Vornado Realty Trust

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

October 30, 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 York	10019
(Address of Principal Executive offices)		(Zip Code)

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

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

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


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

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

Registrant

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Vornado Realty Trust

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

VNO

New York Stock Exchange

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

Vornado Realty Trust

5.40% Series L

VNO/PL

New York Stock Exchange

Vornado Realty Trust

5.25% Series M

VNO/PM

New York Stock Exchange

Vornado Realty Trust

5.25% Series N

VNO/PN

New York Stock Exchange

Vornado Realty Trust

4.45% Series O

VNO/PO

New York Stock Exchange

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

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

On October 30, 2023, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the third 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:

	99.1	Vornado Realty Trust press release dated October 30, 2023
	99.2	Vornado Realty Trust supplemental operating and financial data for the quarter ended September 30, 2023
	99.3	Vornado Realty Trust supplemental fixed income data for the quarter ended September 30, 2023
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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


			VORNADO REALTY TRUST
			(Registrant)

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

Date: October 30, 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: October 30, 2023

Document

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

Vornado Announces Third Quarter 2023 Financial Results

New York City | October 30, 2023

Vornado Realty Trust (NYSE: VNO) reported today:

Quarter Ended September 30, 2023 Financial Results

NET INCOME attributable to common shareholders for the quarter ended September 30, 2023 was $52,846,000, or $0.28 per diluted share, compared to $7,769,000, or $0.04 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, net income attributable to common shareholders, as adjusted (non-GAAP) for the quarter ended September 30, 2023 was $12,845,000, or $0.07 per diluted share, and $37,429,000, or $0.19 per diluted share for the quarter ended September 30, 2022.

FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended September 30, 2023 was $119,487,000, or $0.62 per diluted share, compared to $152,461,000, or $0.79 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 September 30, 2023 was $127,241,000, or $0.66 per diluted share, and $157,350,000, or $0.81 per diluted share for the quarter ended September 30, 2022.

Nine Months Ended September 30, 2023 Financial Results

NET INCOME attributable to common shareholders for the nine months ended September 30, 2023 was $104,391,000, or $0.54 per diluted share, compared to $84,665,000, or $0.44 per diluted share, for the nine months ended September 30, 2022. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, net income attributable to common shareholders, as adjusted (non-GAAP) for the nine months ended September 30, 2023 was $43,246,000, or $0.22 per diluted share, and $106,652,000, or $0.56 per diluted share, for the nine months ended September 30, 2022.

FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the nine months ended September 30, 2023 was $382,658,000, or $1.97 per diluted share, compared to $462,463,000, or $2.39 per diluted share, for the nine months ended September 30, 2022. 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 nine months ended September 30, 2023 was $384,371,000, or $1.98 per diluted share, and $469,851,000, or $2.43 per diluted share, for the nine months ended September 30, 2022.


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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 September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Net income attributable to common shareholders	$	52,846	$	7,769	$	104,391	$	84,665
Per diluted share	$	0.28	$	0.04	$	0.54	$	0.44

Certain (income) expense items that impact net income attributable to common shareholders:
Net gain on contribution of Pier 94 leasehold interest to joint venture	$	(35,968)	$	—	$	(35,968)	$	—
After-tax net gain on sale of The Armory Show	(17,076)		—		(17,076)		—
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)	3,115		3,776		8,196		10,183
Our share of Alexander's, Inc. ("Alexander's") gain on sale of Rego Park III land parcel	—		—		(16,396)		—
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities	—		—		(6,173)		(6,085)
Other	5,954		28,090		48		19,784
	(43,975)		31,866		(67,369)		23,882
Noncontrolling interests' share of above adjustments	3,974		(2,206)		6,224		(1,895)
Total of certain (income) expense items that impact net income attributable to common shareholders	$	(40,001)	$	29,660	$	(61,145)	$	21,987
Per diluted share (non-GAAP)	$	(0.21)	$	0.15	$	(0.32)	$	0.12

Net income attributable to common shareholders, as adjusted (non-GAAP)	$	12,845	$	37,429	$	43,246	$	106,652
Per diluted share (non-GAAP)	$	0.07	$	0.19	$	0.22	$	0.56

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 September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1)	$	119,487	$	152,461	$	382,658	$	462,463
Per diluted share (non-GAAP)	$	0.62	$	0.79	$	1.97	$	2.39

Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions:
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)	$	3,115	$	3,776	$	8,196	$	10,183
After-tax net gain on sale of 220 CPS condominium units and ancillary amenities	—		—		(6,173)		(6,085)
Other	5,330		1,477		(167)		3,840
	8,445		5,253		1,856		7,938
Noncontrolling interests' share of above adjustments	(691)		(364)		(143)		(550)
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net	$	7,754	$	4,889	$	1,713	$	7,388
Per diluted share (non-GAAP)	$	0.04	$	0.02	$	0.01	$	0.04

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	127,241	$	157,350	$	384,371	$	469,851
Per diluted share (non-GAAP)	$	0.66	$	0.81	$	1.98	$	2.43

________________________________

(1)See page 12 for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and nine months ended September 30, 2023 and 2022.


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FFO, as Adjusted Bridge - Q3 2023 vs. Q3 2022

The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2022 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2023:


(Amounts in millions, except per share amounts)	FFO, as Adjusted
	Amount		Per Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months September 30, 2022	$	157.4	$	0.81

(Decrease) increase in FFO, as adjusted due to:

Prior period accrual adjustments recorded in Q3 2022 related to changes in the tax assessed value of THE MART	(11.9)
Increase in interest expense, net of increase in interest income	(7.3)
Stock compensation expense on the June 2023 grant	(6.1)
FFO from sold properties	(4.9)

Other, net	0.1
	(30.1)
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities	(0.1)
Net decrease	(30.2)		(0.15)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2023	$	127.2	$	0.66

See page 12 for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and nine months ended September 30, 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 on the previous page.


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Sunset Pier 94 Studios Joint Venture:

On August 28, 2023, we, together with Hudson Pacific Properties and Blackstone Inc., formed a joint venture (“Pier 94 JV”) to develop a 266,000 square foot purpose-built studio campus at Pier 94 in Manhattan (“Sunset Pier 94 Studios”). In connection therewith:

•We contributed our Pier 94 leasehold interest to the joint venture in exchange for a 49.9% common equity interest and an initial capital account of $47,944,000, comprised of (i) the $40,000,000 value of our Pier 94 leasehold interest contribution and (ii) a $7,944,000 credit for pre-development costs incurred. Hudson Pacific Properties (“HPP”) and Blackstone Inc. (together, “HPP/BX”) received an aggregate 50.1% common equity interest in Pier 94 JV and an initial capital account of $22,976,000 in exchange for (i) a $15,000,000 cash contribution upon the joint venture’s formation and (ii) a $7,976,000 credit for pre-development costs incurred. HPP/BX will fund 100% of cash contributions until such time that its capital account is equal to Vornado’s, after which equity will be funded in accordance with each partner’s respective ownership interest.

•The lease of Pier 94 with the City of New York was amended and restated to allow for the contribution to Pier 94 JV and to remove Pier 92 from the lease’s demised premises. The amended and restated lease expires in 2060 with five 10-year renewal options.

•Pier 94 JV closed on a $183,200,000 construction loan facility ($100,000 outstanding as of September 30, 2023) which bears interest at SOFR plus 4.75% and matures in September 2025, with one one-year as-of-right extension option and two one-year extension options subject to certain conditions. VRLP and the other partners provided a joint and several completion guarantee.

The development cost of the project is estimated to be $350,000,000, which will be funded with $183,200,000 of construction financing (described above) and $166,800,000 of equity contributions. Our share of equity contributions will be funded by (i) our $40,000,000 Pier 94 leasehold interest contribution and (ii) $34,000,000 of cash contributions, which are net of an estimated $9,000,000 for our share of development fees and reimbursement for overhead costs incurred by us.

Upon contribution of the Pier 94 leasehold, we recognized a $35,968,000 net gain primarily due to the step-up of our retained investment in the leasehold interest to fair value. The net gain was included in “net gains on disposition of wholly owned and partially owned assets” on our consolidated statements of income for the three and nine months ended September 30, 2023.

Dividends/Share Repurchase Program:

On April 26, 2023, we announced the postponement of dividends on our common shares until the end of 2023, at which time, upon finalization of our 2023 taxable income, including the impact of asset sales, we will pay the 2023 dividend in either (i) cash, or (ii) a combination of cash and securities, as determined by our Board of Trustees. Cash retained from dividends or from asset sales will be used to reduce debt and/or to fund the share repurchase program discussed below.

We also announced that our Board of Trustees has authorized the repurchase of up to $200,000,000 of our outstanding common shares under a newly established share repurchase program.

During the three months ended September 30, 2023, we repurchased 302,200 common shares for $5,927,000 at an average price per share of $19.61. In total, we have repurchased 2,024,495 common shares under the program at an average price per share of $14.40. As of September 30, 2023, $170,857,000 remained available and authorized for repurchases.


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350 Park Avenue:

On January 24, 2023, we and the Rudin family (“Rudin”) completed agreements with Citadel Enterprise Americas LLC (“Citadel”) and with an affiliate of Kenneth C. Griffin, Citadel’s Founder and CEO (“KG”), for a series of transactions relating to 350 Park Avenue and 40 East 52nd Street.

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 has also master leased Rudin’s adjacent property at 40 East 52nd Street (390,000 square feet).

In addition, we entered into a joint venture with Rudin (the “Vornado/Rudin JV”) which was formed to purchase 39 East 51st Street. Upon formation of the KG joint venture described below, 39 East 51st Street will be combined with 350 Park Avenue and 40 East 52nd Street to create a premier development site (collectively, the “Site”). On June 20, 2023, the Vornado/Rudin JV completed the purchase of 39 East 51st Street for $40,000,000, which was funded on a 50/50 basis by Vornado and Rudin.

From October 2024 to June 2030, KG will have the option to either:

•acquire a 60% interest in a joint venture with the Vornado/Rudin JV 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 the Vornado/Rudin JV as developer. KG would own 60% of the joint venture and the Vornado/Rudin JV 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 JV).

◦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 the Vornado/Rudin JV would not participate in the new development.

Further, the Vornado/Rudin JV 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, the Vornado/Rudin JV 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

On May 19, 2023, Alexander's completed the sale of 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. As a result of the sale, we recognized our $16,396,000 share of the net gain and received a $711,000 sales commission from Alexander’s, of which $250,000 was paid to a third-party broker.

The Armory Show

On July 3, 2023, we completed the sale of The Armory Show, located in New York, for $24,410,000, subject to certain post-closing adjustments, and realized net proceeds of $22,489,000. In connection with the sale, we recognized a net gain of $20,181,000 which is included in “net gains on disposition of wholly owned and partially owned assets” on our consolidated statements of income.

Manhattan Retail Properties Sale

On August 10, 2023, we completed the sale of four Manhattan retail properties located at 510 Fifth Avenue, 148–150 Spring Street, 443 Broadway and 692 Broadway for $100,000,000 and realized net proceeds of $95,450,000. In connection with the sale, we recognized an impairment loss of $625,000 which is included in “transaction related costs and other” on our consolidated statements of income.


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Financings:

150 West 34th Street

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.

On October 4, 2023, we completed a $75,000,000 refinancing of 150 West 34th Street, of which $25,000,000 is recourse to the Operating Partnership. The interest-only loan bears a rate of SOFR plus 2.15% and matures in February 2025, with three one-year as-of-right extension options and an additional one-year extension option available subject to satisfying a loan-to-value test. The interest rate on the loan is subject to an interest rate cap arrangement with a SOFR strike rate of 5.00%, which matures in February 2026. The loan replaces the previous $100,000,000 loan, which bore interest at SOFR plus 1.86%.

697-703 Fifth Avenue (Fifth Avenue and Times Square JV)

On June 14, 2023, the Fifth Avenue and Times Square JV completed a restructuring of the 697-703 Fifth Avenue $421,000,000 non-recourse mortgage loan, which matured in December 2022. The restructured $355,000,000 loan, which had its principal reduced through an application of property-level reserves and funds from the partners, was split into (i) a $325,000,000 senior note, which bears interest at SOFR plus 2.00%, and (ii) a $30,000,000 junior note, which accrues interest at a fixed rate of 4.00%. The restructured loan matures in March 2028, as fully extended. Any amounts funded for future re-leasing of the property will be senior to the $30,000,000 junior note.

512 West 22nd Street

On June 28, 2023, a joint venture, in which we have a 55% interest, completed a $129,250,000 refinancing of 512 West 22nd Street, a 173,000 square foot Manhattan office building. The interest-only loan bears a rate of SOFR plus 2.00% in year one and SOFR plus 2.35% thereafter. The loan matures in June 2025 with a one-year extension option subject to debt service coverage ratio, loan-to-value and debt yield requirements. The loan replaces the previous $137,124,000 loan that bore interest at LIBOR plus 1.85% and had an initial maturity of June 2023. In addition, the joint venture entered into the interest rate cap arrangement detailed in the table below.

825 Seventh Avenue

On July 24, 2023, a joint venture, in which we have a 50% interest, completed a $54,000,000 refinancing of the office condominium of 825 Seventh Avenue, a 173,000 square foot Manhattan office and retail building. The interest-only loan bears a rate of SOFR plus 2.75%, with a 30 basis point reduction available upon satisfaction of certain leasing conditions, and matures in January 2026. The loan replaces the previous $60,000,000 loan that bore interest at LIBOR plus 2.35% and was scheduled to mature in July 2023.

Interest Rate Swap and Cap Arrangements

We entered into the following interest rate swap and cap arrangements during the nine months ended September 30, 2023:

(Amounts in thousands)

Notional Amount
(at share)

All-In Swapped Rate

Expiration Date

Variable Rate Spread

Interest rate swaps:

555 California Street (effective 05/24)

840,000

6.03%

05/26

S+205

Unsecured term loan(1) (effective 10/23)

150,000

5.12%

07/25

S+129

Index Strike Rate

Interest rate caps:

1290 Avenue of the Americas (70.0% interest) (effective 11/23)(2)

665,000

1.00%

11/25

S+162

One Park Avenue (effective 3/24)

525,000

3.89%

03/25

S+122

731 Lexington Avenue office condominium (32.4% interest)

162,000

6.00%

06/24

Prime + 0

640 Fifth Avenue (52.0% interest)

259,925

4.00%

05/24

S+111

512 West 22nd Street (55.0% interest)

71,088

4.50%

06/25

S+200

________________________________

(1)In addition to the swap disclosed above, the unsecured term loan, which matures in December 2027, is subject to various interest rate swap arrangements that were entered into in prior periods. The table below summarizes the impact of the swap arrangements on the unsecured term loan.


	Swapped Balance		All-In Swapped Rate	Unswapped Balance (bears interest at S+129)
Through 10/23	$	800,000	4.04%	$	—
10/23 through 07/25	700,000		4.52%	100,000
07/25 through 10/26	550,000		4.35%	250,000
10/26 through 08/27	50,000		4.03%	750,000

(2)In connection with the arrangement, we made a $63,100 up-front payment, of which $18,930 is attributable to noncontrolling interests.


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Leasing Activity:

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

For the Three Months Ended September 30, 2023:

•236,000 square feet of New York Office space (190,000 square feet at share) at an initial rent of $93.33 per square foot and a weighted average lease term of 7.9 years. The changes in the GAAP and cash mark-to-market rent on the 176,000 square feet of second generation space were negative 0.3% and negative 2.5%, respectively. Tenant improvements and leasing commissions were $12.87 per square foot per annum, or 13.8% of initial rent.

•29,000 square feet of New York Retail space (21,000 square feet at share) at an initial rent of $373.28 per square foot and a weighted average lease term of 8.4 years. The changes in the GAAP and cash mark-to-market rent on the 9,000 square feet of second generation space were positive 31.3% and positive 33.5%, respectively. Tenant improvements and leasing commissions were $26.02 per square foot per annum, or 7.0% of initial rent.

•68,000 square feet at THE MART (63,000 square feet at share) at an initial rent of $54.71 per square foot and a weighted average lease term of 5.2 years. The changes in the GAAP and cash mark-to-market rent on the 40,000 square feet of second generation space were negative 9.0% and negative 10.4%, respectively. Tenant improvements and leasing commissions were $10.46 per square foot per annum, or 19.1% of initial rent.

For the Nine Months Ended September 30, 2023:

•1,292,000 square feet of New York Office space (1,186,000 square feet at share) at an initial rent of $97.99 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 1,027,000 square feet of second generation space were positive 7.3% and positive 1.6%, respectively. Tenant improvements and leasing commissions were $5.66 per square foot per annum, or 5.8% of initial rent.

•259,000 square feet of New York Retail space (200,000 square feet at share) at an initial rent of $116.03 per square foot and a weighted average lease term of 5.6 years. The changes in the GAAP and cash mark-to-market rent on the 113,000 square feet of second generation space were positive 17.0% and positive 15.4%, respectively. Tenant improvements and leasing commissions were $19.01 per square foot per annum, or 16.4% of initial rent.

•176,000 square feet at THE MART (171,000 square feet at share) at an initial rent of $55.87 per square foot and a weighted average lease term of 5.7 years. The changes in the GAAP and cash mark-to-market rent on the 112,000 square feet of second generation space were negative 5.9% and negative 9.8%, respectively. Tenant improvements and leasing commissions were $8.49 per square foot per annum, or 15.2% of initial rent.

•10,000 square feet at 555 California Street (7,000 square feet at share) at an initial rent of $134.70 per square foot and a weighted average lease term of 5.9 years. The changes in the GAAP and cash mark-to-market rent on the 4,000 square feet of second generation space were positive 12.8% and positive 2.4%, respectively. Tenant improvements and leasing commissions were $22.92 per square foot per annum, or 17.0% of initial rent.

Occupancy:


(At Vornado's share)	New York						THE MART		555 California Street
	Total		Office		Retail
Occupancy as of September 30, 2023	89.9	%	91.6	%	74.3	%	76.8	%	94.5	%

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


	Total		New York		THE MART(1)		555 California Street(2)
Same store NOI at share % (decrease) increase(3):
Three months ended September 30, 2023 compared to September 30, 2022	(3.0)	%	4.0	%	(54.0)	%	2.9	%
Nine months ended September 30, 2023 compared to September 30, 2022	1.1	%	2.8	%	(35.5)	%	32.2	%
Three months ended September 30, 2023 compared to June 30, 2023	(6.6)	%	(1.3)	%	(8.5)	%	(47.2)	%

Same store NOI at share - cash basis % (decrease) increase(3):
Three months ended September 30, 2023 compared to September 30, 2022	(4.7)	%	2.1	%	(53.7)	%	3.7	%
Nine months ended September 30, 2023 compared to September 30, 2022	1.1	%	3.1	%	(38.2)	%	34.7	%
Three months ended September 30, 2023 compared to June 30, 2023	(7.0)	%	(1.8)	%	(6.2)	%	(45.6)	%

____________________

(1)The third quarter of 2022 includes prior period accrual adjustments related to changes in the tax-assessed value of THE MART.

(2)The second quarter of 2023 includes our $14,103,000 share of the receipt of a tenant settlement, net of legal expenses.

(3)See pages 14 through 19 for same store NOI at share and same store NOI at share - cash basis reconciliations.


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

NOI At Share:

The elements of our New York and Other NOI at share for the three and nine months ended September 30, 2023 and 2022 and the three months ended June 30, 2023 are summarized below.


(Amounts in thousands)	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2023
	2023		2022				2023		2022
NOI at share:
New York:
Office(1)	$	183,919	$	174,790	$	186,042	$	544,231	$	534,641
Retail	46,559		52,127		47,428		141,183		155,670
Residential	5,570		4,598		5,467		16,495		14,622
Alexander's	9,586		9,639		9,429		28,085		27,980

Total New York	245,634		241,154		248,366		729,994		732,913
Other:
THE MART(2)	15,132		35,769		16,462		47,003		75,630
555 California Street(3)	16,564		16,092		31,347		64,840		49,051
Other investments	3,665		4,074		5,464		14,280		12,699
Total Other	35,361		55,935		53,273		126,123		137,380

NOI at share	$	280,995	$	297,089	$	301,639	$	856,117	$	870,293

________________________________

See notes below.

NOI At Share - Cash Basis:

The elements of our New York and Other NOI at share - cash basis for the three and nine months ended September 30, 2023 and 2022 and the three months ended June 30, 2023 are summarized below.


