390,000 45,463,000 116.57 16.9 %
________________________________
(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.
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LEASE EXPIRATIONS (unaudited)
theMART
 Period of Lease
Expiration
Our Share of
Square Feet
of Expiring
Leases(1)
Annualized Escalated Rents
of Expiring Leases
Percentage of
Annualized
Escalated Rent
 TotalPer Sq. Ft.
Office / Showroom / Retail:
Fourth Quarter 2022(2)
86,000 $4,463,000 $51.90 3.0 %
First Quarter 202329,000 2,015,000 69.48 1.3 %
 Second Quarter 202312,000 867,000 72.25 0.6 %
 Third Quarter 2023166,000 8,601,000 51.81 5.7 %
Fourth Quarter 202347,000 2,721,000 57.89 1.8 %
Total 2023254,000 14,204,000 55.92 9.4 %
 2024233,000 13,416,000 57.58 8.9 %
 2025409,000 23,652,000 58.69 15.7 %
2026290,000 16,089,000 55.48 10.7 %
2027191,000 10,398,000 54.44 6.9 %
 2028684,000 32,780,000 47.92 21.5 %
2029111,000 5,369,000 48.37 3.6 %
203029,000 1,655,000 57.07 1.1 %
2031294,000 13,779,000 46.87 9.1 %
2032160,000 7,631,000 47.69 5.1 %
Thereafter167,000 7,628,000 45.68 5.0 %
________________________________
(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.



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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
 TotalPer Sq. Ft.
Office / Retail:
Fourth Quarter 2022(2)
— $— $— 0.0 %
First Quarter 20236,000 391,000 65.17 0.4 %
 Second Quarter 2023— — — 0.0 %
Third Quarter 2023— — — 0.0 %
Fourth Quarter 2023— — — 0.0 %
Total 20236,000 391,000 65.17 0.4 %
202470,000 7,215,000 103.07 6.6 %
 2025274,000 24,684,000 90.09 22.5 %
 2026238,000 23,518,000 98.82 21.5 %
202765,000 6,056,000 93.17 5.5 %
 2028112,000 10,502,000 93.77 9.6 %
 2029116,000 11,098,000 95.67 10.1 %
 2030106,000 10,713,000 101.07 9.8 %
 2031— — — 0.0 %
 20325,000 645,000 129.00 0.6 %
Thereafter188,000 14,746,000 78.44 13.4 %
________________________________
(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.
















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CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
CONSOLIDATED
(Amounts in thousands)  
Year Ended December 31,
202220212020
Amounts paid for capital expenditures:
Expenditures to maintain assets$85,573 $75,133 $65,173 
Tenant improvements41,934 68,284 65,313 
Leasing commissions16,005 36,274 18,626 
Recurring tenant improvements, leasing commissions and other capital expenditures143,512 179,691 149,112 
Non-recurring capital expenditures(1)
32,583 19,849 64,624 
Total capital expenditures and leasing commissions$176,095 $199,540 $213,736 
 Year Ended December 31,
 202220212020
Amounts paid for development and redevelopment expenditures(2):
   
PENN 2$266,676 $105,267 $76,883 
The Farley Building224,382 202,414 239,427 
PENN 1102,445 171,824 108,514 
Hotel Pennsylvania site77,965 54,280 7,606 
PENN Districtwide improvements11,096 14,116 17,066 
PENN 1110,430 418 32 
220 CPS10,186 19,351 119,763 
theMART 2.010,130 729 — 
Other24,689 17,541 32,629 
$737,999 $585,940 $601,920 
________________________________
(1)Primarily tenant improvements and leasing commissions on first generation space.
(2)Inclusive of capitalized interest expense, operating expenses and development payroll.



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CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
NEW YORK SEGMENT
(Amounts in thousands)
 Year Ended December 31,
202220212020
Amounts paid for capital expenditures:
Expenditures to maintain assets$60,588 $61,420 $53,543 
Tenant improvements27,862 59,522 52,763 
Leasing commissions10,465 27,284 14,612 
Recurring tenant improvements, leasing commissions and other capital expenditures98,915 148,226 120,918 
Non-recurring capital expenditures(1)
28,992 19,694 64,414 
Total capital expenditures and leasing commissions$127,907 $167,920 $185,332 
 Year Ended December 31,
 202220212020
Amounts paid for development and redevelopment expenditures(2):
   
PENN 2$266,676 $105,267 $76,883 
The Farley Building224,382 202,414 239,427 
PENN 1102,445 171,824 108,514 
Hotel Pennsylvania site77,965 54,280 7,606 
PENN Districtwide improvements11,096 14,116 17,066 
PENN 1110,430 418 32 
Other20,606 12,220 11,920 
$713,600 $560,539 $461,448 
________________________________
(1)Primarily tenant improvements and leasing commissions on first generation space.
(2)Inclusive of capitalized interest expense, operating expenses and development payroll.


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CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
theMART
(Amounts in thousands)  
 Year Ended December 31,
202220212020
Amounts paid for capital expenditures:
Expenditures to maintain assets$18,137 $7,199 $7,627 
Tenant improvements11,977 5,683 5,859 
Leasing commissions2,610 2,047 3,173 
Recurring tenant improvements, leasing commissions and other capital expenditures32,724 14,929 16,659 
Non-recurring capital expenditures(1)
676 155 210 
Total capital expenditures and leasing commissions$33,400 $15,084 $16,869 
 Year Ended December 31,
 202220212020
Amounts paid for development and redevelopment expenditures(2):
   
theMART 2.0$10,130 $729 $— 
Other4,083 1,068 4,011 
$14,213 $1,797 $4,011 
________________________________
(1)Primarily tenant improvements and leasing commissions on first generation space.
(2)Inclusive of capitalized interest expense, operating expenses and development payroll.

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CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
555 CALIFORNIA STREET   
(Amounts in thousands)   
 Year Ended December 31,
202220212020
Amounts paid for capital expenditures:
Expenditures to maintain assets$6,848 $6,514 $4,003 
Tenant improvements2,095 3,079 6,691 
Leasing commissions2,930 6,943 841 
Recurring tenant improvements, leasing commissions and other capital expenditures11,873 16,536 11,535 
Non-recurring capital expenditures(1)
2,915 — — 
Total capital expenditures and leasing commissions$14,788 $16,536 $11,535 
 Year Ended December 31,
 202220212020
Amounts paid for development and redevelopment expenditures(2):
   
345 Montgomery Street$— $4,253 $16,661 
________________________________
See notes below.


CAPITAL EXPENDITURES (unaudited)
OTHER
(Amounts in thousands)   
 Year Ended December 31,
 202220212020
Amounts paid for development and redevelopment expenditures(2):
   
220 CPS$10,186 $19,351 $119,763 
Other— — 37 
$10,186 $19,351 $119,800 
________________________________
(1)Primarily tenant improvements and leasing commissions on first generation space.
(2)Inclusive of capitalized interest expense, operating expenses and development payroll.

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UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
As of December 31, 2022
Joint Venture NameAsset
Category
Percentage OwnershipCompany's
Carrying
Amount
Company's
Pro rata
Share of Debt(1)
100% of
Joint Venture Debt(1)
Maturity Date(2)
Spread over LIBOR/SOFR
Interest Rate(3)
Fifth Avenue and Times Square JVRetail/Office51.5%$2,272,320 (4)$448,473 (5)$921,000 VariousVariousVarious
Alexander'sOffice/Retail32.4%87,796 355,280 1,096,544 VariousVariousVarious
Partially owned office buildings/land:
512 West 22nd StreetOffice/Retail55.0%60,127 75,418 137,124 06/23L+2006.00%
280 Park AvenueOffice/Retail50.0%53,466 600,000 1,200,000 09/24L+1735.81%
West 57th Street propertiesOffice/Retail/Land50.0%52,462 — (6)— 
825 Seventh AvenueOffice50.0%11,814 29,676 59,353 07/23L+2356.48%
61 Ninth AvenueOffice/Retail45.1%4,311 75,543 167,500 01/26S+1465.75%
650 Madison AvenueOffice/Retail20.1%— (7)161,024 800,000 12/29N/A3.49%
Other investments:
Independence PlazaResidential/Retail50.1%50,100 338,175 675,000 07/25N/A4.25%
Rosslyn PlazaOffice/Residential43.7% to 50.4%35,304 18,335 36,372 03/23S+2056.17%
OtherVariousVarious37,373 124,427 666,120 VariousVariousVarious
$2,665,073 $2,226,351 $5,759,013 
Investments in partially owned entities included in other liabilities(8):
7 West 34th StreetOffice/Retail53.0%$(65,522)$159,000 $300,000 06/26N/A3.65%
85 Tenth AvenueOffice/Retail49.9%(16,006)311,875 625,000 12/26N/A4.55%
$(81,528)$470,875 $925,000 
________________________________
(1)Represents the contractual debt obligations. All amounts are non-recourse to us except the $300,000 mortgage loan on 7 West 34th Street and the $500,000 mortgage loan on 640 Fifth Avenue, included in Fifth Avenue and Times Square JV.
(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)In 2022, we recognized a non-cash impairment loss of $489,859, before noncontrolling interests of $6,822, resulting from a decline in the value of our investment that we deemed other-than-temporary.
(5)On December 21, 2022, the 697-703 Fifth Avenue $450,000 non-recourse mortgage loan matured and was not repaid, at which time the lenders declared an event of default. During December 2022, $29,000 of property-level funds were applied by the lenders against the principal balance resulting in a $421,000 loan balance as of December 31, 2022. The Fifth Avenue and Times Square JV is in negotiations with the lenders regarding a restructuring but there can be no assurance as to the timing and ultimate resolution of these negotiations.
(6)On October 31, 2022, the joint venture repaid the $20,000 mortgage loan ($10,000 at our share).
(7)In 2022, we recognized a $93,353 impairment loss on our investment which reduced our investment to zero.
(8)Our negative basis results from distributions in excess of our investment.


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UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
Percentage Ownership at December 31, 2022Our Share of Net (Loss) Income for the Three Months Ended December 31,Our Share of NOI (non-GAAP) for the Three Months Ended December 31,
 2022202120222021
Joint Venture Name     
New York:     
Fifth Avenue and Times Square JV:
Non-cash impairment loss51.5%$(489,859)$— $— $— 
Equity in net income13,333 14,830 35,624 35,831 
Return on preferred equity, net of our share of the expense9,431 9,431 — — 
(467,095)24,261 35,624 35,831 
650 Madison Avenue20.1%(94,820)(1)1,073 1,891 4,749 
Alexander's32.4%4,204 16,928 (2)9,489 8,751 
280 Park Avenue50.0%(3,651)(3)1,603 10,052 9,804 
85 Tenth Avenue49.9%(2,713)(3,032)2,542 2,229 
7 West 34th Street53.0%1,155 1,213 3,684 3,741 
Independence Plaza50.1%(1,137)(1,083)4,551 4,607 
512 West 22nd Street55.0%(409)(1,465)1,519 759 
61 Ninth Avenue45.1%205 728 1,952 1,876 
West 57th Street properties50.0%(176)(265)113 
Other, netVarious1,023 2,338 3,247 3,975 
(563,414)42,299 74,664 76,329 
Other:
Alexander's corporate fee income32.4%1,182 1,807 660 1,030 
Rosslyn Plaza43.7% to 50.4%278 356 1,086 1,016 
Other, netVarious16,828 (4)(713)811 848 
18,288 1,450 2,557 2,894 
Total$(545,126)$43,749 $77,221 $79,223 
______________________________
(1)2022 includes a $93,353 impairment loss.
(2)2021 includes our $11,620 share of net gain on the sale of the Paramus, New Jersey property to IKEA.
(3)Decrease primarily due to an increase in variable rate interest expense. In September 2022, the joint venture entered into an interest rate cap arrangement capping LIBOR at 4.08% (5.81% as of December 31, 2022).
(4)2022 includes $17,185 of net gains from dispositions of two investments.
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UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
Percentage Ownership at December 31, 2022Our Share of Net (Loss) Income for the Year Ended December 31,Our Share of NOI (non-GAAP) for the Year Ended December 31,
 2022202120222021
Joint Venture Name     
New York:     
Fifth Avenue and Times Square JV:
Non-cash impairment loss51.5%$(489,859)$— $— $— 
Equity in net income55,248 47,144 139,308 131,363 
Return on preferred equity, net of our share of the expense37,416 37,416 — — 
(397,195)84,560 139,308 131,363 
650 Madison Avenue20.1%(97,698)(1)(1,014)8,821 12,837 
Alexander's32.4%18,439 34,692 (2)37,469 37,318 
85 Tenth Avenue49.9%(10,641)(11,501)10,441 9,333 
Independence Plaza50.1%(4,677)(6,212)17,972 16,876 
7 West 34th Street53.0%4,495 4,590 14,681 14,681 
280 Park Avenue50.0%(3,402)(3)5,454 39,965 38,806 
61 Ninth Avenue45.1%1,367 3,073 6,993 7,272 
West 57th Street properties50.0%(886)(887)350 233 
512 West 22nd Street55.0%(505)(2,056)5,604 5,361 
One Park Avenue(4)
100.0%— 11,518 — 17,348 
Other, netVarious4,526 3,184 12,176 9,293 
(486,177)125,401 293,780 300,721 
Other:
Alexander's corporate fee income32.4%4,534 5,429 2,442 2,819 
Rosslyn Plaza43.7% to 50.4%1,554 1,407 4,477 4,094 
Other, netVarious18,738 (5)(1,720)5,294 3,224 
24,826 5,116 12,213 10,137 
Total$(461,351)$130,517 $305,993 $310,858 
____________________________
(1)2022 includes a $93,353 impairment loss.
(2)2021 includes our $11,620 share of net gain on the sale of the Paramus, New Jersey property to IKEA, and our $2,956 of net gain on the sale of a parcel of land in the Bronx, New York.
(3)Decrease primarily due to an increase in variable rate interest expense. In September 2022, the joint venture entered into an interest rate cap arrangement capping LIBOR at 4.08% (5.81% as of December 31, 2022).
(4)On August 5, 2021, we increased our ownership interest in One Park Avenue to 100.0% by acquiring our joint venture partner's 45.0% ownership interest in the property. Accordingly, we consolidated the accounts of the property from the date of acquisition.
(5)2022 includes $17,185 of net gains from dispositions of two investments.


