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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported):
February 12, 2024
 
VORNADO REALTY TRUST
(Exact Name of Registrant as Specified in Charter)
Maryland No.001-11954 No.22-1657560
(State or Other (Commission (IRS Employer
Jurisdiction of Incorporation) File Number) Identification No.)
VORNADO REALTY L.P.
(Exact Name of Registrant as Specified in Charter)
Delaware No.001-34482 No.13-3925979
(State or Other (Commission (IRS Employer
Jurisdiction of Incorporation) File Number) Identification No.)
 
888 Seventh Avenue 
 New York,New York10019
(Address of Principal Executive offices) (Zip Code)
 
Registrant’s telephone number, including area code: (212) 894-7000
Former name or former address, if changed since last report: N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Registrant
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Vornado Realty Trust
Common Shares of beneficial interest, $.04 par value per share
VNO
New York Stock Exchange
Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share:
Vornado Realty Trust
5.40% Series L
VNO/PL
New York Stock Exchange
Vornado Realty Trust
5.25% Series M
VNO/PM
New York Stock Exchange
Vornado Realty Trust
5.25% Series N
VNO/PN
New York Stock Exchange
Vornado Realty Trust
4.45% Series OVNO/PO
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨    




Item 2.02. Results of Operations and Financial Condition.
On February 12, 2024, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the fourth quarter of 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 February 12, 2024
Vornado Realty Trust supplemental operating and financial data for the quarter and year ended December 31, 2023
Vornado Realty Trust supplemental fixed income data for the quarter and year ended December 31, 2023
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


2



SIGNATURE 
    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 VORNADO REALTY TRUST
 (Registrant)
   
 By:/s/ Deirdre Maddock
 Name:Deirdre Maddock
 Title:Chief Accounting Officer (duly authorized officer and principal accounting officer)
Date: February 12, 2024
 
SIGNATURE
    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 VORNADO REALTY L.P.
 (Registrant)
By:VORNADO REALTY TRUST,
  Sole General Partner
 By:/s/ Deirdre Maddock
 Name:Deirdre Maddock
 Title:Chief Accounting Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. (duly authorized officer and principal accounting officer)
Date: February 12, 2024








3

Document
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P R E S S R E L E A S E
Vornado Announces Fourth Quarter 2023 Financial Results
New York City | February 12, 2024
Vornado Realty Trust (NYSE: VNO) reported today:
Quarter Ended December 31, 2023 Financial Results
NET LOSS attributable to common shareholders for the quarter ended December 31, 2023 was $61,013,000, or $0.32 per diluted share, compared to $493,280,000, or $2.57 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, net income attributable to common shareholders, as adjusted (non-GAAP) for the quarter ended December 31, 2023 was $8,040,000, or $0.04 per diluted share, and $19,954,000, or $0.10 per diluted share for the quarter ended December 31, 2022.
Net loss attributable to common shareholders for the quarter ended December 31, 2023 included $72,664,000 of impairment losses on certain of our real estate assets, which were primarily attributable to shortened hold period assumptions.
FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended December 31, 2023 was $121,105,000, or $0.62 per diluted share, compared to $176,465,000, or $0.91 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on page 3, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended December 31, 2023 was $123,751,000, or $0.63 per diluted share, and $139,041,000, or $0.72 per diluted share for the quarter ended December 31, 2022.
Year Ended December 31, 2023 Financial Results
NET INCOME attributable to common shareholders for the year ended December 31, 2023 was $43,378,000, or $0.23 per diluted share, compared to net loss attributable to common shareholders of $408,615,000, or $2.13 per diluted share, for the year ended December 31, 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 year ended December 31, 2023 was $51,286,000, or $0.27 per diluted share, and $126,468,000, or $0.66 per diluted share, for the year ended December 31, 2022.
FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the year ended December 31, 2023 was $503,792,000, or $2.59 per diluted share, compared to $638,928,000, or $3.30 per diluted share, for the year ended December 31, 2022. Adjusting for the items that impact period-to-period comparability listed in the table on page 3, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the year ended December 31, 2023 was $508,151,000, or $2.61 per diluted share, and $608,892,000, or $3.15 per diluted share, for the year ended December 31, 2022.
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The following table reconciles net (loss) income attributable to common shareholders to net income attributable to common shareholders, as adjusted (non-GAAP):
(Amounts in thousands, except per share amounts)For the Three Months Ended
December 31,
For the Year Ended
December 31,
 2023202220232022
Net (loss) income attributable to common shareholders$(61,013)$(493,280)$43,378 $(408,615)
Per diluted share$(0.32)$(2.57)$0.23 $(2.13)
Certain expense (income) items that impact net (loss) income attributable to common shareholders:
Real estate impairment losses on wholly owned and partially owned assets$72,664 $595,488 $73,289 $595,488 
Our share of (income) loss from real estate fund investments(13,638)463 (14,379)(1,671)
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities(5,786)(29,773)(11,959)(35,858)
Credit losses on investments8,269 — 8,269 — 
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)3,526 3,482 11,722 13,665 
Change in deferred tax assets related to taxable REIT subsidiaries1,926 (2,971)(188)(4,304)
Net gain on contribution of Pier 94 leasehold interest to joint venture— — (35,968)— 
After-tax net gain on sale of The Armory Show— — (17,076)— 
Our share of Alexander's, Inc. ("Alexander's") gain on sale of Rego Park III land parcel— — (16,396)— 
Other8,252 (15,198)10,530 8,053 
75,213 551,491 7,844 575,373 
Noncontrolling interests' share of above adjustments and assumed conversion of dilutive potential common shares(6,160)(38,257)64 (40,290)
Total of certain expense (income) items that impact net (loss) income attributable to common shareholders$69,053 $513,234 $7,908 $535,083 
Per diluted share (non-GAAP)$0.36 $2.67 $0.04 $2.79 
Net income attributable to common shareholders, as adjusted (non-GAAP)$8,040 $19,954 $51,286 $126,468 
Per diluted share (non-GAAP)$0.04 $0.10 $0.27 $0.66 