(Amounts in thousands)	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2023
	2023		2022				2023		2022
NOI at share - cash basis:
New York:
Office(1)	$	179,838	$	174,606	$	181,253	$	543,172	$	532,759
Retail	45,451		48,096		44,956		134,441		142,678
Residential	5,271		4,556		5,129		15,451		13,554
Alexander's	10,284		10,434		10,231		30,376		30,296

Total New York	240,844		237,692		241,569		723,440		719,287
Other:
THE MART(2)	15,801		36,772		16,592		47,068		78,749
555 California Street(3)	17,552		16,926		32,284		67,554		50,141
Other investments	3,818		4,280		5,624		14,557		13,292
Total Other	37,171		57,978		54,500		129,179		142,182

NOI at share - cash basis	$	278,015	$	295,670	$	296,069	$	852,619	$	861,469

________________________________

(1)Includes Building Maintenance Services NOI of $7,752, $7,043, $6,797, $20,838 and $19,293, respectively, for the three months ended September 30, 2023 and 2022 and June 30, 2023 and the nine months ended September 30, 2023 and 2022.

(2)The third quarter of 2022 includes prior period accrual adjustments related to changes in the tax-assessed value of THE MART.

(3)The nine months ended September 30, 2023 includes our $14,103 share of the receipt of a tenant settlement, net of legal expenses.


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

Active Development/Redevelopment Summary as of September 30, 2023:


(Amounts in thousands, except square feet)
		(at Vornado’s share)								Projected Incremental Cash Yield
New York segment:	Property Rentable Sq. Ft.	Budget			Cash Amount Expended		Remaining Expenditures		Stabilization Year
PENN District:
PENN 2 - as expanded	1,795,000	$	750,000		$	582,671	$	167,329	2025		9.5%
PENN 1 (including LIRR Concourse Retail)(1)	2,558,000	450,000			415,663		34,337		N/A		13.2%	(1)(2)
Districtwide Improvements	N/A	100,000			45,490		54,510		N/A		N/A
Total PENN District		1,300,000		(3)	1,043,824		256,176				10.1%

Sunset Pier 94 Studios (49.9% interest)(4)	266,000	125,000			7,994		117,006		2026		10.3%

Total Active Development Projects		$	1,425,000		$	1,051,818	$	373,182

________________________________

(1)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 has yet to be determined and may be material.

(2)Projected to be achieved as pre-redevelopment leases roll, which have an approximate average remaining term of 3.5 years.

(3)Excluding debt and equity carry.

(4)Represents our 49.9% share of the $350,000 development budget and excludes the $40,000 value of our contributed leasehold interest. $34,000 will be funded via cash contributions. See page 4 for further details.

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, October 31, 2023 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 888-317-6003 (domestic) or 412-317-6061 (international) and entering the passcode 6920837. 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 impacts of the increase in interest rates and inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.


NYSE: VNO \| WWW.VNO.COM						PAGE 9 OF 19

VORNADO REALTY TRUST

CONSOLIDATED BALANCE SHEETS


(Amounts in thousands)	As of				Increase (Decrease)
	September 30, 2023		December 31, 2022
ASSETS
Real estate, at cost:
Land	$	2,457,589	$	2,451,828	$	5,761
Buildings and improvements	9,887,787		9,804,204		83,583
Development costs and construction in progress	1,257,886		933,334		324,552
Leasehold improvements and equipment	129,385		125,389		3,996
Total	13,732,647		13,314,755		417,892
Less accumulated depreciation and amortization	(3,698,582)		(3,470,991)		(227,591)
Real estate, net	10,034,065		9,843,764		190,301
Right-of-use assets	679,119		684,380		(5,261)
Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills:
Cash and cash equivalents	1,000,362		889,689		110,673
Restricted cash	262,118		131,468		130,650
Investments in U.S. Treasury bills	—		471,962		(471,962)
Total	1,262,480		1,493,119		(230,639)
Tenant and other receivables	88,438		81,170		7,268
Investments in partially owned entities	2,670,782		2,665,073		5,709

220 CPS condominium units ready for sale	40,198		43,599		(3,401)
Receivable arising from the straight-lining of rents	697,486		694,972		2,514
Deferred leasing costs, net	355,307		373,555		(18,248)
Identified intangible assets, net	130,086		139,638		(9,552)
Other assets	494,582		474,105		20,477
Total assets	$	16,452,543	$	16,493,375	$	(40,832)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	5,714,761	$	5,829,018	$	(114,257)
Senior unsecured notes, net	1,193,362		1,191,832		1,530
Unsecured term loan, net	794,212		793,193		1,019
Unsecured revolving credit facilities	575,000		575,000		—
Lease liabilities	728,468		735,969		(7,501)
Accounts payable and accrued expenses	452,853		450,881		1,972
Deferred revenue	34,083		39,882		(5,799)
Deferred compensation plan	100,485		96,322		4,163
Other liabilities	316,094		268,166		47,928
Total liabilities	9,909,318		9,980,263		(70,945)
Redeemable noncontrolling interests	474,004		436,732		37,272
Shareholders' equity	5,810,777		5,839,728		(28,951)
Noncontrolling interests in consolidated subsidiaries	258,444		236,652		21,792
Total liabilities, redeemable noncontrolling interests and equity	$	16,452,543	$	16,493,375	$	(40,832)


NYSE: VNO \| WWW.VNO.COM						PAGE 10 OF 19

VORNADO REALTY TRUST

OPERATING RESULTS


(Amounts in thousands, except per share amounts)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Revenues	$	450,995	$	457,431	$	1,369,277	$	1,353,055



Net income	$	59,570	$	20,112	$	133,501	$	142,390
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	13,541		3,792		26,250		(4,756)
Operating Partnership	(4,736)		(606)		(8,773)		(6,382)
Net income attributable to Vornado	68,375		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 outstanding	190,364		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 outstanding	192,921		192,018		193,845		192,042

FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	119,487	$	152,461	$	382,658	$	462,463
Per diluted share (non-GAAP)	$	0.62	$	0.79	$	1.97	$	2.39

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	127,241	$	157,350	$	384,371	$	469,851
Per diluted share (non-GAAP)	$	0.66	$	0.81	$	1.98	$	2.43

Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share	193,036		193,808		194,012		193,429

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 11 OF 19

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 September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Net income attributable to common shareholders	$	52,846	$	7,769	$	104,391	$	84,665
Per diluted share	$	0.28	$	0.04	$	0.54	$	0.44

FFO adjustments:
Depreciation and amortization of real property	$	97,809	$	122,438	$	287,523	$	335,020
Real estate impairment losses	625		—		625		—

Net gain on sale of real estate	(53,045)		—		(53,305)		(28,354)
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO:
Depreciation and amortization of real property	26,765		32,584		80,900		98,404
Net loss (gain) on sale of real estate	—		6		(16,545)		(169)


	72,154		155,028		299,198		404,901
Noncontrolling interests' share of above adjustments	(5,900)		(10,731)		(22,156)		(28,018)
FFO adjustments, net	$	66,254	$	144,297	$	277,042	$	376,883

FFO attributable to common shareholders	$	119,100	$	152,066	$	381,433	$	461,548
Impact of assumed conversion of dilutive convertible securities	387		395		1,225		915
FFO attributable to common shareholders plus assumed conversions	$	119,487	$	152,461	$	382,658	$	462,463
Per diluted share	$	0.62	$	0.79	$	1.97	$	2.39

Reconciliation of weighted average shares outstanding:
Weighted average common shares outstanding	190,364		191,793		191,228		191,756
Effect of dilutive securities:
Convertible securities	2,227		1,790		2,621		1,407
Share-based payment awards	445		225		163		266
Denominator for FFO per diluted share	193,036		193,808		194,012		193,429


NYSE: VNO \| WWW.VNO.COM						PAGE 12 OF 19

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for the three and nine months ended September 30, 2023 and 2022 and the three months ended June 30, 2023.


(Amounts in thousands)	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2023
	2023		2022				2023		2022
Net income	$	59,570	$	20,112	$	62,733	$	133,501	$	142,390
Depreciation and amortization expense	110,349		134,526		107,162		324,076		370,631
General and administrative expense	35,838		29,174		39,410		116,843		102,292
Transaction related costs and other	813		996		30		1,501		4,961
Income from partially owned entities	(18,269)		(24,341)		(37,272)		(72,207)		(83,775)
(Income) loss from real estate fund investments	(1,783)		111		102		(1,662)		(5,421)
Interest and other investment income, net	(12,934)		(5,228)		(13,255)		(35,792)		(9,282)
Interest and debt expense	88,126		76,774		87,165		261,528		191,523
Net gains on disposition of wholly owned and partially owned assets	(56,136)		—		(936)		(64,592)		(35,384)
Income tax expense	11,684		3,711		4,497		20,848		14,686
NOI from partially owned entities	72,100		76,020		70,745		210,942		228,772
NOI attributable to noncontrolling interests in consolidated subsidiaries	(8,363)		(14,766)		(18,742)		(38,869)		(51,100)
NOI at share	280,995		297,089		301,639		856,117		870,293
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(2,980)		(1,419)		(5,570)		(3,498)		(8,824)
NOI at share - cash basis	$	278,015	$	295,670	$	296,069	$	852,619	$	861,469

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


NYSE: VNO \| WWW.VNO.COM						PAGE 13 OF 19

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

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

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the three months ended September 30, 2023 compared to September 30, 2022.


(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended September 30, 2023	$	280,995		$	245,634		$	15,132		$	16,564		$	3,665
Less NOI at share from:
Dispositions	(164)			(440)			276			—			—
Development properties	(4,724)			(4,724)			—			—			—
Other non-same store income, net	(4,774)			(1,109)			—			—			(3,665)
Same store NOI at share for the three months ended September 30, 2023	$	271,333		$	239,361		$	15,408		$	16,564		$	—

NOI at share for the three months ended September 30, 2022	$	297,089		$	241,154		$	35,769		$	16,092		$	4,074
Less NOI at share from:
Dispositions	(5,040)			(2,748)			(2,292)			—			—
Development properties	(4,549)			(4,549)			—			—			—
Other non-same store income, net	(7,679)			(3,605)			—			—			(4,074)
Same store NOI at share for the three months ended September 30, 2022	$	279,821		$	230,252		$	33,477		$	16,092		$	—

(Decrease) increase in same store NOI at share	$	(8,488)		$	9,109		$	(18,069)		$	472		$	—

% (decrease) increase in same store NOI at share	(3.0)		%	4.0		%	(54.0)		%	2.9		%	0.0		%


NYSE: VNO \| WWW.VNO.COM						PAGE 14 OF 19

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, THE MART, 555 California Street and other investments for the three months ended September 30, 2023 compared to September 30, 2022.


(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended September 30, 2023	$	278,015		$	240,844		$	15,801		$	17,552		$	3,818
Less NOI at share - cash basis from:
Dispositions	(274)			(487)			213			—			—
Development properties	(4,131)			(4,131)			—			—			—
Other non-same store income, net	(8,379)			(4,561)			—			—			(3,818)
Same store NOI at share - cash basis for the three months ended September 30, 2023	$	265,231		$	231,665		$	16,014		$	17,552		$	—

NOI at share - cash basis for the three months ended September 30, 2022	$	295,670		$	237,692		$	36,772		$	16,926		$	4,280
Less NOI at share - cash basis from:
Dispositions	(4,857)			(2,655)			(2,202)			—			—
Development properties	(4,943)			(4,943)			—			—			—
Other non-same store income, net	(7,520)			(3,240)			—			—			(4,280)
Same store NOI at share - cash basis for the three months ended September 30, 2022	$	278,350		$	226,854		$	34,570		$	16,926		$	—

(Decrease) increase in same store NOI at share - cash basis	$	(13,119)		$	4,811		$	(18,556)		$	626		$	—

% (decrease) increase in same store NOI at share - cash basis	(4.7)		%	2.1		%	(53.7)		%	3.7		%	0.0		%


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

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the nine months ended September 30, 2023 compared to September 30, 2022.


(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share for the nine months ended September 30, 2023	$	856,117		$	729,994		$	47,003		$	64,840		$	14,280
Less NOI at share from:
Dispositions	(1,301)			(1,577)			276			—			—
Development properties	(19,864)			(19,864)			—			—			—
Other non-same store (income) expense, net	(12,919)			1,361			—			—			(14,280)
Same store NOI at share for the nine months ended September 30, 2023	$	822,033		$	709,914		$	47,279		$	64,840		$	—

NOI at share for the nine months ended September 30, 2022	$	870,293		$	732,913		$	75,630		$	49,051		$	12,699
Less NOI at share from:
Dispositions	(12,833)			(10,541)			(2,292)			—			—
Development properties	(20,251)			(20,251)			—			—			—
Other non-same store income, net	(24,402)			(11,703)			—			—			(12,699)
Same store NOI at share for the nine months ended September 30, 2022	$	812,807		$	690,418		$	73,338		$	49,051		$	—

Increase (decrease) in same store NOI at share	$	9,226		$	19,496		$	(26,059)		$	15,789		$	—

% increase (decrease) in same store NOI at share	1.1		%	2.8		%	(35.5)		%	32.2		%	0.0		%


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

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, THE MART, 555 California Street and other investments for the nine months ended September 30, 2023 compared to September 30, 2022.


(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the nine months ended September 30, 2023	$	852,619		$	723,440		$	47,068		$	67,554		$	14,557
Less NOI at share - cash basis from:
Dispositions	(1,824)			(2,037)			213			—			—
Development properties	(17,588)			(17,588)			—			—			—
Other non-same store income, net	(20,589)			(6,032)			—			—			(14,557)
Same store NOI at share - cash basis for the nine months ended September 30, 2023	$	812,618		$	697,783		$	47,281		$	67,554		$	—

NOI at share - cash basis for the nine months ended September 30, 2022	$	861,469		$	719,287		$	78,749		$	50,141		$	13,292
Less NOI at share - cash basis from:
Dispositions	(13,302)			(11,100)			(2,202)			—			—
Development properties	(19,319)			(19,319)			—			—			—
Other non-same store income, net	(25,320)			(12,028)			—			—			(13,292)
Same store NOI at share - cash basis for the nine months ended September 30, 2022	$	803,528		$	676,840		$	76,547		$	50,141		$	—

Increase (decrease) in same store NOI at share - cash basis	$	9,090		$	20,943		$	(29,266)		$	17,413		$	—

% increase (decrease) in same store NOI at share - cash basis	1.1		%	3.1		%	(38.2)		%	34.7		%	0.0		%


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

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED


(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended September 30, 2023	$	280,995		$	245,634		$	15,132		$	16,564		$	3,665
Less NOI at share from:
Dispositions	(164)			(440)			276			—			—
Development properties	(4,724)			(4,724)			—			—			—
Other non-same store income, net	(4,414)			(749)			—			—			(3,665)
Same store NOI at share for the three months ended September 30, 2023	$	271,693		$	239,721		$	15,408		$	16,564		$	—

NOI at share for the three months ended June 30, 2023	$	301,639		$	248,366		$	16,462		$	31,347		$	5,464
Less NOI at share from:
Dispositions	(181)			(567)			386			—			—
Development properties	(4,206)			(4,206)			—			—			—
Other non-same store income, net	(6,298)			(834)			—			—			(5,464)
Same store NOI at share for the three months ended June 30, 2023	$	290,954		$	242,759		$	16,848		$	31,347		$	—

Decrease in same store NOI at share	$	(19,261)		$	(3,038)		$	(1,440)		$	(14,783)		$	—

% decrease in same store NOI at share	(6.6)		%	(1.3)		%	(8.5)		%	(47.2)		%	0.0		%


NYSE: VNO \| WWW.VNO.COM						PAGE 18 OF 19

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED


(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended September 30, 2023	$	278,015		$	240,844		$	15,801		$	17,552		$	3,818
Less NOI at share - cash basis from:
Dispositions	(274)			(487)			213			—			—
Development properties	(4,131)			(4,131)			—			—			—
Other non-same store income, net	(8,019)			(4,201)			—			—			(3,818)
Same store NOI at share - cash basis for the three months ended September 30, 2023	$	265,591		$	232,025		$	16,014		$	17,552		$	—

NOI at share - cash basis for the three months ended June 30, 2023	$	296,069		$	241,569		$	16,592		$	32,284		$	5,624
Less NOI at share - cash basis from:
Dispositions	(345)			(822)			477			—			—
Development properties	(4,389)			(4,389)			—			—			—
Other non-same store income, net	(5,780)			(156)			—			—			(5,624)
Same store NOI at share - cash basis for the three months ended June 30, 2023	$	285,555		$	236,202		$	17,069		$	32,284		$	—

Decrease in same store NOI at share - cash basis	$	(19,964)		$	(4,177)		$	(1,055)		$	(14,732)		$	—

% decrease in same store NOI at share - cash basis	(7.0)		%	(1.8)		%	(6.2)		%	(45.6)		%	0.0		%


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

Document

https://cdn.kscope.io/ae02bf7bb809deccacce9326f9c64052-supplementalcoversoptions-.jpg


INDEX
		Page
	BUSINESS DEVELOPMENTS	3	-	6
	FINANCIAL INFORMATION
	Financial Highlights	7
	FFO, As Adjusted Bridge	8
	Consolidated Balance Sheets	9
	Net Income Attributable to Common Shareholders (Consolidated and by Segment)	10	-	13
	Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment)	14	-	16
	Same Store NOI at Share and Same Store NOI at Share - Cash Basis	17


	DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES	18


	LEASING ACTIVITY AND LEASE EXPIRATIONS
	Leasing Activity	19	-	20
	Lease Expirations	21	-	23
	CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS	24	-	27
	UNCONSOLIDATED JOINT VENTURES	28	-	30
	DEBT AND CAPITALIZATION
	Capital Structure	31
	Common Shares Data	32
	Debt Analysis	33
	Hedging Instruments	34
	Consolidated Debt Maturities	35
	PROPERTY STATISTICS
	Top 30 Tenants	36
	Square Footage	37
	Occupancy and Residential Statistics	38
	Ground Leases	39
	Property Table	40	-	48
	EXECUTIVE OFFICERS AND RESEARCH COVERAGE	49
	APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
	Definitions	i
	Reconciliations	ii	-	xvi

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 impacts of the increase in interest rates and inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 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 September 30, 2023 and the Company’s Supplemental Fixed Income Data package for the quarter ended September 30, 2023, both of which can be accessed at the Company’s website www.vno.com.

- 2 -

BUSINESS DEVELOPMENTS

Sunset Pier 94 Studios Joint Venture

Dividends/Share Repurchase Program

We also announced that our Board of Trustees has authorized the repurchase of up to $200,000,000 of our outstanding common shares under a newly established share repurchase program.

- 3 -

BUSINESS DEVELOPMENTS

350 Park Avenue

From October 2024 to June 2030, KG will have the option to either:

◦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 the Vornado/Rudin JV would not participate in the new development.

Dispositions

Alexander's, Inc. ("Alexander's")

The Armory Show

Manhattan Retail Properties Sale

- 4 -

BUSINESS DEVELOPMENTS

Financing Activity

150 West 34th Street

697-703 Fifth Avenue (Fifth Avenue and Times Square JV)

512 West 22nd Street

825 Seventh Avenue

- 5 -

BUSINESS DEVELOPMENTS

Financing Activity - continued

Interest Rate Swap and Cap Arrangements

We entered into the following interest rate swap and cap arrangements during the nine months ended September 30, 2023. See page 34 for further information on our interest rate swap and cap arrangements:

(Amounts in thousands)

Notional Amount
(at share)

All-In Swapped Rate

Expiration Date

Variable Rate Spread

Interest rate swaps:

555 California Street (effective 05/24)

840,000

6.03%

05/26

S+205

Unsecured term loan(1) (effective 10/23)

150,000

5.12%

07/25

S+129

Index Strike Rate

Interest rate caps:

1290 Avenue of the Americas (70.0% interest) (effective 11/23)(2)

665,000

1.00%

11/25

S+162

One Park Avenue (effective 3/24)

525,000

3.89%

03/25

S+122

731 Lexington Avenue office condominium (32.4% interest)

162,000

6.00%

06/24

Prime + 0

640 Fifth Avenue (52.0% interest)

259,925

4.00%

05/24

S+111

512 West 22nd Street (55.0% interest)

71,088

4.50%

06/25

S+200

____________________


	Swapped Balance		All-In Swapped Rate	Unswapped Balance (bears interest at S+129)
Through 10/23	$	800,000	4.04%	$	—
10/23 through 07/25	700,000		4.52%	100,000
07/25 through 10/26	550,000		4.35%	250,000
10/26 through 08/27	50,000		4.03%	750,000

(2)In connection with the arrangement, we made a $63,100 up-front payment, of which $18,930 is attributable to noncontrolling interests.

