8-K - VNO - Equibles

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):

May 5, 2025

VORNADO REALTY TRUST

(Exact Name of Registrant as Specified in Charter)

Maryland	No.	001-11954	No.	22-1657560
(State or Other	(Commission		(IRS Employer
Jurisdiction of Incorporation)	File Number)		Identification No.)

VORNADO REALTY L.P.

(Exact Name of Registrant as Specified in Charter)

Delaware	No.	001-34482	No.
(State or Other	(Commission		(IRS Employer
Jurisdiction of Incorporation)	File Number)		Identification No.)
888 Seventh Avenue
---	---	---
New York,	New York	10019
(Address of Principal Executive offices)		(Zip Code)

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

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

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

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

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

Registrant	Title of each class	Name of each exchange on which registered
Vornado Realty Trust	Common Shares of beneficial interest, .04 par value per share	New York Stock Exchange
	Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference 25.00 per share:
Vornado Realty Trust	5.40% Series L	New York Stock Exchange
Vornado Realty Trust	5.25% Series M	New York Stock Exchange
Vornado Realty Trust	5.25% Series N	New York Stock Exchange
Vornado Realty Trust	4.45% Series O	New York Stock Exchange

All values are in US Dollars.

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 May 5, 2025, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the first quarter of 2025. That press release referred to supplemental data that is available on the Company’s website. That press release and the supplemental data are attached to this Current Report on Form 8-K as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated by reference herein.

Exhibits 99.1, 99.2 and 99.3 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company or Vornado Realty L.P. under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01. Financial Statements and Exhibits.

(d)	Exhibits.
	The following exhibits are being furnished as part of this Current Report on Form 8-K:
	99.1	Vornado Realty Trust press release dated May 5, 2025
	99.2	Vornado Realty Trust supplemental operating and financial data for the quarter ended March 31, 2025
	99.3	Vornado Realty Trust supplemental fixed income data for the quarter ended March 31, 2025
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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

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

Date: May 5, 2025

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: May 5, 2025

Document

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

Vornado Announces First Quarter 2025 Financial Results

New York City | May 5, 2025

Vornado Realty Trust (NYSE: VNO) reported today:

Quarter Ended March 31, 2025 Financial Results

NET INCOME attributable to common shareholders for the quarter ended March 31, 2025 was $86,842,000, or $0.43 per diluted share, compared to a net loss attributable to common shareholders of $9,034,000, or $0.05 per diluted share, for the prior year's quarter. The increase is primarily due to the $76,162,000 net gain recognized upon the disposition of a portion of the 666 Fifth condominium to UNIQLO, and the $17,240,000 reversal of PENN 1 rent expense previously accrued following the April 2025 rent reset determination.

FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended March 31, 2025 was $135,039,000, or $0.67 per diluted share, compared to $104,129,000, or $0.53 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table below, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended March 31, 2025 was $126,245,000, or $0.63 per diluted share, and $108,847,000, or $0.55 per diluted share, for the prior year's quarter.

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<br>March 31,
	2025		2024
FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1)	$	135,039	$	104,129
Per diluted share (non-GAAP)	$	0.67	$	0.53
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities	$	(11,028)	$	—
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)	3,205		4,134
Other	(1,735)		1,009
	(9,558)		5,143
Noncontrolling interests' share of above adjustments on a dilutive basis	764		(425)
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net	$	(8,794)	$	4,718
Per diluted share (non-GAAP)	$	(0.04)	$	0.02
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	126,245	$	108,847
Per diluted share (non-GAAP)	$	0.63	$	0.55

________________________________

(1)See page 9 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 months ended March 31, 2025 and 2024.

NYSE: VNO	WWW.VNO.COM	PAGE 1 OF 14

FFO, as Adjusted Bridge - Q1 2025 vs. Q1 2024

The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2024 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2025:

(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 March 31, 2024	$	108.8	$	0.55
Increase / (decrease) in FFO, as adjusted due to:
Impact of PENN 1 ground rent reset determination (including a $17.2 reversal of rent expense that was accrued in prior periods)	20.0
Lower interest income	(5.6)
Variable businesses (primarily signage)	2.4
Rent commencements, net of lease expirations and other tenant related items	2.1
Other, net	(0.5)
	18.4
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities	(1.0)
Net increase	17.4		0.08
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2025	$	126.2	$	0.63

See page 9 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 months ended March 31, 2025 and 2024. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on the previous page.

NYSE: VNO	WWW.VNO.COM	PAGE 2 OF 14

770 Broadway

On May 5, 2025, we completed a master lease with New York University (“NYU”) to lease 1,076,000 square feet at 770 Broadway, on an “as is”, triple net basis for a 70-year lease term. Under the terms of the master lease, a rental agreement under Section 467 of the Internal Revenue Code, NYU made a prepaid lease payment of $935,000,000 and will also make annual lease payments of approximately $9,300,000 during the lease term. NYU has an option to purchase the leased premises in both 2055 and at the end of the lease term in 2095. NYU will assume the existing office leases and related tenant income at the property.

We used a portion of the prepaid lease payment to repay the $700,000,000 mortgage loan which previously encumbered the property.

We will retain the 92,000 square feet retail condominium leased to Wegmans.

PENN 1 Ground Rent Reset Determination

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 $15,000,000.

Further, litigation is currently pending between the parties in New York County Supreme Court relating to the matter. To date, the court denied the Vornado subsidiary’s motion to dismiss the action and Vornado’s subsidiary has filed a notice of appeal. The Panel’s decision provides that if the fee owner prevails in a final judgment in the litigation, the annual rent for the 25-year term will be $20,220,000, retroactive to June 17, 2023.

We were accruing $26,205,000 per annum of ground rent based on a previous estimate and therefore, in connection with the Panel’s determination, we reversed $17,240,000 of previously accrued rent expense during the three months ended March 31, 2025. Additionally, commencing in the first quarter of 2025, we are now paying based on the $15,000,000 annual rent.

Dispositions

666 Fifth Avenue (Fifth Avenue and Times Square JV)

On January 8, 2025, the Fifth Avenue and Times Square JV completed the sale to UNIQLO of the portion of its U.S. flagship store at 666 Fifth Avenue owned by the joint venture for $350,000,000 and realized net proceeds of $342,000,000. The net proceeds were used to partially redeem Vornado’s preferred equity on the asset. The joint venture continues to own 23,832 square feet of retail space (7,416 square feet at grade) at 666 Fifth Avenue consisting of the Abercrombie & Fitch and Tissot stores. We recognized a financial statement gain of $76,162,000, which is included in “income from partially owned entities” on our consolidated statements of income.

220 Central Park South

During the three months ended March 31, 2025, we closed on the sale of two condominium units and ancillary amenities at 220 CPS for net proceeds of $24,713,000, resulting in a financial statement net gain of $13,576,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $2,548,000 of income tax expense was recognized on our consolidated statements of income. Two units remain unsold.

Financing Activity

Senior Unsecured Notes due 2025

We repaid our $450,000,000 3.50% senior unsecured notes on their January 15, 2025 maturity date.

1535 Broadway (Fifth Avenue and Times Square JV)

On April 14, 2025, the Fifth Avenue and Times Square JV completed a $450,000,000 financing of 1535 Broadway. The interest-only non-recourse loan bears interest at a fixed rate of 6.90% and matures in May 2030. After transaction costs and reserves, $407,000,000 of the net proceeds from the financing were used to partially redeem Vornado’s Fifth Avenue and Times Square JV preferred equity. In connection with the financing, the annual coupon for the remaining preferred equity interest in 1535 Broadway was increased to 5.75% from 4.75% through the maturity of the new loan and then will be based on a formulaic rate.

Sustainability Margin Adjustment

In April 2025, we qualified for a sustainability margin adjustment on our unsecured term loan and revolving credit facilities by achieving certain KPI metrics, which will reduce our interest rate by 0.05% and 0.04%, respectively.

NYSE: VNO	WWW.VNO.COM	PAGE 3 OF 14

Leasing Activity

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 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 March 31, 2025
Total square feet leased	709			25			83			222
Our share of square feet leased:	685			18			83			155
Initial rent(1)	$	95.53		$	222.20		$	51.33		$	120.65
Weighted average lease term (years)	14.7			14.3			8.0			13.1
Second generation relet space:
Square feet	254			10			42			155
GAAP basis:
Straight-line rent(2)	$	80.23		$	139.99		$	51.80		$	132.08
Prior straight-line rent	$	73.25		$	108.59		$	54.68		$	110.28
Percentage increase (decrease)	9.5		%	28.9		%	(5.3)		%	19.8		%
Cash basis (non-GAAP):
Initial rent(1)	$	84.72		$	139.40		$	51.67		$	121.04
Prior escalated rent	$	79.56		$	112.57		$	60.43		$	117.37
Percentage increase (decrease)	6.5		%	23.8		%	(14.5)		%	3.1		%
Tenant improvements and leasing commissions:
Per square foot	$	168.88		$	377.61		$	90.82		$	229.71
Per square foot per annum	$	11.49		$	26.41		$	11.35		$	17.54
Percentage of initial rent	12.0		%	11.9		%	22.1		%	14.5		%

_______________________________

(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(1)		Retail
Occupancy as of March 31, 2025	83.5	%	84.4	%	72.2	%	78.2	%	92.3	%

_____________________

(1)Includes the impact of PENN 2 being placed into service during the first quarter of 2025. Giving effect to the master lease with NYU at 770 Broadway completed in the second quarter of 2025, occupancy would be 87.4%.

NYSE: VNO	WWW.VNO.COM	PAGE 4 OF 14
Same Store Net Operating Income ("NOI") (non-GAAP) At Share:	Total		New York			THE MART(3)		555 California Street
---	---	---	---	---	---	---	---	---	---
Same store NOI at share % increase (decrease)(1):
Three months ended March 31, 2025 compared to March 31, 2024	3.5	%	3.0	%	(2)	9.7	%	5.2	%
Three months ended March 31, 2025 compared to December 31, 2024	(1.5)	%	(6.3)	%	(2)	160.8	%	10.5	%
Same store NOI at share - cash basis % increase (decrease)(1):
Three months ended March 31, 2025 compared to March 31, 2024	0.9	%	(0.7)	%		16.7	%	7.1	%
Three months ended March 31, 2025 compared to December 31, 2024	(1.5)	%	(4.8)	%		66.9	%	0.8	%

____________________

(1)See pages 11 through 14 for same store NOI at share and same store NOI at share - cash basis reconciliations.

(2)Excludes the impact of the $17,240,000 reversal of previously accrued PENN 1 ground rent. See page 3 for further details.

(3)The three months ended December 31, 2024 includes a $4,560,000 write-off of a straight-line rent receivable due to the tenant being deemed uncollectible.

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 months ended March 31, 2025 and 2024 and the three months ended December 31, 2024 are summarized below.

(Amounts in thousands)	For the Three Months Ended
	March 31,				December 31, 2024
	2025		2024
NOI at share:
New York:
Office(1)	$	191,501	$	167,988	$	193,215
Retail	46,115		47,466		48,238
Residential	6,192		5,968		6,072
Alexander's	9,509		11,707		9,515
Total New York	253,317		233,129		257,040
Other:
THE MART(2)	15,916		14,486		6,168
555 California Street	17,843		16,529		15,854
Other investments	6,214		4,980		5,904
Total Other	39,973		35,995		27,926
NOI at share	$	293,290	$	269,124	$	284,966
NOI at share - cash basis:
---	---	---	---	---	---	---
New York:
Office(1)	$	167,457	$	166,370	$	181,438
Retail	43,727		43,873		44,130
Residential	5,848		5,690		5,750
Alexander's	10,538		14,861		10,615
Total New York	227,570		230,794		241,933
Other:
THE MART	17,517		14,949		10,550
555 California Street	18,137		16,938		18,138
Other investments	6,147		4,932		5,967
Total Other	41,801		36,819		34,655
NOI at share - cash basis	$	269,371	$	267,613	$	276,588

________________________________

(1)Includes Building Maintenance Services NOI of $6,936, $7,217, and $6,895 for the three months ended March 31, 2025 and 2024 and December 31, 2024.

(2)The three months ended December 31, 2024 includes a $4,560 write-off of a straight-line rent receivable due to the tenant being deemed uncollectible.

NYSE: VNO	WWW.VNO.COM	PAGE 5 OF 14

Active Development/Redevelopment Summary as of March 31, 2025:

(Amounts in thousands, except square feet)
		(at Vornado’s share)								Projected Incremental<br>Cash Yield
New York segment:	Property<br>Rentable<br>Sq. Ft.	Budget			Cash Amount<br>Expended		Remaining Expenditures		Stabilization Year
PENN District:
PENN 2	1,815,000	$	750,000		$	708,267	$	41,733	2026		10.2%
Districtwide Improvements	N/A	100,000			75,189		24,811		N/A		N/A
Total PENN District		850,000		(1)	783,456		66,544
Sunset Pier 94 Studios (49.9% interest)	266,000	125,000		(2)	66,551		58,449		2026		10.3%
Total Active Development Projects		$	975,000		$	850,007	$	124,993

________________________________

(1)Excluding debt and equity carry.

(2)Represents our 49.9% share of the $350,000 development budget, excluding the $40,000 value of our contributed leasehold interest and net of an estimated $9,000 for our share of development fees and reimbursement for overhead costs incurred by us. During 2024, we fully funded our $34,000 share of cash contributions.

There can be no assurance that the above projects will be completed, completed on schedule or within budget. In addition, there can be no assurance that the Company will be successful in leasing the properties on the expected schedule or at the assumed rental rates.

Conference Call and Audio Webcast

As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, May 6, 2025 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 1149171. A live webcast of the conference call will be available on Vornado’s website at www.vno.com in the Investor Relations section and an online playback of the webcast will be available on the website following the conference call.

Contact

Thomas J. Sanelli

(212) 894-7000

Supplemental Data

Further details regarding results of operations, properties and tenants can be accessed at the Company’s website www.vno.com. Vornado Realty Trust is a fully - integrated equity real estate investment trust.

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. 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, 2024. 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.

NYSE: VNO	WWW.VNO.COM	PAGE 6 OF 14

VORNADO REALTY TRUST

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)	As of				Increase<br>(Decrease)
	March 31, 2025		December 31, 2024
ASSETS
Real estate, at cost:
Land	$	2,434,209	$	2,434,209	$	—
Buildings and improvements	10,719,995		10,439,113		280,882
Development costs and construction in progress	879,601		1,097,395		(217,794)
Leasehold improvements and equipment	111,983		120,915		(8,932)
Total	14,145,788		14,091,632		54,156
Less accumulated depreciation and amortization	(4,105,413)		(4,025,349)		(80,064)
Real estate, net	10,040,375		10,066,283		(25,908)
Right-of-use assets	677,312		678,804		(1,492)
Cash, cash equivalents, and restricted cash
Cash and cash equivalents	568,861		733,947		(165,086)
Restricted cash	238,027		215,672		22,355
Total	806,888		949,619		(142,731)
Tenant and other receivables	70,920		58,853		12,067
Investments in partially owned entities	2,421,283		2,691,478		(270,195)
Receivable arising from the straight-lining of rents	711,334		707,020		4,314
Deferred leasing costs, net	385,658		354,882		30,776
Identified intangible assets, net	116,280		118,215		(1,935)
Other assets	369,182		373,454		(4,272)
Total assets	$	15,599,232	$	15,998,608	$	(399,376)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	5,674,519	$	5,676,014	$	(1,495)
Senior unsecured notes, net	746,282		1,195,914		(449,632)
Unsecured term loan, net	796,295		795,948		347
Unsecured revolving credit facilities	575,000		575,000		—
Lease liabilities	734,123		749,759		(15,636)
Accounts payable and accrued expenses	387,898		374,013		13,885
Deferred compensation plan	111,144		114,580		(3,436)
Other liabilities	345,778		345,511		267
Total liabilities	9,371,039		9,826,739		(455,700)
Redeemable noncontrolling interests	738,224		834,658		(96,434)
Shareholders' equity	5,314,118		5,158,242		155,876
Noncontrolling interests in consolidated subsidiaries	175,851		178,969		(3,118)
Total liabilities, redeemable noncontrolling interests and equity	$	15,599,232	$	15,998,608	$	(399,376)	NYSE: VNO	WWW.VNO.COM	PAGE 7 OF 14
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VORNADO REALTY TRUST

OPERATING RESULTS

(Amounts in thousands, except per share amounts)	For the Three Months Ended<br>March 31,
	2025		2024
Revenues	$	461,579	$	436,375
Net income (loss)	$	99,824	$	(6,273)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	10,433		11,982
Operating Partnership	(7,889)		786
Net income attributable to Vornado	102,368		6,495
Preferred share dividends	(15,526)		(15,529)
Net income (loss) attributable to common shareholders	$	86,842	$	(9,034)
Income (loss) per common share - basic:
Net income (loss) per common share	$	0.45	$	(0.05)
Weighted average shares outstanding	191,371		190,429
Income (loss) per common share - diluted:
Net income (loss) per common share	$	0.43	$	(0.05)
Weighted average shares outstanding	200,735		190,429
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	135,039	$	104,129
Per diluted share (non-GAAP)	$	0.67	$	0.53
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	126,245	$	108,847
Per diluted share (non-GAAP)	$	0.63	$	0.55
Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share	200,784		196,481

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 1 of this press release.

