Enhanced Investments - Financial Portal

Published: 2023-07-31 16:44:17 ET

EX-99.2 3 vno-63023xex992xfinancials.htm EX-99.2 Document


INDEX
		Page
	BUSINESS DEVELOPMENTS	3	-	5
	FINANCIAL INFORMATION
	Financial Highlights	6
	FFO, As Adjusted Bridge	7
	Consolidated Balance Sheets	8
	Net Income Attributable to Common Shareholders (Consolidated and by Segment)	9	-	12
	Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment)	13	-	15
	Same Store NOI at Share and Same Store NOI at Share - Cash Basis	16

	DEVELOPMENT ACTIVITY
	PENN District Active Development/Redevelopment Summary	17
	Future Development Opportunities	18


	LEASING ACTIVITY AND LEASE EXPIRATIONS
	Leasing Activity	19	-	20
	Lease Expirations	21	-	23
	CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS	24	-	27
	UNCONSOLIDATED JOINT VENTURES	28	-	30
	DEBT AND CAPITALIZATION
	Capital Structure	31
	Common Shares Data	32
	Debt Analysis	33
	Hedging Instruments	34
	Consolidated Debt Maturities	35
	PROPERTY STATISTICS
	Top 30 Tenants	36
	Square Footage	37
	Occupancy and Residential Statistics	38
	Ground Leases	39
	Property Table	40	-	48
	EXECUTIVE OFFICERS AND RESEARCH COVERAGE	49
	APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
	Definitions	i
	Reconciliations	ii	-	xvi

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 performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions, including the form of any 2023 dividend payments, and the amount and form of potential share repurchases and/or asset sales. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. Currently, some of the factors are the impacts of the increase in interest rates and 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, 2022. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include Funds From Operations ("FFO"), Funds Available for Distribution ("FAD"), Net Operating Income ("NOI") and Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this supplemental package on page i in the Appendix.

This supplemental package should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 and the Company’s Supplemental Fixed Income Data package for the quarter ended June 30, 2023, both of which can be accessed at the Company’s website www.vno.com.

- 2 -

BUSINESS DEVELOPMENTS

Dividends/Share Repurchase Program

On April 26, 2023, Vornado announced the postponement of dividends on its common shares until the end of 2023, at which time, upon finalization of its 2023 taxable income, including the impact of asset sales, it will pay the 2023 dividend in either (i) cash, or (ii) a combination of cash and securities, as determined by its Board of Trustees. Cash retained from dividends or from asset sales will be used to reduce debt and/or to fund the share repurchase program discussed below.

Vornado also announced that its Board of Trustees has authorized the repurchase of up to $200,000,000 of its outstanding common shares under a newly established share repurchase program.

During the three and six months ended June 30, 2023, we repurchased 1,722,295 common shares for $23,216,000 at an average price per share of $13.48.

350 Park Avenue

On January 24, 2023, we and the Rudin family (“Rudin”) completed agreements with Citadel Enterprise Americas LLC (“Citadel”) and with an affiliate of Kenneth C. Griffin, Citadel’s Founder and CEO (“KG”), for a series of transactions relating to 350 Park Avenue and 40 East 52nd Street.

Pursuant to the agreements, Citadel master leases 350 Park Avenue, a 585,000 square foot Manhattan office building, on an “as is” basis for ten years, with an initial annual net rent of $36,000,000. Per the terms of the lease, no tenant allowance or free rent was provided. Citadel has also master leased Rudin’s adjacent property at 40 East 52nd Street (390,000 square feet).

In addition, we entered into a joint venture with Rudin (the “Vornado/Rudin JV”) which was formed to purchase 39 East 51st Street. Upon formation of the KG joint venture described below, 39 East 51st Street will be combined with 350 Park Avenue and 40 East 52nd Street to create a premier development site (collectively, the “Site”). On June 20, 2023, the Vornado/Rudin JV completed the purchase of 39 East 51st Street for $40,000,000, which was funded on a 50/50 basis by Vornado and Rudin.

From October 2024 to June 2030, KG will have the option to either:

•acquire a 60% interest in a joint venture with the Vornado/Rudin JV that would value the Site at $1.2 billion ($900,000,000 to Vornado and $300,000,000 to Rudin) and build a new 1,700,000 square foot office tower (the “Project”) pursuant to East Midtown Subdistrict zoning with the Vornado/Rudin JV as developer. KG would own 60% of the joint venture and the Vornado/Rudin JV would own 40% (with Vornado owning 36% and Rudin owning 4% of the joint venture along with a $250,000,000 preferred equity interest in the Vornado/Rudin JV).

◦at the joint venture formation, Citadel or its affiliates will execute a pre-negotiated 15-year anchor lease with renewal options for approximately 850,000 square feet (with expansion and contraction rights) at the Project for its primary office in New York City;

◦the rent for Citadel’s space will be determined by a formula based on a percentage return (that adjusts based on the actual cost of capital) on the total Project cost;

◦the master leases will terminate at the scheduled commencement of demolition;

•or, exercise an option to purchase the Site for $1.4 billion ($1.085 billion to Vornado and $315,000,000 to Rudin), in which case the Vornado/Rudin JV would not participate in the new development.

Further, the Vornado/Rudin JV will have the option from October 2024 to September 2030 to put the Site to KG for $1.2 billion ($900,000,000 to Vornado and $300,000,000 to Rudin). For ten years following any put option closing, unless the put option is exercised in response to KG’s request to form the joint venture or KG makes a $200,000,000 termination payment, the Vornado/Rudin JV will have the right to invest in a joint venture with KG on the terms described above if KG proceeds with development of the Site.

- 3 -

BUSINESS DEVELOPMENTS

Dispositions

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

On May 19, 2023, Alexander's completed the sale of the Rego Park III land parcel, located in Queens, New York, for $71,060,000, inclusive of consideration for Brownfield tax benefits and reimbursement of costs for plans, specifications and improvements to date. As a result of the sale, we recognized our $16,396,000 share of the net gain and received a $711,000 sales commission from Alexander’s, of which $250,000 was paid to a third-party broker.

The Armory Show

On July 3, 2023, we completed the sale of The Armory Show, located in New York, for $24,400,000, subject to certain post-closing adjustments. The financial statement gain, which will be recognized in the third quarter of 2023, will be approximately $20,000,000.

Manhattan Retail Properties Sale

On July 27, 2023, we entered into an agreement to sell four Manhattan retail properties located at 510 Fifth Avenue, 148–150 Spring Street, 443 Broadway and 692 Broadway for $100,000,000. We expect to close the sale in the third quarter of 2023 and recognize a financial statement loss of approximately $500,000. The sale is subject to customary closing conditions.

Financing Activity

150 West 34th Street Loan Participation

On January 9, 2023, our $105,000,000 participation in the $205,000,000 mortgage loan on 150 West 34th Street was repaid, which reduced “other assets” and “mortgages payable, net” on our consolidated balance sheets by $105,000,000. The remaining $100,000,000 mortgage loan balance bears interest at SOFR plus 1.86%, subject to an interest rate cap arrangement with a SOFR strike rate of 4.10%, and matures in May 2024.

697-703 Fifth Avenue (Fifth Avenue and Times Square JV)

On June 14, 2023, the Fifth Avenue and Times Square JV completed a restructuring of the 697-703 Fifth Avenue $421,000,000 non-recourse mortgage loan, which matured in December 2022. The restructured $355,000,000 loan, which had its principal reduced through an application of property-level reserves and funds from the partners, was split into (i) a $325,000,000 senior note, which bears interest at SOFR plus 2.00%, and (ii) a $30,000,000 junior note, which accrues interest at a fixed rate of 4.00%. The restructured loan matures in March 2028, as fully extended. Any amounts funded for future re-leasing of the property will be senior to the $30,000,000 junior note.

512 West 22nd Street

On June 28, 2023, a joint venture, in which we have a 55% interest, completed a $129,250,000 refinancing of 512 West 22nd Street, a 173,000 square foot Manhattan office building. The interest-only loan bears a rate of SOFR plus 2.00% in year one and SOFR plus 2.35% thereafter. The loan matures in June 2025 with a one-year extension option subject to debt service coverage ratio, loan-to-value and debt yield requirements. The loan replaces the previous $137,124,000 loan that bore interest at LIBOR plus 1.85% and had an initial maturity of June 2023. In addition, the joint venture entered into the interest rate cap arrangement detailed in the table on the following page.

825 Seventh Avenue

On July 24, 2023, a joint venture, in which we have a 50% interest, completed a $54,000,000 refinancing of the office condominium of 825 Seventh Avenue, a 173,000 square foot Manhattan office and retail building. The interest-only loan bears a rate of SOFR plus 2.75%, with a 30 basis point reduction available upon satisfaction of certain leasing conditions, and matures in January 2026. The loan replaces the previous $60,000,000 loan that bore interest at LIBOR plus 2.35% and was scheduled to mature in July 2023.

- 4 -

BUSINESS DEVELOPMENTS

Financing Activity - continued

Interest Rate Swap and Cap Arrangements

We entered into the following interest rate swap and cap arrangements during the six months ended June 30, 2023. See page 34 for further information on our interest rate swap and cap arrangements:

(Amounts in thousands)

Notional Amount
(at share)

All-In Swapped Rate

Expiration Date

Variable Rate Spread

Interest rate swaps:

555 California Street (effective 05/24)

840,000

6.03%

05/26

S+205

Unsecured term loan(1) (effective 10/23)

150,000

5.12%

07/25

S+129

Index Strike Rate

Interest rate caps:

1290 Avenue of the Americas (70.0% interest) (effective 11/23)(2)

665,000

1.00%

11/25

S+162

One Park Avenue (effective 3/24)

525,000

3.89%

03/25

S+122

731 Lexington Avenue office condominium (32.4% interest) (effective 7/23)

162,000

6.00%

06/24

Prime + 0

640 Fifth Avenue (52.0% interest)

259,925

4.00%

05/24

S+111

512 West 22nd Street (55.0% interest)

71,088

4.50%

06/25

S+200

____________________

(1)In addition to the swap disclosed above, the unsecured term loan, which matures in December 2027, is subject to various interest rate swap arrangements that were entered into in prior periods. The table below summarizes the impact of the swap arrangements on the unsecured term loan.


	Swapped Balance		All-In Swapped Rate	Unswapped Balance (bears interest at S+129)
Through 10/23	$	800,000	4.04%	$	—
10/23 through 07/25	700,000		4.52%	100,000
07/25 through 10/26	550,000		4.35%	250,000
10/26 through 08/27	50,000		4.03%	750,000

(2)In connection with the arrangement, we made a $63,100 up-front payment, of which $18,930 is attributable to noncontrolling interests.

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FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended										For the Six Months Ended June 30,
	June 30,							March 31, 2023
	2023				2022						2023				2022
Total revenues	$	472,359			$	453,494		$	445,923		$	918,282			$	895,624

Net income attributable to common shareholders	$	46,377			$	50,418		$	5,168		$	51,545			$	76,896
Per common share:
Basic	$	0.24			$	0.26		$	0.03		$	0.27			$	0.40
Diluted	$	0.24			$	0.26		$	0.03		$	0.27			$	0.40

Net income attributable to common shareholders, as adjusted (non-GAAP)	$	27,454			$	37,403		$	2,373		$	29,827			$	69,209
Per diluted share (non-GAAP)	$	0.14			$	0.19		$	0.01		$	0.15			$	0.36

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	140,737			$	160,059		$	116,288		$	257,032			$	312,496
Per diluted share (non-GAAP)	$	0.72			$	0.83		$	0.60		$	1.32			$	1.62

FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	144,059			$	154,965		$	119,083		$	263,149			$	309,997
FFO - Operating Partnership ("OP") basis (non-GAAP)	$	155,149			$	166,500		$	128,229		$	283,385			$	333,003
Per diluted share (non-GAAP)	$	0.74			$	0.80		$	0.61		$	1.35			$	1.60

Dividends per common share	$	—		(1)	$	0.53		$	0.375		$	0.375		(1)	$	1.06

FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)	—		%	(1)	63.9		%	62.5		%	28.4		%	(1)	65.4		%
FAD payout ratio	—		%	(1)	80.3		%	85.2		%	36.8		%	(1)	77.9		%

Weighted average common shares outstanding (REIT basis)	191,468				191,750			191,869			191,668				191,737
Convertible units:
Class A units	13,943				13,509			13,933			13,938				13,463
Convertible securities	3,378				1,412			2,470			2,852				1,271
Share based payment awards	357				643			436			370				701
Weighted average common shares outstanding (OP basis)	209,146				207,314			208,708			208,828				207,172

____________________

(1)On April 26, 2023, Vornado announced the postponement of dividends on its common shares until the end of 2023, at which time, upon finalization of its 2023 taxable income, including the impact of asset sales, it will pay the 2023 dividend in either (i) cash, or (ii) a combination of cash and securities, as determined by its Board of Trustees.

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

- 6 -


FFO, AS ADJUSTED BRIDGE - Q2 2023 VS. Q2 2022 (unaudited)
(Amounts in millions, except per share amounts)


	FFO, as Adjusted

	Amount		Per Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2022	$	160.1	$	0.83

Increase (decrease) in FFO, as adjusted due to:
Non-recurring items impacting current quarter earnings:
345 Montgomery Street tenant settlement proceeds, net of legal expenses	14.1
Accelerated stock compensation expense on the June 2023 grant due to accelerated vesting conditions for retirement-eligible employees	(7.5)
697-703 Fifth Avenue loan default interest in excess of rate under restructured loan(1)	(4.7)
Total non-recurring items impacting current quarter earnings	1.9
Increase in interest expense, net of increase in interest income	(21.8)
Sale of 33‐00 Northern Boulevard, 40 Fulton Street and street retail properties	(2.6)
Tenant related items	2.2
Other, net	(0.4)
	(20.7)
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities	1.3
Net decrease	(19.4)		(0.11)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2023	$	140.7	$	0.72

________________________________

(1)The accrued default interest was forgiven by the lender as part of the June 2023 restructuring of the loan. In accordance with GAAP, the accrued amount will be amortized over the remaining term of the restructured loan, reducing future interest expense.