- 6 -


FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended									For the Nine Months Ended September 30,
	September 30,						June 30, 2023
	2023			2022						2023			2022
Total revenues	$	450,995		$	457,431		$	472,359		$	1,369,277		$	1,353,055

Net income attributable to common shareholders	$	52,846		$	7,769		$	46,377		$	104,391		$	84,665
Per common share:
Basic	$	0.28		$	0.04		$	0.24		$	0.55		$	0.44
Diluted	$	0.28		$	0.04		$	0.24		$	0.54		$	0.44

Net income attributable to common shareholders, as adjusted (non-GAAP)	$	12,845		$	37,429		$	27,454		$	43,246		$	106,652
Per diluted share (non-GAAP)	$	0.07		$	0.19		$	0.14		$	0.22		$	0.56

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	127,241		$	157,350		$	140,737		$	384,371		$	469,851
Per diluted share (non-GAAP)	$	0.66		$	0.81		$	0.72		$	1.98		$	2.43

FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	119,487		$	152,461		$	144,059		$	382,658		$	462,463
FFO - Operating Partnership ("OP") basis (non-GAAP)	$	130,094		$	163,769		$	155,149		$	413,501		$	496,777
Per diluted share (non-GAAP)	$	0.62		$	0.79		$	0.74		$	1.97		$	2.39

Dividends per common share(1)	$	—		$	0.53		$	—		$	0.375		$	1.59

FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)(1)	—		%	65.4		%	—		%	18.9		%	65.4		%
FAD payout ratio(1)	—		%	80.3		%	—		%	25.2		%	79.1		%

Weighted average common shares outstanding (REIT basis)	190,364			191,793			191,468			191,228			191,756
Convertible units:
Class A units	14,264			13,617			13,943			14,040			13,515
Convertible securities	2,260			1,790			3,378			2,621			1,407
Share based payment awards	1,521			502			357			771			633
Weighted average common shares outstanding (OP basis)	208,409			207,702			209,146			208,660			207,311

____________________

(1)On April 26, 2023, Vornado announced the postponement of dividends on our common shares until the end of 2023, at which time, upon finalization of our 2023 taxable income, including the impact of asset sales, we will pay the 2023 dividend in either (i) cash, or (ii) a combination of cash and securities, as determined by our Board of Trustees.

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

- 7 -


FFO, AS ADJUSTED BRIDGE - Q3 2023 VS. Q3 2022 (unaudited)
(Amounts in millions, except per share amounts)


	FFO, as Adjusted

	Amount		Per Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months September 30, 2022	$	157.4	$	0.81

(Decrease) increase in FFO, as adjusted due to:

Prior period accrual adjustments recorded in Q3 2022 related to changes in the tax assessed value of THE MART	(11.9)


Increase in interest expense, net of increase in interest income	(7.3)
Stock compensation expense on the June 2023 grant	(6.1)
FFO from sold properties	(4.9)

Other, net	0.1
	(30.1)
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities	(0.1)
Net decrease	(30.2)		(0.15)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2023	$	127.2	$	0.66

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

- 8 -


CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
	As of				Increase (Decrease)
	September 30, 2023		December 31, 2022
ASSETS
Real estate, at cost:
Land	$	2,457,589	$	2,451,828	$	5,761
Buildings and improvements	9,887,787		9,804,204		83,583
Development costs and construction in progress	1,257,886		933,334		324,552
Leasehold improvements and equipment	129,385		125,389		3,996
Total	13,732,647		13,314,755		417,892
Less accumulated depreciation and amortization	(3,698,582)		(3,470,991)		(227,591)
Real estate, net	10,034,065		9,843,764		190,301
Right-of-use assets	679,119		684,380		(5,261)
Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills:
Cash and cash equivalents	1,000,362		889,689		110,673
Restricted cash	262,118		131,468		130,650
Investments in U.S. Treasury bills	—		471,962		(471,962)
Total	1,262,480		1,493,119		(230,639)
Tenant and other receivables	88,438		81,170		7,268
Investments in partially owned entities	2,670,782		2,665,073		5,709

220 CPS condominium units ready for sale	40,198		43,599		(3,401)
Receivable arising from the straight-lining of rents	697,486		694,972		2,514
Deferred leasing costs, net	355,307		373,555		(18,248)
Identified intangible assets, net	130,086		139,638		(9,552)
Other assets	494,582		474,105		20,477
Total assets	$	16,452,543	$	16,493,375	$	(40,832)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	5,714,761	$	5,829,018	$	(114,257)
Senior unsecured notes, net	1,193,362		1,191,832		1,530
Unsecured term loan, net	794,212		793,193		1,019
Unsecured revolving credit facilities	575,000		575,000		—
Lease liabilities	728,468		735,969		(7,501)
Accounts payable and accrued expenses	452,853		450,881		1,972
Deferred revenue	34,083		39,882		(5,799)
Deferred compensation plan	100,485		96,322		4,163
Other liabilities	316,094		268,166		47,928
Total liabilities	9,909,318		9,980,263		(70,945)
Redeemable noncontrolling interests	474,004		436,732		37,272
Shareholders' equity	5,810,777		5,839,728		(28,951)
Noncontrolling interests in consolidated subsidiaries	258,444		236,652		21,792
Total liabilities, redeemable noncontrolling interests and equity	$	16,452,543	$	16,493,375	$	(40,832)

- 9 -


CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Three Months Ended
	September 30,						June 30, 2023
	2023		2022		Variance
Property rentals(1)	$	341,743	$	356,783	$	(15,040)	$	365,216
Tenant expense reimbursements(1)	53,192		41,821		11,371		47,743
Amortization of acquired below-market leases, net	1,356		1,384		(28)		1,360
Straight-lining of rents	4,076		9,156		(5,080)		4,515
Total rental revenues	400,367		409,144		(8,777)		418,834
Fee and other income:
Building Maintenance Services ("BMS") cleaning fees	35,428		35,062		366		35,146
Management and leasing fees	3,263		2,532		731		3,658
Other income	11,937		10,693		1,244		14,721
Total revenues	450,995		457,431		(6,436)		472,359
Operating expenses	(233,737)		(221,596)		(12,141)		(222,723)
Depreciation and amortization	(110,349)		(134,526)		24,177		(107,162)
General and administrative	(35,838)		(29,174)		(6,664)		(39,410)
(Expense) benefit from deferred compensation plan liability	(1,631)		600		(2,231)		(2,182)
Transaction related costs and other	(813)		(996)		183		(30)
Total expenses	(382,368)		(385,692)		3,324		(371,507)
Income from partially owned entities	18,269		24,341		(6,072)		37,272
Income (loss) from real estate fund investments	1,783		(111)		1,894		(102)
Interest and other investment income, net	12,934		5,228		7,706		13,255
Income (loss) from deferred compensation plan assets	1,631		(600)		2,231		2,182
Interest and debt expense	(88,126)		(76,774)		(11,352)		(87,165)
Net gains on disposition of wholly owned and partially owned assets	56,136		—		56,136		936
Income before income taxes	71,254		23,823		47,431		67,230
Income tax expense	(11,684)		(3,711)		(7,973)		(4,497)
Net income	59,570		20,112		39,458		62,733
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	13,541		3,792		9,749		2,781
Operating Partnership	(4,736)		(606)		(4,130)		(3,608)
Net income attributable to Vornado	68,375		23,298		45,077		61,906
Preferred share dividends	(15,529)		(15,529)		—		(15,529)

Net income attributable to common shareholders	$	52,846	$	7,769	$	45,077	$	46,377



Capitalized expenditures:
Development payroll	$	3,115	$	3,269	$	(154)	$	2,704
Interest and debt expense	11,205		4,874		6,331		9,949

________________________________

(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.

- 10 -


CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Nine Months Ended September 30,
	2023		2022		Variance
Property rentals(1)	$	1,050,111	$	1,033,749	$	16,362
Tenant expense reimbursements(1)	157,030		128,249		28,781
Amortization of acquired below-market leases, net	4,083		3,788		295
Straight-lining of rents	4,770		45,835		(41,065)
Total rental revenues	1,215,994		1,211,621		4,373
Fee and other income:
BMS cleaning fees	105,902		101,752		4,150
Management and leasing fees	9,970		8,167		1,803
Other income	37,411		31,515		5,896
Total revenues	1,369,277		1,353,055		16,222
Operating expenses	(685,233)		(660,434)		(24,799)
Depreciation and amortization	(324,076)		(370,631)		46,555
General and administrative	(116,843)		(102,292)		(14,551)
(Expense) benefit from deferred compensation plan liability	(7,541)		10,138		(17,679)
Transaction related costs and other	(1,501)		(4,961)		3,460
Total expenses	(1,135,194)		(1,128,180)		(7,014)
Income from partially owned entities	72,207		83,775		(11,568)
Income from real estate fund investments	1,662		5,421		(3,759)
Interest and other investment income, net	35,792		9,282		26,510
Income (loss) from deferred compensation plan assets	7,541		(10,138)		17,679
Interest and debt expense	(261,528)		(191,523)		(70,005)
Net gains on disposition of wholly owned and partially owned assets	64,592		35,384		29,208
Income before income taxes	154,349		157,076		(2,727)
Income tax expense	(20,848)		(14,686)		(6,162)
Net income	133,501		142,390		(8,889)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	26,250		(4,756)		31,006
Operating Partnership	(8,773)		(6,382)		(2,391)
Net income attributable to Vornado	150,978		131,252		19,726
Preferred share dividends	(46,587)		(46,587)		—

Net income attributable to common shareholders	$	104,391	$	84,665	$	19,726




Capitalized expenditures:
Development payroll	$	8,668	$	8,378	$	290
Interest and debt expense	30,011		12,095		17,916

________________________________

- 11 -


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


	For the Three Months Ended September 30, 2023
	Total		New York		Other
Property rentals(1)	$	341,743	$	272,978	$	68,765
Tenant expense reimbursements(1)	53,192		39,832		13,360
Amortization of acquired below-market leases, net	1,356		1,188		168
Straight-lining of rents	4,076		5,458		(1,382)
Total rental revenues	400,367		319,456		80,911
Fee and other income:
BMS cleaning fees	35,428		37,999		(2,571)
Management and leasing fees	3,263		3,441		(178)
Other income	11,937		3,872		8,065
Total revenues	450,995		364,768		86,227
Operating expenses	(233,737)		(186,147)		(47,590)
Depreciation and amortization	(110,349)		(87,778)		(22,571)
General and administrative	(35,838)		(12,357)		(23,481)
Expense from deferred compensation plan liability	(1,631)		—		(1,631)
Transaction related costs and other	(813)		(625)		(188)
Total expenses	(382,368)		(286,907)		(95,461)
Income from partially owned entities	18,269		16,902		1,367
Income from real estate fund investments	1,783		—		1,783
Interest and other investment income, net	12,934		4,712		8,222
Income from deferred compensation plan assets	1,631		—		1,631
Interest and debt expense	(88,126)		(37,133)		(50,993)
Net gains on disposition of wholly owned and partially owned assets	56,136		—		56,136
Income before income taxes	71,254		62,342		8,912
Income tax expense	(11,684)		(1,626)		(10,058)
Net income (loss)	59,570		60,716		(1,146)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	13,541		11,388		2,153
Net income attributable to Vornado Realty L.P.	73,111		$	72,104	$	1,007
Less net income attributable to noncontrolling interests in the Operating Partnership	(4,707)
Preferred unit distributions	(15,558)

Net income attributable to common shareholders	$	52,846
For the three months ended September 30, 2022
Net income (loss) attributable to Vornado Realty L.P.	$	23,904	$	41,926	$	(18,022)
Net income attributable to common shareholders	$	7,769

________________________________

- 12 -


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


	For the Nine Months Ended September 30, 2023
	Total		New York		Other
Property rentals(1)	$	1,050,111	$	822,853	$	227,258
Tenant expense reimbursements(1)	157,030		122,497		34,533
Amortization of acquired below-market leases, net	4,083		3,577		506
Straight-lining of rents	4,770		6,747		(1,977)
Total rental revenues	1,215,994		955,674		260,320
Fee and other income:
BMS cleaning fees	105,902		113,431		(7,529)
Management and leasing fees	9,970		10,375		(405)
Other income	37,411		11,573		25,838
Total revenues	1,369,277		1,091,053		278,224
Operating expenses	(685,233)		(550,878)		(134,355)
Depreciation and amortization	(324,076)		(256,426)		(67,650)
General and administrative	(116,843)		(36,947)		(79,896)
Expense from deferred compensation plan liability	(7,541)		—		(7,541)
Transaction related costs and other	(1,501)		(636)		(865)
Total expenses	(1,135,194)		(844,887)		(290,307)
Income from partially owned entities	72,207		67,355		4,852
Income from real estate fund investments	1,662		—		1,662
Interest and other investment income, net	35,792		11,708		24,084
Income from deferred compensation plan assets	7,541		—		7,541
Interest and debt expense	(261,528)		(116,684)		(144,844)
Net gains on disposition of wholly owned and partially owned assets	64,592		—		64,592
Income (loss) before income taxes	154,349		208,545		(54,196)
Income tax expense	(20,848)		(3,714)		(17,134)
Net income (loss)	133,501		204,831		(71,330)
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries	26,250		26,993		(743)
Net income (loss) attributable to Vornado Realty L.P.	159,751		$	231,824	$	(72,073)
Less net income attributable to noncontrolling interests in the Operating Partnership	(8,687)
Preferred unit distributions	(46,673)

Net income attributable to common shareholders	$	104,391
For the nine months ended September 30, 2022
Net income (loss) attributable to Vornado Realty L.P.	$	137,634	$	220,195	$	(82,561)
Net income attributable to common shareholders	$	84,665

________________________________

- 13 -

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 September 30, 2023
	Total		New York		Other
Total revenues	$	450,995	$	364,768	$	86,227
Operating expenses	(233,737)		(186,147)		(47,590)
NOI - consolidated	217,258		178,621		38,637
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(8,363)		(2,197)		(6,166)
Add: Our share of NOI from partially owned entities	72,100		69,210		2,890
NOI at share	280,995		245,634		35,361
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(2,980)		(4,790)		1,810
NOI at share - cash basis	$	278,015	$	240,844	$	37,171


	For the Three Months Ended September 30, 2022
	Total		New York		Other
Total revenues	$	457,431	$	360,033	$	97,398
Operating expenses	(221,596)		(182,131)		(39,465)
NOI - consolidated	235,835		177,902		57,933
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(14,766)		(8,691)		(6,075)
Add: Our share of NOI from partially owned entities	76,020		71,943		4,077
NOI at share	297,089		241,154		55,935
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(1,419)		(3,462)		2,043
NOI at share - cash basis	$	295,670	$	237,692	$	57,978


	For the Three Months Ended June 30, 2023
	Total		New York		Other
Total revenues	$	472,359	$	362,471	$	109,888
Operating expenses	(222,723)		(176,410)		(46,313)
NOI - consolidated	249,636		186,061		63,575
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(18,742)		(5,204)		(13,538)
Add: Our share of NOI from partially owned entities	70,745		67,509		3,236
NOI at share	301,639		248,366		53,273
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(5,570)		(6,797)		1,227
NOI at share - cash basis	$	296,069	$	241,569	$	54,500

________________________________

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

- 14 -

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

(Amounts in thousands)


	For the Nine Months Ended September 30, 2023
	Total		New York		Other
Total revenues	$	1,369,277	$	1,091,053	$	278,224
Operating expenses	(685,233)		(550,878)		(134,355)
NOI - consolidated	684,044		540,175		143,869
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(38,869)		(12,224)		(26,645)
Add: Our share of NOI from partially owned entities	210,942		202,043		8,899
NOI at share	856,117		729,994		126,123
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(3,498)		(6,554)		3,056
NOI at share - cash basis	$	852,619	$	723,440	$	129,179


	For the Nine Months Ended September 30, 2022
	Total		New York		Other
Total revenues	$	1,353,055	$	1,082,743	$	270,312
Operating expenses	(660,434)		(536,238)		(124,196)
NOI - consolidated	692,621		546,505		146,116
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(51,100)		(32,708)		(18,392)
Add: Our share of NOI from partially owned entities	228,772		219,116		9,656
NOI at share	870,293		732,913		137,380
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(8,824)		(13,626)		4,802
NOI at share - cash basis	$	861,469	$	719,287	$	142,182

________________________________

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

- 15 -

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						For the Nine Months Ended September 30,
	September 30,				June 30, 2023
	2023		2022				2023		2022
NOI at share:
New York:
Office(1)	$	183,919	$	174,790	$	186,042	$	544,231	$	534,641
Retail	46,559		52,127		47,428		141,183		155,670
Residential	5,570		4,598		5,467		16,495		14,622
Alexander’s	9,586		9,639		9,429		28,085		27,980

Total New York	245,634		241,154		248,366		729,994		732,913
Other:
THE MART(2)	15,132		35,769		16,462		47,003		75,630
555 California Street(3)	16,564		16,092		31,347		64,840		49,051
Other investments	3,665		4,074		5,464		14,280		12,699
Total Other	35,361		55,935		53,273		126,123		137,380
NOI at share	$	280,995	$	297,089	$	301,639	$	856,117	$	870,293





NOI at share - cash basis:
New York:
Office(1)	$	179,838	$	174,606	$	181,253	$	543,172	$	532,759
Retail	45,451		48,096		44,956		134,441		142,678
Residential	5,271		4,556		5,129		15,451		13,554
Alexander's	10,284		10,434		10,231		30,376		30,296

Total New York	240,844		237,692		241,569		723,440		719,287
Other:
THE MART(2)	15,801		36,772		16,592		47,068		78,749
555 California Street(3)	17,552		16,926		32,284		67,554		50,141
Other investments	3,818		4,280		5,624		14,557		13,292
Total Other	37,171		57,978		54,500		129,179		142,182
NOI at share - cash basis	$	278,015	$	295,670	$	296,069	$	852,619	$	861,469

________________________________

(1)Includes BMS NOI of $7,752, $7,043, $6,797, $20,838 and $19,293, respectively, for the three months ended September 30, 2023 and 2022 and June 30, 2023 and the nine months ended September 30, 2023 and 2022.

(2)The third quarter of 2022 includes prior period accrual adjustments related to changes in the tax-assessed value of THE MART.

(3)The second quarter of 2023 includes our $14,103 share of the receipt of a tenant settlement, net of legal expenses.

- 16 -

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


	Total		New York		THE MART(1)		555 California Street(2)
Same store NOI at share % (decrease) increase(3):
Three months ended September 30, 2023 compared to September 30, 2022	(3.0)	%	4.0	%	(54.0)	%	2.9	%
Nine months ended September 30, 2023 compared to September 30, 2022	1.1	%	2.8	%	(35.5)	%	32.2	%
Three months ended September 30, 2023 compared to June 30, 2023	(6.6)	%	(1.3)	%	(8.5)	%	(47.2)	%

Same store NOI at share - cash basis % (decrease) increase(3):
Three months ended September 30, 2023 compared to September 30, 2022	(4.7)	%	2.1	%	(53.7)	%	3.7	%
Nine months ended September 30, 2023 compared to September 30, 2022	1.1	%	3.1	%	(38.2)	%	34.7	%
Three months ended September 30, 2023 compared to June 30, 2023	(7.0)	%	(1.8)	%	(6.2)	%	(45.6)	%

________________________________

(1)The third quarter of 2022 includes prior period accrual adjustments related to changes in the tax-assessed value of THE MART.

(2)The second quarter of 2023 includes our $14,103,000 share of the receipt of a tenant settlement, net of legal expenses.

(3)See pages viii through xiii in the Appendix for same store NOI at share and same store NOI at share - cash basis reconciliations.

