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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported):
May 1, 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 May 1, 2023, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the first quarter of 2023.  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 May 1, 2023
Vornado Realty Trust supplemental operating and financial data for the quarter ended March 31, 2023
Vornado Realty Trust supplemental fixed income data for the quarter ended March 31, 2023
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: May 1, 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: May 1, 2023








3

Document
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P R E S S R E L E A S E
Vornado Announces First Quarter 2023 Financial Results
New York City | May 1, 2023
Vornado Realty Trust (NYSE: VNO) reported today:
Quarter Ended March 31, 2023 Financial Results
NET INCOME attributable to common shareholders for the quarter ended March 31, 2023 was $5,168,000, or $0.03 per diluted share, compared to $26,478,000, or $0.14 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table below, net income attributable to common shareholders, as adjusted (non-GAAP) for the quarter ended March 31, 2023 was $2,373,000, or $0.01 per diluted share, and $31,682,000, or $0.16 per diluted share for the prior year's quarter.
FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended March 31, 2023 was $119,083,000, or $0.61 per diluted share, compared to $154,908,000, or $0.80 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, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended March 31, 2023 was $116,288,000, or $0.60 per diluted share, and $152,313,000, or $0.79 per diluted share for the prior year's quarter.
The following table reconciles net 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
March 31,
 20232022
Net income attributable to common shareholders$5,168 $26,478 
Per diluted share$0.03 $0.14 
Certain (income) expense items that impact net income attributable to common shareholders:
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units$(6,173)$(5,412)
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)2,875 3,173 
Other288 7,829 
(3,010)5,590 
Noncontrolling interests' share of above adjustments215 (386)
Total of certain (income) expense items that impact net income attributable to common shareholders$(2,795)$5,204 
Per diluted share (non-GAAP)$(0.02)$0.02 
Net income attributable to common shareholders, as adjusted (non-GAAP)$2,373 $31,682 
Per diluted share (non-GAAP)$0.01 $0.16 
NYSE: VNO | WWW.VNO.COM
PAGE 1 OF 14


The following table reconciles FFO attributable to common shareholders plus assumed conversions (non-GAAP) to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP):
(Amounts in thousands, except per share amounts)For the Three Months Ended
March 31,
 20232022
FFO attributable to common shareholders plus assumed conversions (non-GAAP)$119,083 $154,908 
Per diluted share (non-GAAP)$0.61 $0.80 
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
After-tax net gain on sale of 220 CPS condominium units$(6,173)$(5,412)
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)2,875 3,173 
Other288 (549)
(3,010)(2,788)
Noncontrolling interests' share of above adjustments215 193 
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net$(2,795)$(2,595)
Per diluted share (non-GAAP)$(0.01)$(0.01)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)$116,288 $152,313 
Per diluted share (non-GAAP)$0.60 $0.79 
FFO, as Adjusted Bridge - Q1 2023 vs. Q1 2022
The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2022 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2023:
(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 March 31, 2022$152.3 $0.79 
Decrease in FFO, as adjusted due to:
Increase in interest expense, net of increase in interest income(30.0)
Tenant related items(4.6)
Sale of 33‐00 Northern Boulevard, 40 Fulton Street and street retail properties(2.8)
Other, net(1.3)
(38.7)
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities2.7 
Net decrease(36.0)(0.19)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2023$116.3 $0.60 
See page 9 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 ended March 31, 2023 and 2022. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided above.
NYSE: VNO | WWW.VNO.COM
PAGE 2 OF 14


Dividends/Share Repurchase Program:
On April 26, 2023, Vornado announced that it will postpone dividends on its common shares until the end of 2023, at which time, upon finalization of its 2023 taxable income, including the impact of asset sales, it will pay the 2023 dividend in either (i) cash, or (ii) a combination of cash and securities, as determined by its Board of Trustees.
Vornado also announced that its Board of Trustees has authorized the repurchase of up to $200,000,000 of its outstanding common shares under a newly established share repurchase program. Cash retained from dividends or from asset sales will be used to reduce debt and/or fund share repurchases.
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.
Pursuant to the agreements, Citadel master leases 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 was 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”). The purchase is expected to close in the second quarter of 2023.
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.
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.
Dispositions:
Alexander's, Inc. ("Alexander's")
On March 8, 2023, Alexander's entered into an agreement to sell the Rego Park III land parcel, located in Queens, New York, for $71,060,000, inclusive of consideration for Brownfield tax benefits and reimbursement of costs for plans, specifications and improvements to date. Alexander's anticipates the closing of the sale in the second quarter of 2023 and will recognize a financial statement gain of approximately $54,000,000. Upon completion of the sale, we will recognize our approximate $16,000,000 share of the net gain.
Financings:
150 West 34th Street Loan Participation
On January 9, 2023, our $105,000,000 participation in the $205,000,000 mortgage loan on 150 West 34th Street was repaid, which reduced “other assets” and “mortgages payable, net” on our consolidated balance sheets by $105,000,000. The remaining $100,000,000 mortgage loan balance bears interest at SOFR plus 1.86%, subject to an interest rate cap arrangement with a SOFR strike rate of 4.10%, and matures in May 2024.
NYSE: VNO | WWW.VNO.COM
PAGE 3 OF 14


Financings - continued:
Interest Rate Hedging Activities
We entered into the following interest rate swap agreements during the three months ended March 31, 2023. For further detail on our interest rate swap and cap arrangements see page 28 of our Supplemental Operating and Financial Data package for the quarter ended March 31, 2023.
(Amounts in thousands)Notional AmountAll-In Swapped RateSwap Expiration DateVariable Rate Spread
555 California Street (effective 05/24)$840,000 5.92%05/26L+193
Unsecured term loan(1) (effective 10/23)
150,000 5.13%07/25S+130
____________________
(1)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 07/25700,000 4.53%100,000 
07/25 through 10/26550,000 4.36%250,000 
10/26 through 08/2750,000 4.04%750,000 

Leasing Activity For the Three Months Ended March 31, 2023:
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.
777,000 square feet of New York Office space (771,000 square feet at share) at an initial rent of $101.02 per square foot and a weighted average lease term of 9.5 years. The changes in the GAAP and cash mark-to-market rent on the 677,000 square feet of second generation space were positive 8.5% and positive 1.7%, respectively. Tenant improvements and leasing commissions were $2.48 per square foot per annum, or 2.5% of initial rent.
25,000 square feet of New York Retail space (20,000 square feet at share) at an initial rent of $373.07 per square foot and a weighted average lease term of 6.8 years. The changes in the GAAP and cash mark-to-market rent on the 7,000 square feet of second generation space were positive 2.9% and positive 2.4%, respectively. Tenant improvements and leasing commissions were $26.54 per square foot per annum, or 7.1% of initial rent.
79,000 square feet at THE MART (all at share) at an initial rent of $56.44 per square foot and a weighted average lease term of 6.8 years. The changes in the GAAP and cash mark-to-market rent on the 51,000 square feet of second generation space were negative 1.5% and negative 7.9%, respectively. Tenant improvements and leasing commissions were $8.04 per square foot per annum, or 14.2% of initial rent.
4,000 square feet at 555 California Street (3,000 square feet at share) at an initial rent of $156.96 per square foot and a weighted average lease term of 7.0 years. The 4,000 square feet was first generation space. Tenant improvements and leasing commissions were $39.07 per square foot per annum, or 24.9% 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, THE MART and 555 California Street.
TotalNew YorkTHE MART555 California Street
Same store NOI at share % increase (decrease)(1):
Three months ended March 31, 2023 compared to March 31, 20220.0 %1.6 %(22.6)%4.3 %
Three months ended March 31, 2023 compared to December 31, 2022(4.2)%(2.7)%(26.9)%1.7 %
Same store NOI at share - cash basis % increase (decrease)(1):
Three months ended March 31, 2023 compared to March 31, 20221.5 %3.8 %(28.2)%8.3 %
Three months ended March 31, 2023 compared to December 31, 2022(3.5)%(0.6)%(36.1)%0.3 %
____________________
(1)See pages 11 through 14 for same store NOI at share and same store NOI at share - cash basis reconciliations.

NYSE: VNO | WWW.VNO.COM
PAGE 4 OF 14


NOI At Share:
The elements of our New York and Other NOI at share for the three months ended March 31, 2023 and 2022 and December 31, 2022 are summarized below.
(Amounts in thousands)For the Three Months Ended
March 31,December 31, 2022
20232022
NOI at share:
New York:
Office(1)
$174,270 $177,809 $184,045 
Retail47,196 52,105 50,083 
Residential5,458 4,774 4,978 
Alexander's9,070 8,979 9,489 
Total New York235,994 243,667 248,595 
Other:
THE MART15,409 19,914 21,276 
555 California Street16,929 16,235 16,641 
Other investments5,151 4,442 5,243 
Total Other37,489 40,591 43,160 
NOI at share$273,483 $284,258 $291,755 
_______________________
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 ended March 31, 2023 and 2022 and December 31, 2022 are summarized below.
(Amounts in thousands)For the Three Months Ended
March 31,December 31, 2022
20232022
NOI at share - cash basis:
New York:
Office(1)
$182,081 $177,827 $182,648 
Retail44,034 47,393 46,168 
Residential5,051 4,689 4,660 
Alexander's9,861 9,783 10,236 
Total New York241,027 239,692 243,712 
Other:
THE MART14,675 20,436 23,163 
555 California Street17,718 16,360 17,672 
Other investments5,115 4,640 5,052 
Total Other37,508 41,436 45,887 
NOI at share - cash basis$278,535 $281,128 $289,599 
______________________
(1)Includes Building Maintenance Services NOI of $6,289, $5,782 and $8,305, respectively, for the three months ended March 31, 2023 and 2022 and December 31, 2022.
NYSE: VNO | WWW.VNO.COM
PAGE 5 OF 14


PENN District - Active Development/Redevelopment Summary as of March 31, 2023
(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)
PENN 2 - as expandedNew York1,795,000 750,000 452,509 297,491 20259.5%
PENN 1 (including LIRR Concourse Retail)(2)
New York2,547,000 450,000 384,843 

65,157 N/A13.2%(2)(3)
Districtwide ImprovementsNew YorkN/A100,000 42,098 57,902 N/AN/A
Total Active PENN District Projects1,300,000 879,450 420,550 10.1%
________________________________
(1)    Excluding debt and equity carry.
(2)    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 June 2023, which may be material.
(3)    Projected to be achieved as pre-redevelopment leases roll, which have an approximate average remaining term of 3.4 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, May 2, 2023 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 833-816-1409 (domestic) or 412-317-0502 (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; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions, including the form of any 2023 dividend payments, and the amount and form of potential share repurchases and/or asset sales. 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 6 OF 14


VORNADO REALTY TRUST
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)As of March 31,Increase
(Decrease)
 20232022
ASSETS   
Real estate, at cost:
Land$2,451,828 $2,451,828 $— 
Buildings and improvements9,838,757 9,804,204 34,553 
Development costs and construction in progress1,058,518 933,334 125,184 
Leasehold improvements and equipment125,982 125,389 593 
Total13,475,085 13,314,755 160,330 
Less accumulated depreciation and amortization(3,546,942)(3,470,991)(75,951)
Real estate, net9,928,143 9,843,764 84,379 
Right-of-use assets685,152 684,380 772 
Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills:
Cash and cash equivalents890,957 889,689 1,268 
Restricted cash142,882 131,468 11,414 
Investments in U.S. Treasury bills276,645 471,962 (195,317)
Total1,310,484 1,493,119 (182,635)
Tenant and other receivables95,034 81,170 13,864 
Investments in partially owned entities2,633,558 2,665,073 (31,515)
220 CPS condominium units ready for sale37,644 43,599 (5,955)
Receivable arising from the straight-lining of rents691,271 694,972 (3,701)
Deferred leasing costs, net366,960 373,555 (6,595)
Identified intangible assets, net137,161 139,638 (2,477)
Other assets387,011 474,105 (87,094)
Total assets$16,272,418 $16,493,375 $(220,957)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net$5,717,338 $5,829,018 $(111,680)
Senior unsecured notes, net1,192,342 1,191,832 510 
Unsecured term loan, net793,517 793,193 324 
Unsecured revolving credit facilities575,000 575,000 — 
Lease liabilities740,301 735,969 4,332 
Accounts payable and accrued expenses441,741 450,881 (9,140)
Deferred revenue37,879 39,882 (2,003)
Deferred compensation plan98,996 96,322 2,674 
Other liabilities312,107 268,166 43,941 
Total liabilities9,909,221 9,980,263 (71,042)
Redeemable noncontrolling interests430,539 436,732 (6,193)
Shareholders' equity5,691,632 5,839,728 (148,096)
Noncontrolling interests in consolidated subsidiaries241,026 236,652 4,374 
Total liabilities, redeemable noncontrolling interests and equity$16,272,418 $16,493,375 $(220,957)
NYSE: VNO | WWW.VNO.COM
PAGE 7 OF 14


VORNADO REALTY TRUST
OPERATING RESULTS
(Amounts in thousands, except per share amounts)For the Three Months Ended
March 31,
 20232022
Revenues$445,923 $442,130 
Net income$11,198 $53,375 
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries9,928 (9,374)
Operating Partnership(429)(1,994)
Net income attributable to Vornado20,697 42,007 
Preferred share dividends(15,529)(15,529)
Net income attributable to common shareholders$5,168 $26,478 
Income per common share - basic:
Net income per common share$0.03 $0.14 
Weighted average shares outstanding191,869 191,724 
Income per common share - diluted:
Net income per common share$0.03 $0.14 
Weighted average shares outstanding191,881 192,038 
FFO attributable to common shareholders plus assumed conversions (non-GAAP)$119,083 $154,908 
Per diluted share (non-GAAP)$0.61 $0.80 
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)$116,288 $152,313 
Per diluted share (non-GAAP)$0.60 $0.79 
Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share194,409 193,174 