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

- 7 -


CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
	As of				Increase (Decrease)
	June 30, 2023		December 31, 2022
ASSETS
Real estate, at cost:
Land	$	2,457,589	$	2,451,828	$	5,761
Buildings and improvements	9,839,556		9,804,204		35,352
Development costs and construction in progress	1,177,290		933,334		243,956
Leasehold improvements and equipment	127,319		125,389		1,930
Total	13,601,754		13,314,755		286,999
Less accumulated depreciation and amortization	(3,625,270)		(3,470,991)		(154,279)
Real estate, net	9,976,484		9,843,764		132,720
Right-of-use assets	685,536		684,380		1,156
Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills:
Cash and cash equivalents	1,133,693		889,689		244,004
Restricted cash	178,440		131,468		46,972
Investments in U.S. Treasury bills	—		471,962		(471,962)
Total	1,312,133		1,493,119		(180,986)
Tenant and other receivables	87,551		81,170		6,381
Investments in partially owned entities	2,641,297		2,665,073		(23,776)

220 CPS condominium units ready for sale	39,098		43,599		(4,501)
Receivable arising from the straight-lining of rents	693,220		694,972		(1,752)
Deferred leasing costs, net	359,752		373,555		(13,803)
Identified intangible assets, net	134,683		139,638		(4,955)
Other assets	508,085		474,105		33,980
Total assets	$	16,437,839	$	16,493,375	$	(55,536)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	5,715,138	$	5,829,018	$	(113,880)
Senior unsecured notes, net	1,192,853		1,191,832		1,021
Unsecured term loan, net	793,864		793,193		671
Unsecured revolving credit facilities	575,000		575,000		—
Lease liabilities	744,696		735,969		8,727
Accounts payable and accrued expenses	504,295		450,881		53,414
Deferred revenue	35,884		39,882		(3,998)
Deferred compensation plan	99,050		96,322		2,728
Other liabilities	302,233		268,166		34,067
Total liabilities	9,963,013		9,980,263		(17,250)
Redeemable noncontrolling interests	480,296		436,732		43,564
Shareholders' equity	5,734,857		5,839,728		(104,871)
Noncontrolling interests in consolidated subsidiaries	259,673		236,652		23,021
Total liabilities, redeemable noncontrolling interests and equity	$	16,437,839	$	16,493,375	$	(55,536)

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CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Three Months Ended
	June 30,						March 31, 2023
	2023		2022		Variance
Property rentals(1)	$	365,216	$	345,607	$	19,609	$	343,152
Tenant expense reimbursements(1)	47,743		42,756		4,987		56,095
Amortization of acquired below-market leases, net	1,360		1,487		(127)		1,367
Straight-lining of rents	4,515		15,344		(10,829)		(3,821)
Total rental revenues	418,834		405,194		13,640		396,793
Fee and other income:
Building Maintenance Services ("BMS") cleaning fees	35,146		33,999		1,147		35,328
Management and leasing fees	3,658		2,866		792		3,049
Other income	14,721		11,435		3,286		10,753
Total revenues	472,359		453,494		18,865		445,923
Operating expenses	(222,723)		(222,309)		(414)		(228,773)
Depreciation and amortization	(107,162)		(118,662)		11,500		(106,565)
General and administrative	(39,410)		(31,902)		(7,508)		(41,595)
(Expense) benefit from deferred compensation plan liability	(2,182)		7,594		(9,776)		(3,728)
Transaction related costs and other	(30)		(2,960)		2,930		(658)
Total expenses	(371,507)		(368,239)		(3,268)		(381,319)
Income from partially owned entities	37,272		25,720		11,552		16,666
Loss from real estate fund investments	(102)		(142)		40		(19)
Interest and other investment income, net	13,255		3,036		10,219		9,603
Income (loss) from deferred compensation plan assets	2,182		(7,594)		9,776		3,728
Interest and debt expense	(87,165)		(62,640)		(24,525)		(86,237)
Net gains on disposition of wholly owned and partially owned assets	936		28,832		(27,896)		7,520
Income before income taxes	67,230		72,467		(5,237)		15,865
Income tax expense	(4,497)		(3,564)		(933)		(4,667)
Net income	62,733		68,903		(6,170)		11,198
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	2,781		826		1,955		9,928
Operating Partnership	(3,608)		(3,782)		174		(429)
Net income attributable to Vornado	61,906		65,947		(4,041)		20,697
Preferred share dividends	(15,529)		(15,529)		—		(15,529)

Net income attributable to common shareholders	$	46,377	$	50,418	$	(4,041)	$	5,168



Capitalized expenditures:
Development payroll	$	2,704	$	2,720	$	(16)	$	2,849
Interest and debt expense	9,949		3,701		6,248		8,857

________________________________

(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.

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CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Six Months Ended June 30,
	2023		2022		Variance
Property rentals(1)	$	708,368	$	676,966	$	31,402
Tenant expense reimbursements(1)	103,838		86,428		17,410
Amortization of acquired below-market leases, net	2,727		2,404		323
Straight-lining of rents	694		36,679		(35,985)
Total rental revenues	815,627		802,477		13,150
Fee and other income:
BMS cleaning fees	70,474		66,690		3,784
Management and leasing fees	6,707		5,635		1,072
Other income	25,474		20,822		4,652
Total revenues	918,282		895,624		22,658
Operating expenses	(451,496)		(438,838)		(12,658)
Depreciation and amortization	(213,727)		(236,105)		22,378
General and administrative	(81,005)		(73,118)		(7,887)
(Expense) benefit from deferred compensation plan liability	(5,910)		9,538		(15,448)
Transaction related costs and other	(688)		(3,965)		3,277
Total expenses	(752,826)		(742,488)		(10,338)
Income from partially owned entities	53,938		59,434		(5,496)
(Loss) income from real estate fund investments	(121)		5,532		(5,653)
Interest and other investment income, net	22,858		4,054		18,804
Income (loss) from deferred compensation plan assets	5,910		(9,538)		15,448
Interest and debt expense	(173,402)		(114,749)		(58,653)
Net gains on disposition of wholly owned and partially owned assets	8,456		35,384		(26,928)
Income before income taxes	83,095		133,253		(50,158)
Income tax expense	(9,164)		(10,975)		1,811
Net income	73,931		122,278		(48,347)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	12,709		(8,548)		21,257
Operating Partnership	(4,037)		(5,776)		1,739
Net income attributable to Vornado	82,603		107,954		(25,351)
Preferred share dividends	(31,058)		(31,058)		—

Net income attributable to common shareholders	$	51,545	$	76,896	$	(25,351)




Capitalized expenditures:
Development payroll	$	5,553	$	5,109	$	444
Interest and debt expense	18,806		7,221		11,585

________________________________

- 10 -


NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)
(Amounts in thousands)


	For the Three Months Ended June 30, 2023
	Total		New York		Other
Property rentals(1)	$	365,216	$	274,072	$	91,144
Tenant expense reimbursements(1)	47,743		36,002		11,741
Amortization of acquired below-market leases, net	1,360		1,191		169
Straight-lining of rents	4,515		5,437		(922)
Total rental revenues	418,834		316,702		102,132
Fee and other income:
BMS cleaning fees	35,146		37,754		(2,608)
Management and leasing fees	3,658		3,761		(103)
Other income	14,721		4,254		10,467
Total revenues	472,359		362,471		109,888
Operating expenses	(222,723)		(176,410)		(46,313)
Depreciation and amortization	(107,162)		(84,584)		(22,578)
General and administrative	(39,410)		(11,423)		(27,987)
Expense from deferred compensation plan liability	(2,182)		—		(2,182)
Transaction related costs and other	(30)		(1)		(29)
Total expenses	(371,507)		(272,418)		(99,089)
Income from partially owned entities	37,272		35,481		1,791
Loss from real estate fund investments	(102)		—		(102)
Interest and other investment income, net	13,255		3,971		9,284
Income from deferred compensation plan assets	2,182		—		2,182
Interest and debt expense	(87,165)		(39,051)		(48,114)
Net gains on disposition of wholly owned and partially owned assets	936		—		936
Income (loss) before income taxes	67,230		90,454		(23,224)
Income tax expense	(4,497)		(1,327)		(3,170)
Net income (loss)	62,733		89,127		(26,394)
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries	2,781		7,348		(4,567)
Net income (loss) attributable to Vornado Realty L.P.	65,514		$	96,475	$	(30,961)
Less net income attributable to noncontrolling interests in the Operating Partnership	(3,580)
Preferred unit distributions	(15,557)

Net income attributable to common shareholders	$	46,377
For the three months ended June 30, 2022
Net income (loss) attributable to Vornado Realty L.P.	$	69,729	$	99,838	$	(30,109)
Net income attributable to common shareholders	$	50,418

________________________________

- 11 -


NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)
(Amounts in thousands)


	For the Six Months Ended June 30, 2023
	Total		New York		Other
Property rentals(1)	$	708,368	$	549,875	$	158,493
Tenant expense reimbursements(1)	103,838		82,665		21,173
Amortization of acquired below-market leases, net	2,727		2,389		338
Straight-lining of rents	694		1,289		(595)
Total rental revenues	815,627		636,218		179,409
Fee and other income:
BMS cleaning fees	70,474		75,432		(4,958)
Management and leasing fees	6,707		6,934		(227)
Other income	25,474		7,701		17,773
Total revenues	918,282		726,285		191,997
Operating expenses	(451,496)		(364,731)		(86,765)
Depreciation and amortization	(213,727)		(168,648)		(45,079)
General and administrative	(81,005)		(24,590)		(56,415)
Expense from deferred compensation plan liability	(5,910)		—		(5,910)
Transaction related costs and other	(688)		(11)		(677)
Total expenses	(752,826)		(557,980)		(194,846)
Income from partially owned entities	53,938		50,453		3,485
Loss from real estate fund investments	(121)		—		(121)
Interest and other investment income, net	22,858		6,996		15,862
Income from deferred compensation plan assets	5,910		—		5,910
Interest and debt expense	(173,402)		(79,551)		(93,851)
Net gains on disposition of wholly owned and partially owned assets	8,456		—		8,456
Income (loss) before income taxes	83,095		146,203		(63,108)
Income tax expense	(9,164)		(2,088)		(7,076)
Net income (loss)	73,931		144,115		(70,184)
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries	12,709		15,605		(2,896)
Net income (loss) attributable to Vornado Realty L.P.	86,640		$	159,720	$	(73,080)
Less net income attributable to noncontrolling interests in the Operating Partnership	(3,980)
Preferred unit distributions	(31,115)

Net income attributable to common shareholders	$	51,545
For the six months ended June 30, 2022
Net income (loss) attributable to Vornado Realty L.P.	$	113,730	$	178,269	$	(64,539)
Net income attributable to common shareholders	$	76,896

________________________________

- 12 -

NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT (NON-GAAP) (unaudited)

(Amounts in thousands)


	For the Three Months Ended June 30, 2023
	Total		New York		Other
Total revenues	$	472,359	$	362,471	$	109,888
Operating expenses	(222,723)		(176,410)		(46,313)
NOI - consolidated	249,636		186,061		63,575
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(18,742)		(5,204)		(13,538)
Add: Our share of NOI from partially owned entities	70,745		67,509		3,236
NOI at share	301,639		248,366		53,273
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(5,570)		(6,797)		1,227
NOI at share - cash basis	$	296,069	$	241,569	$	54,500


	For the Three Months Ended June 30, 2022
	Total		New York		Other
Total revenues	$	453,494	$	364,162	$	89,332
Operating expenses	(222,309)		(176,572)		(45,737)
NOI - consolidated	231,185		187,590		43,595
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,299)		(10,707)		(5,592)
Add: Our share of NOI from partially owned entities	74,060		71,209		2,851
NOI at share	288,946		248,092		40,854
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(4,275)		(6,189)		1,914
NOI at share - cash basis	$	284,671	$	241,903	$	42,768


	For the Three Months Ended March 31, 2023
	Total		New York		Other
Total revenues	$	445,923	$	363,814	$	82,109
Operating expenses	(228,773)		(188,321)		(40,452)
NOI - consolidated	217,150		175,493		41,657
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(11,764)		(4,823)		(6,941)
Add: Our share of NOI from partially owned entities	68,097		65,324		2,773
NOI at share	273,483		235,994		37,489
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	5,052		5,033		19
NOI at share - cash basis	$	278,535	$	241,027	$	37,508

________________________________

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

- 13 -

NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT (NON-GAAP) (unaudited)

(Amounts in thousands)


	For the Six Months Ended June 30, 2023
	Total		New York		Other
Total revenues	$	918,282	$	726,285	$	191,997
Operating expenses	(451,496)		(364,731)		(86,765)
NOI - consolidated	466,786		361,554		105,232
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(30,506)		(10,027)		(20,479)
Add: Our share of NOI from partially owned entities	138,842		132,833		6,009
NOI at share	575,122		484,360		90,762
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(518)		(1,764)		1,246
NOI at share - cash basis	$	574,604	$	482,596	$	92,008


	For the Six Months Ended June 30, 2022
	Total		New York		Other
Total revenues	$	895,624	$	722,710	$	172,914
Operating expenses	(438,838)		(354,107)		(84,731)
NOI - consolidated	456,786		368,603		88,183
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(36,334)		(24,017)		(12,317)
Add: Our share of NOI from partially owned entities	152,752		147,173		5,579
NOI at share	573,204		491,759		81,445
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(7,405)		(10,164)		2,759
NOI at share - cash basis	$	565,799	$	481,595	$	84,204

________________________________

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

- 14 -

NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT AND SUBSEGMENT (NON-GAAP) (unaudited)

(Amounts in thousands)


	For the Three Months Ended						For the Six Months Ended June 30,
	June 30,				March 31, 2023
	2023		2022				2023		2022
NOI at share:
New York:
Office(1)	$	186,042	$	182,042	$	174,270	$	360,312	$	359,851
Retail	47,428		51,438		47,196		94,624		103,543
Residential	5,467		5,250		5,458		10,925		10,024
Alexander’s	9,429		9,362		9,070		18,499		18,341

Total New York	248,366		248,092		235,994		484,360		491,759
Other:
THE MART	16,462		19,947		15,409		31,871		39,861
555 California Street(2)	31,347		16,724		16,929		48,276		32,959
Other investments	5,464		4,183		5,151		10,615		8,625
Total Other	53,273		40,854		37,489		90,762		81,445
NOI at share	$	301,639	$	288,946	$	273,483	$	575,122	$	573,204





NOI at share - cash basis:
New York:
Office(1)	$	181,253	$	180,326	$	182,081	$	363,334	$	358,153
Retail	44,956		47,189		44,034		88,990		94,582
Residential	5,129		4,309		5,051		10,180		8,998
Alexander's	10,231		10,079		9,861		20,092		19,862

Total New York	241,569		241,903		241,027		482,596		481,595
Other:
THE MART	16,592		21,541		14,675		31,267		41,977
555 California Street(2)	32,284		16,855		17,718		50,002		33,215
Other investments	5,624		4,372		5,115		10,739		9,012
Total Other	54,500		42,768		37,508		92,008		84,204
NOI at share - cash basis	$	296,069	$	284,671	$	278,535	$	574,604	$	565,799

________________________________

(1)Includes BMS NOI of $6,797, $6,468, $6,289, $13,086 and $12,250, respectively, for the three months ended June 30, 2023 and 2022 and March 31, 2023 and the six months ended June 30, 2023 and 2022.

