Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

February 10, 2025

VORNADO REALTY TRUST

(Exact Name of Registrant as Specified in Charter)

Maryland

No.

001-11954

No.

22-1657560

(State or Other

(Commission

(IRS Employer

Jurisdiction of Incorporation)

File Number)

Identification No.)

VORNADO REALTY L.P.

(Exact Name of Registrant as Specified in Charter)

Delaware

No.

001-34482

No.

13-3925979

(State or Other

(Commission

(IRS Employer

Jurisdiction of Incorporation)

File Number)

Identification No.)


888 Seventh Avenue
New York,	New York	10019
(Address of Principal Executive offices)		(Zip Code)

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

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

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


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

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

Registrant

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Vornado Realty Trust

Common Shares of beneficial interest, $.04 par value per share

VNO

New York Stock Exchange

Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share:

Vornado Realty Trust

5.40% Series L

VNO/PL

New York Stock Exchange

Vornado Realty Trust

5.25% Series M

VNO/PM

New York Stock Exchange

Vornado Realty Trust

5.25% Series N

VNO/PN

New York Stock Exchange

Vornado Realty Trust

4.45% Series O

VNO/PO

New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

On February 10, 2025, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the fourth quarter of 2024. That press release referred to supplemental data that is available on the Company’s website. That press release and the supplemental data are attached to this Current Report on Form 8-K as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated by reference herein.

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

Item 9.01. Financial Statements and Exhibits.


(d)	Exhibits.

	The following exhibits are being furnished as part of this Current Report on Form 8-K:

	99.1	Vornado Realty Trust press release dated February 10, 2025
	99.2	Vornado Realty Trust supplemental operating and financial data for the quarter and year ended December 31, 2024
	99.3	Vornado Realty Trust supplemental fixed income data for the quarter and year ended December 31, 2024
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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


			VORNADO REALTY TRUST
			(Registrant)

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

Date: February 10, 2025

SIGNATURE

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


			VORNADO REALTY L.P.
			(Registrant)
			By:			VORNADO REALTY TRUST,
						Sole General Partner

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

Date: February 10, 2025

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

Vornado Announces Fourth Quarter 2024 Financial Results

New York City | February 10, 2025

Vornado Realty Trust (NYSE: VNO) reported today:

Quarter Ended December 31, 2024 Financial Results

NET INCOME attributable to common shareholders for the quarter ended December 31, 2024 was $1,203,000, or $0.01 per diluted share, compared to a net loss attributable to common shareholders of $61,013,000, or $0.32 per diluted share, for the prior year's quarter.

FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended December 31, 2024 was $117,085,000, or $0.58 per diluted share, compared to $121,105,000, or $0.62 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended December 31, 2024 was $122,212,000, or $0.61 per diluted share, and $123,751,000, or $0.63 per diluted share, for the prior year's quarter.

Year Ended December 31, 2024 Financial Results

NET INCOME attributable to common shareholders for the year ended December 31, 2024 was $8,275,000, or $0.04 per diluted share, compared to $43,378,000, or $0.23 per diluted share, for the year ended December 31, 2023.

FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the year ended December 31, 2024 was $470,021,000, or $2.37 per diluted share, compared to $503,792,000, or $2.59 per diluted share, for the year ended December 31, 2023. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the year ended December 31, 2024 was $447,071,000, or $2.26 per diluted share, and $508,151,000, or $2.61 per diluted share, for the year ended December 31, 2023.


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


(Amounts in thousands, except per share amounts)	For the Three Months Ended December 31,				For the Year Ended December 31,
	2024		2023		2024		2023
FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1)	$	117,085	$	121,105	$	470,021	$	503,792
Per diluted share (non-GAAP)	$	0.58	$	0.62	$	2.37	$	2.59

Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions:
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)	$	3,456	$	3,526	$	14,353	$	11,722
Credit losses on investments	—		8,269		—		8,269
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities	—		(5,786)		(13,069)		(11,959)
Our share of the gain on the discounted extinguishment of the 280 Park Avenue mezzanine loan	—		—		(31,215)		—
Other	2,104		(3,169)		5,000		(3,336)
	5,560		2,840		(24,931)		4,696
Noncontrolling interests' share of above adjustments on a dilutive basis	(433)		(194)		1,981		(337)
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net	$	5,127	$	2,646	$	(22,950)	$	4,359
Per diluted share (non-GAAP)	$	0.03	$	0.01	$	(0.11)	$	0.02

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	122,212	$	123,751	$	447,071	$	508,151
Per diluted share (non-GAAP)	$	0.61	$	0.63	$	2.26	$	2.61

________________________________

(1)See page 11 for a reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months and years ended December 31, 2024 and 2023.


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FFO, as Adjusted Bridge - Q4 2024 vs. Q4 2023

The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2023 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2024:


(Amounts in millions, except per share amounts)	FFO, as Adjusted
	Amount		Per Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2023	$	123.8	$	0.63

Increase/(Decrease) in FFO, as adjusted due to:
330 West 34th Street termination and recapture fees, net of straight-line rent write-offs relating to new WeWork lease	15.1
Lease expirations, net of rent commencements, and other tenant related items	(13.9)
Change in interest expense, net of interest income	(9.1)
2023 Development fee pool bonus expense	6.4
Variable businesses (primarily signage)	5.1
THE MART write-off of straight-line rent receivable	(4.6)
Other, net	(0.6)
	(1.6)
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities	—
Net decrease	(1.6)		(0.02)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2024	$	122.2	$	0.61

See page 11 for a reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months and years ended December 31, 2024 and 2023. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on the previous page.


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Dispositions

666 Fifth Avenue (Fifth Avenue and Times Square JV)

On January 8, 2025, the Fifth Avenue and Times Square JV completed the sale to UNIQLO of the portion of its U.S. flagship store at 666 Fifth Avenue for $350,000,000 and realized net proceeds of $342,000,000. The financial statement gain, which will be recognized in the first quarter of 2025, will be approximately $76,000,000. The net proceeds from the sale were used to partially redeem Vornado’s preferred equity on the asset.

220 Central Park South

During the year ended December 31, 2024, we closed on the sale of two condominium units at 220 CPS for net proceeds of $31,605,000, resulting in a financial statement net gain of $15,175,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $2,106,000 of income tax expense was recognized on our consolidated statements of income.

On January 17, 2025, we closed on the sale of a condominium unit at 220 CPS for net proceeds of $11,695,000; three units remain unsold.

50-70 West 93rd Street

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

Acquisitions

Investment in Loan

On August 6, 2024, we purchased a $50,000,000 B-Note secured by a Midtown Manhattan property at par. The B-Note, together with the $35,000,000 A-Note, is in default. The B-Note accrues interest at 5.25% plus 4.00% default interest. The $50,000,000 B-Note investment was recorded to “other assets” on our consolidated balance sheets.

Financing Activity

Senior Unsecured Notes due 2025

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

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

On September 30, 2024, Alexander’s, in which we own a 32.4% common equity interest, completed a $400,000,000 refinancing of the office condominium portion of 731 Lexington Avenue, the Bloomberg LP headquarters building. The interest-only loan carries a fixed rate of 5.04% and matures in October 2028. The loan is prepayable, at Alexander’s option, with no penalty, beginning in October 2026. The loan replaces the previous $490,000,000 loan on the office condominium, that bore interest at the Prime Rate and was scheduled to mature in October 2024.

85 Tenth Avenue

On September 24, 2024, a joint venture, in which we have a 49.9% interest, modified the terms of the $625,000,000 mortgage loan on 85 Tenth Avenue. Per the original loan agreement, the mortgage loan is comprised of a (i) $396,000,000 3.82% senior note, (ii) $129,000,000 5.20% mezzanine A note and (iii) $100,000,000 6.60% mezzanine B note. The modification provides for the interest payments due under the mezzanine notes to be deferred until the December 2026 loan maturity. The deferred amounts will not accrue additional interest. The cash available from the deferred interest payments will be used to fund leasing costs at the property. At loan maturity, if there is no event of default, repayment of 50% of the accrued mezzanine interest will be waived.

606 Broadway

On September 5, 2024, the $74,119,000 non-recourse mortgage loan on 606 Broadway, in which we hold a 50% interest, matured and was not repaid, at which time the lender declared an event of default. As of December 31, 2024, the property has a carrying value of $53,886,000, which is after an impairment charge recorded in the fourth quarter of 2023. We consolidate the joint venture. The loan currently bears interest at a floating rate of SOFR plus 1.91% (6.39% as of December 31, 2024) and provides for additional default interest of 3.00%.

640 Fifth Avenue (Fifth Avenue and Times Square JV)

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


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Financing Activity - continued

Unsecured Revolving Credit Facility

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

435 Seventh Avenue

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

280 Park Avenue

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

Interest Rate Swap and Cap Arrangements

We entered into the following interest rate swap and cap arrangements during the year ended December 31, 2024:

(Amounts in thousands)

Notional Amount
(at share)

All-In Swapped Rate

Expiration Date

Variable Rate Spread

Interest rate swaps:

280 Park Avenue (50.0% interest)

537,500

5.84%

09/28

S+178

PENN 11(1)

250,000

6.21%

10/25

S+206

435 Seventh Avenue

75,000

6.96%

04/26

S+210

Index Strike Rate

Interest rate caps:

61 Ninth Avenue (45.1% interest)

75,543

4.39%

01/26

S+146

Rego Park II (32.4% interest)

65,624

4.15%

12/25

S+145

________________________________

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

Alexander’s

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


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Leasing Activity

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


(Square feet in thousands)	New York									555 California Street
	Office			Retail			THE MART
Three Months Ended December 31, 2024
Total square feet leased	583			50			64			62
Our share of square feet leased:	513			32			64			43
Initial rent(1)	$	87.48		$	315.10		$	52.28		$	133.87
Weighted average lease term (years)	5.0			11.3			6.8			3.7
Second generation relet space:
Square feet	400			21			40			39
GAAP basis:
Straight-line rent(2)	$	93.44		$	399.79		$	51.91		$	131.44
Prior straight-line rent	$	75.42		$	219.39		$	51.15		$	106.87
Percentage increase	23.9		%	82.2		%	1.5		%	23.0		%
Cash basis (non-GAAP):
Initial rent(1)	$	85.67		$	350.12		$	53.90		$	131.24
Prior escalated rent	$	80.82		$	234.14		$	57.55		$	127.86
Percentage increase (decrease)	6.0		%	49.5		%	(6.3)		%	2.6		%
Tenant improvements and leasing commissions:
Per square foot	$	63.81		$	174.01		$	76.81		$	69.00
Per square foot per annum	$	12.76		$	15.40		$	11.30		$	18.65
Percentage of initial rent	14.6		%	4.9		%	21.6		%	13.9		%

________________________________

See notes below.


(Square feet in thousands)	New York									555 California Street
	Office			Retail			THE MART
Year Ended December 31, 2024
Total square feet leased	2,650			187			386			215
Our share of square feet leased:	1,653			161			386			152
Initial rent(1)	$	104.49		$	160.01		$	52.88		$	102.80
Weighted average lease term (years)	8.4			9.4			7.5			7.6
Second generation relet space:
Square feet	1,218			52			247			148
GAAP basis:
Straight-line rent(2)	$	103.06		$	312.43		$	54.38		$	103.05
Prior straight-line rent	$	92.97		$	227.98		$	51.57		$	88.21
Percentage increase	10.9		%	37.0		%	5.4		%	16.8		%
Cash basis (non-GAAP):
Initial rent(1)	$	107.99		$	294.38		$	55.76		$	101.31
Prior escalated rent	$	105.37		$	271.77		$	57.37		$	101.45
Percentage increase (decrease)	2.5		%	8.3		%	(2.8)		%	(0.1)		%
Tenant improvements and leasing commissions:
Per square foot	$	81.56		$	82.50		$	91.00		$	110.36
Per square foot per annum	$	9.71		$	8.78		$	12.13		$	14.52
Percentage of initial rent	9.3		%	5.5		%	22.9		%	14.1		%

_______________________________

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

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


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Occupancy


(At Vornado's share)	New York						THE MART		555 California Street
	Total		Office		Retail
Occupancy as of December 31, 2024	87.6	%	88.8	%	73.7	%	80.1	%	92.0	%


Same Store Net Operating Income ("NOI") (non-GAAP) At Share:	Total		New York		THE MART(2)		555 California Street(3)
Same store NOI at share % (decrease) increase(1):
Three months ended December 31, 2024 compared to December 31, 2023	(4.5)	%	(0.7)	%	(57.5)	%	(13.2)	%
Year ended December 31, 2024 compared to December 31, 2023	(6.8)	%	(4.7)	%	(17.8)	%	(21.9)	%
Three months ended December 31, 2024 compared to September 30, 2024	4.0	%	8.7	%	(58.8)	%	(0.3)	%

Same store NOI at share - cash basis % (decrease) increase(1):
Three months ended December 31, 2024 compared to December 31, 2023	(3.8)	%	(2.2)	%	(32.0)	%	(1.5)	%
Year ended December 31, 2024 compared to December 31, 2023	(4.5)	%	(3.3)	%	(10.6)	%	(13.2)	%
Three months ended December 31, 2024 compared to September 30, 2024	0.0	%	2.7	%	(29.2)	%	(8.1)	%

____________________

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

(2)2024 includes a $4,560,000 write-off of a receivable arising from the straight-lining of rents due to the tenant being deemed uncollectible.

