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):

August 5, 2024

VORNADO REALTY TRUST

(Exact Name of Registrant as Specified in Charter)

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

VORNADO REALTY L.P.

(Exact Name of Registrant as Specified in Charter)

Delaware	No.	001-34482	No.
(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 August 5, 2024, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the second quarter of 2024. 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 6, 2024
	99.2	Vornado Realty Trust supplemental operating and financial data for the quarter ended March 31, 2024
	99.3	Vornado Realty Trust supplemental fixed income data for the quarter ended March 31, 2024
	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: August 5, 2024

SIGNATURE

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

VORNADO REALTY L.P.
(Registrant)
By:	VORNADO REALTY TRUST,
	Sole General Partner
By:	/s/ Deirdre Maddock
Name:	Deirdre Maddock
Title:	Chief Accounting Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. (duly authorized officer and principal accounting officer)

Date: August 5, 2024

Document

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

Vornado Announces Second Quarter 2024 Financial Results

New York City | August 5, 2024

Vornado Realty Trust (NYSE: VNO) reported today:

Quarter Ended June 30, 2024 Financial Results

NET INCOME attributable to common shareholders for the quarter ended June 30, 2024 was $35,260,000, or $0.18 per diluted share, compared to $46,377,000, or $0.24 per diluted share, for the prior year's quarter.

FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended June 30, 2024 was $148,944,000, or $0.76 per diluted share, compared to $144,059,000, or $0.74 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended June 30, 2024 was $112,766,000, or $0.57 per diluted share, and $140,737,000, or $0.72 per diluted share, for the prior year's quarter.

Six Months Ended June 30, 2024 Financial Results

NET INCOME attributable to common shareholders for the six months ended June 30, 2024 was $26,226,000, or $0.13 per diluted share, compared to $51,545,000, or $0.27 per diluted share, for the six months ended June 30, 2023.

FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the six months ended June 30, 2024 was $253,068,000, or $1.29 per diluted share, compared to $263,149,000, or $1.35 per diluted share, for the six months ended June 30, 2023. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the six months ended June 30, 2024 was $221,608,000, or $1.13 per diluted share, and $257,032,000, or $1.32 per diluted share, for the six months ended June 30, 2023.

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The following table reconciles FFO attributable to common shareholders plus assumed conversions (non-GAAP) to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP):

(Amounts in thousands, except per share amounts)	For the Three Months Ended<br>June 30,				For the Six Months Ended<br>June 30,
	2024		2023		2024		2023
FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1)	$	148,944	$	144,059	$	253,068	$	263,149
Per diluted share (non-GAAP)	$	0.76	$	0.74	$	1.29	$	1.35
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
Our share of the gain on the discounted extinguishment of the 280 Park Avenue mezzanine loan	$	(31,215)	$	—	$	(31,215)	$	—
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units	(13,069)		—		(13,069)		(6,173)
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)	2,599		2,206		6,733		5,081
Other	2,252		(5,785)		3,261		(5,497)
	(39,433)		(3,579)		(34,290)		(6,589)
Noncontrolling interests' share of above adjustments	3,255		257		2,830		472
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net	$	(36,178)	$	(3,322)	$	(31,460)	$	(6,117)
Per diluted share (non-GAAP)	$	(0.19)	$	(0.02)	$	(0.16)	$	(0.03)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	112,766	$	140,737	$	221,608	$	257,032
Per diluted share (non-GAAP)	$	0.57	$	0.72	$	1.13	$	1.32

________________________________

(1)See page 9 for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and six months ended June 30, 2024 and 2023.

FFO, as Adjusted Bridge - Q2 2024 vs. Q2 2023

The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2023 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2024:

(Amounts in millions, except per share amounts)	FFO, as Adjusted
	Amount		Per Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2023	$	140.7	$	0.72
(Decrease) increase in FFO, as adjusted due to:
Lease expirations, net of rent commencements, and other tenant related items	(15.1)
345 Montgomery Street tenant settlement proceeds, net of legal expenses in 2023	(14.1)
Change in interest expense, net of interest income	(7.0)
Variable businesses (primarily signage)	3.9
Other, net	3.7
	(28.6)
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities	0.7
Net decrease	(27.9)		(0.15)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2024	$	112.8	$	0.57

See page 9 for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and six months ended June 30, 2024 and 2023. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided above.

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Financing Activity

280 Park Avenue

On April 4, 2024, a joint venture, in which we have a 50% interest, amended and extended the $1,075,000,000 mortgage loan on 280 Park Avenue. The maturity date on the amended loan was extended to September 2026, with options to fully extend to September 2028, subject to certain conditions. The interest rate on the amended loan remains at SOFR plus 1.78%. On July 8, 2024, the joint venture swapped the interest rate to a fixed rate of 5.84% through September 2028. Additionally, on April 4, 2024, the joint venture amended and extended the $125,000,000 mezzanine loan, and subsequently repaid the loan for $62,500,000. In connection with the repayment of the mezzanine loan, we recognized our $31,215,000 share of the debt extinguishment gain which is included in “income from partially owned entities” on our consolidated statements of income.

435 Seventh Avenue

On April 9, 2024, we completed a $75,000,000 refinancing of 435 Seventh Avenue, of which $37,500,000 is recourse to the Operating Partnership. The interest-only loan bears a rate of SOFR plus 2.10% and matures in April 2028. The interest rate on the loan was swapped to a fixed rate of 6.96% through April 2026. The loan replaces the previous $95,696,000 fully recourse loan, which bore interest at SOFR plus 1.41%.

Unsecured Revolving Credit Facility

On May 3, 2024, we extended one of our two unsecured revolving credit facilities to April 2029 (as fully extended). The new $915,000,000 facility replaced the $1.25 billion facility that was due to mature in April 2026. The new facility currently bears interest at a rate of SOFR plus 1.20% with a facility fee of 25 basis points. Our $1.25 billion revolving credit facility matures in December 2027 (as fully extended) and has an interest rate of SOFR plus 1.15% and a facility fee of 25 basis points.

640 Fifth Avenue (Fifth Avenue and Times Square JV)

On June 10, 2024, the Fifth Avenue and Times Square JV completed a $400,000,000 refinancing of 640 Fifth Avenue. The non-recourse loan matures in July 2029, bears interest at a fixed rate of 7.47% and amortizes at $7,000,000 per annum. The loan replaces the previous $500,000,000 loan, which the joint venture paid down by $100,000,000. The previous loan was fully recourse to the Operating Partnership and bore interest at SOFR plus 1.11%.

Interest Rate Swap and Cap Arrangements

We entered into the following interest rate swap and cap arrangements during the six months ended June 30, 2024:

(Amounts in thousands)	Notional Amount<br>(at share)		All-In Swapped Rate	Expiration Date	Variable Rate Spread
Interest rate swaps:
PENN 11(1)	$	250,000	6.21%	10/25	S+206
435 Seventh Avenue	75,000		6.96%	04/26	S+210
			Index Strike Rate
Interest rate caps:
61 Ninth Avenue (45.1% interest)	$	75,543	4.39%	01/26	S+146

________________________________

(1)Together with the existing $250,000 swap arrangement on the $500,000 PENN 11 mortgage loan, the loan will bear interest at an all-in swapped rate of 6.28% through October 2025.

Dispositions

220 Central Park South

During the three and six months ended June 30, 2024, we closed on the sale of two condominium units at 220 CPS for net proceeds of $31,605,000, resulting in a financial statement net gain of $15,175,000 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, $2,106,000 of income tax expense was recognized on our consolidated statements of income. Four units remain unsold.

50-70 West 93rd Street

On May 13, 2024, we sold our 49.9% interest in 50-70 West 93rd Street to our joint venture partner. We received net proceeds of $2,000,000 after deducting our share of the existing $83,500,000 mortgage loan, which was scheduled to mature in December 2024, resulting in a net gain of $873,000. The net gain is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.

Alexander’s

On May 3, 2024, Alexander’s Inc. (“Alexander’s”), in which we own a 32.4% common equity interest, and Bloomberg L.P. reached an agreement to extend the leases covering approximately 947,000 square feet at 731 Lexington Avenue that were scheduled to expire in February 2029 for a term of eleven years to February 2040.

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Leasing Activity

The leasing activity and related statistics below are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Second generation relet space represents square footage that has not been vacant for more than nine months and tenant improvements and leasing commissions are based on our share of square feet leased during the period.

For the Three Months Ended June 30, 2024:

•1,322,000 square feet of New York Office space (598,000 square feet at share) at an initial rent of $131.37 per square foot and a weighted average lease term of 9.7 years. The changes in the GAAP and cash mark-to-market rent on the 518,000 square feet of second generation space were positive 8.2% and positive 3.4%, respectively. Tenant improvements and leasing commissions were $6.54 per square foot per annum, or 5.0% of initial rent.

•4,000 square feet of New York Retail space (all at share) at an initial rent of $301.14 per square foot and a weighted average lease term of 5.0 years. The changes in the GAAP and cash mark-to-market rent on the 4,000 square feet of second generation space were positive 26.9% and positive 14.8%, respectively. Tenant improvements and leasing commissions were $10.99 per square foot per annum, or 3.6% of initial rent.

•32,000 square feet at THE MART (all at share) at an initial rent of $56.39 per square foot and a weighted average lease term of 7.2 years. The changes in the GAAP and cash mark-to-market rent on the 19,000 square feet of second generation space were negative 3.5% and negative 4.3%, respectively. Tenant improvements and leasing commissions were $7.86 per square foot per annum, or 13.9% of initial rent.

•66,000 square feet at 555 California Street (47,000 square feet at share) at an initial rent of $99.14 per square foot and a weighted average lease term of 9.8 years. The changes in the GAAP and cash mark-to-market rent on the 47,000 square feet of second generation space were positive 32.4% and positive 13.3%, respectively. Tenant improvements and leasing commissions were $12.56 per square foot per annum, or 12.7% of initial rent.

For the Six Months Ended June 30, 2024:

•1,613,000 square feet of New York Office space (848,000 square feet at share) at an initial rent of $118.96 per square foot and a weighted average lease term of 10.1 years. The changes in the GAAP and cash mark-to-market rent on the 613,000 square feet of second generation space were positive 7.6% and positive 3.3%, respectively. Tenant improvements and leasing commissions were $8.64 per square foot per annum, or 7.3% of initial rent.

•40,000 square feet of New York Retail space (37,000 square feet at share) at an initial rent of $258.76 per square foot and a weighted average lease term of 3.9 years. The changes in the GAAP and cash mark-to-market rent on the 31,000 square feet of second generation space were positive 7.2% and negative 14.5%, respectively. Tenant improvements and leasing commissions were $26.92 per square foot per annum, or 10.4% of initial rent.

•83,000 square feet at THE MART (all at share) at an initial rent of $61.09 per square foot and a weighted average lease term of 5.5 years. The changes in the GAAP and cash mark-to-market rent on the 62,000 square feet of second generation space were positive 3.5% and negative 1.4%, respectively. Tenant improvements and leasing commissions were $8.17 per square foot per annum, or 13.4% of initial rent.

•107,000 square feet at 555 California Street (76,000 square feet at share) at an initial rent of $87.03 per square foot and a weighted average lease term of 8.1 years. The changes in the GAAP and cash mark-to-market rent on the 76,000 square feet of second generation space were positive 10.9% and negative 4.4%, respectively. Tenant improvements and leasing commissions were $10.40 per square foot per annum, or 11.9% of initial rent.

Occupancy

(At Vornado's share)	New York						THE MART		555 California Street
	Total		Office		Retail
Occupancy as of June 30, 2024	88.3	%	89.3	%	77.0	%	76.9	%	94.5	%
Same Store Net Operating Income ("NOI") At Share:	Total		New York		THE MART		555 California Street(1)
---	---	---	---	---	---	---	---	---
Same store NOI at share % (decrease) increase(2):
Three months ended June 30, 2024 compared to June 30, 2023	(9.0)	%	(4.4)	%	(4.6)	%	(46.4)	%
Six months ended June 30, 2024 compared to June 30, 2023	(7.0)	%	(4.5)	%	(7.3)	%	(31.0)	%
Three months ended June 30, 2024 compared to March 31, 2024	3.6	%	3.3	%	11.0	%	1.6	%
Same store NOI at share - cash basis % (decrease) increase(2):
Three months ended June 30, 2024 compared to June 30, 2023	(6.6)	%	(2.7)	%	(1.3)	%	(38.2)	%
Six months ended June 30, 2024 compared to June 30, 2023	(5.9)	%	(3.9)	%	(2.2)	%	(26.2)	%
Three months ended June 30, 2024 compared to March 31, 2024	4.0	%	2.3	%	12.8	%	17.8	%

____________________

(1)2023 includes our $14,103,000 share of the receipt of a tenant settlement, net of legal expenses.

(2)See pages 11 through 16 for same store NOI at share and same store NOI at share - cash basis reconciliations.

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NOI At Share & NOI At Share - Cash Basis:

The elements of our New York and Other NOI at share and NOI at share - cash basis for the three and six months ended June 30, 2024 and 2023 and the three months ended March 31, 2024 are summarized below.

(Amounts in thousands)	For the Three Months Ended							For the Six Months Ended<br>June 30,
	June 30,				March 31, 2024
	2024		2023				2024			2023
NOI at share:
New York:
Office(1)	$	178,338	$	186,042	$	167,988		$	346,326		$	360,312
Retail	48,392		47,428		47,466			95,858			94,624
Residential	6,220		5,467		5,968			12,188			10,925
Alexander's	9,203		9,429		11,707			20,910			18,499
Total New York	242,153		248,366		233,129			475,282			484,360
Other:
THE MART	16,060		16,462		14,486			30,546			31,871
555 California Street(2)	16,800		31,347		16,529			33,329			48,276
Other investments	5,158		5,464		4,980			10,138			10,615
Total Other	38,018		53,273		35,995			74,013			90,762
NOI at share	$	280,171	$	301,639	$	269,124		$	549,295		$	575,122
NOI at share - cash basis:
---	---	---	---	---	---	---	---	---	---	---
New York:
Office(1)	$	176,915	$	181,253	$	166,370	$	343,285	$	363,334
Retail	44,700		44,956		43,873		88,573		88,990
Residential	5,947		5,129		5,690		11,637		10,180
Alexander's	10,272		10,231		14,861		25,133		20,092
Total New York	237,834		241,569		230,794		468,628		482,596
Other:
THE MART	16,835		16,592		14,949		31,784		31,267
555 California Street(2)	19,956		32,284		16,938		36,894		50,002
Other investments	4,965		5,624		4,932		9,897		10,739
Total Other	41,756		54,500		36,819		78,575		92,008
NOI at share - cash basis	$	279,590	$	296,069	$	267,613	$	547,203	$	574,604

________________________________

(1)Includes Building Maintenance Services NOI of $7,926, $6,797, $7,217, $15,143 and $13,086 for the three months ended June 30, 2024 and 2023 and March 31, 2024 and the six months ended June 30, 2024 and 2023, respectively.

(2)2023 includes our $14,103 share of the receipt of a tenant settlement, net of legal expenses.

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Active Development/Redevelopment Summary as of June 30, 2024:

(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	1,795,000	$	750,000		$	675,504	$	74,496	2026		9.5%
Districtwide Improvements	N/A	100,000			60,493		39,507		N/A		N/A
Total PENN District		850,000		(1)	735,997		114,003
Sunset Pier 94 Studios (49.9% interest)	266,000	125,000		(2)	19,494		105,506		2026		10.3%
Total Active Development Projects		$	975,000		$	755,491	$	219,509

________________________________

(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. $34,000 will be funded via cash contributions, of which $19,494 has been funded as of June 30, 2024.

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, August 6, 2024 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 888-317-6003 (domestic) or 412-317-6061 (international) and entering the passcode 8799771. 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, 2023. Currently, some of the factors are the increased interest rates and effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.