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The following table reconciles FFO attributable to common shareholders plus assumed conversions (non-GAAP) to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP):
(Amounts in thousands, except per share amounts)For the Three Months Ended
December 31,
For the Year Ended
December 31,
 2023202220232022
FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1)
$121,105 $176,465 $503,792 $638,928 
Per diluted share (non-GAAP)$0.62 $0.91 $2.59 $3.30 
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
Our share of (income) loss from real estate fund investments$(13,638)$463 $(14,379)$(1,671)
After-tax net gain on sale of 220 CPS condominium units and ancillary amenities(5,786)(29,773)(11,959)(35,858)
Credit losses on investments8,269 — 8,269 — 
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)3,526 3,482 11,722 13,665 
Change in deferred tax assets related to taxable REIT subsidiaries1,926 (2,971)(188)(4,304)
Other8,543 (11,415)11,231 (4,108)
2,840 (40,214)4,696 (32,276)
Noncontrolling interests' share of above adjustments(194)2,790 (337)2,240 
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net$2,646 $(37,424)$4,359 $(30,036)
Per diluted share (non-GAAP)$0.01 $(0.19)$0.02 $(0.15)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)$123,751 $139,041 $508,151 $608,892 
Per diluted share (non-GAAP)$0.63 $0.72 $2.61 $3.15 
________________________________
(1)See page 12 for a reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months and years ended December 31, 2023 and 2022.
FFO, as Adjusted Bridge - Q4 2023 vs. Q4 2022
The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2022 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2023:
(Amounts in millions, except per share amounts)FFO, as Adjusted
AmountPer Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months December 31, 2022$139.0 $0.72 
(Decrease) increase in FFO, as adjusted due to:
Development fee pool bonus expense(6.4)
Stock compensation expense for the June 2023 grant(6.0)
Prior period accrual adjustments related to changes in the tax assessed value of THE MART(4.8)
FFO from sold properties(2.9)
Change in interest expense, net of interest income1.9 
Other, net2.1 
(16.1)
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities0.9 
Net decrease(15.2)(0.09)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2023$123.8 $0.63 
See page 12 for a reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months and years ended December 31, 2023 and 2022. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided above.
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Dividends/Share Repurchase Program:
On December 5, 2023, Vornado’s Board of Trustees declared a dividend of $0.30 per common share. Together with the $0.375 per share common dividend already paid in the first quarter of 2023, this resulted in an aggregate 2023 common dividend of $0.675 per common share. We anticipate that our common share dividend policy for 2024 will be to pay one common share dividend in the fourth quarter.
On April 26, 2023, our Board of Trustees authorized the repurchase of up to $200,000,000 of our outstanding common shares under a newly established share repurchase program.
During the year ended December 31, 2023, we repurchased 2,024,495 common shares for $29,143,000 at an average price per share of $14.40. As of December 31, 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.