(3)The year ended December 31, 2023 includes our $14,103,000 share of the receipt of a tenant settlement, net of legal expenses.

NOI At Share and NOI At Share - Cash Basis:

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


(Amounts in thousands)	For the Three Months Ended						For the Year Ended December 31,
	December 31,				September 30, 2024
	2024		2023				2024		2023
NOI at share:
New York:
Office(1)	$	193,215	$	182,769	$	167,051	$	706,592	$	727,000
Retail	48,238		47,378		47,283		191,379		188,561
Residential	6,072		5,415		5,784		24,044		21,910
Alexander's	9,515		12,013		9,470		39,895		40,098

Total New York	257,040		247,575		229,588		961,910		977,569
Other:
THE MART(2)	6,168		14,516		14,972		51,686		61,519
555 California Street(3)	15,854		18,125		15,780		64,963		82,965
Other investments	5,904		6,880		5,151		21,193		21,160
Total Other	27,926		39,521		35,903		137,842		165,644
NOI at share	$	284,966	$	287,096	$	265,491	$	1,099,752	$	1,143,213





NOI at share - cash basis:
New York:
Office(1)	$	181,438	$	183,742	$	173,415	$	698,138	$	726,914
Retail	44,130		46,491		44,095		176,798		180,932
Residential	5,750		5,137		5,527		22,914		20,588
Alexander's	10,615		11,059		10,424		46,172		41,435

Total New York	241,933		246,429		233,461		944,022		969,869
Other:
THE MART	10,550		15,511		14,901		57,235		62,579
555 California Street(3)	18,138		18,265		19,589		74,621		85,819
Other investments	5,967		7,012		4,347		20,211		21,569
Total Other	34,655		40,788		38,837		152,067		169,967
NOI at share - cash basis	$	276,588	$	287,217	$	272,298	$	1,096,089	$	1,139,836

________________________________

(1)Includes Building Maintenance Services NOI of $6,895, $6,424, $8,280, $30,318 and $27,262 for the three months ended December 31, 2024 and 2023 and September 30, 2024 and the years ended December 31, 2024 and 2023, respectively.

(2)2024 includes a $4,560 write-off of a receivable arising from the straight-lining of rents due to the tenant being deemed uncollectible.

(3)The year ended December 31, 2023 includes our $14,103 share of the receipt of a tenant settlement, net of legal expenses.


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Active Development/Redevelopment Summary as of December 31, 2024:


(Amounts in thousands, except square feet)
		(at Vornado’s share)								Projected Incremental Cash Yield
New York segment:	Property Rentable Sq. Ft.	Budget			Cash Amount Expended		Remaining Expenditures		Stabilization Year
PENN District:
PENN 2	1,795,000	$	750,000		$	697,451	$	52,549	2026		10.2%
Districtwide Improvements	N/A	100,000			70,919		29,081		N/A		N/A
Total PENN District		850,000		(1)	768,370		81,630

Sunset Pier 94 Studios (49.9% interest)	266,000	125,000		(2)	52,093		72,907		2026		10.3%

Total Active Development Projects		$	975,000		$	820,463	$	154,537

________________________________

(1)Excluding debt and equity carry.

(2)Represents our 49.9% share of the $350,000 development budget, excluding the $40,000 value of our contributed leasehold interest and net of an estimated $9,000 for our share of development fees and reimbursement for overhead costs incurred by us. As of December 31, 2024, we have fully funded our $34,000 share of cash contributions.

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

Conference Call and Audio Webcast

As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, February 11, 2025 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 888-317-6003 (domestic) or 412-317-6061 (international) and entering the passcode 0916117. A live webcast of the conference call will be available on Vornado’s website at www.vno.com in the Investor Relations section and an online playback of the webcast will be available on the website following the conference call.

Contact

Thomas J. Sanelli

(212) 894-7000

Supplemental Data

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

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


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

VORNADO REALTY TRUST

CONSOLIDATED BALANCE SHEETS


(Amounts in thousands)	As of				Increase (Decrease)
	December 31, 2024		December 31, 2023
ASSETS
Real estate, at cost:
Land	$	2,434,209	$	2,436,221	$	(2,012)
Buildings and improvements	10,439,113		9,952,954		486,159
Development costs and construction in progress	1,097,395		1,281,076		(183,681)
Leasehold improvements and equipment	120,915		130,953		(10,038)
Total	14,091,632		13,801,204		290,428
Less accumulated depreciation and amortization	(4,025,349)		(3,752,827)		(272,522)
Real estate, net	10,066,283		10,048,377		17,906
Right-of-use assets	678,804		680,044		(1,240)
Cash, cash equivalents, and restricted cash
Cash and cash equivalents	733,947		997,002		(263,055)
Restricted cash	215,672		264,582		(48,910)

Total	949,619		1,261,584		(311,965)
Tenant and other receivables	58,853		69,543		(10,690)
Investments in partially owned entities	2,691,478		2,610,558		80,920


Receivable arising from the straight-lining of rents	707,020		701,666		5,354
Deferred leasing costs, net	354,882		355,010		(128)
Identified intangible assets, net	118,215		127,082		(8,867)
Other assets	373,454		333,801		39,653
Total assets	$	15,998,608	$	16,187,665	$	(189,057)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	5,676,014	$	5,688,020	$	(12,006)
Senior unsecured notes, net	1,195,914		1,193,873		2,041
Unsecured term loan, net	795,948		794,559		1,389
Unsecured revolving credit facilities	575,000		575,000		—
Lease liabilities	749,759		732,859		16,900
Accounts payable and accrued expenses	374,013		411,044		(37,031)
Deferred revenue	28,424		32,199		(3,775)
Deferred compensation plan	114,580		105,245		9,335
Other liabilities	317,087		311,132		5,955
Total liabilities	9,826,739		9,843,931		(17,192)
Redeemable noncontrolling interests	834,658		638,448		196,210
Shareholders' equity	5,158,242		5,509,064		(350,822)
Noncontrolling interests in consolidated subsidiaries	178,969		196,222		(17,253)
Total liabilities, redeemable noncontrolling interests and equity	$	15,998,608	$	16,187,665	$	(189,057)


NYSE: VNO \| WWW.VNO.COM						PAGE 9 OF 18

VORNADO REALTY TRUST

OPERATING RESULTS


(Amounts in thousands, except per share amounts)	For the Three Months Ended December 31,				For the Year Ended December 31,
	2024		2023		2024		2023
Revenues	$	457,790	$	441,886	$	1,787,686	$	1,811,163

Net income (loss)	$	5,758	$	(100,613)	$	20,116	$	32,888
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	11,107		49,717		51,131		75,967
Operating Partnership	(136)		5,412		(860)		(3,361)
Net income (loss) attributable to Vornado	16,729		(45,484)		70,387		105,494
Preferred share dividends	(15,526)		(15,529)		(62,112)		(62,116)
Net income (loss) attributable to common shareholders	$	1,203	$	(61,013)	$	8,275	$	43,378

Income (loss) per common share - basic:
Net income (loss) per common share	$	0.01	$	(0.32)	$	0.04	$	0.23
Weighted average shares outstanding	190,679		190,361		190,539		191,005

Income (loss) per common share - diluted:
Net income (loss) per common share	$	0.01	$	(0.32)	$	0.04	$	0.23
Weighted average shares outstanding	200,084		190,361		196,626		191,856

FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	117,085	$	121,105	$	470,021	$	503,792
Per diluted share (non-GAAP)	$	0.58	$	0.62	$	2.37	$	2.59

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	122,212	$	123,751	$	447,071	$	508,151
Per diluted share (non-GAAP)	$	0.61	$	0.63	$	2.26	$	2.61

Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share	201,210		195,291		198,182		194,324

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


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

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS

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


(Amounts in thousands, except per share amounts)	For the Three Months Ended December 31,				For the Year Ended December 31,
	2024		2023		2024		2023
Net income (loss) attributable to common shareholders	$	1,203	$	(61,013)	$	8,275	$	43,378
Per diluted share	$	0.01	$	(0.32)	$	0.04	$	0.23

FFO adjustments:
Depreciation and amortization of real property	$	101,824	$	98,085	$	399,694	$	385,608
Real estate impairment losses	—		22,206		—		22,831
Net gains on sale of real estate	—		—		(873)		(53,305)
Our share of partially owned entities:
Depreciation and amortization of real property	23,483		27,188		101,195		108,088
Net gain on sale of real estate	—		—		—		(16,545)
Real estate impairment losses	—		50,458		—		50,458
FFO adjustments, net	125,307		197,937		500,016		497,135
Impact of assumed conversion of dilutive convertible securities	358		388		1,549		1,642
Noncontrolling interests' share of above adjustments on a dilutive basis	(9,783)		(16,207)		(39,819)		(38,363)
FFO attributable to common shareholders plus assumed conversions	$	117,085	$	121,105	$	470,021	$	503,792
Per diluted share	$	0.58	$	0.62	$	2.37	$	2.59

Reconciliation of weighted average shares outstanding:
Weighted average common shares outstanding	190,679		190,361		190,539		191,005
Effect of dilutive securities:
Share-based payment awards	9,405		2,857		6,087		851
Convertible securities	1,126		2,073		1,556		2,468
Denominator for FFO per diluted share	201,210		195,291		198,182		194,324


NYSE: VNO \| WWW.VNO.COM						PAGE 11 OF 18

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

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


(Amounts in thousands)	For the Three Months Ended						For the Year Ended December 31,
	December 31,				September 30, 2024
	2024		2023				2024		2023
Net income (loss)	$	5,758	$	(100,613)	$	(19,468)	$	20,116	$	32,888
Depreciation and amortization expense	113,061		110,197		116,006		447,500		434,273
General and administrative expense	36,637		46,040		35,511		148,520		162,883
Transaction related costs, impairment losses and other	1,341		49,190		(113)		5,242		50,691
(Income) loss from partially owned entities	(30,007)		33,518		(18,229)		(112,464)		(38,689)

Interest and other investment income, net	(11,348)		(5,833)		(12,391)		(45,974)		(43,287)
Interest and debt expense	100,483		87,695		100,907		390,269		349,223
Net gains on disposition of wholly owned and partially owned assets	—		(6,607)		—		(16,048)		(71,199)
Income tax expense	5,822		8,374		4,883		22,729		29,222
NOI from partially owned entities	73,270		74,819		67,292		279,229		285,761
NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,051)		(9,684)		(8,907)		(39,367)		(48,553)
NOI at share	284,966		287,096		265,491		1,099,752		1,143,213
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(8,378)		121		6,807		(3,663)		(3,377)
NOI at share - cash basis	$	276,588	$	287,217	$	272,298	$	1,096,089	$	1,139,836

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


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

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

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

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the three months ended December 31, 2024 compared to December 31, 2023.


(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended December 31, 2024	$	284,966		$	257,040		$	6,168		$	15,854		$	5,904
Less NOI at share from:
Dispositions	(55)			(55)			—			—			—
Development properties	(5,627)			(5,627)			—			—			—
Other non-same store income, net	(16,576)			(10,546)			—			(126)			(5,904)
Same store NOI at share for the three months ended December 31, 2024	$	262,708		$	240,812		$	6,168		$	15,728		$	—

NOI at share for the three months ended December 31, 2023	$	287,096		$	247,575		$	14,516		$	18,125		$	6,880
Less NOI at share from:
Dispositions	(532)			(542)			10			—			—
Development properties	(2,684)			(2,684)			—			—			—
Other non-same store income, net	(8,669)			(1,789)			—			—			(6,880)
Same store NOI at share for the three months ended December 31, 2023	$	275,211		$	242,560		$	14,526		$	18,125		$	—

Decrease in same store NOI at share	$	(12,503)		$	(1,748)		$	(8,358)		$	(2,397)		$	—

% decrease in same store NOI at share	(4.5)		%	(0.7)		%	(57.5)		%	(13.2)		%	0.0		%


NYSE: VNO \| WWW.VNO.COM						PAGE 13 OF 18

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, THE MART, 555 California Street and other investments for the three months ended December 31, 2024 compared to December 31, 2023.


(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended December 31, 2024	$	276,588		$	241,933		$	10,550		$	18,138		$	5,967
Less NOI at share - cash basis from:
Dispositions	(55)			(55)			—			—			—
Development properties	(1,664)			(1,664)			—			—			—
Other non-same store income, net	(11,397)			(5,287)			—			(143)			(5,967)
Same store NOI at share - cash basis for the three months ended December 31, 2024	$	263,472		$	234,927		$	10,550		$	17,995		$	—

NOI at share - cash basis for the three months ended December 31, 2023	$	287,217		$	246,429		$	15,511		$	18,265		$	7,012
Less NOI at share - cash basis from:
Dispositions	(532)			(542)			10			—			—
Development properties	(2,518)			(2,518)			—			—			—
Other non-same store income, net	(10,149)			(3,137)			—			—			(7,012)
Same store NOI at share - cash basis for the three months ended December 31, 2023	$	274,018		$	240,232		$	15,521		$	18,265		$	—

Decrease in same store NOI at share - cash basis	$	(10,546)		$	(5,305)		$	(4,971)		$	(270)		$	—

% decrease in same store NOI at share - cash basis	(3.8)		%	(2.2)		%	(32.0)		%	(1.5)		%	0.0		%


NYSE: VNO \| WWW.VNO.COM						PAGE 14 OF 18

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the year ended December 31, 2024 compared to December 31, 2023.