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VORNADO REALTY TRUST

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)	As of				Increase<br>(Decrease)
	June 30, 2024		December 31, 2023
ASSETS
Real estate, at cost:
Land	$	2,434,209	$	2,436,221	$	(2,012)
Buildings and improvements	10,228,821		9,952,954		275,867
Development costs and construction in progress	1,156,060		1,281,076		(125,016)
Leasehold improvements and equipment	133,755		130,953		2,802
Total	13,952,845		13,801,204		151,641
Less accumulated depreciation and amortization	(3,899,475)		(3,752,827)		(146,648)
Real estate, net	10,053,370		10,048,377		4,993
Right-of-use assets	678,670		680,044		(1,374)
Cash, cash equivalents, and restricted cash
Cash and cash equivalents	872,609		997,002		(124,393)
Restricted cash	244,245		264,582		(20,337)
Total	1,116,854		1,261,584		(144,730)
Tenant and other receivables	71,213		69,543		1,670
Investments in partially owned entities	2,711,080		2,610,558		100,522
Receivable arising from the straight-lining of rents	706,157		701,666		4,491
Deferred leasing costs, net	354,395		355,010		(615)
Identified intangible assets, net	122,414		127,082		(4,668)
Other assets	396,028		333,801		62,227
Total assets	$	16,210,181	$	16,187,665	$	22,516
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	5,672,086	$	5,688,020	$	(15,934)
Senior unsecured notes, net	1,194,894		1,193,873		1,021
Unsecured term loan, net	795,254		794,559		695
Unsecured revolving credit facilities	575,000		575,000		—
Lease liabilities	741,762		732,859		8,903
Accounts payable and accrued expenses	363,457		411,044		(47,587)
Deferred revenue	30,805		32,199		(1,394)
Deferred compensation plan	108,553		105,245		3,308
Other liabilities	316,906		311,132		5,774
Total liabilities	9,798,717		9,843,931		(45,214)
Redeemable noncontrolling interests	593,465		638,448		(44,983)
Shareholders' equity	5,626,300		5,509,064		117,236
Noncontrolling interests in consolidated subsidiaries	191,699		196,222		(4,523)
Total liabilities, redeemable noncontrolling interests and equity	$	16,210,181	$	16,187,665	$	22,516	NYSE: VNO	WWW.VNO.COM	PAGE 7 OF 16
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VORNADO REALTY TRUST

OPERATING RESULTS

(Amounts in thousands, except per share amounts)	For the Three Months Ended<br>June 30,				For the Six Months Ended<br>June 30,
	2024		2023		2024		2023
Revenues	$	450,266	$	472,359	$	886,641	$	918,282
Net income	$	40,099	$	62,733	$	33,826	$	73,931
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	13,890		2,781		25,872		12,709
Operating Partnership	(3,200)		(3,608)		(2,414)		(4,037)
Net income attributable to Vornado	50,789		61,906		57,284		82,603
Preferred share dividends	(15,529)		(15,529)		(31,058)		(31,058)
Net income attributable to common shareholders	$	35,260	$	46,377	$	26,226	$	51,545
Income per common share - basic:
Net income per common share	$	0.19	$	0.24	$	0.14	$	0.27
Weighted average shares outstanding	190,492		191,468		190,460		191,668
Income per common share - diluted:
Net income per common share	$	0.18	$	0.24	$	0.13	$	0.27
Weighted average shares outstanding	194,405		194,804		194,518		194,364
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	148,944	$	144,059	$	253,068	$	263,149
Per diluted share (non-GAAP)	$	0.76	$	0.74	$	1.29	$	1.35
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	112,766	$	140,737	$	221,608	$	257,032
Per diluted share (non-GAAP)	$	0.57	$	0.72	$	1.13	$	1.32
Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share	196,339		194,878		196,405		194,543

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 attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions are provided on the following page. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on page 2 of this press release.

NYSE: VNO	WWW.VNO.COM	PAGE 8 OF 16

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS

The following table reconciles net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions:

(Amounts in thousands, except per share amounts)	For the Three Months Ended<br>June 30,				For the Six Months Ended<br>June 30,
	2024		2023		2024		2023
Net income attributable to common shareholders	$	35,260	$	46,377	$	26,226	$	51,545
Per diluted share	$	0.18	$	0.24	$	0.13	$	0.27
FFO adjustments:
Depreciation and amortization of real property	$	97,897	$	94,922	$	194,680	$	189,714
Net gains on sale of real estate	(873)		(260)		(873)		(260)
Our share of partially owned entities:
Depreciation and amortization of real property	26,458		26,666		52,621		54,135
Net gain on sale of real estate	—		(16,545)		—		(16,545)
	123,482		104,783		246,428		227,044
Noncontrolling interests' share of above adjustments	(10,191)		(7,510)		(20,362)		(16,256)
FFO adjustments, net	$	113,291	$	97,273	$	226,066	$	210,788
FFO attributable to common shareholders	$	148,551	$	143,650	$	252,292	$	262,333
Impact of assumed conversion of dilutive convertible securities	393		409		776		816
FFO attributable to common shareholders plus assumed conversions	$	148,944	$	144,059	$	253,068	$	263,149
Per diluted share	$	0.76	$	0.74	$	1.29	$	1.35
Reconciliation of weighted average shares outstanding:
Weighted average common shares outstanding	190,492		191,468		190,460		191,668
Effect of dilutive securities:
Share-based payment awards	3,913		32		4,058		23
Convertible securities	1,934		3,378		1,887		2,852
Denominator for FFO per diluted share	196,339		194,878		196,405		194,543
NYSE: VNO	WWW.VNO.COM	PAGE 9 OF 16
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VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below is a reconciliation of net income (loss) to NOI at share and NOI at share - cash basis for the three and six months ended June 30, 2024 and 2023 and the three months ended March 31, 2024.

(Amounts in thousands)	For the Three Months Ended							For the Six Months Ended<br>June 30,
	June 30,				March 31, 2024
	2024		2023				2024			2023
Net income (loss)	$	40,099	$	62,733	$	(6,273)		$	33,826		$	73,931
Depreciation and amortization expense	109,774		107,162		108,659			218,433			213,727
General and administrative expense	38,475		39,410		37,897			76,372			81,005
Transaction related costs and other	3,361		30		653			4,014			688
Income from partially owned entities	(47,949)		(37,272)		(16,279)			(64,228)			(53,938)
Interest and other investment income, net	(10,511)		(13,153)		(11,724)			(22,235)			(22,737)
Interest and debt expense	98,401		87,165		90,478			188,879			173,402
Net gains on disposition of wholly owned and partially owned assets	(16,048)		(936)		—			(16,048)			(8,456)
Income tax expense	5,284		4,497		6,740			12,024			9,164
NOI from partially owned entities	68,298		70,745		70,369			138,667			138,842
NOI attributable to noncontrolling interests in consolidated subsidiaries	(9,013)		(18,742)		(11,396)			(20,409)			(30,506)
NOI at share	280,171		301,639		269,124			549,295			575,122
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(581)		(5,570)		(1,511)			(2,092)			(518)
NOI at share - cash basis	$	279,590	$	296,069	$	267,613		$	547,203		$	574,604

NOI at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We consider NOI at share - cash basis to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

NYSE: VNO	WWW.VNO.COM	PAGE 10 OF 16

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Same store NOI at share represents NOI at share from operations which are in service in both the current and prior year reporting periods. Same store NOI at share - cash basis is same store NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We present these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store NOI at share and same store NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the three months ended June 30, 2024 compared to June 30, 2023.

(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended June 30, 2024	$	280,171		$	242,153		$	16,060		$	16,800		$	5,158
Less NOI at share from:
Dispositions	(620)			(633)			13			—			—
Development properties	(9,637)			(9,637)			—			—			—
Other non-same store income, net	(6,094)			(936)			—			—			(5,158)
Same store NOI at share for the three months ended June 30, 2024	$	263,820		$	230,947		$	16,073		$	16,800		$	—
NOI at share for the three months ended June 30, 2023	$	301,639		$	248,366		$	16,462		$	31,347		$	5,464
Less NOI at share from:
Dispositions	(696)			(1,082)			386			—			—
Development properties	(4,391)			(4,391)			—			—			—
Other non-same store income, net	(6,730)			(1,266)			—			—			(5,464)
Same store NOI at share for the three months ended June 30, 2023	$	289,822		$	241,627		$	16,848		$	31,347		$	—
Decrease in same store NOI at share	$	(26,002)		$	(10,680)		$	(775)		$	(14,547)		$	—
% decrease in same store NOI at share	(9.0)		%	(4.4)		%	(4.6)		%	(46.4)		%	0.0		%	NYSE: VNO	WWW.VNO.COM	PAGE 11 OF 16
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VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, THE MART, 555 California Street and other investments for the three months ended June 30, 2024 compared to June 30, 2023.

(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended June 30, 2024	$	279,590		$	237,834		$	16,835		$	19,956		$	4,965
Less NOI at share - cash basis from:
Dispositions	(620)			(633)			13			—			—
Development properties	(7,353)			(7,353)			—			—			—
Other non-same store income, net	(6,880)			(1,915)			—			—			(4,965)
Same store NOI at share - cash basis for the three months ended June 30, 2024	$	264,737		$	227,933		$	16,848		$	19,956		$	—
NOI at share - cash basis for the three months ended June 30, 2023	$	296,069		$	241,569		$	16,592		$	32,284		$	5,624
Less NOI at share - cash basis from:
Dispositions	(860)			(1,337)			477			—			—
Development properties	(4,554)			(4,554)			—			—			—
Other non-same store income, net	(7,061)			(1,437)			—			—			(5,624)
Same store NOI at share - cash basis for the three months ended June 30, 2023	$	283,594		$	234,241		$	17,069		$	32,284		$	—
Decrease in same store NOI at share - cash basis	$	(18,857)		$	(6,308)		$	(221)		$	(12,328)		$	—
% decrease in same store NOI at share - cash basis	(6.6)		%	(2.7)		%	(1.3)		%	(38.2)		%	0.0		%	NYSE: VNO	WWW.VNO.COM	PAGE 12 OF 16
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VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the six months ended June 30, 2024 compared to June 30, 2023.

(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share for the six months ended June 30, 2024	$	549,295		$	475,282		$	30,546		$	33,329		$	10,138
Less NOI at share from:
Dispositions	(1,419)			(1,425)			6			—			—
Development properties	(17,595)			(17,595)			—			—			—
Other non-same store income, net	(11,910)			(1,772)			—			—			(10,138)
Same store NOI at share for the six months ended June 30, 2024	$	518,371		$	454,490		$	30,552		$	33,329		$	—
NOI at share for the six months ended June 30, 2023	$	575,122		$	484,360		$	31,871		$	48,276		$	10,615
Less NOI at share from:
Dispositions	(1,030)			(2,100)			1,070			—			—
Development properties	(8,722)			(8,722)			—			—			—
Other non-same store (income) expense, net	(8,146)			2,469			—			—			(10,615)
Same store NOI at share for the six months ended June 30, 2023	$	557,224		$	476,007		$	32,941		$	48,276		$	—
Decrease in same store NOI at share	$	(38,853)		$	(21,517)		$	(2,389)		$	(14,947)		$	—
% decrease in same store NOI at share	(7.0)		%	(4.5)		%	(7.3)		%	(31.0)		%	0.0		%
NYSE: VNO	WWW.VNO.COM	PAGE 13 OF 16
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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 six months ended June 30, 2024 compared to June 30, 2023.

(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the six months ended June 30, 2024	$	547,203		$	468,628		$	31,784		$	36,894		$	9,897
Less NOI at share - cash basis from:
Dispositions	(1,419)			(1,425)			6			—			—
Development properties	(13,323)			(13,323)			—			—			—
Other non-same store income, net	(13,253)			(3,356)			—			—			(9,897)
Same store NOI at share - cash basis for the six months ended June 30, 2024	$	519,208		$	450,524		$	31,790		$	36,894		$	—
NOI at share - cash basis for the six months ended June 30, 2023	$	574,604		$	482,596		$	31,267		$	50,002		$	10,739
Less NOI at share - cash basis from:
Dispositions	(1,263)			(2,514)			1,251			—			—
Development properties	(8,699)			(8,699)			—			—			—
Other non-same store income, net	(13,132)			(2,393)			—			—			(10,739)
Same store NOI at share - cash basis for the six months ended June 30, 2023	$	551,510		$	468,990		$	32,518		$	50,002		$	—
Decrease in same store NOI at share - cash basis	$	(32,302)		$	(18,466)		$	(728)		$	(13,108)		$	—
% decrease in same store NOI at share - cash basis	(5.9)		%	(3.9)		%	(2.2)		%	(26.2)		%	0.0		%
NYSE: VNO	WWW.VNO.COM	PAGE 14 OF 16
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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 June 30, 2024	$	280,171		$	242,153		$	16,060		$	16,800		$	5,158
Less NOI at share from:
Dispositions	(620)			(633)			13			—			—
Development properties	(9,637)			(9,637)			—			—			—
Other non-same store income, net	(6,094)			(936)			—			—			(5,158)
Same store NOI at share for the three months ended June 30, 2024	$	263,820		$	230,947		$	16,073		$	16,800		$	—
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	(799)			(792)			(7)			—			—
Development properties	(7,958)			(7,958)			—			—			—
Other non-same store income, net	(5,816)			(836)			—			—			(4,980)
Same store NOI at share for the three months ended March 31, 2024	$	254,551		$	223,543		$	14,479		$	16,529		$	—
Increase in same store NOI at share	$	9,269		$	7,404		$	1,594		$	271		$	—
% increase in same store NOI at share	3.6		%	3.3		%	11.0		%	1.6		%	0.0		%	NYSE: VNO	WWW.VNO.COM	PAGE 15 OF 16
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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 June 30, 2024	$	279,590		$	237,834		$	16,835		$	19,956		$	4,965
Less NOI at share - cash basis from:
Dispositions	(620)			(633)			13			—			—
Development properties	(7,353)			(7,353)			—			—			—
Other non-same store income, net	(6,675)			(1,710)			—			—			(4,965)
Same store NOI at share - cash basis for the three months ended June 30, 2024	$	264,942		$	228,138		$	16,848		$	19,956		$	—
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	(799)			(792)			(7)			—			—
Development properties	(5,970)			(5,970)			—			—			—
Other non-same store income, net	(6,013)			(1,081)			—			—			(4,932)
Same store NOI at share - cash basis for the three months ended March 31, 2024	$	254,831		$	222,951		$	14,942		$	16,938		$	—
Increase in same store NOI at share - cash basis	$	10,111		$	5,187		$	1,906		$	3,018		$	—
% increase in same store NOI at share - cash basis	4.0		%	2.3		%	12.8		%	17.8		%	0.0		%
NYSE: VNO	WWW.VNO.COM	PAGE 16 OF 16
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Document


	Page
BUSINESS DEVELOPMENTS	3	-	4
FINANCIAL INFORMATION
Financial Highlights	5
FFO, As Adjusted Bridge	6
Consolidated Balance Sheets	7
Net Income (Loss) Attributable to Common Shareholders (Consolidated and by Segment)	8	-	11
Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment)	12	-	14
Same Store NOI at Share and Same Store NOI at Share - Cash Basis	15
DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES	16
LEASING ACTIVITY AND LEASE EXPIRATIONS
Leasing Activity	17	-	18
Lease Expirations	19	-	21
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS	22
UNCONSOLIDATED JOINT VENTURES	23	-	25
DEBT AND CAPITALIZATION
Capital Structure	26
Common Shares Data	27
Debt Analysis	28
Hedging Instruments	29
Consolidated Debt Maturities	30
PROPERTY STATISTICS
Top 30 Tenants	31
Square Footage	32
Occupancy and Residential Statistics	33
Ground Leases	34
Property Table	35	-	43
EXECUTIVE OFFICERS AND RESEARCH COVERAGE	44
APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
Definitions	i
Reconciliations	ii	-	xv

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 the increased interest rates and effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2023. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include Funds From Operations ("FFO"), Funds Available for Distribution ("FAD"), Net Operating Income ("NOI") and Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this supplemental package on page i in the Appendix.

This supplemental package should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and the Company’s Supplemental Fixed Income Data package for the quarter ended June 30, 2024, both of which can be accessed at the Company’s website www.vno.com.

BUSINESS DEVELOPMENTS

Financing Activity

280 Park Avenue

435 Seventh Avenue

Unsecured Revolving Credit Facility

640 Fifth Avenue (Fifth Avenue and Times Square JV)

Interest Rate Swap and Cap Arrangements

We entered into the following interest rate swap and cap arrangements during the six months ended June 30, 2024. See page 29 for further information on our interest rate swap and cap arrangements:

(Amounts in thousands)	Notional Amount<br>(at share)		All-In Swapped Rate	Expiration Date	Variable Rate Spread
Interest rate swaps:
PENN 11(1)	$	250,000	6.21%	10/25	S+206
435 Seventh Avenue	75,000		6.96%	04/26	S+210
			Index Strike Rate
Interest rate caps:
61 Ninth Avenue (45.1% interest)	$	75,543	4.39%	01/26	S+146

____________________

(1)Together with the existing $250,000 swap arrangement on the $500,000 PENN 11 mortgage loan, the loan will bear interest at an all-in swapped rate of 6.28% through October 2025.

BUSINESS DEVELOPMENTS

Dispositions

220 Central Park South

During the three and six months ended June 30, 2024, we closed on the sale of two condominium units at 220 Central Park South (“220 CPS”) for net proceeds of $31,605,000, resulting in a financial statement net gain of $15,175,000 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, $2,106,000 of income tax expense was recognized on our consolidated statements of income. Four units remain unsold.

50-70 West 93rd Street

Alexander’s Inc.

FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended							For the Six Months Ended<br>June 30,
	June 30,				March 31, 2024
	2024		2023				2024			2023
Total revenues	$	450,266	$	472,359	$	436,375		$	886,641		$	918,282
Net income (loss) attributable to common shareholders	$	35,260	$	46,377	$	(9,034)		$	26,226		$	51,545
Per common share:
Basic	$	0.19	$	0.24	$	(0.05)		$	0.14		$	0.27
Diluted	$	0.18	$	0.24	$	(0.05)		$	0.13		$	0.27
FFO attributable to common shareholders plus assumed conversions, as adjusted<br><br>(non-GAAP)	$	112,766	$	140,737	$	108,847		$	221,608		$	257,032
Per diluted share (non-GAAP)	$	0.57	$	0.72	$	0.55		$	1.13		$	1.32
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	148,944	$	144,059	$	104,129		$	253,068		$	263,149
FFO - Operating Partnership ("OP") basis (non-GAAP)	$	162,307	$	155,149	$	113,485		$	275,787		$	283,385
Per diluted share (non-GAAP)	$	0.76	$	0.74	$	0.53		$	1.29		$	1.35
Dividends per common share(1)	$	—	$	—	$	—		$	—		$	0.375
FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)(1)	N/A		N/A		N/A			N/A			28.4		%
FAD payout ratio(1)	N/A		N/A		N/A			N/A			36.8		%
Weighted average VNO common shares outstanding	190,492		191,468		190,429			190,460			191,668
Redeemable Class A units and LTIP Unit awards	17,136		14,810		17,174			17,155			14,835
Weighted average VRLP Class A units outstanding	207,628		206,278		207,603			207,615			206,503
Dilutive share based payment awards	3,913		32		4,204			4,058			51
Redeemable preferred units - common share equivalents	1,955		3,378		1,875			1,915			2,852
Weighted average VRLP Class A units outstanding - diluted	213,496		209,688		213,682			213,588			209,406

________________________________

(1)We anticipate that we will pay a common share dividend for 2024 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 - Q2 2024 VS. Q2 2023 (unaudited) | | --- || (Amounts in millions, except per share amounts) | FFO, as Adjusted | | | | | --- | --- | --- | --- | --- | | | Amount | | Per Share | | | FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2023 | $ | 140.7 | $ | 0.72 | | (Decrease) increase in FFO, as adjusted due to: | | | | | | Lease expirations, net of rent commencements, and other tenant related items | (15.1) | | | | | 345 Montgomery Street tenant settlement proceeds, net of legal expenses in 2023 | (14.1) | | | | | Change in interest expense, net of interest income | (7.0) | | | | | Variable businesses (primarily signage) | 3.9 | | | | | Other, net | 3.7 | | | | | | (28.6) | | | | | Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities | 0.7 | | | | | Net decrease | (27.9) | | (0.15) | | | FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2024 | $ | 112.8 | $ | 0.57 |

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)
	June 30, 2024		December 31, 2023
ASSETS
Real estate, at cost:
Land	$	2,434,209	$	2,436,221	$	(2,012)
Buildings and improvements	10,228,821		9,952,954		275,867
Development costs and construction in progress	1,156,060		1,281,076		(125,016)
Leasehold improvements and equipment	133,755		130,953		2,802
Total	13,952,845		13,801,204		151,641
Less accumulated depreciation and amortization	(3,899,475)		(3,752,827)		(146,648)
Real estate, net	10,053,370		10,048,377		4,993
Right-of-use assets	678,670		680,044		(1,374)
Cash, cash equivalents, and restricted cash
Cash and cash equivalents	872,609		997,002		(124,393)
Restricted cash	244,245		264,582		(20,337)
Total	1,116,854		1,261,584		(144,730)
Tenant and other receivables	71,213		69,543		1,670
Investments in partially owned entities	2,711,080		2,610,558		100,522
Receivable arising from the straight-lining of rents	706,157		701,666		4,491
Deferred leasing costs, net	354,395		355,010		(615)
Identified intangible assets, net	122,414		127,082		(4,668)
Other assets	396,028		333,801		62,227
Total assets	$	16,210,181	$	16,187,665	$	22,516
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	5,672,086	$	5,688,020	$	(15,934)
Senior unsecured notes, net	1,194,894		1,193,873		1,021
Unsecured term loan, net	795,254		794,559		695
Unsecured revolving credit facilities	575,000		575,000		—
Lease liabilities	741,762		732,859		8,903
Accounts payable and accrued expenses	363,457		411,044		(47,587)
Deferred revenue	30,805		32,199		(1,394)
Deferred compensation plan	108,553		105,245		3,308
Other liabilities	316,906		311,132		5,774
Total liabilities	9,798,717		9,843,931		(45,214)
Redeemable noncontrolling interests	593,465		638,448		(44,983)
Shareholders' equity	5,626,300		5,509,064		117,236
Noncontrolling interests in consolidated subsidiaries	191,699		196,222		(4,523)
Total liabilities, redeemable noncontrolling interests and equity	$	16,210,181	$	16,187,665	$	22,516

CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Three Months Ended
	June 30,						March 31, 2024
	2024		2023		Variance
Property rentals(1)	$	343,894	$	365,216	$	(21,322)	$	337,376
Tenant expense reimbursements(1)	48,683		47,743		940		46,638
Amortization of acquired below-market leases, net	1,217		1,360		(143)		693
Straight-lining of rents	(199)		4,515		(4,714)		4,571
Total rental revenues	393,595		418,834		(25,239)		389,278
Fee and other income:
Building Maintenance Services ("BMS") cleaning fees	38,465		35,146		3,319		35,780
Management and leasing fees	6,709		3,658		3,051		2,611
Other income	11,497		14,721		(3,224)		8,706
Total revenues	450,266		472,359		(22,093)		436,375
Operating expenses	(229,380)		(222,723)		(6,657)		(226,224)
Depreciation and amortization	(109,774)		(107,162)		(2,612)		(108,659)
General and administrative	(38,475)		(39,410)		935		(37,897)
Expense from deferred compensation plan liability	(1,398)		(2,182)		784		(4,520)
Transaction related costs and other	(3,361)		(30)		(3,331)		(653)
Total expenses	(382,388)		(371,507)		(10,881)		(377,953)
Income from partially owned entities	47,949		37,272		10,677		16,279
Interest and other investment income, net	10,511		13,153		(2,642)		11,724
Income from deferred compensation plan assets	1,398		2,182		(784)		4,520
Interest and debt expense	(98,401)		(87,165)		(11,236)		(90,478)
Net gains on disposition of wholly owned and partially owned assets	16,048		936		15,112		—
Income before income taxes	45,383		67,230		(21,847)		467
Income tax expense	(5,284)		(4,497)		(787)		(6,740)
Net income (loss)	40,099		62,733		(22,634)		(6,273)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	13,890		2,781		11,109		11,982
Operating Partnership	(3,200)		(3,608)		408		786
Net income attributable to Vornado	50,789		61,906		(11,117)		6,495
Preferred share dividends	(15,529)		(15,529)		—		(15,529)
Net income (loss) attributable to common shareholders	$	35,260	$	46,377	$	(11,117)	$	(9,034)
Capitalized expenditures:
Development payroll	$	1,829	$	2,704	$	(875)	$	2,499
Interest and debt expense	12,794		9,949		2,845		12,564

________________________________

(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 ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)
(Amounts in thousands)			For the Three Months Ended June 30, 2024
---	---	---	---	---	---	---
	Total		New York		Other
Property rentals(1)	$	343,894	$	270,093	$	73,801
Tenant expense reimbursements(1)	48,683		37,477		11,206
Amortization of acquired below-market leases, net	1,217		1,048		169
Straight-lining of rents	(199)		4,285		(4,484)
Total rental revenues	393,595		312,903		80,692
Fee and other income:
BMS cleaning fees	38,465		40,689		(2,224)
Management and leasing fees	6,709		6,911		(202)
Other income	11,497		7,075		4,422
Total revenues	450,266		367,578		82,688
Operating expenses	(229,380)		(188,947)		(40,433)
Depreciation and amortization	(109,774)		(86,821)		(22,953)
General and administrative	(38,475)		(12,380)		(26,095)
Expense from deferred compensation plan liability	(1,398)		—		(1,398)
Transaction related costs and other	(3,361)		(3,258)		(103)
Total expenses	(382,388)		(291,406)		(90,982)
Income from partially owned entities	47,949		46,977		972
Interest and other investment income, net	10,511		4,187		6,324
Income from deferred compensation plan assets	1,398		—		1,398
Interest and debt expense	(98,401)		(45,931)		(52,470)
Net gains on disposition of wholly owned and partially owned assets	16,048		873		15,175
Income (loss) before income taxes	45,383		82,278		(36,895)
Income tax expense	(5,284)		(1,455)		(3,829)
Net income (loss)	40,099		80,823		(40,724)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	13,890		10,974		2,916
Net income (loss) attributable to Vornado Realty L.P.	53,989		$	91,797	$	(37,808)
Less net income attributable to noncontrolling interests in the Operating Partnership	(3,172)
Preferred unit distributions	(15,557)
Net income attributable to common shareholders	$	35,260
For the three months ended June 30, 2023
Net income (loss) attributable to Vornado Realty L.P.	$	65,514	$	96,475	$	(30,961)
Net income attributable to common shareholders	$	46,377

________________________________

CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Six Months Ended June 30,
	2024		2023		Variance
Property rentals(1)	$	681,270	$	708,368	$	(27,098)
Tenant expense reimbursements(1)	95,321		103,838		(8,517)
Amortization of acquired below-market leases, net	1,910		2,727		(817)
Straight-lining of rents	4,372		694		3,678
Total rental revenues	782,873		815,627		(32,754)
Fee and other income:
BMS cleaning fees	74,245		70,474		3,771
Management and leasing fees	9,320		6,707		2,613
Other income	20,203		25,474		(5,271)
Total revenues	886,641		918,282		(31,641)
Operating expenses	(455,604)		(451,496)		(4,108)
Depreciation and amortization	(218,433)		(213,727)		(4,706)
General and administrative	(76,372)		(81,005)		4,633
Expense from deferred compensation plan liability	(5,918)		(5,910)		(8)
Transaction related costs and other	(4,014)		(688)		(3,326)
Total expenses	(760,341)		(752,826)		(7,515)
Income from partially owned entities	64,228		53,938		10,290
Interest and other investment income, net	22,235		22,737		(502)
Income from deferred compensation plan assets	5,918		5,910		8
Interest and debt expense	(188,879)		(173,402)		(15,477)
Net gains on disposition of wholly owned and partially owned assets	16,048		8,456		7,592
Income before income taxes	45,850		83,095		(37,245)
Income tax expense	(12,024)		(9,164)		(2,860)
Net income	33,826		73,931		(40,105)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	25,872		12,709		13,163
Operating Partnership	(2,414)		(4,037)		1,623
Net income attributable to Vornado	57,284		82,603		(25,319)
Preferred share dividends	(31,058)		(31,058)		—
Net income attributable to common shareholders	$	26,226	$	51,545	$	(25,319)
Capitalized expenditures:
Development payroll	$	4,328	$	5,553	$	(1,225)
Interest and debt expense	25,358		18,806		6,552

________________________________

10 -

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)
(Amounts in thousands)			For the Six Months Ended June 30, 2024
---	---	---	---	---	---	---
	Total		New York		Other
Property rentals(1)	$	681,270	$	539,455	$	141,815
Tenant expense reimbursements(1)	95,321		74,333		20,988
Amortization of acquired below-market leases, net	1,910		1,572		338
Straight-lining of rents	4,372		9,278		(4,906)
Total rental revenues	782,873		624,638		158,235
Fee and other income:
BMS cleaning fees	74,245		79,329		(5,084)
Management and leasing fees	9,320		9,623		(303)
Other income	20,203		12,222		7,981
Total revenues	886,641		725,812		160,829
Operating expenses	(455,604)		(377,225)		(78,379)
Depreciation and amortization	(218,433)		(172,420)		(46,013)
General and administrative	(76,372)		(25,588)		(50,784)
Expense from deferred compensation plan liability	(5,918)		—		(5,918)
Transaction related costs and other	(4,014)		(3,258)		(756)
Total expenses	(760,341)		(578,491)		(181,850)
Income from partially owned entities	64,228		62,208		2,020
Interest and other investment income, net	22,235		8,193		14,042
Income from deferred compensation plan assets	5,918		—		5,918
Interest and debt expense	(188,879)		(84,018)		(104,861)
Net gains on disposition of wholly owned and partially owned assets	16,048		873		15,175
Income (loss) before income taxes	45,850		134,577		(88,727)
Income tax expense	(12,024)		(2,919)		(9,105)
Net income (loss)	33,826		131,658		(97,832)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	25,872		20,056		5,816
Net income (loss) attributable to Vornado Realty L.P.	59,698		$	151,714	$	(92,016)
Less net income attributable to noncontrolling interests in the Operating Partnership	(2,357)
Preferred unit distributions	(31,115)
Net income attributable to common shareholders	$	26,226
For the six months ended June 30, 2023
Net income (loss) attributable to Vornado Realty L.P.	$	86,640	$	159,720	$	(73,080)
Net income attributable to common shareholders	$	51,545

________________________________

11 -

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 June 30, 2024
---	---	---	---	---	---	---
	Total		New York		Other
Total revenues	$	450,266	$	367,578	$	82,688
Operating expenses	(229,380)		(188,947)		(40,433)
NOI - consolidated	220,886		178,631		42,255
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(9,013)		(2,196)		(6,817)
Add: Our share of NOI from partially owned entities	68,298		65,718		2,580
NOI at share	280,171		242,153		38,018
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(581)		(4,319)		3,738
NOI at share - cash basis	$	279,590	$	237,834	$	41,756	For the Three Months Ended June 30, 2023
---	---	---	---	---	---	---
	Total		New York		Other
Total revenues	$	472,359	$	362,471	$	109,888
Operating expenses	(222,723)		(176,410)		(46,313)
NOI - consolidated	249,636		186,061		63,575
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(18,742)		(5,204)		(13,538)
Add: Our share of NOI from partially owned entities	70,745		67,509		3,236
NOI at share	301,639		248,366		53,273
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(5,570)		(6,797)		1,227
NOI at share - cash basis	$	296,069	$	241,569	$	54,500	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

________________________________

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

12 -

NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT (NON-GAAP) (unaudited)
(Amounts in thousands)			For the Six Months Ended June 30, 2024
---	---	---	---	---	---	---
	Total		New York		Other
Total revenues	$	886,641	$	725,812	$	160,829
Operating expenses	(455,604)		(377,225)		(78,379)
NOI - consolidated	431,037		348,587		82,450
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(20,409)		(6,732)		(13,677)
Add: Our share of NOI from partially owned entities	138,667		133,427		5,240
NOI at share	549,295		475,282		74,013
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(2,092)		(6,654)		4,562
NOI at share - cash basis	$	547,203	$	468,628	$	78,575
	For the Six Months Ended June 30, 2023
---	---	---	---	---	---	---
	Total		New York		Other
Total revenues	$	918,282	$	726,285	$	191,997
Operating expenses	(451,496)		(364,731)		(86,765)
NOI - consolidated	466,786		361,554		105,232
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(30,506)		(10,027)		(20,479)
Add: Our share of NOI from partially owned entities	138,842		132,833		6,009
NOI at share	575,122		484,360		90,762
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(518)		(1,764)		1,246
NOI at share - cash basis	$	574,604	$	482,596	$	92,008

________________________________

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

13 -

NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT AND SUBSEGMENT (NON-GAAP) (unaudited)
(Amounts in thousands)			For the Three Months Ended							For the Six Months Ended<br>June 30,
---	---	---	---	---	---	---	---	---	---	---	---	---
	June 30,				March 31, 2024
	2024		2023				2024			2023
NOI at share:
New York:
Office(1)	$	178,338	$	186,042	$	167,988		$	346,326		$	360,312
Retail	48,392		47,428		47,466			95,858			94,624
Residential	6,220		5,467		5,968			12,188			10,925
Alexander’s	9,203		9,429		11,707			20,910			18,499
Total New York	242,153		248,366		233,129			475,282			484,360
Other:
THE MART	16,060		16,462		14,486			30,546			31,871
555 California Street(2)	16,800		31,347		16,529			33,329			48,276
Other investments	5,158		5,464		4,980			10,138			10,615
Total Other	38,018		53,273		35,995			74,013			90,762
NOI at share	$	280,171	$	301,639	$	269,124		$	549,295		$	575,122	NOI at share - cash basis:
---	---	---	---	---	---	---	---	---	---	---
New York:
Office(1)	$	176,915	$	181,253	$	166,370	$	343,285	$	363,334
Retail	44,700		44,956		43,873		88,573		88,990
Residential	5,947		5,129		5,690		11,637		10,180
Alexander's	10,272		10,231		14,861		25,133		20,092
Total New York	237,834		241,569		230,794		468,628		482,596
Other:
THE MART	16,835		16,592		14,949		31,784		31,267
555 California Street(2)	19,956		32,284		16,938		36,894		50,002
Other investments	4,965		5,624		4,932		9,897		10,739
Total Other	41,756		54,500		36,819		78,575		92,008
NOI at share - cash basis	$	279,590	$	296,069	$	267,613	$	547,203	$	574,604

________________________________

(1)Includes BMS NOI of $7,926, $6,797, $7,217, $15,143 and $13,086 for the three months ended June 30, 2024 and 2023 and March 31, 2024 and the six months ended June 30, 2024 and 2023, respectively.

(2)2023 includes our $14,103 share of the receipt of a tenant settlement, net of legal expenses.