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

- 15 -

SAME STORE NOI AT SHARE AND SAME STORE NOI AT SHARE - CASH BASIS (NON-GAAP) (unaudited)


	Total		New York		THE MART		555 California Street(1)
Same store NOI at share % increase (decrease)(2):
Three months ended June 30, 2023 compared to June 30, 2022	6.7	%	2.9	%	(17.5)	%	87.4	%
Six months ended June 30, 2023 compared to June 30, 2022	3.3	%	2.3	%	(20.0)	%	46.5	%
Three months ended June 30, 2023 compared to March 31, 2023	8.5	%	3.0	%	6.8	%	85.2	%

Same store NOI at share - cash basis % increase (decrease)(2):
Three months ended June 30, 2023 compared to June 30, 2022	6.2	%	2.7	%	(23.0)	%	91.5	%
Six months ended June 30, 2023 compared to June 30, 2022	3.9	%	3.2	%	(25.5)	%	50.5	%
Three months ended June 30, 2023 compared to March 31, 2023	6.1	%	(0.1)	%	13.1	%	82.2	%

________________________________

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

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

- 16 -


PENN DISTRICT
ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF JUNE 30, 2023 (unaudited)
(Amounts in thousands of dollars, except square feet)
		Property Rentable Sq. Ft.		Cash Amount Expended	Remaining Expenditures		Projected Incremental Cash Yield
Active PENN District Projects	Segment		Budget(1)			Stabilization Year
PENN 2 - as expanded	New York	1,795,000	750,000	515,417	234,583	2025		9.5%
PENN 1 (including LIRR Concourse Retail)(2)	New York	2,559,000	450,000	401,262	48,738	N/A		13.2%	(2)(3)
Districtwide Improvements	New York	N/A	100,000	43,713	56,287	N/A		N/A
Total Active PENN District Projects			1,300,000	960,392	339,608			10.1%

________________________________

(1)Excluding debt and equity carry.

(2)Property is ground leased through 2098, as fully extended. Fair market value resets occur in 2023, 2048 and 2073. The 13.2% projected return is before the ground rent reset in June 2023, which has yet to be determined and may be material.

(3)Projected to be achieved as pre-redevelopment leases roll, which have an approximate average remaining term of 3.2 years.

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

- 17 -

FUTURE DEVELOPMENT OPPORTUNITIES - AS OF JUNE 30, 2023 (unaudited)

Future Opportunities

Segment

Property
Zoning
Sq. Ft.

(at 100%)

350 Park Avenue

New York

1,389,000

(1)

Hotel Pennsylvania site(2)

New York

2,052,000

PENN District - multiple other opportunities - office/residential/retail

New York

260 Eleventh Avenue - office(3)

New York

280,000

Undeveloped Land

527 West Kinzie, Chicago

Other

330,000

57th Street (50% interest)

New York

150,000

Eighth Avenue and 34th Street

New York

105,000

Total undeveloped land

585,000

____________________

(1)Reflects entire assemblage, see page 3 for further information.

(2)We have permanently closed the Hotel Pennsylvania and plan to develop an office tower on the site. Demolition of the existing building structure commenced in the fourth quarter of 2021.

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

There can be no assurance that the above projects will be completed, completed on schedule or within budget.

- 18 -


LEASING ACTIVITY (unaudited)
(Square feet in thousands)

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


	New York									555 California Street
	Office			Retail			THE MART
Three Months Ended June 30, 2023
Total square feet leased	279			205			29			6
Our share of square feet leased:	224			159			29			4
Initial rent(1)	$	91.57		$	50.29		$	56.85		$	120.56
Weighted average lease term (years)	10.7			5.1			3.7			5.2
Second generation relet space:
Square feet	174			97			21			4
GAAP basis:
Straight-line rent(2)	$	88.94		$	43.49		$	52.85		$	124.51
Prior straight-line rent	$	80.93		$	36.05		$	59.49		$	110.40
Percentage increase (decrease)	9.9		%	20.6		%	(11.2)		%	12.8		%
Cash basis (non-GAAP):
Initial rent(1)	$	92.00		$	42.27		$	56.04		$	120.56
Prior escalated rent	$	87.03		$	36.57		$	64.70		$	117.75
Percentage increase (decrease)	5.7		%	15.6		%	(13.4)		%	2.4		%
Tenant improvements and leasing commissions:
Per square foot	$	117.09		$	82.49		$	17.97		$	47.44
Per square foot per annum	$	10.94		$	16.17		$	4.86		$	9.12
Percentage of initial rent	11.9		%	32.2		%	8.5		%	7.6		%

________________________________

(1)Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.

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

- 19 -


LEASING ACTIVITY (unaudited)
(Square feet in thousands)


	New York									555 California Street
	Office			Retail			THE MART
Six Months Ended June 30, 2023
Total square feet leased	1,056			230			108			10
Our share of square feet leased:	996			179			108			7
Initial rent(1)	$	98.89		$	85.76		$	56.55		$	134.70
Weighted average lease term (years)	9.8			5.3			6.0			5.9
Second generation relet space:
Square feet	851			104			72			4
GAAP basis:
Straight-line rent(2)	$	102.79		$	79.18		$	57.04		$	124.51
Prior straight-line rent	$	94.53		$	71.15		$	59.60		$	110.40
Percentage increase (decrease)	8.7		%	11.3		%	(4.3)		%	12.8		%
Cash basis (non-GAAP):
Initial rent(1)	$	101.99		$	78.04		$	58.97		$	120.56
Prior escalated rent	$	99.60		$	71.83		$	65.12		$	117.75
Percentage increase (decrease)	2.4		%	8.6		%	(9.4)		%	2.4		%
Tenant improvements and leasing commissions:
Per square foot	$	44.61		$	93.25		$	44.90		$	135.20
Per square foot per annum	$	4.55		$	17.59		$	7.48		$	22.92
Percentage of initial rent	4.6		%	20.5		%	13.2		%	17.0		%

________________________________

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

- 20 -


LEASE EXPIRATIONS (unaudited) NEW YORK SEGMENT

	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)		Annualized Escalated Rents of Expiring Leases				Percentage of Annualized Escalated Rent
				Total		Per Sq. Ft.
Office:	Second Quarter 2023(2)	45,000		$	3,072,000	$	68.27	0.3	%


	Third Quarter 2023	172,000		15,494,000		90.08		1.3	%
	Fourth Quarter 2023	499,000		49,049,000		98.29		4.0	%
	Total 2023	671,000		64,543,000		96.19		5.3	%
	First Quarter 2024	148,000		14,676,000		99.16		1.2	%
	Second Quarter 2024	379,000		35,454,000		93.55		2.9	%
	Remaining 2024	354,000		33,968,000		95.95		2.8	%
	2025	709,000		59,405,000		83.79		4.9	%
	2026	1,217,000		101,097,000		83.07		8.3	%
	2027	1,160,000		91,524,000		78.90		7.5	%
	2028	1,014,000		79,315,000		78.22		6.5	%
	2029	1,205,000		96,791,000		80.32		8.0	%
	2030	627,000		52,995,000		84.52		4.4	%
	2031	887,000		78,708,000		88.74		6.5	%
	2032	958,000		94,181,000		98.31		7.8	%
	2033	527,000		45,048,000		85.48		3.8	%
	Thereafter	4,639,000	(3)	361,673,000		77.96		29.8	%

Retail:	Second Quarter 2023(2)	39,000		$	2,612,000	$	66.97	1.0	%


	Third Quarter 2023	7,000		4,649,000		664.14		1.8	%
	Fourth Quarter 2023	5,000		384,000		76.80		0.1	%
	Total 2023	12,000		5,033,000		419.42		1.9	%
	First Quarter 2024	100,000		3,230,000		32.30		1.2	%
	Second Quarter 2024	97,000		20,520,000		211.55		7.7	%
	Remaining 2024	23,000		4,326,000		188.09		1.6	%
	2025	45,000		15,215,000		338.11		5.7	%
	2026	82,000		26,348,000		321.32		9.9	%
	2027	34,000		19,027,000		559.62		7.2	%
	2028	29,000		14,214,000		490.14		5.4	%
	2029	45,000		26,816,000		595.91		10.1	%
	2030	156,000		23,843,000		152.84		9.0	%
	2031	86,000		29,964,000		348.42		11.3	%
	2032	57,000		28,892,000		506.88		10.9	%
	2033	40,000		7,045,000		176.13		2.7	%
	Thereafter	341,000		38,120,000		111.79		14.4	%

________________________________

(1) Excludes storage, vacancy and other.

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

(3) Assumes U.S. Post Office exercises all lease renewal options through 2038 for 492,000 square feet at 909 Third Avenue given the below-market rent on their options.

- 21 -


LEASE EXPIRATIONS (unaudited) THE MART

	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)	Annualized Escalated Rents of Expiring Leases				Percentage of Annualized Escalated Rent
			Total		Per Sq. Ft.
Office / Showroom / Retail:	Second Quarter 2023(2)	4,000	$	288,000	$	72.00	0.2	%

	Third Quarter 2023	160,000	8,294,000		51.84		5.6	%
	Fourth Quarter 2023	47,000	2,742,000		58.34		1.9	%
	Total 2023	207,000	11,036,000		53.31		7.5	%
	First Quarter 2024	106,000	5,937,000		56.01		4.0	%
	Second Quarter 2024	51,000	3,031,000		59.43		2.1	%
	Remaining 2024	91,000	5,220,000		57.36		3.5	%
	2025	206,000	11,193,000		55.97		7.6	%
	2026	286,000	16,345,000		57.15		11.1	%
	2027	189,000	10,117,000		53.53		6.8	%
	2028	693,000	33,922,000		48.95		22.8	%
	2029	96,000	5,103,000		53.16		3.5	%
	2030	38,000	2,327,000		61.24		1.6	%
	2031	294,000	13,948,000		47.44		9.4	%
	2032	374,000	17,612,000		47.09		11.9	%
	2033	57,000	2,891,000		50.72		2.0	%
	Thereafter	194,000	8,881,000		45.78		6.0	%

________________________________

(1) Excludes storage, vacancy and other.

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

- 22 -


LEASE EXPIRATIONS (unaudited) 555 California Street

	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)	Annualized Escalated Rents of Expiring Leases				Percentage of Annualized Escalated Rent
			Total		Per Sq. Ft.
Office / Retail:	Second Quarter 2023(2)	—	$	—	$	—	0.0	%


	Third Quarter 2023	—	—		—		0.0	%
	Fourth Quarter 2023	—	—		—		0.0	%
	Total 2023	—	—		—		0.0	%
	First Quarter 2024	—	—		—		0.0	%
	Second Quarter 2024	—	—		—		0.0	%
	Remaining 2024	65,000	6,799,000		104.60		6.2	%
	2025	274,000	25,204,000		91.99		23.0	%
	2026	238,000	24,078,000		101.17		22.0	%
	2027	65,000	6,226,000		95.78		5.7	%
	2028	112,000	10,087,000		90.06		9.2	%
	2029	120,000	11,782,000		98.18		10.8	%
	2030	109,000	9,812,000		90.02		9.0	%
	2031	—	—		—		0.0	%
	2032	5,000	650,000		130.00		0.6	%
	2033	15,000	1,745,000		116.33		1.6	%
	Thereafter	173,000	13,187,000		76.23		11.9	%

________________________________

(1) Excludes storage, vacancy and other.

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

- 23 -


CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
CONSOLIDATED
(Amounts in thousands)
	Six Months Ended June 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for capital expenditures:
Expenditures to maintain assets	$	46,006	$	85,573	$	75,133
Tenant improvements	32,352		41,934		68,284
Leasing commissions	6,304		16,005		36,274
Recurring tenant improvements, leasing commissions and other capital expenditures	84,662		143,512		179,691
Non-recurring capital expenditures(1)	23,057		32,583		19,849
Total capital expenditures and leasing commissions	$	107,719	$	176,095	$	199,540


	Six Months Ended June 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for development and redevelopment expenditures(2):
PENN 2	$	148,118	$	266,676	$	105,267
Hotel Pennsylvania site	45,145		77,965		54,280
PENN 1	43,807		102,445		171,824
THE MART 2.0	15,384		10,130		729
PENN Districtwide improvements	8,551		11,096		14,116
The Farley Building	7,088		224,382		202,414
PENN 11	4,334		10,430		418
220 CPS	3,158		10,186		19,351
Other	14,207		24,689		17,541
	$	289,792	$	737,999	$	585,940

________________________________

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

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

- 24 -


CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
NEW YORK SEGMENT
(Amounts in thousands)

	Six Months Ended June 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for capital expenditures:
Expenditures to maintain assets	$	35,600	$	60,588	$	61,420
Tenant improvements	18,431		27,862		59,522
Leasing commissions	5,664		10,465		27,284
Recurring tenant improvements, leasing commissions and other capital expenditures	59,695		98,915		148,226
Non-recurring capital expenditures(1)	19,926		28,992		19,694
Total capital expenditures and leasing commissions	$	79,621	$	127,907	$	167,920


	Six Months Ended June 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for development and redevelopment expenditures(2):
PENN 2	$	148,118	$	266,676	$	105,267
Hotel Pennsylvania site	45,145		77,965		54,280
PENN 1	43,807		102,445		171,824
PENN Districtwide improvements	8,551		11,096		14,116
The Farley Building	7,088		224,382		202,414
PENN 11	4,334		10,430		418
Other	11,950		20,606		12,220
	$	268,993	$	713,600	$	560,539

________________________________

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

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

- 25 -


CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
THE MART
(Amounts in thousands)
	Six Months Ended June 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for capital expenditures:
Expenditures to maintain assets	$	6,766	$	18,137	$	7,199
Tenant improvements	13,908		11,977		5,683
Leasing commissions	636		2,610		2,047
Recurring tenant improvements, leasing commissions and other capital expenditures	21,310		32,724		14,929
Non-recurring capital expenditures(1)	3,047		676		155
Total capital expenditures and leasing commissions	$	24,357	$	33,400	$	15,084


	Six Months Ended June 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for development and redevelopment expenditures(2):
THE MART 2.0	$	15,384	$	10,130	$	729
Other	2,257		4,083		1,068
	$	17,641	$	14,213	$	1,797

________________________________

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

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

- 26 -


CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
555 CALIFORNIA STREET
(Amounts in thousands)

	Six Months Ended June 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for capital expenditures:
Expenditures to maintain assets	$	3,640	$	6,848	$	6,514
Tenant improvements	13		2,095		3,079
Leasing commissions	4		2,930		6,943
Recurring tenant improvements, leasing commissions and other capital expenditures	3,657		11,873		16,536
Non-recurring capital expenditures(1)	84		2,915		—
Total capital expenditures and leasing commissions	$	3,741	$	14,788	$	16,536


	Six Months Ended June 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for development and redevelopment expenditures(2):
345 Montgomery Street	$	—	$	—	$	4,253

________________________________

See notes below.


