vno-20240212
0000899689falseVORNADO REALTY LP0001040765false00008996892024-02-122024-02-120000899689vno:VornadoRealtyLpMember2024-02-122024-02-120000899689exch:XNYSus-gaap:CommonStockMember2024-02-122024-02-120000899689vno:SeriesLPreferredStockMemberexch:XNYS2024-02-122024-02-120000899689exch:XNYSvno:SeriesMPreferredStockMember2024-02-122024-02-120000899689vno:SeriesNPreferredStockMemberexch:XNYS2024-02-122024-02-120000899689vno:SeriesOPreferredStockMemberexch:XNYS2024-02-122024-02-12

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
https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vnopressreleaseheader_hr.jpg


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.
NYSE: VNO | WWW.VNO.COM
PAGE 1 OF 19


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 

NYSE: VNO | WWW.VNO.COM
PAGE 2 OF 19



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.
NYSE: VNO | WWW.VNO.COM
PAGE 3 OF 19


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.

NYSE: VNO | WWW.VNO.COM
PAGE 4 OF 19


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.
NYSE: VNO | WWW.VNO.COM
PAGE 5 OF 19


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.
NYSE: VNO | WWW.VNO.COM
PAGE 6 OF 19


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
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 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
PAGE 18 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 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


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-supplementalcoversoptions-.jpg



https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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.
- 2 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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.

- 3 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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.
- 4 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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.
- 5 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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.

- 6 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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.
- 7 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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.
- 8 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 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)
- 9 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
 For the Three Months Ended
 December 31,September 30, 2023
 20232022Variance
Property rentals(1)
$340,539 $354,453 $(13,914)$341,743 
Tenant expense reimbursements(1)
45,730 39,879 5,851 53,192 
Amortization of acquired below-market leases, net1,185 1,390 (205)1,356 
Straight-lining of rents4,038 342 3,696 4,076 
Total rental revenues391,492 396,064 (4,572)400,367 
Fee and other income:
Building Maintenance Services ("BMS") cleaning fees36,035 35,921 114 35,428 
Management and leasing fees3,070 2,872 198 3,263 
Other income11,289 12,083 (794)11,937 
Total revenues441,886 446,940 (5,054)450,995 
Operating expenses(219,925)(213,477)(6,448)(233,737)
Depreciation and amortization(110,197)(133,871)23,674 (110,349)
General and administrative(46,040)(31,439)(14,601)(35,838)
Expense from deferred compensation plan liability(4,621)(521)(4,100)(1,631)
Impairment losses, transaction related costs and other(49,190)(26,761)(22,429)(813)
Total expenses(429,973)(406,069)(23,904)(382,368)
(Loss) income from partially owned entities(33,518)(545,126)511,608 18,269 
(Loss) income from real estate fund investments(72)(1,880)1,808 1,783 
Interest and other investment income, net5,905 10,587 (4,682)12,934 
Income from deferred compensation plan assets4,621 521 4,100 1,631 
Interest and debt expense(87,695)(88,242)547 (88,126)
Net gains on disposition of wholly owned and partially owned assets6,607 65,241 (58,634)56,136 
(Loss) income before income taxes(92,239)(518,028)425,789 71,254 
Income tax expense(8,374)(6,974)(1,400)(11,684)
Net (loss) income(100,613)(525,002)424,389 59,570 
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries49,717 10,493 39,224 13,541 
Operating Partnership5,412 36,758 (31,346)(4,736)
Net (loss) income attributable to Vornado(45,484)(477,751)432,267 68,375 
Preferred share dividends(15,529)(15,529)— (15,529)
Net (loss) income attributable to common shareholders$(61,013)$(493,280)$432,267 $52,846 
Capitalized expenditures:
Development payroll$2,416 $3,838 $(1,422)$3,115 
Interest and debt expense13,051 6,990 6,061 11,205 
________________________________
(1)"Property rentals" and "tenant expense reimbursements" represent non-GAAP financial measures which are reconciled above to "rental revenues" the most directly comparable financial measure calculated in accordance with GAAP.
- 10 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
 For the Year Ended December 31,
 20232022Variance
Property rentals(1)
$1,390,650 $1,388,202 $2,448 
Tenant expense reimbursements(1)
202,760 168,128 34,632 
Amortization of acquired below-market leases, net5,268 5,178 90 
Straight-lining of rents8,808 46,177 (37,369)
Total rental revenues1,607,486 1,607,685 (199)
Fee and other income:
BMS cleaning fees141,937 137,673 4,264 
Management and leasing fees13,040 11,039 2,001 
Other income48,700 43,598 5,102 
Total revenues1,811,163 1,799,995 11,168 
Operating expenses(905,158)(873,911)(31,247)
Depreciation and amortization(434,273)(504,502)70,229 
General and administrative(162,883)(133,731)(29,152)
(Expense) benefit from deferred compensation plan liability(12,162)9,617 (21,779)
Impairment losses, transaction related costs and other(50,691)(31,722)(18,969)
Total expenses(1,565,167)(1,534,249)(30,918)
Income (loss) from partially owned entities38,689 (461,351)500,040 
Income from real estate fund investments1,590 3,541 (1,951)
Interest and other investment income, net41,697 19,869 21,828 
Income (loss) from deferred compensation plan assets12,162 (9,617)21,779 
Interest and debt expense(349,223)(279,765)(69,458)
Net gains on disposition of wholly owned and partially owned assets71,199 100,625 (29,426)
Income (loss) before income taxes62,110 (360,952)423,062 
Income tax expense(29,222)(21,660)(7,562)
Net income (loss)32,888 (382,612)415,500 
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries75,967 5,737 70,230 
Operating Partnership(3,361)30,376 (33,737)
Net income (loss) attributable to Vornado105,494 (346,499)451,993 
Preferred share dividends(62,116)(62,116)— 
Net income (loss) attributable to common shareholders$43,378 $(408,615)$451,993 
Capitalized expenditures:
Development payroll$11,084 $12,216 $(1,132)
Interest and debt expense43,062 19,085 23,977 
________________________________
(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.
- 11 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)
(Amounts in thousands)
 For the Three Months Ended December 31, 2023
 TotalNew YorkOther
Property rentals(1)
$340,539 $273,838 $66,701 
Tenant expense reimbursements(1)
45,730 34,598 11,132 
Amortization of acquired below-market leases, net1,185 1,017 168 
Straight-lining of rents4,038 4,690 (652)
Total rental revenues391,492 314,143 77,349 
Fee and other income:
BMS cleaning fees36,035 38,177 (2,142)
Management and leasing fees3,070 3,244 (174)
Other income11,289 5,541 5,748 
Total revenues441,886 361,105 80,781 
Operating expenses(219,925)(182,600)(37,325)
Depreciation and amortization(110,197)(84,849)(25,348)
General and administrative(46,040)(13,393)(32,647)
Expense from deferred compensation plan liability(4,621)— (4,621)
Impairment losses, transaction related costs and other(49,190)(47,157)(2,033)
Total expenses(429,973)(327,999)(101,974)
(Loss) income from partially owned entities(33,518)(34,431)913 
Loss from real estate fund investments(72)— (72)
Interest and other investment income (expense), net5,905 (236)6,141 
Income from deferred compensation plan assets4,621 — 4,621 
Interest and debt expense(87,695)(35,320)(52,375)
Net gains on disposition of wholly owned and partially owned assets6,607 — 6,607 
Loss before income taxes(92,239)(36,881)(55,358)
Income tax expense(8,374)(1,227)(7,147)
Net loss(100,613)(38,108)(62,505)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries49,717 32,685 17,032 
Net loss attributable to Vornado Realty L.P.(50,896)$(5,423)$(45,473)
Less net loss attributable to noncontrolling interests in the Operating Partnership5,441 
Preferred unit distributions(15,558)
Net loss attributable to common shareholders$(61,013)
For the three months ended December 31, 2022
Net (loss) income attributable to Vornado Realty L.P.$(514,509)$(518,221)$3,712 
Net loss attributable to common shareholders$(493,280)
________________________________
(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.
- 12 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)
(Amounts in thousands)
 For the Year Ended December 31, 2023
 TotalNew YorkOther
Property rentals(1)
$1,390,650 $1,096,691 $293,959 
Tenant expense reimbursements(1)
202,760 157,095 45,665 
Amortization of acquired below-market leases, net5,268 4,594 674 
Straight-lining of rents8,808 11,437 (2,629)
Total rental revenues1,607,486 1,269,817 337,669 
Fee and other income:
BMS cleaning fees141,937 151,608 (9,671)
Management and leasing fees13,040 13,619 (579)
Other income48,700 17,114 31,586 
Total revenues1,811,163 1,452,158 359,005 
Operating expenses(905,158)(733,478)(171,680)
Depreciation and amortization(434,273)(341,275)(92,998)
General and administrative(162,883)(50,340)(112,543)
Expense from deferred compensation plan liability(12,162)— (12,162)
Impairment losses, transaction related costs and other(50,691)(47,793)(2,898)
Total expenses(1,565,167)(1,172,886)(392,281)
Income from partially owned entities38,689 32,924 5,765 
Income from real estate fund investments1,590 — 1,590 
Interest and other investment income, net41,697 11,472 30,225 
Income from deferred compensation plan assets12,162 — 12,162 
Interest and debt expense(349,223)(152,004)(197,219)
Net gains on disposition of wholly owned and partially owned assets71,199 — 71,199 
Income (loss) before income taxes62,110 171,664 (109,554)
Income tax expense(29,222)(4,941)(24,281)
Net income (loss) 32,888 166,723 (133,835)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries75,967 59,678 16,289 
Net income (loss) attributable to Vornado Realty L.P.108,855 $226,401 $(117,546)
Less net income attributable to noncontrolling interests in the Operating Partnership(3,246)
Preferred unit distributions(62,231)
Net income attributable to common shareholders$43,378 
For the year ended December 31, 2022
Net loss attributable to Vornado Realty L.P.$(376,875)$(298,026)$(78,849)
Net loss attributable to common shareholders$(408,615)
________________________________
(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.

