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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30, 2023
 Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from:to
 
Commission File Number:001-11954(Vornado Realty Trust)
Commission File Number:001-34482(Vornado Realty L.P.)

Vornado Realty Trust
Vornado Realty L.P.
(Exact name of registrants as specified in its charter)
Vornado Realty TrustMaryland22-1657560
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
Vornado Realty L.P.Delaware13-3925979
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
888 Seventh Avenue,New York,New York10019
(Address of principal executive offices) (Zip Code)
(212)894-7000
(Registrants’ telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Vornado Realty TrustCommon Shares of beneficial interest, $.04 par value per shareVNONew York Stock Exchange
Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share:
Vornado Realty Trust5.40% Series LVNO/PLNew York Stock Exchange
Vornado Realty Trust5.25% Series MVNO/PMNew York Stock Exchange
Vornado Realty Trust5.25% Series NVNO/PNNew York Stock Exchange
Vornado Realty Trust4.45% Series OVNO/PONew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Vornado Realty Trust: Yes ☑   No ☐    Vornado Realty L.P.: Yes ☑   No ☐ 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Vornado Realty Trust: Yes ☑   No ☐    Vornado Realty L.P.: Yes ☑   No ☐ 




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Vornado Realty Trust:
Large Accelerated FilerAccelerated Filer
Non-Accelerated FilerSmaller Reporting Company
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. ☐
Vornado Realty L.P.:
Large Accelerated FilerAccelerated Filer
Non-Accelerated FilerSmaller Reporting Company
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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  
Vornado Realty Trust: Yes    No     Vornado Realty L.P.: Yes    No  
  
As of September 30, 2023, 190,321,756 of Vornado Realty Trust’s common shares of beneficial interest are outstanding.



EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2023 of Vornado Realty Trust and Vornado Realty L.P. Unless stated otherwise or the context otherwise requires, references to “Vornado” refer to Vornado Realty Trust, a Maryland real estate investment trust (“REIT”), and references to the “Operating Partnership” and “VRLP” refer to Vornado Realty L.P., a Delaware limited partnership. References to the “Company,” “we,” “us” and “our” mean collectively Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.
The Operating Partnership is the entity through which we conduct substantially all of our business and own, either directly or through subsidiaries, substantially all of our assets. Vornado is the sole general partner and also a 90.9% limited partner of the Operating Partnership. As the sole general partner of the Operating Partnership, Vornado has exclusive control of the Operating Partnership’s day-to-day management.
Under the limited partnership agreement of the Operating Partnership, unitholders may present their Class A units for redemption at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time). Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. Vornado generally expects that it will elect to issue its common shares in connection with each such presentation for redemption rather than having the Operating Partnership pay cash. With each such exchange or redemption, Vornado’s percentage ownership in the Operating Partnership will increase. In addition, whenever Vornado issues common shares other than to acquire Class A units of the Operating Partnership, Vornado must contribute any net proceeds it receives to the Operating Partnership and the Operating Partnership must issue to Vornado an equivalent number of Class A units of the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.
The Company believes that combining the quarterly reports on Form 10-Q of Vornado and the Operating Partnership into this single report provides the following benefits:
enhances investors’ understanding of Vornado and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation because a substantial portion of the disclosure applies to both Vornado and the Operating Partnership; and
creates time and cost efficiencies in the preparation of one combined report instead of two separate reports.
The Company believes it is important to understand the few differences between Vornado and the Operating Partnership in the context of how Vornado and the Operating Partnership operate as a consolidated company. The financial results of the Operating Partnership are consolidated into the financial statements of Vornado. Vornado does not have any significant assets, liabilities or operations, other than its investment in the Operating Partnership. The Operating Partnership, not Vornado, generally executes all significant business relationships other than transactions involving the securities of Vornado. The Operating Partnership holds substantially all of the assets of Vornado. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by Vornado, which are contributed to the capital of the Operating Partnership in exchange for Class A units of partnership in the Operating Partnership, and the net proceeds of debt offerings by Vornado, which are contributed to the Operating Partnership in exchange for debt securities of the Operating Partnership, as applicable, the Operating Partnership generates all remaining capital required by the Company’s business. These sources may include working capital, net cash provided by operating activities, borrowings under the revolving credit facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties.
3


To help investors better understand the key differences between Vornado and the Operating Partnership, certain information for Vornado and the Operating Partnership in this report has been separated, as set forth below:
Item 1. Financial Statements (unaudited), which includes the following specific disclosures for Vornado Realty Trust and Vornado Realty L.P.:
Note 11. Redeemable Noncontrolling Interests
Note 12. Shareholders' Equity/Partners' Capital
Note 18. Income Per Share/Income Per Class A Unit
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable.
This report also includes separate Part I, Item 4. Controls and Procedures and Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections and separate Exhibits 31 and 32 certifications for each of Vornado and the Operating Partnership in order to establish that the requisite certifications have been made and that Vornado and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.
4