- 17 -


DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES
(Amounts in thousands, except square feet)
		(at Vornado’s share)								Projected Incremental Cash Yield
Active Development Projects: New York segment:	Property Rentable Sq. Ft.	Budget			Cash Amount Expended		Remaining Expenditures		Stabilization Year
PENN District:
PENN 2 - as expanded	1,795,000	$	750,000		$	582,671	$	167,329	2025		9.5%
PENN 1 (including LIRR Concourse Retail)(1)	2,558,000	450,000			415,663		34,337		N/A		13.2%	(1)(2)
Districtwide Improvements	N/A	100,000			45,490		54,510		N/A		N/A
Total PENN District		1,300,000		(3)	1,043,824		256,176				10.1%

Sunset Pier 94 Studios (49.9% interest)	266,000	125,000		(4)	7,994		117,006		2026		10.3%

Total Active Development Projects		$	1,425,000		$	1,051,818	$	373,182

Future Opportunities: New York segment:	Property Zoning Sq. Ft.
PENN District:
Hotel Pennsylvania land(5)	2,052,000
Eighth Avenue and 34th Street land	105,000
Multiple other opportunities - office/residential/retail
Total PENN District	2,157,000
350 Park Avenue assemblage (see page 4 for details)	1,389,000
260 Eleventh Avenue - office(6)	280,000
57th Street land (50% interest)	150,000
Other segment:
527 West Kinzie land, Chicago	330,000
Total Future Opportunities	4,306,000

________________________________

(2)Projected to be achieved as pre-redevelopment leases roll, which have an approximate average remaining term of 3.5 years.

(3)Excluding debt and equity carry.

(5)Demolition of the existing building was completed in the third quarter of 2023.

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

- 18 -


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
	Office			Retail			THE MART
Three Months Ended September 30, 2023
Total square feet leased	236			29			68
Our share of square feet leased:	190			21			63
Initial rent(1)	$	93.33		$	373.28		$	54.71
Weighted average lease term (years)	7.9			8.4			5.2
Second generation relet space:
Square feet	176			9			40
GAAP basis:
Straight-line rent(2)	$	89.71		$	440.92		$	53.56
Prior straight-line rent	$	89.94		$	335.92		$	58.83
Percentage (decrease) increase	(0.3)		%	31.3		%	(9.0)		%
Cash basis (non-GAAP):
Initial rent(1)	$	94.14		$	423.78		$	55.79
Prior escalated rent	$	96.57		$	317.45		$	62.28
Percentage (decrease) increase	(2.5)		%	33.5		%	(10.4)		%
Tenant improvements and leasing commissions:
Per square foot	$	101.69		$	218.55		$	54.39
Per square foot per annum	$	12.87		$	26.02		$	10.46
Percentage of initial rent	13.8		%	7.0		%	19.1		%

________________________________

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

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

- 19 -


LEASING ACTIVITY (unaudited)
(Square feet in thousands)


	New York									555 California Street
	Office			Retail			THE MART
Nine Months Ended September 30, 2023
Total square feet leased	1,292			259			176			10
Our share of square feet leased:	1,186			200			171			7
Initial rent(1)	$	97.99		$	116.03		$	55.87		$	134.70
Weighted average lease term (years)	9.5			5.6			5.7			5.9
Second generation relet space:
Square feet	1,027			113			112			4
GAAP basis:
Straight-line rent(2)	$	100.55		$	107.52		$	55.80		$	124.51
Prior straight-line rent	$	93.75		$	91.89		$	59.33		$	110.40
Percentage increase (decrease)	7.3		%	17.0		%	(5.9)		%	12.8		%
Cash basis (non-GAAP):
Initial rent(1)	$	100.64		$	105.13		$	57.84		$	120.56
Prior escalated rent	$	99.08		$	91.07		$	64.11		$	117.75
Percentage increase (decrease)	1.6		%	15.4		%	(9.8)		%	2.4		%
Tenant improvements and leasing commissions:
Per square foot	$	53.78		$	106.44		$	48.40		$	135.20
Per square foot per annum	$	5.66		$	19.01		$	8.49		$	22.92
Percentage of initial rent	5.8		%	16.4		%	15.2		%	17.0		%

________________________________

(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.

- 20 -


LEASE EXPIRATIONS (unaudited) NEW YORK SEGMENT

	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)		Annualized Escalated Rents of Expiring Leases				Percentage of Annualized Escalated Rent
				Total		Per Sq. Ft.
Office:	Third Quarter 2023(2)	74,000		$	6,947,000	$	93.88	0.6	%


	Fourth Quarter 2023	528,000		52,640,000		99.70		4.3	%

	First Quarter 2024	149,000		15,056,000		101.05		1.2	%
	Second Quarter 2024	379,000		35,806,000		94.47		2.9	%
	Third Quarter 2024	73,000		5,768,000		79.01		0.5	%
	Fourth Quarter 2024	179,000		17,032,000		95.15		1.4	%
	Total 2024	780,000		73,662,000		94.44		6.0	%
	2025	725,000		60,857,000		83.94		5.0	%
	2026	1,227,000		102,387,000		83.44		8.4	%
	2027	1,181,000		93,738,000		79.37		7.7	%
	2028	1,048,000		82,938,000		79.14		6.8	%
	2029	1,210,000		97,763,000		80.80		8.0	%
	2030	639,000		54,198,000		84.82		4.5	%
	2031	891,000		79,416,000		89.13		6.5	%
	2032	958,000		94,278,000		98.41		7.8	%
	2033	509,000		43,642,000		85.74		3.7	%
	Thereafter	4,702,000	(3)	373,652,000		79.47		30.7	%

Retail:	Third Quarter 2023(2)	19,000		$	1,460,000	$	76.84	0.6	%



	Fourth Quarter 2023	3,000		225,000		75.00		0.1	%

	First Quarter 2024	100,000		3,230,000		32.30		1.3	%
	Second Quarter 2024	82,000		14,743,000		179.79		5.8	%
	Third Quarter 2024	1,000		2,952,000		2,952.00		1.2	%
	Fourth Quarter 2024	23,000		1,375,000		59.78		0.5	%
	Total 2024	206,000		22,300,000		108.25		8.8	%
	2025	42,000		13,588,000		323.52		5.4	%
	2026	82,000		26,351,000		321.35		10.4	%
	2027	37,000		21,459,000		579.97		8.5	%
	2028	26,000		13,875,000		533.65		5.5	%
	2029	45,000		26,816,000		595.91		10.6	%
	2030	156,000		23,918,000		153.32		9.4	%
	2031	67,000		28,628,000		427.28		11.3	%
	2032	57,000		29,381,000		515.46		11.6	%
	2033	20,000		6,530,000		326.50		2.6	%
	Thereafter	350,000		38,694,000		110.55		15.2	%

________________________________

(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.

- 21 -


LEASE EXPIRATIONS (unaudited) THE MART

	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)	Annualized Escalated Rents of Expiring Leases				Percentage of Annualized Escalated Rent
			Total		Per Sq. Ft.
Office / Showroom / Retail:	Third Quarter 2023(2)	—	$	—	$	—	0.0	%


	Fourth Quarter 2023	47,000	2,742,000		58.34		1.9	%


	First Quarter 2024	94,000	5,489,000		58.39		3.9	%
	Second Quarter 2024	48,000	2,835,000		59.06		2.0	%
	Third Quarter 2024	25,000	1,779,000		71.16		1.3	%
	Fourth Quarter 2024	66,000	3,529,000		53.47		2.5	%
	Total 2024	233,000	13,632,000		58.51		9.7	%
	2025	208,000	11,356,000		56.22		8.0	%
	2026	298,000	17,036,000		57.17		12.0	%
	2027	189,000	10,166,000		53.79		7.2	%
	2028	695,000	34,099,000		49.06		23.8	%
	2029	114,000	6,054,000		53.11		4.3	%
	2030	47,000	2,961,000		63.00		2.1	%
	2031	296,000	14,026,000		47.39		9.9	%
	2032	390,000	18,339,000		47.02		12.9	%
	2033	54,000	2,627,000		48.65		1.8	%
	Thereafter	196,000	9,023,000		46.04		6.4	%

________________________________

(1) Excludes storage, vacancy and other.

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

- 22 -


LEASE EXPIRATIONS (unaudited) 555 California Street

	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)	Annualized Escalated Rents of Expiring Leases				Percentage of Annualized Escalated Rent
			Total		Per Sq. Ft.
Office / Retail:	Third Quarter 2023(2)	—	$	—	$	—	0.0	%



	Fourth Quarter 2023	—	—		—		0.0	%

	First Quarter 2024	—	—		—		0.0	%
	Second Quarter 2024	—	—		—		0.0	%
	Third Quarter 2024	—	—		—		0.0	%
	Fourth Quarter 2024	65,000	6,835,000		105.15		6.2	%
	Total 2024	65,000	6,835,000		105.15		6.2	%
	2025	274,000	25,506,000		93.09		23.0	%
	2026	238,000	24,372,000		102.40		22.0	%
	2027	65,000	6,226,000		95.78		5.6	%
	2028	112,000	10,137,000		90.51		9.1	%
	2029	120,000	11,930,000		99.42		10.8	%
	2030	109,000	9,994,000		91.69		9.0	%
	2031	—	—		—		0.0	%
	2032	5,000	669,000		133.80		0.6	%
	2033	15,000	1,745,000		116.33		1.6	%
	Thereafter	173,000	13,411,000		77.52		12.1	%

________________________________

(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.

- 23 -


CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
CONSOLIDATED
(Amounts in thousands)
	Nine Months Ended September 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for capital expenditures:
Expenditures to maintain assets	$	75,264	$	85,573	$	75,133
Tenant improvements	46,354		41,934		68,284
Leasing commissions	12,232		16,005		36,274
Recurring tenant improvements, leasing commissions and other capital expenditures	133,850		143,512		179,691
Non-recurring capital expenditures(1)	33,534		32,583		19,849
Total capital expenditures and leasing commissions	$	167,384	$	176,095	$	199,540


	Nine Months Ended September 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for development and redevelopment expenditures(2):
PENN 2	$	230,160	$	266,676	$	105,267
PENN 1	65,314		102,445		171,824
Hotel Pennsylvania site	60,558		77,965		54,280
THE MART 2.0	22,962		10,130		729
PENN Districtwide improvements	12,607		11,096		14,116
The Farley Building	10,380		224,382		202,414
PENN 11	4,573		10,430		418
220 CPS	4,155		10,186		19,351
Other	21,730		24,689		17,541
	$	432,439	$	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.

- 24 -


CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
NEW YORK SEGMENT
(Amounts in thousands)

	Nine Months Ended September 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for capital expenditures:
Expenditures to maintain assets	$	60,408	$	60,588	$	61,420
Tenant improvements	31,228		27,862		59,522
Leasing commissions	11,484		10,465		27,284
Recurring tenant improvements, leasing commissions and other capital expenditures	103,120		98,915		148,226
Non-recurring capital expenditures(1)	28,776		28,992		19,694
Total capital expenditures and leasing commissions	$	131,896	$	127,907	$	167,920


	Nine Months Ended September 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for development and redevelopment expenditures(2):
PENN 2	$	230,160	$	266,676	$	105,267
PENN 1	65,314		102,445		171,824
Hotel Pennsylvania site	60,558		77,965		54,280
PENN Districtwide improvements	12,607		11,096		14,116
The Farley Building	10,380		224,382		202,414
PENN 11	4,573		10,430		418
Other	18,720		20,606		12,220
	$	402,312	$	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.

- 25 -


CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
THE MART
(Amounts in thousands)
	Nine Months Ended September 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for capital expenditures:
Expenditures to maintain assets	$	9,622	$	18,137	$	7,199
Tenant improvements	15,113		11,977		5,683
Leasing commissions	636		2,610		2,047
Recurring tenant improvements, leasing commissions and other capital expenditures	25,371		32,724		14,929
Non-recurring capital expenditures(1)	4,674		676		155
Total capital expenditures and leasing commissions	$	30,045	$	33,400	$	15,084


	Nine Months Ended September 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for development and redevelopment expenditures(2):
THE MART 2.0	$	22,962	$	10,130	$	729
Other	3,010		4,083		1,068
	$	25,972	$	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.

- 26 -


CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
555 CALIFORNIA STREET
(Amounts in thousands)

	Nine Months Ended September 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for capital expenditures:
Expenditures to maintain assets	$	5,234	$	6,848	$	6,514
Tenant improvements	13		2,095		3,079
Leasing commissions	112		2,930		6,943
Recurring tenant improvements, leasing commissions and other capital expenditures	5,359		11,873		16,536
Non-recurring capital expenditures(1)	84		2,915		—
Total capital expenditures and leasing commissions	$	5,443	$	14,788	$	16,536


	Nine Months Ended September 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for development and redevelopment expenditures(2):
345 Montgomery Street	$	—	$	—	$	4,253

________________________________

See notes below.


CAPITAL EXPENDITURES (unaudited)
OTHER
(Amounts in thousands)

	Nine Months Ended September 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for development and redevelopment expenditures(2):
220 CPS	$	4,155	$	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.

- 27 -


UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
		As of September 30, 2023
Joint Venture Name	Asset Category	Percentage Ownership	Company's Carrying Amount		Company's Pro rata Share of Debt(1)		100% of Joint Venture Debt(1)		Maturity Date(2)		Spread over LIBOR/SOFR	Interest Rate(3)
Fifth Avenue and Times Square JV	Retail/Office	51.5%	$	2,249,148	$	419,078	$	855,365	Various		Various	Various

Alexander's	Office/Retail	32.4%	91,914		355,280		1,096,544		Various		Various	Various

Partially owned office buildings/land:
512 West 22nd Street	Office/Retail	55.0%	59,768		71,088		129,250		06/25		S+200	6.50%
West 57th Street properties	Office/Retail/Land	50.0%	51,696		—		—		N/A		N/A	—
280 Park Avenue	Office/Retail	50.0%	36,760		600,000		1,200,000		09/24		S+203	7.36%
825 Seventh Avenue	Office	50.0%	16,796		27,000		54,000		01/26		S+275	8.08%
61 Ninth Avenue	Office/Retail	45.1%	1,088		75,543		167,500		01/26		S+146	5.85%
650 Madison Avenue	Office/Retail	20.1%	—		161,024		800,000		12/29		N/A	3.49%

Other investments:
Independence Plaza	Residential/Retail	50.1%	53,525		338,175		675,000		07/25		N/A	4.25%
Sunset Pier 94 Studios(4)	Studio Campus	49.9%	50,090		50		100		09/26		S+475	10.08%
Rosslyn Plaza	Office/Residential	43.7% to 50.4%	34,957		12,603		25,000		04/26	(5)	S+200	7.33%
Other	Various	Various	25,040		124,353		665,971		Various		Various	Various
			$	2,670,782	$	2,184,194	$	5,668,730
Investments in partially owned entities included in other liabilities(6):
7 West 34th Street	Office/Retail	53.0%	$	(67,669)	$	159,000	$	300,000	06/26		N/A	3.65%
85 Tenth Avenue	Office/Retail	49.9%	(10,736)		311,875		625,000		12/26		N/A	4.55%
			$	(78,405)	$	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 August 28, 2023, we entered into a joint venture to develop a purpose-built studio campus at Pier 94 in Manhattan. Our 49.9% investment is included within our New York segment. See page 3 for details.

(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.

- 28 -


UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	Percentage Ownership at September 30, 2023	Our Share of Net Income (Loss) for the Three Months Ended September 30,				Our Share of NOI (non-GAAP) for the Three Months Ended September 30,
		2023		2022		2023		2022
Joint Venture Name
New York:
Fifth Avenue and Times Square JV:

Equity in net income	51.5%	$	10,917	$	11,941	$	30,147	$	33,330
Return on preferred equity, net of our share of the expense		9,430		9,430		—		—
		20,347		21,371		30,147		33,330
280 Park Avenue	50.0%	(5,014)		(2,087)		10,699		9,497
Alexander's	32.4%	3,341		4,740		9,586		9,639
85 Tenth Avenue	49.9%	(2,377)		(2,466)		3,295		2,797
7 West 34th Street	53.0%	1,236		1,186		3,716		3,712
Independence Plaza	50.1%	(708)		(1,609)		4,975		4,161
512 West 22nd Street	55.0%	(599)		54		1,571		1,826
West 57th Street properties	50.0%	(293)		(255)		(51)		116
61 Ninth Avenue	45.1%	(23)		152		1,909		1,613
Other, net	Various	992		95		3,363		5,252
		16,902		21,181		69,210		71,943
Other:
Alexander's corporate fee income	32.4%	1,184		1,170		659		647
Rosslyn Plaza	43.7% to 50.4%	441		348		1,089		1,106
Other, net	Various	(258)		1,642		1,142		2,324
		1,367		3,160		2,890		4,077

Total		$	18,269	$	24,341	$	72,100	$	76,020

- 29 -


UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	Percentage Ownership at September 30, 2023	Our Share of Net Income (Loss) for the Nine Months Ended September 30,					Our Share of NOI (non-GAAP) for the Nine Months Ended September 30,
		2023			2022		2023			2022
Joint Venture Name
New York:
Fifth Avenue and Times Square JV:

Equity in net income	51.5%	$	27,057	(1)(2)	$	41,915	$	89,400	(2)	$	103,684
Return on preferred equity, net of our share of the expense		27,985			27,985		—			—
		55,042			69,900		89,400			103,684
Alexander's	32.4%	26,626		(3)	14,235		28,085			27,980
280 Park Avenue	50.0%	(14,524)		(4)	249		31,052			29,913
85 Tenth Avenue	49.9%	(8,224)			(7,928)		8,150			7,899
7 West 34th Street	53.0%	3,455			3,340		10,970			10,997
Independence Plaza	50.1%	(1,835)			(3,540)		14,936			13,421
512 West 22nd Street	55.0%	(1,751)			(96)		4,552			4,085
West 57th Street properties	50.0%	(719)			(710)		16			237
61 Ninth Avenue	45.1%	(31)			1,162		5,680			5,041

Other, net	Various	9,316			625		9,202			15,859
		67,355			77,237		202,043			219,116
Other:
Alexander's corporate fee income	32.4%	4,056			3,352		2,338			1,782
Rosslyn Plaza	43.7% to 50.4%	1,220			1,276		3,361			3,391
Other, net	Various	(424)			1,910		3,200			4,483
		4,852			6,538		8,899			9,656

Total		$	72,207		$	83,775	$	210,942		$	228,772

________________________________

(1)Includes a $5,120 accrual of default interest which was forgiven by the lender as part of the restructuring of the 697-703 Fifth Avenue loan and will be amortized over the remaining term of the restructured loan, reducing future interest expense.

(2)Includes lower income from lease renewals at 697-703 Fifth Avenue and 666 Fifth Avenue.

(3)On May 19, 2023, Alexander’s completed the sale of the Rego Park III land parcel for $71,060. As a result of the sale, we recognized our $16,396 share of the net gain and received a $711 sales commission from Alexander’s, of which $250 was paid to a third-party broker.

(4)Decrease primarily due to an increase in variable rate interest expense.

- 30 -


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

				As of September 30, 2023
Debt (contractual balances):
Consolidated debt(1):
Mortgages payable				$	5,758,215
Senior unsecured notes				1,200,000
$800 Million unsecured term loan				800,000
$2.5 Billion unsecured revolving credit facilities				575,000
				8,333,215
Pro rata share of debt of non-consolidated entities				2,655,069
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)				(682,059)
				10,306,225		(A)

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

	Converted Shares	September 30, 2023 Common Share Price
Equity:
Common shares	190,322	$	22.68	4,316,503
Class A units	13,657	22.68		309,741
Convertible share equivalents:
Equity awards - unit equivalents	3,270	22.68		74,164
Series D-13 preferred units	2,059	22.68		46,698
Series G-1 through G-4 preferred units	115	22.68		2,608
Series A preferred shares	25	22.68		567
				4,750,281		(C)
Total Market Capitalization (A+B+C)				$	16,279,541

________________________________

(1)See reconciliation on page xiv in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of September 30, 2023.

- 31 -


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):


	Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022
High price	$	26.21		$	18.55		$	26.76		$	26.28
Low price	$	17.28		$	12.31		$	12.53		$	20.03
Closing price - end of quarter	$	22.68		$	18.14		$	15.37		$	20.81

Annualized quarterly dividend per share(1)	$	—		$	—		$	1.50		$	2.12

Annualized dividend yield - on closing price	—		%	—		%	9.8		%	10.2		%

Outstanding shares, Class A units and convertible preferred units as converted (in thousands)	209,448			210,336			209,950			208,678





Closing market value of outstanding shares, Class A units and convertible preferred units as converted	$	4.8	Billion	$	3.8	Billion	$	3.2	Billion	$	4.3	Billion

________________________________

- 32 -


DEBT ANALYSIS (unaudited)
(Amounts in thousands)
	As of September 30, 2023
	Total			Variable			Fixed
(Contractual debt balances)	Amount		Weighted Average Interest Rate	Amount		Weighted Average Interest Rate	Amount		Weighted Average Interest Rate
Consolidated debt(1)	$	8,333,215	4.19%	$	2,189,565	5.87%	$	6,143,650	3.59%
Pro rata share of debt of non-consolidated entities	2,655,069		5.37%	1,454,011		6.61%	1,201,058		3.87%
Total	10,988,284		4.47%	3,643,576		6.16%	7,344,708		3.64%
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	$	10,306,225	4.34%	$	2,961,517	6.08%	$	7,344,708	3.64%

As of September 30, 2023, $1,995,365 of variable rate debt (at share) is subject to interest rate cap arrangements, the $966,152 of variable rate debt not subject to interest rate cap arrangements represents 9% of our total pro rata share of debt. See the following page for details.

