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):

November 3, 2025

VORNADO REALTY TRUST

(Exact Name of Registrant as Specified in Charter)

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

VORNADO REALTY L.P.

(Exact Name of Registrant as Specified in Charter)

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

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

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

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

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

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

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

All values are in US Dollars.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

On November 3, 2025, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the third quarter of 2025. That press release referred to supplemental data that is available on the Company’s website. That press release and the supplemental data are attached to this Current Report on Form 8-K as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

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

Item 9.01. Financial Statements and Exhibits.

(d)	Exhibits.
	The following exhibits are being furnished as part of this Current Report on Form 8-K:
	99.1	Vornado Realty Trust press release dated November 3, 2025
	99.2	Vornado Realty Trust supplemental operating and financial data for the quarter ended September 30, 2025
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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

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

Date: November 3, 2025

SIGNATURE

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

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

Date: November 3, 2025

Document

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

Vornado Announces Third Quarter 2025 Financial Results

New York City | November 3, 2025

Vornado Realty Trust (NYSE: VNO) reported today:

Quarter Ended September 30, 2025 Financial Results

NET INCOME attributable to common shareholders for the quarter ended September 30, 2025 was $11,589,000, or $0.06 per diluted share, compared to net loss attributable to common shareholders of $19,154,000, or $0.10 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 September 30, 2025 was $117,372,000, or $0.58 per diluted share, compared to $99,256,000, or $0.50 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 September 30, 2025 was $114,535,000, or $0.57 per diluted share, and $102,755,000, or $0.52 per diluted share, for the prior year's quarter.

Nine Months Ended September 30, 2025 Financial Results

NET INCOME attributable to common shareholders for the nine months ended September 30, 2025 was $842,250,000, or $4.19 per diluted share, compared to $7,072,000, or $0.04 per diluted share, for the nine months ended September 30, 2024. The increase is primarily due to the $803,248,000 gain related to the 770 Broadway master lease with New York University ("NYU"), the $76,162,000 net gain recognized upon the disposition of a portion of the 666 Fifth condominium to UNIQLO, and the $17,240,000 reversal of PENN 1 rent expense previously accrued following the April 2025 rent reset determination (which is subject to the ongoing litigation described on page 4).

FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the nine months ended September 30, 2025 was $373,482,000, or $1.86 per diluted share, compared to $352,914,000, or $1.79 per diluted share, for the nine months ended September 30, 2024. 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 nine months ended September 30, 2025 was $354,239,000, or $1.76 per diluted share, and $324,860,000, or $1.65 per diluted share, for the nine months ended September 30, 2024.

NYSE: VNO	WWW.VNO.COM	PAGE 1 OF 18

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>September 30,				For the Nine Months Ended<br>September 30,
	2025		2024		2025		2024
FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1)	$	117,372	$	99,256	$	373,482	$	352,914
Per diluted share (non-GAAP)	$	0.58	$	0.50	$	1.86	$	1.79
Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions:
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)	$	3,586	$	4,164	$	10,128	$	10,897
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities	—		—		(11,110)		(13,069)
Gain on sale of Canal Street condominium units	—		—		(10,337)		—
Our share of the gain on the discounted extinguishment of the 280 Park Avenue mezzanine loan	—		—		—		(31,215)
Other	(6,661)		(365)		(9,556)		2,896
	(3,075)		3,799		(20,875)		(30,491)
Noncontrolling interests' share of above adjustments on a dilutive basis	238		(300)		1,632		2,437
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net	$	(2,837)	$	3,499	$	(19,243)	$	(28,054)
Per diluted share (non-GAAP)	$	(0.01)	$	0.02	$	(0.10)	$	(0.14)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	114,535	$	102,755	$	354,239	$	324,860
Per diluted share (non-GAAP)	$	0.57	$	0.52	$	1.76	$	1.65

________________________________

(1)See page 11 for a reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and nine months ended September 30, 2025 and 2024.

FFO, as Adjusted Bridge - Q3 2025 vs. Q3 2024

The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2024 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2025:

(Amounts in millions, except per share amounts)	FFO, as Adjusted
	Amount		Per Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2024	$	102.8	$	0.52
Increase / (decrease) in FFO, as adjusted due to:
Variable businesses (primarily signage)	7.3
Impact of NYU master lease at 770 Broadway	6.1
Asset sales	(4.5)
Capitalized interest (primarily PENN 2)	(4.4)
Rent commencements, net of lease expirations	2.6
Other, net	5.1
	12.2
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities	(0.5)
Net increase	11.7		0.05
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2025	$	114.5	$	0.57

See page 11 for a reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and nine months ended September 30, 2025 and 2024. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided above.

NYSE: VNO	WWW.VNO.COM	PAGE 2 OF 18

Acquisitions

623 Fifth Avenue

On September 4, 2025, we purchased the 623 Fifth Avenue office condominium, a 36-story, 383,000 square foot building situated above the flagship Saks Fifth Avenue department store, for $218,000,000. At closing, we borrowed $145,420,000 under our revolving credit facility to partially finance the acquisition. We intend to redevelop the asset into a premier, boutique office building. We expect to complete the redevelopment for delivery to tenants in 2027.

Investment in Loan

On July 24, 2025, we purchased a $35,000,000 A-Note secured by a Midtown Manhattan property at par. The A-Note accrues interest at 4.89% plus 4.00% default interest. We previously acquired the $50,000,000 B-Note secured by the property in August 2024. The A-Note, together with the B-Note, is in default.

Dispositions

512 West 22nd Street

On August 14, 2025, a joint venture, in which we have a 55.0% interest, completed the sale of 512 West 22nd Street, a 173,000 square foot office building, for $205,000,000. The joint venture used a portion of the proceeds to repay the $122,930,000 mortgage loan encumbering the property. We received net proceeds of $37,900,000 and recognized a financial statement net gain of $11,002,000, which is included in “income from partially owned entities” on our consolidated statements of income.

49 West 57th Street

On June 26, 2025, a joint venture, in which we own a 50.0% interest, completed the sale of the 49 West 57th Street commercial condominium. We received net proceeds of $8,650,000 and recognized a financial statement net gain of $2,527,000 which is included in "income from partially owned entities" on our consolidated statements of income.

220 Central Park South

During the nine months ended September 30, 2025, we closed on the sale of two condominium units and ancillary amenities at 220 CPS for net proceeds of $24,839,000, resulting in a financial statement net gain of $13,702,000 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, $2,592,000 of income tax expense was recognized on our consolidated statements of income. Two units remain unsold.

Canal Street Condominium Units

During the nine months ended September 30, 2025, we closed on the sale of six residential condominium units at 304-306 Canal Street and 334 Canal Street for net proceeds of $21,633,000, resulting in a financial statement net gain of $10,337,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. Two units remain unsold.

666 Fifth Avenue (Fifth Avenue and Times Square JV)

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

Financing Activity

650 Madison Avenue

In October 2025, a joint venture, in which we own a 20.1% interest, received a notice of default (the “Notice”) on the $800,000,000 non-recourse mortgage loan secured by 650 Madison Avenue, a 601,000 square foot Manhattan office and retail property. The Notice asserts that the joint venture is in default under the loan agreement due to its failure to pay the full interest and reserve amounts due and owing under the loan agreement and that the joint venture’s obligations are now immediately due and payable.

As previously announced in the fourth quarter of 2022, Vornado wrote off its entire investment in 650 Madison Avenue and accordingly carries this investment at zero on its balance sheet and, since then, no longer records its share of net income (loss) from this investment.

4 Union Square South

On August 12, 2025, we completed a $120,000,000 refinancing of 4 Union Square South, a 204,000 square foot Manhattan retail property. The 10-year interest-only loan matures in September 2035 and has a fixed rate of 5.64%. The loan replaces the previous $120,000,000 loan that bore interest at SOFR plus 1.50% and was scheduled to mature in August 2025.

NYSE: VNO	WWW.VNO.COM	PAGE 3 OF 18

Financing Activity - continued

Alexander's Inc. ("Alexander's")

On August 1, 2025, Alexander’s, in which we own a 32.4% common equity interest, entered into a 60-day extension with the lenders on the $300,000,000 non-recourse mortgage loan encumbering the retail condominium of 731 Lexington Avenue. The loan was previously scheduled to mature on August 5, 2025. Alexander’s did not repay the loan on the extended maturity date of October 3, 2025. Alexander's is in discussions with the lenders regarding a potential loan restructuring.

PENN 11

On July 16, 2025, we completed a $450,000,000 refinancing of PENN 11, a 1,200,000 square foot Manhattan office building. The five-year interest-only loan matures in August 2030 and has a fixed rate of 6.35%. We paid down by $50,000,000 the prior $500,000,000 loan that bore interest at a rate of SOFR plus 2.06% (swapped to an all-in fixed rate of 6.28%) and was scheduled to mature in October 2025. The swap was terminated at the time of refinancing, and we received $130,000 of proceeds.

Independence Plaza

On June 5, 2025, a joint venture, in which we have a 50.1% interest, completed a $675,000,000 refinancing of Independence Plaza, a 1,328 unit residential complex in the Tribeca submarket of Manhattan. The interest-only non-recourse loan bears interest at a fixed rate of 5.84% and matures in June 2030. The loan replaces the previous $675,000,000 non-recourse loan that was scheduled to mature in July 2025 and bore interest at 4.25%.

Sustainability Margin Adjustment

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

1535 Broadway (Fifth Avenue and Times Square JV)

On April 14, 2025, the Fifth Avenue and Times Square JV completed a $450,000,000 financing of 1535 Broadway. The interest-only non-recourse loan bears interest at a fixed rate of 6.90% and matures in May 2030. After transaction costs and reserves, $407,000,000 of the net proceeds from the financing were used to partially redeem Vornado’s Fifth Avenue and Times Square JV preferred equity.

Senior Unsecured Notes due 2025

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

770 Broadway

On May 5, 2025, we completed a master lease with NYU to lease 1,076,000 square feet at 770 Broadway, on an “as is”, triple net basis for a 70-year lease term. Under the terms of the master lease, a rental agreement under Section 467 of the Internal Revenue Code, NYU made a prepaid lease payment of $935,000,000, and will also make annual lease payments of $9,281,000 during the lease term. NYU has an option to purchase the leased premises in both 2055 and at the end of the lease term in 2095. NYU assumed the existing office leases at the property.

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

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

In connection with the transaction, we recorded a gain on sales-type lease of $803,248,000.

PENN 1 Ground Rent Reset Determination

On April 22, 2025, an arbitration panel (the “Panel”) appointed to determine the ground rent payable by Vornado’s subsidiary for the PENN 1 land parcel for the 25-year period beginning June 17, 2023 determined that the annual rent payable will be $15,000,000. On July 21, 2025, the ground lessor filed a motion in New York County Supreme Court to vacate the Panel’s ground rent determination. On October 31, 2025, the court granted the ground lessor’s motion. We believe the motion is without merit and intend to appeal the court’s decision.

Further, litigation is currently pending between the parties in New York County Supreme Court regarding a separate point relating to the matter. The court denied our motion to dismiss that action and we are appealing that decision. The Panel’s decision (which is subject to the aforementioned vacatur decision that we plan to appeal) provides that if the fee owner prevails in a final judgment in that litigation, the annual rent for the 25-year term will be $20,220,000, retroactive to June 17, 2023.

We were accruing $26,205,000 per annum of ground rent based on a previous estimate and therefore, in connection with the Panel’s determination (which is subject to the ongoing litigation described above), we reversed $17,240,000 of previously accrued rent expense during the nine months ended September 30, 2025. Additionally, commencing in the first quarter of 2025, we are now paying based on the $15,000,000 annual rent.

NYSE: VNO	WWW.VNO.COM	PAGE 4 OF 18

Leasing Activity

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

(Square feet in thousands)	New York									555 California Street
	Office			Retail			THE MART
Three Months Ended September 30, 2025
Total square feet leased	594			27			158			224
Our share of square feet leased:	542			23			158			157
Initial rent(1)	$	102.60		$	292.79		$	48.84		$	113.95
Weighted average lease term (years)	12.5			9.0			10.5			8.6
Second generation relet space:
Square feet	169			11			46			91
GAAP basis:
Straight-line rent(2)	$	81.15		$	255.36		$	50.16		$	137.13
Prior straight-line rent	$	70.16		$	171.86		$	49.08		$	106.72
Percentage increase	15.7		%	48.6		%	2.2		%	28.5		%
Cash basis (non-GAAP):
Initial rent(1)	$	84.28		$	233.25		$	52.57		$	135.30
Prior escalated rent	$	76.32		$	177.66		$	55.60		$	117.57
Percentage increase (decrease)	10.4		%	31.3		%	(5.4)		%	15.1		%
Tenant improvements and leasing commissions:
Per square foot	$	163.37		$	202.90		$	152.43		$	155.28
Per square foot per annum	$	13.07		$	22.54		$	14.52		$	18.06
Percentage of initial rent	12.7		%	7.7		%	29.7		%	15.8		%

________________________________

See notes below.

(Square feet in thousands)	New York									555 California Street
	Office(3)			Retail			THE MART
Nine Months Ended September 30, 2025
Total square feet leased	2,782			109			368			446
Our share of square feet leased:	2,641			89			368			312
Initial rent(1)	$	99.26		$	172.63		$	50.10		$	117.28
Weighted average lease term (years)	12.2			9.6			8.3			10.8
Second generation relet space:
Square feet	663			65			192			246
GAAP basis:
Straight-line rent(2)	$	86.76		$	130.95		$	47.74		$	133.94
Prior straight-line rent	$	77.55		$	107.27		$	49.24		$	108.97
Percentage increase (decrease)	11.9		%	22.1		%	(3.0)		%	22.9		%
Cash basis (non-GAAP):
Initial rent(1)	$	91.07		$	122.96		$	51.95		$	126.30
Prior escalated rent	$	84.10		$	109.34		$	55.69		$	117.44
Percentage increase (decrease)	8.3		%	12.5		%	(6.7)		%	7.5		%
Tenant improvements and leasing commissions:
Per square foot	$	149.78		$	154.78		$	103.56		$	192.27
Per square foot per annum	$	12.28		$	16.12		$	12.48		$	17.80
Percentage of initial rent	12.4		%	9.3		%	24.9		%	15.2		%

_______________________________

(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.

(3)The leasing statistics other than square feet leased, exclude the impact of the 1,076 square foot master lease to NYU at 770 Broadway.

NYSE: VNO	WWW.VNO.COM	PAGE 5 OF 18

Occupancy

(At Vornado's share)	New York							THE MART		555 California Street
	Total		Office		Retail
Occupancy as of September 30, 2025	87.5	%	88.4	%	79.2	%	(1)	80.7	%	96.3	%

____________________

(1)Reflects the impact of the 100 West 33rd Street retail space coming out of service during the third quarter of 2025.

Same Store Net Operating Income ("NOI") (non-GAAP) At Share:
	Total		New York			THE MART(2)		555 California Street
Same store NOI at share % increase (decrease)(1):
Three months ended September 30, 2025 compared to September 30, 2024	7.5	%	9.1	%		(10.4)	%	3.8	%
Nine months ended September 30, 2025 compared to September 30, 2024	5.4	%	4.5	%	(3)	19.9	%	4.0	%
Three months ended September 30, 2025 compared to June 30, 2025	(3.4)	%	1.7	%		(46.9)	%	(5.4)	%
Same store NOI at share - cash basis % (decrease) increase(1):
Three months ended September 30, 2025 compared to September 30, 2024	(8.2)	%	(7.4)	%	(4)	(10.0)	%	(16.0)	%	(6)
Nine months ended September 30, 2025 compared to September 30, 2024	(4.6)	%	(6.2)	%	(4)(5)	20.4	%	(7.9)	%	(6)
Three months ended September 30, 2025 compared to June 30, 2025	(5.8)	%	(0.3)	%	(5)	(47.1)	%	(5.6)	%

____________________

(1)See pages 13 through 18 for same store NOI at share and same store NOI at share - cash basis reconciliations.

(2)2025 includes the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment.

(3)Excludes the impact of the $17,240,000 reversal of previously accrued PENN 1 ground rent. See page 4 for further details.

(4)Decrease in same store NOI at share - cash basis vs. GAAP basis is primarily due to (i) current period PENN 1 ground rent increase and (ii) GAAP rent commencing on new leases with free rent periods.

(5)Excludes the impact of the April 2025 $22,361,000 true-up payment for prior period PENN 1 ground rent owed based on the recent rent reset determination (which is subject to the ongoing litigation described on page 4).

(6)Decrease in same store NOI at share cash basis vs. GAAP basis is primarily due to GAAP rent commencing on new leases with free rent periods.

NYSE: VNO	WWW.VNO.COM	PAGE 6 OF 18

NOI At Share and NOI At Share - Cash Basis:

The elements of our New York and Other NOI at share and NOI at share - cash basis for the three and nine months ended September 30, 2025 and 2024 and the three months ended June 30, 2025 are summarized below.