PART I.Financial Information:Page Number
Consolidated Balance Sheets (Unaudited) as of September 30, 2023 and December 31, 2022
Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2023 and 2022
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2023 and 2022
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2023 and 2022
Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2023 and 2022
Consolidated Balance Sheets (Unaudited) as of September 30, 2023 and December 31, 2022
Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2023 and 2022
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2023 and 2022
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2023 and 2022
Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2023 and 2022
Vornado Realty Trust and Vornado Realty L.P.:
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
PART II.Other Information:
Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
5

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
VORNADO REALTY TRUST
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)


(Amounts in thousands, except unit, share, and per share amounts)As of
September 30, 2023December 31, 2022
ASSETS
Real estate, at cost:
Land$2,457,589 $2,451,828 
Buildings and improvements9,887,787 9,804,204 
Development costs and construction in progress1,257,886 933,334 
Leasehold improvements and equipment129,385 125,389 
Total13,732,647 13,314,755 
Less accumulated depreciation and amortization(3,698,582)(3,470,991)
Real estate, net10,034,065 9,843,764 
Right-of-use assets679,119 684,380 
Cash and cash equivalents1,000,362 889,689 
Restricted cash262,118 131,468 
Investments in U.S. Treasury bills 471,962 
Tenant and other receivables88,438 81,170 
Investments in partially owned entities2,670,782 2,665,073 
220 Central Park South condominium units ready for sale40,198 43,599 
Receivable arising from the straight-lining of rents697,486 694,972 
Deferred leasing costs, net of accumulated amortization of $256,337 and $237,395
355,307 373,555 
Identified intangible assets, net of accumulated amortization of $99,770 and $98,139
130,086 139,638 
Other assets494,582 474,105 
 $16,452,543 $16,493,375 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net$5,714,761 $5,829,018 
Senior unsecured notes, net1,193,362 1,191,832 
Unsecured term loan, net794,212 793,193 
Unsecured revolving credit facilities575,000 575,000 
Lease liabilities728,468 735,969 
Accounts payable and accrued expenses452,853 450,881 
Deferred revenue34,083 39,882 
Deferred compensation plan100,485 96,322 
Other liabilities316,094 268,166 
Total liabilities9,909,318 9,980,263 
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 16,927,110 and 14,416,891 units outstanding
411,640 345,157 
Series D cumulative redeemable preferred units - 141,400 units outstanding
3,535 3,535 
Total redeemable noncontrolling partnership units415,175 348,692 
Redeemable noncontrolling interest in a consolidated subsidiary58,829 88,040 
Total redeemable noncontrolling interests474,004 436,732 
Shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares
1,182,459 1,182,459 
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,321,756 and 191,866,880 shares
7,592 7,654 
Additional capital8,341,810 8,369,228 
Earnings less than distributions(3,891,266)(3,894,580)
Accumulated other comprehensive income 170,182 174,967 
Total shareholders' equity5,810,777 5,839,728 
Noncontrolling interests in consolidated subsidiaries258,444 236,652 
Total equity6,069,221 6,076,380 
 $16,452,543 $16,493,375 
See notes to consolidated financial statements (unaudited).
6


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(Amounts in thousands, except per share amounts)For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
REVENUES:
Rental revenues$400,367 $409,144 $1,215,994 $1,211,621 
Fee and other income50,628 48,287 153,283 141,434 
Total revenues450,995 457,431 1,369,277 1,353,055 
EXPENSES:
Operating(233,737)(221,596)(685,233)(660,434)
Depreciation and amortization(110,349)(134,526)(324,076)(370,631)
General and administrative(35,838)(29,174)(116,843)(102,292)
(Expense) benefit from deferred compensation plan liability(1,631)600 (7,541)10,138 
Transaction related costs and other(813)(996)(1,501)(4,961)
Total expenses(382,368)(385,692)(1,135,194)(1,128,180)