- 13 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 December 31, 2023
TotalNew YorkOther
Total revenues$441,886 $361,105 $80,781 
Operating expenses(219,925)(182,600)(37,325)
NOI - consolidated221,961 178,505 43,456 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(9,684)(3,323)(6,361)
Add: Our share of NOI from partially owned entities74,819 72,393 2,426 
NOI at share287,096 247,575 39,521 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other121 (1,146)1,267 
NOI at share - cash basis$287,217 $246,429 $40,788 
For the Three Months Ended December 31, 2022
TotalNew YorkOther
Total revenues$446,940 $366,699 $80,241 
Operating expenses(213,477)(179,910)(33,567)
NOI - consolidated233,463 186,789 46,674 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(18,929)(12,858)(6,071)
Add: Our share of NOI from partially owned entities77,221 74,664 2,557 
NOI at share291,755 248,595 43,160 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other(2,156)(4,883)2,727 
NOI at share - cash basis$289,599 $243,712 $45,887 
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 
________________________________
See Appendix page vii for details of NOI at share components.
- 14 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT (NON-GAAP) (unaudited)
(Amounts in thousands)
For the Year Ended December 31, 2023
TotalNew YorkOther
Total revenues$1,811,163 $1,452,158 $359,005 
Operating expenses(905,158)(733,478)(171,680)
NOI - consolidated906,005 718,680 187,325 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(48,553)(15,547)(33,006)
Add: Our share of NOI from partially owned entities 285,761 274,436 11,325 
NOI at share1,143,213 977,569 165,644 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other(3,377)(7,700)4,323 
NOI at share - cash basis$1,139,836 $969,869 $169,967 
For the Year Ended December 31, 2022
TotalNew YorkOther
Total revenues$1,799,995 $1,449,442 $350,553 
Operating expenses(873,911)(716,148)(157,763)
NOI - consolidated926,084 733,294 192,790 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(70,029)(45,566)(24,463)
Add: Our share of NOI from partially owned entities 305,993 293,780 12,213 
NOI at share1,162,048 981,508 180,540 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other(10,980)(18,509)7,529 
NOI at share - cash basis$1,151,068 $962,999 $188,069 
________________________________
See Appendix page vii for details of NOI at share components.
- 15 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 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 Street18,125 16,641 16,564 82,965 
(3)
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 
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 Street18,265 17,672 17,552 85,819 
(3)
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 BMS 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)Includes our $14,103 share of the receipt of a tenant settlement, net of legal expenses.

- 16 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
SAME STORE NOI AT SHARE AND SAME STORE NOI AT SHARE - CASH BASIS (NON-GAAP) (unaudited)
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 viii through xiii in the Appendix 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.
- 17 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 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)266,000 125,000 
(2)
7,994 117,006 202610.3%
Total Active Development Projects$975,000 $694,377 $280,623 
Future Opportunities:
New York segment:
Property Zoning
Sq. Ft.
(at 100%)
PENN District:
Hotel Pennsylvania land(3)
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 3 for at share information)
1,389,000 
260 Eleventh Avenue - office(4)
280,000 
57th Street land (50% interest)150,000 
Other segment:
527 West Kinzie land, Chicago330,000 
Total Future Opportunities4,306,000 
________________________________
(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 4 for further details.
(3)Demolition of the existing building was completed in the third quarter of 2023.
(4)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.
- 18 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 December 31, 2023   
Total square feet leased840 41 161 
Our share of square feet leased:475 39 161 
Initial rent(1)
$100.33 $131.01 $49.89 
Weighted average lease term (years)11.2 11.1 8.7 
Second generation relet space:
Square feet449 19 132 
GAAP basis:
Straight-line rent(2)
$101.21 $79.99 $47.22 
Prior straight-line rent$97.44 $48.91 $47.47 
Percentage increase (decrease)3.9 %63.5 %(0.5)%
Cash basis (non-GAAP):
Initial rent(1)
$100.34 $77.76 $50.35 
Prior escalated rent$110.78 $50.03 $53.41 
Percentage (decrease) increase (9.4)%55.4 %(5.7)%
Tenant improvements and leasing commissions:
Per square foot$127.75 $328.29 $118.49 
Per square foot per annum$11.41 $29.58 $13.62 
Percentage of initial rent11.4 %22.6 %27.3 %
________________________________
(1)Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.
(2)Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases and includes the effect of free rent and periodic step-ups in rent.
- 19 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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
Year Ended December 31, 2023    
Total square feet leased2,133 299 337 10 
Our share of square feet leased:1,661 239 332 
Initial rent(1)
$98.66 $118.47 $52.97 $134.70 
Weighted average lease term (years)10.0 6.5 7.2 5.9 
Second generation relet space:
Square feet1,476 131 244 
GAAP basis:
Straight-line rent(2)
$100.76 $103.53 $51.15 $124.51 
Prior straight-line rent$94.92 $85.80 $52.90 $110.40 
Percentage increase (decrease)6.2 %20.7 %(3.3)%12.8 %
Cash basis (non-GAAP):
Initial rent(1)
$100.55 $101.25 $53.78 $120.56 
Prior escalated rent$102.59 $85.25 $58.31 $117.75 
Percentage (decrease) increase(2.0)%18.8 %(7.8)%2.4 %
Tenant improvements and leasing commissions:
Per square foot$74.38 $142.38 $82.35 $135.20 
Per square foot per annum$7.44 $21.90 $11.44 $22.92 
Percentage of initial rent7.5 %18.5 %21.6 %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.
- 20 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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:
Fourth Quarter 2023(2)
223,000 $23,965,000 $107.47 2.0 %
First Quarter 202488,000 8,208,000 93.27 0.7 %
Second Quarter 2024403,000 38,139,000 94.64 3.2 %
Third Quarter 202466,000 5,228,000 79.21 0.4 %
Fourth Quarter 2024156,000 11,960,000 76.67 1.0 %
 Total 2024713,000 63,535,000 89.11 5.3 %
 2025586,000 45,758,000 78.09 3.8 %
 20261,163,000 94,536,000 81.29 7.9 %
 20271,301,000 102,958,000 79.14 8.6 %
20281,044,000 84,045,000 80.50 7.0 %
20291,241,000 100,418,000 80.92 8.4 %
2030643,000 54,540,000 84.82 4.6 %
2031891,000 80,847,000 90.74 6.8 %
2032958,000 94,504,000 98.65 7.9 %
2033502,000 42,938,000 85.53 3.6 %
Thereafter5,012,000 (3)408,646,000 81.53 34.1 %
Retail:
Fourth Quarter 2023(2)
11,000 $1,122,000 $102.00 0.4 %
 First Quarter 202492,000 2,926,000 31.80 1.2 %
Second Quarter 202479,000 8,919,000 112.90 3.5 %
Third Quarter 20243,000 7,271,000 2,423.67 2.9 %
Fourth Quarter 202423,000 1,416,000 61.57 0.6 %
Total 2024197,000 20,532,000 104.22 8.2 %
202550,000 13,076,000 261.52 5.1 %
202682,000 26,414,000 322.12 10.4 %
 202732,000 20,509,000 640.91 8.1 %
 202832,000 14,731,000 460.34 5.8 %
202953,000 27,460,000 518.11 10.8 %
 2030153,000 23,416,000 153.05 9.2 %
 203168,000 30,383,000 446.81 12.0 %
 203257,000 29,537,000 518.19 11.6 %
 203317,000 6,022,000 354.24 2.4 %
Thereafter368,000 40,900,000 111.14 16.0 %
________________________________
(1)    Excludes storage, vacancy and other.
(2)    Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter.
(3)    Assumes U.S. Post Office exercises all lease renewal options through 2038 for 492,000 square feet at 909 Third Avenue given the below-market rent on their options.
- 21 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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:
Fourth Quarter 2023(2)
16,000 $825,000 $51.56 0.6 %
 First Quarter 202475,000 3,914,000 52.19 2.6 %
Second Quarter 202448,000 2,884,000 60.08 1.9 %
Third Quarter 202426,000 1,846,000 71.00 1.2 %
Fourth Quarter 202479,000 4,428,000 56.05 3.0 %
Total 2024228,000 13,072,000 57.33 8.7 %
 2025212,000 11,793,000 57.25 7.9 %
 2026288,000 16,777,000 58.25 11.4 %
2027184,000 10,161,000 55.22 6.8 %
2028705,000 35,385,000 50.19 23.9 %
 2029133,000 7,342,000 55.20 4.9 %
203047,000 2,997,000 63.77 2.0 %
2031299,000 14,432,000 48.27 9.7 %
2032420,000 20,386,000 48.54 13.8 %
203354,000 2,670,000 49.44 1.8 %
Thereafter273,000 12,683,000 46.46 8.5 %
________________________________
(1)    Excludes storage, vacancy and other.
(2)    Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter.
- 22 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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:
Fourth Quarter 2023(2)
— $— $— 0.0 %
First Quarter 2024— — — 0.0 %
Second Quarter 2024— — — 0.0 %
Third Quarter 2024— — — 0.0 %
Fourth Quarter 202465,000 6,956,000 107.02 6.2 %
Total 202465,000 6,956,000 107.02 6.2 %
2025274,000 25,711,000 93.84 23.0 %
 2026238,000 24,413,000 102.58 21.8 %
 202765,000 6,241,000 96.02 5.6 %
2028112,000 10,586,000 94.52 9.5 %
 2029120,000 11,962,000 99.68 10.7 %
 2030109,000 10,013,000 91.86 9.0 %
 2031— — — 0.0 %
 20325,000 670,000 134.00 0.6 %
 203315,000 1,747,000 116.47 1.6 %
Thereafter173,000 13,501,000 78.04 12.0 %
________________________________
(1)    Excludes storage, vacancy and other.
(2)    Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter.

- 23 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
CONSOLIDATED
(Amounts in thousands)  
Year Ended December 31,
202320222021
Amounts paid for capital expenditures:
Expenditures to maintain assets$102,335 $85,573 $75,133 
Tenant improvements65,377 41,934 68,284 
Leasing commissions29,074 16,005 36,274 
Recurring tenant improvements, leasing commissions and other capital expenditures196,786 143,512 179,691 
Non-recurring capital expenditures(1)
43,384 32,583 19,849 
Total capital expenditures and leasing commissions$240,170 $176,095 $199,540 
 Year Ended December 31,
 202320222021
Amounts paid for development and redevelopment expenditures(2):
   
PENN 2$301,020 $266,676 $105,267 
PENN 185,795 102,445 171,824 
Hotel Pennsylvania site69,525 77,965 54,280 
THE MART 2.026,232 10,130 729 
PENN Districtwide improvements16,699 11,096 14,116 
The Farley Building13,643 224,382 202,414 
PENN 115,765 10,430 418 
220 CPS5,011 10,186 19,351 
Other29,011 24,689 17,541 
$552,701 $737,999 $585,940 
________________________________
(1)Primarily tenant improvements and leasing commissions on first generation space.
(2)Inclusive of capitalized interest expense, operating expenses and development payroll.
- 24 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
NEW YORK SEGMENT
(Amounts in thousands)
 Year Ended December 31,
202320222021
Amounts paid for capital expenditures:
Expenditures to maintain assets$80,126 $60,588 $61,420 
Tenant improvements49,220 27,862 59,522 
Leasing commissions26,860 10,465 27,284 
Recurring tenant improvements, leasing commissions and other capital expenditures156,206 98,915 148,226 
Non-recurring capital expenditures(1)
38,093 28,992 19,694 
Total capital expenditures and leasing commissions$194,299 $127,907 $167,920 
 Year Ended December 31,
 202320222021
Amounts paid for development and redevelopment expenditures(2):
   