14 -

| SAME STORE NOI AT SHARE AND SAME STORE NOI AT SHARE - CASH BASIS (NON-GAAP) (unaudited) | | --- || | Total | | New York | | THE MART | | 555 California Street(1) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Same store NOI at share % (decrease) increase(2): | | | | | | | | | | Three months ended June 30, 2024 compared to June 30, 2023 | (9.0) | % | (4.4) | % | (4.6) | % | (46.4) | % | | Six months ended June 30, 2024 compared to June 30, 2023 | (7.0) | % | (4.5) | % | (7.3) | % | (31.0) | % | | Three months ended June 30, 2024 compared to March 31, 2024 | 3.6 | % | 3.3 | % | 11.0 | % | 1.6 | % | | Same store NOI at share - cash basis % (decrease) increase(2): | | | | | | | | | | Three months ended June 30, 2024 compared to June 30, 2023 | (6.6) | % | (2.7) | % | (1.3) | % | (38.2) | % | | Six months ended June 30, 2024 compared to June 30, 2023 | (5.9) | % | (3.9) | % | (2.2) | % | (26.2) | % | | Three months ended June 30, 2024 compared to March 31, 2024 | 4.0 | % | 2.3 | % | 12.8 | % | 17.8 | % |

________________________________

(1)2023 includes our $14,103,000 share of the receipt of a tenant settlement, net of legal expenses.

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

15 -

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	1,795,000	$	750,000		$	675,504	$	74,496	2026		9.5%
Districtwide Improvements	N/A	100,000			60,493		39,507		N/A		N/A
Total PENN District		850,000		(1)	735,997		114,003
Sunset Pier 94 Studios (49.9% interest)	266,000	125,000		(2)	19,494		105,506		2026		10.3%
Total Active Development Projects		$	975,000		$	755,491	$	219,509
Future Opportunities:<br><br>New York segment:	Property Zoning<br>Sq. Ft. <br>(at 100%)
PENN District:
Hotel Pennsylvania land	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”)(3)	1,389,000
260 Eleventh Avenue - office(4)	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.

(3)From October 2024 to June 2030, an affiliate of Kenneth C. Griffin (“KG”) will have 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 will have the option to put the 350 Park Site to KG for $1.2 billion ($900 million to Vornado).

(4)The building is subject to a ground lease which expires in 2114.

16 -

LEASING ACTIVITY (unaudited)
(Square feet in thousands)

The leasing activity and related statistics in the table below are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with GAAP. Second generation relet space represents square footage that has not been vacant for more than nine months and tenant improvements and leasing commissions are based on our share of square feet leased during the period.

	New York									555 California Street
	Office			Retail			THE MART
Three Months Ended June 30, 2024
Total square feet leased	1,322			4			32			66
Our share of square feet leased:	598			4			32			47
Initial rent(1)	$	131.37		$	301.14		$	56.39		$	99.14
Weighted average lease term (years)	9.7			5.0			7.2			9.8
Second generation relet space:
Square feet	518			4			19			47
GAAP basis:
Straight-line rent(2)	$	123.83		$	301.14		$	54.30		$	104.86
Prior straight-line rent	$	114.41		$	237.37		$	56.26		$	79.18
Percentage increase (decrease)	8.2		%	26.9		%	(3.5)		%	32.4		%
Cash basis (non-GAAP):
Initial rent(1)	$	137.60		$	301.14		$	60.48		$	99.14
Prior escalated rent	$	133.10		$	262.23		$	63.21		$	87.49
Percentage increase (decrease)	3.4		%	14.8		%	(4.3)		%	13.3		%
Tenant improvements and leasing commissions:
Per square foot	$	63.48		$	54.97		$	56.60		$	123.12
Per square foot per annum	$	6.54		$	10.99		$	7.86		$	12.56
Percentage of initial rent	5.0		%	3.6		%	13.9		%	12.7		%

________________________________

(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.

17 -

LEASING ACTIVITY (unaudited)
(Square feet in thousands)

	New York									555 California Street
	Office			Retail			THE MART
Six Months Ended June 30, 2024
Total square feet leased	1,613			40			83			107
Our share of square feet leased:	848			37			83			76
Initial rent(1)	$	118.96		$	258.76		$	61.09		$	87.03
Weighted average lease term (years)	10.1			3.9			5.5			8.1
Second generation relet space:
Square feet	613			31			62			76
GAAP basis:
Straight-line rent(2)	$	117.77		$	250.90		$	61.68		$	86.42
Prior straight-line rent	$	109.45		$	234.04		$	59.59		$	77.94
Percentage increase	7.6		%	7.2		%	3.5		%	10.9		%
Cash basis (non-GAAP):
Initial rent(1)	$	130.35		$	255.12		$	64.16		$	87.03
Prior escalated rent	$	126.21		$	298.27		$	65.04		$	91.01
Percentage increase (decrease)	3.3		%	(14.5)		%	(1.4)		%	(4.4)		%
Tenant improvements and leasing commissions:
Per square foot	$	87.22		$	104.98		$	44.94		$	84.20
Per square foot per annum	$	8.64		$	26.92		$	8.17		$	10.40
Percentage of initial rent	7.3		%	10.4		%	13.4		%	11.9		%

_______________________________

(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.

18 -

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:	Second Quarter 2024(2)	305,000			$	30,320,000		$	99.41	2.6	%
	Third Quarter 2024	51,000			4,158,000			81.53		0.4	%
	Fourth Quarter 2024	127,000			9,683,000			76.24		0.8	%
	Total 2024	178,000			13,841,000			77.76		1.2	%
	First Quarter 2025	101,000			7,890,000			78.12		0.7	%
	Second Quarter 2025	387,000			30,604,000			79.08		2.6	%
	Remaining 2025	91,000			7,100,000			78.02		0.6	%
	2026	1,163,000			95,823,000			82.39		8.1	%
	2027	1,319,000			105,053,000			79.65		8.9	%
	2028	1,049,000			84,766,000			80.81		7.2	%
	2029	1,284,000			105,517,000			82.18		8.9	%
	2030	644,000			54,312,000			84.34		4.6	%
	2031	844,000			76,429,000			90.56		6.5	%
	2032	972,000			95,909,000			98.67		8.1	%
	2033	502,000			43,312,000			86.28		3.7	%
	2034	584,000			63,902,000			109.42		5.4	%
	Thereafter	4,457,000		(3)	366,154,000			82.15		30.9	%
Retail:	Second Quarter 2024(2)	—			$	—		$	—	0.0	%
	Third Quarter 2024	21,000			9,719,000			462.81		3.9	%
	Fourth Quarter 2024	—			—			—		0.0	%
	Total 2024	21,000			9,719,000			462.81		3.9	%
	First Quarter 2025	129,000			6,355,000			49.26		2.5	%
	Second Quarter 2025	8,000			271,000			33.88		0.1	%
	Remaining 2025	47,000			4,726,000			100.55		1.9	%
	2026	160,000			29,517,000			184.48		11.7	%
	2027	52,000			21,289,000			409.40		8.4	%
	2028	31,000			14,346,000			462.77		5.7	%
	2029	53,000			26,149,000			493.38		10.4	%
	2030	158,000			24,962,000			157.99		9.9	%
	2031	68,000			30,955,000			455.22		12.3	%
	2032	55,000			29,416,000			534.84		11.7	%
	2033	17,000			6,466,000			380.35		2.6	%
	2034	81,000			8,551,000			105.57		3.4	%
	Thereafter	301,000			39,403,000			130.91		15.5	%

________________________________

(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.

(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.

19 -

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:	Second Quarter 2024(2)	6,000		$	403,000		$	67.17	0.3	%
	Third Quarter 2024	30,000		1,719,000			57.30		1.2	%
	Fourth Quarter 2024	79,000		4,399,000			55.68		3.0	%
	Total 2024	109,000		6,118,000			56.13		4.2	%
	First Quarter 2025	81,000		4,358,000			58.11		3.0	%
	Second Quarter 2025	38,000		2,363,000			62.18		1.6	%
	Remaining 2025	74,000		4,361,000			58.93		3.0	%
	2026	284,000		16,638,000			58.58		11.4	%
	2027	196,000		10,912,000			55.67		7.5	%
	2028	705,000		35,991,000			51.05		24.6	%
	2029	160,000		8,991,000			56.19		6.2	%
	2030	47,000		3,044,000			64.77		2.1	%
	2031	319,000		16,063,000			50.35		11.0	%
	2032	420,000		20,343,000			48.44		14.0	%
	2033	54,000		2,720,000			50.37		1.9	%
	2034	94,000		4,443,000			47.27		3.1	%
	Thereafter	192,000		8,834,000			46.01		6.1	%

________________________________

(1) Excludes storage, vacancy and other.

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

20 -

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:	Second Quarter 2024(2)	—		$	—		$	—	0.0	%
	Third Quarter 2024	—		—			—		0.0	%
	Fourth Quarter 2024	65,000		7,121,000			109.55		6.2	%
	Total 2024	65,000		7,121,000			109.55		6.2	%
	First Quarter 2025	—		—			—		0.0	%
	Second Quarter 2025	21,000		2,263,000			107.76		2.0	%
	Remaining 2025	199,000		18,963,000			95.29		16.4	%
	2026	238,000		25,219,000			105.96		21.8	%
	2027	65,000		6,485,000			99.77		5.6	%
	2028	112,000		10,645,000			95.04		9.2	%
	2029	120,000		12,256,000			102.13		10.6	%
	2030	109,000		10,285,000			94.36		8.9	%
	2031	29,000		2,209,000			76.17		1.9	%
	2032	9,000		992,000			110.22		0.9	%
	2033	15,000		1,800,000			120.00		1.6	%
	2034	—		—			—		0.0	%
	Thereafter	196,000		17,398,000			88.77		14.9	%

________________________________

(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.

21 -

CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
CONSOLIDATED
(Amounts in thousands)
	For the Six Months Ended June 30, 2024
	Total Company		New York Segment		THE MART		555 California Street		Other
Capital expenditures:
Expenditures to maintain assets	$	36,804	$	24,452	$	9,167	$	2,465	$	720
Tenant improvements	28,614		25,075		2,891		648		—
Leasing commissions	7,441		4,568		131		2,742		—
Recurring tenant improvements, leasing commissions and other capital expenditures	72,859		54,095		12,189		5,855		720
Non-recurring capital expenditures(1)	50,803		45,358		3,460		1,913		72
Total capital expenditures and leasing commissions	$	123,662	$	99,453	$	15,649	$	7,768	$	792
Development and redevelopment expenditures(2):
PENN 2	$	69,241	$	69,241	$	—	$	—	$	—
PENN 1	19,468		19,468		—		—		—
PENN Districtwide improvements	15,605		15,605		—		—		—
Hotel Pennsylvania site	12,515		12,515		—		—		—
The Farley Building	6,705		6,705		—		—		—
Other	14,542		12,161		656		—		1,725
	$	138,076	$	135,695	$	656	$	—	$	1,725

________________________________

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

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

22 -

UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
		As of June 30, 2024
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%	$	2,253,658	$	367,464	$	756,193		Various	Various	Various
Alexander's	Office/Retail	32.4%	79,598		352,040		1,086,544			Various	Various	Various
Partially owned office buildings/land:
280 Park Avenue	Office/Retail	50.0%	117,820		537,500		1,075,000		(4)	09/26	S+178	7.11%	(5)
West 57th Street properties	Office/Retail/Land	50.0%	40,766		—		—			N/A	N/A	N/A
512 West 22nd Street	Office/Retail	55.0%	31,938		69,591		126,530			06/25	S+235	6.85%
825 Seventh Avenue	Office	50.0%	5,254		27,000		54,000			01/26	S+275	8.08%
61 Ninth Avenue	Office/Retail	45.1%	994		75,543		167,500			01/26	S+146	5.85%
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%	65,032		50		100			09/26	S+475	10.08%
Independence Plaza	Residential/Retail	50.1%	60,341		338,175		675,000			07/25	N/A	4.25%
Rosslyn Plaza	Office/Residential	43.7% to 50.4%	35,131		12,603		25,000			04/26	S+200	7.33%
Other	Various	Various	20,548		82,510		582,120			Various	Various	Various
			$	2,711,080	$	2,023,500	$	5,347,987
Investments in partially owned entities included in other liabilities(6):
7 West 34th Street	Office/Retail	53.0%	$	(72,564)	$	159,000	$	300,000		06/26	N/A	3.65%
85 Tenth Avenue	Office/Retail	49.9%	(15,691)		311,875		625,000			12/26	N/A	4.55%
			$	(88,255)	$	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)On April 4, 2024, the joint venture amended and extended the $1,075,000 mortgage loan to September 2026, with options to fully extend to September 2028, subject to certain conditions. Additionally, on April 4, 2024, the joint venture amended and extended the $125,000 mezzanine loan, and subsequently repaid the loan for $62,500. See page 3 for details.

(5)On July 8, 2024, the joint venture swapped the interest rate to a fixed rate of 5.84% through September 2028. See page 3 for details.

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

23 -

UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	Percentage Ownership at June 30, 2024		Our Share of Net Income (Loss) for the<br><br>Three Months Ended June 30,								Our Share of NOI (non-GAAP) for the Three Months Ended June 30,
		2024				2023				2024			2023
Joint Venture Name
New York:
Fifth Avenue and Times Square JV:
Equity in net income	51.5%		$	10,427			$	5,941	(1)		$	28,966		$	29,689
Return on preferred equity, net of our share of the expense			10,258				9,329				—			—
			20,685				15,270				28,966			29,689
280 Park Avenue	50.0%		23,468		(2)		(4,981)				7,252			10,112
Alexander's	32.4%		2,649				19,714		(3)		9,203			9,429
85 Tenth Avenue	49.9%		(1,839)				(1,653)				3,602			3,345
7 West 34th Street	53.0%		1,259				1,134				3,725			3,658
512 West 22nd Street	55.0%		(779)				(797)				1,499			1,499
West 57th Street properties	50.0%		(317)				(258)				(59)			(15)
Independence Plaza	50.1%		166				(630)				5,601			4,952
61 Ninth Avenue	45.1%		(42)				38				2,000			1,923
Other, net	Various		1,727				7,644				3,929			2,917
			46,977				35,481				65,718			67,509
Other:
Alexander's corporate fee income	32.4%		1,185				1,699				660			1,028
Rosslyn Plaza	43.7% to 50.4%		(61)				250				542			1,158
Other, net	Various		(152)				(158)				1,378			1,050
			972				1,791				2,580			3,236
Total			$	47,949			$	37,272			$	68,298		$	70,745

________________________________

(1)Includes a $5,120 accrual of default interest which was forgiven by the lender as part of the restructuring of the 697-703 Fifth Avenue loan and will be amortized over the remaining term of the restructured loan, reducing future interest expense.

(2)2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan. See page 3 for details.

(3)Includes our $16,396 share of the net gain from the sale of Alexander’s Rego III land parcel.

24 -

UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	Percentage Ownership at June 30, 2024		Our Share of Net Income (Loss) for the Six Months Ended June 30,								Our Share of NOI (non-GAAP) for the Six Months Ended June 30,
		2024				2023				2024			2023
Joint Venture Name
New York:
Fifth Avenue and Times Square JV:
Equity in net income	51.5%		$	19,718			$	16,140	(1)		$	57,068		$	59,253
Return on preferred equity, net of our share of the expense			19,586				18,555				—			—
			39,304				34,695				57,068			59,253
280 Park Avenue	50.0%		15,426		(2)		(9,510)				15,592			20,353
Alexander's	32.4%		7,803				23,285		(3)		20,910			18,499
85 Tenth Avenue	49.9%		(4,361)				(5,847)				6,677			4,855
7 West 34th Street	53.0%		2,398				2,219				7,348			7,254
512 West 22nd Street	55.0%		(1,308)				(1,152)				3,163			2,981
West 57th Street properties	50.0%		(517)				(426)				(66)			67
Independence Plaza	50.1%		(261)				(1,127)				10,770			9,961
61 Ninth Avenue	45.1%		(122)				(8)				3,908			3,771
Other, net	Various		3,846				8,324				8,057			5,839
			62,208				50,453				133,427			132,833
Other:
Alexander's corporate fee income	32.4%		2,365				2,872				1,318			1,679
Rosslyn Plaza	43.7% to 50.4%		(166)				779				1,065			2,272
Other, net	Various		(179)				(166)				2,857			2,058
			2,020				3,485				5,240			6,009
Total			$	64,228			$	53,938			$	138,667		$	138,842

________________________________

(2)2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan. See page 3 for details.

(3)Includes our $16,396 share of the net gain from the sale of Alexander’s Rego III land parcel.

25 -

CAPITAL STRUCTURE (unaudited)
(Amounts in thousands, except per share and per unit amounts)
			As of June 30, 2024
Debt (contractual balances):
Consolidated debt(1):
Mortgages payable			$	5,708,919
Senior unsecured notes			1,200,000
800 Million unsecured term loan			800,000
2.2 Billion unsecured revolving credit facilities			575,000
			8,283,919
Pro rata share of debt of non-consolidated entities			2,494,375
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)			(682,059)
			10,096,235		(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)
	June 30, 2024 Common Share Price
Equity:
Common shares	$	26.29	5,008,376
Redeemable Class A units and LTIP Unit awards	26.29		451,163
Convertible share equivalents:
Series D-13 preferred units	26.29		46,691
Series G-1 through G-4 preferred units	26.29		2,787
Series A preferred shares	26.29		657
			5,509,674		(C)
Total Market Capitalization (A+B+C)			$	16,828,944

All values are in US Dollars.

________________________________

(1)See the reconciliation on page xiii in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of June 30, 2024.