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 it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. 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 2 of this press release.
NYSE: VNO | WWW.VNO.COM
PAGE 8 OF 14


VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS

The following table reconciles net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions:
(Amounts in thousands, except per share amounts)For the Three Months Ended
March 31,
20232022
Net income attributable to common shareholders$5,168 $26,478 
Per diluted share$0.03 $0.14 
FFO adjustments:
Depreciation and amortization of real property$94,792 $105,962 
Net gain on sale of real estate— (551)
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO:
Depreciation and amortization of real property27,469 32,139 
122,261 137,550 
Noncontrolling interests' share of above adjustments(8,746)(9,506)
FFO adjustments, net$113,515 $128,044 
FFO attributable to common shareholders$118,683 $154,522 
Impact of assumed conversion of dilutive convertible securities400 386 
FFO attributable to common shareholders plus assumed conversions$119,083 $154,908 
Per diluted share$0.61 $0.80 
Reconciliation of weighted average shares outstanding:
Weighted average common shares outstanding191,869 191,724 
Effect of dilutive securities:
Convertible securities2,470 1,136 
Share-based payment awards70 314 
Denominator for FFO per diluted share194,409 193,174 
NYSE: VNO | WWW.VNO.COM
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VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED

Below is a reconciliation of net income (loss) to NOI at share and NOI at share - cash basis for the three months ended March 31, 2023 and 2022 and December 31, 2022.
For the Three Months Ended
(Amounts in thousands)March 31,December 31, 2022
20232022
Net income (loss) $11,198 $53,375 $(525,002)
Depreciation and amortization expense106,565 117,443 133,871 
General and administrative expense41,595 41,216 31,439 
Transaction related costs, impairment losses and other658 1,005 26,761 
(Income) loss from partially owned entities(16,666)(33,714)545,126 
Loss (income) from real estate fund investments19 (5,674)1,880 
Interest and other investment income, net(9,603)(1,018)(10,587)
Interest and debt expense86,237 52,109 88,242 
Net gains on disposition of wholly owned and partially owned assets(7,520)(6,552)(65,241)
Income tax expense 4,667 7,411 6,974 
NOI from partially owned entities68,097 78,692 77,221 
NOI attributable to noncontrolling interests in consolidated subsidiaries(11,764)(20,035)(18,929)
NOI at share273,483 284,258 291,755 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other5,052 (3,130)(2,156)
NOI at share - cash basis$278,535 $281,128 $289,599 

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
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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, THE MART, 555 California Street and other investments for the three months ended March 31, 2023 compared to March 31, 2022.
(Amounts in thousands)TotalNew YorkTHE MART555 California StreetOther
NOI at share for the three months ended March 31, 2023$273,483 $235,994 $15,409 $16,929 $5,151 
Less NOI at share from:
Dispositions134 134 — — — 
Development properties(7,545)(7,545)— — — 
Other non-same store (income) expense, net(1,487)3,664 — — (5,151)
Same store NOI at share for the three months ended March 31, 2023$264,585 $232,247 $15,409 $16,929 $— 
NOI at share for the three months ended March 31, 2022$284,258 $243,667 $19,914 $16,235 $4,442 
Less NOI at share from:
Dispositions(3,232)(3,232)— — — 
Development properties(7,440)(7,440)— — — 
Other non-same store income, net(8,918)(4,476)— — (4,442)
Same store NOI at share for the three months ended March 31, 2022$264,668 $228,519 $19,914 $16,235 $— 
(Decrease) increase in same store NOI at share$(83)$3,728 $(4,505)$694 $— 
% (decrease) increase in same store NOI at share0.0 %1.6 %(22.6)%4.3 %0.0 %
NYSE: VNO | WWW.VNO.COM
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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, THE MART, 555 California Street and other investments for the three months ended March 31, 2023 compared to March 31, 2022.
(Amounts in thousands)TotalNew YorkTHE MART555 California StreetOther
NOI at share - cash basis for the three months ended March 31, 2023$278,535 $241,027 $14,675 $17,718 $5,115 
Less NOI at share - cash basis from:
Dispositions134 134 — — — 
Development properties(6,770)(6,770)— — — 
Other non-same store income, net(6,070)(955)— — (5,115)
Same store NOI at share - cash basis for the three months ended March 31, 2023$265,829 $233,436 $14,675 $17,718 $— 
NOI at share - cash basis for the three months ended March 31, 2022$281,128 $239,692 $20,436 $16,360 $4,640 
Less NOI at share - cash basis from:
Dispositions(3,252)(3,252)— — — 
Development properties(6,756)(6,756)— — — 
Other non-same store income, net(9,332)(4,692)— — (4,640)
Same store NOI at share - cash basis for the three months ended March 31, 2022$261,788 $224,992 $20,436 $16,360 $— 
Increase (decrease) in same store NOI at share - cash basis$4,041 $8,444 $(5,761)$1,358 $— 
% increase (decrease) in same store NOI at share - cash basis1.5 %3.8 %(28.2)%8.3 %0.0 %
NYSE: VNO | WWW.VNO.COM
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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, THE MART, 555 California Street and other investments for the three months ended March 31, 2023 compared to December 31, 2022.
(Amounts in thousands)TotalNew YorkTHE MART555 California StreetOther
NOI at share for the three months ended March 31, 2023$273,483 $235,994 $15,409 $16,929 $5,151 
Less NOI at share from:
Dispositions134 134 — — — 
Development properties(7,545)(7,545)— — — 
Other non-same store (income) expense, net(1,189)3,962 — — (5,151)
Same store NOI at share for the three months ended March 31, 2023$264,883 $232,545 $15,409 $16,929 $— 
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(1,499)(1,499)— — — 
Development properties(5,423)(5,423)— — — 
Other non-same store income, net(8,201)(2,756)(202)— (5,243)
Same store NOI at share for the three months ended December 31, 2022$276,632 $238,917 $21,074 $16,641 $— 
(Decrease) increase in same store NOI at share$(11,749)$(6,372)$(5,665)$288 $— 
% (decrease) increase in same store NOI at share(4.2)%(2.7)%(26.9)%1.7 %0.0 %
NYSE: VNO | WWW.VNO.COM
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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, THE MART, 555 California Street and other investments for the three months ended March 31, 2023 compared to December 31, 2022.
(Amounts in thousands)TotalNew YorkTHE MART555 California StreetOther
NOI at share - cash basis for the three months ended March 31, 2023$278,535 $241,027 $14,675 $17,718 $5,115 
Less NOI at share - cash basis from:
Dispositions134 134 — — — 
Development properties(6,770)(6,770)— — — 
Other non-same store income, net(5,709)(594)— — (5,115)
Same store NOI at share - cash basis for the three months ended March 31, 2023$266,190 $233,797 $14,675 $17,718 $— 
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(1,184)(1,184)— — — 
Development properties(4,555)(4,555)— — — 
Other non-same store income, net(8,075)(2,821)(202)— (5,052)
Same store NOI at share - cash basis for the three months ended December 31, 2022$275,785 $235,152 $22,961 $17,672 $— 
(Decrease) increase in same store NOI at share - cash basis$(9,595)$(1,355)$(8,286)$46 $— 
% (decrease) increase in same store NOI at share - cash basis(3.5)%(0.6)%(36.1)%0.3 %0.0 %
NYSE: VNO | WWW.VNO.COM
PAGE 14 OF 14
Document


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INDEX 
 Page
BUSINESS DEVELOPMENTS-
FINANCIAL INFORMATION
Financial Highlights
FFO, As Adjusted Bridge
Consolidated Balance Sheets
Net Income (Loss) 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; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions, including the form of any 2023 dividend payments, and the amount and form of potential share repurchases and/or asset sales. 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and the Company’s Supplemental Fixed Income Data package for the quarter ended March 31, 2023, both of which can be accessed at the Company’s website www.vno.com.
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BUSINESS DEVELOPMENTS 
Dividends/Share Repurchase Program
On April 26, 2023, Vornado announced that it will postpone dividends on its common shares until the end of 2023, at which time, upon finalization of its 2023 taxable income, including the impact of asset sales, it will pay the 2023 dividend in either (i) cash, or (ii) a combination of cash and securities, as determined by its Board of Trustees.
Vornado also announced that its Board of Trustees has authorized the repurchase of up to $200,000,000 of its outstanding common shares under a newly established share repurchase program. Cash retained from dividends or from asset sales will be used to reduce debt and/or fund share repurchases.
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.
Pursuant to the agreements, Citadel master leases 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 was 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”). The purchase is expected to close in the second quarter of 2023.
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.
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.
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BUSINESS DEVELOPMENTS 
Disposition Activity
Alexander's, Inc. ("Alexander's")
On March 8, 2023, Alexander's entered into an agreement to sell the Rego Park III land parcel, located in Queens, New York, for $71,060,000, inclusive of consideration for Brownfield tax benefits and reimbursement of costs for plans, specifications and improvements to date. Alexander's anticipates the closing of the sale in the second quarter of 2023 and will recognize a financial statement gain of approximately $54,000,000. Upon completion of the sale, we will recognize our approximate $16,000,000 share of the net gain.
Financing Activity
150 West 34th Street Loan Participation
On January 9, 2023, our $105,000,000 participation in the $205,000,000 mortgage loan on 150 West 34th Street was repaid, which reduced “other assets” and “mortgages payable, net” on our consolidated balance sheets by $105,000,000. The remaining $100,000,000 mortgage loan balance bears interest at SOFR plus 1.86%, subject to an interest rate cap arrangement with a SOFR strike rate of 4.10%, and matures in May 2024.
Interest Rate Hedging Activities
We entered into the following interest rate swap agreements during the three months ended March 31, 2023. See page 28 for further information on our interest rate swap and cap agreements:
(Amounts in thousands)Notional AmountAll-In Swapped RateSwap Expiration DateVariable Rate Spread
555 California Street (effective 05/24)$840,000 5.92%05/26L+193
Unsecured term loan(1) (effective 10/23)
150,0005.13%07/25S+130
____________________
(1)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 07/25700,000 4.53%100,000 
07/25 through 10/26550,000 4.36%250,000 
10/26 through 08/2750,000 4.04%750,000 

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FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts)
 For the Three Months Ended
 March 31,December 31, 2022
 20232022
Total revenues$445,923 $442,130 $446,940 
Net income (loss) attributable to common shareholders$5,168 $26,478 $(493,280)
Per common share:   
Basic$0.03 $0.14 $(2.57)
Diluted$0.03 $0.14 $(2.57)
Net income attributable to common shareholders, as adjusted (non-GAAP)$2,373 $31,682 $19,954 
Per diluted share (non-GAAP)$0.01 $0.16 $0.10 
FFO attributable to common shareholders plus assumed conversions, as adjusted
(non-GAAP)
$116,288 $152,313 $139,041 
Per diluted share (non-GAAP)$0.60 $0.79 $0.72 
FFO attributable to common shareholders plus assumed conversions (non-GAAP)$119,083 $154,908 $176,465 
FFO - Operating Partnership ("OP") basis (non-GAAP)$128,229 $166,379 $189,572 
Per diluted share (non-GAAP)$0.61 $0.80 $0.91 
Dividends per common share$0.375 $0.53 $0.53 
FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)62.5 %67.1 %73.6 %
FAD payout ratio85.2 %76.8 %93.0 %
Weighted average common shares outstanding (REIT basis)191,869 191,724 191,831 
Convertible units:
Class A units13,933 13,417 13,615 
Convertible securities2,470 1,136 2,182 
Share based payment awards436 755 381 
Weighted average common shares outstanding (OP basis)208,708 207,032 208,009 

Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.
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FFO, AS ADJUSTED BRIDGE - Q1 2023 VS. Q1 2022 (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 March 31, 2022$152.3 $0.79 
Decrease in FFO, as adjusted due to:
Increase in interest expense, net of increase in interest income(30.0)
Tenant related items(4.6)
Sale of 33‐00 Northern Boulevard, 40 Fulton Street and street retail properties(2.8)
Other, net(1.3)
(38.7)
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities2.7 
Net decrease(36.0)(0.19)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2023$116.3 $0.60 