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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 $7,994,000 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 December 31, 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 year ended December 31, 2023.
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 “impairment losses, transaction related costs and other” on our consolidated statements of income.
220 CPS
During the year ended December 31, 2023, we closed on the sale of two condominium units at 220 CPS for net proceeds of $24,484,000 resulting in a financial statement net gain of $14,127,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $2,168,000 of income tax expense was recognized on our consolidated statements of income.
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Financings:
150 West 34th Street
On January 9, 2023, our $105,000,000 participation in the $205,000,000 mortgage loan on 150 West 34th Street was repaid, which reduced “other assets” and “mortgages payable, net” on our consolidated balance sheets by $105,000,000.
On October 4, 2023, we completed a $75,000,000 refinancing of 150 West 34th Street, of which $25,000,000 is recourse to the Operating Partnership. The interest-only loan bears a rate of SOFR plus 2.15% and matures in February 2025, with three one-year as-of-right extension options and an additional one-year extension option available subject to satisfying a loan-to-value test. The interest rate on the loan is subject to an interest rate cap arrangement with a SOFR strike rate of 5.00%, which matures in February 2026. The loan replaces the previous $100,000,000 loan, which bore interest at SOFR plus 1.86%.
697-703 Fifth Avenue (Fifth Avenue and Times Square JV)
On June 14, 2023, the Fifth Avenue and Times Square JV completed a restructuring of the 697-703 Fifth Avenue $421,000,000 non-recourse mortgage loan, which matured in December 2022. The restructured $355,000,000 loan, which had its principal reduced through an application of property-level reserves and funds from the partners, was split into (i) a $325,000,000 senior note, which bears interest at SOFR plus 2.00%, and (ii) a $30,000,000 junior note, which accrues interest at a fixed rate of 4.00%. The restructured loan matures in March 2028, as fully extended. Any amounts funded for future re-leasing of the property will be senior to the $30,000,000 junior note.
512 West 22nd Street
On June 28, 2023, a joint venture, in which we have a 55% interest, completed a $129,250,000 refinancing of 512 West 22nd Street, a 173,000 square foot Manhattan office building. The interest-only loan bears a rate of SOFR plus 2.00% in year one and SOFR plus 2.35% thereafter. The loan matures in June 2025 with a one-year extension option subject to debt service coverage ratio, loan-to-value and debt yield requirements. The loan replaces the previous $137,124,000 loan that bore interest at LIBOR plus 1.85% and had an initial maturity of June 2023. In addition, the joint venture entered into the interest rate cap arrangement detailed in the table below.
825 Seventh Avenue
On July 24, 2023, a joint venture, in which we have a 50% interest, completed a $54,000,000 refinancing of the office condominium of 825 Seventh Avenue, a 173,000 square foot Manhattan office and retail building. The interest-only loan bears a rate of SOFR plus 2.75%, with a 30 basis point reduction available upon satisfaction of certain leasing conditions, and matures in January 2026. The loan replaces the previous $60,000,000 loan that bore interest at LIBOR plus 2.35% and was scheduled to mature in July 2023.
Interest Rate Swap and Cap Arrangements
We entered into the following interest rate swap and cap arrangements during the year ended December 31, 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
PENN 11 (effective 03/24)(1)
250,000 6.34%10/25S+206
Unsecured term loan(2)
150,000 5.12%07/25S+129
Index Strike Rate
Interest rate caps:
1290 Avenue of the Americas (70.0% interest)(3)
$665,000 1.00%11/25S+162
One Park Avenue (effective 3/24)525,000 3.89%03/25S+122
640 Fifth Avenue (52.0% interest)259,925 4.00%05/24S+111
731 Lexington Avenue office condominium (32.4% interest) 162,000 6.00%06/24Prime + 0
150 West 34th Street75,000 5.00%02/26S+215
512 West 22nd Street (55.0% interest)71,088 4.50%06/25S+200
________________________________
(1)The $500,000 mortgage loan is currently subject to a $500,000 interest rate swap with an all-in swapped rate of 2.22% and expires in March 2024. In January 2024, we entered into a forward swap arrangement for the remaining $250,000 balance of the $500,000 PENN 11 mortgage loan which is effective upon the March 2024 expiration of the current in-place swap. Together with the forward swap above, the loan will bear interest at an all-in swapped rate of 6.28% effective March 2024 through October 2025.
(2)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. See page 34 of our Supplemental Operating and Financial Data package for additional information.
(3)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 December 31, 2023:
840,000 square feet of New York Office space (475,000 square feet at share) at an initial rent of $100.33 per square foot and a weighted average lease term of 11.2 years. The changes in the GAAP and cash mark-to-market rent on the 449,000 square feet of second generation space were positive 3.9% and negative 9.4%, respectively. Tenant improvements and leasing commissions were $11.41 per square foot per annum, or 11.4% of initial rent.
41,000 square feet of New York Retail space (39,000 square feet at share) at an initial rent of $131.01 per square foot and a weighted average lease term of 11.1 years. The changes in the GAAP and cash mark-to-market rent on the 19,000 square feet of second generation space were positive 63.5% and positive 55.4%, respectively. Tenant improvements and leasing commissions were $29.58 per square foot per annum, or 22.6% of initial rent.
161,000 square feet at THE MART (all at share) at an initial rent of $49.89 per square foot and a weighted average lease term of 8.7 years. The changes in the GAAP and cash mark-to-market rent on the 132,000 square feet of second generation space were negative 0.5% and negative 5.7%, respectively. Tenant improvements and leasing commissions were $13.62 per square foot per annum, or 27.3% of initial rent.
For the Year Ended December 31, 2023:
2,133,000 square feet of New York Office space (1,661,000 square feet at share) at an initial rent of $98.66 per square foot and a weighted average lease term of 10.0 years. The changes in the GAAP and cash mark-to-market rent on the 1,476,000 square feet of second generation space were positive 6.2% and negative 2.0%, respectively. Tenant improvements and leasing commissions were $7.44 per square foot per annum, or 7.5% of initial rent.
299,000 square feet of New York Retail space (239,000 square feet at share) at an initial rent of $118.47 per square foot and a weighted average lease term of 6.5 years. The changes in the GAAP and cash mark-to-market rent on the 131,000 square feet of second generation space were positive 20.7% and positive 18.8%, respectively. Tenant improvements and leasing commissions were $21.90 per square foot per annum, or 18.5% of initial rent.
337,000 square feet at THE MART (332,000 square feet at share) at an initial rent of $52.97 per square foot and a weighted average lease term of 7.2 years. The changes in the GAAP and cash mark-to-market rent on the 244,000 square feet of second generation space were negative 3.3% and negative 7.8%, respectively. Tenant improvements and leasing commissions were $11.44 per square foot per annum, or 21.6% 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 December 31, 202389.4 %90.7 %74.9 %79.2 %94.5 %
Same Store Net Operating Income ("NOI") At Share:
TotalNew York
THE MART(1)
555 California Street
Same store NOI at share % (decrease) increase(2):
Three months ended December 31, 2023 compared to December 31, 2022(1.6)%0.4 %(32.5)%8.9 %
Year ended December 31, 2023 compared to December 31, 20220.4 %2.2 %(34.8)%26.3 %
(3)
Three months ended December 31, 2023 compared to September 30, 20230.5 %0.3 %(5.7)%9.4 %
Same store NOI at share - cash basis % (decrease) increase(2):
Three months ended December 31, 2023 compared to December 31, 2022(1.0)%2.0 %(34.0)%3.4 %
Year ended December 31, 2023 compared to December 31, 20220.6 %2.8 %(37.2)%26.6 %
(3)
Three months ended December 31, 2023 compared to September 30, 20232.6 %2.9 %(3.1)%4.1 %
____________________
(1)2022 includes prior period accrual adjustments related to changes in the tax-assessed value of THE MART.
(2)See pages 14 through 19 for same store NOI at share and same store NOI at share - cash basis reconciliations.
(3)Includes our $14,103,000 share of the receipt of a tenant settlement, net of legal expenses.
NYSE: VNO | WWW.VNO.COM
PAGE 7 OF 19