26 -

COMMON SHARES DATA (NYSE: VNO) (unaudited)

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

	Second Quarter		First Quarter		Fourth Quarter		Third Quarter
	2024		2024		2023		2023
High price	$	30.02	$	29.46	$	32.21	$	26.21
Low price	$	22.42	$	24.17	$	18.36	$	17.28
Closing price - end of quarter	$	26.29	$	28.77	$	28.25	$	22.68
Outstanding shares, Class A units and convertible preferred units as converted (in thousands)	209,573		209,348		209,159		209,448			Closing market value of outstanding shares, Class A units and convertible preferred units as converted	$	5.5	Billion	$	6.0	Billion	$	5.9	Billion	$	4.8	Billion
---	---	---	---	---	---	---	---	---	---	---	---	---

We anticipate that we will pay a common share dividend for 2024 in the fourth quarter, subject to approval by our Board of Trustees.

27 -

DEBT ANALYSIS (unaudited)
(Amounts in thousands)
	As of June 30, 2024
	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)	$	8,283,919	4.57%	$	1,216,619	6.21%	$	7,067,300	4.28%
Pro rata share of debt of non-consolidated entities	2,494,375		5.66%	1,126,301		7.14%	1,368,074		4.44%
Total	10,778,294		4.82%	2,342,920		6.66%	8,435,374		4.31%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)	(682,059)			(397,059)			(285,000)
Company's pro rata share of total debt	$	10,096,235	4.78%	$	1,945,861	6.54%	$	8,150,374	4.37%

As of June 30, 2024, $881,943 of variable rate debt (at share) is subject to interest rate cap arrangements, the $1,063,918 of variable rate debt not subject to interest rate cap arrangements represents 11% of our total pro rata share of debt. See the following page for details.

Debt Covenant Ratios(3):	Senior Unsecured Notes<br>Due 2025, 2026 and 2031				Unsecured Revolving Credit Facilities and Unsecured Term Loan
	Required	Actual			Required	Actual
Total outstanding debt/total assets	Less than 65%		47%	(4)	Less than 60%		38%	(5)
Secured debt/total assets	Less than 50%		33%	(4)	Less than 50%		27%	(5)
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		1.92
Unencumbered assets/unsecured debt	Greater than 150%		425%				N/A
Unsecured debt/cap value of unencumbered assets			N/A		Less than 60%		21%
Unencumbered coverage ratio			N/A		Greater than 1.75		7.09		Consolidated Unencumbered EBITDA (non-GAAP):	Q2 2024<br>Annualized
---	---	---
New York	$	292,284
Other	112,924
Total	$	405,208

________________________________

(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 xiii in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of June 30, 2024.

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

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

(5)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.

28 -

HEDGING INSTRUMENTS AS OF JUNE 30, 2024 (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	259,800			12/25		S+180	200,000				09/27	4.76%
4 Union Square South mortgage loan	120,000			08/25		S+150	97,300				01/25	3.74%
435 Seventh Avenue mortgage loan	75,000			04/28		S+210	75,000				04/26	6.96%
Unconsolidated:
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				03/25	3.89%	5.11%	6.16%
150 West 34th Street mortgage loan	75,000			02/28		S+215	75,000				02/26	5.00%	7.15%	7.75%
606 Broadway mortgage loan	37,060			09/24		S+191	37,060				09/24	4.00%	5.91%	5.95%
Unconsolidated:
61 Ninth Avenue mortgage loan	75,543			01/26		S+146	75,543				01/26	4.39%	5.85%	6.31%
512 West 22nd Street mortgage loan	69,591			06/25		S+235	69,591				06/25	4.50%	6.85%	7.16%
Rego Park II mortgage loan	65,624			12/25		S+145	65,624				11/24	4.15%	5.60%	6.28%
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							$	4,929,500
Variable rate debt subject to interest rate caps							881,943
Fixed rate debt per loan agreements							3,220,874
Variable rate debt not subject to interest rate swaps or caps							1,063,918		(4)(5)
Total debt at share							$	10,096,235

________________________________

(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.

(5)On July 8, 2024, the 280 Park Avenue joint venture swapped the interest rate on the $1,075,000 ($537,500 at share) mortgage loan to a fixed rate of 5.84% through September 2028.

See page 3 for details of interest rate hedging arrangements entered into during 2024.

29 -

CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property	Maturity Date(1)	Spread over SOFR			Interest Rate(2)	2024		2025		2026		2027		2028		Thereafter		Total
Secured Debt:
606 Broadway (50.0% interest)	09/24		S+191		5.91%	$	74,119	$	—	$	—	$	—	$	—	$	—	$	74,119
4 Union Square South	08/25		S+150	(3)	4.32%	—		120,000		—		—		—		—		120,000
PENN 11	10/25				6.28%	—		500,000		—		—		—		—		500,000
888 Seventh Avenue(4)	12/25		S+180	(3)	5.31%	—		259,800		—		—		—		—		259,800
One Park Avenue	03/26		S+122		5.11%	—		—		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		7.15%	—		—		—		—		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	(3)	6.43%	—		—		—		—		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						74,119		879,800		525,000		1,580,000		2,300,000		350,000		5,708,919
Unsecured Debt:
Senior unsecured notes due 2025	01/25				3.50%	—		450,000		—		—		—		—		450,000
Senior unsecured notes due 2026	06/26				2.15%	—		—		400,000		—		—		—		400,000
$1.25 Billion unsecured revolving credit facility	12/27				3.88%	—		—		—		575,000		—		—		575,000
$800 Million unsecured term loan	12/27		S+130	(3)	4.79%	—		—		—		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						—		450,000		400,000		1,375,000		—		350,000		2,575,000
Total Debt						$	74,119	$	1,329,800	$	925,000	$	2,955,000	$	2,300,000	$	700,000	$	8,283,919
Weighted average rate						5.91%		4.97%		3.83%		4.61%		4.90%		3.32%		4.57%
Fixed rate debt(5)						$	—	$	1,247,300	$	400,000	$	2,855,000	$	1,865,000	$	700,000	$	7,067,300
Fixed weighted average rate expiring						—		4.83%		2.15%		4.54%		4.33%		3.32%		4.28%
Floating rate debt						$	74,119	$	82,500	$	525,000	$	100,000	$	435,000	$	—	$	1,216,619
Floating weighted average rate expiring						5.91%		7.05%		5.11%		6.64%		7.34%		—		6.21%

________________________________

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

(2)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See the previous page for information on interest rate swap and interest rate cap arrangements.

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

(4)In December 2023, we entered into a loan modification pursuant to which principal amortization is waived for a period of time.

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

30 -

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.	1,451,153	$	168,342	9.4	%
IPG and affiliates	1,029,557	68,898		3.9	%
Citadel	585,460	62,498		3.6	%
New York University	685,290	49,540		2.7	%
Madison Square Garden & Affiliates(2)	449,053	45,654		2.5	%
Bloomberg L.P.	306,768	43,527		2.4	%
Google/Motorola Mobility (guaranteed by Google)	759,446	42,537		2.4	%
Amazon (including its Whole Foods subsidiary)	312,694	30,854		1.7	%
Swatch Group USA	11,957	28,528		1.6	%
Neuberger Berman Group LLC	306,612	28,247		1.6	%
LVMH Brands	65,060	26,409		1.5	%
Bank of America	247,615	26,263		1.5	%
AMC Networks, Inc.	326,717	26,104		1.4	%
Apple Inc.	412,434	24,077		1.3	%
Victoria's Secret	33,156	20,251		1.1	%
PJT Partners Holding	134,953	19,507		1.1	%
PwC	241,196	19,367		1.1	%
Macy's	242,837	18,378		1.0	%
Fast Retailing (Uniqlo)	47,167	14,094		0.8	%
The City of New York	232,010	12,148		0.7	%
King & Spalding	122,859	11,979		0.7	%
Foot Locker	149,987	11,938		0.7	%
WSP USA	172,666	11,246		0.6	%
AbbVie Inc.	168,673	11,125		0.6	%
Axon Capital	93,127	10,992		0.6	%
Alston & Bird LLP	126,872	10,865		0.6	%
Burlington Coat Factory	108,844	10,707		0.6	%
Aetna Life Insurance Company	64,196	10,274		0.6	%
Cushman & Wakefield	120,481	9,893		0.5	%
Elliott Investment Management L.P.	74,724	9,881		0.5	%
				49.3	%

________________________________

(1)Represents monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rents at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space.

(2)Includes Madison Square Garden Entertainment’s new lease at PENN 2. Revenue recognition for portions of the new space has not yet commenced.

31 -

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	20,374		17,542	1,749		15,610		—		183		—
Retail	2,409		1,970	246		—		1,724		—		—
Residential - 1,330 units	1,215		623	19		—		—		—		604
Alexander's (32.4% interest), including 312 residential units	2,456		796	82		307		325		—		82
	26,454		20,931	2,096		15,917		2,049		183		686
Other:
THE MART	3,688		3,679	—		2,104		103		1,257		215
555 California Street (70% interest)	1,821		1,274	—		1,240		34		—		—
Other	2,845		1,346	144		212		879		—		111
	8,354		6,299	144		3,556		1,016		1,257		326
Total square feet at June 30, 2024	34,808		27,230	2,240		19,473		3,065		1,440		1,012
Total square feet at March 31, 2024	35,084		27,364	2,120		19,589		3,062		1,440		1,153
	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	558		4	1,643
555 California Street	168		1	461
Rosslyn Plaza	411		4	1,094
Total at June 30, 2024	2,772		18	7,883

32 -

OCCUPANCY (unaudited)
	New York		THE MART		555 California Street
Occupancy rate at:
June 30, 2024	88.3	%	76.9	%	94.5	%
March 31, 2024	88.2	%	77.6	%	94.5	%
December 31, 2023	89.4	%	79.2	%	94.5	%
June 30, 2023	90.1	%	80.0	%	94.5	%
RESIDENTIAL STATISTICS (unaudited)
---	---	---	---	---
		Vornado's Ownership Interest
	Number of Units	Number of Units	Occupancy Rate	Average Monthly<br>Rent Per Unit
New York:
June 30, 2024(1)	1,642	769	97.6%	$4,624
March 31, 2024	1,974	939	97.5%	$4,163
December 31, 2023	1,974	939	96.8%	$4,115
June 30, 2023	1,975	940	96.5%	$4,010

________________________________

(1)Reflects the sale of our 49.9% interest in 50-70 West 93rd Street. See page 4 for details.

33 -

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		TBD			2073		2098		Rent resets at the beginning of each 25-year renewal term at fair market value (“FMV”). The rent reset for the 25-year period commencing June 2023 is currently ongoing and the timing is uncertain. The final FMV determination may be materially higher or lower than our January 2022 estimate.
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		4,448			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		5,697			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			2027		2037		One 10-year renewal option at 90% of FMV.

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:
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	%	85.8	%	$	81.74					2,254,000		2,254,000	—				Canaccord Genuity LLC
-Retail	100.0	%	100.0	%	171.40						304,000		92,000	212,000				Bank of America, Starbucks, Blue Bottle Coffee Inc., Shake Shack
	100.0	%	86.3	%	85.16			$	194,100		2,558,000		2,346,000	212,000	$	—
PENN 2
-Office	100.0	%	100.0	%	119.36						1,741,000		125,000	1,616,000				Madison Square Garden, Major League Soccer LLC*
-Retail	100.0	%	100.0	%	134.26						54,000		24,000	30,000				JPMorgan Chase
	100.0	%	100.0	%	121.94			63,700			1,795,000		149,000	1,646,000	575,000		(4)
The Farley Building<br><br>(ground and building leased through 2116)**
-Office	95.0	%	100.0	%	117.86						730,000		730,000	—				Meta Platforms, Inc.
-Retail	95.0	%	37.0	%	311.90						116,000		116,000	—				Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels,
	95.0	%	91.5	%	128.41			99,200			846,000		846,000	—	—			Avra Prime*
PENN 11
-Office	100.0	%	100.0	%	71.81						1,112,000		1,112,000	—				Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's
-Retail	100.0	%	80.1	%	152.25						39,000		39,000	—				PNC Bank National Association, Starbucks
	100.0	%	99.3	%	74.07			78,900			1,151,000		1,151,000	—	500,000
100 West 33rd Street
-Office	100.0	%	89.5	%	68.94						859,000		859,000	—				IPG and affiliates
-Retail	100.0	%	15.6	%	72.23						257,000		257,000	—				Aeropostale
	100.0	%	73.1	%	69.09			55,400			1,116,000		1,116,000	—	480,000
330 West 34th Street
(65.2% ground leased through 2149)**
-Office	100.0	%	64.5	%	78.31						701,000		701,000	—				Structure Tone, Deutsch, Inc., Footlocker, HomeAdvisor, Inc.
-Retail	100.0	%	92.7	%	108.15						24,000		24,000	—				Starbucks
	100.0	%	65.3	%	79.47			36,600			725,000		725,000	—	100,000		(5)
435 Seventh Avenue
-Retail	100.0	%	100.0	%	35.22			1,500			43,000		43,000	—	75,000			Forever 21
7 West 34th Street
-Office	53.0	%	100.0	%	82.13						458,000		458,000	—				Amazon
-Retail	53.0	%	100.0	%	345.93						19,000		19,000	—				Amazon, Lindt, Naturalizer (guaranteed by Caleres)
	53.0	%	100.0	%	93.27			43,600			477,000		477,000	—	300,000
431 Seventh Avenue
-Retail	100.0	%	100.0	%	249.95			1,100			9,000		9,000	—	—			Essen
138-142 West 32nd Street
-Retail	100.0	%	80.3	%	127.21			400			8,000		8,000	—	—
150 West 34th Street
-Retail	100.0	%	100.0	%	38.58			3,000			78,000		78,000	—	75,000			Old Navy

35 -

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	%	$	160.80		$	500		3,000		3,000	—	$	—
131-135 West 33rd Street
-Retail	100.0	%	100.0	%	64.44			1,500			23,000		23,000	—	—
Other (3 buildings)
-Retail	100.0	%	65.4	%	190.86			1,600			16,000		16,000	—	—
Total PENN District								581,100			8,848,000		6,990,000	1,858,000	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	%	67.26		(6)	60,100			1,352,000		1,352,000	—	350,000		Geller & Company, Morrison Cohen LLP, Sard Verbinnen
150 East 58th Street(7)
-Office	100.0	%	80.9	%	82.06						541,000		541,000	—			Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail	100.0	%	100.0	%	94.75						3,000		3,000	—
	100.0	%	81.0	%	82.14			35,700			544,000		544,000	—	—
715 Lexington Avenue
-Retail	100.0	%	100.0	%	199.75			4,400			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	%	188.17			1,200			7,000		7,000	—	—		Wells Fargo
Total Midtown East								102,200			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	%	86.1	%	100.24						872,000		872,000	—			Vornado Executive Headquarters, United Talent Agency
-Retail	100.0	%	100.0	%	253.55						15,000		15,000	—			Redeye Grill L.P.
	100.0	%	86.3	%	101.82			78,200			887,000		887,000	—	259,800
57th Street - 2 buildings
-Office	50.0	%	85.4	%	60.61						81,000		81,000	—
-Retail	50.0	%	—	%	—						22,000		22,000	—
	50.0	%	71.2	%	60.61			4,200			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	%	160.71						4,000		4,000	—	—
			80.1	%	61.98			8,400			173,000		173,000	—	54,000
Total Midtown West								90,800			1,163,000		1,163,000	—	313,800

36 -

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, GIC Inc.,
-Office	50.0	%	90.5	%	$	120.02					1,237,000			1,237,000	—			Wells Fargo, Investcorp International Inc.
-Retail	50.0	%	93.8	%	54.61						28,000			28,000	—			Starbucks, Fasano Restaurant
	50.0	%	90.6	%	118.51			$	135,100		1,265,000			1,265,000	—	$	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								197,600			1,850,000			1,850,000	—	1,475,000
Grand Central:
90 Park Avenue																		Alston & Bird, Capital One, PwC, MassMutual,
-Office	100.0	%	97.9	%	83.96						938,000			938,000	—			Factset Research Systems Inc., Foley & Lardner
-Retail	100.0	%	72.8	%	178.69						18,000			18,000	—			Citibank, Starbucks
	100.0	%	97.4	%	85.26			76,700			956,000			956,000	—	—
Madison/Fifth:
640 Fifth Avenue																		Fidelity Investments, Abbott Capital Management,
-Office	52.0	%	91.5	%	111.16						246,000			246,000	—			Avolon Aerospace, Houlihan Lokey Advisors Parent, Inc.
-Retail	52.0	%	96.2	%	1,100.06						69,000			69,000	—			Victoria's Secret, Dyson
	52.0	%	92.2	%	267.67			74,200			315,000			315,000	—	400,000
666 Fifth Avenue
-Retail	52.0	%	100.0	%	402.77			42,000			114,000	(8)		114,000	—	—		Fast Retailing (Uniqlo), Abercrombie & Fitch, Tissot
595 Madison Avenue																		LVMH Moet Hennessy Louis Vuitton Inc.,
-Office	100.0	%	88.0	%	81.66						300,000			300,000	—			Albea Beauty Solutions, Aerin LLC
-Retail	100.0	%	100.0	%	740.86						30,000			30,000	—			Fendi, Berluti, Christofle Silver Inc.
	100.0	%	88.8	%	128.74			39,100			330,000			330,000	—	—
650 Madison Avenue																		Sotheby's International Realty, Inc., BC Partners Inc.,
-Office	20.1	%	82.2	%	100.31						564,000			564,000	—			Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)
-Retail	20.1	%	94.3	%	1,111.50						37,000			37,000	—			Moncler USA Inc., Tod's, Celine, Balmain
	20.1	%	82.7	%	146.70			69,900			601,000			601,000	—	800,000
689 Fifth Avenue
-Office	52.0	%	100.0	%	94.03						81,000			81,000	—			Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail	52.0	%	100.0	%	1,075.01						17,000			17,000	—			MAC Cosmetics, Canada Goose
	52.0	%	100.0	%	209.89			21,200			98,000			98,000	—	—
655 Fifth Avenue
-Retail	50.0	%	100.0	%	303.65			17,900			57,000			57,000	—	—		Ferragamo
697-703 Fifth Avenue
-Retail	44.8	%	100.0	%	2,625.82			40,500			26,000			26,000	—	356,193		Swatch Group USA, Harry Winston
Total Madison/Fifth								304,800			1,541,000			1,541,000	—	1,556,193