PENN 2$301,020 $266,676 $105,267 
PENN 185,795 102,445 171,824 
Hotel Pennsylvania site69,525 77,965 54,280 
PENN Districtwide improvements16,699 11,096 14,116 
The Farley Building13,643 224,382 202,414 
PENN 115,765 10,430 418 
Other26,044 20,606 12,220 
$518,491 $713,600 $560,539 
________________________________
(1)Primarily tenant improvements and leasing commissions on first generation space.
(2)Inclusive of capitalized interest expense, operating expenses and development payroll.
- 25 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
THE MART
(Amounts in thousands)  
 Year Ended December 31,
202320222021
Amounts paid for capital expenditures:
Expenditures to maintain assets$13,420 $18,137 $7,199 
Tenant improvements16,144 11,977 5,683 
Leasing commissions2,102 2,610 2,047 
Recurring tenant improvements, leasing commissions and other capital expenditures31,666 32,724 14,929 
Non-recurring capital expenditures(1)
5,196 676 155 
Total capital expenditures and leasing commissions$36,862 $33,400 $15,084 
 Year Ended December 31,
 202320222021
Amounts paid for development and redevelopment expenditures(2):
   
THE MART 2.0$26,232 $10,130 $729 
Other2,967 4,083 1,068 
$29,199 $14,213 $1,797 
________________________________
(1)Primarily tenant improvements and leasing commissions on first generation space.
(2)Inclusive of capitalized interest expense, operating expenses and development payroll.
- 26 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
555 CALIFORNIA STREET   
(Amounts in thousands)   
 Year Ended December 31,
202320222021
Amounts paid for capital expenditures:
Expenditures to maintain assets$8,789 $6,848 $6,514 
Tenant improvements13 2,095 3,079 
Leasing commissions112 2,930 6,943 
Recurring tenant improvements, leasing commissions and other capital expenditures8,914 11,873 16,536 
Non-recurring capital expenditures(1)
95 2,915 — 
Total capital expenditures and leasing commissions$9,009 $14,788 $16,536 
 Year Ended December 31,
 202320222021
Amounts paid for development and redevelopment expenditures(2):
   
345 Montgomery Street$— $— $4,253 
________________________________
See notes below.
CAPITAL EXPENDITURES (unaudited)
OTHER
(Amounts in thousands)   
 Year Ended December 31,
 202320222021
Amounts paid for development and redevelopment expenditures(2):
   
220 CPS$5,011 $10,186 $19,351 
________________________________
(1)Primarily tenant improvements and leasing commissions on first generation space.
(2)Inclusive of capitalized interest expense, operating expenses and development payroll.

- 27 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
As of December 31, 2023
Joint Venture NameAsset
Category
Percentage OwnershipCompany's
Carrying
Amount
Company's
Pro rata
Share of Debt(1)
100% of
Joint Venture Debt(1)
Maturity Date(2)
Spread over SOFR
Interest Rate(3)
Fifth Avenue and Times Square JVRetail/Office51.5%$2,242,972 $419,127 $855,476 VariousVariousVarious
Alexander'sOffice/Retail32.4%87,510 355,280 1,096,544 VariousVariousVarious
Partially owned office buildings/land:
West 57th Street propertiesOffice/Retail/Land50.0%41,313 — — N/AN/A—%
280 Park AvenueOffice/Retail50.0%38,326 600,000 1,200,000 09/24S+2037.39%
512 West 22nd StreetOffice/Retail55.0%32,985 70,729 128,598 06/25S+2006.50%
825 Seventh AvenueOffice50.0%4,965 27,000 54,000 01/26S+2758.09%
61 Ninth AvenueOffice/Retail45.1%969 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%54,040 338,175 675,000 07/25N/A4.25%
Sunset Pier 94 Studios(4)
Studio Campus49.9%50,984 50 100 09/26S+47510.11%
Rosslyn PlazaOffice/Residential43.7% to 50.4%35,299 12,603 25,000 04/26(5)S+2007.37%
OtherVariousVarious21,195 124,295 665,854 VariousVariousVarious
$2,610,558 $2,183,826 $5,668,072 
Investments in partially owned entities included in other liabilities(6):
7 West 34th StreetOffice/Retail53.0%$(69,899)$159,000 $300,000 06/26N/A3.65%
85 Tenth AvenueOffice/Retail49.9%(11,330)311,875 625,000 12/26N/A4.55%
$(81,229)$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 4 for details.
(5)On April 6, 2023, we completed a $25,000 refinancing of Rosslyn Plaza. The new loan matures in April 2026 and bears interest at SOFR plus 2.00%.
(6)Our negative basis results from distributions in excess of our investment.
- 28 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
Percentage Ownership at December 31, 2023Our Share of Net Loss for the Three Months Ended December 31,Our Share of NOI (non-GAAP) for the Three Months Ended December 31,
 2023202220232022
Joint Venture Name
New York:     
Fifth Avenue and Times Square JV:
Equity in net income51.5%$8,152 $13,333 $30,204 $35,624 
Return on preferred equity, net of our share of the expense9,431 9,431 — — 
Non-cash impairment loss— (489,859)— — 
17,583 (467,095)30,204 35,624 
512 West 22nd Street55.0%(26,366)(1)(409)1,449 1,519 
West 57th Street properties50.0%(10,384)(1)(176)(126)113 
280 Park Avenue50.0%(6,435)(3,651)10,339 10,052 
Alexander's32.4%5,211 4,204 12,013 9,489 
85 Tenth Avenue49.9%(2,213)(2,713)3,049 2,542 
7 West 34th Street53.0%1,268 1,155 3,744 3,684 
Independence Plaza50.1%(787)(1,137)4,852 4,551 
61 Ninth Avenue45.1%11 205 1,966 1,952 
Other, netVarious(12,319)(1)(93,797)(1)4,903 5,138 
(34,431)(563,414)72,393 74,664 
Other:
Alexander's corporate fee income32.4%1,182 1,182 660 660 
Rosslyn Plaza43.7% to 50.4%342 278 1,031 1,086 
Other, netVarious(611)16,828 (2)735 811 
913 18,288 2,426 2,557 
Total$(33,518)$(545,126)$74,819 $77,221 
________________________________
(1)In 2023 and 2022, we recognized $50,458 and $93,353, respectively, of impairment losses.
(2)2022 includes $17,185 of net gains from dispositions of two investments.
- 29 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
Percentage Ownership at December 31, 2023Our Share of Net Income (Loss) for the Year Ended December 31,Our Share of NOI (non-GAAP) for the Year Ended December 31,
 2023202220232022
Joint Venture Name    
New York:    
Fifth Avenue and Times Square JV:
Equity in net income51.5%$35,209 (1)(2)$55,248 $119,604 (2)$139,308 
Return on preferred equity, net of our share of the expense37,416 37,416 — — 
Non-cash impairment loss— (489,859)— — 
72,625 (397,195)119,604 139,308 
Alexander's32.4%31,837 (3)18,439 40,098 37,469 
512 West 22nd Street55.0%(28,117)(4)(505)6,001 5,604 
280 Park Avenue50.0%(20,959)(5)(3,402)41,391 39,965 
West 57th Street properties50.0%(11,103)(4)(886)(110)350 
85 Tenth Avenue49.9%(10,437)(10,641)11,199 10,441 
7 West 34th Street53.0%4,723 4,495 14,714 14,681 
Independence Plaza50.1%(2,622)(4,677)19,788 17,972 
61 Ninth Avenue45.1%(20)1,367 7,646 6,993 
Other, netVarious(3,003)(4)(93,172)(4)14,105 20,997 
32,924 (486,177)274,436 293,780 
Other:
Alexander's corporate fee income32.4%5,238 4,534 2,998 2,442 
Rosslyn Plaza43.7% to 50.4%1,562 1,554 4,392 4,477 
Other, netVarious(1,035)18,738 (6)3,935 5,294 
5,765 24,826 11,325 12,213 
Total$38,689 $(461,351)$285,761 $305,993 
________________________________
(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)In 2023 and 2022, we recognized $50,458 and $93,353, respectively, of impairment losses.
(5)Decrease primarily due to an increase in variable rate interest expense.
(6)2022 includes $17,185 of net gains from dispositions of two investments.

- 30 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
CAPITAL STRUCTURE (unaudited)
(Amounts in thousands, except per share and per unit amounts)
As of December 31, 2023
Debt (contractual balances):
Consolidated debt(1):
Mortgages payable$5,729,615 
Senior unsecured notes1,200,000 
$800 Million unsecured term loan800,000 
$2.5 Billion unsecured revolving credit facilities575,000 
8,304,615 
Pro rata share of debt of non-consolidated entities2,654,701 
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)(682,059)
10,277,257 (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
December 31, 2023 Common Share Price 
Equity:   
Common shares190,391 $28.25 5,378,546 
Redeemable Class A units and LTIP Unit awards17,000 28.25 480,250 
Convertible share equivalents: 
Series D-13 preferred units1,653 28.25 46,697 
Series G-1 through G-4 preferred units90 28.25 2,543 
Series A preferred shares
25 28.25 706 
 