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CAPITAL STRUCTURE (unaudited)
(Amounts in thousands, except per share and per unit amounts)
As of
   December 31, 2022
Debt (contractual balances):   
Consolidated debt(1):
   
Mortgages payable
  $5,877,615 
Senior unsecured notes
  1,200,000 
$800 Million unsecured term loan
  800,000 
$2.5 Billion unsecured revolving credit facilities575,000 
   8,452,615 
Pro rata share of debt of non-consolidated entities 2,697,226 
Less: Noncontrolling interests' share of consolidated debt
(primarily 1290 Avenue of the Americas and 555 California Street)
(682,059)
   10,467,782 (A)
 Shares/UnitsLiquidation Preference 
Perpetual Preferred:   
3.25% preferred units (D-17) (141,400 units @ $25.00 per unit)3,535 
5.40% Series L preferred shares12,000 $25.00 300,000 
5.25% Series M preferred shares12,780 25.00 319,500 
5.25% Series N preferred shares12,000 25.00 300,000 
4.45% Series O preferred shares12,000 25.00 300,000 
1,223,035 (B)
 
Converted
Shares
December 31, 2022 Common Share Price 
Equity:   
Common shares191,867 $20.81 3,992,752 
Class A units13,431 20.81 279,499 
Convertible share equivalents: 
Equity awards - unit equivalents
986 20.81 20,519 
Series D-13 preferred units2,243 20.81 46,677 
Series G-1 through G-4 preferred units126 20.81 2,622 
Series A preferred shares
25 20.81 520 
 
 4,342,589 (C)
Total Market Capitalization (A+B+C) $16,033,406 
________________________________
(1)See reconciliation on page xiv in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of December 31, 2022.
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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):
2022
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
High price$26.28 $30.90 $45.84 $47.26 
Low price$20.03 $22.83 $27.64 $38.00 
Closing price - end of quarter$20.81 $23.16 $28.59 $45.32 
Annualized quarterly dividend per share$2.12 (1)$2.12 $2.12 $2.12 
Annualized dividend yield - on closing price10.2 %9.2 %7.4 %4.7 %
Outstanding shares, Class A units and convertible preferred units as converted (in thousands)208,678 208,220 207,814 207,127 
Closing market value of outstanding shares, Class A units and convertible preferred units as converted$4.3 Billion$4.8 Billion$5.9 Billion$9.4 Billion
____________________________
(1)On January 18, 2023, Vornado’s Board of Trustees declared a reduced quarterly dividend of $0.375 per share.






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DEBT ANALYSIS (unaudited)
(Amounts in thousands)      
 As of December 31, 2022
 TotalVariableFixed
(Contractual debt balances)AmountWeighted
Average
Interest Rate
AmountWeighted
Average
Interest Rate
AmountWeighted
Average
Interest Rate
Consolidated debt(1)
$8,452,615 4.16%$2,307,615 
(2)
5.67%$6,145,000 3.59%
Pro rata share of debt of non-consolidated entities2,697,226 4.87%1,249,769 6.19%1,447,457 3.72%
Total11,149,841 4.33%3,557,384 5.85%7,592,457 3.61%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)
(682,059)(682,059)— 
Company's pro rata share of total debt$10,467,782 4.23%$2,875,325 
(2)
5.87%$7,592,457 3.61%

Debt Covenant Ratios:(3)
Senior Unsecured Notes due 2025, 2026 and 2031
Unsecured Revolving Credit Facilities
and Unsecured Term Loan
 
 RequiredActualRequiredActual
Total outstanding debt/total assets(4)
Less than 65%48%Less than 60%35%
Secured debt/total assetsLess than 50%32%Less than 50%25%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)Greater than 1.502.29 N/A
Fixed charge coverage N/AGreater than 1.402.19
Unencumbered assets/unsecured debtGreater than 150%342% N/A
Unsecured debt/cap value of unencumbered assets
 N/ALess than 60%20%
Unencumbered coverage ratio N/AGreater than 1.506.73
Consolidated Unencumbered EBITDA (non-GAAP):
 Q4 2022
Annualized
New York$251,072 
Other106,772 
Total$357,844 
________________________________
(1)See reconciliation on page xiv in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of December 31, 2022.
(2)Includes our $105,000 participation in the 150 West 34th Street mortgage loan. On January 9, 2023, our $105,000 participation in the $205,000 mortgage loan on 150 West 34th Street was repaid.
(3)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.
(4)Total assets include EBITDA capped at 7.0% under the senior unsecured notes due 2025, 2026 and 2031 and 6.0% under the unsecured revolving credit facilities and unsecured term loan.

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HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited)
(Amounts in thousands)
Debt InformationSwap / Cap Information
Balance
at Share
Variable Rate Spread
Maturity Date(1)
Notional Amount
at Share
All-In Swapped RateSwap Expiration Date
Interest Rate Swaps:
Consolidated:
555 California Street mortgage loan$840,000 L+19305/28$840,000 2.26%05/24
770 Broadway mortgage loan700,000 S+22507/27700,000 4.98%07/27
PENN 11 mortgage loan500,000 S+20610/25500,000 2.22%03/24
Unsecured revolving credit facility575,000 S+11512/27575,000 3.88%08/27
Unsecured term loan800,000 S+13012/27800,000 
(2)
4.05%10/23
100 West 33rd Street mortgage loan480,000 S+16506/27480,000 5.06%06/27
888 Seventh Avenue mortgage loan277,800 S+18012/25200,000 4.76%09/27
4 Union Square South mortgage loan120,000 S+15008/25100,000 3.74%01/25
Unconsolidated:
640 Fifth Avenue mortgage loan259,925 L+10105/24259,925 3.07%05/23
731 Lexington Avenue - retail condominium mortgage loan97,200 S+15108/2597,200 1.76%05/25
50-70 West 93rd Street mortgage loan41,667 L+15312/2441,168 3.14%06/24
$4,691,592 4,593,293 
Interest Rate Caps:Index Strike Rate
Consolidated:
1290 Avenue of the Americas mortgage loan$665,000 L+15111/28665,000 4.00%11/23
One Park Avenue mortgage loan525,000 S+12203/26525,000 
(3)
4.39%03/23
150 West 34th Street mortgage loan205,000 S+19905/24100,000 
(4)
4.10%06/24
606 Broadway mortgage loan37,060 S+19109/2437,060 4.00%09/24
Unconsolidated:
280 Park Avenue mortgage loan600,000 L+17309/24600,000 4.08%09/23
61 Ninth Avenue mortgage loan75,543 S+14601/2675,543 4.39%02/24
512 West 22nd Street mortgage loan75,418 L+20006/2375,418 4.00%06/23
Rego Park II mortgage loan65,624 S+14512/2565,624 4.15%11/24
Fashion Centre Mall/Washington Tower mortgage loan34,125 L+29405/2634,125 4.00%05/24
$2,282,770 2,177,770 
(5)
Fixed rate debt per loan agreements and Vornado’s $105 million participation in 150 West 34th Street mortgage loan3,104,164 
Variable rate debt not subject to interest rate swaps or caps592,555 
(5)
Total debt at share$10,467,782 
____________________
(1)Assumes the exercise of as-of-right extension options.
(2)The unsecured term loan is subject to various interest rate swap arrangements during its term, See page 5 for details.
(3)In December 2022, we entered into a forward cap for the $525,000 One Park Avenue mortgage loan effective upon the March 2023 expiration of the existing cap. The forward cap has a SOFR strike rate of 3.89% and expires in March 2024.
(4)Excludes our $105,000 participation in the loan. On January 9, 2023, our $105,000 participation in the $205,000 mortgage loan on 150 West 34th Street was repaid. The remaining $100,000 balance will bear interest at a floating rate of S+1.86% subject to the interest rate cap arrangement disclosed above.
(5)Our exposure to LIBOR/SOFR index increases is partially mitigated by an increase in interest income on our cash, cash equivalents, restricted cash and investments in U.S. Treasury bills.
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CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property
Maturity
Date (1)
Spread over
LIBOR/SOFR
Interest
Rate(2)
20232024202520262027ThereafterTotal
Secured Debt:
435 Seventh Avenue02/24L+1305.47%$$95,696$$$$$95,696
150 West 34th Street05/24S+1996.15%205,000
(3)
205,000
606 Broadway (50.0% interest)09/24S+1915.91%74,11974,119
4 Union Square South08/254.05%120,000120,000
PENN 1110/252.22%500,000500,000
888 Seventh Avenue12/255.09%21,60021,600234,600277,800
One Park Avenue03/26S+1225.56%525,000525,000
350 Park Avenue01/273.92%400,000400,000
100 West 33rd Street06/275.06%480,000480,000
770 Broadway07/274.98%700,000700,000
555 California Street (70.0% interest)05/283.36%1,200,0001,200,000
1290 Avenue of the Americas (70.0% interest)11/28L+1515.51%950,000950,000
909 Third Avenue04/313.23%350,000350,000
Total Secured Debt21,600396,415854,600525,0001,580,0002,500,0005,877,615
Unsecured Debt:
Senior unsecured notes due 202501/253.50%450,000450,000
$1.25 Billion unsecured revolving credit facility04/26S+1190.00%
Senior unsecured notes due 202606/262.15%400,000400,000
$1.25 Billion unsecured revolving credit facility12/273.88%575,000575,000
$800 Million unsecured term loan12/274.05%800,000800,000
Senior unsecured notes due 203106/313.40%350,000350,000
Total Unsecured Debt450,000400,0001,375,000350,0002,575,000
Total Debt$21,600$396,415$1,304,600$925,000$2,955,000$2,850,000$8,452,615
Weighted average rate5.92%5.93%3.32%4.08%4.38%4.07%4.16%
Fixed rate debt(4)
$$$1,250,000$400,000$2,955,000$1,540,000$6,145,000
Fixed weighted average rate expiring0.00%0.00%3.21%2.15%4.38%2.74%3.59%
Floating rate debt$21,600$396,415$54,600$525,000$$1,310,000$2,307,615
Floating weighted average rate expiring5.92%5.93%5.81%5.56%0.00%5.63%5.67%
________________________________
(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 entered into as of December 31, 2022.
(3)We hold a $105,000 participation in the mortgage loan which is included in “other assets” on our consolidated balance sheets. On January 9, 2023, our $105,000 participation in the $205,000 mortgage loan on 150 West 34th Street was repaid. The remaining $100,000 balance will bear interest at a floating rate of S+1.86% subject to the interest rate cap arrangement disclosed on the previous page.
(4)Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity. See the previous page for information on interest rate swap arrangements entered into as of December 31, 2022.

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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 $158,889 8.8 %
IPG and affiliates967,552 67,279 3.6 %
New York University685,290 45,013 2.5 %
Google/Motorola Mobility (guaranteed by Google)759,446 41,220 2.2 %
Bloomberg L.P. 306,768 40,252 2.2 %
Equitable Financial Life Insurance Company336,644 35,453 2.0 %
Yahoo Inc.313,726 32,202 1.8 %
Amazon (including its Whole Foods subsidiary)312,694 30,115 1.7 %
Neuberger Berman Group LLC306,612 27,283 1.5 %
Madison Square Garden & Affiliates412,551 27,143 1.5 %
Swatch Group USA14,949 26,173 1.4 %
AMC Networks, Inc.326,717 25,391 1.4 %
Bank of America247,459 24,500 1.4 %
Apple Inc.412,434 24,072 1.3 %
LVMH Brands65,060 23,132 1.3 %
Citadel 209,263 21,544 1.2 %
Victoria's Secret33,156 19,501 1.1 %
PwC241,196 19,148 1.1 %
Macy's242,837 17,886 1.0 %
Fast Retailing (Uniqlo)47,167 13,636 0.8 %
Cushman & Wakefield127,485 13,059 0.7 %
The City of New York232,010 11,837 0.7 %
Foot Locker 149,987 11,456 0.6 %
AbbVie Inc.168,673 11,152 0.6 %
Axon Capital93,127 10,720 0.6 %
Kirkland & Ellis LLP106,751 10,719 0.6 %
Manufacturers & Traders Trust102,622 10,421 0.6 %
Alston & Bird LLP126,872 10,161 0.6 %
Burlington Coat Factory108,844 10,038 0.5 %
WSP USA 172,666 9,882 0.5 %
45.8 %
________________________________
(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.
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SQUARE FOOTAGE (unaudited)
(Square feet in thousands)
At Vornado's Share
 At
100%
Under Development or Not Available for LeaseIn Service
 TotalOfficeRetailShowroomOther
Segment:      
New York:      
Office19,902 17,206 1,178 15,845 — 183 — 
Retail2,556 2,118 267 — 1,851 — — 
Residential - 1,664 units
1,499 766 — — — — 766 
Alexander's (32.4% interest), including 312 residential units2,454 795 69 305 339 — 82 
 26,411 20,885 1,514 16,150 2,190 183 848 
Other:
     
theMART3,899 3,890 264 2,042 103 1,266 215 
555 California Street (70% interest)1,819 1,273 — 1,240 33 — — 
Other2,845 1,346 149 212 874 — 111 
 8,563 6,509 413 3,494 1,010 1,266 326 
Total square feet at December 31, 202234,974 27,394 1,927 19,644 3,200 1,449 1,174 
Total square feet at September 30, 202235,256 27,675 1,931 19,893 3,216 1,448 1,187 
Parking Garages (not included above):Square FeetNumber of
Garages
Number of
Spaces
  
New York1,635 4,804   
theMART558 1,643   
555 California Street168 453   
Rosslyn Plaza411 1,094   
Total at December 31, 20222,772 18 7,994   


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OCCUPANCY (unaudited)
New YorktheMART
555 California Street
Occupancy rate at:
December 31, 202290.4 %81.6 %94.7 %
September 30, 202290.3 %87.3 %94.7 %
December 31, 202191.3 %88.9 %93.8 %
(1)
September 30, 202190.4 %89.6 %98.1 %
________________________________
(1)Decrease in occupancy due to 345 Montgomery Street (78,000 square feet) being placed into service during the fourth quarter of 2021.