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 ofIncrease
(Decrease)
 March 31, 2023December 31, 2022
ASSETS   
Real estate, at cost:
Land$2,451,828 $2,451,828 $— 
Buildings and improvements9,838,757 9,804,204 34,553 
Development costs and construction in progress1,058,518 933,334 125,184 
Leasehold improvements and equipment125,982 125,389 593 
Total13,475,085 13,314,755 160,330 
Less accumulated depreciation and amortization(3,546,942)(3,470,991)(75,951)
Real estate, net9,928,143 9,843,764 84,379 
Right-of-use assets685,152 684,380 772 
Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills:
Cash and cash equivalents890,957 889,689 1,268 
Restricted cash142,882 131,468 11,414 
Investments in U.S. Treasury bills276,645 471,962 (195,317)
Total1,310,484 1,493,119 (182,635)
Tenant and other receivables95,034 81,170 13,864 
Investments in partially owned entities2,633,558 2,665,073 (31,515)
220 CPS condominium units ready for sale37,644 43,599 (5,955)
Receivable arising from the straight-lining of rents691,271 694,972 (3,701)
Deferred leasing costs, net366,960 373,555 (6,595)
Identified intangible assets, net137,161 139,638 (2,477)
Other assets387,011 474,105 (87,094)
Total assets$16,272,418 $16,493,375 $(220,957)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net$5,717,338 $5,829,018 $(111,680)
Senior unsecured notes, net1,192,342 1,191,832 510 
Unsecured term loan, net793,517 793,193 324 
Unsecured revolving credit facilities575,000 575,000 — 
Lease liabilities740,301 735,969 4,332 
Accounts payable and accrued expenses441,741 450,881 (9,140)
Deferred revenue37,879 39,882 (2,003)
Deferred compensation plan98,996 96,322 2,674 
Other liabilities312,107 268,166 43,941 
Total liabilities9,909,221 9,980,263 (71,042)
Redeemable noncontrolling interests430,539 436,732 (6,193)
Shareholders' equity5,691,632 5,839,728 (148,096)
Noncontrolling interests in consolidated subsidiaries241,026 236,652 4,374 
Total liabilities, redeemable noncontrolling interests and equity$16,272,418 $16,493,375 $(220,957)
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CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
 For the Three Months Ended
 March 31,December 31, 2022
 20232022Variance
Property rentals(1)
$343,152 $331,359 $11,793 $354,453 
Tenant expense reimbursements(1)
56,095 43,672 12,423 39,879 
Amortization of acquired below-market leases, net1,367 917 450 1,390 
Straight-lining of rents(3,821)21,335 (25,156)342 
Total rental revenues396,793 397,283 (490)396,064 
Fee and other income:
Building Maintenance Services ("BMS") cleaning fees35,328 32,691 2,637 35,921 
Management and leasing fees3,049 2,769 280 2,872 
Other income10,753 9,387 1,366 12,083 
Total revenues445,923 442,130 3,793 446,940 
Operating expenses(228,773)(216,529)(12,244)(213,477)
Depreciation and amortization(106,565)(117,443)10,878 (133,871)
General and administrative(41,595)(41,216)(379)(31,439)
(Expense) benefit from deferred compensation plan liability(3,728)1,944 (5,672)(521)
Transaction related costs, impairment losses and other(658)(1,005)347 (26,761)
Total expenses(381,319)(374,249)(7,070)(406,069)
Income (loss) from partially owned entities16,666 33,714 (17,048)(545,126)
(Loss) income from real estate fund investments(19)5,674 (5,693)(1,880)
Interest and other investment income, net9,603 1,018 8,585 10,587 
Income (loss) from deferred compensation plan assets3,728 (1,944)5,672 521 
Interest and debt expense(86,237)(52,109)(34,128)(88,242)
Net gains on disposition of wholly owned and partially owned assets7,520 6,552 968 65,241 
Income (loss) before income taxes15,865 60,786 (44,921)(518,028)
Income tax expense(4,667)(7,411)2,744 (6,974)
Net income (loss)11,198 53,375 (42,177)(525,002)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries9,928 (9,374)19,302 10,493 
Operating Partnership(429)(1,994)1,565 36,758 
Net income (loss) attributable to Vornado20,697 42,007 (21,310)(477,751)
Preferred share dividends(15,529)(15,529)— (15,529)
Net income (loss) attributable to common shareholders$5,168 $26,478 $(21,310)$(493,280)
Capitalized expenditures:
Development payroll$2,849 $2,389 $460 $3,838 
Interest and debt expense
8,857 3,520 5,337 6,990 
________________________________
(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 INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)
(Amounts in thousands)
 For the Three Months Ended March 31, 2023
 TotalNew YorkOther
Property rentals(1)
$343,152 $275,803 $67,349 
Tenant expense reimbursements(1)
56,095 46,663 9,432 
Amortization of acquired below-market leases, net1,367 1,198 169 
Straight-lining of rents(3,821)(4,148)327 
Total rental revenues396,793 319,516 77,277 
Fee and other income:
BMS cleaning fees35,328 37,678 (2,350)
Management and leasing fees3,049 3,173 (124)
Other income10,753 3,447 7,306 
Total revenues445,923 363,814 82,109 
Operating expenses(228,773)(188,321)(40,452)
Depreciation and amortization(106,565)(84,064)(22,501)
General and administrative(41,595)(13,167)(28,428)
Expense from deferred compensation plan liability(3,728)— (3,728)
Transaction related costs and other(658)(10)(648)
Total expenses(381,319)(285,562)(95,757)
Income from partially owned entities16,666 14,972 1,694 
Loss from real estate fund investments(19)— (19)
Interest and other investment income, net9,603 3,025 6,578 
Income from deferred compensation plan assets3,728 — 3,728 
Interest and debt expense(86,237)(40,500)(45,737)
Net gains on disposition of wholly owned and partially owned assets7,520 — 7,520 
Income (loss) before income taxes15,865 55,749 (39,884)
Income tax expense(4,667)(761)(3,906)
Net income (loss)11,198 54,988 (43,790)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries9,928 8,257 1,671 
Net income (loss) attributable to Vornado Realty L.P.21,126 $63,245 $(42,119)
Less net income attributable to noncontrolling interests in the Operating Partnership(400)
Preferred unit distributions(15,558)
Net income attributable to common shareholders$5,168 
For the three months ended March 31, 2022
Net income (loss) attributable to Vornado Realty L.P.$44,001 $78,431 $(34,430)
Net income attributable to common shareholders$26,478 
________________________________
(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 March 31, 2023
TotalNew YorkOther
Total revenues$445,923 $363,814 $82,109 
Operating expenses(228,773)(188,321)(40,452)
NOI - consolidated217,150 175,493 41,657 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(11,764)(4,823)(6,941)
Add: Our share of NOI from partially owned entities68,097 65,324 2,773 
NOI at share273,483 235,994 37,489 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other5,052 5,033 19 
NOI at share - cash basis$278,535 $241,027 $37,508 

For the Three Months Ended March 31, 2022
TotalNew YorkOther
Total revenues$442,130 $358,548 $83,582 
Operating expenses(216,529)(177,535)(38,994)
NOI - consolidated225,601 181,013 44,588 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(20,035)(13,310)(6,725)
Add: Our share of NOI from partially owned entities78,692 75,964 2,728 
NOI at share284,258 243,667 40,591 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other(3,130)(3,975)845 
NOI at share - cash basis$281,128 $239,692 $41,436 

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 
________________________________
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 Ended
March 31,December 31, 2022
20232022
NOI at share:
New York:
Office(1)
$174,270 $177,809 $184,045 
Retail47,196 52,105 50,083 
Residential5,458 4,774 4,978 
Alexander’s9,070 8,979 9,489 
Total New York235,994 243,667 248,595 
Other:
THE MART15,409 19,914 21,276 
555 California Street16,929 16,235 16,641 
Other investments5,151 4,442 5,243 
Total Other37,489 40,591 43,160 
NOI at share$273,483 $284,258 $291,755 
NOI at share - cash basis:
New York:
Office(1)
$182,081 $177,827 $182,648 
Retail44,034 47,393 46,168 
Residential5,051 4,689 4,660 
Alexander's9,861 9,783 10,236 
Total New York241,027 239,692 243,712 
Other:
THE MART14,675 20,436 23,163 
555 California Street17,718 16,360 17,672 
Other investments5,115 4,640 5,052 
Total Other37,508 41,436 45,887 
NOI at share - cash basis$278,535 $281,128 $289,599 
________________________________
(1)Includes BMS NOI of $6,289, $5,782 and $8,305, respectively, for the three months ended March 31, 2023 and 2022 and December 31, 2022.

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SAME STORE NOI AT SHARE AND SAME STORE NOI AT SHARE - CASH BASIS (NON-GAAP) (unaudited)
TotalNew YorkTHE MART555 California Street
Same store NOI at share % increase (decrease)(1):
Three months ended March 31, 2023 compared to March 31, 20220.0 %1.6 %(22.6)%4.3 %
Three months ended March 31, 2023 compared to December 31, 2022(4.2)%(2.7)%(26.9)%1.7 %
Same store NOI at share - cash basis % increase (decrease)(1):
Three months ended March 31, 2023 compared to March 31, 20221.5 %3.8 %(28.2)%8.3 %
Three months ended March 31, 2023 compared to December 31, 2022(3.5)%(0.6)%(36.1)%0.3 %
________________________________
(1)See pages viii through xi in the Appendix for same store NOI at share and same store NOI at share - cash basis reconciliations.
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PENN DISTRICT
ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF MARCH 31, 2023 (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
PENN 2 - as expandedNew York1,795,000 750,000 452,509 297,491 20259.5%
PENN 1 (including LIRR Concourse Retail)(2)
New York2,547,000 450,000 384,843 

65,157 N/A13.2%(2)(3)
Districtwide ImprovementsNew YorkN/A100,000 42,098 57,902 N/AN/A
Total Active PENN District Projects  1,300,000 879,450 420,550  10.1%
________________________________
(1)Excluding debt and equity carry.
(2)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 June 2023, which may be material.
(3)Projected to be achieved as pre-redevelopment leases roll, which have an approximate average remaining term of 3.4 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 MARCH 31, 2023 (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      
527 West Kinzie, Chicago
Other330,000 
57th Street (50% interest)New York150,000     
Eighth Avenue and 34th StreetNew York105,000 
Total undeveloped land 585,000     
____________________
(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 
555 California Street
 OfficeRetailTHE MART
Three Months Ended March 31, 2023    
Total square feet leased777 25 79 
Our share of square feet leased:771 20 79 
Initial rent(1)
$101.02 $373.07 $56.44 $156.96 
Weighted average lease term (years)9.5 6.8 6.8 7.0 
Second generation relet space:
Square feet677 51 — 
GAAP basis:
Straight-line rent(2)
$106.34 $595.05 $58.73 $— 
Prior straight-line rent$98.02 $578.45 $59.65 $— 
Percentage increase (decrease)8.5 %2.9 %(1.5)%— %
Cash basis (non-GAAP):
Initial rent(1)
$104.55 $595.05 $60.16 $— 
Prior escalated rent$102.82 $581.33 $65.30 $— 
Percentage increase (decrease)1.7 %2.4 %(7.9)%— %
Tenant improvements and leasing commissions:
Per square foot$23.53 $180.46 $54.65 $273.50 
Per square foot per annum$2.48 $26.54 $8.04 $39.07 
Percentage of initial rent2.5 %7.1 %14.2 %24.9 %
________________________________
(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:
First Quarter 2023(2)
61,000 $2,602,000 $42.66 0.2 %
Second Quarter 2023102,000 7,667,000 75.17 0.6 %
 Third Quarter 2023200,000 16,883,000 84.42 1.4 %
 Fourth Quarter 2023477,000 47,698,000 100.00 4.0 %
Remaining 2023779,000 72,248,000 92.74 6.0 %
First Quarter 2024160,000 16,668,000 104.18 1.4 %
 Remaining 2024764,000 70,879,000 92.77 6.0 %
 2025701,000 57,302,000 81.74 4.8 %
 20261,228,000 99,618,000 81.12 8.4 %
 20271,158,000 89,024,000 76.88 7.5 %
2028994,000 74,231,000 74.68 6.3 %
20291,186,000 94,481,000 79.66 8.0 %
2030623,000 51,324,000 82.38 4.3 %
2031911,000 81,481,000 89.44 6.9 %
2032973,000 94,627,000 97.25 8.0 %
2033556,000 46,972,000 84.48 4.0 %
Thereafter4,393,000 (3)334,704,000 76.19 28.2 %
Retail:
First Quarter 2023(2)
131,000 $5,148,000 $39.30 2.0 %
 Second Quarter 2023— — — 0.0 %
 Third Quarter 202310,000 5,023,000 502.30 1.9 %
Fourth Quarter 20235,000 382,000 76.40 0.1 %
Remaining 202315,000 5,405,000 360.33 2.0 %
 First Quarter 202412,000 6,151,000 512.58 2.3 %
Remaining 2024117,000 18,919,000 161.70 7.2 %
202547,000 15,308,000 325.70 5.8 %
202682,000 26,171,000 319.16 10.0 %
 202734,000 18,990,000 558.53 7.3 %
 202827,000 13,335,000 493.89 5.1 %
202945,000 26,457,000 587.93 10.1 %
 2030153,000 22,604,000 147.74 8.7 %
 203188,000 29,249,000 332.38 11.2 %
 203255,000 28,573,000 519.51 10.9 %
 203317,000 6,001,000 353.00 2.3 %
Thereafter375,000 39,850,000 106.27 15.1 %
________________________________
(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)
THE MART
 Period of Lease
Expiration
Our Share of
Square Feet
of Expiring
Leases(1)
Annualized Escalated Rents
of Expiring Leases
Percentage of
Annualized
Escalated Rent
 TotalPer Sq. Ft.
Office / Showroom / Retail:
First Quarter 2023(2)
11,000 $840,000 $76.36 0.6 %
Second Quarter 202310,000 675,000 67.50 0.5 %
Third Quarter 2023160,000 8,194,000 51.21 5.7 %
 Fourth Quarter 202347,000 2,724,000 57.96 1.9 %
 Remaining 2023217,000 11,593,000 53.42 8.1 %
First Quarter 2024112,000 6,286,000 56.13 4.3 %
Remaining 2024119,000 7,066,000 59.38 4.9 %
 2025200,000 10,889,000 56.13 7.5 %
 2026300,000 16,858,000 56.19 11.6 %
2027189,000 10,096,000 53.42 7.0 %
2028689,000 33,629,000 48.81 23.1 %
 2029111,000 5,487,000 49.43 3.8 %
203037,000 2,211,000 59.76 1.5 %
2031294,000 13,804,000 46.95 9.5 %
2032374,000 16,548,000 44.25 11.4 %
203314,000 814,000 58.14 0.6 %
Thereafter194,000 8,881,000 45.78 6.1 %
________________________________
(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:
First Quarter 2023(2)
6,000 $400,000 $66.67 0.4 %
 Second Quarter 2023— — — 0.0 %
Third Quarter 2023— — — 0.0 %
 Fourth Quarter 2023— — — 0.0 %
Remaining 2023— — — 0.0 %
First Quarter 20244,000 506,000 126.50 0.5 %
Remaining 202465,000 6,717,000 103.34 6.2 %
2025274,000 24,768,000 90.39 22.9 %
 2026238,000 23,683,000 99.51 21.9 %
 202765,000 6,058,000 93.20 5.6 %
2028112,000 9,952,000 88.86 9.2 %
 2029116,000 11,116,000 95.83 10.3 %
 2030109,000 9,657,000 88.60 8.9 %
 2031— — — 0.0 %
 20325,000 645,000 129.00 0.6 %
 203315,000 1,737,000 115.80 1.6 %
Thereafter173,000 12,992,000 75.10 11.9 %
________________________________
(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.

