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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 York10019
(Address of Principal Executive offices) (Zip Code)
 
Registrant’s telephone number, including area code: (212) 894-7000
Former name or former address, if changed since last report: N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Registrant
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Vornado Realty Trust
Common Shares of beneficial interest, $.04 par value per share
VNO
New York Stock Exchange
Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share:
Vornado Realty Trust
5.40% Series L
VNO/PL
New York Stock Exchange
Vornado Realty Trust
5.25% Series M
VNO/PM
New York Stock Exchange
Vornado Realty Trust
5.25% Series N
VNO/PN
New York Stock Exchange
Vornado Realty Trust
4.45% Series OVNO/PO
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨    




Item 2.02. Results of Operations and Financial Condition.
On 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:
Vornado Realty Trust press release dated October 30, 2023
Vornado Realty Trust supplemental operating and financial data for the quarter ended September 30, 2023
Vornado Realty Trust supplemental fixed income data for the quarter ended September 30, 2023
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


2



SIGNATURE 
    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 VORNADO REALTY TRUST
 (Registrant)
   
 By:/s/ Deirdre Maddock
 Name:Deirdre Maddock
 Title:Chief Accounting Officer (duly authorized officer and principal accounting officer)
Date: 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








3

Document
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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.
NYSE: VNO | WWW.VNO.COM
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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,
 2023202220232022
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)
Other5,954 28,090 48 19,784 
(43,975)31,866 (67,369)23,882 
Noncontrolling interests' share of above adjustments3,974 (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,
 2023202220232022
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)
Other5,330 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
AmountPer 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, net0.1 
(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.

NYSE: VNO | WWW.VNO.COM
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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.

NYSE: VNO | WWW.VNO.COM
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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 RateExpiration DateVariable Rate Spread
Interest rate swaps:
555 California Street (effective 05/24)$840,000 6.03%05/26S+205
Unsecured term loan(1) (effective 10/23)
150,000 5.12%07/25S+129
Index Strike Rate
Interest rate caps:
1290 Avenue of the Americas (70.0% interest) (effective 11/23)(2)
$665,000 1.00%11/25S+162
One Park Avenue (effective 3/24)525,000 3.89%03/25S+122
731 Lexington Avenue office condominium (32.4% interest)162,000 6.00%06/24Prime + 0
640 Fifth Avenue (52.0% interest)259,925 4.00%05/24S+111
512 West 22nd Street (55.0% interest)71,088 4.50%06/25S+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 BalanceAll-In Swapped RateUnswapped Balance
(bears interest at S+129)
Through 10/23$800,000 4.04%$— 
10/23 through 07/25700,000 4.52%100,000 
07/25 through 10/26550,000 4.35%250,000 
10/26 through 08/2750,000 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 YorkTHE MART555 California Street
TotalOfficeRetail
Occupancy as of September 30, 202389.9 %91.6 %74.3 %76.8 %94.5 %
Same Store Net Operating Income ("NOI") At Share:
TotalNew 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, 20221.1 %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, 20221.1 %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 EndedFor the Nine Months Ended
September 30,
September 30,June 30, 2023
2023202220232022
NOI at share:
New York:
Office(1)
$183,919 $174,790 $186,042 $544,231 $534,641 
Retail46,559 52,127 47,428 141,183 155,670 
Residential5,570 4,598 5,467 16,495 14,622 
Alexander's9,586 9,639 9,429 28,085 27,980 
Total New York245,634 241,154 248,366 729,994 732,913 
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 investments3,665 4,074 5,464 14,280 12,699 
Total Other35,361 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 EndedFor the Nine Months Ended
September 30,
September 30,June 30, 2023
2023202220232022
NOI at share - cash basis:
New York:
Office(1)
$179,838 $174,606 $181,253 $543,172 $532,759 
Retail45,451 48,096 44,956 134,441 142,678 
Residential5,271 4,556 5,129 15,451 13,554 
Alexander's10,284 10,434 10,231 30,376 30,296 
Total New York240,844 237,692 241,569 723,440 719,287 
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 investments3,818 4,280 5,624 14,557 13,292 
Total Other37,171 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.
BudgetCash Amount
Expended
Remaining Expenditures
Stabilization Year
PENN District:
PENN 2 - as expanded1,795,000 $750,000 $582,671 $167,329 20259.5%
PENN 1 (including LIRR Concourse Retail)(1)
2,558,000 450,000 415,663 34,337 N/A13.2%
(1)(2)
Districtwide ImprovementsN/A100,000 45,490 54,510 N/AN/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 202610.3%
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 ofIncrease
(Decrease)
 September 30, 2023December 31, 2022
ASSETS   
Real estate, at cost:
Land$2,457,589 $2,451,828 $5,761 
Buildings and improvements9,887,787 9,804,204 83,583 
Development costs and construction in progress1,257,886 933,334 324,552 
Leasehold improvements and equipment129,385 125,389 3,996 
Total13,732,647 13,314,755 417,892 
Less accumulated depreciation and amortization(3,698,582)(3,470,991)(227,591)
Real estate, net10,034,065 9,843,764 190,301 
Right-of-use assets679,119 684,380 (5,261)
Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills:
Cash and cash equivalents1,000,362 889,689 110,673 
Restricted cash262,118 131,468 130,650 
Investments in U.S. Treasury bills— 471,962 (471,962)
Total1,262,480 1,493,119 (230,639)
Tenant and other receivables88,438 81,170 7,268 
Investments in partially owned entities2,670,782 2,665,073 5,709 
220 CPS condominium units ready for sale40,198 43,599 (3,401)
Receivable arising from the straight-lining of rents697,486 694,972 2,514 
Deferred leasing costs, net355,307 373,555 (18,248)
Identified intangible assets, net130,086 139,638 (9,552)
Other assets494,582 474,105 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, net1,193,362 1,191,832 1,530 
Unsecured term loan, net794,212 793,193 1,019 
Unsecured revolving credit facilities575,000 575,000 — 
Lease liabilities728,468 735,969 (7,501)
Accounts payable and accrued expenses452,853 450,881 1,972 
Deferred revenue34,083 39,882 (5,799)
Deferred compensation plan100,485 96,322 4,163 
Other liabilities316,094 268,166 47,928 
Total liabilities9,909,318 9,980,263 (70,945)
Redeemable noncontrolling interests474,004 436,732 37,272 
Shareholders' equity5,810,777 5,839,728 (28,951)
Noncontrolling interests in consolidated subsidiaries258,444 236,652 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,
 2023202220232022
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 subsidiaries13,541 3,792 26,250 (4,756)
Operating Partnership(4,736)(606)(8,773)(6,382)
Net income attributable to Vornado68,375 23,298 150,978 131,252 
Preferred share dividends(15,529)(15,529)(46,587)(46,587)
Net income attributable to common shareholders$52,846 $7,769 $104,391 $84,665 
Income per common share - basic:
Net income per common share$0.28 $0.04 $0.55 $0.44 
Weighted average shares outstanding190,364 191,793 191,228 191,756 
Income per common share - diluted:
Net income per common share$0.28 $0.04 $0.54 $0.44 
Weighted average shares outstanding192,921 192,018 193,845 192,042 
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 share193,036 193,808 194,012 193,429 
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,
2023202220232022
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 losses625 — 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 property26,765 32,584 80,900 98,404 
Net loss (gain) on sale of real estate— (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 securities387 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 outstanding190,364 191,793 191,228 191,756 
Effect of dilutive securities:
Convertible securities2,227 1,790 2,621 1,407 
Share-based payment awards445 225 163 266 
Denominator for FFO per diluted share193,036 193,808 194,012 193,429 
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 EndedFor the Nine Months Ended
September 30,
September 30,June 30, 2023
2023202220232022
Net income $59,570 $20,112 $62,733 $133,501 $142,390 
Depreciation and amortization expense110,349 134,526 107,162 324,076 370,631 
General and administrative expense35,838 29,174 39,410 116,843 102,292 
Transaction related costs and other813 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 expense88,126 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 entities72,100 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 share280,995 297,089 301,639 856,117 870,293 
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)TotalNew YorkTHE MART555 California StreetOther
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)TotalNew YorkTHE MART555 California StreetOther
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)TotalNew YorkTHE MART555 California StreetOther
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 share1.1 %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)TotalNew YorkTHE MART555 California StreetOther
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 basis1.1 %3.1 %(38.2)%34.7 %0.0 %
NYSE: VNO | WWW.VNO.COM
PAGE 17 OF 19


VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED
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 June 30, 2023.
(Amounts in thousands)TotalNew YorkTHE MART555 California StreetOther
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
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VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED
Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, THE MART, 555 California Street and other investments for the three months ended September 30, 2023 compared to June 30, 2023.
(Amounts in thousands)TotalNew YorkTHE MART555 California StreetOther
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


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INDEX 
 Page
BUSINESS DEVELOPMENTS-
FINANCIAL INFORMATION
Financial Highlights
FFO, As Adjusted Bridge
Consolidated Balance Sheets
Net Income Attributable to Common Shareholders (Consolidated and by Segment)-
Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment)-
Same Store NOI at Share and Same Store NOI at Share - Cash Basis
DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES
LEASING ACTIVITY AND LEASE EXPIRATIONS
Leasing Activity-
Lease Expirations-
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS-
UNCONSOLIDATED JOINT VENTURES-
DEBT AND CAPITALIZATION
Capital Structure
Common Shares Data
Debt Analysis
Hedging Instruments
Consolidated Debt Maturities
PROPERTY STATISTICS
Top 30 Tenants
Square Footage
Occupancy and Residential Statistics
Ground Leases
Property Table-
EXECUTIVE OFFICERS AND RESEARCH COVERAGE
APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
Definitions
Reconciliations-
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions, including the form of any 2023 dividend payments, and the amount and form of potential share repurchases and/or asset sales. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. Currently, some of the factors are the 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.
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BUSINESS DEVELOPMENTS 
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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BUSINESS DEVELOPMENTS
350 Park Avenue
On January 24, 2023, we and the Rudin family (“Rudin”) completed agreements with Citadel Enterprise Americas LLC (“Citadel”) and with an affiliate of Kenneth C. Griffin, Citadel’s Founder and CEO (“KG”), for a series of transactions relating to 350 Park Avenue and 40 East 52nd Street.
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, Inc. ("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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BUSINESS DEVELOPMENTS
Financing Activity
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 on the following page.
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.