NYSE: VNO	WWW.VNO.COM	PAGE 8 OF 14

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<br>March 31,
	2025		2024
Net income (loss) attributable to common shareholders	$	86,842	$	(9,034)
Per diluted share	$	0.43	$	(0.05)
FFO adjustments:
Depreciation and amortization of real property	$	104,257	$	96,783
Our share of partially owned entities:
Net gain on sale of real estate	(77,008)		—
Depreciation and amortization of real property	24,525		26,163
FFO adjustments, net	51,774		122,946
Impact of assumed conversion of dilutive convertible securities	310		388
Noncontrolling interests' share of above adjustments on a dilutive basis	(3,887)		(10,171)
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	135,039	$	104,129
Per diluted share	$	0.67	$	0.53
Reconciliation of weighted average shares outstanding:
Weighted average common shares outstanding	191,371		190,429
Effect of dilutive securities:
Share-based payment awards	8,161		4,204
Convertible securities	1,252		1,848
Denominator for FFO per diluted share	200,784		196,481
NYSE: VNO	WWW.VNO.COM	PAGE 9 OF 14
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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 months ended March 31, 2025 and 2024 and the three months ended December 31, 2024.

(Amounts in thousands)	For the Three Months Ended
	March 31,				December 31, 2024
	2025		2024
Net income (loss)	$	99,824	$	(6,273)	$	5,758
Depreciation and amortization expense	116,155		108,659		113,061
General and administrative expense	38,597		37,897		36,637
Transaction related costs and other	43		653		1,341
Income from partially owned entities	(96,977)		(16,279)		(30,007)
Interest and other investment income, net	(8,261)		(11,724)		(11,348)
Interest and debt expense	95,816		90,478		100,483
Net gains on disposition of wholly owned and partially owned assets	(15,551)		—		—
Income tax expense	7,193		6,740		5,822
NOI from partially owned entities	67,111		70,369		73,270
NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,660)		(11,396)		(10,051)
NOI at share	293,290		269,124		284,966
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(23,919)		(1,511)		(8,378)
NOI at share - cash basis	$	269,371	$	267,613	$	276,588

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.

NYSE: VNO	WWW.VNO.COM	PAGE 10 OF 14

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 March 31, 2025 compared to March 31, 2024.

(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended March 31, 2025	$	293,290		$	253,317		$	15,916		$	17,843		$	6,214
Less NOI at share from:
Dispositions	(221)			(153)			(68)			—			—
Development properties	(6,730)			(6,730)			—			—			—
Other non-same store income, net	(27,536)			(20,866)			—			(456)			(6,214)
Same store NOI at share for the three months ended March 31, 2025	$	258,803		$	225,568		$	15,848		$	17,387		$	—
NOI at share for the three months ended March 31, 2024	$	269,124		$	233,129		$	14,486		$	16,529		$	4,980
Less NOI at share from:
Dispositions	(3,408)			(3,374)			(34)			—			—
Development properties	(9,727)			(9,727)			—			—			—
Other non-same store income, net	(6,029)			(1,049)			—			—			(4,980)
Same store NOI at share for the three months ended March 31, 2024	$	249,960		$	218,979		$	14,452		$	16,529		$	—
Increase in same store NOI at share	$	8,843		$	6,589		$	1,396		$	858		$	—
% increase in same store NOI at share	3.5		%	3.0		%	9.7		%	5.2		%	0.0		%	NYSE: VNO	WWW.VNO.COM	PAGE 11 OF 14
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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 March 31, 2025 compared to March 31, 2024.

(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended March 31, 2025	$	269,371		$	227,570		$	17,517		$	18,137		$	6,147
Less NOI at share - cash basis from:
Dispositions	(223)			(153)			(70)			—			—
Development properties	(6,489)			(6,489)			—			—			—
Other non-same store income, net	(11,631)			(5,484)			—			—			(6,147)
Same store NOI at share - cash basis for the three months ended March 31, 2025	$	251,028		$	215,444		$	17,447		$	18,137		$	—
NOI at share - cash basis for the three months ended March 31, 2024	$	267,613		$	230,794		$	14,949		$	16,938		$	4,932
Less NOI at share - cash basis from:
Dispositions	(2,894)			(2,895)			1			—			—
Development properties	(9,244)			(9,244)			—			—			—
Other non-same store income, net	(6,598)			(1,666)			—			—			(4,932)
Same store NOI at share - cash basis for the three months ended March 31, 2024	$	248,877		$	216,989		$	14,950		$	16,938		$	—
Increase (decrease) in same store NOI at share - cash basis	$	2,151		$	(1,545)		$	2,497		$	1,199		$	—
% increase (decrease) in same store NOI at share - cash basis	0.9		%	(0.7)		%	16.7		%	7.1		%	0.0		%
NYSE: VNO	WWW.VNO.COM	PAGE 12 OF 14
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VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended March 31, 2025	$	293,290		$	253,317		$	15,916		$	17,843		$	6,214
Less NOI at share from:
Dispositions	(221)			(153)			(68)			—			—
Development properties	(6,196)			(6,196)			—			—			—
Other non-same store income, net	(26,946)			(20,276)			—			(456)			(6,214)
Same store NOI at share for the three months ended March 31, 2025	$	259,927		$	226,692		$	15,848		$	17,387		$	—
NOI at share for the three months ended December 31, 2024	$	284,966		$	257,040		$	6,168		$	15,854		$	5,904
Less NOI at share from:
Dispositions	(3,610)			(3,518)			(92)			—			—
Development properties	(5,627)			(5,627)			—			—			—
Other non-same store income, net	(11,880)			(5,850)			—			(126)			(5,904)
Same store NOI at share for the three months ended December 31, 2024	$	263,849		$	242,045		$	6,076		$	15,728		$	—
(Decrease) increase in same store NOI at share	$	(3,922)		$	(15,353)		$	9,772		$	1,659		$	—
% (decrease) increase in same store NOI at share	(1.5)		%	(6.3)		%	160.8		%	10.5		%	0.0		%	NYSE: VNO	WWW.VNO.COM	PAGE 13 OF 14
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VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended March 31, 2025	$	269,371		$	227,570		$	17,517		$	18,137		$	6,147
Less NOI at share - cash basis from:
Dispositions	(223)			(153)			(70)			—			—
Development properties	137			137			—			—			—
Other non-same store income, net	(10,995)			(4,848)			—			—			(6,147)
Same store NOI at share - cash basis for the three months ended March 31, 2025	$	258,290		$	222,706		$	17,447		$	18,137		$	—
NOI at share - cash basis for the three months ended December 31, 2024	$	276,588		$	241,933		$	10,550		$	18,138		$	5,967
Less NOI at share - cash basis from:
Dispositions	(2,312)			(2,218)			(94)			—			—
Development properties	(1,664)			(1,664)			—			—			—
Other non-same store income, net	(10,263)			(4,153)			—			(143)			(5,967)
Same store NOI at share - cash basis for the three months ended December 31, 2024	$	262,349		$	233,898		$	10,456		$	17,995		$	—
(Decrease) increase in same store NOI at share - cash basis	$	(4,059)		$	(11,192)		$	6,991		$	142		$	—
% (decrease) increase in same store NOI at share - cash basis	(1.5)		%	(4.8)		%	66.9		%	0.8		%	0.0		%
NYSE: VNO	WWW.VNO.COM	PAGE 14 OF 14
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Document


	Page
BUSINESS DEVELOPMENTS	3
FINANCIAL INFORMATION
Financial Highlights	4
FFO, As Adjusted Bridge	5
Consolidated Balance Sheets	6
Net Income (Loss) Attributable to Common Shareholders (Consolidated and by Segment)	7	-	8
Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment)	9	-	10
Same Store NOI at Share and Same Store NOI at Share - Cash Basis	11
DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES	12
LEASING ACTIVITY AND LEASE EXPIRATIONS
Leasing Activity	13
Lease Expirations	14	-	16
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS	17
UNCONSOLIDATED JOINT VENTURES	18	-	19
DEBT AND CAPITALIZATION
Capital Structure	20
Common Shares Data	21
Debt Analysis	22
Hedging Instruments	23
Consolidated Debt Maturities	24
PROPERTY STATISTICS
Top 30 Tenants	25
Square Footage	26
Occupancy and Residential Statistics	27
Ground Leases	28
Property Table	29	-	37
EXECUTIVE OFFICERS AND RESEARCH COVERAGE	38
APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
Definitions	i
Reconciliations	ii	-	xiii

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, 2024. 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 March 31, 2025 and the Company’s Supplemental Fixed Income Data package for the quarter ended March 31, 2025, both of which can be accessed at the Company’s website www.vno.com.

BUSINESS DEVELOPMENTS

770 Broadway

We used a portion of the prepaid lease payment to repay the $700,000,000 mortgage loan which previously encumbered the property.

We will retain the 92,000 square feet retail condominium leased to Wegmans.

PENN 1 Ground Rent Reset Determination

Dispositions

666 Fifth Avenue (Fifth Avenue and Times Square JV)

220 Central Park South

During the three months ended March 31, 2025, we closed on the sale of two condominium units and ancillary amenities at 220 Central Park South (“220 CPS”) for net proceeds of $24,713,000, resulting in a financial statement net gain of $13,576,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $2,548,000 of income tax expense was recognized on our consolidated statements of income. Two units remain unsold.

Financing Activity

Senior Unsecured Notes due 2025

We repaid our $450,000,000 3.50% senior unsecured notes on their January 15, 2025 maturity date.

1535 Broadway (Fifth Avenue and Times Square JV)

Sustainability Margin Adjustment

FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended
	March 31,				December 31, 2024
	2025		2024
Total revenues	$	461,579	$	436,375	$	457,790
Net income (loss) attributable to common shareholders	$	86,842	$	(9,034)	$	1,203
Per common share:
Basic	$	0.45	$	(0.05)	$	0.01
Diluted	$	0.43	$	(0.05)	$	0.01
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	126,245	$	108,847	$	122,212
Per diluted share (non-GAAP)	$	0.63	$	0.55	$	0.61
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	135,039	$	104,129	$	117,085
FFO - Operating Partnership ("OP") basis (non-GAAP)	$	146,786	$	113,485	$	126,975
Per diluted share (non-GAAP)	$	0.67	$	0.53	$	0.58
Dividends per common share	N/A		N/A		$	0.74
FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)(1)	N/A		N/A		N/A
FAD payout ratio(1)	N/A		N/A		N/A
Weighted average VNO common shares outstanding	191,371		190,429		190,679
Redeemable Class A units and LTIP Unit awards	17,323		17,174		16,996
Weighted average VRLP Class A units outstanding	208,694		207,603		207,675
Dilutive share-based equity awards	8,161		4,204		9,405
Redeemable preferred units - common share equivalents	1,252		1,875		1,197
Weighted average VRLP Class A units outstanding - diluted	218,107		213,682		218,277

____________________

(1)For 2025, we anticipate continuing our recent common share dividend policy of paying one common share dividend in the fourth quarter, subject to approval by our Board of Trustees.

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

| FFO, AS ADJUSTED BRIDGE - Q1 2025 VS. Q1 2024 (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 March 31, 2024 | $ | 108.8 | $ | 0.55 | | Increase / (decrease) in FFO, as adjusted due to: | | | | | | Impact of PENN 1 ground rent reset determination (including a $17.2 reversal of rent expense that was accrued in prior periods) | 20.0 | | | | | Lower interest income | (5.6) | | | | | Variable businesses (primarily signage) | 2.4 | | | | | Rent commencements, net of lease expirations and other tenant related items | 2.1 | | | | | Other, net | (0.5) | | | | | | 18.4 | | | | | Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities | (1.0) | | | | | Net increase | 17.4 | | 0.08 | | | FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2025 | $ | 126.2 | $ | 0.63 |

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

CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
	As of				Increase<br>(Decrease)
	March 31, 2025		December 31, 2024
ASSETS
Real estate, at cost:
Land	$	2,434,209	$	2,434,209	$	—
Buildings and improvements	10,719,995		10,439,113		280,882
Development costs and construction in progress	879,601		1,097,395		(217,794)
Leasehold improvements and equipment	111,983		120,915		(8,932)
Total	14,145,788		14,091,632		54,156
Less accumulated depreciation and amortization	(4,105,413)		(4,025,349)		(80,064)
Real estate, net	10,040,375		10,066,283		(25,908)
Right-of-use assets	677,312		678,804		(1,492)
Cash, cash equivalents, and restricted cash
Cash and cash equivalents	568,861		733,947		(165,086)
Restricted cash	238,027		215,672		22,355
Total	806,888		949,619		(142,731)
Tenant and other receivables	70,920		58,853		12,067
Investments in partially owned entities	2,421,283		2,691,478		(270,195)
Receivable arising from the straight-lining of rents	711,334		707,020		4,314
Deferred leasing costs, net	385,658		354,882		30,776
Identified intangible assets, net	116,280		118,215		(1,935)
Other assets	369,182		373,454		(4,272)
Total assets	$	15,599,232	$	15,998,608	$	(399,376)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	5,674,519	$	5,676,014	$	(1,495)
Senior unsecured notes, net	746,282		1,195,914		(449,632)
Unsecured term loan, net	796,295		795,948		347
Unsecured revolving credit facilities	575,000		575,000		—
Lease liabilities	734,123		749,759		(15,636)
Accounts payable and accrued expenses	387,898		374,013		13,885
Deferred compensation plan	111,144		114,580		(3,436)
Other liabilities	345,778		345,511		267
Total liabilities	9,371,039		9,826,739		(455,700)
Redeemable noncontrolling interests	738,224		834,658		(96,434)
Shareholders' equity	5,314,118		5,158,242		155,876
Noncontrolling interests in consolidated subsidiaries	175,851		178,969		(3,118)
Total liabilities, redeemable noncontrolling interests and equity	$	15,599,232	$	15,998,608	$	(399,376)

CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Three Months Ended
	March 31,						December 31, 2024
	2025		2024		Variance
Property rentals(1)	$	348,385	$	337,376	$	11,009	$	345,005
Tenant expense reimbursements(1)	51,983		46,638		5,345		45,229
Amortization of acquired below-market leases, net	88		693		(605)		193
Straight-lining of rents	4,299		4,571		(272)		8,036
Total rental revenues	404,755		389,278		15,477		398,463
Fee and other income:
Building Maintenance Services ("BMS") cleaning fees	36,476		35,780		696		37,208
Management and leasing fees	3,030		2,611		419		2,519
Other income	17,318		8,706		8,612		19,600
Total revenues	461,579		436,375		25,204		457,790
Operating expenses	(224,740)		(226,224)		1,484		(236,043)
Depreciation and amortization	(116,155)		(108,659)		(7,496)		(113,061)
General and administrative	(38,597)		(37,897)		(700)		(36,637)
Income (expense) from deferred compensation plan liability	1,089		(4,520)		5,609		(1,549)
Transaction related costs and other	(43)		(653)		610		(1,341)
Total expenses	(378,446)		(377,953)		(493)		(388,631)
Income from partially owned entities	96,977		16,279		80,698		30,007
Interest and other investment income, net	8,261		11,724		(3,463)		11,348
(Expense) income from deferred compensation plan assets	(1,089)		4,520		(5,609)		1,549
Interest and debt expense	(95,816)		(90,478)		(5,338)		(100,483)
Net gains on disposition of wholly owned and partially owned assets	15,551		—		15,551		—
Income before income taxes	107,017		467		106,550		11,580
Income tax expense	(7,193)		(6,740)		(453)		(5,822)
Net income (loss)	99,824		(6,273)		106,097		5,758
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	10,433		11,982		(1,549)		11,107
Operating Partnership	(7,889)		786		(8,675)		(136)
Net income attributable to Vornado	102,368		6,495		95,873		16,729
Preferred share dividends	(15,526)		(15,529)		3		(15,526)
Net income (loss) attributable to common shareholders	$	86,842	$	(9,034)	$	95,876	$	1,203
Capitalized expenditures:
Interest and debt expense	$	10,868	$	12,564	$	(1,696)	$	12,417
Development payroll	1,101		2,499		(1,398)		990

________________________________

(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.