(Amounts in thousands)	For the Three Months Ended							For the Nine Months Ended<br>September 30,
	September 30,				June 30, 2025
	2025		2024				2025			2024
NOI at share:
New York:
Office(1)(2)	$	171,128	$	167,051	$	173,104		$	535,733		$	513,377
Retail(3)	42,183		47,283		42,798			131,096			143,141
Residential	6,457		5,784		6,362			19,011			17,972
Alexander's	8,770		9,470		8,315			26,594			30,380
Total New York	228,538		229,588		230,579			712,434			704,870
Other:
THE MART(4)	13,275		14,972		25,197			54,388			45,518
555 California Street	17,293		15,780		18,686			53,822			49,109
Other investments	7,570		5,151		3,211			16,995			15,289
Total Other	38,138		35,903		47,094			125,205			109,916
NOI at share	$	266,676	$	265,491	$	277,673		$	837,639		$	814,786
NOI at share - cash basis:
---	---	---	---	---	---	---	---	---	---	---
New York:
Office(1)(5)	$	145,556	$	173,415	$	127,579	$	440,592	$	516,700
Retail(3)	37,536		44,095		39,692		120,955		132,668
Residential	5,989		5,527		5,990		17,827		17,164
Alexander's	9,509		10,424		9,344		29,391		35,557
Total New York	198,590		233,461		182,605		608,765		702,089
Other:
THE MART(4)	13,267		14,901		25,258		56,042		46,685
555 California Street	16,455		19,589		20,684		55,276		56,483
Other investments	7,618		4,347		3,172		16,937		14,244
Total Other	37,340		38,837		49,114		128,255		117,412
NOI at share - cash basis	$	235,930	$	272,298	$	231,719	$	737,020	$	819,501

________________________________

(1)Includes Building Maintenance Services NOI of $6,985, $8,280, $7,584, $21,505 and $23,423 for the three months ended September 30, 2025 and 2024 and June 30, 2025 and the nine months ended September 30, 2025 and 2024, respectively.

(2)Increase in 2025 NOI at share is primarily due to revenue recognition on new leases partially offset by the impact of the NYU master lease at 770 Broadway, which included a $935,000 rent prepayment (see page 4 for further details).

(3)2025 includes the impact of the sale of a portion of the 666 Fifth Avenue retail condominium. See page 3 for details.

(4)2025 includes the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment.

(5)Decrease in 2025 NOI at share – cash basis is primarily due to (i) the impact of the NYU master lease at 770 Broadway, which included a $935,000 rent prepayment (see page 4 for further details), (ii) free rent periods on new leases commencing and (iii) the April 2025 payment of $22,361 for prior period PENN 1 ground rent owed based on the recent rent reset determination (which is subject to the ongoing litigation described on page 4).

NYSE: VNO	WWW.VNO.COM	PAGE 7 OF 18

Active Development/Redevelopment Summary as of September 30, 2025:

(Amounts in thousands, except square feet)
		(at Vornado’s share)								Projected Incremental<br>Cash Yield
New York segment:	Property<br>Rentable<br>Sq. Ft.	Budget			Cash Amount<br>Expended		Remaining Expenditures		Stabilization Year
PENN District:
PENN 2	1,823,000	$	750,000		$	724,311	$	25,689	2026		10.2%
Districtwide Improvements	N/A	100,000			79,647		20,353		N/A		N/A
Total PENN District		850,000		(1)	803,958		46,042
Sunset Pier 94 Studios (49.9% interest)	266,000	125,000		(2)	94,836		30,164		2026		10.3%
Total Active Development Projects		$	975,000		$	898,794	$	76,206

________________________________

(1)Excluding debt and equity carry.

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

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

Conference Call and Audio Webcast

As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, November 4, 2025 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 888-317-6003 (domestic) or 412-317-6061 (international) and entering the passcode 8601197. A live webcast of the conference call will be available on Vornado’s website at www.vno.com in the Investor Relations section and an online playback of the webcast will be available on the website following the conference call.

Contact

Thomas J. Sanelli

(212) 894-7000

Supplemental Data

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

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2024. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.

NYSE: VNO	WWW.VNO.COM	PAGE 8 OF 18

VORNADO REALTY TRUST

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)	As of				Increase<br>(Decrease)
	September 30, 2025		December 31, 2024
ASSETS
Real estate, at cost:
Land	$	2,386,674	$	2,434,209	$	(47,535)
Buildings and improvements	10,716,133		10,439,113		277,020
Development costs and construction in progress	1,015,288		1,097,395		(82,107)
Leasehold improvements and equipment	111,528		120,915		(9,387)
Total	14,229,623		14,091,632		137,991
Less accumulated depreciation and amortization	(4,115,089)		(4,025,349)		(89,740)
Real estate, net	10,114,534		10,066,283		48,251
Right-of-use assets	677,556		678,804		(1,248)
Net investment in lease	165,812		—		165,812
Cash, cash equivalents, and restricted cash
Cash and cash equivalents	1,009,876		733,947		275,929
Restricted cash	142,219		215,672		(73,453)
Total	1,152,095		949,619		202,476
Tenant and other receivables	89,322		58,853		30,469
Investments in partially owned entities	1,965,901		2,691,478		(725,577)
Receivable arising from the straight-lining of rents	724,807		707,020		17,787
Deferred leasing costs, net	350,198		354,882		(4,684)
Identified intangible assets, net	112,459		118,215		(5,756)
Other assets	394,414		373,454		20,960
Total assets	$	15,747,098	$	15,998,608	$	(251,510)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	4,921,263	$	5,676,014	$	(754,751)
Senior unsecured notes, net	746,896		1,195,914		(449,018)
Unsecured term loan, net	796,990		795,948		1,042
Unsecured revolving credit facilities	720,420		575,000		145,420
Lease liabilities	708,457		749,759		(41,302)
Accounts payable and accrued expenses	382,267		374,013		8,254
Deferred compensation plan	111,574		114,580		(3,006)
Other liabilities	341,634		345,511		(3,877)
Total liabilities	8,729,501		9,826,739		(1,097,238)
Redeemable noncontrolling interests	781,271		834,658		(53,387)
Shareholders' equity	6,066,124		5,158,242		907,882
Noncontrolling interests in consolidated subsidiaries	170,202		178,969		(8,767)
Total liabilities, redeemable noncontrolling interests and equity	$	15,747,098	$	15,998,608	$	(251,510)	NYSE: VNO	WWW.VNO.COM	PAGE 9 OF 18
---	---

VORNADO REALTY TRUST

OPERATING RESULTS

(Amounts in thousands, except per share amounts)	For the Three Months Ended<br>September 30,				For the Nine Months Ended<br>September 30,
	2025		2024		2025		2024
Revenues	$	453,700	$	443,255	$	1,356,716	$	1,329,896
Net income (loss)	$	19,239	$	(19,468)	$	932,290	$	14,358
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	8,912		14,152		30,326		40,024
Operating Partnership	(1,036)		1,690		(73,788)		(724)
Net income (loss) attributable to Vornado	27,115		(3,626)		888,828		53,658
Preferred share dividends	(15,526)		(15,528)		(46,578)		(46,586)
Net income (loss) attributable to common shareholders	$	11,589	$	(19,154)	$	842,250	$	7,072
Income (loss) per common share - basic:
Net income (loss) per common share	$	0.06	$	(0.10)	$	4.39	$	0.04
Weighted average shares outstanding	192,050		190,556		191,804		190,493
Income (loss) per common share - diluted:
Net income (loss) per common share	$	0.06	$	(0.10)	$	4.19	$	0.04
Weighted average shares outstanding	200,150		190,556		201,098		195,473
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	117,372	$	99,256	$	373,482	$	352,914
Per diluted share (non-GAAP)	$	0.58	$	0.50	$	1.86	$	1.79
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	114,535	$	102,755	$	354,239	$	324,860
Per diluted share (non-GAAP)	$	0.57	$	0.52	$	1.76	$	1.65
Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share	201,416		198,912		201,098		197,224

FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. In addition to FFO attributable to common shareholders plus assumed conversions, we also disclose FFO attributable to common shareholders plus assumed conversions, as adjusted. Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, we believe it provides a meaningful presentation of operating performance. Reconciliations of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions are provided on the following page. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on page 2 of this press release.

NYSE: VNO	WWW.VNO.COM	PAGE 10 OF 18

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands, except per share amounts)	For the Three Months Ended<br>September 30,				For the Nine Months Ended<br>September 30,
	2025		2024		2025		2024
Net income (loss) attributable to common shareholders	$	11,589	$	(19,154)	$	842,250	$	7,072
Per diluted share	$	0.06	$	(0.10)	$	4.19	$	0.04
FFO adjustments:
Depreciation and amortization of real property	$	103,617	$	103,190	$	311,016	$	297,870
Change in fair value of marketable securities	(1,719)		—		(1,719)		—
Gain on sales-type lease	—		—		(803,248)		—
Real estate impairment losses	—		—		542		—
Net gains on sale of real estate	—		—		—		(873)
Our share of partially owned entities:
Depreciation and amortization of real property	23,302		25,091		71,934		77,712
Net gains on sale of real estate	(11,002)		—		(90,537)		—
FFO adjustments, net	114,198		128,281		(512,012)		374,709
Impact of assumed conversion of dilutive convertible securities	385		385		1,189		1,164
Noncontrolling interests' share of above adjustments on a dilutive basis	(8,800)		(10,256)		42,055		(30,031)
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	117,372	$	99,256	$	373,482	$	352,914
Per diluted share	$	0.58	$	0.50	$	1.86	$	1.79
Reconciliation of weighted average shares outstanding:
Weighted average common shares outstanding	192,050		190,556		191,804		190,493
Effect of dilutive securities:
Share-based payment awards	8,100		6,824		8,000		4,980
Convertible securities	1,266		1,532		1,294		1,751
Denominator for FFO per diluted share	201,416		198,912		201,098		197,224
NYSE: VNO	WWW.VNO.COM	PAGE 11 OF 18
---	---

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 nine months ended September 30, 2025 and 2024 and the three months ended June 30, 2025.

(Amounts in thousands)	For the Three Months Ended							For the Nine Months Ended<br>September 30,
	September 30,				June 30, 2025
	2025		2024				2025			2024
Net income (loss)	$	19,239	$	(19,468)	$	813,227		$	932,290		$	14,358
Depreciation and amortization expense	117,122		116,006		115,574			348,851			334,439
General and administrative expense	37,490		35,511		39,978			116,065			111,883
Transaction related costs and other	3,563		(113)		721			4,327			3,901
Income from partially owned entities	(21,940)		(18,229)		(16,671)			(135,588)			(82,457)
Interest and other investment income, net	(22,413)		(12,391)		(11,056)			(41,730)			(34,626)
Interest and debt expense	84,459		100,907		87,929			268,204			289,786
Gain on sales-type lease	—		—		(803,248)			(803,248)			—
Net gains on disposition of wholly owned and partially owned assets	—		—		(8,488)			(24,039)			(16,048)
Income tax (benefit) expense	(5,589)		4,883		4,123			5,727			16,907
NOI from partially owned entities	64,884		67,292		66,227			198,222			205,959
NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,139)		(8,907)		(10,643)			(31,442)			(29,316)
NOI at share	266,676		265,491		277,673			837,639			814,786
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(30,746)		6,807		(45,954)			(100,619)			4,715
NOI at share - cash basis	$	235,930	$	272,298	$	231,719		$	737,020		$	819,501

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

NYSE: VNO	WWW.VNO.COM	PAGE 12 OF 18

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

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

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the three months ended September 30, 2025 compared to September 30, 2024.

(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended September 30, 2025	$	266,676		$	228,538		$	13,275		$	17,293		$	7,570
Less NOI at share from:
Dispositions	(782)			(783)			1			—			—
Development properties	(3,462)			(3,462)			—			—			—
Other non-same store income, net	(11,124)			(2,643)			—			(911)			(7,570)
Same store NOI at share for the three months ended September 30, 2025	$	251,308		$	221,650		$	13,276		$	16,382		$	—
NOI at share for the three months ended September 30, 2024	$	265,491		$	229,588		$	14,972		$	15,780		$	5,151
Less NOI at share from:
Dispositions	(5,139)			(4,990)			(149)			—			—
Development properties	(8,279)			(8,279)			—			—			—
Other non-same store income, net	(18,399)			(13,248)			—			—			(5,151)
Same store NOI at share for the three months ended September 30, 2024	$	233,674		$	203,071		$	14,823		$	15,780		$	—
Increase (decrease) in same store NOI at share	$	17,634		$	18,579		$	(1,547)		$	602		$	—
% increase (decrease) in same store NOI at share	7.5		%	9.1		%	(10.4)		%	3.8		%	0.0		%	NYSE: VNO	WWW.VNO.COM	PAGE 13 OF 18
---	---

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 September 30, 2025 compared to September 30, 2024.

(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended September 30, 2025	$	235,930		$	198,590		$	13,267		$	16,455		$	7,618
Less NOI at share - cash basis from:
Dispositions	(1,052)			(1,053)			1			—			—
Development properties	(3,222)			(3,222)			—			—			—
Other non-same store expense income, net	(11,633)			(4,015)			—			—			(7,618)
Same store NOI at share - cash basis for the three months ended September 30, 2025	$	220,023		$	190,300		$	13,268		$	16,455		$	—
NOI at share - cash basis for the three months ended September 30, 2024	$	272,298		$	233,461		$	14,901		$	19,589		$	4,347
Less NOI at share - cash basis from:
Dispositions	(4,436)			(4,285)			(151)			—			—
Development properties	(8,037)			(8,037)			—			—			—
Other non-same store income, net	(20,070)			(15,723)			—			—			(4,347)
Same store NOI at share - cash basis for the three months ended September 30, 2024	$	239,755		$	205,416		$	14,750		$	19,589		$	—
Decrease in same store NOI at share - cash basis	$	(19,732)		$	(15,116)		$	(1,482)		$	(3,134)		$	—
% decrease in same store NOI at share - cash basis	(8.2)		%	(7.4)		%	(10.0)		%	(16.0)		%	0.0		%
NYSE: VNO	WWW.VNO.COM	PAGE 14 OF 18
---	---

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 nine months ended September 30, 2025 compared to September 30, 2024.

(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share for the nine months ended September 30, 2025	$	837,639		$	712,434		$	54,388		$	53,822		$	16,995
Less NOI at share from:
Dispositions	(4,400)			(4,159)			(241)			—			—
Development properties	(15,203)			(15,203)			—			—			—
Other non-same store income, net	(50,473)			(30,744)			—			(2,734)			(16,995)
Same store NOI at share for the nine months ended September 30, 2025	$	767,563		$	662,328		$	54,147		$	51,088		$	—
NOI at share for the nine months ended September 30, 2024	$	814,786		$	704,870		$	45,518		$	49,109		$	15,289
Less NOI at share from:
Dispositions	(14,843)			(14,470)			(373)			—			—
Development properties	(26,886)			(26,886)			—			—			—
Other non-same store income, net	(45,081)			(29,792)			—			—			(15,289)
Same store NOI at share for the nine months ended September 30, 2024	$	727,976		$	633,722		$	45,145		$	49,109		$	—
Increase in same store NOI at share	$	39,587		$	28,606		$	9,002		$	1,979		$	—
% increase in same store NOI at share	5.4		%	4.5		%	19.9		%	4.0		%	0.0		%
NYSE: VNO	WWW.VNO.COM	PAGE 15 OF 18
---	---

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 nine months ended September 30, 2025 compared to September 30, 2024.