RESIDENTIAL STATISTICS (unaudited)
  Vornado's Ownership Interest
 
Number of Units
Number of Units
Occupancy Rate
Average Monthly
Rent Per Unit
New York:    
December 31, 20221,97694196.7%$3,882
September 30, 20221,98394896.8%$3,877
December 31, 20211,98695197.0%$3,776
September 30, 20211,98695196.4%$3,756

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GROUND LEASES (unaudited)
(Amounts in thousands, except square feet)
PropertyCurrent Annual
Rent at Share
Next Option Renewal DateFully Extended
Lease Expiration
Rent Increases and Other Information
Consolidated:
New York:
The Farley Building (95% interest)$4,750 None2116None
PENN 1:
Land2,500 20732098One 25-year renewal option at fair market value ("FMV"). FMV rent resets occur in 2023 and 2048. The FMV rent reset in 2023 has not yet been determined.
Long Island Railroad Concourse Retail— 
(1)
20482098Two 25-year renewal options. Rent increases at a rate based on the increase in gross income reduced by the increase in real estate taxes and operating expenses. The next rent increase occurs in 2028 and every ten years thereafter.
260 Eleventh Avenue4,383 None2114Rent 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 Avenue3,350 20282067Two 20-year renewal options at FMV.
Piers 92 & 941,000 20602110None
330 West 34th Street -
    65.2% ground leased
10,265 
(2)
20512149Two 30-year and one 39-year renewal option at FMV.
909 Third Avenue1,600 20412063One 22-year renewal option at current annual rent.
962 Third Avenue (the Annex building to 150 East 58th Street) - 50.0% ground leased666 None2118Rent resets every ten years to FMV.
Other:
Wayne Town Center5,374 20352064Two 10-year renewal options and one 9-year renewal option. Rent increases annually by the greater of CPI or 6%.
Annapolis650 None2042Fixed rent increases to $750 per annum in 2032.
Unconsolidated:
61 Ninth Avenue
(45.1% interest)
3,635 None2115Rent increases in April 2023 and every three years thereafter 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 20272037One 10-year renewal option at 90% of FMV.
________________________________
(1)In December 2020, we entered into an agreement with the Metropolitan Transportation Authority (the “MTA”) to oversee the redevelopment of the Long Island Rail Road Concourse at Penn Station (the "Concourse"). In connection with the redevelopment, we entered into an agreement with the MTA which will result in the widening of the Concourse to relieve overcrowding and our trading of 15,000 square feet of back of house space for 22,000 square feet of retail frontage space.
(2)Represents the arbitration panel’s rent reset determination. We filed a petition in New York Supreme Court to vacate or modify the arbitration determination and our petition was denied. We are appealing the court’s decision.
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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
PropertyTotal
Property
In ServiceUnder Development
or Not Available
for Lease
NEW YORK:        
PENN District:        
PENN 1       
(ground leased through 2098)**       Cisco, Hartford Fire Insurance, Empire Healthchoice Assurance, Inc.,
-Office100.0 %80.7 %$73.16 2,230,000 2,230,000 — United Healthcare Services, Inc., Siemens Mobility, WSP USA, Gusto Inc.
-Retail100.0 %100.0 %168.68 316,000 77,000 239,000 Bank of America, Starbucks, Blue Bottle Coffee Inc., Shake Shack*
 100.0 %81.3 %76.75 $153,400 2,546,000 2,307,000 239,000 $— 
PENN 2      
-Office100.0 %100.0 %61.54 1,577,000 399,000 1,178,000 Madison Square Garden, EMC
-Retail100.0 %100.0 %375.33 43,000 15,000 28,000 Chase Manhattan Bank
 100.0 %100.0 %72.78 30,500 1,620,000 414,000 1,206,000 575,000 
(4)
 
The Farley Building
(ground and building leased through 2116)**
-Office95.0 %100.0 %110.40 730,000 730,000 — Meta Platforms, Inc.
-Retail95.0 %24.3 %396.85 116,000 116,000 — Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels
95.0 %89.8 %120.88 91,700 846,000 846,000 — — 
PENN 11        
-Office100.0 %100.0 %71.22 1,114,000 1,114,000 —  Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's
-Retail100.0 %80.1 %143.75 39,000 39,000 — PNC Bank National Association, Starbucks
 100.0 %99.3 %73.26 78,200 1,153,000 1,153,000 — 500,000  
100 West 33rd Street        
-Office100.0 %91.5 %71.38 859,000 859,000 — IPG and affiliates
-Retail100.0 %16.8 %55.54 255,000 255,000 — Aeropostale, Candytopia
100.0 %75.1 %70.60 57,600 1,114,000 1,114,000 — 480,000 
330 West 34th Street        
(65.2% ground leased through 2149)**       Structure Tone,
-Office100.0 %75.4 %74.55 702,000 702,000 — Deutsch, Inc., Web.com, Footlocker, HomeAdvisor, Inc.
-Retail100.0 %91.1 %127.42 22,000 22,000 — Starbucks
 100.0 %75.7 %76.00 40,300 724,000 724,000 — 100,000 
(5)
 
435 Seventh Avenue        
-Retail100.0 %100.0 %35.22 1,500 43,000 43,000 — 95,696 Forever 21
7 West 34th Street        
-Office53.0 %100.0 %80.16 458,000 458,000 — Amazon
-Retail53.0 %100.0 %348.19 19,000 19,000 — Amazon, Lindt, Naturalizer (guaranteed by Caleres)
 53.0 %100.0 %91.09 42,500 477,000 477,000 — 300,000  
431 Seventh Avenue        
-Retail100.0 %100.0 %248.87 600 9,000 9,000 — — Essen*
138-142 West 32nd Street        
-Retail100.0 %100.0 %126.02 500 8,000 8,000 — —  
150 West 34th Street
-Retail100.0 %100.0 %112.53 8,800 78,000 78,000 — 205,000 
(6)
Old Navy
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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
PropertyTotal
Property
In ServiceUnder Development
or Not Available
for Lease
NEW YORK (Continued):        
PENN District (Continued):        
137 West 33rd Street        
-Retail100.0 %100.0 %$101.45 $300 3,000 3,000 — $—  
131-135 West 33rd Street        
-Retail100.0 %100.0 %60.19 1,400 23,000 23,000 — —  
Other (3 buildings)
 -Retail100.0 %100.0 %185.87 2,400 16,000 16,000 — — 
Total PENN District   509,700 8,660,000 7,215,000 1,445,000 2,255,696  
Midtown East:        
909 Third Avenue       
(ground leased through 2063)**       IPG and affiliates, AbbVie Inc., United States Post Office,
-Office100.0 %93.1 %65.40(7)58,700 1,350,000 1,350,000 — 350,000 Geller & Company, Morrison Cohen LLP, Sard Verbinnen
150 East 58th Street(8)
        
-Office100.0 %88.0 %79.65 541,000 541,000 — Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail100.0 %100.0 %96.27 3,000 3,000 —  
 100.0 %88.1 %79.74 37,600 544,000 544,000 — —  
715 Lexington Avenue        
-Retail100.0 %100.0 %193.32 4,200 22,000 22,000 — — Orangetheory Fitness, Casper, Santander Bank, Blu Dot*
966 Third Avenue        
-Retail100.0 %100.0 %103.17 700 7,000 7,000 — — McDonald's
968 Third Avenue        
-Retail50.0 %100.0 %181.59 1,200 7,000 7,000 — — Wells Fargo
Total Midtown East   102,400 1,930,000 1,930,000 — 350,000  
Midtown West:        
888 Seventh Avenue       
(ground leased through 2067)**       Axon Capital LP, Lone Star US Acquisitions LLC, Top-New York, Inc.,
-Office100.0 %89.1 %97.17 872,000 872,000 — Vornado Executive Headquarters, United Talent Agency
-Retail100.0 %100.0 %285.48 15,000 15,000 — Redeye Grill L.P.
 100.0 %89.2 %99.05 77,300 887,000 887,000 — 277,800  
57th Street - 2 buildings        
-Office50.0 %85.4 %60.91 81,000 81,000 — 
-Retail50.0 %42.5 %118.14 22,000 22,000 —  
 50.0 %78.3 %66.08 5,000 103,000 103,000 — —  
825 Seventh Avenue
-Office50.0 %79.6 %59.02 169,000 169,000 — 59,353 Young Adult Institute Inc., New Alternatives for Children, Inc.*
-Retail100.0 %48.6 %72.57 4,000 4,000 — — 
78.9 %59.22 7,900 173,000 173,000 — 59,353 
Total Midtown West   90,200 1,163,000 1,163,000 — 337,153 
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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
PropertyTotal
Property
In ServiceUnder Development
or Not Available
for Lease
NEW YORK (Continued):        
Park Avenue:        
280 Park Avenue        Cohen & Steers Inc., Franklin Templeton Co. LLC,
-Office50.0 %98.7 %$109.83 1,236,000 1,236,000 — PJT Partners, Investcorp International Inc., GIC Inc., Wells Fargo
-Retail50.0 %93.8 %62.29 28,000 28,000 — Starbucks, Fasano Restaurant
 50.0 %98.6 %108.83 $134,900 1,264,000 1,264,000 — $1,200,000  
350 Park Avenue       Citadel, Marshall Wace North America,
-Office100.0 %78.6 %106.39 567,000 567,000 — M&T Bank, Square Mile Capital Management
-Retail100.0 %91.5 %266.65 18,000 18,000 — Fidelity Investments, AT&T Wireless, Valley National Bank
 100.0 %79.0 %112.04 50,000 585,000 585,000 — 400,000  
Total Park Avenue   184,900 1,849,000 1,849,000 — 1,600,000  
Grand Central:        
90 Park Avenue       Alston & Bird, Capital One, PwC, MassMutual,
-Office100.0 %99.1 %81.67 938,000 938,000 — Factset Research Systems Inc., Foley & Lardner
-Retail100.0 %72.8 %168.08 18,000 18,000 — Citibank, Starbucks
 100.0 %98.7 %82.83 75,500 956,000 956,000 — —  
510 Fifth Avenue        
-Retail100.0 %25.2 %387.00 5,900 65,000 65,000 — — The North Face
Total Grand Central   81,400 1,021,000 1,021,000 — —  
Madison/Fifth:         
640 Fifth Avenue        Fidelity Investments, Abbott Capital Management,
-Office52.0 %91.6 %104.45 246,000 246,000 — Avolon Aerospace, Houlihan Lokey Advisors Parent, Inc.
-Retail52.0 %100.0 %1,030.25 69,000 69,000 — Victoria's Secret (guaranteed by L Brands, Inc.), Dyson
 52.0 %92.9 %255.75 71,100 315,000 315,000 — 500,000  
666 Fifth Avenue        
-Retail52.0 %100.0 %424.38 44,400 
114,000(9)
114,000 — — Fast Retailing (Uniqlo), Hollister, Tissot
595 Madison Avenue        LVMH Moet Hennessy Louis Vuitton Inc.,
-Office100.0 %80.3 %79.99 301,000 301,000 — Albea Beauty Solutions, Aerin LLC
-Retail100.0 %100.0 %734.66 30,000 30,000 — Fendi, Berluti, Christofle Silver Inc.
 100.0 %81.5 %130.87 34,200 331,000 331,000 — —  
650 Madison Avenue        Sotheby's International Realty, Inc., BC Partners Inc.,
-Office20.1 %85.8 %114.62 564,000 564,000 — Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)
-Retail20.1 %94.7 %1,042.82 37,000 37,000 — Moncler USA Inc., Tod's, Celine, Balmain
 20.1 %86.1 %155.51 76,900 601,000 601,000 — 800,000  
689 Fifth Avenue         
-Office52.0 %100.0 %87.19 81,000 81,000 — Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail52.0 %62.0 %1,190.80 17,000 17,000 — MAC Cosmetics, Canada Goose
 52.0 %93.9 %205.27 18,500 98,000 98,000 — —  
655 Fifth Avenue
-Retail50.0 %100.0 %285.76 16,900 57,000 57,000 — — Ferragamo
697-703 Fifth Avenue          
-Retail44.8 %100.0 %2,063.19 36,700 26,000 26,000 — 421,000 Swatch Group USA, Harry Winston
Total Madison/Fifth    298,700 1,542,000 1,542,000 — 1,721,000  
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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 ServiceUnder Development
or Not Available
for Lease
NEW YORK (Continued):         
Midtown South:         
770 Broadway         
-Office100.0 %100.0 %$107.51 1,077,000 1,077,000 — Meta Platforms, Inc., Yahoo Inc.
-Retail100.0 %92.0 %91.81 106,000 106,000 — Bank of America N.A., Wegmans Food Markets
 100.0 %99.3 %106.30 $122,900 1,183,000 1,183,000 — $700,000  
One Park Avenue        
         New York University, BMG Rights Management LLC,
-Office100.0 %95.4 %66.76 867,000 867,000 — Robert A.M. Stern Architect
-Retail100.0 %90.1 %82.19 78,000 78,000 — Bank of Baroda, Citibank, Equinox
 100.0 %95.0 %67.95 59,700 945,000 945,000 — 525,000  
4 Union Square South        
-Retail100.0 %100.0 %125.63 25,600 204,000 204,000 — 120,000 Burlington, Whole Foods Market, DSW, Sephora
692 Broadway         
-Retail100.0 %64.4 %68.52 1,600 36,000 36,000 — — Equinox
Total Midtown South    209,800 2,368,000 2,368,000 — 1,345,000 
Rockefeller Center:       
1290 Avenue of the Americas       Equitable Financial Life Insurance Company, Hachette Book Group Inc.,
        Bryan Cave LLP, Neuberger Berman Group LLC, SSB Realty LLC,
Cushman & Wakefield, Columbia University, LinkLaters, Venable LLP,
-Office70.0 %100.0 %92.35 2,043,000 2,043,000 — Fubotv Inc
-Retail70.0 %71.4 %314.81 77,000 77,000 — Duane Reade, JPMorgan Chase Bank, Sovereign Bank, Starbucks
 70.0 %99.2 %96.74 198,100 2,120,000 2,120,000 — 950,000 
SoHo:        
606 Broadway (19 East Houston Street)
-Office50.0 %100.0 %128.90 30,000 30,000 — WeWork
-Retail50.0 %100.0 %685.13 6,000 6,000 — HSBC, Harman International
50.0 %100.0 %202.06 7,000 36,000 36,000 — 74,119 
443 Broadway       
-Retail100.0 %100.0 %62.16 900 16,000 16,000 — — Blick Art Materials
304 Canal Street
-Retail100.0 %100.0 %53.87 4,000 4,000 — Stellar Works
-Residential (4 units)100.0 %0.0 %9,000 9,000 — 
100.0 %200 13,000 13,000 — — 
334 Canal Street
-Retail100.0 %0.0 %— 4,000 4,000 — 
-Residential (4 units)100.0 %0.0 %10,000 10,000 — 
100.0 %14,000 14,000 — — 
148 Spring Street
-Retail100.0 %42.4 %353.62 1,000 8,000 8,000 — — Dr. Martens
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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 ServiceUnder Development
or Not Available
for Lease
NEW YORK (Continued):        
SoHo (Continued):        
150 Spring Street        
-Retail100.0 %74.2 %$108.13 6,000 6,000 — 
-Residential (1 unit)100.0 %100.0 %1,000 1,000 —  
 100.0 %$400 7,000 7,000 — —  
Total SoHo   9,500 94,000 94,000 — $74,119  
Times Square:        
1540 Broadway       Forever 21, Disney, Sunglass Hut,
-Retail52.0 %79.9 %169.92 21,500 161,000 161,000 — — MAC Cosmetics, U.S. Polo
1535 Broadway        
-Retail52.0 %100.0 %1,175.03 45,000 45,000 — T-Mobile, Invicta, Swatch Group USA, Levi's, Sephora
-Theatre52.0 %100.0 %15.18 62,000 62,000 — Nederlander-Marquis Theatre
 52.0 %100.0 %450.93 44,700 107,000 107,000 — —  
Total Times Square   66,200 268,000 268,000 — —  
Upper East Side:        
1131 Third Avenue
-Retail100.0 %100.0 %200.55 4,600 23,000 23,000 — — Nike, Crunch LLC, J.Jill
759-771 Madison Avenue (40 East 66th Street)
-Residential (4 units)100.0 %100.0 %10,000 10,000 
10,000 10,000 — — 
Total Upper East Side4,600 33,000 33,000 — — 
Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)**
-Office100.0 %95.5 %48.70 9,700 209,000 209,000 — — The City of New York
85 Tenth AvenueGoogle, Telehouse International Corp.,
-Office49.9 %90.5 %95.33 595,000 595,000 — L-3 Communications, Clear Secure, Inc.*
-Retail49.9 %75.7 %71.13 43,000 43,000 — La Brasseria
49.9 %89.6 %94.07 53,300 638,000 638,000 — 625,000 
537 West 26th Street
-Retail100.0 %100.0 %161.89 2,800 17,000 17,000 — — The Chelsea Factory Inc.
61 Ninth Avenue (2 buildings)
(ground leased through 2115)**
-Office45.1 %100.0 %132.71 171,000 171,000 — Aetna Life Insurance Company, Apple Inc.
-Retail45.1 %100.0 %361.17 23,000 23,000 — Starbucks
45.1 %100.0 %147.73 30,800 194,000 194,000 — 167,500 
512 West 22nd StreetWarner Media, Next Jump, Pura Vida Investments,
-Office55.0 %81.8 %120.01 165,000 165,000 — Capricorn Investment Group
-Retail55.0 %100.0 %101.62 8,000 8,000 — Galeria Nara Roesler, Harper's Books
55.0 %82.6 %118.98 17,000 173,000 173,000 — 137,124 
Total Chelsea/Meatpacking District113,600 1,231,000 1,231,000 — 929,624 
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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 ServiceUnder Development
or Not Available
for Lease
NEW YORK (Continued):        
Upper West Side:       
50-70 West 93rd Street       
-Residential (324 units)49.9 %97.4 %$— 283,000 283,000 — $83,500  
Tribeca:        
Independence Plaza        
-Residential (1,327 units)50.1 %96.2 %1,186,000 1,186,000 —  
-Retail50.1 %55.0 %71.00 72,000 72,000 — Duane Reade
 50.1 %$2,700 1,258,000 1,258,000 — 675,000  
339 Greenwich Street        
-Retail100.0 %100.0 %74.17 300 8,000 8,000 — — Sarabeth's
Total Tribeca   3,000 1,266,000 1,266,000 — 675,000  
New Jersey:        
Paramus        
-Office100.0 %84.6 %24.97 2,600 129,000 129,000 — — Vornado's Administrative Headquarters
Properties to be Developed:
Hotel Pennsylvania site
-Land100.0 %— — — — — — — 
57th Street
-Land50.0 %— — — — — — — 
Eighth Avenue and 34th Street
-Land100.0 %— — — — — — — 
New York Office:
Total92.3 %$86.57 $1,438,500 19,902,000 18,724,000 1,178,000 $8,496,489 
Vornado's Ownership Interest91.9 %$83.98 $1,184,600 17,206,000 16,028,000 1,178,000 $6,029,798 
New York Retail:
Total76.5 %$259.52 $436,400 2,556,000 2,289,000 267,000 $1,066,103 
Vornado's Ownership Interest74.4 %$215.72 $289,500 2,118,000 1,851,000 267,000 $796,592 
New York Residential:
Total96.8 %1,499,000 1,499,000  $758,500 
Vornado's Ownership Interest96.7 %766,000 766,000  $379,841 
`
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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 ServiceUnder Development
or Not Available
for Lease
NEW YORK (Continued):        
ALEXANDER'S, INC.:        
New York:        
731 Lexington Avenue, Manhattan        
-Office32.4 %100.0 %$132.11 939,000 939,000 — $500,000 Bloomberg L.P.
-Retail32.4 %90.3 %250.68 140,000 140,000 — 300,000 The Home Depot, Hutong, Capital One
 32.4 %98.9 %144.43 $152,000 1,079,000 1,079,000 — 800,000  
        