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)
(Amounts in thousands)			For the Three Months Ended March 31, 2025
---	---	---	---	---	---	---
	Total		New York		Other
Property rentals(1)	$	348,385	$	279,691	$	68,694
Tenant expense reimbursements(1)	51,983		38,992		12,991
Amortization of acquired below-market leases, net	88		31		57
Straight-lining of rents	4,299		5,585		(1,286)
Total rental revenues	404,755		324,299		80,456
Fee and other income:
BMS cleaning fees	36,476		38,497		(2,021)
Management and leasing fees	3,030		3,205		(175)
Other income	17,318		10,205		7,113
Total revenues	461,579		376,206		85,373
Operating expenses	(224,740)		(183,640)		(41,100)
Depreciation and amortization	(116,155)		(92,365)		(23,790)
General and administrative	(38,597)		(13,415)		(25,182)
Income from deferred compensation plan liability	1,089		—		1,089
Transaction related costs and other	(43)		—		(43)
Total expenses	(378,446)		(289,420)		(89,026)
Income from partially owned entities	96,977		94,276		2,701
Interest and other investment income, net	8,261		3,474		4,787
Expense from deferred compensation plan assets	(1,089)		—		(1,089)
Interest and debt expense	(95,816)		(50,394)		(45,422)
Net gains on disposition of wholly owned and partially owned assets	15,551		1,975		13,576
Income (loss) before income taxes	107,017		136,117		(29,100)
Income tax expense	(7,193)		(1,302)		(5,891)
Net income (loss)	99,824		134,815		(34,991)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	10,433		9,160		1,273
Net income (loss) attributable to Vornado Realty L.P.	110,257		$	143,975	$	(33,718)
Less net income attributable to noncontrolling interests in the Operating Partnership	(7,860)
Preferred unit distributions	(15,555)
Net income attributable to common shareholders	$	86,842
For the three months ended March 31, 2024
Net income (loss) attributable to Vornado Realty L.P.	$	5,709	$	59,917	$	(54,208)
Net loss attributable to common shareholders	$	(9,034)

________________________________

NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT (NON-GAAP) (unaudited)
(Amounts in thousands)			For the Three Months Ended March 31, 2025
---	---	---	---	---	---	---
	Total		New York		Other
Total revenues	$	461,579	$	376,206	$	85,373
Operating expenses	(224,740)		(183,640)		(41,100)
NOI - consolidated	236,839		192,566		44,273
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,660)		(3,347)		(7,313)
Add: Our share of NOI from partially owned entities	67,111		64,098		3,013
NOI at share	293,290		253,317		39,973
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(23,919)		(25,747)		1,828
NOI at share - cash basis	$	269,371	$	227,570	$	41,801	For the Three Months Ended March 31, 2024
---	---	---	---	---	---	---
	Total		New York		Other
Total revenues	$	436,375	$	358,234	$	78,141
Operating expenses	(226,224)		(188,278)		(37,946)
NOI - consolidated	210,151		169,956		40,195
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(11,396)		(4,536)		(6,860)
Add: Our share of NOI from partially owned entities	70,369		67,709		2,660
NOI at share	269,124		233,129		35,995
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(1,511)		(2,335)		824
NOI at share - cash basis	$	267,613	$	230,794	$	36,819	For the Three Months Ended December 31, 2024
---	---	---	---	---	---	---
	Total		New York		Other
Total revenues	$	457,790	$	383,702	$	74,088
Operating expenses	(236,043)		(194,195)		(41,848)
NOI - consolidated	221,747		189,507		32,240
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,051)		(3,644)		(6,407)
Add: Our share of NOI from partially owned entities	73,270		71,177		2,093
NOI at share	284,966		257,040		27,926
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(8,378)		(15,107)		6,729
NOI at share - cash basis	$	276,588	$	241,933	$	34,655

________________________________

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

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
---	---	---	---	---	---	---
	March 31,				December 31, 2024
	2025		2024
NOI at share:
New York:
Office(1)	$	191,501	$	167,988	$	193,215
Retail	46,115		47,466		48,238
Residential	6,192		5,968		6,072
Alexander’s	9,509		11,707		9,515
Total New York	253,317		233,129		257,040
Other:
THE MART(2)	15,916		14,486		6,168
555 California Street	17,843		16,529		15,854
Other investments	6,214		4,980		5,904
Total Other	39,973		35,995		27,926
NOI at share	$	293,290	$	269,124	$	284,966	NOI at share - cash basis:
---	---	---	---	---	---	---
New York:
Office(1)	$	167,457	$	166,370	$	181,438
Retail	43,727		43,873		44,130
Residential	5,848		5,690		5,750
Alexander's	10,538		14,861		10,615
Total New York	227,570		230,794		241,933
Other:
THE MART	17,517		14,949		10,550
555 California Street	18,137		16,938		18,138
Other investments	6,147		4,932		5,967
Total Other	41,801		36,819		34,655
NOI at share - cash basis	$	269,371	$	267,613	$	276,588

________________________________

(1)Includes BMS NOI of $6,936, $7,217, and $6,895 for the three months ended March 31, 2025 and 2024 and December 31, 2024.

(2)The three months ended December 31, 2024 includes a $4,560 write-off of a straight-line rent receivable due to the tenant being deemed uncollectible.

10 -

| SAME STORE NOI AT SHARE AND SAME STORE NOI AT SHARE - CASH BASIS (NON-GAAP) (unaudited) | | --- || | Total | | New York | | | THE MART(3) | | 555 California Street | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Same store NOI at share % increase (decrease)(1): | | | | | | | | | | | Three months ended March 31, 2025 compared to March 31, 2024 | 3.5 | % | 3.0 | % | (2) | 9.7 | % | 5.2 | % | | Three months ended March 31, 2025 compared to December 31, 2024 | (1.5) | % | (6.3) | % | (2) | 160.8 | % | 10.5 | % | | Same store NOI at share - cash basis % increase (decrease)(1): | | | | | | | | | | | Three months ended March 31, 2025 compared to March 31, 2024 | 0.9 | % | (0.7) | % | | 16.7 | % | 7.1 | % | | Three months ended March 31, 2025 compared to December 31, 2024 | (1.5) | % | (4.8) | % | | 66.9 | % | 0.8 | % |

________________________________

(1)See pages vii through x in the Appendix for same store NOI at share and same store NOI at share - cash basis reconciliations.

(2)Excludes the impact of the $17,240,000 reversal of previously accrued PENN 1 ground rent. See page 3 for further details.

(3)The three months ended December 31, 2024 includes a $4,560,000 write-off of a straight-line rent receivable due to the tenant being deemed uncollectible.

11 -

DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES
(Amounts in thousands, except square feet)
		(at Vornado’s share)								Projected Incremental<br>Cash Yield
Active Development Projects:<br><br>New York segment:	Property<br>Rentable<br>Sq. Ft.	Budget			Cash Amount<br>Expended		Remaining Expenditures		Stabilization Year
PENN District:
PENN 2	1,815,000	$	750,000		$	708,267	$	41,733	2026		10.2%
Districtwide Improvements	N/A	100,000			75,189		24,811		N/A		N/A
Total PENN District		850,000		(1)	783,456		66,544
Sunset Pier 94 Studios (49.9% interest)(2)	266,000	125,000		(3)	66,551		58,449		2026		10.3%
Total Active Development Projects		$	975,000		$	850,007	$	124,993
Future Opportunities:<br><br>New York segment:	Zoning Sq. Ft.
PENN District:
Hotel Pennsylvania site (PENN 15)	2,052,000
Eighth Avenue and 34th Street land	105,000
Multiple other opportunities - office/residential/retail
Total PENN District	2,157,000
350 Park Avenue assemblage (the “350 Park Site”)(4)	1,389,000
260 Eleventh Avenue - office(2)	280,000
57th Street land (50% interest)	150,000
Other segment:
527 West Kinzie land, Chicago	330,000
Total Future Opportunities	4,306,000

________________________________

(1)Excluding debt and equity carry.

(2)The building is subject to a ground lease. See page 28 for details.

(3)Represents our 49.9% share of the $350,000 development budget, excluding the $40,000 value of our contributed leasehold interest and net of an estimated $9,000 for our share of development fees and reimbursement for overhead costs incurred by us. During 2024, we fully funded our $34,000 share of cash contributions.

(4)From October 2024 to June 2030, an affiliate of Kenneth C. Griffin (“KG”) has the option to either (i) acquire a 60% interest in a joint venture with Vornado and Rudin (the “Vornado/Rudin JV”) (with Vornado having an effective 36% interest in the entity) to build a new 1,700,000 square foot office tower, valuing the 350 Park Site at $1.2 billion or (ii) purchase the 350 Park Site for $1.4 billion ($1.085 billion to Vornado). From October 2024 to September 2030, the Vornado/Rudin JV has the option to put the 350 Park Site to KG for $1.2 billion ($900 million to Vornado).

12 -

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 March 31, 2025
Total square feet leased	709			25			83			222
Our share of square feet leased:	685			18			83			155
Initial rent(1)	$	95.53		$	222.20		$	51.33		$	120.65
Weighted average lease term (years)	14.7			14.3			8.0			13.1
Second generation relet space:
Square feet	254			10			42			155
GAAP basis:
Straight-line rent(2)	$	80.23		$	139.99		$	51.80		$	132.08
Prior straight-line rent	$	73.25		$	108.59		$	54.68		$	110.28
Percentage increase (decrease)	9.5		%	28.9		%	(5.3)		%	19.8		%
Cash basis (non-GAAP):
Initial rent(1)	$	84.72		$	139.40		$	51.67		$	121.04
Prior escalated rent	$	79.56		$	112.57		$	60.43		$	117.37
Percentage increase (decrease)	6.5		%	23.8		%	(14.5)		%	3.1		%
Tenant improvements and leasing commissions:
Per square foot	$	168.88		$	377.61		$	90.82		$	229.71
Per square foot per annum	$	11.49		$	26.41		$	11.35		$	17.54
Percentage of initial rent	12.0		%	11.9		%	22.1		%	14.5		%

________________________________

(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.

13 -

LEASE EXPIRATIONS (unaudited)<br>NEW YORK SEGMENT
	Period of Lease<br>Expiration	Our Share of<br><br>Square Feet<br><br>of Expiring<br><br>Leases(1)			Annualized Escalated Rents<br>of Expiring Leases					Percentage of<br>Annualized<br>Escalated Rent
			Total				Per Sq. Ft.
Office:	First Quarter 2025(2)	26,000			$	1,883,000		$	72.42	0.1	%
	Second Quarter 2025	282,000			21,362,000			75.75		1.7	%
	Third Quarter 2025	64,000			3,618,000			56.53		0.3	%
	Fourth Quarter 2025	49,000			4,123,000			84.14		0.3	%
	Remaining 2025	395,000			29,103,000			73.68		2.3	%
	First Quarter 2026	118,000			11,276,000			95.56		0.9	%
	Remaining 2026	950,000			78,729,000			82.87		6.3	%
	2027	1,357,000			108,759,000			80.15		8.7	%
	2028	1,082,000			88,213,000			81.53		7.0	%
	2029	1,289,000			106,397,000			82.54		8.5	%
	2030	713,000			60,526,000			84.89		4.8	%
	2031	783,000			71,186,000			90.91		5.7	%
	2032	1,039,000			101,715,000			97.90		8.1	%
	2033	548,000			47,660,000			86.97		3.8	%
	2034	748,000			78,753,000			105.28		6.3	%
	2035	970,000			76,821,000			79.20		6.1	%
	Thereafter	4,500,000		(3)	395,657,000			87.92		31.4	%
Retail:	First Quarter 2025(2)	—			$	—		$	—	0.0	%
	Second Quarter 2025	120,000			7,533,000			62.78		2.8	%
	Third Quarter 2025	11,000			2,137,000			194.27		0.8	%
	Fourth Quarter 2025	52,000			3,568,000			68.62		1.3	%
	Remaining 2025	183,000			13,238,000			72.34		4.9	%
	First Quarter 2026	17,000			6,756,000			397.41		2.6	%
	Remaining 2026	4,000			3,794,000			948.50		1.4	%
	2027	52,000			22,313,000			429.10		8.4	%
	2028	26,000			10,359,000			398.42		3.9	%
	2029	53,000			23,578,000			444.87		8.9	%
	2030	146,000			24,540,000			168.08		9.3	%
	2031	68,000			30,987,000			455.69		11.7	%
	2032	52,000			29,710,000			571.35		11.2	%
	2033	39,000			12,718,000			326.10		4.8	%
	2034	147,000			20,598,000			140.12		7.8	%
	2035	33,000			11,693,000			354.33		4.4	%
	Thereafter	436,000			54,550,000			125.11		20.7	%

_____________________________

(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.

14 -

LEASE EXPIRATIONS (unaudited)<br>THE MART
	Period of Lease<br>Expiration	Our Share of<br><br>Square Feet<br><br>of Expiring<br><br>Leases(1)		Annualized Escalated Rents<br>of Expiring Leases					Percentage of<br>Annualized<br>Escalated Rent
			Total			Per Sq. Ft.
Office / Showroom / Retail:	First Quarter 2025(2)	6,000		$	487,000		$	81.17	0.3	%
	Second Quarter 2025	22,000		1,562,000			71.00		1.0	%
	Third Quarter 2025	31,000		1,771,000			57.13		1.2	%
	Fourth Quarter 2025	38,000		2,428,000			63.89		1.6	%
	Remaining 2025	91,000		5,761,000			63.31		3.8	%
	First Quarter 2026	32,000		2,261,000			70.66		1.5	%
	Remaining 2026	252,000		15,016,000			59.59		9.9	%
	2027	199,000		11,593,000			58.26		7.6	%
	2028	712,000		37,725,000			52.98		24.8	%
	2029	187,000		10,595,000			56.66		7.0	%
	2030	94,000		5,575,000			59.31		3.7	%
	2031	227,000		11,904,000			52.44		7.8	%
	2032	508,000		25,426,000			50.05		16.7	%
	2033	54,000		2,807,000			51.98		1.8	%
	2034	51,000		2,652,000			52.00		1.7	%
	2035	48,000		2,555,000			53.23		1.7	%
	Thereafter	376,000		17,762,000			47.24		11.7	%

________________________________

(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.

15 -

LEASE EXPIRATIONS (unaudited)<br>555 California Street
	Period of Lease<br>Expiration	Our Share of<br><br>Square Feet<br><br>of Expiring<br><br>Leases(1)		Annualized Escalated Rents<br>of Expiring Leases					Percentage of<br>Annualized<br>Escalated Rent
			Total			Per Sq. Ft.
Office / Retail:	First Quarter 2025(2)	—		$	—		$	—	0.0	%
	Second Quarter 2025	10,000		1,141,000			114.10		1.0	%
	Third Quarter 2025	81,000		7,364,000			90.91		6.5	%
	Fourth Quarter 2025	32,000		3,274,000			102.31		2.9	%
	Remaining 2025	123,000		11,779,000			95.76		10.4	%
	First Quarter 2026	100,000		8,976,000			89.76		7.9	%
	Remaining 2026	60,000		6,847,000			114.12		6.1	%
	2027	86,000		8,241,000			95.83		7.3	%
	2028	112,000		10,940,000			97.68		9.7	%
	2029	143,000		15,458,000			108.10		13.7	%
	2030	85,000		8,079,000			95.05		7.1	%
	2031	29,000		2,210,000			76.21		2.0	%
	2032	13,000		1,423,000			109.46		1.3	%
	2033	15,000		1,815,000			121.00		1.6	%
	2034	—		—			—		0.0	%
	2035	210,000		18,530,000			88.24		16.4	%
	Thereafter	177,000		18,813,000			106.29		16.5	%

________________________________

(1) Excludes storage, vacancy and other.