CAPITAL EXPENDITURES (unaudited)
OTHER
(Amounts in thousands)

	Six Months Ended June 30, 2023		Year Ended December 31,
			2022		2021
Amounts paid for development and redevelopment expenditures(2):
220 CPS	$	3,158	$	10,186	$	19,351

________________________________

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

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

- 27 -


UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
		As of June 30, 2023
Joint Venture Name	Asset Category	Percentage Ownership	Company's Carrying Amount		Company's Pro rata Share of Debt(1)			100% of Joint Venture Debt(1)		Maturity Date(2)		Spread over LIBOR/SOFR		Interest Rate(3)
Fifth Avenue and Times Square JV	Retail/Office	51.5%	$	2,256,952	$	418,914	(4)	$	855,000	Various		Various		Various

Alexander's	Office/Retail	32.4%	96,288		355,280			1,096,544		Various		Various		Various

Partially owned office buildings/land:
512 West 22nd Street	Office/Retail	55.0%	60,656		71,088			129,250		06/25		S+200		6.50%
West 57th Street properties	Office/Retail/Land	50.0%	51,999		—			—		—		—		—
280 Park Avenue	Office/Retail	50.0%	42,964		600,000			1,200,000		09/24		L+173	(5)	5.81%
825 Seventh Avenue	Office	50.0%	13,947		30,000			60,000		07/23	(6)	L+235	(5)	7.54%
61 Ninth Avenue	Office/Retail	45.1%	4,384		75,543			167,500		01/26		S+146		5.85%
650 Madison Avenue	Office/Retail	20.1%	—		161,024			800,000		12/29		N/A		3.49%

Other investments:
Independence Plaza	Residential/Retail	50.1%	54,234		338,175			675,000		07/25		N/A		4.25%
Rosslyn Plaza	Office/Residential	43.7% to 50.4%	34,515		12,603			25,000		04/26	(7)	S+200		7.14%
Other	Various	Various	25,358		124,409			666,084		Various		Various		Various
			$	2,641,297	$	2,187,036		$	5,674,378
Investments in partially owned entities included in other liabilities(8):
7 West 34th Street	Office/Retail	53.0%	$	(67,729)	$	159,000		$	300,000	06/26		N/A		3.65%
85 Tenth Avenue	Office/Retail	49.9%	(11,200)		311,875			625,000		12/26		N/A		4.55%
			$	(78,929)	$	470,875		$	925,000

________________________________

(1)Represents the contractual debt obligations. All amounts are non-recourse to us except the $300,000 mortgage loan on 7 West 34th Street and the $500,000 mortgage loan on 640 Fifth Avenue, included in Fifth Avenue and Times Square JV.

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

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

(4)On June 14, 2023, the Fifth Avenue and Times Square JV completed a restructuring of the 697-703 Fifth Avenue non-recourse mortgage loan, which matured in December 2022. See page 4 for details.

(5)As of June 30, 2023, all of our LIBOR-indexed debt and derivatives have been transitioned. However, certain of these instruments had a LIBOR-indexed rate in effect at quarter end due to the June 2023 contractual reset date occurring before the reference rate transition date.

(6)On July 24, 2023, we completed a $54,000 refinancing of 825 Seventh Avenue. See page 4 for details.

(7)On April 6, 2023, we completed a $25,000 refinancing of Rosslyn Plaza. The new loan matures in April 2026 and bears interest at SOFR plus 2.00%.

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

- 28 -


UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	Percentage Ownership at June 30, 2023	Our Share of Net Income (Loss) for the Three Months Ended June 30,					Our Share of NOI (non-GAAP) for the Three Months Ended June 30,
		2023			2022		2023			2022
Joint Venture Name
New York:
Fifth Avenue and Times Square JV:

Equity in net income	51.5%	$	5,941	(1)(2)	$	13,665	$	29,689	(2)	$	34,208
Return on preferred equity, net of our share of the expense		9,329			9,329		—			—
		15,270			22,994		29,689			34,208
Alexander's	32.4%	19,714		(3)	4,824		9,429			9,362
280 Park Avenue	50.0%	(4,981)			7		10,112			9,865
85 Tenth Avenue	49.9%	(1,653)			(4,087)		3,345			1,145
7 West 34th Street	53.0%	1,134			1,062		3,658			3,661
512 West 22nd Street	55.0%	(797)			(277)		1,499			1,252
Independence Plaza	50.1%	(630)			(792)		4,952			4,784
West 57th Street properties	50.0%	(258)			(252)		(15)			33
61 Ninth Avenue	45.1%	38			297		1,923			1,693
Other, net	Various	7,644			236		2,917			5,206
		35,481			24,012		67,509			71,209
Other:
Alexander's corporate fee income	32.4%	1,699			1,162		1,028			639
Rosslyn Plaza	43.7% to 50.4%	250			476		1,158			1,171
Other, net	Various	(158)			70		1,050			1,041
		1,791			1,708		3,236			2,851

Total		$	37,272		$	25,720	$	70,745		$	74,060

________________________________

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

(2)Includes reductions in income at 697-703 Fifth Avenue and 666 Fifth Avenue upon lease renewals.

(3)On May 19, 2023, Alexander’s completed the sale of the Rego Park III land parcel for $71,060. As a result of the sale, we recognized our $16,396 share of the net gain and received a $711 sales commission from Alexander’s, of which $250 was paid to a third-party broker.

- 29 -


UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	Percentage Ownership at June 30, 2023	Our Share of Net Income (Loss) for the Six Months Ended June 30,					Our Share of NOI (non-GAAP) for the Six Months Ended June 30,
		2023			2022		2023			2022
Joint Venture Name
New York:
Fifth Avenue and Times Square JV:

Equity in net income	51.5%	$	16,140	(1)(2)	$	29,974	$	59,253	(2)	$	70,354
Return on preferred equity, net of our share of the expense		18,555			18,555		—			—
		34,695			48,529		59,253			70,354
Alexander's	32.4%	23,285		(3)	9,495		18,499			18,341
280 Park Avenue	50.0%	(9,510)			2,336		20,353			20,416
85 Tenth Avenue	49.9%	(5,847)			(5,462)		4,855			5,102
7 West 34th Street	53.0%	2,219			2,154		7,254			7,285
512 West 22nd Street	55.0%	(1,152)			(150)		2,981			2,259
Independence Plaza	50.1%	(1,127)			(1,931)		9,961			9,260
West 57th Street properties	50.0%	(426)			(455)		67			121
61 Ninth Avenue	45.1%	(8)			1,010		3,771			3,428

Other, net	Various	8,324			530		5,839			10,607
		50,453			56,056		132,833			147,173
Other:
Alexander's corporate fee income	32.4%	2,872			2,182		1,679			1,135
Rosslyn Plaza	43.7% to 50.4%	779			928		2,272			2,285
Other, net	Various	(166)			268		2,058			2,159
		3,485			3,378		6,009			5,579

Total		$	53,938		$	59,434	$	138,842		$	152,752

________________________________

(2)Includes reductions in income at 697-703 Fifth Avenue and 666 Fifth Avenue upon lease renewals.

- 30 -


CAPITAL STRUCTURE (unaudited)
(Amounts in thousands, except per share and per unit amounts)
				As of
				June 30, 2023
Debt (contractual balances):
Consolidated debt(1):
Mortgages payable				$	5,761,815
Senior unsecured notes				1,200,000
$800 Million unsecured term loan				800,000
$2.5 Billion unsecured revolving credit facilities				575,000
				8,336,815
Pro rata share of debt of non-consolidated entities				2,657,911
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)				(682,059)
				10,312,667		(A)

	Shares/Units	Liquidation Preference
Perpetual Preferred:
3.25% preferred units (D-17) (141,400 units @ $25.00 per unit)				3,535
5.40% Series L preferred shares	12,000	$	25.00	300,000
5.25% Series M preferred shares	12,780	25.00		319,500
5.25% Series N preferred shares	12,000	25.00		300,000
4.45% Series O preferred shares	12,000	25.00		300,000
				1,223,035		(B)

	Converted Shares	June 30, 2023 Common Share Price
Equity:
Common shares	190,544	$	18.14	3,456,468
Class A units	13,738	18.14		249,207
Convertible share equivalents:
Equity awards - unit equivalents	3,286	18.14		59,608
Series D-13 preferred units	2,574	18.14		46,692
Series G-1 through G-4 preferred units	169	18.14		3,066
Series A preferred shares	25	18.14		454
				3,815,495		(C)
Total Market Capitalization (A+B+C)				$	15,351,197

________________________________

(1)See reconciliation on page xiv in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of June 30, 2023.

- 31 -


COMMON SHARES DATA (NYSE: VNO) (unaudited)

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


	Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
High price	$	18.55		$	26.76		$	26.28		$	30.90
Low price	$	12.31		$	12.53		$	20.03		$	22.83
Closing price - end of quarter	$	18.14		$	15.37		$	20.81		$	23.16

Annualized quarterly dividend per share(1)	$	—		$	1.50		$	2.12		$	2.12

Annualized dividend yield - on closing price	—		%	9.8		%	10.2		%	9.2		%

Outstanding shares, Class A units and convertible preferred units as converted (in thousands)	210,336			209,950			208,678			208,220





Closing market value of outstanding shares, Class A units and convertible preferred units as converted	$	3.8	Billion	$	3.2	Billion	$	4.3	Billion	$	4.8	Billion

________________________________

- 32 -


DEBT ANALYSIS (unaudited)
(Amounts in thousands)
	As of June 30, 2023
	Total			Variable			Fixed
(Contractual debt balances)	Amount		Weighted Average Interest Rate	Amount		Weighted Average Interest Rate	Amount		Weighted Average Interest Rate
Consolidated debt(1)	$	8,336,815	4.18%	$	2,192,715	5.83%	$	6,144,100	3.59%
Pro rata share of debt of non-consolidated entities	2,657,911		5.01%	1,456,961		5.95%	1,200,950		3.87%
Total	10,994,726		4.38%	3,649,676		5.87%	7,345,050		3.63%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)	(682,059)			(682,059)			—
Company's pro rata share of total debt	$	10,312,667	4.24%	$	2,967,617	5.75%	$	7,345,050	3.63%

As of June 30, 2023, $2,595,365 of variable rate debt (at share) is subject to interest rate cap arrangements, the $372,252 of variable rate debt not subject to interest rate cap arrangements represents 4% of our total pro rata share of debt. See the following page for details.

Senior Unsecured Notes due 2025, 2026 and 2031

Unsecured Revolving Credit Facilities
and Unsecured Term Loan

Debt Covenant Ratios:(2)

Required

Actual

Required

Actual

Total outstanding debt/total assets(3)

Less than 65%

49%

Less than 60%

36%

Secured debt/total assets

Less than 50%

33%

Less than 50%

26%

Interest coverage ratio (annualized combined EBITDA to annualized interest expense)

Greater than 1.50

2.30

N/A

Fixed charge coverage

N/A

Greater than 1.40

2.16

Unencumbered assets/unsecured debt

Greater than 150%

320%

N/A

Unsecured debt/cap value of unencumbered assets

N/A

Less than 60%

21%

Unencumbered coverage ratio

N/A

Greater than 1.50

6.82


Consolidated Unencumbered EBITDA (non-GAAP):
	Q2 2023 Annualized
New York	$	274,940
Other	98,740
Total	$	373,680

________________________________

(1)See reconciliation on page xiv in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of June 30, 2023.

(2)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.

(3)Total assets include EBITDA capped at 7.0% under the senior unsecured notes due 2025, 2026 and 2031 and 6.0% under the unsecured revolving credit facilities and unsecured term loan.