 5,908,742 (C)
Total Market Capitalization (A+B+C) $17,409,034 
________________________________
(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 December 31, 2023.
- 31 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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):
2023
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
High price$32.21 $26.21 $18.55 $26.76 
Low price$18.36 $17.28 $12.31 $12.53 
Closing price - end of quarter$28.25 $22.68 $18.14 $15.37 
Outstanding shares, Class A units and convertible preferred units as converted (in thousands)209,159 209,448 210,336 209,950 
Closing market value of outstanding shares, Class A units and convertible preferred units as converted$5.9 Billion$4.8 Billion$3.8 Billion$3.2 Billion
In 2023, we paid an aggregate common dividend of $0.675 per common share, representing a 2.4% dividend yield based on our $28.25 quarter end closing stock price.
- 32 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
DEBT ANALYSIS (unaudited)
(Amounts in thousands)
As of December 31, 2023
TotalVariable
Fixed(1)
(Contractual debt balances)AmountWeighted Average Interest RateAmountWeighted Average Interest RateAmountWeighted Average Interest Rate
Consolidated debt(2)
$8,304,615 3.94%$1,311,415 6.26%$6,993,200 3.50%
Pro rata share of debt of non-consolidated entities2,654,701 5.38%1,453,609 6.62%1,201,092 3.87%
Total10,959,316 4.28%2,765,024 6.45%8,194,292 3.55%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)(682,059)(397,059)(285,000)
Company's pro rata share of total debt$10,277,257 4.22%$2,367,965 6.31%$7,909,292 3.59%
As of December 31, 2023, $1,305,006 of variable rate debt (at share) is subject to interest rate cap arrangements, the $1,062,959 of variable rate debt not subject to interest rate cap arrangements represents 10% 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:(3)
 RequiredActualRequiredActual
Total outstanding debt/total assets(4)
Less than 65%50%Less than 60%36%
Secured debt/total assetsLess than 50%33%Less than 50%27%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)Greater than 1.502.15 N/A
Fixed charge coverage N/AGreater than 1.402.08
Unencumbered assets/unsecured debtGreater than 150%320% N/A
Unsecured debt/cap value of unencumbered assets
 N/ALess than 60%20%
Unencumbered coverage ratio N/AGreater than 1.506.56
Consolidated Unencumbered EBITDA (non-GAAP):
 Q4 2023
Annualized
New York$279,904 
Other107,640 
Total$387,544 
________________________________
(1)Includes variable rate debt with interest rates fixed by interest rate swap arrangements and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement.
(2)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 December 31, 2023.
(3)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.
(4)Total assets include EBITDA capped at 7.0% under the senior unsecured notes due 2025, 2026 and 2031 and 6.0% under the unsecured revolving credit facilities and unsecured term loan.
- 33 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
HEDGING INSTRUMENTS AS OF DECEMBER 31, 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)840,000 05/266.03%
770 Broadway mortgage loan700,000 07/27S+225700,000 07/274.98%
PENN 11 mortgage loan
In-place swap500,000 10/25S+206500,000 03/242.22%
Forward swap (effective 05/24)(2)
250,000 10/256.34%
Unsecured revolving credit facility575,000 12/27S+114575,000 08/273.87%
Unsecured term loan800,000 12/27S+129
Through 07/25700,000 07/254.52%
07/25 through 10/26550,000 10/264.35%
10/26 through 8/2750,000 08/274.03%
100 West 33rd Street mortgage loan480,000 06/27S+165480,000 06/275.06%
888 Seventh Avenue mortgage loan259,800 12/25S+180200,000 09/274.76%
4 Union Square South mortgage loan120,000 08/25S+15098,200 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%
Interest Rate Caps:Index Strike Rate
Cash Interest Rate(3)
Effective Interest Rate(4)
Consolidated:
1290 Avenue of the Americas mortgage loan$665,000 11/28S+162$665,000 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 loan75,000 02/28S+21575,000 02/265.00%7.15%7.10%
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 loan(6)
75,543 01/26S+14675,543 02/244.39%5.85%6.02%
512 West 22nd Street mortgage loan70,729 06/25S+20070,729 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%
Debt subject to interest rate swaps and subject to a 1.00% SOFR interest rate cap$4,896,568 
Variable rate debt subject to interest rate caps1,305,006 
Fixed rate debt per loan agreements3,012,724 
Variable rate debt not subject to interest rate swaps or caps1,062,959 
(5)
Total debt at share$10,277,257 
________________________________
(1)Assumes the exercise of as-of-right extension options.
(2)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 $500,000 loan will bear interest at an all-in swapped rate of 6.28% effective March 2024 through October 2025.
(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)Our exposure to SOFR index increases is partially mitigated by an increase in interest income on our cash, cash equivalents and restricted cash.
(6)In February 2024, we entered into a 4.39% interest rate cap arrangement expiring January 2026 and effective upon expiration of the currently in-place cap.

See page 6 for details of interest rate hedging arrangements entered into during 2023.
- 34 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property
Maturity Date(1)
Spread over SOFR
Interest Rate(2)
20242025202620272028ThereafterTotal
Secured Debt:
435 Seventh Avenue04/24S+1416.76%$95,696$$$$$$95,696
606 Broadway (50.0% interest)09/24S+1915.91%74,11974,119
4 Union Square South08/254.30%120,000120,000
PENN 1110/252.22%500,000500,000
888 Seventh Avenue(3)
12/255.31%259,800259,800
One Park Avenue03/26S+1225.11%525,000525,000
350 Park Avenue01/273.92%400,000400,000
100 West 33rd Street06/275.06%480,000480,000
770 Broadway07/274.98%700,000700,000
150 West 34th Street02/287.15%75,00075,000
555 California Street (70.0% interest)05/283.83%1,200,0001,200,000
1290 Avenue of the Americas (70.0% interest)11/282.62%950,000950,000
909 Third Avenue04/313.23%350,000350,000
Total Secured Debt169,815879,800525,0001,580,0002,225,000350,0005,729,615
Unsecured Debt:
Senior unsecured notes due 202501/253.50%450,000450,000
$1.25 Billion unsecured revolving credit facility04/26S+1190.00%
Senior unsecured notes due 202606/262.15%400,000400,000
$1.25 Billion unsecured revolving credit facility12/273.87%
(4)
575,000575,000
$800 Million unsecured term loan12/274.79%
(4)
800,000800,000
Senior unsecured notes due 203106/313.40%350,000350,000
Total Unsecured Debt450,000400,0001,375,000350,0002,575,000
Total Debt$169,815$1,329,800$925,000$2,955,000$2,225,000$700,000$8,304,615
Weighted average rate6.39%3.44%3.83%4.58%3.43%3.32%3.94%
Fixed rate debt(5)
$$1,248,200$400,000$2,855,000$1,790,000$700,000$6,993,200
Fixed weighted average rate expiring0.00%3.21%2.15%4.51%2.47%3.32%3.50%
Floating rate debt$169,815$81,600$525,000$100,000$435,000$$1,311,415
Floating weighted average rate expiring6.39%7.06%5.11%6.65%7.37%0.00%6.26%
________________________________
(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)In December 2023, we entered into a loan modification pursuant to which principal amortization is waived for a period of time.
(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, and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement. See the previous page for information on interest rate swap arrangements.

- 35 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 $167,180 9.3 %
IPG and affiliates1,044,715 69,186 3.9 %
Citadel 585,460 62,498 3.5 %
New York University685,290 48,886 2.7 %
Google/Motorola Mobility (guaranteed by Google)759,446 41,765 2.3 %
Bloomberg L.P.306,768 41,279 2.3 %
Amazon (including its Whole Foods subsidiary)312,694 30,699 1.7 %
Neuberger Berman Group LLC306,612 28,184 1.6 %
Swatch Group USA11,957 27,333 1.5 %
Madison Square Garden & Affiliates408,031 27,326 1.5 %
AMC Networks, Inc.326,717 25,830 1.4 %
LVMH Brands65,060 25,442 1.4 %
Bank of America247,459 25,320 1.4 %
Apple Inc.412,434 24,076 1.3 %
Equitable Financial Life Insurance Company211,247 20,992 1.2 %
Victoria's Secret33,156 20,087 1.1 %
PwC241,196 19,126 1.1 %
PJT Partners Holding134,953 18,672 1.0 %
Macy's242,837 18,218 1.0 %
Fast Retailing (Uniqlo)47,167 13,741 0.8 %
The City of New York232,010 12,110 0.7 %
King & Spalding122,859 11,979 0.7 %
Foot Locker 149,987 11,716 0.6 %
WSP USA 172,666 11,166 0.6 %
AbbVie Inc.168,673 11,166 0.6 %
Axon Capital93,127 10,915 0.6 %
Burlington Coat Factory108,844 10,525 0.6 %
Cushman & Wakefield127,485 10,312 0.6 %
Alston & Bird LLP126,872 10,177 0.6 %
Aetna Life Insurance Company64,196 10,139 0.6 %
48.2 %
________________________________
(1)Represents monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rents at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space.
- 36 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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:      
Office20,383 17,552 1,551 15,818 — 183 — 
Retail2,394 1,955 271 — 1,684 — — 
Residential - 1,662 units
1,498 764 19 — — — 745 
Alexander's (32.4% interest), including 312 residential units2,455 795 40 305 368 — 82 
 26,730 21,066 1,881 16,123 2,052 183 827 
Other:     
THE MART3,688 3,679 — 2,099 108 1,257 215 
555 California Street (70% interest)1,819 1,274 — 1,240 34 — — 
Other2,845 1,346 144 212 879 — 111 
 8,352 6,299 144 3,551 1,021 1,257 326 
Total square feet at December 31, 202335,082 27,365 2,025 19,674 3,073 1,440 1,153 
Total square feet at September 30, 202334,901 27,184 1,748 19,741 3,102 1,440 1,153 
At 100%
Parking Garages (not included above):Square FeetNumber of
Garages
Number of
Spaces
  
New York1,635 4,685   
THE MART558 1,643   
555 California Street168 461   
Rosslyn Plaza411 1,094   
Total at December 31, 20232,772 18 7,883   
- 37 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
OCCUPANCY (unaudited)
New YorkTHE MART
555 California Street
Occupancy rate at:
December 31, 202389.4 %79.2 %94.5 %
September 30, 202389.9 %76.8 %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:    
December 31, 20231,97493996.8%$4,115
September 30, 20231,97493996.6%$4,061
December 31, 20221,97694196.7%$3,882
September 30, 20221,98394896.8%$3,877
- 38 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 is currently ongoing and the timing is uncertain. The final fair market value determination may be materially higher or lower than our January 2022 estimate.
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 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 Center5,697 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(1)
(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)On August 28, 2023, we amended and restated the Pier 94 lease agreement. See page 4 for details.
- 39 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 %$79.79 2,254,000 2,254,000 — Canaccord Genuity LLC*
-Retail100.0 %100.0 %178.14 303,000 75,000 228,000 Bank of America, Starbucks, Blue Bottle Coffee Inc., Shake Shack
 100.0 %82.4 %83.03 $180,300 2,557,000 2,329,000 228,000 $— 
PENN 2      
-Office100.0 %100.0 %61.96 1,752,000 334,000 1,418,000 Madison Square Garden, EMC
-Retail100.0 %100.0 %618.21 43,000 4,000 39,000 JPMorgan Chase
 100.0 %100.0 %68.82 32,500 1,795,000 338,000 1,457,000 575,000 
(4)
 
The Farley Building
(ground and building leased through 2116)**
-Office95.0 %100.0 %117.55 730,000 730,000 — Meta Platforms, Inc.
-Retail95.0 %36.3 %311.49 117,000 117,000 — Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels
95.0 %91.4 %128.00 98,900 847,000 847,000 — — 
PENN 11        
-Office100.0 %100.0 %72.05 1,110,000 1,110,000 —  Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's
-Retail100.0 %80.1 %150.79 39,000 39,000 — PNC Bank National Association, Starbucks
 100.0 %99.3 %74.26 79,100 1,149,000 1,149,000 — 500,000  
100 West 33rd Street        
-Office100.0 %89.5 %67.90 859,000 859,000 — IPG and affiliates
-Retail100.0 %3.6 %100.00 255,000 255,000 — Aeropostale
100.0 %70.6 %68.26 52,800 1,114,000 1,114,000 — 480,000 
330 West 34th Street        
(65.2% ground leased through 2149)**       
-Office100.0 %75.4 %76.78 702,000 702,000 — Structure Tone, Deutsch, Inc., Web.com, Footlocker, HomeAdvisor, Inc.
-Retail100.0 %91.1 %129.27 22,000 22,000 — Starbucks
 100.0 %75.7 %78.22 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 %81.51 458,000 458,000 — Amazon
-Retail53.0 %100.0 %344.45 19,000 19,000 — Amazon, Lindt, Naturalizer (guaranteed by Caleres)
 53.0 %100.0 %92.61 43,300 477,000 477,000 — 300,000  
431 Seventh Avenue        
-Retail100.0 %100.0 %249.85 1,100 9,000 9,000 — — Essen
138-142 West 32nd Street        
-Retail100.0 %80.3 %121.80 400 8,000 8,000 — —  
150 West 34th Street
-Retail100.0 %100.0 %112.53 8,800 78,000 78,000 — 75,000 
(6)
Old Navy
- 40 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 %$103.71 $300 3,000 3,000 — $—  
131-135 West 33rd Street        
-Retail100.0 %100.0 %62.37 1,400 23,000 23,000 — —  
Other (3 buildings)
-Retail100.0 %65.4 %189.68 1,600 16,000 16,000 — — 
Total PENN District   543,600 8,843,000 7,158,000 1,685,000 2,125,696  
Midtown East:        
909 Third Avenue       
(ground leased through 2063)**       IPG and affiliates, AbbVie Inc., United States Post Office,
-Office100.0 %95.0 %66.99
(7)
60,900 1,351,000 1,351,000 — 350,000 Geller & Company, Morrison Cohen LLP, Sard Verbinnen
150 East 58th Street(8)
        