(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the nine months ended September 30, 2025	$	737,020		$	608,765		$	56,042		$	55,276		$	16,937
Less NOI at share - cash basis from:
Dispositions	(4,751)			(4,508)			(243)			—			—
Development properties	(14,483)			(14,483)			—			—			—
Other non-same store (income) expense, net	(19,635)			562			—			(3,260)			(16,937)
Same store NOI at share - cash basis for the nine months ended September 30, 2025	$	698,151		$	590,336		$	55,799		$	52,016		$	—
NOI at share - cash basis for the nine months ended September 30, 2024	$	819,501		$	702,089		$	46,685		$	56,483		$	14,244
Less NOI at share - cash basis from:
Dispositions	(12,984)			(12,660)			(324)			—			—
Development properties	(25,921)			(25,921)			—			—			—
Other non-same store income, net	(48,407)			(34,163)			—			—			(14,244)
Same store NOI at share - cash basis for the nine months ended September 30, 2024	$	732,189		$	629,345		$	46,361		$	56,483		$	—
(Decrease) increase in same store NOI at share - cash basis	$	(34,038)		$	(39,009)		$	9,438		$	(4,467)		$	—
% (decrease) increase in same store NOI at share - cash basis	(4.6)		%	(6.2)		%	20.4		%	(7.9)		%	0.0		%
NYSE: VNO	WWW.VNO.COM	PAGE 16 OF 18
---	---

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 September 30, 2025	$	266,676		$	228,538		$	13,275		$	17,293		$	7,570
Less NOI at share from:
Dispositions	(782)			(783)			1			—			—
Development properties	(3,462)			(3,462)			—			—			—
Other non-same store income, net	(11,112)			(2,631)			—			(911)			(7,570)
Same store NOI at share for the three months ended September 30, 2025	$	251,320		$	221,662		$	13,276		$	16,382		$	—
NOI at share for the three months ended June 30, 2025	$	277,673		$	230,579		$	25,197		$	18,686		$	3,211
Less NOI at share from:
Dispositions	(1,641)			(1,467)			(174)			—			—
Development properties	(5,011)			(5,011)			—			—			—
Other non-same store income, net	(10,825)			(6,247)			—			(1,367)			(3,211)
Same store NOI at share for the three months ended June 30, 2025	$	260,196		$	217,854		$	25,023		$	17,319		$	—
(Decrease) increase in same store NOI at share	$	(8,876)		$	3,808		$	(11,747)		$	(937)		$	—
% (decrease) increase in same store NOI at share	(3.4)		%	1.7		%	(46.9)		%	(5.4)		%	0.0		%	NYSE: VNO	WWW.VNO.COM	PAGE 17 OF 18
---	---

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 September 30, 2025	$	235,930		$	198,590		$	13,267		$	16,455		$	7,618
Less NOI at share - cash basis from:
Dispositions	(1,052)			(1,053)			1			—			—
Development properties	(3,222)			(3,222)			—			—			—
Other non-same store income, net	(11,817)			(4,199)			—			—			(7,618)
Same store NOI at share - cash basis for the three months ended September 30, 2025	$	219,839		$	190,116		$	13,268		$	16,455		$	—
NOI at share - cash basis for the three months ended June 30, 2025	$	231,719		$	182,605		$	25,258		$	20,684		$	3,172
Less NOI at share - cash basis from:
Dispositions	(1,652)			(1,478)			(174)			—			—
Development properties	(4,772)			(4,772)			—			—			—
Other non-same store expense (income), net	7,980			14,412			—			(3,260)			(3,172)
Same store NOI at share - cash basis for the three months ended June 30, 2025	$	233,275		$	190,767		$	25,084		$	17,424		$	—
Decrease in same store NOI at share - cash basis	$	(13,436)		$	(651)		$	(11,816)		$	(969)		$	—
% decrease in same store NOI at share - cash basis	(5.8)		%	(0.3)		%	(47.1)		%	(5.6)		%	0.0		%
NYSE: VNO	WWW.VNO.COM	PAGE 18 OF 18
---	---

Document


	Page
BUSINESS DEVELOPMENTS	3	-	5
FINANCIAL INFORMATION
Financial Highlights	6
FFO, As Adjusted Bridge	7
Net Operating Income, EBITDAre, FFO and FAD	8
Consolidated Balance Sheets	9
Net Income (Loss) Attributable to Common Shareholders (Consolidated and by Segment)	10	-	12
Net Operating Income at Share and Net Operating Income at Share - Cash Basis by Segment and Subsegment	13
Same Store NOI at Share and Same Store NOI at Share - Cash Basis	14
LEASING ACTIVITY AND LEASE EXPIRATIONS
Leasing Activity	15	-	16
Lease Expirations	17	-	19
CAPITAL EXPENDITURES AND RE/DEVELOPMENT	20
DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES	21
UNCONSOLIDATED JOINT VENTURES	22	-	23
DEBT AND CAPITALIZATION
Debt Analysis	24
Corporate Covenant Ratios and Credit Ratings	25
Capital Structure	26
Debt Maturities	27
Debt Detail (Consolidated and Unconsolidated)	28	-	29
Hedging Instruments	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 interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2024. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include Funds From Operations ("FFO"), Funds Available for Distribution ("FAD"), Net Operating Income ("NOI") and Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this supplemental package on page i in the Appendix.

This supplemental package should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 which can be accessed at the Company’s website www.vno.com.

BUSINESS DEVELOPMENTS

Acquisitions

623 Fifth Avenue

Investment in Loan

Dispositions

512 West 22nd Street

49 West 57th Street

220 Central Park South

During the nine months ended September 30, 2025, we closed on the sale of two condominium units and ancillary amenities at 220 Central Park South (“220 CPS”) for net proceeds of $24,839,000, resulting in a financial statement net gain of $13,702,000 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, $2,592,000 of income tax expense was recognized on our consolidated statements of income. Two units remain unsold.

Canal Street Condominium Units

666 Fifth Avenue (Fifth Avenue and Times Square JV)

BUSINESS DEVELOPMENTS

Financing Activity

650 Madison Avenue

4 Union Square South

Alexander's Inc. ("Alexander's")

On August 1, 2025, Alexander’s, in which we own a 32.4% common equity interest, entered into a 60-day extension with the lenders on the $300,000,000 non-recourse mortgage loan encumbering the retail condominium of 731 Lexington Avenue. The loan was previously scheduled to mature on August 5, 2025. Alexander’s did not repay the loan on the extended maturity date of October 3, 2025. Alexander’s is in discussions with the lenders regarding a potential loan restructuring.

PENN 11

Independence Plaza

Sustainability Margin Adjustment

1535 Broadway (Fifth Avenue and Times Square JV)

Senior Unsecured Notes due 2025

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

BUSINESS DEVELOPMENTS

770 Broadway

On May 5, 2025, we completed a master lease with New York University (“NYU”) to lease 1,076,000 square feet at 770 Broadway, on an “as is”, triple net basis for a 70-year lease term. Under the terms of the master lease, a rental agreement under Section 467 of the Internal Revenue Code, NYU made a prepaid lease payment of $935,000,000, and will also make annual lease payments of $9,281,000 during the lease term. NYU has an option to purchase the leased premises in both 2055 and at the end of the lease term in 2095. NYU assumed the existing office leases at the property.

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

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

In connection with the transaction, we recorded a gain on sales-type lease of $803,248,000.

PENN 1 Ground Rent Reset Determination

FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts)	For the Three Months Ended or As Of
Earnings and Earnings Per Share	9/30/2025		6/30/2025		3/31/2025		12/31/2024			9/30/2024
Net income (loss) attributable to common shareholders	$	11,589	$	743,819	$	86,842	$	1,203		$	(19,154)
Per diluted share	0.06		3.70		0.43		0.01			(0.10)
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	117,372		120,928		135,039		117,085			99,256
Per diluted share (non-GAAP)	0.58		0.60		0.67		0.58			0.50
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	114,535		113,324		126,245		122,212			102,755
Per diluted share (non-GAAP)	0.57		0.56		0.63		0.61			0.52
EBITDAre attributable to the Operating Partnership (non-GAAP)	253,698		267,254		288,862		270,960			255,675
EBITDAre attributable to the Operating Partnership, as adjusted (non-GAAP)	253,758		257,583		273,697		272,692			254,938
Common Share Price & Dividends (NYSE:VNO)
High Price	$	43.37	$	41.95	$	45.37	$	46.63		$	39.91
Low Price	35.22		29.68		34.91		37.88			25.36
Closing price - end of quarter	40.53		38.24		36.99		42.04			39.40
Dividends per common share(1)	N/A		N/A		N/A		$	0.74		N/A
FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)(1)	N/A		N/A		N/A		32.7%		(2)	N/A
FAD payout ratio(1)	N/A		N/A		N/A		42.3%		(2)	N/A
VNO Common Shares & VRLP Units
VNO common shares outstanding	192,055		192,041		191,949		190,847			190,649
Redeemable Class A units and LTIP Unit awards outstanding	16,694		16,708		16,745		16,851			17,015
Convertible unit equivalents outstanding	1,242		1,313		1,356		1,199			1,285
Total Class A units and assumed conversions of convertible units outstanding	209,991		210,062		210,050		208,897			208,949
Weighted average Class A units outstanding - diluted	218,140		217,801		218,107		218,277			216,049			Market Capitalization	$	18.8	Billion	$	18.4	Billion	$	18.6	Billion	$	20.1	Billion	$	19.5	Billion
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Liquidity (amounts in millions)
---	---	---	---	---	---	---	---	---	---	---
Cash and cash equivalents	$	1,010	$	1,205	$	569	$	734	$	784
Restricted cash	142		158		238		216		245
Available on our $2.2 billion revolving credit facilities	1,419		1,560		1,540		1,532		1,560
Total Liquidity	$	2,571	$	2,923	$	2,347	$	2,482	$	2,589

___________________

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

(2)FFO and FAD payout ratios are calculated based on full year results.

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

| FFO, AS ADJUSTED BRIDGE - Q3 2025 VS. Q3 2024 (unaudited) | | --- || (Amounts in millions, except per share amounts) | FFO, as Adjusted | | | | | --- | --- | --- | --- | --- | | | Amount | | Per Share | | | FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2024 | $ | 102.8 | $ | 0.52 | | Increase / (decrease) in FFO, as adjusted due to: | | | | | | Variable businesses (primarily signage) | 7.3 | | | | | Impact of NYU master lease at 770 Broadway | 6.1 | | | | | Asset sales | (4.5) | | | | | Capitalized interest (primarily PENN 2) | (4.4) | | | | | Rent commencements, net of lease expirations | 2.6 | | | | | Other, net | 5.1 | | | | | | 12.2 | | | | | Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities | (0.5) | | | | | Net increase | 11.7 | | 0.05 | | | FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2025 | $ | 114.5 | $ | 0.57 |

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

NET OPERATING INCOME, EBITDAre, FFO AND FAD (unaudited)
(Amounts in thousands)	For the Three Months Ended
---	---	---	---	---	---	---	---
	September 30, 2025		June 30, 2025			September 30, 2024
Net Operating Income (“NOI”)(1):
Total revenues	$	453,700	$	441,437		$	443,255
Operating expenses	(241,769)		(219,348)			(236,149)
Our share of NOI from partially owned entities	64,884		66,227			67,292
NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,139)		(10,643)			(8,907)
NOI at share	266,676		277,673			265,491
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(30,746)		(45,954)			6,807
NOI at share - cash basis	235,930		231,719			272,298
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") (at Vornado’s share)(1):
General and administrative expenses	(37,812)		(40,678)			(36,001)
Interest and other investment income, net	27,631		20,127			26,072
Transaction related costs and other (excludes real estate impairment losses)	(3,563)		(179)			113
Net gain on disposition of non-depreciable wholly owned and partially owned assets	766		10,311			—
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	30,746		45,954			(6,807)
EBITDAre attributable to the Operating Partnership (non-GAAP)	253,698		267,254			255,675
Total of certain items that impact EBITDAre	60		(9,671)			(737)
EBITDAre attributable to the Operating Partnership, as adjusted (non-GAAP)	253,758		257,583			254,938
Funds From Operations (“FFO”) (at Vornado’s share)(1):
Interest and debt expense	(112,624)		(115,171)			(125,737)
Preferred share dividends	(15,555)		(15,554)			(15,557)
Personal property depreciation	(2,239)		(1,564)			(1,917)
Income tax benefit (expense)	5,233		(4,295)			(5,056)
Change in fair value of marketable securities	(1,719)		—			—
Impact of assumed conversion of dilutive convertible securities	385		385			385
Add-back - Total of certain items that impact EBITDAre	(60)		9,671			737
FFO allocated to noncontrolling interests of the Operating Partnership	(9,807)		(10,127)			(8,537)
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	117,372		120,928			99,256
Total of certain items that impact FFO attributable to common shareholders plus assumed conversions	(2,837)		(7,605)			3,499
FFO attributable to common shareholders plus assumed conversions, as adjusted	114,535		113,323			102,755
Funds Available for Distributions (“FAD”) (at Vornado's share)(1):
Certain items that impact FAD	(483)		(637)			300
Recurring tenant improvements, leasing commissions and other capital expenditures	(52,376)		(104,203)		(2)	(55,038)
Stock-based compensation expense	5,573		7,519			6,544
Amortization of debt issuance costs and other non-cash interest expense	10,242		10,638			14,493
Personal property depreciation	2,239		1,564			1,917
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(30,746)		(45,954)			6,807
Noncontrolling interests in the Operating Partnership's share of above adjustments	5,634		11,119			1,769
FAD (non-GAAP)	$	54,618	$	(6,631)		$	79,547

________________________________

(1)See pages ii through vii in the Appendix for NOI at share, NOI at share - cash basis, FFO and FAD reconciliations to the most directly comparable GAAP financial measures.

(2)Increase primarily due to the timing of payments for tenant improvements and leasing commissions at our properties.

CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
	As of				Increase<br>(Decrease)
	September 30, 2025		December 31, 2024
ASSETS
Real estate, at cost:
Land	$	2,386,674	$	2,434,209	$	(47,535)
Buildings and improvements	10,716,133		10,439,113		277,020
Development costs and construction in progress	1,015,288		1,097,395		(82,107)
Leasehold improvements and equipment	111,528		120,915		(9,387)
Total	14,229,623		14,091,632		137,991
Less accumulated depreciation and amortization	(4,115,089)		(4,025,349)		(89,740)
Real estate, net	10,114,534		10,066,283		48,251
Right-of-use assets	677,556		678,804		(1,248)
Net investment in lease	165,812		—		165,812
Cash, cash equivalents, and restricted cash
Cash and cash equivalents	1,009,876		733,947		275,929
Restricted cash	142,219		215,672		(73,453)
Total	1,152,095		949,619		202,476
Tenant and other receivables	89,322		58,853		30,469
Investments in partially owned entities	1,965,901		2,691,478		(725,577)
Receivable arising from the straight-lining of rents	724,807		707,020		17,787
Deferred leasing costs, net	350,198		354,882		(4,684)
Identified intangible assets, net	112,459		118,215		(5,756)
Other assets	394,414		373,454		20,960
Total assets	$	15,747,098	$	15,998,608	$	(251,510)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	4,921,263	$	5,676,014	$	(754,751)
Senior unsecured notes, net	746,896		1,195,914		(449,018)
Unsecured term loan, net	796,990		795,948		1,042
Unsecured revolving credit facilities	720,420		575,000		145,420
Lease liabilities	708,457		749,759		(41,302)
Accounts payable and accrued expenses	382,267		374,013		8,254
Deferred compensation plan	111,574		114,580		(3,006)
Other liabilities	341,634		345,511		(3,877)
Total liabilities	8,729,501		9,826,739		(1,097,238)
Redeemable noncontrolling interests	781,271		834,658		(53,387)
Shareholders' equity	6,066,124		5,158,242		907,882
Noncontrolling interests in consolidated subsidiaries	170,202		178,969		(8,767)
Total liabilities, redeemable noncontrolling interests and equity	$	15,747,098	$	15,998,608	$	(251,510)

CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Three Months Ended
	September 30,						June 30, 2025
	2025		2024		Variance
Property rentals(1)	$	322,352	$	342,710	$	(20,358)	$	332,183
Tenant expense reimbursements(1)	42,116		51,150		(9,034)		34,566
Amortization of acquired below-market leases, net	100		932		(832)		96
Straight-lining of rents	24,529		(7,322)		31,851		15,407
Total rental revenues	389,097		387,470		1,627		382,252
Fee and other income:
Building Maintenance Services ("BMS") cleaning fees	42,530		37,772		4,758		37,431
Management and leasing fees	2,998		2,841		157		2,926
Other income	19,075		15,172		3,903		18,828
Total revenues	453,700		443,255		10,445		441,437
Operating expenses	(241,769)		(236,149)		(5,620)		(219,348)
Depreciation and amortization	(117,122)		(116,006)		(1,116)		(115,574)
General and administrative	(37,490)		(35,511)		(1,979)		(39,978)
Expense from deferred compensation plan liability	(6,756)		(5,171)		(1,585)		(3,123)
Transaction related costs and other	(3,563)		113		(3,676)		(721)
Total expenses	(406,700)		(392,724)		(13,976)		(378,744)
Income from partially owned entities	21,940		18,229		3,711		16,671
Interest and other investment income, net	22,413		12,391		10,022		11,056
Income from deferred compensation plan assets	6,756		5,171		1,585		3,123
Interest and debt expense	(84,459)		(100,907)		16,448		(87,929)
Gain on sales-type lease	—		—		—		803,248
Net gains on disposition of wholly owned and partially owned assets	—		—		—		8,488
Income (loss) before income taxes	13,650		(14,585)		28,235		817,350
Income tax benefit (expense)	5,589		(4,883)		10,472		(4,123)
Net income (loss)	19,239		(19,468)		38,707		813,227
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	8,912		14,152		(5,240)		10,981
Operating Partnership	(1,036)		1,690		(2,726)		(64,863)
Net income (loss) attributable to Vornado	27,115		(3,626)		30,741		759,345
Preferred share dividends	(15,526)		(15,528)		2		(15,526)
Net income (loss) attributable to common shareholders	$	11,589	$	(19,154)	$	30,743	$	743,819
Capitalized expenditures:
Interest and debt expense	$	9,022	$	13,437	$	(4,415)	$	9,533
Development payroll	943		1,963		(1,020)		1,219

________________________________

(1)"Property rentals" and "tenant expense reimbursements" represent non-GAAP financial measures which are reconciled above to "rental revenues" the most directly comparable financial measure calculated in accordance with GAAP.