37 -

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	%	78.5	%	$	114.70					1,077,000		1,077,000	—			Meta Platforms, Inc., Yahoo Inc.
-Retail	100.0	%	92.0	%	94.52						106,000		106,000	—			Bank of America N.A., Wegmans Food Markets
	100.0	%	79.7	%	112.75			$	104,600		1,183,000		1,183,000	—	$	700,000
One Park Avenue
																	New York University, BMG Rights Management LLC,
-Office	100.0	%	95.4	%	73.39						867,000		867,000	—			Robert A.M. Stern Architect
-Retail	100.0	%	90.1	%	82.83						78,000		78,000	—			Bank of Baroda, Citibank, Equinox
	100.0	%	95.0	%	74.12			65,100			945,000		945,000	—	525,000
4 Union Square South
-Retail	100.0	%	100.0	%	138.75			28,300			204,000		204,000	—	120,000		Burlington, Whole Foods Market, DSW, Sephora
Total Midtown South								198,000			2,332,000		2,332,000	—	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 Elsberg PLLC*,
-Office	70.0	%	88.9	%	88.05						2,044,000		2,044,000	—			Fubotv Inc, LinkLaters, King & Spalding*
-Retail	70.0	%	94.0	%	232.53						76,000		76,000	—			Duane Reade, JPMorgan Chase Bank, Starbucks
Total Rockefeller Center	70.0	%	89.0	%	92.13			189,600			2,120,000		2,120,000	—	950,000
SoHo:
606 Broadway (19 East Houston Street)
-Office	50.0	%	58.2	%	103.01						30,000		30,000	—
-Retail	50.0	%	100.0	%	681.96						6,000		6,000	—			HSBC, Harman International
	50.0	%	63.7	%	222.64			4,900			36,000		36,000	—	74,119
304-306 Canal Street
-Retail	100.0	%	100.0	%	61.58						4,000		4,000	—			Stellar Works
'-Residential’	100.0	%	—								9,000		—	9,000
	100.0	%						200			13,000		4,000	9,000	—
334 Canal Street
-Retail	100.0	%	—		—						4,000		—	4,000
'-Residential (3 units)	100.0	%	—								10,000		—	10,000
	100.0	%						—			14,000		—	14,000	—
Total SoHo								5,100			63,000		40,000	23,000	74,119

38 -

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	%	$	113.31		$	14,900		161,000		161,000	—	$	—	U.S. Polo, Forever 21, Disney
1535 Broadway
-Retail	52.0	%	98.2	%	1,232.66						45,000		45,000	—			T-Mobile, Swatch Group USA, Levi's, Sephora
-Theatre	52.0	%	100.0	%	16.58						62,000		62,000	—			Nederlander-Marquis Theatre
	52.0	%	99.3	%	468.39			46,300			107,000		107,000	—	—
Total Times Square								61,200			268,000		268,000	—	—
Upper East Side:
1131 Third Avenue
-Retail	100.0	%	100.0	%	211.64			4,800			23,000		23,000	—	—		Nike, Crunch LLC, J.Jill
40 East 66th Street
-Residential (3 units)	100.0	%	100.0	%							10,000		10,000	—	—
Total Upper East Side								4,800			33,000		33,000	—	—
Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)**
-Office	100.0	%	100.0	%	49.52			10,400			209,000		209,000	—	—		The City of New York
85 Tenth Avenue																	Google, Telehouse International Corp.,
-Office	49.9	%	86.4	%	95.73						595,000		595,000	—			Clear Secure, Inc., Shopify
-Retail	49.9	%	55.0	%	52.06						43,000		43,000	—
	49.9	%	84.5	%	93.98			50,100			638,000		638,000	—	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	%	148.32						171,000		171,000	—			Aetna Life Insurance Company, Apple Inc.
-Retail	45.1	%	100.0	%	400.96						23,000		23,000	—			Starbucks
	45.1	%	100.0	%	164.94			34,400			194,000		194,000	—	167,500
512 West 22nd Street																	Kenneth Cole Productions, Inc.*, Next Jump, Omniva LLC,
-Office	55.0	%	84.5	%	119.06						165,000		165,000	—			Capricorn Investment Group
-Retail	55.0	%	100.0	%	106.88						8,000		8,000	—			Galeria Nara Roesler, Harper's Books
	55.0	%	85.2	%	118.40			17,500			173,000		173,000	—	126,530
Total Chelsea/Meatpacking District								115,200			1,231,000		1,231,000	—	919,030

39 -

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	%	97.4	%							1,186,000		1,186,000	—
-Retail	50.1	%	51.6	%	$	82.51					72,000		72,000	—			Duane Reade
	50.1	%						$	4,200		1,258,000		1,258,000	—	$	675,000
339 Greenwich Street
-Retail	100.0	%	100.0	%	77.13			400			8,000		8,000	—	—		Sarabeth's
Total Tribeca								4,600			1,266,000		1,266,000	—	675,000
New Jersey:
Paramus
-Office	100.0	%	82.8	%	25.71			2,600			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	100
Properties to be Developed:
Hotel Pennsylvania site
-Land	100.0	%	—		—			—			—		—	—	—
57th Street
-Land	50.0	%	—		—			—			—		—	—	—
Eighth Avenue and 34th Street
-Land	100.0	%	—		—			—			—		—	—	—
New York Office:
Total			89.3	%	$	89.76		$	1,493,100		20,374,000		18,492,000	1,882,000	$	8,387,930
Vornado's Ownership Interest			89.3	%	$	87.70		$	1,247,400		17,542,000		15,793,000	1,749,000	$	6,039,148
New York Retail:
Total			78.5	%	$	260.29		$	440,900		2,409,000		2,163,000	246,000	$	700,312
Vornado's Ownership Interest			77.0	%	$	211.86		$	291,400		1,970,000		1,724,000	246,000	$	466,584
New York Residential:
Total			97.7	%							1,215,000		1,196,000	19,000	$	675,000
Vornado's Ownership Interest			97.6	%							623,000		604,000	19,000	$	338,175

40 -

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	%	$	142.84					947,000		947,000	—	$	490,000	Bloomberg L.P.
-Retail	32.4	%	90.3	%	255.80						133,000		133,000	—	300,000		The Home Depot, Hutong, Capital One
	32.4	%	98.9	%	154.58			$	162,700		1,080,000		1,080,000	—	790,000
Rego Park I, Queens (4.8 acres)	32.4	%	100.0	%	69.97			6,000			338,000		86,000	252,000			Burlington, Marshalls
Rego Park II (adjacent to Rego Park I),
Queens (6.6 acres)	32.4	%	76.9	%	72.16			33,800			616,000		616,000	—	202,544		Costco, Kohl's, TJ Maxx, Best Buy*
Flushing, Queens (1.0 acre ground leased through 2037)**	32.4	%	100.0	%	33.26			5,500			167,000		167,000	—			New World Mall LLC
The Alexander Apartment Tower,
Rego Park, Queens, NY
-Residential (312 units)	32.4	%	98.7	%							255,000		255,000	—	94,000
Total Alexander's	32.4	%	92.1	%	117.22			208,000			2,456,000		2,204,000	252,000	1,086,544
Total New York			88.6	%	$	105.94		$	2,142,300		26,454,000		24,055,000	2,399,000	$	10,849,786
Vornado's Ownership Interest			88.3	%	$	98.67		$	1,646,700		20,931,000		18,835,000	2,096,000	$	7,195,947

________________________________

* Lease not yet commenced.

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

(1)Weighted average escalated annual rent per square foot and average occupancy percentage for office properties excludes garages and de minimis amounts of storage space. Weighted average escalated annual rent per square foot for retail excludes non-selling space.

(2)Represents monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rent at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space. Includes rent from storage and other non-selling space and excludes rent from residential units.

(3)Represents contractual debt obligations.

(4)Secured amount outstanding on revolving credit facilities.

(5)Amount represents debt on land which is owned 34.8% by Vornado.

(6)Excludes US Post Office lease for 492,000 square feet.

(7)Includes 962 Third Avenue (the Annex building to 150 East 58th Street) 50.0% ground leased through 2118**.

(8)75,000 square feet is leased from 666 Fifth Avenue Office Condominium.

41 -

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, Kellogg Company, IPG and affiliates*,
																	Chicagoland Entrepreneurial Center, Medline Industries, Inc,
-Office	100.0	%	80.3	%	$	49.35		$	84,500		2,104,000		2,104,000	—			Innovation Development Institute, Inc., Allstate Insurance Company
-Showroom/Trade show	100.0	%	72.6	%	57.86			61,100			1,472,000		1,472,000	—			Holly Hunt Ltd., Steelcase, Baker Interiors Group, Ltd.
-Retail	100.0	%	66.8	%	47.82			2,800			93,000		93,000	—
	100.0	%	76.9	%	52.52			148,400			3,669,000		3,669,000	—	$	—
Other (2 properties)	50.0	%	100.0	%	50.43			1,000			19,000		19,000	—	27,120
Total THE MART, Chicago								149,400			3,688,000		3,688,000	—	27,120
Property to be Developed:
527 West Kinzie, Chicago	100.0	%	—		—			—			—		—	—	—
Total THE MART			77.0	%	$	52.50		$	149,400		3,688,000		3,688,000	—	$	27,120
Vornado's Ownership Interest			76.9	%	$	52.51		$	148,900		3,679,000		3,679,000	—	$	13,560
555 California Street:
555 California Street	70.0	%	98.7	%	$	99.43		$	145,100		1,507,000		1,507,000	—	$	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	%	99.7	%	89.97			20,800			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			94.5	%	$	98.15		$	165,900		1,821,000		1,821,000	—	$	1,200,000
Vornado's Ownership Interest			94.5	%	$	98.15		$	116,200		1,274,000		1,274,000	—	$	840,000

________________________________

* Lease not yet commenced.

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

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

(3)Represents the contractual debt obligations.

42 -

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	%	30.4	%	$	48.97					736,000	432,000		304,000			Nathan Associates
-Residential - 2 buildings (197 units)	43.7	%	99.0	%							253,000	253,000		—
	45.6	%							$	6,300	989,000	685,000		304,000	$	25,000
Fashion Centre Mall / Washington Tower
-Office	7.5	%	75.0	%	57.12						170,000	170,000		—	42,300		The Rand Corporation
-Retail	7.5	%	94.5	%	39.01						868,000	868,000		—	412,700		Macy's, Nordstrom
	7.5	%	91.3	%	41.44				53,000		1,038,000	1,038,000		—	455,000
New Jersey:
Wayne Town Center, Wayne<br>(ground leased through 2064)**	100.0	%	100.0	%	28.48				14,900		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	%	—				—		—	—		—	—		VICI Properties (ground lessee)
Maryland:
Annapolis<br>(ground and building leased through 2042)**	100.0	%	100.0	%	11.70				1,500		128,000	128,000		—	—		The Home Depot
Total Other			82.9	%	$	39.44			$	75,700	2,845,000	2,537,000		308,000	$	480,000
Vornado's Ownership Interest			86.7	%	$	25.04			$	23,200	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.

43 -

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
Camille Bonnel		Steve Sakwa	Vikram Malhotra
Bank of America/BofA Securities		Evercore ISI	Mizuho Securities (USA) Inc.
416-369-2140		212-446-9462	212-282-3827
Brendan Lynch		Caitlin Burrows/Julien Blouin	Ronald Kamdem
Barclays Capital		Goldman Sachs	Morgan Stanley
212-526-9428		212-902-4736/212-357-7297	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
Michael Griffin		Anthony Paolone/Ray Zhong	Nicholas Yulico
Citi		JP Morgan	Scotia Capital (USA) Inc
212-816-5871		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.

44 -

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 - cash basis to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

Same Store NOI at Share and Same Store NOI at Share - Cash Basis - Same store NOI at share represents NOI at share from operations which are in service in both the current and prior year reporting periods. Same store NOI at share - cash basis is same store NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We present these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store NOI at share and same store NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

Funds From Operations ("FFO") - FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. 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							For the Six Months Ended<br>June 30,
	June 30,				March 31, 2024
	2024		2023				2024			2023
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	$	35,260	$	46,377	$	(9,034)		$	26,226		$	51,545
Per diluted share	$	0.18	$	0.24	$	(0.05)		$	0.13		$	0.27
FFO adjustments:
Depreciation and amortization of real property	$	97,897	$	94,922	$	96,783		$	194,680		$	189,714
Net gains on sale of real estate	(873)		(260)		—			(873)			(260)
Our share of partially owned entities:
Depreciation and amortization of real property	26,458		26,666		26,163			52,621			54,135
Net gain on sale of real estate	—		(16,545)		—			—			(16,545)
	123,482		104,783		122,946			246,428			227,044
Noncontrolling interests' share of above adjustments	(10,191)		(7,510)		(10,171)			(20,362)			(16,256)
FFO adjustments, net	$	113,291	$	97,273	$	112,775		$	226,066		$	210,788
FFO attributable to common shareholders (non-GAAP)	$	148,551	$	143,650	$	103,741		$	252,292		$	262,333
Impact of assumed conversion of dilutive convertible securities	393		409		388			776			816
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	148,944		144,059		104,129			253,068			263,149
Add back of FFO allocated to noncontrolling interests of the Operating Partnership	13,363		11,090		9,356			22,719			20,236
FFO attributable to Class A unitholders (non-GAAP)	$	162,307	$	155,149	$	113,485		$	275,787		$	283,385
FFO per diluted share (non-GAAP)	$	0.76	$	0.74	$	0.53		$	1.29		$	1.35

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							For the Six Months Ended<br>June 30,
	June 30,				March 31, 2024
	2024		2023				2024			2023
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	148,944	$	144,059	$	104,129		$	253,068		$	263,149
Per diluted share (non-GAAP)	$	0.76	$	0.74	$	0.53		$	1.29		$	1.35
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
Our share of the gain on the discounted extinguishment of the 280 Park Avenue mezzanine loan	$	(31,215)	$	—	$	—		$	(31,215)		$	—
After-tax net gain on sale of 220 CPS condominium units	(13,069)		—		—			(13,069)			(6,173)
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)	2,599		2,206		4,134			6,733			5,081
Other	2,252		(5,785)		1,009			3,261			(5,497)
	(39,433)		(3,579)		5,143			(34,290)			(6,589)
Noncontrolling interests' share of above adjustments	3,255		257		(425)			2,830			472
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net	$	(36,178)	$	(3,322)	$	4,718		$	(31,460)		$	(6,117)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	112,766	$	140,737	$	108,847		$	221,608		$	257,032
Per diluted share (non-GAAP)	$	0.57	$	0.72	$	0.55		$	1.13		$	1.32

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							For the Six Months Ended<br>June 30,
		June 30,				March 31, 2024
		2024		2023				2024			2023
FFO attributable to common shareholders, plus assumed conversions	(A)	$	148,944	$	144,059	$	104,129		$	253,068		$	263,149
Adjustments to arrive at FAD (at Vornado's share):
Certain items that impact FAD		(39,433)		(3,579)		5,143			(34,290)			(6,589)
Recurring tenant improvements, leasing commissions and other capital expenditures		(53,934)		(46,932)		(39,633)			(93,567)			(107,533)
Stock-based compensation expense		8,750		11,868		7,519			16,269			23,582
Amortization of debt issuance costs and other non-cash interest expense		17,091		9,162		17,388			34,479			18,002
Personal property depreciation		1,444		1,604		1,428			2,872			2,835
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other		(581)		(5,570)		(1,511)			(2,092)			(518)
Noncontrolling interests in the Operating Partnership's share of above adjustments		5,502		2,317		800			6,302			4,858
FAD adjustments, net	(B)	(61,161)		(31,130)		(8,866)			(70,027)			(65,363)
FAD (non-GAAP)	(A+B)	$	87,783	$	112,929	$	95,263		$	183,041		$	197,786
FAD payout ratio (1)(2)		N/A		N/A		N/A			N/A			36.8		%

________________________________

(1)FAD payout ratios on a quarterly basis are not necessarily indicative of amounts for the full year due to fluctuation in timing of cash expenditures, the commencement of new leases and the seasonality of our operations.