Senior Unsecured Notes due 2025, 2026 and 2031

Unsecured Revolving Credit Facilities
and Unsecured Term Loan

Debt Covenant Ratios:(2)

Required

Actual

Required

Actual

Total outstanding debt/total assets(3)

Less than 65%

50%

Less than 60%

37%

Secured debt/total assets

Less than 50%

33%

Less than 50%

27%

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

Greater than 1.50

2.17

N/A

Fixed charge coverage

N/A

Greater than 1.40

2.08

Unencumbered assets/unsecured debt

Greater than 150%

319%

N/A

Unsecured debt/cap value of unencumbered assets

N/A

Less than 60%

21%

Unencumbered coverage ratio

N/A

Greater than 1.50

6.80


Consolidated Unencumbered EBITDA (non-GAAP):
	Q3 2023 Annualized
New York	$	276,968
Other	95,456
Total	$	372,424

________________________________

(1)See reconciliation on page xiv in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of September 30, 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.

- 33 -


HEDGING INSTRUMENTS AS OF SEPTEMBER 30, 2023 (unaudited)

(Amounts in thousands)
	Debt Information						Swap / Cap Information
	Balance at Share		Maturity Date(1)		Variable Rate Spread		Notional Amount at Share			Expiration Date		All-In Swapped Rate

Interest Rate Swaps:
Consolidated:
555 California Street mortgage loan
In-place swap	$	840,000		05/28		S+205	$	840,000			05/24	2.29%
Forward swap (effective 05/24)											05/26	6.03%
770 Broadway mortgage loan	700,000			07/27		S+225	700,000				07/27	4.98%
PENN 11 mortgage loan	500,000			10/25		S+206	500,000				03/24	2.22%
Unsecured revolving credit facility	575,000			12/27		S+114	575,000				08/27	3.87%
Unsecured term loan	800,000			12/27		S+129	800,000		(2)		10/23	4.04%
100 West 33rd Street mortgage loan	480,000			06/27		S+165	480,000				06/27	5.06%
888 Seventh Avenue mortgage loan	263,400			12/25		S+180	200,000				09/27	4.76%
4 Union Square South mortgage loan	120,000			08/25		S+150	98,650				01/25	3.74%
Unconsolidated:
731 Lexington Avenue - retail condominium mortgage loan	97,200			08/25		S+151	97,200				05/25	1.76%
50-70 West 93rd Street mortgage loan	41,667			12/24		S+164	41,168				06/24	3.14%
	$	4,417,267					4,332,018
Interest Rate Caps:												Index Strike Rate	Cash Interest Rate(3)	Effective Interest Rate(4)
Consolidated:
1290 Avenue of the Americas mortgage loan
In-place cap	$	665,000		11/28		S+162	665,000				11/23	3.89%	5.51%	5.56%
Forward cap (effective 11/23)											11/25	1.00%	2.62%	5.94%
One Park Avenue mortgage loan	525,000			03/26		S+122	525,000				03/25	3.89%	5.11%	6.09%
150 West 34th Street mortgage loan(5)	100,000			05/24		S+186	100,000				05/24	4.10%	5.96%	6.72%
606 Broadway mortgage loan	37,060			09/24		S+191	37,060				09/24	4.00%	5.91%	5.95%
Unconsolidated:

640 Fifth Avenue mortgage loan	259,925			05/24		S+111	259,925				05/24	4.00%	5.11%	6.03%
731 Lexington Avenue - office condominium mortgage loan	162,000			06/24		Prime+0	162,000				06/24	6.00%	6.00%	8.46%
61 Ninth Avenue mortgage loan	75,543			01/26		S+146	75,543				02/24	4.39%	5.85%	6.02%
512 West 22nd Street mortgage loan	71,088			06/25		S+200	71,088				06/25	4.50%	6.50%	7.16%
Rego Park II mortgage loan	65,624			12/25		S+145	65,624				11/24	4.15%	5.60%	6.28%
Fashion Centre Mall/Washington Tower mortgage loan	34,125			05/26		S+305	34,125				05/24	3.89%	6.94%	6.98%
	$	1,995,365					1,995,365		(6)

Fixed rate debt per loan agreements							3,012,690
Variable rate debt not subject to interest rate swaps or caps							966,152		(6)
Total debt at share							$	10,306,225

________________________________

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

(2)The unsecured term loan is subject to various interest rate swap arrangements during the term. See page 6 for details.

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

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

(5)On October 4, 2023, we entered into a 5.00% interest rate cap arrangement in connection with the $75,000 refinancing of 150 West 34th Street. See page 5 for details.

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

See page 6 for details of interest rate hedging arrangements entered into during 2023.

- 34 -


CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property	Maturity Date(1)	Spread over SOFR			Interest Rate(2)		2023		2024		2025		2026		2027		Thereafter		Total
Secured Debt:
435 Seventh Avenue	02/24		S+141		6.74%		$	—	$	95,696	$	—	$	—	$	—	$	—	$	95,696
150 West 34th Street(3)	05/24		S+186		5.96%		—		100,000		—		—		—		—		100,000
606 Broadway (50.0% interest)	09/24		S+191		5.91%		—		74,119		—		—		—		—		74,119
4 Union Square South	08/25				4.29%		—		—		120,000		—		—		—		120,000
PENN 11	10/25				2.22%		—		—		500,000		—		—		—		500,000
888 Seventh Avenue	12/25				5.33%		7,200		21,600		234,600		—		—		—		263,400
One Park Avenue	03/26		S+122		5.11%		—		—		—		525,000		—		—		525,000
350 Park Avenue	01/27				3.92%		—		—		—		—		400,000		—		400,000
100 West 33rd Street	06/27				5.06%		—		—		—		—		480,000		—		480,000
770 Broadway	07/27				4.98%		—		—		—		—		700,000		—		700,000
555 California Street (70.0% interest)	05/28				3.82%		—		—		—		—		—		1,200,000		1,200,000
1290 Avenue of the Americas (70.0% interest)	11/28		S+162		5.51%		—		—		—		—		—		950,000		950,000
909 Third Avenue	04/31				3.23%		—		—		—		—		—		350,000		350,000
Total Secured Debt							7,200		291,415		854,600		525,000		1,580,000		2,500,000		5,758,215
Unsecured Debt:
Senior unsecured notes due 2025	01/25				3.50%		—		—		450,000		—		—		—		450,000
$1.25 Billion unsecured revolving credit facility	04/26		S+119	(4)	0.00%		—		—		—		—		—		—		—
Senior unsecured notes due 2026	06/26				2.15%		—		—		—		400,000		—		—		400,000
$1.25 Billion unsecured revolving credit facility	12/27				3.87%	(4)	—		—		—		—		575,000		—		575,000
$800 Million unsecured term loan	12/27				4.04%	(4)	—		—		—		—		800,000		—		800,000
Senior unsecured notes due 2031	06/31				3.40%		—		—		—		—		—		350,000		350,000
Total Unsecured Debt							—		—		450,000		400,000		1,375,000		350,000		2,575,000
Total Debt							$	7,200	$	291,415	$	1,304,600	$	925,000	$	2,955,000	$	2,850,000	$	8,333,215
Weighted average rate							7.13%		6.29%		3.37%		3.83%		4.38%		4.26%		4.19%

Fixed rate debt(5)							$	—	$	—	$	1,248,650	$	400,000	$	2,955,000	$	1,540,000	$	6,143,650
Fixed weighted average rate expiring							0.00%		0.00%		3.21%		2.15%		4.38%		2.76%		3.59%
Floating rate debt							$	7,200	$	291,415	$	55,950	$	525,000	$	—	$	1,310,000	$	2,189,565
Floating weighted average rate expiring							7.13%		6.29%		7.02%		5.11%		0.00%		6.02%		5.87%

________________________________

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

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

(3)On October 4, 2023, we completed a $75,000 refinancing of 150 West 34th Street. See page 5 for details.

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

(5)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.

- 35 -

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	$	168,694	9.3	%
IPG and affiliates	967,552	64,495		3.6	%
Citadel	585,460	62,498		3.5	%
New York University	685,290	48,890		2.7	%
Google/Motorola Mobility (guaranteed by Google)	759,446	41,129		2.2	%
Bloomberg L.P.	306,768	40,685		2.2	%
Equitable Financial Life Insurance Company	335,356	36,383		2.0	%
Amazon (including its Whole Foods subsidiary)	312,694	30,516		1.7	%
Swatch Group USA	11,957	28,560		1.6	%
Neuberger Berman Group LLC	306,612	28,220		1.5	%
Madison Square Garden & Affiliates	408,031	27,357		1.5	%
AMC Networks, Inc.	326,717	26,261		1.4	%
Bank of America	247,459	25,229		1.4	%
LVMH Brands	65,060	25,152		1.4	%
Apple Inc.	412,434	24,077		1.3	%
Victoria's Secret	33,156	20,106		1.1	%
PwC	241,196	19,123		1.0	%
Macy's	242,837	17,812		1.0	%
Yahoo Inc.	161,588	16,961		0.9	%
Fast Retailing (Uniqlo)	47,167	13,746		0.8	%
Cushman & Wakefield	127,485	13,513		0.7	%
The City of New York	232,010	12,126		0.7	%
Foot Locker	149,987	11,726		0.6	%
WSP USA	172,666	11,181		0.6	%
AbbVie Inc.	168,673	11,164		0.6	%
Axon Capital	93,127	10,925		0.6	%
Burlington Coat Factory	108,844	10,514		0.6	%
Alston & Bird LLP	126,872	10,177		0.6	%
Aetna Life Insurance Company	64,196	10,149		0.6	%
Kirkland & Ellis LLP	106,751	9,569		0.5	%
				48.2	%

________________________________

(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.

- 36 -


SQUARE FOOTAGE (unaudited)
(Square feet in thousands)
		At Vornado's Share
	At 100%		Under Development or Not Available for Lease	In Service
		Total		Office	Retail	Showroom	Other
Segment:
New York:
Office	20,207	17,376	1,303	15,890	—	183	—
Retail	2,394	1,955	277	—	1,678	—	—
Residential - 1,662 units	1,498	764	19	—	—	—	745
Alexander's (32.4% interest), including 312 residential units	2,455	795	—	305	408	—	82
	26,554	20,890	1,599	16,195	2,086	183	827

Other:
THE MART	3,683	3,674	—	2,094	108	1,257	215
555 California Street (70% interest)	1,819	1,274	—	1,240	34	—	—
Other	2,845	1,346	149	212	874	—	111
	8,347	6,294	149	3,546	1,016	1,257	326

Total square feet at September 30, 2023	34,901	27,184	1,748	19,741	3,102	1,440	1,153

Total square feet at June 30, 2023	34,978	27,396	1,797	19,744	3,251	1,430	1,174

	At 100%
Parking Garages (not included above):	Square Feet	Number of Garages	Number of Spaces
New York	1,635	9	4,804
THE MART	558	4	1,643
555 California Street	168	1	453
Rosslyn Plaza	411	4	1,094
Total at September 30, 2023	2,772	18	7,994

- 37 -


OCCUPANCY (unaudited)

	New York		THE MART		555 California Street
Occupancy rate at:
September 30, 2023	89.9	%	76.8	%	94.5	%
June 30, 2023	90.1	%	80.0	%	94.5	%
December 31, 2022	90.4	%	81.6	%	94.7	%
September 30, 2022	90.3	%	87.3	%	94.7	%


RESIDENTIAL STATISTICS (unaudited)

		Vornado's Ownership Interest
	Number of Units	Number of Units	Occupancy Rate	Average Monthly Rent Per Unit
New York:
September 30, 2023	1,974	939	96.6%	$4,061
June 30, 2023	1,975	940	96.5%	$4,010
December 31, 2022	1,976	941	96.7%	$3,882
September 30, 2022	1,983	948	96.8%	$3,877

- 38 -


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

Property	Current Annual Rent at Share				Next Option Renewal Date		Fully Extended Lease Expiration		Rent Increases and Other Information
Consolidated:
New York:
The Farley Building (95% interest)		$	4,750			None		2116		None
PENN 1:
Land		TBD				2073		2098		Rent resets at the beginning of each 25-year renewal term at fair market value (“FMV”). The rent reset for the 25-year period commencing June 2023 has yet to be determined and may be material.
Long Island Railroad Concourse Retail		1,379				2048		2098		Two 25-year renewal options. Base rent increases every 10 years, with the next rent increase in 2028, based on the increase in gross income reduced by the increase in real estate taxes and operating expenses. In addition, percentage rent is payable based on gross annual income above a specified threshold. Base and percentage rent are reduced by a rent credit calculated as a percentage of development costs funded by Vornado.
260 Eleventh Avenue		4,448				None		2114		Rent increases annually by the lesser of CPI or 1.5% compounded. We have a purchase option exercisable at a future date for $110,000 increased annually by the lesser of CPI or 1.5% compounded.
888 Seventh Avenue		3,350				2028		2067		Two 20-year renewal options at FMV.
330 West 34th Street - 65.2% ground leased		10,265		(1)		2051		2149		Two 30-year and one 39-year renewal option at FMV.
909 Third Avenue		1,600				2041		2063		One 22-year renewal option at current annual rent.
962 Third Avenue (the Annex building to 150 East 58th Street) - 50.0% ground leased		666				None		2118		Rent resets every ten years to FMV.
Other:
Wayne Town Center		5,374				2035		2064		Two 10-year renewal options and one 9-year renewal option. Rent increases annually by the greater of CPI or 6%.
Annapolis		650				None		2042		Fixed rent increases to $750 per annum in 2032.
Unconsolidated:
Sunset Pier 94 Studios(2) (49.9% interest)		449				2060		2110		Five 10-year renewal options. Fixed rent increases in 2028 and every five years thereafter. Beginning in September 2028, additional rent is payable in amount equal to 6% of gross revenue less the base rent.
61 Ninth Avenue (45.1% interest)		3,635				None		2115		Rent increases every three years based on CPI, subject to a cap. In 2051, 2071 and 2096, rent resets based on the increase in the property's gross revenue net of real estate taxes, if greater than the CPI reset.
Flushing (Alexander's) (32.4% interest)		259				2027		2037		One 10-year renewal option at 90% of FMV.

________________________________

(1)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 have filed a motion for leave to appeal with the Court of Appeals.

(2)On August 28, 2023, we amended and restated the Pier 94 lease agreement. See page 3 for details.

- 39 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)			Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK:
PENN District:
PENN 1
(ground leased through 2098)**															Cisco, Hartford Fire Insurance, Empire Healthchoice Assurance, Inc., United
															Healthcare Services, Inc., Siemens Mobility, WSP USA, Gusto Inc., Samsung*,
-Office	100.0	%	81.9	%	$	79.49			2,254,000	2,254,000	—				Canaccord Genuity LLC*
-Retail	100.0	%	100.0	%	180.04				304,000	70,000	234,000				Bank of America, Starbucks, Blue Bottle Coffee Inc., Shake Shack*
	100.0	%	82.4	%	82.81		$	176,800	2,558,000	2,324,000	234,000	$	—

PENN 2
-Office	100.0	%	100.0	%	62.26				1,577,000	407,000	1,170,000				Madison Square Garden, EMC
-Retail	100.0	%	100.0	%	618.21				43,000	4,000	39,000				JPMorgan Chase
	100.0	%	100.0	%	67.87		31,200		1,620,000	411,000	1,209,000	575,000		(4)

The Farley Building (ground and building leased through 2116)**
-Office	95.0	%	100.0	%	119.62				730,000	730,000	—				Meta Platforms, Inc.
-Retail	95.0	%	24.1	%	407.48				116,000	116,000	—				Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels
	95.0	%	89.8	%	130.00		98,600		846,000	846,000	—	—

PENN 11

-Office	100.0	%	100.0	%	70.57				1,110,000	1,110,000	—				Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's
-Retail	100.0	%	80.1	%	150.80				39,000	39,000	—				PNC Bank National Association, Starbucks
	100.0	%	99.3	%	72.82		77,600		1,149,000	1,149,000	—	500,000

100 West 33rd Street
-Office	100.0	%	89.5	%	67.91				859,000	859,000	—				IPG and affiliates
-Retail	100.0	%	3.6	%	36.03				255,000	255,000	—				Aeropostale
	100.0	%	70.5	%	67.55		52,200		1,114,000	1,114,000	—	480,000

330 West 34th Street
(65.2% ground leased through 2149)**
-Office	100.0	%	75.4	%	76.86				702,000	702,000	—				Structure Tone, Deutsch, Inc., Web.com, Footlocker, HomeAdvisor, Inc.
-Retail	100.0	%	91.1	%	128.43				22,000	22,000	—				Starbucks
	100.0	%	75.7	%	78.27		41,600		724,000	724,000	—	100,000		(5)

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

7 West 34th Street
-Office	53.0	%	100.0	%	80.83				458,000	458,000	—				Amazon
-Retail	53.0	%	100.0	%	360.98				19,000	19,000	—				Amazon, Lindt, Naturalizer (guaranteed by Caleres)
	53.0	%	100.0	%	92.67		43,300		477,000	477,000	—	300,000

431 Seventh Avenue
-Retail	100.0	%	100.0	%	249.41		1,100		9,000	9,000	—	—			Essen

138-142 West 32nd Street
-Retail	100.0	%	80.3	%	121.11		400		8,000	8,000	—	—

150 West 34th Street
-Retail	100.0	%	100.0	%	112.53		8,800		78,000	78,000	—	100,000		(6)	Old Navy

- 40 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)			Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property										Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
PENN District (Continued):
137 West 33rd Street
-Retail	100.0	%	100.0	%	$	75.54		$	200	3,000	3,000	—	$	—

131-135 West 33rd Street
-Retail	100.0	%	100.0	%	60.59			1,400		23,000	23,000	—	—

Other (3 buildings)
-Retail	100.0	%	100.0	%	191.52			2,600		16,000	16,000	—	—

Total PENN District								537,300		8,668,000	7,225,000	1,443,000	2,150,696

Midtown East:
909 Third Avenue
(ground leased through 2063)**															IPG and affiliates, AbbVie Inc., United States Post Office,
-Office	100.0	%	95.0	%	65.56		(7)	59,900		1,351,000	1,351,000	—	350,000		Geller & Company, Morrison Cohen LLP, Sard Verbinnen


150 East 58th Street(8)
-Office	100.0	%	85.6	%	81.79					541,000	541,000	—			Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail	100.0	%	100.0	%	96.27					3,000	3,000	—
	100.0	%	85.7	%	81.87			37,900		544,000	544,000	—	—

715 Lexington Avenue
-Retail	100.0	%	100.0	%	198.28			4,300		22,000	22,000	—	—		Orangetheory Fitness, Casper, Santander Bank, Blu Dot

966 Third Avenue
-Retail	100.0	%	100.0	%	103.17			700		7,000	7,000	—	—		McDonald's

968 Third Avenue
-Retail	50.0	%	100.0	%	181.97			1,200		7,000	7,000	—	—		Wells Fargo

Total Midtown East								104,000		1,931,000	1,931,000	—	350,000

Midtown West:
888 Seventh Avenue
(ground leased through 2067)**															Axon Capital LP, Lone Star US Acquisitions LLC, Top-New York, Inc.,
-Office	100.0	%	88.8	%	98.93					872,000	872,000	—			Vornado Executive Headquarters, United Talent Agency
-Retail	100.0	%	100.0	%	286.58					15,000	15,000	—			Redeye Grill L.P.
	100.0	%	88.9	%	100.81			78,600		887,000	887,000	—	263,400

57th Street - 2 buildings
-Office	50.0	%	85.4	%	61.58					81,000	81,000	—
-Retail	50.0	%	42.5	%	125.61					22,000	22,000	—
	50.0	%	78.3	%	67.37			5,100		103,000	103,000	—	—

825 Seventh Avenue
-Office	50.0	%	79.6	%	59.02					169,000	169,000	—			Young Adult Institute Inc., New Alternatives for Children, Inc.
-Retail	100.0	%	100.0	%	148.89					4,000	4,000	—
			80.1	%	61.63			8,400		173,000	173,000	—	54,000

