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):
(Exact Name of Registrant as Specified in Charter)
| No. | No. | |||||||||||||||||||
| (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)
| No. | No. | |||||||||||||||||||
| (State or Other | (Commission | (IRS Employer | ||||||||||||||||||
| Jurisdiction of Incorporation) | File Number) | Identification No.) | ||||||||||||||||||
| | |||||||||||
| (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 | ||||||||||||||||||||
Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share: | ||||||||||||||||||||
Vornado Realty Trust | ||||||||||||||||||||
Vornado Realty Trust | ||||||||||||||||||||
Vornado Realty Trust | ||||||||||||||||||||
Vornado Realty Trust | ||||||||||||||||||||
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 August 3, 2026, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the second quarter of 2026. 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 and 99.2, respectively, and are incorporated by reference herein.
Exhibits 99.1 and 99.2 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 August 3, 2026 | |||||||||||
| Vornado Realty Trust supplemental operating and financial data for the quarter ended June 30, 2026 | |||||||||||
| 104 | Cover 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: August 3, 2026
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: August 3, 2026
3
P R E S S R E L E A S E
Vornado Announces Second Quarter 2026 Financial Results
New York City | August 3, 2026
Vornado Realty Trust (NYSE: VNO) reported today:
Quarter Ended June 30, 2026 Financial Results
NET INCOME attributable to common shareholders for the quarter ended June 30, 2026 was $16,434,000, or $0.08 per diluted share, compared to $743,819,000, or $3.70 per diluted share, for the prior year's quarter. The decrease is primarily due to the $803,248,000 gain related to the 770 Broadway master lease with New York University ("NYU") during the three months ended June 30, 2025.
FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended June 30, 2026 was $144,078,000, or $0.74 per diluted share, compared to $120,928,000, or $0.60 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended June 30, 2026 was $131,073,000, or $0.67 per diluted share, and $113,324,000, or $0.56 per diluted share, for the prior year's quarter.
Six Months Ended June 30, 2026 Financial Results
NET LOSS attributable to common shareholders for the six months ended June 30, 2026 was $6,408,000, or $0.03 per diluted share, compared to net income attributable to common shareholders of $830,661,000, or $4.14 per diluted share, for the six months ended June 30, 2025. The decrease is primarily due to the $803,248,000 gain related to the 770 Broadway master lease with NYU during the six months ended June 30, 2025.
FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the six months ended June 30, 2026 was $240,391,000, or $1.22 per diluted share, compared to $256,028,000, or $1.27 per diluted share, for the six months ended June 30, 2025. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the six months ended June 30, 2026 was $234,241,000, or $1.19 per diluted share, and $239,628,000, or $1.19 per diluted share, for the six months ended June 30, 2025.
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The following table reconciles FFO attributable to common shareholders plus assumed conversions (non-GAAP) to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP):
| (Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1) | $ | 144,078 | $ | 120,928 | $ | 240,391 | $ | 256,028 | |||||||||||||||
| Per diluted share (non-GAAP) | $ | 0.74 | $ | 0.60 | $ | 1.22 | $ | 1.27 | |||||||||||||||
| Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||
| 606 Broadway debt extinguishment gain, net of noncontrolling interests | $ | (16,141) | $ | — | $ | (16,141) | $ | — | |||||||||||||||
| Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary) | 2,679 | 3,337 | 5,663 | 6,542 | |||||||||||||||||||
| Gain on sale of Canal Street residential condominium units | — | (8,362) | — | (10,337) | |||||||||||||||||||
| After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities | — | — | — | (11,110) | |||||||||||||||||||
| Other | (656) | (3,217) | 3,797 | (2,895) | |||||||||||||||||||
| (14,118) | (8,242) | (6,681) | (17,800) | ||||||||||||||||||||
| Noncontrolling interests' share of above adjustments on a dilutive basis | 1,113 | 638 | 531 | 1,400 | |||||||||||||||||||
| Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (13,005) | $ | (7,604) | $ | (6,150) | $ | (16,400) | |||||||||||||||
| Per diluted share (non-GAAP) | $ | (0.07) | $ | (0.04) | $ | (0.03) | $ | (0.08) | |||||||||||||||
| FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) | $ | 131,073 | $ | 113,324 | $ | 234,241 | $ | 239,628 | |||||||||||||||
| Per diluted share (non-GAAP) | $ | 0.67 | $ | 0.56 | $ | 1.19 | $ | 1.19 | |||||||||||||||
(1)See page 10 for a reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and six months ended June 30, 2026 and 2025.
FFO, as Adjusted Bridge - Q2 2026 vs. Q2 2025
The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2025 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2026:
| (Amounts in millions, except per share amounts) | FFO, as Adjusted | ||||||||||
| Amount | Per Share | ||||||||||
| FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2025 | $ | 113.3 | $ | 0.56 | |||||||
| Increase / (decrease) in FFO, as adjusted due to: | |||||||||||
| Rent commencements, net of lease expirations | 13.3 | ||||||||||
| Interest expense (primarily the 2033 senior unsecured notes) | (10.2) | ||||||||||
| Impact of NYU master lease at 770 Broadway | 8.9 | ||||||||||
| Variable businesses (primarily signage) | 8.0 | ||||||||||
| Park Avenue Plaza | 1.8 | ||||||||||
| Other, net | (2.3) | ||||||||||
| 19.5 | |||||||||||
| Noncontrolling interests' share of above items, impact of assumed conversions of convertible securities, and impact of share buyback | (1.7) | ||||||||||
| Net increase | 17.8 | 0.11 | |||||||||
| FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2026 | $ | 131.1 | $ | 0.67 | |||||||
See page 10 for a reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and six months ended June 30, 2026 and 2025. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided above.
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Acquisitions
Park Avenue Plaza
On June 11, 2026, we completed the purchase of a 49.0% interest in Park Avenue Plaza at a gross asset valuation of $1.1 billion ($950 per square foot). We acquired our interest subject to our share of the $575,000,000 loan encumbering the property. The loan bears interest at a fixed rate of 2.99% and matures in November 2031.
Park Avenue Plaza is a 45-story, 1,200,000 rentable square foot building located at 55 East 52nd Street. The office building, co-owned by Fisher Brothers, has protected Park Avenue views and occupies the full through-block between East 52nd and East 53rd Street.
Fisher Brothers retains its current 51.0% ownership interest and continues to manage and lease the property. Vornado and Fisher Brothers have joint control over major decisions.
3 East 54th Street
On January 7, 2026, we acquired 3 East 54th Street, an asset situated on 18,400 square feet of land, for $141,000,000. Previously, in July 2025, we purchased the $35,000,000 A-Note secured by the property at par plus accrued interest, and in August 2024, we purchased the $50,000,000 B-Note secured by the property. The A-Note and B-Note were in default. The $107,000,000 loan balance, including default interest and advances, was credited towards the purchase price.
3 East 54th Street is located between Fifth Avenue and Madison Avenue on 54th Street, adjacent to the St. Regis Hotel and our Upper Fifth Avenue retail properties. The land is zoned for approximately 232,500 buildable square feet as-of-right, and we are in the process of demolishing the existing buildings on the site.
Dispositions
Alexander’s, Inc. (“Alexander’s”)
On May 28, 2026, Alexander’s, in which we own a 32.4% interest, completed the sale of its Rego Park I property for $235,500,000. As a result of the sale, we recognized our $44,329,000 share of the net gain and received a $2,355,000 sales commission paid by Alexander’s, of which $500,000 was paid to a third-party broker.
606 Broadway
On May 14, 2026, a 50.0% owned consolidated joint venture completed the sale of 606 Broadway. The purchaser acquired the non-recourse mortgage loan, which was in maturity default, at a discount and paid the joint venture $3,000,000 in cash ($2,400,000 to Vornado). The transaction resulted in a $32,073,000 gain on debt extinguishment, of which $15,932,000 is attributable to noncontrolling interests. The property was previously impaired in the fourth quarter of 2023, and had a carrying value of $52,073,000 as of the sale date.
Financing Activity
Senior Unsecured Notes Due 2026
We repaid our $400,000,000 2.15% senior unsecured notes on their June 1, 2026, maturity date.
61 Ninth Avenue
On May 8, 2026, a joint venture, in which we have a 45.1% interest, completed a $161,000,000 refinancing of 61 Ninth Avenue. The interest-only mortgage loan matures in June 2028, with a nine-month extension option subject to certain conditions, and bears interest at SOFR plus 3.00% in year one, SOFR plus 3.35% for year two, and SOFR plus 3.85% during the extension period. The refinancing replaced the joint venture’s prior $167,500,000 mortgage loan on the property. On February 2, 2026, the joint venture had extended that prior loan’s maturity by seven months and simultaneously paid down the principal balance by $12,500,000 to $155,000,000.
350 Park Avenue
On March 10, 2026, an affiliate of Kenneth C. Griffin (“KG”) provided a $400,000,000 mortgage loan secured by 350 Park Avenue, the proceeds of which were used to defease the existing $400,000,000 mortgage loan in connection with the site’s development. The new interest-only loan bears interest at a fixed rate of 4.00% and matures in January 2027. Concurrently, and in connection with the planned development, Citadel Enterprise Americas LLC vacated the building and assigned its existing master lease to an affiliate of KG as tenant, and the lease was amended to provide for net rent of $16,000,000 per annum, equal to the interest payments under the new mortgage loan.
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Financing Activity - continued
One Park Avenue
On February 9, 2026, we completed a $525,000,000 refinancing of One Park Avenue, a 945,000 square foot Manhattan office building. The five-year interest-only loan matures in February 2031 and bears interest at a rate of SOFR plus 1.78%. The loan replaced the previous $525,000,000 loan that bore interest at SOFR plus 1.22% and was scheduled to mature in March 2026.
825 Seventh Avenue Office Condominium
On January 26, 2026, a joint venture, in which we have a 50.0% interest, entered into a nine-month extension with the lenders on the $54,000,000 mortgage loan encumbering the office condominium of 825 Seventh Avenue and simultaneously paid down the principal balance by $6,000,000 to $48,000,000. The loan was previously scheduled to mature in January 2026. The non-recourse interest-only loan bears interest at a rate of SOFR plus 2.75% and matures in October 2026, with a fifteen-month extension option subject to loan-to-value and debt yield requirements.
7 West 34th Street
On January 23, 2026, a joint venture, in which we have a 53.0% interest, completed a $250,000,000 refinancing of 7 West 34th Street, a 477,000 square foot Manhattan office and retail building. The non-recourse, five-year interest-only mortgage loan matures in February 2031 and has a fixed rate of 5.79%. The joint venture paid down by $50,000,000 the prior $300,000,000 full-recourse loan that bore interest at 3.65% and was scheduled to mature in June 2026. The loan was paid down using property-level reserves and a $25,000,000 member loan from Vornado which accrues interest at 16.00% and receives priority on distributions.
Senior Unsecured Notes Due 2033
On January 14, 2026, we completed a public offering of $500,000,000 5.75% senior unsecured notes due February 1, 2033 (“2033 Notes”). Interest on the senior unsecured notes is payable semi-annually on February 1 and August 1, commencing August 1, 2026. The 2033 Notes were sold at 99.824% of their face amount to yield 5.78%. A portion of the $494,000,000 net proceeds from the 2033 Notes was used to repay our $400,000,000 senior unsecured notes at their June 2026 maturity.
2031 Revolving Credit Facility
On January 7, 2026, we completed a $1.105 billion refinancing of one of our two revolving credit facilities. On February 4, 2026, the facility was upsized to $1.130 billion. The $1.130 billion amended facility currently bears interest at a rate of SOFR plus 1.01% and is scheduled to mature in February 2031 (as fully extended). The facility fee is 24 basis points. The facility replaced the previous $1.25 billion revolving credit facility which was scheduled to mature in December 2027.
2029 Revolving Credit Facility
On January 7, 2026, we upsized our $915,000,000 revolving credit facility that matures in April 2029 (as fully extended) to $1.0 billion. The credit facility currently bears interest at a rate of SOFR plus 1.16% and has a facility fee of 24 basis points.
Unsecured Term Loan
On January 7, 2026, we completed a refinancing of our unsecured term loan and upsized the loan amount to $850,000,000. The loan bears interest at SOFR plus 1.15% and matures in February 2031 (as fully extended). The loan replaced the previous $800,000,000 term loan which bore interest at SOFR plus 1.25% and was scheduled to mature in December 2027.
888 Seventh Avenue
On December 10, 2025, the $244,543,000 non-recourse mortgage loan on 888 Seventh Avenue matured and was not repaid, at which time the lenders declared an event of default. On March 9, 2026, we entered into a forbearance agreement pursuant to which the lenders agreed to forbear from exercising their remedies and waived default interest through March 2027. During the forbearance period, regularly scheduled interest and required monthly amortization payments continue to accrue, but payment is deferred until the expiration or earlier termination of the forbearance period, at which time such amounts become due and payable.
Share Repurchase Program
On April 29, 2026, Vornado announced that its Board of Trustees has authorized an additional repurchase of up to $300,000,000 of its outstanding common shares under the share repurchase plan. As of August 3, 2026, $286,590,000 remained available for repurchases.
During the three months ended June 30, 2026, we repurchased 1,787,090 common shares for $53,461,000 at an average price per share of $29.92.
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Leasing Activity
The leasing activity and related statistics in the tables 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.
| (Square feet in thousands) | New York | 555 California Street | ||||||||||||||||||||||||
| Office | Retail | THE MART | ||||||||||||||||||||||||
| Three Months Ended June 30, 2026 | ||||||||||||||||||||||||||
| Total square feet leased | 348 | 61 | 103 | 15 | ||||||||||||||||||||||
| Our share of square feet leased: | 307 | 36 | 103 | 10 | ||||||||||||||||||||||
Initial rent(1) | $ | 107.24 | $ | 277.05 | $ | 54.12 | $ | 71.70 | ||||||||||||||||||
| Weighted average lease term (years) | 8.0 | 2.0 | 7.3 | 2.5 | ||||||||||||||||||||||
| Second generation relet space: | ||||||||||||||||||||||||||
| Square feet | 143 | 32 | 50 | — | ||||||||||||||||||||||
| GAAP basis: | ||||||||||||||||||||||||||
Straight-line rent(2) | $ | 97.25 | $ | 265.77 | $ | 60.96 | $ | — | ||||||||||||||||||
| Prior straight-line rent | $ | 90.32 | $ | 237.00 | $ | 53.48 | $ | — | ||||||||||||||||||
| Percentage increase | 7.7 | % | 12.1 | % | 14.0 | % | — | % | ||||||||||||||||||
| Cash basis (non-GAAP): | ||||||||||||||||||||||||||
Initial rent(1) | $ | 101.48 | $ | 265.18 | $ | 61.63 | $ | — | ||||||||||||||||||
| Prior escalated rent | $ | 96.69 | $ | 251.40 | $ | 59.26 | $ | — | ||||||||||||||||||
| Percentage increase | 5.0 | % | 5.5 | % | 4.0 | % | — | % | ||||||||||||||||||
| Tenant improvements and leasing commissions: | ||||||||||||||||||||||||||
| Per square foot | $ | 113.69 | $ | 38.94 | $ | 96.27 | $ | 49.39 | ||||||||||||||||||
| Per square foot per annum | $ | 14.21 | $ | 19.47 | $ | 13.19 | $ | 19.76 | ||||||||||||||||||
| Percentage of initial rent | 13.3 | % | 7.0 | % | 24.4 | % | 27.6 | % | ||||||||||||||||||
| (Square feet in thousands) | New York | 555 California Street | ||||||||||||||||||||||||
| Office | Retail | THE MART | ||||||||||||||||||||||||
| Six Months Ended June 30, 2026 | ||||||||||||||||||||||||||
| Total square feet leased | 659 | 86 | 122 | 111 | ||||||||||||||||||||||
| Our share of square feet leased: | 550 | 49 | 122 | 77 | ||||||||||||||||||||||
Initial rent(1) | $ | 105.14 | $ | 349.23 | $ | 56.59 | $ | 141.28 | ||||||||||||||||||
| Weighted average lease term (years) | 8.3 | 4.8 | 6.7 | 8.6 | ||||||||||||||||||||||
| Second generation relet space: | ||||||||||||||||||||||||||
| Square feet | 264 | 33 | 65 | 58 | ||||||||||||||||||||||
| GAAP basis: | ||||||||||||||||||||||||||
Straight-line rent(2) | $ | 97.07 | $ | 286.88 | $ | 62.88 | $ | 178.18 | ||||||||||||||||||
| Prior straight-line rent | $ | 88.66 | $ | 247.34 | $ | 56.76 | $ | 123.11 | ||||||||||||||||||
| Percentage increase | 9.5 | % | 16.0 | % | 10.8 | % | 44.7 | % | ||||||||||||||||||
| Cash basis (non-GAAP): | ||||||||||||||||||||||||||
Initial rent(1) | $ | 101.75 | $ | 284.90 | $ | 63.69 | $ | 162.85 | ||||||||||||||||||
| Prior escalated rent | $ | 95.02 | $ | 265.32 | $ | 62.14 | $ | 134.95 | ||||||||||||||||||
| Percentage increase | 7.1 | % | 7.4 | % | 2.5 | % | 20.7 | % | ||||||||||||||||||
| Tenant improvements and leasing commissions: | ||||||||||||||||||||||||||
| Per square foot | $ | 125.80 | $ | 62.70 | $ | 85.90 | $ | 159.54 | ||||||||||||||||||
| Per square foot per annum | $ | 15.16 | $ | 13.06 | $ | 12.82 | $ | 18.55 | ||||||||||||||||||
| Percentage of initial rent | 14.4 | % | 3.7 | % | 22.7 | % | 13.1 | % | ||||||||||||||||||
_______________________________
(1)Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.
(2)Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases and includes the effect of free rent and periodic step-ups in rent.
Occupancy
| (At Vornado's share) | New York | THE MART | 555 California Street | ||||||||||||||||||||||||||
| Total | Office | Retail | |||||||||||||||||||||||||||
| Occupancy as of June 30, 2026 | 90.8 | % | 92.2 | % | 77.8 | % | 80.4 | % | 87.5 | % | |||||||||||||||||||
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Same Store Net Operating Income ("NOI") (non-GAAP) At Share: | ||||||||||||||||||||||||||
| Total | New York | THE MART(2) | 555 California Street | |||||||||||||||||||||||
Same store NOI at share % increase (decrease)(1): | ||||||||||||||||||||||||||
| Three months ended June 30, 2026 compared to June 30, 2025 | 9.8 | % | 11.9 | % | 9.1 | % | (14.3) | % | ||||||||||||||||||
| Six months ended June 30, 2026 compared to June 30, 2025 | 8.1 | % | 10.5 | % | 5.7 | % | (17.9) | % | ||||||||||||||||||
| Three months ended June 30, 2026 compared to March 31, 2026 | 8.3 | % | 3.8 | % | 71.8 | % | 8.8 | % | ||||||||||||||||||
Same store NOI at share - cash basis % increase (decrease)(1): | ||||||||||||||||||||||||||
| Three months ended June 30, 2026 compared to June 30, 2025 | 2.9 | % | 6.2 | % | 15.1 | % | (48.6) | % | (3) | |||||||||||||||||
| Six months ended June 30, 2026 compared to June 30, 2025 | 0.8 | % | 4.7 | % | 9.3 | % | (49.9) | % | (3) | |||||||||||||||||
| Three months ended June 30, 2026 compared to March 31, 2026 | 5.6 | % | 0.4 | % | 63.8 | % | 1.2 | % | ||||||||||||||||||
(1)See pages 12 through 17 for same store NOI at share and same store NOI at share - cash basis reconciliations.
(2)The three months ended June 30, 2026 and 2025 include the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment.
(3)Variance in same store NOI at share vs. same store NOI at share - cash basis is primarily due to GAAP rent commencing on new leases with free rent periods.
NOI At Share and NOI At Share - Cash Basis:
The elements of our New York and Other NOI at share and NOI at share - cash basis for the three and six months ended June 30, 2026 and 2025 and the three months ended March 31, 2026 are summarized below.
| (Amounts in thousands) | For the Three Months Ended | For the Six Months Ended June 30, | |||||||||||||||||||||||||||
| June 30, | March 31, 2026 | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| NOI at share: | |||||||||||||||||||||||||||||
| New York: | |||||||||||||||||||||||||||||
Office (includes base retail)(1)(2) | $ | 183,424 | $ | 170,935 | $ | 174,943 | $ | 358,367 | $ | 364,485 | |||||||||||||||||||
Street Retail(1) | 52,533 | 44,492 | 46,686 | 99,219 | 88,062 | ||||||||||||||||||||||||
| Residential | 6,695 | 6,362 | 6,996 | 13,691 | 12,554 | ||||||||||||||||||||||||
| Alexander's | 9,046 | 8,315 | 7,924 | 16,970 | 17,824 | ||||||||||||||||||||||||
| Total New York | 251,698 | 230,104 | 236,549 | 488,247 | 482,925 | ||||||||||||||||||||||||
| Other: | |||||||||||||||||||||||||||||
THE MART(3) | 27,299 | 25,197 | 15,890 | 43,189 | 41,113 | ||||||||||||||||||||||||
| 555 California Street | 14,850 | 18,686 | 13,651 | 28,501 | 36,529 | ||||||||||||||||||||||||
| Other investments | 10,217 | 3,686 | 6,033 | 16,250 | 10,396 | ||||||||||||||||||||||||
| Total Other | 52,366 | 47,569 | 35,574 | 87,940 | 88,038 | ||||||||||||||||||||||||
| NOI at share | $ | 304,064 | $ | 277,673 | $ | 272,123 | $ | 576,187 | $ | 570,963 | |||||||||||||||||||
| NOI at share - cash basis: | |||||||||||||||||||||||||||||
| New York: | |||||||||||||||||||||||||||||
Office (includes base retail)(1)(2)(4) | $ | 155,899 | $ | 124,268 | $ | 151,963 | $ | 307,862 | $ | 293,514 | |||||||||||||||||||
Street Retail(1) | 49,754 | 42,764 | 41,239 | 90,993 | 84,453 | ||||||||||||||||||||||||
| Residential | 6,354 | 5,990 | 6,571 | 12,925 | 11,838 | ||||||||||||||||||||||||
| Alexander's | 2,950 | 9,344 | 8,756 | 11,706 | 19,882 | ||||||||||||||||||||||||
| Total New York | 214,957 | 182,366 | 208,529 | 423,486 | 409,687 | ||||||||||||||||||||||||
| Other: | |||||||||||||||||||||||||||||
THE MART(3) | 28,873 | 25,258 | 17,625 | 46,498 | 42,775 | ||||||||||||||||||||||||
| 555 California Street | 8,962 | 20,684 | 8,859 | 17,821 | 38,821 | ||||||||||||||||||||||||
| Other investments | 10,391 | 3,411 | 6,044 | 16,435 | 9,807 | ||||||||||||||||||||||||
| Total Other | 48,226 | 49,353 | 32,528 | 80,754 | 91,403 | ||||||||||||||||||||||||
| NOI at share - cash basis | $ | 263,183 | $ | 231,719 | $ | 241,057 | $ | 504,240 | $ | 501,090 | |||||||||||||||||||
________________________________
(1)During the first quarter of 2026, we reclassified retail assets located at the base of our office buildings from the retail subsegment to the office subsegment. The retail subsegment was renamed “Street Retail” and now comprises standalone retail properties and mixed-use assets with prominent retail components, including related signage, with a concentration on High Streets such as Fifth Avenue, Madison Avenue and Times Square. Prior period balances have been reclassified to conform to current period presentation. This change applies only to net operating income; all other operating metrics, including occupancy, leasing activity, and lease expirations continue to be presented based on space type.
(2)Includes Building Maintenance Services NOI of $7,306, $7,584, $10,170, $17,476 and $14,520 for the three months ended June 30, 2026 and 2025 and March 31, 2026 and the six months ended June 30, 2026 and 2025, respectively.
(3)The three months ended June 30, 2026 and 2025 include the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment.
(4)2025 includes the impact of the payment of $22,361 for prior period PENN 1 ground rent owed based on the rent reset determination.
| NYSE: VNO | WWW.VNO.COM | PAGE 6 OF 17 | |||||||
Active Development/Redevelopment Summary as of June 30, 2026:
| (Amounts in thousands, except square feet) | ||||||||||||||||||||||||||||||||||||||||||||
| (at Vornado’s share) | Projected Incremental Cash Yield | |||||||||||||||||||||||||||||||||||||||||||
| Active Development Projects: | Property Rentable Sq. Ft. | Budget | Cash Amount Expended | Remaining Expenditures | Projected Leasing Stabilization Year | |||||||||||||||||||||||||||||||||||||||
| 623 Fifth Avenue office condominium | 383,000 | $ | 450,000 | (1) | $ | 244,255 | $ | 205,745 | 2028 | 10.1% | ||||||||||||||||||||||||||||||||||
________________________________
(1)Includes purchase price.