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

16 -

CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
CONSOLIDATED
(Amounts in thousands)
	For the Three Months Ended March 31, 2025
	Total Company		New York		THE MART		555 California Street		Other
Capital expenditures:
Expenditures to maintain assets	$	12,114	$	9,203	$	2,278	$	616	$	17
Tenant improvements	15,933		11,889		4,044		—		—
Leasing commissions	13,132		7,222		296		5,614		—
Recurring tenant improvements, leasing commissions and other capital expenditures	41,179		28,314		6,618		6,230		17
Non-recurring capital expenditures(1)	14,168		6,544		7,565		—		59
Total capital expenditures and leasing commissions	$	55,347	$	34,858	$	14,183	$	6,230	$	76
Development and redevelopment expenditures(2):
PENN 2	$	23,575	$	23,575	$	—	$	—	$	—
Hotel Pennsylvania site (PENN 15)	4,830		4,830		—		—		—
PENN Districtwide improvements	4,375		4,375		—		—		—
Other	8,154		7,895		—		—		259
	$	40,934	$	40,675	$	—	$	—	$	259

________________________________

(1)Primarily tenant improvements and leasing commissions on first generation space.

(2)Inclusive of capitalized interest expense, operating expenses and development payroll.

17 -

UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
		As of March 31, 2025
Joint Venture Name	Asset<br>Category	Percentage Ownership	Company's<br>Carrying<br>Amount		Company's<br><br>Pro rata<br><br>Share of Debt(1)		100% of<br><br>Joint Venture Debt(1)		Maturity Date(2)	Spread over SOFR	Interest Rate(3)
Fifth Avenue and Times Square JV	Retail/Office	51.5%	$	1,965,973	$	364,863	$	751,136	Various	Various	Various
Alexander's	Office/Retail	32.4%	64,677		322,624		995,754		Various	Various	Various
Partially owned office buildings/land:
280 Park Avenue	Office/Retail	50.0%	107,049		537,500		1,075,000		09/27	N/A	5.84%
West 57th Street properties	Office/Retail/Land	50.0%	42,371		—		—		N/A	N/A	N/A
512 West 22nd Street	Office/Retail	55.0%	29,571		68,581		124,693		06/25	S+235	6.67%
825 Seventh Avenue	Office	50.0%	6,318		27,000		54,000		01/26	S+275	7.07%
61 Ninth Avenue	Office/Retail	45.1%	649		75,543		167,500		01/26	S+146	5.79%
650 Madison Avenue	Office/Retail	20.1%	—		161,024		800,000		12/29	N/A	3.49%
Other investments:
Sunset Pier 94 Studios	Studio Campus	49.9%	86,914		30,164		60,449		09/26	S+476	9.08%
Independence Plaza	Residential/Retail	50.1%	62,628		338,175		675,000		07/25	N/A	4.25%
Rosslyn Plaza	Office/Residential	43.7% to 50.4%	35,230		12,603		25,000		04/26	S+200	6.32%
Other	Various	Various	19,903		78,152		573,404		Various	Various	Various
			$	2,421,283	$	2,016,229	$	5,301,936
Investments in partially owned entities included in other liabilities(4):
7 West 34th Street	Office/Retail	53.0%	$	(67,656)	$	159,000	$	300,000	06/26	N/A	3.65%
85 Tenth Avenue	Office/Retail	49.9%	(20,939)		311,875		625,000		12/26	N/A	4.55%
			$	(88,595)	$	470,875	$	925,000

________________________________

(1)Represents the contractual debt obligations. The Operating Partnership guarantees an aggregate $303,000 of JV partnership debt, primarily comprised of the $300,000 mortgage loan on 7 West 34th Street.

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

(3)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable.

(4)Our negative basis results from distributions in excess of our investment.

18 -

UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	Percentage Ownership at March 31, 2025		Our Share of Net Income (Loss) for the<br><br>Three Months Ended March 31,							Our Share of NOI (non-GAAP) for the Three Months Ended March 31,
		2025				2024			2025			2024
Joint Venture Name
New York:
Fifth Avenue and Times Square JV:
Equity in net income	51.5%		$	5,837			$	9,291		$	23,577		$	28,102
Return on preferred equity, net of our share of the expense			8,543				9,328			—			—
Net gain on sale			76,162		(1)		—			—			—
			90,542				18,619			23,577			28,102
280 Park Avenue	50.0%		(4,469)				(8,042)			8,294			8,340
Alexander's	32.4%		3,923				5,154			9,509			11,707
7 West 34th Street	53.0%		2,979				1,139			5,852			3,623
85 Tenth Avenue	49.9%		(1,962)				(2,522)			3,493			3,075
Independence Plaza	50.1%		1,011				(427)			6,192			5,169
West 57th Street properties	50.0%		(183)				(200)			18			(7)
512 West 22nd Street	55.0%		(124)				(529)			1,871			1,664
61 Ninth Avenue	45.1%		59				(80)			1,944			1,908
Other, net	Various		2,500				2,119			3,348			4,128
			94,276				15,231			64,098			67,709
Other:
Alexander's corporate fee income	32.4%		1,633				1,180			1,010			658
Rosslyn Plaza	43.7% to 50.4%		(44)				(105)			439			523
Other, net	Various		1,112				(27)			1,564			1,479
			2,701				1,048			3,013			2,660
Total			$	96,977			$	16,279		$	67,111		$	70,369

________________________________

(1)See page 3 for details.

19 -

CAPITAL STRUCTURE (unaudited)
(Amounts in thousands, except per share and per unit amounts)
			As of March 31, 2025
Debt (contractual balances):
Consolidated debt(1):
Mortgages payable			$	5,702,807
Senior unsecured notes			750,000
800 Million unsecured term loan			800,000
2.2 Billion unsecured revolving credit facilities			575,000
			7,827,807
Pro rata share of debt of non-consolidated entities			2,487,104
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)			(682,059)
			9,632,852		(A)
	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	$	25.00	300,000
5.25% Series M preferred shares	25.00		319,500
5.25% Series N preferred shares	25.00		300,000
4.45% Series O preferred shares	25.00		300,000
			1,223,035		(B)
	March 31, 2025 Common Share Price
Equity:
Common shares	$	36.99	7,100,194
Redeemable Class A units and LTIP Unit awards	36.99		619,398
Convertible share equivalents:
Series D-13 preferred units	36.99		46,681
Series G-1 through G-4 preferred units	36.99		2,811
Series A preferred shares	36.99		666
			7,769,750		(C)
Total Market Capitalization (A+B+C)			$	18,625,637

All values are in US Dollars.

________________________________

(1)See the reconciliation on page xi in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of March 31, 2025.

(2)Excludes share-based equity awards that may be considered dilutive in the period. See page 4 for our weighted average units outstanding on a dilutive basis.

20 -

COMMON SHARES DATA (NYSE: VNO) (unaudited)

Vornado Realty Trust common shares are traded on the New York Stock Exchange ("NYSE") under the symbol VNO. Below is a summary of performance for VNO common shares (based on NYSE prices):

	First Quarter		Fourth Quarter		Third Quarter		Second Quarter
	2025		2024		2024		2024
High price	$	45.37	$	46.63	$	39.91	$	30.02
Low price	$	34.91	$	37.88	$	25.36	$	22.42
Closing price - end of quarter	$	36.99	$	42.04	$	39.40	$	26.29
Outstanding shares, Class A units and convertible preferred units as converted (in thousands)	210,050		208,897		208,949		209,573			Closing market value of outstanding shares, Class A units and convertible preferred units as converted	$	7.8	Billion	$	8.8	Billion	$	8.2	Billion	$	5.5	Billion
---	---	---	---	---	---	---	---	---	---	---	---	---

We anticipate that we will pay a common share dividend for 2025 in the fourth quarter, subject to approval by our Board of Trustees.

21 -

DEBT ANALYSIS (unaudited)
(Amounts in thousands)
	As of March 31, 2025
	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)	$	7,827,807	4.61%	$	1,307,807	5.92%(3)	$	6,520,000	4.34%
Pro rata share of debt of non-consolidated entities	2,487,104		5.13%	458,282		6.39%	2,028,822		4.85%
Total	10,314,911		4.73%	1,766,089		6.04%	8,548,822		4.46%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)	(682,059)			(397,059)			(285,000)
Company's pro rata share of total debt	$	9,632,852	4.73%	$	1,369,030	5.95%	$	8,263,822	4.53%

As of March 31, 2025, $843,617 of variable rate debt (at share) is subject to interest rate cap arrangements, the $525,413 of variable rate debt not subject to interest rate cap arrangements represents 5% of our total pro rata share of debt. See the following page for details.

	Senior Unsecured Notes<br>Due 2026 and 2031				Unsecured Revolving Credit Facilities and Unsecured Term Loan
Debt Covenant Ratios(4):	Required	Actual			Required	Actual
Total outstanding debt/total assets	Less than 65%		48%	(5)	Less than 60%		39%	(6)
Secured debt/total assets	Less than 50%		35%	(5)	Less than 50%		30%	(6)
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50		1.87				N/A
Fixed charge coverage			N/A		Greater than 1.40		1.96
Unencumbered assets/unsecured debt	Greater than 150%		470%				N/A
Unsecured debt/cap value of unencumbered assets			N/A		Less than 60%		17%
Unencumbered coverage ratio			N/A		Greater than 1.75		8.01		Consolidated Unencumbered EBITDA (non-GAAP):	Q1 2025<br>Annualized
---	---	---
New York	$	313,860
Other	84,440
Total	$	398,300

________________________________

(1)Includes variable rate debt with interest rates fixed by interest rate swap arrangements and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement.

(2)See the reconciliation on page xi in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of March 31, 2025.

(3)Excludes additional 3.00% default interest on the 606 Broadway mortgage loan.

(4)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.

(5)Total assets calculated as EBITDA capped at 7.0%.

(6)Total assets calculated as EBITDA capped at the following rates: 6.5% for office, 6.0% for retail, 8.0% for trade shows, 5.75% for multifamily, 7.25% for hotel, and 6.5% for other asset types.

22 -

HEDGING INSTRUMENTS AS OF MARCH 31, 2025 (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+205	$	840,000			05/26	6.03%
770 Broadway mortgage loan	700,000			07/27		S+225	700,000				07/27	4.98%
PENN 11 mortgage loan	500,000			10/25		S+206	500,000				10/25	6.28%
Unsecured revolving credit facility	575,000			12/27		S+115	575,000				08/27	3.88%
Unsecured term loan	800,000			12/27		S+130
Through 07/25							700,000				07/25	4.53%
07/25 through 10/26							550,000				10/26	4.36%
10/26 through 8/27							50,000				08/27	4.04%
100 West 33rd Street mortgage loan	480,000			06/27		S+185	480,000				06/27	5.26%
888 Seventh Avenue mortgage loan	253,688			12/25		S+180	200,000				09/27	4.76%
435 Seventh Avenue mortgage loan	75,000			04/28		S+210	75,000				04/26	6.96%
Unconsolidated:
280 Park Avenue mortgage loan	537,500			09/27		S+178	537,500				09/28	5.84%
731 Lexington Avenue - retail condominium mortgage loan	97,200			08/25		S+151	97,200				05/25	1.76%
Interest Rate Caps:												Index Strike Rate	Cash Interest Rate(2)	Effective Interest Rate(3)
Consolidated:
1290 Avenue of the Americas mortgage loan	$	665,000		11/28		S+162	$	665,000			11/25	1.00%	2.62%	5.94%
One Park Avenue mortgage loan	525,000			03/26		S+122	525,000				03/26	4.39%	5.54%	5.60%
150 West 34th Street mortgage loan	75,000			02/28		S+215	75,000				02/26	5.00%	6.46%	7.06%
Unconsolidated:
61 Ninth Avenue mortgage loan	75,543			01/26		S+146	75,543				01/26	4.39%	5.79%	6.24%
512 West 22nd Street mortgage loan	68,581			06/25		S+235	68,581				06/25	4.50%	6.67%	6.98%
Rego Park II mortgage loan	65,368			12/25		S+145	65,368				12/25	4.15%	5.60%	5.93%
Fashion Centre Mall/Washington Tower mortgage loan	34,125			05/26		S+305	34,125				05/25	3.00%	6.05%	7.61%
Debt subject to interest rate swaps and subject to a 1.00% SOFR interest rate cap							$	5,369,700
Variable rate debt subject to interest rate caps							843,617
Fixed rate debt per loan agreements							2,894,122
Variable rate debt not subject to interest rate swaps or caps							525,413		(4)
Total debt at share							$	9,632,852

________________________________

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

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

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

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

23 -

CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property	Maturity Date(1)	Spread over SOFR			Interest Rate(2)		2025		2026		2027		2028		2029		Thereafter		Total
Secured Debt:
606 Broadway (50.0% interest)	(3)		S+191		6.24%	(4)	$	74,119	$	—	$	—	$	—	$	—	$	—	$	74,119
4 Union Square South	08/25		S+150		5.82%		120,000		—		—		—		—		—		120,000
PENN 11	10/25				6.28%		500,000		—		—		—		—		—		500,000
888 Seventh Avenue	12/25		S+180	(5)	5.05%		253,688		—		—		—		—		—		253,688
One Park Avenue	03/26		S+122		5.54%		—		525,000		—		—		—		—		525,000
350 Park Avenue	01/27				3.92%		—		—		400,000		—		—		—		400,000
100 West 33rd Street	06/27				5.26%		—		—		480,000		—		—		—		480,000
770 Broadway	07/27				4.98%		—		—		700,000		—		—		—		700,000
150 West 34th Street	02/28		S+215		6.46%		—		—		—		75,000		—		—		75,000
435 Seventh Avenue	04/28				6.96%		—		—		—		75,000		—		—		75,000
555 California Street (70.0% interest)	05/28		S+205	(5)	6.13%		—		—		—		1,200,000		—		—		1,200,000
1290 Avenue of the Americas (70.0% interest)	11/28				2.62%		—		—		—		950,000		—		—		950,000
909 Third Avenue	04/31				3.23%		—		—		—		—		—		350,000		350,000
Total Secured Debt							947,807		525,000		1,580,000		2,300,000		—		350,000		5,702,807
Unsecured Debt:
Senior unsecured notes due 2026	06/26				2.15%		—		400,000		—		—		—		—		400,000
$1.25 Billion unsecured revolving credit facility	12/27				3.88%	(6)	—		—		575,000		—		—		—		575,000
$800 Million unsecured term loan	12/27		S+130	(5)	4.66%	(6)	—		—		800,000		—		—		—		800,000
$915 Million unsecured revolving credit facility	04/29		S+120		—		—		—		—		—		—		—		—
Senior unsecured notes due 2031	06/31				3.40%		—		—		—		—		—		350,000		350,000
Total Unsecured Debt							—		400,000		1,375,000		—		—		350,000		2,125,000
Total Debt							$	947,807	$	925,000	$	2,955,000	$	2,300,000	$	—	$	700,000	$	7,827,807
Weighted average rate							5.89%		4.07%		4.58%		4.72%		0.00%		3.32%		4.61%
Fixed rate debt(7)							$	700,000	$	400,000	$	2,855,000	$	1,865,000	$	—	$	700,000	$	6,520,000
Fixed weighted average rate expiring							5.84%		2.15%		4.54%		4.33%		0.00%		3.32%		4.34%
Floating rate debt							$	247,807	$	525,000	$	100,000	$	435,000	$	—	$	—	$	1,307,807
Floating weighted average rate expiring							6.01%		5.54%		5.62%		6.38%		0.00%		0.00%		5.92%

________________________________

(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 previous page for information on interest rate swap and interest rate cap arrangements.

(3)On September 5, 2024, the non-recourse loan matured and was not repaid, at which time the lenders declared an event of default.

(4)Excludes additional 3.00% default interest on the 606 Broadway mortgage loan.

(5)Balance is partially hedged by interest rate swap arrangements. See previous page for details.

(6)In April 2025, we qualified for a sustainability margin adjustment on our unsecured term loan and revolving credit facilities by achieving certain KPI metrics, which will reduce our interest rate by 0.05% and 0.04%, respectively.

(7)Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity, and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement. See the previous page for information on interest rate swap arrangements.