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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 RateExpiration DateVariable Rate Spread
Interest rate swaps:
555 California Street (effective 05/24)$840,000 6.03%05/26S+205
Unsecured term loan(1) (effective 10/23)
150,000 5.12%07/25S+129
Index Strike Rate
Interest rate caps:
1290 Avenue of the Americas (70.0% interest) (effective 11/23)(2)
$665,000 1.00%11/25S+162
One Park Avenue (effective 3/24)525,000 3.89%03/25S+122
731 Lexington Avenue office condominium (32.4% interest)162,000 6.00%06/24Prime + 0
640 Fifth Avenue (52.0% interest)259,925 4.00%05/24S+111
512 West 22nd Street (55.0% interest)71,088 4.50%06/25S+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 BalanceAll-In Swapped RateUnswapped Balance
(bears interest at S+129)
Through 10/23$800,000 4.04%$— 
10/23 through 07/25700,000 4.52%100,000 
07/25 through 10/26550,000 4.35%250,000 
10/26 through 08/2750,000 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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FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts)
 For the Three Months EndedFor the Nine Months Ended
September 30,
 September 30,June 30, 2023
 2023202220232022
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 units14,264 13,617 13,943 14,040 13,515 
Convertible securities2,260 1,790 3,378 2,621 1,407 
Share based payment awards1,521 502 357 771 633 
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.
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FFO, AS ADJUSTED BRIDGE - Q3 2023 VS. Q3 2022 (unaudited)
(Amounts in millions, except per share amounts)
FFO, as Adjusted
AmountPer Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months 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, net0.1 
(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.
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CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
As ofIncrease
(Decrease)
 September 30, 2023December 31, 2022
ASSETS   
Real estate, at cost:
Land$2,457,589 $2,451,828 $5,761 
Buildings and improvements9,887,787 9,804,204 83,583 
Development costs and construction in progress1,257,886 933,334 324,552 
Leasehold improvements and equipment129,385 125,389 3,996 
Total13,732,647 13,314,755 417,892 
Less accumulated depreciation and amortization(3,698,582)(3,470,991)(227,591)
Real estate, net10,034,065 9,843,764 190,301 
Right-of-use assets679,119 684,380 (5,261)
Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills:
Cash and cash equivalents1,000,362 889,689 110,673 
Restricted cash262,118 131,468 130,650 
Investments in U.S. Treasury bills— 471,962 (471,962)
Total1,262,480 1,493,119 (230,639)
Tenant and other receivables88,438 81,170 7,268 
Investments in partially owned entities2,670,782 2,665,073 5,709 
220 CPS condominium units ready for sale40,198 43,599 (3,401)
Receivable arising from the straight-lining of rents697,486 694,972 2,514 
Deferred leasing costs, net355,307 373,555 (18,248)
Identified intangible assets, net130,086 139,638 (9,552)
Other assets494,582 474,105 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, net1,193,362 1,191,832 1,530 
Unsecured term loan, net794,212 793,193 1,019 
Unsecured revolving credit facilities575,000 575,000 — 
Lease liabilities728,468 735,969 (7,501)
Accounts payable and accrued expenses452,853 450,881 1,972 
Deferred revenue34,083 39,882 (5,799)
Deferred compensation plan100,485 96,322 4,163 
Other liabilities316,094 268,166 47,928 
Total liabilities9,909,318 9,980,263 (70,945)
Redeemable noncontrolling interests474,004 436,732 37,272 
Shareholders' equity5,810,777 5,839,728 (28,951)
Noncontrolling interests in consolidated subsidiaries258,444 236,652 21,792 
Total liabilities, redeemable noncontrolling interests and equity$16,452,543 $16,493,375 $(40,832)
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CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
 For the Three Months Ended
 September 30,June 30, 2023
 20232022Variance
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, net1,356 1,384 (28)1,360 
Straight-lining of rents4,076 9,156 (5,080)4,515 
Total rental revenues400,367 409,144 (8,777)418,834 
Fee and other income:
Building Maintenance Services ("BMS") cleaning fees35,428 35,062 366 35,146 
Management and leasing fees3,263 2,532 731 3,658 
Other income11,937 10,693 1,244 14,721 
Total revenues450,995 457,431 (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 entities18,269 24,341 (6,072)37,272 
Income (loss) from real estate fund investments1,783 (111)1,894 (102)
Interest and other investment income, net12,934 5,228 7,706 13,255 
Income (loss) from deferred compensation plan assets1,631 (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 assets56,136 — 56,136 936 
Income before income taxes71,254 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 subsidiaries13,541 3,792 9,749 2,781 
Operating Partnership(4,736)(606)(4,130)(3,608)
Net income attributable to Vornado68,375 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 expense11,205 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.
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CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
 For the Nine Months Ended September 30,
 20232022Variance
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, net4,083 3,788 295 
Straight-lining of rents4,770 45,835 (41,065)
Total rental revenues1,215,994 1,211,621 4,373 
Fee and other income:
BMS cleaning fees105,902 101,752 4,150 
Management and leasing fees9,970 8,167 1,803 
Other income37,411 31,515 5,896 
Total revenues1,369,277 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 entities72,207 83,775 (11,568)
Income from real estate fund investments1,662 5,421 (3,759)
Interest and other investment income, net35,792 9,282 26,510 
Income (loss) from deferred compensation plan assets7,541 (10,138)17,679 
Interest and debt expense(261,528)(191,523)(70,005)
Net gains on disposition of wholly owned and partially owned assets64,592 35,384 29,208 
Income before income taxes154,349 157,076 (2,727)
Income tax expense(20,848)(14,686)(6,162)
Net income133,501 142,390 (8,889)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries26,250 (4,756)31,006 
Operating Partnership(8,773)(6,382)(2,391)
Net income attributable to Vornado150,978 131,252 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 expense30,011 12,095 17,916 
________________________________
(1)"Property rentals" and "tenant expense reimbursements" represent non-GAAP financial measures which are reconciled above to "rental revenues" the most directly comparable financial measure calculated in accordance with GAAP.
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NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)
(Amounts in thousands)
 For the Three Months Ended September 30, 2023
 TotalNew YorkOther
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, net1,356 1,188 168 
Straight-lining of rents4,076 5,458 (1,382)
Total rental revenues400,367 319,456 80,911 
Fee and other income:
BMS cleaning fees35,428 37,999 (2,571)
Management and leasing fees3,263 3,441 (178)
Other income11,937 3,872 8,065 
Total revenues450,995 364,768 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 entities18,269 16,902 1,367 
Income from real estate fund investments1,783 — 1,783 
Interest and other investment income, net12,934 4,712 8,222 
Income from deferred compensation plan assets1,631 — 1,631 
Interest and debt expense(88,126)(37,133)(50,993)
Net gains on disposition of wholly owned and partially owned assets56,136 — 56,136 
Income before income taxes71,254 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 subsidiaries13,541 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 
________________________________
(1)"Property rentals" and "tenant expense reimbursements" represent non-GAAP financial measures which are reconciled above to "rental revenues" the most directly comparable financial measure calculated in accordance with GAAP.
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NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)
(Amounts in thousands)
 For the Nine Months Ended September 30, 2023
 TotalNew YorkOther
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, net4,083 3,577 506 
Straight-lining of rents4,770 6,747 (1,977)
Total rental revenues1,215,994 955,674 260,320 
Fee and other income:
BMS cleaning fees105,902 113,431 (7,529)
Management and leasing fees9,970 10,375 (405)
Other income37,411 11,573 25,838 
Total revenues1,369,277 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 entities72,207 67,355 4,852 
Income from real estate fund investments1,662 — 1,662 
Interest and other investment income, net35,792 11,708 24,084 
Income from deferred compensation plan assets7,541 — 7,541 
Interest and debt expense(261,528)(116,684)(144,844)
Net gains on disposition of wholly owned and partially owned assets64,592 — 64,592 
Income (loss) before income taxes154,349 208,545 (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 subsidiaries26,250 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 
________________________________
(1)"Property rentals" and "tenant expense reimbursements" represent non-GAAP financial measures which are reconciled above to "rental revenues" the most directly comparable financial measure calculated in accordance with GAAP.

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NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT (NON-GAAP) (unaudited)
(Amounts in thousands)
For the Three Months Ended September 30, 2023
TotalNew YorkOther
Total revenues$450,995 $364,768 $86,227 
Operating expenses(233,737)(186,147)(47,590)
NOI - consolidated217,258 178,621 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 entities72,100 69,210 2,890 
NOI at share280,995 245,634 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
TotalNew YorkOther
Total revenues$457,431 $360,033 $97,398 
Operating expenses(221,596)(182,131)(39,465)
NOI - consolidated235,835 177,902 57,933 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(14,766)(8,691)(6,075)
Add: Our share of NOI from partially owned entities76,020 71,943 4,077 
NOI at share297,089 241,154 55,935 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other(1,419)(3,462)2,043 
NOI at share - cash basis$295,670 $237,692 $57,978 
For the Three Months Ended June 30, 2023
TotalNew YorkOther
Total revenues$472,359 $362,471 $109,888 
Operating expenses(222,723)(176,410)(46,313)
NOI - consolidated249,636 186,061 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 entities70,745 67,509 3,236 
NOI at share301,639 248,366 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.
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NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT (NON-GAAP) (unaudited)
(Amounts in thousands)
For the Nine Months Ended September 30, 2023
TotalNew YorkOther
Total revenues$1,369,277 $1,091,053 $278,224 
Operating expenses(685,233)(550,878)(134,355)
NOI - consolidated684,044 540,175 143,869 
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 share856,117 729,994 126,123 
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
TotalNew YorkOther
Total revenues$1,353,055 $1,082,743 $270,312 
Operating expenses(660,434)(536,238)(124,196)
NOI - consolidated692,621 546,505 146,116 
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 share870,293 732,913 137,380 
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.
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NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT AND SUBSEGMENT (NON-GAAP) (unaudited)
(Amounts in thousands)
For the Three Months EndedFor the Nine Months Ended
September 30,
September 30,June 30, 2023
2023202220232022
NOI at share:
New York:
Office(1)
$183,919 $174,790 $186,042 $544,231 $534,641 
Retail46,559 52,127 47,428 141,183 155,670 
Residential5,570 4,598 5,467 16,495 14,622 
Alexander’s9,586 9,639 9,429 28,085 27,980 
Total New York245,634 241,154 248,366 729,994 732,913 
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 investments3,665 4,074 5,464 14,280 12,699 
Total Other35,361 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 
Retail45,451 48,096 44,956 134,441 142,678 
Residential5,271 4,556 5,129 15,451 13,554 
Alexander's10,284 10,434 10,231 30,376 30,296 
Total New York240,844 237,692 241,569 723,440 719,287 
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 investments3,818 4,280 5,624 14,557 13,292 
Total Other37,171 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.