10 -

CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Nine Months Ended September 30,
	2025		2024		Variance
Property rentals(1)	$	1,002,920	$	1,023,980	$	(21,060)
Tenant expense reimbursements(1)	128,665		146,471		(17,806)
Amortization of acquired below-market leases, net	284		2,842		(2,558)
Straight-lining of rents	44,235		(2,950)		47,185
Total rental revenues	1,176,104		1,170,343		5,761
Fee and other income:
BMS cleaning fees	116,437		112,017		4,420
Management and leasing fees	8,954		12,161		(3,207)
Other income	55,221		35,375		19,846
Total revenues	1,356,716		1,329,896		26,820
Operating expenses	(685,857)		(691,753)		5,896
Depreciation and amortization	(348,851)		(334,439)		(14,412)
General and administrative	(116,065)		(111,883)		(4,182)
Expense from deferred compensation plan liability	(8,790)		(11,089)		2,299
Transaction related costs and other	(4,327)		(3,901)		(426)
Total expenses	(1,163,890)		(1,153,065)		(10,825)
Income from partially owned entities	135,588		82,457		53,131
Interest and other investment income, net	41,730		34,626		7,104
Income from deferred compensation plan assets	8,790		11,089		(2,299)
Interest and debt expense	(268,204)		(289,786)		21,582
Gain on sales-type lease	803,248		—		803,248
Net gains on disposition of wholly owned and partially owned assets	24,039		16,048		7,991
Income before income taxes	938,017		31,265		906,752
Income tax expense	(5,727)		(16,907)		11,180
Net income	932,290		14,358		917,932
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	30,326		40,024		(9,698)
Operating Partnership	(73,788)		(724)		(73,064)
Net income attributable to Vornado	888,828		53,658		835,170
Preferred share dividends	(46,578)		(46,586)		8
Net income attributable to common shareholders	$	842,250	$	7,072	$	835,178
Capitalized expenditures:
Interest and debt expense	$	29,423	$	38,795	$	(9,372)
Development payroll	3,263		6,291		(3,028)

________________________________

11 -

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)
(Amounts in thousands)			For the Three Months Ended September 30, 2025						For the Nine Months Ended September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
	Total		New York		Other		Total		New York		Other
Property rentals(1)	$	322,352	$	254,417	$	67,935	$	1,002,920	$	793,139	$	209,781
Tenant expense reimbursements(1)	42,116		29,696		12,420		128,665		95,332		33,333
Amortization of acquired below-market leases, net	100		44		56		284		114		170
Straight-lining of rents	24,529		22,607		1,922		44,235		45,868		(1,633)
Total rental revenues	389,097		306,764		82,333		1,176,104		934,453		241,651
Fee and other income:
BMS cleaning fees	42,530		44,902		(2,372)		116,437		123,143		(6,706)
Management and leasing fees	2,998		3,170		(172)		8,954		9,525		(571)
Other income	19,075		12,504		6,571		55,221		34,592		20,629
Total revenues	453,700		367,340		86,360		1,356,716		1,101,713		255,003
Operating expenses	(241,769)		(198,430)		(43,339)		(685,857)		(570,472)		(115,385)
Depreciation and amortization	(117,122)		(90,536)		(26,586)		(348,851)		(272,706)		(76,145)
General and administrative	(37,490)		(13,770)		(23,720)		(116,065)		(39,290)		(76,775)
Expense from deferred compensation plan liability	(6,756)		—		(6,756)		(8,790)		—		(8,790)
Transaction related costs and other	(3,563)		(55)		(3,508)		(4,327)		(55)		(4,272)
Total expenses	(406,700)		(302,791)		(103,909)		(1,163,890)		(882,523)		(281,367)
Income from partially owned entities	21,940		20,120		1,820		135,588		127,982		7,606
Interest and other investment income, net	22,413		2,750		19,663		41,730		9,729		32,001
Income from deferred compensation plan assets	6,756		—		6,756		8,790		—		8,790
Interest and debt expense	(84,459)		(40,161)		(44,298)		(268,204)		(134,628)		(133,576)
Gain on sales-type lease	—		—		—		803,248		803,248		—
Net gains on disposition of wholly owned and partially owned assets	—		—		—		24,039		10,337		13,702
Income (loss) before income taxes	13,650		47,258		(33,608)		938,017		1,035,858		(97,841)
Income tax benefit (expense)	5,589		1,012		4,577		(5,727)		(1,756)		(3,971)
Net income (loss)	19,239		48,270		(29,031)		932,290		1,034,102		(101,812)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	8,912		10,174		(1,262)		30,326		29,056		1,270
Net income (loss) attributable to Vornado Realty L.P.	28,151		$	58,444	$	(30,293)	962,616		$	1,063,158	$	(100,542)
Less net income attributable to noncontrolling interests in the Operating Partnership	(1,007)						(73,702)
Preferred unit distributions	(15,555)						(46,664)
Net income attributable to common shareholders	$	11,589					$	842,250
For the three and nine months ended September 30, 2024
Net income (loss) attributable to Vornado Realty L.P.	$	(5,316)	$	48,164	$	(53,480)	$	54,382	$	199,878	$	(145,496)
Net loss attributable to common shareholders	$	(19,154)					$	7,072

________________________________

12 -

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 Nine Months Ended<br>September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---
	September 30,				June 30, 2025
	2025		2024				2025			2024
NOI at share:
New York:
Office(1)(2)	$	171,128	$	167,051	$	173,104		$	535,733		$	513,377
Retail(3)	42,183		47,283		42,798			131,096			143,141
Residential	6,457		5,784		6,362			19,011			17,972
Alexander’s	8,770		9,470		8,315			26,594			30,380
Total New York	228,538		229,588		230,579			712,434			704,870
Other:
THE MART(4)	13,275		14,972		25,197			54,388			45,518
555 California Street	17,293		15,780		18,686			53,822			49,109
Other investments	7,570		5,151		3,211			16,995			15,289
Total Other	38,138		35,903		47,094			125,205			109,916
NOI at share	$	266,676	$	265,491	$	277,673		$	837,639		$	814,786	NOI at share - cash basis:
---	---	---	---	---	---	---	---	---	---	---
New York:
Office(1)(5)	$	145,556	$	173,415	$	127,579	$	440,592	$	516,700
Retail(3)	37,536		44,095		39,692		120,955		132,668
Residential	5,989		5,527		5,990		17,827		17,164
Alexander's	9,509		10,424		9,344		29,391		35,557
Total New York	198,590		233,461		182,605		608,765		702,089
Other:
THE MART(4)	13,267		14,901		25,258		56,042		46,685
555 California Street	16,455		19,589		20,684		55,276		56,483
Other investments	7,618		4,347		3,172		16,937		14,244
Total Other	37,340		38,837		49,114		128,255		117,412
NOI at share - cash basis	$	235,930	$	272,298	$	231,719	$	737,020	$	819,501

________________________________

(1)Includes BMS NOI of $6,985, $8,280, $7,584, $21,505 and $23,423 for the three months ended September 30, 2025 and 2024 and June 30, 2025 and the nine months ended September 30, 2025 and 2024, respectively.

(3)2025 includes the impact of the sale of a portion of the 666 Fifth Avenue retail condominium. See page 3 for details.

(4)2025 includes the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment.

(5)Decrease is primarily due to (i) the impact of the NYU master lease at 770 Broadway, which included a $935,000 rent prepayment (see page 5 for further details), (ii) free rent periods on new leases commencing and (iii) the April 2025 payment of $22,361 for prior period PENN 1 ground rent owed based on the recent rent reset determination (which is subject to the ongoing litigation described on page 5).

13 -

| SAME STORE NOI AT SHARE AND SAME STORE NOI AT SHARE - CASH BASIS (NON-GAAP) (unaudited) | | --- || | Total | | New York | | | THE MART(2) | | 555 California Street | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Same store NOI at share % increase (decrease)(1): | | | | | | | | | | | | Three months ended September 30, 2025 compared to September 30, 2024 | 7.5 | % | 9.1 | % | | (10.4) | % | 3.8 | % | | | Nine months ended September 30, 2025 compared to September 30, 2024 | 5.4 | % | 4.5 | % | (3) | 19.9 | % | 4.0 | % | | | Three months ended September 30, 2025 compared to June 30, 2025 | (3.4) | % | 1.7 | % | | (46.9) | % | (5.4) | % | | | Same store NOI at share - cash basis % (decrease) increase(1): | | | | | | | | | | | | Three months ended September 30, 2025 compared to September 30, 2024 | (8.2) | % | (7.4) | % | (4) | (10.0) | % | (16.0) | % | (6) | | Nine months ended September 30, 2025 compared to September 30, 2024 | (4.6) | % | (6.2) | % | (4)(5) | 20.4 | % | (7.9) | % | (6) | | Three months ended September 30, 2025 compared to June 30, 2025 | (5.8) | % | (0.3) | % | (5) | (47.1) | % | (5.6) | % | |

________________________________

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

(2)2025 includes the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment.

(3)Excludes the impact of the $17,240,000 reversal of previously accrued PENN 1 ground rent. See page 5 for further details.

(6)Decrease in same store NOI at share cash basis vs. GAAP basis is primarily due to GAAP rent commencing on new leases with free rent periods.

14 -

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 September 30, 2025
Total square feet leased	594			27			158			224
Our share of square feet leased:	542			23			158			157
Initial rent(1)	$	102.60		$	292.79		$	48.84		$	113.95
Weighted average lease term (years)	12.5			9.0			10.5			8.6
Second generation relet space:
Square feet	169			11			46			91
GAAP basis:
Straight-line rent(2)	$	81.15		$	255.36		$	50.16		$	137.13
Prior straight-line rent	$	70.16		$	171.86		$	49.08		$	106.72
Percentage increase	15.7		%	48.6		%	2.2		%	28.5		%
Cash basis (non-GAAP):
Initial rent(1)	$	84.28		$	233.25		$	52.57		$	135.30
Prior escalated rent	$	76.32		$	177.66		$	55.60		$	117.57
Percentage increase (decrease)	10.4		%	31.3		%	(5.4)		%	15.1		%
Tenant improvements and leasing commissions:
Per square foot	$	163.37		$	202.90		$	152.43		$	155.28
Per square foot per annum	$	13.07		$	22.54		$	14.52		$	18.06
Percentage of initial rent	12.7		%	7.7		%	29.7		%	15.8		%

________________________________

(2)Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases and includes the effect of free rent and periodic step-ups in rent.

15 -

LEASING ACTIVITY (unaudited)
(Square feet in thousands)

	New York									555 California Street
	Office(1)			Retail			THE MART
Nine Months Ended September 30, 2025
Total square feet leased	2,782			109			368			446
Our share of square feet leased:	2,641			89			368			312
Initial rent(2)	$	99.26		$	172.63		$	50.10		$	117.28
Weighted average lease term (years)	12.2			9.6			8.3			10.8
Second generation relet space:
Square feet	663			65			192			246
GAAP basis:
Straight-line rent(3)	$	86.76		$	130.95		$	47.74		$	133.94
Prior straight-line rent	$	77.55		$	107.27		$	49.24		$	108.97
Percentage increase (decrease)	11.9		%	22.1		%	(3.0)		%	22.9		%
Cash basis (non-GAAP):
Initial rent(2)	$	91.07		$	122.96		$	51.95		$	126.30
Prior escalated rent	$	84.10		$	109.34		$	55.69		$	117.44
Percentage increase (decrease)	8.3		%	12.5		%	(6.7)		%	7.5		%
Tenant improvements and leasing commissions:
Per square foot	$	149.78		$	154.78		$	103.56		$	192.27
Per square foot per annum	$	12.28		$	16.12		$	12.48		$	17.80
Percentage of initial rent	12.4		%	9.3		%	24.9		%	15.2		%

_______________________________

(1)The leasing statistics other than square feet leased, exclude the impact of the 1,076 square foot master lease to NYU at 770 Broadway.

(2)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.

(3)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.

16 -

LEASE EXPIRATIONS (unaudited)
(Amounts in thousands)		Our Share of Square Feet of Expiring Leases<br>As of September 30, 2025
---

New York Office	102	906	1,298	981	1,125		791	862	1,005	578	397	935	6,042
New York Retail	1	31	38	44	52		144	57	62	36	144	21	471
THE MART	43	155	204	713	188	—	99	320	539	93	81	48	447
555 California Street	92	140	106	112	143		—	29	13	15	—	210	343
Total	238	1,232	1,646	1,850	1,508		1,034	1,268	1,619	722	622	1,214	7,303
% of total	1.2%	6.1%	8.1%	9.1%	7.4%		5.1%	6.3%	8.0%	3.6%	3.1%	6.0%	36.0%

_______________________________

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

17 -

LEASE EXPIRATIONS DETAIL (unaudited)<br>NEW YORK SEGMENT
	Period of Lease<br>Expiration	Our Share of<br><br>Square Feet<br><br>of Expiring Leases(1)			Annualized Escalated Rents<br>of Expiring Leases					Percentage of<br>Annualized<br>Escalated Rent
			Total				Per Sq. Ft.
Office:	Third Quarter 2025(2)	72,000			$	3,579,000		$	49.71	0.3	%
	Fourth Quarter 2025	30,000			2,478,000			82.60		0.2	%
	First Quarter 2026	113,000			9,899,000			87.60		0.8	%
	Second Quarter 2026	62,000			5,298,000			85.45		0.4	%
	Third Quarter 2026	96,000			8,008,000			83.42		0.7	%
	Fourth Quarter 2026	635,000			48,811,000			76.87		4.0	%
	Total 2026	906,000			72,016,000			79.49		5.9	%
	2027	1,298,000			107,499,000			82.82		8.8	%
	2028	981,000			78,462,000			79.98		6.4	%
	2029	1,125,000			86,522,000			76.91		7.1	%
	2030	791,000			67,654,000			85.53		5.6	%
	2031	862,000			79,514,000			92.24		6.5	%
	2032	1,005,000			99,335,000			98.84		8.2	%
	2033	578,000			50,828,000			87.94		4.2	%
	2034	397,000			36,766,000			92.61		3.0	%
	2035	935,000			75,414,000			80.66		6.2	%
	Thereafter	6,042,000		(3)	456,966,000			75.63		37.6	%
Retail:	Third Quarter 2025(2)	1,000			$	25,000		$	25.00	0.0	%
	Fourth Quarter 2025	—			—			—		0.0	%
	First Quarter 2026	15,000			6,026,000			401.73		2.4	%
	Second Quarter 2026	7,000			620,000			88.57		0.2	%
	Third Quarter 2026	9,000			4,355,000			483.89		1.7	%
	Fourth Quarter 2026	—			—			—		0.0	%
	Total 2026	31,000			11,001,000			354.87		4.3	%
	2027	38,000			19,068,000			501.79		7.5	%
	2028	44,000			11,479,000			260.89		4.5	%
	2029	52,000			22,260,000			428.08		8.8	%
	2030	144,000			23,462,000			162.93		9.2	%
	2031	57,000			29,118,000			510.84		11.5	%
	2032	62,000			31,791,000			512.76		12.5	%
	2033	36,000			12,169,000			338.03		4.8	%
	2034	144,000			20,262,000			140.71		8.0	%
	2035	21,000			11,248,000			535.62		4.4	%
	Thereafter	471,000			62,266,000			132.20		24.5	%

_____________________________

(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.

18 -

LEASE EXPIRATIONS DETAIL (unaudited)<br>OTHER SEGMENT
	Period of Lease<br>Expiration	Our Share of<br><br>Square Feet<br><br>of Expiring Leases(1)		Annualized Escalated Rents<br>of Expiring Leases					Percentage of<br>Annualized<br>Escalated Rent
THE MART			Total			Per Sq. Ft.
Office / Showroom / Retail:	Third Quarter 2025(2)	6,000		$	318,000		$	53.00	0.2	%
	Fourth Quarter 2025	37,000		2,218,000			59.95		1.5	%
	First Quarter 2026	35,000		2,260,000			64.57		1.5	%
	Second Quarter 2026	33,000		1,933,000			58.58		1.3	%
	Third Quarter 2026	52,000		3,643,000			70.06		2.5	%
	Fourth Quarter 2026	35,000		2,167,000			61.91		1.5	%
	Total 2026	155,000		10,003,000			64.54		6.8	%
	2027	204,000		11,452,000			56.14		7.7	%
	2028	713,000		35,350,000			49.58		23.8	%
	2029	188,000		10,321,000			54.90		6.9	%
	2030	99,000		5,714,000			57.72		3.8	%
	2031	320,000		16,104,000			50.33		10.8	%
	2032	539,000		25,789,000			47.85		17.4	%
	2033	93,000		4,684,000			50.37		3.2	%
	2034	81,000		3,928,000			48.49		2.6	%
	2035	48,000		2,470,000			51.46		1.7	%
	Thereafter	447,000		20,246,000			45.29		13.6	%
555 California Street
Office / Retail:	Third Quarter 2025(2)	60,000		$	4,656,000		$	77.60	3.8	%
	Fourth Quarter 2025	32,000		3,243,000			101.34		2.6	%
	First Quarter 2026	100,000		9,177,000			91.77		7.5	%
	Second Quarter 2026	—		—			—		0.0	%
	Third Quarter 2026	—		—			—		0.0	%
	Fourth Quarter 2026	40,000		4,343,000			108.58		3.5	%
	Total 2026	140,000		13,520,000			96.57		11.0	%
	2027	106,000		10,982,000			103.60		8.9	%
	2028	112,000		11,034,000			98.52		9.0	%
	2029	143,000		15,748,000			110.13		12.8	%
	2030	—		—			—		0.0	%
	2031	29,000		1,955,000			67.41		1.6	%
	2032	13,000		1,482,000			114.00		1.2	%
	2033	15,000		1,848,000			123.20		1.5	%
	2034	—		—			—		0.0	%
	2035	210,000		19,726,000			93.93		16.0	%
	Thereafter	343,000		38,735,000			112.93		31.6	%

________________________________

(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.