Total Midtown West								92,100		1,163,000	1,163,000	—	317,400

- 41 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet				Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property		In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Park Avenue:
280 Park Avenue															Cohen & Steers Inc., Franklin Templeton Co. LLC,
-Office	50.0	%	98.8	%	$	112.18			1,237,000		1,237,000	—			PJT Partners, Investcorp International Inc., GIC Inc., Wells Fargo
-Retail	50.0	%	93.8	%	63.40				28,000		28,000	—			Starbucks, Fasano Restaurant
	50.0	%	98.7	%	111.16		$	138,000	1,265,000		1,265,000	—	$	1,200,000

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

Total Park Avenue							200,500		1,850,000		1,850,000	—	1,600,000
Grand Central:
90 Park Avenue															Alston & Bird, Capital One, PwC, MassMutual,
-Office	100.0	%	96.3	%	82.42				938,000		938,000	—			Factset Research Systems Inc., Foley & Lardner
-Retail	100.0	%	72.8	%	162.94				18,000		18,000	—			Citibank, Starbucks
	100.0	%	95.9	%	83.54		73,900		956,000		956,000	—	—



Madison/Fifth:
640 Fifth Avenue															Fidelity Investments, Abbott Capital Management,
-Office	52.0	%	91.6	%	111.14				246,000		246,000	—	500,000		Avolon Aerospace, Houlihan Lokey Advisors Parent, Inc.
-Retail	52.0	%	96.2	%	1,094.07				69,000		69,000	—	—		Victoria's Secret, Dyson
	52.0	%	92.3	%	266.70		73,800		315,000		315,000	—	500,000

666 Fifth Avenue
-Retail	52.0	%	100.0	%	425.82		44,500		114,000	(9)	114,000	—	—		Fast Retailing (Uniqlo), Abercrombie & Fitch, Tissot

595 Madison Avenue															LVMH Moet Hennessy Louis Vuitton Inc.,
-Office	100.0	%	87.8	%	80.49				300,000		300,000	—			Albea Beauty Solutions, Aerin LLC
-Retail	100.0	%	100.0	%	737.24				30,000		30,000	—			Fendi, Berluti, Christofle Silver Inc.
	100.0	%	88.6	%	127.45		38,700		330,000		330,000	—	—

650 Madison Avenue															Sotheby's International Realty, Inc., BC Partners Inc.,
-Office	20.1	%	85.8	%	116.03				564,000		564,000	—			Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)
-Retail	20.1	%	94.3	%	1,055.14				37,000		37,000	—			Moncler USA Inc., Tod's, Celine, Balmain
	20.1	%	86.1	%	157.41		77,800		601,000		601,000	—	800,000

689 Fifth Avenue
-Office	52.0	%	100.0	%	94.89				81,000		81,000	—			Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail	52.0	%	100.0	%	1,075.72				17,000		17,000	—			MAC Cosmetics, Canada Goose
	52.0	%	100.0	%	210.73		20,600		98,000		98,000	—	—

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

697-703 Fifth Avenue
-Retail	44.8	%	100.0	%	2,531.92		41,500		26,000		26,000	—	355,365		Swatch Group USA, Harry Winston

Total Madison/Fifth							314,300		1,541,000		1,541,000	—	1,655,365

- 42 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Midtown South:
770 Broadway
-Office	100.0	%	85.7	%	$	112.49			1,077,000	1,077,000	—			Meta Platforms, Inc., Yahoo Inc.
-Retail	100.0	%	92.0	%	93.53				106,000	106,000	—			Bank of America N.A., Wegmans Food Markets
	100.0	%	86.2	%	110.80		$	111,200	1,183,000	1,183,000	—	$	700,000

One Park Avenue
														New York University, BMG Rights Management LLC,
-Office	100.0	%	95.4	%	72.35				867,000	867,000	—			Robert A.M. Stern Architect
-Retail	100.0	%	90.1	%	83.17				78,000	78,000	—			Bank of Baroda, Citibank, Equinox
	100.0	%	95.0	%	73.19		64,200		945,000	945,000	—	525,000

4 Union Square South
-Retail	100.0	%	100.0	%	135.64		27,700		204,000	204,000	—	120,000		Burlington, Whole Foods Market, DSW, Sephora

Total Midtown South							203,100		2,332,000	2,332,000	—	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, Selendy Gay Elsberg PLLC*,
-Office	70.0	%	100.0	%	95.02				2,043,000	2,043,000	—			Fubotv Inc, LinkLaters
-Retail	70.0	%	94.0	%	231.75				76,000	76,000	—			Duane Reade, JPMorgan Chase Bank, Starbucks
Total Rockefeller Center	70.0	%	99.8	%	98.46		202,900		2,119,000	2,119,000	—	950,000

SoHo:
606 Broadway (19 East Houston Street)
-Office	50.0	%	100.0	%	138.74				30,000	30,000	—
-Retail	50.0	%	100.0	%	722.86				6,000	6,000	—			HSBC, Harman International
	50.0	%	100.0	%	215.57		7,500		36,000	36,000	—	74,119

304 - 306 Canal Street
-Retail	100.0	%	100.0	%	58.96				4,000	4,000	—			Stellar Works
-Residential (4 units)	100.0	%	0.0	%					9,000	—	9,000
	100.0	%					200		13,000	4,000	9,000	—

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

Total SoHo							7,700		63,000	40,000	23,000	74,119

- 43 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Times Square:
1540 Broadway														Forever 21, Disney
-Retail	52.0	%	78.5	%	$	138.05	$	18,000	161,000	161,000	—	$	—	MAC Cosmetics, U.S. Polo

1535 Broadway
-Retail	52.0	%	100.0	%	1,203.86				45,000	45,000	—			T-Mobile, Invicta, Swatch Group USA, Levi's, Sephora
-Theatre	52.0	%	100.0	%	16.08				62,000	62,000	—			Nederlander-Marquis Theatre
	52.0	%	100.0	%	462.32		45,900		107,000	107,000	—	—

Total Times Square							63,900		268,000	268,000	—	—

Upper East Side:
1131 Third Avenue
-Retail	100.0	%	100.0	%	215.70		4,900		23,000	23,000	—	—		Nike, Crunch LLC, J.Jill

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

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





Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)**
-Office	100.0	%	100.0	%	49.54		10,400		209,000	209,000	—	—		The City of New York

85 Tenth Avenue														Google, Telehouse International Corp.,
-Office	49.9	%	80.4	%	92.72				595,000	595,000	—			Clear Secure, Inc.
-Retail	49.9	%	55.0	%	51.41				43,000	43,000	—
	49.9	%	78.8	%	90.95		45,300		638,000	638,000	—	625,000

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

61 Ninth Avenue (2 buildings)
(ground leased through 2115)**
-Office	45.1	%	100.0	%	146.70				171,000	171,000	—			Aetna Life Insurance Company, Apple Inc.
-Retail	45.1	%	100.0	%	396.19				23,000	23,000	—			Starbucks
	45.1	%	100.0	%	163.10		34,000		194,000	194,000	—	167,500

512 West 22nd Street														Warner Media, Next Jump, Omniva LLC*,
-Office	55.0	%	84.5	%	122.12				165,000	165,000	—			Capricorn Investment Group
-Retail	55.0	%	100.0	%	103.93				8,000	8,000	—			Galeria Nara Roesler, Harper's Books
	55.0	%	85.2	%	121.14		17,800		173,000	173,000	—	129,250

Total Chelsea/Meatpacking District							110,300		1,231,000	1,231,000	—	921,750

- 44 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Upper West Side:
50-70 West 93rd Street
-Residential (324 units)	49.9	%	99.0	%	$	—	$	—	283,000	283,000	—	$	83,500

Tribeca:
Independence Plaza
-Residential (1,327 units)	50.1	%	96.5	%					1,186,000	1,186,000	—
-Retail	50.1	%	54.5	%	82.65				72,000	72,000	—			Duane Reade
	50.1	%					4,300		1,258,000	1,258,000	—	675,000

339 Greenwich Street
-Retail	100.0	%	100.0	%	74.17		300		8,000	8,000	—	—		Sarabeth's

Total Tribeca							4,600		1,266,000	1,266,000	—	675,000
New Jersey:
Paramus
-Office	100.0	%	81.2	%	25.79		2,600		129,000	129,000	—	—		Vornado's Administrative Headquarters

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

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

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

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




New York Office:

Total			91.8	%	$	89.06	$	1,481,800	20,207,000	18,771,000	1,436,000	$	8,619,250

Vornado's Ownership Interest			91.6	%	$	86.49	$	1,224,600	17,376,000	16,073,000	1,303,000	$	6,158,730

New York Retail:

Total			76.6	%	$	273.48	$	440,300	2,394,000	2,117,000	277,000	$	745,180

Vornado's Ownership Interest			74.3	%	$	225.76	$	288,900	1,955,000	1,678,000	277,000	$	511,909

New York Residential:

Total			96.5	%					1,498,000	1,479,000	19,000	$	758,500

Vornado's Ownership Interest			96.6	%					764,000	745,000	19,000	$	379,842

- 45 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
ALEXANDER'S, INC.:
New York:
731 Lexington Avenue, Manhattan
-Office	32.4	%	100.0	%	$	133.53			939,000	939,000	—	$	500,000	Bloomberg L.P.
-Retail	32.4	%	90.3	%	252.71				140,000	140,000	—	300,000		The Home Depot, Hutong, Capital One
	32.4	%	98.9	%	145.92		$	153,600	1,079,000	1,079,000	—	800,000


Rego Park I, Queens (4.8 acres)	32.4	%	63.3	%	52.71		11,300		338,000	338,000	—			Burlington, Marshalls, IKEA

Rego Park II (adjacent to Rego Park I),
Queens (6.6 acres)	32.4	%	76.9	%	69.24		32,500		616,000	616,000	—	202,544		Costco, Kohl's, TJ Maxx, Best Buy*

Flushing, Queens (1.0 acre ground leased through 2037)**	32.4	%	100.0	%	32.88		5,500		167,000	167,000	—			New World Mall LLC

The Alexander Apartment Tower,
Rego Park, Queens, NY
-Residential (312 units)	32.4	%	93.6	%					255,000	255,000	—	94,000




Total Alexander's	32.4	%	87.3	%	106.54		202,900		2,455,000	2,455,000	—	1,096,544


Total New York			90.1	%	$	104.28	$	2,125,000	26,554,000	24,822,000	1,732,000	$	11,219,474

Vornado's Ownership Interest			89.9	%	$	97.32	$	1,621,200	20,890,000	19,291,000	1,599,000	$	7,405,761

________________________________

* Lease not yet commenced.

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

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

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

(3)Represents contractual debt obligations.

(4)Secured amount outstanding on revolving credit facilities.

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

(6)On October 4, 2023, we completed a $75,000 refinancing of 150 West 34th Street. See page 5 for details.

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

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

(9)75,000 square feet is leased from 666 Fifth Avenue Office Condominium.

- 46 -


OTHER SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
THE MART:
THE MART, Chicago														Motorola Mobility (guaranteed by Google),
														1871, ANGI Home Services, 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,
-Office	100.0	%	80.6	%	$	48.26	$	82,300	2,094,000	2,094,000	—			Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.

-Showroom/Trade show	100.0	%	72.1	%	56.69		59,400		1,472,000	1,472,000	—
-Retail	100.0	%	64.0	%	50.15		3,000		98,000	98,000	—
	100.0	%	76.8	%	51.46		144,700		3,664,000	3,664,000	—	$	—

Other (2 properties)	50.0	%	93.9	%	50.55		900		19,000	19,000	—	27,471
Total THE MART, Chicago							145,600		3,683,000	3,683,000	—	27,471



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


Total THE MART			76.8	%	$	51.45	$	145,600	3,683,000	3,683,000	—	$	27,471

Vornado's Ownership Interest			76.8	%	$	51.45	$	145,200	3,674,000	3,674,000	—	$	13,736

555 California Street:
555 California Street	70.0	%	98.7	%	$	94.82	$	138,400	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 Street	70.0	%	99.7	%	89.53		20,700		235,000	235,000	—	—		Bank of America, N.A., Regus, Ripple Labs Inc., Blue Shield, Lending Home Corporation

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

Total 555 California Street			94.5	%	$	94.10	$	159,100	1,819,000	1,819,000	—	$	1,200,000

Vornado's Ownership Interest			94.5	%	$	94.10	$	111,300	1,274,000	1,274,000	—	$	840,000

________________________________

* Lease not yet commenced.

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

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

(3)Represents the contractual debt obligations.

- 47 -


OTHER SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet				Encumbrances (non-GAAP) (in thousands)(4)		Major Tenants
Property									Total Property	In Service		Under Development or Not Available for Lease
										Owned by Company	Owned by Tenant(3)
OTHER:
Virginia:
Rosslyn Plaza
-Office - 4 buildings	46.2	%	58.4	%	$	54.81			736,000	432,000	—	304,000			Corporate Executive Board, Nathan Associates
-Residential - 2 buildings (197 units)	43.7	%	98.0	%					253,000	253,000	—	—
	45.6	%					$	13,490	989,000	685,000	—	304,000	$	25,000

Fashion Centre Mall / Washington Tower
-Office	7.5	%	75.0	%	55.92				170,000	170,000	—	—	42,300		The Rand Corporation
-Retail	7.5	%	96.5	%	40.61				868,000	868,000	—	—	412,700		Macy's, Nordstrom
	7.5	%	93.0	%	42.63		51,819		1,038,000	1,038,000	—	—	455,000

New Jersey:
Wayne Town Center, Wayne (ground leased through 2064)**	100.0	%	100.0	%	31.51		14,893		690,000	238,000	443,000	9,000	—		JCPenney, Costco, Dick's Sporting Goods,
															Nordstrom Rack, UFC FIT

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

Maryland:
Annapolis (ground and building leased through 2042)**	100.0	%	100.0	%	11.70		1,589		128,000	128,000	—	—	—		The Home Depot

Total Other			88.9	%	$	40.36	$	81,791	2,845,000	2,089,000	443,000	313,000	$	480,000

Vornado's Ownership Interest			91.9	%	$	30.29	$	26,601	1,346,000	754,000	443,000	149,000	$	46,729

________________________________

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

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

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

(4)Represents the contractual debt obligations.

- 48 -

INVESTOR INFORMATION

Corporate Officers:

Steven Roth

Chairman of the Board and Chief Executive Officer

Michael J. Franco

President and Chief Financial Officer

Glen J. Weiss

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

Barry S. Langer

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

Haim Chera

Executive Vice President - Head of Retail

Thomas J. Sanelli

Executive Vice President - Finance and Chief Administrative Officer

RESEARCH COVERAGE

Camille Bonnel

Caitlin Burrows/Julien Blouin

Ronald Kamdem

Bank of America/BofA Securities

Goldman Sachs

Morgan Stanley

416-369-2140

212-902-4736/212-357-7297

212-296-8319

John P. Kim

Dylan Burzinski

Alexander Goldfarb/Connor Mitchell

BMO Capital Markets

Green Street Advisors

Piper Sandler

212-885-4115

949-640-8780

212-466-7937/203-861-7615

Michael Griffin

Anthony Paolone/Ray Zhong

Nicholas Yulico

Citi

JP Morgan

Scotia Capital (USA) Inc

212-816-5871

212-622-6682/212-622-5411

212-225-6904

Derek Johnston

Mark Streeter/Ian Snyder

Michael Lewis

Deutsche Bank

JP Morgan Fixed Income

Truist Securities

212-250-5683

212-834-5086/212-834-3798

212-319-5659

Steve Sakwa

Vikram Malhotra

Evercore ISI

Mizuho Securities (USA) Inc.

212-446-9462

212-282-3827

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.

- 49 -

APPENDIX

DEFINITIONS AND NON-GAAP RECONCILIATIONS


FINANCIAL SUPPLEMENT DEFINITIONS

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

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

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

Funds From Operations ("FFO") - FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, 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.

- i -


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						For the Nine Months Ended September 30,
	September 30,				June 30, 2023
	2023		2022				2023		2022
Net income attributable to common shareholders	$	52,846	$	7,769	$	46,377	$	104,391	$	84,665
Per diluted share	$	0.28	$	0.04	$	0.24	$	0.54	$	0.44

Certain (income) expense items that impact net income attributable to common shareholders:
Net gain on contribution of Pier 94 leasehold interest to joint venture	(35,968)		—		—		(35,968)		—
After-tax net gain on sale of The Armory Show	(17,076)		—		—		(17,076)		—
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)	3,115		3,776		2,206		8,196		10,183
Our share of Alexander's gain on sale of Rego Park III land parcel	—		—		(16,396)		(16,396)		—
After-tax net gain on sale of 220 CPS condominium units and ancillary amenities	—		—		—		(6,173)		(6,085)
Other	5,954		28,090		(6,194)		48		19,784
	(43,975)		31,866		(20,384)		(67,369)		23,882
Noncontrolling interests' share of above adjustments	3,974		(2,206)		1,461		6,224		(1,895)
Total of certain (income) expense items that impact net income attributable to common shareholders	(40,001)		29,660		(18,923)		(61,145)		21,987


Net income attributable to common shareholders, as adjusted (non-GAAP)	$	12,845	$	37,429	$	27,454	$	43,246	$	106,652
Per diluted share (non-GAAP)	$	0.07	$	0.19	$	0.14	$	0.22	$	0.56

- ii -


NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2023
	2023		2022				2023		2022
Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):
Net income attributable to common shareholders	$	52,846	$	7,769	$	46,377	$	104,391	$	84,665
Per diluted share	$	0.28	$	0.04	$	0.24	$	0.54	$	0.44

FFO adjustments:
Depreciation and amortization of real property	$	97,809	$	122,438	$	94,922	$	287,523	$	335,020
Real estate impairment losses	625		—		—		625		—
Net gain on sale of real estate	(53,045)		—		(260)		(53,305)		(28,354)
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO:
Depreciation and amortization of real property	26,765		32,584		26,666		80,900		98,404
Net loss (gain) on sale of real estate	—		6		(16,545)		(16,545)		(169)


	72,154		155,028		104,783		299,198		404,901
Noncontrolling interests' share of above adjustments	(5,900)		(10,731)		(7,510)		(22,156)		(28,018)
FFO adjustments, net	$	66,254	$	144,297	$	97,273	$	277,042	$	376,883


FFO attributable to common shareholders (non-GAAP)	$	119,100	$	152,066	$	143,650	$	381,433	$	461,548
Impact of assumed conversion of dilutive convertible securities	387		395		409		1,225		915
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	119,487		152,461		144,059		382,658		462,463
Add back of FFO allocated to noncontrolling interests of the Operating Partnership	10,607		11,308		11,090		30,843		34,314
FFO attributable to Class A unitholders (non-GAAP)	$	130,094	$	163,769	$	155,149	$	413,501	$	496,777
FFO per diluted share (non-GAAP)	$	0.62	$	0.79	$	0.74	$	1.97	$	2.39

- iii -


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						For the Nine Months Ended September 30,
	September 30,				June 30, 2023
	2023		2022				2023		2022
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	119,487	$	152,461	$	144,059	$	382,658	$	462,463
Per diluted share (non-GAAP)	$	0.62	$	0.79	$	0.74	$	1.97	$	2.39

Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions:
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)	$	3,115	$	3,776	$	2,206	$	8,196	$	10,183
After-tax net gain on sale of 220 CPS condominium units and ancillary amenities	—		—		—		(6,173)		(6,085)
Other	5,330		1,477		(5,785)		(167)		3,840
	8,445		5,253		(3,579)		1,856		7,938
Noncontrolling interests' share of above adjustments	(691)		(364)		257		(143)		(550)
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net	$	7,754	$	4,889	$	(3,322)	$	1,713	$	7,388


FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	127,241	$	157,350	$	140,737	$	384,371	$	469,851
Per diluted share (non-GAAP)	$	0.66	$	0.81	$	0.72	$	1.98	$	2.43

- iv -


NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited)
(Amounts in thousands)
		For the Three Months Ended									For the Nine Months Ended September 30,
		September 30,						June 30, 2023
		2023			2022						2023			2022
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	(A)	$	119,487		$	152,461		$	144,059		$	382,658		$	462,463

Adjustments to arrive at FAD (non-GAAP):
Certain items that impact FAD		8,445			5,253			(3,579)			1,856			7,130
Recurring tenant improvements, leasing commissions and other capital expenditures		(56,687)			(42,314)			(46,932)			(164,220)			(121,897)
Stock-based compensation expense		9,665			3,886			11,868			33,247			22,887
Amortization of debt issuance costs		10,012			5,546			9,162			28,014			17,759
Personal property depreciation		1,414			1,963			1,604			4,249			4,374
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other		(2,980)			(1,419)			(5,570)			(3,498)			(8,824)
Noncontrolling interests in the Operating Partnership's share of above adjustments		2,465			1,812			2,317			7,323			5,375
FAD adjustments, net	(B)	(27,666)			(25,273)			(31,130)			(93,029)			(73,196)

FAD (non-GAAP)	(A+B)	$	91,821		$	127,188		$	112,929		$	289,629		$	389,267

FAD payout ratio (1)		0.0		%	80.3		%	0.0		%	25.2		%	79.1		%

________________________________

(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.