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CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
CONSOLIDATED
(Amounts in thousands)  
Three Months Ended March 31, 2023Year Ended December 31,
20222021
Amounts paid for capital expenditures:
Expenditures to maintain assets$25,475 $85,573 $75,133 
Tenant improvements22,458 41,934 68,284 
Leasing commissions4,328 16,005 36,274 
Recurring tenant improvements, leasing commissions and other capital expenditures52,261 143,512 179,691 
Non-recurring capital expenditures(1)
8,982 32,583 19,849 
Total capital expenditures and leasing commissions$61,243 $176,095 $199,540 
 Three Months Ended March 31, 2023Year Ended December 31,
 20222021
Amounts paid for development and redevelopment expenditures(2):
   
PENN 2$71,968 $266,676 $105,267 
Hotel Pennsylvania site20,601 77,965 54,280 
PENN 120,334 102,445 171,824 
The Farley Building4,729 224,382 202,414 
THE MART 2.04,386 10,130 729 
PENN Districtwide improvements3,868 11,096 14,116 
PENN 112,996 10,430 418 
220 CPS1,442 10,186 19,351 
Other5,226 24,689 17,541 
$135,550 $737,999 $585,940 
________________________________
(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)
 Three Months Ended March 31, 2023Year Ended December 31,
20222021
Amounts paid for capital expenditures:
Expenditures to maintain assets$18,564 $60,588 $61,420 
Tenant improvements11,277 27,862 59,522 
Leasing commissions3,748 10,465 27,284 
Recurring tenant improvements, leasing commissions and other capital expenditures33,589 98,915 148,226 
Non-recurring capital expenditures(1)
8,106 28,992 19,694 
Total capital expenditures and leasing commissions$41,695 $127,907 $167,920 
 Three Months Ended March 31, 2023Year Ended December 31,
 20222021
Amounts paid for development and redevelopment expenditures(2):
   
PENN 2$71,968 $266,676 $105,267 
Hotel Pennsylvania site20,601 77,965 54,280 
PENN 120,334 102,445 171,824 
The Farley Building4,729 224,382 202,414 
PENN Districtwide improvements3,868 11,096 14,116 
PENN 112,996 10,430 418 
Other3,892 20,606 12,220 
$128,388 $713,600 $560,539 
________________________________
(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)
THE MART
(Amounts in thousands)  
 Three Months Ended March 31, 2023Year Ended December 31,
20222021
Amounts paid for capital expenditures:
Expenditures to maintain assets$4,408 $18,137 $7,199 
Tenant improvements11,179 11,977 5,683 
Leasing commissions576 2,610 2,047 
Recurring tenant improvements, leasing commissions and other capital expenditures16,163 32,724 14,929 
Non-recurring capital expenditures(1)
876 676 155 
Total capital expenditures and leasing commissions$17,039 $33,400 $15,084 
 Three Months Ended March 31, 2023Year Ended December 31,
 20222021
Amounts paid for development and redevelopment expenditures(2):
   
THE MART 2.0$4,386 $10,130 $729 
Other1,334 4,083 1,068 
$5,720 $14,213 $1,797 
________________________________
(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)   
 Three Months Ended March 31, 2023Year Ended December 31,
20222021
Amounts paid for capital expenditures:
Expenditures to maintain assets$2,503 $6,848 $6,514 
Tenant improvements2,095 3,079 
Leasing commissions2,930 6,943 
Recurring tenant improvements, leasing commissions and other capital expenditures2,509 11,873 16,536 
Non-recurring capital expenditures(1)
— 2,915 — 
Total capital expenditures and leasing commissions$2,509 $14,788 $16,536 
 Three Months Ended March 31, 2023Year Ended December 31,
 20222021
Amounts paid for development and redevelopment expenditures(2):
   
345 Montgomery Street$— $— $4,253 
________________________________
See notes below.


CAPITAL EXPENDITURES (unaudited)
OTHER
(Amounts in thousands)   
 Three Months Ended March 31, 2023Year Ended December 31,
 20222021
Amounts paid for development and redevelopment expenditures(2):
   
220 CPS$1,442 $10,186 $19,351 
________________________________
(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 March 31, 2023
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%$2,262,393 $448,473 (4)$921,000 VariousVariousVarious
Alexander'sOffice/Retail32.4%82,724 355,280 1,096,544 VariousVariousVarious
Partially owned office buildings/land:
512 West 22nd StreetOffice/Retail55.0%59,771 75,418 137,124 06/23L+1855.85%
West 57th Street propertiesOffice/Retail/Land50.0%52,280 — — —%
280 Park AvenueOffice/Retail50.0%48,440 600,000 1,200,000 09/24L+1735.81%
825 Seventh AvenueOffice50.0%13,228 29,816 59,632 07/23L+2357.04%
61 Ninth AvenueOffice/Retail45.1%4,252 75,543 167,500 01/26S+1465.85%
650 Madison AvenueOffice/Retail20.1%— 161,024 800,000 12/29N/A3.49%
Other investments:
Independence PlazaResidential/Retail50.1%49,604 338,175 675,000 07/25N/A4.25%
Rosslyn PlazaOffice/Residential43.7% to 50.4%35,832 15,627 31,000 04/23(5)S+2056.72%
OtherVariousVarious25,034 124,427 666,120 VariousVariousVarious
$2,633,558 $2,223,783 $5,753,920 
Investments in partially owned entities included in other liabilities(6):
7 West 34th StreetOffice/Retail53.0%$(65,513)$159,000 $300,000 06/26N/A3.65%
85 Tenth AvenueOffice/Retail49.9%(13,544)311,875 625,000 12/26N/A4.55%
$(79,057)$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)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.
(5)On April 6, 2023, we completed a $25,000 refinancing of Rosslyn Plaza. The new loan matures in April 2026 and bears interest at SOFR plus 2.00%.
(6)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 March 31, 2023Our Share of Net Income (Loss) for the Three Months Ended March 31,Our Share of NOI (non-GAAP) for the Three Months Ended March 31,
 2023202220232022
Joint Venture Name     
New York:     
Fifth Avenue and Times Square JV:
Equity in net income51.5%$10,199 $16,309 $29,564 $36,146 
Return on preferred equity, net of our share of the expense9,226 9,226 — — 
19,425 25,535 29,564 36,146 
280 Park Avenue50.0%(4,529)2,329 10,241 10,551 
85 Tenth Avenue49.9%(4,194)(1,375)1,510 3,957 
Alexander's32.4%3,571 4,671 9,070 8,979 
7 West 34th Street53.0%1,085 1,092 3,596 3,624 
Independence Plaza50.1%(497)(1,139)5,009 4,476 
512 West 22nd Street55.0%(355)127 1,482 1,007 
West 57th Street properties50.0%(168)(203)82 88 
61 Ninth Avenue45.1%(46)713 1,848 1,735 
Other, netVarious680 294 2,922 5,401 
14,972 32,044 65,324 75,964 
Other:
Alexander's corporate fee income32.4%1,173 1,020 651 496 
Rosslyn Plaza43.7% to 50.4%529 452 1,114 1,114 
Other, netVarious(8)198 1,008 1,118 
1,694 1,670 2,773 2,728 
Total$16,666 $33,714 $68,097 $78,692 


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CAPITAL STRUCTURE (unaudited)
(Amounts in thousands, except per share and per unit amounts)
As of
   March 31, 2023
Debt (contractual balances):   
Consolidated debt(1):
   
Mortgages payable
  $5,767,215 
Senior unsecured notes
  1,200,000 
$800 Million unsecured term loan
  800,000 
$2.5 Billion unsecured revolving credit facilities575,000 
   8,342,215 
Pro rata share of debt of non-consolidated entities 2,694,658 
Less: Noncontrolling interests' share of consolidated debt
(primarily 1290 Avenue of the Americas and 555 California Street)
(682,059)
   10,354,814 (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
March 31, 2023 Common Share Price 
Equity:   
Common shares191,881 $15.37 2,949,211 
Class A units13,619 15.37 209,324 
Convertible share equivalents: 
Equity awards - unit equivalents
1,198 15.37 18,413 
Series D-13 preferred units3,037 15.37 46,679 
Series G-1 through G-4 preferred units190 15.37 2,920 
Series A preferred shares
25 15.37 384 
 
 3,226,931 (C)
Total Market Capitalization (A+B+C) $14,804,780 
________________________________
(1)See reconciliation on page xii in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of March 31, 2023.
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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):
First Quarter 2023
Fourth Quarter 2022
Third Quarter 2022
Second Quarter 2022
High price$26.76 $26.28 $30.90 $45.84 
Low price$12.53 $20.03 $22.83 $27.64 
Closing price - end of quarter$15.37 $20.81 $23.16 $28.59 
Annualized quarterly dividend per share$1.50 $2.12 $2.12 $2.12 
Annualized dividend yield - on closing price9.8 %10.2 %9.2 %7.4 %
Outstanding shares, Class A units and convertible preferred units as converted (in thousands)209,950 208,678 208,220 207,814 
Closing market value of outstanding shares, Class A units and convertible preferred units as converted$3.2 Billion$4.3 Billion$4.8 Billion$5.9 Billion
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DEBT ANALYSIS (unaudited)
(Amounts in thousands)      
 As of March 31, 2023
 TotalVariableFixed
(Contractual debt balances)AmountWeighted
Average
Interest Rate
AmountWeighted
Average
Interest Rate
AmountWeighted
Average
Interest Rate
Consolidated debt(1)
$8,342,215 4.11%$2,197,665 5.57%$6,144,550 3.59%
Pro rata share of debt of non-consolidated entities2,694,658 4.93%1,247,201 6.33%1,447,457 3.72%
Total11,036,873 4.31%3,444,866 5.85%7,592,007 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$10,354,814 4.22%$2,762,807 5.87%$7,592,007 3.61%

Debt Covenant Ratios:(2)
Senior Unsecured Notes due 2025, 2026 and 2031
Unsecured Revolving Credit Facilities
and Unsecured Term Loan
 
 RequiredActualRequiredActual
Total outstanding debt/total assets(3)
Less than 65%50%Less than 60%36%
Secured debt/total assetsLess than 50%33%Less than 50%26%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)Greater than 1.502.24 N/A
Fixed charge coverage N/AGreater than 1.402.13
Unencumbered assets/unsecured debtGreater than 150%340% N/A
Unsecured debt/cap value of unencumbered assets
 N/ALess than 60%21%
Unencumbered coverage ratio N/AGreater than 1.506.73
Consolidated Unencumbered EBITDA (non-GAAP):
 Q1 2023
Annualized
New York$267,664 
Other98,132 
Total$365,796 
________________________________
(1)See reconciliation on page xii in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of March 31, 2023.
(2)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.
(3)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 MARCH 31, 2023 (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 
In-place swap2.26%05/24
Forward swap (effective 05/24)5.92%05/26
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 loan272,400 S+18012/25200,000 4.76%09/27
4 Union Square South mortgage loan120,000 S+15008/2599,550 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
$4,686,192 4,592,843 
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)
3.89%03/25
150 West 34th Street mortgage loan100,000 S+18605/24100,000 4.10%05/24
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+18506/2375,418 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
$2,177,770 2,177,770 
(4)
Fixed rate debt per loan agreements 2,999,165 
Variable rate debt not subject to interest rate swaps or caps585,036 
(4)
Total debt at share$10,354,814 
____________________
(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 4 for details.
(3)In March 2023, we entered into a forward cap for the $525,000 One Park Avenue mortgage loan which expires in March 2025 and is effective upon the March 2024 expiration of the existing cap. The forward cap has a SOFR strike rate of 3.89%.
(4)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+1306.00%$$95,696$$$$$95,696
150 West 34th Street05/24S+1865.96%100,000100,000
606 Broadway (50.0% interest)09/24S+1915.91%74,11974,119
4 Union Square South08/254.15%120,000120,000
PENN 1110/252.22%500,000500,000
888 Seventh Avenue12/255.21%16,20021,600234,600272,400
One Park Avenue03/26S+1225.11%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 Debt16,200291,415854,600525,0001,580,0002,500,0005,767,215
Unsecured Debt:
Senior unsecured notes due 202501/253.50%450,000450,000
$1.25 Billion unsecured revolving credit facility04/26S+119

0.00%
Senior unsecured notes due 202606/262.15%400,000400,000
$1.25 Billion unsecured revolving credit facility12/273.88%
(3)
575,000575,000
$800 Million unsecured term loan12/274.05%
(3)
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$16,200$291,415$1,304,600$925,000$2,955,000$2,850,000$8,342,215
Weighted average rate6.47%6.00%3.34%3.83%4.38%4.07%4.11%
Fixed rate debt(4)
$$$1,249,550$400,000$2,955,000$1,540,000$6,144,550
Fixed weighted average rate expiring0.00%0.00%3.21%2.15%4.38%2.74%3.59%
Floating rate debt$16,200$291,415$55,050$525,000$$1,310,000$2,197,665
Floating weighted average rate expiring6.47%6.00%6.35%5.11%0.00%5.62%5.57%
________________________________
(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 March 31, 2023.
(3)In April 2023, we qualified for a sustainability margin adjustment on our unsecured term loan and $1.25 billion unsecured revolving credit facility maturing December 2027 by achieving certain KPI metrics, which will reduce our interest rate by 0.01%. We previously qualified for a 0.01% reduction on our $1.25 billion unsecured revolving credit facility maturing April 2026.
(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 March 31, 2023.