(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share for the year ended December 31, 2024	$	1,099,752		$	961,910		$	51,686		$	64,963		$	21,193
Less NOI at share from:
Dispositions	(1,499)			(1,509)			10			—			—
Development properties	(35,182)			(35,182)			—			—			—
Other non-same store income, net	(34,735)			(13,416)			—			(126)			(21,193)
Same store NOI at share for the year ended December 31, 2024	$	1,028,336		$	911,803		$	51,696		$	64,837		$	—

NOI at share for the year ended December 31, 2023	$	1,143,213		$	977,569		$	61,519		$	82,965		$	21,160
Less NOI at share from:
Dispositions	(2,321)			(3,677)			1,356			—			—
Development properties	(16,310)			(16,310)			—			—			—
Other non-same store income, net	(21,589)			(429)			—			—			(21,160)
Same store NOI at share for the year ended December 31, 2023	$	1,102,993		$	957,153		$	62,875		$	82,965		$	—

Decrease in same store NOI at share	$	(74,657)		$	(45,350)		$	(11,179)		$	(18,128)		$	—

% decrease in same store NOI at share	(6.8)		%	(4.7)		%	(17.8)		%	(21.9)		%	0.0		%


NYSE: VNO \| WWW.VNO.COM						PAGE 15 OF 18

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, THE MART, 555 California Street and other investments for the year ended December 31, 2024 compared to December 31, 2023.


(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the year ended December 31, 2024	$	1,096,089		$	944,022		$	57,235		$	74,621		$	20,211
Less NOI at share - cash basis from:
Dispositions	(1,499)			(1,509)			10			—			—
Development properties	(21,561)			(21,561)			—			—			—
Other non-same store income, net	(31,681)			(11,327)			—			(143)			(20,211)
Same store NOI at share - cash basis for the year ended December 31, 2024	$	1,041,348		$	909,625		$	57,245		$	74,478		$	—

NOI at share - cash basis for the year ended December 31, 2023	$	1,139,836		$	969,869		$	62,579		$	85,819		$	21,569
Less NOI at share - cash basis from:
Dispositions	(2,664)			(4,138)			1,474			—			—
Development properties	(15,519)			(15,519)			—			—			—
Other non-same store income, net	(30,737)			(9,168)			—			—			(21,569)
Same store NOI at share - cash basis for the year ended December 31, 2023	$	1,090,916		$	941,044		$	64,053		$	85,819		$	—

Decrease in same store NOI at share - cash basis	$	(49,568)		$	(31,419)		$	(6,808)		$	(11,341)		$	—

% decrease in same store NOI at share - cash basis	(4.5)		%	(3.3)		%	(10.6)		%	(13.2)		%	0.0		%


NYSE: VNO \| WWW.VNO.COM						PAGE 16 OF 18

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED


(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended December 31, 2024	$	284,966		$	257,040		$	6,168		$	15,854		$	5,904
Less NOI at share from:
Dispositions	(55)			(55)			—			—			—
Development properties	(12,427)			(12,427)			—			—			—
Other non-same store income, net	(15,497)			(9,467)			—			(126)			(5,904)
Same store NOI at share for the three months ended December 31, 2024	$	256,987		$	235,091		$	6,168		$	15,728		$	—

NOI at share for the three months ended September 30, 2024	$	265,491		$	229,588		$	14,972		$	15,780		$	5,151
Less NOI at share from:
Dispositions	(25)			(29)			4			—			—
Development properties	(11,959)			(11,959)			—			—			—
Other non-same store income, net	(6,437)			(1,286)			—			—			(5,151)
Same store NOI at share for the three months ended September 30, 2024	$	247,070		$	216,314		$	14,976		$	15,780		$	—

Increase (decrease) in same store NOI at share	$	9,917		$	18,777		$	(8,808)		$	(52)		$	—

% increase (decrease) in same store NOI at share	4.0		%	8.7		%	(58.8)		%	(0.3)		%	0.0		%


NYSE: VNO \| WWW.VNO.COM						PAGE 17 OF 18

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED


(Amounts in thousands)	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended December 31, 2024	$	276,588		$	241,933		$	10,550		$	18,138		$	5,967
Less NOI at share - cash basis from:
Dispositions	(55)			(55)			—			—			—
Development properties	(7,666)			(7,666)			—			—			—
Other non-same store income, net	(10,263)			(4,153)			—			(143)			(5,967)
Same store NOI at share - cash basis for the three months ended December 31, 2024	$	258,604		$	230,059		$	10,550		$	17,995		$	—

NOI at share - cash basis for the three months ended September 30, 2024	$	272,298		$	233,461		$	14,901		$	19,589		$	4,347
Less NOI at share - cash basis from:
Dispositions	(25)			(29)			4			—			—
Development properties	(6,574)			(6,574)			—			—			—
Other non-same store income, net	(7,160)			(2,813)			—			—			(4,347)
Same store NOI at share - cash basis for the three months ended September 30, 2024	$	258,539		$	224,045		$	14,905		$	19,589		$	—

Increase (decrease) in same store NOI at share - cash basis	$	65		$	6,014		$	(4,355)		$	(1,594)		$	—

% increase (decrease) in same store NOI at share - cash basis	0.0		%	2.7		%	(29.2)		%	(8.1)		%	0.0		%


NYSE: VNO \| WWW.VNO.COM						PAGE 18 OF 18


INDEX
		Page
	BUSINESS DEVELOPMENTS	3	-	4
	FINANCIAL INFORMATION
	Financial Highlights	5
	FFO, As Adjusted Bridge	6
	Consolidated Balance Sheets	7
	Net Income (Loss) Attributable to Common Shareholders (Consolidated and by Segment)	8	-	11
	Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment)	12	-	14
	Same Store NOI at Share and Same Store NOI at Share - Cash Basis	15


	DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES	16


	LEASING ACTIVITY AND LEASE EXPIRATIONS
	Leasing Activity	17	-	18
	Lease Expirations	19	-	21
	CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS	22
	UNCONSOLIDATED JOINT VENTURES	23	-	25
	DEBT AND CAPITALIZATION
	Capital Structure	26
	Common Shares Data	27
	Debt Analysis	28
	Hedging Instruments	29
	Consolidated Debt Maturities	30
	PROPERTY STATISTICS
	Top 30 Tenants	31
	Square Footage	32
	Occupancy and Residential Statistics	33
	Ground Leases	34
	Property Table	35	-	43
	EXECUTIVE OFFICERS AND RESEARCH COVERAGE	44
	APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
	Definitions	i
	Reconciliations	ii	-	xv

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. Currently, some of the factors are the interest rate fluctuations and effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2024. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include Funds From Operations ("FFO"), Funds Available for Distribution ("FAD"), Net Operating Income ("NOI") and Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this supplemental package on page i in the Appendix.

This supplemental package should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the Company’s Supplemental Fixed Income Data package for the quarter and year ended December 31, 2024, both of which can be accessed at the Company’s website www.vno.com.

- 2 -

BUSINESS DEVELOPMENTS

Dispositions

666 Fifth Avenue (Fifth Avenue and Times Square JV)

220 Central Park South

During the year ended December 31, 2024, we closed on the sale of two condominium units at 220 Central Park South (“220 CPS”) for net proceeds of $31,605,000, resulting in a financial statement net gain of $15,175,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $2,106,000 of income tax expense was recognized on our consolidated statements of income.

On January 17, 2025, we closed on the sale of a condominium unit at 220 CPS for net proceeds of $11,695,000; three units remain unsold.

50-70 West 93rd Street

Acquisitions

Investment in Loan

Financing Activity

Senior Unsecured Notes due 2025

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

Alexander's, Inc. (“Alexander’s”)

85 Tenth Avenue

606 Broadway

- 3 -

BUSINESS DEVELOPMENTS

Financing Activity - continued

640 Fifth Avenue (Fifth Avenue and Times Square JV)

Unsecured Revolving Credit Facility

435 Seventh Avenue

280 Park Avenue

Interest Rate Swap and Cap Arrangements

We entered into the following interest rate swap and cap arrangements during the year ended December 31, 2024. See page 29 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:

280 Park Avenue (50.0% interest)

537,500

5.84%

09/28

S+178

PENN 11(1)

250,000

6.21%

10/25

S+206

435 Seventh Avenue

75,000

6.96%

04/26

S+210

Index Strike Rate

Interest rate caps:

61 Ninth Avenue (45.1% interest)

75,543

4.39%

01/26

S+146

Rego Park II (32.4% interest)

65,624

4.15%

12/25

S+145

____________________

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

Alexander’s

- 4 -


FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended						For the Year Ended December 31,
	December 31,				September 30, 2024
	2024		2023				2024		2023
Total revenues	$	457,790	$	441,886	$	443,255	$	1,787,686	$	1,811,163

Net income (loss) attributable to common shareholders	$	1,203	$	(61,013)	$	(19,154)	$	8,275	$	43,378
Per common share:
Basic	$	0.01	$	(0.32)	$	(0.10)	$	0.04	$	0.23
Diluted	$	0.01	$	(0.32)	$	(0.10)	$	0.04	$	0.23




FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	122,212	$	123,751	$	102,755	$	447,071	$	508,151
Per diluted share (non-GAAP)	$	0.61	$	0.63	$	0.52	$	2.26	$	2.61

FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	117,085	$	121,105	$	99,256	$	470,021	$	503,792
FFO - Operating Partnership ("OP") basis (non-GAAP)	$	126,975	$	131,871	$	107,793	$	510,584	$	545,401
Per diluted share (non-GAAP)	$	0.58	$	0.62	$	0.50	$	2.37	$	2.59

Dividends per common share	$	0.74	$	0.30	$	—	$	0.74	$	0.675

FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)(1)	N/A		N/A		N/A		32.7%		25.9		%
FAD payout ratio(1)	N/A		N/A		N/A		42.3%		35.7		%

Weighted average VNO common shares outstanding	190,679		190,364		190,556		190,539		191,008
Redeemable Class A units and LTIP Unit awards	16,996		16,976		17,108		17,103		15,878
Weighted average VRLP Class A units outstanding	207,675		207,340		207,664		207,642		206,886
Dilutive share based equity awards	9,405		2,857		6,824		6,087		851
Redeemable preferred units - common share equivalents	1,197		2,104		1,561		1,580		2,468
Weighted average VRLP Class A units outstanding - diluted	218,277		212,301		216,049		215,309		210,205

____________________

(1)Vornado paid its 2024 common dividend of $0.74 per share in the fourth quarter.

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

- 5 -


FFO, AS ADJUSTED BRIDGE - Q4 2024 VS. Q4 2023 (unaudited)


(Amounts in millions, except per share amounts)	FFO, as Adjusted
	Amount		Per Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2023	$	123.8	$	0.63

Increase/(Decrease) in FFO, as adjusted due to:
330 West 34th Street termination and recapture fees, net of straight-line rent write-offs relating to new WeWork lease	15.1
Lease expirations, net of rent commencements, and other tenant related items	(13.9)
Change in interest expense, net of interest income	(9.1)
2023 Development fee pool bonus expense	6.4
Variable businesses (primarily signage)	5.1
THE MART write-off of straight-line rent receivable	(4.6)
Other, net	(0.6)
	(1.6)
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities	—
Net decrease	(1.6)		(0.02)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2024	$	122.2	$	0.61

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

- 6 -


CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
	As of December 31,				Increase (Decrease)
	2024		2023
ASSETS
Real estate, at cost:
Land	$	2,434,209	$	2,436,221	$	(2,012)
Buildings and improvements	10,439,113		9,952,954		486,159
Development costs and construction in progress	1,097,395		1,281,076		(183,681)
Leasehold improvements and equipment	120,915		130,953		(10,038)
Total	14,091,632		13,801,204		290,428
Less accumulated depreciation and amortization	(4,025,349)		(3,752,827)		(272,522)
Real estate, net	10,066,283		10,048,377		17,906
Right-of-use assets	678,804		680,044		(1,240)
Cash, cash equivalents, and restricted cash
Cash and cash equivalents	733,947		997,002		(263,055)
Restricted cash	215,672		264,582		(48,910)

Total	949,619		1,261,584		(311,965)
Tenant and other receivables	58,853		69,543		(10,690)
Investments in partially owned entities	2,691,478		2,610,558		80,920