-Office100.0 %83.1 %82.31 541,000 541,000 — Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail100.0 %100.0 %96.40 3,000 3,000 —  
 100.0 %83.2 %82.39 36,900 544,000 544,000 — —  
715 Lexington Avenue        
-Retail100.0 %100.0 %198.15 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 %187.39 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 %86.4 %99.33 872,000 872,000 — Vornado Executive Headquarters, United Talent Agency
-Retail100.0 %100.0 %313.88 15,000 15,000 — Redeye Grill L.P.
 100.0 %86.5 %101.54 77,200 887,000 887,000 — 259,800  
57th Street - 2 buildings        
-Office50.0 %85.4 %61.55 81,000 81,000 — 
-Retail50.0 %42.5 %125.51 22,000 22,000 —  
 50.0 %78.3 %67.34 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 %149.44 4,000 4,000 — 
80.1 %61.65 8,400 173,000 173,000 — 54,000 
Total Midtown West   90,700 1,163,000 1,163,000 — 313,800 
- 41 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 %95.3 %$115.74 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 %95.3 %114.60 $137,400 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   199,900 1,850,000 1,850,000 — 1,600,000 
Grand Central:        
90 Park Avenue       Alston & Bird, Capital One, PwC, MassMutual,
-Office100.0 %95.6 %82.36 938,000 938,000 — Factset Research Systems Inc., Foley & Lardner
-Retail100.0 %72.8 %166.58 18,000 18,000 — Citibank, Starbucks
 100.0 %95.2 %83.54 73,400 956,000 956,000 — —  
Madison/Fifth:         
640 Fifth Avenue        Fidelity Investments, Abbott Capital Management,
-Office52.0 %91.6 %111.37 246,000 246,000 — Avolon Aerospace, Houlihan Lokey Advisors Parent, Inc.
-Retail52.0 %96.2 %1,093.28 69,000 69,000 — Victoria's Secret, Dyson
 52.0 %92.3 %266.77 73,800 315,000 315,000 — 500,000  
666 Fifth Avenue        
-Retail52.0 %100.0 %425.53 44,500 114,000 (9)114,000 — — Fast Retailing (Uniqlo), Abercrombie & Fitch, Tissot
595 Madison Avenue        LVMH Moet Hennessy Louis Vuitton Inc.,
-Office100.0 %88.8 %80.63 300,000 300,000 — Albea Beauty Solutions, Aerin LLC
-Retail100.0 %100.0 %739.47 30,000 30,000 — Fendi, Berluti, Christofle Silver Inc.
 100.0 %89.5 %127.27 38,900 330,000 330,000 — —  
650 Madison Avenue        Sotheby's International Realty, Inc., BC Partners Inc.,
-Office20.1 %85.8 %101.83 564,000 564,000 — Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)
-Retail20.1 %94.3 %1,057.23 37,000 37,000 — Moncler USA Inc., Tod's, Celine, Balmain
 20.1 %86.1 %143.92 71,400 601,000 601,000 — 800,000  
689 Fifth Avenue         
-Office52.0 %100.0 %95.71 81,000 81,000 — Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail52.0 %100.0 %1,075.53 17,000 17,000 — MAC Cosmetics, Canada Goose
 52.0 %100.0 %211.43 20,700 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 %2,561.30 38,600 26,000 26,000 — 355,476 Swatch Group USA, Harry Winston
Total Madison/Fifth    305,300 1,541,000 1,541,000 — 1,655,476  
- 42 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 %78.5 %$113.49 1,077,000 1,077,000 — Meta Platforms, Inc., Yahoo Inc.
-Retail100.0 %92.0 %93.37 106,000 106,000 — Bank of America N.A., Wegmans Food Markets
 100.0 %79.7 %111.55 $103,500 1,183,000 1,183,000 — $700,000  
One Park Avenue        
         New York University, BMG Rights Management LLC,
-Office100.0 %95.4 %72.47 867,000 867,000 — Robert A.M. Stern Architect
-Retail100.0 %90.1 %82.32 78,000 78,000 — Bank of Baroda, Citibank, Equinox
 100.0 %95.0 %73.23 64,300 945,000 945,000 — 525,000  
4 Union Square South        
-Retail100.0 %100.0 %135.72 27,700 204,000 204,000 — 120,000 Burlington, Whole Foods Market, DSW, Sephora
Total Midtown South    195,500 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 %90.98 2,044,000 2,044,000 — Fubotv Inc, LinkLaters, King & Spalding*
-Retail70.0 %94.0 %231.71 76,000 76,000 — Duane Reade, JPMorgan Chase Bank, Starbucks
Total Rockefeller Center70.0 %99.8 %94.52 193,400 2,120,000 2,120,000 — 950,000 
SoHo:        
606 Broadway (19 East Houston Street)
-Office50.0 %79.1 %105.32 30,000 30,000 — 
-Retail50.0 %100.0 %722.55 6,000 6,000 — HSBC, Harman International
50.0 %81.8 %204.52 5,800 36,000 36,000 — 74,119 
304-306 Canal Street
-Retail100.0 %100.0 %59.72 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 SoHo6,000 63,000 40,000 23,000 74,119 
- 43 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 %$119.61 $15,400 161,000 161,000 — $— U.S. Polo
1535 Broadway        
-Retail52.0 %100.0 %1,227.28 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 %471.12 46,800 107,000 107,000 — —  
Total Times Square   62,200 268,000 268,000 — —  
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 %49.48 10,400 209,000 209,000 — — The City of New York
85 Tenth AvenueGoogle, Telehouse International Corp.,
-Office49.9 %86.4 %93.78 595,000 595,000 — Clear Secure, Inc., Shopify*
-Retail49.9 %55.0 %51.41 43,000 43,000 — 
49.9 %84.5 %92.09 49,100 638,000 638,000 — 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 %146.56 171,000 171,000 — Aetna Life Insurance Company, Apple Inc.
-Retail45.1 %100.0 %395.85 23,000 23,000 — Starbucks
45.1 %100.0 %162.96 33,900 194,000 194,000 — 167,500 
512 West 22nd StreetWarner Media, Next Jump, Omniva LLC,
-Office55.0 %84.5 %122.28 165,000 165,000 — Capricorn Investment Group
-Retail55.0 %100.0 %105.03 8,000 8,000 — Galeria Nara Roesler, Harper's Books
55.0 %85.2 %121.35 17,800 173,000 173,000 — 128,598 
Total Chelsea/Meatpacking District114,000 1,231,000 1,231,000 — 921,098 
- 44 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 %99.7 %$— $— 283,000 283,000 — $83,500  
Tribeca:        
Independence Plaza        
-Residential (1,327 units)50.1 %96.3 %1,186,000 1,186,000 —  
-Retail50.1 %57.6 %86.85 72,000 72,000 — Duane Reade
 50.1 %4,600 1,258,000 1,258,000 — 675,000  
339 Greenwich Street        
-Retail100.0 %100.0 %77.13 400 8,000 8,000 — — Sarabeth's
Total Tribeca   5,000 1,266,000 1,266,000 — 675,000  
New Jersey:        
Paramus        
-Office100.0 %81.2 %25.83 2,600 129,000 129,000 — — Vornado's Administrative Headquarters
Property under Development:
Sunset Pier 94 Studios
     (ground and building leased through 2110)**
‘-Studio49.9 %— — — 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:
Total91.1 %$88.54 $1,460,200 20,383,000 18,699,000 1,684,000 $8,614,998 
Vornado's Ownership Interest90.7 %$86.30 $1,210,200 17,552,000 16,001,000 1,551,000 $6,154,771 
New York Retail:
Total77.2 %$272.09 $440,200 2,394,000 2,123,000 271,000 $720,291 
Vornado's Ownership Interest74.9 %$224.88 $291,000 1,955,000 1,684,000 271,000 $486,958 
New York Residential:
Total96.7 %1,498,000 1,479,000 19,000 $758,500 
Vornado's Ownership Interest96.8 %764,000 745,000 19,000 $379,842 
- 45 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 %$135.44 939,000 939,000 — $500,000 Bloomberg L.P.
-Retail32.4 %90.3 %252.89 140,000 140,000 — 300,000 The Home Depot, Hutong, Capital One
 32.4 %98.9 %147.65 $155,400 1,079,000 1,079,000 — 800,000  
        