There can be no assurance that the above project 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 property 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, August 4, 2026 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 0217387. 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 rents, estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. 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. 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, 2025.
| NYSE: VNO | WWW.VNO.COM | PAGE 7 OF 17 | |||||||
VORNADO REALTY TRUST
CONSOLIDATED BALANCE SHEETS
| (Amounts in thousands) | As of | Increase (Decrease) | |||||||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||||||||
| ASSETS | |||||||||||||||||
| Real estate, at cost: | |||||||||||||||||
| Land | $ | 2,357,135 | $ | 2,408,914 | $ | (51,779) | |||||||||||
| Buildings and improvements | 11,083,517 | 10,942,418 | 141,099 | ||||||||||||||
| Development costs and construction in progress | 1,012,045 | 890,143 | 121,902 | ||||||||||||||
| Leasehold improvements and equipment | 109,117 | 105,080 | 4,037 | ||||||||||||||
| Total | 14,561,814 | 14,346,555 | 215,259 | ||||||||||||||
| Less accumulated depreciation and amortization | (4,411,617) | (4,191,075) | (220,542) | ||||||||||||||
| Real estate, net | 10,150,197 | 10,155,480 | (5,283) | ||||||||||||||
| Right-of-use assets | 668,171 | 671,308 | (3,137) | ||||||||||||||
| Net investment in lease | 166,450 | 166,024 | 426 | ||||||||||||||
| Cash, cash equivalents, and restricted cash | |||||||||||||||||
| Cash and cash equivalents | 675,353 | 840,850 | (165,497) | ||||||||||||||
| Restricted cash | 113,567 | 136,696 | (23,129) | ||||||||||||||
| Total | 788,920 | 977,546 | (188,626) | ||||||||||||||
| Tenant and other receivables | 97,552 | 77,137 | 20,415 | ||||||||||||||
| Investments in partially owned entities | 2,229,224 | 1,941,278 | 287,946 | ||||||||||||||
| Receivable arising from the straight-lining of rents | 803,848 | 752,545 | 51,303 | ||||||||||||||
| Deferred leasing costs, net | 379,374 | 374,620 | 4,754 | ||||||||||||||
| Identified intangible assets, net | 106,820 | 110,593 | (3,773) | ||||||||||||||
| Other assets | 220,612 | 294,587 | (73,975) | ||||||||||||||
| Total assets | $ | 15,611,168 | $ | 15,521,118 | $ | 90,050 | |||||||||||
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||||||||
| Liabilities: | |||||||||||||||||
| Mortgages payable, net | $ | 4,844,730 | $ | 4,920,669 | $ | (75,939) | |||||||||||
| Senior unsecured notes, net | 841,940 | 747,202 | 94,738 | ||||||||||||||
| Unsecured term loan, net | 840,030 | 797,337 | 42,693 | ||||||||||||||
| Unsecured revolving credit facilities | 918,000 | 720,420 | 197,580 | ||||||||||||||
| Lease liabilities | 696,225 | 699,640 | (3,415) | ||||||||||||||
| Accounts payable and accrued expenses | 354,074 | 376,190 | (22,116) | ||||||||||||||
| Deferred compensation plan | 98,746 | 113,778 | (15,032) | ||||||||||||||
| Other liabilities | 320,452 | 341,359 | (20,907) | ||||||||||||||
| Total liabilities | 8,914,197 | 8,716,595 | 197,602 | ||||||||||||||
| Redeemable noncontrolling interests | 733,687 | 647,951 | 85,736 | ||||||||||||||
| Shareholders' equity | 5,787,587 | 5,986,727 | (199,140) | ||||||||||||||
| Noncontrolling interests in consolidated subsidiaries | 175,697 | 169,845 | 5,852 | ||||||||||||||
| Total liabilities, redeemable noncontrolling interests and equity | $ | 15,611,168 | $ | 15,521,118 | $ | 90,050 | |||||||||||
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VORNADO REALTY TRUST
OPERATING RESULTS
| (Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | $ | 462,242 | $ | 441,437 | $ | 921,347 | $ | 903,016 | |||||||||||||||
| Net income | $ | 39,196 | $ | 813,227 | $ | 17,170 | $ | 913,051 | |||||||||||||||
| Less net (income) loss attributable to noncontrolling interests in: | |||||||||||||||||||||||
| Consolidated subsidiaries | (5,748) | 10,981 | 6,942 | 21,414 | |||||||||||||||||||
| Operating Partnership | (1,489) | (64,863) | 530 | (72,752) | |||||||||||||||||||
| Net income attributable to Vornado | 31,959 | 759,345 | 24,642 | 861,713 | |||||||||||||||||||
| Preferred share dividends | (15,525) | (15,526) | (31,050) | (31,052) | |||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 16,434 | $ | 743,819 | $ | (6,408) | $ | 830,661 | |||||||||||||||
| Income (loss) per common share - basic: | |||||||||||||||||||||||
| Net income (loss) per common share | $ | 0.09 | $ | 3.87 | $ | (0.03) | $ | 4.33 | |||||||||||||||
| Weighted average shares outstanding | 187,279 | 191,984 | 188,462 | 191,680 | |||||||||||||||||||
| Income (loss) per common share - diluted: | |||||||||||||||||||||||
| Net income (loss) per common share | $ | 0.08 | $ | 3.70 | $ | (0.03) | $ | 4.14 | |||||||||||||||
| Weighted average shares outstanding | 194,201 | 201,066 | 188,462 | 200,927 | |||||||||||||||||||
| FFO attributable to common shareholders plus assumed conversions (non-GAAP) | $ | 144,078 | $ | 120,928 | $ | 240,391 | $ | 256,028 | |||||||||||||||
| Per diluted share (non-GAAP) | $ | 0.74 | $ | 0.60 | $ | 1.22 | $ | 1.27 | |||||||||||||||
| FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) | $ | 131,073 | $ | 113,324 | $ | 234,241 | $ | 239,628 | |||||||||||||||
| Per diluted share (non-GAAP) | $ | 0.67 | $ | 0.56 | $ | 1.19 | $ | 1.19 | |||||||||||||||
| Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share | 195,722 | 201,042 | 196,578 | 200,927 | |||||||||||||||||||
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. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. In addition to FFO attributable to common shareholders plus assumed conversions, we also disclose FFO attributable to common shareholders plus assumed conversions, as adjusted. Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, we believe it provides a meaningful presentation of operating performance. Reconciliations of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions are provided on the following page. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on page 2 of this press release.
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VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS
The following table reconciles net income (loss) 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 June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 16,434 | $ | 743,819 | $ | (6,408) | $ | 830,661 | |||||||||||||||
| Per diluted share | $ | 0.08 | $ | 3.70 | $ | (0.03) | $ | 4.14 | |||||||||||||||
| FFO adjustments: | |||||||||||||||||||||||
| Depreciation and amortization of real property | $ | 157,776 | $ | 103,142 | $ | 263,162 | $ | 207,399 | |||||||||||||||
| Gain on sales-type lease | — | (803,248) | — | (803,248) | |||||||||||||||||||
| Real estate impairment losses | — | 542 | — | 542 | |||||||||||||||||||
| Our share of partially owned entities: | |||||||||||||||||||||||
| Depreciation and amortization of real property | 25,274 | 24,107 | 49,062 | 48,632 | |||||||||||||||||||
| Net gains on sale of real estate | (44,930) | (2,527) | (44,930) | (79,535) | |||||||||||||||||||
| FFO adjustments, net | 138,120 | (677,984) | 267,294 | (626,210) | |||||||||||||||||||
| Impact of assumed conversion of dilutive convertible securities | 383 | 385 | 767 | 735 | |||||||||||||||||||
| Noncontrolling interests' share of above adjustments on a dilutive basis | (10,859) | 54,708 | (21,262) | 50,842 | |||||||||||||||||||
| FFO attributable to common shareholders plus assumed conversions (non-GAAP) | $ | 144,078 | $ | 120,928 | $ | 240,391 | $ | 256,028 | |||||||||||||||
| Per diluted share | $ | 0.74 | $ | 0.60 | $ | 1.22 | $ | 1.27 | |||||||||||||||
| Reconciliation of weighted average shares outstanding: | |||||||||||||||||||||||
| Weighted average common shares outstanding | 187,279 | 191,984 | 188,462 | 191,680 | |||||||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||||||||
| Share-based payment awards | 6,922 | 7,740 | 6,529 | 7,951 | |||||||||||||||||||
| Convertible securities | 1,521 | 1,318 | 1,587 | 1,296 | |||||||||||||||||||
| Denominator for FFO per diluted share | 195,722 | 201,042 | 196,578 | 200,927 | |||||||||||||||||||
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VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED
Below is a reconciliation of net income (loss) to NOI at share and NOI at share - cash basis for the three and six months ended June 30, 2026 and 2025 and the three months ended March 31, 2026.
| (Amounts in thousands) | For the Three Months Ended | For the Six Months Ended June 30, | |||||||||||||||||||||||||||
| June 30, | March 31, 2026 | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Net income (loss) | $ | 39,196 | $ | 813,227 | $ | (22,026) | $ | 17,170 | $ | 913,051 | |||||||||||||||||||
| Depreciation and amortization expense | 171,228 | 115,574 | 118,528 | 289,756 | 231,729 | ||||||||||||||||||||||||
| General and administrative expense | 39,100 | 39,978 | 42,245 | 81,345 | 78,575 | ||||||||||||||||||||||||
| Transaction related costs and other | 173 | 721 | 762 | 935 | 764 | ||||||||||||||||||||||||
| Income from partially owned entities | (63,195) | (16,671) | (12,822) | (76,017) | (113,648) | ||||||||||||||||||||||||
| Interest and other investment income, net | (8,989) | (11,056) | (9,327) | (18,316) | (19,317) | ||||||||||||||||||||||||
| Interest and debt expense | 89,582 | 87,929 | 89,206 | 178,788 | 183,745 | ||||||||||||||||||||||||
| Gain on debt extinguishment | (32,073) | — | — | (32,073) | — | ||||||||||||||||||||||||
| Gain on sales-type lease | — | (803,248) | — | — | (803,248) | ||||||||||||||||||||||||
| Net gains on disposition of wholly owned and partially owned assets | — | (8,488) | — | — | (24,039) | ||||||||||||||||||||||||
| Income tax expense | 3,571 | 4,123 | 5,908 | 9,479 | 11,316 | ||||||||||||||||||||||||
| NOI from partially owned entities | 76,638 | 66,227 | 68,308 | 144,946 | 133,338 | ||||||||||||||||||||||||
| NOI attributable to noncontrolling interests in consolidated subsidiaries | (11,167) | (10,643) | (8,659) | (19,826) | (21,303) | ||||||||||||||||||||||||
| NOI at share | 304,064 | 277,673 | 272,123 | 576,187 | 570,963 | ||||||||||||||||||||||||
| Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (40,881) | (45,954) | (31,066) | (71,947) | (69,873) | ||||||||||||||||||||||||
| NOI at share - cash basis | $ | 263,183 | $ | 231,719 | $ | 241,057 | $ | 504,240 | $ | 501,090 | |||||||||||||||||||
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 to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the 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.
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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 use 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 June 30, 2026 compared to June 30, 2025.
| (Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
| NOI at share for the three months ended June 30, 2026 | $ | 304,064 | $ | 251,698 | $ | 27,299 | $ | 14,850 | $ | 10,217 | |||||||||||||||||||
| Less NOI at share from: | |||||||||||||||||||||||||||||
| Acquisitions | (2,695) | (2,695) | — | — | — | ||||||||||||||||||||||||
| Dispositions | 437 | 436 | 1 | — | — | ||||||||||||||||||||||||
| Development properties | (4,603) | (4,603) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (21,614) | (11,397) | — | — | (10,217) | ||||||||||||||||||||||||
| Same store NOI at share for the three months ended June 30, 2026 | $ | 275,589 | $ | 233,439 | $ | 27,300 | $ | 14,850 | $ | — | |||||||||||||||||||
| NOI at share for the three months ended June 30, 2025 | $ | 277,673 | $ | 230,104 | $ | 25,197 | $ | 18,686 | $ | 3,686 | |||||||||||||||||||
| Less NOI at share from: | |||||||||||||||||||||||||||||
| Dispositions | (1,007) | (833) | (174) | — | — | ||||||||||||||||||||||||
| Development properties | (14,343) | (14,343) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (11,334) | (6,281) | — | (1,367) | (3,686) | ||||||||||||||||||||||||
| Same store NOI at share for the three months ended June 30, 2025 | $ | 250,989 | $ | 208,647 | $ | 25,023 | $ | 17,319 | $ | — | |||||||||||||||||||
| Increase (decrease) in same store NOI at share | $ | 24,600 | $ | 24,792 | $ | 2,277 | $ | (2,469) | $ | — | |||||||||||||||||||
| % increase (decrease) in same store NOI at share | 9.8 | % | 11.9 | % | 9.1 | % | (14.3) | % | — | % | |||||||||||||||||||
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VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED
Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, THE MART, 555 California Street and other investments for the three months ended June 30, 2026 compared to June 30, 2025.
| (Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
| NOI at share - cash basis for the three months ended June 30, 2026 | $ | 263,183 | $ | 214,957 | $ | 28,873 | $ | 8,962 | $ | 10,391 | |||||||||||||||||||
| Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
| Acquisitions | (1,544) | (1,544) | — | — | — | ||||||||||||||||||||||||
| Dispositions | 437 | 436 | 1 | — | — | ||||||||||||||||||||||||
| Development properties | (3,786) | (3,786) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (27,450) | (17,059) | — | — | (10,391) | ||||||||||||||||||||||||
| Same store NOI at share - cash basis for the three months ended June 30, 2026 | $ | 230,840 | $ | 193,004 | $ | 28,874 | $ | 8,962 | $ | — | |||||||||||||||||||
| NOI at share - cash basis for the three months ended June 30, 2025 | $ | 231,719 | $ | 182,366 | $ | 25,258 | $ | 20,684 | $ | 3,411 | |||||||||||||||||||
| Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
| Dispositions | (1,099) | (925) | (174) | — | — | ||||||||||||||||||||||||
| Development properties | (13,992) | (13,992) | — | — | — | ||||||||||||||||||||||||
| Other non-same store expense (income), net | 7,692 | 14,363 | — | (3,260) | (3,411) | ||||||||||||||||||||||||
| Same store NOI at share - cash basis for the three months ended June 30, 2025 | $ | 224,320 | $ | 181,812 | $ | 25,084 | $ | 17,424 | $ | — | |||||||||||||||||||
| Increase (decrease) in same store NOI at share - cash basis | $ | 6,520 | $ | 11,192 | $ | 3,790 | $ | (8,462) | $ | — | |||||||||||||||||||
| % increase (decrease) in same store NOI at share - cash basis | 2.9 | % | 6.2 | % | 15.1 | % | (48.6) | % | — | % | |||||||||||||||||||
| NYSE: VNO | WWW.VNO.COM | PAGE 13 OF 17 | |||||||
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 six months ended June 30, 2026 compared to June 30, 2025.
| (Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
| NOI at share for the six months ended June 30, 2026 | $ | 576,187 | $ | 488,247 | $ | 43,189 | $ | 28,501 | $ | 16,250 | |||||||||||||||||||
| Less NOI at share from: | |||||||||||||||||||||||||||||
| Acquisitions | (2,532) | (2,532) | — | — | — | ||||||||||||||||||||||||
| Dispositions | 1,118 | 1,117 | 1 | — | — | ||||||||||||||||||||||||
| Development properties | (5,721) | (5,721) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (33,548) | (17,298) | — | — | (16,250) | ||||||||||||||||||||||||
| Same store NOI at share for the six months ended June 30, 2026 | $ | 535,504 | $ | 463,813 | $ | 43,190 | $ | 28,501 | $ | — | |||||||||||||||||||
| NOI at share for the six months ended June 30, 2025 | $ | 570,963 | $ | 482,925 | $ | 41,113 | $ | 36,529 | $ | 10,396 | |||||||||||||||||||
| Less NOI at share from: | |||||||||||||||||||||||||||||
| Dispositions | (2,340) | (2,098) | (242) | — | — | ||||||||||||||||||||||||
| Development properties | (23,624) | (23,624) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (49,735) | (37,517) | — | (1,822) | (10,396) | ||||||||||||||||||||||||
| Same store NOI at share for the six months ended June 30, 2025 | $ | 495,264 | $ | 419,686 | $ | 40,871 | $ | 34,707 | $ | — | |||||||||||||||||||
| Increase (decrease) in same store NOI at share | $ | 40,240 | $ | 44,127 | $ | 2,319 | $ | (6,206) | $ | — | |||||||||||||||||||
| % increase (decrease) in same store NOI at share | 8.1 | % | 10.5 | % | 5.7 | % | (17.9) | % | — | % | |||||||||||||||||||
| NYSE: VNO | WWW.VNO.COM | PAGE 14 OF 17 | |||||||
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 six months ended June 30, 2026 compared to June 30, 2025.
| (Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
| NOI at share - cash basis for the six months ended June 30, 2026 | $ | 504,240 | $ | 423,486 | $ | 46,498 | $ | 17,821 | $ | 16,435 | |||||||||||||||||||
| Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
| Acquisitions | (1,365) | (1,365) | — | — | — | ||||||||||||||||||||||||
| Dispositions | 1,118 | 1,117 | 1 | — | — | ||||||||||||||||||||||||
| Development properties | (3,260) | (3,260) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (46,246) | (29,811) | — | — | (16,435) | ||||||||||||||||||||||||
| Same store NOI at share - cash basis for the six months ended June 30, 2026 | $ | 454,487 | $ | 390,167 | $ | 46,499 | $ | 17,821 | $ | — | |||||||||||||||||||
| NOI at share - cash basis for the six months ended June 30, 2025 | $ | 501,090 | $ | 409,687 | $ | 42,775 | $ | 38,821 | $ | 9,807 | |||||||||||||||||||
| Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
| Dispositions | (2,528) | (2,284) | (244) | — | — | ||||||||||||||||||||||||
| Development properties | (23,381) | (23,381) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (24,368) | (11,301) | — | (3,260) | (9,807) | ||||||||||||||||||||||||
| Same store NOI at share - cash basis for the six months ended June 30, 2025 | $ | 450,813 | $ | 372,721 | $ | 42,531 | $ | 35,561 | $ | — | |||||||||||||||||||
| Increase (decrease) in same store NOI at share - cash basis | $ | 3,674 | $ | 17,446 | $ | 3,968 | $ | (17,740) | $ | — | |||||||||||||||||||
| % increase (decrease) in same store NOI at share - cash basis | 0.8 | % | 4.7 | % | 9.3 | % | (49.9) | % | — | % | |||||||||||||||||||
| NYSE: VNO | WWW.VNO.COM | PAGE 15 OF 17 | |||||||
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 June 30, 2026 compared to March 31, 2026.
| (Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
| NOI at share for the three months ended June 30, 2026 | $ | 304,064 | $ | 251,698 | $ | 27,299 | $ | 14,850 | $ | 10,217 | |||||||||||||||||||
| Less NOI at share from: | |||||||||||||||||||||||||||||
| Acquisitions | (2,875) | (2,875) | — | — | — | ||||||||||||||||||||||||
| Dispositions | 437 | 436 | 1 | — | — | ||||||||||||||||||||||||
| Development properties | (8,769) | (8,769) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (18,874) | (8,657) | — | — | (10,217) | ||||||||||||||||||||||||
| Same store NOI at share for the three months ended June 30, 2026 | $ | 273,983 | $ | 231,833 | $ | 27,300 | $ | 14,850 | $ | — | |||||||||||||||||||
| NOI at share for the three months ended March 31, 2026 | $ | 272,123 | $ | 236,549 | $ | 15,890 | $ | 13,651 | $ | 6,033 | |||||||||||||||||||
| Less NOI at share from: | |||||||||||||||||||||||||||||
| Dispositions | 682 | 681 | 1 | — | — | ||||||||||||||||||||||||
| Development properties | (10,288) | (10,288) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (9,578) | (3,545) | — | — | (6,033) | ||||||||||||||||||||||||
| Same store NOI at share for the three months ended March 31, 2026 | $ | 252,939 | $ | 223,397 | $ | 15,891 | $ | 13,651 | $ | — | |||||||||||||||||||
| Increase in same store NOI at share | $ | 21,044 | $ | 8,436 | $ | 11,409 | $ | 1,199 | $ | — | |||||||||||||||||||
| % increase in same store NOI at share | 8.3 | % | 3.8 | % | 71.8 | % | 8.8 | % | — | % | |||||||||||||||||||
| NYSE: VNO | WWW.VNO.COM | PAGE 16 OF 17 | |||||||
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 June 30, 2026 compared to March 31, 2026.
| (Amounts in thousands) | Total | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||
| NOI at share - cash basis for the three months ended June 30, 2026 | $ | 263,183 | $ | 214,957 | $ | 28,873 | $ | 8,962 | $ | 10,391 | |||||||||||||||||||
| Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
| Acquisitions | (1,723) | (1,723) | — | — | — | ||||||||||||||||||||||||
| Dispositions | 437 | 436 | 1 | — | — | ||||||||||||||||||||||||
| Development properties | (8,053) | (8,053) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (24,948) | (14,557) | — | — | (10,391) | ||||||||||||||||||||||||
| Same store NOI at share - cash basis for the three months ended June 30, 2026 | $ | 228,896 | $ | 191,060 | $ | 28,874 | $ | 8,962 | $ | — | |||||||||||||||||||
| NOI at share - cash basis for the three months ended March 31, 2026 | $ | 241,057 | $ | 208,529 | $ | 17,625 | $ | 8,859 | $ | 6,044 | |||||||||||||||||||
| Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
| Dispositions | 682 | 681 | 1 | — | — | ||||||||||||||||||||||||
| Development properties | (8,293) | (8,293) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (16,627) | (10,583) | — | — | (6,044) | ||||||||||||||||||||||||
| Same store NOI at share - cash basis for the three months ended March 31, 2026 | $ | 216,819 | $ | 190,334 | $ | 17,626 | $ | 8,859 | $ | — | |||||||||||||||||||
| Increase in same store NOI at share - cash basis | $ | 12,077 | $ | 726 | $ | 11,248 | $ | 103 | $ | — | |||||||||||||||||||
| % increase in same store NOI at share - cash basis | 5.6 | % | 0.4 | % | 63.8 | % | 1.2 | % | — | % | |||||||||||||||||||
| NYSE: VNO | WWW.VNO.COM | PAGE 17 OF 17 | |||||||
| INDEX | |||||||||||||||||
| Page | |||||||||||||||||
| BUSINESS DEVELOPMENTS | - | ||||||||||||||||
| FINANCIAL INFORMATION | |||||||||||||||||
| Financial Highlights | |||||||||||||||||
| FFO, As Adjusted Bridge | |||||||||||||||||
| Net Operating Income, EBITDAre, FFO and FAD | |||||||||||||||||
| Consolidated Balance Sheets | |||||||||||||||||
| Net Income (Loss) Attributable to Common Shareholders (Consolidated and by Segment) | - | ||||||||||||||||
| Net Operating Income at Share and Net Operating Income at Share - Cash Basis by Segment and Subsegment | |||||||||||||||||
| Same Store NOI at Share and Same Store NOI at Share - Cash Basis | |||||||||||||||||
| LEASING ACTIVITY AND LEASE EXPIRATIONS | |||||||||||||||||
| Leasing Activity | - | 15 | |||||||||||||||
| Lease Expirations | - | ||||||||||||||||
| CAPITAL EXPENDITURES AND RE/DEVELOPMENT | |||||||||||||||||
| DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES | |||||||||||||||||
| UNCONSOLIDATED JOINT VENTURES | - | 22 | |||||||||||||||
| DEBT AND CAPITALIZATION | |||||||||||||||||
| Debt Analysis | |||||||||||||||||
| Corporate Covenant Ratios and Credit Ratings | |||||||||||||||||
| Capital Structure | |||||||||||||||||
| Debt Maturities | |||||||||||||||||
| Debt Detail (Consolidated and Unconsolidated) | - | ||||||||||||||||
| Hedging Instruments | |||||||||||||||||
| 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. 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 interest rate fluctuations and the 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, 2025. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include Funds From Operations ("FFO"), Funds Available for Distribution ("FAD"), Net Operating Income ("NOI") and Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this supplemental package on page i in the Appendix.
This supplemental package should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 which can be accessed at the Company’s website www.vno.com.
- 2 -
| BUSINESS DEVELOPMENTS | ||||||||||||||
Acquisitions
Park Avenue Plaza
On June 11, 2026, we completed the purchase of a 49.0% interest in Park Avenue Plaza at a gross asset valuation of $1.1 billion ($950 per square foot). We acquired our interest subject to our share of the $575,000,000 loan encumbering the property. The loan bears interest at a fixed rate of 2.99% and matures in November 2031.
Park Avenue Plaza is a 45-story, 1.2 million rentable square foot building located at 55 East 52nd Street. The office building, co-owned by Fisher Brothers, has protected Park Avenue views and occupies the full through-block between East 52nd and East 53rd Street.
Fisher Brothers retains its current 51.0% ownership interest and continues to manage and lease the property. Vornado and Fisher Brothers have joint control over major decisions.
3 East 54th Street
On January 7, 2026, we acquired 3 East 54th Street, an asset situated on 18,400 square feet of land, for $141,000,000. Previously, in July 2025, we purchased the $35,000,000 A-Note secured by the property at par plus accrued interest, and in August 2024, we purchased the $50,000,000 B-Note secured by the property. The A-Note and B-Note were in default. The $107,000,000 loan balance, including default interest and advances, was credited towards the purchase price.
3 East 54th Street is located between Fifth Avenue and Madison Avenue on 54th Street, adjacent to the St. Regis Hotel and our Upper Fifth Avenue retail properties. The land is zoned for approximately 232,500 buildable square feet as-of-right, and we are in the process of demolishing the existing buildings on the site.
Dispositions
Alexander’s, Inc. (“Alexander’s”)
On May 28, 2026, Alexander’s, in which we own a 32.4% interest, completed the sale of its Rego Park I property for $235,500,000. As a result of the sale, we recognized our $44,329,000 share of the net gain and received a $2,355,000 sales commission paid by Alexander’s, of which $500,000 was paid to a third-party broker.
606 Broadway
On May 14, 2026, a 50.0% owned consolidated joint venture completed the sale of 606 Broadway. The purchaser acquired the non-recourse mortgage loan, which was in maturity default, at a discount and paid the joint venture $3,000,000 in cash ($2,400,000 to Vornado). The transaction resulted in a $32,073,000 gain on debt extinguishment, of which $15,932,000 is attributable to noncontrolling interests. The property was previously impaired in the fourth quarter of 2023, and had a carrying value of $52,073,000 as of the sale date.
Financing Activity
Senior Unsecured Notes Due 2026
We repaid our $400,000,000 2.15% senior unsecured notes on their June 1, 2026, maturity date.
61 Ninth Avenue
On May 8, 2026, a joint venture, in which we have a 45.1% interest, completed a $161,000,000 refinancing of 61 Ninth Avenue. The interest-only mortgage loan matures in June 2028, with a nine-month extension option subject to certain conditions, and bears interest at SOFR plus 3.00% in year one, SOFR plus 3.35% for year two, and SOFR plus 3.85% during the extension period. The refinancing replaced the joint venture’s prior $167,500,000 mortgage loan on the property. On February 2, 2026, the joint venture extended the prior loan’s maturity by seven months and simultaneously paid down the principal balance by $12,500,000 to $155,000,000.
350 Park Avenue
On March 10, 2026, an affiliate of Kenneth C. Griffin (“KG”) provided a $400,000,000 mortgage loan secured by 350 Park Avenue, the proceeds of which were used to defease the existing $400,000,000 mortgage loan in connection with the site’s development. The new interest-only loan bears interest at a fixed rate of 4.00% and matures in January 2027. Concurrently, and in connection with the planned development, Citadel Enterprise Americas LLC (“Citadel”) vacated the building and assigned its existing master lease to an affiliate of KG as tenant, and the lease was amended to provide for net rent of $16,000,000 per annum, equal to the interest payments under the new mortgage loan.
- 3 -
| BUSINESS DEVELOPMENTS | ||||||||||||||
Financing Activity - continued
One Park Avenue
On February 9, 2026, we completed a $525,000,000 refinancing of One Park Avenue, a 945,000 square foot Manhattan office building. The five-year interest-only loan matures in February 2031 and bears interest at a rate of SOFR plus 1.78%. The loan replaced the previous $525,000,000 loan that bore interest at SOFR plus 1.22% and was scheduled to mature in March 2026.
825 Seventh Avenue Office Condominium
On January 26, 2026, a joint venture, in which we have a 50.0% interest, entered into a nine-month extension with the lenders on the $54,000,000 mortgage loan encumbering the office condominium of 825 Seventh Avenue and simultaneously paid down the principal balance by $6,000,000 to $48,000,000. The loan was previously scheduled to mature in January 2026. The non-recourse interest-only loan bears interest at a rate of SOFR plus 2.75% and matures in October 2026, with a fifteen-month extension option subject to loan-to-value and debt yield requirements.
7 West 34th Street
On January 23, 2026, a joint venture, in which we have a 53.0% interest, completed a $250,000,000 refinancing of 7 West 34th Street, a 477,000 square foot Manhattan office and retail building. The non-recourse, five-year interest-only mortgage loan matures in February 2031 and has a fixed rate of 5.79%. The joint venture paid down by $50,000,000 the prior $300,000,000 full-recourse loan that bore interest at 3.65% and was scheduled to mature in June 2026. The loan was paid down using property-level reserves and a $25,000,000 member loan from Vornado which accrues interest at 16.00% and receives priority on distributions.