19 -

CAPITAL EXPENDITURES AND RE/DEVELOPMENT (unaudited)
CONSOLIDATED
(Amounts in thousands)
	For the Nine Months Ended September 30, 2025
	Total Company		New York		THE MART		555 California Street		Other
Capital expenditures:
Expenditures to maintain assets	$	45,015	$	35,481	$	6,802	$	2,715	$	17
Tenant improvements	136,054		88,654		10,538		36,862		—
Leasing commissions	28,738		17,665		2,155		8,918		—
Recurring tenant improvements, leasing commissions and other capital expenditures	209,807		141,800		19,495		48,495		17
Non-recurring capital expenditures(1)	69,962		51,016		18,631		59		256
Total capital expenditures and leasing commissions	$	279,769	$	192,816	$	38,126	$	48,554	$	273
Development and redevelopment expenditures(2):
PENN 2	$	57,663	$	57,663	$	—	$	—	$	—
Hotel Pennsylvania site (PENN 15)	14,293		14,293		—		—		—
PENN Districtwide improvements	8,680		8,680		—		—		—
Other	36,768		36,192		—		—		576
	$	117,404	$	116,828	$	—	$	—	$	576

________________________________

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

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

20 -

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	1,823,000		$	750,000		$	724,311	$	25,689	2026		10.2%
Districtwide Improvements	N/A		100,000			79,647		20,353		N/A		N/A
Total PENN District			850,000		(1)	803,958		46,042
Sunset Pier 94 Studios (49.9% interest)(2)	266,000		125,000		(3)	94,836		30,164		2026		10.3%
Total Active Development Projects			$	975,000		$	898,794	$	76,206
Future Opportunities:<br><br>New York segment:	Zoning Sq. Ft.
PENN District:
Hotel Pennsylvania site (PENN 15)	2,052,000
Eighth Avenue and 34th Street land	190,000
Multiple other opportunities - office/residential/retail
Total PENN District	2,242,000
350 Park Avenue assemblage (the “350 Park Site”)(4)	1,455,000
623 Fifth Avenue office condominium	383,000	(5)
260 Eleventh Avenue - office(2)	280,000
57th Street land (50% interest)	150,000
Other segment:
527 West Kinzie land, Chicago	330,000
Total Future Opportunities	4,840,000

________________________________

(1)Excluding debt and equity carry.

(2)The building is subject to a ground lease. See page 34 for details.

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

(4)From October 2024 to June 2030, an affiliate of Kenneth C. Griffin (“KG”) has the option to either (i) acquire a 60% interest in a joint venture with Vornado and Rudin (the “Vornado/Rudin JV”) (with Vornado having an effective 36% interest in the entity) to build a new 1,850,000 square foot office tower, valuing the 350 Park Site at $1.2 billion or (ii) purchase the 350 Park Site for $1.4 billion ($1.085 billion to Vornado). From October 2024 to September 2030, the Vornado/Rudin JV has the option to put the 350 Park Site to KG for $1.2 billion ($900 million to Vornado).

(5)Represents rentable square feet.

21 -

UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	As of September 30, 2025					Our Share of Net Income (Loss) for the<br><br>Three Months Ended September 30,					Our Share of NOI (non-GAAP) for the Three Months Ended September 30,
	Percentage Ownership		Company's <br>Carrying Amount			2025			2024		2025		2024
Joint Venture Name
New York:
Fifth Avenue and Times Square JV(1)(2)	51.5%		$	1,549,488		$	8,527		$	19,794	$	24,169	$	28,061
280 Park Avenue	50.0%		107,316			(3,712)			(6,028)		8,859		6,923
Independence Plaza	50.1%		66,254			(392)			375		6,456		5,784
7 West 34th Street	53.0%		(66,168)		(3)	1,085			1,130		3,560		3,624
Alexander's	32.4%		53,592			2,069			2,099		8,770		9,470
West 57th Street properties	50.0%		36,569			(49)			(63)		100		170
85 Tenth Avenue	49.9%		(23,844)		(3)	(1,364)			(1,765)		4,094		3,705
512 West 22nd Street	N/A	(4)	—			11,235		(5)	(504)		775		1,740
61 Ninth Avenue	45.1%		463			(239)			(27)		1,904		1,950
Other, net	Various		110,785			2,960			1,941		3,972		3,128
						20,120			16,952		62,659		64,555
Other:
Alexander's corporate fee income	32.4%					1,405			1,530		843		906
Rosslyn Plaza	43.7% to 50.4%		35,172			(161)			246		282		756
Other, net	Various		6,262			576			(499)		1,100		1,075
						1,820			1,277		2,225		2,737
Total						$	21,940		$	18,229	$	64,884	$	67,292

________________________________

(1)Includes $6,241 and $10,541 of income on our preferred equity, net of our share of expenses for the three months ended September 30, 2025 and 2024 respectively.

(2)Decrease primarily due to January 2025 sale of a portion of the 666 Fifth Avenue condominium and the April 2025 financing at 1535 Broadway. See pages 3 and 4 for details.

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

(4)Sold on August 14, 2025. See page 3 for details.

(5)Includes our $11,002 gain from the sale of the property. See page 3 for details.

22 -

UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	Percentage Ownership at September 30, 2025			Our Share of Net Income (Loss) for the Nine Months Ended September 30,								Our Share of NOI (non-GAAP) for the Nine Months Ended September 30,
			2025				2024				2025			2024
Joint Venture Name
New York:
Fifth Avenue and Times Square JV:
Equity in net income(1)	51.5%			$	11,772			$	28,971			$	73,048		$	85,129
Return on preferred equity, net of our share of the expense(2)				21,287				30,127				—			—
Net gain on sale				76,162		(3)		—				—			—
				109,221				59,098				73,048			85,129
280 Park Avenue	50.0%			(11,969)				9,398		(4)		26,110			22,515
512 West 22nd Street	N/A	(5)		10,711		(5)		(1,812)				4,279			4,903
Alexander's	32.4%			7,911				9,902				26,594			30,380
7 West 34th Street	53.0%			5,195				3,528				13,049			10,972
85 Tenth Avenue	49.9%			(4,867)				(6,126)				11,583			10,382
West 57th Street properties	50.0%			2,054		(6)		(580)				85			104
Independence Plaza	50.1%			1,512				114				19,010			16,554
61 Ninth Avenue	45.1%			(219)				(149)				5,706			5,858
Other, net	Various			8,433				5,787				11,120			11,185
				127,982				79,160				190,584			197,982
Other:
Alexander's corporate fee income	32.4%			4,444				3,895				2,686			2,224
Rosslyn Plaza	43.7% to 50.4%			(104)				80				1,269			1,821
Other, net	Various			3,266				(678)				3,683			3,932
				7,606				3,297				7,638			7,977
Total				$	135,588			$	82,457			$	198,222		$	205,959

________________________________

(1)Decrease primarily due to January 2025 sale of a portion of the 666 Fifth Avenue condominium and the April 2025 financing at 1535 Broadway. See pages 3 and 4 for details.

(2)2025 decrease due to the partial redemptions of our preferred equity interests. See pages 3 and 4 for details.

(3)See page 3 for details.

(4)2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan.

(5)Includes our $11,002 gain from the sale of the property. See page 3 for details.

(6)Includes our $2,527 gain from the sale of the property. See page 3 for details.

23 -

DEBT ANALYSIS (unaudited)
(Amounts in thousands)
DEBT SUMMARY	As of September 30, 2025
	Total			Variable				Fixed(1)
(Contractual debt balances)	Amount		Weighted Average Interest Rate	Amount			Weighted Average Interest Rate	Amount		Weighted Average Interest Rate
Consolidated debt(2)	$	7,216,912	4.41%	$	776,912		5.96%(3)	$	6,440,000	4.22%
Pro rata share of debt of non-consolidated entities	2,519,230		5.77%	516,305			6.38%	2,002,925		5.61%
Total	9,736,142		4.76%	1,293,217			6.13%	8,442,925		4.55%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)	(682,059)			(397,059)				(285,000)
Company's pro rata share of total debt	$	9,054,083	4.76%	$	896,158	(4)	6.10%	$	8,157,925	4.62%

________________________________

See notes below

NET DEBT TO EBITDAre, AS ADJUSTED (unaudited)
	As of and For the Trailing Twelve Months Ended September 30, 2025				As of and For the Year Ended December 31,
				2024				2023				2022
Secured debt	$	4,946,492			$	5,707,176			$	5,729,615			$	5,877,615
Unsecured debt	2,270,420				2,575,000				2,575,000				2,575,000
Pro rata share of debt of non-consolidated entities	2,519,230				2,477,701				2,654,701				2,697,226
Less: Noncontrolling interests’ share of consolidated debt	(682,059)				(682,059)				(682,059)				(682,059)
Company’s pro rata share of total debt	$	9,054,083			$	10,077,818			$	10,277,257			$	10,467,782
% Unsecured debt	25%				26%				25%				25%
Company’s pro rata share of total debt	$	9,054,083			$	10,077,818			$	10,277,257			$	10,467,782
Less: Cash and cash equivalents and investments in U.S. Treasury bills	(1,009,876)				(733,947)				(997,002)				(1,361,651)
Less: Escrowed cash included within restricted cash on our balance sheet	(105,626)				(187,416)				(221,578)				(94,374)
Less: Pro rata share of unconsolidated partially owned entities’ cash and cash equivalents and escrowed cash	(279,929)				(248,835)				(295,983)				(316,385)
Plus: Noncontrolling interests’ share of cash and cash equivalents, escrowed cash and investments in U.S. Treasury bills	99,579				129,160				101,564				94,100
Less: Participation in 150 West 34th Street mortgage loan	—				—				—				(105,000)
Net debt	$	7,758,231			$	9,036,780			$	8,864,258			$	8,684,472
EBITDAre, as adjusted (non-GAAP)	$	1,057,730			$	1,049,320			$	1,081,332			$	1,090,564
Net debt / EBITDAre, as adjusted (non-GAAP)	7.3		x		8.6		x		8.2		x		8.0		x

________________________________

(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 page xv in the Appendix for reconciliation of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of September 30, 2025.

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

(4)As of September 30, 2025, $334,605 of variable rate debt (at share) is subject to interest rate cap arrangements, the $561,553 of variable rate debt not subject to interest rate cap arrangements represents 6% of our total pro rata share of debt. See page 30 for details.

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

24 -

CORPORATE COVENANT RATIOS AND CREDIT RATINGS (unaudited)
(Amounts in thousands)				As of
---	---	---	---	---	---
Unsecured Revolving Credit Facilities and Unsecured Term Loan(1)	Required	September 30, <br>2025	June 30, <br>2025	March 31, <br>2025	December 31, <br>2024
Total outstanding debt/total assets(2)	Less than 60%	34%	33%	39%	40%
Secured debt/total assets	Less than 50%	25%	23%	30%	28%
Fixed charge coverage	Greater than 1.40	2.01	1.97	1.96	1.93
Unsecured debt/cap value of unencumbered assets	Less than 60%	18%	18%	17%	21%
Unencumbered coverage ratio	Greater than 1.75	8.81	8.47	8.01	7.12
Unsecured Notes Covenant Ratios(1)
Total outstanding debt/total assets(3)	Less than 65%	43%	43%	48%	49%
Secured debt/total assets	Less than 50%	31%	31%	35%	35%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50	2.24	2.02	1.87	1.77
Unencumbered assets/unsecured debt	Greater than 150%	480%	490%	470%	388%		Consolidated Unencumbered EBITDA(1) (non-GAAP):	Q3 2025<br>Annualized
---	---	---
New York	$	330,912
Other	101,656
Total	$	432,568		Credit Ratings(4):	Rating	Outlook
---	---	---
Moody’s	Ba1	Stable
S&P	BBB-	Negative
Fitch	BB+	Positive

________________________________

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

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

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

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

25 -

CAPITAL STRUCTURE (unaudited)
(Amounts in thousands, except per share and per unit amounts)
Debt (contractual balances):			As of September 30, 2025
Consolidated debt(1):
Mortgages payable			$	4,946,492
Senior unsecured notes			750,000
800 Million unsecured term loan			800,000
2.2 Billion unsecured revolving credit facilities			720,420
			7,216,912
Pro rata share of debt of non-consolidated entities			2,519,230
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)			(682,059)
			9,054,083		(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)
	September 30, 2025 Common Share Price
Equity:
Common shares	$	40.53	7,783,989
Redeemable Class A units and LTIP Unit awards	40.53		676,608
Convertible share equivalents:
Series D-13 preferred units	40.53		46,691
Series G-1 through G-4 preferred units	40.53		2,918
Series A preferred shares	40.53		730
			8,510,936		(C)
Total Market Capitalization (A+B+C)			$	18,788,054

All values are in US Dollars.

________________________________

(1)See the reconciliation on page xv of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of September 30, 2025.

(2)Excludes share-based equity awards that may be considered dilutive in the period. See page 6 for our weighted average units outstanding on a dilutive basis.

26 -

DEBT MATURITIES (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)		Consolidated Debt Maturity Schedule(1) as of September 30, 2025<br><br>(Excludes pro rata share of JV Debt)(2)
---

Consolidated (100%):
Secured	$	321,492		(3)	$	525,000		$	880,000		$	2,300,000		$	—		$	920,000
Unsecured	—				400,000			1,520,420			—			—			350,000
Total consolidated debt (100%)	$	321,492			$	925,000		$	2,400,420		$	2,300,000		$	—		$	1,270,000
% of total consolidated debt	4.5		%		12.8		%	33.3		%	31.9		%	—		%	17.5		%
Debt maturities at share:
Consolidated debt (100%)	$	321,492			$	925,000		$	2,400,420		$	2,300,000		$	—		$	1,270,000
Pro rata share of debt of non-consolidated entities	161,791				680,492			39,574			826,745			203,695			606,933
Less: Noncontrolling interests' share of consolidated debt	(37,059)				—			—			(645,000)			—			—
Total debt at share	$	446,224			$	1,605,492		$	2,439,994		$	2,481,745		$	203,695		$	1,876,933
% of total debt at share	4.9		%		17.7		%	26.9		%	27.4		%	2.2		%	20.9		%

_______________________________

(1)Assumes the exercise of as-of-right extension options. Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity, and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement. See page 30 for information on interest rate swap arrangements.

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

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

27 -

DEBT DETAIL CONSOLIDATED (unaudited)
(Amounts in thousands)
Property	Ownership %	Maturity Date(1)	Variable Rate Spread		Interest Rate(2)		Debt Balance (100%)		Debt Balance (at share)
Secured Debt:
606 Broadway	50.0%	(3)	S+191		6.11%	(4)	$	74,119	$	37,060
888 Seventh Avenue	100.0%	12/25	S+180	(5)	5.01%		247,373		247,373
One Park Avenue	100.0%	03/26	S+122	(5)	4.02%		525,000		525,000
350 Park Avenue	100.0%	01/27			3.92%		400,000		400,000
100 West 33rd Street	100.0%	06/27			5.26%		480,000		480,000
150 West 34th Street	100.0%	02/28	S+215		6.37%		75,000		75,000
435 Seventh Avenue	100.0%	04/28			6.96%		75,000		75,000
555 California Street	70.0%	05/28	S+205	(5)	6.08%		1,200,000		840,000
1290 Avenue of the Americas	70.0%	11/28			2.62%		950,000		665,000
PENN 11	100.0%	08/30			6.35%		450,000		450,000
909 Third Avenue	100.0%	04/31			3.23%		350,000		350,000
4 Union Square South	100.0%	09/35			5.64%		120,000		120,000
Total Secured Debt							4,946,492		4,264,433
Unsecured Debt:
Senior unsecured notes due 2026	100.0%	06/26			2.15%		400,000		400,000
$1.25 Billion unsecured revolving credit facility	100.0%	12/27	S+111	(5)	4.14%	(6)	720,420		720,420
$800 Million unsecured term loan	100.0%	12/27	S+125	(5)	4.30%	(6)	800,000		800,000
$915 Million Revolving Credit Facility	100.0%	04/29	S+116	(6)	—%		—		—
Senior unsecured notes due 2031	100.0%	06/31			3.40%		350,000		350,000
Total Unsecured Debt							2,270,420		2,270,420
Total Consolidated Debt							$	7,216,912	$	6,534,853

________________________________

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

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

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

(5)Balance is partially hedged by interest rate swap arrangements. See page 30 for details.

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

28 -

DEBT DETAIL UNCONSOLIDATED (unaudited)
(Amounts in thousands)
Property	Ownership %	Maturity Date(1)	Variable Rate Spread	Interest Rate(2)	Debt Balance (100%)		Debt Balance (at share)
731 Lexington Avenue retail condominium(3)	32.4%	10/25	S+151	5.76%	$	300,000	$	97,200
Rego Park II	32.4%	12/25	S+145	5.60%	199,355		64,591
825 Seventh Avenue office condominium	50.0%	01/26	S+275	7.03%	54,000		27,000
61 Ninth Avenue	45.1%	01/26	S+146	5.66%	167,500		75,543
Rosslyn Plaza North	50.4%	04/26	S+200	6.22%	25,000		12,603
Fashion Centre/Washington Tower	7.5%	05/26	S+305	6.94%	455,000		34,125
7 West 34th Street	53.0%	06/26		3.65%	300,000		159,000
Sunset Pier 94 Studios	49.9%	09/26	S+477	8.77%	120,934		60,346
85 Tenth Avenue	49.9%	12/26		4.55%	625,000		311,875
Wells Kinzie	50.0%	05/27		4.20%	18,236		9,118
The Alexander apartment tower	32.4%	11/27		2.63%	94,000		30,456
697-703 Fifth Avenue	44.8%	03/28		6.07%	356,465		159,645
280 Park Avenue	50.0%	09/28		5.84%	1,075,000		537,500
731 Lexington Avenue office condominium	32.4%	10/28		5.04%	400,000		129,600
640 Fifth Avenue	52.0%	07/29		7.47%	391,833		203,695
1535 Broadway	52.0%	05/30		6.90%	450,000		233,933
Independence Plaza	50.1%	06/30		5.84%	675,000		338,175
330 West 34th Street ground lessor	34.8%	09/32		4.55%	100,000		34,825
Total Unconsolidated Debt					$	5,807,323	$	2,519,230

________________________________

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

(3)On August 1, 2025, Alexander’s entered into a 60-day extension with the lenders on the mortgage loan. See page 4 for details.