Rego Park I, Queens (4.8 acres)32.4 %100.0 %53.08 11,400 338,000 214,000 124,000 Burlington, Marshalls, IKEA
Rego Park II (adjacent to Rego Park I),        
Queens (6.6 acres)32.4 %76.9 %70.28 32,900 616,000 616,000 — 202,544 Costco, Kohl's, TJ Maxx, Best Buy*
Flushing, Queens (1.0 acre ground leased through 2037)** 32.4 %100.0 %32.82 5,500 167,000 167,000 — New World Mall LLC
The Alexander Apartment Tower,        
Rego Park, Queens, NY        
-Residential (312 units)32.4 %95.2 %255,000 255,000 — 94,000  
Total Alexander's32.4 %92.6 %107.78 205,200 2,455,000 2,331,000 124,000 1,096,544  
Total New York 90.0 %$104.10 $2,105,700 26,730,000 24,632,000 2,098,000 $11,190,333  
Vornado's Ownership Interest 89.4 %$97.33 $1,610,700 21,066,000 19,185,000 1,881,000 $7,376,851  
________________________________
*    Lease not yet commenced.
**    Term assumes all renewal options exercised, if applicable.
(1)Weighted average escalated annual rent per square foot and average occupancy percentage for office properties excludes garages and de minimis amounts of storage space. Weighted average escalated annual rent per square foot for retail excludes non-selling space.
(2)Represents monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rents at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space. Includes rent from storage and other non-selling space and excludes rent from residential units.
(3)Represents contractual debt obligations.
(4)Secured amount outstanding on revolving credit facilities.
(5)Amount represents debt on land which is owned 34.8% by Vornado.
(6)On October 4, 2023, we completed a $75,000 refinancing of 150 West 34th Street. See page 5 for details.
(7)Excludes US Post Office lease for 492,000 square feet.
(8)Includes 962 Third Avenue (the Annex building to 150 East 58th Street) 50.0% ground leased through 2118**.
(9)75,000 square feet is leased from 666 Fifth Avenue Office Condominium.
- 46 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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, IPG and affiliates*,
Chicago School of Professional Psychology, ConAgra Foods Inc.,
Innovation Development Institute, Inc., Avant LLC,
Allstate Insurance Company, Medline Industries, Inc,
-Office100.0 %84.3 %$48.87 $87,600 2,099,000 2,099,000 — Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.
-Showroom/Trade show100.0 %72.7 %57.53 60,700 1,472,000 1,472,000 — 
-Retail100.0 %64.5 %50.57 3,000 98,000 98,000 — 
100.0 %79.1 %52.07 151,300 3,669,000 3,669,000 — $— 
Other (2 properties)50.0 %100.0 %50.17 1,000 19,000 19,000 — 27,354 
Total THE MART, Chicago152,300 3,688,000 3,688,000 — 27,354 
Property to be Developed:
527 West Kinzie, Chicago100.0 %— — — — — — — 
Total THE MART79.2 %$52.06 $152,300 3,688,000 3,688,000  $27,354 
Vornado's Ownership Interest79.2 %$52.06 $151,800 3,679,000 3,679,000 $13,677 
555 California Street:
555 California Street70.0 %98.7 %$95.68 $139,600 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 %90.12 20,800 235,000 235,000 — — 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 %$94.93 $160,400 1,819,000 1,819,000 $1,200,000 
Vornado's Ownership Interest94.5 %$94.93 $112,300 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.
- 47 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 %$55.12 736,000 432,000 — 304,000 Corporate Executive Board, Nathan Associates
-Residential - 2 buildings (197 units)43.7 %96.4 %253,000 253,000 — — 
45.6 %$13,566 989,000 685,000 — 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 %97.1 %39.73 868,000 868,000 — — 412,700 Macy's, Nordstrom
7.5 %93.5 %41.87 51,925 1,038,000 1,038,000 — — 455,000 
New Jersey:
Wayne Town Center, Wayne
    (ground leased through 2064)**
100.0 %100.0 %31.51 12,193 690,000 243,000 443,000 4,000 — JCPenney, Costco, Dick's Sporting Goods,
Nordstrom Rack, UFC FIT
Atlantic City
    (11.3 acres ground leased through 2070 to VICI
    Properties for a portion of the Borgata Hotel
    and Casino complex)
100.0 %100.0 %— — — — — — — VICI Properties (ground lessee)
Maryland:
Annapolis
    (ground and building leased through 2042)**
100.0 %100.0 %11.70 1,500 128,000 128,000 — — — The Home Depot
Total Other89.2 %$38.98 $79,184 2,845,000 2,094,000 443,000 308,000 $480,000 
Vornado's Ownership Interest91.9 %$30.10 $23,855 1,346,000 759,000 443,000 144,000 $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.

- 48 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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
  
Floris van DijkumMark Streeter/Ian Snyder Michael Lewis
Compass PointJP Morgan Fixed IncomeTruist Securities
646-757-2621212-834-5086/212-834-3798212-319-5659
   
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.
- 49 -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg




APPENDIX
DEFINITIONS AND NON-GAAP RECONCILIATIONS



https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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, 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.
Funds Available For Distribution ("FAD") - FAD is defined as FFO less (i) cash basis recurring tenant improvements, leasing commissions and capital expenditures, (ii) straight-line rents and amortization of acquired below-market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. FAD is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure that management believes provides useful information regarding the Company's ability to fund its dividends.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") - EBITDAre (i.e., EBITDA for real estate companies) is a non-GAAP financial measure established by NAREIT, which may not be comparable to EBITDA reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition. NAREIT defines EBITDAre as GAAP net income or loss, plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property including losses and gains on change of control, plus impairment write-downs of depreciated property and of investments in unconsolidated entities caused by a decrease in value of depreciated property in the joint venture, plus adjustments to reflect the entity's share of EBITDA of unconsolidated entities. The Company has included EBITDAre because it is a performance measure used by other REITs and therefore may provide useful information to investors in comparing Vornado's performance to that of other REITs.
- i -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET (LOSS) 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 Year Ended
December 31,
December 31,September 30, 2023
2023202220232022
Net (loss) income attributable to common shareholders$(61,013)$(493,280)$52,846 $43,378 $(408,615)
Per diluted share$(0.32)$(2.57)$0.28 $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 assets72,664 595,488 625 73,289 595,488 
Our share of (income) loss from real estate fund investments(13,638)463 (480)(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 3,115 11,722 13,665 
Change in deferred tax assets related to taxable REIT subsidiaries1,926 (2,971)(1,486)(188)(4,304)
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)— 
Our share of Alexander's gain on sale of Rego Park III land parcel— — — (16,396)— 
Other8,252 (15,198)7,295 10,530 8,053 
75,213 551,491 (43,975)7,844 575,373 
Noncontrolling interests' share of above adjustments and assumed conversion of dilutive potential common shares(6,160)(38,257)3,974 64 (40,290)
Total of certain expense (income) items that impact net (loss) income attributable to common shareholders69,053 513,234 (40,001)7,908 535,083 
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 

- ii -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET (LOSS) 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 Year Ended
December 31,
December 31,September 30, 2023
2023202220232022
Reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):
Net (loss) income attributable to common shareholders$(61,013)$(493,280)$52,846 $43,378 $(408,615)
Per diluted share$(0.32)$(2.57)$0.28 $0.23 $(2.13)
FFO adjustments:
Depreciation and amortization of real property$98,085 $121,900 $97,809 $385,608 $456,920 
Real estate impairment losses22,206 
(1)
19,098 625 22,831 
(1)
19,098 
Net gains on sale of real estate— (30,397)(53,045)(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 26,765 108,088 130,647 
Net gain on sale of real estate— — — (16,545)(169)
Real estate impairment losses 50,458 
(2)
576,390 — 50,458 
(2)
576,390 
197,937 719,234 72,154 497,135 1,124,135 
Noncontrolling interests' share of above adjustments(16,207)(49,894)(5,900)(38,363)(77,912)
FFO adjustments, net$181,730 $669,340 $66,254 $458,772 $1,046,223 
FFO attributable to common shareholders (non-GAAP)$120,717 $176,060 $119,100 $502,150 $637,608 
Impact of assumed conversion of dilutive convertible securities388 405 387 1,642 1,320 
FFO attributable to common shareholders plus assumed conversions (non-GAAP)121,105 176,465 119,487 503,792 638,928 
Add back of FFO allocated to noncontrolling interests of the Operating Partnership10,766 13,107 10,607 41,609 47,421 
FFO attributable to Class A unitholders (non-GAAP)$131,871 $189,572 $130,094 $545,401 $686,349 
FFO per diluted share (non-GAAP)$0.62 $0.91 $0.62 $2.59 $3.30 
________________________________
(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.
- iii -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 Year Ended
December 31,
December 31,September 30, 2023
 2023202220232022
FFO attributable to common shareholders plus assumed conversions (non-GAAP)$121,105 $176,465 $119,487 $503,792 $638,928 
Per diluted share (non-GAAP)$0.62 $0.91 $0.62 $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 $(480)$(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 3,115 11,722 13,665 
Change in deferred tax assets related to taxable REIT subsidiaries1,926 (2,971)(1,486)(188)(4,304)
Other8,543 (11,415)7,296 11,231 (4,108)
2,840 (40,214)8,445 4,696 (32,276)
Noncontrolling interests' share of above adjustments(194)2,790 (691)(337)2,240 
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net$2,646 $(37,424)$7,754 $4,359 $(30,036)
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 

- iv -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 Year Ended
December 31,
December 31,September 30, 2023
2023202220232022
FFO attributable to common shareholders plus assumed conversions (non-GAAP)
(A)$121,105 $176,465 $119,487 $503,792 $638,928 
Adjustments to arrive at FAD (non-GAAP):
Certain items that impact FAD2,840 (40,214)8,445 4,696 (33,084)
Recurring tenant improvements, leasing commissions and other capital expenditures(74,181)(42,282)(56,687)(238,401)(164,179)
Stock-based compensation expense9,954 6,362 9,665 43,201 29,249 
Amortization of debt issuance costs13,881 7,358 10,012 41,895 25,117 
Personal property depreciation1,412 1,381 1,414 5,661 5,755 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other121 (2,156)(2,980)(3,377)(10,980)
Noncontrolling interests in the Operating Partnership's share of above adjustments3,133 4,657 2,465 10,456 10,032 
FAD adjustments, net(B)(42,840)(64,894)(27,666)(135,869)(138,090)
FAD (non-GAAP)(A+B)$78,265 $111,571 $91,821 $367,923 $500,838 
FAD payout ratio (1)
75.0 %93.0 %0.0 %35.7 %81.9 %
________________________________
(1)FAD payout ratios on a quarterly basis are not necessarily indicative of amounts for the full year due to fluctuation in timing of cash expenditures, the commencement of new leases and the seasonality of our operations.
- v -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET (LOSS) 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 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 
- vi -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 December 31,
Total RevenuesOperating ExpensesNOI
Non-cash Adjustments(1)
NOI - cash basis
 2023202220232022202320222023202220232022
New York$361,105 $366,699 $(182,600)$(179,910)$178,505 $186,789 $1,125 $3,047 $179,630 $189,836 
Other80,781 80,241 (37,325)(33,567)43,456 46,674 1,035 2,913 44,491 49,587 
Consolidated total441,886 446,940 (219,925)(213,477)221,961 233,463 2,160 5,960 224,121 239,423 
Noncontrolling interests' share in consolidated subsidiaries(56,232)(58,108)46,548 39,179 (9,684)(18,929)(5,846)(6,517)(15,530)(25,446)
Our share of partially owned entities125,846 125,031 (51,027)(47,810)74,819 77,221 3,807 (1,599)78,626 75,622 
Vornado's share$511,500 $513,863 $(224,404)$(222,108)$287,096 $291,755 $121 $(2,156)$287,217 $289,599 
For the Three Months Ended September 30, 2023
Total RevenuesOperating ExpensesNOI
Non-cash Adjustments(1)
NOI - cash basis
New York$364,768 $(186,147)$178,621 $1,165 $179,786 
Other86,227 (47,590)38,637 1,952 40,589 
Consolidated total450,995 (233,737)217,258 3,117 220,375 
Noncontrolling interests' share in consolidated subsidiaries(57,585)49,222 (8,363)(8,218)(16,581)
Our share of partially owned entities119,767 (47,667)72,100 2,121 74,221 
Vornado's share$513,177 $(232,182)$280,995 $(2,980)$278,015 