(2)We anticipate that we will pay a common share dividend for 2024 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							For the Six Months Ended<br>June 30,
---	---	---	---	---	---	---	---	---	---	---	---	---
	June 30,				March 31, 2024
	2024		2023				2024			2023
Net income (loss)	$	40,099	$	62,733	$	(6,273)		$	33,826		$	73,931
Depreciation and amortization expense	109,774		107,162		108,659			218,433			213,727
General and administrative expense	38,475		39,410		37,897			76,372			81,005
Transaction related costs and other	3,361		30		653			4,014			688
Income from partially owned entities	(47,949)		(37,272)		(16,279)			(64,228)			(53,938)
Interest and other investment income, net	(10,511)		(13,153)		(11,724)			(22,235)			(22,737)
Interest and debt expense	98,401		87,165		90,478			188,879			173,402
Net gains on disposition of wholly owned and partially owned assets	(16,048)		(936)		—			(16,048)			(8,456)
Income tax expense	5,284		4,497		6,740			12,024			9,164
NOI from partially owned entities	68,298		70,745		70,369			138,667			138,842
NOI attributable to noncontrolling interests in consolidated subsidiaries	(9,013)		(18,742)		(11,396)			(20,409)			(30,506)
NOI at share	280,171		301,639		269,124			549,295			575,122
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(581)		(5,570)		(1,511)			(2,092)			(518)
NOI at share - cash basis	$	279,590	$	296,069	$	267,613		$	547,203		$	574,604

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 June 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
New York	$	367,578	$	362,471	$	(188,947)	$	(176,410)	$	178,631	$	186,061	$	1,504	$	(840)	$	180,135	$	185,221
Other	82,688		109,888		(40,433)		(46,313)		42,255		63,575		4,953		1,327		47,208		64,902
Consolidated total	450,266		472,359		(229,380)		(222,723)		220,886		249,636		6,457		487		227,343		250,123
Noncontrolling interests' share in consolidated subsidiaries	(52,353)		(64,623)		43,340		45,881		(9,013)		(18,742)		(6,270)		(6,678)		(15,283)		(25,420)
Our share of partially owned entities	117,504		117,817		(49,206)		(47,072)		68,298		70,745		(768)		621		67,530		71,366
Vornado's share	$	515,417	$	525,553	$	(235,246)	$	(223,914)	$	280,171	$	301,639	$	(581)	$	(5,570)	$	279,590	$	296,069	For the Three Months Ended March 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Total Revenues		Operating Expenses		NOI		Non-cash Adjustments(1)		NOI - cash basis
New York	$	358,234	$	(188,278)	$	169,956	$	1,271	$	171,227
Other	78,141		(37,946)		40,195		870		41,065
Consolidated total	436,375		(226,224)		210,151		2,141		212,292
Noncontrolling interests' share in consolidated subsidiaries	(53,167)		41,771		(11,396)		(5,138)		(16,534)
Our share of partially owned entities	120,742		(50,373)		70,369		1,486		71,855
Vornado's share	$	503,950	$	(234,826)	$	269,124	$	(1,511)	$	267,613
	For the Six Months Ended June 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
New York	$	725,812	$	726,285	$	(377,225)	$	(364,731)	$	348,587	$	361,554	$	2,775	$	8,956	$	351,362	$	370,510
Other	160,829		191,997		(78,379)		(86,765)		82,450		105,232		5,823		1,419		88,273		106,651
Consolidated total	886,641		918,282		(455,604)		(451,496)		431,037		466,786		8,598		10,375		439,635		477,161
Noncontrolling interests' share in consolidated subsidiaries	(105,520)		(121,438)		85,111		90,932		(20,409)		(30,506)		(11,408)		(12,292)		(31,817)		(42,798)
Our share of partially owned entities	238,246		233,343		(99,579)		(94,501)		138,667		138,842		718		1,399		139,385		140,241
Vornado's share	$	1,019,367	$	1,030,187	$	(470,072)	$	(455,065)	$	549,295	$	575,122	$	(2,092)	$	(518)	$	547,203	$	574,604

________________________________

(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 JUNE 30, 2024 COMPARED TO JUNE 30, 2023 (unaudited)
(Amounts in thousands)			Total			New York			THE MART			555 California Street			Other
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NOI at share for the three months ended June 30, 2024	$	280,171		$	242,153		$	16,060		$	16,800		$	5,158
Less NOI at share from:
Dispositions	(620)			(633)			13			—			—
Development properties	(9,637)			(9,637)			—			—			—
Other non-same store income, net	(6,094)			(936)			—			—			(5,158)
Same store NOI at share for the three months ended June 30, 2024	$	263,820		$	230,947		$	16,073		$	16,800		$	—
NOI at share for the three months ended June 30, 2023	$	301,639		$	248,366		$	16,462		$	31,347		$	5,464
Less NOI at share from:
Dispositions	(696)			(1,082)			386			—			—
Development properties	(4,391)			(4,391)			—			—			—
Other non-same store income, net	(6,730)			(1,266)			—			—			(5,464)
Same store NOI at share for the three months ended June 30, 2023	$	289,822		$	241,627		$	16,848		$	31,347		$	—
Decrease in same store NOI at share	$	(26,002)		$	(10,680)		$	(775)		$	(14,547)		$	—
% decrease in same store NOI at share	(9.0)		%	(4.4)		%	(4.6)		%	(46.4)		%	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 JUNE 30, 2024 COMPARED TO JUNE 30, 2023 (unaudited)
(Amounts in thousands)			Total			New York			THE MART			555 California Street			Other
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NOI at share - cash basis for the three months ended June 30, 2024	$	279,590		$	237,834		$	16,835		$	19,956		$	4,965
Less NOI at share - cash basis from:
Dispositions	(620)			(633)			13			—			—
Development properties	(7,353)			(7,353)			—			—			—
Other non-same store income, net	(6,880)			(1,915)			—			—			(4,965)
Same store NOI at share - cash basis for the three months ended June 30, 2024	$	264,737		$	227,933		$	16,848		$	19,956		$	—
NOI at share - cash basis for the three months ended June 30, 2023	$	296,069		$	241,569		$	16,592		$	32,284		$	5,624
Less NOI at share - cash basis from:
Dispositions	(860)			(1,337)			477			—			—
Development properties	(4,554)			(4,554)			—			—			—
Other non-same store income, net	(7,061)			(1,437)			—			—			(5,624)
Same store NOI at share - cash basis for the three months ended June 30, 2023	$	283,594		$	234,241		$	17,069		$	32,284		$	—
Decrease in same store NOI at share - cash basis	$	(18,857)		$	(6,308)		$	(221)		$	(12,328)		$	—
% decrease in same store NOI at share - cash basis	(6.6)		%	(2.7)		%	(1.3)		%	(38.2)		%	0.0		%

viii -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE SIX MONTHS ENDED JUNE 30, 2024 COMPARED TO JUNE 30, 2023 (unaudited)
(Amounts in thousands)			Total			New York			THE MART			555 California Street			Other
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NOI at share for the six months ended June 30, 2024	$	549,295		$	475,282		$	30,546		$	33,329		$	10,138
Less NOI at share from:
Dispositions	(1,419)			(1,425)			6			—			—
Development properties	(17,595)			(17,595)			—			—			—
Other non-same store income, net	(11,910)			(1,772)			—			—			(10,138)
Same store NOI at share for the six months ended June 30, 2024	$	518,371		$	454,490		$	30,552		$	33,329		$	—
NOI at share for the six months ended June 30, 2023	$	575,122		$	484,360		$	31,871		$	48,276		$	10,615
Less NOI at share from:
Dispositions	(1,030)			(2,100)			1,070			—			—
Development properties	(8,722)			(8,722)			—			—			—
Other non-same store (income) expense, net	(8,146)			2,469			—			—			(10,615)
Same store NOI at share for the six months ended June 30, 2023	$	557,224		$	476,007		$	32,941		$	48,276		$	—
Decrease in same store NOI at share	$	(38,853)		$	(21,517)		$	(2,389)		$	(14,947)		$	—
% decrease in same store NOI at share	(7.0)		%	(4.5)		%	(7.3)		%	(31.0)		%	0.0		%

ix -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE SIX MONTHS ENDED JUNE 30, 2024 COMPARED TO JUNE 30, 2023 (unaudited)
(Amounts in thousands)			Total			New York			THE MART			555 California Street			Other
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NOI at share - cash basis for the six months ended June 30, 2024	$	547,203		$	468,628		$	31,784		$	36,894		$	9,897
Less NOI at share - cash basis from:
Dispositions	(1,419)			(1,425)			6			—			—
Development properties	(13,323)			(13,323)			—			—			—
Other non-same store income, net	(13,253)			(3,356)			—			—			(9,897)
Same store NOI at share - cash basis for the six months ended June 30, 2024	$	519,208		$	450,524		$	31,790		$	36,894		$	—
NOI at share - cash basis for the six months ended June 30, 2023	$	574,604		$	482,596		$	31,267		$	50,002		$	10,739
Less NOI at share - cash basis from:
Dispositions	(1,263)			(2,514)			1,251			—			—
Development properties	(8,699)			(8,699)			—			—			—
Other non-same store income, net	(13,132)			(2,393)			—			—			(10,739)
Same store NOI at share - cash basis for the six months ended June 30, 2023	$	551,510		$	468,990		$	32,518		$	50,002		$	—
Decrease in same store NOI at share - cash basis	$	(32,302)		$	(18,466)		$	(728)		$	(13,108)		$	—
% decrease in same store NOI at share - cash basis	(5.9)		%	(3.9)		%	(2.2)		%	(26.2)		%	0.0		%

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED JUNE 30, 2024 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 June 30, 2024	$	280,171		$	242,153		$	16,060		$	16,800		$	5,158
Less NOI at share from:
Dispositions	(620)			(633)			13			—			—
Development properties	(9,637)			(9,637)			—			—			—
Other non-same store income, net	(6,094)			(936)			—			—			(5,158)
Same store NOI at share for the three months ended June 30, 2024	$	263,820		$	230,947		$	16,073		$	16,800		$	—
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	(799)			(792)			(7)			—			—
Development properties	(7,958)			(7,958)			—			—			—
Other non-same store income, net	(5,816)			(836)			—			—			(4,980)
Same store NOI at share for the three months ended March 31, 2024	$	254,551		$	223,543		$	14,479		$	16,529		$	—
Increase in same store NOI at share	$	9,269		$	7,404		$	1,594		$	271		$	—
% increase in same store NOI at share	3.6		%	3.3		%	11.0		%	1.6		%	0.0		%

xi -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED JUNE 30, 2024 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 June 30, 2024	$	279,590		$	237,834		$	16,835		$	19,956		$	4,965
Less NOI at share - cash basis from:
Dispositions	(620)			(633)			13			—			—
Development properties	(7,353)			(7,353)			—			—			—
Other non-same store income, net	(6,675)			(1,710)			—			—			(4,965)
Same store NOI at share - cash basis for the three months ended June 30, 2024	$	264,942		$	228,138		$	16,848		$	19,956		$	—
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	(799)			(792)			(7)			—			—
Development properties	(5,970)			(5,970)			—			—			—
Other non-same store income, net	(6,013)			(1,081)			—			—			(4,932)
Same store NOI at share - cash basis for the three months ended March 31, 2024	$	254,831		$	222,951		$	14,942		$	16,938		$	—
Increase in same store NOI at share - cash basis	$	10,111		$	5,187		$	1,906		$	3,018		$	—
% increase in same store NOI at share - cash basis	4.0		%	2.3		%	12.8		%	17.8		%	0.0		%

xii -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)
	As of June 30, 2024
	Consolidated Debt, Net		Deferred Financing Costs, Net and Other		Consolidated Contractual Debt
Mortgages payable	$	5,672,086	$	36,833	$	5,708,919
Senior unsecured notes	1,194,894		5,106		1,200,000
$800 Million unsecured term loan	795,254		4,746		800,000
$2.2 Billion unsecured revolving credit facilities	575,000		—		575,000
	$	8,237,234	$	46,685	$	8,283,919

xiii -

NON-GAAP RECONCILIATIONS<br><br>RECONCILIATION OF NET INCOME (LOSS) TO EBITDAre (unaudited)
(Amounts in thousands)			For the Three Months Ended							For the Six Months Ended June 30,
---	---	---	---	---	---	---	---	---	---	---	---	---
	June 30,				March 31, 2024
	2024		2023				2024			2023
Reconciliation of net income (loss) to EBITDAre (non-GAAP):
Net income (loss)	$	40,099	$	62,733	$	(6,273)		$	33,826		$	73,931
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	13,890		2,781		11,982			25,872			12,709
Net income attributable to the Operating Partnership	53,989		65,514		5,709			59,698			86,640
EBITDAre adjustments at share:
Depreciation and amortization expense	125,799		123,192		124,374			250,173			246,684
Interest and debt expense	93,148		118,132		117,340			210,488			229,249
Income tax expense	5,582		4,655		7,426			13,008			9,609
Net gains on sale of real estate	(873)		(16,805)		—			(873)			(16,805)
EBITDAre at share	277,645		294,688		254,849			532,494			555,377
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	9,656		19,757		12,076			21,732			31,943
EBITDAre (non-GAAP)	$	287,301	$	314,445	$	266,925		$	554,226		$	587,320

xiv -

NON-GAAP RECONCILIATIONS<br><br>RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	For the Three Months Ended							For the Six Months Ended June 30,
	June 30,				March 31, 2024
	2024		2023				2024			2023
EBITDAre (non-GAAP)	$	287,301	$	314,445	$	266,925		$	554,226		$	587,320
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(9,656)		(19,757)		(12,076)			(21,732)			(31,943)
Certain (income) expense items that impact EBITDAre:
Gain on sale of 220 CPS condominium units and ancillary amenities	(15,175)		—		—			(15,175)			(7,520)
Other	3,362		(6,575)		1,009			4,371			(5,629)
Total of certain (income) expense items that impact EBITDAre	(11,813)		(6,575)		1,009			(10,804)			(13,149)
EBITDAre, as adjusted (non-GAAP)	$	265,832	$	288,113	$	255,858		$	521,690		$	542,228

xv -

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 the increased interest rates and effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2023. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include 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 June 30, 2024 and the Company’s Supplemental Operating and Financial Data package for the quarter ended June 30, 2024, both of which can be accessed at the Company’s website www.vno.com.

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

Second Quarter 2024 Financial Highlights

Net income attributable to common shareholders for the quarter ended June 30, 2024 was $35.3 million, or $0.18 per diluted share, compared to $46.4 million, or $0.24 per diluted share, for the prior year's quarter.

EBITDAre, as adjusted (non-GAAP) for the quarter ended June 30, 2024 was $265.8 million, compared to $288.1 million for the prior year’s quarter.

Liquidity

As of June 30, 2024, we had $2.7 billion of liquidity comprised of $1.1 billion of cash and cash equivalents and restricted cash and $1.6 billion available on our $2.2 billion revolving credit facilities.

Active Development

As of June 30, 2024, we have expended $736.0 million of cash with an estimated $114.0 million remaining to be spent for PENN 2 and PENN districtwide improvements.

We have a 49.9% interest in a joint venture that is developing Sunset Pier 94 Studios. As of June 30, 2024, we have funded $19.5 million of our estimated $34.0 million share of cash contributions to the project.

2024 Business Developments

Financing Activity

280 Park Avenue

435 Seventh Avenue

Unsecured Revolving Credit Facility

640 Fifth Avenue (Fifth Avenue and Times Square JV)

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

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

2024 Business Developments - continued

Financing Activity - continued

Interest Rate Swap and Cap Arrangements

We entered into the following interest rate swap and cap arrangements during the six months ended June 30, 2024. See page 9 for further information on our interest rate swap and cap arrangements:

(Amounts in thousands)	Notional Amount<br>(at share)		All-In Swapped Rate	Expiration Date	Variable Rate Spread
Interest rate swaps:
PENN 11(1)	$	250,000	6.21%	10/25	S+206
435 Seventh Avenue	75,000		6.96%	04/26	S+210
			Index Strike Rate
Interest rate caps:
61 Ninth Avenue (45.1% interest)	$	75,543	4.39%	01/26	S+146

______________________________

(1)Together with the existing $250,000 swap arrangement on the $500,000 PENN 11 mortgage loan, the loan will bear interest at an all-in swapped rate of 6.28% through October 2025.

Dispositions

220 Central Park South

50-70 West 93rd Street

Alexander’s Inc.

On May 3, 2024, Alexander’s Inc., in which we own a 32.4% common equity interest, and Bloomberg L.P. reached an agreement to extend the leases covering approximately 947,000 square feet at 731 Lexington Avenue that were scheduled to expire in February 2029 for a term of eleven years to February 2040.

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

Leasing Activity

The leasing activity and related statistics below are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with GAAP. Second generation relet space represents square footage that has not been vacant for more than nine months and tenant improvements and leasing commissions are based on our share of square feet leased during the period.

For the Three Months Ended June 30, 2024

1,322,000 square feet of New York Office space (598,000 square feet at share) at an initial rent of $131.37 per square foot and a weighted average lease term of 9.7 years. The changes in the GAAP and cash mark-to-market rent on the 518,000 square feet of second generation space were positive 8.2% and positive 3.4%, respectively. Tenant improvements and leasing commissions were $6.54 per square foot per annum, or 5.0% of initial rent.