- 33 -


HEDGING INSTRUMENTS AS OF JUNE 30, 2023 (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			05/24		2.29%
Forward swap (effective 05/24)												05/26		6.03%
770 Broadway mortgage loan	700,000			07/27		S+225		700,000				07/27		4.98%
PENN 11 mortgage loan	500,000			10/25		S+206		500,000				03/24		2.22%
Unsecured revolving credit facility	575,000			12/27		S+114		575,000				08/27		3.87%
Unsecured term loan	800,000			12/27		S+129		800,000		(2)		10/23		4.04%
100 West 33rd Street mortgage loan	480,000			06/27		S+165		480,000				06/27		5.06%
888 Seventh Avenue mortgage loan	267,000			12/25		S+180		200,000				09/27		4.76%
4 Union Square South mortgage loan	120,000			08/25		S+150		99,100				01/25		3.74%
Unconsolidated:
731 Lexington Avenue - retail condominium mortgage loan	97,200			08/25		S+151		97,200				05/25		1.76%
50-70 West 93rd Street mortgage loan	41,667			12/24		L+153	(3)	41,168				06/24		3.14%
	$	4,420,867						4,332,468
Interest Rate Caps:														Index Strike Rate	Cash Interest Rate(4)	Effective Interest Rate(5)
Consolidated:
1290 Avenue of the Americas mortgage loan
In-place cap	$	665,000		11/28		S+162		665,000				11/23		3.89%	5.51%	5.56%
Forward cap (effective 11/23)(6)												11/25		1.00%	2.62%	5.94%
One Park Avenue mortgage loan	525,000			03/26		S+122		525,000		(7)		03/25		3.89%	5.11%	6.09%
150 West 34th Street mortgage loan	100,000			05/24		S+186		100,000				05/24		4.10%	5.96%	6.72%
606 Broadway mortgage loan	37,060			09/24		S+191		37,060				09/24		4.00%	5.91%	5.95%
Unconsolidated:
280 Park Avenue mortgage loan	600,000			09/24		L+173	(3)	600,000				09/23		4.08%	5.81%	6.09%
640 Fifth Avenue mortgage loan	259,925			05/24		S+111		259,925				05/24	(8)	4.00%	5.11%	6.03%
731 Lexington Avenue - office condominium mortgage loan	162,000			06/24		L+90	(9)	162,000				06/24		6.00%	6.09%	6.09%
61 Ninth Avenue mortgage loan	75,543			01/26		S+146		75,543				02/24		4.39%	5.85%	6.02%
512 West 22nd Street mortgage loan	71,088			06/25		S+200		71,088				06/25		4.50%	6.50%	7.16%
Rego Park II mortgage loan	65,624			12/25		S+145		65,624				11/24		4.15%	5.60%	6.28%
Fashion Centre Mall/Washington Tower mortgage loan	34,125			05/26		L+294	(3)	34,125				05/24		4.00%	6.94%	6.98%
	$	2,595,365						2,595,365		(10)

Fixed rate debt per loan agreements								3,012,582
Variable rate debt not subject to interest rate swaps or caps								372,252		(10)
Total debt at share								$	10,312,667

________________________________

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

(2)The unsecured term loan is subject to various interest rate swap arrangements during its term. See page 5 for details.

(3)As of June 30, 2023, all of our LIBOR-indexed debt and derivatives have been transitioned. However, certain of these instruments had a LIBOR-indexed rate in effect at quarter end due to the June 2023 contractual reset date occurring before the reference rate transition date.

(4)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.

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

(6)Entered into in June 2023, see page 5 for details.

(7)In March 2023, we entered into a forward cap for the One Park Avenue mortgage loan. See page 5 for details.

(8)In May 2023, the Fifth Avenue and Times Square JV entered into an interest rate cap arrangement for the 640 Fifth Avenue mortgage loan. See page 5 for details.

(9)The interest rate converts to Prime in July 2023 and will be capped at a Prime rate of 6.00% through June 2024. Alexander’s made an $11,258 up-front payment ($3,648 at our 32.4% share) for the Prime cap resulting in an 8.46% effective interest rate. See page 5 for details.

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

- 34 -


CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property	Maturity Date (1)	Spread over SOFR			Interest Rate(2)		2023		2024		2025		2026		2027		Thereafter		Total
Secured Debt:
435 Seventh Avenue	02/24		S+141		6.59%		$	—	$	95,696	$	—	$	—	$	—	$	—	$	95,696
150 West 34th Street	05/24		S+186		5.96%		—		100,000		—		—		—		—		100,000
606 Broadway (50.0% interest)	09/24		S+191		5.91%		—		74,119		—		—		—		—		74,119
4 Union Square South	08/25				4.25%		—		—		120,000		—		—		—		120,000
PENN 11	10/25				2.22%		—		—		500,000		—		—		—		500,000
888 Seventh Avenue	12/25				5.31%		10,800		21,600		234,600		—		—		—		267,000
One Park Avenue	03/26		S+122		5.11%		—		—		—		525,000		—		—		525,000
350 Park Avenue	01/27				3.92%		—		—		—		—		400,000		—		400,000
100 West 33rd Street	06/27				5.06%		—		—		—		—		480,000		—		480,000
770 Broadway	07/27				4.98%		—		—		—		—		700,000		—		700,000
555 California Street (70.0% interest)	05/28				3.76%		—		—		—		—		—		1,200,000		1,200,000
1290 Avenue of the Americas (70.0% interest)	11/28		S+162		5.51%		—		—		—		—		—		950,000		950,000
909 Third Avenue	04/31				3.23%		—		—		—		—		—		350,000		350,000
Total Secured Debt							10,800		291,415		854,600		525,000		1,580,000		2,500,000		5,761,815
Unsecured Debt:
Senior unsecured notes due 2025	01/25				3.50%		—		—		450,000		—		—		—		450,000
$1.25 Billion unsecured revolving credit facility	04/26		S+119	(3)	0.00%		—		—		—		—		—		—		—
Senior unsecured notes due 2026	06/26				2.15%		—		—		—		400,000		—		—		400,000
$1.25 Billion unsecured revolving credit facility	12/27				3.87%	(3)	—		—		—		—		575,000		—		575,000
$800 Million unsecured term loan	12/27				4.04%	(3)	—		—		—		—		800,000		—		800,000
Senior unsecured notes due 2031	06/31				3.40%		—		—		—		—		—		350,000		350,000
Total Unsecured Debt							—		—		450,000		400,000		1,375,000		350,000		2,575,000
Total Debt							$	10,800	$	291,415	$	1,304,600	$	925,000	$	2,955,000	$	2,850,000	$	8,336,815
Weighted average rate							6.96%		6.23%		3.36%		3.83%		4.38%		4.23%		4.18%

Fixed rate debt(4)							$	—	$	—	$	1,249,100	$	400,000	$	2,955,000	$	1,540,000	$	6,144,100
Fixed weighted average rate expiring							0.00%		0.00%		3.21%		2.15%		4.38%		2.76%		3.59%
Floating rate debt							$	10,800	$	291,415	$	55,500	$	525,000	$	—	$	1,310,000	$	2,192,715
Floating weighted average rate expiring							6.96%		6.23%		6.85%		5.11%		0.00%		5.97%		5.83%

________________________________

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

(2)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See the previous page for information on interest rate swap and interest rate cap arrangements entered into as of June 30, 2023.

(3)Reflects a 0.01% interest rate reduction that we qualified for by achieving certain sustainability key performance indicator (KPI) metrics. We must achieve the KPI metrics annually in order to receive the interest rate reduction.

(4)Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity. See the previous page for information on interest rate swap arrangements entered into as of June 30, 2023.

- 35 -

TOP 30 TENANTS (unaudited)

(Amounts in thousands, except square feet)


Tenants	Square Footage At Share	Annualized Escalated Rents At Share(1)		% of Total Annualized Escalated Rents At Share
Meta Platforms, Inc.	1,451,153	$	162,158	8.9	%
IPG and affiliates	967,552	64,495		3.6	%
Citadel	585,460	62,498		3.5	%
New York University	685,290	48,785		2.7	%
Google/Motorola Mobility (guaranteed by Google)	759,446	41,129		2.2	%
Bloomberg L.P.	306,768	40,685		2.2	%
Equitable Financial Life Insurance Company	335,356	36,383		2.0	%
Amazon (including its Whole Foods subsidiary)	312,694	30,516		1.7	%
Swatch Group USA	11,957	28,560		1.6	%
Neuberger Berman Group LLC	306,612	28,220		1.5	%
Madison Square Garden & Affiliates	411,923	27,494		1.5	%
AMC Networks, Inc.	326,717	26,261		1.4	%
LVMH Brands	65,060	25,152		1.4	%
Bank of America	247,459	24,795		1.3	%
Apple Inc.	412,434	24,077		1.3	%
Victoria's Secret	33,156	19,739		1.1	%
PwC	241,196	19,122		1.0	%
Macy's	242,837	17,812		1.0	%
Yahoo Inc.	161,588	16,803		0.9	%
Fast Retailing (Uniqlo)	47,167	13,743		0.7	%
Cushman & Wakefield	127,485	13,513		0.7	%
The City of New York	232,010	12,126		0.7	%
Foot Locker	149,987	11,726		0.6	%
WSP USA	172,666	11,181		0.6	%
AbbVie Inc.	168,673	11,164		0.6	%
Axon Capital	93,127	10,925		0.6	%
Burlington Coat Factory	108,844	10,514		0.6	%
Alston & Bird LLP	126,872	10,177		0.6	%
Aetna Life Insurance Company	64,196	10,149		0.6	%
Venable LLP	91,297	9,728		0.5	%
				47.6	%

________________________________

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

- 36 -


SQUARE FOOTAGE (unaudited)
(Square feet in thousands)
		At Vornado's Share
	At 100%		Under Development or Not Available for Lease	In Service
		Total		Office	Retail	Showroom	Other
Segment:
New York:
Office	19,944	17,246	1,170	15,893	—	183	—
Retail	2,525	2,087	275	—	1,812	—	—
Residential - 1,663 units	1,499	766	—	—	—	—	766
Alexander's (32.4% interest), including 312 residential units	2,455	795	—	305	408	—	82
	26,423	20,894	1,445	16,198	2,220	183	848

Other:
THE MART	3,891	3,882	208	2,094	118	1,247	215
555 California Street (70% interest)	1,819	1,274	—	1,240	34	—	—
Other	2,845	1,346	144	212	879	—	111
	8,555	6,502	352	3,546	1,031	1,247	326

Total square feet at June 30, 2023	34,978	27,396	1,797	19,744	3,251	1,430	1,174

Total square feet at March 31, 2023	34,973	27,392	1,858	19,685	3,245	1,430	1,174

Parking Garages (not included above):	Square Feet	Number of Garages	Number of Spaces
New York	1,635	9	4,804
THE MART	558	4	1,643
555 California Street	168	1	453
Rosslyn Plaza	411	4	1,094
Total at June 30, 2023	2,772	18	7,994

- 37 -


OCCUPANCY (unaudited)

	New York		THE MART		555 California Street
Occupancy rate at:
June 30, 2023	90.1	%	80.0	%	94.5	%
March 31, 2023	89.9	%	80.3	%	94.9	%
December 31, 2022	90.4	%	81.6	%	94.7	%
June 30, 2022	90.8	%	88.6	%	94.2	%


RESIDENTIAL STATISTICS (unaudited)

		Vornado's Ownership Interest
	Number of Units	Number of Units	Occupancy Rate	Average Monthly Rent Per Unit
New York:
June 30, 2023	1,975	940	96.5%	$4,010
March 31, 2023	1,976	941	96.8%	$3,914
December 31, 2022	1,976	941	96.7%	$3,882
June 30, 2022	1,983	948	97.6%	$3,804

- 38 -


GROUND LEASES (unaudited)
(Amounts in thousands, except square feet)

Property	Current Annual Rent at Share				Next Option Renewal Date		Fully Extended Lease Expiration		Rent Increases and Other Information
Consolidated:
New York:
The Farley Building (95% interest)		$	4,750			None		2116		None
PENN 1:
Land		2,500				2073		2098		One 25-year renewal option at fair market value ("FMV"). FMV rent resets occur in 2023 and 2048. The FMV rent reset effective June 2023 has yet to be determined and may be material.
Long Island Railroad Concourse Retail		—		(1)		2048		2098		Two 25-year renewal options. Rent increases at a rate based on the increase in gross income reduced by the increase in real estate taxes and operating expenses. The next rent increase occurs in 2028 and every ten years thereafter.
260 Eleventh Avenue		4,383				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.
Piers 92 & 94		1,000				2060		2110		None
330 West 34th Street - 65.2% ground leased		10,265		(2)		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 ten years to FMV.
Other:
Wayne Town Center		5,374				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:
61 Ninth Avenue (45.1% interest)		3,635				None		2115		Rent increases every three years based on CPI, subject to a cap. In 2051, 2071 and 2096, rent resets based on the increase in the property's gross revenue net of real estate taxes, if greater than the CPI reset.
Flushing (Alexander's) (32.4% interest)		259				2027		2037		One 10-year renewal option at 90% of FMV.

________________________________

(1)In December 2020, we entered into an agreement with the Metropolitan Transportation Authority (the “MTA”) to oversee the redevelopment of the Long Island Rail Road Concourse at Penn Station (the "Concourse"). In connection with the redevelopment, we entered into an agreement with the MTA which will result in the widening of the Concourse to relieve overcrowding and our trading of 15,000 square feet of back of house space for 22,000 square feet of retail frontage space.

(2)Represents the arbitration panel’s rent reset determination. We filed a petition in New York Supreme Court to vacate or modify the arbitration determination and our petition was denied. The appellate court affirmed the lower court’s decision. We have filed a motion for leave to appeal with the Court of Appeals.