29 -

HEDGING INSTRUMENTS AS OF SEPTEMBER 30, 2025 (unaudited)
(Amounts in thousands)
	Debt Information						Swap / Cap Information
	Balance at Share		Maturity Date(1)		Variable Rate Spread		Notional Amount at Share			Expiration Date		All-In Swapped Rate
Interest Rate Swaps:
Consolidated:
555 California Street mortgage loan:
In-place swap	$	840,000		05/28		S+205	$	840,000			05/26	6.03%
Forward swap (effective 05/26)							840,000				05/28	5.56%(2)
One Park Avenue mortgage loan	525,000			03/26		S+122	500,000				07/27	3.95%
Unsecured revolving credit facility	720,420			12/27		S+111	575,000				08/27	3.84%
Unsecured term loan	800,000			12/27		S+125
Through 10/26							750,000				10/26	4.22%
10/26 through 7/27							250,000				07/27	3.99%
7/27 through 8/27							50,000				08/27	3.99%
100 West 33rd Street mortgage loan	480,000			06/27		S+185	480,000				06/27	5.26%
888 Seventh Avenue mortgage loan	247,373			12/25		S+180	200,000				09/27	4.76%
435 Seventh Avenue mortgage loan	75,000			04/28		S+210	75,000				04/26	6.96%
Unconsolidated:
280 Park Avenue mortgage loan	537,500			09/28		S+178	537,500				09/28	5.84%
Interest Rate Caps:												Index Strike Rate	Cash Interest Rate(3)	Effective Interest Rate(4)
Consolidated:
1290 Avenue of the Americas mortgage loan	665,000			11/28		S+162	665,000				11/25	1.00%	2.62%	5.94%
One Park Avenue mortgage loan	525,000			03/26		S+122	25,000				03/26	4.39%	5.37%	5.19%
150 West 34th Street mortgage loan	75,000			02/28		S+215	75,000				02/26	5.00%	6.37%	6.97%
Unconsolidated:
61 Ninth Avenue mortgage loan	75,543			01/26		S+146	75,543				01/26	4.39%	5.66%	6.11%
Rego Park II mortgage loan	64,591			12/25		S+145	64,591				12/25	4.15%	5.60%	5.94%
Sunset Pier 94 Studios	60,346			09/26		S+477	60,346				09/26	4.00%	8.77%	8.84%
Fashion Centre Mall/Washington Tower mortgage loan	34,125			05/26		S+305	34,125				05/26	3.89%	6.94%	6.95%
Debt subject to interest rate swaps and subject to a 1.00% SOFR interest rate cap							4,622,500
Variable rate debt subject to interest rate caps							334,605
Fixed rate debt per loan agreements							3,535,425
Variable rate debt not subject to interest rate swaps or caps							561,553		(5)
Total debt at share							$	9,054,083

________________________________

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

(2)Reflects the May 2026 increase in variable rate spread to S+230. The variable rate spread will further increase to S+255 in May 2027.

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

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

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

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.	693,500	$	82,906	4.6	%
IPG and affiliates	955,211	63,017		3.5	%
Citadel	585,460	62,498		3.5	%
New York University(2)	1,761,681	58,353		3.2	%
Bloomberg L.P.	306,768	44,384		2.4	%
Madison Square Garden & Affiliates	449,053	44,025		2.4	%
Google/Motorola Mobility (guaranteed by Google)	759,446	41,098		2.2	%
UMG Recordings, Inc,	336,700	35,411		1.9	%
Amazon (including its Whole Foods subsidiary)	312,694	31,218		1.7	%
Neuberger Berman Group LLC	306,612	28,780		1.6	%
Apple Inc.	473,311	26,739		1.5	%
AMC Networks, Inc.	326,717	26,441		1.4	%
WeWork	303,741	25,818		1.4	%
Bank of America	242,152	25,807		1.4	%
LVMH Brands	63,002	25,350		1.4	%
Swatch Group USA	8,499	24,910		1.4	%
Verizon	203,322	23,539		1.3	%
Victoria's Secret	33,156	21,176		1.2	%
PJT Partners Holdings	134,953	19,713		1.1	%
PwC	240,384	19,353		1.1	%
Macy's	181,698	19,305		1.0	%
The City of New York	232,010	12,353		0.7	%
Dodge & Cox	107,925	12,265		0.7	%
King & Spalding	122,859	11,979		0.7	%
WSP USA	172,666	11,653		0.6	%
Major League Soccer LLC	125,013	11,251		0.6	%
Alston & Bird LLP	126,872	10,889		0.6	%
Aetna Life Insurance Company	64,196	10,460		0.6	%
FGS Global	80,770	10,096		0.5	%
Elliot Management	74,719	9,923		0.5	%
				46.7	%

________________________________

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

(2)Includes NYU’s master lease of 1,076,000 square feet at 770 Broadway. In addition to the $9,281 annual lease payments, which are included in annualized escalated rents above, NYU made a $935,000 prepaid lease payment at lease commencement. See page 3 for further details.

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	20,014		17,720	516		17,021		—		183		—
Retail	2,274		1,912	261		—		1,651		—		—
Residential - 1,331 units	1,201		609	5		—		—		—		604
Alexander's (32.4% interest), including 312 residential units	2,455		795	121		308		283		—		83
	25,944		21,036	903		17,329		1,934		183		687
Other:
THE MART	3,695		3,693	—		2,123		84		1,239		247
555 California Street (70% interest)	1,821		1,274	—		1,239		35		—		—
Other	3,446		1,467	144		325		887		—		111
	8,962		6,434	144		3,687		1,006		1,239		358
Total square feet at September 30, 2025	34,906		27,470	1,047		21,016		2,940		1,422		1,045
Total square feet at June 30, 2025	34,691		27,173	410		21,089		3,207		1,422		1,045
	At 100%
---	---	---	---
Parking Garages (not included above):	Square Feet	Number of <br>Garages	Number of <br>Spaces
New York	1,635	9	4,685
THE MART	341	3	1,076
555 California Street	168	1	461
Rosslyn Plaza	411	4	1,094
Total at September 30, 2025	2,555	17	7,316

32 -

OCCUPANCY (unaudited)
	New York		THE MART		555 California Street
Occupancy rate at:
September 30, 2025	87.5	%	80.7	%	96.3	%
June 30, 2025	85.2	%	78.2	%	92.3	%
December 31, 2024	87.6	%	80.1	%	92.0	%
September 30, 2024	86.7	%	79.7	%	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:
September 30, 2025	1,643	769	93.7%	$4,992
June 30, 2025	1,643	769	95.7%	4,879
December 31, 2024	1,642	769	96.6%	4,713
September 30, 2024	1,642	769	96.5%	4,689

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		15,000		(1)		2073		2098		Rent will reset to fair market value (“FMV”) in 2048. One 25-year renewal option at FMV.
Long Island Railroad Concourse Retail		1,379				2048		2098		Two 25-year renewal options. Base rent increases every 10 years, with the next rent increase in 2028, based on the increase in gross income reduced by the increase in real estate taxes and operating expenses. In addition, percentage rent is payable based on gross annual income above a specified threshold. Base and percentage rent are reduced by a rent credit calculated as a percentage of development costs funded by Vornado.
260 Eleventh Avenue		4,583				None		2114		Rent increases annually by the lesser of CPI or 1.5% compounded. We have a purchase option exercisable at a future date for $110,000 increased annually by the lesser of CPI or 1.5% compounded.
888 Seventh Avenue		3,350				2028		2067		Two 20-year renewal options at FMV.
330 West 34th Street -<br>65.2% ground leased		10,265				2051		2149		Two 30-year and one 39-year renewal option at FMV.
909 Third Avenue		1,600				2041		2063		One 22-year renewal option at current annual rent.
962 Third Avenue (the Annex building to 150 East 58th Street) - 50.0% ground leased		666				None		2118		Rent resets every 10 years to FMV.
Other:
Wayne Town Center		6,038				2035		2064		Two 10-year renewal options and one 9-year renewal option. Rent increases annually by the greater of CPI or 6%.
Annapolis		650				None		2042		Fixed rent increases to $750 per annum in 2032.
Unconsolidated:
Sunset Pier 94 Studios<br><br>(49.9% interest)		449				2060		2110		Five 10-year renewal options. Fixed rent increases in 2028 and every five years thereafter. Beginning in September 2028, additional rent is payable in an amount equal to 6% of gross revenue less the base rent.
61 Ninth Avenue<br><br>(45.1% interest)		3,890				None		2115		Rent increases every three years based on CPI, subject to a cap. In 2051, 2071 and 2096, rent resets based on the increase in the property's gross revenue net of real estate taxes, if greater than the CPI reset.
Flushing (Alexander's)<br><br>(32.4% interest)		259				None		2037		10-year renewal option at 90% of FMV effective 2027 was exercised in March 2025. FMV to be determined.

________________________________

(1)Represents the rent reset amount finalized by the Panel on April 22, 2025. On July 21, 2025, the ground lessor filed a motion in New York County Supreme Court to vacate the Panel’s ground rent determination. On October 31, 2025, the court granted the ground lessor’s motion. We believe the motion is without merit and intend to appeal the court’s decision. Further, litigation is currently pending between the parties in New York County Supreme Court regarding a separate point relating to the matter. The court denied our motion to dismiss that action and we are appealing that decision. The Panel’s decision (which is subject to the aforementioned vacatur decision that we plan to appeal) provides that if the fee owner prevails in a final judgment in that litigation, the annual rent for the 25-year term will be $20,220, retroactive to June 17, 2023.

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	%	91.0	%	$	87.99					2,250,000		2,250,000	—				Canaccord Genuity LLC, Roivant Sciences Inc.
-Retail	100.0	%	64.3	%	232.45						303,000		303,000	—				Bank of America, Starbucks, Blue Bottle Coffee Inc., Shake Shack, Roberta’s,
	100.0	%	87.9	%	99.20			$	219,200		2,553,000		2,553,000	—	$	—		Anita La Mamma Del Gelato
PENN 2																		Madison Square Garden, Major League Soccer LLC, UMG Recordings, Inc.
-Office	100.0	%	67.1	%	105.66						1,757,000		1,757,000	—				Verizon, Pernod Ricard, FGS Global*
-Retail	100.0	%	62.9	%	220.29						66,000		66,000	—				JPMorgan Chase
	100.0	%	66.9	%	109.55			133,300			1,823,000		1,823,000	—	575,000		(4)
The Farley Building<br><br>(ground and building leased through 2116)**
-Office	95.0	%	100.0	%	119.55						730,000		730,000	—				Meta Platforms, Inc.
-Retail	95.0	%	43.8	%	318.53						116,000		116,000	—				Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels,
	95.0	%	92.4	%	130.28			100,700			846,000		846,000	—	—			Avra Prime*
PENN 11
-Office	100.0	%	100.0	%	75.89						1,115,000		1,115,000	—				Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's
-Retail	100.0	%	36.0	%	233.64						39,000		39,000	—				PNC Bank National Association, Starbucks
	100.0	%	97.9	%	77.90			81,700			1,154,000		1,154,000	—	450,000
100 West 33rd Street
-Office	100.0	%	87.4	%	69.10						858,000		858,000	—				IPG and affiliates
-Retail	100.0	%	—	%	—						257,000		—	257,000
	100.0	%	87.4	%	69.10			51,200			1,115,000		858,000	257,000	480,000
330 West 34th Street
(65.2% ground leased through 2149)**
-Office	100.0	%	76.9	%	82.62						702,000		702,000	—				Structure Tone, Deutsch, Inc., HomeAdvisor, Inc., WeWork
-Retail	100.0	%	85.5	%	114.17						24,000		24,000	—				Starbucks
	100.0	%	77.1	%	83.58			45,300			726,000		726,000	—	100,000		(5)
435 Seventh Avenue
-Retail	100.0	%	100.0	%	—			—			43,000		43,000	—	75,000
7 West 34th Street
-Office	53.0	%	100.0	%	83.42						458,000		458,000	—				Amazon
-Retail	53.0	%	89.6	%	338.11						19,000		19,000	—				Amazon, Lindt
	53.0	%	99.6	%	93.10			43,400			477,000		477,000	—	300,000
431 Seventh Avenue
-Retail	100.0	%	100.0	%	265.93			600			9,000		9,000	—	—			Essen
138-142 West 32nd Street
-Retail	100.0	%	80.3	%	134.83			500			8,000		8,000	—	—
150 West 34th Street
-Retail	100.0	%	100.0	%	63.48			5,000			79,000		79,000	—	75,000			Primark

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	%	$	96.32		$	300		3,000		3,000	—	$	—	Celtic Rail
131-135 West 33rd Street
-Retail	100.0	%	100.0	%	65.65			1,500			22,000		22,000	—	—		The Five Hats Club (BSE Global)*
Other (3 buildings)
-Retail	100.0	%	100.0	%	159.20			2,100			16,000		16,000	—	—
Total PENN District								684,800			8,874,000		8,617,000	257,000	2,055,000
Midtown East:
909 Third Avenue
(ground leased through 2063)**																	IPG and affiliates, AbbVie Inc., United States Post Office,
-Office	100.0	%	74.6	%	69.16		(6)	55,600			1,353,000		1,353,000	—	350,000		Morrison Cohen LLP, Alix Partners*
150 East 58th Street(7)
-Office	100.0	%	81.6	%	82.22						541,000		541,000	—			Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail	100.0	%	100.0	%	94.88						3,000		3,000	—
	100.0	%	81.7	%	82.29			36,400			544,000		544,000	—	—
715 Lexington Avenue
-Retail	100.0	%	100.0	%	202.59			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	%	194.16			1,300			7,000		7,000	—	—		Wells Fargo
Total Midtown East								98,500			1,933,000		1,933,000	—	350,000
Midtown West:
888 Seventh Avenue
(ground leased through 2067)**																	Lone Star US Acquisitions LLC, Top-New York, Inc.,
-Office	100.0	%	84.2	%	100.17						873,000		873,000	—			Vornado Executive Headquarters, United Talent Agency
-Retail	100.0	%	100.0	%	261.40						15,000		15,000	—			Redeye Grill L.P.
	100.0	%	84.4	%	101.87			76,400			888,000		888,000	—	247,373
50 West 57th Street
-Office	50.0	%	97.1	%	66.63						69,000		69,000	—
-Retail	50.0	%	—	%	—						10,000		10,000	—
	50.0	%	88.3	%	66.63			4,400			79,000		79,000	—	—
825 Seventh Avenue
-Office	50.0	%	79.6	%	43.99						169,000		169,000	—	54,000		Young Adult Institute Inc., New Alternatives for Children, Inc.
-Retail	100.0	%	100.0	%	168.52						4,000		4,000	—	—		Venchi
			80.1	%	47.61			6,500			173,000		173,000	—	54,000

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):
Midtown West (Continued):
Sunset Pier 94 Studios<br> (ground and building leased through 2110)**
‘-Studio	49.9	%	—		$	—		$	—		266,000		—	266,000	$	120,934
Total Midtown West								87,300			1,406,000		1,140,000	266,000	422,307
Park Avenue:
280 Park Avenue																		Elliott Investment Management L.P., PJT Partners Holdings, GIC Inc.,
-Office	50.0	%	95.2	%	124.13						1,238,000		1,238,000	—				Wells Fargo, Investcorp International Inc., Sagard Capital Partners*
-Retail	50.0	%	100.0	%	58.55						29,000		29,000	—				Starbucks, Fasano Restaurant
	50.0	%	95.3	%	122.59			147,100			1,267,000		1,267,000	—	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								209,600			1,852,000		1,852,000	—	1,475,000
Grand Central:
90 Park Avenue																		Alston & Bird, PwC, MassMutual, Glencore*,
-Office	100.0	%	97.3	%	83.83						938,000		938,000	—				Factset Research Systems Inc., Foley & Lardner
-Retail	100.0	%	96.0	%	176.92						17,000		17,000	—				Citibank, Starbucks
Total Grand Central	100.0	%	97.3	%	85.39			76,600			955,000		955,000	—	—
Madison/Fifth:
623 Fifth Avenue
	100.0	%	—		—			—			383,000		—	383,000	145,420		(4)
640 Fifth Avenue																		Fidelity Investments, Abbott Capital Management, The Klein Company,
-Office	52.0	%	91.5	%	110.63						246,000		246,000	—				Avolon Aerospace, Houlihan Lokey Advisors Parent, Inc.
-Retail	52.0	%	100.0	%	1,118.60						69,000		69,000	—				Victoria's Secret, Dyson
	52.0	%	92.8	%	275.35			76,800			315,000		315,000	—	391,833
666 Fifth Avenue
-Retail	52.0	%	100.0	%	1,090.54			14,400			24,000		24,000	—	—			Abercrombie & Fitch, Tissot
595 Madison Avenue																		LVMH Moet Hennessy Louis Vuitton Inc.,
-Office	100.0	%	86.8	%	80.63						299,000		299,000	—				Albea Beauty Solutions, Aerin LLC
-Retail	100.0	%	100.0	%	760.61						30,000		30,000	—				Fendi, Berluti, Christofle Silver Inc.
	100.0	%	87.7	%	129.98			38,700			329,000		329,000	—	—
689 Fifth Avenue
-Office	52.0	%	94.6	%	95.61						81,000		81,000	—				Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail	52.0	%	100.0	%	593.51						16,000		16,000	—				Canada Goose
	52.0	%	95.2	%	157.13			16,100			97,000		97,000	—	—
655 Fifth Avenue
-Retail	50.0	%	100.0	%	286.19			16,500			57,000		57,000	—	—			Ferragamo
697-703 Fifth Avenue
-Retail	44.8	%	100.0	%	3,207.00			32,200			27,000		27,000	—	356,465			Swatch Group USA, Harry Winston
Total Madison/Fifth								194,700			1,232,000		849,000	383,000	893,718