Receivable arising from the straight-lining of rents	707,020		701,666		5,354
Deferred leasing costs, net	354,882		355,010		(128)
Identified intangible assets, net	118,215		127,082		(8,867)
Other assets	373,454		333,801		39,653
Total assets	$	15,998,608	$	16,187,665	$	(189,057)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	5,676,014	$	5,688,020	$	(12,006)
Senior unsecured notes, net	1,195,914		1,193,873		2,041
Unsecured term loan, net	795,948		794,559		1,389
Unsecured revolving credit facilities	575,000		575,000		—
Lease liabilities	749,759		732,859		16,900
Accounts payable and accrued expenses	374,013		411,044		(37,031)
Deferred revenue	28,424		32,199		(3,775)
Deferred compensation plan	114,580		105,245		9,335
Other liabilities	317,087		311,132		5,955
Total liabilities	9,826,739		9,843,931		(17,192)
Redeemable noncontrolling interests	834,658		638,448		196,210
Shareholders' equity	5,158,242		5,509,064		(350,822)
Noncontrolling interests in consolidated subsidiaries	178,969		196,222		(17,253)
Total liabilities, redeemable noncontrolling interests and equity	$	15,998,608	$	16,187,665	$	(189,057)

- 7 -


CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Three Months Ended
	December 31,						September 30, 2024
	2024		2023		Variance
Property rentals(1)	$	345,005	$	340,539	$	4,466	$	342,710
Tenant expense reimbursements(1)	45,229		45,730		(501)		51,150
Amortization of acquired below-market leases, net	193		1,185		(992)		932
Straight-lining of rents	8,036		4,038		3,998		(7,322)
Total rental revenues	398,463		391,492		6,971		387,470
Fee and other income:
Building Maintenance Services ("BMS") cleaning fees	37,208		36,035		1,173		37,772
Management and leasing fees	2,519		3,070		(551)		2,841
Other income	19,600		11,289		8,311		15,172
Total revenues	457,790		441,886		15,904		443,255
Operating expenses	(236,043)		(219,925)		(16,118)		(236,149)
Depreciation and amortization	(113,061)		(110,197)		(2,864)		(116,006)
General and administrative	(36,637)		(46,040)		9,403		(35,511)
Expense from deferred compensation plan liability	(1,549)		(4,621)		3,072		(5,171)
Transaction related costs, impairment losses and other	(1,341)		(49,190)		47,849		113
Total expenses	(388,631)		(429,973)		41,342		(392,724)
Income (loss) from partially owned entities	30,007		(33,518)		63,525		18,229

Interest and other investment income, net	11,348		5,833		5,515		12,391
Income from deferred compensation plan assets	1,549		4,621		(3,072)		5,171
Interest and debt expense	(100,483)		(87,695)		(12,788)		(100,907)
Net gains on disposition of wholly owned and partially owned assets	—		6,607		(6,607)		—
Income (loss) before income taxes	11,580		(92,239)		103,819		(14,585)
Income tax expense	(5,822)		(8,374)		2,552		(4,883)
Net income (loss)	5,758		(100,613)		106,371		(19,468)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	11,107		49,717		(38,610)		14,152
Operating Partnership	(136)		5,412		(5,548)		1,690
Net income (loss) attributable to Vornado	16,729		(45,484)		62,213		(3,626)
Preferred share dividends	(15,526)		(15,529)		3		(15,528)

Net income (loss) attributable to common shareholders	$	1,203	$	(61,013)	$	62,216	$	(19,154)



Capitalized expenditures:
Interest and debt expense	$	12,417	$	13,051	$	(634)	$	13,437
Development payroll	990		2,416		(1,426)		1,963

________________________________

(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.

- 8 -


CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Year Ended December 31,
	2024		2023		Variance
Property rentals(1)	$	1,368,985	$	1,390,650	$	(21,665)
Tenant expense reimbursements(1)	191,700		202,760		(11,060)
Amortization of acquired below-market leases, net	3,035		5,268		(2,233)
Straight-lining of rents	5,086		8,808		(3,722)
Total rental revenues	1,568,806		1,607,486		(38,680)
Fee and other income:
BMS cleaning fees	149,225		141,937		7,288
Management and leasing fees	14,680		13,040		1,640
Other income	54,975		48,700		6,275
Total revenues	1,787,686		1,811,163		(23,477)
Operating expenses	(927,796)		(905,158)		(22,638)
Depreciation and amortization	(447,500)		(434,273)		(13,227)
General and administrative	(148,520)		(162,883)		14,363
Expense from deferred compensation plan liability	(12,638)		(12,162)		(476)
Transaction related costs, impairment losses and other	(5,242)		(50,691)		45,449
Total expenses	(1,541,696)		(1,565,167)		23,471
Income from partially owned entities	112,464		38,689		73,775

Interest and other investment income, net	45,974		43,287		2,687
Income from deferred compensation plan assets	12,638		12,162		476
Interest and debt expense	(390,269)		(349,223)		(41,046)
Net gains on disposition of wholly owned and partially owned assets	16,048		71,199		(55,151)
Income before income taxes	42,845		62,110		(19,265)
Income tax expense	(22,729)		(29,222)		6,493
Net income	20,116		32,888		(12,772)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	51,131		75,967		(24,836)
Operating Partnership	(860)		(3,361)		2,501
Net income attributable to Vornado	70,387		105,494		(35,107)
Preferred share dividends	(62,112)		(62,116)		4

Net income attributable to common shareholders	$	8,275	$	43,378	$	(35,103)




Capitalized expenditures:
Interest and debt expense	$	51,212	$	43,062	$	8,150
Development payroll	7,281		11,084		(3,803)

________________________________

- 9 -


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


	For the Three Months Ended December 31, 2024
	Total		New York		Other
Property rentals(1)	$	345,005	$	279,139	$	65,866
Tenant expense reimbursements(1)	45,229		34,342		10,887
Amortization of acquired below-market leases, net	193		137		56
Straight-lining of rents	8,036		15,001		(6,965)
Total rental revenues	398,463		328,619		69,844
Fee and other income:
BMS cleaning fees	37,208		39,567		(2,359)
Management and leasing fees	2,519		2,731		(212)
Other income	19,600		12,785		6,815
Total revenues	457,790		383,702		74,088
Operating expenses	(236,043)		(194,195)		(41,848)
Depreciation and amortization	(113,061)		(89,529)		(23,532)
General and administrative	(36,637)		(12,514)		(24,123)
Expense from deferred compensation plan liability	(1,549)		—		(1,549)
Transaction related costs and other	(1,341)		—		(1,341)
Total expenses	(388,631)		(296,238)		(92,393)
Income from partially owned entities	30,007		29,042		965

Interest and other investment income, net	11,348		4,377		6,971
Income from deferred compensation plan assets	1,549		—		1,549
Interest and debt expense	(100,483)		(50,074)		(50,409)

Income (loss) before income taxes	11,580		70,809		(59,229)
Income tax expense	(5,822)		(1,305)		(4,517)
Net income (loss)	5,758		69,504		(63,746)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	11,107		8,437		2,670
Net income (loss) attributable to Vornado Realty L.P.	16,865		$	77,941	$	(61,076)
Less net income attributable to noncontrolling interests in the Operating Partnership	(107)
Preferred unit distributions	(15,555)

Net income attributable to common shareholders	$	1,203
For the three months ended December 31, 2023
Net loss attributable to Vornado Realty L.P.	$	(50,896)	$	(5,423)	$	(45,473)
Net loss attributable to common shareholders	$	(61,013)

________________________________

- 10 -


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


	For the Year Ended December 31, 2024
	Total		New York		Other
Property rentals(1)	$	1,368,985	$	1,088,805	$	280,180
Tenant expense reimbursements(1)	191,700		148,227		43,473
Amortization of acquired below-market leases, net	3,035		1,914		1,121
Straight-lining of rents	5,086		21,480		(16,394)
Total rental revenues	1,568,806		1,260,426		308,380
Fee and other income:
BMS cleaning fees	149,225		159,903		(10,678)
Management and leasing fees	14,680		15,443		(763)
Other income	54,975		36,225		18,750
Total revenues	1,787,686		1,471,997		315,689
Operating expenses	(927,796)		(766,347)		(161,449)
Depreciation and amortization	(447,500)		(351,995)		(95,505)
General and administrative	(148,520)		(50,619)		(97,901)
Expense from deferred compensation plan liability	(12,638)		—		(12,638)
Transaction related costs and other	(5,242)		(3,010)		(2,232)
Total expenses	(1,541,696)		(1,171,971)		(369,725)
Income from partially owned entities	112,464		108,202		4,262

Interest and other investment income, net	45,974		18,397		27,577
Income from deferred compensation plan assets	12,638		—		12,638
Interest and debt expense	(390,269)		(183,050)		(207,219)
Net gains on disposition of wholly owned and partially owned assets	16,048		873		15,175
Income (loss) before income taxes	42,845		244,448		(201,603)
Income tax expense	(22,729)		(5,580)		(17,149)
Net income (loss)	20,116		238,868		(218,752)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	51,131		38,951		12,180
Net income (loss) attributable to Vornado Realty L.P.	71,247		$	277,819	$	(206,572)
Less net income attributable to noncontrolling interests in the Operating Partnership	(745)
Preferred unit distributions	(62,227)

Net income attributable to common shareholders	$	8,275
For the year ended December 31, 2023
Net income (loss) attributable to Vornado Realty L.P.	$	108,855	$	226,401	$	(117,546)
Net income attributable to common shareholders	$	43,378

________________________________

- 11 -

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

(Amounts in thousands)


	For the Three Months Ended December 31, 2024
	Total		New York		Other
Total revenues	$	457,790	$	383,702	$	74,088
Operating expenses	(236,043)		(194,195)		(41,848)
NOI - consolidated	221,747		189,507		32,240
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,051)		(3,644)		(6,407)
Add: Our share of NOI from partially owned entities	73,270		71,177		2,093
NOI at share	284,966		257,040		27,926
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(8,378)		(15,107)		6,729
NOI at share - cash basis	$	276,588	$	241,933	$	34,655


	For the Three Months Ended December 31, 2023
	Total		New York		Other
Total revenues	$	441,886	$	361,105	$	80,781
Operating expenses	(219,925)		(182,600)		(37,325)
NOI - consolidated	221,961		178,505		43,456
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(9,684)		(3,323)		(6,361)
Add: Our share of NOI from partially owned entities	74,819		72,393		2,426
NOI at share	287,096		247,575		39,521
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	121		(1,146)		1,267
NOI at share - cash basis	$	287,217	$	246,429	$	40,788


	For the Three Months Ended September 30, 2024
	Total		New York		Other
Total revenues	$	443,255	$	362,483	$	80,772
Operating expenses	(236,149)		(194,927)		(41,222)
NOI - consolidated	207,106		167,556		39,550
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(8,907)		(2,523)		(6,384)
Add: Our share of NOI from partially owned entities	67,292		64,555		2,737
NOI at share	265,491		229,588		35,903
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	6,807		3,873		2,934
NOI at share - cash basis	$	272,298	$	233,461	$	38,837

________________________________

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

- 12 -

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

(Amounts in thousands)


	For the Year Ended December 31, 2024
	Total		New York		Other
Total revenues	$	1,787,686	$	1,471,997	$	315,689
Operating expenses	(927,796)		(766,347)		(161,449)
NOI - consolidated	859,890		705,650		154,240
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(39,367)		(12,899)		(26,468)
Add: Our share of NOI from partially owned entities	279,229		269,159		10,070
NOI at share	1,099,752		961,910		137,842
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(3,663)		(17,888)		14,225
NOI at share - cash basis	$	1,096,089	$	944,022	$	152,067


	For the Year Ended December 31, 2023
	Total		New York		Other
Total revenues	$	1,811,163	$	1,452,158	$	359,005
Operating expenses	(905,158)		(733,478)		(171,680)
NOI - consolidated	906,005		718,680		187,325
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(48,553)		(15,547)		(33,006)
Add: Our share of NOI from partially owned entities	285,761		274,436		11,325
NOI at share	1,143,213		977,569		165,644
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(3,377)		(7,700)		4,323
NOI at share - cash basis	$	1,139,836	$	969,869	$	169,967

________________________________

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

- 13 -

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

(Amounts in thousands)


	For the Three Months Ended						For the Year Ended December 31,
	December 31,				September 30, 2024
	2024		2023				2024		2023
NOI at share:
New York:
Office(1)	$	193,215	$	182,769	$	167,051	$	706,592	$	727,000
Retail	48,238		47,378		47,283		191,379		188,561
Residential	6,072		5,415		5,784		24,044		21,910
Alexander’s	9,515		12,013		9,470		39,895		40,098

Total New York	257,040		247,575		229,588		961,910		977,569
Other:
THE MART(2)	6,168		14,516		14,972		51,686		61,519
555 California Street(3)	15,854		18,125		15,780		64,963		82,965
Other investments	5,904		6,880		5,151		21,193		21,160
	27,926		39,521		35,903		137,842		165,644
NOI at share	$	284,966	$	287,096	$	265,491	$	1,099,752	$	1,143,213





NOI at share - cash basis:
New York:
Office(1)	$	181,438	$	183,742	$	173,415	$	698,138	$	726,914
Retail	44,130		46,491		44,095		176,798		180,932
Residential	5,750		5,137		5,527		22,914		20,588
Alexander's	10,615		11,059		10,424		46,172		41,435

Total New York	241,933		246,429		233,461		944,022		969,869
Other:
THE MART	10,550		15,511		14,901		57,235		62,579
555 California Street(3)	18,138		18,265		19,589		74,621		85,819
Other investments	5,967		7,012		4,347		20,211		21,569
Total Other	34,655		40,788		38,837		152,067		169,967
NOI at share - cash basis	$	276,588	$	287,217	$	272,298	$	1,096,089	$	1,139,836

________________________________

(1)Includes BMS NOI of $6,895, $6,424, $8,280, $30,318 and $27,262 for the three months ended December 31, 2024 and 2023 and September 30, 2024 and the years ended December 31, 2024 and 2023, respectively.