4,000 square feet of New York Retail space (all at share) at an initial rent of $301.14 per square foot and a weighted average lease term of 5.0 years. The changes in the GAAP and cash mark-to-market rent on the 4,000 square feet of second generation space were positive 26.9% and positive 14.8%, respectively. Tenant improvements and leasing commissions were $10.99 per square foot per annum, or 3.6% of initial rent.

32,000 square feet at THE MART (all at share) at an initial rent of $56.39 per square foot and a weighted average lease term of 7.2 years. The changes in the GAAP and cash mark-to-market rent on the 19,000 square feet of second generation space were negative 3.5% and negative 4.3%, respectively. Tenant improvements and leasing commissions were $7.86 per square foot per annum, or 13.9% of initial rent.

66,000 square feet at 555 California Street (47,000 square feet at share) at an initial rent of $99.14 per square foot and a weighted average lease term of 9.8 years. The changes in the GAAP and cash mark-to-market rent on the 47,000 square feet of second generation space were positive 32.4% and positive 13.3%, respectively. Tenant improvements and leasing commissions were $12.56 per square foot per annum, or 12.7% of initial rent.

For the Six Months Ended June 30, 2024

1,613,000 square feet of New York Office space (848,000 square feet at share) at an initial rent of $118.96 per square foot and a weighted average lease term of 10.1 years. The changes in the GAAP and cash mark-to-market rent on the 613,000 square feet of second generation space were positive 7.6% and positive 3.3%, respectively. Tenant improvements and leasing commissions were $8.64 per square foot per annum, or 7.3% of initial rent.

40,000 square feet of New York Retail space (37,000 square feet at share) at an initial rent of $258.76 per square foot and a weighted average lease term of 3.9 years. The changes in the GAAP and cash mark-to-market rent on the 31,000 square feet of second generation space were positive 7.2% and negative 14.5%, respectively. Tenant improvements and leasing commissions were $26.92 per square foot per annum, or 10.4% of initial rent.

83,000 square feet at THE MART (all at share) at an initial rent of $61.09 per square foot and a weighted average lease term of 5.5 years. The changes in the GAAP and cash mark-to-market rent on the 62,000 square feet of second generation space were positive 3.5% and negative 1.4%, respectively. Tenant improvements and leasing commissions were $8.17 per square foot per annum, or 13.4% of initial rent.

107,000 square feet at 555 California Street (76,000 square feet at share) at an initial rent of $87.03 per square foot and a weighted average lease term of 8.1 years. The changes in the GAAP and cash mark-to-market rent on the 76,000 square feet of second generation space were positive 10.9% and negative 4.4%, respectively. Tenant improvements and leasing commissions were $10.40 per square foot per annum, or 11.9% of initial rent.

UNSECURED NOTES COVENANT RATIOS AND CREDIT RATINGS (unaudited)
(Amounts in thousands)				As of
---	---	---	---	---	---
Unsecured Notes Covenant Ratios(1)	Required	June 30, <br>2024	March 31, <br>2024	December 31, <br>2023	September 30, <br>2023
Total outstanding debt/total assets(2)	Less than 65%	47%	52%	50%	50%
Secured debt/total assets	Less than 50%	33%	34%	33%	33%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50	1.87	1.93	2.15	2.17
Unencumbered assets/unsecured debt	Greater than 150%	425%	321%	320%	319%		Consolidated Unencumbered EBITDA(1) (non-GAAP):	Q2 2024<br>Annualized
---	---	---
New York	$	292,284
Other	112,924
Total	$	405,208		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 millions, 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 June 30, 2024.
(2)	Prior to May 3, 2024, the $915 million revolving credit facility had full capacity of $1.25 billion. See page 3 for additional details.
(3)	Based on the Vornado Realty Trust (NYSE: VNO) June 30, 2024 quarter end closing common share price of $26.29.

Company capitalization(1):	Amount		% Total
Consolidated mortgages payable (at 100%)	$	5,709	38%
Unsecured debt (contractual)	2,575		17%
Perpetual preferred shares/units	1,223		8%
Equity(3)	5,510		37%
Total	15,017		100%
Pro rata share of debt of non-consolidated entities	2,494
Less: Noncontrolling interests' share of consolidated debt	(682)
Total at share	$	16,829

NET DEBT TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in millions)
	As of and For the Trailing Twelve Months Ended June 30, 2024				As of and For the Year Ended December 31,
				2023				2022				2021
Secured debt	$	5,709			$	5,730			$	5,878			$	6,099
Unsecured debt	2,575				2,575				2,575				2,575
Pro rata share of debt of non-consolidated entities	2,494				2,654				2,697				2,700
Less: Noncontrolling interests’ share of consolidated debt	(682)				(682)				(682)				(682)
Company’s pro rata share of total debt	$	10,096			$	10,277			$	10,468			$	10,692
% Unsecured debt	26%				25%				25%				24%
Company’s pro rata share of total debt	$	10,096			$	10,277			$	10,468			$	10,692
Less: Cash and cash equivalents and investments in U.S. Treasury bills	(873)				(997)				(1,362)				(1,760)
Less: Escrowed cash included within restricted cash on our balance sheet	(222)				(222)				(94)				(131)
Less: Pro rata share of unconsolidated partially owned entities’ cash and cash equivalents and escrowed cash	(299)				(296)				(316)				(291)
Plus: Noncontrolling interests’ share of cash and cash equivalents, escrowed cash and investments in U.S. Treasury bills	122				102				94				110
Less: Participation in 150 West 34th Street mortgage loan	—				—				(105)				(105)
Less: Projected cash proceeds from 220 CPS	(40)				(70)				(90)				(148)
Net debt	$	8,784			$	8,794			$	8,595			$	8,367
EBITDAre, as adjusted (non-GAAP)	$	1,061			$	1,081			$	1,091			$	949
Net debt / EBITDAre, as adjusted (non-GAAP)	8.3		x		8.1		x		7.9		x		8.8		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 millions)
	As of June 30, 2024
	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)	$	8,284	4.57%	$	1,217	6.21%	$	7,067	4.28%
Pro rata share of debt of non-consolidated entities	2,494		5.66%	1,126		7.14%	1,368		4.44%
Total	10,778		4.82%	2,343		6.66%	8,435		4.31%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)	(682)			(397)			(285)
Company's pro rata share of total debt	$	10,096	4.78%	$	1,946	6.54%	$	8,150	4.37%

As of June 30, 2024, $882 of variable rate debt (at share) is subject to interest rate cap arrangements, the $1,064 of variable rate debt not subject to interest rate cap arrangements represents 11% of our total pro rata share of debt. See the following page for details.

________________________________

(1) Includes variable rate debt with interest rates fixed by interest rate swap arrangements and the $950 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 June 30, 2024.

HEDGING INSTRUMENTS AS OF JUNE 30, 2024 (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	259,800			12/25		S+180	200,000				09/27	4.76%
4 Union Square South mortgage loan	120,000			08/25		S+150	97,300				01/25	3.74%
435 Seventh Avenue mortgage loan	75,000			04/28		S+210	75,000				04/26	6.96%
Unconsolidated:
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				03/25	3.89%	5.11%	6.16%
150 West 34th Street mortgage loan	75,000			02/28		S+215	75,000				02/26	5.00%	7.15%	7.75%
606 Broadway mortgage loan	37,060			09/24		S+191	37,060				09/24	4.00%	5.91%	5.95%
Unconsolidated:
61 Ninth Avenue mortgage loan	75,543			01/26		S+146	75,543				01/26	4.39%	5.85%	6.31%
512 West 22nd Street mortgage loan	69,591			06/25		S+235	69,591				06/25	4.50%	6.85%	7.16%
Rego Park II mortgage loan	65,624			12/25		S+145	65,624				11/24	4.15%	5.60%	6.28%
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							$	4,929,500
Variable rate debt subject to interest rate caps							881,943
Fixed rate debt per loan agreements							3,220,874
Variable rate debt not subject to interest rate swaps or caps							1,063,918		(4)(5)
Total debt at share							$	10,096,235

________________________________

(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.

(5)On July 8, 2024, the 280 Park Avenue joint venture swapped the interest rate on the $1,075,000 ($537,500 at share) mortgage loan to a fixed rate of 5.84% through September 2028.

See page 4 for details of interest rate hedging arrangements entered into during 2024.

CONSOLIDATED DEBT MATURITIES (CONTRACTUAL BALANCES) (unaudited)
(Amounts in millions)
Consolidated Debt Maturity Schedule(1) as of June 30, 2024<br><br>(Excludes pro rata share of JV debt)(2)
---

Consolidated (100%):
Secured	$	74		$	880		$	525		$	1,580		$	2,300		$	350
Unsecured	—			450			400			1,375			—			350
Total consolidated debt (100%)	$	74		$	1,330		$	925		$	2,955		$	2,300		$	700
% of total consolidated debt	0.9		%	16.1		%	11.2		%	35.7		%	27.8		%	8.3		%
Debt maturities at share:
Consolidated debt (100%)	$	74		$	1,330		$	925		$	2,955		$	2,300		$	700
Pro rata share of debt of non-consolidated entities	159			575			1,157			40			159			404
Less: Noncontrolling interests' share of consolidated debt	(37)			—			—			—			(645)			—
Total debt at share	$	196		$	1,905		$	2,082		$	2,995		$	1,814		$	1,104
% of total debt at share	1.9		%	18.9		%	20.6		%	29.7		%	18.0		%	10.9		%

_______________________________

(1)Assumes the exercise of as-of-right extension options. Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity, and the $950 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 of JV partnership debt, primarily comprised of the $300 mortgage loan on 7 West 34th Street. These amounts are excluded from the consolidated debt maturity chart presented above.

CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property	Maturity Date(1)	Spread over SOFR			Interest Rate(2)	2024		2025		2026		2027		2028		Thereafter		Total
Secured Debt:
606 Broadway (50.0% interest)	09/24		S+191		5.91%	$	74,119	$	—	$	—	$	—	$	—	$	—	$	74,119
4 Union Square South	08/25		S+150	(3)	4.32%	—		120,000		—		—		—		—		120,000
PENN 11	10/25				6.28%	—		500,000		—		—		—		—		500,000
888 Seventh Avenue(4)	12/25		S+180	(3)	5.31%	—		259,800		—		—		—		—		259,800
One Park Avenue	03/26		S+122		5.11%	—		—		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		7.15%	—		—		—		—		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	(3)	6.43%	—		—		—		—		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						74,119		879,800		525,000		1,580,000		2,300,000		350,000		5,708,919
Unsecured Debt:
Senior unsecured notes due 2025	01/25				3.50%	—		450,000		—		—		—		—		450,000
Senior unsecured notes due 2026	06/26				2.15%	—		—		400,000		—		—		—		400,000
$1.25 Billion unsecured revolving credit facility	12/27				3.88%	—		—		—		575,000		—		—		575,000
$800 Million unsecured term loan	12/27		S+130	(3)	4.79%	—		—		—		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						—		450,000		400,000		1,375,000		—		350,000		2,575,000
Total Debt						$	74,119	$	1,329,800	$	925,000	$	2,955,000	$	2,300,000	$	700,000	$	8,283,919
Weighted average rate						5.91%		4.97%		3.83%		4.61%		4.90%		3.32%		4.57%
Fixed rate debt(5)						$	—	$	1,247,300	$	400,000	$	2,855,000	$	1,865,000	$	700,000	$	7,067,300
Fixed weighted average rate expiring						—		4.83%		2.15%		4.54%		4.33%		3.32%		4.28%
Floating rate debt						$	74,119	$	82,500	$	525,000	$	100,000	$	435,000	$	—	$	1,216,619
Floating weighted average rate expiring						5.91%		7.05%		5.11%		6.64%		7.34%		—		6.21%

________________________________

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

(4)In December 2023, we entered into a loan modification pursuant to which principal amortization is waived for a period of time.

(5)Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity, and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement. See 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.	1,451,153	$	168,342	9.4	%
IPG and affiliates	1,029,557	68,898		3.9	%
Citadel	585,460	62,498		3.6	%
New York University	685,290	49,540		2.7	%
Madison Square Garden & Affiliates(2)	449,053	45,654		2.5	%
Bloomberg L.P.	306,768	43,527		2.4	%
Google/Motorola Mobility (guaranteed by Google)	759,446	42,537		2.4	%
Amazon (including its Whole Foods subsidiary)	312,694	30,854		1.7	%
Swatch Group USA	11,957	28,528		1.6	%
Neuberger Berman Group LLC	306,612	28,247		1.6	%
LVMH Brands	65,060	26,409		1.5	%
Bank of America	247,615	26,263		1.5	%
AMC Networks, Inc.	326,717	26,104		1.4	%
Apple Inc.	412,434	24,077		1.3	%
Victoria's Secret	33,156	20,251		1.1	%
				38.6	%

________________________________

(2)Includes Madison Square Garden Entertainment’s new lease at PENN 2. Revenue recognition for portions of the new space has not yet commenced.

LEASE EXPIRATIONS (unaudited)
(Amounts in thousands)		Our Share of Square Feet of Expiring Leases<br>As of June 30, 2024
---

New York Office	483	579	1,163	1,319	1,049	1,284	644	844	972	502	584	4,457
New York Retail	21	184	160	52	31	53	158	68	55	17	81	301
THE MART	115	193	284	196	705	160	47	319	420	54	94	192
555 California Street	65	220	238	65	112	120	109	29	9	15	—	196
Total	684	1,176	1,845	1,632	1,897	1,617	958	1,260	1,456	588	759	5,146
% of total	3.6%	6.2%	9.7%	8.6%	10.0%	8.5%	5.0%	6.6%	7.7%	3.1%	4.0%	27.0%

_______________________________

(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	1,795,000	$	750,000		$	675,504	$	74,496	2026		9.5%
Districtwide Improvements	N/A	100,000			60,493		39,507		N/A		N/A
Total PENN District		850,000		(1)	735,997		114,003
Sunset Pier 94 Studios (49.9% interest)	266,000	125,000		(2)	19,494		105,506		2026		10.3%
Total Active Development Projects		$	975,000		$	755,491	$	219,509

________________________________

(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 June 30, 2024
	Consolidated Debt, Net		Deferred Financing Costs, Net and Other		Consolidated Contractual Debt
Mortgages payable	$	5,672,086	$	36,833	$	5,708,919
Senior unsecured notes	1,194,894		5,106		1,200,000
$800 Million unsecured term loan	795,254		4,746		800,000
$2.2 Billion unsecured revolving credit facilities	575,000		—		575,000
	$	8,237,234	$	46,685	$	8,283,919

iii

NON-GAAP RECONCILIATIONS<br><br>RECONCILIATION OF NET INCOME (LOSS) TO EBITDAre (unaudited)
(Amounts in thousands)			For the Three Months Ended June 30,				For the Trailing Twelve Months Ended		For the Year Ended December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---
	2024		2023		June 30, 2024		2023		2022		2021
Reconciliation of net income (loss) to EBITDAre (non-GAAP):
Net income (loss)	$	40,099	$	62,733	$	(7,217)	$	32,888	$	(382,612)	$	207,553
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries	13,890		2,781		89,130		75,967		5,737		(24,014)
Net income (loss) attributable to the Operating Partnership	53,989		65,514		81,913		108,855		(376,875)		183,539
EBITDAre adjustments at share:
Depreciation and amortization expense	125,799		123,192		502,846		499,357		593,322		526,539
Interest and debt expense	93,148		118,132		439,639		458,400		362,321		297,116
Real estate impairment losses	—		—		73,289		73,289		595,488		7,880
Income tax expense (benefit)	5,582		4,655		33,864		30,465		23,404		(9,813)
Net gains on sale of real estate	(873)		(16,805)		(57,023)		(72,955)		(58,920)		(15,675)
EBITDAre at share	277,645		294,688		1,074,528		1,097,411		1,138,740		989,586
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	9,656		19,757		29,194		39,405		71,786		75,987
EBITDAre (non-GAAP)	$	287,301	$	314,445	$	1,103,722	$	1,136,816	$	1,210,526	$	1,065,573

NON-GAAP RECONCILIATIONS<br><br>RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	For the Three Months Ended June 30,				For the Trailing Twelve Months Ended		For the Year Ended December 31,
	2024		2023		June 30, 2024		2023		2022		2021
EBITDAre (non-GAAP)	$	287,301	$	314,445	$	1,103,722	$	1,136,816	$	1,210,526	$	1,065,573
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(9,656)		(19,757)		(29,194)		(39,405)		(71,786)		(75,987)
Certain (income) expense items that impact EBITDAre:
Gain on sale of 220 CPS condominium units and ancillary amenities	(15,175)		—		(21,782)		(14,127)		(41,874)		(50,318)
Net gains on disposition of wholly owned and partially owned assets	—		(902)		13		(1,018)		(17,372)		(643)
Other	3,362		(5,673)		8,035		(934)		11,070		10,351
Total of certain (income) expense items that impact EBITDAre	(11,813)		(6,575)		(13,734)		(16,079)		(48,176)		(40,610)
EBITDAre, as adjusted (non-GAAP)	$	265,832	$	288,113	$	1,060,794	$	1,081,332	$	1,090,564	$	948,976