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	%	100.0	%	(8)		(8)		1,091,000		1,091,000	—		New York University
-Retail	100.0	%	100.0	%	74.61		6,400		92,000		92,000	—		Wegmans Food Markets
	100.0	%	100.0	%					1,183,000		1,183,000	—	—
One Park Avenue
														New York University, BMG Rights Management LLC,
-Office	100.0	%	93.9	%	72.91				867,000		867,000	—		Robert A.M. Stern Architect
-Retail	100.0	%	90.1	%	83.16				78,000		78,000	—		Bank of Baroda, Citibank, Equinox
	100.0	%	93.6	%	73.72		63,900		945,000		945,000	—	525,000
4 Union Square South
-Retail	100.0	%	100.0	%	133.32		27,200		204,000		204,000	—	120,000	Burlington, Whole Foods Market, DSW, Sephora
Total Midtown South							97,500		2,332,000		2,332,000	—	645,000
Rockefeller Center:
1290 Avenue of the Americas														Hachette Book Group Inc., Bryan Cave LLP,
														Neuberger Berman Group LLC, Cushman & Wakefield,
														Columbia University, Selendy Gay PLLC,
-Office	70.0	%	87.1	%	90.91				2,008,000		2,008,000	—		Fubotv Inc, LinkLaters, King & Spalding, Oaktree Capital*
-Retail	70.0	%	99.4	%	212.96				90,000		90,000	—		Duane Reade, JPMorgan Chase Bank, Starbucks
Total Rockefeller Center	70.0	%	87.5	%	95.37		180,600		2,098,000		2,098,000	—	950,000
SoHo:
606 Broadway (19 East Houston Street)
-Office	50.0	%	13.4	%	120.00				30,000		30,000	—
-Retail	50.0	%	100.0	%	726.44				6,000		6,000	—		HSBC, Harman International
	50.0	%	24.8	%	441.61		3,900		36,000		36,000	—	74,119
304-306 Canal Street
-Retail	100.0	%	100.0	%	62.75		300		4,000		4,000	—	—	Stellar Works
334 Canal Street
-Retail	100.0	%	—		—				4,000		—	4,000
-Residential	100.0	%	—						5,000		—	5,000
	100.0	%					—		9,000		—	9,000	—
Total SoHo							4,200		49,000		40,000	9,000	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	%	20.8	%	$	487.58		$	16,500		161,000		161,000	—	$	—	U.S. Polo, Disney, Pop Mart*
1535 Broadway
-Retail	52.0	%	100.0	%	1,130.71						45,000		45,000	—			T-Mobile, Swatch Group USA, Levi's, Sephora, Anita La Mamma Del Gelato
-Theatre	52.0	%	100.0	%	21.55						62,000		62,000	—			Nederlander-Marquis Theatre
	52.0	%	100.0	%	438.25			43,400			107,000		107,000	—	450,000
Total Times Square								59,900			268,000		268,000	—	450,000
Upper East Side:
1131 Third Avenue
-Retail	100.0	%	63.7	%	215.95			3,100			23,000		23,000	—	—		Crunch LLC, J.Jill
40 East 66th Street
-Residential (3 units)	100.0	%	100.0	%							10,000		10,000	—	—
Total Upper East Side								3,100			33,000		33,000	—	—
Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)**
-Office	100.0	%	100.0	%	49.58			10,400			209,000		209,000	—	—		The City of New York
85 Tenth Avenue																	Google, Telehouse International Corp.,
-Office	49.9	%	89.9	%	95.42						598,000		598,000	—			Clear Secure, Inc., Shopify
-Retail	49.9	%	76.3	%	96.01						43,000		43,000	—			Verde
	49.9	%	89.1	%	95.45			54,200			641,000		641,000	—	625,000
537 West 26th Street
-Retail	100.0	%	100.0	%	134.23			2,300			17,000		17,000	—	—
61 Ninth Avenue (2 buildings)
(ground leased through 2115)**
-Office	45.1	%	100.0	%	148.02						171,000		171,000	—			Aetna Life Insurance Company, Apple Inc.
-Retail	45.1	%	100.0	%	407.48						23,000		23,000	—			Starbucks
	45.1	%	100.0	%	165.08			34,400			194,000		194,000	—	167,500
Total Chelsea/Meatpacking District								101,300			1,061,000		1,061,000	—	792,500

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 (1,328 units)	50.1	%	93.1	%								1,186,000		1,186,000	—
-Retail	50.1	%	65.3	%		$	97.38					72,000		72,000	—			Duane Reade
	50.1	%							$	5,200		1,258,000		1,258,000	—	$	675,000
339 Greenwich Street
-Retail	100.0	%	100.0	%		154.75			700			9,000		9,000	—	—		Paper Moon*
Total Tribeca									5,900			1,267,000		1,267,000	—	675,000
New Jersey:
Paramus
-Office	100.0	%	85.6	%		25.52			2,700			129,000		129,000	—	—		Vornado's Administrative Headquarters
Properties to be Developed:
Hotel Pennsylvania site (PENN 15)
-Land	100.0	%	—			—			—			—		—	—	—
57th Street
-Land	50.0	%	—			—			—			—		—	—	—
Eighth Avenue and 34th Street
-Land	100.0	%	—			—			—			—		—	—	—
New York Office:
Total			88.7	%		$	86.24		$	1,434,900		20,014,000		19,365,000	649,000	$	6,957,060
Vornado's Ownership Interest			88.4	%		$	83.83		$	1,230,300		17,720,000		17,204,000	516,000	$	5,247,577
New York Retail:
Total			78.1	%	(9)	$	269.01		$	381,000		2,274,000		2,013,000	261,000	$	1,150,584
Vornado's Ownership Interest			79.2	%	(9)	$	229.26		$	269,700		1,912,000		1,651,000	261,000	$	700,638
New York Residential:
Total			93.9	%								1,201,000		1,196,000	5,000	$	675,000
Vornado's Ownership Interest			93.7	%								609,000		604,000	5,000	$	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	%	$	145.66					952,000		952,000	—	$	400,000	Bloomberg L.P.
-Retail	32.4	%	27.2	%	397.46						128,000		128,000	—	300,000		Hutong, Capital One
	32.4	%	91.7	%	154.16			$	150,500		1,080,000		1,080,000	—	700,000
Rego Park I, Queens (4.8 acres)	32.4	%	—	%	—			—			338,000		—	338,000	—
Rego Park II (adjacent to Rego Park I),
Queens (6.6 acres)	32.4	%	99.3	%	75.35			43,900			615,000		579,000	36,000	199,355		Costco, Kohl's, TJ Maxx, Best Buy, Marshalls, DSW*, Burlington
Flushing, Queens (1.0 acre ground leased through 2037)	32.4	%	100.0	%	33.47			5,600			167,000		167,000	—	—		New World Mall LLC
The Alexander Apartment Tower,
Rego Park, Queens, NY
-Residential (312 units)	32.4	%	97.1	%							255,000		255,000	—	94,000
Total Alexander's	32.4	%	94.9	%	116.15			200,000			2,455,000		2,081,000	374,000	993,355
Total New York			88.0	%	$	100.90		$	2,006,700		25,944,000		24,655,000	1,289,000	$	9,775,999
Vornado's Ownership Interest			87.5	%	$	94.49		$	1,605,400		21,036,000		20,133,000	903,000	$	6,608,237

________________________________

* Lease not yet commenced.

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

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

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

(3)Represents contractual debt obligations.

(4)Secured amount outstanding on revolving credit facilities.

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

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

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

(8)Master leased to NYU for a 70-year term, square feet includes storage space. See page 5 for details.

(9)Reflects the impact of the 100 West 33rd Street retail space coming out of service during the third quarter of 2025.

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,
																	AAR Corp, The Chartis Group LLC, Paypal, Inc., ConAgra Foods Inc.,
																	Allscripts Healthcare, Clear Channel Outdoor LLC, IPG and affiliates
																	Government Employees Insurance Company, Medline Industries, Inc,
-Office	100.0	%	88.1	%	$	47.70		$	90,500		2,123,000		2,123,000	—			Innovation Development Institute, Inc., Allstate Insurance Company
-Showroom/Trade show	100.0	%	70.3	%	56.31			57,700			1,486,000		1,486,000	—			Holly Hunt Ltd., Baker Interiors Group, Ltd.
-Retail	100.0	%	79.6	%	47.60			2,900			82,000		82,000	—
	100.0	%	80.7	%	50.69			151,100			3,691,000		3,691,000	—	$	—
Other (1 property)	50.0	%	100.0	%	70.23			300			4,000		4,000	—	18,236
Total THE MART, Chicago								151,400			3,695,000		3,695,000	—	18,236
Property to be Developed:
527 West Kinzie, Chicago	100.0	%	—		—			—			—		—	—	—
Total THE MART			80.8	%	$	50.72		$	151,400		3,695,000		3,695,000	—	$	18,236
Vornado's Ownership Interest			80.7	%	$	50.71		$	151,300		3,693,000		3,693,000	—	$	9,118
555 California Street:
555 California Street	70.0	%	96.6	%	$	106.91		$	152,900		1,509,000		1,509,000	—	$	1,200,000	Bank of America, N.A., Dodge & Cox, Goldman Sachs & Co.,
																	Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,
																	McKinsey & Company Inc., UBS Financial Services,
																	KKR Financial, Microsoft Corporation,
																	Fenwick & West LLP, Sidley Austin
315 Montgomery Street	70.0	%	93.6	%	87.80			19,100			236,000		236,000	—	—		Bank of America, N.A., Regus, Ripple Labs Inc., Blue Shield,<br>Lending Home Corporation
345 Montgomery Street	70.0	%	100	%	57.18			4,300			76,000		76,000	—	—		Wharton School of the University of Pennsylvania*
Total 555 California Street			96.3	%	$	102.33		$	176,300		1,821,000		1,821,000	—	$	1,200,000
Vornado's Ownership Interest			96.3	%	$	102.33		$	123,400		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	%	22.5	%	$	52.48					736,000	432,000		304,000				Nathan Associates
-Residential - 2 buildings (197 units)	43.7	%	95.4	%							253,000	253,000		—
	45.6	%							$	4,900	989,000	685,000		304,000	$	25,000
Fashion Centre Mall / Washington Tower
-Office	7.5	%	75.0	%	58.35						170,000	170,000		—	42,300			The Rand Corporation
-Retail	7.5	%	97.0	%	37.96						868,000	868,000		—	412,700			Macy's, Nordstrom
	7.5	%	93.4	%	40.64				50,500		1,038,000	1,038,000		—	455,000
New Jersey:
Wayne Town Center, Wayne<br>(ground leased through 2064)**	100.0	%	100.0	%	28.99				13,400		690,000	686,000		4,000	—			Costco, Dick's Sporting Goods,
																		Nordstrom Rack, UFC FIT
Atlantic City<br><br>(11.3 acres ground leased through 2070 to VICI Properties for a<br><br>portion of the Borgata Hotel and Casino complex)	100.0	%	100.0	%	—				8,100		—	—		—	—			VICI Properties (ground lessee)
Maryland:
Annapolis<br>(ground and building leased through 2042)**	100.0	%	100.0	%	11.70				1,400		128,000	128,000		—	—			The Home Depot
New York:
650 Madison Avenue																		Sotheby's International Realty, Inc., BC Partners Inc.,
-Office	20.1	%	73.8	%	101.71						563,000	563,000		—				Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)
-Retail	20.1	%	95.7	%	1,081.41						38,000	38,000		—				Moncler USA Inc., Tod's, Celine, Balmain
	20.1	%	74.7	%	154.22				66,400		601,000	601,000		—	—		(4)
Total Other			80.9	%	$	58.62			$	144,700	3,446,000	3,138,000		308,000	$	480,000
Vornado's Ownership Interest			84.3	%	$	39.08			$	42,400	1,467,000	1,323,000		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.

(4)Excludes our 20.1% pro rata share of the $800,000 650 Madison non-recourse mortgage loan, which is currently in default. In 2022, our investment was written down to zero and we no longer record our share of net income (loss) from this investment.

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
Jeff Spector/Jana Galan		Steve Sakwa	Vikram Malhotra
Bank of America/BofA Securities		Evercore ISI	Mizuho Securities (USA) Inc.
646-855-1363/646-855-3081		212-446-9462	212-282-3827
Brendan Lynch		Caitlin Burrows	Ronald Kamdem
Barclays Capital		Goldman Sachs	Morgan Stanley
212-526-9428		212-902-4736	212-296-8319
John P. Kim		Dylan Burzinski	Alexander Goldfarb/Connor Mitchell
BMO Capital Markets		Green Street Advisors	Piper Sandler
212-885-4115		949-640-8780	212-466-7937/203-861-7615
Nicholas Joseph/Seth Bergey		Anthony Paolone/Ray Zhong	Nicholas Yulico
Citi		JP Morgan	Scotia Capital (USA) Inc
212-816-1909/212-816-2066		212-622-6682/212-622-5411	212-225-6904
Kenneth Billingsley		Mark Streeter/Ian Snyder	Michael Lewis
Compass Point		JP Morgan Fixed Income	Truist Securities
202-534-1393		212-834-5086/212-834-3798	212-319-5659
		Floris van Dijkum
		Ladenburg Thalmann
		212-409-2075
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 to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

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

Funds From Operations ("FFO") - FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies.

Funds Available For Distribution ("FAD") - FAD is defined as FFO less (i) cash basis recurring tenant improvements, leasing commissions and capital expenditures, (ii) straight-line rents and amortization of acquired below-market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. FAD is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure that management believes provides useful information regarding the Company's ability to fund its dividends.