24 -

TOP 30 TENANTS (unaudited)
(Amounts in thousands, except square feet)		Tenants	Square<br><br>Footage<br><br>At Share	Annualized<br><br>Escalated Rents<br><br>At Share(1)		% of Total Annualized Escalated Rents At Share
---	---	---	---	---	---
Meta Platforms, Inc.	1,176,828	$	141,813	7.6	%
IPG and affiliates	955,211	63,844		3.5	%
Citadel	585,460	62,498		3.4	%
New York University	685,290	48,998		2.6	%
Madison Square Garden & Affiliates	449,053	45,451		2.4	%
Bloomberg L.P.	306,768	43,867		2.3	%
Google/Motorola Mobility (guaranteed by Google)	759,446	43,355		2.3	%
UMG Recordings, Inc,	336,700	35,411		1.9	%
Amazon (including its Whole Foods subsidiary)	312,694	31,044		1.6	%
Neuberger Berman Group LLC	306,612	28,363		1.5	%
Bank of America	247,615	27,452		1.5	%
Apple Inc.	473,311	26,948		1.4	%
LVMH Brands	65,060	26,786		1.4	%
AMC Networks, Inc.	326,717	26,183		1.4	%
WeWork	303,741	25,818		1.4	%
Swatch Group USA	8,499	24,150		1.3	%
Victoria's Secret	33,156	20,690		1.1	%
PJT Partners Holdings	134,953	19,379		1.0	%
PwC	241,196	19,368		1.0	%
Macy's	181,698	19,100		1.0	%
The City of New York	232,010	12,351		0.7	%
King & Spalding	122,859	11,979		0.6	%
WSP USA	172,666	11,291		0.6	%
Dodge & Cox	107,925	11,276		0.6	%
Major League Soccer LLC	125,013	11,251		0.6	%
AbbVie Inc.	168,673	11,239		0.6	%
Axon Capital	93,127	11,022		0.6	%
Alston & Bird LLP	126,872	10,865		0.6	%
Burlington Coat Factory	108,844	10,863		0.6	%
Aetna Life Insurance Company	64,196	10,303		0.5	%
				47.6	%

________________________________

(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.

25 -

SQUARE FOOTAGE (unaudited)
(Square feet in thousands)
			At Vornado's Share
	At<br>100%			Under Development or Not Available for Lease		In Service
		Total			Office		Retail		Showroom		Other
Segment:
New York:
Office	20,352		17,532	133		17,216		—		183		—
Retail	2,347		1,945	4		—		1,941		—		—
Residential - 1,330 units	1,212		620	16		—		—		—		604
Alexander's (32.4% interest), including 312 residential units	2,455		796	126		308		279		—		83
	26,366		20,893	279		17,524		2,220		183		687
Other:
THE MART	3,696		3,694	—		2,098		93		1,256		247
555 California Street (70% interest)	1,822		1,275	—		1,240		35		—		—
Other	2,845		1,346	144		212		879		—		111
	8,363		6,315	144		3,550		1,007		1,256		358
Total square feet at March 31, 2025	34,729		27,208	423		21,074		3,227		1,439		1,045
Total square feet at December 31, 2024	34,803		27,231	1,819		19,690		3,238		1,439		1,045
	At 100%
Parking Garages (not included above):	Square Feet		Number of <br>Garages	Number of <br>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 March 31, 2025	2,555		17	7,316

26 -

OCCUPANCY (unaudited)
	New York			THE MART		555 California Street
Occupancy rate at:
March 31, 2025	83.5	%	(1)	78.2	%	92.3	%
December 31, 2024	87.6	%		80.1	%	92.0	%
March 31, 2024	88.2	%		77.6	%	94.5	%

________________________________

(1)Decrease in occupancy due to PENN 2 being placed into service during the first quarter of 2025. Giving effect to the master lease with New York University at 770 Broadway completed on May 5, 2025, occupancy is 86.2%.

RESIDENTIAL STATISTICS (unaudited)
		Vornado's Ownership Interest
	Number of Units	Number of Units	Occupancy Rate	Average Monthly<br>Rent Per Unit
New York:
March 31, 2025	1,642	769	96.5%	$4,814
December 31, 2024	1,642	769	96.6%	$4,713
March 31, 2024	1,974	939	97.5%	$4,163

27 -

GROUND LEASES (unaudited)
(Amounts in thousands, except square feet)
Property	Current Annual<br>Rent at Share				Next Option Renewal Date		Fully Extended<br>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		One 25-year renewal option at fair market value (“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		4,515				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 -<br>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		6,038				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<br><br>(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<br><br>(45.1% interest)		3,635				None		2115		Rent increases every three years based on CPI, subject to a cap. In 2051, 2071 and 2096, rent resets based on the increase in the property's gross revenue net of real estate taxes, if greater than the CPI reset.
Flushing (Alexander's)<br><br>(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)Represents the rent reset amount finalized by the Panel on April 22, 2025. Litigation is currently pending between the parties in New York County Supreme Court relating to the matter. To date, the court denied the Vornado subsidiary’s motion to dismiss the action and Vornado’s subsidiary has filed a notice of appeal. The Panel’s decision provides that if the fee owner prevails in a final judgment in the litigation, the annual rent for the 25-year term will be $20,220, retroactive to June 17, 2023.

28 -

NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	%<br>Ownership		%<br>Occupancy		Weighted<br><br>Average Escalated<br><br>Annual Rent<br><br>PSF(1)			Annualized Escalated Rent(2)			Square Feet				Encumbrances<br><br>(non-GAAP)<br><br>(in thousands)(3)			Major Tenants
Property							Total<br>Property			In Service		Under Development<br>or Not Available<br>for Lease
NEW YORK:
PENN District:
PENN 1
(ground leased through 2098)**																		Cisco, Hartford Fire Insurance, Empire Healthchoice Assurance, Inc., United
																		Healthcare Services, Inc., Siemens Mobility, WSP USA, Gusto Inc., Samsung,
-Office	100.0	%	88.2	%	$	85.07					2,249,000		2,249,000	—				Canaccord Genuity LLC, Roivant Sciences Inc.*
-Retail	100.0	%	61.3	%	225.55						302,000		302,000	—				Bank of America, Starbucks, Blue Bottle Coffee Inc., Shake Shack, Roberta’s,
	100.0	%	85.2	%	96.49			$	208,000		2,551,000		2,551,000	—	$	—		Anita La Mamma Del Gelato
PENN 2
-Office	100.0	%	48.5	%	102.99						1,749,000		1,749,000	—				Madison Square Garden, Major League Soccer LLC, UMG Recordings, Inc.
-Retail	100.0	%	56.3	%	199.19						66,000		66,000	—				JPMorgan Chase
	100.0	%	48.8	%	107.02			94,500			1,815,000		1,815,000	—	575,000		(4)
The Farley Building<br><br>(ground and building leased through 2116)**
-Office	95.0	%	100.0	%	118.86						730,000		730,000	—				Meta Platforms, Inc.
-Retail	95.0	%	37.1	%	320.40						116,000		116,000	—				Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels,
	95.0	%	91.5	%	129.85			100,400			846,000		846,000	—	—			Avra Prime*
PENN 11
-Office	100.0	%	100.0	%	75.41						1,115,000		1,115,000	—				Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's
-Retail	100.0	%	90.7	%	150.91						39,000		39,000	—				PNC Bank National Association, Starbucks
	100.0	%	99.6	%	77.65			82,800			1,154,000		1,154,000	—	500,000
100 West 33rd Street
-Office	100.0	%	89.5	%	69.23						858,000		858,000	—				IPG and affiliates
-Retail	100.0	%	15.6	%	77.35						257,000		257,000	—				Aeropostale
	100.0	%	73.1	%	69.61			55,800			1,115,000		1,115,000	—	480,000
330 West 34th Street
(65.2% ground leased through 2149)**
-Office	100.0	%	76.9	%	82.51						702,000		702,000	—				Structure Tone, Deutsch, Inc., HomeAdvisor, Inc., WeWork
-Retail	100.0	%	85.5	%	113.26						24,000		24,000	—				Starbucks
	100.0	%	77.1	%	83.44			45,200			726,000		726,000	—	100,000		(5)
435 Seventh Avenue
-Retail	100.0	%	100.0	%	46.95			2,000			43,000		43,000	—	75,000			Forever 21
7 West 34th Street
-Office	53.0	%	100.0	%	82.74						458,000		458,000	—				Amazon
-Retail	53.0	%	89.6	%	336.41						19,000		19,000	—				Amazon, Lindt
	53.0	%	99.6	%	92.38			43,000			477,000		477,000	—	300,000
431 Seventh Avenue
-Retail	100.0	%	100.0	%	265.93			600			9,000		9,000	—	—			Essen
138-142 West 32nd Street
-Retail	100.0	%	80.3	%	127.73			400			8,000		8,000	—	—
150 West 34th Street
-Retail	100.0	%	100.0	%	63.48			5,000			79,000		79,000	—	75,000			Primark*

29 -

NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	%<br>Ownership		%<br>Occupancy		Weighted<br><br>Average Escalated<br><br>Annual Rent<br><br>PSF(1)			Annualized Escalated Rent(2)			Square Feet				Encumbrances<br><br>(non-GAAP)<br><br>(in thousands)(3)		Major Tenants
Property							Total<br>Property			In Service		Under Development<br>or Not Available<br>for Lease
NEW YORK (Continued):
PENN District (Continued):
137 West 33rd Street
-Retail	100.0	%	100.0	%	$	96.85		$	300		3,000		3,000	—	$	—	Celtic Rail
131-135 West 33rd Street
-Retail	100.0	%	100.0	%	64.65			1,500			23,000		23,000	—	—		Fat Annies’s Inc., Stout Inc.
Other (3 buildings)
-Retail	100.0	%	100.0	%	157.71			2,100			16,000		16,000	—	—
Total PENN District								641,600			8,865,000		8,865,000	—	2,105,000
Midtown East:
909 Third Avenue
(ground leased through 2063)**																	IPG and affiliates, AbbVie Inc., United States Post Office,
-Office	100.0	%	93.1	%	68.18		(6)	60,900			1,352,000		1,352,000	—	350,000		Geller & Company, Morrison Cohen LLP, Sard Verbinnen
150 East 58th Street(7)
-Office	100.0	%	81.7	%	81.90						541,000		541,000	—			Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail	100.0	%	100.0	%	94.88						3,000		3,000	—
	100.0	%	81.7	%	81.98			36,000			544,000		544,000	—	—
715 Lexington Avenue
-Retail	100.0	%	100.0	%	198.71			4,300			22,000		22,000	—	—		Orangetheory Fitness, Casper, Santander Bank, Blu Dot
966 Third Avenue
-Retail	100.0	%	100.0	%	112.60			800			7,000		7,000	—	—		McDonald's
968 Third Avenue
-Retail	50.0	%	100.0	%	194.16			1,300			7,000		7,000	—	—		Wells Fargo
Total Midtown East								103,300			1,932,000		1,932,000	—	350,000
Midtown West:
888 Seventh Avenue
(ground leased through 2067)**																	Axon Capital LP, Lone Star US Acquisitions LLC, Top-New York, Inc.,
-Office	100.0	%	84.2	%	101.13						872,000		872,000	—			Vornado Executive Headquarters, United Talent Agency
-Retail	100.0	%	100.0	%	261.25						15,000		15,000	—			Redeye Grill L.P.
	100.0	%	84.3	%	102.81			77,200			887,000		887,000	—	253,688
57th Street - 2 buildings
-Office	50.0	%	85.4	%	62.03						81,000		81,000	—
-Retail	50.0	%	—	%	—						22,000		22,000	—
	50.0	%	71.2	%	62.03			4,300			103,000		103,000	—	—
825 Seventh Avenue
-Office	50.0	%	79.6	%	59.02						169,000		169,000	—	54,000		Young Adult Institute Inc., New Alternatives for Children, Inc.
-Retail	100.0	%	100.0	%	168.85						4,000		4,000	—	—		Venchi
			80.1	%	62.21			8,500			173,000		173,000	—	54,000
Total Midtown West								90,000			1,163,000		1,163,000	—	307,688

30 -

NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	%<br>Ownership		%<br>Occupancy		Weighted<br><br>Average Escalated<br><br>Annual Rent<br><br>PSF(1)			Annualized Escalated Rent(2)			Square Feet				Encumbrances<br><br>(non-GAAP)<br><br>(in thousands)(3)		Major Tenants
Property							Total<br>Property			In Service		Under Development<br>or Not Available<br>for Lease
NEW YORK (Continued):
Park Avenue:
280 Park Avenue																	Elliott Investment Management L.P., PJT Partners Holdings, GIC Inc.,
-Office	50.0	%	91.4	%	$	119.28					1,238,000		1,238,000	—			Wells Fargo, Investcorp International Inc.
-Retail	50.0	%	100.0	%	57.56						28,000		28,000	—			Starbucks, Fasano Restaurant
	50.0	%	91.6	%	117.77			$	135,800		1,266,000		1,266,000	—	$	1,075,000
350 Park Avenue
-Office	100.0	%	100.0	%	106.75			62,500			585,000		585,000	—	400,000		Citadel
Total Park Avenue								198,300			1,851,000		1,851,000	—	1,475,000
Grand Central:
90 Park Avenue																	Alston & Bird, PwC, MassMutual, Glencore*
-Office	100.0	%	97.3	%	83.01						938,000		938,000	—			Factset Research Systems Inc., Foley & Lardner
-Retail	100.0	%	78.2	%	185.60						17,000		17,000	—			Citibank, Starbucks
Total Grand Central	100.0	%	97.0	%	84.42			75,500			955,000		955,000	—	—
Madison/Fifth:
640 Fifth Avenue																	Fidelity Investments, Abbott Capital Management, The Klein Company,
-Office	52.0	%	91.5	%	112.75						246,000		246,000	—			Avolon Aerospace, Houlihan Lokey Advisors Parent, Inc.
-Retail	52.0	%	100.0	%	1,091.86						69,000		69,000	—			Victoria's Secret, Dyson
	52.0	%	92.8	%	272.75			76,000			315,000		315,000	—	395,333
666 Fifth Avenue
-Retail	52.0	%	100.0	%	1,147.91			15,100			24,000		24,000	—	—		Abercrombie & Fitch, Tissot
595 Madison Avenue																	LVMH Moet Hennessy Louis Vuitton Inc.,
-Office	100.0	%	87.0	%	81.27						300,000		300,000	—			Albea Beauty Solutions, Aerin LLC
-Retail	100.0	%	100.0	%	757.56						30,000		30,000	—			Fendi, Berluti, Christofle Silver Inc.
	100.0	%	87.8	%	130.01			39,000			330,000		330,000	—	—
650 Madison Avenue																	Sotheby's International Realty, Inc., BC Partners Inc.,
-Office	20.1	%	81.4	%	107.49						563,000		563,000	—			Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)
-Retail	20.1	%	95.7	%	1,077.75						38,000		38,000	—			Moncler USA Inc., Tod's, Celine, Balmain
	20.1	%	82.0	%	154.92			73,100			601,000		601,000	—	800,000
689 Fifth Avenue
-Office	52.0	%	100.0	%	94.92						81,000		81,000	—			Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail	52.0	%	100.0	%	593.51						16,000		16,000	—			Canada Goose
	52.0	%	100.0	%	153.80			16,400			97,000		97,000	—	—
655 Fifth Avenue
-Retail	50.0	%	100.0	%	303.65			17,900			57,000		57,000	—	—		Ferragamo
697-703 Fifth Avenue
-Retail	44.8	%	66.6	%	2,986.60			40,500			26,000		26,000	—	355,803		Swatch Group USA, Harry Winston
Total Madison/Fifth								278,000			1,450,000		1,450,000	—	1,551,136

31 -

NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	%<br>Ownership		%<br>Occupancy		Weighted<br><br>Average Escalated<br><br>Annual Rent<br><br>PSF(1)			Annualized Escalated Rent(2)			Square Feet				Encumbrances<br><br>(non-GAAP)<br><br>(in thousands)(3)		Major Tenants
Property							Total<br>Property			In Service		Under Development<br>or Not Available<br>for Lease
NEW YORK (Continued):
Midtown South:
770 Broadway
-Office	100.0	%	52.7	%	$	122.39					1,077,000		1,077,000	—			Meta Platforms, Inc., Yahoo Inc.
-Retail	100.0	%	92.0	%	95.04						106,000		106,000	—			Bank of America N.A., Wegmans Food Markets
	100.0	%	56.0	%	118.64			$	77,500		1,183,000		1,183,000	—	$	700,000
One Park Avenue
																	New York University, BMG Rights Management LLC,
-Office	100.0	%	93.9	%	72.79						871,000		871,000	—			Robert A.M. Stern Architect
-Retail	100.0	%	90.1	%	83.06						78,000		78,000	—			Bank of Baroda, Citibank, Equinox
	100.0	%	93.6	%	73.60			63,700			949,000		949,000	—	525,000
4 Union Square South
-Retail	100.0	%	100.0	%	132.68			27,100			204,000		204,000	—	120,000		Burlington, Whole Foods Market, DSW, Sephora
Total Midtown South								168,300			2,336,000		2,336,000	—	1,345,000
Rockefeller Center:
1290 Avenue of the Americas																	Hachette Book Group Inc., Bryan Cave LLP,
																	Neuberger Berman Group LLC, SSB Realty LLC,
																	Cushman & Wakefield, Columbia University, Selendy Gay PLLC,
-Office	70.0	%	91.8	%	88.71						2,009,000		2,009,000	—			Fubotv Inc, LinkLaters, King & Spalding, Oaktree Capital
-Retail	70.0	%	95.9	%	212.64						92,000		92,000	—			Duane Reade, JPMorgan Chase Bank, Starbucks
Total Rockefeller Center	70.0	%	91.9	%	92.86			185,100			2,101,000		2,101,000	—	950,000
SoHo:
606 Broadway (19 East Houston Street)
-Office	50.0	%	13.4	%	120.00						30,000		30,000	—
-Retail	50.0	%	100.0	%	698.98						6,000		6,000	—			HSBC, Harman International
	50.0	%	24.8	%	427.04			3,700			36,000		36,000	—	74,119
304-306 Canal Street
-Retail	100.0	%	100.0	%	63.80						4,000		4,000	—			Stellar Works
'-Residential’	100.0	%	—								9,000		—	9,000
	100.0	%						300			13,000		4,000	9,000	—
334 Canal Street
-Retail	100.0	%	—		—						4,000		—	4,000
-Residential	100.0	%	—								7,000		—	7,000
	100.0	%						—			11,000		—	11,000	—
Total SoHo								4,000			60,000		40,000	20,000	74,119