For the Year Ended December 31,
Total RevenuesOperating ExpensesNOI
Non-cash Adjustments(1)
NOI - cash basis
 2023202220232022202320222023202220232022
New York$1,452,158 $1,449,442 $(733,478)$(716,148)$718,680 $733,294 $11,246 $(30,516)$729,926 $702,778 
Other359,005 350,553 (171,680)(157,763)187,325 192,790 4,406 7,491 191,731 200,281 
Consolidated total1,811,163 1,799,995 (905,158)(873,911)906,005 926,084 15,652 (23,025)921,657 903,059 
Noncontrolling interests' share in consolidated subsidiaries(235,255)(221,676)186,702 151,647 (48,553)(70,029)(26,356)18,278 (74,909)(51,751)
Our share of partially owned entities478,956 489,826 (193,195)(183,833)285,761 305,993 7,327 (6,233)293,088 299,760 
Vornado's share$2,054,864 $2,068,145 $(911,651)$(906,097)$1,143,213 $1,162,048 $(3,377)$(10,980)$1,139,836 $1,151,068 
________________________________
(1)Includes adjustments for straight-line rents, amortization of acquired below-market leases, net and other.
- vii -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED DECEMBER 31, 2023 COMPARED TO DECEMBER 31, 2022 (unaudited)
(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:
Dispositions31 21 10 — — 
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 %
- viii -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED DECEMBER 31, 2023 COMPARED TO DECEMBER 31, 2022 (unaudited)
(Amounts in thousands)
TotalNew YorkTHE MART555 California StreetOther
NOI at share - cash basis for the three months ended December 31, 2023$287,217 $246,429 $15,511 $18,265 $7,012 
Less NOI at share - cash basis from:
Dispositions31 21 10 — — 
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 %
- ix -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE YEAR ENDED DECEMBER 31, 2023 COMPARED TO DECEMBER 31, 2022 (unaudited)
(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 %
- x -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE YEAR ENDED DECEMBER 31, 2023 COMPARED TO DECEMBER 31, 2022 (unaudited)
(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 %
- xi -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED DECEMBER 31, 2023 COMPARED TO SEPTEMBER 30, 2023 (unaudited)
(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:
Dispositions31 21 10 — — 
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 %
- xii -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED DECEMBER 31, 2023 COMPARED TO SEPTEMBER 30, 2023 (unaudited)
(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:
Dispositions31 21 10 — — 
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 %
- xiii -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NON-GAAP RECONCILIATIONS
RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)
As of December 31, 2023
Consolidated
Debt, Net
Deferred Financing
Costs, Net and Other
Consolidated Contractual Debt
Mortgages payable$5,688,020 $41,595 $5,729,615 
Senior unsecured notes1,193,873 6,127 1,200,000 
$800 Million unsecured term loan794,559 5,441 800,000 
$2.5 Billion unsecured revolving credit facilities575,000 — 575,000 
$8,251,452$53,163$8,304,615
- xiv -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET (LOSS) INCOME TO EBITDAre (unaudited)
(Amounts in thousands)
For the Three Months EndedFor the Year Ended December 31,
December 31,September 30, 2023
2023202220232022
Reconciliation of net (loss) income to EBITDAre (non-GAAP):
Net (loss) income$(100,613)$(525,002)$59,570 $32,888 $(382,612)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries49,717 10,493 13,541 75,967 5,737 
Net (loss) income attributable to the Operating Partnership(50,896)(514,509)73,111 108,855 (376,875)
EBITDAre adjustments at share:
Depreciation and amortization expense126,685 155,524 125,988 499,357 593,322 
Interest and debt expense114,727 111,848 114,424 458,400 362,321 
Income tax expense 8,589 7,913 12,267 30,465 23,404 
Real estate impairment losses72,664 595,488 625 73,289 595,488 
Net gains on sale of real estate— (30,397)(56,150)(72,955)(58,920)
EBITDAre at share271,769 325,867 270,265 1,097,411 1,138,740 
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries(3,157)18,137 10,619 39,405 71,786 
EBITDAre (non-GAAP)$268,612 $344,004 $280,884 $1,136,816 $1,210,526 
- xv -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NON-GAAP RECONCILIATIONS
RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
For the Three Months EndedFor the Year Ended December 31,
December 31,September 30, 2023
2023202220232022
EBITDAre (non-GAAP)$268,612 $344,004 $280,884 $1,136,816 $1,210,526 
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries3,157 (18,137)(10,619)(39,405)(71,786)
Certain (income) expense items that impact EBITDAre:
Our share of (income) loss from real estate fund investments(13,638)463 (480)(14,379)(1,671)
Gain on sale of 220 CPS condominium units and ancillary amenities(6,607)(34,844)— (14,127)(41,874)
Credit losses on investments8,269 — — 8,269 — 
Net gains on disposition of wholly owned and partially owned assets— (17,372)— (1,018)(17,372)
Other8,284 7,157 1,242 5,176 12,741 
Total of certain (income) expense items that impact EBITDAre(3,692)(44,596)762 (16,079)(48,176)
EBITDAre, as adjusted (non-GAAP)$268,077 $281,271 $271,027 $1,081,332 $1,090,564 

- xvi -


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-supplementalcoversoptions-.jpg

Document

https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-fixedincomesupp1q22.jpg



https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 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 ii 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 Operating and Financial 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.
2


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)
2023 Financial Highlights
Quarter Ended December 31, 2023
Net loss attributable to common shareholders for the quarter ended December 31, 2023 was $61.0 million, or $0.32 per diluted share, compared to $493.3 million, or $2.57 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 December 31, 2023 was $8.0 million, or $0.04 per diluted share, and $20.0 million, or $0.10 per diluted share for the prior year’s quarter.
EBITDAre, as adjusted (non-GAAP) for the quarter ended December 31, 2023 was $268.1 million, compared to $281.3 million for the prior year’s quarter.
Year Ended December 31, 2023
Net income attributable to common shareholders for the year ended December 31, 2023 was $43.4 million or $0.23 per diluted share, compared to net loss attributable to common shareholders of $408.6 million or $2.13 per diluted share, for the year ended December 31, 2022. Adjusting for the items that impact period-to-period comparability, net income attributable to common shareholders, as adjusted (non-GAAP) for the year ended December 31, 2023 was $51.3 million or $0.27 per diluted share, and $126.5 million or $0.66 per diluted share, for the year ended December 31, 2022.
EBITDAre, as adjusted (non-GAAP) for each of the years ended December 31, 2023 and 2022 was $1.1 billion.
Liquidity
As of December 31, 2023, we had $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 December 31, 2023, we have expended $686.4 million of cash with an estimated $163.6 million remaining to be spent for PENN 2 and PENN districtwide improvements.
We have a 49.9% interest in a joint venture that is developing Sunset Pier 94 Studios (see page 5 for details). As of December 31, 2023, we have funded $8.0 million of our estimated $34.0 million 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.








Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.
3


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)
2023 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.




4


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)
2023 Business Developments - continued
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.
5


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)
2023 Business Developments - continued
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.
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.
6


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 year ended December 31, 2023. See page 12 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 12 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.
7


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 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.
8


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
UNSECURED NOTES COVENANT RATIOS AND CREDIT RATINGS (unaudited)
(Amounts in thousands)
As of
Unsecured Notes Covenant Ratios(1)
RequiredDecember 31, 2023September 30,
2023
June 30,
2023
March 31,
2023
Total outstanding debt/total assets(2)
Less than 65%50%50%49%50%
Secured debt/total assetsLess than 50%33%33%33%33%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)Greater than 1.502.152.172.302.24
Unencumbered assets/unsecured debtGreater than 150%320%319%320%340%
Consolidated Unencumbered EBITDA(1) (non-GAAP):
Q4 2023
Annualized
New York$279,904 
Other107,640 
Total$387,544 
Credit Ratings(3):
RatingOutlook
Moody’sBa1Stable
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.
9


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
LIQUIDITY AND CAPITALIZATION (unaudited)
(Amounts in millions, except per share amounts)

Liquidity Snapshot(1)

https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-chart-25846da8694f4f38bf7.jpg


(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 December 31, 2023.
(3)
Based on the Vornado Realty Trust (NYSE: VNO) December 31, 2023 quarter end closing common share price of $28.25.

https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-chart-c6419951cd674e2383b.jpg
Company capitalization(2):
Amount% Total
Consolidated mortgages payable (at 100%)$5,730 37%
Unsecured debt (contractual)2,575 17%
Perpetual preferred shares/units1,223 8%
Equity(3)
5,909 38%
Total15,437 100%
Pro rata share of debt of non-consolidated entities2,654 
Less: Noncontrolling interests' share of consolidated debt(682)
Total at share$17,409 



10


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NET DEBT TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in millions)
As of and For the Year Ended December 31,
2023202220212020
Secured debt$5,730 $5,878 $6,099 $5,608 
Unsecured debt
2,575 2,575 2,575 1,825 
Pro rata share of debt of non-consolidated entities2,654 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$10,277 $10,468 $10,692 $9,823 
% Unsecured debt25%25%24%19%
Company’s pro rata share of total debt$10,277 $10,468 $10,692 $9,823 
Less: Cash and cash equivalents and investments in U.S. Treasury bills(997)(1,362)(1,760)(1,624)
Less: Escrowed cash included within restricted cash on our balance sheet(222)(94)(131)(77)
Less: Pro rata share of unconsolidated partially owned entities’ cash and cash equivalents and escrowed cash(296)(316)(291)(283)
Plus: Noncontrolling interests’ share of cash and cash equivalents, escrowed cash and investments in U.S. Treasury bills102 94 110 51 
Less: Participation in 150 West 34th Street mortgage loan
— (105)(105)(105)
Less: Projected cash proceeds from 220 Central Park South(70)(90)(148)(275)
Net debt $8,794 $8,595 $8,367 $7,510 
EBITDAre, as adjusted (non-GAAP)$1,081 $1,091 $949 $910 
Net debt / EBITDAre, as adjusted (non-GAAP)8.1 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 (loss) income to EBITDAre on page v in the Appendix and reconciliation of EBITDAre to EBITDAre, as adjusted on page vi in the Appendix.
DEBT SNAPSHOT (unaudited)
(Amounts in millions)
As of December 31, 2023
TotalVariable
Fixed(1)
(Contractual debt balances)AmountWeighted
Average
Interest Rate
AmountWeighted
Average
Interest Rate
AmountWeighted
Average
Interest Rate
Consolidated debt(2)
$8,304 3.94%$1,3116.26%$6,9933.50%
Pro rata share of debt of non-consolidated entities2,655 5.38%1,4546.62%1,2013.87%
Total10,959 4.28%2,7656.45%8,1943.55%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)(682)(397)(285)
Company's pro rata share of total debt$10,277 4.22%$2,3686.31%$7,9093.59%
As of December 31, 2023, $1,305 of variable rate debt (at share) is subject to interest rate cap arrangements, the $1,063 of variable rate debt not subject to interest rate cap arrangements represents 10% of our total pro rata share of debt. See the following page for details.
________________________________
(1) Includes variable rate debt with interest rates fixed by interest rate swap arrangements and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement.
(2) 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 December 31, 2023.
11