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SAME STORE NOI AT SHARE AND SAME STORE NOI AT SHARE - CASH BASIS (NON-GAAP) (unaudited)
TotalNew 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, 20221.1 %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, 20221.1 %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.
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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.
BudgetCash Amount
Expended
Remaining Expenditures
Stabilization Year
PENN District:
PENN 2 - as expanded1,795,000 $750,000 $582,671 $167,329 20259.5%
PENN 1 (including LIRR Concourse Retail)(1)
2,558,000 450,000 415,663 

34,337 N/A13.2%
(1)(2)
Districtwide ImprovementsN/A100,000 45,490 54,510 N/AN/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 202610.3%
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 land105,000 
Multiple other opportunities - office/residential/retail
Total PENN District2,157,000 
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, Chicago330,000 
Total Future Opportunities4,306,000 
________________________________
(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 3 for further details.
(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.
There can be no assurance that the above projects will be completed, completed on schedule or within budget. In addition, there can be no assurance that the Company will be successful in leasing the properties on the expected schedule or at the assumed rental rates.
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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
OfficeRetailTHE MART
Three Months Ended September 30, 2023   
Total square feet leased236 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 feet176 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 rent13.8 %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.
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LEASING ACTIVITY (unaudited)
(Square feet in thousands)
The leasing activity and related statistics in the table below are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with GAAP. Second generation relet space represents square footage that has not been vacant for more than nine months and tenant improvements and leasing commissions are based on our share of square feet leased during the period.
New York 
555 California Street
 OfficeRetailTHE MART
Nine Months Ended September 30, 2023    
Total square feet leased1,292 259 176 10 
Our share of square feet leased:1,186 200 171 
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 feet1,027 113 112 
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 rent5.8 %16.4 %15.2 %17.0 %
________________________________
(1)Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.
(2)Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases and includes the effect of free rent and periodic step-ups in rent.
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LEASE EXPIRATIONS (unaudited)
NEW YORK SEGMENT
 Period of Lease
Expiration
Our Share of
Square Feet
of Expiring
Leases(1)
Annualized Escalated Rents
of Expiring Leases
Percentage of
Annualized
Escalated Rent
 TotalPer Sq. Ft.
Office:
Third Quarter 2023(2)
74,000 $6,947,000 $93.88 0.6 %
 Fourth Quarter 2023528,000 52,640,000 99.70 4.3 %
 
First Quarter 2024149,000 15,056,000 101.05 1.2 %
Second Quarter 2024379,000 35,806,000 94.47 2.9 %
Third Quarter 202473,000 5,768,000 79.01 0.5 %
Fourth Quarter 2024179,000 17,032,000 95.15 1.4 %
 Total 2024780,000 73,662,000 94.44 6.0 %
 2025725,000 60,857,000 83.94 5.0 %
 20261,227,000 102,387,000 83.44 8.4 %
 20271,181,000 93,738,000 79.37 7.7 %
20281,048,000 82,938,000 79.14 6.8 %
20291,210,000 97,763,000 80.80 8.0 %
2030639,000 54,198,000 84.82 4.5 %
2031891,000 79,416,000 89.13 6.5 %
2032958,000 94,278,000 98.41 7.8 %
2033509,000 43,642,000 85.74 3.7 %
Thereafter4,702,000 (3)373,652,000 79.47 30.7 %
Retail:
Third Quarter 2023(2)
19,000 $1,460,000 $76.84 0.6 %
Fourth Quarter 20233,000 225,000 75.00 0.1 %
 First Quarter 2024100,000 3,230,000 32.30 1.3 %
Second Quarter 202482,000 14,743,000 179.79 5.8 %
Third Quarter 20241,000 2,952,000 2,952.00 1.2 %
Fourth Quarter 202423,000 1,375,000 59.78 0.5 %
Total 2024206,000 22,300,000 108.25 8.8 %
202542,000 13,588,000 323.52 5.4 %
202682,000 26,351,000 321.35 10.4 %
 202737,000 21,459,000 579.97 8.5 %
 202826,000 13,875,000 533.65 5.5 %
202945,000 26,816,000 595.91 10.6 %
 2030156,000 23,918,000 153.32 9.4 %
 203167,000 28,628,000 427.28 11.3 %
 203257,000 29,381,000 515.46 11.6 %
 203320,000 6,530,000 326.50 2.6 %
Thereafter350,000 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.
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LEASE EXPIRATIONS (unaudited)
THE MART
 Period of Lease
Expiration
Our Share of
Square Feet
of Expiring
Leases(1)
Annualized Escalated Rents
of Expiring Leases
Percentage of
Annualized
Escalated Rent
 TotalPer Sq. Ft.
Office / Showroom / Retail:
Third Quarter 2023(2)
— $— $— 0.0 %
Fourth Quarter 202347,000 2,742,000 58.34 1.9 %
 First Quarter 202494,000 5,489,000 58.39 3.9 %
Second Quarter 202448,000 2,835,000 59.06 2.0 %
Third Quarter 202425,000 1,779,000 71.16 1.3 %
Fourth Quarter 202466,000 3,529,000 53.47 2.5 %
Total 2024233,000 13,632,000 58.51 9.7 %
 2025208,000 11,356,000 56.22 8.0 %
 2026298,000 17,036,000 57.17 12.0 %
2027189,000 10,166,000 53.79 7.2 %
2028695,000 34,099,000 49.06 23.8 %
 2029114,000 6,054,000 53.11 4.3 %
203047,000 2,961,000 63.00 2.1 %
2031296,000 14,026,000 47.39 9.9 %
2032390,000 18,339,000 47.02 12.9 %
203354,000 2,627,000 48.65 1.8 %
Thereafter196,000 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.
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LEASE EXPIRATIONS (unaudited)
555 California Street
 Period of Lease
Expiration
Our Share of
Square Feet
of Expiring
Leases(1)
Annualized Escalated Rents
of Expiring Leases
Percentage of
Annualized
Escalated Rent
 TotalPer Sq. Ft.
Office / Retail:
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 202465,000 6,835,000 105.15 6.2 %
Total 202465,000 6,835,000 105.15 6.2 %
2025274,000 25,506,000 93.09 23.0 %
 2026238,000 24,372,000 102.40 22.0 %
 202765,000 6,226,000 95.78 5.6 %
2028112,000 10,137,000 90.51 9.1 %
 2029120,000 11,930,000 99.42 10.8 %
 2030109,000 9,994,000 91.69 9.0 %
 2031— — — 0.0 %
 20325,000 669,000 133.80 0.6 %
 203315,000 1,745,000 116.33 1.6 %
Thereafter173,000 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.

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CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
CONSOLIDATED
(Amounts in thousands)  
Nine Months Ended September 30, 2023Year Ended December 31,
20222021
Amounts paid for capital expenditures:
Expenditures to maintain assets$75,264 $85,573 $75,133 
Tenant improvements46,354 41,934 68,284 
Leasing commissions12,232 16,005 36,274 
Recurring tenant improvements, leasing commissions and other capital expenditures133,850 143,512 179,691 
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, 2023Year Ended December 31,
 20222021
Amounts paid for development and redevelopment expenditures(2):
   
PENN 2$230,160 $266,676 $105,267 
PENN 165,314 102,445 171,824 
Hotel Pennsylvania site60,558 77,965 54,280 
THE MART 2.022,962 10,130 729 
PENN Districtwide improvements12,607 11,096 14,116 
The Farley Building10,380 224,382 202,414 
PENN 114,573 10,430 418 
220 CPS4,155 10,186 19,351 
Other21,730 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.
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CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
NEW YORK SEGMENT
(Amounts in thousands)
 Nine Months Ended September 30, 2023Year Ended December 31,
20222021
Amounts paid for capital expenditures:
Expenditures to maintain assets$60,408 $60,588 $61,420 
Tenant improvements31,228 27,862 59,522 
Leasing commissions11,484 10,465 27,284 
Recurring tenant improvements, leasing commissions and other capital expenditures103,120 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, 2023Year Ended December 31,
 20222021
Amounts paid for development and redevelopment expenditures(2):
   
PENN 2$230,160 $266,676 $105,267 
PENN 165,314 102,445 171,824 
Hotel Pennsylvania site60,558 77,965 54,280 
PENN Districtwide improvements12,607 11,096 14,116 
The Farley Building10,380 224,382 202,414 
PENN 114,573 10,430 418 
Other18,720 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.
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CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
THE MART
(Amounts in thousands)  
 Nine Months Ended September 30, 2023Year Ended December 31,
20222021
Amounts paid for capital expenditures:
Expenditures to maintain assets$9,622 $18,137 $7,199 
Tenant improvements15,113 11,977 5,683 
Leasing commissions636 2,610 2,047 
Recurring tenant improvements, leasing commissions and other capital expenditures25,371 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, 2023Year Ended December 31,
 20222021
Amounts paid for development and redevelopment expenditures(2):
   
THE MART 2.0$22,962 $10,130 $729 
Other3,010 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.
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CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
555 CALIFORNIA STREET   
(Amounts in thousands)   
 Nine Months Ended September 30, 2023Year Ended December 31,
20222021
Amounts paid for capital expenditures:
Expenditures to maintain assets$5,234 $6,848 $6,514 
Tenant improvements13 2,095 3,079 
Leasing commissions112 2,930 6,943 
Recurring tenant improvements, leasing commissions and other capital expenditures5,359 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, 2023Year Ended December 31,
 20222021
Amounts paid for development and redevelopment expenditures(2):
   
345 Montgomery Street$— $— $4,253 
________________________________
See notes below.
CAPITAL EXPENDITURES (unaudited)
OTHER
(Amounts in thousands)   
 Nine Months Ended September 30, 2023Year Ended December 31,
 20222021
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.