Rego Park I, Queens (4.8 acres)32.4 %100.0 %50.12 13,100 338,000 260,000 78,000 — Burlington, Bed Bath & Beyond, Marshalls, IKEA
Rego Park II (adjacent to Rego Park I),        
Queens (6.6 acres)32.4 %87.3 %64.78 26,800 615,000 480,000 135,000 202,544 Costco, Kohl's, TJ Maxx
Flushing, Queens (1.0 acre ground leased through 2037)** 32.4 %100.0 %32.08 5,400 167,000 167,000 — — New World Mall LLC
The Alexander Apartment Tower,        
Rego Park, Queens, NY        
Residential (312 units)32.4 %98.7 %255,000 255,000 — 94,000  
Property to be Developed:        
Rego Park III (adjacent to Rego Park II),        
Queens, NY (3.2 acres)32.4 %— — — — — —  
Total Alexander's32.4 %96.4 %104.09 197,300 2,454,000 2,241,000 213,000 1,096,544  
Total New York 91.2 %$101.85 $2,072,000 26,411,000 24,753,000 1,658,000 $11,417,636  
Vornado's Ownership Interest 90.4 %$95.14 $1,579,000 20,885,000 19,371,000 1,514,000 $7,561,511  
________________________________
*    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)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)Includes our $105,000 participation in the 150 West 34th Street mortgage loan. On January 9, 2023, our $105,000 participation in the $205,000 mortgage loan on 150 West 34th Street was repaid.
(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)75,000 square feet is leased from 666 Fifth Avenue Office Condominium.


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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
PropertyTotal
Property
In ServiceUnder Development
or Not Available
for Lease
theMART:
theMART, ChicagoMotorola Mobility (guaranteed by Google),
CCC Information Services,
1871, ANGI Home Services, Inc, Yelp Inc., Paypal, Inc.,
Allscripts Healthcare, Kellogg Company,
Chicago School of Professional Psychology, ConAgra Foods Inc.,
Innovation Development Institute, Inc., Avant LLC*,
-Office100.0 %87.7 %$47.67 2,098,000 2,042,000 56,000 Allstate Insurance Company, Medline Industries, Inc
Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.,
-Showroom/Trade show100.0 %74.1 %59.56 1,481,000 1,481,000 — Allsteel Inc.
-Retail100.0 %67.7 %48.67 93,000 93,000 — 
100.0 %81.6 %52.07 $153,500 3,672,000 3,616,000 56,000 $— 
Other (2 properties)50.0 %93.9 %49.60 900 19,000 19,000 — 27,620 
Total theMART, Chicago154,400 3,691,000 3,635,000 56,000 27,620 
Piers 92 and 94 (New York)
(ground and building leased through 2110)**
100.0 %— — — 208,000 — 208,000 — 
Property to be Developed:
527 West Kinzie, Chicago100.0 %— — — — — — — 
Total theMART81.7 %$52.06 $154,400 3,899,000 3,635,000264,000 $27,620 
Vornado's Ownership Interest81.6 %$52.07 $154,000 3,890,000 3,626,000264,000 $13,810 
555 California Street:
555 California Street70.0 %99.0 %$93.84 137,300 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 Street70.0 %99.7 %86.22 19,900 235,000 235,000 — — Bank of America, N.A., Regus, Ripple Labs Inc., Blue Shield,
Lending Home Corporation
345 Montgomery Street70.0 %0.0 %— — 78,000 78,000 — — 
Total 555 California Street94.7 %$92.81 $157,200 1,819,000 1,819,000 $1,200,000 
Vornado's Ownership Interest94.7 %$92.81 $110,000 1,273,000 1,273,000 $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.
(2)Includes rent from storage and other non-selling space and excludes rent from residential units.
(3)Represents the contractual debt obligations.
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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
PropertyTotal
Property
In ServiceUnder Development
or Not Available
for Lease
Owned by
Company
Owned by
Tenant(3)
OTHER:
Virginia:
Rosslyn Plaza
-Office - 4 buildings46.2 %62.8 %$52.88 736,000 432,000 — 304,000 Corporate Executive Board, Nathan Associates, Inc.
-Residential - 2 buildings (197 units)43.7 %92.4 %253,000 253,000 — — 
45.6 %$13,800 989,000 685,000 — 304,000 $36,372 
Fashion Centre Mall / Washington Tower
-Office7.5 %75.0 %54.74 170,000 170,000 — — 42,300 The Rand Corporation
-Retail7.5 %95.3 %39.65 868,000 868,000 — — 412,700 Macy's, Nordstrom
7.5 %92.0 %42.12 52,700 1,038,000 1,038,000 — — 455,000 
New Jersey:
Wayne Town Center, Wayne
    (ground leased through 2064)**
100.0 %100.0 %31.49 15,300 690,000 238,000 443,000 9,000 — 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 %8.99 1,200 128,000 128,000 — — — The Home Depot
Total Other89.3 %$37.70 $83,000 2,845,000 2,089,000 443,000 313,000 $491,372 
Vornado's Ownership Interest92.6 %$32.02 $26,900 1,346,000 754,000 443,000 149,000 $52,461 
________________________________
**    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.
(2)Includes rent from storage and other non-selling space and excludes rent from residential units.
(3)Owned by tenant on land leased from the company.
(4)Represents the contractual debt obligations.





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INVESTOR INFORMATION
 
Corporate Officers:
Steven RothChairman of the Board and Chief Executive Officer
Michael J. FrancoPresident and Chief Financial Officer
Glen J. WeissExecutive Vice President - Office Leasing - Co-Head of Real Estate
Barry S. LangerExecutive Vice President - Development - Co-Head of Real Estate
Haim CheraExecutive Vice President - Head of Retail
Thomas J. SanelliExecutive Vice President - Finance and Chief Administrative Officer
RESEARCH COVERAGE
   
Camille BonnelCaitlin Burrows/Julien BlouinRonald Kamdem
Bank of America/BofA SecuritiesGoldman SachsMorgan Stanley
416-369-2140212-902-4736/212-357-7297212-296-8319
   
John P. KimDylan BurzinskiAlexander Goldfarb/Connor Mitchell
BMO Capital MarketsGreen Street AdvisorsPiper Sandler
212-885-4115949-640-8780212-466-7937/203-861-7615
  
Michael GriffinAnthony Paolone/Ray ZhongNicholas Yulico
CitiJP MorganScotia Capital (USA) Inc
212-816-5871212-622-6682/212-622-5411212-225-6904
  
Derek JohnstonMark Streeter/Ian Snyder Michael Lewis/Joab Dempsey
Deutsche BankJP Morgan Fixed IncomeTruist Securities
212-250-5683212-834-5086/212-834-3798212-319-5659/443-545-4245
   
Steve SakwaVikram Malhotra
Evercore ISIMizuho Securities (USA) Inc. 
212-446-9462212-282-3827 
   
   
  
     
     
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.
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APPENDIX
DEFINITIONS AND NON-GAAP RECONCILIATIONS