- 39 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)			Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK:
PENN District:
PENN 1
(ground leased through 2098)**															Cisco, Hartford Fire Insurance, Empire Healthchoice Assurance, Inc., United
															Healthcare Services, Inc., Siemens Mobility, WSP USA, Gusto Inc., Samsung*,
-Office	100.0	%	83.2	%	$	79.36			2,256,000	2,256,000	—				Canaccord Genuity LLC*
-Retail	100.0	%	100.0	%	178.24				303,000	67,000	236,000				Bank of America, Starbucks, Blue Bottle Coffee Inc., Shake Shack*
	100.0	%	83.7	%	82.40		$	173,900	2,559,000	2,323,000	236,000	$	—

PENN 2
-Office	100.0	%	100.0	%	62.26				1,577,000	407,000	1,170,000				Madison Square Garden, EMC
-Retail	100.0	%	100.0	%	618.21				43,000	4,000	39,000				JPMorgan Chase
	100.0	%	100.0	%	67.87		27,200		1,620,000	411,000	1,209,000	575,000		(4)

The Farley Building (ground and building leased through 2116)**
-Office	95.0	%	100.0	%	111.61				730,000	730,000	—				Meta Platforms, Inc.
-Retail	95.0	%	24.1	%	405.94				116,000	116,000	—				Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels
	95.0	%	89.8	%	122.22		92,700		846,000	846,000	—	—

PENN 11

-Office	100.0	%	100.0	%	70.57				1,110,000	1,110,000	—				Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's
-Retail	100.0	%	80.1	%	150.80				39,000	39,000	—				PNC Bank National Association, Starbucks
	100.0	%	99.3	%	72.82		77,700		1,149,000	1,149,000	—	500,000

100 West 33rd Street
-Office	100.0	%	89.5	%	67.91				859,000	859,000	—				IPG and affiliates
-Retail	100.0	%	16.8	%	54.94				255,000	255,000	—				Aeropostale, Candytopia
	100.0	%	73.5	%	67.26		53,700		1,114,000	1,114,000	—	480,000

330 West 34th Street
(65.2% ground leased through 2149)**
-Office	100.0	%	75.4	%	76.83				702,000	702,000	—				Structure Tone, Deutsch, Inc., Web.com, Footlocker, HomeAdvisor, Inc.
-Retail	100.0	%	91.1	%	128.14				22,000	22,000	—				Starbucks
	100.0	%	75.7	%	78.24		41,600		724,000	724,000	—	100,000		(5)

435 Seventh Avenue
-Retail	100.0	%	100.0	%	35.22		1,500		43,000	43,000	—	95,696			Forever 21

7 West 34th Street
-Office	53.0	%	100.0	%	80.83				458,000	458,000	—				Amazon
-Retail	53.0	%	100.0	%	360.98				19,000	19,000	—				Amazon, Lindt, Naturalizer (guaranteed by Caleres)
	53.0	%	100.0	%	92.67		43,300		477,000	477,000	—	300,000

431 Seventh Avenue
-Retail	100.0	%	100.0	%	249.41		1,100		9,000	9,000	—	—			Essen

138-142 West 32nd Street
-Retail	100.0	%	100.0	%	109.26		500		8,000	8,000	—	—

150 West 34th Street
-Retail	100.0	%	100.0	%	112.53		8,800		78,000	78,000	—	100,000			Old Navy

- 40 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)			Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property										Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
PENN District (Continued):
137 West 33rd Street
-Retail	100.0	%	100.0	%	$	75.54		$	200	3,000	3,000	—	$	—

131-135 West 33rd Street
-Retail	100.0	%	100.0	%	60.59			1,400		23,000	23,000	—	—

Other (3 buildings)
-Retail	100.0	%	100.0	%	191.52			2,600		16,000	16,000	—	—

Total PENN District								526,200		8,669,000	7,224,000	1,445,000	2,150,696

Midtown East:
909 Third Avenue
(ground leased through 2063)**															IPG and affiliates, AbbVie Inc., United States Post Office,
-Office	100.0	%	95.0	%	65.32		(6)	59,700		1,352,000	1,352,000	—	350,000		Geller & Company, Morrison Cohen LLP, Sard Verbinnen


150 East 58th Street(7)
-Office	100.0	%	89.0	%	81.59					541,000	541,000	—			Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail	100.0	%	100.0	%	96.27					3,000	3,000	—
	100.0	%	89.1	%	81.67			39,000		544,000	544,000	—	—

715 Lexington Avenue
-Retail	100.0	%	100.0	%	197.28			4,300		22,000	22,000	—	—		Orangetheory Fitness, Casper, Santander Bank, Blu Dot

966 Third Avenue
-Retail	100.0	%	100.0	%	103.17			700		7,000	7,000	—	—		McDonald's

968 Third Avenue
-Retail	50.0	%	100.0	%	181.97			1,200		7,000	7,000	—	—		Wells Fargo

Total Midtown East								104,900		1,932,000	1,932,000	—	350,000

Midtown West:
888 Seventh Avenue
(ground leased through 2067)**															Axon Capital LP, Lone Star US Acquisitions LLC, Top-New York, Inc.,
-Office	100.0	%	90.0	%	98.52					872,000	872,000	—			Vornado Executive Headquarters, United Talent Agency
-Retail	100.0	%	100.0	%	286.58					15,000	15,000	—			Redeye Grill L.P.
	100.0	%	90.1	%	100.37			79,300		887,000	887,000	—	267,000

57th Street - 2 buildings
-Office	50.0	%	85.4	%	61.94					81,000	81,000	—
-Retail	50.0	%	42.5	%	121.41					22,000	22,000	—
	50.0	%	78.3	%	67.31			5,100		103,000	103,000	—	—

825 Seventh Avenue
-Office	50.0	%	79.6	%	59.02					169,000	169,000	—			Young Adult Institute Inc., New Alternatives for Children, Inc.*
-Retail	100.0	%	48.6	%	74.86					4,000	4,000	—
			78.9	%	59.25			7,900		173,000	173,000	—	60,000

Total Midtown West								92,300		1,163,000	1,163,000	—	327,000

- 41 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Park Avenue:
280 Park Avenue														Cohen & Steers Inc., Franklin Templeton Co. LLC,
-Office	50.0	%	98.8	%	$	109.82			1,237,000	1,237,000	—			PJT Partners, Investcorp International Inc., GIC Inc., Wells Fargo
-Retail	50.0	%	93.8	%	62.29				28,000	28,000	—			Starbucks, Fasano Restaurant
	50.0	%	98.7	%	108.82		$	135,000	1,265,000	1,265,000	—	$	1,200,000

350 Park Avenue
-Office	100.0	%	100.0	%	106.75		62,500		585,000	585,000	—	400,000		Citadel

Total Park Avenue							197,500		1,850,000	1,850,000	—	1,600,000
Grand Central:
90 Park Avenue														Alston & Bird, Capital One, PwC, MassMutual,
-Office	100.0	%	96.3	%	82.25				938,000	938,000	—			Factset Research Systems Inc., Foley & Lardner
-Retail	100.0	%	72.8	%	162.94				18,000	18,000	—			Citibank, Starbucks
	100.0	%	95.9	%	83.37		73,800		956,000	956,000	—	—


510 Fifth Avenue(8)
-Retail	100.0	%	25.2	%	391.39		5,900		65,000	65,000	—	—		The North Face

Total Grand Central							79,700		1,021,000	1,021,000	—	—

Madison/Fifth:
640 Fifth Avenue														Fidelity Investments, Abbott Capital Management,
-Office	52.0	%	91.6	%	108.65				246,000	246,000	—			Avolon Aerospace, Houlihan Lokey Advisors Parent, Inc.
-Retail	52.0	%	96.2	%	1,071.61				69,000	69,000	—			Victoria's Secret, Dyson
	52.0	%	92.3	%	261.05		72,200		315,000	315,000	—	500,000

666 Fifth Avenue
-Retail	52.0	%	100.0	%	425.78		44,500		114,000(9)	114,000	—	—		Fast Retailing (Uniqlo), Hollister, Tissot

595 Madison Avenue														LVMH Moet Hennessy Louis Vuitton Inc.,
-Office	100.0	%	86.5	%	80.10				300,000	300,000	—			Albea Beauty Solutions, Aerin LLC
-Retail	100.0	%	100.0	%	735.86				30,000	30,000	—			Fendi, Berluti, Christofle Silver Inc.
	100.0	%	87.4	%	127.65		38,200		330,000	330,000	—	—

650 Madison Avenue														Sotheby's International Realty, Inc., BC Partners Inc.,
-Office	20.1	%	85.8	%	116.00				564,000	564,000	—			Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)
-Retail	20.1	%	94.7	%	1,052.77				37,000	37,000	—			Moncler USA Inc., Tod's, Celine, Balmain
	20.1	%	86.1	%	157.27		77,700		601,000	601,000	—	800,000

689 Fifth Avenue
-Office	52.0	%	100.0	%	94.22				81,000	81,000	—			Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail	52.0	%	100.0	%	916.23				17,000	17,000	—			MAC Cosmetics, Canada Goose
	52.0	%	100.0	%	191.30		18,900		98,000	98,000	—	—

655 Fifth Avenue
-Retail	50.0	%	100.0	%	294.53		17,400		57,000	57,000	—	—		Ferragamo

697-703 Fifth Avenue
-Retail	44.8	%	100.0	%	2,531.92		41,500		26,000	26,000	—	355,000		Swatch Group USA, Harry Winston

Total Madison/Fifth							310,400		1,541,000	1,541,000	—	1,655,000

- 42 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Midtown South:
770 Broadway
-Office	100.0	%	85.7	%	$	111.24			1,077,000	1,077,000	—			Meta Platforms, Inc., Yahoo Inc.
-Retail	100.0	%	92.0	%	93.53				106,000	106,000	—			Bank of America N.A., Wegmans Food Markets
	100.0	%	86.2	%	109.66		$	110,100	1,183,000	1,183,000	—	$	700,000

One Park Avenue
														New York University, BMG Rights Management LLC,
-Office	100.0	%	95.4	%	72.22				867,000	867,000	—			Robert A.M. Stern Architect
-Retail	100.0	%	90.1	%	83.17				78,000	78,000	—			Bank of Baroda, Citibank, Equinox
	100.0	%	95.0	%	73.07		64,100		945,000	945,000	—	525,000






4 Union Square South
-Retail	100.0	%	100.0	%	135.64		27,700		204,000	204,000	—	120,000		Burlington, Whole Foods Market, DSW, Sephora

692 Broadway(8)
-Retail	100.0	%	64.4	%	72.68		1,700		36,000	36,000	—	—		Equinox

Total Midtown South							203,600		2,368,000	2,368,000	—	1,345,000

Rockefeller Center:
1290 Avenue of the Americas														Equitable Financial Life Insurance Company, Hachette Book Group Inc.,
														Bryan Cave LLP, Neuberger Berman Group LLC, SSB Realty LLC,
														Cushman & Wakefield, Columbia University, LinkLaters, Venable LLP,
-Office	70.0	%	100.0	%	95.45				2,043,000	2,043,000	—			Fubotv Inc
-Retail	70.0	%	73.6	%	314.08				77,000	77,000	—			Duane Reade, JPMorgan Chase Bank, Sovereign Bank, Starbucks
Total Rockefeller Center	70.0	%	99.3	%	99.90		205,300		2,120,000	2,120,000	—	950,000

SoHo:
606 Broadway (19 East Houston Street)
-Office	50.0	%	100.0	%	138.74				30,000	30,000	—			WeWork
-Retail	50.0	%	100.0	%	722.86				6,000	6,000	—			HSBC, Harman International
	50.0	%	100.0	%	215.57		7,500		36,000	36,000	—	74,119

443 Broadway(8)
-Retail	100.0	%	100.0	%	64.28		1,000		16,000	16,000	—	—		Blick Art Materials

304 Canal Street
-Retail	100.0	%	100.0	%	58.96				4,000	4,000	—			Stellar Works
-Residential (4 units)	100.0	%	0.0	%					9,000	9,000	—
	100.0	%					200		13,000	13,000	—	—

334 Canal Street
-Retail	100.0	%	0.0	%	—				4,000	4,000	—
-Residential (4 units)	100.0	%	0.0	%					10,000	10,000	—
	100.0	%					—		14,000	14,000	—	—

148 Spring Street(8)
-Retail	100.0	%	42.4	%	356.08		1,000		8,000	8,000	—	—		Dr. Martens

- 43 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
SoHo (Continued):


150 Spring Street(8)
-Retail	100.0	%	74.2	%	$	81.24			6,000	6,000	—
-Residential (1 unit)	100.0	%	100.0	%					1,000	1,000	—
	100.0	%					$	300	7,000	7,000	—	$	—

Total SoHo							10,000		94,000	94,000	—	74,119

Times Square:
1540 Broadway														Forever 21, Disney, Sunglass Hut,
-Retail	52.0	%	79.9	%	177.05		23,200		161,000	161,000	—	—		MAC Cosmetics, U.S. Polo

1535 Broadway
-Retail	52.0	%	100.0	%	1,202.49				45,000	45,000	—			T-Mobile, Invicta, Swatch Group USA, Levi's, Sephora
-Theatre	52.0	%	100.0	%	16.08				62,000	62,000	—			Nederlander-Marquis Theatre
	52.0	%	100.0	%	461.80		45,900		107,000	107,000	—	—

Total Times Square							69,100		268,000	268,000	—	—

Upper East Side:
1131 Third Avenue
-Retail	100.0	%	100.0	%	213.88		4,900		23,000	23,000	—	—		Nike, Crunch LLC, J.Jill

40 East 66th Street
-Residential (3 units)	100.0	%	100.0	%					10,000	10,000	—	—


Total Upper East Side							4,900		33,000	33,000	—	—





Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)**
-Office	100.0	%	100.0	%	49.54		10,400		209,000	209,000	—	—		The City of New York

85 Tenth Avenue														Google, Telehouse International Corp.,
-Office	49.9	%	80.4	%	92.62				595,000	595,000	—			Clear Secure, Inc.
-Retail	49.9	%	75.7	%	70.80				43,000	43,000	—			La Brasseria
	49.9	%	80.1	%	91.36		46,200		638,000	638,000	—	625,000

537 West 26th Street
-Retail	100.0	%	100.0	%	161.89		2,800		17,000	17,000	—	—		The Chelsea Factory Inc.

61 Ninth Avenue (2 buildings)
(ground leased through 2115)**
-Office	45.1	%	100.0	%	146.70				171,000	171,000	—			Aetna Life Insurance Company, Apple Inc.
-Retail	45.1	%	100.0	%	396.19				23,000	23,000	—			Starbucks
	45.1	%	100.0	%	163.10		34,000		194,000	194,000	—	167,500

512 West 22nd Street														Warner Media, Next Jump, Pura Vida Investments,
-Office	55.0	%	84.5	%	122.00				165,000	165,000	—			Capricorn Investment Group
-Retail	55.0	%	100.0	%	103.93				8,000	8,000	—			Galeria Nara Roesler, Harper's Books
	55.0	%	85.2	%	121.02		17,800		173,000	173,000	—	129,250

Total Chelsea/Meatpacking District							111,200		1,231,000	1,231,000	—	921,750

- 44 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Upper West Side:
50-70 West 93rd Street
-Residential (324 units)	49.9	%	99.3	%	$	—	$	—	283,000	283,000	—	$	83,500

Tribeca:
Independence Plaza
-Residential (1,327 units)	50.1	%	95.7	%					1,186,000	1,186,000	—
-Retail	50.1	%	54.5	%	74.03				72,000	72,000	—			Duane Reade
	50.1	%					2,800		1,258,000	1,258,000	—	675,000

339 Greenwich Street
-Retail	100.0	%	100.0	%	74.17		300		8,000	8,000	—	—		Sarabeth's

Total Tribeca							3,100		1,266,000	1,266,000	—	675,000
New Jersey:
Paramus
-Office	100.0	%	83.0	%	25.67		2,600		129,000	129,000	—	—		Vornado's Administrative Headquarters






Properties to be Developed:
Hotel Pennsylvania site
-Land	100.0	%	—		—		—		—	—	—	—