Income from partially owned entities18,269 24,341 72,207 83,775 
Income (loss) from real estate fund investments1,783 (111)1,662 5,421 
Interest and other investment income, net12,934 5,228 35,792 9,282 
Income (loss) from deferred compensation plan assets1,631 (600)7,541 (10,138)
Interest and debt expense(88,126)(76,774)(261,528)(191,523)
Net gains on disposition of wholly owned and partially owned assets56,136  64,592 35,384 
Income before income taxes71,254 23,823 154,349 157,076 
Income tax expense(11,684)(3,711)(20,848)(14,686)
Net income59,570 20,112 133,501 142,390 
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries13,541 3,792 26,250 (4,756)
Operating Partnership(4,736)(606)(8,773)(6,382)
Net income attributable to Vornado68,375 23,298 150,978 131,252 
Preferred share dividends(15,529)(15,529)(46,587)(46,587)
NET INCOME attributable to common shareholders$52,846 $7,769 $104,391 $84,665 
INCOME PER COMMON SHARE - BASIC:
Net income per common share$0.28 $0.04 $0.55 $0.44 
Weighted average shares outstanding190,364 191,793 191,228 191,756 
INCOME PER COMMON SHARE - DILUTED:
Net income per common share$0.28 $0.04 $0.54 $0.44 
Weighted average shares outstanding192,921 192,018 193,845 192,042 
    
See notes to consolidated financial statements (unaudited).
7


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(Amounts in thousands)For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
Net income$59,570 $20,112 $133,501 $142,390 
Other comprehensive income (loss):
Change in fair value of consolidated interest rate hedges and other22,312 117,219 2,433 200,838 
Other comprehensive (loss) income of nonconsolidated subsidiaries(1,390)5,124 (4,534)19,084 
Comprehensive income80,492 142,455 131,400 362,312 
Less comprehensive loss (income) attributable to noncontrolling interests6,236 (7,279)17,323 (28,348)
Comprehensive income attributable to Vornado$86,728 $135,176 $148,723 $333,964 
See notes to consolidated financial statements (unaudited).
8


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
(Amounts in thousands, except per share amounts)Non-controlling Interests in Consolidated Subsidiaries
Accumulated
Other
Comprehensive
Income
Preferred SharesCommon SharesAdditional CapitalEarnings Less Than DistributionsTotal Equity
SharesAmountSharesAmount
For the Three Months Ended
September 30, 2023:
Balance as of June 30, 202348,793 $1,182,459 190,544 $7,601 $8,331,228 $(3,938,202)$151,771 $259,673 $5,994,530 
Net income attributable to Vornado— — — — — 68,375 — — 68,375 
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries— — — — — — — (2,350)(2,350)
Dividends on preferred shares (see Note 12 for dividends per share amounts)
— — — — — (15,529)— — (15,529)
Common shares issued upon redemption of Class A units, at redemption value— — 81 3 1,612 — — — 1,615 
Contributions— — — — — — — 206 206 
Distributions— — — — — — — (20)(20)
Deferred compensation shares and options— — (1)— 74 11 — — 85 
Repurchase of common shares— — (302)(12)— (5,921)— — (5,933)
Other comprehensive loss of nonconsolidated subsidiaries— — — — — — (1,390)— (1,390)
Change in fair value of consolidated interest rate hedges and other— — — — — — 22,312 — 22,312 
Redeemable Class A unit measurement adjustment— — — — 8,896 — 58 — 8,954 
Noncontrolling interests' share of other comprehensive income— — — — — — (2,569)935 (1,634)
Balance as of September 30, 202348,793 $1,182,459 190,322 $7,592 $8,341,810 $(3,891,266)$170,182 $258,444 $6,069,221 
See notes to consolidated financial statements (unaudited).
9


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
(UNAUDITED)
(Amounts in thousands, except per share amounts)
Accumulated
Other
Comprehensive Income
Non-controlling Interests in Consolidated Subsidiaries
Preferred SharesCommon SharesAdditional CapitalEarnings Less Than DistributionsTotal Equity
SharesAmountSharesAmount
For the Three Months Ended
September 30, 2022:
Balance as of June 30, 202248,793 $1,182,459 191,775 $7,650 $8,339,161 $(3,205,751)$73,300 $253,994 $6,650,813 
Net income attributable to Vornado— — — — — 23,298 — — 23,298 
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries— — — — — — — 967 967 
Dividends on common shares
($0.53 per share)
— — — — — (101,656)— — (101,656)
Dividends on preferred shares (see Note 12 for dividends per share amounts)
— — — — — (15,529)— — (15,529)
Common shares issued:
Upon redemption of Class A units, at redemption value— — 34 1 991 — — — 992 
Under dividend reinvestment plan— — 7 — 221 — — — 221 
Contributions— — — — — — — 650 650 
Distributions— — — — — — — (4,548)(4,548)
Deferred compensation shares and options— — — — 155 — — — 155 
Other comprehensive income of nonconsolidated subsidiaries— — — — — — 5,124 — 5,124 
Change in fair value of consolidated interest rate hedges and other— — — — — — 117,219 — 117,219 
Redeemable Class A unit measurement adjustment— — — — 21,857 — — — 21,857 
Noncontrolling interests' share of other comprehensive income— — — — — — (10,465)2,166 (8,299)
Other— — 1 1 2 8 — (1)10 
Balance as of September 30, 202248,793 $1,182,459 191,817 $7,652 $8,362,387 $(3,299,630)$185,178 $253,228 $6,691,274 
See notes to consolidated financial statements (unaudited).
10