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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, net 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, net 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, real estate impairment losses, 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 they exclude 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. The Company also uses FFO attributable to common shareholders plus assumed conversions, as adjusted for certain items that impact the comparability of period-to-period FFO, as one of several criteria to determine performance-based compensation for senior management. 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 EBITDA 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 joint ventures 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 joint ventures. 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.
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited)
(Amounts in thousands, except per share amounts)
For the Three Months EndedFor the Year Ended
December 31,
December 31,September 30, 2022
2022202120222021
Net (loss) income attributable to common shareholders$(493,280)$11,269 $7,769 $(408,615)$101,086 
Per diluted share$(2.57)$0.06 $0.04 $(2.13)$0.53 
Certain expense (income) items that impact net (loss) income attributable to common shareholders:
Non-cash real estate impairment losses on wholly owned and partially owned assets595,488 — — 595,488 7,880 
Net gains on disposition of wholly owned and partially owned assets(47,769)(11,620)— (62,685)(15,315)
After-tax net gain on sale of 220 CPS condominium units and ancillary amenities(29,773)(13,584)— (35,858)(44,607)
Hotel Pennsylvania loss (primarily accelerated building depreciation expense)26,614 8,998 26,613 71,087 29,472 
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)3,482 9,180 3,776 13,665 10,868 
Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV— — — (13,613)— 
Other3,449 19,569 1,477 7,289 (2,436)
551,491 12,543 31,866 575,373 (14,138)
Noncontrolling interests' share of above adjustments(38,257)(835)(2,206)(40,290)1,205 
Total of certain expense (income) items that impact net (loss) income attributable to common shareholders$513,234 $11,708 $29,660 $535,083 $(12,933)
Net income attributable to common shareholders, as adjusted (non-GAAP)$19,954 $22,977 $37,429 $126,468 $88,153 
Per diluted share (non-GAAP)$0.10 $0.12 $0.19 $0.66 $0.46 
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited)
(Amounts in thousands, except per share amounts)
For the Three Months EndedFor the Year Ended
December 31,
December 31,September 30, 2022
2022202120222021
Reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):
Net (loss) income attributable to common shareholders$(493,280)$11,269 $7,769 $(408,615)$101,086 
Per diluted share$(2.57)$0.06 $0.04 $(2.13)$0.53 
FFO adjustments:
Depreciation and amortization of real property$121,900 $117,497 $122,438 $456,920 $373,792 
Real estate impairment losses 19,098 — — 19,098 7,880 
Net gain on sale of real estate(30,397)— — (58,751)— 
Proportionate share of adjustments to equity in net (loss) income of partially owned entities to arrive at FFO:
Depreciation and amortization of real property32,243 34,418 32,584 130,647 139,247 
Net (gain) loss on sale of real estate— (12,623)(169)(15,675)
Increase in fair value of marketable securities— (37)— — (1,155)
Real estate impairment losses 576,390 — — 576,390 — 
719,234 139,255 155,028 1,124,135 504,089 
Noncontrolling interests' share of above adjustments(49,894)(9,517)(10,731)(77,912)(34,144)
FFO adjustments, net$669,340 $129,738 $144,297 $1,046,223 $469,945 
FFO attributable to common shareholders (non-GAAP)$176,060 $141,007 $152,066 $637,608 $571,031 
Impact of assumed conversion of dilutive convertible securities405 10 395 1,320 43 
FFO attributable to common shareholders plus assumed conversions (non-GAAP)176,465 141,017 152,461 638,928 571,074 
Add back of FFO allocated to noncontrolling interests of the Operating Partnership13,107 10,054 11,308 47,421 40,188 
FFO attributable to Class A unitholders (non-GAAP)$189,572 $151,071 $163,769 $686,349 $611,262 
FFO per diluted share (non-GAAP)$0.91 $0.73 $0.79 $3.30 $2.97 
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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 EndedFor the Year Ended
December 31,
December 31,September 30, 2022
 2022202120222021
FFO attributable to common shareholders plus assumed conversions (non-GAAP)$176,465 $141,017 $152,461 $638,928 $571,074 
Per diluted share (non-GAAP)$0.91 $0.73 $0.79 $3.30 $2.97 
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
After-tax net gain on sale of 220 CPS condominium units and ancillary amenities$(29,773)$(13,584)$— $(35,858)$(44,607)
Net gains on disposition of wholly owned and partially owned assets(17,372)— — (17,372)(643)
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)3,482 9,180 3,776 13,665 10,868 
Other3,449 20,595 1,477 7,289 12,026 
(40,214)16,191 5,253 (32,276)(22,356)
Noncontrolling interests' share of above adjustments2,790 (1,078)(364)2,240 1,145 
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net$(37,424)$15,113 $4,889 $(30,036)$(21,211)
Per diluted share (non-GAAP)$(0.19)$0.08 $0.02 $(0.15)$(0.11)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)$139,041 $156,130 $157,350 $608,892 $549,863 
Per diluted share (non-GAAP)$0.72 $0.81 $0.81 $3.15 $2.86 

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NON-GAAP RECONCILIATIONS
RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited)
(Amounts in thousands)
For the Three Months EndedFor the Year Ended
December 31,
December 31,September 30, 2022
2022202120222021
FFO attributable to common shareholders plus assumed conversions (non-GAAP)
(A)$176,465 $141,017 $152,461 $638,928 $571,074 
Adjustments to arrive at FAD (non-GAAP):
Certain items that impact FAD(40,214)13,614 5,253 (33,084)(33,934)
Recurring tenant improvements, leasing commissions and other capital expenditures(42,282)(55,870)(42,314)(164,179)(191,518)
Stock-based compensation expense6,362 5,440 3,886 29,249 38,329 
Amortization of debt issuance costs7,358 7,539 5,546 25,117 27,161 
Personal property depreciation1,381 1,221 1,963 5,755 13,500 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other(2,156)(252)(1,419)(10,980)1,318 
Noncontrolling interests in the Operating Partnership's share of above adjustments4,657 1,560 1,812 10,032 8,991 
FAD adjustments, net(B)(64,894)(26,748)(25,273)(138,090)(136,153)
FAD (non-GAAP)(A+B)$111,571 $114,269 $127,188 $500,838 $434,921 
FAD payout ratio (1)
93.0 %89.8 %80.3 %81.9 %93.8 %
________________________________
(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.
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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 EndedFor the Year Ended
December 31,
December 31,September 30, 2022
2022202120222021
Net (loss) income $(525,002)$31,963 $20,112 $(382,612)$207,553 
Depreciation and amortization expense133,871 126,349 134,526 504,502 412,347 
General and administrative expense31,439 34,204 29,174 133,731 134,545 
Impairment losses, transaction related costs and other26,761 3,185 996 31,722 13,815 
Loss (income) from partially owned entities545,126 (43,749)(24,341)461,351 (130,517)
Loss (income) from real estate fund investments1,880 (5,959)111 (3,541)(11,066)
Interest and other investment income, net(10,587)(918)(5,228)(19,869)(4,612)
Interest and debt expense88,242 78,192 76,774 279,765 231,096 
Net gains on disposition of wholly owned and partially owned assets(65,241)(14,959)— (100,625)(50,770)
Income tax expense (benefit)6,974 10,055 3,711 21,660 (10,496)
NOI from partially owned entities77,221 79,223 76,020 305,993 310,858 
NOI attributable to noncontrolling interests in consolidated subsidiaries(18,929)(19,164)(14,766)(70,029)(69,385)
NOI at share291,755 278,422 297,089 1,162,048 1,033,368 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other(2,156)(252)(1,419)(10,980)1,318 
NOI at share - cash basis$289,599 $278,170 $295,670 $1,151,068 $1,034,686 
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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 December 31,
Total RevenuesOperating ExpensesNOI
Non-cash Adjustments(1)
NOI - cash basis
 2022202120222021202220212022202120222021
New York
$366,699 $335,841 $(179,910)$(158,092)$186,789 $177,749 $3,047 $(3,322)$189,836 $174,427 
Other
80,241 85,239 (33,567)(44,625)46,674 40,614 2,913 439 49,587 41,053 
Consolidated total
446,940 421,080 (213,477)(202,717)233,463 218,363 5,960 (2,883)239,423 215,480 
Noncontrolling interests' share in consolidated subsidiaries
(58,108)(37,956)39,179 18,792 (18,929)(19,164)(6,517)2,816 (25,446)(16,348)
Our share of partially owned entities
125,031 122,936 (47,810)(43,713)77,221 79,223 (1,599)(185)75,622 79,038 
Vornado's share
$513,863 $506,060 $(222,108)$(227,638)$291,755 $278,422 $(2,156)$(252)$289,599 $278,170 
For the Three Months Ended September 30, 2022
Total RevenuesOperating ExpensesNOI
Non-cash Adjustments(1)
NOI - cash basis
New York
$360,033 $(182,131)$177,902 $(5,001)$172,901 
Other
97,398 (39,465)57,933 2,160 60,093 
Consolidated total
457,431 (221,596)235,835 (2,841)232,994 
Noncontrolling interests' share in consolidated subsidiaries
(55,024)40,258 (14,766)2,481 (12,285)
Our share of partially owned entities
122,357 (46,337)76,020 (1,059)74,961 
Vornado's share
$524,764 $(227,675)$297,089 $(1,419)$295,670 

For the Year Ended December 31,
Total RevenuesOperating ExpensesNOI
Non-cash Adjustments(1)
NOI - cash basis
 2022202120222021202220212022202120222021
New York
$1,449,442 $1,257,599 $(716,148)$(626,386)$733,294 $631,213 $(30,516)$8,813 $702,778 $640,026 
Other
350,553 331,611 (157,763)(170,929)192,790 160,682 7,491 (65)200,281 160,617 
Consolidated total
1,799,995 1,589,210 (873,911)(797,315)926,084 791,895 (23,025)8,748 903,059 800,643 
Noncontrolling interests' share in consolidated subsidiaries
(221,676)(126,531)151,647 57,146 (70,029)(69,385)18,278 2,387 (51,751)(66,998)
Our share of partially owned entities
489,826 486,859 (183,833)(176,001)305,993 310,858 (6,233)(9,817)299,760 301,041 
Vornado's share
$2,068,145 $1,949,538 $(906,097)$(916,170)$1,162,048 $1,033,368 $(10,980)$1,318 $1,151,068 $1,034,686 
________________________________
(1)Includes adjustments for straight-line rents, amortization of acquired below-market leases, net and other.
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED DECEMBER 31, 2022 COMPARED TO DECEMBER 31, 2021 (unaudited)
(Amounts in thousands)
TotalNew YorktheMART555 California StreetOther
NOI at share for the three months ended December 31, 2022$291,755 $248,595 $21,276 $16,641 $5,243 
Less NOI at share from:
Dispositions(1,424)(1,424)— — — 
Development properties(4,335)(4,335)— — — 
Other non-same store income, net(8,791)(3,346)(202)— (5,243)
Same store NOI at share for the three months ended December 31, 2022$277,205 $239,490 $21,074 $16,641 $— 
NOI at share for the three months ended December 31, 2021$278,422 $241,939 $15,959 $16,596 $3,928 
Less NOI at share from:
Dispositions(3,720)(3,720)— — — 
Development properties(7,248)(7,248)— — — 
Other non-same store income, net(6,782)(2,854)— — (3,928)
Same store NOI at share for the three months ended December 31, 2021$260,672 $228,117 $15,959 $16,596 $— 
Increase in same store NOI at share$16,533 $11,373 $5,115 $45 $— 
% increase in same store NOI at share6.3 %5.0 %32.1 %0.3 %0.0 %


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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED DECEMBER 31, 2022 COMPARED TO DECEMBER 31, 2021 (unaudited)
(Amounts in thousands)
TotalNew YorktheMART555 California StreetOther
NOI at share - cash basis for the three months ended December 31, 2022$289,599 $243,712 $23,163 $17,672 $5,052 
Less NOI at share - cash basis from:
Dispositions(1,112)(1,112)— — — 
Development properties(3,461)(3,461)— — — 
Other non-same store income, net(8,734)(3,480)(202)— (5,052)
Same store NOI at share - cash basis for the three months ended December 31, 2022$276,292 $235,659 $22,961 $17,672 $— 
NOI at share - cash basis for the three months ended December 31, 2021$278,170 $240,400 $18,413 $15,128 $4,229 
Less NOI at share - cash basis from:
Dispositions(3,813)(3,813)— — — 
Development properties(7,187)(7,187)— — — 
Other non-same store income, net(11,043)(6,814)— — (4,229)
Same store NOI at share - cash basis for the three months ended December 31, 2021$256,127 $222,586 $18,413 $15,128 $— 
Increase in same store NOI at share - cash basis$20,165 $13,073 $4,548 $2,544 $— 
% increase in same store NOI at share - cash basis7.9 %5.9 %24.7 %16.8 %0.0 %


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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE YEAR ENDED DECEMBER 31, 2022 COMPARED TO DECEMBER 31, 2021 (unaudited)
(Amounts in thousands)
TotalNew YorktheMART555 California StreetOther
NOI at share for the year ended December 31, 2022$1,162,048 $981,508 $96,906 $65,692 $17,942 
Less NOI at share from:
Change in ownership interest in One Park Avenue(13,370)(13,370)— — — 
Dispositions(9,494)(9,494)— — — 
Development properties(69,779)(69,779)— — — 
Other non-same store income, net(26,701)(8,557)(202)— (17,942)
Same store NOI at share for the year ended December 31, 2022$1,042,704 $880,308 $96,704 $65,692 $— 
NOI at share for the year ended December 31, 2021$1,033,368 $892,954 $58,909 $64,826 $16,679 
Less NOI at share from:
Dispositions(13,512)(13,512)— — — 
Development properties(31,291)(30,443)— (848)— 
Hotel Pennsylvania (permanently closed on April 5, 2021)12,677 12,677 — — — 
Other non-same store income, net(27,774)(11,095)— — (16,679)
Same store NOI at share for the year ended December 31, 2021$973,468 $850,581 $58,909 $63,978 $— 
Increase in same store NOI at share$69,236 $29,727 $37,795 $1,714 $— 
% increase in same store NOI at share7.1 %3.5 %64.2 %2.7 %0.0 %