- v -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)


	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2023
	2023		2022				2023		2022
Net income	$	59,570	$	20,112	$	62,733	$	133,501	$	142,390
Depreciation and amortization expense	110,349		134,526		107,162		324,076		370,631
General and administrative expense	35,838		29,174		39,410		116,843		102,292
Transaction related costs and other	813		996		30		1,501		4,961
Income from partially owned entities	(18,269)		(24,341)		(37,272)		(72,207)		(83,775)
(Income) loss from real estate fund investments	(1,783)		111		102		(1,662)		(5,421)
Interest and other investment income, net	(12,934)		(5,228)		(13,255)		(35,792)		(9,282)
Interest and debt expense	88,126		76,774		87,165		261,528		191,523
Net gains on disposition of wholly owned and partially owned assets	(56,136)		—		(936)		(64,592)		(35,384)
Income tax expense	11,684		3,711		4,497		20,848		14,686
NOI from partially owned entities	72,100		76,020		70,745		210,942		228,772
NOI attributable to noncontrolling interests in consolidated subsidiaries	(8,363)		(14,766)		(18,742)		(38,869)		(51,100)
NOI at share	280,995		297,089		301,639		856,117		870,293
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(2,980)		(1,419)		(5,570)		(3,498)		(8,824)
NOI at share - cash basis	$	278,015	$	295,670	$	296,069	$	852,619	$	861,469

- vi -

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 September 30,
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2023		2022		2023		2022		2023		2022		2023		2022		2023		2022
New York	$	364,768	$	360,033	$	(186,147)	$	(182,131)	$	178,621	$	177,902	$	1,165	$	(5,001)	$	179,786	$	172,901
Other	86,227		97,398		(47,590)		(39,465)		38,637		57,933		1,952		2,160		40,589		60,093
Consolidated total	450,995		457,431		(233,737)		(221,596)		217,258		235,835		3,117		(2,841)		220,375		232,994
Noncontrolling interests' share in consolidated subsidiaries	(57,585)		(55,024)		49,222		40,258		(8,363)		(14,766)		(8,218)		2,481		(16,581)		(12,285)
Our share of partially owned entities	119,767		122,357		(47,667)		(46,337)		72,100		76,020		2,121		(1,059)		74,221		74,961
Vornado's share	$	513,177	$	524,764	$	(232,182)	$	(227,675)	$	280,995	$	297,089	$	(2,980)	$	(1,419)	$	278,015	$	295,670


	For the Three Months Ended June 30, 2023
	Total Revenues		Operating Expenses		NOI		Non-cash Adjustments(1)		NOI - cash basis
New York	$	362,471	$	(176,410)	$	186,061	$	(840)	$	185,221
Other	109,888		(46,313)		63,575		1,327		64,902
Consolidated total	472,359		(222,723)		249,636		487		250,123
Noncontrolling interests' share in consolidated subsidiaries	(64,623)		45,881		(18,742)		(6,678)		(25,420)
Our share of partially owned entities	117,817		(47,072)		70,745		621		71,366
Vornado's share	$	525,553	$	(223,914)	$	301,639	$	(5,570)	$	296,069


	For the Nine Months Ended September 30,
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2023		2022		2023		2022		2023		2022		2023		2022		2023		2022
New York	$	1,091,053	$	1,082,743	$	(550,878)	$	(536,238)	$	540,175	$	546,505	$	10,121	$	(33,563)	$	550,296	$	512,942
Other	278,224		270,312		(134,355)		(124,196)		143,869		146,116		3,371		4,578		147,240		150,694
Consolidated total	1,369,277		1,353,055		(685,233)		(660,434)		684,044		692,621		13,492		(28,985)		697,536		663,636
Noncontrolling interests' share in consolidated subsidiaries	(179,023)		(163,568)		140,154		112,468		(38,869)		(51,100)		(20,510)		24,795		(59,379)		(26,305)
Our share of partially owned entities	353,110		364,795		(142,168)		(136,023)		210,942		228,772		3,520		(4,634)		214,462		224,138
Vornado's share	$	1,543,364	$	1,554,282	$	(687,247)	$	(683,989)	$	856,117	$	870,293	$	(3,498)	$	(8,824)	$	852,619	$	861,469

________________________________

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

- vii -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 COMPARED TO SEPTEMBER 30, 2022 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended September 30, 2023	$	280,995		$	245,634		$	15,132		$	16,564		$	3,665
Less NOI at share from:
Dispositions	(164)			(440)			276			—			—
Development properties	(4,724)			(4,724)			—			—			—
Other non-same store income, net	(4,774)			(1,109)			—			—			(3,665)
Same store NOI at share for the three months ended September 30, 2023	$	271,333		$	239,361		$	15,408		$	16,564		$	—

NOI at share for the three months ended September 30, 2022	$	297,089		$	241,154		$	35,769		$	16,092		$	4,074
Less NOI at share from:
Dispositions	(5,040)			(2,748)			(2,292)			—			—
Development properties	(4,549)			(4,549)			—			—			—
Other non-same store income, net	(7,679)			(3,605)			—			—			(4,074)
Same store NOI at share for the three months ended September 30, 2022	$	279,821		$	230,252		$	33,477		$	16,092		$	—

(Decrease) increase in same store NOI at share	$	(8,488)		$	9,109		$	(18,069)		$	472		$	—

% (decrease) increase in same store NOI at share	(3.0)		%	4.0		%	(54.0)		%	2.9		%	0.0		%

- viii -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 COMPARED TO SEPTEMBER 30, 2022 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended September 30, 2023	$	278,015		$	240,844		$	15,801		$	17,552		$	3,818
Less NOI at share - cash basis from:
Dispositions	(274)			(487)			213			—			—
Development properties	(4,131)			(4,131)			—			—			—
Other non-same store income, net	(8,379)			(4,561)			—			—			(3,818)
Same store NOI at share - cash basis for the three months ended September 30, 2023	$	265,231		$	231,665		$	16,014		$	17,552		$	—

NOI at share - cash basis for the three months ended September 30, 2022	$	295,670		$	237,692		$	36,772		$	16,926		$	4,280
Less NOI at share - cash basis from:
Dispositions	(4,857)			(2,655)			(2,202)			—			—
Development properties	(4,943)			(4,943)			—			—			—
Other non-same store income, net	(7,520)			(3,240)			—			—			(4,280)
Same store NOI at share - cash basis for the three months ended September 30, 2022	$	278,350		$	226,854		$	34,570		$	16,926		$	—

(Decrease) increase in same store NOI at share - cash basis	$	(13,119)		$	4,811		$	(18,556)		$	626		$	—

% (decrease) increase in same store NOI at share - cash basis	(4.7)		%	2.1		%	(53.7)		%	3.7		%	0.0		%

- ix -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 COMPARED TO SEPTEMBER 30, 2022 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share for the nine months ended September 30, 2023	$	856,117		$	729,994		$	47,003		$	64,840		$	14,280
Less NOI at share from:
Dispositions	(1,301)			(1,577)			276			—			—
Development properties	(19,864)			(19,864)			—			—			—
Other non-same store (income) expense, net	(12,919)			1,361			—			—			(14,280)
Same store NOI at share for the nine months ended September 30, 2023	$	822,033		$	709,914		$	47,279		$	64,840		$	—

NOI at share for the nine months ended September 30, 2022	$	870,293		$	732,913		$	75,630		$	49,051		$	12,699
Less NOI at share from:
Dispositions	(12,833)			(10,541)			(2,292)			—			—
Development properties	(20,251)			(20,251)			—			—			—
Other non-same store income, net	(24,402)			(11,703)			—			—			(12,699)
Same store NOI at share for the nine months ended September 30, 2022	$	812,807		$	690,418		$	73,338		$	49,051		$	—

Increase (decrease) in same store NOI at share	$	9,226		$	19,496		$	(26,059)		$	15,789		$	—

% increase (decrease) in same store NOI at share	1.1		%	2.8		%	(35.5)		%	32.2		%	0.0		%

- x -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 COMPARED TO SEPTEMBER 30, 2022 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the nine months ended September 30, 2023	$	852,619		$	723,440		$	47,068		$	67,554		$	14,557
Less NOI at share - cash basis from:
Dispositions	(1,824)			(2,037)			213			—			—
Development properties	(17,588)			(17,588)			—			—			—
Other non-same store income, net	(20,589)			(6,032)			—			—			(14,557)
Same store NOI at share - cash basis for the nine months ended September 30, 2023	$	812,618		$	697,783		$	47,281		$	67,554		$	—

NOI at share - cash basis for the nine months ended September 30, 2022	$	861,469		$	719,287		$	78,749		$	50,141		$	13,292
Less NOI at share - cash basis from:
Dispositions	(13,302)			(11,100)			(2,202)			—			—
Development properties	(19,319)			(19,319)			—			—			—
Other non-same store income, net	(25,320)			(12,028)			—			—			(13,292)
Same store NOI at share - cash basis for the nine months ended September 30, 2022	$	803,528		$	676,840		$	76,547		$	50,141		$	—

Increase (decrease) in same store NOI at share - cash basis	$	9,090		$	20,943		$	(29,266)		$	17,413		$	—

% increase (decrease) in same store NOI at share - cash basis	1.1		%	3.1		%	(38.2)		%	34.7		%	0.0		%

- xi -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 COMPARED TO JUNE 30, 2023 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended September 30, 2023	$	280,995		$	245,634		$	15,132		$	16,564		$	3,665
Less NOI at share from:
Dispositions	(164)			(440)			276			—			—
Development properties	(4,724)			(4,724)			—			—			—
Other non-same store income, net	(4,414)			(749)			—			—			(3,665)
Same store NOI at share for the three months ended September 30, 2023	$	271,693		$	239,721		$	15,408		$	16,564		$	—

NOI at share for the three months ended June 30, 2023	$	301,639		$	248,366		$	16,462		$	31,347		$	5,464
Less NOI at share from:
Dispositions	(181)			(567)			386			—			—
Development properties	(4,206)			(4,206)			—			—			—
Other non-same store income, net	(6,298)			(834)			—			—			(5,464)
Same store NOI at share for the three months ended June 30, 2023	$	290,954		$	242,759		$	16,848		$	31,347		$	—

Decrease in same store NOI at share	$	(19,261)		$	(3,038)		$	(1,440)		$	(14,783)		$	—

% decrease in same store NOI at share	(6.6)		%	(1.3)		%	(8.5)		%	(47.2)		%	0.0		%

- xii -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 COMPARED TO JUNE 30, 2023 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended September 30, 2023	$	278,015		$	240,844		$	15,801		$	17,552		$	3,818
Less NOI at share - cash basis from:
Dispositions	(274)			(487)			213			—			—
Development properties	(4,131)			(4,131)			—			—			—
Other non-same store income, net	(8,019)			(4,201)			—			—			(3,818)
Same store NOI at share - cash basis for the three months ended September 30, 2023	$	265,591		$	232,025		$	16,014		$	17,552		$	—

NOI at share - cash basis for the three months ended June 30, 2023	$	296,069		$	241,569		$	16,592		$	32,284		$	5,624
Less NOI at share - cash basis from:
Dispositions	(345)			(822)			477			—			—
Development properties	(4,389)			(4,389)			—			—			—
Other non-same store income, net	(5,780)			(156)			—			—			(5,624)
Same store NOI at share - cash basis for the three months ended June 30, 2023	$	285,555		$	236,202		$	17,069		$	32,284		$	—

Decrease in same store NOI at share - cash basis	$	(19,964)		$	(4,177)		$	(1,055)		$	(14,732)		$	—

% decrease in same store NOI at share - cash basis	(7.0)		%	(1.8)		%	(6.2)		%	(45.6)		%	0.0		%

- xiii -


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

	As of September 30, 2023
	Consolidated Debt, Net		Deferred Financing Costs, Net and Other		Consolidated Contractual Debt
Mortgages payable	$	5,714,761	$	43,454	$	5,758,215
Senior unsecured notes	1,193,362		6,638		1,200,000
$800 Million unsecured term loan	794,212		5,788		800,000
$2.5 Billion unsecured revolving credit facilities	575,000		—		575,000
	$	8,277,335	$	55,880	$	8,333,215

- xiv -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET INCOME TO EBITDAre (unaudited)

(Amounts in thousands)


	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2023
	2023		2022				2023		2022
Reconciliation of net income to EBITDAre (non-GAAP):
Net income	$	59,570	$	20,112	$	62,733	$	133,501	$	142,390
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries	13,541		3,792		2,781		26,250		(4,756)
Net income attributable to the Operating Partnership	73,111		23,904		65,514		159,751		137,634
EBITDAre adjustments at share:
Depreciation and amortization expense	125,988		156,985		123,192		372,672		437,798
Interest and debt expense	114,424		98,358		118,132		343,673		250,473
Income tax expense	12,267		4,151		4,655		21,876		15,491
Real estate impairment losses	625		—		—		625		—

Net (gain) loss on sale of real estate	(56,150)		6		(16,805)		(72,955)		(28,523)
EBITDAre at share	270,265		283,404		294,688		825,642		812,873
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	10,619		14,449		19,757		42,562		53,649
EBITDAre (non-GAAP)	$	280,884	$	297,853	$	314,445	$	868,204	$	866,522

- xv -


NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2023
	2023		2022				2023		2022
EBITDAre (non-GAAP)	$	280,884	$	297,853	$	314,445	$	868,204	$	866,522

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(10,619)		(14,449)		(19,757)		(42,562)		(53,649)

Certain expense (income) items that impact EBITDAre:
Net gains on disposition of wholly owned and partially owned assets	—		—		(902)		(1,018)		—
Gain on sale of 220 CPS condominium units and ancillary amenities	—		—		—		(7,520)		(7,030)
Other	762		1,477		(5,673)		(3,849)		3,450
Total of certain expense (income) items that impact EBITDAre	762		1,477		(6,575)		(12,387)		(3,580)

EBITDAre, as adjusted (non-GAAP)	$	271,027	$	284,881	$	288,113	$	813,255	$	809,293

- xvi -

Document

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INDEX
		Page
	FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS	3	-	7
	DEBT AND CAPITALIZATION
	Unsecured Notes Covenant Ratios and Credit Ratings	8
	Liquidity and Capitalization	9
	Net Debt to EBITDAre, As Adjusted / Debt Snapshot	10
	Hedging Instruments	11
	Consolidated Debt Maturities	12	-	13
	PROPERTY STATISTICS
	Top 15 Tenants	14
	Lease Expirations	15
	DEVELOPMENT ACTIVITY
	Development/Redevelopment - Active Projects	16
	APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS	i	-	vi

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 impacts of the increase in interest rates and inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 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"), including Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this supplemental package on page ii in the Appendix.

This supplemental package should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 and the Company’s Supplemental Operating and Financial Data package for the quarter ended September 30, 2023, both of which can be accessed at the Company’s website www.vno.com.

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

Third Quarter 2023 Financial Highlights

Net income attributable to common shareholders for the quarter ended September 30, 2023 was $52,846,000, or $0.28 per diluted share, compared to $7,769,000, or $0.04 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 September 30, 2023 was $12,845,000, or $0.07 per diluted share, and $37,429,000, or $0.19 per diluted share for the prior year’s quarter.

EBITDAre, as adjusted (non-GAAP) for the quarter ended September 30, 2023 was $271,027,000, compared to $284,881,000 for the prior year’s quarter.

Liquidity

As of September 30, 2023, we have $3.2 billion of liquidity comprised of $1.3 billion of cash and cash equivalents and restricted cash and $1.9 billion available on our $2.5 billion revolving credit facilities.

Active Development

As of September 30, 2023, we have expended $1,044 million of cash with an estimated $256 million remaining to be spent across PENN 1, PENN 2, and PENN districtwide improvements.

We have a 49.9% interest in a joint venture that is developing Sunset Pier 94 Studios (see below for details). As of September 30, 2023, we have funded $7,994,000 of our estimated $34,000,000 share of cash contributions to the project.

2023 Business Developments

Sunset Pier 94 Studios Joint Venture

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

2023 Business Developments - continued

Dividends/Share Repurchase Program

We also announced that our Board of Trustees has authorized the repurchase of up to $200,000,000 of our outstanding common shares under a newly established share repurchase program.

350 Park Avenue

From October 2024 to June 2030, KG will have the option to either:

◦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 the Vornado/Rudin JV would not participate in the new development.

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

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

2023 Business Developments - continued

Dispositions

Alexander's, Inc. ("Alexanders")

The Armory Show

Manhattan Retail Properties Sale

Financing Activity

150 West 34th Street

697-703 Fifth Avenue (Fifth Avenue and Times Square JV)

512 West 22nd Street

825 Seventh Avenue

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

2023 Business Developments - continued

Financing Activity - continued

Interest Rate Swap and Cap Arrangements

We entered into the following interest rate swap and cap arrangements during the nine months ended September 30, 2023. See page 11 for further information on our interest rate swap and cap arrangements:

(Amounts in thousands)

Notional Amount
(at share)

All-In Swapped Rate

Expiration Date

Variable Rate Spread

Interest rate swaps:

555 California Street (effective 05/24)

840,000

6.03%

05/26

S+205

Unsecured term loan(1) (effective 10/23)

150,000

5.12%

07/25

S+129

Index Strike Rate

Interest rate caps:

1290 Avenue of the Americas (70.0% interest) (effective 11/23)(2)

665,000

1.00%

11/25

S+162

One Park Avenue (effective 3/24)

525,000

3.89%

03/25

S+122

731 Lexington Avenue office condominium (32.4% interest)

162,000

6.00%

06/24

Prime + 0

640 Fifth Avenue (52.0% interest)

259,925

4.00%

05/24

S+111

512 West 22nd Street (55.0% interest)

71,088

4.50%

06/25

S+200

______________________________


	Swapped Balance		All-In Swapped Rate	Unswapped Balance (bears interest at S+129)
Through 10/23	$	800,000	4.04%	$	—
10/23 through 07/25	700,000		4.52%	100,000
07/25 through 10/26	550,000		4.35%	250,000
10/26 through 08/27	50,000		4.03%	750,000

(2)In connection with the arrangement, we made a $63,100 up-front payment, of which $18,930 is attributable to noncontrolling interests.

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

Leasing Activity:

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

For the Three Months Ended September 30, 2023

236,000 square feet of New York Office space (190,000 square feet at share) at an initial rent of $93.33 per square foot and a weighted average lease term of 7.9 years. The changes in the GAAP and cash mark-to-market rent on the 176,000 square feet of second generation space were negative 0.3% and negative 2.5%, respectively. Tenant improvements and leasing commissions were $12.87 per square foot per annum, or 13.8% of initial rent.

29,000 square feet of New York Retail space (21,000 square feet at share) at an initial rent of $373.28 per square foot and a weighted average lease term of 8.4 years. The changes in the GAAP and cash mark-to-market rent on the 9,000 square feet of second generation space were positive 31.3% and positive 33.5%, respectively. Tenant improvements and leasing commissions were $26.02 per square foot per annum, or 7.0% of initial rent.

68,000 square feet at THE MART (63,000 square feet at share) at an initial rent of $54.71 per square foot and a weighted average lease term of 5.2 years. The changes in the GAAP and cash mark-to-market rent on the 40,000 square feet of second generation space were negative 9.0% and negative 10.4%, respectively. Tenant improvements and leasing commissions were $10.46 per square foot per annum, or 19.1% of initial rent.

For the Nine Months Ended September 30, 2023

1,292,000 square feet of New York Office space (1,186,000 square feet at share) at an initial rent of $97.99 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 1,027,000 square feet of second generation space were positive 7.3% and positive 1.6%, respectively. Tenant improvements and leasing commissions were $5.66 per square foot per annum, or 5.8% of initial rent.