(2)2024 includes a $4,560 write-off of a receivable arising from the straight-lining of rents due to the tenant being deemed uncollectible.

(3)The year ended December 31, 2023 includes our $14,103 share of the receipt of a tenant settlement, net of legal expenses.

- 14 -

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


	Total		New York		THE MART(2)		555 California Street(3)
Same store NOI at share % (decrease) increase(1):
Three months ended December 31, 2024 compared to December 31, 2023	(4.5)	%	(0.7)	%	(57.5)	%	(13.2)	%
Year ended December 31, 2024 compared to December 31, 2023	(6.8)	%	(4.7)	%	(17.8)	%	(21.9)	%
Three months ended December 31, 2024 compared to September 30, 2024	4.0	%	8.7	%	(58.8)	%	(0.3)	%

Same store NOI at share - cash basis % (decrease) increase(1):
Three months ended December 31, 2024 compared to December 31, 2023	(3.8)	%	(2.2)	%	(32.0)	%	(1.5)	%
Year ended December 31, 2024 compared to December 31, 2023	(4.5)	%	(3.3)	%	(10.6)	%	(13.2)	%
Three months ended December 31, 2024 compared to September 30, 2024	0.0	%	2.7	%	(29.2)	%	(8.1)	%

________________________________

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

(2)2024 includes a $4,560,000 write-off of a receivable arising from the straight-lining of rents due to the tenant being deemed uncollectible.

(3)The year ended December 31, 2023 includes our $14,103,000 share of the receipt of a tenant settlement, net of legal expenses.

- 15 -


DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES
(Amounts in thousands, except square feet)
		(at Vornado’s share)								Projected Incremental Cash Yield
Active Development Projects: New York segment:	Property Rentable Sq. Ft.	Budget			Cash Amount Expended		Remaining Expenditures		Stabilization Year
PENN District:
PENN 2	1,795,000	$	750,000		$	697,451	$	52,549	2026		10.2%
Districtwide Improvements	N/A	100,000			70,919		29,081		N/A		N/A
Total PENN District		850,000		(1)	768,370		81,630

Sunset Pier 94 Studios (49.9% interest)(2)	266,000	125,000		(3)	52,093		72,907		2026		10.3%

Total Active Development Projects		$	975,000		$	820,463	$	154,537

Future Opportunities: New York segment:	Sq. Ft.
PENN District:
Hotel Pennsylvania site (PENN 15)	2,052,000
Eighth Avenue and 34th Street land	105,000
Multiple other opportunities - office/residential/retail
Total PENN District	2,157,000
350 Park Avenue assemblage (the “350 Park Site”)(4)	1,389,000
260 Eleventh Avenue - office(2)	280,000
57th Street land (50% interest)	150,000
Other segment:
527 West Kinzie land, Chicago	330,000
Total Future Opportunities	4,306,000

________________________________

(1)Excluding debt and equity carry.

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

(3)Represents our 49.9% share of the $350,000 development budget, excluding the $40,000 value of our contributed leasehold interest and net of an estimated $9,000 for our share of development fees and reimbursement for overhead costs incurred by us. As of December 31, 2024, we have fully funded our $34,000 share of cash contributions.

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

- 16 -


LEASING ACTIVITY (unaudited)
(Square feet in thousands)

The leasing activity and related statistics in the table below and on the following page 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 December 31, 2024
Total square feet leased	583			50			64			62
Our share of square feet leased:	513			32			64			43
Initial rent(1)	$	87.48		$	315.10		$	52.28		$	133.87
Weighted average lease term (years)	5.0			11.3			6.8			3.7
Second generation relet space:
Square feet	400			21			40			39
GAAP basis:
Straight-line rent(2)	$	93.44		$	399.79		$	51.91		$	131.44
Prior straight-line rent	$	75.42		$	219.39		$	51.15		$	106.87
Percentage increase	23.9		%	82.2		%	1.5		%	23.0		%
Cash basis (non-GAAP):
Initial rent(1)	$	85.67		$	350.12		$	53.90		$	131.24
Prior escalated rent	$	80.82		$	234.14		$	57.55		$	127.86
Percentage increase (decrease)	6.0		%	49.5		%	(6.3)		%	2.6		%
Tenant improvements and leasing commissions:
Per square foot	$	63.81		$	174.01		$	76.81		$	69.00
Per square foot per annum	$	12.76		$	15.40		$	11.30		$	18.65
Percentage of initial rent	14.6		%	4.9		%	21.6		%	13.9		%

________________________________

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

- 17 -


LEASING ACTIVITY (unaudited)
(Square feet in thousands)


	New York									555 California Street
	Office			Retail			THE MART
Year Ended December 31, 2024
Total square feet leased	2,650			187			386			215
Our share of square feet leased:	1,653			161			386			152
Initial rent(1)	$	104.49		$	160.01		$	52.88		$	102.80
Weighted average lease term (years)	8.4			9.4			7.5			7.6
Second generation relet space:
Square feet	1,218			52			247			148
GAAP basis:
Straight-line rent(2)	$	103.06		$	312.43		$	54.38		$	103.05
Prior straight-line rent	$	92.97		$	227.98		$	51.57		$	88.21
Percentage increase	10.9		%	37.0		%	5.4		%	16.8		%
Cash basis (non-GAAP):
Initial rent(1)	$	107.99		$	294.38		$	55.76		$	101.31
Prior escalated rent	$	105.37		$	271.77		$	57.37		$	101.45
Percentage increase (decrease)	2.5		%	8.3		%	(2.8)		%	(0.1)		%
Tenant improvements and leasing commissions:
Per square foot	$	81.56		$	82.50		$	91.00		$	110.36
Per square foot per annum	$	9.71		$	8.78		$	12.13		$	14.52
Percentage of initial rent	9.3		%	5.5		%	22.9		%	14.1		%

_______________________________

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

- 18 -


LEASE EXPIRATIONS (unaudited) 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:	Fourth Quarter 2024(2)	56,000		$	4,394,000	$	78.46	0.4	%



	First Quarter 2025	81,000		6,728,000		83.06		0.6	%
	Second Quarter 2025	391,000		30,608,000		78.28		2.5	%
	Third Quarter 2025	62,000		3,421,000		55.18		0.3	%
	Fourth Quarter 2025	57,000		4,760,000		83.51		0.4	%
	Total 2025	591,000		45,517,000		77.02		3.8	%
	2026	1,163,000		96,849,000		83.28		8.0	%
	2027	1,341,000		107,992,000		80.53		9.0	%
	2028	1,051,000		85,447,000		81.30		7.1	%
	2029	1,290,000		106,828,000		82.81		8.9	%
	2030	691,000		57,851,000		83.72		4.8	%
	2031	696,000		64,668,000		92.91		5.4	%
	2032	1,014,000		99,800,000		98.42		8.3	%
	2033	517,000		44,524,000		86.12		3.7	%
	2034	748,000		78,714,000		105.23		6.5	%
	Thereafter	4,877,000	(3)	411,305,000		84.34		34.1	%

Retail:	Fourth Quarter 2024(2)	1,000		$	266,000	$	266.00	0.1	%



	First Quarter 2025	108,000		9,308,000		86.19		3.4	%
	Second Quarter 2025	7,000		271,000		38.71		0.1	%
	Third Quarter 2025	11,000		2,137,000		194.27		0.8	%
	Fourth Quarter 2025	52,000		3,376,000		64.92		1.2	%
	Total 2025	178,000		15,092,000		84.79		5.5	%
	2026	84,000		26,722,000		318.12		9.8	%
	2027	52,000		21,514,000		413.73		7.9	%
	2028	27,000		10,978,000		406.59		4.0	%
	2029	53,000		23,559,000		444.51		8.7	%
	2030	146,000		24,458,000		167.52		9.0	%
	2031	68,000		31,214,000		459.03		11.5	%
	2032	55,000		30,115,000		547.55		11.1	%
	2033	33,000		10,754,000		325.88		4.0	%
	2034	138,000		17,308,000		125.42		6.4	%
	Thereafter	439,000		59,460,000		135.44		22.0	%

_____________________________

(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.

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

- 19 -


LEASE EXPIRATIONS (unaudited) 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:	Fourth Quarter 2024(2)	19,000	$	1,036,000	$	54.53	0.7	%



	First Quarter 2025	14,000	953,000		68.07		0.6	%
	Second Quarter 2025	40,000	2,611,000		65.28		1.7	%
	Third Quarter 2025	41,000	2,301,000		56.12		1.5	%
	Fourth Quarter 2025	38,000	2,428,000		63.89		1.6	%
	Total 2025	133,000	8,293,000		62.35		5.4	%
	2026	279,000	16,973,000		60.84		10.9	%
	2027	197,000	11,411,000		57.92		7.4	%
	2028	708,000	36,973,000		52.22		23.7	%
	2029	192,000	10,693,000		55.69		6.9	%
	2030	80,000	4,844,000		60.55		3.1	%
	2031	319,000	16,523,000		51.80		10.7	%
	2032	491,000	24,476,000		49.85		15.8	%
	2033	54,000	2,796,000		51.78		1.8	%
	2034	50,000	2,604,000		52.08		1.7	%
	Thereafter	387,000	18,462,000		47.71		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.

- 20 -


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:	Fourth Quarter 2024(2)	27,000	$	3,266,000	$	120.96	2.9	%



	First Quarter 2025	—	—		—		0.0	%
	Second Quarter 2025	10,000	1,109,000		110.90		1.0	%
	Third Quarter 2025	166,000	15,969,000		96.20		14.1	%
	Fourth Quarter 2025	32,000	3,274,000		102.31		2.9	%
	Total 2025	208,000	20,352,000		97.85		18.0	%
	2026	202,000	21,059,000		104.25		18.6	%
	2027	65,000	6,498,000		99.97		5.7	%
	2028	112,000	10,935,000		97.63		9.6	%
	2029	160,000	17,692,000		110.58		15.6	%
	2030	88,000	8,522,000		96.84		7.5	%
	2031	29,000	2,210,000		76.21		1.9	%
	2032	9,000	1,004,000		111.56		0.9	%
	2033	15,000	1,802,000		120.13		1.6	%
	2034	—	—		—		0.0	%
	Thereafter	232,000	20,144,000		86.83		17.7	%

________________________________

(1) Excludes storage, vacancy and other.

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

- 21 -


CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
CONSOLIDATED
(Amounts in thousands)
	For the Year Ended December 31, 2024
	Total Company		New York Segment		THE MART		555 California Street		Other
Capital expenditures:
Expenditures to maintain assets	$	72,628	$	50,994	$	16,919	$	3,438	$	1,277
Tenant improvements	81,543		62,898		17,341		1,304		—
Leasing commissions	23,912		16,207		2,102		5,603		—
Recurring tenant improvements, leasing commissions and other capital expenditures	178,083		130,099		36,362		10,345		1,277
Non-recurring capital expenditures(1)	71,811		58,095		11,926		1,282		508
Total capital expenditures and leasing commissions	$	249,894	$	188,194	$	48,288	$	11,627	$	1,785

Development and redevelopment expenditures(2):
PENN 2	$	120,856	$	120,856	$	—	$	—	$	—
PENN Districtwide improvements	30,299		30,299		—		—		—
PENN 1	29,598		29,598		—		—		—
Hotel Pennsylvania site (PENN 15)	24,541		24,541		—		—		—
The Farley Building	14,211		14,211		—		—		—
Other	23,369		19,889		671		—		2,809
	$	242,874	$	239,394	$	671	$	—	$	2,809

________________________________

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

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

- 22 -


UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
		As of December 31, 2024
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 SOFR	Interest Rate(3)
Fifth Avenue and Times Square JV	Retail/Office	51.5%	$	2,235,546	$	365,869	$	753,194	Various	Various	Various

Alexander's	Office/Retail	32.4%	68,492		322,880		996,544		Various	Various	Various

Partially owned office buildings/land:
280 Park Avenue	Office/Retail	50.0%	107,085		537,500		1,075,000		09/26	N/A	5.84%
West 57th Street properties	Office/Retail/Land	50.0%	42,553		—		—		N/A	N/A	N/A
512 West 22nd Street	Office/Retail	55.0%	30,050		68,980		125,418		06/25	S+235	6.83%
825 Seventh Avenue	Office	50.0%	5,916		27,000		54,000		01/26	S+275	7.30%
61 Ninth Avenue	Office/Retail	45.1%	586		75,543		167,500		01/26	S+146	5.85%
650 Madison Avenue	Office/Retail	20.1%	—		161,024		800,000		12/29	N/A	3.49%