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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE YEAR ENDED DECEMBER 31, 2022 COMPARED TO DECEMBER 31, 2021 (unaudited)
(Amounts in thousands)
TotalNew YorktheMART555 California StreetOther
NOI at share - cash basis for the year ended December 31, 2022$1,151,068 $962,999 $101,912 $67,813 $18,344 
Less NOI at share - cash basis from:
Change in ownership interest in One Park Avenue(10,111)(10,111)— — — 
Dispositions(8,719)(8,719)— — — 
Development properties(47,846)(47,846)— — — 
Other non-same store income, net(28,211)(9,665)(202)— (18,344)
Same store NOI at share - cash basis for the year ended December 31, 2022$1,056,181 $886,658 $101,710 $67,813 $— 
NOI at share - cash basis for the year ended December 31, 2021$1,034,686 $891,766 $64,389 $60,680 $17,851 
Less NOI at share - cash basis from:
Dispositions(13,469)(13,469)— — — 
Development properties(32,453)(31,605)— (848)— 
Hotel Pennsylvania (permanently closed on April 5, 2021)12,723 12,723 — — — 
Other non-same store income, net(32,789)(14,938)— — (17,851)
Same store NOI at share - cash basis for the year ended December 31, 2021$968,698 $844,477 $64,389 $59,832 $— 
Increase in same store NOI at share - cash basis$87,483 $42,181 $37,321 $7,981 $— 
% increase in same store NOI at share - cash basis9.0 %5.0 %58.0 %13.3 %0.0 %

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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED DECEMBER 31, 2022 COMPARED TO SEPTEMBER 30, 2022 (unaudited)
(Amounts in thousands)
TotalNew YorktheMART555 California StreetOther
NOI at share for the three months ended December 31, 2022$291,755 $248,595 $21,276 $16,641 $5,243 
Less NOI at share from:
Dispositions(1,424)(1,424)— — — 
Development properties(18,351)(18,351)— — — 
Other non-same store income, net(6,796)(1,351)(202)— (5,243)
Same store NOI at share for the three months ended December 31, 2022$265,184 $227,469 $21,074 $16,641 $— 
NOI at share for the three months ended September 30, 2022$297,089 $241,154 $35,769 $16,092 $4,074 
Less NOI at share from:
Dispositions(1,696)(1,696)— — — 
Development properties(22,914)(22,914)— — — 
Other non-same store income, net(5,250)(1,176)— — (4,074)
Same store NOI at share for the three months ended September 30, 2022$267,229 $215,368 $35,769 $16,092 $— 
(Decrease) increase in same store NOI at share$(2,045)$12,101 $(14,695)$549 $— 
% (decrease) increase in same store NOI at share(0.8)%5.6 %(41.1)%3.4 %0.0 %


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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED DECEMBER 31, 2022 COMPARED TO SEPTEMBER 30, 2022 (unaudited)
(Amounts in thousands)
TotalNew YorktheMART555 California StreetOther
NOI at share - cash basis for the three months ended December 31, 2022$289,599 $243,712 $23,163 $17,672 $5,052 
Less NOI at share - cash basis from:
Dispositions(1,112)(1,112)— — — 
Development properties(11,325)(11,325)— — — 
Other non-same store income, net(6,774)(1,520)(202)— (5,052)
Same store NOI at share - cash basis for the three months ended December 31, 2022$270,388 $229,755 $22,961 $17,672 $— 
NOI at share - cash basis for the three months ended September 30, 2022$295,670 $237,692 $36,772 $16,926 $4,280 
Less NOI at share - cash basis from:
Dispositions(1,379)(1,379)— — — 
Development properties(15,796)(15,796)— — — 
Other non-same store income, net(5,665)(1,385)— — (4,280)
Same store NOI at share - cash basis for the three months ended September 30, 2022$272,830 $219,132 $36,772 $16,926 $— 
(Decrease) increase in same store NOI at share - cash basis$(2,442)$10,623 $(13,811)$746 $— 
% (decrease) increase in same store NOI at share - cash basis(0.9)%4.8 %(37.6)%4.4 %0.0 %



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NON-GAAP RECONCILIATIONS
RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)
As of December 31, 2022
Consolidated
Debt, Net
Deferred Financing
Costs, Net and Other
Consolidated Contractual Debt
Mortgages payable$5,829,018$48,597$5,877,615
Senior unsecured notes1,191,8328,1681,200,000
$800 Million unsecured term loan793,1936,807800,000
$2.5 Billion unsecured revolving credit facilities575,000— 575,000
$8,389,043$63,572$8,452,615
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET (LOSS) INCOME TO EBITDAre (unaudited)
(Amounts in thousands)
For the Three Months EndedFor the Year Ended December 31,
December 31,September 30, 2022
2022202120222021
Reconciliation of net (loss) income to EBITDAre (non-GAAP):
Net (loss) income$(525,002)$31,963 $20,112 $(382,612)$207,553 
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries10,493 (3,691)3,792 5,737 (24,014)
Net (loss) income attributable to the Operating Partnership(514,509)28,272 23,904 (376,875)183,539 
EBITDAre adjustments at share:
Depreciation and amortization expense155,524 153,136 156,985 593,322 526,539 
Interest and debt expense111,848 88,647 98,358 362,321 297,116 
Income tax expense (benefit)7,913 10,744 4,151 23,404 (9,813)
Real estate impairment losses595,488 — — 595,488 7,880 
Net gain on sale of real estate(30,397)(12,623)(58,920)(15,675)
EBITDAre at share325,867 268,176 283,404 1,138,740 989,586 
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries18,137 23,266 14,449 71,786 75,987 
EBITDAre (non-GAAP)$344,004 $291,442 $297,853 $1,210,526 $1,065,573 
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
For the Three Months EndedFor the Year Ended December 31,
December 31,September 30, 2022
2022202120222021
EBITDAre (non-GAAP)$344,004 $291,442 $297,853 $1,210,526 $1,065,573 
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries(18,137)(23,266)(14,449)(71,786)(75,987)
Certain (income) expense items that impact EBITDAre:
Gain on sale of 220 CPS condominium units and ancillary amenities(34,844)(14,959)— (41,874)(50,318)
Net gains on disposition of wholly owned and partially owned assets(17,372)— — (17,372)(643)
Other7,620 2,417 1,477 11,070 10,351 
Total of certain (income) expense items that impact EBITDAre(44,596)(12,542)1,477 (48,176)(40,610)
EBITDAre, as adjusted (non-GAAP)$281,271 $255,634 $284,881 $1,090,564 $948,976 

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Document

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INDEX
 Page
FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS-
DEBT AND CAPITALIZATION
Unsecured Notes Covenant Ratios and Credit Ratings
Liquidity and Capitalization
Net Debt to EBITDAre, As Adjusted / Debt Snapshot
Hedging Instruments
Consolidated Debt Maturities-
PROPERTY STATISTICS
Top 15 Tenants
Lease Expirations
DEVELOPMENT ACTIVITY
PENN District Active Development/Redevelopment Summary
APPENDIX: NON-GAAP RECONCILIATIONS-
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 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; and estimates of future capital expenditures. 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 increase in interest rates and inflation and the continuing effect of the COVID-19 pandemic 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, 2022. 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 Appendix of this supplemental package.
This supplemental package should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and the Company’s Supplemental Operating and Financial Data package for the quarter and year ended December 31, 2022, both of which can be accessed at the Company’s website www.vno.com.
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FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)
2022 Financial Highlights
Quarter Ended December 31, 2022
Net loss attributable to common shareholders for the quarter ended December 31, 2022 was $493,280,000, or $2.57 per diluted share, compared to net income of $11,269,000, or $0.06 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability, net income attributable to common shareholders, as adjusted (non-GAAP) for the quarter ended December 31, 2022 was $19,954,000, or $0.10 per diluted share, and $22,977,000, or $0.12 per diluted share for the prior year’s quarter.
EBITDAre, as adjusted (non-GAAP) for the quarter ended December 31, 2022 was $281,271,000, compared to $255,634,000 for the prior year’s quarter.
Year Ended December 31, 2022
Net loss attributable to common shareholders for the year ended December 31, 2022 was $408,615,000, or $2.13 per diluted share, compared to net income attributable to common shareholders of $101,086,000, or $0.53 per diluted share, for the year ended December 31, 2021. Adjusting for the items that impact period-to-period comparability, net income attributable to common shareholders, as adjusted (non-GAAP) for the year ended December 31, 2022 was $126,468,000, or $0.66 per diluted share, and $88,153,000, or $0.46 per diluted share, for the year ended December 31, 2021.
EBITDAre, as adjusted (non-GAAP) for the year ended December 31, 2022 was $1.1 billion, compared to $948,976,000 for the year ended December 31, 2021.
Non-Cash Impairment Charges
Net loss attributable to common shareholders for the quarter and year ended December 31, 2022 includes $595,488,000 of non-cash impairment charges, of which $483,037,000 relates to Vornado’s common equity investment in the Fifth Avenue and Times Square joint venture (“Retail JV”).
By way of background, in April 2019, we recognized a $2.559 billion gain upon the transfer of seven properties to the Retail JV, which included a GAAP required write-up to fair value of its retained interest in the properties. The $483,037,000 impairment charge recognized this quarter together with the $409,060,000 impairment charge previously recognized in 2020, effectively reverse a portion of the $2.559 billion gain attributable to the 2019 required write-up.
Liquidity
As of December 31, 2022, we have $3.4 billion of liquidity comprised of $1.0 billion of cash and cash equivalents and restricted cash, $472,000,000 of investments in U.S. Treasury bills and $1.9 billion available on our $2.5 billion revolving credit facilities.
PENN District Development
As of December 31, 2022, we have expended $1.9 billion of cash with an estimated $497,795,000 remaining to be spent across The Farley Building, PENN 1, PENN 2, and PENN districtwide improvements. There can be no assurance that these projects will be completed, completed on schedule or within budget.










Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.
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FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)
2022 Business Developments
350 Park Avenue
On January 24, 2023, we and the Rudin family (“Rudin”) completed agreements with Citadel Enterprise Americas LLC (“Citadel”) and with an affiliate of Kenneth C. Griffin, Citadel’s Founder and CEO (“KG”), for a series of transactions relating to 350 Park Avenue and 40 East 52nd Street.
Citadel will master lease 350 Park Avenue, a 585,000 square foot Manhattan office building, on an “as is” basis for ten years, with an initial annual net rent of $36,000,000. Per the terms of the lease, no tenant allowance or free rent is being provided. Citadel will also master lease Rudin’s adjacent property at 40 East 52nd Street (390,000 square feet).
In addition, we have entered into a joint venture with Rudin (“Vornado/Rudin”) to purchase 39 East 51st Street for $40,000,000 and, upon formation of the KG joint venture described below, will combine that property with 350 Park Avenue and 40 East 52nd Street to create a premier development site (collectively, the “Site”).
From October 2024 to June 2030, KG will have the option to either:
acquire a 60% interest in a joint venture with Vornado/Rudin that would value the Site at $1.2 billion ($900,000,000 to Vornado and $300,000,000 to Rudin) and build a new 1,700,000 square foot office tower (the “Project”) pursuant to East Midtown Subdistrict zoning with Vornado/Rudin as developer. KG would own 60% of the joint venture and Vornado/Rudin would own 40% (with Vornado owning 36% and Rudin owning 4% of the joint venture along with a $250,000,000 preferred equity interest in the Vornado/Rudin joint venture).
at the joint venture formation, Citadel or its affiliates will execute a pre-negotiated 15-year anchor lease with renewal options for approximately 850,000 square feet (with expansion and contraction rights) at the Project for its primary office in New York City;
the rent for Citadel’s space will be determined by a formula based on a percentage return (that adjusts based on the actual cost of capital) on the total Project cost;
the master leases will terminate at the scheduled commencement of demolition;
or, exercise an option to purchase the Site for $1.4 billion ($1.085 billion to Vornado and $315,000,000 to Rudin), in which case Vornado/Rudin would not participate in the new development.
The parties intend to immediately commence design of the project and process approvals.
Further, Vornado/Rudin will have the option from October 2024 to September 2030 to put the Site to KG for $1.2 billion ($900,000,000 to Vornado and $300,000,000 to Rudin). For ten years following any put option closing, unless the put option is exercised in response to KG’s request to form the joint venture or KG makes a $200,000,000 termination payment, Vornado/Rudin will have the right to invest in a joint venture with KG on the terms described above if KG proceeds with development of the Site.
The operating and financial metrics presented in this supplemental package for the quarter and year ended December 31, 2022 do not reflect the impact of Citadel’s master lease of 350 Park Avenue described above as the transaction closed in the first quarter of 2023.
Dividend
On January 18, 2023, Vornado’s Board of Trustees declared a reduced quarterly dividend of $0.375 per share.










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FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)
2022 Business Developments - continued
Disposition Activity
220 Central Park South (“220 CPS”)
During the three months ended December 31, 2022, we closed on the sale of two condominium units and ancillary amenities at 220 CPS for net proceeds of $71,895,000 resulting in a financial statement net gain of $34,844,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $5,071,000 of income tax expense was recognized on our consolidated statements of income. During the year ended December 31, 2022, we closed on the sale of three condominium units and ancillary amenities at 220 CPS for net proceeds of $88,019,000 resulting in a financial statement net gain of $41,874,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $6,016,000 of income tax expense was recognized on our consolidated statements of income. From inception to December 31, 2022, we have closed on the sale of 109 units and ancillary amenities for net proceeds of $3,094,915,000 resulting in financial statement net gains of $1,159,129,000. As of December 31, 2022, we are 97% sold.
SoHo Properties
On January 13, 2022, we sold two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street for $84,500,000 and realized net proceeds of $81,399,000. In connection with the sale, we recognized a net gain of $551,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
Center Building (33-00 Northern Boulevard)
On June 17, 2022, we sold the Center Building, an eight-story 498,000 square foot office building located at 33‑00 Northern Boulevard in Long Island City, New York, for $172,750,000. We realized net proceeds of $58,946,000 after repayment of the existing $100,000,000 mortgage loan and closing costs. In connection with the sale, we recognized a net gain of $15,213,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
484-486 Broadway
On December 15, 2022, we sold 484-486 Broadway, a 30,000 square foot retail and residential building for $23,520,000, and realized net proceeds of $22,430,000. In connection with the sale, we recognized a net gain of $2,919,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
40 Fulton Street
On December 21, 2022, we sold 40 Fulton Street, a 251,000 square foot Manhattan office and retail building, for $101,000,000, and realized net proceeds of $96,566,000. In connection with the sale, we recognized a net gain of $31,876,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.