57th Street
-Land	50.0	%	—		—		—		—	—	—	—

Eighth Avenue and 34th Street
-Land	100.0	%	—		—		—		—	—	—	—

New York Office:

Total			92.2	%	$	88.37	$	1,470,900	19,944,000	18,774,000	1,170,000	$	8,628,750

Vornado's Ownership Interest			91.9	%	$	85.83	$	1,215,300	17,246,000	16,076,000	1,170,000	$	6,165,280

New York Retail:

Total			76.3	%	$	268.00	$	450,000	2,525,000	2,250,000	275,000	$	744,815

Vornado's Ownership Interest			74.0	%	$	221.00	$	297,400	2,087,000	1,812,000	275,000	$	511,745

New York Residential:

Total			96.5	%					1,499,000	1,499,000	—	$	758,500

Vornado's Ownership Interest			96.5	%					766,000	766,000	—	$	379,842

- 45 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
ALEXANDER'S, INC.:
New York:
731 Lexington Avenue, Manhattan
-Office	32.4	%	100.0	%	$	133.53			939,000	939,000	—	$	500,000	Bloomberg L.P.
-Retail	32.4	%	90.3	%	252.71				140,000	140,000	—	300,000		The Home Depot, Hutong, Capital One
	32.4	%	98.9	%	145.92		$	153,600	1,079,000	1,079,000	—	800,000


Rego Park I, Queens (4.8 acres)	32.4	%	77.0	%	49.49		12,900		338,000	338,000	—	—		Burlington, Bed Bath & Beyond, Marshalls, IKEA

Rego Park II (adjacent to Rego Park I),
Queens (6.6 acres)	32.4	%	69.2	%	71.37		30,100		616,000	616,000	—	202,544		Costco, Kohl's, TJ Maxx

Flushing, Queens (1.0 acre ground leased through 2037)**	32.4	%	100.0	%	32.88		5,500		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	%	87.3	%	106.18		202,100		2,455,000	2,455,000	—	1,096,544


Total New York			90.2	%	$	103.91	$	2,122,900	26,423,000	24,978,000	1,445,000	$	11,228,609

Vornado's Ownership Interest			90.1	%	$	96.96	$	1,620,300	20,894,000	19,449,000	1,445,000	$	7,412,146

________________________________

* Lease not yet commenced.

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

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

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

(3)Represents contractual debt obligations.

(4)Secured amount outstanding on revolving credit facilities.

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

(6)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)On July 27, 2023, we entered into an agreement to sell 510 Fifth Avenue, 148 Spring Street, 150 Spring Street, 443 Broadway and 692 Broadway. See page 4 for details.

(9)75,000 square feet is leased from 666 Fifth Avenue Office Condominium.

- 46 -


OTHER SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
THE MART:
THE MART, Chicago														Motorola Mobility (guaranteed by Google),
														1871, ANGI Home Services, Inc, Yelp Inc., Paypal, Inc.,
														Allscripts Healthcare, Kellogg Company,
														Chicago School of Professional Psychology, ConAgra Foods Inc.,
														Innovation Development Institute, Inc., Avant LLC,
														Allstate Insurance Company, Medline Industries, Inc,
-Office	100.0	%	86.1	%	$	48.36	$	88,100	2,094,000	2,094,000	—			Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.

-Showroom/Trade show	100.0	%	72.9	%	56.67		59,600		1,462,000	1,462,000	—
-Retail	100.0	%	56.0	%	48.11		2,800		108,000	108,000	—
	100.0	%	80.0	%	51.35		150,500		3,664,000	3,664,000	—	$	—

Other (2 properties)	50.0	%	93.9	%	50.55		900		19,000	19,000	—	27,584
Total THE MART, Chicago							151,400		3,683,000	3,683,000	—	27,584


Piers 92 and 94 (New York) (ground and building leased through 2110)**	100.0	%	—		—		—		208,000	—	208,000	—

Property to be Developed:
527 West Kinzie, Chicago	100.0	%	—		—		—		—	—	—	—


Total THE MART			80.1	%	$	51.34	$	151,400	3,891,000	3,683,000	208,000	$	27,584

Vornado's Ownership Interest			80.0	%	$	51.34	$	151,000	3,882,000	3,674,000	208,000	$	13,792

555 California Street:
555 California Street	70.0	%	98.7	%	$	93.78	$	136,900	1,506,000	1,506,000	—	$	1,200,000	Bank of America, N.A., Dodge & Cox, Goldman Sachs & Co.,
														Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,
														McKinsey & Company Inc., UBS Financial Services,
														KKR Financial, Microsoft Corporation,
														Fenwick & West LLP, Sidley Austin

315 Montgomery Street	70.0	%	99.7	%	88.28		20,400		235,000	235,000	—	—		Bank of America, N.A., Regus, Ripple Labs Inc., Blue Shield, Lending Home Corporation

345 Montgomery Street	70.0	%	0.0	%	—		—		78,000	78,000	—	—

Total 555 California Street			94.5	%	$	93.04	$	157,300	1,819,000	1,819,000	—	$	1,200,000

Vornado's Ownership Interest			94.5	%	$	93.04	$	110,100	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.

- 47 -


OTHER SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet				Encumbrances (non-GAAP) (in thousands)(4)		Major Tenants
Property									Total Property	In Service		Under Development or Not Available for Lease
										Owned by Company	Owned by Tenant(3)
OTHER:
Virginia:
Rosslyn Plaza
-Office - 4 buildings	46.2	%	58.4	%	$	54.76			736,000	432,000	—	304,000			Corporate Executive Board, Nathan Associates, Inc.
-Residential - 2 buildings (197 units)	43.7	%	97.5	%					253,000	253,000	—	—
	45.6	%					$	13,478	989,000	685,000	—	304,000	$	25,000

Fashion Centre Mall / Washington Tower
-Office	7.5	%	75.0	%	55.92				170,000	170,000	—	—	42,300		The Rand Corporation
-Retail	7.5	%	95.7	%	40.17				868,000	868,000	—	—	412,700		Macy's, Nordstrom
	7.5	%	92.3	%	42.26		51,807		1,038,000	1,038,000	—	—	455,000

New Jersey:
Wayne Town Center, Wayne (ground leased through 2064)**	100.0	%	100.0	%	31.11		14,340		690,000	243,000	443,000	4,000	—		JCPenney, Costco, Dick's Sporting Goods,
															Nordstrom Rack, UFC FIT

Atlantic City (11.3 acres ground leased through 2070 to VICI Properties for a portion of the Borgata Hotel and Casino complex)	100.0	%	100.0	%	—		—		—	—	—	—	—		VICI Properties (ground lessee)

Maryland:
Annapolis (ground and building leased through 2042)**	100.0	%	100.0	%	11.70		1,577		128,000	128,000	—	—	—		The Home Depot

Total Other			88.6	%	$	40.11	$	81,202	2,845,000	2,094,000	443,000	308,000	$	480,000

Vornado's Ownership Interest			91.8	%	$	30.04	$	26,029	1,346,000	759,000	443,000	144,000	$	46,729

________________________________

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

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

(3)Owned by tenant on land leased from the company.

(4)Represents the contractual debt obligations.

- 48 -

INVESTOR INFORMATION

Corporate Officers:

Steven Roth

Chairman of the Board and Chief Executive Officer

Michael J. Franco

President and Chief Financial Officer

Glen J. Weiss

Executive Vice President - Office Leasing - Co-Head of Real Estate

Barry S. Langer

Executive Vice President - Development - Co-Head of Real Estate

Haim Chera

Executive Vice President - Head of Retail

Thomas J. Sanelli

Executive Vice President - Finance and Chief Administrative Officer

RESEARCH COVERAGE

Camille Bonnel

Caitlin Burrows/Julien Blouin

Ronald Kamdem

Bank of America/BofA Securities

Goldman Sachs

Morgan Stanley

416-369-2140

212-902-4736/212-357-7297

212-296-8319

John P. Kim

Dylan Burzinski

Alexander Goldfarb/Connor Mitchell

BMO Capital Markets

Green Street Advisors

Piper Sandler

212-885-4115

949-640-8780

212-466-7937/203-861-7615

Michael Griffin

Anthony Paolone/Ray Zhong

Nicholas Yulico

Citi

JP Morgan

Scotia Capital (USA) Inc

212-816-5871

212-622-6682/212-622-5411

212-225-6904

Derek Johnston

Mark Streeter/Ian Snyder

Michael Lewis

Deutsche Bank

JP Morgan Fixed Income

Truist Securities

212-250-5683

212-834-5086/212-834-3798

212-319-5659

Steve Sakwa

Vikram Malhotra

Evercore ISI

Mizuho Securities (USA) Inc.

212-446-9462

212-282-3827

Research Coverage - is provided as a service to interested parties and not as an endorsement of any report, or representation as to the accuracy of any information contained therein. Opinions, forecasts and other forward-looking statements expressed in analysts' reports are subject to change without notice.

- 49 -

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

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

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

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

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

- i -


NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended						For the Six Months Ended June 30,
	June 30,				March 31, 2023
	2023		2022				2023		2022
Net income attributable to common shareholders	$	46,377	$	50,418	$	5,168	$	51,545	$	76,896
Per diluted share	$	0.24	$	0.26	$	0.03	$	0.27	$	0.40

Certain (income) expense items that impact net income attributable to common shareholders:
Our share of Alexander's gain on sale of Rego Park III land parcel	(16,396)		—		—		(16,396)		—
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)	2,206		3,234		2,875		5,081		6,407
Net gain on sale of the Center Building (33-00 Northern Boulevard, Long Island City, NY)	—		(15,213)		—		—		(15,213)
Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV	—		(13,613)		—		—		(13,613)
After-tax net gain on sale of 220 CPS condominium units and ancillary amenities	—		(673)		(6,173)		(6,173)		(6,085)
Other	(6,194)		12,691		288		(5,906)		20,520
	(20,384)		(13,574)		(3,010)		(23,394)		(7,984)
Noncontrolling interests' share of above adjustments	1,461		559		215		1,676		297
Total of certain (income) expense items that impact net income attributable to common shareholders	(18,923)		(13,015)		(2,795)		(21,718)		(7,687)


Net income attributable to common shareholders, as adjusted (non-GAAP)	$	27,454	$	37,403	$	2,373	$	29,827	$	69,209
Per diluted share (non-GAAP)	$	0.14	$	0.19	$	0.01	$	0.15	$	0.36

- ii -


NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended						For the Six Months Ended June 30,
	June 30,				March 31, 2023
	2023		2022				2023		2022
Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):
Net income attributable to common shareholders	$	46,377	$	50,418	$	5,168	$	51,545	$	76,896
Per diluted share	$	0.24	$	0.26	$	0.03	$	0.27	$	0.40

FFO adjustments:
Depreciation and amortization of real property	$	94,922	$	106,620	$	94,792	$	189,714	$	212,582

Net gain on sale of real estate	(260)		(27,803)		—		(260)		(28,354)
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO:
Depreciation and amortization of real property	26,666		33,681		27,469		54,135		65,820
Net gain on sale of real estate	(16,545)		(175)		—		(16,545)		(175)


	104,783		112,323		122,261		227,044		249,873
Noncontrolling interests' share of above adjustments	(7,510)		(7,781)		(8,746)		(16,256)		(17,287)
FFO adjustments, net	$	97,273	$	104,542	$	113,515	$	210,788	$	232,586


FFO attributable to common shareholders (non-GAAP)	$	143,650	$	154,960	$	118,683	$	262,333	$	309,482
Impact of assumed conversion of dilutive convertible securities	409		5		400		816		515
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	144,059		154,965		119,083		263,149		309,997
Add back of FFO allocated to noncontrolling interests of the Operating Partnership	11,090		11,535		9,146		20,236		23,006
FFO attributable to Class A unitholders (non-GAAP)	$	155,149	$	166,500	$	128,229	$	283,385	$	333,003
FFO per diluted share (non-GAAP)	$	0.74	$	0.80	$	0.61	$	1.35	$	1.60

- iii -


NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended						For the Six Months Ended June 30,
	June 30,				March 31, 2023
	2023		2022				2023		2022
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	144,059	$	154,965	$	119,083	$	263,149	$	309,997
Per diluted share (non-GAAP)	$	0.74	$	0.80	$	0.61	$	1.35	$	1.60

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)	$	2,206	$	3,234	$	2,875	$	5,081	$	6,407
After-tax net gain on sale of 220 CPS condominium units and ancillary amenities	—		(673)		(6,173)		(6,173)		(6,085)
Other	(5,785)		2,912		288		(5,497)		2,363
	(3,579)		5,473		(3,010)		(6,589)		2,685
Noncontrolling interests' share of above adjustments	257		(379)		215		472		(186)
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net	$	(3,322)	$	5,094	$	(2,795)	$	(6,117)	$	2,499


FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	140,737	$	160,059	$	116,288	$	257,032	$	312,496
Per diluted share (non-GAAP)	$	0.72	$	0.83	$	0.60	$	1.32	$	1.62

- iv -


NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited)
(Amounts in thousands)
		For the Three Months Ended									For the Six Months Ended June 30,
		June 30,						March 31, 2023
		2023			2022						2023			2022
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	(A)	$	144,059		$	154,965		$	119,083		$	263,149		$	309,997

Adjustments to arrive at FAD (non-GAAP):
Certain items that impact FAD		(3,579)			4,665			(3,010)			(6,589)			1,877
Recurring tenant improvements, leasing commissions and other capital expenditures		(46,932)			(42,826)			(60,601)			(107,533)			(79,583)
Stock-based compensation expense		11,868			5,846			11,714			23,582			19,001
Amortization of debt issuance costs		9,162			6,658			8,840			18,002			12,213
Personal property depreciation		1,604			1,197			1,231			2,835			2,411
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other		(5,570)			(4,275)			5,052			(518)			(7,405)
Noncontrolling interests in the Operating Partnership's share of above adjustments		2,317			1,991			2,541			4,858			3,563
FAD adjustments, net	(B)	(31,130)			(26,744)			(34,233)			(65,363)			(47,923)

FAD (non-GAAP)	(A+B)	$	112,929		$	128,221		$	84,850		$	197,786		$	262,074

FAD payout ratio (1)		0.0		%	80.3		%	85.2		%	36.8		%	77.9		%

________________________________

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

- v -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET INCOME TO NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS (unaudited)