Senior Unsecured Notes Due 2033
On January 14, 2026, we completed a public offering of $500,000,000 5.75% senior unsecured notes due February 1, 2033 (“2033 Notes”). Interest on the senior unsecured notes is payable semi-annually on February 1 and August 1, commencing August 1, 2026. The 2033 Notes were sold at 99.824% of their face amount to yield 5.78%. A portion of the $494,000,000 net proceeds from the 2033 Notes was used to repay our $400,000,000 senior unsecured notes at their June 2026 maturity.
2031 Revolving Credit Facility
On January 7, 2026, we completed a $1.105 billion refinancing of one of our two revolving credit facilities. On February 4, 2026, the facility was upsized to $1.130 billion. The $1.130 billion amended facility currently bears interest at a rate of SOFR plus 1.01% and is scheduled to mature in February 2031 (as fully extended). The facility fee is 24 basis points. The facility replaced the previous $1.25 billion revolving credit facility which was scheduled to mature in December 2027.
2029 Revolving Credit Facility
On January 7, 2026, we upsized our $915,000,000 revolving credit facility that matures in April 2029 (as fully extended) to $1.0 billion. The credit facility currently bears interest at a rate of SOFR plus 1.16% and has a facility fee of 24 basis points.
Unsecured Term Loan
On January 7, 2026, we completed a refinancing of our unsecured term loan and upsized the loan amount to $850,000,000. The loan bears interest at SOFR plus 1.15% and matures in February 2031 (as fully extended). The loan replaced the previous $800,000,000 term loan which bore interest at SOFR plus 1.25% and was scheduled to mature in December 2027.
888 Seventh Avenue
On December 10, 2025, the $244,543,000 non-recourse mortgage loan on 888 Seventh Avenue matured and was not repaid, at which time the lenders declared an event of default. On March 9, 2026, we entered into a forbearance agreement pursuant to which the lenders agreed to forbear from exercising their remedies and waived default interest through March 2027. During the forbearance period, regularly scheduled interest and required monthly amortization payments continue to accrue, but payment is deferred until the expiration or earlier termination of the forbearance period, at which time such amounts become due and payable.
Share Repurchase Program
On April 29, 2026, Vornado announced that its Board of Trustees has authorized an additional repurchase of up to $300,000,000 of its outstanding common shares under the share repurchase plan. As of August 3, 2026, $286,590,000 remained available for repurchases.
During the three months ended June 30, 2026, we repurchased 1,787,090 common shares for $53,461,000 at an average price per share of $29.92.
- 4 -
| FINANCIAL HIGHLIGHTS (unaudited) | ||||||||||||||||||||||||||||||||||||||
| (Amounts in thousands, except per share amounts) | For the Three Months Ended or As Of | |||||||||||||||||||||||||||||||||||||
| Earnings and Earnings Per Share | 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | |||||||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 16,434 | $ | (22,842) | $ | 601 | $ | 11,589 | $ | 743,819 | ||||||||||||||||||||||||||||
| Per diluted share | 0.08 | (0.12) | — | 0.06 | 3.70 | |||||||||||||||||||||||||||||||||
| FFO attributable to common shareholders plus assumed conversions (non-GAAP) | 144,078 | 96,263 | 112,927 | 117,372 | 120,928 | |||||||||||||||||||||||||||||||||
| Per diluted share (non-GAAP) | 0.74 | 0.49 | 0.56 | 0.58 | 0.60 | |||||||||||||||||||||||||||||||||
| FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) | 131,073 | 103,109 | 110,873 | 114,535 | 113,324 | |||||||||||||||||||||||||||||||||
| Per diluted share (non-GAAP) | 0.67 | 0.52 | 0.55 | 0.57 | 0.56 | |||||||||||||||||||||||||||||||||
| EBITDAre attributable to the Operating Partnership (non-GAAP) | 279,919 | 245,369 | 263,084 | 253,698 | 267,254 | |||||||||||||||||||||||||||||||||
| EBITDAre attributable to the Operating Partnership, as adjusted (non-GAAP) | 279,451 | 247,798 | 254,805 | 253,758 | 257,583 | |||||||||||||||||||||||||||||||||
| Common Share Price & Dividends (NYSE:VNO) | ||||||||||||||||||||||||||||||||||||||
| High Price | $ | 39.80 | $ | 34.83 | $ | 41.85 | $ | 43.37 | $ | 41.95 | ||||||||||||||||||||||||||||
| Low Price | 24.93 | 24.57 | 32.61 | 35.22 | 29.68 | |||||||||||||||||||||||||||||||||
| Closing price - end of quarter | 39.30 | 25.99 | 33.28 | 40.53 | 38.24 | |||||||||||||||||||||||||||||||||
Dividends per common share(1) | N/A | N/A | 0.74 | N/A | N/A | |||||||||||||||||||||||||||||||||
FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)(1) | N/A | N/A | 31.9% | (2) | N/A | N/A | ||||||||||||||||||||||||||||||||
FAD payout ratio(1) | N/A | N/A | 97.4% | (2) | N/A | N/A | ||||||||||||||||||||||||||||||||
| VNO Common Shares & VRLP Units | ||||||||||||||||||||||||||||||||||||||
| VNO common shares outstanding | 186,721 | 188,098 | 190,666 | 192,055 | 192,041 | |||||||||||||||||||||||||||||||||
| Redeemable Class A units and LTIP Unit awards outstanding | 16,654 | 16,947 | 16,651 | 16,694 | 16,708 | |||||||||||||||||||||||||||||||||
| Convertible unit equivalents outstanding | 1,279 | 1,917 | 1,503 | 1,242 | 1,313 | |||||||||||||||||||||||||||||||||
| Total Class A units and assumed conversions of convertible units outstanding | 204,654 | 206,962 | 208,820 | 209,991 | 210,062 | |||||||||||||||||||||||||||||||||
| Weighted average Class A units outstanding - diluted | 212,374 | 214,484 | 217,542 | 218,140 | 217,801 | |||||||||||||||||||||||||||||||||
| Weighted average common shares outstanding - diluted | 195,722 | 197,479 | 200,901 | 201,416 | 201,042 | |||||||||||||||||||||||||||||||||
| Market Capitalization | $ | 18.8 | Billion | $ | 16.1 | Billion | $ | 17.2 | Billion | $ | 18.8 | Billion | $ | 18.4 | Billion | |||||||||||||||||||||||
Liquidity (amounts in millions) | ||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 675 | $ | 1,081 | $ | 841 | $ | 1,010 | $ | 1,205 | ||||||||||||||||||||||||||||
| Restricted cash | 114 | 130 | 137 | 142 | 158 | |||||||||||||||||||||||||||||||||
| Available on our $2.1 billion revolving credit facilities | 1,188 | 1,388 | 1,419 | 1,419 | 1,560 | |||||||||||||||||||||||||||||||||
| Total Liquidity | $ | 1,977 | $ | 2,599 | $ | 2,397 | $ | 2,571 | $ | 2,923 | ||||||||||||||||||||||||||||
(1)For 2026, we anticipate continuing our common share dividend policy of paying one common share dividend in the fourth quarter, subject to approval by our Board of Trustees.
(2)FFO and FAD payout ratios are calculated based on full year results.
Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.
- 5 -
| FFO, AS ADJUSTED BRIDGE - Q2 2026 VS. Q2 2025 (unaudited) | ||
| (Amounts in millions, except per share amounts) | FFO, as Adjusted | ||||||||||
| Amount | Per Share | ||||||||||
| FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2025 | $ | 113.3 | $ | 0.56 | |||||||
| Increase / (decrease) in FFO, as adjusted due to: | |||||||||||
| Rent commencements, net of lease expirations | 13.3 | ||||||||||
| Interest expense (primarily the 2033 senior unsecured notes) | (10.2) | ||||||||||
| Impact of NYU master lease at 770 Broadway | 8.9 | ||||||||||
| Variable businesses (primarily signage) | 8.0 | ||||||||||
| Park Avenue Plaza | 1.8 | ||||||||||
| Other, net | (2.3) | ||||||||||
| 19.5 | |||||||||||
| Noncontrolling interests' share of above items, impact of assumed conversions of convertible securities, and impact of share buyback | (1.7) | ||||||||||
| Net increase | 17.8 | 0.11 | |||||||||
| FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2026 | $ | 131.1 | $ | 0.67 | |||||||
Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.
- 6 -
| NET OPERATING INCOME, EBITDAre, FFO AND FAD (unaudited) | ||
| (Amounts in thousands) | For the Three Months Ended | ||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025 | |||||||||||||||
Net Operating Income (“NOI”)(1): | |||||||||||||||||
| Total revenues | $ | 462,242 | $ | 459,105 | $ | 441,437 | |||||||||||
| Operating expenses | (223,649) | (246,631) | (219,348) | ||||||||||||||
| Our share of NOI from partially owned entities | 76,638 | 68,308 | 66,227 | ||||||||||||||
| NOI attributable to noncontrolling interests in consolidated subsidiaries | (11,167) | (8,659) | (10,643) | ||||||||||||||
| NOI at share | 304,064 | 272,123 | 277,673 | ||||||||||||||
| Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (40,881) | (31,066) | (45,954) | ||||||||||||||
| NOI at share - cash basis | 263,183 | 241,057 | 231,719 | ||||||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") (at Vornado’s share)(1): | |||||||||||||||||
| General and administrative expenses | (40,283) | (42,989) | (40,678) | ||||||||||||||
| Interest and other investment income, net | 16,311 | 16,997 | 20,127 | ||||||||||||||
| Transaction related costs and other (excludes real estate impairment losses) | (173) | (762) | (179) | ||||||||||||||
| Net gain on disposition of non-depreciable wholly owned and partially owned assets | — | — | 10,311 | ||||||||||||||
| Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 40,881 | 31,066 | 45,954 | ||||||||||||||
| EBITDAre attributable to the Operating Partnership (non-GAAP) | 279,919 | 245,369 | 267,254 | ||||||||||||||
| Total of certain items that impact EBITDAre | (468) | 2,429 | (9,671) | ||||||||||||||
| EBITDAre attributable to the Operating Partnership, as adjusted (non-GAAP) | 279,451 | 247,798 | 257,583 | ||||||||||||||
Funds From Operations (“FFO”) (at Vornado’s share)(1): | |||||||||||||||||
| Interest and debt expense | (118,706) | (116,219) | (115,171) | ||||||||||||||
| Gain on debt extinguishment | 16,141 | — | — | ||||||||||||||
| Preferred share dividends | (15,553) | (15,554) | (15,554) | ||||||||||||||
| Personal property depreciation | (2,347) | (2,050) | (1,564) | ||||||||||||||
| Income tax expense | (3,439) | (7,262) | (4,295) | ||||||||||||||
| Impact of assumed conversion of dilutive convertible securities | 383 | 309 | 385 | ||||||||||||||
| Add-back - Total of certain items that impact EBITDAre | 468 | (2,429) | 9,671 | ||||||||||||||
| FFO allocated to noncontrolling interests of the Operating Partnership | (12,320) | (8,330) | (10,127) | ||||||||||||||
| FFO attributable to common shareholders plus assumed conversions (non-GAAP) | 144,078 | 96,263 | 120,928 | ||||||||||||||
| Total of certain items that impact FFO attributable to common shareholders plus assumed conversions | (13,005) | 6,846 | (7,605) | ||||||||||||||
| FFO attributable to common shareholders plus assumed conversions, as adjusted | 131,073 | 103,109 | 113,323 | ||||||||||||||
Funds Available for Distributions (“FAD”) (at Vornado's share)(1): | |||||||||||||||||
| Certain items that impact FAD | 14,293 | (144) | (637) | ||||||||||||||
| Recurring tenant improvements, leasing commissions and other capital expenditures | (33,109) | (45,225) | (104,203) | ||||||||||||||
| Stock-based compensation expense | 7,804 | 5,655 | 7,519 | ||||||||||||||
| Amortization of debt issuance costs and other non-cash interest expense | 6,642 | 6,681 | 10,638 | ||||||||||||||
| Gain on debt extinguishment | (16,141) | — | — | ||||||||||||||
| Personal property depreciation | 2,347 | 2,050 | 1,564 | ||||||||||||||
| Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (40,881) | (31,066) | (45,954) | ||||||||||||||
| Noncontrolling interests in the Operating Partnership's share of above adjustments | 5,886 | 4,543 | 11,119 | ||||||||||||||
| FAD (non-GAAP) | $ | 77,914 | $ | 45,603 | $ | (6,631) | |||||||||||
________________________________
(1)See pages ii through vii in the Appendix for NOI at share, NOI at share - cash basis, EBITDAre, FFO and FAD reconciliations to the most directly comparable GAAP financial measures.
- 7 -
| CONSOLIDATED BALANCE SHEETS (unaudited) | |||||||||||||||||
| (Amounts in thousands) | |||||||||||||||||
| As of | Increase (Decrease) | ||||||||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||||||||
| ASSETS | |||||||||||||||||
| Real estate, at cost: | |||||||||||||||||
| Land | $ | 2,357,135 | $ | 2,408,914 | $ | (51,779) | |||||||||||
| Buildings and improvements | 11,083,517 | 10,942,418 | 141,099 | ||||||||||||||
| Development costs and construction in progress | 1,012,045 | 890,143 | 121,902 | ||||||||||||||
| Leasehold improvements and equipment | 109,117 | 105,080 | 4,037 | ||||||||||||||
| Total | 14,561,814 | 14,346,555 | 215,259 | ||||||||||||||
| Less accumulated depreciation and amortization | (4,411,617) | (4,191,075) | (220,542) | ||||||||||||||
| Real estate, net | 10,150,197 | 10,155,480 | (5,283) | ||||||||||||||
| Right-of-use assets | 668,171 | 671,308 | (3,137) | ||||||||||||||
| Net investment in lease | 166,450 | 166,024 | 426 | ||||||||||||||
| Cash, cash equivalents, and restricted cash | |||||||||||||||||
| Cash and cash equivalents | 675,353 | 840,850 | (165,497) | ||||||||||||||
| Restricted cash | 113,567 | 136,696 | (23,129) | ||||||||||||||
| Total | 788,920 | 977,546 | (188,626) | ||||||||||||||
| Tenant and other receivables | 97,552 | 77,137 | 20,415 | ||||||||||||||
| Investments in partially owned entities | 2,229,224 | 1,941,278 | 287,946 | ||||||||||||||
| Receivable arising from the straight-lining of rents | 803,848 | 752,545 | 51,303 | ||||||||||||||
| Deferred leasing costs, net | 379,374 | 374,620 | 4,754 | ||||||||||||||
| Identified intangible assets, net | 106,820 | 110,593 | (3,773) | ||||||||||||||
| Other assets | 220,612 | 294,587 | (73,975) | ||||||||||||||
| Total assets | $ | 15,611,168 | $ | 15,521,118 | $ | 90,050 | |||||||||||
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||||||||||||
| Liabilities: | |||||||||||||||||
| Mortgages payable, net | $ | 4,844,730 | $ | 4,920,669 | $ | (75,939) | |||||||||||
| Senior unsecured notes, net | 841,940 | 747,202 | 94,738 | ||||||||||||||
| Unsecured term loan, net | 840,030 | 797,337 | 42,693 | ||||||||||||||
| Unsecured revolving credit facilities | 918,000 | 720,420 | 197,580 | ||||||||||||||
| Lease liabilities | 696,225 | 699,640 | (3,415) | ||||||||||||||
| Accounts payable and accrued expenses | 354,074 | 376,190 | (22,116) | ||||||||||||||
| Deferred compensation plan | 98,746 | 113,778 | (15,032) | ||||||||||||||
| Other liabilities | 320,452 | 341,359 | (20,907) | ||||||||||||||
| Total liabilities | 8,914,197 | 8,716,595 | 197,602 | ||||||||||||||
| Redeemable noncontrolling interests | 733,687 | 647,951 | 85,736 | ||||||||||||||
| Shareholders' equity | 5,787,587 | 5,986,727 | (199,140) | ||||||||||||||
| Noncontrolling interests in consolidated subsidiaries | 175,697 | 169,845 | 5,852 | ||||||||||||||
| Total liabilities, redeemable noncontrolling interests and equity | $ | 15,611,168 | $ | 15,521,118 | $ | 90,050 | |||||||||||
- 8 -
| CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited) | |||||||||||||||||||||||
| (Amounts in thousands) | |||||||||||||||||||||||
| For the Three Months Ended | |||||||||||||||||||||||
| June 30, | March 31, 2026 | ||||||||||||||||||||||
| 2026 | 2025 | Variance | |||||||||||||||||||||
Property rentals(1) | $ | 332,359 | $ | 332,183 | $ | 176 | $ | 321,657 | |||||||||||||||
Tenant expense reimbursements(1) | 46,281 | 34,566 | 11,715 | 51,216 | |||||||||||||||||||
| Amortization of acquired below-market leases, net | 135 | 96 | 39 | 101 | |||||||||||||||||||
| Straight-lining of rents | 26,298 | 15,407 | 10,891 | 26,210 | |||||||||||||||||||
| Total rental revenues | 405,073 | 382,252 | 22,821 | 399,184 | |||||||||||||||||||
| Fee and other income: | |||||||||||||||||||||||
| Building Maintenance Services ("BMS") cleaning fees | 33,344 | 37,431 | (4,087) | 39,343 | |||||||||||||||||||
| Management and leasing fees | 2,658 | 2,926 | (268) | 2,715 | |||||||||||||||||||
| Other income | 21,167 | 18,828 | 2,339 | 17,863 | |||||||||||||||||||
| Total revenues | 462,242 | 441,437 | 20,805 | 459,105 | |||||||||||||||||||
| Operating expenses | (223,649) | (219,348) | (4,301) | (246,631) | |||||||||||||||||||
| Depreciation and amortization | (171,228) | (115,574) | (55,654) | (118,528) | |||||||||||||||||||
| General and administrative | (39,100) | (39,978) | 878 | (42,245) | |||||||||||||||||||
| Expense from deferred compensation plan liability | (2,483) | (3,123) | 640 | (581) | |||||||||||||||||||
| Transaction related costs and other | (173) | (721) | 548 | (762) | |||||||||||||||||||
| Total expenses | (436,633) | (378,744) | (57,889) | (408,747) | |||||||||||||||||||
| Income from partially owned entities | 63,195 | 16,671 | 46,524 | 12,822 | |||||||||||||||||||
| Interest and other investment income, net | 8,989 | 11,056 | (2,067) | 9,327 | |||||||||||||||||||
| Income from deferred compensation plan assets | 2,483 | 3,123 | (640) | 581 | |||||||||||||||||||
| Interest and debt expense | (89,582) | (87,929) | (1,653) | (89,206) | |||||||||||||||||||
| Gain on debt extinguishment | 32,073 | — | 32,073 | — | |||||||||||||||||||
| Gain on sales-type lease | — | 803,248 | (803,248) | — | |||||||||||||||||||
| Net gains on disposition of wholly owned and partially owned assets | — | 8,488 | (8,488) | — | |||||||||||||||||||
| Income (loss) before income taxes | 42,767 | 817,350 | (774,583) | (16,118) | |||||||||||||||||||
| Income tax expense | (3,571) | (4,123) | 552 | (5,908) | |||||||||||||||||||
| Net income (loss) | 39,196 | 813,227 | (774,031) | (22,026) | |||||||||||||||||||
| Less net (income) loss attributable to noncontrolling interests in: | |||||||||||||||||||||||
| Consolidated subsidiaries | (5,748) | 10,981 | (16,729) | 12,690 | |||||||||||||||||||
| Operating Partnership | (1,489) | (64,863) | 63,374 | 2,019 | |||||||||||||||||||
| Net income (loss) attributable to Vornado | 31,959 | 759,345 | (727,386) | (7,317) | |||||||||||||||||||
| Preferred share dividends | (15,525) | (15,526) | 1 | (15,525) | |||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 16,434 | $ | 743,819 | $ | (727,385) | $ | (22,842) | |||||||||||||||
| Capitalized expenditures: | |||||||||||||||||||||||
| Interest and debt expense | $ | 11,069 | $ | 9,533 | $ | 1,536 | $ | 10,118 | |||||||||||||||
| Development payroll | 1,516 | 1,219 | 297 | 1,489 | |||||||||||||||||||
________________________________
(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.
- 9 -
| CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited) | |||||||||||||||||
| (Amounts in thousands) | |||||||||||||||||
| For the Six Months Ended June 30, | |||||||||||||||||
| 2026 | 2025 | Variance | |||||||||||||||
Property rentals(1) | $ | 654,016 | $ | 680,568 | $ | (26,552) | |||||||||||
Tenant expense reimbursements(1) | 97,497 | 86,549 | 10,948 | ||||||||||||||
| Amortization of acquired below-market leases, net | 236 | 184 | 52 | ||||||||||||||
| Straight-lining of rents | 52,508 | 19,706 | 32,802 | ||||||||||||||
| Total rental revenues | 804,257 | 787,007 | 17,250 | ||||||||||||||
| Fee and other income: | |||||||||||||||||
| BMS cleaning fees | 72,687 | 73,907 | (1,220) | ||||||||||||||
| Management and leasing fees | 5,373 | 5,956 | (583) | ||||||||||||||
| Other income | 39,030 | 36,146 | 2,884 | ||||||||||||||
| Total revenues | 921,347 | 903,016 | 18,331 | ||||||||||||||
| Operating expenses | (470,280) | (444,088) | (26,192) | ||||||||||||||
| Depreciation and amortization | (289,756) | (231,729) | (58,027) | ||||||||||||||
| General and administrative | (81,345) | (78,575) | (2,770) | ||||||||||||||
| Expense from deferred compensation plan liability | (3,064) | (2,034) | (1,030) | ||||||||||||||
| Transaction related costs and other | (935) | (764) | (171) | ||||||||||||||
| Total expenses | (845,380) | (757,190) | (88,190) | ||||||||||||||
| Income from partially owned entities | 76,017 | 113,648 | (37,631) | ||||||||||||||
| Interest and other investment income, net | 18,316 | 19,317 | (1,001) | ||||||||||||||
| Income from deferred compensation plan assets | 3,064 | 2,034 | 1,030 | ||||||||||||||
| Interest and debt expense | (178,788) | (183,745) | 4,957 | ||||||||||||||
| Gain on debt extinguishment | 32,073 | — | 32,073 | ||||||||||||||
| Gain on sales-type lease | — | 803,248 | (803,248) | ||||||||||||||
| Net gains on disposition of wholly owned and partially owned assets | — | 24,039 | (24,039) | ||||||||||||||
| Income before income taxes | 26,649 | 924,367 | (897,718) | ||||||||||||||
| Income tax expense | (9,479) | (11,316) | 1,837 | ||||||||||||||
| Net income | 17,170 | 913,051 | (895,881) | ||||||||||||||
| Less net loss (income) attributable to noncontrolling interests in: | |||||||||||||||||
| Consolidated subsidiaries | 6,942 | 21,414 | (14,472) | ||||||||||||||
| Operating Partnership | 530 | (72,752) | 73,282 | ||||||||||||||
| Net income attributable to Vornado | 24,642 | 861,713 | (837,071) | ||||||||||||||
| Preferred share dividends | (31,050) | (31,052) | 2 | ||||||||||||||
| Net (loss) income attributable to common shareholders | $ | (6,408) | $ | 830,661 | $ | (837,069) | |||||||||||
| Capitalized expenditures: | |||||||||||||||||
| Interest and debt expense | $ | 21,187 | $ | 20,401 | $ | 786 | |||||||||||
| Development payroll | 3,005 | 2,320 | 685 | ||||||||||||||
________________________________
(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 -
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited) | ||
| (Amounts in thousands) | ||
| For the Three Months Ended June 30, 2026 | For the Six Months Ended June 30, 2026 | ||||||||||||||||||||||||||||||||||
| Total | New York | Other | Total | New York | Other | ||||||||||||||||||||||||||||||
Property rentals(1) | $ | 332,359 | $ | 271,431 | $ | 60,928 | $ | 654,016 | $ | 532,605 | $ | 121,411 | |||||||||||||||||||||||
Tenant expense reimbursements(1) | 46,281 | 37,655 | 8,626 | 97,497 | 76,804 | 20,693 | |||||||||||||||||||||||||||||
| Amortization of acquired below-market leases, net | 135 | 69 | 66 | 236 | 113 | 123 | |||||||||||||||||||||||||||||
| Straight-lining of rents | 26,298 | 18,674 | 7,624 | 52,508 | 38,852 | 13,656 | |||||||||||||||||||||||||||||
| Total rental revenues | 405,073 | 327,829 | 77,244 | 804,257 | 648,374 | 155,883 | |||||||||||||||||||||||||||||
| Fee and other income: | |||||||||||||||||||||||||||||||||||
| BMS cleaning fees | 33,344 | 35,848 | (2,504) | 72,687 | 77,917 | (5,230) | |||||||||||||||||||||||||||||
| Management and leasing fees | 2,658 | 2,701 | (43) | 5,373 | 5,623 | (250) | |||||||||||||||||||||||||||||
| Other income | 21,167 | 13,938 | 7,229 | 39,030 | 25,888 | 13,142 | |||||||||||||||||||||||||||||
| Total revenues | 462,242 | 380,316 | 81,926 | 921,347 | 757,802 | 163,545 | |||||||||||||||||||||||||||||
| Operating expenses | (223,649) | (194,620) | (29,029) | (470,280) | (398,048) | (72,232) | |||||||||||||||||||||||||||||
| Depreciation and amortization | (171,228) | (146,255) | (24,973) | (289,756) | (240,486) | (49,270) | |||||||||||||||||||||||||||||
| General and administrative | (39,100) | (12,747) | (26,353) | (81,345) | (28,252) | (53,093) | |||||||||||||||||||||||||||||
| Expense from deferred compensation plan liability | (2,483) | — | (2,483) | (3,064) | — | (3,064) | |||||||||||||||||||||||||||||
| Transaction related costs and other | (173) | — | (173) | (935) | (930) | (5) | |||||||||||||||||||||||||||||
| Total expenses | (436,633) | (353,622) | (83,011) | (845,380) | (667,716) | (177,664) | |||||||||||||||||||||||||||||
| Income from partially owned entities | 63,195 | 60,019 | 3,176 | 76,017 | 71,384 | 4,633 | |||||||||||||||||||||||||||||
| Interest and other investment income, net | 8,989 | 2,136 | 6,853 | 18,316 | 4,831 | 13,485 | |||||||||||||||||||||||||||||
| Income from deferred compensation plan assets | 2,483 | — | 2,483 | 3,064 | — | 3,064 | |||||||||||||||||||||||||||||
| Interest and debt expense | (89,582) | (37,909) | (51,673) | (178,788) | (75,514) | (103,274) | |||||||||||||||||||||||||||||
| Gain on debt extinguishment | 32,073 | 208 | 31,865 | 32,073 | 208 | 31,865 | |||||||||||||||||||||||||||||
| Income (loss) before income taxes | 42,767 | 51,148 | (8,381) | 26,649 | 90,995 | (64,346) | |||||||||||||||||||||||||||||
| Income tax expense | (3,571) | (1,898) | (1,673) | (9,479) | (3,618) | (5,861) | |||||||||||||||||||||||||||||
| Net income (loss) | 39,196 | 49,250 | (10,054) | 17,170 | 87,377 | (70,207) | |||||||||||||||||||||||||||||
| Less net (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (5,748) | 7,629 | (13,377) | 6,942 | 16,878 | (9,936) | |||||||||||||||||||||||||||||
| Net income (loss) attributable to Vornado Realty L.P. | 33,448 | $ | 56,879 | $ | (23,431) | 24,112 | $ | 104,255 | $ | (80,143) | |||||||||||||||||||||||||
| Less net (income) loss attributable to noncontrolling interests in the Operating Partnership | (1,461) | 587 | |||||||||||||||||||||||||||||||||
| Preferred unit distributions | (15,553) | (31,107) | |||||||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders | $ | 16,434 | $ | (6,408) | |||||||||||||||||||||||||||||||
| For the three and six months ended June 30, 2025 | |||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Vornado Realty L.P. | $ | 824,208 | $ | 860,469 | $ | (36,261) | $ | 934,465 | $ | 1,004,147 | $ | (69,682) | |||||||||||||||||||||||
| Net income attributable to common shareholders | $ | 743,819 | $ | 830,661 | |||||||||||||||||||||||||||||||
________________________________
(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 -
| NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT AND SUBSEGMENT (NON-GAAP) (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the Three Months Ended | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||
| June 30, | March 31, 2026 | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| NOI at share: | |||||||||||||||||||||||||||||
| New York: | |||||||||||||||||||||||||||||
Office (includes base retail)(1)(2) | $ | 183,424 | $ | 170,935 | $ | 174,943 | $ | 358,367 | $ | 364,485 | |||||||||||||||||||
Street Retail(1) | 52,533 | 44,492 | 46,686 | 99,219 | 88,062 | ||||||||||||||||||||||||
| Residential | 6,695 | 6,362 | 6,996 | 13,691 | 12,554 | ||||||||||||||||||||||||
| Alexander’s | 9,046 | 8,315 | 7,924 | 16,970 | 17,824 | ||||||||||||||||||||||||
| Total New York | 251,698 | 230,104 | 236,549 | 488,247 | 482,925 | ||||||||||||||||||||||||
| Other: | |||||||||||||||||||||||||||||
THE MART(3) | 27,299 | 25,197 | 15,890 | 43,189 | 41,113 | ||||||||||||||||||||||||
| 555 California Street | 14,850 | 18,686 | 13,651 | 28,501 | 36,529 | ||||||||||||||||||||||||
| Other investments | 10,217 | 3,686 | 6,033 | 16,250 | 10,396 | ||||||||||||||||||||||||
| Total Other | 52,366 | 47,569 | 35,574 | 87,940 | 88,038 | ||||||||||||||||||||||||
| NOI at share | $ | 304,064 | $ | 277,673 | $ | 272,123 | $ | 576,187 | $ | 570,963 | |||||||||||||||||||
| NOI at share - cash basis: | |||||||||||||||||||||||||||||
| New York: | |||||||||||||||||||||||||||||
Office (includes base retail)(1)(2)(4) | $ | 155,899 | $ | 124,268 | $ | 151,963 | $ | 307,862 | $ | 293,514 | |||||||||||||||||||
Street Retail(1) | 49,754 | 42,764 | 41,239 | 90,993 | 84,453 | ||||||||||||||||||||||||
| Residential | 6,354 | 5,990 | 6,571 | 12,925 | 11,838 | ||||||||||||||||||||||||
| Alexander's | 2,950 | 9,344 | 8,756 | 11,706 | 19,882 | ||||||||||||||||||||||||
| Total New York | 214,957 | 182,366 | 208,529 | 423,486 | 409,687 | ||||||||||||||||||||||||
| Other: | |||||||||||||||||||||||||||||
THE MART(3) | 28,873 | 25,258 | 17,625 | 46,498 | 42,775 | ||||||||||||||||||||||||
| 555 California Street | 8,962 | 20,684 | 8,859 | 17,821 | 38,821 | ||||||||||||||||||||||||
| Other investments | 10,391 | 3,411 | 6,044 | 16,435 | 9,807 | ||||||||||||||||||||||||
| Total Other | 48,226 | 49,353 | 32,528 | 80,754 | 91,403 | ||||||||||||||||||||||||
| NOI at share - cash basis | $ | 263,183 | $ | 231,719 | $ | 241,057 | $ | 504,240 | $ | 501,090 | |||||||||||||||||||
________________________________
(1)During the first quarter of 2026, we reclassified retail assets located at the base of our office buildings from the retail subsegment to the office subsegment. The retail subsegment was renamed “Street Retail” and now comprises standalone retail properties and mixed-use assets with prominent retail components, including related signage, with a concentration on High Streets such as Fifth Avenue, Madison Avenue and Times Square. Please see our Property Table on pages 34 - 42 for the composition of each subsegment. Prior period balances have been reclassified to conform to current period presentation. This change applies only to net operating income; all other operating metrics, including occupancy, leasing activity, and lease expirations continue to be presented based on space type.