NOI At Share:
The elements of our New York and Other NOI at share for the three months and years ended December 31, 2023 and 2022 and the three months ended September 30, 2023 are summarized below.
(Amounts in thousands)For the Three Months EndedFor the Year Ended
December 31,
December 31,September 30, 2023
2023202220232022
NOI at share:
New York:
Office(1)
$182,769 $184,045 $183,919 $727,000 $718,686 
Retail47,378 50,083 46,559 188,561 205,753 
Residential5,415 4,978 5,570 21,910 19,600 
Alexander's12,013 9,489 9,586 40,098 37,469 
Total New York247,575 248,595 245,634 977,569 981,508 
Other:
THE MART(2)
14,516 21,276 15,132 61,519 96,906 
555 California Street(3)
18,125 16,641 16,564 82,965 65,692 
Other investments6,880 5,243 3,665 21,160 17,942 
Total Other39,521 43,160 35,361 165,644 180,540 
NOI at share$287,096 $291,755 $280,995 $1,143,213 $1,162,048 
________________________________
See notes below.
NOI At Share - Cash Basis:
The elements of our New York and Other NOI at share - cash basis for the three months and years ended December 31, 2023 and 2022 and the three months ended September 30, 2023 are summarized below.
(Amounts in thousands)For the Three Months EndedFor the Year Ended
December 31,
December 31,September 30, 2023
2023202220232022
NOI at share - cash basis:
New York:
Office(1)
$183,742 $182,648 $179,838 $726,914 $715,407 
Retail46,491 46,168 45,451 180,932 188,846 
Residential5,137 4,660 5,271 20,588 18,214 
Alexander's11,059 10,236 10,284 41,435 40,532 
Total New York246,429 243,712 240,844 969,869 962,999 
Other:
THE MART(2)
15,511 23,163 15,801 62,579 101,912 
555 California Street(3)
18,265 17,672 17,552 85,819 67,813 
Other investments7,012 5,052 3,818 21,569 18,344 
Total Other40,788 45,887 37,171 169,967 188,069 
NOI at share - cash basis$287,217 $289,599 $278,015 $1,139,836 $1,151,068 
________________________________
(1)Includes Building Maintenance Services NOI of $6,424, $8,305, $7,752, $27,262 and $27,595, respectively, for the three months ended December 31, 2023 and 2022 and September 30, 2023 and the years ended December 31, 2023 and 2022.
(2)2022 includes prior period accrual adjustments related to changes in the tax-assessed value of THE MART.
(3)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 December 31, 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 21,795,000 $750,000 $638,959 $111,041 20269.5%
Districtwide ImprovementsN/A100,000 47,424 52,576 N/AN/A
Total PENN District 850,000 
(1)
686,383 163,617 
Sunset Pier 94 Studios (49.9% interest)(2)
266,000 125,000 
(2)
7,994 117,006 202610.3%
Total Active Development Projects$975,000 $694,377 $280,623 
________________________________
(1)Excluding debt and equity carry.
(2)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 5 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, February 13, 2024 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 3199730. 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 future 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 timing and form of any 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, 2023. Currently, some of the factors are the increased interest rates and effects of 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)
 December 31, 2023December 31, 2022
ASSETS   
Real estate, at cost:
Land$2,436,221 $2,451,828 $(15,607)
Buildings and improvements9,952,954 9,804,204 148,750 
Development costs and construction in progress1,281,076 933,334 347,742 
Leasehold improvements and equipment130,953 125,389 5,564 
Total13,801,204 13,314,755 486,449 
Less accumulated depreciation and amortization(3,752,827)(3,470,991)(281,836)
Real estate, net10,048,377 9,843,764 204,613 
Right-of-use assets680,044 684,380 (4,336)
Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills:
Cash and cash equivalents997,002 889,689 107,313 
Restricted cash264,582 131,468 133,114 
Investments in U.S. Treasury bills— 471,962 (471,962)
Total1,261,584 1,493,119 (231,535)
Tenant and other receivables69,543 81,170 (11,627)
Investments in partially owned entities2,610,558 2,665,073 (54,515)
220 CPS condominium units ready for sale35,941 43,599 (7,658)
Receivable arising from the straight-lining of rents701,666 694,972 6,694 
Deferred leasing costs, net355,010 373,555 (18,545)
Identified intangible assets, net127,082 139,638 (12,556)
Other assets297,860 474,105 (176,245)
Total assets$16,187,665 $16,493,375 $(305,710)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net$5,688,020 $5,829,018 $(140,998)
Senior unsecured notes, net1,193,873 1,191,832 2,041 
Unsecured term loan, net794,559 793,193 1,366 
Unsecured revolving credit facilities575,000 575,000 — 
Lease liabilities732,859 735,969 (3,110)
Accounts payable and accrued expenses411,044 450,881 (39,837)
Deferred revenue32,199 39,882 (7,683)
Deferred compensation plan105,245 96,322 8,923 
Other liabilities311,132 268,166 42,966 
Total liabilities9,843,931 9,980,263 (136,332)
Redeemable noncontrolling interests638,448 436,732 201,716 
Shareholders' equity5,509,064 5,839,728 (330,664)
Noncontrolling interests in consolidated subsidiaries196,222 236,652 (40,430)
Total liabilities, redeemable noncontrolling interests and equity$16,187,665 $16,493,375 $(305,710)
NYSE: VNO | WWW.VNO.COM
PAGE 10 OF 19