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UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
As of September 30, 2023
Joint Venture NameAsset
Category
Percentage OwnershipCompany's
Carrying
Amount
Company's
Pro rata
Share of Debt(1)
100% of
Joint Venture Debt(1)
Maturity Date(2)
Spread over LIBOR/SOFR
Interest Rate(3)
Fifth Avenue and Times Square JVRetail/Office51.5%$2,249,148 $419,078 $855,365 VariousVariousVarious
Alexander'sOffice/Retail32.4%91,914 355,280 1,096,544 VariousVariousVarious
Partially owned office buildings/land:
512 West 22nd StreetOffice/Retail55.0%59,768 71,088 129,250 06/25S+2006.50%
West 57th Street propertiesOffice/Retail/Land50.0%51,696 — — N/AN/A
280 Park AvenueOffice/Retail50.0%36,760 600,000 1,200,000 09/24S+2037.36%
825 Seventh AvenueOffice50.0%16,796 27,000 54,000 01/26S+2758.08%
61 Ninth AvenueOffice/Retail45.1%1,088 75,543 167,500 01/26S+1465.85%
650 Madison AvenueOffice/Retail20.1%— 161,024 800,000 12/29N/A3.49%
Other investments:
Independence PlazaResidential/Retail50.1%53,525 338,175 675,000 07/25N/A4.25%
Sunset Pier 94 Studios(4)
Studio Campus49.9%50,090 50 100 09/26S+47510.08%
Rosslyn PlazaOffice/Residential43.7% to 50.4%34,957 12,603 25,000 04/26(5)S+2007.33%
OtherVariousVarious25,040 124,353 665,971 VariousVariousVarious
$2,670,782 $2,184,194 $5,668,730 
Investments in partially owned entities included in other liabilities(6):
7 West 34th StreetOffice/Retail53.0%$(67,669)$159,000 $300,000 06/26N/A3.65%
85 Tenth AvenueOffice/Retail49.9%(10,736)311,875 625,000 12/26N/A4.55%
$(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.
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UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
Percentage Ownership at September 30, 2023Our 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,
 2023202220232022
Joint Venture Name
New York:     
Fifth Avenue and Times Square JV:
Equity in net income51.5%$10,917 $11,941 $30,147 $33,330 
Return on preferred equity, net of our share of the expense9,430 9,430 — — 
20,347 21,371 30,147 33,330 
280 Park Avenue50.0%(5,014)(2,087)10,699 9,497 
Alexander's32.4%3,341 4,740 9,586 9,639 
85 Tenth Avenue49.9%(2,377)(2,466)3,295 2,797 
7 West 34th Street53.0%1,236 1,186 3,716 3,712 
Independence Plaza50.1%(708)(1,609)4,975 4,161 
512 West 22nd Street55.0%(599)54 1,571 1,826 
West 57th Street properties50.0%(293)(255)(51)116 
61 Ninth Avenue45.1%(23)152 1,909 1,613 
Other, netVarious992 95 3,363 5,252 
16,902 21,181 69,210 71,943 
Other:
Alexander's corporate fee income32.4%1,184 1,170 659 647 
Rosslyn Plaza43.7% to 50.4%441 348 1,089 1,106 
Other, netVarious(258)1,642 1,142 2,324 
1,367 3,160 2,890 4,077 
Total$18,269 $24,341 $72,100 $76,020 

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UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
Percentage Ownership at September 30, 2023Our 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,
 2023202220232022
Joint Venture Name     
New York:     
Fifth Avenue and Times Square JV:
Equity in net income51.5%$27,057 (1)(2)$41,915 $89,400 (2)$103,684 
Return on preferred equity, net of our share of the expense27,985 27,985 — — 
55,042 69,900 89,400 103,684 
Alexander's32.4%26,626 (3)14,235 28,085 27,980 
280 Park Avenue50.0%(14,524)(4)249 31,052 29,913 
85 Tenth Avenue49.9%(8,224)(7,928)8,150 7,899 
7 West 34th Street53.0%3,455 3,340 10,970 10,997 
Independence Plaza50.1%(1,835)(3,540)14,936 13,421 
512 West 22nd Street55.0%(1,751)(96)4,552 4,085 
West 57th Street properties50.0%(719)(710)16 237 
61 Ninth Avenue45.1%(31)1,162 5,680 5,041 
Other, netVarious9,316 625 9,202 15,859 
67,355 77,237 202,043 219,116 
Other:
Alexander's corporate fee income32.4%4,056 3,352 2,338 1,782 
Rosslyn Plaza43.7% to 50.4%1,220 1,276 3,361 3,391 
Other, netVarious(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.

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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 notes1,200,000 
$800 Million unsecured term loan800,000 
$2.5 Billion unsecured revolving credit facilities575,000 
8,333,215 
Pro rata share of debt of non-consolidated entities2,655,069 
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)(682,059)
10,306,225 (A)
 Shares/UnitsLiquidation Preference 
Perpetual Preferred:   
3.25% preferred units (D-17) (141,400 units @ $25.00 per unit)3,535 
5.40% Series L preferred shares12,000 $25.00 300,000 
5.25% Series M preferred shares12,780 25.00 319,500 
5.25% Series N preferred shares12,000 25.00 300,000 
4.45% Series O preferred shares12,000 25.00 300,000 
1,223,035 (B)
 
Converted
Shares
September 30, 2023 Common Share Price 
Equity:   
Common shares190,322 $22.68 4,316,503 
Class A units13,657 22.68 309,741 
Convertible share equivalents: 
Equity awards - unit equivalents
3,270 22.68 74,164 
Series D-13 preferred units2,059 22.68 46,698 
Series G-1 through G-4 preferred units115 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.
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COMMON SHARES DATA (NYSE: VNO) (unaudited)
Vornado Realty Trust common shares are traded on the New York Stock Exchange ("NYSE") under the symbol VNO. Below is a summary of performance and dividends for VNO common shares (based on NYSE prices):
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
________________________________
(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.
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DEBT ANALYSIS (unaudited)
(Amounts in thousands)
As of September 30, 2023
TotalVariableFixed
(Contractual debt balances)AmountWeighted Average Interest RateAmountWeighted Average Interest RateAmountWeighted 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 entities2,655,069 5.37%1,454,011 6.61%1,201,058 3.87%
Total10,988,284 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)
 RequiredActualRequiredActual
Total outstanding debt/total assets(3)
Less than 65%50%Less than 60%37%
Secured debt/total assetsLess than 50%33%Less than 50%27%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)Greater than 1.502.17 N/A
Fixed charge coverage N/AGreater than 1.402.08
Unencumbered assets/unsecured debtGreater than 150%319% N/A
Unsecured debt/cap value of unencumbered assets
 N/ALess than 60%21%
Unencumbered coverage ratio N/AGreater than 1.506.80
Consolidated Unencumbered EBITDA (non-GAAP):
 Q3 2023
Annualized
New York$276,968 
Other95,456 
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.
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HEDGING INSTRUMENTS AS OF SEPTEMBER 30, 2023 (unaudited)
(Amounts in thousands)
Debt InformationSwap / Cap Information
Balance at Share
Maturity Date(1)
Variable Rate SpreadNotional Amount at ShareExpiration DateAll-In Swapped Rate
Interest Rate Swaps:
Consolidated:
555 California Street mortgage loan
In-place swap$840,000 05/28S+205$840,000 05/242.29%
Forward swap (effective 05/24)05/266.03%
770 Broadway mortgage loan700,000 07/27S+225700,000 07/274.98%
PENN 11 mortgage loan500,000 10/25S+206500,000 03/242.22%
Unsecured revolving credit facility575,000 12/27S+114575,000 08/273.87%
Unsecured term loan800,000 12/27S+129800,000 
(2)
10/234.04%
100 West 33rd Street mortgage loan480,000 06/27S+165480,000 06/275.06%
888 Seventh Avenue mortgage loan263,400 12/25S+180200,000 09/274.76%
4 Union Square South mortgage loan120,000 08/25S+15098,650 01/253.74%
Unconsolidated:
731 Lexington Avenue - retail condominium mortgage loan97,200 08/25S+15197,200 05/251.76%
50-70 West 93rd Street mortgage loan41,667 12/24S+16441,168 06/243.14%
$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 11/28S+162665,000 11/233.89%5.51%5.56%
Forward cap (effective 11/23)11/251.00%2.62%5.94%
One Park Avenue mortgage loan525,000 03/26S+122525,000 03/253.89%5.11%6.09%
150 West 34th Street mortgage loan(5)
100,000 05/24S+186100,000 05/244.10%5.96%6.72%
606 Broadway mortgage loan37,060 09/24S+19137,060 09/244.00%5.91%5.95%
Unconsolidated:
640 Fifth Avenue mortgage loan259,925 05/24S+111259,925 05/244.00%5.11%6.03%
731 Lexington Avenue - office condominium mortgage loan162,000 06/24Prime+0162,000 06/246.00%6.00%8.46%
61 Ninth Avenue mortgage loan75,543 01/26S+14675,543 02/244.39%5.85%6.02%
512 West 22nd Street mortgage loan71,088 06/25S+20071,088 06/254.50%6.50%7.16%
Rego Park II mortgage loan65,624 12/25S+14565,624 11/244.15%5.60%6.28%
Fashion Centre Mall/Washington Tower mortgage loan34,125 05/26S+30534,125 05/243.89%6.94%6.98%
$1,995,365 1,995,365 
(6)
Fixed rate debt per loan agreements3,012,690 
Variable rate debt not subject to interest rate swaps or caps966,152 
(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.
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CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property
Maturity Date(1)
Spread over SOFR
Interest Rate(2)
20232024202520262027ThereafterTotal
Secured Debt:
435 Seventh Avenue02/24S+1416.74%$$95,696$$$$$95,696
150 West 34th Street(3)
05/24S+1865.96%100,000100,000
606 Broadway (50.0% interest)09/24S+1915.91%74,11974,119
4 Union Square South08/254.29%120,000120,000
PENN 1110/252.22%500,000500,000
888 Seventh Avenue12/255.33%7,20021,600234,600263,400
One Park Avenue03/26S+1225.11%525,000525,000
350 Park Avenue01/273.92%400,000400,000
100 West 33rd Street06/275.06%480,000480,000
770 Broadway07/274.98%700,000700,000
555 California Street (70.0% interest)05/283.82%1,200,0001,200,000
1290 Avenue of the Americas (70.0% interest)11/28S+1625.51%950,000950,000
909 Third Avenue04/313.23%350,000350,000
Total Secured Debt7,200291,415854,600525,0001,580,0002,500,0005,758,215
Unsecured Debt:
Senior unsecured notes due 202501/253.50%450,000450,000
$1.25 Billion unsecured revolving credit facility04/26S+119
(4)
0.00%
Senior unsecured notes due 202606/262.15%400,000400,000
$1.25 Billion unsecured revolving credit facility12/273.87%
(4)
575,000575,000
$800 Million unsecured term loan12/274.04%
(4)
800,000800,000
Senior unsecured notes due 203106/313.40%350,000350,000
Total Unsecured Debt450,000400,0001,375,000350,0002,575,000
Total Debt$7,200$291,415$1,304,600$925,000$2,955,000$2,850,000$8,333,215
Weighted average rate7.13%6.29%3.37%3.83%4.38%4.26%4.19%
Fixed rate debt(5)
$$$1,248,650$400,000$2,955,000$1,540,000$6,143,650
Fixed weighted average rate expiring0.00%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 expiring7.13%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.