(2)Includes BMS NOI of $7,306, $7,584, $10,170, $17,476 and $14,520 for the three months ended June 30, 2026 and 2025 and March 31, 2026 and the six months ended June 30, 2026 and 2025, respectively.
(3)The three months ended June 30, 2026 and 2025 include the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment.
(4)2025 includes the impact of the payment of $22,361 for prior period PENN 1 ground rent owed based on the rent reset determination.
- 12 -
| SAME STORE NOI AT SHARE AND SAME STORE NOI AT SHARE - CASH BASIS (NON-GAAP) (unaudited) | ||||||||||||||||||||
| Total | New York | THE MART(2) | 555 California Street | |||||||||||||||||||||||
Same store NOI at share % increase (decrease)(1): | ||||||||||||||||||||||||||
| Three months ended June 30, 2026 compared to June 30, 2025 | 9.8 | % | 11.9 | % | 9.1 | % | (14.3) | % | ||||||||||||||||||
| Six months ended June 30, 2026 compared to June 30, 2025 | 8.1 | % | 10.5 | % | 5.7 | % | (17.9) | % | ||||||||||||||||||
| Three months ended June 30, 2026 compared to March 31, 2026 | 8.3 | % | 3.8 | % | 71.8 | % | 8.8 | % | ||||||||||||||||||
Same store NOI at share - cash basis % increase (decrease) (1): | ||||||||||||||||||||||||||
| Three months ended June 30, 2026 compared to June 30, 2025 | 2.9 | % | 6.2 | % | 15.1 | % | (48.6) | % | (3) | |||||||||||||||||
| Six months ended June 30, 2026 compared to June 30, 2025 | 0.8 | % | 4.7 | % | 9.3 | % | (49.9) | % | (3) | |||||||||||||||||
| Three months ended June 30, 2026 compared to March 31, 2026 | 5.6 | % | 0.4 | % | 63.8 | % | 1.2 | % | ||||||||||||||||||
________________________________
(1)See pages ix through xiv in the Appendix for same store NOI at share and same store NOI at share - cash basis reconciliations.
(2)The three months ended June 30, 2026 and 2025 include the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment.
(3)Variance in same store NOI at share vs. same store NOI at share - cash basis is primarily due to GAAP rent commencing on new leases with free rent periods.
- 13 -
| 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 | |||||||||||||||||||||||||
| Office | Retail | THE MART | ||||||||||||||||||||||||
| Three Months Ended June 30, 2026 | ||||||||||||||||||||||||||
| Total square feet leased | 348 | 61 | 103 | 15 | ||||||||||||||||||||||
| Our share of square feet leased: | 307 | 36 | 103 | 10 | ||||||||||||||||||||||
Initial rent(1) | $ | 107.24 | $ | 277.05 | $ | 54.12 | $ | 71.70 | ||||||||||||||||||
| Weighted average lease term (years) | 8.0 | 2.0 | 7.3 | 2.5 | ||||||||||||||||||||||
| Second generation relet space: | ||||||||||||||||||||||||||
| Square feet | 143 | 32 | 50 | — | ||||||||||||||||||||||
| GAAP basis: | ||||||||||||||||||||||||||
Straight-line rent(2) | $ | 97.25 | $ | 265.77 | $ | 60.96 | $ | — | ||||||||||||||||||
| Prior straight-line rent | $ | 90.32 | $ | 237.00 | $ | 53.48 | $ | — | ||||||||||||||||||
| Percentage increase | 7.7 | % | 12.1 | % | 14.0 | % | — | % | ||||||||||||||||||
| Cash basis (non-GAAP): | ||||||||||||||||||||||||||
Initial rent(1) | $ | 101.48 | $ | 265.18 | $ | 61.63 | $ | — | ||||||||||||||||||
| Prior escalated rent | $ | 96.69 | $ | 251.40 | $ | 59.26 | $ | — | ||||||||||||||||||
| Percentage increase | 5.0 | % | 5.5 | % | 4.0 | % | — | % | ||||||||||||||||||
| Tenant improvements and leasing commissions: | ||||||||||||||||||||||||||
| Per square foot | $ | 113.69 | $ | 38.94 | $ | 96.27 | $ | 49.39 | ||||||||||||||||||
| Per square foot per annum | $ | 14.21 | $ | 19.47 | $ | 13.19 | $ | 19.76 | ||||||||||||||||||
| Percentage of initial rent | 13.3 | % | 7.0 | % | 24.4 | % | 27.6 | % | ||||||||||||||||||
________________________________
(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.
- 14 -
| LEASING ACTIVITY (unaudited) | ||
| (Square feet in thousands) | ||
| New York | 555 California Street | |||||||||||||||||||||||||
| Office | Retail | THE MART | ||||||||||||||||||||||||
| Six Months Ended June 30, 2026 | ||||||||||||||||||||||||||
| Total square feet leased | 659 | 86 | 122 | 111 | ||||||||||||||||||||||
| Our share of square feet leased: | 550 | 49 | 122 | 77 | ||||||||||||||||||||||
Initial rent(1) | $ | 105.14 | $ | 349.23 | $ | 56.59 | $ | 141.28 | ||||||||||||||||||
| Weighted average lease term (years) | 8.3 | 4.8 | 6.7 | 8.6 | ||||||||||||||||||||||
| Second generation relet space: | ||||||||||||||||||||||||||
| Square feet | 264 | 33 | 65 | 58 | ||||||||||||||||||||||
| GAAP basis: | ||||||||||||||||||||||||||
Straight-line rent(2) | $ | 97.07 | $ | 286.88 | $ | 62.88 | $ | 178.18 | ||||||||||||||||||
| Prior straight-line rent | $ | 88.66 | $ | 247.34 | $ | 56.76 | $ | 123.11 | ||||||||||||||||||
| Percentage increase | 9.5 | % | 16.0 | % | 10.8 | % | 44.7 | % | ||||||||||||||||||
| Cash basis (non-GAAP): | ||||||||||||||||||||||||||
Initial rent(1) | $ | 101.75 | $ | 284.90 | $ | 63.69 | $ | 162.85 | ||||||||||||||||||
| Prior escalated rent | $ | 95.02 | $ | 265.32 | $ | 62.14 | $ | 134.95 | ||||||||||||||||||
| Percentage increase | 7.1 | % | 7.4 | % | 2.5 | % | 20.7 | % | ||||||||||||||||||
| Tenant improvements and leasing commissions: | ||||||||||||||||||||||||||
| Per square foot | $ | 125.80 | $ | 62.70 | $ | 85.90 | $ | 159.54 | ||||||||||||||||||
| Per square foot per annum | $ | 15.16 | $ | 13.06 | $ | 12.82 | $ | 18.55 | ||||||||||||||||||
| Percentage of initial rent | 14.4 | % | 3.7 | % | 22.7 | % | 13.1 | % | ||||||||||||||||||
_______________________________
(1)Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.
(2)Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases and includes the effect of free rent and periodic step-ups in rent.
- 15 -
| LEASE EXPIRATIONS (unaudited) | ||||||||||||||
| (Amounts in thousands) | ||||||||||||||
| Our Share of Square Feet of Expiring Leases As of June 30, 2026 | ||
| New York Office | 398 | 1,219 | 948 | 1,115 | 718 | 923 | 647 | 616 | 487 | 1,302 | 500 | 6,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New York Retail | 20 | 14 | 64 | 44 | 143 | 49 | 82 | 36 | 145 | 22 | 144 | 346 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| THE MART | 64 | 195 | 739 | 190 | 109 | 340 | 540 | 101 | 84 | 33 | 414 | 108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 555 California Street | 30 | 73 | 164 | 107 | 9 | 39 | 13 | 15 | — | 210 | 107 | 324 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 512 | 1,501 | 1,915 | 1,456 | 979 | 1,351 | 1,282 | 768 | 716 | 1,567 | 1,165 | 7,403 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % of total | 2.5% | 7.3% | 9.3% | 7.1% | 4.7% | 6.6% | 6.2% | 3.7% | 3.5% | 7.6% | 5.7% | 35.8% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
_______________________________
(1) Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter.
- 16 -
| LEASE EXPIRATIONS DETAIL (unaudited) NEW YORK SEGMENT | |||||||||||||||||||||||||||||
| Period of Lease Expiration | Our Share of Square Feet of Expiring Leases(1) | Annualized Escalated Rents of Expiring Leases | Percentage of Annualized Escalated Rent | ||||||||||||||||||||||||||
| Total | Per Sq. Ft. | ||||||||||||||||||||||||||||
| Office: | Second Quarter 2026(2) | 61,000 | $ | 5,824,000 | $ | 95.48 | 0.5 | % | |||||||||||||||||||||
| Third Quarter 2026 | 87,000 | 6,677,000 | 76.75 | 0.5 | % | ||||||||||||||||||||||||
| Fourth Quarter 2026 | 250,000 | 15,259,000 | 61.04 | 1.2 | % | ||||||||||||||||||||||||
| Remaining 2026 | 337,000 | 21,936,000 | 65.09 | 1.7 | % | ||||||||||||||||||||||||
| First Quarter 2027 | 350,000 | 30,134,000 | 86.10 | 2.3 | % | ||||||||||||||||||||||||
| Second Quarter 2027 | 526,000 | 46,057,000 | 87.56 | 3.6 | % | ||||||||||||||||||||||||
| Remaining 2027 | 343,000 | 27,193,000 | 79.28 | 2.1 | % | ||||||||||||||||||||||||
| 2028 | 948,000 | 75,917,000 | 80.08 | 5.9 | % | ||||||||||||||||||||||||
| 2029 | 1,115,000 | 86,589,000 | 77.66 | 6.7 | % | ||||||||||||||||||||||||
| 2030 | 718,000 | 66,204,000 | 92.21 | 5.2 | % | ||||||||||||||||||||||||
| 2031 | 923,000 | 88,377,000 | 95.75 | 6.9 | % | ||||||||||||||||||||||||
| 2032 | 647,000 | 56,365,000 | 87.12 | 4.4 | % | ||||||||||||||||||||||||
| 2033 | 616,000 | 54,955,000 | 89.21 | 4.3 | % | ||||||||||||||||||||||||
| 2034 | 487,000 | 47,458,000 | 97.45 | 3.7 | % | ||||||||||||||||||||||||
| 2035 | 1,302,000 | 113,469,000 | 87.15 | 8.8 | % | ||||||||||||||||||||||||
| 2036 | 500,000 | 49,518,000 | 99.04 | 3.9 | % | ||||||||||||||||||||||||
| Thereafter | 6,625,000 | (3) | 514,858,000 | 77.71 | 40.0 | % | |||||||||||||||||||||||
| Retail: | Second Quarter 2026(2) | 1,000 | $ | 25,000 | $ | 25.00 | 0.0 | % | |||||||||||||||||||||
| Third Quarter 2026 | 8,000 | 4,430,000 | 553.75 | 1.7 | % | ||||||||||||||||||||||||
| Fourth Quarter 2026 | 11,000 | 1,494,000 | 135.82 | 0.6 | % | ||||||||||||||||||||||||
| Remaining 2026 | 19,000 | 5,924,000 | 311.79 | 2.3 | % | ||||||||||||||||||||||||
| First Quarter 2027 | 2,000 | 5,769,000 | 2,884.50 | 2.2 | % | ||||||||||||||||||||||||
| Second Quarter 2027 | 6,000 | 564,000 | 94.00 | 0.2 | % | ||||||||||||||||||||||||
| Remaining 2027 | 6,000 | 8,369,000 | 1,394.83 | 3.2 | % | ||||||||||||||||||||||||
| 2028 | 64,000 | 18,675,000 | 291.80 | 7.1 | % | ||||||||||||||||||||||||
| 2029 | 44,000 | 20,561,000 | 467.30 | 7.8 | % | ||||||||||||||||||||||||
| 2030 | 143,000 | 23,327,000 | 163.13 | 8.9 | % | ||||||||||||||||||||||||
| 2031 | 49,000 | 29,089,000 | 593.65 | 11.1 | % | ||||||||||||||||||||||||
| 2032 | 82,000 | 34,116,000 | 416.05 | 13.0 | % | ||||||||||||||||||||||||
| 2033 | 36,000 | 12,435,000 | 345.42 | 4.7 | % | ||||||||||||||||||||||||
| 2034 | 145,000 | 20,743,000 | 143.06 | 7.9 | % | ||||||||||||||||||||||||
| 2035 | 22,000 | 11,733,000 | 533.32 | 4.5 | % | ||||||||||||||||||||||||
| 2036 | 144,000 | 17,581,000 | 122.09 | 6.7 | % | ||||||||||||||||||||||||
| Thereafter | 346,000 | 53,316,000 | 154.09 | 20.4 | % | ||||||||||||||||||||||||
(1) Excludes storage, vacancy and other.
(2) Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter.
(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.
- 17 -
| LEASE EXPIRATIONS DETAIL (unaudited) OTHER 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 | ||||||||||||||||||||||||||
| THE MART | Total | Per Sq. Ft. | |||||||||||||||||||||||||||
| Office / Showroom / Retail: | Second Quarter 2026(2) | 11,000 | $ | 533,000 | $ | 48.45 | 0.4 | % | |||||||||||||||||||||
| Third Quarter 2026 | 32,000 | 2,173,000 | 67.91 | 1.5 | % | ||||||||||||||||||||||||
| Fourth Quarter 2026 | 21,000 | 1,314,000 | 62.57 | 0.9 | % | ||||||||||||||||||||||||
| Remaining 2026 | 53,000 | 3,487,000 | 65.79 | 2.4 | % | ||||||||||||||||||||||||
| First Quarter 2027 | 39,000 | 1,895,000 | 48.59 | 1.3 | % | ||||||||||||||||||||||||
| Second Quarter 2027 | 23,000 | 1,767,000 | 76.83 | 1.2 | % | ||||||||||||||||||||||||
| Remaining 2027 | 133,000 | 7,529,000 | 56.61 | 5.1 | % | ||||||||||||||||||||||||
| 2028 | 739,000 | 37,259,000 | 50.42 | 25.0 | % | ||||||||||||||||||||||||
| 2029 | 190,000 | 10,688,000 | 56.25 | 7.2 | % | ||||||||||||||||||||||||
| 2030 | 109,000 | 6,432,000 | 59.01 | 4.3 | % | ||||||||||||||||||||||||
| 2031 | 340,000 | 17,499,000 | 51.47 | 11.8 | % | ||||||||||||||||||||||||
| 2032 | 540,000 | 26,272,000 | 48.65 | 17.7 | % | ||||||||||||||||||||||||
| 2033 | 101,000 | 5,203,000 | 51.51 | 3.5 | % | ||||||||||||||||||||||||
| 2034 | 84,000 | 4,213,000 | 50.15 | 2.8 | % | ||||||||||||||||||||||||
| 2035 | 33,000 | 1,665,000 | 50.45 | 1.1 | % | ||||||||||||||||||||||||
| 2036 | 414,000 | 19,121,000 | 46.19 | 12.9 | % | ||||||||||||||||||||||||
| Thereafter | 108,000 | 4,898,000 | 45.35 | 3.3 | % | ||||||||||||||||||||||||
| 555 California Street | |||||||||||||||||||||||||||||
| Office / Retail: | Second Quarter 2026(2) | — | $ | — | $ | — | 0.0 | % | |||||||||||||||||||||
| Third Quarter 2026 | — | — | — | 0.0 | % | ||||||||||||||||||||||||
| Fourth Quarter 2026 | 30,000 | 3,161,000 | 105.37 | 2.8 | % | ||||||||||||||||||||||||
| Remaining 2026 | 30,000 | 3,161,000 | 105.37 | 2.8 | % | ||||||||||||||||||||||||
| First Quarter 2027 | 14,000 | 714,000 | 51.00 | 0.6 | % | ||||||||||||||||||||||||
| Second Quarter 2027 | 38,000 | 4,554,000 | 119.84 | 4.0 | % | ||||||||||||||||||||||||
| Remaining 2027 | 21,000 | 2,609,000 | 124.24 | 2.3 | % | ||||||||||||||||||||||||
| 2028 | 164,000 | 14,939,000 | 91.09 | 13.1 | % | ||||||||||||||||||||||||
| 2029 | 107,000 | 11,563,000 | 108.07 | 10.2 | % | ||||||||||||||||||||||||
| 2030 | 9,000 | 787,000 | 87.44 | 0.7 | % | ||||||||||||||||||||||||
| 2031 | 39,000 | 3,638,000 | 93.28 | 3.2 | % | ||||||||||||||||||||||||
| 2032 | 13,000 | 1,522,000 | 117.08 | 1.3 | % | ||||||||||||||||||||||||
| 2033 | 15,000 | 1,902,000 | 126.80 | 1.7 | % | ||||||||||||||||||||||||
| 2034 | — | — | — | 0.0 | % | ||||||||||||||||||||||||
| 2035 | 210,000 | 19,949,000 | 95.00 | 17.5 | % | ||||||||||||||||||||||||
| 2036 | 107,000 | 14,340,000 | 134.02 | 12.6 | % | ||||||||||||||||||||||||
| Thereafter | 324,000 | 34,108,000 | 105.27 | 30.0 | % | ||||||||||||||||||||||||
________________________________
(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.
- 18 -
| CAPITAL EXPENDITURES AND RE/DEVELOPMENT (unaudited) | ||||||||||||||||||||||||||||||||
| CONSOLIDATED | ||||||||||||||||||||||||||||||||
| (Amounts in thousands) | ||||||||||||||||||||||||||||||||
| For the Six Months Ended June 30, 2026 | ||||||||||||||||||||||||||||||||
| Total Company | New York | THE MART | 555 California Street | Other | ||||||||||||||||||||||||||||
| Capital expenditures: | ||||||||||||||||||||||||||||||||
| Expenditures to maintain assets | $ | 33,462 | $ | 24,910 | $ | 3,277 | $ | 5,275 | $ | — | ||||||||||||||||||||||
| Tenant improvements | 28,560 | 26,970 | 959 | 631 | — | |||||||||||||||||||||||||||
| Leasing commissions | 11,991 | 7,996 | 69 | 3,926 | — | |||||||||||||||||||||||||||
| Recurring tenant improvements, leasing commissions and other capital expenditures | 74,013 | 59,876 | 4,305 | 9,832 | — | |||||||||||||||||||||||||||
Non-recurring capital expenditures(1) | 67,378 | 57,318 | 10,060 | — | — | |||||||||||||||||||||||||||
| Total capital expenditures and leasing commissions | $ | 141,391 | $ | 117,194 | $ | 14,365 | $ | 9,832 | $ | — | ||||||||||||||||||||||
Development and redevelopment expenditures(2): | ||||||||||||||||||||||||||||||||
| 623 Fifth Avenue | $ | 18,320 | $ | 18,320 | $ | — | $ | — | $ | — | ||||||||||||||||||||||
| PENN 2 | 17,085 | 17,085 | — | — | — | |||||||||||||||||||||||||||
| Hotel Pennsylvania site (PENN 15) | 10,669 | 10,669 | — | — | — | |||||||||||||||||||||||||||
| Other | 16,775 | 16,726 | 30 | — | 19 | |||||||||||||||||||||||||||
| $ | 62,849 | $ | 62,800 | $ | 30 | $ | — | $ | 19 | |||||||||||||||||||||||
________________________________
(1)Primarily tenant improvements and leasing commissions on first generation space.
(2)Inclusive of capitalized interest expense, operating expenses and development payroll.
- 19 -
| DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES | ||||||||||||||||||||||||||||||||||||||||||||
| (Amounts in thousands, except square feet) | ||||||||||||||||||||||||||||||||||||||||||||
| (at Vornado’s share) | Projected Incremental Cash Yield | |||||||||||||||||||||||||||||||||||||||||||
| Active Development Projects: | Property Rentable Sq. Ft. | Budget | Cash Amount Expended | Remaining Expenditures | Projected Leasing Stabilization Year | |||||||||||||||||||||||||||||||||||||||
| 623 Fifth Avenue office condominium | 383,000 | $ | 450,000 | (1) | $ | 244,255 | $ | 205,745 | 2028 | 10.1% | ||||||||||||||||||||||||||||||||||
Future Opportunities: New York segment: | Zoning Sq. Ft. | |||||||||||||||||||||||||||||||||||||||||||
| PENN District: | ||||||||||||||||||||||||||||||||||||||||||||
| Hotel Pennsylvania site (PENN 15) | 2,052,000 | |||||||||||||||||||||||||||||||||||||||||||
| Eighth Avenue and 34th Street land | 312,000 | |||||||||||||||||||||||||||||||||||||||||||
| Multiple other opportunities - office/residential/retail | ||||||||||||||||||||||||||||||||||||||||||||
| Total PENN District | 2,364,000 | |||||||||||||||||||||||||||||||||||||||||||
350 Park Avenue assemblage (the “350 Park Site”)(2) | 1,455,000 | |||||||||||||||||||||||||||||||||||||||||||
260 Eleventh Avenue - office(3) | 280,000 | |||||||||||||||||||||||||||||||||||||||||||
| 3 East 54th Street | 233,000 | |||||||||||||||||||||||||||||||||||||||||||
| 57th Street land (50% interest) | 150,000 | |||||||||||||||||||||||||||||||||||||||||||
| Other segment: | ||||||||||||||||||||||||||||||||||||||||||||
| 527 West Kinzie land, Chicago | 330,000 | |||||||||||||||||||||||||||||||||||||||||||
| Total Future Opportunities | 4,812,000 | |||||||||||||||||||||||||||||||||||||||||||
________________________________
(1)Includes purchase price.
(2)On December 18, 2025, an affiliate of KG, Citadel’s Founder and CEO, exercised an option to acquire at least a 60% interest in a joint venture (the “350 Park JV”) that would develop the site (the “Investment Option”). Vornado and the Rudin Family, via a joint venture (the “Vornado/Rudin JV”), have the option to acquire an interest between 23% and 40% in the 350 Park JV (with Vornado having an effective ownership ranging from 21% to 36%). 350 Park JV would combine 350 Park Avenue with 39 East 51st Street (owned by the Vornado/Rudin JV) and 40 East 52nd Street (owned by the Rudin Family) to build an approximate 1,900,000 square foot office tower (the “350 Park Site”) with Citadel as the anchor tenant. The Vornado/Rudin JV has until August 2026 to determine whether to enter into the 350 Park JV with KG or to exercise the option to put the 350 Park Site to KG for $1.2 billion ($900 million to Vornado). The Investment Option closing is subject to the satisfaction of certain conditions.
(3)The building is subject to a ground lease. See page 33 for details.
There can be no assurance that the above project 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 property on the expected schedule or at the assumed rental rates.