VORNADO REALTY TRUST
OPERATING RESULTS
(Amounts in thousands, except per share amounts)For the Three Months Ended
December 31,
For the Year Ended
December 31,
 2023202220232022
Revenues$441,886 $446,940 $1,811,163 $1,799,995 
Net (loss) income$(100,613)$(525,002)$32,888 $(382,612)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries49,717 10,493 75,967 5,737 
Operating Partnership5,412 36,758 (3,361)30,376 
Net (loss) income attributable to Vornado(45,484)(477,751)105,494 (346,499)
Preferred share dividends(15,529)(15,529)(62,116)(62,116)
Net (loss) income attributable to common shareholders$(61,013)$(493,280)$43,378 $(408,615)
(Loss) income per common share - basic:
Net (loss) income per common share$(0.32)$(2.57)$0.23 $(2.13)
Weighted average shares outstanding190,361 191,831 191,005 191,775 
(Loss) income per common share - diluted:
Net (loss) income per common share$(0.32)$(2.57)$0.23 $(2.13)
Weighted average shares outstanding190,361 191,831 191,856 191,775 
FFO attributable to common shareholders plus assumed conversions (non-GAAP)$121,105 $176,465 $503,792 $638,928 
Per diluted share (non-GAAP)$0.62 $0.91 $2.59 $3.30 
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)$123,751 $139,041 $508,151 $608,892 
Per diluted share (non-GAAP)$0.63 $0.72 $2.61 $3.15 
Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share195,291 194,080 194,324 193,570 
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, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, 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 (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions are provided on the following page. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on page 3 of this press release.
NYSE: VNO | WWW.VNO.COM
PAGE 11 OF 19


VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS
The following table reconciles net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions:
(Amounts in thousands, except per share amounts)For the Three Months Ended
December 31,
For the Year Ended
December 31,
2023202220232022
Net (loss) income attributable to common shareholders$(61,013)$(493,280)$43,378 $(408,615)
Per diluted share$(0.32)$(2.57)$0.23 $(2.13)
FFO adjustments:
Depreciation and amortization of real property$98,085 $121,900 $385,608 $456,920 
Real estate impairment losses22,206 
(1)
19,098 22,831 
(1)
19,098 
Net gains on sale of real estate— (30,397)(53,305)(58,751)
Proportionate share of adjustments to equity in net (loss) income of partially owned entities to arrive at FFO:
Depreciation and amortization of real property27,188 32,243 108,088 130,647 
Net gain on sale of real estate— — (16,545)(169)
Real estate impairment losses50,458 
(2)
576,390 50,458 
(2)
576,390 
197,937 719,234 497,135 1,124,135 
Noncontrolling interests' share of above adjustments(16,207)(49,894)(38,363)(77,912)
FFO adjustments, net$181,730 $669,340 $458,772 $1,046,223 
FFO attributable to common shareholders$120,717 $176,060 $502,150 $637,608 
Impact of assumed conversion of dilutive convertible securities388 405 1,642 1,320 
FFO attributable to common shareholders plus assumed conversions$121,105 $176,465 $503,792 $638,928 
Per diluted share$0.62 $0.91 $2.59 $3.30 
Reconciliation of weighted average shares outstanding:
Weighted average common shares outstanding190,361 191,831 191,005 191,775 
Effect of dilutive securities:
Convertible securities2,073 2,182 2,468 1,545 
Share-based payment awards2,857 67 851 250 
Denominator for FFO per diluted share195,291 194,080 194,324 193,570 
__________________________________________
(1)Net of $22,176 attributable to noncontrolling interests.
(2)Includes a $21,114 impairment loss on advances made for our interest in a joint venture, resulting from a decline in the value of the underlying building.
NYSE: VNO | WWW.VNO.COM
PAGE 12 OF 19


VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED
Below is a reconciliation of net (loss) income to NOI at share and NOI at share - cash basis for the three months and years ended December 31, 2023 and 2022 and the three months ended September 30, 2023.
(Amounts in thousands)For the Three Months EndedFor the Year Ended
December 31,
December 31,September 30, 2023
2023202220232022
Net (loss) income $(100,613)$(525,002)$59,570 $32,888 $(382,612)
Depreciation and amortization expense110,197 133,871 110,349 434,273 504,502 
General and administrative expense46,040 31,439 35,838 162,883 133,731 
Impairment losses, transaction related costs and other49,190 26,761 813 50,691 31,722 
Loss (income) from partially owned entities33,518 545,126 (18,269)(38,689)461,351 
Loss (income) from real estate fund investments72 1,880 (1,783)(1,590)(3,541)
Interest and other investment income, net(5,905)(10,587)(12,934)(41,697)(19,869)
Interest and debt expense87,695 88,242 88,126 349,223 279,765 
Net gains on disposition of wholly owned and partially owned assets(6,607)(65,241)(56,136)(71,199)(100,625)
Income tax expense 8,374 6,974 11,684 29,222 21,660 
NOI from partially owned entities74,819 77,221 72,100 285,761 305,993 
NOI attributable to noncontrolling interests in consolidated subsidiaries(9,684)(18,929)(8,363)(48,553)(70,029)
NOI at share287,096 291,755 280,995 1,143,213 1,162,048 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other121 (2,156)(2,980)(3,377)(10,980)
NOI at share - cash basis$287,217 $289,599 $278,015 $1,139,836 $1,151,068 
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 December 31, 2023 compared to December 31, 2022.
(Amounts in thousands)TotalNew YorkTHE MART555 California StreetOther
NOI at share for the three months ended December 31, 2023$287,096$247,575$14,516$18,125$6,880
Less NOI at share from:
Dispositions312110
Development properties(6,884)(6,884)
Other non-same store income, net(7,480)(600)(6,880)
Same store NOI at share for the three months ended December 31, 2023$272,763$240,112$14,526$18,125$
NOI at share for the three months ended December 31, 2022$291,755$248,595$21,276$16,641$5,243
Less NOI at share from:
Dispositions(2,371)(2,616)245
Development properties(3,837)(3,837)
Other non-same store income, net(8,324)(3,081)(5,243)
Same store NOI at share for the three months ended December 31, 2022$277,223$239,061$21,521$16,641$
(Decrease) increase in same store NOI at share$(4,460)$1,051$(6,995)$1,484$
% (decrease) increase in same store NOI at share(1.6)%0.4 %(32.5)%8.9 %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 December 31, 2023 compared to December 31, 2022.
(Amounts in thousands)TotalNew YorkTHE MART555 California StreetOther
NOI at share - cash basis for the three months ended December 31, 2023$287,217$246,429$15,511$18,265$7,012
Less NOI at share - cash basis from:
Dispositions312110
Development properties(6,073)(6,073)
Other non-same store income, net(8,959)(1,947)(7,012)
Same store NOI at share - cash basis for the three months ended December 31, 2023$272,216$238,430$15,521$18,265$
NOI at share - cash basis for the three months ended December 31, 2022$289,599$243,712$23,163$17,672$5,052
Less NOI at share - cash basis from:
Dispositions(2,119)(2,455)336
Development properties(4,248)(4,248)
Other non-same store income, net(8,233)(3,181)(5,052)
Same store NOI at share - cash basis for the three months ended December 31, 2022$274,999$233,828$23,499$17,672$
(Decrease) increase in same store NOI at share - cash basis$(2,783)$4,602$(7,978)$593$
% (decrease) increase in same store NOI at share - cash basis(1.0)%2.0 %(34.0)%3.4 %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 year ended December 31, 2023 compared to December 31, 2022.
(Amounts in thousands)TotalNew YorkTHE MART555 California StreetOther
NOI at share for the year ended December 31, 2023$1,143,213$977,569$61,519$82,965$21,160
Less NOI at share from:
Dispositions(1,270)(1,556)286
Development properties(26,748)(26,748)
Other non-same store (income) expense, net(20,399)761(21,160)
Same store NOI at share for the year ended December 31, 2023$1,094,796$950,026$61,805$82,965$
NOI at share for the year ended December 31, 2022$1,162,048$981,508$96,906$65,692$17,942
Less NOI at share from:
Dispositions(15,205)(13,158)(2,047)
Development properties(24,088)(24,088)
Other non-same store income, net(32,838)(14,896)(17,942)
Same store NOI at share for the year ended December 31, 2022$1,089,917$929,366$94,859$65,692$
Increase (decrease) in same store NOI at share$4,879$20,660$(33,054)$17,273$
% increase (decrease) in same store NOI at share0.4 %2.2 %(34.8)%26.3 %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 year ended December 31, 2023 compared to December 31, 2022.
(Amounts in thousands)TotalNew YorkTHE MART555 California StreetOther
NOI at share - cash basis for the year ended December 31, 2023$1,139,836$969,869$62,579$85,819$21,569
Less NOI at share - cash basis from:
Dispositions(1,793)(2,016)223
Development properties(23,661)(23,661)
Other non-same store income, net(29,547)(7,978)(21,569)
Same store NOI at share - cash basis for the year ended December 31, 2023$1,084,835$936,214$62,802$85,819$
NOI at share - cash basis for the year ended December 31, 2022$1,151,068$962,999$101,912$67,813$18,344
Less NOI at share - cash basis from:
Dispositions(15,122)(13,256)(1,866)
Development properties(23,567)(23,567)
Other non-same store income, net(33,665)(15,321)(18,344)
Same store NOI at share - cash basis for the year ended December 31, 2022$1,078,714$910,855$100,046$67,813$
Increase (decrease) in same store NOI at share - cash basis$6,121$25,359$(37,244)$18,006$
% increase (decrease) in same store NOI at share - cash basis0.6 %2.8 %(37.2)%26.6 %0.0 %
NYSE: VNO | WWW.VNO.COM
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VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED
Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the three months ended December 31, 2023 compared to September 30, 2023.
(Amounts in thousands)TotalNew YorkTHE MART555 California StreetOther
NOI at share for the three months ended December 31, 2023$287,096$247,575$14,516$18,125$6,880
Less NOI at share from:
Dispositions312110
Development properties(6,884)(6,884)
Other non-same store income, net(7,120)(240)(6,880)
Same store NOI at share for the three months ended December 31, 2023$273,123$240,472$14,526$18,125$
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$16,564$
Increase (decrease) in same store NOI at share$1,430$751$(882)$1,561$
% increase (decrease) in same store NOI at share0.5 %0.3 %(5.7)%9.4 %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 December 31, 2023 compared to September 30, 2023.
(Amounts in thousands)TotalNew YorkTHE MART555 California StreetOther
NOI at share - cash basis for the three months ended December 31, 2023$287,217$246,429$15,511$18,265$7,012
Less NOI at share - cash basis from:
Dispositions312110
Development properties(6,073)(6,073)
Other non-same store income, net(8,599)(1,587)(7,012)
Same store NOI at share - cash basis for the three months ended December 31, 2023$272,576$238,790$15,521$18,265$
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$17,552$
Increase (decrease) in same store NOI at share - cash basis$6,985$6,765$(493)$713$
% increase (decrease) in same store NOI at share - cash basis2.6 %2.9 %(3.1)%4.1 %0.0 %
NYSE: VNO | WWW.VNO.COM
PAGE 19 OF 19
Document