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TOP 30 TENANTS (unaudited)
(Amounts in thousands, except square feet)
Tenants
Square
Footage
At Share
Annualized
Escalated Rents
At Share(1)
% of Total Annualized Escalated Rents At Share
Meta Platforms, Inc. 1,451,153 $168,694 9.3 %
IPG and affiliates967,552 64,495 3.6 %
Citadel 585,460 62,498 3.5 %
New York University685,290 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 Company335,356 36,383 2.0 %
Amazon (including its Whole Foods subsidiary)312,694 30,516 1.7 %
Swatch Group USA11,957 28,560 1.6 %
Neuberger Berman Group LLC306,612 28,220 1.5 %
Madison Square Garden & Affiliates408,031 27,357 1.5 %
AMC Networks, Inc.326,717 26,261 1.4 %
Bank of America247,459 25,229 1.4 %
LVMH Brands65,060 25,152 1.4 %
Apple Inc.412,434 24,077 1.3 %
Victoria's Secret33,156 20,106 1.1 %
PwC241,196 19,123 1.0 %
Macy's242,837 17,812 1.0 %
Yahoo Inc.161,588 16,961 0.9 %
Fast Retailing (Uniqlo)47,167 13,746 0.8 %
Cushman & Wakefield127,485 13,513 0.7 %
The City of New York232,010 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 Capital93,127 10,925 0.6 %
Burlington Coat Factory108,844 10,514 0.6 %
Alston & Bird LLP126,872 10,177 0.6 %
Aetna Life Insurance Company64,196 10,149 0.6 %
Kirkland & Ellis LLP106,751 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.
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SQUARE FOOTAGE (unaudited)
(Square feet in thousands)
At Vornado's Share
 At
100%
Under Development or Not Available for LeaseIn Service
 TotalOfficeRetailShowroomOther
Segment:      
New York:      
Office20,207 17,376 1,303 15,890 — 183 — 
Retail2,394 1,955 277 — 1,678 — — 
Residential - 1,662 units
1,498 764 19 — — — 745 
Alexander's (32.4% interest), including 312 residential units2,455 795 — 305 408 — 82 
 26,554 20,890 1,599 16,195 2,086 183 827 
Other:     
THE MART3,683 3,674 — 2,094 108 1,257 215 
555 California Street (70% interest)1,819 1,274 — 1,240 34 — — 
Other2,845 1,346 149 212 874 — 111 
 8,347 6,294 149 3,546 1,016 1,257 326 
Total square feet at September 30, 202334,901 27,184 1,748 19,741 3,102 1,440 1,153 
Total square feet at June 30, 202334,978 27,396 1,797 19,744 3,251 1,430 1,174 
At 100%
Parking Garages (not included above):Square FeetNumber of
Garages
Number of
Spaces
  
New York1,635 4,804   
THE MART558 1,643   
555 California Street168 453   
Rosslyn Plaza411 1,094   
Total at September 30, 20232,772 18 7,994   
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OCCUPANCY (unaudited)
New YorkTHE MART
555 California Street
Occupancy rate at:
September 30, 202389.9 %76.8 %94.5 %
June 30, 202390.1 %80.0 %94.5 %
December 31, 202290.4 %81.6 %94.7 %
September 30, 202290.3 %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, 20231,97493996.6%$4,061
June 30, 20231,97594096.5%$4,010
December 31, 20221,97694196.7%$3,882
September 30, 20221,98394896.8%$3,877
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GROUND LEASES (unaudited)
(Amounts in thousands, except square feet)
PropertyCurrent Annual
Rent at Share
Next Option Renewal DateFully Extended
Lease Expiration
Rent Increases and Other Information
Consolidated:
New York:
The Farley Building (95% interest)$4,750 None2116None
PENN 1:
LandTBD20732098Rent 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 20482098
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 Avenue4,448 None2114Rent increases annually by the lesser of CPI or 1.5% compounded. We have a purchase option exercisable at a future date for $110,000 increased annually by the lesser of CPI or 1.5% compounded.
888 Seventh Avenue3,350 20282067Two 20-year renewal options at FMV.
330 West 34th Street -
    65.2% ground leased
10,265 
(1)
20512149Two 30-year and one 39-year renewal option at FMV.
909 Third Avenue1,600 20412063One 22-year renewal option at current annual rent.
962 Third Avenue (the Annex building to 150 East 58th Street) - 50.0% ground leased666 None2118Rent resets every ten years to FMV.
Other:
Wayne Town Center5,374 20352064Two 10-year renewal options and one 9-year renewal option. Rent increases annually by the greater of CPI or 6%.
Annapolis650 None2042Fixed rent increases to $750 per annum in 2032.
Unconsolidated:
Sunset Pier 94 Studios(2)
(49.9% interest)
449 20602110Five 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 None2115Rent 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 20272037One 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.
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NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)%
Ownership
%
Occupancy
Weighted
Average Escalated
Annual Rent
PSF(1)
Annualized Escalated Rent(2)
Square Feet
Encumbrances
(non-GAAP)
(in thousands)(3)
Major Tenants
PropertyTotal
Property
In ServiceUnder Development
or Not Available
for Lease
NEW YORK:        
PENN District:        
PENN 1       
(ground leased through 2098)**       Cisco, Hartford Fire Insurance, Empire Healthchoice Assurance, Inc., United
Healthcare Services, Inc., Siemens Mobility, WSP USA, Gusto Inc., Samsung*,
-Office100.0 %81.9 %$79.49 2,254,000 2,254,000 — Canaccord Genuity LLC*
-Retail100.0 %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      
-Office100.0 %100.0 %62.26 1,577,000 407,000 1,170,000 Madison Square Garden, EMC
-Retail100.0 %100.0 %618.21 43,000 4,000 39,000 JPMorgan Chase
 100.0 %100.0 %67.87 31,200 1,620,000 411,000 1,209,000 575,000 
(4)
 
The Farley Building
(ground and building leased through 2116)**
-Office95.0 %100.0 %119.62 730,000 730,000 — Meta Platforms, Inc.
-Retail95.0 %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        
-Office100.0 %100.0 %70.57 1,110,000 1,110,000 —  Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's
-Retail100.0 %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        
-Office100.0 %89.5 %67.91 859,000 859,000 — IPG and affiliates
-Retail100.0 %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)**       
-Office100.0 %75.4 %76.86 702,000 702,000 — Structure Tone, Deutsch, Inc., Web.com, Footlocker, HomeAdvisor, Inc.
-Retail100.0 %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        
-Retail100.0 %100.0 %35.22 1,500 43,000 43,000 — 95,696 Forever 21
7 West 34th Street        
-Office53.0 %100.0 %80.83 458,000 458,000 — Amazon
-Retail53.0 %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        
-Retail100.0 %100.0 %249.41 1,100 9,000 9,000 — — Essen
138-142 West 32nd Street        
-Retail100.0 %80.3 %121.11 400 8,000 8,000 — —  
150 West 34th Street
-Retail100.0 %100.0 %112.53 8,800 78,000 78,000 — 100,000 
(6)
Old Navy
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NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)%
Ownership
%
Occupancy
Weighted
Average Escalated
Annual Rent
PSF(1)
Annualized Escalated Rent(2)
Square Feet
Encumbrances
(non-GAAP)
(in thousands)(3)
Major Tenants
PropertyTotal
Property
In ServiceUnder Development
or Not Available
for Lease
NEW YORK (Continued):        
PENN District (Continued):        
137 West 33rd Street        
-Retail100.0 %100.0 %$75.54 $200 3,000 3,000 — $—  
131-135 West 33rd Street        
-Retail100.0 %100.0 %60.59 1,400 23,000 23,000 — —  
Other (3 buildings)
-Retail100.0 %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,
-Office100.0 %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)
        