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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 $160,479 9.0 %
IPG and affiliates967,552 64,173 3.6 %
Citadel 585,460 62,498 3.6 %
New York University685,290 47,605 2.6 %
Google/Motorola Mobility (guaranteed by Google)759,446 41,129 2.3 %
Bloomberg L.P. 306,768 40,256 2.2 %
Equitable Financial Life Insurance Company335,356 35,378 2.0 %
Amazon (including its Whole Foods subsidiary)312,694 30,349 1.7 %
Swatch Group USA14,949 28,693 1.6 %
Neuberger Berman Group LLC306,612 27,283 1.5 %
Madison Square Garden & Affiliates411,923 27,107 1.5 %
AMC Networks, Inc.326,717 25,391 1.4 %
LVMH Brands65,060 24,908 1.4 %
Bank of America247,459 24,521 1.4 %
Apple Inc.412,434 24,077 1.3 %
Victoria's Secret33,156 19,501 1.1 %
PwC241,196 19,148 1.1 %
Macy's242,837 17,886 1.0 %
Yahoo Inc.161,588 16,688 0.9 %
Fast Retailing (Uniqlo)47,167 13,636 0.8 %
Cushman & Wakefield127,485 13,113 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 %
Alston & Bird LLP126,872 10,161 0.6 %
Burlington Coat Factory108,844 10,038 0.6 %
WSP USA 172,666 9,882 0.5 %
Kirkland & Ellis LLP106,751 9,231 0.5 %
Foley & Lardner LLP103,970 9,108 0.5 %
47.9 %
________________________________
(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:      
Office19,918 17,220 1,170 15,867 — 183 — 
Retail2,540 2,102 280 — 1,822 — — 
Residential - 1,664 units
1,499 766 — — — — 766 
Alexander's (32.4% interest), including 312 residential units2,454 795 — 305 408 — 82 
 26,411 20,883 1,450 16,172 2,230 183 848 
Other:
     
THE MART3,898 3,889 264 2,061 102 1,247 215 
555 California Street (70% interest)1,819 1,274 — 1,240 34 — — 
Other2,845 1,346 144 212 879 — 111 
 8,562 6,509 408 3,513 1,015 1,247 326 
Total square feet at March 31, 202334,973 27,392 1,858 19,685 3,245 1,430 1,174 
Total square feet at December 31, 202234,974 27,394 1,927 19,644 3,200 1,449 1,174 
Parking Garages (not included above):Square FeetNumber of
Garages
Number of
Spaces
  
New York1,635 4,804   
THE MART558 1,643   
555 California Street168 453   
Rosslyn Plaza411 1,094   
Total at March 31, 20232,772 18 7,994   
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OCCUPANCY (unaudited)
New YorkTHE MART
555 California Street
Occupancy rate at:
March 31, 202389.9 %80.3 %94.9 %
December 31, 202290.4 %81.6 %94.7 %
March 31, 202291.2 %88.9 %94.2 %



RESIDENTIAL STATISTICS (unaudited)
  Vornado's Ownership Interest
 
Number of Units
Number of Units
Occupancy Rate
Average Monthly
Rent Per Unit
New York:    
March 31, 20231,97694196.8%$3,914
December 31, 20221,97694196.7%$3,882
March 31, 20221,98394897.1%$3,771
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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 effective June 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. The appellate court affirmed the lower court’s decision. We are evaluating the appellate 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., United
-Office100.0 %81.4 %$74.08 2,229,000 2,229,000 — Healthcare Services, Inc., Siemens Mobility, WSP USA, Gusto Inc., Samsung*
-Retail100.0 %100.0 %168.82 318,000 77,000 241,000 Bank of America, Starbucks, Blue Bottle Coffee Inc., Shake Shack*
 100.0 %82.0 %77.61 $158,700 2,547,000 2,306,000 241,000 $— 
PENN 2      
-Office100.0 %100.0 %61.54 1,577,000 407,000 1,170,000 Madison Square Garden, EMC
-Retail100.0 %100.0 %618.21 43,000 4,000 39,000 JPMorgan Chase
 100.0 %100.0 %66.81 27,300 1,620,000 411,000 1,209,000 575,000 
(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 %24.1 %403.20 116,000 116,000 — Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels
95.0 %89.8 %120.96 91,700 846,000 846,000 — — 
PENN 11        
-Office100.0 %100.0 %71.22 1,110,000 1,110,000 —  Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's
-Retail100.0 %80.1 %148.57 39,000 39,000 — PNC Bank National Association, Starbucks
 100.0 %99.3 %73.39 78,300 1,149,000 1,149,000 — 500,000  
100 West 33rd Street        
-Office100.0 %91.5 %67.46 859,000 859,000 — IPG and affiliates
-Retail100.0 %16.8 %54.94 255,000 255,000 — Aeropostale, Candytopia
100.0 %75.1 %66.84 54,600 1,114,000 1,114,000 — 480,000 
330 West 34th Street        
(65.2% ground leased through 2149)**       Structure Tone,
-Office100.0 %75.4 %74.97 702,000 702,000 — Deutsch, Inc., Web.com, Footlocker, HomeAdvisor, Inc.
-Retail100.0 %91.1 %127.42 22,000 22,000 — Starbucks
 100.0 %75.7 %76.41 40,500 724,000 724,000 — 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 %359.77 19,000 19,000 — Amazon, Lindt, Naturalizer (guaranteed by Caleres)
 53.0 %100.0 %91.97 43,000 477,000 477,000 — 300,000  
431 Seventh Avenue        
-Retail100.0 %100.0 %248.87 1,100 9,000 9,000 — — Essen
138-142 West 32nd Street        
-Retail100.0 %100.0 %107.82 500 8,000 8,000 — —  
150 West 34th Street
-Retail100.0 %100.0 %112.53 8,800 78,000 78,000 — 100,000 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 %$74.78 $200 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 %190.38 2,600 16,000 16,000 — — 
Total PENN District   510,200 8,657,000 7,207,000 1,450,000 2,150,696  
Midtown East:        
909 Third Avenue       
(ground leased through 2063)**       IPG and affiliates, AbbVie Inc., United States Post Office,
-Office100.0 %95.0 %65.08
(6)
59,600 1,352,000 1,352,000 — 350,000 Geller & Company, Morrison Cohen LLP, Sard Verbinnen
150 East 58th Street(7)
        
-Office100.0 %88.0 %79.98 541,000 541,000 — Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail100.0 %100.0 %96.27 3,000 3,000 —  
 100.0 %88.1 %80.07 37,800 544,000 544,000 — —  
715 Lexington Avenue        
-Retail100.0 %100.0 %194.78 4,300 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 %181.97 1,200 7,000 7,000 — — Wells Fargo
Total Midtown East   103,600 1,932,000 1,932,000 — 350,000  
Midtown West:        
888 Seventh Avenue       
(ground leased through 2067)**       Axon Capital LP, Lone Star US Acquisitions LLC, Top-New York, Inc.,
-Office100.0 %90.6 %97.05 872,000 872,000 — Vornado Executive Headquarters, United Talent Agency
-Retail100.0 %100.0 %285.48 15,000 15,000 — Redeye Grill L.P.
 100.0 %90.7 %98.90 78,600 887,000 887,000 — 272,400  
57th Street - 2 buildings        
-Office50.0 %85.4 %61.25 81,000 81,000 — 
-Retail50.0 %42.5 %118.14 22,000 22,000 —  
 50.0 %78.3 %66.39 5,000 103,000 103,000 — —  
825 Seventh Avenue
-Office50.0 %79.6 %59.02 169,000 169,000 — Young Adult Institute Inc., New Alternatives for Children, Inc.*
-Retail100.0 %48.6 %73.27 4,000 4,000 — 
78.9 %59.23 7,900 173,000 173,000 — 59,632 
Total Midtown West   91,500 1,163,000 1,163,000 — 332,032 
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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 %98.8 %$110.03 1,237,000 1,237,000 — PJT Partners, Investcorp International Inc., GIC Inc., Wells Fargo
-Retail50.0 %93.8 %62.29 28,000 28,000 — Starbucks, Fasano Restaurant
 50.0 %98.7 %109.03 $135,300 1,265,000 1,265,000 — $1,200,000  
350 Park Avenue       
-Office100.0 %100.0 %106.75 62,500 585,000 585,000 — 400,000 Citadel
Total Park Avenue   197,800 1,850,000 1,850,000 — 1,600,000 
Grand Central:        
90 Park Avenue       Alston & Bird, Capital One, PwC, MassMutual,
-Office100.0 %96.3 %81.85 938,000 938,000 — Factset Research Systems Inc., Foley & Lardner
-Retail100.0 %72.8 %167.91 18,000 18,000 — Citibank, Starbucks
 100.0 %95.9 %83.04 73,500 956,000 956,000 — —  
510 Fifth Avenue        
-Retail100.0 %25.2 %387.00 5,900 65,000 65,000 — — The North Face
Total Grand Central   79,400 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 %96.2 %1,061.78 69,000 69,000 — Victoria's Secret, Dyson
 52.0 %92.3 %255.96 70,800 315,000 315,000 — 500,000  
666 Fifth Avenue        
-Retail52.0 %100.0 %425.94 44,500 
114,000(8)
114,000 — — Fast Retailing (Uniqlo), Hollister, Tissot
595 Madison Avenue        LVMH Moet Hennessy Louis Vuitton Inc.,
-Office100.0 %84.7 %79.75 301,000 301,000 — Albea Beauty Solutions, Aerin LLC
-Retail100.0 %100.0 %734.66 30,000 30,000 — Fendi, Berluti, Christofle Silver Inc.
 100.0 %85.6 %128.18 37,500 331,000 331,000 — —  
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 %1,051.05 37,000 37,000 — Moncler USA Inc., Tod's, Celine, Balmain
 20.1 %86.1 %155.88 77,100 601,000 601,000 — 800,000  
689 Fifth Avenue         
-Office52.0 %100.0 %87.80 81,000 81,000 — Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail52.0 %100.0 %910.82 17,000 17,000 — MAC Cosmetics, Canada Goose
 52.0 %100.0 %184.99 16,900 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 %2,438.56 42,200 26,000 26,000 — 421,000 Swatch Group USA, Harry Winston
Total Madison/Fifth    305,900 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 %85.7 %$110.18 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 %86.2 %108.55 $109,000 1,183,000 1,183,000 — $700,000  
One Park Avenue        
         New York University, BMG Rights Management LLC,
-Office100.0 %95.4 %70.36 867,000 867,000 — Robert A.M. Stern Architect
-Retail100.0 %90.1 %81.44 78,000 78,000 — Bank of Baroda, Citibank, Equinox
 100.0 %95.0 %71.22 62,500 945,000 945,000 — 525,000  
4 Union Square South        
-Retail100.0 %100.0 %132.03 27,000 204,000 204,000 — 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    200,100 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 %92.41 2,043,000 2,043,000 — Fubotv Inc
-Retail70.0 %73.7 %310.89 77,000 77,000 — Duane Reade, JPMorgan Chase Bank, Sovereign Bank, Starbucks
 70.0 %99.3 %96.86 198,500 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 %692.85 6,000 6,000 — HSBC, Harman International
50.0 %100.0 %203.08 7,100 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 %58.18 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 %355.19 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 %$109.31 6,000 6,000 — 
-Residential (1 unit)100.0 %100.0 %1,000 1,000 —  
 100.0 %$400 7,000 7,000 — $—  
Total SoHo   9,600 94,000 94,000 — 74,119  
Times Square:        
1540 Broadway       Forever 21, Disney, Sunglass Hut,
-Retail52.0 %79.9 %169.92 22,300 161,000 161,000 — — MAC Cosmetics, U.S. Polo
1535 Broadway        
-Retail52.0 %100.0 %1,165.61 45,000 45,000 — T-Mobile, Invicta, Swatch Group USA, Levi's, Sephora
-Theatre52.0 %100.0 %16.08 62,000 62,000 — Nederlander-Marquis Theatre
 52.0 %100.0 %447.95 44,400 107,000 107,000 — —  
Total Times Square   66,700 268,000 268,000 — —  
Upper East Side:        
1131 Third Avenue
-Retail100.0 %100.0 %207.25 4,700 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 Side4,700 33,000 33,000 — — 
Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)**
-Office100.0 %100.0 %48.76 10,200 209,000 209,000 — — The City of New York
85 Tenth AvenueGoogle, Telehouse International Corp.,
-Office49.9 %80.4 %92.62 595,000 595,000 — Clear Secure, Inc.*
-Retail49.9 %75.7 %70.80 43,000 43,000 — La Brasseria
49.9 %80.1 %91.36 46,200 638,000 638,000 — 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 %142.23 171,000 171,000 — Aetna Life Insurance Company, Apple Inc.
-Retail45.1 %100.0 %361.17 23,000 23,000 — Starbucks
45.1 %100.0 %156.63 32,400 194,000 194,000 — 167,500 
512 West 22nd StreetWarner Media, Next Jump, Pura Vida Investments,
-Office55.0 %84.5 %119.42 165,000 165,000 — Capricorn Investment Group
-Retail55.0 %100.0 %103.84 8,000 8,000 — Galeria Nara Roesler, Harper's Books
55.0 %85.2 %118.57 17,400 173,000 173,000 — 137,124 
Total Chelsea/Meatpacking District109,000 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 %98.4 %$— $— 283,000 283,000 — $83,500  
Tribeca:        
Independence Plaza        
-Residential (1,327 units)50.1 %96.3 %1,186,000 1,186,000 —  
-Retail50.1 %55.0 %73.67 72,000 72,000 — Duane Reade
 50.1 %2,800 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   3,100 1,266,000 1,266,000 — 675,000  
New Jersey:        
Paramus        
-Office100.0 %83.0 %25.10 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:
Total92.0 %$86.81 $1,441,000 19,918,000 18,748,000 1,170,000 $8,641,656 
Vornado's Ownership Interest91.8 %$84.25 $1,189,300 17,220,000 16,050,000 1,170,000 $6,174,826 
New York Retail:
Total76.5 %$262.50 $441,500 2,540,000 2,260,000 280,000 $810,815 
Vornado's Ownership Interest74.2 %$216.66 $291,800 2,102,000 1,822,000 280,000 $541,304 
New York Residential:
Total96.8 %1,499,000 1,499,000  $758,500 
Vornado's Ownership Interest96.8 %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 %$132.12 939,000 939,000 — $500,000 Bloomberg L.P.
-Retail32.4 %90.3 %254.52 140,000 140,000 — 300,000 The Home Depot, Hutong, Capital One
 32.4 %98.9 %144.85 $152,500 1,079,000 1,079,000 — 800,000  
        