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INDEX 
 Page
BUSINESS DEVELOPMENTS-
FINANCIAL INFORMATION
Financial Highlights
FFO, As Adjusted Bridge
Consolidated Balance Sheets
Net (Loss) Income Attributable to Common Shareholders (Consolidated and by Segment)-
Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment)-
Same Store NOI at Share and Same Store NOI at Share - Cash Basis
DEVELOPMENT/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 future 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 timing and form of any 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 increased interest rates and effects of 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, 2023. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include Funds From Operations ("FFO"), Funds Available for Distribution ("FAD"), Net Operating Income ("NOI") and Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this supplemental package on page i in the Appendix.
This supplemental package should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the Company’s Supplemental Fixed Income Data package for the quarter and year ended December 31, 2023, both of which can be accessed at the Company’s website www.vno.com.
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BUSINESS DEVELOPMENTS 
Dividends/Share Repurchase Program
On December 5, 2023, Vornado’s Board of Trustees declared a dividend of $0.30 per common share. Together with the $0.375 per share common dividend already paid in the first quarter of 2023, this resulted in an aggregate 2023 common dividend of $0.675 per common share. We anticipate that our common share dividend policy for 2024 will be to pay one common share dividend in the fourth quarter.
On April 26, 2023, our Board of Trustees authorized the repurchase of up to $200,000,000 of our outstanding common shares under a newly established share repurchase program.
During the year ended December 31, 2023, we repurchased 2,024,495 common shares for $29,143,000 at an average price per share of $14.40. As of December 31, 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.