-Office100.0 %85.6 %81.79 541,000 541,000 — Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail100.0 %100.0 %96.27 3,000 3,000 —  
 100.0 %85.7 %81.87 37,900 544,000 544,000 — —  
715 Lexington Avenue        
-Retail100.0 %100.0 %198.28 4,300 22,000 22,000 — — Orangetheory Fitness, Casper, Santander Bank, Blu Dot
966 Third Avenue        
-Retail100.0 %100.0 %103.17 700 7,000 7,000 — — McDonald's
968 Third Avenue        
-Retail50.0 %100.0 %181.97 1,200 7,000 7,000 — — Wells Fargo
Total Midtown East   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.,
-Office100.0 %88.8 %98.93 872,000 872,000 — Vornado Executive Headquarters, United Talent Agency
-Retail100.0 %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        
-Office50.0 %85.4 %61.58 81,000 81,000 — 
-Retail50.0 %42.5 %125.61 22,000 22,000 —  
 50.0 %78.3 %67.37 5,100 103,000 103,000 — —  
825 Seventh Avenue
-Office50.0 %79.6 %59.02 169,000 169,000 — Young Adult Institute Inc., New Alternatives for Children, Inc.
-Retail100.0 %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 
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NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)%
Ownership
%
Occupancy
Weighted
Average Escalated
Annual Rent
PSF(1)
Annualized Escalated Rent(2)
Square Feet
Encumbrances
(non-GAAP)
(in thousands)(3)
Major Tenants
PropertyTotal
Property
In ServiceUnder Development
or Not Available
for Lease
NEW YORK (Continued):        
Park Avenue:        
280 Park Avenue        Cohen & Steers Inc., Franklin Templeton Co. LLC,
-Office50.0 %98.8 %$112.18 1,237,000 1,237,000 — PJT Partners, Investcorp International Inc., GIC Inc., Wells Fargo
-Retail50.0 %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       
-Office100.0 %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,
-Office100.0 %96.3 %82.42 938,000 938,000 — Factset Research Systems Inc., Foley & Lardner
-Retail100.0 %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,
-Office52.0 %91.6 %111.14 246,000 246,000 — 500,000 Avolon Aerospace, Houlihan Lokey Advisors Parent, Inc.
-Retail52.0 %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        
-Retail52.0 %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.,
-Office100.0 %87.8 %80.49 300,000 300,000 — Albea Beauty Solutions, Aerin LLC
-Retail100.0 %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.,
-Office20.1 %85.8 %116.03 564,000 564,000 — Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)
-Retail20.1 %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         
-Office52.0 %100.0 %94.89 81,000 81,000 — Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail52.0 %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
-Retail50.0 %100.0 %294.53 17,400 57,000 57,000 — — Ferragamo
697-703 Fifth Avenue          
-Retail44.8 %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  
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NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)%
Ownership
 %
Occupancy
Weighted
Average Escalated
Annual Rent
PSF(1)
Annualized Escalated Rent(2)
Square Feet
Encumbrances
(non-GAAP)
(in thousands)(3)
Major Tenants
Property Total
Property
In ServiceUnder Development
or Not Available
for Lease
NEW YORK (Continued):         
Midtown South:         
770 Broadway         
-Office100.0 %85.7 %$112.49 1,077,000 1,077,000 — Meta Platforms, Inc., Yahoo Inc.
-Retail100.0 %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,
-Office100.0 %95.4 %72.35 867,000 867,000 — Robert A.M. Stern Architect
-Retail100.0 %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        
-Retail100.0 %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*,
-Office70.0 %100.0 %95.02 2,043,000 2,043,000 — Fubotv Inc, LinkLaters
-Retail70.0 %94.0 %231.75 76,000 76,000 — Duane Reade, JPMorgan Chase Bank, Starbucks
Total Rockefeller Center70.0 %99.8 %98.46 202,900 2,119,000 2,119,000 — 950,000 
SoHo:        
606 Broadway (19 East Houston Street)
-Office50.0 %100.0 %138.74 30,000 30,000 — 
-Retail50.0 %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
-Retail100.0 %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
-Retail100.0 %0.0 %— 4,000 — 4,000 
-Residential (4 units)100.0 %0.0 %10,000 — 10,000 
100.0 %— 14,000 — 14,000 — 
Total SoHo7,700 63,000 40,000 23,000 74,119 
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NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)%
Ownership
 %
Occupancy
Weighted
Average Escalated
Annual Rent
PSF(1)
Annualized Escalated Rent(2)
Square Feet
Encumbrances
(non-GAAP)
(in thousands)(3)
Major Tenants
Property Total
Property
In ServiceUnder Development
or Not Available
for Lease
NEW YORK (Continued):        
Times Square:        
1540 Broadway       Forever 21, Disney
-Retail52.0 %78.5 %$138.05 $18,000 161,000 161,000 — $— MAC Cosmetics, U.S. Polo
1535 Broadway        
-Retail52.0 %100.0 %1,203.86 45,000 45,000 — T-Mobile, Invicta, Swatch Group USA, Levi's, Sephora
-Theatre52.0 %100.0 %16.08 62,000 62,000 — Nederlander-Marquis Theatre
 52.0 %100.0 %462.32 45,900 107,000 107,000 — —  
Total Times Square   63,900 268,000 268,000 — —  
Upper East Side:        
1131 Third Avenue
-Retail100.0 %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 Side4,900 33,000 33,000 — — 
Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)**
-Office100.0 %100.0 %49.54 10,400 209,000 209,000 — — The City of New York
85 Tenth AvenueGoogle, Telehouse International Corp.,
-Office49.9 %80.4 %92.72 595,000 595,000 — Clear Secure, Inc.
-Retail49.9 %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
-Retail100.0 %100.0 %161.89 2,800 17,000 17,000 — — The Chelsea Factory Inc.
61 Ninth Avenue (2 buildings)
(ground leased through 2115)**
-Office45.1 %100.0 %146.70 171,000 171,000 — Aetna Life Insurance Company, Apple Inc.
-Retail45.1 %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 StreetWarner Media, Next Jump, Omniva LLC*,
-Office55.0 %84.5 %122.12 165,000 165,000 — Capricorn Investment Group
-Retail55.0 %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 District110,300 1,231,000 1,231,000 — 921,750 
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NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)%
Ownership
 %
Occupancy
Weighted
Average Escalated
Annual Rent
PSF(1)
Annualized Escalated Rent(2)
Square Feet
Encumbrances
(non-GAAP)
(in thousands)(3)
Major Tenants
Property Total
Property
In ServiceUnder Development
or Not Available
for Lease
NEW YORK (Continued):        
Upper West Side:       
50-70 West 93rd Street       
-Residential (324 units)49.9 %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 —  
-Retail50.1 %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        
-Retail100.0 %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        
-Office100.0 %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
-Land100.0 %— — — — — — — 
57th Street
-Land50.0 %— — — — — — — 
Eighth Avenue and 34th Street
-Land100.0 %— — — — — — — 
New York Office:
Total91.8 %$89.06 $1,481,800 20,207,000 18,771,000 1,436,000 $8,619,250 
Vornado's Ownership Interest91.6 %$86.49 $1,224,600 17,376,000 16,073,000 1,303,000 $6,158,730 
New York Retail:
Total76.6 %$273.48 $440,300 2,394,000 2,117,000 277,000 $745,180 
Vornado's Ownership Interest74.3 %$225.76 $288,900 1,955,000 1,678,000 277,000 $511,909 
New York Residential:
Total96.5 %1,498,000 1,479,000 19,000 $758,500 
Vornado's Ownership Interest96.6 %764,000 745,000 19,000 $379,842 
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NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)%
Ownership
 %
Occupancy
Weighted
Average Escalated
Annual Rent
PSF(1)
Annualized Escalated Rent(2)
Square Feet
Encumbrances
(non-GAAP)
(in thousands)(3)
Major Tenants
Property Total
Property
In ServiceUnder Development
or Not Available
for Lease
NEW YORK (Continued):        
ALEXANDER'S, INC.:        
New York:        
731 Lexington Avenue, Manhattan        
-Office32.4 %100.0 %$133.53 939,000 939,000 — $500,000 Bloomberg L.P.
-Retail32.4 %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's32.4 %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.
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OTHER SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)%
Ownership
%
Occupancy
Weighted
Average Escalated
Annual Rent
PSF(1)
Annualized Escalated Rent(2)
Square Feet
Encumbrances
(non-GAAP)
(in thousands)(3)
Major Tenants
PropertyTotal
Property
In ServiceUnder Development
or Not Available
for Lease
THE MART:
THE MART, ChicagoMotorola Mobility (guaranteed by Google),
1871, ANGI Home Services, Inc, Paypal, Inc.,
Allscripts Healthcare, Kellogg Company,
Chicago School of Professional Psychology, ConAgra Foods Inc.,
Innovation Development Institute, Inc., Avant LLC,
Allstate Insurance Company, Medline Industries, Inc,
-Office100.0 %80.6 %$48.26 $82,300 2,094,000 2,094,000 — Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.
-Showroom/Trade show100.0 %72.1 %56.69 59,400 1,472,000 1,472,000 — 
-Retail100.0 %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, Chicago145,600 3,683,000 3,683,000 — 27,471 
Property to be Developed:
527 West Kinzie, Chicago100.0 %— — — — — — — 
Total THE MART76.8 %$51.45 $145,600 3,683,000 3,683,000  $27,471 
Vornado's Ownership Interest76.8 %$51.45 $145,200 3,674,000 3,674,000 $13,736 
555 California Street:
555 California Street70.0 %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 Street70.0 %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 Street70.0 %0.0 %— — 78,000 78,000 — — 
Total 555 California Street94.5 %$94.10 $159,100 1,819,000 1,819,000 $1,200,000 
Vornado's Ownership Interest94.5 %$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.
(2)Represents monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rents at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space. Includes rent from storage and other non-selling space and excludes rent from residential units.
(3)Represents the contractual debt obligations.
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OTHER SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)%
Ownership
%
Occupancy
Weighted
Average Escalated
Annual Rent
PSF(1)
Annualized Escalated Rent(2)
Square Feet
Encumbrances
(non-GAAP)
(in thousands)(4)
Major Tenants
PropertyTotal
Property
In ServiceUnder Development
or Not Available
for Lease
Owned by
Company
Owned by
Tenant(3)
OTHER:
Virginia:
Rosslyn Plaza
-Office - 4 buildings46.2 %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
-Office7.5 %75.0 %55.92 170,000 170,000 — — 42,300 The Rand Corporation
-Retail7.5 %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 Other88.9 %$40.36 $81,791 2,845,000 2,089,000 443,000 313,000 $480,000 
Vornado's Ownership Interest91.9 %$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.
(2)Represents monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rents at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space. Includes rent from storage and other non-selling space and excludes rent from residential units.
(3)Owned by tenant on land leased from the company.
(4)Represents the contractual debt obligations.

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INVESTOR INFORMATION
 
Corporate Officers:
Steven RothChairman of the Board and Chief Executive Officer
Michael J. FrancoPresident and Chief Financial Officer
Glen J. WeissExecutive Vice President - Office Leasing - Co-Head of Real Estate
Barry S. LangerExecutive Vice President - Development - Co-Head of Real Estate
Haim CheraExecutive Vice President - Head of Retail
Thomas J. SanelliExecutive Vice President - Finance and Chief Administrative Officer
RESEARCH COVERAGE
   
Camille BonnelCaitlin Burrows/Julien BlouinRonald Kamdem
Bank of America/BofA SecuritiesGoldman SachsMorgan Stanley
416-369-2140212-902-4736/212-357-7297212-296-8319
   
John P. KimDylan BurzinskiAlexander Goldfarb/Connor Mitchell
BMO Capital MarketsGreen Street AdvisorsPiper Sandler
212-885-4115949-640-8780212-466-7937/203-861-7615
  
Michael GriffinAnthony Paolone/Ray ZhongNicholas Yulico
CitiJP MorganScotia Capital (USA) Inc
212-816-5871212-622-6682/212-622-5411212-225-6904
  
Derek JohnstonMark Streeter/Ian Snyder Michael Lewis
Deutsche BankJP Morgan Fixed IncomeTruist Securities
212-250-5683212-834-5086/212-834-3798212-319-5659
   
Steve SakwaVikram Malhotra
Evercore ISIMizuho Securities (USA) Inc. 
212-446-9462212-282-3827 
   
   
  
     
     