- 20 -
| UNCONSOLIDATED JOINT VENTURES (unaudited) | |||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | |||||||||||||||||||||||||||||||||||
| As of June 30, 2026 | Our Share of Net Income (Loss) for the Three Months Ended June 30, | Our Share of NOI (non-GAAP) for the Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
| Percentage Ownership | Company's Carrying Amount | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||
| Joint Venture Name | |||||||||||||||||||||||||||||||||||
| New York: | |||||||||||||||||||||||||||||||||||
Fifth Avenue and Times Square JV(1) | 51.5% | $ | 1,534,771 | $ | 11,786 | $ | 10,152 | $ | 27,689 | $ | 25,302 | ||||||||||||||||||||||||
Park Avenue Plaza(2) | 49.0% | 238,400 | 202 | — | 2,875 | — | |||||||||||||||||||||||||||||
| 280 Park Avenue | 50.0% | 118,416 | (2,678) | (3,788) | 9,864 | 8,957 | |||||||||||||||||||||||||||||
| Alexander's | 32.4% | 80,993 | 46,648 | (3) | 1,919 | 9,046 | 8,315 | ||||||||||||||||||||||||||||
| Independence Plaza | 50.1% | 65,509 | (63) | 893 | 6,694 | 6,362 | |||||||||||||||||||||||||||||
| 7 West 34th Street | 53.0% | (41,895) | (4) | 1,139 | 1,131 | 3,706 | 3,637 | ||||||||||||||||||||||||||||
| West 57th Street properties | 50.0% | 36,410 | 20 | 2,286 | (5) | 169 | (33) | ||||||||||||||||||||||||||||
| 85 Tenth Avenue | 49.9% | (27,065) | (4) | (847) | (1,541) | 4,610 | 3,996 | ||||||||||||||||||||||||||||
| 61 Ninth Avenue | 45.1% | 1,019 | 150 | (39) | 1,904 | 1,858 | |||||||||||||||||||||||||||||
| Other, net | Various | 24,013 | 3,662 | 2,333 | 4,325 | 5,193 | |||||||||||||||||||||||||||||
| 60,019 | 13,346 | 70,882 | 63,587 | ||||||||||||||||||||||||||||||||
| Other: | |||||||||||||||||||||||||||||||||||
| Alexander's corporate fee income | 32.4% | 3,492 | 1,406 | 2,103 | 833 | ||||||||||||||||||||||||||||||
| Rosslyn Plaza | 43.7% to 50.4% | 35,063 | (69) | 101 | 179 | 548 | |||||||||||||||||||||||||||||
| Other, net | Various | 94,630 | (247) | 1,818 | 3,474 | 1,259 | |||||||||||||||||||||||||||||
| 3,176 | 3,325 | 5,756 | 2,640 | ||||||||||||||||||||||||||||||||
| Total | $ | 63,195 | $ | 16,671 | $ | 76,638 | $ | 66,227 | |||||||||||||||||||||||||||
________________________________
(1)Includes $6,173 and $6,503 of income on our return on preferred equity, net of our share of expenses for the three months ended June 30, 2026 and 2025 respectively.
(2)On June 11, 2026, we completed the purchase of a 49.0% interest in Park Avenue Plaza. See page 3 for details.
(3)Includes our $44,329 share of the net gain from Alexander’s sale of Rego Park I. See page 3 for details.
(4)Our negative basis results from distributions in excess of our investment.
(5)Includes our $2,527 share of the gain from the sale of 49 West 57th Street.
- 21 -
| UNCONSOLIDATED JOINT VENTURES (unaudited) | |||||||||||||||||||||||||||||
| (Amounts in thousands) | |||||||||||||||||||||||||||||
| Percentage Ownership at June 30, 2026 | Our Share of Net Income (Loss) for the Six Months Ended June 30, | Our Share of NOI (non-GAAP) for the Six Months Ended June 30, | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Joint Venture Name | |||||||||||||||||||||||||||||
| New York: | |||||||||||||||||||||||||||||
| Fifth Avenue and Times Square JV: | |||||||||||||||||||||||||||||
| Equity in net income | 51.5% | $ | 9,936 | $ | 9,486 | $ | 55,035 | $ | 48,879 | ||||||||||||||||||||
| Return on preferred equity, net of our share of the expense | 12,278 | 15,046 | — | — | |||||||||||||||||||||||||
| Net gain on sale | — | 76,162 | — | — | |||||||||||||||||||||||||
| 22,214 | 100,694 | 55,035 | 48,879 | ||||||||||||||||||||||||||
| Alexander's | 32.4% | 48,103 | (1) | 5,842 | 16,970 | 17,824 | |||||||||||||||||||||||
Park Avenue Plaza(2) | 49.0% | 202 | — | 2,875 | — | ||||||||||||||||||||||||
| 280 Park Avenue | 50.0% | (5,196) | (8,257) | 20,372 | 17,251 | ||||||||||||||||||||||||
| 85 Tenth Avenue | 49.9% | (1,867) | (3,503) | 8,912 | 7,489 | ||||||||||||||||||||||||
| 7 West 34th Street | 53.0% | 1,774 | 4,110 | 7,008 | 9,489 | ||||||||||||||||||||||||
| 61 Ninth Avenue | 45.1% | 262 | 20 | 3,814 | 3,802 | ||||||||||||||||||||||||
| Independence Plaza | 50.1% | 142 | 1,904 | 13,691 | 12,554 | ||||||||||||||||||||||||
| West 57th Street properties | 50.0% | (23) | 2,103 | (3) | 288 | (15) | |||||||||||||||||||||||
| Other, net | Various | 5,773 | 4,470 | 7,353 | 10,173 | ||||||||||||||||||||||||
| 71,384 | 107,383 | 136,318 | 127,446 | ||||||||||||||||||||||||||
| Other: | |||||||||||||||||||||||||||||
| Alexander's corporate fee income | 32.4% | 4,737 | 3,039 | 2,845 | 1,843 | ||||||||||||||||||||||||
| Rosslyn Plaza | 43.7% to 50.4% | (121) | 57 | 516 | 987 | ||||||||||||||||||||||||
| Other, net | Various | 17 | 3,169 | 5,267 | 3,062 | ||||||||||||||||||||||||
| 4,633 | 6,265 | 8,628 | 5,892 | ||||||||||||||||||||||||||
| Total | $ | 76,017 | $ | 113,648 | $ | 144,946 | $ | 133,338 | |||||||||||||||||||||
________________________________
(1)Includes our $44,329 share of the net gain from Alexander’s sale of Rego Park I. See page 3 for details.
(2)On June 11, 2026, we completed the purchase of a 49.0% interest in Park Avenue Plaza. See page 3 for details.
(3)Includes our $2,527 share of that gain from the sale of 49 West 57th Street.
- 22 -
| DEBT ANALYSIS (unaudited) | |||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | |||||||||||||||||||||||||||||||||||
| DEBT SUMMARY | As of June 30, 2026 | ||||||||||||||||||||||||||||||||||
| Total | Variable | Fixed(1) | |||||||||||||||||||||||||||||||||
| (Contractual debt balances) | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | |||||||||||||||||||||||||||||
Consolidated debt(2) | $ | 7,487,543 | 4.86% | $ | 1,972,543 | 5.30% | $ | 5,515,000 | 4.70% | ||||||||||||||||||||||||||
| Pro rata share of debt of non-consolidated entities | 2,731,021 | 5.56% | 384,808 | 6.47% | 2,346,213 | 5.41% | |||||||||||||||||||||||||||||
| Total | 10,218,564 | 5.05% | 2,357,351 | 5.49% | 7,861,213 | 4.92% | |||||||||||||||||||||||||||||
| Less: Noncontrolling interests' share of consolidated debt (1290 Avenue of the Americas and 555 California Street) | (645,000) | (645,000) | — | ||||||||||||||||||||||||||||||||
| Company's pro rata share of total debt | $ | 9,573,564 | 5.01% | $ | 1,712,351 | (3) | 5.44% | $ | 7,861,213 | 4.92% | |||||||||||||||||||||||||
See notes below
| NET DEBT TO EBITDAre, AS ADJUSTED (unaudited) | |||||||||||||||||||||||
As of and For the Trailing Twelve Months Ended June 30, 2026 (4) | For the Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||
| Secured debt | $ | 4,869,543 | $ | 4,944,037 | $ | 5,707,176 | $ | 5,729,615 | |||||||||||||||
Unsecured debt | 2,618,000 | 2,270,420 | 2,575,000 | 2,575,000 | |||||||||||||||||||
| Pro rata share of debt of non-consolidated entities | 2,731,021 | 2,478,544 | 2,477,701 | 2,654,701 | |||||||||||||||||||
| Less: Noncontrolling interests’ share of consolidated debt | (645,000) | (682,247) | (682,059) | (682,059) | |||||||||||||||||||
| Company’s pro rata share of total debt | $ | 9,573,564 | $ | 9,010,754 | $ | 10,077,818 | $ | 10,277,257 | |||||||||||||||
| % Unsecured debt | 27% | 25% | 26% | 25% | |||||||||||||||||||
| Company’s pro rata share of total debt | $ | 9,573,564 | $ | 9,010,754 | $ | 10,077,818 | $ | 10,277,257 | |||||||||||||||
| Less: Cash and cash equivalents and investments in U.S. Treasury bills | (675,353) | (840,850) | (733,947) | (997,002) | |||||||||||||||||||
| Less: Escrowed cash included within restricted cash on our balance sheet | (75,024) | (99,253) | (187,416) | (221,578) | |||||||||||||||||||
| Less: Pro rata share of unconsolidated partially owned entities’ cash and cash equivalents and escrowed cash | (244,249) | (195,867) | (248,835) | (295,983) | |||||||||||||||||||
| Plus: Noncontrolling interests’ share of cash and cash equivalents, escrowed cash and investments in U.S. Treasury bills | 78,944 | 87,407 | 129,160 | 101,564 | |||||||||||||||||||
| Net debt | $ | 8,657,882 | $ | 7,962,191 | $ | 9,036,780 | $ | 8,864,258 | |||||||||||||||
| EBITDAre, as adjusted (non-GAAP) | $ | 1,083,812 | $ | 1,039,843 | $ | 1,049,320 | $ | 1,081,332 | |||||||||||||||
| Net debt / EBITDAre, as adjusted (non-GAAP) | 8.0 | x | 7.7 | x | 8.6 | x | 8.2 | x | |||||||||||||||
________________________________
(1)Includes variable rate debt with interest rates fixed by interest rate swap arrangements.
(2)See page xv in the Appendix for reconciliation of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of June 30, 2026.
(3)As of June 30, 2026, $851,818 of variable rate debt (at share) is subject to interest rate cap arrangements, the $860,533 of variable rate debt not subject to interest rate cap arrangements represents 9% of our total pro rata share of debt. See page 29 for details.
(4)Trailing twelve months ended June 30, 2026 EBITDAre, as adjusted, includes a $48,000 adjustment to annualize our share of EBITDAre from Park Avenue Plaza, which we acquired on June 11, 2026.
See page i in the Appendix for definitions of EBITDAre and net debt to EBITDAre, as adjusted. See reconciliation of net income (loss) to EBITDA to EBITDAre on pages v and vi in the Appendix.
- 23 -
| CORPORATE COVENANT RATIOS AND CREDIT RATINGS (unaudited) | ||||||||||||||||||||||||||||||||
| (Amounts in thousands) | ||||||||||||||||||||||||||||||||
| As of | ||||||||||||||||||||||||||||||||
Unsecured Revolving Credit Facilities and Unsecured Term Loan(1) | Required | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||||||||||
Total outstanding debt/total assets(2) | Less than 60% | 34% | 35% | 34% | 34% | |||||||||||||||||||||||||||
| Secured debt/total assets | Less than 50% | 23% | 22% | 25% | 25% | |||||||||||||||||||||||||||
| Fixed charge coverage | Greater than 1.40 | 2.02 | 1.98 | 1.98 | 2.01 | |||||||||||||||||||||||||||
| Unsecured debt/cap value of unencumbered assets | Less than 60% | 22% | 25% | 18% | 18% | |||||||||||||||||||||||||||
| Unencumbered coverage ratio | Greater than 1.75 | 7.43 | 7.79 | 8.36 | 8.81 | |||||||||||||||||||||||||||
2031 Unsecured Notes Covenant Ratios(1) | ||||||||||||||||||||||||||||||||
Total outstanding debt/total assets(3) | Less than 65% | 45% | 48% | 46% | 43% | |||||||||||||||||||||||||||
| Secured debt/total assets | Less than 50% | 32% | 33% | 33% | 31% | |||||||||||||||||||||||||||
| Interest coverage ratio (annualized combined EBITDA to annualized interest expense) | Greater than 1.50 | 2.02 | 1.93 | 2.19 | 2.24 | |||||||||||||||||||||||||||
| Unencumbered assets/unsecured debt | Greater than 150% | 480% | 421% | 492% | 480% | |||||||||||||||||||||||||||
2033 Unsecured Notes Covenant Ratios(1) | ||||||||||||||||||||||||||||||||
Total outstanding debt/total assets(4) | Less than 65% | 41% | 42% | |||||||||||||||||||||||||||||
| Secured debt/total assets | Less than 50% | 28% | 29% | |||||||||||||||||||||||||||||
| Interest coverage ratio (annualized combined EBITDA to annualized interest expense) | Greater than 1.50 | 2.13 | 2.07 | |||||||||||||||||||||||||||||
| Unencumbered assets/unsecured debt | Greater than 150% | 483% | 428% | |||||||||||||||||||||||||||||
Consolidated Unencumbered EBITDA(1) (non-GAAP): | Trailing Twelve Months | |||||||
| New York | $ | 357,389 | ||||||
| Other | 104,731 | |||||||
| Total | $ | 462,120 | ||||||
Credit Ratings(5): | Rating | Outlook | ||||||||||||
| Moody’s | Ba1 | Stable | ||||||||||||
| S&P | BBB- | Stable | ||||||||||||
| Fitch | BB+ | Positive | ||||||||||||
________________________________
(1)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.
(2)Total assets calculated as EBITDA capped at the following rates: 6.5% for office, 6.0% for retail, 8.0% for trade shows, and 6.5% for other asset types.
(3)Total assets include EBITDA capped at 7.0% per the terms of our senior unsecured notes covenants.
(4)Total assets calculated as the greater of (i) EBITDA capped at 7.0% and (ii) the depreciated book value of the asset.
(5)Credit ratings are provided for informational purposes only and are not a recommendation to buy or sell our securities.
- 24 -
| CAPITAL STRUCTURE (unaudited) | ||||||||||||||||||||
| (Amounts in thousands, except per share and per unit amounts) | ||||||||||||||||||||
| Debt (contractual balances): | As of June 30, 2026 | |||||||||||||||||||
Consolidated debt(1): | ||||||||||||||||||||
| Mortgages payable | $ | 4,869,543 | ||||||||||||||||||
| Senior unsecured notes | 850,000 | |||||||||||||||||||
| $850 Million unsecured term loan | 850,000 | |||||||||||||||||||
| $2.1 Billion unsecured revolving credit facilities | 918,000 | |||||||||||||||||||
| 7,487,543 | ||||||||||||||||||||
| Pro rata share of debt of non-consolidated entities | 2,731,021 | |||||||||||||||||||
| Less: Noncontrolling interests' share of consolidated debt (1290 Avenue of the Americas and 555 California Street) | (645,000) | |||||||||||||||||||
| 9,573,564 | (A) | |||||||||||||||||||
| Shares/Units | Liquidation Preference | |||||||||||||||||||
| Perpetual Preferred: | ||||||||||||||||||||
| 3.25% preferred units (D-17) (141,400 units @ $25.00 per unit) | 3,535 | |||||||||||||||||||
| 5.40% Series L preferred shares | 12,000 | $ | 25.00 | 300,000 | ||||||||||||||||
| 5.25% Series M preferred shares | 12,780 | 25.00 | 319,500 | |||||||||||||||||
| 5.25% Series N preferred shares | 12,000 | 25.00 | 300,000 | |||||||||||||||||
| 4.45% Series O preferred shares | 12,000 | 25.00 | 300,000 | |||||||||||||||||
| 1,223,035 | (B) | |||||||||||||||||||
Converted Shares(2) | June 30, 2026 Common Share Price | |||||||||||||||||||
| Equity: | ||||||||||||||||||||
| Common shares | 186,721 | $ | 39.30 | 7,338,135 | ||||||||||||||||
| Redeemable Class A units and LTIP Unit awards | 16,654 | 39.30 | 654,502 | |||||||||||||||||
| Convertible share equivalents: | ||||||||||||||||||||
| Series D-13 preferred units | 1,188 | 39.30 | 46,688 | |||||||||||||||||
| Series G-1 through G-4 preferred units | 76 | 39.30 | 2,987 | |||||||||||||||||
| Series A preferred shares | 15 | 39.30 | 590 | |||||||||||||||||
| 204,654 | 8,042,902 | (C) | ||||||||||||||||||
| Total Market Capitalization (A+B+C) | $ | 18,839,501 | ||||||||||||||||||
________________________________
(1)See the reconciliation on page xv of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of June 30, 2026.
(2)Excludes share-based equity awards that may be considered dilutive in the period. See page 5 for our weighted average units outstanding on a dilutive basis.
- 25 -
| DEBT MATURITIES (CONTRACTUAL BALANCES) (unaudited) | ||||||||||||||
| (Amounts in thousands) | ||||||||||||||
Consolidated Debt Maturity Schedule(1) as of June 30, 2026 (Excludes pro rata share of JV Debt) | ||
| Consolidated (100%): | |||||||||||||||||||||||||||||||||||||||||
| Secured | $ | 244,543 | (2) | $ | 880,000 | $ | 2,300,000 | $ | — | $ | 450,000 | $ | 995,000 | ||||||||||||||||||||||||||||
| Unsecured | — | — | — | — | — | 2,618,000 | |||||||||||||||||||||||||||||||||||
| Total consolidated debt (100%) | $ | 244,543 | $ | 880,000 | $ | 2,300,000 | $ | — | $ | 450,000 | $ | 3,613,000 | |||||||||||||||||||||||||||||
| % of total consolidated debt | 3.3 | % | 11.8 | % | 30.7 | % | — | % | 6.0 | % | 48.2 | % | |||||||||||||||||||||||||||||
| Debt maturities at share: | |||||||||||||||||||||||||||||||||||||||||
| Consolidated debt (100%) | $ | 244,543 | $ | 880,000 | $ | 2,300,000 | $ | — | $ | 450,000 | $ | 3,613,000 | |||||||||||||||||||||||||||||
| Pro rata share of debt of non-consolidated entities | 418,382 | 39,441 | 898,861 | 206,006 | 628,808 | 539,523 | |||||||||||||||||||||||||||||||||||
| Less: Noncontrolling interests' share of consolidated debt | — | — | (645,000) | — | — | — | |||||||||||||||||||||||||||||||||||
| Total debt at share | $ | 662,925 | $ | 919,441 | $ | 2,553,861 | $ | 206,006 | $ | 1,078,808 | $ | 4,152,523 | |||||||||||||||||||||||||||||
| % of total debt at share | 6.9 | % | 9.6 | % | 26.7 | % | 2.2 | % | 11.3 | % | 43.3 | % | |||||||||||||||||||||||||||||
_______________________________
(1)Assumes the exercise of as-of-right extension options. Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity. See page 29 for information on interest rate swap arrangements.
(2)Includes the 888 Seventh Avenue $244,543 non-recourse mortgage loan which matured and was not repaid, resulting in the lenders declaring an event of default. See page 4 for further information.
- 26 -
| DEBT DETAIL CONSOLIDATED (unaudited) | ||||||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | ||||||||||||||||||||||||||||||||||||||
| Property | Ownership % | Maturity Date(1) | Variable Rate Spread | Interest Rate(2) | Debt Balance (100%) | Debt Balance (at share) | ||||||||||||||||||||||||||||||||
| Secured Debt: | ||||||||||||||||||||||||||||||||||||||
| 888 Seventh Avenue | 100.0% | (3) | S+180 | 5.42% | 244,543 | 244,543 | ||||||||||||||||||||||||||||||||
| 350 Park Avenue | 100.0% | 01/27 | 4.00% | 400,000 | 400,000 | |||||||||||||||||||||||||||||||||
| 100 West 33rd Street | 100.0% | 06/27 | 5.26% | 480,000 | 480,000 | |||||||||||||||||||||||||||||||||
| 150 West 34th Street | 100.0% | 02/28 | S+215 | 5.76% | 75,000 | 75,000 | ||||||||||||||||||||||||||||||||
| 435 Seventh Avenue | 100.0% | 04/28 | S+210 | 5.71% | 75,000 | 75,000 | ||||||||||||||||||||||||||||||||
| 555 California Street | 70.0% | 05/28 | S+230 | (4) | 5.67% | 1,200,000 | 840,000 | |||||||||||||||||||||||||||||||
| 1290 Avenue of the Americas | 70.0% | 11/28 | S+162 | (4) | 5.11% | 950,000 | 665,000 | |||||||||||||||||||||||||||||||
| PENN 11 | 100.0% | 08/30 | 6.35% | 450,000 | 450,000 | |||||||||||||||||||||||||||||||||
| One Park Avenue | 100.0% | 02/31 | S+178 | (4) | 4.56% | 525,000 | 525,000 | |||||||||||||||||||||||||||||||
| 909 Third Avenue | 100.0% | 04/31 | 3.23% | 350,000 | 350,000 | |||||||||||||||||||||||||||||||||
| 4 Union Square South | 100.0% | 09/35 | 5.64% | 120,000 | 120,000 | |||||||||||||||||||||||||||||||||
| Total Secured Debt | 4,869,543 | 4,224,543 | ||||||||||||||||||||||||||||||||||||
| Unsecured Debt: | ||||||||||||||||||||||||||||||||||||||
| $1.0 Billion revolving credit facility | 100.0% | 04/29 | S+116 | (5) | —% | — | — | |||||||||||||||||||||||||||||||
| $1.130 Billion unsecured revolving credit facility | 100.0% | 02/31 | S+101 | (4)(5) | 4.07% | 918,000 | 918,000 | |||||||||||||||||||||||||||||||
| $850 Million unsecured term loan | 100.0% | 02/31 | S+115 | (4)(5) | 4.20% | 850,000 | 850,000 | |||||||||||||||||||||||||||||||
| Senior unsecured notes due 2031 | 100.0% | 06/31 | 3.40% | 350,000 | 350,000 | |||||||||||||||||||||||||||||||||
| Senior unsecured notes due 2033 | 100.0% | 02/33 | 5.75% | 500,000 | 500,000 | |||||||||||||||||||||||||||||||||
| Total Unsecured Debt | 2,618,000 | 2,618,000 | ||||||||||||||||||||||||||||||||||||
| Total Consolidated Debt | $ | 7,487,543 | $ | 6,842,543 | ||||||||||||||||||||||||||||||||||
________________________________
(1)Assumes the exercise of as-of-right extension options.
(2)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See page 29 for information on interest rate swap and interest rate cap arrangements.
(3)On March 9, 2026, we entered into a forbearance agreement with the lenders on the loan, which matured in December 2025 and was not repaid. See page 4 for details.
(4)Balance is partially hedged by interest rate swap arrangements. See page 29 for details.
(5)In April 2026, we qualified for a sustainability margin adjustment on our unsecured term loan and $1.130 billion revolving credit facility and re-qualified on our $1.0 billion revolving credit facility by achieving certain KPI metrics, which reduced our interest rate by 0.05% for our term loan and 0.04% for our credit facilities.
- 27 -
| DEBT DETAIL UNCONSOLIDATED (unaudited) | ||||||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | ||||||||||||||||||||||||||||||||||||||
| Property | Ownership % | Maturity Date(1) | Variable Rate Spread | Interest Rate(2) | Debt Balance (100%) | Debt Balance (at share) | ||||||||||||||||||||||||||||||||
| Sunset Pier 94 Studios | 49.9% | 09/26 | S+480 | 8.42% | $ | 165,345 | $ | 82,507 | ||||||||||||||||||||||||||||||
| 825 Seventh Avenue office condominium | 50.0% | 10/26 | S+275 | 6.37% | 48,000 | 24,000 | ||||||||||||||||||||||||||||||||
| 85 Tenth Avenue | 49.9% | 12/26 | 4.55% | 625,000 | 311,875 | |||||||||||||||||||||||||||||||||
| Wells Kinzie | 50.0% | 05/27 | 4.20% | 17,971 | 8,985 | |||||||||||||||||||||||||||||||||
| The Alexander apartment tower | 32.4% | 11/27 | 2.63% | 94,000 | 30,456 | |||||||||||||||||||||||||||||||||
| 697-703 Fifth Avenue | 44.8% | 03/28 | 5.47% | 355,359 | 159,150 | |||||||||||||||||||||||||||||||||
| 61 Ninth Avenue | 45.1% | 06/28 | S+300 | 6.61% | 161,000 | 72,611 | ||||||||||||||||||||||||||||||||
| 280 Park Avenue | 50.0% | 09/28 | 5.84% | 1,075,000 | 537,500 | |||||||||||||||||||||||||||||||||
| 731 Lexington Avenue office condominium | 32.4% | 10/28 | 5.04% | 400,000 | 129,600 | |||||||||||||||||||||||||||||||||
Rosslyn Plaza North(3) | 50.4% | 06/29 | S+275 | 6.37% | 10,000 | 5,041 | ||||||||||||||||||||||||||||||||
| 640 Fifth Avenue | 52.0% | 07/29 | 7.47% | 386,583 | 200,965 | |||||||||||||||||||||||||||||||||
| 1535 Broadway | 52.0% | 05/30 | 6.90% | 450,000 | 233,933 | |||||||||||||||||||||||||||||||||
| Independence Plaza | 50.1% | 06/30 | 5.84% | 675,000 | 338,175 | |||||||||||||||||||||||||||||||||
| Rego Park II | 32.4% | 12/30 | S+200 | 5.64% | 175,000 | 56,700 | ||||||||||||||||||||||||||||||||
| 7 West 34th Street | 53.0% | 02/31 | 5.79% | 250,000 | 132,500 | |||||||||||||||||||||||||||||||||
| Fashion Centre/Washington Tower | 7.5% | 04/31 | 5.70% | 465,000 | 34,875 | |||||||||||||||||||||||||||||||||
| Park Avenue Plaza | 49.0% | 11/31 | 2.99% | 575,000 | 281,750 | |||||||||||||||||||||||||||||||||
| 330 West 34th Street ground lessor | 34.8% | 09/32 | 4.55% | 100,000 | 34,825 | |||||||||||||||||||||||||||||||||
| 731 Lexington Avenue retail condominium | 32.4% | 12/35 | 4.55% | 171,522 | 55,573 | |||||||||||||||||||||||||||||||||
| Total Unconsolidated Debt | $ | 6,199,780 | $ | 2,731,021 | ||||||||||||||||||||||||||||||||||
________________________________
(1)Assumes the exercise of as-of-right extension options.
(2)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See page 29 for information on interest rate swap and interest rate cap arrangements.
(3)On June 4, 2026, the joint venture completed a $10,000 refinancing of Rosslyn Plaza. The new loan matures in June 2029 and bears interest at SOFR plus 2.75%. The joint venture paid down by $15,000 the prior $25,000 loan that bore interest at SOFR plus 2.00% and was scheduled to mature in June 2026.