32 -

NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	%<br>Ownership		%<br>Occupancy		Weighted<br><br>Average Escalated<br><br>Annual Rent<br><br>PSF(1)			Annualized Escalated Rent(2)			Square Feet				Encumbrances<br><br>(non-GAAP)<br><br>(in thousands)(3)		Major Tenants
Property							Total<br>Property			In Service		Under Development<br>or Not Available<br>for Lease
NEW YORK (Continued):
Times Square:
1540 Broadway
-Retail	52.0	%	78.5	%	$	131.76		$	17,000		162,000		162,000	—	$	—	U.S. Polo, Forever 21, Disney
1535 Broadway
-Retail	52.0	%	100.0	%	1,103.47						45,000		45,000	—			T-Mobile, Swatch Group USA, Levi's, Sephora, Anita La Mamma Del Gelato
-Theatre	52.0	%	100.0	%	21.55						62,000		62,000	—			Nederlander-Marquis Theatre
	52.0	%	100.0	%	428.02			42,400			107,000		107,000	—	—
Total Times Square								59,400			269,000		269,000	—	—
Upper East Side:
1131 Third Avenue
-Retail	100.0	%	63.7	%	207.45			3,000			23,000		23,000	—	—		Crunch LLC, J.Jill
40 East 66th Street
-Residential (3 units)	100.0	%	100.0	%							10,000		10,000	—	—
Total Upper East Side								3,000			33,000		33,000	—	—
Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)**
-Office	100.0	%	100.0	%	49.79			10,400			209,000		209,000	—	—		The City of New York
85 Tenth Avenue																	Google, Telehouse International Corp.,
-Office	49.9	%	89.9	%	95.57						598,000		598,000	—			Clear Secure, Inc., Shopify
-Retail	49.9	%	76.3	%	96.01						43,000		43,000	—			Verde
	49.9	%	89.1	%	95.60			54,300			641,000		641,000	—	625,000
537 West 26th Street
-Retail	100.0	%	100.0	%	161.89			2,800			17,000		17,000	—	—		The Chelsea Factory Inc.
61 Ninth Avenue (2 buildings)
(ground leased through 2115)**
-Office	45.1	%	100.0	%	148.69						171,000		171,000	—			Aetna Life Insurance Company, Apple Inc.
-Retail	45.1	%	100.0	%	402.12						23,000		23,000	—			Starbucks
	45.1	%	100.0	%	165.36			34,400			194,000		194,000	—	167,500
512 West 22nd Street																	Kenneth Cole Productions, Inc.*, Next Jump, Omniva LLC,
-Office	55.0	%	100.0	%	114.71						165,000		165,000	—			Capricorn Investment Group, Genius Sports*
-Retail	55.0	%	100.0	%	109.97						8,000		8,000	—			Galeria Nara Roesler, Harper's Books
	55.0	%	100.0	%	114.50			19,800			173,000		173,000	—	124,693
Total Chelsea/Meatpacking District								121,700			1,234,000		1,234,000	—	917,193

33 -

NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	%<br>Ownership		%<br>Occupancy		Weighted<br><br>Average Escalated<br><br>Annual Rent<br><br>PSF(1)			Annualized Escalated Rent(2)			Square Feet				Encumbrances<br><br>(non-GAAP)<br><br>(in thousands)(3)		Major Tenants
Property							Total<br>Property			In Service		Under Development<br>or Not Available<br>for Lease
NEW YORK (Continued):
Tribeca:
Independence Plaza
-Residential (1,327 units)	50.1	%	96.9	%							1,186,000		1,186,000	—
-Retail	50.1	%	57.7	%	$	88.70					72,000		72,000	—			Duane Reade
	50.1	%						$	4,700		1,258,000		1,258,000	—	$	675,000
339 Greenwich Street
-Retail	100.0	%	100.0	%	154.75			700			9,000		9,000	—	—		Paper Moon*
Total Tribeca								5,400			1,267,000		1,267,000	—	675,000
New Jersey:
Paramus
-Office	100.0	%	85.6	%	26.38			2,800			129,000		129,000	—	—		Vornado's Administrative Headquarters
Property under Development:
Sunset Pier 94 Studios<br> (ground and building leased through 2110)**
‘-Studio	49.9	%	—		—			—			266,000		—	266,000	60,449
Properties to be Developed:
Hotel Pennsylvania site (PENN 15)
-Land	100.0	%	—		—			—			—		—	—	—
57th Street
-Land	50.0	%	—		—			—			—		—	—	—
Eighth Avenue and 34th Street
-Land	100.0	%	—		—			—			—		—	—	—
New York Office:
Total			85.2	%	$	91.08		$	1,516,100		20,352,000		20,086,000	266,000	$	8,435,663
Vornado's Ownership Interest			84.4	%	$	89.12		$	1,267,500		17,532,000		17,399,000	133,000	$	6,059,714
New York Retail:
Total			74.2	%	$	249.77		$	420,300		2,347,000		2,343,000	4,000	$	699,922
Vornado's Ownership Interest			72.2	%	$	209.49		$	284,500		1,945,000		1,941,000	4,000	$	466,409
New York Residential:
Total			96.3	%							1,212,000		1,196,000	16,000	$	675,000
Vornado's Ownership Interest			96.5	%							620,000		604,000	16,000	$	338,175

34 -

NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	%<br>Ownership		%<br>Occupancy		Weighted<br><br>Average Escalated<br><br>Annual Rent<br><br>PSF(1)			Annualized Escalated Rent(2)			Square Feet				Encumbrances<br><br>(non-GAAP)<br><br>(in thousands)(3)		Major Tenants
Property							Total<br>Property			In Service		Under Development<br>or Not Available<br>for Lease
NEW YORK (Continued):
ALEXANDER'S, INC.:
731 Lexington Avenue, Manhattan
-Office	32.4	%	100.0	%	$	143.96					952,000		952,000	—	$	400,000	Bloomberg L.P.
-Retail	32.4	%	25.6	%	404.49						128,000		128,000	—	300,000		Hutong, Capital One
	32.4	%	91.5	%	152.24			$	148,000		1,080,000		1,080,000	—	700,000
Rego Park I, Queens (4.8 acres)	32.4	%	100.0	%	73.43			6,300			338,000		86,000	252,000			Burlington, Marshalls
Rego Park II (adjacent to Rego Park I),
Queens (6.6 acres)	32.4	%	99.0	%	75.17			41,700			615,000		479,000	136,000	201,754		Costco, Kohl's, TJ Maxx, Best Buy
Flushing, Queens (1.0 acre ground leased through 2037)**	32.4	%	100.0	%	33.50			5,600			167,000		167,000	—	—		New World Mall LLC
The Alexander Apartment Tower,
Rego Park, Queens, NY
-Residential (312 units)	32.4	%	93.9	%							255,000		255,000	—	94,000
Total Alexander's	32.4	%	94.7	%	115.21			201,600			2,455,000		2,067,000	388,000	995,754
Total New York			84.9	%	$	105.74		$	2,138,000		26,366,000		25,692,000	674,000	$	10,806,339
Vornado's Ownership Interest			83.5	%	$	99.73		$	1,657,900		20,893,000		20,614,000	279,000	$	7,186,922

________________________________

* 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**.

35 -

OTHER SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	%<br>Ownership		%<br>Occupancy		Weighted<br><br>Average Escalated<br><br>Annual Rent<br><br>PSF(1)			Annualized Escalated Rent(2)			Square Feet				Encumbrances<br><br>(non-GAAP)<br><br>(in thousands)(3)		Major Tenants
Property							Total<br>Property			In Service		Under Development<br>or Not Available<br>for Lease
THE MART:
THE MART, Chicago
																	Motorola Mobility (guaranteed by Google), Avant LLC,
																	ANGI Home Services, Inc, Paypal, Inc., ConAgra Foods Inc.,
																	Allscripts Healthcare, Clear Channel Outdoor LLC*, IPG and affiliates,
																	Government Employees Insurance Company*, Medline Industries, Inc,
-Office	100.0	%	84.3	%	$	50.77		$	90,600		2,098,000		2,098,000	—			Innovation Development Institute, Inc., Allstate Insurance Company
-Showroom/Trade show	100.0	%	70.1	%	58.69			60,600			1,503,000		1,503,000	—			Holly Hunt Ltd., Baker Interiors Group, Ltd.
-Retail	100.0	%	71.2	%	49.01			3,000			91,000		91,000	—
	100.0	%	78.2	%	53.61			154,200			3,692,000		3,692,000	—	$	—
Other (1 property)	50.0	%	100.0	%	73.07			300			4,000		4,000	—	18,404
Total THE MART, Chicago								154,500			3,696,000		3,696,000	—	18,404
Property to be Developed:
527 West Kinzie, Chicago	100.0	%	—		—			—			—		—	—	—
Total THE MART			78.2	%	$	53.64		$	154,500		3,696,000		3,696,000	—	$	18,404
Vornado's Ownership Interest			78.2	%	$	53.63		$	154,400		3,694,000		3,694,000	—	$	9,202
555 California Street:
555 California Street	70.0	%	97.0	%	$	99.26		$	142,600		1,508,000		1,508,000	—	$	1,200,000	Bank of America, N.A., Dodge & Cox, Goldman Sachs & Co.,
																	Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,
																	McKinsey & Company Inc., UBS Financial Services,
																	KKR Financial, Microsoft Corporation,
																	Fenwick & West LLP, Sidley Austin
315 Montgomery Street	70.0	%	93.6	%	90.81			19,700			236,000		236,000	—	—		Bank of America, N.A., Regus, Ripple Labs Inc., Blue Shield,<br>Lending Home Corporation
345 Montgomery Street	70.0	%	—	%	—			—			78,000		78,000	—	—
Total 555 California Street			92.3	%	$	98.16		$	162,300		1,822,000		1,822,000	—	$	1,200,000
Vornado's Ownership Interest			92.3	%	$	98.16		$	113,600		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.

(3)Represents the contractual debt obligations.

36 -

OTHER SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	%<br>Ownership		%<br>Occupancy		Weighted<br><br>Average Escalated<br><br>Annual Rent<br><br>PSF(1)				Annualized Escalated Rent(2)		Square Feet			Encumbrances<br><br>(non-GAAP)<br><br>(in thousands)(3)	Major Tenants
Property							Total<br>Property						Under Development<br>or Not Available<br>for Lease
								In Service
OTHER:
Virginia:
Rosslyn Plaza
-Office - 4 buildings	46.2	%	27.7	%	$	51.18					736,000	432,000		304,000			Nathan Associates
-Residential - 2 buildings (197 units)	43.7	%	100.0	%							253,000	253,000		—
	45.6	%							$	6,000	989,000	685,000		304,000	$	25,000
Fashion Centre Mall / Washington Tower
-Office	7.5	%	75.0	%	58.35						170,000	170,000		—	42,300		The Rand Corporation
-Retail	7.5	%	97.6	%	38.83						868,000	868,000		—	412,700		Macy's, Nordstrom
	7.5	%	93.9	%	41.38				52,700		1,038,000	1,038,000		—	455,000
New Jersey:
Wayne Town Center, Wayne<br>(ground leased through 2064)**	100.0	%	100.0	%	28.99				13,400		690,000	686,000		4,000	—		Costco, Dick's Sporting Goods,
																	Nordstrom Rack, UFC FIT
Atlantic City<br><br>(11.3 acres ground leased through 2070 to VICI Properties for a<br><br>portion of the Borgata Hotel and Casino complex)	100.0	%	100.0	%	—				8,100		—	—		—	—		VICI Properties (ground lessee)
Maryland:
Annapolis<br>(ground and building leased through 2042)**	100.0	%	100.0	%	11.70				1,400		128,000	128,000		—	—		The Home Depot
Total Other			83.5	%	$	38.50			$	81,600	2,845,000	2,537,000		308,000	$	480,000
Vornado's Ownership Interest			86.3	%	$	24.84			$	29,700	1,346,000	1,202,000		144,000	$	46,728

________________________________

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

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

(3)Represents the contractual debt obligations.

37 -

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/Connor Mitchell
BMO Capital Markets		Green Street Advisors	Piper Sandler
212-885-4115		949-640-8780	212-466-7937/203-861-7615
Nicholas Joseph/Seth Bergey		Anthony Paolone/Ray Zhong	Nicholas Yulico
Citi		JP Morgan	Scotia Capital (USA) Inc
212-816-1909/212-816-2066		212-622-6682/212-622-5411	212-225-6904
Floris van Dijkum		Mark Streeter/Ian Snyder	Michael Lewis
Compass Point		JP Morgan Fixed Income	Truist Securities
646-757-2621		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.

38 -

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.

NON-GAAP RECONCILIATIONS<br><br>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
	March 31,				December 31, 2024
	2025		2024
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	$	86,842	$	(9,034)	$	1,203
Per diluted share	$	0.43	$	(0.05)	$	0.01
FFO adjustments:
Depreciation and amortization of real property	$	104,257	$	96,783	$	101,824
Our share of partially owned entities:
Net gain on sale of real estate	(77,008)		—		—
Depreciation and amortization of real property	24,525		26,163		23,483
FFO adjustments, net	51,774		122,946		125,307
Impact of assumed conversion of dilutive convertible securities	310		388		358
Noncontrolling interests' share of above adjustments on a dilutive basis	(3,887)		(10,171)		(9,783)
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	135,039		104,129		117,085
Add back of FFO allocated to noncontrolling interests of the Operating Partnership	11,747		9,356		9,890
FFO attributable to Class A unitholders (non-GAAP)	$	146,786	$	113,485	$	126,975
FFO per diluted share (non-GAAP)	$	0.67	$	0.53	$	0.58

ii -

NON-GAAP RECONCILIATIONS<br>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
	March 31,				December 31, 2024
	2025		2024
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	135,039	$	104,129	$	117,085
Per diluted share (non-GAAP)	$	0.67	$	0.53	$	0.58
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities	$	(11,028)	$	—	$	—
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)	3,205		4,134		3,456
Other	(1,735)		1,009		2,104
	(9,558)		5,143		5,560
Noncontrolling interests' share of above adjustments on a dilutive basis	764		(425)		(433)
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net	$	(8,794)	$	4,718	$	5,127
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	126,245	$	108,847	$	122,212
Per diluted share (non-GAAP)	$	0.63	$	0.55	$	0.61

iii -

NON-GAAP RECONCILIATIONS<br><br>RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited)
(Amounts in thousands)
		For the Three Months Ended
		March 31,					December 31, 2024
		2025			2024
FFO attributable to common shareholders, plus assumed conversions	(A)	$	135,039		$	104,129	$	117,085
Adjustments to arrive at FAD (at Vornado's share):
Certain items that impact FAD		(9,558)			5,143		5,560
Recurring tenant improvements, leasing commissions and other capital expenditures		(48,071)			(39,633)		(55,350)
Stock-based compensation expense		6,022			7,519		7,359
Amortization of debt issuance costs and other non-cash interest expense		12,089			17,388		13,280
Personal property depreciation		1,526			1,428		1,532
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other		(23,919)			(1,511)		(8,378)
Noncontrolling interests in the Operating Partnership's share of above adjustments		5,139			800		2,946
FAD adjustments, net	(B)	(56,772)			(8,866)		(33,051)
FAD (non-GAAP)	(A+B)	$	78,267		$	95,263	$	84,034
FAD payout ratio		N/A		(1)	N/A		N/A