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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 $7,994,000 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 December 31, 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 year ended December 31, 2023.
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 “impairment losses, transaction related costs and other” on our consolidated statements of income.
220 Central Park South ("220 CPS")
During the year ended December 31, 2023, we closed on the sale of two condominium units at 220 CPS for net proceeds of $24,484,000 resulting in a financial statement net gain of $14,127,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $2,168,000 of income tax expense was recognized 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 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 year ended December 31, 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
PENN 11 (effective 03/24)(1)
250,000 6.34%10/25S+206
Unsecured term loan(2)
150,000 5.12%07/25S+129
Index Strike Rate
Interest rate caps:
1290 Avenue of the Americas (70.0% interest)(3)
$665,000 1.00%11/25S+162
One Park Avenue (effective 3/24)525,000 3.89%03/25S+122
640 Fifth Avenue (52.0% interest)259,925 4.00%05/24S+111
731 Lexington Avenue office condominium (32.4% interest) 162,000 6.00%06/24Prime + 0
150 West 34th Street75,000 5.00%02/26S+215
512 West 22nd Street (55.0% interest)71,088 4.50%06/25S+200
____________________
(1)The $500,000 mortgage loan is currently subject to a $500,000 interest rate swap with an all-in swapped rate of 2.22% and expires in March 2024. In January 2024, we entered into a forward swap arrangement for the remaining $250,000 balance of the $500,000 PENN 11 mortgage loan which is effective upon the March 2024 expiration of the current in-place swap. Together with the forward swap above, the loan will bear interest at an all-in swapped rate of 6.28% effective March 2024 through October 2025.
(2)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. See page 34 for details.
(3)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 Year Ended
December 31,
 December 31,September 30, 2023
 2023202220232022
Total revenues$441,886 $446,940 $450,995 $1,811,163 $1,799,995 
Net income attributable to common shareholders$(61,013)
(1)
$(493,280)$52,846 $43,378 
(1)
$(408,615)
Per common share:     
Basic$(0.32)$(2.57)$0.28 $0.23 $(2.13)
Diluted$(0.32)$(2.57)$0.28 $0.23 $(2.13)
Net income attributable to common shareholders, as adjusted (non-GAAP)$8,040 $19,954 $12,845 $51,286 $126,468 
Per diluted share (non-GAAP)$0.04 $0.10 $0.07 $0.27 $0.66 
FFO attributable to common shareholders plus assumed conversions, as adjusted
(non-GAAP)
$123,751 $139,041 $127,241 $508,151 $608,892 
Per diluted share (non-GAAP)$0.63 $0.72 $0.66 $2.61 $3.15 
FFO attributable to common shareholders plus assumed conversions (non-GAAP)$121,105 $176,465 $119,487 $503,792 $638,928 
FFO - Operating Partnership ("OP") basis (non-GAAP)$131,871 $189,572 $130,094 $545,401 $686,349 
Per diluted share (non-GAAP)$0.62 $0.91 $0.62 $2.59 $3.30 
Dividends per common share(2)
$0.30 $0.53 $— $0.675 $2.12 
FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)(2)
47.6 %73.6 %— %25.9 %67.3 %
FAD payout ratio(2)
75.0 %93.0 %— %35.7 %81.9 %
Weighted average VNO common shares outstanding190,364 191,840 190,364 191,008 191,784 
Redeemable Class A units and LTIP Unit awards16,976 14,302 16,950 15,878 14,270 
Weighted average VRLP Class A units outstanding207,340 206,142 207,314 206,886 206,054 
Dilutive share based payment awards2,857 66 445 851 48 
Redeemable preferred units - common share equivalents2,104 2,182 2,260 2,468 1,545 
Weighted average VRLP Class A units outstanding - diluted212,301 208,390 210,019 210,205 207,647 
____________________
(1)Includes $72,664 of impairment losses on certain of our real estate investments, which were primarily attributable to shortened hold period assumptions.
(2)On December 5, 2023, Vornado’s Board of Trustees declared a dividend of $0.30 per common share. Together with the $0.375 per common share dividend already paid in the first quarter of 2023, this resulted in an aggregate 2023 common dividend of $0.675 per common share.




Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.
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FFO, AS ADJUSTED BRIDGE - Q4 2023 VS. Q4 2022 (unaudited)
(Amounts in millions, except per share amounts)
(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 December 31, 2022$139.0 $0.72 
(Decrease) increase in FFO, as adjusted due to:
Development fee pool bonus expense(6.4)
Stock compensation expense for the June 2023 grant(6.0)
Prior period accrual adjustments related to changes in the tax assessed value of THE MART(4.8)
FFO from sold properties(2.9)
Change in interest expense, net of interest income1.9 
Other, net2.1 
(16.1)
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities0.9 
Net decrease(15.2)(0.09)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2023$123.8 $0.63 

Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.
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CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
As of December 31,(Decrease)
 Increase
 20232022
ASSETS   
Real estate, at cost:
Land$2,436,221 $2,451,828 $(15,607)
Buildings and improvements9,952,954 9,804,204 148,750 
Development costs and construction in progress1,281,076 933,334 347,742 
Leasehold improvements and equipment130,953 125,389 5,564 
Total13,801,204 13,314,755 486,449 
Less accumulated depreciation and amortization(3,752,827)(3,470,991)(281,836)
Real estate, net10,048,377 9,843,764 204,613 
Right-of-use assets680,044 684,380 (4,336)
Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills:
Cash and cash equivalents