- 28 -
| HEDGING INSTRUMENTS AS OF JUNE 30, 2026 (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Information | Swap / Cap Information | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at Share | Maturity Date(1) | Variable Rate Spread | Notional Amount at Share | Expiration Date | All-In Swapped Rate | ||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Rate Swaps: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 555 California Street mortgage loan | $ | 840,000 | 05/28 | S+230 | $ | 840,000 | 05/28 | 5.56% | |||||||||||||||||||||||||||||||||||||||||||||
| One Park Avenue mortgage loan | 525,000 | 02/31 | S+178 | 500,000 | 07/27 | 4.52% | |||||||||||||||||||||||||||||||||||||||||||||||
| Unsecured revolving credit facility | 918,000 | 02/31 | S+101 | 575,000 | 08/27 | 3.74% | |||||||||||||||||||||||||||||||||||||||||||||||
| Unsecured term loan | 850,000 | 02/31 | S+115 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Through 10/26 | 750,000 | 10/26 | 4.12% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 10/26 through 7/27 | 250,000 | 07/27 | 3.89% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 7/27 through 8/27 | 50,000 | 08/27 | 3.89% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 100 West 33rd Street mortgage loan | 480,000 | 06/27 | S+185 | 480,000 | 06/27 | 5.26% | |||||||||||||||||||||||||||||||||||||||||||||||
| 1290 Avenue of the Americas mortgage loan | 665,000 | 11/28 | S+162 | 200,000 | 09/27 | 4.58% | |||||||||||||||||||||||||||||||||||||||||||||||
| Unconsolidated: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 280 Park Avenue mortgage loan | 537,500 | 09/28 | S+178 | 537,500 | 09/28 | 5.84% | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest Rate Caps: | Index Strike Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1290 Avenue of the Americas mortgage loan | 665,000 | 11/28 | S+162 | 465,000 | 11/26 | 4.00% | |||||||||||||||||||||||||||||||||||||||||||||||
| One Park Avenue mortgage loan | 525,000 | 02/31 | S+178 | 25,000 | 02/28 | 5.20% | |||||||||||||||||||||||||||||||||||||||||||||||
| 150 West 34th Street mortgage loan | 75,000 | 02/28 | S+215 | 75,000 | 02/27 | 5.00% | |||||||||||||||||||||||||||||||||||||||||||||||
| 435 Seventh Avenue mortgage loan | 75,000 | 04/28 | S+210 | 75,000 | 04/27 | 4.00% | |||||||||||||||||||||||||||||||||||||||||||||||
| Unconsolidated: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sunset Pier 94 Studios | 82,507 | 09/26 | S+480 | 82,507 | 09/26 | 4.00% | |||||||||||||||||||||||||||||||||||||||||||||||
| 61 Ninth Avenue mortgage loan | 72,611 | 06/28 | S+300 | 72,611 | 06/27 | 4.25% | |||||||||||||||||||||||||||||||||||||||||||||||
| Rego Park II mortgage loan | 56,700 | 12/30 | S+200 | 56,700 | 12/26 | 4.50% | |||||||||||||||||||||||||||||||||||||||||||||||
| Debt subject to interest rate swaps | 3,882,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable rate debt subject to interest rate caps | 851,818 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed rate debt per loan agreements | 3,978,713 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable rate debt not subject to interest rate swaps or caps | 860,533 | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Total debt at share | $ | 9,573,564 | |||||||||||||||||||||||||||||||||||||||||||||||||||
________________________________
(1)Assumes the exercise of as-of-right extension options.
(2)Our exposure to SOFR index increases is partially mitigated by an increase in interest income on our cash, cash equivalents and restricted cash.
- 29 -
| 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. | 700,327 | $ | 88,273 | 4.7 | % | |||||||||||||||
| Omnicom (formerly IPG and affiliates) | 955,211 | 63,565 | 3.4 | % | ||||||||||||||||
New York University(2) | 1,761,681 | 58,732 | 3.1 | % | ||||||||||||||||
| Bloomberg L.P. | 306,768 | 45,514 | 2.4 | % | ||||||||||||||||
| Madison Square Garden & Affiliates | 432,639 | 44,440 | 2.4 | % | ||||||||||||||||
| Google/Motorola Mobility (guaranteed by Google) | 759,446 | 41,423 | 2.2 | % | ||||||||||||||||
| UMG Recordings, Inc. | 336,700 | 35,411 | 1.9 | % | ||||||||||||||||
| Apple Inc. | 572,631 | 34,758 | 1.9 | % | ||||||||||||||||
| Amazon (including its Whole Foods subsidiary) | 312,694 | 33,238 | 1.8 | % | ||||||||||||||||
| Neuberger Berman Group LLC | 306,612 | 28,819 | 1.5 | % | ||||||||||||||||
| Evercore | 248,400 | 27,165 | 1.5 | % | ||||||||||||||||
| WeWork | 303,741 | 26,599 | 1.4 | % | ||||||||||||||||
| LVMH Brands | 63,002 | 26,191 | 1.4 | % | ||||||||||||||||
| Swatch Group USA | 8,499 | 25,465 | 1.4 | % | ||||||||||||||||
| Verizon | 203,322 | 23,539 | 1.3 | % | ||||||||||||||||
| Victoria's Secret | 33,156 | 21,398 | 1.1 | % | ||||||||||||||||
| Bank of America | 194,197 | 21,119 | 1.1 | % | ||||||||||||||||
| PJT Partners Holdings | 145,316 | 19,858 | 1.1 | % | ||||||||||||||||
| PwC | 241,196 | 19,537 | 1.0 | % | ||||||||||||||||
| Macy's | 181,698 | 19,394 | 1.0 | % | ||||||||||||||||
| Kirkland & Ellis LLP | 107,582 | 14,346 | 0.8 | % | ||||||||||||||||
| Morgan Stanley | 171,003 | 14,293 | 0.8 | % | ||||||||||||||||
| Dick's Sporting Goods | 131,420 | 14,241 | 0.8 | % | ||||||||||||||||
| AMC Networks, Inc. | 181,936 | 14,156 | 0.8 | % | ||||||||||||||||
| The City of New York | 232,010 | 12,515 | 0.7 | % | ||||||||||||||||
| Dodge & Cox | 107,925 | 12,264 | 0.7 | % | ||||||||||||||||
| King & Spalding | 122,859 | 11,980 | 0.6 | % | ||||||||||||||||
| WSP USA | 172,666 | 11,872 | 0.6 | % | ||||||||||||||||
| Wells Fargo Group | 101,714 | 11,464 | 0.6 | % | ||||||||||||||||
| Major League Soccer LLC | 125,013 | 11,251 | 0.6 | % | ||||||||||||||||
| 44.6 | % | |||||||||||||||||||
________________________________
(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.
(2)Includes NYU’s master lease of 1,076,000 square feet at 770 Broadway. In addition to the $9,281 annual lease payments, which are included in annualized escalated rents above, NYU also made a $935,000 prepaid lease payment at lease commencement.
- 30 -
| SQUARE FOOTAGE (unaudited) | |||||||||||||||||||||||||||||||||||||||||
| (Square feet in thousands) | |||||||||||||||||||||||||||||||||||||||||
| At Vornado's Share | |||||||||||||||||||||||||||||||||||||||||
| At 100% | Under Development or Not Available for Lease | In Service | |||||||||||||||||||||||||||||||||||||||
| Total | Office | Retail | Showroom | Other | |||||||||||||||||||||||||||||||||||||
| Segment: | |||||||||||||||||||||||||||||||||||||||||
| New York: | |||||||||||||||||||||||||||||||||||||||||
| Office | 20,756 | 18,018 | 968 | 16,867 | — | 183 | — | ||||||||||||||||||||||||||||||||||
| Retail (includes retail properties that are in the base of our office properties) | 2,296 | 1,923 | 257 | — | 1,666 | — | — | ||||||||||||||||||||||||||||||||||
| Residential - 1,328 units | 1,186 | 604 | — | — | — | — | 604 | ||||||||||||||||||||||||||||||||||
| Alexander's (32.4% interest), including 312 residential units | 2,110 | 684 | — | 308 | 293 | — | 83 | ||||||||||||||||||||||||||||||||||
| 26,348 | 21,229 | 1,225 | 17,175 | 1,959 | 183 | 687 | |||||||||||||||||||||||||||||||||||
| Other: | |||||||||||||||||||||||||||||||||||||||||
| THE MART | 3,697 | 3,695 | — | 2,125 | 84 | 1,239 | 247 | ||||||||||||||||||||||||||||||||||
| 555 California Street (70% interest) | 1,822 | 1,275 | — | 1,240 | 35 | — | — | ||||||||||||||||||||||||||||||||||
| Other | 3,851 | 1,751 | 209 | 397 | 892 | — | 253 | ||||||||||||||||||||||||||||||||||
| 9,370 | 6,721 | 209 | 3,762 | 1,011 | 1,239 | 500 | |||||||||||||||||||||||||||||||||||
| Total square feet at June 30, 2026 | 35,718 | 27,950 | 1,434 | 20,937 | 2,970 | 1,422 | 1,187 | ||||||||||||||||||||||||||||||||||
| Total square feet at March 31, 2026 | 34,909 | 27,498 | 1,475 | 20,445 | 2,970 | 1,421 | 1,187 | ||||||||||||||||||||||||||||||||||
| At 100% | ||||||||||||||||||||
| Parking Garages (not included above): | Square Feet | Number of Garages | Number of Spaces | |||||||||||||||||
| New York | 1,635 | 9 | 4,685 | |||||||||||||||||
| THE MART | 341 | 3 | 1,076 | |||||||||||||||||
| 555 California Street | 168 | 1 | 461 | |||||||||||||||||
| Rosslyn Plaza | 411 | 4 | 1,094 | |||||||||||||||||
| Total at June 30, 2026 | 2,555 | 17 | 7,316 | |||||||||||||||||
- 31 -
| OCCUPANCY (unaudited) | ||||||||||||||||||||
| New York | THE MART | 555 California Street | ||||||||||||||||||
| Occupancy rate at: | ||||||||||||||||||||
| June 30, 2026 | 90.8 | % | 80.4 | % | 87.5 | % | ||||||||||||||
| March 31, 2026 | 90.3 | % | 80.0 | % | 86.7 | % | ||||||||||||||
| December 31, 2025 | 90.0 | % | 81.5 | % | 88.9 | % | ||||||||||||||
| June 30, 2025 | 85.2 | % | 78.2 | % | 92.3 | % | ||||||||||||||
| RESIDENTIAL STATISTICS (unaudited) | |||||||||||||||||||||||
| Vornado's Ownership Interest | |||||||||||||||||||||||
Number of Units | Number of Units | Occupancy Rate | Average Monthly Rent Per Unit | ||||||||||||||||||||
| New York: | |||||||||||||||||||||||
| June 30, 2026 | 1,640 | 766 | 97.2% | $5,197 | |||||||||||||||||||
| March 31, 2026 | 1,640 | 766 | 96.5% | 5,096 | |||||||||||||||||||
December 31, 2025 | 1,643 | 769 | 95.5% | 5,051 | |||||||||||||||||||
| June 30, 2025 | 1,643 | 769 | 95.7% | 4,879 | |||||||||||||||||||
- 32 -
| GROUND LEASES (unaudited) | ||||||||||||||||||||||||||||||||
| (Amounts in thousands, except square feet) | ||||||||||||||||||||||||||||||||
| Property | Current Annual Rent at Share | Next Option Renewal Date | Fully Extended Lease Expiration | Rent Increases and Other Information | ||||||||||||||||||||||||||||
| Consolidated: | ||||||||||||||||||||||||||||||||
| New York: | ||||||||||||||||||||||||||||||||
| The Farley Building (95% interest) | $ | 4,750 | None | 2116 | None. | |||||||||||||||||||||||||||
| PENN 1: | ||||||||||||||||||||||||||||||||
| Land | 15,000 | (1) | 2073 | 2098 | Rent will reset to fair market value (“FMV”) in 2048. One additional 25-year renewal option at FMV. | |||||||||||||||||||||||||||
Long Island Railroad Concourse Retail | 1,379 | 2048 | 2098 | Two 25-year renewal options. Base rent increases every 10 years, with the next rent increase in 2028, based on the increase in gross income reduced by the increase in real estate taxes and operating expenses. In addition, percentage rent is payable based on gross annual income above a specified threshold. Base and percentage rent are reduced by a rent credit calculated as a percentage of development costs funded by Vornado. | ||||||||||||||||||||||||||||
| 260 Eleventh Avenue | 4,583 | None | 2114 | Rent increases annually by the lesser of CPI or 1.5% compounded. We have a purchase option exercisable at a future date for $110,000 increased annually by the lesser of CPI or 1.5% compounded. | ||||||||||||||||||||||||||||
| 888 Seventh Avenue | 3,350 | 2028 | 2067 | Two 20-year renewal options at FMV. | ||||||||||||||||||||||||||||
| 330 West 34th Street - 65.2% ground leased | 10,265 | 2051 | 2149 | Two 30-year and one 39-year renewal option at FMV. | ||||||||||||||||||||||||||||
| 909 Third Avenue | 1,600 | 2041 | 2063 | One 22-year renewal option at current annual rent. | ||||||||||||||||||||||||||||
| 962 Third Avenue (the Annex building to 150 East 58th Street) - 50.0% ground leased | 666 | None | 2118 | Rent resets every 10 years to FMV. | ||||||||||||||||||||||||||||
| Other: | ||||||||||||||||||||||||||||||||
| Wayne Town Center | 6,401 | 2035 | 2064 | Two 10-year renewal options and one 9-year renewal option. Rent increases annually by the greater of CPI or 6%. | ||||||||||||||||||||||||||||
| Annapolis | 650 | None | 2042 | Fixed rent increases to $750 per annum in 2032. | ||||||||||||||||||||||||||||
| Unconsolidated: | ||||||||||||||||||||||||||||||||
Sunset Pier 94 Studios (49.9% interest) | 449 | 2060 | 2110 | Five 10-year renewal options. Fixed rent increases in 2028 and every five years thereafter. Beginning in September 2028, additional rent is payable in an amount equal to 6% of gross revenue less the base rent. | ||||||||||||||||||||||||||||
61 Ninth Avenue (45.1% interest) | 3,890 | None | 2115 | Rent increases every three years based on CPI, subject to a cap. In 2051, 2071 and 2096, rent resets based on the increase in the property's gross revenue net of real estate taxes, if greater than the CPI reset. | ||||||||||||||||||||||||||||
Flushing (Alexander's) (32.4% interest) | 259 | None | 2037 | 10-year renewal option at 90% of FMV effective 2027 was exercised in March 2025. FMV to be determined. | ||||||||||||||||||||||||||||
________________________________
(1)On April 22, 2025, an arbitration panel (the “Panel”) appointed to determine the ground rent payable by Vornado’s subsidiary for the PENN 1 land parcel for the 25-year period beginning June 17, 2023 determined that the annual rent payable will be $15,000 or $20,220 depending on the outcome of litigation described below. On July 21, 2025, the ground lessor filed a motion in New York County Supreme Court to vacate the Panel’s ground rent determination. On October 31, 2025, the court granted the ground lessor’s motion. We believe the decision is without merit and are appealing the court’s decision. Further, litigation is currently pending between the parties in New York County Supreme Court regarding the existence of a sublease potentially affecting the value of the land parcel. The court denied our motion to dismiss that action and, in January 2026, the appellate court affirmed that decision. That sublease litigation is now continuing in front of the lower court. Under the Panel’s decision (assuming the aforementioned vacatur decision that we are appealing is reversed), if the fee owner prevails in a final judgment in that litigation, the annual rent for the 25-year term will be $20,220, retroactive to June 17, 2023.
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| NEW YORK OFFICE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY TABLE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Annualized escalated rent amounts in thousands) | % Ownership | % Occupancy | Weighted Average Escalated Annual Rent PSF(1) | Annualized Escalated Rent(2) | Square Feet | Encumbrances (non-GAAP) (in thousands)(3) | Major Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||
| Property | Total Property | In Service | Under Development or Not Available for Lease | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| NEW YORK OFFICE: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PENN District: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PENN 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (ground leased through 2098)** | Cisco, Hartford Fire Insurance, Empire Healthchoice Assurance, Inc., United | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Healthcare Services, Inc., Siemens Mobility, WSP USA, Gusto Inc., Samsung, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 100.0 | % | 90.8 | % | $ | 91.08 | 2,239,000 | 2,239,000 | — | Canaccord Genuity LLC, Roivant Sciences Inc. | ||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 100.0 | % | 56.6 | % | 199.39 | 239,000 | 239,000 | — | Starbucks, Blue Bottle Coffee Inc., Shake Shack | |||||||||||||||||||||||||||||||||||||||||||||||
| 100.0 | % | 87.6 | % | 97.59 | $ | 212,000 | 2,478,000 | 2,478,000 | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||
| PENN 2 | Madison Square Garden, Major League Soccer LLC, Veeva Systems*, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| UMG Recordings, Inc.*, Current*, Capgemini*, Altana Technologies*, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 100.0 | % | 90.6 | % | 107.72 | 1,759,000 | 1,759,000 | — | Verizon, Pernod Ricard*, FGS Global*, Dick’s Sporting Goods* | |||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 100.0 | % | 62.9 | % | 226.60 | 66,000 | 66,000 | — | JPMorgan Chase | |||||||||||||||||||||||||||||||||||||||||||||||
| 100.0 | % | 89.6 | % | 110.73 | 180,600 | 1,825,000 | 1,825,000 | — | 575,000 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
The Farley Building (ground and building leased through 2116)** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 95.0 | % | 100.0 | % | 119.86 | 87,500 | 730,000 | 730,000 | — | — | Meta Platforms, Inc. | |||||||||||||||||||||||||||||||||||||||||||||
| PENN 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 100.0 | % | 94.7 | % | 75.60 | 1,120,000 | 1,120,000 | — | Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's | |||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 100.0 | % | 41.1 | % | 237.64 | 39,000 | 39,000 | — | PNC Bank National Association, Starbucks | |||||||||||||||||||||||||||||||||||||||||||||||
| 100.0 | % | 92.5 | % | 77.74 | 77,600 | 1,159,000 | 1,159,000 | — | 450,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| 100 West 33rd Street | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 100.0 | % | 87.4 | % | 69.39 | 858,000 | 858,000 | — | Omnicom (formerly IPG and affiliates) | |||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 100.0 | % | — | % | — | 257,000 | — | 257,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 100.0 | % | 87.4 | % | 69.39 | 51,700 | 1,115,000 | 858,000 | 257,000 | 480,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| 330 West 34th Street | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (65.2% ground leased through 2149)** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 100.0 | % | 94.9 | % | 83.81 | 702,000 | 702,000 | — | Structure Tone, Deutsch, Inc., HomeAdvisor, Inc., WeWork, Rippling* | |||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 100.0 | % | 85.5 | % | 115.40 | 24,000 | 24,000 | — | Starbucks | |||||||||||||||||||||||||||||||||||||||||||||||
| 100.0 | % | 94.6 | % | 84.59 | 56,200 | 726,000 | 726,000 | — | 100,000 | (5) | ||||||||||||||||||||||||||||||||||||||||||||||
| 7 West 34th Street | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 53.0 | % | 100.0 | % | 85.59 | 458,000 | 458,000 | — | Amazon | |||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 53.0 | % | 89.6 | % | 369.78 | 19,000 | 19,000 | — | Amazon, Lindt | |||||||||||||||||||||||||||||||||||||||||||||||
| 53.0 | % | 99.6 | % | 96.39 | 44,800 | 477,000 | 477,000 | — | 250,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total PENN District | 710,400 | 8,510,000 | 8,253,000 | 257,000 | 1,855,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Midtown East: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 909 Third Avenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (ground leased through 2063)** | Omnicom (formerly IPG and affiliates), AbbVie Inc., United States Post Office | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 100.0 | % | 71.7 | % | 69.35 | (6) | 53,900 | 1,353,000 | 1,353,000 | — | 350,000 | Morrison Cohen LLP, Alix Partners* | ||||||||||||||||||||||||||||||||||||||||||||
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| NEW YORK OFFICE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY TABLE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Annualized escalated rent amounts in thousands) | % Ownership | % Occupancy | Weighted Average Escalated Annual Rent PSF(1) | Annualized Escalated Rent(2) | Square Feet | Encumbrances (non-GAAP) (in thousands)(3) | Major Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||
| Property | Total Property | In Service | Under Development or Not Available for Lease | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| NEW YORK OFFICE (Continued): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Midtown East (Continued): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
150 East 58th Street(7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 100.0 | % | 78.6 | % | $ | 82.85 | 540,000 | 540,000 | — | Castle Harlan, Tournesol Realty LLC (Peter Marino) | ||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 100.0 | % | 100.0 | % | 95.02 | 3,000 | 3,000 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| 100.0 | % | 78.7 | % | 82.93 | $ | 35,300 | 543,000 | 543,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
| Total Midtown East | 89,200 | 1,896,000 | 1,896,000 | — | $ | 350,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Midtown West: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 888 Seventh Avenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (ground leased through 2067)** | Lone Star US Acquisitions LLC, Top-New York, Inc., | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 100.0 | % | 85.7 | % | 101.67 | 873,000 | 873,000 | — | Vornado Executive Headquarters, United Talent Agency | |||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 100.0 | % | 100.0 | % | 269.19 | 15,000 | 15,000 | — | Redeye Grill L.P. | |||||||||||||||||||||||||||||||||||||||||||||||
| 100.0 | % | 85.8 | % | 103.41 | 79,000 | 888,000 | 888,000 | — | 244,543 | |||||||||||||||||||||||||||||||||||||||||||||||
| 50 West 57th Street | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 50.0 | % | 90.6 | % | 63.18 | 69,000 | 69,000 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 50.0 | % | 100.0 | % | 103.96 | 10,000 | 10,000 | — | Le Colonial* | |||||||||||||||||||||||||||||||||||||||||||||||
| 50.0 | % | 91.4 | % | 67.10 | 4,700 | 79,000 | 79,000 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| 825 Seventh Avenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 50.0 | % | 79.6 | % | 43.99 | 5,800 | 169,000 | 169,000 | — | 48,000 | Young Adult Institute Inc., New Alternatives for Children, Inc. | |||||||||||||||||||||||||||||||||||||||||||||
| Total Midtown West | 89,500 | 1,136,000 | 1,136,000 | — | 292,543 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Park Avenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 280 Park Avenue | Elliott Investment Management L.P., PJT Partners Holdings, GIC Inc., | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 50.0 | % | 98.9 | % | 123.42 | 1,238,000 | 1,238,000 | — | Wells Fargo, Investcorp International Inc., Sagard Capital Partners | |||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 50.0 | % | 100.0 | % | 63.05 | 29,000 | 29,000 | — | Starbucks, Fasano Restaurant | |||||||||||||||||||||||||||||||||||||||||||||||
| 50.0 | % | 99.0 | % | 122.06 | 153,100 | 1,267,000 | 1,267,000 | — | 1,075,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| Park Avenue Plaza | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 49.0 | % | 100.0 | % | 97.45 | 1,167,000 | 1,167,000 | — | Evercore, Morgan Stanley | |||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 49.0 | % | 61.9 | % | 92.79 | 8,000 | 8,000 | — | Duane Reade | |||||||||||||||||||||||||||||||||||||||||||||||
| 49.0 | % | 99.7 | % | 97.43 | 113,500 | 1,175,000 | 1,175,000 | — | 575,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Park Avenue | 266,600 | 2,442,000 | 2,442,000 | — | 1,650,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Grand Central: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 90 Park Avenue | Alston & Bird, PwC, MassMutual, Glencore*, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 100.0 | % | 100.0 | % | 86.23 | 939,000 | 939,000 | — | Factset Research Systems Inc., Foley & Lardner | |||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 100.0 | % | 96.0 | % | 176.80 | 17,000 | 17,000 | — | Citibank, Starbucks | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Grand Central | 100.0 | % | 99.9 | % | 87.71 | 80,900 | 956,000 | 956,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
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| NEW YORK OFFICE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY TABLE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Annualized escalated rent amounts in thousands) | % Ownership | % Occupancy | Weighted Average Escalated Annual Rent PSF(1) | Annualized Escalated Rent(2) | Square Feet | Encumbrances (non-GAAP) (in thousands)(3) | Major Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||
| Property | Total Property | In Service | Under Development or Not Available for Lease | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| NEW YORK OFFICE (Continued): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Madison/Fifth: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 623 Fifth Avenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 100.0 | % | — | $ | — | $ | — | 383,000 | — | 383,000 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
| Total Madison/Fifth | — | 383,000 | — | 383,000 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Midtown South: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 770 Broadway | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 100.0 | % | 100.0 | % | (8) | (8) | 1,091,000 | 1,091,000 | — | New York University | ||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 100.0 | % | 100.0 | % | 76.89 | 6,600 | 92,000 | 92,000 | — | Wegmans Food Markets | ||||||||||||||||||||||||||||||||||||||||||||||
| 100.0 | % | 100.0 | % | 1,183,000 | 1,183,000 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| One Park Avenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New York University, BMG Rights Management LLC, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 100.0 | % | 93.9 | % | 73.56 | 867,000 | 867,000 | — | Robert A.M. Stern Architect | |||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 100.0 | % | 95.6 | % | 85.73 | 78,000 | 78,000 | — | Bank of Baroda, Citibank, Equinox, Tous Les Jour* | |||||||||||||||||||||||||||||||||||||||||||||||
| 100.0 | % | 94.0 | % | 74.56 | 64,900 | 945,000 | 945,000 | — | 525,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Midtown South | 71,500 | 2,128,000 | 2,128,000 | — | 525,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Rockefeller Center: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1290 Avenue of the Americas | Hachette Book Group Inc., Bryan Cave LLP, Neuberger Berman Group LLC, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cushman & Wakefield, Selendy Gay PLLC, Columbia University, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 70.0 | % | 94.6 | % | 91.43 | 2,007,000 | 2,007,000 | — | Fubotv Inc, LinkLaters, King & Spalding, Oaktree Capital | |||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 70.0 | % | 95.0 | % | 202.47 | 90,000 | 90,000 | — | Duane Reade, JPMorgan Chase Bank, Starbucks | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Rockefeller Center | 70.0 | % | 94.6 | % | 95.03 | 183,600 | 2,097,000 | 2,097,000 | — | 950,000 | ||||||||||||||||||||||||||||||||||||||||||||||
| Chelsea/Meatpacking District: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 260 Eleventh Avenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (ground leased through 2114)** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 100.0 | % | 100.0 | % | 50.33 | 10,500 | 209,000 | 209,000 | — | — | The City of New York | |||||||||||||||||||||||||||||||||||||||||||||
| 85 Tenth Avenue | Google, Telehouse International Corp., | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 49.9 | % | 89.9 | % | 95.94 | 598,000 | 598,000 | — | Clear Secure, Inc., Shopify | |||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 49.9 | % | 76.3 | % | 96.01 | 43,000 | 43,000 | — | Crane Club, Verde | |||||||||||||||||||||||||||||||||||||||||||||||
| 49.9 | % | 89.1 | % | 95.94 | 54,500 | 641,000 | 641,000 | — | 625,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| 61 Ninth Avenue (2 buildings) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (ground leased through 2115)** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 45.1 | % | 100.0 | % | 151.09 | 171,000 | 171,000 | — | Aetna Life Insurance Company, Apple Inc. | |||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 45.1 | % | 100.0 | % | 415.53 | 23,000 | 23,000 | — | Starbucks | |||||||||||||||||||||||||||||||||||||||||||||||
| 45.1 | % | 100.0 | % | 168.48 | 35,200 | 194,000 | 194,000 | — | 161,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Chelsea/Meatpacking District | 100,200 | 1,044,000 | 1,044,000 | — | 786,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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| NEW YORK STREET RETAIL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY TABLE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Annualized escalated rent amounts in thousands) | % Ownership | % Occupancy | Weighted Average Escalated Annual Rent PSF(1) | Annualized Escalated Rent(2) | Square Feet | Encumbrances (non-GAAP) (in thousands)(3) | Major Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||
| Property | Total Property | In Service | Under Development or Not Available for Lease | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| NEW YORK STREET RETAIL: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PENN District: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PENN 1 East & West and South Concourse | 100.0 | % | 74.5 | % | $ | 304.43 | $ | 15,300 | 73,000 | 73,000 | — | $ | — | Bank of America, Roberta’s | ||||||||||||||||||||||||||||||||||||||||||