Rego Park I, Queens (4.8 acres)32.4 %77.0 %50.12 13,000 338,000 338,000 — — Burlington, Bed Bath & Beyond, Marshalls, IKEA
Rego Park II (adjacent to Rego Park I),        
Queens (6.6 acres)32.4 %67.9 %64.97 26,900 615,000 615,000 — 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(312units)32.4 %97.4 %255,000 255,000 — 94,000  
Rego Park III (adjacent to Rego Park II),        
Queens, NY (3.2 acres)(9)
32.4 %— — — — — —  
Total Alexander's32.4 %86.9 %104.36 197,800 2,454,000 2,454,000 — 1,096,544  
Total New York 90.1 %$102.14 $2,080,500 26,411,000 24,961,000 1,450,000 $11,307,515  
Vornado's Ownership Interest 89.9 %$95.28 $1,586,400 20,883,000 19,433,000 1,450,000 $7,451,251  
________________________________
*    Lease not yet commenced.
**    Term assumes all renewal options exercised, if applicable.
(1)Weighted average escalated annual rent per square foot and average occupancy percentage for office properties excludes garages and de minimis amounts of storage space. Weighted average escalated annual rent per square foot for retail excludes non-selling space.
(2)Represents monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rents at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space. Includes rent from storage and other non-selling space and excludes rent from residential units.
(3)Represents contractual debt obligations.
(4)Secured amount outstanding on revolving credit facilities.
(5)Amount represents debt on land which is owned 34.8% by Vornado.
(6)Excludes US Post Office lease for 492,000 square feet.
(7)Includes 962 Third Avenue (the Annex building to 150 East 58th Street) 50.0% ground leased through 2118**.
(8)75,000 square feet is leased from 666 Fifth Avenue Office Condominium.
(9)On March 8, 2023 Alexander’s entered into an agreement to sell the Rego Park III land parcel. Alexander’s anticipates the closing of the sale in the second quarter of 2023.
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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
THE MART:
THE MART, ChicagoMotorola Mobility (guaranteed by Google),
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,
Allstate Insurance Company, Medline Industries, Inc
-Office100.0 %86.4 %$47.98 $86,100 2,117,000 2,061,000 56,000 Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.
-Showroom/Trade show100.0 %72.4 %55.95 58,500 1,462,000 1,462,000 — 
-Retail100.0 %68.2 %45.73 2,700 92,000 92,000 — 
100.0 %80.3 %50.81 147,300 3,671,000 3,615,000 56,000 $— 
Other (2 properties)50.0 %93.9 %50.55 900 19,000 19,000 — 27,620 
Total THE MART, Chicago148,200 3,690,000 3,634,000 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 THE MART80.4 %$50.81 $148,200 3,898,000 3,634,000264,000 $27,620 
Vornado's Ownership Interest80.3 %$50.81 $147,800 3,889,000 3,625,000264,000 $13,810 
555 California Street:
555 California Street70.0 %99.2 %$92.27 135,400 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 %86.23 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 Street94.9 %$91.46 $155,300 1,819,000 1,819,000 $1,200,000 
Vornado's Ownership Interest94.9 %$91.46 $108,700 1,274,000 1,274,000 $840,000 
________________________________
*    Lease not yet commenced.
**    Term assumes all renewal options exercised, if applicable.
(1)Weighted average escalated annual rent per square foot excludes ground rent, storage rent and garages.
(2)Represents monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rents at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space. Includes rent from storage and other non-selling space and excludes rent from residential units.
(3)Represents 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 %62.3 %$53.23 736,000 432,000 — 304,000 Corporate Executive Board, Nathan Associates, Inc.
-Residential - 2 buildings (197 units)43.7 %93.4 %253,000 253,000 — — 
45.6 %$13,795 989,000 685,000 — 304,000 $31,000 
Fashion Centre Mall / Washington Tower
-Office7.5 %75.0 %55.92 170,000 170,000 — — 42,300 The Rand Corporation
-Retail7.5 %93.4 %39.84 868,000 868,000 — — 412,700 Macy's, Nordstrom
7.5 %90.4 %42.03 51,687 1,038,000 1,038,000 — — 455,000 
New Jersey:
Wayne Town Center, Wayne
    (ground leased through 2064)**
100.0 %100.0 %31.11 14,774 690,000 243,000 443,000 4,000 — JCPenney, Costco, Dick's Sporting Goods,
Nordstrom Rack, UFC FIT
Atlantic City
    (11.3 acres ground leased through 2070 to VICI
    Properties for a portion of the Borgata Hotel
    and Casino complex)
100.0 %100.0 %— — — — — — — VICI Properties (ground lessee)
Maryland:
Annapolis
    (ground and building leased through 2042)**
100.0 %100.0 %11.70 1,577 128,000 128,000 — — — The Home Depot
Total Other88.5 %$40.49 $81,833 2,845,000 2,094,000 443,000 308,000 $486,000 
Vornado's Ownership Interest92.4 %$30.22 $26,600 1,346,000 759,000 443,000 144,000 $49,753 
________________________________
**    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)Represents monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rents at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space. Includes rent from storage and other non-selling space and excludes rent from residential units.
(3)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
Deutsche BankJP Morgan Fixed IncomeTruist Securities
212-250-5683212-834-5086/212-834-3798212-319-5659
   
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 it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. 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 EBITDAre in accordance with the NAREIT definition. NAREIT defines EBITDAre as GAAP net income or loss, plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property including losses and gains on change of control, plus impairment write-downs of depreciated property and of investments in unconsolidated entities caused by a decrease in value of depreciated property in the joint venture, plus adjustments to reflect the entity's share of EBITDA of unconsolidated entities. The Company has included EBITDAre because it is a performance measure used by other REITs and therefore may provide useful information to investors in comparing Vornado's performance to that of other REITs.
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET INCOME (LOSS) 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 Ended
March 31,December 31, 2022
20232022
Net income (loss) attributable to common shareholders$5,168 $26,478 $(493,280)
Per diluted share$0.03 $0.14 $(2.57)
Certain (income) expense items that impact net income (loss) attributable to common shareholders:
After-tax net gain on sale of 220 CPS condominium units (6,173)(5,412)(29,773)
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)2,875 3,173 3,482 
Non-cash real estate impairment losses on wholly owned and partially owned assets— — 595,488 
Other288 7,829 (17,706)
(3,010)5,590 551,491 
Noncontrolling interests' share of above adjustments215 (386)(38,257)
Total of certain (income) expense items that impact net income (loss) attributable to common shareholders$(2,795)$5,204 $513,234 
Net income attributable to common shareholders, as adjusted (non-GAAP)$2,373 $31,682 $19,954 
Per diluted share (non-GAAP)$0.01 $0.16 $0.10 
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited)
(Amounts in thousands, except per share amounts)
For the Three Months Ended
March 31,December 31, 2022
20232022
Reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):
Net income (loss) attributable to common shareholders$5,168 $26,478 $(493,280)
Per diluted share$0.03 $0.14 $(2.57)
FFO adjustments:
Depreciation and amortization of real property$94,792 $105,962 $121,900 
Real estate impairment losses — — 19,098 
Net gain on sale of real estate— (551)(30,397)
Proportionate share of adjustments to equity in net income (loss) of partially owned entities to arrive at FFO:
Depreciation and amortization of real property27,469 32,139 32,243 
Real estate impairment losses — — 576,390 
122,261 137,550 719,234 
Noncontrolling interests' share of above adjustments(8,746)(9,506)(49,894)
FFO adjustments, net$113,515 $128,044 $669,340 
FFO attributable to common shareholders (non-GAAP)$118,683 $154,522 $176,060 
Impact of assumed conversion of dilutive convertible securities400 386 405 
FFO attributable to common shareholders plus assumed conversions (non-GAAP)119,083 154,908 176,465 
Add back of FFO allocated to noncontrolling interests of the Operating Partnership9,146 11,471 13,107 
FFO attributable to Class A unitholders (non-GAAP)$128,229 $166,379 $189,572 
FFO per diluted share (non-GAAP)$0.61 $0.80 $0.91 
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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 Ended
March 31,December 31, 2022
 20232022
FFO attributable to common shareholders plus assumed conversions (non-GAAP)$119,083 $154,908 $176,465 
Per diluted share (non-GAAP)$0.61 $0.80 $0.91 
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
After-tax net gain on sale of 220 CPS condominium units$(6,173)$(5,412)$(29,773)
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)2,875 3,173 3,482 
Other288 (549)(13,923)
(3,010)(2,788)(40,214)
Noncontrolling interests' share of above adjustments215 193 2,790 
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net$(2,795)$(2,595)$(37,424)
Per diluted share (non-GAAP)$(0.01)$(0.01)$(0.19)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)$116,288 $152,313 $139,041 
Per diluted share (non-GAAP)$0.60 $0.79 $0.72 