Research Coverage - is provided as a service to interested parties and not as an endorsement of any report, or representation as to the accuracy of any information contained therein. Opinions, forecasts and other forward-looking statements expressed in analysts' reports are subject to change without notice.
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APPENDIX
DEFINITIONS AND NON-GAAP RECONCILIATIONS



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FINANCIAL SUPPLEMENT DEFINITIONS
The financial supplement includes various non-GAAP financial measures. Descriptions of these non-GAAP measures are provided below. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided on the following pages.
Net Operating Income ("NOI") at Share and NOI at Share - Cash Basis - NOI at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, 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.
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited)
(Amounts in thousands, except per share amounts)
For the Three Months EndedFor the Nine Months Ended
September 30,
September 30,June 30, 2023
2023202220232022
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)
Other5,954 28,090 (6,194)48 19,784 
(43,975)31,866 (20,384)(67,369)23,882 
Noncontrolling interests' share of above adjustments3,974 (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 
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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 EndedFor the Nine Months Ended
September 30,
September 30,June 30, 2023
2023202220232022
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 property26,765 32,584 26,666 80,900 98,404 
Net loss (gain) on sale of real estate— (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 securities387 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 Partnership10,607 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 
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited)
(Amounts in thousands, except per share amounts)
For the Three Months EndedFor the Nine Months Ended
September 30,
September 30,June 30, 2023
 2023202220232022
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)
Other5,330 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 

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NON-GAAP RECONCILIATIONS
RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited)
(Amounts in thousands)
For the Three Months EndedFor the Nine Months Ended
September 30,
September 30,June 30, 2023
2023202220232022
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 FAD8,445 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 expense9,665 3,886 11,868 33,247 22,887 
Amortization of debt issuance costs10,012 5,546 9,162 28,014 17,759 
Personal property depreciation1,414 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 adjustments2,465 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.
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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 EndedFor the Nine Months Ended
September 30,
September 30,June 30, 2023
2023202220232022
Net income $59,570 $20,112 $62,733 $133,501 $142,390 
Depreciation and amortization expense110,349 134,526 107,162 324,076 370,631 
General and administrative expense35,838 29,174 39,410 116,843 102,292 
Transaction related costs and other813 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 expense88,126 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 entities72,100 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 share280,995 297,089 301,639 856,117 870,293 
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 
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NON-GAAP RECONCILIATIONS
COMPONENTS OF NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS (unaudited)
(Amounts in thousands)
For the Three Months Ended September 30,
Total RevenuesOperating ExpensesNOI
Non-cash Adjustments(1)
NOI - cash basis
 2023202220232022202320222023202220232022
New York$364,768 $360,033 $(186,147)$(182,131)$178,621 $177,902 $1,165 $(5,001)$179,786 $172,901 
Other86,227 97,398 (47,590)(39,465)38,637 57,933 1,952 2,160 40,589 60,093 
Consolidated total450,995 457,431 (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 entities119,767 122,357 (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 RevenuesOperating ExpensesNOI
Non-cash Adjustments(1)
NOI - cash basis
New York$362,471 $(176,410)$186,061 $(840)$185,221 
Other109,888 (46,313)63,575 1,327 64,902 
Consolidated total472,359 (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 entities117,817 (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 RevenuesOperating ExpensesNOI
Non-cash Adjustments(1)
NOI - cash basis
 2023202220232022202320222023202220232022
New York$1,091,053 $1,082,743 $(550,878)$(536,238)$540,175 $546,505 $10,121 $(33,563)$550,296 $512,942 
Other278,224 270,312 (134,355)(124,196)143,869 146,116 3,371 4,578 147,240 150,694 
Consolidated total1,369,277 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 entities353,110 364,795 (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.
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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)
TotalNew YorkTHE MART555 California StreetOther
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 %
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 COMPARED TO SEPTEMBER 30, 2022 (unaudited)
(Amounts in thousands)
TotalNew YorkTHE MART555 California StreetOther
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 %
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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)
TotalNew YorkTHE MART555 California StreetOther
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 share1.1 %2.8 %(35.5)%32.2 %0.0 %
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 COMPARED TO SEPTEMBER 30, 2022 (unaudited)
(Amounts in thousands)
TotalNew YorkTHE MART555 California StreetOther
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 basis1.1 %3.1 %(38.2)%34.7 %0.0 %
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 COMPARED TO JUNE 30, 2023 (unaudited)
(Amounts in thousands)
TotalNew YorkTHE MART555 California StreetOther
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 %
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 COMPARED TO JUNE 30, 2023 (unaudited)
(Amounts in thousands)
TotalNew YorkTHE MART555 California StreetOther
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 %
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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 notes1,193,362 6,638 1,200,000 
$800 Million unsecured term loan794,212 5,788 800,000 
$2.5 Billion unsecured revolving credit facilities575,000 — 575,000 
$8,277,335$55,880$8,333,215
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET INCOME TO EBITDAre (unaudited)
(Amounts in thousands)
For the Three Months EndedFor the Nine Months Ended September 30,
September 30,June 30, 2023
2023202220232022
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 subsidiaries13,541 3,792 2,781 26,250 (4,756)
Net income attributable to the Operating Partnership73,111 23,904 65,514 159,751 137,634 
EBITDAre adjustments at share:
Depreciation and amortization expense125,988 156,985 123,192 372,672 437,798 
Interest and debt expense114,424 98,358 118,132 343,673 250,473 
Income tax expense 12,267 4,151 4,655 21,876 15,491 
Real estate impairment losses625 — — 625 — 
Net (gain) loss on sale of real estate(56,150)(16,805)(72,955)(28,523)
EBITDAre at share270,265 283,404 294,688 825,642 812,873 
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries10,619 14,449 19,757 42,562 53,649 
EBITDAre (non-GAAP)$280,884 $297,853 $314,445 $868,204 $866,522 
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
For the Three Months EndedFor the Nine Months Ended September 30,
September 30,June 30, 2023
2023202220232022
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)
Other762 1,477 (5,673)(3,849)3,450 
Total of certain expense (income) items that impact EBITDAre762 1,477 (6,575)(12,387)(3,580)
EBITDAre, as adjusted (non-GAAP)$271,027 $284,881 $288,113 $813,255 $809,293 

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Document

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INDEX
 Page
FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS-
DEBT AND CAPITALIZATION
Unsecured Notes Covenant Ratios and Credit Ratings
Liquidity and Capitalization
Net Debt to EBITDAre, As Adjusted / Debt Snapshot
Hedging Instruments
Consolidated Debt Maturities-
PROPERTY STATISTICS
Top 15 Tenants
Lease Expirations
DEVELOPMENT ACTIVITY
Development/Redevelopment - Active Projects
APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS-
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions, including the form of any 2023 dividend payments, and the amount and form of potential share repurchases and/or asset sales. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. Currently, some of the factors are the 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.
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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.
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.
2023 Business Developments
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.
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FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)
2023 Business Developments - continued
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.
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.





Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.
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FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)
2023 Business Developments - continued
Dispositions
Alexander's, Inc. ("Alexanders")
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.
Financing Activity
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 on the following page.
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.
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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 RateExpiration DateVariable Rate Spread
Interest rate swaps:
555 California Street (effective 05/24)$840,000 6.03%05/26S+205
Unsecured term loan(1) (effective 10/23)
150,000 5.12%07/25S+129
Index Strike Rate
Interest rate caps:
1290 Avenue of the Americas (70.0% interest) (effective 11/23)(2)
$665,000 1.00%11/25S+162
One Park Avenue (effective 3/24)525,000 3.89%03/25S+122
731 Lexington Avenue office condominium (32.4% interest)162,000 6.00%06/24Prime + 0
640 Fifth Avenue (52.0% interest)259,925 4.00%05/24S+111
512 West 22nd Street (55.0% interest)71,088 4.50%06/25S+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 BalanceAll-In Swapped RateUnswapped Balance
(bears interest at S+129)
Through 10/23$800,000 4.04%$— 
10/23 through 07/25700,000 4.52%100,000 
07/25 through 10/26550,000 4.35%250,000 
10/26 through 08/2750,000 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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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.
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UNSECURED NOTES COVENANT RATIOS AND CREDIT RATINGS (unaudited)
(Amounts in thousands)
As of
Unsecured Notes Covenant Ratios(1)
RequiredSeptember 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 assetsLess than 50%33%33%33%32%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)Greater than 1.502.172.302.242.29
Unencumbered assets/unsecured debtGreater than 150%319%320%340%342%
Consolidated Unencumbered EBITDA(1) (non-GAAP):
Q3 2023
Annualized
New York$276,968 
Other95,456 
Total$372,424 
Credit Ratings(3):
RatingOutlook
Moody’sBaa3Negative
S&PBBB-Negative
FitchBB+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.
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LIQUIDITY AND CAPITALIZATION (unaudited)
(Amounts in millions, except per share amounts)

Liquidity Snapshot(1)

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(1)
Prior to June 30, 2022, the $1.25 billion revolving credit facility maturing in 2027, as fully extended, had full capacity of $1.5 billion.
(2)
The debt balances presented represent contractual debt balances. See reconciliation on page iv in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of 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/units1,223 9%
Equity(3)
4,750 33%
Total14,306 100%
Pro rata share of debt of non-consolidated entities2,655 
Less: Noncontrolling interests' share of consolidated debt(682)
Total at share$16,279 