Other investments:
Sunset Pier 94 Studios	Studio Campus	49.9%	86,194		14,861		29,782		09/26	S+475	9.15%
Independence Plaza	Residential/Retail	50.1%	61,618		338,175		675,000		07/25	N/A	4.25%
Rosslyn Plaza	Office/Residential	43.7% to 50.4%	35,277		12,603		25,000		04/26	S+200	6.48%
Other	Various	Various	18,161		82,391		581,880		Various	Various	Various
			$	2,691,478	$	2,006,826	$	5,283,318
Investments in partially owned entities included in other liabilities(4):
7 West 34th Street	Office/Retail	53.0%	$	(70,552)	$	159,000	$	300,000	06/26	N/A	3.65%
85 Tenth Avenue	Office/Retail	49.9%	(18,978)		311,875		625,000		12/26	N/A	4.55%
			$	(89,530)	$	470,875	$	925,000

________________________________

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

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

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

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

- 23 -


UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	Percentage Ownership at December 31, 2024	Our Share of Net Income (Loss) for the Three Months Ended December 31,					Our Share of NOI (non-GAAP) for the Three Months Ended December 31,
		2024		2023			2024		2023
Joint Venture Name
New York:
Fifth Avenue and Times Square JV:
Equity in net income	51.5%	$	14,480	$	8,152		$	31,696	$	30,204
Return on preferred equity, net of our share of the expense		10,541		9,431			—		—

		25,021		17,583			31,696		30,204
Alexander's	32.4%	3,911		5,211			9,515		12,013
280 Park Avenue	50.0%	(3,560)		(6,435)			8,840		10,339
85 Tenth Avenue	49.9%	(1,522)		(2,213)			3,908		3,049
7 West 34th Street	53.0%	1,186		1,268			3,668		3,744
Independence Plaza	50.1%	901		(787)			6,072		4,852
512 West 22nd Street	55.0%	(488)		(26,366)		(1)	1,480		1,449
West 57th Street properties	50.0%	(121)		(10,384)		(1)	(43)		(126)
61 Ninth Avenue	45.1%	(7)		11			1,934		1,966
Other, net	Various	3,721		(12,319)		(1)	4,107		4,903
		29,042		(34,431)			71,177		72,393

Other:
Alexander's corporate fee income	32.4%	1,368		1,182			795		660
Rosslyn Plaza	43.7% to 50.4%	(100)		342			403		1,031
Other, net	Various	(303)		(611)			895		735
		965		913			2,093		2,426

Total		$	30,007	$	(33,518)		$	73,270	$	74,819

________________________________

(1)In 2023 we recognized $50,458 of impairment losses.

- 24 -


UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	Percentage Ownership at December 31, 2024	Our Share of Net Income (Loss) for the Year Ended December 31,						Our Share of NOI (non-GAAP) for the Year Ended December 31,
		2024			2023			2024		2023
Joint Venture Name
New York:
Fifth Avenue and Times Square JV:
Equity in net income	51.5%	$	43,451		$	35,209	(1)	$	116,825	$	119,604
Return on preferred equity, net of our share of the expense		40,668			37,416			—		—

		84,119			72,625			116,825		119,604
Alexander's	32.4%	13,813			31,837		(2)	39,895		40,098
85 Tenth Avenue	49.9%	(7,648)			(10,437)			14,290		11,199
280 Park Avenue	50.0%	5,838		(3)	(20,959)			31,355		41,391
7 West 34th Street	53.0%	4,714			4,723			14,640		14,714
512 West 22nd Street	55.0%	(2,300)			(28,117)		(4)	6,383		6,001
Independence Plaza	50.1%	1,015			(2,622)			22,626		19,788
West 57th Street properties	50.0%	(701)			(11,103)		(4)	61		(110)
61 Ninth Avenue	45.1%	(156)			(20)			7,792		7,646

Other, net	Various	9,508			(3,003)		(4)	15,292		14,105
		108,202			32,924			269,159		274,436
Other:
Alexander's corporate fee income	32.4%	5,263			5,238			3,019		2,998
Rosslyn Plaza	43.7% to 50.4%	(20)			1,562			2,224		4,392
Other, net	Various	(981)			(1,035)			4,827		3,935
		4,262			5,765			10,070		11,325

Total		$	112,464		$	38,689		$	279,229	$	285,761

________________________________

(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 is being amortized over the remaining term of the restructured loan, reducing future interest expense.

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

(3)Includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan. See page 4 for details.

(4)In 2023 we recognized $50,458 of impairment losses.

- 25 -


CAPITAL STRUCTURE (unaudited)
(Amounts in thousands, except per share and per unit amounts)

				As of December 31, 2024
Debt (contractual balances):
Consolidated debt(1):
Mortgages payable				$	5,707,176
Senior unsecured notes				1,200,000
$800 Million unsecured term loan				800,000
$2.2 Billion unsecured revolving credit facilities				575,000
				8,282,176
Pro rata share of debt of non-consolidated entities				2,477,701
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)				(682,059)
				10,077,818		(A)

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

	Converted Shares(2)	December 31, 2024 Common Share Price
Equity:
Common shares	190,847	$	42.04	8,023,208
Redeemable Class A units and LTIP Unit awards	16,851	42.04		708,416
Convertible share equivalents:
Series D-13 preferred units	1,110	42.04		46,664
Series G-1 through G-4 preferred units	71	42.04		2,985
Series A preferred shares	18	42.04		757
	208,897			8,782,030		(C)
Total Market Capitalization (A+B+C)				$	20,082,883

________________________________

(1)See the reconciliation on page xiii in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of December 31, 2024.

(2)Excludes share based equity awards that may be considered dilutive in the period. See page 5 for our weighted average units outstanding on a dilutive basis.

- 26 -


COMMON SHARES DATA (NYSE: VNO) (unaudited)

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


	2024
	Fourth Quarter		Third Quarter		Second Quarter		First Quarter

High price	$	46.63	$	39.91	$	30.02	$	29.46
Low price	$	37.88	$	25.36	$	22.42	$	24.17
Closing price - end of quarter	$	42.04	$	39.40	$	26.29	$	28.77

Outstanding shares, Class A units and convertible preferred units as converted (in thousands)	208,897		208,949		209,573		209,348





Closing market value of outstanding shares, Class A units and convertible preferred units as converted	$	8.8	Billion	$	8.2	Billion	$	5.5	Billion	$	6.0	Billion

- 27 -


DEBT ANALYSIS (unaudited)
(Amounts in thousands)
	As of December 31, 2024
	Total			Variable			Fixed(1)
(Contractual debt balances)	Amount		Weighted Average Interest Rate	Amount		Weighted Average Interest Rate	Amount		Weighted Average Interest Rate
Consolidated debt(2)	$	8,282,176	4.50%	$	1,215,776	5.80%(3)	$	7,066,400	4.28%
Pro rata share of debt of non-consolidated entities	2,477,701		5.13%	444,176		6.43%	2,033,525		4.85%
Total	10,759,877		4.65%	1,659,952		5.97%	9,099,925		4.41%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)	(682,059)			(397,059)			(285,000)
Company's pro rata share of total debt	$	10,077,818	4.63%	$	1,262,893	5.82%	$	8,814,925	4.47%

As of December 31, 2024, $844,272 of variable rate debt (at share) is subject to interest rate cap arrangements, the $418,621 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(4):

Required

Actual

Required

Actual

Total outstanding debt/total assets

Less than 65%

49%

(5)

Less than 60%

40%

(6)

Secured debt/total assets

Less than 50%

35%

(5)

Less than 50%

28%

(6)

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

Greater than 1.50

1.77

N/A

Fixed charge coverage

N/A

Greater than 1.40

1.93

Unencumbered assets/unsecured debt

Greater than 150%

388%

N/A

Unsecured debt/cap value of unencumbered assets

N/A

Less than 60%

21%

Unencumbered coverage ratio

N/A

Greater than 1.75

7.12


Consolidated Unencumbered EBITDA (non-GAAP):	Q4 2024 Annualized
New York	$	292,252
Other	81,644
Total	$	373,896

________________________________

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

(2)See the reconciliation on page xiii in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of December 31, 2024.

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

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

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

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

- 28 -


HEDGING INSTRUMENTS AS OF DECEMBER 31, 2024 (unaudited)
(Amounts in thousands)
	Debt Information						Swap / Cap Information
	Balance at Share		Maturity Date(1)		Variable Rate Spread		Notional Amount at Share			Expiration Date		All-In Swapped Rate

Interest Rate Swaps:
Consolidated:
555 California Street mortgage loan	$	840,000		05/28		S+205	$	840,000			05/26	6.03%
770 Broadway mortgage loan	700,000			07/27		S+225	700,000				07/27	4.98%
PENN 11 mortgage loan	500,000			10/25		S+206	500,000				10/25	6.28%
Unsecured revolving credit facility	575,000			12/27		S+115	575,000				08/27	3.88%
Unsecured term loan	800,000			12/27		S+130
Through 07/25							700,000				07/25	4.53%
07/25 through 10/26							550,000				10/26	4.36%
10/26 through 8/27							50,000				08/27	4.04%
100 West 33rd Street mortgage loan	480,000			06/27		S+185	480,000				06/27	5.26%
888 Seventh Avenue mortgage loan	258,057			12/25		S+180	200,000				09/27	4.76%
4 Union Square South mortgage loan	120,000			08/25		S+150	96,400				01/25	3.74%
435 Seventh Avenue mortgage loan	75,000			04/28		S+210	75,000				04/26	6.96%
Unconsolidated:
280 Park Avenue mortgage loan	537,500			09/26		S+178	537,500				09/28	5.84%
731 Lexington Avenue - retail condominium mortgage loan	97,200			08/25		S+151	97,200				05/25	1.76%
Interest Rate Caps:												Index Strike Rate	Cash Interest Rate(2)	Effective Interest Rate(3)
Consolidated:
1290 Avenue of the Americas mortgage loan	$	665,000		11/28		S+162	$	665,000			11/25	1.00%	2.62%	5.94%
One Park Avenue mortgage loan	525,000			03/26		S+122	525,000				03/25	3.89%	5.11%	6.16%
150 West 34th Street mortgage loan	75,000			02/28		S+215	75,000				02/26	5.00%	6.63%	7.23%
Unconsolidated:
61 Ninth Avenue mortgage loan	75,543			01/26		S+146	75,543				01/26	4.39%	5.85%	6.31%
512 West 22nd Street mortgage loan	68,980			06/25		S+235	68,980				06/25	4.50%	6.83%	7.16%
Rego Park II mortgage loan	65,624			12/25		S+145	65,624				12/25	4.15%	5.60%	5.93%
Fashion Centre Mall/Washington Tower mortgage loan	34,125			05/26		S+305	34,125				05/25	3.00%	6.05%	7.61%

Debt subject to interest rate swaps and subject to a 1.00% SOFR interest rate cap							$	5,466,100
Variable rate debt subject to interest rate caps							844,272
Fixed rate debt per loan agreements							3,348,825
Variable rate debt not subject to interest rate swaps or caps							418,621		(4)
Total debt at share							$	10,077,818

________________________________

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

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

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

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

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

- 29 -


CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property	Maturity Date(1)	Spread over SOFR			Interest Rate(2)		2025		2026		2027		2028		2029		Thereafter		Total
Secured Debt:
606 Broadway (50.0% interest)	(3)		S+191		6.39%	(4)	$	74,119	$	—	$	—	$	—	$	—	$	—	$	74,119
4 Union Square South	08/25		S+150	(5)	4.19%		120,000		—		—		—		—		—		120,000
PENN 11	10/25				6.28%		500,000		—		—		—		—		—		500,000
888 Seventh Avenue	12/25		S+180	(5)	5.12%		258,057		—		—		—		—		—		258,057
One Park Avenue	03/26		S+122		5.11%		—		525,000		—		—		—		—		525,000
350 Park Avenue	01/27				3.92%		—		—		400,000		—		—		—		400,000
100 West 33rd Street	06/27				5.26%		—		—		480,000		—		—		—		480,000
770 Broadway	07/27				4.98%		—		—		700,000		—		—		—		700,000
150 West 34th Street	02/28		S+215		6.63%		—		—		—		75,000		—		—		75,000
435 Seventh Avenue	04/28				6.96%		—		—		—		75,000		—		—		75,000
555 California Street (70.0% interest)	05/28		S+205	(5)	6.16%		—		—		—		1,200,000		—		—		1,200,000
1290 Avenue of the Americas (70.0% interest)	11/28				2.62%		—		—		—		950,000		—		—		950,000
909 Third Avenue	04/31				3.23%		—		—		—		—		—		350,000		350,000
Total Secured Debt							952,176		525,000		1,580,000		2,300,000		—		350,000		5,707,176
Unsecured Debt:
Senior unsecured notes due 2025(6)	01/25				3.50%		450,000		—		—		—		—		—		450,000
Senior unsecured notes due 2026	06/26				2.15%		—		400,000		—		—		—		—		400,000
$1.25 Billion unsecured revolving credit facility	12/27				3.88%		—		—		575,000		—		—		—		575,000
$800 Million unsecured term loan	12/27		S+130	(5)	4.67%		—		—		800,000		—		—		—		800,000
$915 Million unsecured revolving credit facility	04/29		S+120		—		—		—		—		—		—		—		—
Senior unsecured notes due 2031	06/31				3.40%		—		—		—		—		—		350,000		350,000
Total Unsecured Debt							450,000		400,000		1,375,000		—		—		350,000		2,575,000
Total Debt							$	1,402,176	$	925,000	$	2,955,000	$	2,300,000	$	—	$	700,000	$	8,282,176
Weighted average rate							5.00%		3.83%		4.58%		4.74%		0.00%		3.32%		4.50%