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FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)
2022 Business Developments - continued
Financing Activity
100 West 33rd Street
On June 15, 2022, we completed a $480,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot building comprised of 859,000 square feet of office space and 255,000 square feet of retail space. The interest-only loan bears a rate of SOFR plus 1.65% (5.96% as of December 31, 2022) through March 2024, increasing to SOFR plus 1.85% thereafter. The interest rate on the loan was swapped to a fixed rate of 5.06% through March 2024, and 5.26% through June 2027. The loan matures in June 2027, with two one-year extension options subject to debt service coverage ratio and loan-to-value tests. The loan replaces the previous $580,000,000 loan that bore interest at LIBOR plus 1.55% and was scheduled to mature in April 2024.
770 Broadway
On June 28, 2022, we completed a $700,000,000 refinancing of 770 Broadway, a 1.2 million square foot Class A Manhattan office building. The interest-only loan bears a rate of SOFR plus 2.25% (6.48% as of December 31, 2022) and matures in July 2024 with three one-year extension options (July 2027 as fully extended). The interest rate on the loan was swapped to a fixed rate of 4.98% through July 2027. The loan replaces the previous $700,000,000 loan that bore interest at SOFR plus 1.86% and was scheduled to mature in July 2022.
Unsecured Revolving Credit Facility
On June 30, 2022, we amended and extended one of our two revolving credit facilities. The $1.25 billion amended facility bears interest at a rate of SOFR plus 1.15% (5.47% as of December 31, 2022). The term of the facility was extended from March 2024 to December 2027, as fully extended. The facility fee is 25 basis points. On August 16, 2022, the interest rate on the $575,000,000 drawn on the facility was swapped to a fixed interest rate of 3.88% through August 2027. Our other $1.25 billion revolving credit facility matures in April 2026, as fully extended, and bears a rate of SOFR plus 1.19% with a facility fee of 25 basis points.
Unsecured Term Loan
On June 30, 2022, we extended our $800,000,000 unsecured term loan from February 2024 to December 2027. The extended loan bears interest at a rate of SOFR plus 1.30% (5.62% as of December 31, 2022) and is currently swapped to a fixed rate of 4.05%.
330 West 34th Street land owner joint venture
On August 18, 2022, the joint venture that owns the fee interest in the 330 West 34th Street land, in which we have a 34.8% interest, completed a $100,000,000 refinancing. The interest-only loan bears interest at a fixed rate of 4.55% and matures in September 2032. In connection with the refinancing, we realized net proceeds of $10,500,000. The loan replaces the previous $50,150,000 loan that bore interest at a fixed rate of 5.71%.
697-703 Fifth Avenue (Fifth Avenue and Times Square JV)
On December 21, 2022, the 697-703 Fifth Avenue $450,000,000 non-recourse mortgage loan matured and was not repaid, at which time the lenders declared an event of default. During December 2022, $29,000,000 of property-level funds were applied by the lenders against the principal balance resulting in a $421,000,000 loan balance as of December 31, 2022. The loan bears default interest at the Prime Rate plus 1.00% (8.50% as of December 31, 2022). The Fifth Avenue and Times Square JV is in negotiations with the lenders regarding a restructuring but there can be no assurance as to the timing and ultimate resolution of these negotiations. We do not believe that the resolution of these negotiations will result in further impairment losses on our investment in the Fifth Avenue and Times Square JV.






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FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)
2022 Business Developments - continued
Financing Activity - continued
Interest Rate Hedging Activities
During the year ended December 31, 2022, we entered into $2.0 billion of interest rate swap arrangements and extended a $500,000,000 interest rate swap arrangement, reducing our variable rate debt at share as a percentage of our total debt at share to 27% from 47% (excluding our participation in the 150 West 34th Street mortgage loan which was repaid on January 9, 2023). The exposure to LIBOR/SOFR index increases on our $2.8 billion of unswapped variable rate debt is partially mitigated over the next year by $2.2 billion of interest rate caps and by an increase in interest income on our cash, cash equivalents, restricted cash and investments in U.S. Treasury bills. See page 12 for further detail on our interest rate swap and cap arrangements.
The table below presents the interest rate swap arrangements entered into during the year ended December 31, 2022.
(Amounts in thousands)Notional AmountAll-In Swapped RateSwap Expiration DateVariable Rate Spread
770 Broadway mortgage loan$700,000 4.98%07/27S+225
Unsecured revolving credit facility575,000 3.88%08/27S+115
Unsecured term loan(1)
50,000 4.04%08/27S+130
Unsecured term loan (effective 10/23)(1)
500,000 4.39%10/26S+130
100 West 33rd Street mortgage loan480,000 5.06%06/27S+165
888 Seventh Avenue mortgage loan(2)
200,000 4.76%09/27S+180
____________________
(1)On February 7, 2023, we entered into a forward interest rate swap arrangement for $150,000 of the $800,000 unsecured term loan. The unsecured term loan, which matures in December 2027, is subject to various interest rate swap arrangements through August 2027, see below for details:
Swapped BalanceAll-In Swapped RateUnswapped Balance
(bears interest at S+130)
Through 10/23$800,000 4.05%$— 
10/23 through 7/25700,000 4.53%100,000 
7/25 through 10/26550,000 4.36%250,000 
10/26 through 8/2750,000 4.04%750,000 
(2)The remaining $77,800 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80%.
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FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)
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 December 31, 2022
154,000 square feet of New York Office space (147,000 square feet at share) at an initial rent of $84.58 per square foot and a weighted average lease term of 7.6 years. The changes in the GAAP and cash mark-to-market rent on the 135,000 square feet of second generation space were positive 17.2% and positive 9.8%, respectively. Tenant improvements and leasing commissions were $10.32 per square foot per annum, or 12.2% of initial rent.
20,000 square feet of New York Retail space (15,000 square feet at share) at an initial rent of $284.73 per square foot and a weighted average lease term of 11.8 years. The 20,000 square feet was first generation space. Tenant improvements and leasing commissions were $26.98 per square foot per annum, or 9.5% of initial rent.
24,000 square feet at theMART (all at share) at an initial rent of $59.45 per square foot and a weighted average lease term of 6.5 years. The changes in the GAAP and cash mark-to-market rent on the 23,000 square feet of second generation space were negative 7.3% and negative 12.1%, respectively. Tenant improvements and leasing commissions were $6.60 per square foot per annum, or 11.1% of initial rent.
For the Year Ended December 31, 2022
894,000 square feet of New York Office space (753,000 square feet at share) at an initial rent of $84.51 per square foot and a weighted average lease term of 8.9 years. The changes in the GAAP and cash mark-to-market rent on the 498,000 square feet of second generation space were positive 9.0% and positive 5.4%, respectively. Tenant improvements and leasing commissions were $11.84 per square foot per annum, or 14.0% of initial rent.
111,000 square feet of New York Retail space (100,000 square feet at share) at an initial rent of $266.25 per square foot and a weighted average lease term of 11.6 years. The changes in the GAAP and cash mark-to-market rent on the 42,000 square feet of second generation space were negative 38.3% and negative 34.2%, respectively. Tenant improvements and leasing commissions were $22.68 per square foot per annum, or 8.5% of initial rent.
299,000 square feet at theMART (all at share) at an initial rent of $52.40 per square foot and a weighted average lease term of 7.2 years. The changes in the GAAP and cash mark-to-market rent on the 244,000 square feet of second generation space were negative 4.8% and negative 5.4%, respectively. Tenant improvements and leasing commissions were $10.48 per square foot per annum, or 20.0% of initial rent.
210,000 square feet at 555 California Street (147,000 square feet at share) at an initial rent of $96.40 per square foot and a weighted average lease term of 5.9 years. The changes in the GAAP and cash mark-to-market rent on the 135,000 square feet of second generation space were positive 24.3% and positive 13.6%, respectively. Tenant improvements and leasing commissions were $7.15 per square foot per annum, or 7.4% of initial rent.
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UNSECURED NOTES COVENANT RATIOS AND CREDIT RATINGS (unaudited)
(Amounts in thousands)As of
Unsecured Notes Covenant Ratios(1)
RequiredDecember 31, 2022September 30,
2022
June 30,
2022
March 31,
2022
Total outstanding debt/total assets(2)
Less than 65%48%47%47%48%
Secured debt/total assetsLess than 50%32%32%31%33%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)Greater than 1.502.292.533.023.29
Unencumbered assets/unsecured debtGreater than 150%342%354%362%360%

Consolidated Unencumbered EBITDA(1) (non-GAAP):
Q4 2022
Annualized
New York$251,072 
Other106,772 
Total$357,844 

Credit Ratings(3):
RatingOutlook
Moody’sBaa3Stable
S&PBBB-Stable
FitchBBB-Negative

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

Liquidity Snapshot(1)

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(1)
Prior to June 30, 2022, the $1.25 billion revolving credit facility maturing in 2027, as fully extended, had full capacity of $1.5 billion.
(2)
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 December 31, 2022.
(3)
Based on the Vornado Realty Trust (NYSE: VNO) December 31, 2022 quarter end closing common share price of $20.81.

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Company capitalization(2):
Amount% Total
Consolidated mortgages payable (at 100%)$5,878 42%
Unsecured debt (contractual)2,575 18%
Perpetual preferred shares/units1,223 9%
Equity(3)
4,342 31%
Total14,018 100%
Pro rata share of debt of non-consolidated entities2,697 
Less: Noncontrolling interests' share of consolidated debt(682)
Total at share$16,033 




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NET DEBT TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in millions)
As of and For the Year Ended December 31,
2022202120202019
Secured debt$5,878 $6,099 $5,608 $5,670 
Unsecured debt
2,575 2,575 1,825 1,775 
Pro rata share of debt of non-consolidated entities2,697 2,700 2,873 2,803 
Less: Noncontrolling interests’ share of consolidated debt(682)(682)(483)(483)
Company’s pro rata share of total debt$10,468 $10,692 $9,823 $9,765 
% Unsecured debt25%24%19%18%
Company’s pro rata share of total debt$10,468 $10,692 $9,823 $9,765 
Less: Cash and cash equivalents, restricted cash and investments in U.S. Treasury bills(1,493)(1,930)(1,730)(1,242)
(1)
Less: Participation in 150 West 34th Street mortgage loan(2)
(105)(105)(105)(105)
Less: Projected cash proceeds from 220 Central Park South(90)(148)(275)(1,200)
Net debt$8,780 $8,509 $7,713 $7,218 
EBITDAre, as adjusted (non-GAAP)$1,091 $949 $910 $1,136 
Net debt / EBITDAre, as adjusted8.0 x9.0 x8.5 x6.4 x
______________________________
(1)2019 includes $33 of investments in marketable securities sold in January 2020 and is reduced by a $398 accrual of a special dividend/distribution paid in January 2020.
(2)On January 9, 2023, our $105 participation in the $205 mortgage loan on 150 West 34th Street was repaid.

DEBT SNAPSHOT (unaudited)
(Amounts in millions)
As of December 31, 2022
TotalVariableFixed
(Contractual debt balances)AmountWeighted
Average
Interest Rate
AmountWeighted
Average
Interest Rate
AmountWeighted
Average
Interest Rate
Consolidated debt(1)
$8,453 4.16%$2,308
(2)
5.67%$6,1453.59%
Pro rata share of debt of non-consolidated entities2,697 4.87%1,2506.19%1,4473.72%
Total11,1504.33%3,5585.85%7,5923.61%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)(682)(682)— 
Company's pro rata share of total debt$10,468 4.23%$2,876
(2)
5.87%$7,5923.61%
________________________________
(1)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 December 31, 2022.
(2)Includes our $105 participation in the loan. On January 9, 2023, our $105 participation in the $205 mortgage loan on 150 West 34th Street was repaid.