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
(UNAUDITED)
(Amounts in thousands, except per share amounts)
Non-controlling Interests in Consolidated Subsidiaries
Accumulated
Other
Comprehensive
Income
Preferred SharesCommon SharesAdditional CapitalEarnings Less Than DistributionsTotal Equity
SharesAmountSharesAmount
For the Nine Months Ended
September 30, 2023:
Balance as of December 31, 202248,793 $1,182,459 191,867 $7,654 $8,369,228 $(3,894,580)$174,967 $236,652 $6,076,380 
Net income attributable to Vornado— — — — — 150,978 — — 150,978 
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries— — — — — — — 2,961 2,961 
Dividends on common shares
($0.375 per share)
— — — — — (71,950)— — (71,950)
Dividends on preferred shares (see Note 12 for dividends per share amounts)
— — — — — (46,587)— — (46,587)
Common shares issued:
Upon redemption of Class A units, at redemption value— — 475 19 7,154 — — — 7,173 
Under dividend reinvestment plan— — 6 — 146 — — — 146 
Contributions— — — — — — — 22,534 22,534 
Distributions— — — — — — — (3,831)(3,831)
Deferred compensation shares and options— — (2)— 243 (25)— — 218 
Repurchase of common shares— — (2,024)(81)— (29,102)— — (29,183)
Other comprehensive loss of nonconsolidated subsidiaries— — — — — — (4,534)— (4,534)
Change in fair value of consolidated interest rate hedges and other— — — — — — 2,433 — 2,433 
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards— — — — 20,668 — — — 20,668 
Redeemable Class A unit measurement adjustment— — — — (55,629)— (2,530)— (58,159)
Noncontrolling interests' share of other comprehensive income— — — — — — (154)128 (26)
Balance as of September 30, 202348,793 $1,182,459 190,322 $7,592 $8,341,810 $(3,891,266)$170,182 $258,444 $6,069,221 
See notes to consolidated financial statements (unaudited).
11


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
(UNAUDITED)
(Amounts in thousands, except per share amounts)
Accumulated
Other
Comprehensive (Loss) Income
Non-controlling Interests in Consolidated Subsidiaries
Preferred SharesCommon SharesAdditional CapitalEarnings Less Than DistributionsTotal Equity
SharesAmountSharesAmount
For the Nine Months Ended
September 30, 2022:
Balance as of December 31, 202148,793 $1,182,459 191,724 $7,648 $8,143,093 $(3,079,320)$(17,534)$278,892 $6,515,238 
Net income attributable to Vornado— — — — — 131,252 — — 131,252 
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries— — — — — — — 13,236 13,236 
Dividends on common shares
($1.59 per share)
— — — — — (304,896)— — (304,896)
Dividends on preferred shares (see Note 12 for dividends per share amounts)
— — — — — (46,587)— — (46,587)
Common shares issued:
Upon redemption of Class A units, at redemption value— — 76 3 2,566 — — — 2,569 
Under employees' share option plan— — — — 7 — — — 7 
Under dividend reinvestment plan— — 19 — 655 — — — 655 
Contributions— — — — — — — 4,903 4,903 
Distributions— — — — — — — (45,976)(45,976)
Deferred compensation shares and options— — (2)— 447 (85)— — 362 
Other comprehensive income of nonconsolidated subsidiaries— — — — — — 19,084 — 19,084 
Change in fair value of consolidated interest rate hedges and other— — — — — — 200,838 — 200,838 
Redeemable Class A unit measurement adjustment— — — — 215,619 — — — 215,619 
Noncontrolling interests' share of other comprehensive income— — — — — — (17,210)2,166 (15,044)
Other— — — 1 — 6 — 7 14 
Balance as of September 30, 202248,793 $1,182,459 191,817 $7,652 $8,362,387 $(3,299,630)$185,178 $253,228 $6,691,274 
See notes to consolidated financial statements (unaudited).
12


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Amounts in thousands)For the Nine Months Ended September 30,
20232022
Cash Flows from Operating Activities:
Net income $133,501 $142,390 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)