The Farley Building (ground and building leased through 2116)** | 95.0 | % | 44.8 | % | 325.12 | 13,700 | 116,000 | 116,000 | — | — | Avra Prime, Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels | |||||||||||||||||||||||||||||||||||||||||||||
| 435 Seventh Avenue | 100.0 | % | 100.0 | % | — | — | 43,000 | 43,000 | — | 75,000 | ||||||||||||||||||||||||||||||||||||||||||||||
| 431 Seventh Avenue | 100.0 | % | 0.0 | % | — | 600 | 9,000 | 9,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
| 138-142 West 32nd Street | 100.0 | % | 80.3 | % | 138.31 | 500 | 8,000 | 8,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
| 150 West 34th Street | 100.0 | % | 100.0 | % | 63.48 | 5,000 | 79,000 | 79,000 | — | 75,000 | Primark | |||||||||||||||||||||||||||||||||||||||||||||
| 137 West 33rd Street | 100.0 | % | 100.0 | % | 99.77 | 300 | 3,000 | 3,000 | — | — | Celtic Rail | |||||||||||||||||||||||||||||||||||||||||||||
| 131-135 West 33rd Street | 100.0 | % | 100.0 | % | 65.65 | 1,500 | 22,000 | 22,000 | — | — | The Five Hats Club (BSE Global)* | |||||||||||||||||||||||||||||||||||||||||||||
| Other (4 buildings) | 74.5 | % | 53.5 | % | 107.40 | 1,700 | 34,000 | 34,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
| Total PENN District | 38,600 | 387,000 | 387,000 | — | 150,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Midtown East: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 715 Lexington Avenue | 100.0 | % | 78.5 | % | 206.52 | 3,500 | 22,000 | 22,000 | — | — | Casper, Santander Bank, Blu Dot | |||||||||||||||||||||||||||||||||||||||||||||
| 966 Third Avenue | 100.0 | % | 100.0 | % | 112.60 | 800 | 7,000 | 7,000 | — | — | McDonald's | |||||||||||||||||||||||||||||||||||||||||||||
| 968 Third Avenue | 50.0 | % | 100.0 | % | 200.04 | 1,300 | 7,000 | 7,000 | — | — | Wells Fargo | |||||||||||||||||||||||||||||||||||||||||||||
| Total Midtown East | 5,600 | 36,000 | 36,000 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Midtown West: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 825 Seventh Avenue | 100.0 | % | 100.0 | % | 151.13 | 600 | 4,000 | 4,000 | — | — | Venchi | |||||||||||||||||||||||||||||||||||||||||||||
- 37 -
| NEW YORK STREET RETAIL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY TABLE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Annualized escalated rent amounts in thousands) | % Ownership | % Occupancy | Weighted Average Escalated Annual Rent PSF(1) | Annualized Escalated Rent(2) | Square Feet | Encumbrances (non-GAAP) (in thousands)(3) | Major Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||
| Property | Total Property | In Service | Under Development or Not Available for Lease | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| NEW YORK STREET RETAIL (Continued): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Madison/Fifth: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 640 Fifth Avenue | Fidelity Investments, Abbott Capital Management, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 52.0 | % | 91.3 | % | $ | 105.30 | 247,000 | 247,000 | — | The Klein Company, Rockefeller Capital* | ||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 52.0 | % | 100.0 | % | 1,127.53 | 69,000 | 69,000 | — | Victoria's Secret, Dyson | |||||||||||||||||||||||||||||||||||||||||||||||
| 52.0 | % | 92.7 | % | 272.28 | $ | 76,300 | 316,000 | 316,000 | — | $ | 386,583 | |||||||||||||||||||||||||||||||||||||||||||||
| 666 Fifth Avenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 52.0 | % | 100.0 | % | 1,087.67 | 14,300 | 24,000 | 24,000 | — | — | Abercrombie & Fitch, Tissot | |||||||||||||||||||||||||||||||||||||||||||||
| 595 Madison Avenue | LVMH Moet Hennessy Louis Vuitton Inc., | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 100.0 | % | 89.8 | % | 83.83 | 303,000 | 303,000 | — | Albea Beauty Solutions, Aerin LLC | |||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 100.0 | % | 100.0 | % | 766.60 | 30,000 | 30,000 | — | Fendi, Berluti, Christofle Silver Inc. | |||||||||||||||||||||||||||||||||||||||||||||||
| 100.0 | % | 90.5 | % | 131.23 | 40,800 | 333,000 | 333,000 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| 689 Fifth Avenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 52.0 | % | 100.0 | % | 96.01 | 81,000 | 81,000 | — | Brunello Cucinelli USA Inc., Yamaha Artist Services Inc. | |||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 52.0 | % | 100.0 | % | 788.50 | 16,000 | 16,000 | — | Canada Goose | |||||||||||||||||||||||||||||||||||||||||||||||
| 52.0 | % | 100.0 | % | 177.35 | 16,300 | 97,000 | 97,000 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| 655 Fifth Avenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 50.0 | % | 100.0 | % | 296.06 | 17,100 | 57,000 | 57,000 | — | — | Ferragamo | |||||||||||||||||||||||||||||||||||||||||||||
| 697-703 Fifth Avenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 44.8 | % | 100.0 | % | 2,747.77 | 44,300 | 27,000 | 27,000 | — | 355,359 | Swatch Group USA, Harry Winston, Meta Platforms, Inc. | |||||||||||||||||||||||||||||||||||||||||||||
| Total Madison/Fifth | 209,100 | 854,000 | 854,000 | — | 741,942 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Midtown South: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4 Union Square South | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 100.0 | % | 100.0 | % | 143.30 | 29,300 | 204,000 | 204,000 | — | 120,000 | Burlington, Whole Foods Market, DSW, Sephora | |||||||||||||||||||||||||||||||||||||||||||||
| Times Square: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1540 Broadway | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 52.0 | % | 22.0 | % | 404.33 | 14,200 | 162,000 | 162,000 | — | — | U.S. Polo, Disney, Pop Mart* | |||||||||||||||||||||||||||||||||||||||||||||
| 1535 Broadway | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 52.0 | % | 100.0 | % | 1,193.78 | 45,000 | 45,000 | — | T-Mobile, Swatch Group USA, Levi's, Sephora, Anita La Mamma Del Gelato | |||||||||||||||||||||||||||||||||||||||||||||||
| -Theatre | 52.0 | % | 100.0 | % | 23.47 | 62,000 | 62,000 | — | Nederlander-Marquis Theatre | |||||||||||||||||||||||||||||||||||||||||||||||
| 52.0 | % | 100.0 | % | 463.15 | 45,700 | 107,000 | 107,000 | — | 450,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Times Square | 59,900 | 269,000 | 269,000 | — | 450,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
- 38 -
| NEW YORK STREET RETAIL / RESIDENTIAL / DEVELOPMENT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY TABLE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Annualized escalated rent amounts in thousands) | % Ownership | % Occupancy | Weighted Average Escalated Annual Rent PSF(1) | Annualized Escalated Rent(2) | Square Feet | Encumbrances (non-GAAP) (in thousands)(3) | Major Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||
| Property | Total Property | In Service | Under Development or Not Available for Lease | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| NEW YORK STREET RETAIL (Continued): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Upper East Side: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1131 Third Avenue | 100.0 | % | 63.7 | % | $ | 219.57 | $ | 3,100 | 23,000 | 23,000 | — | $ | — | Crunch LLC, J.Jill | ||||||||||||||||||||||||||||||||||||||||||
| Chelsea/Meatpacking District: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 537 West 26th Street | 100.0 | % | 100.0 | % | 138.26 | 2,300 | 17,000 | 17,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
| Tribeca: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 339 Greenwich Street | 100.0 | % | 100.0 | % | 156.47 | 800 | 9,000 | 9,000 | — | — | Paper Moon | |||||||||||||||||||||||||||||||||||||||||||||
| NEW YORK RESIDENTIAL: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tribeca: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Independence Plaza | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Residential (1,328 units) | 50.1 | % | 97.2 | % | 1,186,000 | 1,186,000 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 50.1 | % | 68.4 | % | 99.70 | 5,400 | 72,000 | 72,000 | — | Duane Reade, Tompkins Square Bagels* | ||||||||||||||||||||||||||||||||||||||||||||||
| Total Tribeca - Residential | 5,400 | 1,258,000 | 1,258,000 | — | 675,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| NEW YORK: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| To be Developed: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 350 Park Avenue | 100.0 | % | — | — | — | 585,000 | — | 585,000 | 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| Hotel Pennsylvania site (PENN 15) | 100.0 | % | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| 57th Street | 50.0 | % | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Eighth Avenue and 34th Street | 100.0 | % | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| 3 East 54th Street | 100.0 | % | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| METRICS BY SPACE TYPE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New York Office: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 92.8 | % | $ | 92.74 | $ | 1,561,400 | 20,756,000 | 19,788,000 | 968,000 | $ | 6,808,543 | |||||||||||||||||||||||||||||||||||||||||||||
| Vornado's Ownership Interest | 92.2 | % | $ | 91.02 | $ | 1,294,900 | 18,018,000 | 17,050,000 | 968,000 | $ | 5,084,604 | |||||||||||||||||||||||||||||||||||||||||||||
| New York Retail: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 77.0 | % | $ | 276.31 | $ | 394,800 | 2,296,000 | 2,039,000 | 257,000 | $ | 1,461,942 | |||||||||||||||||||||||||||||||||||||||||||||
| Vornado's Ownership Interest | 77.8 | % | $ | 234.89 | $ | 277,100 | 1,923,000 | 1,666,000 | 257,000 | $ | 864,048 | |||||||||||||||||||||||||||||||||||||||||||||
| New York Residential: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 97.2 | % | 1,186,000 | 1,186,000 | — | $ | 675,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Vornado's Ownership Interest | 97.2 | % | 604,000 | 604,000 | — | $ | 338,175 | |||||||||||||||||||||||||||||||||||||||||||||||||
- 39 -
| NEW YORK SEGMENT - ALEXANDER’S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY TABLE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Annualized escalated rent amounts in thousands) | % Ownership | % Occupancy | Weighted Average Escalated Annual Rent PSF(1) | Annualized Escalated Rent(2) | Square Feet | Encumbrances (non-GAAP) (in thousands)(3) | Major Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||
| Property | Total Property | In Service | Under Development or Not Available for Lease | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| NEW YORK (Continued): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ALEXANDER'S, INC.: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 731 Lexington Avenue, Manhattan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 32.4 | % | 100.0 | % | $ | 149.39 | 952,000 | 952,000 | — | $ | 400,000 | Bloomberg L.P. | ||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 32.4 | % | 23.6 | % | 295.64 | 128,000 | 128,000 | — | 171,522 | Hutong, Capital One | ||||||||||||||||||||||||||||||||||||||||||||||
| 32.4 | % | 91.3 | % | 153.69 | $ | 149,300 | 1,080,000 | 1,080,000 | — | 571,522 | ||||||||||||||||||||||||||||||||||||||||||||||
| Rego Park Shopping Center | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Queens (6.6 acres) | 32.4 | % | 99.0 | % | 67.47 | 39,600 | 608,000 | 608,000 | — | 175,000 | Costco, Target*, TJ Maxx, Best Buy, Marshalls, DSW, Burlington | |||||||||||||||||||||||||||||||||||||||||||||
| Flushing, Queens (1.0 acre ground leased through 2037) | 32.4 | % | 100.0 | % | 34.78 | 5,800 | 167,000 | 167,000 | — | — | New World Mall LLC | |||||||||||||||||||||||||||||||||||||||||||||
| The Alexander Apartment Tower, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rego Park, Queens, NY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Residential (312 units) | 32.4 | % | 97.4 | % | 255,000 | 255,000 | — | 94,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total Alexander's | 32.4 | % | 94.6 | % | 112.79 | 194,700 | 2,110,000 | 2,110,000 | — | 840,522 | ||||||||||||||||||||||||||||||||||||||||||||||
| Total New York | 90.2 | % | $ | 102.14 | $ | 2,141,300 | 26,348,000 | 25,123,000 | 1,225,000 | $ | 9,786,007 | |||||||||||||||||||||||||||||||||||||||||||||
| Vornado's Ownership Interest | 90.8 | % | $ | 96.19 | $ | 1,675,600 | 21,229,000 | 20,004,000 | 1,225,000 | $ | 6,559,156 | |||||||||||||||||||||||||||||||||||||||||||||
________________________________
* 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 rent 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)Excludes US Post Office lease for 492,000 square feet.
(7)Includes 962 Third Avenue (the Annex building to 150 East 58th Street) 50.0% ground leased through 2118**.
(8)Master leased to NYU for a 70-year term, square feet includes storage space.
- 40 -
| OTHER | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY TABLE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Annualized escalated rent amounts in thousands) | % Ownership | % Occupancy | Weighted Average Escalated Annual Rent PSF(1) | Annualized Escalated Rent(2) | Square Feet | Encumbrances (non-GAAP) (in thousands)(3) | Major Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||
| Property | Total Property | In Service | Under Development or Not Available for Lease | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| THE MART: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| THE MART, Chicago | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Motorola Mobility (guaranteed by Google), Allscripts Healthcare, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AAR Corp*, The Chartis Group LLC, Paypal, Inc., ConAgra Foods Inc., | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avant LLC, Clear Channel Outdoor LLC, Omnicom (formerly IPG and affiliates), | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Government Employees Insurance Company, Medline Industries, Inc, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 100.0 | % | 89.8 | % | $ | 47.95 | $ | 92,800 | 2,125,000 | 2,125,000 | — | Innovation Development Institute, Inc., Allstate Insurance Company | ||||||||||||||||||||||||||||||||||||||||||||
| -Showroom/Trade show | 100.0 | % | 66.9 | % | 56.75 | 55,300 | 1,486,000 | 1,486,000 | — | Holly Hunt Ltd., Baker Interiors Group, Ltd. | ||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 100.0 | % | 80.7 | % | 47.78 | 3,000 | 82,000 | 82,000 | — | |||||||||||||||||||||||||||||||||||||||||||||||
| 100.0 | % | 80.4 | % | 50.87 | 151,100 | 3,693,000 | 3,693,000 | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
| Other (1 property) | 50.0 | % | 85.5 | % | 74.27 | 300 | 4,000 | 4,000 | — | 17,971 | ||||||||||||||||||||||||||||||||||||||||||||||
| Total THE MART, Chicago | 151,400 | 3,697,000 | 3,697,000 | — | 17,971 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Property to be Developed: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 527 West Kinzie, Chicago | 100.0 | % | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Total THE MART | 80.4 | % | $ | 50.90 | $ | 151,400 | 3,697,000 | 3,697,000 | — | $ | 17,971 | |||||||||||||||||||||||||||||||||||||||||||||
| Vornado's Ownership Interest | 80.4 | % | $ | 50.89 | $ | 151,300 | 3,695,000 | 3,695,000 | — | $ | 8,985 | |||||||||||||||||||||||||||||||||||||||||||||
| 555 California Street: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 555 California Street | 70.0 | % | 88.9 | % | $ | 110.25 | $ | 153,400 | 1,511,000 | 1,511,000 | — | $ | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 315 Montgomery Street | 70.0 | % | 74.2 | % | 78.15 | 13,300 | 235,000 | 235,000 | — | — | Bank of America, N.A., Ripple Labs Inc., Blue Shield, Pacific Workplaces* | |||||||||||||||||||||||||||||||||||||||||||||
| 345 Montgomery Street | 70.0 | % | 100.0 | % | 57.18 | 4,300 | 76,000 | 76,000 | — | — | Wharton School of the University of Pennsylvania* | |||||||||||||||||||||||||||||||||||||||||||||
| Total 555 California Street | 87.5 | % | $ | 104.19 | $ | 171,000 | 1,822,000 | 1,822,000 | — | $ | 1,200,000 | |||||||||||||||||||||||||||||||||||||||||||||
| Vornado's Ownership Interest | 87.5 | % | $ | 104.19 | $ | 119,700 | 1,275,000 | 1,275,000 | — | $ | 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 rent 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.
- 41 -
| OTHER | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | Under Development or Not Available for Lease | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| In Service | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Virginia: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rosslyn Plaza | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office - 4 buildings | 46.2 | % | 29.4 | % | $ | 56.07 | 736,000 | 274,000 | 462,000 | Nathan Associates | ||||||||||||||||||||||||||||||||||||||||||||||
| -Residential - 2 buildings (197 units) | 43.7 | % | 98.5 | % | 253,000 | 253,000 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| 45.6 | % | $ | 4,600 | 989,000 | 527,000 | 462,000 | $ | 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Fashion Centre Mall / Washington Tower | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 7.5 | % | 75.0 | % | 48.00 | 170,000 | 170,000 | — | 422,000 | The Rand Corporation | ||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 7.5 | % | 96.3 | % | 38.81 | 868,000 | 868,000 | — | 43,000 | Macy's, Nordstrom | ||||||||||||||||||||||||||||||||||||||||||||||
| 7.5 | % | 92.8 | % | 40.03 | 50,600 | 1,038,000 | 1,038,000 | — | 465,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| New Jersey: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wayne Town Center, Wayne (ground leased through 2064)** | 100.0 | % | 100.0 | % | 31.16 | 13,900 | 690,000 | 690,000 | — | — | 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 | % | — | 8,100 | — | — | — | — | VICI Properties (ground lessee) | |||||||||||||||||||||||||||||||||||||||||||||
| Paramus | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 100.0 | % | 69.8 | % | 26.85 | 2,300 | 129,000 | 129,000 | — | — | Vornado's Administrative Headquarters | |||||||||||||||||||||||||||||||||||||||||||||
| Maryland: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annapolis (ground and building leased through 2042)** | 100.0 | % | 100.0 | % | 11.70 | 1,500 | 128,000 | 128,000 | — | — | The Home Depot | |||||||||||||||||||||||||||||||||||||||||||||
| New York: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 650 Madison Avenue | Sotheby's International Realty, Inc., BC Partners Inc., | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -Office | 22.2 | % | 60.3 | % | 116.41 | 563,000 | 563,000 | — | Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies) | |||||||||||||||||||||||||||||||||||||||||||||||
| -Retail | 22.2 | % | 95.7 | % | 1,093.91 | 38,000 | 38,000 | — | Moncler USA Inc., Tod's, Celine, Balmain | |||||||||||||||||||||||||||||||||||||||||||||||
| 22.2 | % | 61.8 | % | 179.79 | 64,200 | 601,000 | 601,000 | — | — | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
| Sunset Pier 94 Studios (ground and building leased through 2110)** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
‘-Studio | 49.9 | % | 64.0 | % | 266,000 | 266,000 | — | 165,345 | Paramount | |||||||||||||||||||||||||||||||||||||||||||||||
| 40 East 66th Street | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
‘-Residential | 100.0 | % | 100.0 | % | — | 10,000 | 10,000 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Other | 81.4 | % | $ | 58.13 | $ | 145,200 | 3,851,000 | 3,389,000 | $ | 462,000 | $ | 640,345 | ||||||||||||||||||||||||||||||||||||||||||||
| Vornado's Ownership Interest | 83.7 | % | $ | 59.09 | $ | 46,000 | 1,751,000 | 1,542,000 | $ | 209,000 | $ | 122,423 | ||||||||||||||||||||||||||||||||||||||||||||
____________________________________________________________________________________
** 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 rent 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.
(4)Excludes our 22.2% pro rata share of the $800,000 650 Madison non-recourse mortgage loan. Our investment was written down to zero and we no longer record our share of net income (loss) from this investment.
- 42 -
| INVESTOR INFORMATION | |||||||||||||||||
| Corporate Officers: | |||||||||||||||||
| Steven Roth | Chairman of the Board and Chief Executive Officer | ||||||||||||||||
| Michael J. Franco | President and Chief Financial Officer | ||||||||||||||||
| Glen J. Weiss | Executive Vice President - Office Leasing - Co-Head of Real Estate | ||||||||||||||||
| Barry S. Langer | Executive Vice President - Development - Co-Head of Real Estate | ||||||||||||||||
| Haim Chera | Executive Vice President - Head of Retail | ||||||||||||||||
| Thomas J. Sanelli | Executive Vice President - Finance and Chief Administrative Officer | ||||||||||||||||
| RESEARCH COVERAGE | |||||||||||||||||
| Jeff Spector/Jana Galan | Steve Sakwa | Vikram Malhotra | |||||||||||||||
| Bank of America/BofA Securities | Evercore ISI | Mizuho Securities (USA) Inc. | |||||||||||||||
| 646-855-1363/646-855-3081 | 212-446-9462 | 212-282-3827 | |||||||||||||||
| Brendan Lynch | Caitlin Burrows | Ronald Kamdem | |||||||||||||||
| Barclays Capital | Goldman Sachs | Morgan Stanley | |||||||||||||||
| 212-526-9428 | 212-902-4736 | 212-296-8319 | |||||||||||||||
| John P. Kim | Dylan Burzinski | Alexander Goldfarb | |||||||||||||||
| BMO Capital Markets | Green Street Advisors | Piper Sandler | |||||||||||||||
| 212-885-4115 | 949-640-8780 | 212-466-7937 | |||||||||||||||
| Nicholas Joseph/Seth Bergey | Anthony Paolone | Nicholas Yulico | |||||||||||||||
| Citi | JP Morgan | Scotia Capital (USA) Inc | |||||||||||||||
| 212-816-1909/212-816-2066 | 212-622-6682 | 212-225-6904 | |||||||||||||||
| Floris van Dijkum | Mark Streeter/Ian Snyder | Michael Lewis | |||||||||||||||
| Ladenburg Thalmann | JP Morgan Fixed Income | Truist Securities | |||||||||||||||
| 212-409-2075 | 212-834-5086/212-834-3798 | 212-319-5659 | |||||||||||||||
| 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. | |||||||||||||||||
- 43 -
APPENDIX
DEFINITIONS AND NON-GAAP RECONCILIATIONS
| FINANCIAL SUPPLEMENT DEFINITIONS | ||
The financial supplement includes various non-GAAP financial measures. Descriptions of these non-GAAP measures are provided below. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided on the following pages.
Net Operating Income ("NOI") at Share and NOI at Share - Cash Basis - NOI at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We consider NOI at share 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 use 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. 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.
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.
- i -
NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited) | |||||||||||||||||||||||||||||
| (Amounts in thousands, except per share amounts) | |||||||||||||||||||||||||||||
| For the Three Months Ended | |||||||||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||||||||||||||||||||||
| Reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP): | |||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 16,434 | $ | (22,842) | $ | 601 | $ | 11,589 | $ | 743,819 | |||||||||||||||||||
| Per diluted share | $ | 0.08 | $ | (0.12) | $ | — | $ | 0.06 | $ | 3.70 | |||||||||||||||||||
| FFO adjustments: | |||||||||||||||||||||||||||||
| Depreciation and amortization of real property | $ | 157,776 | $ | 105,386 | $ | 100,098 | $ | 103,617 | $ | 103,142 | |||||||||||||||||||
| Change in fair value of marketable securities | — | — | (198) | (1,719) | — | ||||||||||||||||||||||||
| Gain on sales-type lease | — | — | — | — | (803,248) | ||||||||||||||||||||||||
| Net gains on sale of real estate | — | — | (300) | — | — | ||||||||||||||||||||||||
| Real estate impairment losses | — | — | — | — | 542 | ||||||||||||||||||||||||
| Our share of partially owned entities: | |||||||||||||||||||||||||||||
| Depreciation and amortization of real property | 25,274 | 23,788 | 22,933 | 23,302 | 24,107 | ||||||||||||||||||||||||
| Net gains on sale of real estate | (44,930) | — | (225) | (11,002) | (2,527) | ||||||||||||||||||||||||
| FFO adjustments, net | 138,120 | 129,174 | 122,308 | 114,198 | (677,984) | ||||||||||||||||||||||||
| Impact of assumed conversion of dilutive convertible securities | 383 | 309 | 219 | 385 | 385 | ||||||||||||||||||||||||
| Noncontrolling interests' share of above adjustments on a dilutive basis | (10,859) | (10,378) | (10,201) | (8,800) | 54,708 | ||||||||||||||||||||||||
| FFO attributable to common shareholders plus assumed conversions (non-GAAP) | 144,078 | 96,263 | 112,927 | 117,372 | 120,928 | ||||||||||||||||||||||||
| Add back of FFO allocated to noncontrolling interests of the Operating Partnership | 12,320 | 8,330 | 10,254 | 9,807 | 10,127 | ||||||||||||||||||||||||
| FFO attributable to Class A unitholders (non-GAAP) | $ | 156,398 | $ | 104,593 | $ | 123,181 | $ | 127,179 | $ | 131,055 | |||||||||||||||||||
| FFO per diluted share (non-GAAP) | $ | 0.74 | $ | 0.49 | $ | 0.56 | $ | 0.58 | $ | 0.60 | |||||||||||||||||||
- ii -
NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited) | |||||||||||||||||||||||||||||
| (Amounts in thousands, except per share amounts) | |||||||||||||||||||||||||||||
| For the Three Months Ended | |||||||||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||||||||||||||||||||||
| FFO attributable to common shareholders plus assumed conversions (non-GAAP) | $ | 144,078 | $ | 96,263 | $ | 112,927 | $ | 117,372 | $ | 120,928 | |||||||||||||||||||
| Per diluted share (non-GAAP) | $ | 0.74 | $ | 0.49 | $ | 0.56 | $ | 0.58 | $ | 0.60 | |||||||||||||||||||
| Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | |||||||||||||||||||||||||||||
| 606 Broadway debt extinguishment gain, net of noncontrolling interests | $ | (16,141) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary) | 2,679 | 2,984 | 3,048 | 3,586 | 3,337 | ||||||||||||||||||||||||
| After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities | — | — | (5,910) | — | — | ||||||||||||||||||||||||
| Gain on sale of Canal Street residential condominium units | — | — | (3,574) | — | (8,362) | ||||||||||||||||||||||||
| Other | (656) | 4,453 | 4,241 | (6,661) | (3,217) | ||||||||||||||||||||||||
| (14,118) | 7,437 | (2,195) | (3,075) | (8,242) | |||||||||||||||||||||||||
| Noncontrolling interests' share of above adjustments on a dilutive basis | 1,113 | (591) | 141 | 238 | 638 | ||||||||||||||||||||||||
| Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (13,005) | $ | 6,846 | $ | (2,054) | $ | (2,837) | $ | (7,604) | |||||||||||||||||||
| FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) | $ | 131,073 | $ | 103,109 | $ | 110,873 | $ | 114,535 | $ | 113,324 | |||||||||||||||||||
| Per diluted share (non-GAAP) | $ | 0.67 | $ | 0.52 | $ | 0.55 | $ | 0.57 | $ | 0.56 | |||||||||||||||||||
- iii -
NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited) | ||||||||||||||||||||||||||||||||
| (Amounts in thousands) | ||||||||||||||||||||||||||||||||
| For the Three Months Ended | ||||||||||||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | ||||||||||||||||||||||||||||
| FFO attributable to common shareholders, plus assumed conversions | (A) | $ | 144,078 | $ | 96,263 | $ | 112,927 | $ | 117,372 | $ | 120,928 | |||||||||||||||||||||
| Adjustments to arrive at FAD (at Vornado's share): | ||||||||||||||||||||||||||||||||
| Certain items that impact FAD | 1,288 | 6,702 | (3,325) | (3,320) | (8,242) | |||||||||||||||||||||||||||
| Recurring tenant improvements, leasing commissions and other capital expenditures | (33,109) | (45,225) | (61,186) | (52,376) | (104,203) | |||||||||||||||||||||||||||
| Stock-based compensation expense | 7,804 | 5,655 | 6,365 | 5,573 | 7,519 | |||||||||||||||||||||||||||
| Amortization of debt issuance costs and other non-cash interest expense | 6,642 | 6,681 | 8,145 | 10,242 | 10,638 | |||||||||||||||||||||||||||
| Gain on debt extinguishment | (16,141) | — | — | — | — | |||||||||||||||||||||||||||
| Personal property depreciation | 2,347 | 2,050 | 2,349 | 2,239 | 1,564 | |||||||||||||||||||||||||||
| Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (40,881) | (31,066) | (30,858) | (30,746) | (45,954) | |||||||||||||||||||||||||||
| Noncontrolling interests in the Operating Partnership's share of above adjustments | 5,886 | 4,543 | 6,273 | 5,634 | 11,119 | |||||||||||||||||||||||||||
| FAD adjustments, net | (B) | (66,164) | (50,660) | (72,237) | (62,754) | (127,559) | ||||||||||||||||||||||||||
| FAD (non-GAAP) | (A+B) | $ | 77,914 | $ | 45,603 | $ | 40,690 | $ | 54,618 | $ | (6,631) | |||||||||||||||||||||
FAD payout ratio(1) | N/A | N/A | 97.4 | % | (2) | N/A | N/A | |||||||||||||||||||||||||
________________________________
(1)For 2026, we anticipate continuing our common share dividend policy of paying one common share dividend in December, subject to approval by our Board of Trustees.