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

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

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
	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):
Net income (loss) attributable to common shareholders	$	11,589	$	743,819	$	86,842	$	1,203	$	(19,154)
Per diluted share	$	0.06	$	3.70	$	0.43	$	0.01	$	(0.10)
FFO adjustments:
Depreciation and amortization of real property	$	103,617	$	103,142	$	104,257	$	101,824	$	103,190
Change in fair value of marketable securities	(1,719)		—		—		—		—
Gain on sales-type lease	—		(803,248)		—		—		—
Real estate impairment losses	—		542		—		—		—
Our share of partially owned entities:
Depreciation and amortization of real property	23,302		24,107		24,525		23,483		25,091
Net gains on sale of real estate	(11,002)		(2,527)		(77,008)		—		—
FFO adjustments, net	114,198		(677,984)		51,774		125,307		128,281
Impact of assumed conversion of dilutive convertible securities	385		385		310		358		385
Noncontrolling interests' share of above adjustments on a dilutive basis	(8,800)		54,708		(3,887)		(9,783)		(10,256)
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	117,372		120,928		135,039		117,085		99,256
Add back of FFO allocated to noncontrolling interests of the Operating Partnership	9,807		10,127		11,747		9,890		8,537
FFO attributable to Class A unitholders (non-GAAP)	$	127,179	$	131,055	$	146,786	$	126,975	$	107,793
FFO per diluted share (non-GAAP)	$	0.58	$	0.60	$	0.67	$	0.58	$	0.50

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
	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	117,372	$	120,928	$	135,039	$	117,085	$	99,256
Per diluted share (non-GAAP)	$	0.58	$	0.60	$	0.67	$	0.58	$	0.50
Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions:
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)	$	3,586	$	3,337	$	3,205	$	3,456	$	4,164
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities	—		—		(11,028)		—		—
Gain on sale of Canal Street condominium units	—		(8,362)		(1,975)		—		—
Other	(6,661)		(3,217)		240		2,104		(365)
	(3,075)		(8,242)		(9,558)		5,560		3,799
Noncontrolling interests' share of above adjustments on a dilutive basis	238		638		764		(433)		(300)
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net	$	(2,837)	$	(7,604)	$	(8,794)	$	5,127	$	3,499
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	114,535	$	113,324	$	126,245	$	122,212	$	102,755
Per diluted share (non-GAAP)	$	0.57	$	0.56	$	0.63	$	0.61	$	0.52

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
		September 30, 2025			June 30, 2025		March 31, 2025		December 31, 2024			September 30, 2024
FFO attributable to common shareholders, plus assumed conversions	(A)	$	117,372		$	120,928	$	135,039	$	117,085		$	99,256
Adjustments to arrive at FAD (at Vornado's share):
Certain items that impact FAD		(3,320)			(8,242)		(9,558)		5,560			3,799
Recurring tenant improvements, leasing commissions and other capital expenditures		(52,376)			(104,203)		(48,071)		(55,350)			(55,038)
Stock-based compensation expense		5,573			7,519		6,022		7,359			6,544
Amortization of debt issuance costs and other non-cash interest expense		10,242			10,638		12,089		13,280			14,493
Personal property depreciation		2,239			1,564		1,526		1,532			1,917
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other		(30,746)			(45,954)		(23,919)		(8,378)			6,807
Noncontrolling interests in the Operating Partnership's share of above adjustments		5,634			11,119		5,139		2,946			1,769
FAD adjustments, net	(B)	(62,754)			(127,559)		(56,772)		(33,051)			(19,709)
FAD (non-GAAP)	(A+B)	$	54,618		$	(6,631)	$	78,267	$	84,034		$	79,547
FAD payout ratio		N/A		(1)	N/A		N/A		180.5		%	N/A

________________________________

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

iv -

NON-GAAP RECONCILIATIONS<br><br>RECONCILIATION OF NET INCOME (LOSS) TO EBITDAre (unaudited) TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	For the Three Months Ended
---	---	---	---	---	---	---	---	---	---	---
	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Reconciliation of net income (loss) to EBITDAre (non-GAAP):
Net income (loss)	$	19,239	$	813,227	$	99,824	$	5,758	$	(19,468)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	8,912		10,981		10,433		11,107		14,152
Net income (loss) attributable to the Operating Partnership	28,151		824,208		110,257		16,865		(5,316)
EBITDAre adjustments at share:
Depreciation and amortization expense	129,158		128,813		130,308		126,839		130,198
Interest and debt expense	112,624		115,171		117,891		121,875		125,737
Income tax (benefit) expense	(5,233)		4,295		7,414		5,381		5,056
Real estate impairment losses	—		542		—		—		—
Gain on sales-type lease	—		(803,248)		—		—		—
Net gains on sale of real estate	(11,002)		(2,527)		(77,008)		—		—
EBITDAre at share	253,698		267,254		288,862		270,960		255,675
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	14,046		11,301		11,314		10,819		9,574
EBITDAre (non-GAAP)	267,744		278,555		300,176		281,779		265,249
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(14,046)		(11,301)		(11,314)		(10,819)		(9,574)
Certain (income) expense items that impact EBITDAre:
Gain on sale of Canal Street condominium units	—		(8,362)		(1,975)		—		—
Gain on sale of 220 CPS condominium units and ancillary amenities	—		—		(13,576)		—		—
Other	60		(1,309)		386		1,732		(737)
Total of certain (income) expense items that impact EBITDAre	60		(9,671)		(15,165)		1,732		(737)
EBITDAre, as adjusted (non-GAAP)	$	253,758	$	257,583	$	273,697	$	272,692	$	254,938

NON-GAAP RECONCILIATIONS<br><br>RECONCILIATION OF NET INCOME (LOSS) TO EBITDAre (unaudited) TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)			For the Trailing Twelve Months Ended		For the Year Ended December 31,
---	---	---	---	---	---	---	---	---
	September 30, 2025		2024		2023		2022
Reconciliation of net income (loss) to EBITDAre (non-GAAP):
Net income (loss)	$	938,048	$	20,116	$	32,888	$	(382,612)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	41,433		51,131		75,967		5,737
Net income (loss) attributable to the Operating Partnership	979,481		71,247		108,855		(376,875)
EBITDAre adjustments at share:
Depreciation and amortization expense	515,118		507,210		499,357		593,322
Interest and debt expense	467,561		458,100		458,400		362,321
Income tax expense	11,857		23,445		30,465		23,404
Real estate impairment losses	542		—		73,289		595,488
Gain on sales-type lease	(803,248)		—		—		—
Net gains on sale of real estate	(90,537)		(873)		(72,955)		(58,920)
EBITDAre at share	1,080,774		1,059,129		1,097,411		1,138,740
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	47,480		42,125		39,405		71,786
EBITDAre (non-GAAP)	1,128,254		1,101,254		1,136,816		1,210,526
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(47,480)		(42,125)		(39,405)		(71,786)
Certain (income) expense items that impact EBITDAre:
Gain on sale of 220 CPS condominium units and ancillary amenities	(13,576)		(15,175)		(14,127)		(41,874)
Gain on sale of Canal Street condominium units	(10,337)		—		—		—
Other	869		5,366		(1,952)		(6,302)
Total of certain (income) expense items that impact EBITDAre	(23,044)		(9,809)		(16,079)		(48,176)
EBITDAre, as adjusted (non-GAAP)	$	1,057,730	$	1,049,320	$	1,081,332	$	1,090,564

vi -

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 Nine Months Ended<br>September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---
	September 30,				June 30, 2025
	2025		2024				2025			2024
Net income (loss)	$	19,239	$	(19,468)	$	813,227		$	932,290		$	14,358
Depreciation and amortization expense	117,122		116,006		115,574			348,851			334,439
General and administrative expense	37,490		35,511		39,978			116,065			111,883
Transaction related costs and other	3,563		(113)		721			4,327			3,901
Income from partially owned entities	(21,940)		(18,229)		(16,671)			(135,588)			(82,457)
Interest and other investment income, net	(22,413)		(12,391)		(11,056)			(41,730)			(34,626)
Interest and debt expense	84,459		100,907		87,929			268,204			289,786
Gain on sales-type lease	—		—		(803,248)			(803,248)			—
Net gains on disposition of wholly owned and partially owned assets	—		—		(8,488)			(24,039)			(16,048)
Income tax (benefit) expense	(5,589)		4,883		4,123			5,727			16,907
NOI from partially owned entities	64,884		67,292		66,227			198,222			205,959
NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,139)		(8,907)		(10,643)			(31,442)			(29,316)
NOI at share	266,676		265,491		277,673			837,639			814,786
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(30,746)		6,807		(45,954)			(100,619)			4,715
NOI at share - cash basis	$	235,930	$	272,298	$	231,719		$	737,020		$	819,501

vii -

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 September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2025		2024		2025		2024		2025		2024		2025		2024		2025		2024
New York	$	367,340	$	362,483	$	(198,430)	$	(194,927)	$	168,910	$	167,556	$	(21,750)	$	9,437	$	147,160	$	176,993
Other	86,360		80,772		(43,339)		(41,222)		43,021		39,550		(1,288)		4,437		41,733		43,987
Noncontrolling interests' share in consolidated subsidiaries	(52,553)		(51,121)		42,414		42,214		(10,139)		(8,907)		(2,483)		(6,708)		(12,622)		(15,615)
Our share of partially owned entities	113,541		116,720		(48,657)		(49,428)		64,884		67,292		(5,225)		(359)		59,659		66,933
Vornado's share	$	514,688	$	508,854	$	(248,012)	$	(243,363)	$	266,676	$	265,491	$	(30,746)	$	6,807	$	235,930	$	272,298	For the Three Months Ended June 30, 2025
---	---	---	---	---	---	---	---	---	---	---
	Total Revenues		Operating Expenses		NOI		Non-cash Adjustments(1)		NOI - cash basis
New York	$	358,167	$	(188,402)	$	169,765	$	(39,212)	$	130,553
Other	83,270		(30,946)		52,324		2,705		55,029
Noncontrolling interests' share in consolidated subsidiaries	(51,815)		41,172		(10,643)		(4,830)		(15,473)
Our share of partially owned entities	114,795		(48,568)		66,227		(4,617)		61,610
Vornado's share	$	504,417	$	(226,744)	$	277,673	$	(45,954)	$	231,719
	For the Nine Months Ended September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2025		2024		2025		2024		2025		2024		2025		2024		2025		2024
New York	$	1,101,713	$	1,088,295	$	(570,472)	$	(572,152)	$	531,241	$	516,143	$	(79,672)	$	12,212	$	451,569	$	528,355
Other	255,003		241,601		(115,385)		(119,601)		139,618		122,000		3,215		10,260		142,833		132,260
Noncontrolling interests' share in consolidated subsidiaries	(157,403)		(156,641)		125,961		127,325		(31,442)		(29,316)		(11,083)		(18,116)		(42,525)		(47,432)
Our share of partially owned entities	344,725		354,966		(146,503)		(149,007)		198,222		205,959		(13,079)		359		185,143		206,318
Vornado's share	$	1,544,038	$	1,528,221	$	(706,399)	$	(713,435)	$	837,639	$	814,786	$	(100,619)	$	4,715	$	737,020	$	819,501

________________________________

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

viii -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO SEPTEMBER 30, 2024 (unaudited)
(Amounts in thousands)			Total			New York			THE MART			555 California Street			Other
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NOI at share for the three months ended September 30, 2025	$	266,676		$	228,538		$	13,275		$	17,293		$	7,570
Less NOI at share from:
Dispositions	(782)			(783)			1			—			—
Development properties	(3,462)			(3,462)			—			—			—
Other non-same store income, net	(11,124)			(2,643)			—			(911)			(7,570)
Same store NOI at share for the three months ended September 30, 2025	$	251,308		$	221,650		$	13,276		$	16,382		$	—
NOI at share for the three months ended September 30, 2024	$	265,491		$	229,588		$	14,972		$	15,780		$	5,151
Less NOI at share from:
Dispositions	(5,139)			(4,990)			(149)			—			—
Development properties	(8,279)			(8,279)			—			—			—
Other non-same store income, net	(18,399)			(13,248)			—			—			(5,151)
Same store NOI at share for the three months ended September 30, 2024	$	233,674		$	203,071		$	14,823		$	15,780		$	—
Increase (decrease) in same store NOI at share	$	17,634		$	18,579		$	(1,547)		$	602		$	—
% increase (decrease) in same store NOI at share	7.5		%	9.1		%	(10.4)		%	3.8		%	0.0		%

ix -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO SEPTEMBER 30, 2024 (unaudited)
(Amounts in thousands)			Total			New York			THE MART			555 California Street			Other
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NOI at share - cash basis for the three months ended September 30, 2025	$	235,930		$	198,590		$	13,267		$	16,455		$	7,618
Less NOI at share - cash basis from:
Dispositions	(1,052)			(1,053)			1			—			—
Development properties	(3,222)			(3,222)			—			—			—
Other non-same store expense income, net	(11,633)			(4,015)			—			—			(7,618)
Same store NOI at share - cash basis for the three months ended September 30, 2025	$	220,023		$	190,300		$	13,268		$	16,455		$	—
NOI at share - cash basis for the three months ended September 30, 2024	$	272,298		$	233,461		$	14,901		$	19,589		$	4,347
Less NOI at share - cash basis from:
Dispositions	(4,436)			(4,285)			(151)			—			—
Development properties	(8,037)			(8,037)			—			—			—
Other non-same store income, net	(20,070)			(15,723)			—			—			(4,347)
Same store NOI at share - cash basis for the three months ended September 30, 2024	$	239,755		$	205,416		$	14,750		$	19,589		$	—
Decrease in same store NOI at share - cash basis	$	(19,732)		$	(15,116)		$	(1,482)		$	(3,134)		$	—
% decrease in same store NOI at share - cash basis	(8.2)		%	(7.4)		%	(10.0)		%	(16.0)		%	0.0		%

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO SEPTEMBER 30, 2024 (unaudited)
(Amounts in thousands)			Total			New York			THE MART			555 California Street			Other
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NOI at share for the nine months ended September 30, 2025	$	837,639		$	712,434		$	54,388		$	53,822		$	16,995
Less NOI at share from:
Dispositions	(4,400)			(4,159)			(241)			—			—
Development properties	(15,203)			(15,203)			—			—			—
Other non-same store income, net	(50,473)			(30,744)			—			(2,734)			(16,995)
Same store NOI at share for the nine months ended September 30, 2025	$	767,563		$	662,328		$	54,147		$	51,088		$	—
NOI at share for the nine months ended September 30, 2024	$	814,786		$	704,870		$	45,518		$	49,109		$	15,289
Less NOI at share from:
Dispositions	(14,843)			(14,470)			(373)			—			—
Development properties	(26,886)			(26,886)			—			—			—
Other non-same store income, net	(45,081)			(29,792)			—			—			(15,289)
Same store NOI at share for the nine months ended September 30, 2024	$	727,976		$	633,722		$	45,145		$	49,109		$	—
Increase in same store NOI at share	$	39,587		$	28,606		$	9,002		$	1,979		$	—
% increase in same store NOI at share	5.4		%	4.5		%	19.9		%	4.0		%	0.0		%

xi -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO SEPTEMBER 30, 2024 (unaudited)
(Amounts in thousands)			Total			New York			THE MART			555 California Street			Other
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NOI at share - cash basis for the nine months ended September 30, 2025	$	737,020		$	608,765		$	56,042		$	55,276		$	16,937
Less NOI at share - cash basis from:
Dispositions	(4,751)			(4,508)			(243)			—			—
Development properties	(14,483)			(14,483)			—			—			—
Other non-same store (income) expense, net	(19,635)			562			—			(3,260)			(16,937)
Same store NOI at share - cash basis for the nine months ended September 30, 2025	$	698,151		$	590,336		$	55,799		$	52,016		$	—
NOI at share - cash basis for the nine months ended September 30, 2024	$	819,501		$	702,089		$	46,685		$	56,483		$	14,244
Less NOI at share - cash basis from:
Dispositions	(12,984)			(12,660)			(324)			—			—
Development properties	(25,921)			(25,921)			—			—			—
Other non-same store income, net	(48,407)			(34,163)			—			—			(14,244)
Same store NOI at share - cash basis for the nine months ended September 30, 2024	$	732,189		$	629,345		$	46,361		$	56,483		$	—
(Decrease) increase in same store NOI at share - cash basis	$	(34,038)		$	(39,009)		$	9,438		$	(4,467)		$	—
% (decrease) increase in same store NOI at share - cash basis	(4.6)		%	(6.2)		%	20.4		%	(7.9)		%	0.0		%

xii -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO JUNE 30, 2025 (unaudited)
(Amounts in thousands)			Total			New York			THE MART			555 California Street			Other
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NOI at share for the three months ended September 30, 2025	$	266,676		$	228,538		$	13,275		$	17,293		$	7,570
Less NOI at share from:
Dispositions	(782)			(783)			1			—			—
Development properties	(3,462)			(3,462)			—			—			—
Other non-same store income, net	(11,112)			(2,631)			—			(911)			(7,570)
Same store NOI at share for the three months ended September 30, 2025	$	251,320		$	221,662		$	13,276		$	16,382		$	—
NOI at share for the three months ended June 30, 2025	$	277,673		$	230,579		$	25,197		$	18,686		$	3,211
Less NOI at share from:
Dispositions	(1,641)			(1,467)			(174)			—			—
Development properties	(5,011)			(5,011)			—			—			—
Other non-same store income, net	(10,825)			(6,247)			—			(1,367)			(3,211)
Same store NOI at share for the three months ended June 30, 2025	$	260,196		$	217,854		$	25,023		$	17,319		$	—
(Decrease) increase in same store NOI at share	$	(8,876)		$	3,808		$	(11,747)		$	(937)		$	—
% (decrease) increase in same store NOI at share	(3.4)		%	1.7		%	(46.9)		%	(5.4)		%	0.0		%

xiii -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO JUNE 30, 2025 (unaudited)
(Amounts in thousands)			Total			New York			THE MART			555 California Street			Other
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NOI at share - cash basis for the three months ended September 30, 2025	$	235,930		$	198,590		$	13,267		$	16,455		$	7,618
Less NOI at share - cash basis from:
Dispositions	(1,052)			(1,053)			1			—			—
Development properties	(3,222)			(3,222)			—			—			—
Other non-same store income, net	(11,817)			(4,199)			—			—			(7,618)
Same store NOI at share - cash basis for the three months ended September 30, 2025	$	219,839		$	190,116		$	13,268		$	16,455		$	—
NOI at share - cash basis for the three months ended June 30, 2025	$	231,719		$	182,605		$	25,258		$	20,684		$	3,172
Less NOI at share - cash basis from:
Dispositions	(1,652)			(1,478)			(174)			—			—
Development properties	(4,772)			(4,772)			—			—			—
Other non-same store expense (income), net	7,980			14,412			—			(3,260)			(3,172)
Same store NOI at share - cash basis for the three months ended June 30, 2025	$	233,275		$	190,767		$	25,084		$	17,424		$	—
Decrease in same store NOI at share - cash basis	$	(13,436)		$	(651)		$	(11,816)		$	(969)		$	—
% decrease in same store NOI at share - cash basis	(5.8)		%	(0.3)		%	(47.1)		%	(5.6)		%	0.0		%

xiv -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)
	As of September 30, 2025
	Consolidated Debt, Net		Deferred Financing Costs, Net and Other		Consolidated Contractual Debt
Mortgages payable	$	4,921,263	$	25,229	$	4,946,492
Senior unsecured notes	746,896		3,104		750,000
$800 Million unsecured term loan	796,990		3,010		800,000
$2.2 Billion unsecured revolving credit facilities	720,420		—		720,420
	$	7,185,569	$	31,343	$	7,216,912

xv -