________________________________

(1)For 2025, we anticipate continuing our recent common share dividend policy of paying one common share dividend in the fourth quarter, subject to approval by our Board of Trustees.

iv -

NON-GAAP RECONCILIATIONS<br><br>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
---	---	---	---	---	---	---
	March 31,				December 31, 2024
	2025		2024
Net income (loss)	$	99,824	$	(6,273)	$	5,758
Depreciation and amortization expense	116,155		108,659		113,061
General and administrative expense	38,597		37,897		36,637
Transaction related costs and other	43		653		1,341
Income from partially owned entities	(96,977)		(16,279)		(30,007)
Interest and other investment income, net	(8,261)		(11,724)		(11,348)
Interest and debt expense	95,816		90,478		100,483
Net gains on disposition of wholly owned and partially owned assets	(15,551)		—		—
Income tax expense	7,193		6,740		5,822
NOI from partially owned entities	67,111		70,369		73,270
NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,660)		(11,396)		(10,051)
NOI at share	293,290		269,124		284,966
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(23,919)		(1,511)		(8,378)
NOI at share - cash basis	$	269,371	$	267,613	$	276,588

NON-GAAP RECONCILIATIONS<br><br>COMPONENTS OF NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS (unaudited)
(Amounts in thousands)			For the Three Months Ended March 31,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2025		2024		2025		2024		2025		2024		2025		2024		2025		2024
New York	$	376,206	$	358,234	$	(183,640)	$	(188,278)	$	192,566	$	169,956	$	(18,710)	$	1,271	$	173,856	$	171,227
Other	85,373		78,141		(41,100)		(37,946)		44,273		40,195		1,798		870		46,071		41,065
Consolidated total	461,579		436,375		(224,740)		(226,224)		236,839		210,151		(16,912)		2,141		219,927		212,292
Noncontrolling interests' share in consolidated subsidiaries	(53,035)		(53,167)		42,375		41,771		(10,660)		(11,396)		(3,770)		(5,138)		(14,430)		(16,534)
Our share of partially owned entities	116,389		120,742		(49,278)		(50,373)		67,111		70,369		(3,237)		1,486		63,874		71,855
Vornado's share	$	524,933	$	503,950	$	(231,643)	$	(234,826)	$	293,290	$	269,124	$	(23,919)	$	(1,511)	$	269,371	$	267,613	For the Three Months Ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Total Revenues		Operating Expenses		NOI		Non-cash Adjustments(1)		NOI - cash basis
New York	$	383,702	$	(194,195)	$	189,507	$	(8,222)	$	181,285
Other	74,088		(41,848)		32,240		7,543		39,783
Consolidated total	457,790		(236,043)		221,747		(679)		221,068
Noncontrolling interests' share in consolidated subsidiaries	(53,503)		43,452		(10,051)		(5,175)		(15,226)
Our share of partially owned entities	122,859		(49,589)		73,270		(2,524)		70,746
Vornado's share	$	527,146	$	(242,180)	$	284,966	$	(8,378)	$	276,588

________________________________

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

vi -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO MARCH 31, 2024 (unaudited)
(Amounts in thousands)			Total			New York			THE MART			555 California Street			Other
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NOI at share for the three months ended March 31, 2025	$	293,290		$	253,317		$	15,916		$	17,843		$	6,214
Less NOI at share from:
Dispositions	(221)			(153)			(68)			—			—
Development properties	(6,730)			(6,730)			—			—			—
Other non-same store income, net	(27,536)			(20,866)			—			(456)			(6,214)
Same store NOI at share for the three months ended March 31, 2025	$	258,803		$	225,568		$	15,848		$	17,387		$	—
NOI at share for the three months ended March 31, 2024	$	269,124		$	233,129		$	14,486		$	16,529		$	4,980
Less NOI at share from:
Dispositions	(3,408)			(3,374)			(34)			—			—
Development properties	(9,727)			(9,727)			—			—			—
Other non-same store income, net	(6,029)			(1,049)			—			—			(4,980)
Same store NOI at share for the three months ended March 31, 2024	$	249,960		$	218,979		$	14,452		$	16,529		$	—
Increase in same store NOI at share	$	8,843		$	6,589		$	1,396		$	858		$	—
% increase in same store NOI at share	3.5		%	3.0		%	9.7		%	5.2		%	0.0		%

vii -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO MARCH 31, 2024 (unaudited)
(Amounts in thousands)			Total			New York			THE MART			555 California Street			Other
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NOI at share - cash basis for the three months ended March 31, 2025	$	269,371		$	227,570		$	17,517		$	18,137		$	6,147
Less NOI at share - cash basis from:
Dispositions	(223)			(153)			(70)			—			—
Development properties	(6,489)			(6,489)			—			—			—
Other non-same store income, net	(11,631)			(5,484)			—			—			(6,147)
Same store NOI at share - cash basis for the three months ended March 31, 2025	$	251,028		$	215,444		$	17,447		$	18,137		$	—
NOI at share - cash basis for the three months ended March 31, 2024	$	267,613		$	230,794		$	14,949		$	16,938		$	4,932
Less NOI at share - cash basis from:
Dispositions	(2,894)			(2,895)			1			—			—
Development properties	(9,244)			(9,244)			—			—			—
Other non-same store income, net	(6,598)			(1,666)			—			—			(4,932)
Same store NOI at share - cash basis for the three months ended March 31, 2024	$	248,877		$	216,989		$	14,950		$	16,938		$	—
Increase (decrease) in same store NOI at share - cash basis	$	2,151		$	(1,545)		$	2,497		$	1,199		$	—
% increase (decrease) in same store NOI at share - cash basis	0.9		%	(0.7)		%	16.7		%	7.1		%	0.0		%

viii -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO DECEMBER 31, 2024 (unaudited)
(Amounts in thousands)			Total			New York			THE MART			555 California Street			Other
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NOI at share for the three months ended March 31, 2025	$	293,290		$	253,317		$	15,916		$	17,843		$	6,214
Less NOI at share from:
Dispositions	(221)			(153)			(68)			—			—
Development properties	(6,196)			(6,196)			—			—			—
Other non-same store income, net	(26,946)			(20,276)			—			(456)			(6,214)
Same store NOI at share for the three months ended March 31, 2025	$	259,927		$	226,692		$	15,848		$	17,387		$	—
NOI at share for the three months ended December 31, 2024	$	284,966		$	257,040		$	6,168		$	15,854		$	5,904
Less NOI at share from:
Dispositions	(3,610)			(3,518)			(92)			—			—
Development properties	(5,627)			(5,627)			—			—			—
Other non-same store income, net	(11,880)			(5,850)			—			(126)			(5,904)
Same store NOI at share for the three months ended December 31, 2024	$	263,849		$	242,045		$	6,076		$	15,728		$	—
(Decrease) increase in same store NOI at share	$	(3,922)		$	(15,353)		$	9,772		$	1,659		$	—
% (decrease) increase in same store NOI at share	(1.5)		%	(6.3)		%	160.8		%	10.5		%	0.0		%

ix -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO DECEMBER 31, 2024 (unaudited)			Total			New York			THE MART			555 California Street			Other
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NOI at share - cash basis for the three months ended March 31, 2025	$	269,371		$	227,570		$	17,517		$	18,137		$	6,147
Less NOI at share - cash basis from:
Dispositions	(223)			(153)			(70)			—			—
Development properties	137			137			—			—			—
Other non-same store income, net	(10,995)			(4,848)			—			—			(6,147)
Same store NOI at share - cash basis for the three months ended March 31, 2025	$	258,290		$	222,706		$	17,447		$	18,137		$	—
NOI at share - cash basis for the three months ended December 31, 2024	$	276,588		$	241,933		$	10,550		$	18,138		$	5,967
Less NOI at share - cash basis from:
Dispositions	(2,312)			(2,218)			(94)			—			—
Development properties	(1,664)			(1,664)			—			—			—
Other non-same store income, net	(10,263)			(4,153)			—			(143)			(5,967)
Same store NOI at share - cash basis for the three months ended December 31, 2024	$	262,349		$	233,898		$	10,456		$	17,995		$	—
(Decrease) increase in same store NOI at share - cash basis	$	(4,059)		$	(11,192)		$	6,991		$	142		$	—
% (decrease) increase in same store NOI at share - cash basis	(1.5)		%	(4.8)		%	66.9		%	0.8		%	0.0		%

NON-GAAP RECONCILIATIONS
RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)
	As of March 31, 2025
	Consolidated Debt, Net		Deferred Financing Costs, Net and Other		Consolidated Contractual Debt
Mortgages payable	$	5,674,519	$	28,288	$	5,702,807
Senior unsecured notes	746,282		3,718		750,000
$800 Million unsecured term loan	796,295		3,705		800,000
$2.2 Billion unsecured revolving credit facilities	575,000		—		575,000
	$	7,792,096	$	35,711	$	7,827,807

xi -

NON-GAAP RECONCILIATIONS<br><br>RECONCILIATION OF NET INCOME (LOSS) TO EBITDAre (unaudited)
(Amounts in thousands)			For the Three Months Ended
---	---	---	---	---	---	---
	March 31,				December 31, 2024
	2025		2024
Reconciliation of net income (loss) to EBITDAre (non-GAAP):
Net income (loss)	$	99,824	$	(6,273)	$	5,758
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	10,433		11,982		11,107
Net income attributable to the Operating Partnership	110,257		5,709		16,865
EBITDAre adjustments at share:
Depreciation and amortization expense	130,308		124,374		126,839
Interest and debt expense	117,891		117,340		121,875
Income tax expense	7,414		7,426		5,381
Net gains on sale of real estate	(77,008)		—		—
EBITDAre at share	288,862		254,849		270,960
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	11,314		12,076		10,819
EBITDAre (non-GAAP)	$	300,176	$	266,925	$	281,779

xii -

NON-GAAP RECONCILIATIONS<br><br>RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	For the Three Months Ended
	March 31,				December 31, 2024
	2025		2024
EBITDAre (non-GAAP)	$	300,176	$	266,925	$	281,779
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(11,314)		(12,076)		(10,819)
Certain (income) expense items that impact EBITDAre:
Gain on sale of 220 CPS condominium units and ancillary amenities	(13,576)		—		—
Other	(1,589)		1,009		1,732
Total of certain (income) expense items that impact EBITDAre	(15,165)		1,009		1,732
EBITDAre, as adjusted (non-GAAP)	$	273,697	$	255,858	$	272,692

xiii -

Document


	Page
FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS	3	-	5
DEBT AND CAPITALIZATION
Unsecured Notes Covenant Ratios and Credit Ratings	6
Liquidity and Capitalization	7
Net Debt to EBITDAre, As Adjusted / Debt Snapshot	8
Hedging Instruments	9
Consolidated Debt Maturities	10	-	11
PROPERTY STATISTICS
Top 15 Tenants	12
Lease Expirations	13
DEVELOPMENT ACTIVITY
Development/Redevelopment - Active Projects	14
APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS	i	-	v

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, 2024. 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 Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this supplemental package on page ii in the Appendix.

This supplemental package should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and the Company’s Supplemental Operating and Financial Data package for the quarter ended March 31, 2025, both of which can be accessed at the Company’s website www.vno.com.

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

First Quarter 2025 Financial Highlights

Net income attributable to common shareholders for the quarter ended March 31, 2025 was $86,842,000, or $0.43 per diluted share, compared to a net loss attributable to common shareholders of $9,034,000, or $0.05 per diluted share, for the prior year's quarter. The increase is primarily due to the $76,162,000 net gain recognized upon the disposition of a portion of the 666 Fifth condominium to UNIQLO, and the $17,240,000 reversal of PENN 1 rent expense previously accrued following the April 2025 rent reset determination.

EBITDAre, as adjusted (non-GAAP) for the quarter ended March 31, 2025 was $273,697,000, compared to $255,858,000 for the prior year’s quarter.

Liquidity

As of March 31, 2025, we had $2.3 billion of liquidity comprised of $807.0 million of cash and cash equivalents and restricted cash and $1.5 billion available on our $2.2 billion revolving credit facilities.

Active Development

As of March 31, 2025, we have expended $783,456,000 of cash with an estimated $66,544,000 remaining to be spent for PENN 2 and PENN districtwide improvements.

We have a 49.9% interest in a joint venture that is developing Sunset Pier 94 Studios. During 2024, we fully funded our $34,000,000 share of cash contributions.

2025 Business Developments

770 Broadway

We used a portion of the prepaid lease payment to repay the $700,000,000 mortgage loan which previously encumbered the property.

We will retain the 92,000 square feet retail condominium leased to Wegmans.

PENN 1 Ground Rent Reset Determination

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

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

2025 Business Developments - continued

Dispositions

666 Fifth Avenue (Fifth Avenue and Times Square JV)

220 Central Park South

Financing Activity

Senior Unsecured Notes due 2025

We repaid our $450,000,000 3.50% senior unsecured notes on their January 15, 2025 maturity date.

1535 Broadway (Fifth Avenue and Times Square JV)

Sustainability Margin Adjustment

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

2025 Business Developments - continued

Leasing Activity

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.

(Square feet in thousands)	New York									555 California Street
	Office			Retail			THE MART
Three Months Ended March 31, 2025
Total square feet leased	709			25			83			222
Our share of square feet leased:	685			18			83			155
Initial rent(1)	$	95.53		$	222.20		$	51.33		$	120.65
Weighted average lease term (years)	14.7			14.3			8.0			13.1
Second generation relet space:
Square feet	254			10			42			155
GAAP basis:
Straight-line rent(2)	$	80.23		$	139.99		$	51.80		$	132.08
Prior straight-line rent	$	73.25		$	108.59		$	54.68		$	110.28
Percentage increase (decrease)	9.5		%	28.9		%	(5.3)		%	19.8		%
Cash basis (non-GAAP):
Initial rent(1)	$	84.72		$	139.40		$	51.67		$	121.04
Prior escalated rent	$	79.56		$	112.57		$	60.43		$	117.37
Percentage increase (decrease)	6.5		%	23.8		%	(14.5)		%	3.1		%
Tenant improvements and leasing commissions:
Per square foot	$	168.88		$	377.61		$	90.82		$	229.71
Per square foot per annum	$	11.49		$	26.41		$	11.35		$	17.54
Percentage of initial rent	12.0		%	11.9		%	22.1		%	14.5		%

________________________________

(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.

UNSECURED NOTES COVENANT RATIOS AND CREDIT RATINGS (unaudited)
(Amounts in thousands)				As of
---	---	---	---	---	---
Unsecured Notes Covenant Ratios(1)	Required	March 31, <br>2025	December 31, <br>2024	September 30, <br>2024	June 30, <br>2024
Total outstanding debt/total assets(2)	Less than 65%	48%	49%	49%	47%
Secured debt/total assets	Less than 50%	35%	35%	35%	33%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50	1.87	1.77	1.71	1.87
Unencumbered assets/unsecured debt	Greater than 150%	470%	388%	396%	425%		Consolidated Unencumbered EBITDA(1) (non-GAAP):	Q1 2025<br>Annualized
---	---	---
New York	$	313,860
Other	84,440
Total	$	398,300		Credit Ratings(3):	Rating	Outlook
---	---	---
Moody’s	Ba1	Stable
S&P	BBB-	Negative
Fitch	BB+	Stable

________________________________

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

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

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

LIQUIDITY AND CAPITALIZATION (unaudited)
(Amounts in thousands, except per share amounts)		Liquidity Snapshot
---

(1)	The debt balances presented represent contractual debt balances. See reconciliation on page iii in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of March 31, 2025.
(2)	Prior to May 3, 2024, the $915 million revolving credit facility had full capacity of $1.25 billion.
(3)	Based on the Vornado Realty Trust (NYSE: VNO) March 31, 2025 quarter end closing common share price of $36.99.