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
HEDGING INSTRUMENTS AS OF DECEMBER 31, 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)840,000 05/266.03%
770 Broadway mortgage loan700,000 07/27S+225700,000 07/274.98%
PENN 11 mortgage loan
In-place swap500,000 10/25S+206500,000 03/242.22%
Forward swap (effective 05/24)(2)
250,000 10/256.34%
Unsecured revolving credit facility575,000 12/27S+114575,000 08/273.87%
Unsecured term loan800,000 12/27S+129
Through 07/25700,000 07/254.52%
07/25 through 10/26550,000 10/264.35%
10/26 through 8/2750,000 08/274.03%
100 West 33rd Street mortgage loan480,000 06/27S+165480,000 06/275.06%
888 Seventh Avenue mortgage loan259,800 12/25S+180200,000 09/274.76%
4 Union Square South mortgage loan120,000 08/25S+15098,200 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%
Interest Rate Caps:Index Strike Rate
Cash Interest Rate(3)
Effective Interest Rate(4)
Consolidated:
1290 Avenue of the Americas mortgage loan$665,000 11/28S+162$665,000 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 loan75,000 02/28S+21575,000 02/265.00%7.15%7.10%
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 loan(6)
75,543 01/26S+14675,543 02/244.39%5.85%6.02%
512 West 22nd Street mortgage loan70,729 06/25S+20070,729 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%
Debt subject to interest rate swaps and subject to a 1.00% SOFR interest rate cap$4,896,568 
Variable rate debt subject to interest rate caps1,305,006 
Fixed rate debt per loan agreements3,012,724 
Variable rate debt not subject to interest rate swaps or caps1,062,959 
(5)
Total debt at share$10,277,257 
________________________________
(1)Assumes the exercise of as-of-right extension options.
(2)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 $500,000 loan will bear interest at an all-in swapped rate of 6.28% effective March 2024 through October 2025.
(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)Our exposure to SOFR index increases is partially mitigated by an increase in interest income on our cash, cash equivalents and restricted cash.
(6)In February 2024, we entered into a 4.39% interest rate cap arrangement expiring January 2026 and effective upon expiration of the currently in-place cap.
See page 7 for details of interest rate hedging arrangements entered into during 2023.
12


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
CONSOLIDATED DEBT MATURITIES (CONTRACTUAL BALANCES) (unaudited)
(Amounts in millions)
Consolidated Debt Maturity Schedule(1) as of December 31, 2023
(Excludes pro rata share of JV debt)(2)
https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-chart-28a4b73341324568b29.jpg
Consolidated (100%):
Secured$170 $880 $525 $1,580 $2,225 $350 
Unsecured— 450 400 1,375 — 350 
Total consolidated debt (100%)$170 $1,330 $925 $2,955 $2,225 $700 
% of total consolidated debt2.0 %16.0 %11.1 %35.6 %26.8 %8.5 %
Debt maturities at share:
Consolidated debt (100%)$170 $1,330 $925 $2,955 $2,225 $700 
Pro rata share of debt of non-consolidated entities1,064 576 620 40 159 196 
Less: Noncontrolling interests' share of consolidated debt(37)— — — (645)— 
Total debt at share$1,197 $1,906 $1,545 $2,995 $1,739 $896 
% of total debt at share11.6 %18.5 %15.0 %29.1 %16.9 %8.9 %
_______________________________
(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, and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement. 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.
13


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property
Maturity Date(1)
Spread over SOFR
Interest Rate(2)
20242025202620272028ThereafterTotal
Secured Debt:
435 Seventh Avenue04/24S+1416.76%$95,696$$$$$$95,696
606 Broadway (50.0% interest)09/24S+1915.91%74,11974,119
4 Union Square South08/254.30%120,000120,000
PENN 1110/252.22%500,000500,000
888 Seventh Avenue(3)
12/255.31%259,800259,800
One Park Avenue03/265.11%525,000525,000
350 Park Avenue01/273.92%400,000400,000
100 West 33rd Street06/275.06%480,000480,000
770 Broadway07/274.98%700,000700,000
150 West 34th Street02/287.15%75,00075,000
555 California Street (70.0% interest)05/283.83%1,200,0001,200,000
1290 Avenue of the Americas (70.0% interest)11/282.62%950,000950,000
909 Third Avenue04/313.23%350,000350,000
Total Secured Debt169,815879,800525,0001,580,0002,225,000350,0005,729,615
Unsecured Debt:
Senior unsecured notes due 202501/253.50%450,000450,000
$1.25 Billion unsecured revolving credit facility04/26S+1190.00%
Senior unsecured notes due 202606/262.15%400,000400,000
$1.25 Billion unsecured revolving credit facility12/273.87%
(4)
575,000575,000
$800 Million unsecured term loan12/274.79%
(4)
800,000800,000
Senior unsecured notes due 203106/313.40%350,000350,000
Total Unsecured Debt450,000400,0001,375,000350,0002,575,000
Total Debt$169,815$1,329,800$925,000$2,955,000$2,225,000$700,000$8,304,615
Weighted average rate6.39%3.44%3.83%4.58%3.43%3.32%3.94%
Fixed rate debt(5)
$$1,248,200$400,000$2,855,000$1,790,000$700,000$6,993,200
Fixed weighted average rate expiring0.00%3.21%2.15%4.51%2.47%3.32%3.50%
Floating rate debt$169,815$81,600$525,000$100,000$435,000$$1,311,415
Floating weighted average rate expiring6.39%7.06%5.11%6.65%7.37%0.00%6.26%
________________________________
(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)In December 2023, we entered into a loan modification pursuant to which principal amortization is waived for a period of time.
(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, and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement. See the previous page for information on interest rate swap arrangements.

14


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 $167,180 9.3 %
IPG and affiliates1,044,715 69,186 3.9 %
Citadel 585,460 62,498 3.5 %
New York University685,290 48,886 2.7 %
Google/Motorola Mobility (guaranteed by Google)759,446 41,765 2.3 %
Bloomberg L.P.306,768 41,279 2.3 %
Amazon (including its Whole Foods subsidiary)312,694 30,699 1.7 %
Neuberger Berman Group LLC306,612 28,184 1.6 %
Swatch Group USA11,957 27,333 1.5 %
Madison Square Garden & Affiliates408,031 27,326 1.5 %
AMC Networks, Inc.326,717 25,830 1.4 %
LVMH Brands65,060 25,442 1.4 %
Bank of America247,459 25,320 1.4 %
Apple Inc.412,434 24,076 1.3 %
Equitable Financial Life Insurance Company211,247 20,992 1.2 %
37.0 %
________________________________
(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.
15


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
LEASE EXPIRATIONS (unaudited)
(Amounts in thousands)
Our Share of Square Feet of Expiring Leases
As of December 31, 2023

https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-chart-c3681e5c0a87483692a.jpg
New York Office936 586 1,163 1,301 1,044 1,241 643 891 958 502 5,012 
New York Retail208 50 82 32 32 53 153 68 57 17 368 
THE MART244 212 288 184 705 133 47 299 420 54 273 
555 California Street65 274 238 65 112 120 109 — 15 173 
Total1,453 1,122 1,771 1,582 1,893 1,547 952 1,258 1,440 588 5,826 
% of total7.5%5.8%9.1%8.1%9.7%8.0%4.9%6.5%7.4%3.0%30.0%
_______________________________
(1)    Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter.
16


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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 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.
17


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg




APPENDIX
DEFINITIONS AND NON-GAAP RECONCILIATIONS
i


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
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.
ii


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET (LOSS) 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 Year Ended
December 31,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 shareholders69,053 513,234 7,908 535,083 
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 
iii


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NON-GAAP RECONCILIATIONS
RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)
As of December 31, 2023
Consolidated
Debt, Net
Deferred Financing
Costs, Net and Other
Consolidated Contractual Debt
Mortgages payable$5,688,020$41,595$5,729,615
Senior unsecured notes1,193,8736,1271,200,000
$800 Million unsecured term loan794,5595,441800,000
$2.5 Billion unsecured revolving credit facilities575,000 575,000
$8,251,452$53,163$8,304,615
iv


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET (LOSS) INCOME TO EBITDAre (unaudited)
(Amounts in thousands)
For the Three Months Ended December 31,For the Year Ended December 31,
20232022202320222021
Reconciliation of net (loss) income to EBITDAre (non-GAAP):
Net (loss) income $(100,613)$(525,002)$32,888 $(382,612)$207,553 
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries49,717 10,493 75,967 5,737 (24,014)
Net (loss) income attributable to the Operating Partnership(50,896)(514,509)108,855 (376,875)183,539 
EBITDAre adjustments at share:
Depreciation and amortization expense126,685 155,524 499,357 593,322 526,539 
Interest and debt expense114,727 111,848 458,400 362,321 297,116 
Real estate impairment losses72,664 595,488 73,289 595,488 7,880 
Income tax expense (benefit)8,589 7,913 30,465 23,404 (9,813)
Net gains on sale of real estate— (30,397)(72,955)(58,920)(15,675)
EBITDAre at share271,769 325,867 1,097,411 1,138,740 989,586 
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries(3,157)18,137 39,405 71,786 75,987 
EBITDAre (non-GAAP)$268,612 $344,004 $1,136,816 $1,210,526 $1,065,573 

v


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-vornadologoa24.jpg
NON-GAAP RECONCILIATIONS
RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
For the Three Months Ended December 31,For the Year Ended December 31,
20232022202320222021
EBITDAre (non-GAAP)$268,612 $344,004 $1,136,816 $1,210,526 $1,065,573 
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries3,157 (18,137)(39,405)(71,786)(75,987)
Certain (income) expense items that impact EBITDAre:
Our share of (income) loss from real estate fund investments(13,638)463 (14,379)(1,671)(3,757)
Gain on sale of 220 CPS condominium units and ancillary amenities(6,607)(34,844)(14,127)(41,874)(50,318)
Credit losses on investments8,269 — 8,269 — — 
Net gains on disposition of wholly owned and partially owned assets— (17,372)(1,018)(17,372)(643)
Other8,284 7,157 5,176 12,741 14,108 
Total of certain (income) expense items that impact EBITDAre(3,692)(44,596)(16,079)(48,176)(40,610)
EBITDAre, as adjusted (non-GAAP)$268,077 $281,271 $1,081,332 $1,090,564 $948,976 
vi


https://cdn.kscope.io/56f4938c42a928f68c24051d5d9a8bb4-fixedincomesupp1q22.jpg