Fixed rate debt(7)							$	1,246,400	$	400,000	$	2,855,000	$	1,865,000	$	—	$	700,000	$	7,066,400
Fixed weighted average rate expiring							4.83%		2.15%		4.54%		4.33%		0.00%		3.32%		4.28%
Floating rate debt							$	155,776	$	525,000	$	100,000	$	435,000	$	—	$	—	$	1,215,776
Floating weighted average rate expiring							6.33%		5.11%		5.66%		6.48%		0.00%		—		5.80%

________________________________

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

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

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

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

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

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

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

- 30 -

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.	1,176,828	$	141,598	7.7	%
IPG and affiliates	955,211	64,056		3.6	%
Citadel	585,460	62,498		3.5	%
New York University	685,290	49,552		2.7	%
Madison Square Garden & Affiliates(2)	449,053	45,451		2.5	%
Bloomberg L.P.	306,768	43,863		2.4	%
Google/Motorola Mobility (guaranteed by Google)	759,446	42,875		2.3	%
Amazon (including its Whole Foods subsidiary)	312,694	31,025		1.7	%
Swatch Group USA	11,957	28,689		1.5	%
Neuberger Berman Group LLC	306,612	28,363		1.5	%
Bank of America	247,615	27,331		1.5	%
LVMH Brands	65,060	26,740		1.4	%
AMC Networks, Inc.	326,717	26,183		1.4	%
WeWork	303,741	25,818		1.4	%
Apple Inc.	412,434	24,078		1.3	%
Victoria's Secret	33,156	20,690		1.1	%
PJT Partners Holdings	134,953	19,379		1.0	%
PwC	241,196	19,368		1.0	%
Macy's	242,837	18,378		1.0	%
Fast Retailing (Uniqlo)	47,167	14,143		0.8	%
The City of New York	232,010	12,351		0.7	%
King & Spalding	122,859	11,979		0.6	%
WSP USA	172,666	11,291		0.6	%
AbbVie Inc.	168,673	11,155		0.6	%
Axon Capital	93,127	11,022		0.6	%
Alston & Bird LLP	126,872	10,865		0.6	%
Burlington Coat Factory	108,844	10,816		0.6	%
Aetna Life Insurance Company	64,196	10,308		0.6	%
Cushman & Wakefield	120,481	9,897		0.5	%
Elliott Investment Management L.P.	74,719	9,881		0.5	%
				47.2	%

________________________________

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

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

- 31 -


SQUARE FOOTAGE (unaudited)
(Square feet in thousands)
		At Vornado's Share
	At 100%		Under Development or Not Available for Lease	In Service
		Total		Office	Retail	Showroom	Other
Segment:
New York:
Office	20,343	17,520	1,496	15,841	—	183	—
Retail	2,421	1,977	34	—	1,943	—	—
Residential - 1,330 units	1,215	623	19	—	—	—	604
Alexander's (32.4% interest), including 312 residential units	2,455	796	126	307	280	—	83
	26,434	20,916	1,675	16,148	2,223	183	687

Other:
THE MART	3,703	3,694	—	2,090	101	1,256	247
555 California Street (70% interest)	1,821	1,275	—	1,240	35	—	—
Other	2,845	1,346	144	212	879	—	111
	8,369	6,315	144	3,542	1,015	1,256	358

Total square feet at December 31, 2024	34,803	27,231	1,819	19,690	3,238	1,439	1,045

Total square feet at September 30, 2024	34,800	27,229	2,149	19,433	3,164	1,439	1,044

	At 100%
Parking Garages (not included above):	Square Feet	Number of Garages	Number of Spaces
New York	1,635	9	4,685
THE MART	558	4	1,643
555 California Street	168	1	461
Rosslyn Plaza	411	4	1,094
Total at December 31, 2024	2,772	18	7,883

- 32 -


OCCUPANCY (unaudited)

	New York		THE MART		555 California Street
Occupancy rate at:
December 31, 2024	87.6	%	80.1	%	92.0	%
September 30, 2024	86.7	%	79.7	%	94.5	%
December 31, 2023	89.4	%	79.2	%	94.5	%
September 30, 2023	89.9	%	76.8	%	94.5	%


RESIDENTIAL STATISTICS (unaudited)

		Vornado's Ownership Interest
	Number of Units	Number of Units	Occupancy Rate	Average Monthly Rent Per Unit
New York:
December 31, 2024	1,642	769	96.6%	$4,713
September 30, 2024	1,642	769	96.5%	$4,689
December 31, 2023	1,974	939	96.8%	$4,115
September 30, 2023	1,974	939	96.6%	$4,061

- 33 -


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		TBD			2073		2098		Rent resets at the beginning of each 25-year renewal term at fair market value (“FMV”). The rent reset for the 25-year period commencing June 2023 is currently ongoing and the timing is uncertain. The final FMV determination may be materially higher or lower than our January 2022 estimate.
Long Island Railroad Concourse Retail		1,379			2048		2098		Two 25-year renewal options. Base rent increases every 10 years, with the next rent increase in 2028, based on the increase in gross income reduced by the increase in real estate taxes and operating expenses. In addition, percentage rent is payable based on gross annual income above a specified threshold. Base and percentage rent are reduced by a rent credit calculated as a percentage of development costs funded by Vornado.
260 Eleventh Avenue		4,515			None		2114		Rent increases annually by the lesser of CPI or 1.5% compounded. We have a purchase option exercisable at a future date for $110,000 increased annually by the lesser of CPI or 1.5% compounded.
888 Seventh Avenue		3,350			2028		2067		Two 20-year renewal options at FMV.
330 West 34th Street - 65.2% ground leased		10,265			2051		2149		Two 30-year and one 39-year renewal option at FMV.
909 Third Avenue		1,600			2041		2063		One 22-year renewal option at current annual rent.
962 Third Avenue (the Annex building to 150 East 58th Street) - 50.0% ground leased		666			None		2118		Rent resets every 10 years to FMV.
Other:
Wayne Town Center		6,038			2035		2064		Two 10-year renewal options and one 9-year renewal option. Rent increases annually by the greater of CPI or 6%.
Annapolis		650			None		2042		Fixed rent increases to $750 per annum in 2032.
Unconsolidated:
Sunset Pier 94 Studios (49.9% interest)		449			2060		2110		Five 10-year renewal options. Fixed rent increases in 2028 and every five years thereafter. Beginning in September 2028, additional rent is payable in an amount equal to 6% of gross revenue less the base rent.
61 Ninth Avenue (45.1% interest)		3,635			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.

- 34 -


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	%	86.7	%	$	84.44			2,251,000	2,251,000	—				Canaccord Genuity LLC, Roivant Sciences Inc.*
-Retail	100.0	%	60.1	%	222.68				301,000	301,000	—				Bank of America, Starbucks, Blue Bottle Coffee Inc., Shake Shack, Roberta’s,
	100.0	%	83.7	%	95.59		$	202,900	2,552,000	2,552,000	—	$	—		Anita La Mamma Del Gelato

PENN 2
-Office	100.0	%	100.0	%	106.01				1,741,000	378,000	1,363,000				Madison Square Garden, Major League Soccer LLC*
-Retail	100.0	%	100.0	%	134.26				54,000	24,000	30,000				JPMorgan Chase
	100.0	%	100.0	%	107.74		55,600		1,795,000	402,000	1,393,000	575,000		(4)

The Farley Building (ground and building leased through 2116)**
-Office	95.0	%	100.0	%	118.55				730,000	730,000	—				Meta Platforms, Inc.
-Retail	95.0	%	38.0	%	317.41				116,000	116,000	—				Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels,
	95.0	%	91.7	%	129.36		100,000		846,000	846,000	—	—			Avra Prime*

PENN 11

-Office	100.0	%	100.0	%	71.89				1,112,000	1,112,000	—				Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's
-Retail	100.0	%	90.7	%	150.91				39,000	39,000	—				PNC Bank National Association, Starbucks
	100.0	%	99.6	%	74.25		79,200		1,151,000	1,151,000	—	500,000

100 West 33rd Street
-Office	100.0	%	89.5	%	69.69				858,000	858,000	—				IPG and affiliates
-Retail	100.0	%	15.6	%	72.23				257,000	257,000	—				Aeropostale
	100.0	%	73.1	%	69.81		55,900		1,115,000	1,115,000	—	480,000

330 West 34th Street
(65.2% ground leased through 2149)**
-Office	100.0	%	76.9	%	82.51				702,000	702,000	—				Structure Tone, Deutsch, Inc., HomeAdvisor, Inc., WeWork*
-Retail	100.0	%	92.7	%	117.36				24,000	24,000	—				Starbucks
	100.0	%	77.3	%	83.65		45,400		726,000	726,000	—	100,000		(5)

435 Seventh Avenue
-Retail	100.0	%	100.0	%	35.22		1,500		43,000	43,000	—	75,000			Forever 21

7 West 34th Street
-Office	53.0	%	100.0	%	82.66				458,000	458,000	—				Amazon
-Retail	53.0	%	100.0	%	361.54				19,000	19,000	—				Amazon, Lindt, Naturalizer (guaranteed by Caleres)
	53.0	%	100.0	%	94.44		44,100		477,000	477,000	—	300,000

431 Seventh Avenue
-Retail	100.0	%	100.0	%	265.93		600		9,000	9,000	—	—			Essen

138-142 West 32nd Street
-Retail	100.0	%	80.3	%	127.73		400		8,000	8,000	—	—

150 West 34th Street
-Retail	100.0	%	100.0	%	63.48		5,000		79,000	79,000	—	75,000			Primark*

- 35 -


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	%	$	96.85		$	300	3,000	3,000	—	$	—	Celtic Rail

131-135 West 33rd Street
-Retail	100.0	%	100.0	%	64.65			1,500		23,000	23,000	—	—		Fat Annies’s Inc., Stout Inc.

Other (3 buildings)
-Retail	100.0	%	100.0	%	157.72			2,000		16,000	16,000	—	—

Total PENN District								594,400		8,843,000	7,450,000	1,393,000	2,105,000

Midtown East:
909 Third Avenue
(ground leased through 2063)**															IPG and affiliates, AbbVie Inc., United States Post Office,
-Office	100.0	%	93.1	%	67.60		(6)	60,400		1,352,000	1,352,000	—	350,000		Geller & Company, Morrison Cohen LLP, Sard Verbinnen


150 East 58th Street(7)
-Office	100.0	%	81.7	%	82.36					541,000	541,000	—			Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail	100.0	%	100.0	%	94.88					3,000	3,000	—
	100.0	%	81.7	%	82.44			36,400		544,000	544,000	—	—

715 Lexington Avenue
-Retail	100.0	%	100.0	%	201.22			4,400		22,000	22,000	—	—		Orangetheory Fitness, Casper, Santander Bank, Blu Dot

966 Third Avenue
-Retail	100.0	%	100.0	%	112.60			800		7,000	7,000	—	—		McDonald's

968 Third Avenue
-Retail	50.0	%	100.0	%	193.75			1,300		7,000	7,000	—	—		Wells Fargo

Total Midtown East								103,300		1,932,000	1,932,000	—	350,000

Midtown West:
888 Seventh Avenue
(ground leased through 2067)**															Axon Capital LP, Lone Star US Acquisitions LLC, Top-New York, Inc.,
-Office	100.0	%	84.2	%	101.20					872,000	872,000	—			Vornado Executive Headquarters, United Talent Agency
-Retail	100.0	%	100.0	%	261.25					15,000	15,000	—			Redeye Grill L.P.
	100.0	%	84.3	%	102.89			77,200		887,000	887,000	—	258,057

57th Street - 2 buildings
-Office	50.0	%	85.4	%	61.51					81,000	81,000	—
-Retail	50.0	%	—	%	—					22,000	22,000	—
	50.0	%	71.2	%	61.51			4,200		103,000	103,000	—	—

825 Seventh Avenue
-Office	50.0	%	79.6	%	59.02					169,000	169,000	—	54,000		Young Adult Institute Inc., New Alternatives for Children, Inc.
-Retail	100.0	%	100.0	%	162.20					4,000	4,000	—	—		Venchi
			80.1	%	62.02			8,400		173,000	173,000	—	54,000

Total Midtown West								89,800		1,163,000	1,163,000	—	312,057

- 36 -


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															Elliott Investment Management L.P., PJT Partners Holdings, GIC Inc.,
-Office	50.0	%	92.1	%	$	118.20			1,238,000		1,238,000	—			Wells Fargo, Investcorp International Inc.
-Retail	50.0	%	93.8	%	54.69				28,000		28,000	—			Starbucks, Fasano Restaurant
	50.0	%	92.2	%	116.76		$	135,400	1,266,000		1,266,000	—	$	1,075,000