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NET DEBT TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in millions)
As of and For the Trailing Twelve Months Ended September 30, 2023As of and For the Year Ended December 31,
202220212020
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 entities2,655 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 debt25%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 bills93 94 110 51 
Less: Participation in 150 West 34th Street mortgage loan
— (105)(105)(105)
Less: Projected cash proceeds from 220 Central Park South(80)(90)(148)(275)
Net debt $8,814 $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 x7.9 x8.8 x8.3 x
________________________________
See page ii in the Appendix for definitions of EBITDAre and net debt to EBITDAre, as adjusted. See reconciliation of net income (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
TotalVariableFixed
(Contractual debt balances)AmountWeighted
Average
Interest Rate
AmountWeighted
Average
Interest Rate
AmountWeighted
Average
Interest Rate
Consolidated debt(1)
$8,333 4.19%$2,1895.87%$6,1443.59%
Pro rata share of debt of non-consolidated entities2,655 5.37%1,4546.61%1,2013.87%
Total10,988 4.47%3,6436.16%7,3453.64%
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%$2,9616.08%$7,3453.64%
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.
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HEDGING INSTRUMENTS AS OF SEPTEMBER 30, 2023 (unaudited)
(Amounts in thousands)
Debt InformationSwap / Cap Information
Balance at Share
Maturity Date(1)
Variable Rate SpreadNotional Amount at ShareExpiration DateAll-In Swapped Rate
Interest Rate Swaps:
Consolidated:
555 California Street mortgage loan
In-place swap$840,000 05/28S+205$840,000 05/242.29%
Forward swap (effective 05/24)05/266.03%
770 Broadway mortgage loan700,000 07/27S+225700,000 07/274.98%
PENN 11 mortgage loan500,000 10/25S+206500,000 03/242.22%
Unsecured revolving credit facility575,000 12/27S+114575,000 08/273.87%
Unsecured term loan800,000 12/27S+129800,000 
(2)
10/234.04%
100 West 33rd Street mortgage loan480,000 06/27S+165480,000 06/275.06%
888 Seventh Avenue mortgage loan263,400 12/25S+180200,000 09/274.76%
4 Union Square South mortgage loan120,000 08/25S+15098,650 01/253.74%
Unconsolidated:
731 Lexington Avenue - retail condominium mortgage loan97,200 08/25S+15197,200 05/251.76%
50-70 West 93rd Street mortgage loan41,667 12/24S+16441,168 06/243.14%
$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 11/28S+162665,000 11/233.89%5.51%5.56%
Forward cap (effective 11/23)11/251.00%2.62%5.94%
One Park Avenue mortgage loan525,000 03/26S+122525,000 03/253.89%5.11%6.09%
150 West 34th Street mortgage loan(5)
100,000 05/24S+186100,000 05/244.10%5.96%6.72%
606 Broadway mortgage loan37,060 09/24S+19137,060 09/244.00%5.91%5.95%
Unconsolidated:
640 Fifth Avenue mortgage loan259,925 05/24S+111259,925 05/244.00%5.11%6.03%
731 Lexington Avenue - office condominium mortgage loan162,000 06/24Prime+0162,000 06/246.00%6.00%8.46%
61 Ninth Avenue mortgage loan75,543 01/26S+14675,543 02/244.39%5.85%6.02%
512 West 22nd Street mortgage loan71,088 06/25S+20071,088 06/254.50%6.50%7.16%
Rego Park II mortgage loan65,624 12/25S+14565,624 11/244.15%5.60%6.28%
Fashion Centre Mall/Washington Tower mortgage loan34,125 05/26S+30534,125 05/243.89%6.94%6.98%
$1,995,365 1,995,365 
(6)
Fixed rate debt per loan agreements3,012,690 
Variable rate debt not subject to interest rate swaps or caps966,152 
(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.
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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$$291 $855 $525 $1,580 $2,500 
Unsecured— — 450 400 1,375 350 
Total consolidated debt (100%)$7 $291 $1,305 $925 $2,955 $2,850 
(3)
% of total consolidated debt0.1 %3.5 %15.7 %11.1 %35.5 %34.1 %
Debt maturities at share:
Consolidated debt (100%)$$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 share0.1 %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.
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CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property
Maturity Date(1)
Spread over SOFR
Interest Rate(2)
20232024202520262027ThereafterTotal
Secured Debt:
435 Seventh Avenue02/24S+1416.74%$$95,696$$$$$95,696
150 West 34th Street(3)
05/24S+1865.96%100,000100,000
606 Broadway (50.0% interest)09/24S+1915.91%74,11974,119
4 Union Square South08/254.29%120,000120,000
PENN 1110/252.22%500,000500,000
888 Seventh Avenue12/255.33%7,20021,600234,600263,400
One Park Avenue03/26S+1225.11%525,000525,000
350 Park Avenue01/273.92%400,000400,000
100 West 33rd Street06/275.06%480,000480,000
770 Broadway07/274.98%700,000700,000
555 California Street (70.0% interest)05/283.82%1,200,0001,200,000
1290 Avenue of the Americas (70.0% interest)11/28S+1625.51%950,000950,000
909 Third Avenue04/313.23%350,000350,000
Total Secured Debt7,200291,415854,600525,0001,580,0002,500,0005,758,215
Unsecured Debt:
Senior unsecured notes due 202501/253.50%450,000450,000
$1.25 Billion unsecured revolving credit facility04/26S+119
(4)
0.00%
Senior unsecured notes due 202606/262.15%400,000400,000
$1.25 Billion unsecured revolving credit facility12/273.87%
(4)
575,000575,000
$800 Million unsecured term loan12/274.04%
(4)
800,000800,000
Senior unsecured notes due 203106/313.40%350,000350,000
Total Unsecured Debt450,000400,0001,375,000350,0002,575,000
Total Debt$7,200$291,415$1,304,600$925,000$2,955,000$2,850,000$8,333,215
Weighted average rate7.13%6.29%3.37%3.83%4.38%4.26%4.19%
Fixed rate debt(5)
$$$1,248,650$400,000$2,955,000$1,540,000$6,143,650
Fixed weighted average rate expiring0.00%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 expiring7.13%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.
(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 page 11 for information on interest rate swap arrangements.
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TOP 15 TENANTS (unaudited)
(Amounts in thousands, except square feet)
TenantsSquare 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 affiliates967,552 64,495 3.6 %
Citadel 585,460 62,498 3.5 %
New York University685,290 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 Company335,356 36,383 2.0 %
Amazon (including its Whole Foods subsidiary)312,694 30,516 1.7 %
Swatch Group USA11,957 28,560 1.6 %
Neuberger Berman Group LLC306,612 28,220 1.5 %
Madison Square Garden & Affiliates408,031 27,357 1.5 %
AMC Networks, Inc.326,717 26,261 1.4 %
Bank of America247,459 25,229 1.4 %
LVMH Brands65,060 25,152 1.4 %
Apple Inc.412,434 24,077 1.3 %
37.3 %
________________________________
(1)Represents monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rents at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space.
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LEASE EXPIRATIONS (unaudited)
(Amounts in thousands)
Our Share of Square Feet of Expiring Leases
As of September 30, 2023

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New York Office602 780 725 1,227 1,181 1,048 1,210 639 891 958 509 4,702 
New York Retail22 206 42 82 37 26 45 156 67 57 20 350 
THE MART47 233 208 298 189 695 114 47 296 390 54 196 
555 California Street— 65 274 238 65 112 120 109 — 15 173 
Total671 1,284 1,249 1,845 1,472 1,881 1,489 951 1,254 1,410 598 5,421 
% of total3.4%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.
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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.
BudgetCash Amount
Expended
Remaining Expenditures
Stabilization Year
PENN District:
PENN 2 - as expanded1,795,000 $750,000 $582,671 $167,329 20259.5%
PENN 1 (including LIRR Concourse Retail)(1)
2,558,000 450,000 415,663 

34,337 N/A13.2%
(1)(2)
Districtwide ImprovementsN/A100,000 45,490 54,510 N/AN/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 202610.3%
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 3 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.
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APPENDIX
DEFINITIONS AND NON-GAAP RECONCILIATIONS
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FIXED INCOME SUPPLEMENTAL DEFINITIONS
The fixed income supplement includes various non-GAAP financial measures. Descriptions of these non-GAAP measures are provided below. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided within this supplemental package.
EBITDAre - EBITDAre (i.e., EBITDA for real estate companies) is a non-GAAP financial measure established by the National Association of Real Estate Investment Trusts ("NAREIT"), which may not be comparable to EBITDA reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition. NAREIT defines EBITDAre as GAAP net income or loss, plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property including losses and gains on change of control, plus impairment write-downs of depreciated property and of investments in unconsolidated entities caused by a decrease in value of depreciated property in the joint venture, plus adjustments to reflect the entity's share of EBITDA of unconsolidated entities. The Company has included EBITDAre because it is a performance measure used by other REITs and therefore may provide useful information to investors in comparing Vornado's performance to that of other REITs.
Net Debt to EBITDAre, as adjusted - Net debt to EBITDAre, as adjusted represents the ratio of net debt to annualized EBITDAre, as adjusted. Net debt is calculated as (i) the Company’s consolidated debt less noncontrolling interests’ share of consolidated debt plus the Company’s pro rata share of debt of unconsolidated entities less (ii) the Company’s consolidated cash and cash equivalents, cash held in escrow and investments in U.S. Treasury bills less noncontrolling interests’ share of these amounts plus the Company’s pro rata share of these amounts for unconsolidated entities. Cash held in escrow represents cash escrowed under loan agreements including for debt service, real estate taxes, property insurance, and capital improvements, and the Company is not able to direct the use of this cash. The availability of cash and cash equivalents for use in debt reduction cannot be assumed, as the Company may use its cash and cash equivalents for other purposes. Further, the Company may not be able to direct the use of its pro rata share of cash and cash equivalents of unconsolidated entities.The Company discloses net debt to EBITDAre, as adjusted because management believes it is useful to investors as a supplemental measure in evaluating the Company’s balance sheet leverage. Net debt to EBITDAre, as adjusted may not be comparable to similarly titled measures employed by other companies.
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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited)
(Amounts in thousands, except per share amounts)
For the Three Months EndedFor the Nine Months Ended
September 30,September 30,
2023202220232022
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)
Other5,954 28,090 48 19,784 
(43,975)31,866 (67,369)23,882 
Noncontrolling interests' share of above adjustments3,974 (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 
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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 notes1,193,3626,6381,200,000
$800 Million unsecured term loan794,2125,788800,000
$2.5 Billion unsecured revolving credit facilities575,000 575,000
$8,277,335$55,880$8,333,215
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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 EndedFor the Year Ended December 31,
20232022September 30, 2023202220212020
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 subsidiaries13,541 3,792 36,743 5,737 (24,014)139,894 
Net income (loss) attributable to the Operating Partnership73,111 23,904 (354,758)(376,875)183,539 (321,951)
EBITDAre adjustments at share:
Depreciation and amortization expense125,988 156,985 528,196 593,322 526,539 532,298 
Interest and debt expense114,424 98,358 455,521 362,321 297,116 309,003 
Net (gain) loss on sale of real estate(56,150)(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 losses625 — 596,113 595,488 7,880 645,346 
EBITDAre at share270,265 283,404 1,151,509 1,138,740 989,586 1,200,949 
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries10,619 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 
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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 EndedFor the Year Ended December 31,
20232022September 30, 2023202220212020
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 
Other1,242 1,678 4,049 12,741 2,483 (3,589)
Total of certain expense (income) items that impact EBITDAre762 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 
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