259,000 square feet of New York Retail space (200,000 square feet at share) at an initial rent of $116.03 per square foot and a weighted average lease term of 5.6 years. The changes in the GAAP and cash mark-to-market rent on the 113,000 square feet of second generation space were positive 17.0% and positive 15.4%, respectively. Tenant improvements and leasing commissions were $19.01 per square foot per annum, or 16.4% of initial rent.

176,000 square feet at THE MART (171,000 square feet at share) at an initial rent of $55.87 per square foot and a weighted average lease term of 5.7 years. The changes in the GAAP and cash mark-to-market rent on the 112,000 square feet of second generation space were negative 5.9% and negative 9.8%, respectively. Tenant improvements and leasing commissions were $8.49 per square foot per annum, or 15.2% of initial rent.

10,000 square feet at 555 California Street (7,000 square feet at share) at an initial rent of $134.70 per square foot and a weighted average lease term of 5.9 years. The changes in the GAAP and cash mark-to-market rent on the 4,000 square feet of second generation space were positive 12.8% and positive 2.4%, respectively. Tenant improvements and leasing commissions were $22.92 per square foot per annum, or 17.0% of initial rent.

UNSECURED NOTES COVENANT RATIOS AND CREDIT RATINGS (unaudited)

(Amounts in thousands)


		As of
Unsecured Notes Covenant Ratios(1)	Required	September 30, 2023	June 30, 2023	March 31, 2023	December 31, 2022
Total outstanding debt/total assets(2)	Less than 65%	50%	49%	50%	48%
Secured debt/total assets	Less than 50%	33%	33%	33%	32%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50	2.17	2.30	2.24	2.29
Unencumbered assets/unsecured debt	Greater than 150%	319%	320%	340%	342%


Consolidated Unencumbered EBITDA(1) (non-GAAP):	Q3 2023 Annualized
New York	$	276,968
Other	95,456
Total	$	372,424

Credit Ratings(3):

Rating

Outlook

Moody’s

Baa3

Negative

S&P

BBB-

Negative

Fitch

BB+

Stable

________________________________

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

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

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


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


Liquidity Snapshot(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 September 30, 2023.
(3)			Based on the Vornado Realty Trust (NYSE: VNO) September 30, 2023 quarter end closing common share price of $22.68.

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Company capitalization(2):	Amount		% Total
Consolidated mortgages payable (at 100%)	$	5,758	40%
Unsecured debt (contractual)	2,575		18%
Perpetual preferred shares/units	1,223		9%
Equity(3)	4,750		33%
Total	14,306		100%
Pro rata share of debt of non-consolidated entities	2,655
Less: Noncontrolling interests' share of consolidated debt	(682)
Total at share	$	16,279


NET DEBT TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in millions)
	As of and For the Trailing Twelve Months Ended September 30, 2023			As of and For the Year Ended December 31,
				2022			2021			2020
Secured debt	$	5,758		$	5,878		$	6,099		$	5,608
Unsecured debt	2,575			2,575			2,575			1,825
Pro rata share of debt of non-consolidated entities	2,655			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	$	10,306		$	10,468		$	10,692		$	9,823
% Unsecured debt	25%			25%			24%			19%

Company’s pro rata share of total debt	$	10,306		$	10,468		$	10,692		$	9,823
Less: Cash and cash equivalents and investments in U.S. Treasury bills	(1,000)			(1,362)			(1,760)			(1,624)
Less: Escrowed cash included within restricted cash on our balance sheet	(208)			(94)			(131)			(77)
Less: Pro rata share of unconsolidated partially owned entities’ cash and cash equivalents and escrowed cash	(297)			(316)			(291)			(283)
Plus: Noncontrolling interests’ share of cash and cash equivalents, escrowed cash and investments in U.S. Treasury bills	93			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	$	8,814		$	8,595		$	8,367		$	7,510
EBITDAre, as adjusted (non-GAAP)	$	1,095		$	1,091		$	949		$	910
Net debt / EBITDAre, as adjusted (non-GAAP)	8.0		x	7.9		x	8.8		x	8.3		x

________________________________

See page ii in the Appendix for definitions of EBITDAre and net debt to EBITDAre, as adjusted. See reconciliation of net income (loss) 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 September 30, 2023
	Total			Variable			Fixed
(Contractual debt balances)	Amount		Weighted Average Interest Rate	Amount		Weighted Average Interest Rate	Amount		Weighted Average Interest Rate
Consolidated debt(1)	$	8,333	4.19%	$	2,189	5.87%	$	6,144	3.59%
Pro rata share of debt of non-consolidated entities	2,655		5.37%	1,454		6.61%	1,201		3.87%
Total	10,988		4.47%	3,643		6.16%	7,345		3.64%
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	$	10,306	4.34%	$	2,961	6.08%	$	7,345	3.64%

As of September 30, 2023, $1,995 of variable rate debt (at share) is subject to interest rate cap arrangements, the $966 of variable rate debt not subject to interest rate cap arrangements represents 9% of our total pro rata share of debt. See the following page for details.

________________________________

(1) 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 September 30, 2023.


HEDGING INSTRUMENTS AS OF SEPTEMBER 30, 2023 (unaudited)

(Amounts in thousands)
	Debt Information						Swap / Cap Information
	Balance at Share		Maturity Date(1)		Variable Rate Spread		Notional Amount at Share			Expiration Date		All-In Swapped Rate

Interest Rate Swaps:
Consolidated:
555 California Street mortgage loan
In-place swap	$	840,000		05/28		S+205	$	840,000			05/24	2.29%
Forward swap (effective 05/24)											05/26	6.03%
770 Broadway mortgage loan	700,000			07/27		S+225	700,000				07/27	4.98%
PENN 11 mortgage loan	500,000			10/25		S+206	500,000				03/24	2.22%
Unsecured revolving credit facility	575,000			12/27		S+114	575,000				08/27	3.87%
Unsecured term loan	800,000			12/27		S+129	800,000		(2)		10/23	4.04%
100 West 33rd Street mortgage loan	480,000			06/27		S+165	480,000				06/27	5.06%
888 Seventh Avenue mortgage loan	263,400			12/25		S+180	200,000				09/27	4.76%
4 Union Square South mortgage loan	120,000			08/25		S+150	98,650				01/25	3.74%
Unconsolidated:
731 Lexington Avenue - retail condominium mortgage loan	97,200			08/25		S+151	97,200				05/25	1.76%
50-70 West 93rd Street mortgage loan	41,667			12/24		S+164	41,168				06/24	3.14%
	$	4,417,267					4,332,018
Interest Rate Caps:												Index Strike Rate	Cash Interest Rate(3)	Effective Interest Rate(4)
Consolidated:
1290 Avenue of the Americas mortgage loan
In-place cap	$	665,000		11/28		S+162	665,000				11/23	3.89%	5.51%	5.56%
Forward cap (effective 11/23)											11/25	1.00%	2.62%	5.94%
One Park Avenue mortgage loan	525,000			03/26		S+122	525,000				03/25	3.89%	5.11%	6.09%
150 West 34th Street mortgage loan(5)	100,000			05/24		S+186	100,000				05/24	4.10%	5.96%	6.72%
606 Broadway mortgage loan	37,060			09/24		S+191	37,060				09/24	4.00%	5.91%	5.95%
Unconsolidated:

640 Fifth Avenue mortgage loan	259,925			05/24		S+111	259,925				05/24	4.00%	5.11%	6.03%
731 Lexington Avenue - office condominium mortgage loan	162,000			06/24		Prime+0	162,000				06/24	6.00%	6.00%	8.46%
61 Ninth Avenue mortgage loan	75,543			01/26		S+146	75,543				02/24	4.39%	5.85%	6.02%
512 West 22nd Street mortgage loan	71,088			06/25		S+200	71,088				06/25	4.50%	6.50%	7.16%
Rego Park II mortgage loan	65,624			12/25		S+145	65,624				11/24	4.15%	5.60%	6.28%
Fashion Centre Mall/Washington Tower mortgage loan	34,125			05/26		S+305	34,125				05/24	3.89%	6.94%	6.98%
	$	1,995,365					1,995,365		(6)

Fixed rate debt per loan agreements							3,012,690
Variable rate debt not subject to interest rate swaps or caps							966,152		(6)
Total debt at share							$	10,306,225

________________________________

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

(2)The unsecured term loan is subject to various interest rate swap arrangements during the term. See page 6 for details.

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

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

(5)On October 4, 2023, we entered into a 5.00% interest rate cap arrangement in connection with the $75,000 refinancing of 150 West 34th Street. See page 5 for details.

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

See page 6 for details of interest rate hedging arrangements entered into during 2023.

CONSOLIDATED DEBT MATURITIES (CONTRACTUAL BALANCES) (unaudited)

(Amounts in millions)


Consolidated Debt Maturity Schedule(1) as of September 30, 2023 (Excludes pro rata share of JV debt)(2)

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Consolidated (100%):
Secured	$	7		$	291		$	855		$	525		$	1,580		$	2,500
Unsecured	—			—			450			400			1,375			350
Total consolidated debt (100%)	$	7		$	291		$	1,305		$	925		$	2,955		$	2,850		(3)
% of total consolidated debt	0.1		%	3.5		%	15.7		%	11.1		%	35.5		%	34.1		%
Debt maturities at share:
Consolidated debt (100%)	$	7		$	291		$	1,305		$	925		$	2,955		$	2,850
Pro rata share of debt of non-consolidated entities	—			1,064			576			620			40			355
Less: Noncontrolling interests' share of consolidated debt	—			(37)			—			—			—			(645)
Total debt at share	$	7		$	1,318		$	1,881		$	1,545		$	2,995		$	2,560
% of total debt at share	0.1		%	12.8		%	18.3		%	15.0		%	29.1		%	24.7		%

_______________________________

(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.

(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.


CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property	Maturity Date(1)	Spread over SOFR			Interest Rate(2)		2023		2024		2025		2026		2027		Thereafter		Total
Secured Debt:
435 Seventh Avenue	02/24		S+141		6.74%		$	—	$	95,696	$	—	$	—	$	—	$	—	$	95,696
150 West 34th Street(3)	05/24		S+186		5.96%		—		100,000		—		—		—		—		100,000
606 Broadway (50.0% interest)	09/24		S+191		5.91%		—		74,119		—		—		—		—		74,119
4 Union Square South	08/25				4.29%		—		—		120,000		—		—		—		120,000
PENN 11	10/25				2.22%		—		—		500,000		—		—		—		500,000
888 Seventh Avenue	12/25				5.33%		7,200		21,600		234,600		—		—		—		263,400
One Park Avenue	03/26		S+122		5.11%		—		—		—		525,000		—		—		525,000
350 Park Avenue	01/27				3.92%		—		—		—		—		400,000		—		400,000
100 West 33rd Street	06/27				5.06%		—		—		—		—		480,000		—		480,000
770 Broadway	07/27				4.98%		—		—		—		—		700,000		—		700,000
555 California Street (70.0% interest)	05/28				3.82%		—		—		—		—		—		1,200,000		1,200,000
1290 Avenue of the Americas (70.0% interest)	11/28		S+162		5.51%		—		—		—		—		—		950,000		950,000
909 Third Avenue	04/31				3.23%		—		—		—		—		—		350,000		350,000
Total Secured Debt							7,200		291,415		854,600		525,000		1,580,000		2,500,000		5,758,215
Unsecured Debt:
Senior unsecured notes due 2025	01/25				3.50%		—		—		450,000		—		—		—		450,000
$1.25 Billion unsecured revolving credit facility	04/26		S+119	(4)	0.00%		—		—		—		—		—		—		—
Senior unsecured notes due 2026	06/26				2.15%		—		—		—		400,000		—		—		400,000
$1.25 Billion unsecured revolving credit facility	12/27				3.87%	(4)	—		—		—		—		575,000		—		575,000
$800 Million unsecured term loan	12/27				4.04%	(4)	—		—		—		—		800,000		—		800,000
Senior unsecured notes due 2031	06/31				3.40%		—		—		—		—		—		350,000		350,000
Total Unsecured Debt							—		—		450,000		400,000		1,375,000		350,000		2,575,000
Total Debt							$	7,200	$	291,415	$	1,304,600	$	925,000	$	2,955,000	$	2,850,000	$	8,333,215
Weighted average rate							7.13%		6.29%		3.37%		3.83%		4.38%		4.26%		4.19%

Fixed rate debt(5)							$	—	$	—	$	1,248,650	$	400,000	$	2,955,000	$	1,540,000	$	6,143,650
Fixed weighted average rate expiring							0.00%		0.00%		3.21%		2.15%		4.38%		2.76%		3.59%
Floating rate debt							$	7,200	$	291,415	$	55,950	$	525,000	$	—	$	1,310,000	$	2,189,565
Floating weighted average rate expiring							7.13%		6.29%		7.02%		5.11%		0.00%		6.02%		5.87%

________________________________

(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 11 for information on interest rate swap and interest rate cap arrangements.

(3)On October 4, 2023, we completed a $75,000 refinancing of 150 West 34th Street. See page 5 for details.

(5)Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity. See page 11 for information on interest rate swap arrangements.


TOP 15 TENANTS (unaudited)
(Amounts in thousands, except square feet)
Tenants	Square Footage At Share	Annualized Escalated Rents At Share(1)		% of Total Annualized Escalated Rents At Share
Meta Platforms, Inc.	1,451,153	$	168,694	9.3	%
IPG and affiliates	967,552	64,495		3.6	%
Citadel	585,460	62,498		3.5	%
New York University	685,290	48,890		2.7	%
Google/Motorola Mobility (guaranteed by Google)	759,446	41,129		2.2	%
Bloomberg L.P.	306,768	40,685		2.2	%
Equitable Financial Life Insurance Company	335,356	36,383		2.0	%
Amazon (including its Whole Foods subsidiary)	312,694	30,516		1.7	%
Swatch Group USA	11,957	28,560		1.6	%
Neuberger Berman Group LLC	306,612	28,220		1.5	%
Madison Square Garden & Affiliates	408,031	27,357		1.5	%
AMC Networks, Inc.	326,717	26,261		1.4	%
Bank of America	247,459	25,229		1.4	%
LVMH Brands	65,060	25,152		1.4	%
Apple Inc.	412,434	24,077		1.3	%
				37.3	%

________________________________

LEASE EXPIRATIONS (unaudited)

(Amounts in thousands)


Our Share of Square Feet of Expiring Leases As of September 30, 2023

https://cdn.kscope.io/ae02bf7bb809deccacce9326f9c64052-chart-c0b8718ca3524c8fbbd.jpg



New York Office	602	780	725	1,227	1,181	1,048	1,210	639	891	958	509	4,702
New York Retail	22	206	42	82	37	26	45	156	67	57	20	350
THE MART	47	233	208	298	189	695	114	47	296	390	54	196
555 California Street	—	65	274	238	65	112	120	109	—	5	15	173
Total	671	1,284	1,249	1,845	1,472	1,881	1,489	951	1,254	1,410	598	5,421
% of total	3.4%	6.6%	6.4%	9.4%	7.5%	9.6%	7.6%	4.9%	6.4%	7.2%	3.1%	27.9%

_______________________________

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


DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS
(Amounts in thousands, except square feet)
		(at Vornado’s share)								Projected Incremental Cash Yield
New York segment:	Property Rentable Sq. Ft.	Budget			Cash Amount Expended		Remaining Expenditures		Stabilization Year
PENN District:
PENN 2 - as expanded	1,795,000	$	750,000		$	582,671	$	167,329	2025		9.5%
PENN 1 (including LIRR Concourse Retail)(1)	2,558,000	450,000			415,663		34,337		N/A		13.2%	(1)(2)
Districtwide Improvements	N/A	100,000			45,490		54,510		N/A		N/A
Total PENN District		1,300,000		(3)	1,043,824		256,176				10.1%

Sunset Pier 94 Studios (49.9% interest)(4)	266,000	125,000		(4)	7,994		117,006		2026		10.3%

Total Active Development Projects		$	1,425,000		$	1,051,818	$	373,182

________________________________

(2)Projected to be achieved as pre-redevelopment leases roll, which have an approximate average remaining term of 3.5 years.

(3)Excluding debt and equity carry.

APPENDIX

DEFINITIONS AND NON-GAAP RECONCILIATIONS

FIXED INCOME SUPPLEMENTAL DEFINITIONS

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

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

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


NON-GAAP RECONCILIATIONS RECONCILIATION OF 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				For the Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income attributable to common shareholders	$	52,846	$	7,769	$	104,391	$	84,665
Per diluted share	$	0.28	$	0.04	$	0.54	$	0.44

Certain (income) expense items that impact net income attributable to common shareholders:
Net gain on contribution of Pier 94 leasehold interest to joint venture	$	(35,968)	$	—	$	(35,968)	$	—
After-tax net gain on sale of The Armory Show	(17,076)		—		(17,076)		—
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)	3,115		3,776		8,196		10,183
Our share of Alexander's, Inc. ("Alexander's") gain on sale of Rego Park III land parcel	—		—		(16,396)		—
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities	—		—		(6,173)		(6,085)
Other	5,954		28,090		48		19,784
	(43,975)		31,866		(67,369)		23,882
Noncontrolling interests' share of above adjustments	3,974		(2,206)		6,224		(1,895)
Total of certain (income) expense items that impact net income attributable to common shareholders	(40,001)		29,660		(61,145)		21,987


Net income attributable to common shareholders, as adjusted (non-GAAP)	$	12,845	$	37,429	$	43,246	$	106,652
Per diluted share (non-GAAP)	$	0.07	$	0.19	$	0.22	$	0.56

iii


NON-GAAP RECONCILIATIONS RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)
	As of September 30, 2023
	Consolidated Debt, Net		Deferred Financing Costs, Net and Other		Consolidated Contractual Debt
Mortgages payable	$	5,714,761	$	43,454	$	5,758,215
Senior unsecured notes	1,193,362		6,638		1,200,000
$800 Million unsecured term loan	794,212		5,788		800,000
$2.5 Billion unsecured revolving credit facilities	575,000		—		575,000
	$	8,277,335	$	55,880	$	8,333,215

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)


	For the Three Months Ended September 30,				For the Trailing Twelve Months Ended		For the Year Ended December 31,
	2023		2022		September 30, 2023		2022		2021		2020
Reconciliation of net income (loss) to EBITDAre (non-GAAP):
Net income (loss)	$	59,570	$	20,112	$	(391,501)	$	(382,612)	$	207,553	$	(461,845)
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries	13,541		3,792		36,743		5,737		(24,014)		139,894
Net income (loss) attributable to the Operating Partnership	73,111		23,904		(354,758)		(376,875)		183,539		(321,951)
EBITDAre adjustments at share:
Depreciation and amortization expense	125,988		156,985		528,196		593,322		526,539		532,298
Interest and debt expense	114,424		98,358		455,521		362,321		297,116		309,003
Net (gain) loss on sale of real estate	(56,150)		6		(103,352)		(58,920)		(15,675)		—
Income tax expense (benefit)	12,267		4,151		29,789		23,404		(9,813)		36,253
Real estate impairment losses	625		—		596,113		595,488		7,880		645,346


EBITDAre at share	270,265		283,404		1,151,509		1,138,740		989,586		1,200,949
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	10,619		14,449		60,699		71,786		75,987		(91,155)
EBITDAre (non-GAAP)	$	280,884	$	297,853	$	1,212,208	$	1,210,526	$	1,065,573	$	1,109,794


NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	For the Three Months Ended September 30,				For the Trailing Twelve Months Ended		For the Year Ended December 31,
	2023		2022		September 30, 2023		2022		2021		2020
EBITDAre (non-GAAP)	$	280,884	$	297,853	$	1,212,208	$	1,210,526	$	1,065,573	$	1,109,794

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(10,619)		(14,449)		(60,699)		(71,786)		(75,987)		91,155

Certain (income) expense items that impact EBITDAre:
Our share of (income) loss from real estate fund investments	(480)		(201)		(278)		(1,671)		(3,757)		63,114
Net gains on disposition of wholly owned and partially owned assets	—		—		(18,390)		(17,372)		(643)		—
Gain on sale of 220 CPS condominium units and ancillary amenities	—		—		(42,364)		(41,874)		(50,318)		(381,320)
Hotel Pennsylvania loss	—		—		—		—		11,625		31,139
Other	1,242		1,678		4,049		12,741		2,483		(3,589)
Total of certain expense (income) items that impact EBITDAre	762		1,477		(56,983)		(48,176)		(40,610)		(290,656)

EBITDAre, as adjusted (non-GAAP)	$	271,027	$	284,881	$	1,094,526	$	1,090,564	$	948,976	$	910,293