Company capitalization(1):	Amount		% Total
Consolidated mortgages payable (at 100%)	$	5,702,807	34%
Unsecured debt (contractual)	2,125,000		13%
Perpetual preferred shares/units	1,223,035		7%
Equity(3)	7,769,750		46%
Total	16,820,592		100%
Pro rata share of debt of non-consolidated entities	2,487,104
Less: Noncontrolling interests' share of consolidated debt	(682,059)
Total at share	$	18,625,637

NET DEBT TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	As of and For the Trailing Twelve Months Ended March 31, 2025				As of and For the Year Ended December 31,
				2024				2023				2022
Secured debt	$	5,702,807			$	5,707,176			$	5,729,615			$	5,877,615
Unsecured debt	2,125,000				2,575,000				2,575,000				2,575,000
Pro rata share of debt of non-consolidated entities	2,487,104				2,477,701				2,654,701				2,697,226
Less: Noncontrolling interests’ share of consolidated debt	(682,059)				(682,059)				(682,059)				(682,059)
Company’s pro rata share of total debt	$	9,632,852			$	10,077,818			$	10,277,257			$	10,467,782
% Unsecured debt					26%				25%				25%
Company’s pro rata share of total debt	$	9,632,852			$	10,077,818			$	10,277,257			$	10,467,782
Less: Cash and cash equivalents and investments in U.S. Treasury bills	(568,861)				(733,947)				(997,002)				(1,361,651)
Less: Escrowed cash included within restricted cash on our balance sheet	(202,429)				(187,416)				(221,578)				(94,374)
Less: Pro rata share of unconsolidated partially owned entities’ cash and cash equivalents and escrowed cash	(262,927)				(248,835)				(295,983)				(316,385)
Plus: Noncontrolling interests’ share of cash and cash equivalents, escrowed cash and investments in U.S. Treasury bills	116,181				129,160				101,564				94,100
Less: Participation in 150 West 34th Street mortgage loan	—				—				—				(105,000)
Net debt	$	8,714,816			$	9,036,780			$	8,864,258			$	8,684,472
EBITDAre, as adjusted (non-GAAP)	$	1,067,159			$	1,049,320			$	1,081,332			$	1,090,564
Net debt / EBITDAre, as adjusted (non-GAAP)	8.2		x		8.6		x		8.2		x		8.0		x

See page ii in the Appendix for definitions of EBITDAre and net debt to EBITDAre, as adjusted. See reconciliation of net income (loss) to EBITDAre on page iv in the Appendix and reconciliation of EBITDAre to EBITDAre, as adjusted on page v in the Appendix.

DEBT SNAPSHOT (unaudited)
(Amounts in thousands)
	As of March 31, 2025
	Total			Variable			Fixed(1)
(Contractual debt balances)	Amount		Weighted<br>Average<br>Interest Rate	Amount		Weighted<br>Average<br>Interest Rate	Amount		Weighted<br>Average<br>Interest Rate
Consolidated debt(2)	$	7,827,807	4.61%	$	1,307,807	5.92%(3)	$	6,520,000	4.34%
Pro rata share of debt of non-consolidated entities	2,487,104		5.13%	458,282		6.39%	2,028,822		4.85%
Total	10,314,911		4.73%	1,766,089		6.04%	8,548,822		4.46%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)	(682,059)			(397,059)			(285,000)
Company's pro rata share of total debt	$	9,632,852	4.73%	$	1,369,030	5.95%	$	8,263,822	4.53%

________________________________

(1) Includes variable rate debt with interest rates fixed by interest rate swap arrangements and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement.

(2) See reconciliation on page iii in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of March 31, 2025.

(3) Excludes additional 3.00% default interest on the 606 Broadway mortgage loan.

HEDGING INSTRUMENTS AS OF MARCH 31, 2025 (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+205	$	840,000			05/26	6.03%
770 Broadway mortgage loan	700,000			07/27		S+225	700,000				07/27	4.98%
PENN 11 mortgage loan	500,000			10/25		S+206	500,000				10/25	6.28%
Unsecured revolving credit facility	575,000			12/27		S+115	575,000				08/27	3.88%
Unsecured term loan	800,000			12/27		S+130
Through 07/25							700,000				07/25	4.53%
07/25 through 10/26							550,000				10/26	4.36%
10/26 through 8/27							50,000				08/27	4.04%
100 West 33rd Street mortgage loan	480,000			06/27		S+185	480,000				06/27	5.26%
888 Seventh Avenue mortgage loan	253,688			12/25		S+180	200,000				09/27	4.76%
435 Seventh Avenue mortgage loan	75,000			04/28		S+210	75,000				04/26	6.96%
Unconsolidated:
280 Park Avenue mortgage loan	537,500			09/27		S+178	537,500				09/28	5.84%
731 Lexington Avenue - retail condominium mortgage loan	97,200			08/25		S+151	97,200				05/25	1.76%
Interest Rate Caps:												Index Strike Rate	Cash Interest Rate(2)	Effective Interest Rate(3)
Consolidated:
1290 Avenue of the Americas mortgage loan	$	665,000		11/28		S+162	$	665,000			11/25	1.00%	2.62%	5.94%
One Park Avenue mortgage loan	525,000			03/26		S+122	525,000				03/26	4.39%	5.54%	5.60%
150 West 34th Street mortgage loan	75,000			02/28		S+215	75,000				02/26	5.00%	6.46%	7.06%
Unconsolidated:
61 Ninth Avenue mortgage loan	75,543			01/26		S+146	75,543				01/26	4.39%	5.79%	6.24%
512 West 22nd Street mortgage loan	68,581			06/25		S+235	68,581				06/25	4.50%	6.67%	6.98%
Rego Park II mortgage loan	65,368			12/25		S+145	65,368				12/25	4.15%	5.60%	5.93%
Fashion Centre Mall/Washington Tower mortgage loan	34,125			05/26		S+305	34,125				05/25	3.00%	6.05%	7.61%
Debt subject to interest rate swaps and subject to a 1.00% SOFR interest rate cap							$	5,369,700
Variable rate debt subject to interest rate caps							843,617
Fixed rate debt per loan agreements							2,894,122
Variable rate debt not subject to interest rate swaps or caps							525,413		(4)
Total debt at share							$	9,632,852

________________________________

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

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

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

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

CONSOLIDATED DEBT MATURITIES (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Consolidated Debt Maturity Schedule(1) as of March 31, 2025<br><br>(Excludes pro rata share of JV debt)(2)
---

Consolidated (100%):
Secured	$	947,807		(3)	$	525,000		$	1,580,000		$	2,300,000		$	—		$	350,000
Unsecured	—				400,000			1,375,000			—			—			350,000
Total consolidated debt (100%)	$	947,807			$	925,000		$	2,955,000		$	2,300,000		$	—		$	700,000
% of total consolidated debt	12.1		%		11.8		%	37.8		%	29.4		%	0.00		%	8.9		%
Debt maturities at share:
Consolidated debt (100%)	$	947,807			$	925,000		$	2,955,000		$	2,300,000		$	—		$	700,000
Pro rata share of debt of non-consolidated entities	569,324				650,310			577,158			288,949			366,538			34,825
Less: Noncontrolling interests' share of consolidated debt	(37,059)				—			—			(645,000)			—			—
Total debt at share	$	1,480,072			$	1,575,310		$	3,532,158		$	1,943,949		$	366,538		$	734,825
% of total debt at share	15.4		%		16.4		%	36.7		%	20.2		%	3.8		%	7.5		%

_______________________________

(1)Assumes the exercise of as-of-right extension options. Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity, and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement. See the previous page for information on interest rate swap arrangements.

(2)The Operating Partnership guarantees an aggregate $303,000 of JV partnership debt, primarily comprised of the $300,000 mortgage loan on 7 West 34th Street. These amounts are excluded from the consolidated debt maturity chart presented above.

(3)Includes the 606 Broadway $74,119 non-recourse mortgage loan, which in September 2024 matured and was not repaid, resulting in the lenders declaring an event of default.

CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property	Maturity Date(1)	Spread over SOFR			Interest Rate(2)		2025		2026		2027		2028		2029		Thereafter		Total
Secured Debt:
606 Broadway (50.0% interest)	(3)		S+191		6.24%	(4)	$	74,119	$	—	$	—	$	—	$	—	$	—	$	74,119
4 Union Square South	08/25		S+150		5.82%		120,000		—		—		—		—		—		120,000
PENN 11	10/25				6.28%		500,000		—		—		—		—		—		500,000
888 Seventh Avenue	12/25		S+180	(5)	5.05%		253,688		—		—		—		—		—		253,688
One Park Avenue	03/26		S+122		5.54%		—		525,000		—		—		—		—		525,000
350 Park Avenue	01/27				3.92%		—		—		400,000		—		—		—		400,000
100 West 33rd Street	06/27				5.26%		—		—		480,000		—		—		—		480,000
770 Broadway	07/27				4.98%		—		—		700,000		—		—		—		700,000
150 West 34th Street	02/28		S+215		6.46%		—		—		—		75,000		—		—		75,000
435 Seventh Avenue	04/28				6.96%		—		—		—		75,000		—		—		75,000
555 California Street (70.0% interest)	05/28		S+205	(5)	6.13%		—		—		—		1,200,000		—		—		1,200,000
1290 Avenue of the Americas (70.0% interest)	11/28				2.62%		—		—		—		950,000		—		—		950,000
909 Third Avenue	04/31				3.23%		—		—		—		—		—		350,000		350,000
Total Secured Debt							947,807		525,000		1,580,000		2,300,000		—		350,000		5,702,807
Unsecured Debt:
Senior unsecured notes due 2026	06/26				2.15%		—		400,000		—		—		—		—		400,000
$1.25 Billion unsecured revolving credit facility	12/27				3.88%	(6)	—		—		575,000		—		—		—		575,000
$800 Million unsecured term loan	12/27		S+130	(5)	4.66%	(6)	—		—		800,000		—		—		—		800,000
$915 Million unsecured revolving credit facility	04/29		S+120		—		—		—		—		—		—		—		—
Senior unsecured notes due 2031	06/31				3.40%		—		—		—		—		—		350,000		350,000
Total Unsecured Debt							—		400,000		1,375,000		—		—		350,000		2,125,000
Total Debt							$	947,807	$	925,000	$	2,955,000	$	2,300,000	$	—	$	700,000	$	7,827,807
Weighted average rate							5.89%		4.07%		4.58%		4.72%		0.00%		3.32%		4.61%
Fixed rate debt(7)							$	700,000	$	400,000	$	2,855,000	$	1,865,000	$	—	$	700,000	$	6,520,000
Fixed weighted average rate expiring							5.84%		2.15%		4.54%		4.33%		0.00%		3.32%		4.34%
Floating rate debt							$	247,807	$	525,000	$	100,000	$	435,000	$	—	$	—	$	1,307,807
Floating weighted average rate expiring							6.01%		5.54%		5.62%		6.38%		0.00%		0.00%		5.92%

________________________________

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

(3)On September 5, 2024, the non-recourse loan matured and was not repaid, at which time the lenders declared an event of default.

(4)Excludes additional 3.00% default interest on the 606 Broadway mortgage loan.

(5)Balance is partially hedged by interest rate swap arrangements. See page 9 for details.

(7)Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity, and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement. See page 9 for information on interest rate swap arrangements.

TOP 15 TENANTS (unaudited)
(Amounts in thousands, except square feet)
Tenants	Square Footage At Share	Annualized Escalated Rents<br><br>At Share(1)		% of Total Annualized Escalated Rents<br>At Share
Meta Platforms, Inc.	1,176,828	$	141,813	7.6	%
IPG and affiliates	955,211	63,844		3.5	%
Citadel	585,460	62,498		3.4	%
New York University	685,290	48,998		2.6	%
Madison Square Garden & Affiliates	449,053	45,451		2.4	%
Bloomberg L.P.	306,768	43,867		2.3	%
Google/Motorola Mobility (guaranteed by Google)	759,446	43,355		2.3	%
UMG Recordings, Inc,	336,700	35,411		1.9	%
Amazon (including its Whole Foods subsidiary)	312,694	31,044		1.6	%
Neuberger Berman Group LLC	306,612	28,363		1.5	%
Bank of America	247,615	27,452		1.5	%
Apple Inc.	473,311	26,948		1.4	%
LVMH Brands	65,060	26,786		1.4	%
AMC Networks, Inc.	326,717	26,183		1.4	%
WeWork	303,741	25,818		1.4	%
				36.2	%

________________________________

LEASE EXPIRATIONS (unaudited)
(Amounts in thousands)		Our Share of Square Feet of Expiring Leases<br>As of March 31, 2025
---

New York Office	421	1,068	1,357	1,082	1,289	713	783	1,039	548	748	970	4,500
New York Retail	183	21	52	26	53	146	68	52	39	147	33	436
THE MART	97	284	199	712	187	94	227	508	54	51	48	376
555 California Street	123	160	86	112	143	85	29	13	15	—	210	177
Total	824	1,533	1,694	1,932	1,672	1,038	1,107	1,612	656	946	1,261	5,489
% of total	4.2%	7.8%	8.6%	9.8%	8.5%	5.3%	5.6%	8.2%	3.3%	4.8%	6.4%	27.5%

_______________________________

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

DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS
(Amounts in thousands, except square feet)
		(at Vornado’s share)								Projected Incremental<br>Cash Yield
New York segment:	Property<br>Rentable<br>Sq. Ft.	Budget			Cash Amount<br>Expended		Remaining Expenditures		Stabilization Year
PENN District:
PENN 2	1,815,000	$	750,000		$	708,267	$	41,733	2026		10.2%
Districtwide Improvements	N/A	100,000			75,189		24,811		N/A		N/A
Total PENN District		850,000		(1)	783,456		66,544
Sunset Pier 94 Studios (49.9% interest)	266,000	125,000		(2)	66,551		58,449		2026		10.3%
Total Active Development Projects		$	975,000		$	850,007	$	124,993

________________________________

(1)Excluding debt and equity carry.

APPENDIX

DEFINITIONS AND NON-GAAP RECONCILIATIONS

FIXED INCOME SUPPLEMENTAL DEFINITIONS

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

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

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

NON-GAAP RECONCILIATIONS<br><br>RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)
	As of March 31, 2025
	Consolidated Debt, Net		Deferred Financing Costs, Net and Other		Consolidated Contractual Debt
Mortgages payable	$	5,674,519	$	28,288	$	5,702,807
Senior unsecured notes	746,282		3,718		750,000
$800 Million unsecured term loan	796,295		3,705		800,000
$2.2 Billion unsecured revolving credit facilities	575,000		—		575,000
	$	7,792,096	$	35,711	$	7,827,807

iii

NON-GAAP RECONCILIATIONS<br><br>RECONCILIATION OF NET INCOME (LOSS) TO EBITDAre (unaudited)
(Amounts in thousands)			For the Three Months Ended March 31,				For the Trailing Twelve Months Ended		For the Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---
	2025		2024		March 31, 2025		2024		2023		2022
Reconciliation of net income (loss) to EBITDAre (non-GAAP):
Net income (loss)	$	99,824	$	(6,273)	$	126,213	$	20,116	$	32,888	$	(382,612)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	10,433		11,982		49,582		51,131		75,967		5,737
Net income (loss) attributable to the Operating Partnership	110,257		5,709		175,795		71,247		108,855		(376,875)
EBITDAre adjustments at share:
Depreciation and amortization expense	130,308		124,374		513,144		507,210		499,357		593,322
Interest and debt expense	117,891		117,340		458,651		458,100		458,400		362,321
Income tax expense	7,414		7,426		23,433		23,445		30,465		23,404
Real estate impairment losses	—		—		—		—		73,289		595,488
Net gains on sale of real estate	(77,008)		—		(77,881)		(873)		(72,955)		(58,920)
EBITDAre at share	288,862		254,849		1,093,142		1,059,129		1,097,411		1,138,740
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	11,314		12,076		41,363		42,125		39,405		71,786
EBITDAre (non-GAAP)	$	300,176	$	266,925	$	1,134,505	$	1,101,254	$	1,136,816	$	1,210,526

NON-GAAP RECONCILIATIONS<br><br>RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	For the Three Months Ended March 31,				For the Trailing Twelve Months Ended		For the Year Ended December 31,
	2025		2024		March 31, 2025		2024		2023		2022
EBITDAre (non-GAAP)	$	300,176	$	266,925	$	1,134,505	$	1,101,254	$	1,136,816	$	1,210,526
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(11,314)		(12,076)		(41,363)		(42,125)		(39,405)		(71,786)
Certain (income) expense items that impact EBITDAre:
Gain on sale of 220 CPS condominium units and ancillary amenities	(13,576)		—		(28,751)		(15,175)		(14,127)		(41,874)
Other	(1,589)		1,009		2,768		5,366		(1,952)		(6,302)
Total of certain (income) expense items that impact EBITDAre	(15,165)		1,009		(25,983)		(9,809)		(16,079)		(48,176)
EBITDAre, as adjusted (non-GAAP)	$	273,697	$	255,858	$	1,067,159	$	1,049,320	$	1,081,332	$	1,090,564