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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 Ended
March 31,December 31, 2022
20232022
FFO attributable to common shareholders plus assumed conversions (non-GAAP)
(A)$119,083 $154,908 $176,465 
Adjustments to arrive at FAD (non-GAAP):
Certain items that impact FAD(3,010)(2,788)(40,214)
Recurring tenant improvements, leasing commissions and other capital expenditures(60,601)(36,757)(42,282)
Stock-based compensation expense11,714 13,155 6,362 
Amortization of debt issuance costs8,840 5,555 7,358 
Personal property depreciation1,231 1,214 1,381 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other5,052 (3,130)(2,156)
Noncontrolling interests in the Operating Partnership's share of above adjustments2,541 1,572 4,657 
FAD adjustments, net(B)(34,233)(21,179)(64,894)
FAD (non-GAAP)(A+B)$84,850 $133,729 $111,571 
FAD payout ratio (1)
85.2 %76.8 %93.0 %
________________________________
(1)FAD payout ratios on a quarterly basis are not necessarily indicative of amounts for the full year due to fluctuation in timing of cash expenditures, the commencement of new leases and the seasonality of our operations.
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET INCOME (LOSS) TO NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS (unaudited)
(Amounts in thousands)
For the Three Months Ended
March 31,December 31, 2022
20232022
Net income (loss) $11,198 $53,375 $(525,002)
Depreciation and amortization expense106,565 117,443 133,871 
General and administrative expense41,595 41,216 31,439 
Transaction related costs, impairment losses and other658 1,005 26,761 
(Income) loss from partially owned entities(16,666)(33,714)545,126 
Loss (income) from real estate fund investments19 (5,674)1,880 
Interest and other investment income, net(9,603)(1,018)(10,587)
Interest and debt expense86,237 52,109 88,242 
Net gains on disposition of wholly owned and partially owned assets(7,520)(6,552)(65,241)
Income tax expense 4,667 7,411 6,974 
NOI from partially owned entities68,097 78,692 77,221 
NOI attributable to noncontrolling interests in consolidated subsidiaries(11,764)(20,035)(18,929)
NOI at share273,483 284,258 291,755 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other5,052 (3,130)(2,156)
NOI at share - cash basis$278,535 $281,128 $289,599 
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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 March 31,
Total RevenuesOperating ExpensesNOI
Non-cash Adjustments(1)
NOI - cash basis
 2023202220232022202320222023202220232022
New York
$363,814 $358,548 $(188,321)$(177,535)$175,493 $181,013 $9,796 $(17,445)$185,289 $163,568 
Other
82,109 83,582 (40,452)(38,994)41,657 44,588 92 688 41,749 45,276 
Consolidated total
445,923 442,130 (228,773)(216,529)217,150 225,601 9,888 (16,757)227,038 208,844 
Noncontrolling interests' share in consolidated subsidiaries
(56,815)(53,867)45,051 33,832 (11,764)(20,035)(5,614)14,635 (17,378)(5,400)
Our share of partially owned entities
115,526 122,558 (47,429)(43,866)68,097 78,692 778 (1,008)68,875 77,684 
Vornado's share
$504,634 $510,821 $(231,151)$(226,563)$273,483 $284,258 $5,052 $(3,130)$278,535 $281,128 
For the Three Months Ended December 31, 2022
Total RevenuesOperating ExpensesNOI
Non-cash Adjustments(1)
NOI - cash basis
New York
$366,699 $(179,910)$186,789 $3,047 $189,836 
Other
80,241 (33,567)46,674 2,913 49,587 
Consolidated total
446,940 (213,477)233,463 5,960 239,423 
Noncontrolling interests' share in consolidated subsidiaries
(58,108)39,179 (18,929)(6,517)(25,446)
Our share of partially owned entities
125,031 (47,810)77,221 (1,599)75,622 
Vornado's share
$513,863 $(222,108)$291,755 $(2,156)$289,599 
________________________________
(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 MARCH 31, 2023 COMPARED TO MARCH 31, 2022 (unaudited)
(Amounts in thousands)
TotalNew YorkTHE MART555 California StreetOther
NOI at share for the three months ended March 31, 2023$273,483 $235,994 $15,409 $16,929 $5,151 
Less NOI at share from:
Dispositions134 134 — — — 
Development properties(7,545)(7,545)— — — 
Other non-same store (income) expense, net(1,487)3,664 — (5,151)
Same store NOI at share for the three months ended March 31, 2023$264,585 $232,247 $15,409 $16,929 $— 
NOI at share for the three months ended March 31, 2022$284,258 $243,667 $19,914 $16,235 $4,442 
Less NOI at share from:
Dispositions(3,232)(3,232)— — — 
Development properties(7,440)(7,440)— — — 
Other non-same store income, net(8,918)(4,476)— — (4,442)
Same store NOI at share for the three months ended March 31, 2022$264,668 $228,519 $19,914 $16,235 $— 
(Decrease) increase in same store NOI at share$(83)$3,728 $(4,505)$694 $— 
% (decrease) increase in same store NOI at share0.0 %1.6 %(22.6)%4.3 %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 MARCH 31, 2023 COMPARED TO MARCH 31, 2022 (unaudited)
(Amounts in thousands)
TotalNew YorkTHE MART555 California StreetOther
NOI at share - cash basis for the three months ended March 31, 2023$278,535 $241,027 $14,675 $17,718 $5,115 
Less NOI at share - cash basis from:
Dispositions134 134 — — — 
Development properties(6,770)(6,770)— — — 
Other non-same store income, net(6,070)(955)— — (5,115)
Same store NOI at share - cash basis for the three months ended March 31, 2023$265,829 $233,436 $14,675 $17,718 $— 
NOI at share - cash basis for the three months ended March 31, 2022$281,128 $239,692 $20,436 $16,360 $4,640 
Less NOI at share - cash basis from:
Dispositions(3,252)(3,252)— — — 
Development properties(6,756)(6,756)— — — 
Other non-same store income, net(9,332)(4,692)— — (4,640)
Same store NOI at share - cash basis for the three months ended March 31, 2022$261,788 $224,992 $20,436 $16,360 $— 
Increase (decrease) in same store NOI at share - cash basis$4,041 $8,444 $(5,761)$1,358 $— 
% increase (decrease) in same store NOI at share - cash basis1.5 %3.8 %(28.2)%8.3 %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 MARCH 31, 2023 COMPARED TO DECEMBER 31, 2022 (unaudited)
(Amounts in thousands)
TotalNew YorkTHE MART555 California StreetOther
NOI at share for the three months ended March 31, 2023$273,483 $235,994 $15,409 $16,929 $5,151 
Less NOI at share from:
Dispositions134 134 — — — 
Development properties(7,545)(7,545)— — — 
Other non-same store (income) expense, net(1,189)3,962 — — (5,151)
Same store NOI at share for the three months ended March 31, 2023$264,883 $232,545 $15,409 $16,929 $— 
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(1,499)(1,499)— — — 
Development properties(5,423)(5,423)— — — 
Other non-same store income, net(8,201)(2,756)(202)— (5,243)
Same store NOI at share for the three months ended December 31, 2022$276,632 $238,917 $21,074 $16,641 $— 
(Decrease) increase in same store NOI at share$(11,749)$(6,372)$(5,665)$288 $— 
% (decrease) increase in same store NOI at share(4.2)%(2.7)%(26.9)%1.7 %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 THREE MONTHS ENDED MARCH 31, 2023 COMPARED TO DECEMBER 31, 2022 (unaudited)
(Amounts in thousands)
TotalNew YorkTHE MART555 California StreetOther
NOI at share - cash basis for the three months ended March 31, 2023$278,535 $241,027 $14,675 $17,718 $5,115 
Less NOI at share - cash basis from:
Dispositions134 134 — — — 
Development properties(6,770)(6,770)— — — 
Other non-same store income, net(5,709)(594)— — (5,115)
Same store NOI at share - cash basis for the three months ended March 31, 2023$266,190 $233,797 $14,675 $17,718 $— 
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(1,184)(1,184)— — — 
Development properties(4,555)(4,555)— — — 
Other non-same store income, net(8,075)(2,821)(202)— (5,052)
Same store NOI at share - cash basis for the three months ended December 31, 2022$275,785 $235,152 $22,961 $17,672 $— 
(Decrease) increase in same store NOI at share - cash basis$(9,595)$(1,355)$(8,286)$46 $— 
% (decrease) increase in same store NOI at share - cash basis(3.5)%(0.6)%(36.1)%0.3 %0.0 %
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)
As of March 31, 2023
Consolidated
Debt, Net
Deferred Financing
Costs, Net and Other
Consolidated Contractual Debt
Mortgages payable$5,717,338$49,877$5,767,215
Senior unsecured notes1,192,3427,6581,200,000
$800 Million unsecured term loan793,5176,483800,000
$2.5 Billion unsecured revolving credit facilities575,000— 575,000
$8,278,197$64,018$8,342,215
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET INCOME (LOSS) TO EBITDAre (unaudited)
(Amounts in thousands)
For the Three Months Ended
March 31,December 31, 2022
20232022
Reconciliation of net income (loss) to EBITDAre (non-GAAP):
Net income (loss)$11,198 $53,375 $(525,002)
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries9,928 (9,374)10,493 
Net income (loss) attributable to the Operating Partnership21,126 44,001 (514,509)
EBITDAre adjustments at share:
Depreciation and amortization expense123,492 139,315 155,524 
Interest and debt expense111,117 70,190 111,848 
Income tax expense 4,954 7,591 7,913 
Real estate impairment losses— — 595,488 
Net gain on sale of real estate— (551)(30,397)
EBITDAre at share260,689 260,546 325,867 
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries12,186 23,897 18,137 
EBITDAre (non-GAAP)$272,875 $284,443 $344,004 
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
For the Three Months Ended
March 31,December 31, 2022
20232022
EBITDAre (non-GAAP)$272,875 $284,443 $344,004 
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries(12,186)(23,897)(18,137)
Certain (income) expense items that impact EBITDAre:
Gain on sale of 220 CPS condominium units (7,520)(6,001)(34,844)
Net gains on disposition of wholly owned and partially owned assets(129)— (17,372)
Other1,075 (549)7,620 
Total of certain (income) expense items that impact EBITDAre(6,574)(6,550)(44,596)
EBITDAre, as adjusted (non-GAAP)$254,115 $253,996 $281,271 

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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: DEFINITIONS AND 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; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions, including the form of any 2023 dividend payments, and the amount and form of potential share repurchases and/or asset sales. 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and the Company’s Supplemental Operating and Financial Data package for the quarter ended March 31, 2023, both of which can be accessed at the Company’s website www.vno.com.
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FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)
First Quarter 2023 Financial Highlights
Net income attributable to common shareholders for the quarter ended March 31, 2023 was $5,168,000, or $0.03 per diluted share, compared to $26,478,000, or $0.14 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 March 31, 2023 was $2,373,000, or $0.01 per diluted share, and $31,682,000, or $0.16 per diluted share for the prior year’s quarter.
EBITDAre, as adjusted (non-GAAP) for the quarter ended March 31, 2023 was $254,115,000, compared to $253,996,000 for the prior year’s quarter.
Liquidity
As of March 31, 2023, we have $3.2 billion of liquidity comprised of $1.0 billion of cash and cash equivalents and restricted cash, $277 million 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 March 31, 2023, we have expended $879 million of cash with an estimated $421 million remaining to be spent across 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.
2023 Business Developments
Dividends/Share Repurchase Program
On April 26, 2023, Vornado announced that it will postpone dividends on its common shares until the end of 2023, at which time, upon finalization of its 2023 taxable income, including the impact of asset sales, it will pay the 2023 dividend in either (i) cash, or (ii) a combination of cash and securities, as determined by its Board of Trustees.
Vornado also announced that its Board of Trustees has authorized the repurchase of up to $200,000,000 of its outstanding common shares under a newly established share repurchase program. Cash retained from dividends or from asset sales will be used to reduce debt and/or fund share repurchases.



















Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.
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FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)
2023 Business Developments - continued
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.
Pursuant to the agreements, Citadel master leases 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 was 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”). The purchase is expected to close in the second quarter of 2023.
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.
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.
Disposition Activity
Alexander's, Inc. ("Alexander's")
On March 8, 2023, Alexander's entered into an agreement to sell the Rego Park III land parcel, located in Queens, New York, for $71,060,000, inclusive of consideration for Brownfield tax benefits and reimbursement of costs for plans, specifications and improvements to date. Alexander's anticipates the closing of the sale in the second quarter of 2023 and will recognize a financial statement gain of approximately $54,000,000. Upon completion of the sale, we will recognize our approximate $16,000,000 share of the net gain.


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FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)
2023 Business Developments - continued
Financing Activity
150 West 34th Street Loan Participation
On January 9, 2023, our $105,000,000 participation in the $205,000,000 mortgage loan on 150 West 34th Street was repaid, which reduced “other assets” and “mortgages payable, net” on our consolidated balance sheets by $105,000,000. The remaining $100,000,000 mortgage loan balance bears interest at SOFR plus 1.86%, subject to an interest rate cap arrangement with a SOFR strike rate of 4.10%, and matures in May 2024.
Interest Rate Hedging Activities
We entered into the following interest rate swap arrangements during the three months ended March 31, 2023. See page 10 for further information on our interest rate swap and cap arrangements:
(Amounts in thousands)Notional AmountAll-In Swapped RateSwap Expiration DateVariable Rate Spread
555 California Street (effective 05/24)$840,000 5.92%05/26L+193
Unsecured term loan(1) (effective 10/23)
150,0005.13%07/25S+130
______________________________
(1)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 07/25700,000 4.53%100,000 
07/25 through 10/26550,000 4.36%250,000 
10/26 through 08/2750,000 4.04%750,000 
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FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)
Leasing Activity For the Three Months Ended March 31, 2023
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.
777,000 square feet of New York Office space (771,000 square feet at share) at an initial rent of $101.02 per square foot and a weighted average lease term of 9.5 years. The changes in the GAAP and cash mark-to-market rent on the 677,000 square feet of second generation space were positive 8.5% and positive 1.7%, respectively. Tenant improvements and leasing commissions were $2.48 per square foot per annum, or 2.5% of initial rent.
25,000 square feet of New York Retail space (20,000 square feet at share) at an initial rent of $373.07 per square foot and a weighted average lease term of 6.8 years. The changes in the GAAP and cash mark-to-market rent on the 7,000 square feet of second generation space were positive 2.9% and positive 2.4%, respectively. Tenant improvements and leasing commissions were $26.54 per square foot per annum, or 7.1% of initial rent.
79,000 square feet at THE MART (all at share) at an initial rent of $56.44 per square foot and a weighted average lease term of 6.8 years. The changes in the GAAP and cash mark-to-market rent on the 51,000 square feet of second generation space were negative 1.5% and negative 7.9%, respectively. Tenant improvements and leasing commissions were $8.04 per square foot per annum, or 14.2% of initial rent.
4,000 square feet at 555 California Street (3,000 square feet at share) at an initial rent of $156.96 per square foot and a weighted average lease term of 7.0 years. The 4,000 square feet was first generation space. Tenant improvements and leasing commissions were $39.07 per square foot per annum, or 24.9% 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)
RequiredMarch 31, 2023December 31,
2022
September 30,
2022
June 30, 2022
Total outstanding debt/total assets(2)
Less than 65%50%48%47%47%
Secured debt/total assetsLess than 50%33%32%32%31%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)Greater than 1.502.242.292.533.02
Unencumbered assets/unsecured debtGreater than 150%340%342%354%362%

Consolidated Unencumbered EBITDA(1) (non-GAAP):
Q1 2023
Annualized
New York$267,664 
Other98,132 
Total$365,796 

Credit Ratings(3):
RatingOutlook
Moody’sBaa3Negative
S&PBBB-Negative
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 iv in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of March 31, 2023.
(3)
Based on the Vornado Realty Trust (NYSE: VNO) March 31, 2023 quarter end closing common share price of $15.37.

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Company capitalization(2):
Amount% Total
Consolidated mortgages payable (at 100%)$5,767 45%
Unsecured debt (contractual)2,575 20%
Perpetual preferred shares/units1,223 10%
Equity(3)
3,227 25%
Total12,792 100%
Pro rata share of debt of non-consolidated entities2,695 
Less: Noncontrolling interests' share of consolidated debt(682)
Total at share$14,805 




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NET DEBT TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in millions)
As of and For the Trailing Twelve Months Ended March 31,
2023
As of and For the Year Ended December 31,
202220212020
Secured debt$5,767 $5,878 $6,099 $5,608 
Unsecured debt
2,575 2,575 2,575 1,825 
Pro rata share of debt of non-consolidated entities2,695 2,697 2,700 2,873 
Less: Noncontrolling interests’ share of consolidated debt(682)(682)(682)(483)
Company’s pro rata share of total debt$10,355 $10,468 $10,692 $9,823 
% Unsecured debt25%25%24%19%
Company’s pro rata share of total debt$10,355 $10,468 $10,692 $9,823 
Less: Cash and cash equivalents and investments in U.S. Treasury bills(1,168)(1,362)(1,760)(1,624)
Less: Escrowed cash included within restricted cash on our balance sheet(104)(94)(131)(77)
Less: Pro rata share of unconsolidated partially owned entities’ cash and cash equivalents and escrowed cash(323)(316)(291)(283)
Plus: Noncontrolling interests’ share of cash and cash equivalents, escrowed cash and investments in U.S. Treasury bills93 94 110 51 
Less: Participation in 150 West 34th Street mortgage loan
— (105)(105)(105)
Less: Projected cash proceeds from 220 Central Park South(80)(90)(148)(275)
Net debt $8,773 $8,595 $8,367 $7,510 
EBITDAre, as adjusted (non-GAAP)$1,091 $1,091 $949 $910 
Net debt / EBITDAre, as adjusted (non-GAAP)8.0 x7.9 x8.8 x8.3 x
________________________________
See page ii in the Appendix for definitions of EBITDAre and net debt to EBITDAre, as adjusted. See reconciliation of net income to EBITDAre on page v in the Appendix and reconciliation of EBITDAre to EBITDAre, as adjusted on page vi in the Appendix.