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HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited)
(Amounts in thousands)
Debt InformationSwap / Cap Information
Balance
at Share
Variable Rate Spread
Maturity Date(1)
Notional Amount
at Share
All-In Swapped RateSwap Expiration Date
Interest Rate Swaps:
Consolidated:
555 California Street mortgage loan$840,000 L+19305/28$840,000 2.26%05/24
770 Broadway mortgage loan700,000 S+22507/27700,000 4.98%07/27
PENN 11 mortgage loan500,000 S+20610/25500,000 2.22%03/24
Unsecured revolving credit facility575,000 S+11512/27575,000 3.88%08/27
Unsecured term loan800,000 S+13012/27800,000 
(2)
4.05%10/23
100 West 33rd Street mortgage loan480,000 S+16506/27480,000 5.06%06/27
888 Seventh Avenue mortgage loan277,800 S+18012/25200,000 4.76%09/27
4 Union Square South mortgage loan120,000 S+15008/25100,000 3.74%01/25
Unconsolidated:
640 Fifth Avenue mortgage loan259,925 L+10105/24259,925 3.07%05/23
731 Lexington Avenue - retail condominium mortgage loan97,200 S+15108/2597,200 1.76%05/25
50-70 West 93rd Street mortgage loan41,667 L+15312/2441,168 3.14%06/24
$4,691,592 4,593,293 
Interest Rate Caps:Index Strike Rate
Consolidated:
1290 Avenue of the Americas mortgage loan$665,000 L+15111/28665,000 4.00%11/23
One Park Avenue mortgage loan525,000 S+12203/26525,000 
(3)
4.39%03/23
150 West 34th Street mortgage loan205,000 S+19905/24100,000 
(4)
4.10%06/24
606 Broadway mortgage loan37,060 S+19109/2437,060 4.00%09/24
Unconsolidated:
280 Park Avenue mortgage loan600,000 L+17309/24600,000 4.08%09/23
61 Ninth Avenue mortgage loan75,543 S+14601/2675,543 4.39%02/24
512 West 22nd Street mortgage loan75,418 L+20006/2375,418 4.00%06/23
Rego Park II mortgage loan65,624 S+14512/2565,624 4.15%11/24
Fashion Centre Mall/Washington Tower mortgage loan34,125 L+29405/2634,125 4.00%05/24
$2,282,770 2,177,770 
(5)
Fixed rate debt per loan agreements and Vornado’s $105 million participation in 150 West 34th Street mortgage loan3,104,164 
Variable rate debt not subject to interest rate swaps or caps592,555 
(5)
Total debt at share$10,467,782 
________________________________
(1)Assumes the exercise of as-of-right extension options.
(2)The unsecured term loan is subject to various interest rate swap arrangements during its term, See page 7 for details.
(3)In December 2022, we entered into a forward cap for the $525,000 One Park Avenue mortgage loan effective upon the March 2023 expiration of the existing cap. The forward cap has a SOFR strike rate of 3.89% and expires in March 2024.
(4)Excludes our $105,000 participation in the loan. On January 9, 2023, our $105,000 participation in the $205,000 mortgage loan on 150 West 34th Street was repaid. The remaining $100,000 balance will bear interest at a floating rate of S+1.86% subject to the interest rate cap arrangement disclosed above.
(5)Our exposure to LIBOR/SOFR index increases is partially mitigated by an increase in interest income on our cash, cash equivalents, restricted cash and investments in U.S. Treasury bills.
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CONSOLIDATED DEBT MATURITIES (CONTRACTUAL BALANCES) (unaudited)
(Amounts in millions)
Consolidated Debt Maturity Schedule(1) as of December 31, 2022
(Excludes pro rata share of JV debt)(2)
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Consolidated (100%):
Secured$22 $396 
(3)
$855 $525 $1,580 $2,500 
Unsecured— — 450 400 1,375 350 
Total consolidated debt (100%)$22 $396 $1,305 $925 $2,955 $2,850 
(4)
% of total consolidated debt0.3 %4.7 %15.4 %10.9 %35.0 %33.7 %
Debt maturities at share:
Consolidated debt (100%)$22 $396 $1,305 $925 $2,955 $2,850 
Pro rata share of debt of non-consolidated entities312 
(5)
1,064 505 581 40 195 
Less: Noncontrolling interests' share of consolidated debt— (37)— — — (645)
Total debt at share$334 $1,423 $1,810 $1,506 $2,995 $2,400 
% of total debt at share3.2 %13.6 %17.3 %14.4 %28.6 %22.9 %
_______________________________
(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. See the previous page for information on interest rate swap arrangements entered into as of December 31, 2022.
(2)Vornado Realty L.P. guarantees $800 of JV partnership debt comprised of the $300 mortgage loan on 7 West 34th Street and the $500 mortgage loan on 640 Fifth Avenue included in the Fifth Avenue and Times Square JV. This $800 is excluded from the schedule presented above.
(3)We hold a $105 participation in the 150 West 34th Street mortgage loan which is included in “other assets” on our consolidated balance sheets. On January 9, 2023, our $105 participation in the $205 mortgage loan on 150 West 34th Street was repaid.
(4)Of the $1,310 floating rate debt expiring after 2027, $645 is attributable to noncontrolling interests.
(5)2023 includes our $189 share of the 697-703 Fifth Avenue mortgage loan. On December 21, 2022, the 697-703 Fifth Avenue $450 non-recourse mortgage loan matured and was not repaid, at which time the lenders declared an event of default. During December 2022, $29 of property-level funds were applied by the lenders against the principal balance resulting in a $421 loan balance as of December 31, 2022. The Fifth Avenue and Times Square JV is in negotiations with the lenders regarding a restructuring but there can be no assurance as to the timing and ultimate resolution of these negotiations.
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CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property
Maturity
Date(1)
Spread over
LIBOR/SOFR
Interest
Rate(2)
20232024202520262027ThereafterTotal
Secured Debt:
435 Seventh Avenue02/24L+1305.47%$$95,696$$$$$95,696
150 West 34th Street05/24S+1996.15%205,000(3)205,000
606 Broadway (50.0% interest)09/24S+1915.91%74,11974,119
4 Union Square South08/254.05%120,000120,000
PENN 1110/252.22%500,000500,000
888 Seventh Avenue12/255.09%21,60021,600234,600277,800
One Park Avenue03/26S+1225.56%525,000525,000
350 Park Avenue01/273.92%400,000400,000
100 West 33rd Street06/275.06%480,000480,000
770 Broadway07/274.98%700,000700,000
555 California Street (70.0% interest)05/283.36%1,200,0001,200,000
1290 Avenue of the Americas (70.0% interest)11/28L+1515.51%950,000950,000
909 Third Avenue04/313.23%350,000350,000
Total Secured Debt21,600396,415854,600525,0001,580,0002,500,0005,877,615
Unsecured Debt:
Senior unsecured notes due 202501/253.50%450,000450,000
$1.25 Billion unsecured revolving credit facility04/26S+1190.00%
Senior unsecured notes due 202606/262.15%400,000400,000
$1.25 Billion unsecured revolving credit facility12/273.88%575,000575,000
$800 Million unsecured term loan12/274.05%800,000800,000
Senior unsecured notes due 203106/313.40%350,000350,000
Total Unsecured Debt450,000400,0001,375,000350,0002,575,000
Total Debt$21,600$396,415$1,304,600$925,000$2,955,000$2,850,000$8,452,615
Weighted average rate5.92%5.93%3.32%4.08%4.38%4.07%4.16%
Fixed rate debt(4)
$$$1,250,000$400,000$2,955,000$1,540,000$6,145,000
Fixed weighted average rate expiring0.00%0.00%3.21%2.15%4.38%2.74%3.59%
Floating rate debt$21,600$396,415$54,600$525,000$$1,310,000$2,307,615
Floating weighted average rate expiring5.92%5.93%5.81%5.56%0.00%5.63%5.67%
________________________________
(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 12 for information on interest rate swap and interest rate cap arrangements entered into as of December 31, 2022
(3)We hold a $105,000 participation in the mortgage loan which is included in “other assets” on our consolidated balance sheets. On January 9, 2023, our $105,000 participation in the $205,000 mortgage loan on 150 West 34th Street was repaid. The remaining $100,000 balance will bear interest at a floating rate of S+1.86% subject to the interest rate cap arrangement disclosed on page 12.
(4)Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity. See page 12 for information on interest rate swap arrangements entered into as of December 31, 2022.
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TOP 15 TENANTS (unaudited)
(Amounts in thousands, except square feet)
Square Footage At Share
Annualized Escalated Rents
At Share(1)
% of Total Annualized Escalated Rents
At Share
Meta Platforms, Inc. 1,451,153 $158,889 8.8 %
IPG and affiliates967,552 67,279 3.6 %
New York University685,290 45,013 2.5 %
Google/Motorola Mobility (guaranteed by Google)759,446 41,220 2.2 %
Bloomberg L.P. 306,768 40,252 2.2 %
Equitable Financial Life Insurance Company336,644 35,453 2.0 %
Yahoo Inc.313,726 32,202 1.8 %
Amazon (including its Whole Foods subsidiary)312,694 30,115 1.7 %
Neuberger Berman Group LLC306,612 27,283 1.5 %
Madison Square Garden & Affiliates412,551 27,143 1.5 %
Swatch Group USA14,949 26,173 1.4 %
AMC Networks, Inc.326,717 25,391 1.4 %
Bank of America247,459 24,500 1.4 %
Apple Inc.412,434 24,072 1.3 %
LVMH Brands65,060 23,132 1.3 %
34.6 %
________________________________
(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.













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LEASE EXPIRATIONS (unaudited)
(Amounts in thousands)
Our Share of Square Feet of Expiring Leases
As of December 31, 2022

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New York Office1,444 943 699 1,217 1,160 1,003 1,161 623 899 404 4,867 
New York Retail149 133 40 82 34 27 50 155 88 55 390 
theMart254 233 409 290 191 684 111 29 294 160 167 
555 California Street70 274 238 65 112 116 106 — 188 
Total1,853 1,379 1,422 1,827 1,450 1,826 1,438 913 1,281 624 5,612 
% of total9.4%7.0%7.2%9.3%7.4%9.3%7.3%4.7%6.5%3.2%28.7%

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PENN DISTRICT
ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited)
(Amounts in thousands of dollars, except square feet)
Property
Rentable
Sq. Ft.
Cash Amount
Expended
Remaining ExpendituresStabilization YearProjected Incremental Cash Yield
Active PENN District ProjectsSegment
Budget(1)
The Farley Building (95% interest)New York846,000 1,120,000 (2)1,111,493 (2)8,507 (2)(3)6.2%
PENN 2 - as expandedNew York1,795,000 750,000 393,126 356,874 20259.5%
PENN 1 (including LIRR Concourse Retail)(4)
New York2,546,000 450,000 375,810 74,190 N/A13.2%(4)(5)
Districtwide ImprovementsNew YorkN/A100,000 41,776 58,224 N/AN/A
Total Active PENN District Projects2,420,000 1,922,205 497,795 8.3%
___________________
(1)Excluding debt and equity carry.
(2)Net of 154,000 of historic tax credit investor contributions, of which 88,000 has been funded to date (at our 95% share).
(3)Office stabilized in 2022, Retail to stabilize in 2023/2024.
(4)Property is ground leased through 2098, as fully extended. Fair market value resets occur in 2023, 2048 and 2073. The 13.2% projected return is before the ground rent reset in 2023, which may be material.
(5)Projected to be achieved as pre-redevelopment leases roll, which have an approximate average remaining term of 3.6 years.




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.


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APPENDIX
NON-GAAP RECONCILIATIONS

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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited)
(Amounts in thousands, except per share amounts)
For the Three Months EndedFor the Year Ended
December 31,December 31,
2022202120222021
Net (loss) income attributable to common shareholders$(493,280)$11,269 $(408,615)$101,086 
Per diluted share$(2.57)$0.06 $(2.13)$0.53 
Certain expense (income) items that impact net (loss) income attributable to common shareholders:
Non-cash real estate impairment losses on wholly owned and partially owned assets595,488 — 595,488 7,880 
Net gains on disposition of wholly owned and partially owned assets(47,769)(11,620)(62,685)(15,315)
After-tax net gain on sale of 220 CPS condominium units and ancillary amenities(29,773)(13,584)(35,858)(44,607)
Hotel Pennsylvania loss (primarily accelerated building depreciation expense)26,614 8,998 71,087 29,472 
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)3,482 9,180 13,665 10,868 
Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV— — (13,613)— 
Other3,449 19,569 7,289 (2,436)
551,491 12,543 575,373 (14,138)
Noncontrolling interests' share of above adjustments(38,257)(835)(40,290)1,205 
Total of certain expense (income) items that impact net (loss) income attributable to common shareholders$513,234 $11,708 $535,083 $(12,933)
Net income attributable to common shareholders, as adjusted (non-GAAP)$19,954 $22,977 $126,468 $88,153 
Per diluted share (non-GAAP)$0.10 $0.12 $0.66 $0.46 
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NON-GAAP RECONCILIATIONS
CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)
As of December 31, 2022
Consolidated
Debt, Net
Deferred Financing
Costs, Net and Other
Consolidated Contractual Debt
Mortgages payable$5,829,018$48,597$5,877,615
Senior unsecured notes1,191,8328,1681,200,000
$800 Million unsecured term loan793,1936,807800,000
$2.5 Billion unsecured revolving credit facilities575,000 575,000
$8,389,043$63,572$8,452,615
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET (LOSS) INCOME TO EBITDAre (unaudited)
(Amounts in thousands)

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 EBITDA 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 joint ventures 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 joint ventures. 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.

For the Three Months Ended December 31,For the Year Ended December 31,
202220212022202120202019
Reconciliation of net (loss) income to EBITDAre (non-GAAP):
Net (loss) income$(525,002)$31,963 $(382,612)$207,553 $(461,845)$3,334,262 
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries10,493 (3,691)5,737 (24,014)139,894 24,547 
Net (loss) income attributable to the Operating Partnership(514,509)28,272 (376,875)183,539 (321,951)3,358,809 
EBITDAre adjustments at share:
Depreciation and amortization expense155,524 153,136 593,322 526,539 532,298 530,473 
Interest and debt expense111,848 88,647 362,321 297,116 309,003 390,139 
Income tax expense (benefit)7,913 10,744 23,404 (9,813)36,253 103,917 
Net gain on sale of real estate(30,397)(12,623)(58,920)(15,675)— (178,711)
Real estate impairment losses595,488 — 595,488 7,880 645,346 32,001 
Net gain on transfer to Fifth Avenue and Times Square JV on April 18, 2019, net of $11,945 attributable to noncontrolling interests— — — — — (2,559,154)
EBITDAre at share325,867 268,176 1,138,740 989,586 1,200,949 1,677,474 
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries18,137 23,266 71,786 75,987 (91,155)8,150 
EBITDAre (non-GAAP)$344,004 $291,442 $1,210,526 $1,065,573 $1,109,794 $1,685,624 

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NON-GAAP RECONCILIATIONS
RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
For the Three Months Ended December 31,For the Year Ended December 31,
202220212022202120202019
EBITDAre (non-GAAP)$344,004 $291,442 $1,210,526 $1,065,573 $1,109,794 $1,685,624 
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries(18,137)(23,266)(71,786)(75,987)91,155 (8,150)
Certain (income) expense items that impact EBITDAre:
Gain on sale of 220 CPS condominium units and ancillary amenities(34,844)(14,959)(41,874)(50,318)(381,320)(604,393)
Net gains on disposition of wholly owned and partially owned assets(17,372)— (17,372)(643)— — 
Our share of loss (income) from real estate fund investments463 (1,564)(1,671)(3,757)63,114 48,808 
Hotel Pennsylvania loss (income)— — — 11,625 31,139 (8,264)
Mark-to-market decrease in PREIT common shares (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020)— — — — 4,938 21,649 
Other7,157 3,981 12,741 2,483 (8,527)343 
Total of certain income items that impact EBITDAre(44,596)(12,542)(48,176)(40,610)(290,656)(541,857)
EBITDAre, as adjusted (non-GAAP)$281,271 $255,634 $1,090,564 $948,976 $910,293 $1,135,617 
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