(2)FAD payout ratios are calculated based on full year results.
- iv -
NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME (LOSS) TO EBITDAre (unaudited) TO EBITDAre, AS ADJUSTED (unaudited) | |||||||||||||||||||||||
| (Amounts in thousands) | |||||||||||||||||||||||
| For the Three Months Ended | |||||||||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||||||||||||||||||||||
| Reconciliation of net income (loss) to EBITDAre (non-GAAP): | |||||||||||||||||||||||||||||
| Net income (loss) | $ | 39,196 | $ | (22,026) | $ | 4,914 | $ | 19,239 | $ | 813,227 | |||||||||||||||||||
| Less net (income) loss attributable to noncontrolling interests in consolidated subsidiaries | (5,748) | 12,690 | 11,296 | 8,912 | 10,981 | ||||||||||||||||||||||||
| Net income (loss) attributable to the Operating Partnership | 33,448 | (9,336) | 16,210 | 28,151 | 824,208 | ||||||||||||||||||||||||
| EBITDAre adjustments at share: | |||||||||||||||||||||||||||||
| Depreciation and amortization expense | 185,397 | 131,224 | 125,379 | 129,158 | 128,813 | ||||||||||||||||||||||||
| Interest and debt expense | 118,706 | 116,219 | 113,183 | 112,624 | 115,171 | ||||||||||||||||||||||||
| Income tax expense (benefit) | 3,439 | 7,262 | 8,837 | (5,233) | 4,295 | ||||||||||||||||||||||||
| Real estate impairment losses | — | — | — | — | 542 | ||||||||||||||||||||||||
| Gain on debt extinguishment | (16,141) | — | — | — | — | ||||||||||||||||||||||||
| Gain on sales-type lease | — | — | — | — | (803,248) | ||||||||||||||||||||||||
| Net gains on sale of real estate | (44,930) | — | (525) | (11,002) | (2,527) | ||||||||||||||||||||||||
| EBITDAre at share | 279,919 | 245,369 | 263,084 | 253,698 | 267,254 | ||||||||||||||||||||||||
| EBITDAre attributable to noncontrolling interests in consolidated subsidiaries | 12,330 | 9,115 | 11,192 | 14,046 | 11,301 | ||||||||||||||||||||||||
| EBITDAre (non-GAAP) | 292,249 | 254,484 | 274,276 | 267,744 | 278,555 | ||||||||||||||||||||||||
| EBITDAre attributable to noncontrolling interests in consolidated subsidiaries | (12,330) | (9,115) | (11,192) | (14,046) | (11,301) | ||||||||||||||||||||||||
| Certain (income) expense items that impact EBITDAre: | |||||||||||||||||||||||||||||
| Gain on sale of 220 CPS condominium units and ancillary amenities | — | — | (7,377) | — | — | ||||||||||||||||||||||||
| Gain on sale of Canal Street residential condominium units | — | — | (3,574) | — | (8,362) | ||||||||||||||||||||||||
| Other | (468) | 2,429 | 2,672 | 60 | (1,309) | ||||||||||||||||||||||||
| Total of certain (income) expense items that impact EBITDAre | (468) | 2,429 | (8,279) | 60 | (9,671) | ||||||||||||||||||||||||
| EBITDAre, as adjusted (non-GAAP) | $ | 279,451 | $ | 247,798 | $ | 254,805 | $ | 253,758 | $ | 257,583 | |||||||||||||||||||
- v -
NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME TO EBITDAre (unaudited) TO EBITDAre, AS ADJUSTED (unaudited) | |||||||||||||||||||||||
| (Amounts in thousands) | |||||||||||||||||||||||
| For the Trailing Twelve Months Ended | For the Year Ended December 31, | ||||||||||||||||||||||
| June 30, 2026 | 2025 | 2024 | 2023 | ||||||||||||||||||||
| Reconciliation of net income to EBITDAre (non-GAAP): | |||||||||||||||||||||||
| Net income | $ | 41,323 | $ | 937,204 | $ | 20,116 | $ | 32,888 | |||||||||||||||
| Less net loss attributable to noncontrolling interests in consolidated subsidiaries | 27,150 | 41,622 | 51,131 | 75,967 | |||||||||||||||||||
| Net income attributable to the Operating Partnership | 68,473 | 978,826 | 71,247 | 108,855 | |||||||||||||||||||
| EBITDAre adjustments at share: | |||||||||||||||||||||||
| Depreciation and amortization expense | 571,158 | 513,658 | 507,210 | 499,357 | |||||||||||||||||||
| Interest and debt expense | 460,732 | 458,869 | 458,100 | 458,400 | |||||||||||||||||||
| Income tax expense | 14,305 | 15,313 | 23,445 | 30,465 | |||||||||||||||||||
| Real estate impairment losses | — | 542 | — | 73,289 | |||||||||||||||||||
| Gain on debt extinguishment | (16,141) | — | — | — | |||||||||||||||||||
| Gain on sales-type lease | — | (803,248) | — | — | |||||||||||||||||||
| Net gains on sale of real estate | (56,457) | (91,062) | (873) | (72,955) | |||||||||||||||||||
| EBITDAre at share | 1,042,070 | 1,072,898 | 1,059,129 | 1,097,411 | |||||||||||||||||||
| EBITDAre attributable to noncontrolling interests in consolidated subsidiaries | 46,683 | 47,853 | 42,125 | 39,405 | |||||||||||||||||||
| EBITDAre (non-GAAP) | 1,088,753 | 1,120,751 | 1,101,254 | 1,136,816 | |||||||||||||||||||
| EBITDAre attributable to noncontrolling interests in consolidated subsidiaries | (46,683) | (47,853) | (42,125) | (39,405) | |||||||||||||||||||
| Certain (income) expense items that impact EBITDAre: | |||||||||||||||||||||||
| Gain on sale of 220 CPS condominium units and ancillary amenities | (7,377) | (20,953) | (15,175) | (14,127) | |||||||||||||||||||
| Gain on sale of Canal Street residential condominium units | (3,574) | (13,911) | — | — | |||||||||||||||||||
| Other | 4,693 | 1,809 | 5,366 | (1,952) | |||||||||||||||||||
| Total of certain (income) expense items that impact EBITDAre | (6,258) | (33,055) | (9,809) | (16,079) | |||||||||||||||||||
| EBITDAre, as adjusted (non-GAAP) | $ | 1,035,812 | $ | 1,039,843 | $ | 1,049,320 | $ | 1,081,332 | |||||||||||||||
- vi -
NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME (LOSS) TO NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the Three Months Ended | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||
| June 30, | March 31, 2026 | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Net income (loss) | $ | 39,196 | $ | 813,227 | $ | (22,026) | $ | 17,170 | $ | 913,051 | |||||||||||||||||||
| Depreciation and amortization expense | 171,228 | 115,574 | 118,528 | 289,756 | 231,729 | ||||||||||||||||||||||||
| General and administrative expense | 39,100 | 39,978 | 42,245 | 81,345 | 78,575 | ||||||||||||||||||||||||
| Transaction related costs and other | 173 | 721 | 762 | 935 | 764 | ||||||||||||||||||||||||
| Income from partially owned entities | (63,195) | (16,671) | (12,822) | (76,017) | (113,648) | ||||||||||||||||||||||||
| Interest and other investment income, net | (8,989) | (11,056) | (9,327) | (18,316) | (19,317) | ||||||||||||||||||||||||
| Interest and debt expense | 89,582 | 87,929 | 89,206 | 178,788 | 183,745 | ||||||||||||||||||||||||
| Gain on debt extinguishment | (32,073) | — | — | (32,073) | — | ||||||||||||||||||||||||
| Gain on sales-type lease | — | (803,248) | — | — | (803,248) | ||||||||||||||||||||||||
| Net gains on disposition of wholly owned and partially owned assets | — | (8,488) | — | — | (24,039) | ||||||||||||||||||||||||
| Income tax expense | 3,571 | 4,123 | 5,908 | 9,479 | 11,316 | ||||||||||||||||||||||||
| NOI from partially owned entities | 76,638 | 66,227 | 68,308 | 144,946 | 133,338 | ||||||||||||||||||||||||
| NOI attributable to noncontrolling interests in consolidated subsidiaries | (11,167) | (10,643) | (8,659) | (19,826) | (21,303) | ||||||||||||||||||||||||
| NOI at share | 304,064 | 277,673 | 272,123 | 576,187 | 570,963 | ||||||||||||||||||||||||
| Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (40,881) | (45,954) | (31,066) | (71,947) | (69,873) | ||||||||||||||||||||||||
| NOI at share - cash basis | $ | 263,183 | $ | 231,719 | $ | 241,057 | $ | 504,240 | $ | 501,090 | |||||||||||||||||||
- vii -
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 June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Revenues | Operating Expenses | NOI | Non-cash Adjustments(1) | NOI - cash basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| New York | $ | 380,316 | $ | 356,522 | $ | (194,620) | $ | (187,107) | $ | 185,696 | $ | 169,415 | $ | (17,659) | $ | (39,216) | $ | 168,037 | $ | 130,199 | |||||||||||||||||||||||||||||||||||||||
| Other | 81,926 | 84,915 | (29,029) | (32,241) | 52,897 | 52,674 | (6,921) | 2,709 | 45,976 | 55,383 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling interests' share in consolidated subsidiaries | (53,771) | (51,815) | 42,604 | 41,172 | (11,167) | (10,643) | (41) | (4,830) | (11,208) | (15,473) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Our share of partially owned entities | 129,275 | 114,795 | (52,637) | (48,568) | 76,638 | 66,227 | (16,260) | (4,617) | 60,378 | 61,610 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Vornado's share | $ | 537,746 | $ | 504,417 | $ | (233,682) | $ | (226,744) | $ | 304,064 | $ | 277,673 | $ | (40,881) | $ | (45,954) | $ | 263,183 | $ | 231,719 | |||||||||||||||||||||||||||||||||||||||
| For the Three Months Ended March 31, 2026 | |||||||||||||||||||||||||||||
| Total Revenues | Operating Expenses | NOI | Non-cash Adjustments(1) | NOI - cash basis | |||||||||||||||||||||||||
| New York | $ | 377,486 | $ | (203,428) | $ | 174,058 | $ | (19,166) | $ | 154,892 | |||||||||||||||||||
| Other | 81,619 | (43,203) | 38,416 | (5,282) | 33,134 | ||||||||||||||||||||||||
| Noncontrolling interests' share in consolidated subsidiaries | (52,428) | 43,769 | (8,659) | (1,092) | (9,751) | ||||||||||||||||||||||||
| Our share of partially owned entities | 117,599 | (49,291) | 68,308 | (5,526) | 62,782 | ||||||||||||||||||||||||
| Vornado's share | $ | 524,276 | $ | (252,153) | $ | 272,123 | $ | (31,066) | $ | 241,057 | |||||||||||||||||||
| For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Revenues | Operating Expenses | NOI | Non-cash Adjustments(1) | NOI - cash basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| New York | $ | 757,802 | $ | 731,068 | $ | (398,048) | $ | (369,530) | $ | 359,754 | $ | 361,538 | $ | (36,825) | $ | (57,916) | $ | 322,929 | $ | 303,622 | |||||||||||||||||||||||||||||||||||||||
| Other | 163,545 | 171,948 | (72,232) | (74,558) | 91,313 | 97,390 | (12,203) | 4,497 | 79,110 | 101,887 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling interests' share in consolidated subsidiaries | (106,199) | (104,850) | 86,373 | 83,547 | (19,826) | (21,303) | (1,133) | (8,600) | (20,959) | (29,903) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Our share of partially owned entities | 246,874 | 231,184 | (101,928) | (97,846) | 144,946 | 133,338 | (21,786) | (7,854) | 123,160 | 125,484 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Vornado's share | $ | 1,062,022 | $ | 1,029,350 | $ | (485,835) | $ | (458,387) | $ | 576,187 | $ | 570,963 | $ | (71,947) | $ | (69,873) | $ | 504,240 | $ | 501,090 | |||||||||||||||||||||||||||||||||||||||
________________________________
(1)Includes adjustments for straight-line rents, amortization of acquired below-market leases, net and other.
- viii -
| NON-GAAP RECONCILIATIONS | ||
| RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED JUNE 30, 2026 COMPARED TO JUNE 30, 2025 (unaudited) | ||
| (Amounts in thousands) | ||
| Total | New York | THE MART | 555 California Street | Other | |||||||||||||||||||||||||
| NOI at share for the three months ended June 30, 2026 | $ | 304,064 | $ | 251,698 | $ | 27,299 | $ | 14,850 | $ | 10,217 | |||||||||||||||||||
| Less NOI at share from: | |||||||||||||||||||||||||||||
| Acquisitions | (2,695) | (2,695) | — | — | — | ||||||||||||||||||||||||
| Dispositions | 437 | 436 | 1 | — | — | ||||||||||||||||||||||||
| Development properties | (4,603) | (4,603) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (21,614) | (11,397) | — | — | (10,217) | ||||||||||||||||||||||||
| Same store NOI at share for the three months ended June 30, 2026 | $ | 275,589 | $ | 233,439 | $ | 27,300 | $ | 14,850 | $ | — | |||||||||||||||||||
| NOI at share for the three months ended June 30, 2025 | $ | 277,673 | $ | 230,104 | $ | 25,197 | $ | 18,686 | $ | 3,686 | |||||||||||||||||||
| Less NOI at share from: | |||||||||||||||||||||||||||||
| Dispositions | (1,007) | (833) | (174) | — | — | ||||||||||||||||||||||||
| Development properties | (14,343) | (14,343) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (11,334) | (6,281) | — | (1,367) | (3,686) | ||||||||||||||||||||||||
| Same store NOI at share for the three months ended June 30, 2025 | $ | 250,989 | $ | 208,647 | $ | 25,023 | $ | 17,319 | $ | — | |||||||||||||||||||
| Increase (decrease) in same store NOI at share | $ | 24,600 | $ | 24,792 | $ | 2,277 | $ | (2,469) | $ | — | |||||||||||||||||||
| % increase (decrease) in same store NOI at share | 9.8 | % | 11.9 | % | 9.1 | % | (14.3) | % | — | % | |||||||||||||||||||
- ix -
| NON-GAAP RECONCILIATIONS | ||
| RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED JUNE 30, 2026 COMPARED TO JUNE 30, 2025 (unaudited) | ||
| (Amounts in thousands) | ||
| Total | New York | THE MART | 555 California Street | Other | |||||||||||||||||||||||||
| NOI at share - cash basis for the three months ended June 30, 2026 | $ | 263,183 | $ | 214,957 | $ | 28,873 | $ | 8,962 | $ | 10,391 | |||||||||||||||||||
| Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
| Acquisitions | (1,544) | (1,544) | — | — | — | ||||||||||||||||||||||||
| Dispositions | 437 | 436 | 1 | — | — | ||||||||||||||||||||||||
| Development properties | (3,786) | (3,786) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (27,450) | (17,059) | — | — | (10,391) | ||||||||||||||||||||||||
| Same store NOI at share - cash basis for the three months ended June 30, 2026 | $ | 230,840 | $ | 193,004 | $ | 28,874 | $ | 8,962 | $ | — | |||||||||||||||||||
| NOI at share - cash basis for the three months ended June 30, 2025 | $ | 231,719 | $ | 182,366 | $ | 25,258 | $ | 20,684 | $ | 3,411 | |||||||||||||||||||
| Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
| Dispositions | (1,099) | (925) | (174) | — | — | ||||||||||||||||||||||||
| Development properties | (13,992) | (13,992) | — | — | — | ||||||||||||||||||||||||
| Other non-same store expense (income), net | 7,692 | 14,363 | — | (3,260) | (3,411) | ||||||||||||||||||||||||
| Same store NOI at share - cash basis for the three months ended June 30, 2025 | $ | 224,320 | $ | 181,812 | $ | 25,084 | $ | 17,424 | $ | — | |||||||||||||||||||
| Increase (decrease) in same store NOI at share - cash basis | $ | 6,520 | $ | 11,192 | $ | 3,790 | $ | (8,462) | $ | — | |||||||||||||||||||
| % increase (decrease) in same store NOI at share - cash basis | 2.9 | % | 6.2 | % | 15.1 | % | (48.6) | % | — | % | |||||||||||||||||||
- x -
| NON-GAAP RECONCILIATIONS | ||
| RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO JUNE 30, 2025 (unaudited) | ||
| (Amounts in thousands) | ||
| Total | New York | THE MART | 555 California Street | Other | |||||||||||||||||||||||||
| NOI at share for the six months ended June 30, 2026 | $ | 576,187 | $ | 488,247 | $ | 43,189 | $ | 28,501 | $ | 16,250 | |||||||||||||||||||
| Less NOI at share from: | |||||||||||||||||||||||||||||
| Acquisitions | (2,532) | (2,532) | — | — | — | ||||||||||||||||||||||||
| Dispositions | 1,118 | 1,117 | 1 | — | — | ||||||||||||||||||||||||
| Development properties | (5,721) | (5,721) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (33,548) | (17,298) | — | — | (16,250) | ||||||||||||||||||||||||
| Same store NOI at share for the six months ended June 30, 2026 | $ | 535,504 | $ | 463,813 | $ | 43,190 | $ | 28,501 | $ | — | |||||||||||||||||||
| NOI at share for the six months ended June 30, 2025 | $ | 570,963 | $ | 482,925 | $ | 41,113 | $ | 36,529 | $ | 10,396 | |||||||||||||||||||
| Less NOI at share from: | |||||||||||||||||||||||||||||
| Dispositions | (2,340) | (2,098) | (242) | — | — | ||||||||||||||||||||||||
| Development properties | (23,624) | (23,624) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (49,735) | (37,517) | — | (1,822) | (10,396) | ||||||||||||||||||||||||
| Same store NOI at share for the six months ended June 30, 2025 | $ | 495,264 | $ | 419,686 | $ | 40,871 | $ | 34,707 | $ | — | |||||||||||||||||||
| Increase (decrease) in same store NOI at share | $ | 40,240 | $ | 44,127 | $ | 2,319 | $ | (6,206) | $ | — | |||||||||||||||||||
| % increase (decrease) in same store NOI at share | 8.1 | % | 10.5 | % | 5.7 | % | (17.9) | % | — | % | |||||||||||||||||||
- xi -
| NON-GAAP RECONCILIATIONS | ||
| RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO JUNE 30, 2025 (unaudited) | ||
| (Amounts in thousands) | ||
| Total | New York | THE MART | 555 California Street | Other | |||||||||||||||||||||||||
| NOI at share - cash basis for the six months ended June 30, 2026 | $ | 504,240 | $ | 423,486 | $ | 46,498 | $ | 17,821 | $ | 16,435 | |||||||||||||||||||
| Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
| Acquisitions | (1,365) | (1,365) | — | — | — | ||||||||||||||||||||||||
| Dispositions | 1,118 | 1,117 | 1 | — | — | ||||||||||||||||||||||||
| Development properties | (3,260) | (3,260) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (46,246) | (29,811) | — | — | (16,435) | ||||||||||||||||||||||||
| Same store NOI at share - cash basis for the six months ended June 30, 2026 | $ | 454,487 | $ | 390,167 | $ | 46,499 | $ | 17,821 | $ | — | |||||||||||||||||||
| NOI at share - cash basis for the six months ended June 30, 2025 | $ | 501,090 | $ | 409,687 | $ | 42,775 | $ | 38,821 | $ | 9,807 | |||||||||||||||||||
| Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
| Dispositions | (2,528) | (2,284) | (244) | — | — | ||||||||||||||||||||||||
| Development properties | (23,381) | (23,381) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (24,368) | (11,301) | — | (3,260) | (9,807) | ||||||||||||||||||||||||
| Same store NOI at share - cash basis for the six months ended June 30, 2025 | $ | 450,813 | $ | 372,721 | $ | 42,531 | $ | 35,561 | $ | — | |||||||||||||||||||
| Increase (decrease) in same store NOI at share - cash basis | $ | 3,674 | $ | 17,446 | $ | 3,968 | $ | (17,740) | $ | — | |||||||||||||||||||
| % increase (decrease) in same store NOI at share - cash basis | 0.8 | % | 4.7 | % | 9.3 | % | (49.9) | % | — | % | |||||||||||||||||||
- xii -
| NON-GAAP RECONCILIATIONS | ||
| RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED JUNE 30, 2026 COMPARED TO MARCH 31, 2026 (unaudited) | ||
| (Amounts in thousands) | ||
| Total | New York | THE MART | 555 California Street | Other | |||||||||||||||||||||||||
| NOI at share for the three months ended June 30, 2026 | $ | 304,064 | $ | 251,698 | $ | 27,299 | $ | 14,850 | $ | 10,217 | |||||||||||||||||||
| Less NOI at share from: | |||||||||||||||||||||||||||||
| Acquisitions | (2,875) | (2,875) | — | — | — | ||||||||||||||||||||||||
| Dispositions | 437 | 436 | 1 | — | — | ||||||||||||||||||||||||
| Development properties | (8,769) | (8,769) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (18,874) | (8,657) | — | — | (10,217) | ||||||||||||||||||||||||
| Same store NOI at share for the three months ended June 30, 2026 | $ | 273,983 | $ | 231,833 | $ | 27,300 | $ | 14,850 | $ | — | |||||||||||||||||||
| NOI at share for the three months ended March 31, 2026 | $ | 272,123 | $ | 236,549 | $ | 15,890 | $ | 13,651 | $ | 6,033 | |||||||||||||||||||
| Less NOI at share from: | |||||||||||||||||||||||||||||
| Dispositions | 682 | 681 | 1 | — | — | ||||||||||||||||||||||||
| Development properties | (10,288) | (10,288) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (9,578) | (3,545) | — | — | (6,033) | ||||||||||||||||||||||||
| Same store NOI at share for the three months ended March 31, 2026 | $ | 252,939 | $ | 223,397 | $ | 15,891 | $ | 13,651 | $ | — | |||||||||||||||||||
| Increase in same store NOI at share | $ | 21,044 | $ | 8,436 | $ | 11,409 | $ | 1,199 | $ | — | |||||||||||||||||||
| % increase in same store NOI at share | 8.3 | % | 3.8 | % | 71.8 | % | 8.8 | % | — | % | |||||||||||||||||||
- xiii -
| NON-GAAP RECONCILIATIONS | ||
| RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED JUNE 30, 2026 COMPARED TO MARCH 31, 2026 (unaudited) | ||
| (Amounts in thousands) | ||
| Total | New York | THE MART | 555 California Street | Other | |||||||||||||||||||||||||
| NOI at share - cash basis for the three months ended June 30, 2026 | $ | 263,183 | $ | 214,957 | $ | 28,873 | $ | 8,962 | $ | 10,391 | |||||||||||||||||||
| Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
| Acquisitions | (1,723) | (1,723) | — | — | — | ||||||||||||||||||||||||
| Dispositions | 437 | 436 | 1 | — | — | ||||||||||||||||||||||||
| Development properties | (8,053) | (8,053) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (24,948) | (14,557) | — | — | (10,391) | ||||||||||||||||||||||||
| Same store NOI at share - cash basis for the three months ended June 30, 2026 | $ | 228,896 | $ | 191,060 | $ | 28,874 | $ | 8,962 | $ | — | |||||||||||||||||||
| NOI at share - cash basis for the three months ended March 31, 2026 | $ | 241,057 | $ | 208,529 | $ | 17,625 | $ | 8,859 | $ | 6,044 | |||||||||||||||||||
| Less NOI at share - cash basis from: | |||||||||||||||||||||||||||||
| Dispositions | 682 | 681 | 1 | — | — | ||||||||||||||||||||||||
| Development properties | (8,293) | (8,293) | — | — | — | ||||||||||||||||||||||||
| Other non-same store income, net | (16,627) | (10,583) | — | — | (6,044) | ||||||||||||||||||||||||
| Same store NOI at share - cash basis for the three months ended March 31, 2026 | $ | 216,819 | $ | 190,334 | $ | 17,626 | $ | 8,859 | $ | — | |||||||||||||||||||
| Increase in same store NOI at share - cash basis | $ | 12,077 | $ | 726 | $ | 11,248 | $ | 103 | $ | — | |||||||||||||||||||
| % increase in same store NOI at share - cash basis | 5.6 | % | 0.4 | % | 63.8 | % | 1.2 | % | — | % | |||||||||||||||||||
- xiv -
| NON-GAAP RECONCILIATIONS | |||||||||||||||||
RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited) | |||||||||||||||||
| (Amounts in thousands) | |||||||||||||||||
| As of June 30, 2026 | |||||||||||||||||
Consolidated Debt, Net | Deferred Financing Costs, Net and Other | Consolidated Contractual Debt | |||||||||||||||
| Mortgages payable | $ | 4,844,730 | $ | 24,813 | $ | 4,869,543 | |||||||||||
| Senior unsecured notes | 841,940 | 8,060 | 850,000 | ||||||||||||||
| $850 Million unsecured term loan | 840,030 | 9,970 | 850,000 | ||||||||||||||
| $2.1 Billion unsecured revolving credit facilities | 918,000 | — | 918,000 | ||||||||||||||
| $ | 7,444,700 | $ | 42,843 | $ | 7,487,543 | ||||||||||||
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