DEBT SNAPSHOT (unaudited)
(Amounts in millions)
As of March 31, 2023
TotalVariableFixed
(Contractual debt balances)AmountWeighted
Average
Interest Rate
AmountWeighted
Average
Interest Rate
AmountWeighted
Average
Interest Rate
Consolidated debt$8,342 4.11%$2,1985.57%$6,1443.59%
Pro rata share of debt of non-consolidated entities2,695 4.93%1,2476.33%1,4483.72%
Total11,0374.31%3,4455.85%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$10,355 4.22%$2,7635.87%$7,5923.61%
________________________________
See reconciliation on page iv in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of March 31, 2023.
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HEDGING INSTRUMENTS AS OF MARCH 31, 2023 (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 
In-place swap2.26%05/24
Forward swap (effective 05/24)5.92%05/26
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 loan272,400 S+18012/25200,000 4.76%09/27
4 Union Square South mortgage loan120,000 S+15008/2599,550 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
$4,686,192 4,592,843 
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)
3.89%03/25
150 West 34th Street mortgage loan100,000 S+18605/24100,000 4.10%05/24
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+18506/2375,418 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
$2,177,770 2,177,770 
(4)
Fixed rate debt per loan agreements 2,999,165 
Variable rate debt not subject to interest rate swaps or caps585,036 
(4)
Total debt at share$10,354,814 
________________________________
(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 March 2023, we entered into a forward cap for the $525,000 One Park Avenue mortgage loan which expires in March 2025 and is effective upon the March 2024 expiration of the existing cap. The forward cap has a SOFR strike rate of 3.89%.
(4)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 March 31, 2023
(Excludes pro rata share of JV debt)(2)
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Consolidated (100%):
Secured$16 $291 $855 $525 $1,580 $2,500 
Unsecured— — 450 400 1,375 350 
Total consolidated debt (100%)$16 $291 $1,305 $925 $2,955 $2,850 
(3)
% of total consolidated debt0.2 %3.5 %15.6 %11.1 %35.4 %34.2 %
Debt maturities at share:
Consolidated debt (100%)$16 $291 $1,305 $925 $2,955 $2,850 
Pro rata share of debt of non-consolidated entities309 
(4)
1,064 505 581 40 196 
Less: Noncontrolling interests' share of consolidated debt— (37)— — — (645)
Total debt at share$325 $1,318 $1,810 $1,506 $2,995 $2,401 
% of total debt at share3.1 %12.7 %17.5 %14.5 %28.9 %23.3 %
_______________________________
(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 March 31, 2023.
(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)Of the $1,310 floating rate debt expiring after 2027, $645 is attributable to noncontrolling interests.
(4)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+1306.00%$$95,696$$$$$95,696
150 West 34th Street05/24S+1865.96%100,000100,000
606 Broadway (50.0% interest)09/24S+1915.91%74,11974,119
4 Union Square South08/254.15%120,000120,000
PENN 1110/252.22%500,000500,000
888 Seventh Avenue12/255.21%16,20021,600234,600272,400
One Park Avenue03/26S+1225.11%525,000525,000
350 Park Avenue01/273.92%400,000400,000
100 West 33rd Street06/275.06%480,000480,000
770 Broadway07/274.98%700,000700,000
555 California Street (70.0% interest)05/283.36%1,200,0001,200,000
1290 Avenue of the Americas (70.0% interest)11/28L+1515.51%950,000950,000
909 Third Avenue04/313.23%350,000350,000
Total Secured Debt16,200291,415854,600525,0001,580,0002,500,0005,767,215
Unsecured Debt:
Senior unsecured notes due 202501/253.50%450,000450,000
$1.25 Billion unsecured revolving credit facility04/26S+1190.00%
Senior unsecured notes due 202606/262.15%400,000400,000
$1.25 Billion unsecured revolving credit facility12/273.88%
(3)
575,000575,000
$800 Million unsecured term loan12/274.05%
(3)
800,000800,000
Senior unsecured notes due 203106/313.40%350,000350,000
Total Unsecured Debt450,000400,0001,375,000350,0002,575,000
Total Debt$16,200$291,415$1,304,600$925,000$2,955,000$2,850,000$8,342,215
Weighted average rate6.47%6.00%3.34%3.83%4.38%4.07%4.11%
Fixed rate debt(4)
$$$1,249,550$400,000$2,955,000$1,540,000$6,144,550
Fixed weighted average rate expiring0.00%0.00%3.21%2.15%4.38%2.74%3.59%
Floating rate debt$16,200$291,415$55,050$525,000$$1,310,000$2,197,665
Floating weighted average rate expiring6.47%6.00%6.35%5.11%0.00%5.62%5.57%
________________________________
(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 10 for information on interest rate swap and interest rate cap arrangements entered into as of March 31, 2023.
(3)In April 2023, we qualified for a sustainability margin adjustment on our unsecured term loan and $1.25 billion unsecured revolving credit facility maturing December 2027 by achieving certain KPI metrics, which will reduce our interest rate by 0.01%. We previously qualified for a 0.01% reduction on our $1.25 billion unsecured revolving credit facility maturing April 2026.
(4)Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity. See page 10 for information on interest rate swap arrangements entered into as of March 31, 2023.
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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 $160,479 9.0 %
IPG and affiliates967,552 64,173 3.6 %
Citadel 585,460 62,498 3.6 %
New York University685,290 47,605 2.6 %
Google/Motorola Mobility (guaranteed by Google)759,446 41,129 2.3 %
Bloomberg L.P. 306,768 40,256 2.2 %
Equitable Financial Life Insurance Company335,356 35,378 2.0 %
Amazon (including its Whole Foods subsidiary)312,694 30,349 1.7 %
Swatch Group USA14,949 28,693 1.6 %
Neuberger Berman Group LLC306,612 27,283 1.5 %
Madison Square Garden & Affiliates411,923 27,107 1.5 %
AMC Networks, Inc.326,717 25,391 1.4 %
LVMH Brands65,060 24,908 1.4 %
Bank of America247,459 24,521 1.4 %
Apple Inc.412,434 24,077 1.3 %
37.1 %
________________________________
(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 March 31, 2023

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New York Office840 924 701 1,228 1,158 994 1,186 623 911 973 556 4,393 
New York Retail146 129 47 82 34 27 45 153 88 55 17 375 
THE MART228 231 200 300 189 689 111 37 294 374 14 194 
555 California Street69 274 238 65 112 116 109 — 15 173 
Total1,220 1,353 1,222 1,848 1,446 1,822 1,458 922 1,293 1,407 602 5,135 
% of total6.2%6.9%6.2%9.4%7.3%9.2%7.4%4.7%6.6%7.1%3.1%25.9%
_______________________________
(1)    Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter.
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PENN DISTRICT
ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF MARCH 31, 2023 (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)
PENN 2 - as expandedNew York1,795,000 750,000 452,509 297,491 20259.5%
PENN 1 (including LIRR Concourse Retail)(2)
New York2,547,000 450,000 384,843 65,157 N/A13.2%(2)(3)
Districtwide ImprovementsNew YorkN/A100,000 42,098 57,902 N/AN/A
Total Active PENN District Projects1,300,000 879,450 420,550 10.1%
___________________
(1)Excluding debt and equity carry.
(2)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 June 2023, which may be material.
(3)Projected to be achieved as pre-redevelopment leases roll, which have an approximate average remaining term of 3.4 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
DEFINITIONS AND NON-GAAP RECONCILIATIONS

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FIXED INCOME SUPPLEMENTAL DEFINITIONS
The fixed income supplement includes various non-GAAP financial measures. Descriptions of these non-GAAP measures are provided below. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided within this supplemental package.
EBITDAre - EBITDAre (i.e., EBITDA for real estate companies) is a non-GAAP financial measure established by the National Association of Real Estate Investment Trusts ("NAREIT"), which may not be comparable to EBITDA reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition. NAREIT defines EBITDAre as GAAP net income or loss, plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property including losses and gains on change of control, plus impairment write-downs of depreciated property and of investments in unconsolidated entities caused by a decrease in value of depreciated property in the joint venture, plus adjustments to reflect the entity's share of EBITDA of unconsolidated entities. The Company has included EBITDAre because it is a performance measure used by other REITs and therefore may provide useful information to investors in comparing Vornado's performance to that of other REITs.
Net Debt to EBITDAre, as adjusted - Net debt to EBITDAre, as adjusted represents the ratio of net debt to annualized EBITDAre, as adjusted. Net debt is calculated as (i) the Company’s consolidated debt less noncontrolling interests’ share of consolidated debt plus the Company’s pro rata share of debt of unconsolidated entities less (ii) the Company’s consolidated cash and cash equivalents, cash held in escrow and investments in U.S. Treasury bills less noncontrolling interests’ share of these amounts plus the Company’s pro rata share of these amounts for unconsolidated entities. Cash held in escrow represents cash escrowed under loan agreements including for debt service, real estate taxes, property insurance, and capital improvements, and the Company is not able to direct the use of this cash. The availability of cash and cash equivalents for use in debt reduction cannot be assumed, as the Company may use its cash and cash equivalents for other purposes. Further, the Company may not be able to direct the use of its pro rata share of cash and cash equivalents of unconsolidated entities.The Company discloses net debt to EBITDAre, as adjusted because management believes it is useful to investors as a supplemental measure in evaluating the Company’s balance sheet leverage. Net debt to EBITDAre, as adjusted may not be comparable to similarly titled measures employed by other companies.
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET 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 Ended
March 31,
20232022
Net income attributable to common shareholders$5,168 $26,478 
Per diluted share$0.03 $0.14 
Certain (income) expense items that impact net income attributable to common shareholders:
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units$(6,173)$(5,412)
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)2,875 3,173 
Other288 7,829 
(3,010)5,590 
Noncontrolling interests' share of above adjustments215 (386)
Total of certain (income) expense items that impact net income attributable to common shareholders(2,795)5,204 
Net income attributable to common shareholders, as adjusted (non-GAAP)$2,373 $31,682 
Per diluted share (non-GAAP)$0.01 $0.16 

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NON-GAAP RECONCILIATIONS
CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)
As of March 31, 2023
Consolidated
Debt, Net
Deferred Financing
Costs, Net and Other
Consolidated Contractual Debt
Mortgages payable$5,717,338$49,877$5,767,215
Senior unsecured notes1,192,3427,6581,200,000
$800 Million unsecured term loan793,5176,483800,000
$2.5 Billion unsecured revolving credit facilities575,000 575,000
$8,278,197$64,018$8,342,215
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET INCOME (LOSS) TO EBITDAre (unaudited)
(Amounts in thousands)
For the Three Months Ended March 31,For the Trailing Twelve Months EndedFor the Year Ended December 31,
20232022March 31, 2023202220212020
Reconciliation of net income (loss) to EBITDAre (non-GAAP):
Net income (loss) $11,198 $53,375 $(424,789)$(382,612)$207,553 $(461,845)
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries9,928 (9,374)25,039 5,737 (24,014)139,894 
Net income (loss) attributable to the Operating Partnership21,126 44,001 (399,750)(376,875)183,539 (321,951)
EBITDAre adjustments at share:
Depreciation and amortization expense123,492 139,315 577,499 593,322 526,539 532,298 
Interest and debt expense111,117 70,190 403,248 362,321 297,116 309,003 
Income tax expense (benefit)4,954 7,591 20,767 23,404 (9,813)36,253 
Net gain on sale of real estate— (551)(58,369)(58,920)(15,675)— 
Real estate impairment losses— — 595,488 595,488 7,880 645,346 
EBITDAre at share260,689 260,546 1,138,883 1,138,740 989,586 1,200,949 
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries12,186 23,897 60,075 71,786 75,987 (91,155)
EBITDAre (non-GAAP)$272,875 $284,443 $1,198,958 $1,210,526 $1,065,573 $1,109,794 
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
For the Three Months Ended March 31,For the Trailing Twelve Months EndedFor the Year Ended December 31,
20232022March 31, 2023202220212020
EBITDAre (non-GAAP)$272,875 $284,443 $1,198,958 $1,210,526 $1,065,573 $1,109,794 
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries(12,186)(23,897)(60,075)(71,786)(75,987)91,155 
Certain (income) expense items that impact EBITDAre:
Gain on sale of 220 CPS condominium units and ancillary amenities(7,520)(6,001)(43,393)(41,874)(50,318)(381,320)
Net gains on disposition of wholly owned and partially owned assets(129)— (17,501)(17,372)(643)— 
Our share of (income) loss from real estate fund investments(220)(1,710)(181)(1,671)(3,757)63,114 
Hotel Pennsylvania loss — — — — 11,625 31,139 
Other1,295 1,161 12,875 12,741 2,483 (3,589)
Total of certain (income) expense items that impact EBITDAre(6,574)(6,550)(48,200)(48,176)(40,610)(290,656)
EBITDAre, as adjusted (non-GAAP)$254,115 $253,996 $1,090,683 $1,090,564 $948,976 $910,293 
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