(Amounts in thousands)


	For the Three Months Ended						For the Six Months Ended June 30,
	June 30,				March 31, 2023
	2023		2022				2023		2022
Net income	$	62,733	$	68,903	$	11,198	$	73,931	$	122,278
Depreciation and amortization expense	107,162		118,662		106,565		213,727		236,105
General and administrative expense	39,410		31,902		41,595		81,005		73,118
Transaction related costs and other	30		2,960		658		688		3,965
Income from partially owned entities	(37,272)		(25,720)		(16,666)		(53,938)		(59,434)
Loss (income) from real estate fund investments	102		142		19		121		(5,532)
Interest and other investment income, net	(13,255)		(3,036)		(9,603)		(22,858)		(4,054)
Interest and debt expense	87,165		62,640		86,237		173,402		114,749
Net gains on disposition of wholly owned and partially owned assets	(936)		(28,832)		(7,520)		(8,456)		(35,384)
Income tax expense	4,497		3,564		4,667		9,164		10,975
NOI from partially owned entities	70,745		74,060		68,097		138,842		152,752
NOI attributable to noncontrolling interests in consolidated subsidiaries	(18,742)		(16,299)		(11,764)		(30,506)		(36,334)
NOI at share	301,639		288,946		273,483		575,122		573,204
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(5,570)		(4,275)		5,052		(518)		(7,405)
NOI at share - cash basis	$	296,069	$	284,671	$	278,535	$	574,604	$	565,799

- vi -

NON-GAAP RECONCILIATIONS

COMPONENTS OF NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS (unaudited)

(Amounts in thousands)


	For the Three Months Ended June 30,
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2023		2022		2023		2022		2023		2022		2023		2022		2023		2022
New York	$	362,471	$	364,162	$	(176,410)	$	(176,572)	$	186,061	$	187,590	$	(840)	$	(11,117)	$	185,221	$	176,473
Other	109,888		89,332		(46,313)		(45,737)		63,575		43,595		1,327		1,730		64,902		45,325
Consolidated total	472,359		453,494		(222,723)		(222,309)		249,636		231,185		487		(9,387)		250,123		221,798
Noncontrolling interests' share in consolidated subsidiaries	(64,623)		(54,677)		45,881		38,378		(18,742)		(16,299)		(6,678)		7,679		(25,420)		(8,620)
Our share of partially owned entities	117,817		119,880		(47,072)		(45,820)		70,745		74,060		621		(2,567)		71,366		71,493
Vornado's share	$	525,553	$	518,697	$	(223,914)	$	(229,751)	$	301,639	$	288,946	$	(5,570)	$	(4,275)	$	296,069	$	284,671


	For the Three Months Ended March 31, 2023
	Total Revenues		Operating Expenses		NOI		Non-cash Adjustments(1)		NOI - cash basis
New York	$	363,814	$	(188,321)	$	175,493	$	9,796	$	185,289
Other	82,109		(40,452)		41,657		92		41,749
Consolidated total	445,923		(228,773)		217,150		9,888		227,038
Noncontrolling interests' share in consolidated subsidiaries	(56,815)		45,051		(11,764)		(5,614)		(17,378)
Our share of partially owned entities	115,526		(47,429)		68,097		778		68,875
Vornado's share	$	504,634	$	(231,151)	$	273,483	$	5,052	$	278,535


	For the Six Months Ended June 30,
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2023		2022		2023		2022		2023		2022		2023		2022		2023		2022
New York	$	726,285	$	722,710	$	(364,731)	$	(354,107)	$	361,554	$	368,603	$	8,956	$	(28,562)	$	370,510	$	340,041
Other	191,997		172,914		(86,765)		(84,731)		105,232		88,183		1,419		2,418		106,651		90,601
Consolidated total	918,282		895,624		(451,496)		(438,838)		466,786		456,786		10,375		(26,144)		477,161		430,642
Noncontrolling interests' share in consolidated subsidiaries	(121,438)		(108,544)		90,932		72,210		(30,506)		(36,334)		(12,292)		22,314		(42,798)		(14,020)
Our share of partially owned entities	233,343		242,438		(94,501)		(89,686)		138,842		152,752		1,399		(3,575)		140,241		149,177
Vornado's share	$	1,030,187	$	1,029,518	$	(455,065)	$	(456,314)	$	575,122	$	573,204	$	(518)	$	(7,405)	$	574,604	$	565,799

________________________________

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

- vii -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED JUNE 30, 2023 COMPARED TO JUNE 30, 2022 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended June 30, 2023	$	301,639		$	248,366		$	16,462		$	31,347		$	5,464
Less NOI at share from:
Dispositions	111			111			—			—			—
Development properties	(7,594)			(7,594)			—			—			—
Other non-same store income, net	(6,658)			(1,194)			—			—			(5,464)
Same store NOI at share for the three months ended June 30, 2023	$	287,498		$	239,689		$	16,462		$	31,347		$	—

NOI at share for the three months ended June 30, 2022	$	288,946		$	248,092		$	19,947		$	16,724		$	4,183
Less NOI at share from:
Dispositions	(3,321)			(3,321)			—			—			—
Development properties	(8,263)			(8,263)			—			—			—
Other non-same store income, net	(7,803)			(3,620)			—			—			(4,183)
Same store NOI at share for the three months ended June 30, 2022	$	269,559		$	232,888		$	19,947		$	16,724		$	—

Increase (decrease) in same store NOI at share	$	17,939		$	6,801		$	(3,485)		$	14,623		$	—

% increase (decrease) in same store NOI at share	6.7		%	2.9		%	(17.5)		%	87.4		%	0.0		%

- viii -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED JUNE 30, 2023 COMPARED TO JUNE 30, 2022 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended June 30, 2023	$	296,069		$	241,569		$	16,592		$	32,284		$	5,624
Less NOI at share - cash basis from:
Dispositions	111			111			—			—			—
Development properties	(6,687)			(6,687)			—			—			—
Other non-same store income, net	(7,061)			(1,437)			—			—			(5,624)
Same store NOI at share - cash basis for the three months ended June 30, 2023	$	282,432		$	233,556		$	16,592		$	32,284		$	—

NOI at share - cash basis for the three months ended June 30, 2022	$	284,671		$	241,903		$	21,541		$	16,855		$	4,372
Less NOI at share - cash basis from:
Dispositions	(3,149)			(3,149)			—			—			—
Development properties	(7,620)			(7,620)			—			—			—
Other non-same store income, net	(8,007)			(3,635)			—			—			(4,372)
Same store NOI at share - cash basis for the three months ended June 30, 2022	$	265,895		$	227,499		$	21,541		$	16,855		$	—

Increase (decrease) in same store NOI at share - cash basis	$	16,537		$	6,057		$	(4,949)		$	15,429		$	—

% increase (decrease) in same store NOI at share - cash basis	6.2		%	2.7		%	(23.0)		%	91.5		%	0.0		%

- ix -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE SIX MONTHS ENDED JUNE 30, 2023 COMPARED TO JUNE 30, 2022 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share for the six months ended June 30, 2023	$	575,122		$	484,360		$	31,871		$	48,276		$	10,615
Less NOI at share from:
Dispositions	307			307			—			—			—
Development properties	(15,140)			(15,140)			—			—			—
Other non-same store (income) expense, net	(8,145)			2,470			—			—			(10,615)
Same store NOI at share for the six months ended June 30, 2023	$	552,144		$	471,997		$	31,871		$	48,276		$	—

NOI at share for the six months ended June 30, 2022	$	573,204		$	491,759		$	39,861		$	32,959		$	8,625
Less NOI at share from:
Dispositions	(6,356)			(6,356)			—			—			—
Development properties	(15,702)			(15,702)			—			—			—
Other non-same store income, net	(16,722)			(8,097)			—			—			(8,625)
Same store NOI at share for the six months ended June 30, 2022	$	534,424		$	461,604		$	39,861		$	32,959		$	—

Increase (decrease) in same store NOI at share	$	17,720		$	10,393		$	(7,990)		$	15,317		$	—

% increase (decrease) in same store NOI at share	3.3		%	2.3		%	(20.0)		%	46.5		%	0.0		%

- x -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE SIX MONTHS ENDED JUNE 30, 2023 COMPARED TO JUNE 30, 2022 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the six months ended June 30, 2023	$	574,604		$	482,596		$	31,267		$	50,002		$	10,739
Less NOI at share - cash basis from:
Dispositions	307			307			—			—			—
Development properties	(13,457)			(13,457)			—			—			—
Other non-same store income, net	(13,131)			(2,392)			—			—			(10,739)
Same store NOI at share - cash basis for the six months ended June 30, 2023	$	548,323		$	467,054		$	31,267		$	50,002		$	—

NOI at share - cash basis for the six months ended June 30, 2022	$	565,799		$	481,595		$	41,977		$	33,215		$	9,012
Less NOI at share - cash basis from:
Dispositions	(6,205)			(6,205)			—			—			—
Development properties	(14,375)			(14,375)			—			—			—
Other non-same store income, net	(17,339)			(8,327)			—			—			(9,012)
Same store NOI at share - cash basis for the six months ended June 30, 2022	$	527,880		$	452,688		$	41,977		$	33,215		$	—

Increase (decrease) in same store NOI at share - cash basis	$	20,443		$	14,366		$	(10,710)		$	16,787		$	—

% increase (decrease) in same store NOI at share - cash basis	3.9		%	3.2		%	(25.5)		%	50.5		%	0.0		%

- xi -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED JUNE 30, 2023 COMPARED TO MARCH 31, 2023 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended June 30, 2023	$	301,639		$	248,366		$	16,462		$	31,347		$	5,464
Less NOI at share from:
Dispositions	111			111			—			—			—
Development properties	(7,594)			(7,594)			—			—			—
Other non-same store income, net	(6,298)			(834)			—			—			(5,464)
Same store NOI at share for the three months ended June 30, 2023	$	287,858		$	240,049		$	16,462		$	31,347		$	—

NOI at share for the three months ended March 31, 2023	$	273,483		$	235,994		$	15,409		$	16,929		$	5,151
Less NOI at share from:
Dispositions	195			195			—			—			—
Development properties	(7,230)			(7,230)			—			—			—
Other non-same store (income) expense, net	(1,126)			4,025			—			—			(5,151)
Same store NOI at share for the three months ended March 31, 2023	$	265,322		$	232,984		$	15,409		$	16,929		$	—

Increase in same store NOI at share	$	22,536		$	7,065		$	1,053		$	14,418		$	—

% increase in same store NOI at share	8.5		%	3.0		%	6.8		%	85.2		%	0.0		%

- xii -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED JUNE 30, 2023 COMPARED TO MARCH 31, 2023 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended June 30, 2023	$	296,069		$	241,569		$	16,592		$	32,284		$	5,624
Less NOI at share - cash basis from:
Dispositions	111			111			—			—			—
Development properties	(6,687)			(6,687)			—			—			—
Other non-same store income, net	(6,701)			(1,077)			—			—			(5,624)
Same store NOI at share - cash basis for the three months ended June 30, 2023	$	282,792		$	233,916		$	16,592		$	32,284		$	—

NOI at share - cash basis for the three months ended March 31, 2023	$	278,535		$	241,027		$	14,675		$	17,718		$	5,115
Less NOI at share - cash basis from:
Dispositions	195			195			—			—			—
Development properties	(6,475)			(6,475)			—			—			—
Other non-same store income, net	(5,708)			(593)			—			—			(5,115)
Same store NOI at share - cash basis for the three months ended March 31, 2023	$	266,547		$	234,154		$	14,675		$	17,718		$	—

Increase (decrease) in same store NOI at share - cash basis	$	16,245		$	(238)		$	1,917		$	14,566		$	—

% increase (decrease) in same store NOI at share - cash basis	6.1		%	(0.1)		%	13.1		%	82.2		%	0.0		%

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NON-GAAP RECONCILIATIONS
RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)

	As of June 30, 2023
	Consolidated Debt, Net		Deferred Financing Costs, Net and Other		Consolidated Contractual Debt
Mortgages payable	$	5,715,138	$	46,677	$	5,761,815
Senior unsecured notes	1,192,853		7,147		1,200,000
$800 Million unsecured term loan	793,864		6,136		800,000
$2.5 Billion unsecured revolving credit facilities	575,000		—		575,000
	$	8,276,855	$	59,960	$	8,336,815

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NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET INCOME TO EBITDAre (unaudited)

(Amounts in thousands)


	For the Three Months Ended						For the Six Months Ended June 30,
	June 30,				March 31, 2023
	2023		2022				2023		2022
Reconciliation of net income to EBITDAre (non-GAAP):
Net income	$	62,733	$	68,903	$	11,198	$	73,931	$	122,278
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries	2,781		826		9,928		12,709		(8,548)
Net income attributable to the Operating Partnership	65,514		69,729		21,126		86,640		113,730
EBITDAre adjustments at share:
Depreciation and amortization expense	123,192		141,498		123,492		246,684		280,813
Interest and debt expense	118,132		81,925		111,117		229,249		152,115
Income tax expense	4,655		3,749		4,954		9,609		11,340


Net gain on sale of real estate	(16,805)		(27,978)		—		(16,805)		(28,529)
EBITDAre at share	294,688		268,923		260,689		555,377		529,469
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	19,757		15,303		12,186		31,943		39,200
EBITDAre (non-GAAP)	$	314,445	$	284,226	$	272,875	$	587,320	$	568,669

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NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	For the Three Months Ended						For the Six Months Ended June 30,
	June 30,				March 31, 2023
	2023		2022				2023		2022
EBITDAre (non-GAAP)	$	314,445	$	284,226	$	272,875	$	587,320	$	568,669

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(19,757)		(15,303)		(12,186)		(31,943)		(39,200)

Certain (income) expense items that impact EBITDAre:
Net gains on disposition of wholly owned and partially owned assets	(902)		—		(129)		(1,031)		—
Gain on sale of 220 CPS condominium units and ancillary amenities	—		(1,029)		(7,520)		(7,520)		(7,030)
Other	(5,673)		2,522		1,075		(4,598)		1,973
Total of certain (income) expense items that impact EBITDAre	(6,575)		1,493		(6,574)		(13,149)		(5,057)

EBITDAre, as adjusted (non-GAAP)	$	288,113	$	270,416	$	254,115	$	542,228	$	524,412

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