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

Total Park Avenue							197,900		1,851,000		1,851,000	—	1,475,000
Grand Central:
90 Park Avenue															Alston & Bird, Capital One, PwC, MassMutual,
-Office	100.0	%	98.7	%	84.11				938,000		938,000	—			Factset Research Systems Inc., Foley & Lardner
-Retail	100.0	%	72.8	%	185.48				18,000		18,000	—			Citibank, Starbucks
Total Grand Central	100.0	%	98.2	%	85.48		77,500		956,000		956,000	—	—



Madison/Fifth:
640 Fifth Avenue															Fidelity Investments, Abbott Capital Management, The Klein Company,
-Office	52.0	%	91.5	%	112.75				246,000		246,000	—			Avolon Aerospace, Houlihan Lokey Advisors Parent, Inc.
-Retail	52.0	%	96.2	%	1,125.73				69,000		69,000	—			Victoria's Secret, Dyson
	52.0	%	92.2	%	273.06		75,700		315,000		315,000	—	396,500

666 Fifth Avenue
-Retail	52.0	%	100.0	%	403.88		42,100		114,000	(8)	114,000	—	—		Fast Retailing (Uniqlo), Abercrombie & Fitch, Tissot

595 Madison Avenue															LVMH Moet Hennessy Louis Vuitton Inc.,
-Office	100.0	%	88.2	%	81.51				300,000		300,000	—			Albea Beauty Solutions, Aerin LLC
-Retail	100.0	%	100.0	%	744.71				30,000		30,000	—			Fendi, Berluti, Christofle Silver Inc.
	100.0	%	89.0	%	128.71		39,100		330,000		330,000	—	—

650 Madison Avenue															Sotheby's International Realty, Inc., BC Partners Inc.,
-Office	20.1	%	82.4	%	107.93				563,000		563,000	—			Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)
-Retail	20.1	%	95.7	%	1,069.48				38,000		38,000	—			Moncler USA Inc., Tod's, Celine, Balmain
	20.1	%	82.9	%	154.39		73,700		601,000		601,000	—	800,000

689 Fifth Avenue
-Office	52.0	%	100.0	%	94.92				81,000		81,000	—			Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail	52.0	%	100.0	%	593.51				16,000		16,000	—			Canada Goose
	52.0	%	100.0	%	153.80		16,000		97,000		97,000	—	—

655 Fifth Avenue
-Retail	50.0	%	100.0	%	303.65		17,900		57,000		57,000	—	—		Ferragamo

697-703 Fifth Avenue
-Retail	44.8	%	100.0	%	2,631.64		40,500		26,000		26,000	—	356,694		Swatch Group USA, Harry Winston

Total Madison/Fifth							305,000		1,540,000		1,540,000	—	1,553,194

- 37 -


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	%	52.7	%	$	122.39			1,077,000	1,077,000	—			Meta Platforms, Inc., Yahoo Inc.
-Retail	100.0	%	92.0	%	95.04				106,000	106,000	—			Bank of America N.A., Wegmans Food Markets
	100.0	%	56.0	%	118.64		$	77,500	1,183,000	1,183,000	—	$	700,000

One Park Avenue
														New York University, BMG Rights Management LLC,
-Office	100.0	%	93.9	%	73.49				867,000	867,000	—			Robert A.M. Stern Architect
-Retail	100.0	%	90.1	%	83.06				78,000	78,000	—			Bank of Baroda, Citibank, Equinox
	100.0	%	93.6	%	74.24		64,200		945,000	945,000	—	525,000

4 Union Square South
-Retail	100.0	%	100.0	%	131.68		26,900		204,000	204,000	—	120,000		Burlington, Whole Foods Market, DSW, Sephora

Total Midtown South							168,600		2,332,000	2,332,000	—	1,345,000

Rockefeller Center:
1290 Avenue of the Americas														Hachette Book Group Inc., Bryan Cave LLP,
														Neuberger Berman Group LLC, SSB Realty LLC,
														Cushman & Wakefield, Columbia University, Selendy Gay PLLC*,
-Office	70.0	%	93.3	%	88.41				2,016,000	2,016,000	—			Fubotv Inc, LinkLaters, King & Spalding, Oaktree Capital
-Retail	70.0	%	74.2	%	232.33				90,000	90,000	—			Duane Reade, JPMorgan Chase Bank, Starbucks
Total Rockefeller Center	70.0	%	92.7	%	92.28		185,700		2,106,000	2,106,000	—	950,000

SoHo:
606 Broadway (19 East Houston Street)
-Office	50.0	%	13.4	%	113.00				30,000	30,000	—
-Retail	50.0	%	100.0	%	683.33				6,000	6,000	—			HSBC, Harman International
	50.0	%	24.8	%	415.45		3,600		36,000	36,000	—	74,119

304-306 Canal Street
-Retail	100.0	%	100.0	%	62.08				4,000	4,000	—			Stellar Works
'-Residential’	100.0	%	—						9,000	—	9,000
	100.0	%					200		13,000	4,000	9,000	—

334 Canal Street
-Retail	100.0	%	—		—				4,000	—	4,000
-Residential	100.0	%	—						10,000	—	10,000
	100.0	%					—		14,000	—	14,000	—

Total SoHo							3,800		63,000	40,000	23,000	74,119

- 38 -


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):
Times Square:
1540 Broadway
-Retail	52.0	%	78.5	%	$	117.44	$	15,200	161,000	161,000	—	$	—	U.S. Polo, Forever 21, Disney

1535 Broadway
-Retail	52.0	%	98.2	%	1,097.96				45,000	45,000	—			T-Mobile, Swatch Group USA, Levi's, Sephora, Anita La Mamma Del Gelato
-Theatre	52.0	%	100.0	%	20.72				62,000	62,000	—			Nederlander-Marquis Theatre
	52.0	%	99.3	%	420.95		41,400		107,000	107,000	—	—

Total Times Square							56,600		268,000	268,000	—	—

Upper East Side:
1131 Third Avenue
-Retail	100.0	%	100.0	%	213.51		4,800		23,000	23,000	—	—		Nike, Crunch LLC, J.Jill

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

Total Upper East Side							4,800		33,000	33,000	—	—





Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)**
-Office	100.0	%	100.0	%	49.72		10,400		209,000	209,000	—	—		The City of New York

85 Tenth Avenue														Google, Telehouse International Corp.,
-Office	49.9	%	86.4	%	94.88				595,000	595,000	—			Clear Secure, Inc., Shopify
-Retail	49.9	%	76.3	%	96.01				43,000	43,000	—			Verde*
	49.9	%	85.8	%	94.94		51,700		638,000	638,000	—	625,000

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

61 Ninth Avenue (2 buildings)
(ground leased through 2115)**
-Office	45.1	%	100.0	%	148.77				171,000	171,000	—			Aetna Life Insurance Company, Apple Inc.
-Retail	45.1	%	100.0	%	402.12				23,000	23,000	—			Starbucks
	45.1	%	100.0	%	165.43		34,500		194,000	194,000	—	167,500

512 West 22nd Street														Kenneth Cole Productions, Inc.*, Next Jump, Omniva LLC,
-Office	55.0	%	100.0	%	115.14				165,000	165,000	—			Capricorn Investment Group, Genius Sports*
-Retail	55.0	%	100.0	%	108.16				8,000	8,000	—			Galeria Nara Roesler, Harper's Books
	55.0	%	100.0	%	114.82		19,900		173,000	173,000	—	125,418

Total Chelsea/Meatpacking District							119,300		1,231,000	1,231,000	—	917,918

- 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 (Continued):




Tribeca:
Independence Plaza
-Residential (1,327 units)	50.1	%	97.0	%					1,186,000	1,186,000	—
-Retail	50.1	%	54.7	%	$	85.59			72,000	72,000	—			Duane Reade
	50.1	%					$	4,400	1,258,000	1,258,000	—	$	675,000

339 Greenwich Street
-Retail	100.0	%	100.0	%	154.75		700		8,000	8,000	—	—		Paper Moon*

Total Tribeca							5,100		1,266,000	1,266,000	—	675,000
New Jersey:
Paramus
-Office	100.0	%	85.6	%	25.44		2,700		129,000	129,000	—	—		Vornado's Administrative Headquarters

Property under Development:
Sunset Pier 94 Studios (ground and building leased through 2110)**
‘-Studio	49.9	%	—		—		—		266,000	—	266,000	29,782

Properties to be Developed:
Hotel Pennsylvania site (PENN 15)
-Land	100.0	%	—		—		—		—	—	—	—

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

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




New York Office:

Total			89.1	%	$	90.47	$	1,475,900	20,343,000	18,714,000	1,629,000	$	8,411,257

Vornado's Ownership Interest			88.8	%	$	88.38	$	1,227,500	17,520,000	16,024,000	1,496,000	$	6,049,786

New York Retail:

Total			75.8	%	$	255.75	$	438,700	2,421,000	2,387,000	34,000	$	700,813

Vornado's Ownership Interest			73.7	%	$	213.05	$	292,000	1,977,000	1,943,000	34,000	$	466,808

New York Residential:

Total			96.5	%					1,215,000	1,196,000	19,000	$	675,000

Vornado's Ownership Interest			96.6	%					623,000	604,000	19,000	$	338,175

- 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):
ALEXANDER'S, INC.:

731 Lexington Avenue, Manhattan
-Office	32.4	%	100.0	%	$	143.95			947,000	947,000	—	$	400,000	Bloomberg L.P.
-Retail	32.4	%	90.3	%	269.65				133,000	133,000	—	300,000		The Home Depot, Hutong, Capital One
	32.4	%	98.9	%	157.02		$	165,400	1,080,000	1,080,000	—	700,000


Rego Park I, Queens (4.8 acres)	32.4	%	100.0	%	73.43		6,300		338,000	86,000	252,000			Burlington, Marshalls

Rego Park II (adjacent to Rego Park I),
Queens (6.6 acres)	32.4	%	99.0	%	74.60		41,500		615,000	479,000	136,000	202,544		Costco, Kohl's, TJ Maxx, Best Buy

Flushing, Queens (1.0 acre ground leased through 2037)**	32.4	%	100.0	%	33.50		5,600		167,000	167,000	—	—		New World Mall LLC

The Alexander Apartment Tower,
Rego Park, Queens, NY
-Residential (312 units)	32.4	%	94.2	%					255,000	255,000	—	94,000




Total Alexander's	32.4	%	99.1	%	119.53		218,800		2,455,000	2,067,000	388,000	996,544


Total New York			88.6	%	$	107.07	$	2,133,300	26,434,000	24,364,000	2,070,000	$	10,783,614

Vornado's Ownership Interest			87.6	%	$	100.12	$	1,630,900	20,916,000	19,241,000	1,675,000	$	7,177,649

________________________________

* Lease not yet commenced.

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

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

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

(3)Represents contractual debt obligations.

(4)Secured amount outstanding on revolving credit facilities.

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

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

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

(8)On January 8, 2025, the Fifth Avenue and Times Square joint venture completed the sale to UNIQLO of the portion of its U.S. flagship store at 666 Fifth Avenue owned by the retail joint venture. The joint venture continues to own 23,832 square feet of retail space (7,416 square feet at grade) at 666 Fifth Avenue consisting of the Abercrombie & Fitch and Tissot stores. See page 3 for more details.

- 41 -


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), Avant LLC,
														ANGI Home Services, Inc, Paypal, Inc., ConAgra Foods Inc.,
														Allscripts Healthcare, Clear Channel Outdoor LLC*, IPG and affiliates,
														Government Employees Insurance Company*, Medline Industries, Inc,
-Office	100.0	%	87.2	%	$	50.50	$	92,900	2,090,000	2,090,000	—			Innovation Development Institute, Inc., Allstate Insurance Company

-Showroom/Trade show	100.0	%	70.7	%	58.49		61,000		1,503,000	1,503,000	—			Holly Hunt Ltd., Baker Interiors Group, Ltd.
-Retail	100.0	%	71.2	%	48.84		3,000		91,000	91,000	—
	100.0	%	80.1	%	53.33		156,900		3,684,000	3,684,000	—	$	—

Other (2 properties)	50.0	%	89.5	%	51.02		900		19,000	19,000	—	26,880
Total THE MART, Chicago							157,800		3,703,000	3,703,000	—	26,880



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


Total THE MART			80.2	%	$	53.31	$	157,800	3,703,000	3,703,000	—	$	26,880

Vornado's Ownership Interest			80.1	%	$	53.32	$	157,400	3,694,000	3,694,000	—	$	13,441

555 California Street:
555 California Street	70.0	%	96.6	%	$	100.11	$	143,100	1,507,000	1,507,000	—	$	1,200,000	Bank of America, N.A., Dodge & Cox, Goldman Sachs & Co.,
														Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,
														McKinsey & Company Inc., UBS Financial Services,
														KKR Financial, Microsoft Corporation,
														Fenwick & West LLP, Sidley Austin

315 Montgomery Street	70.0	%	93.6	%	90.81		19,700		236,000	236,000	—	—		Bank of America, N.A., Regus, Ripple Labs Inc., Blue Shield, Lending Home Corporation

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

Total 555 California Street			92.0	%	$	98.90	$	162,800	1,821,000	1,821,000	—	$	1,200,000

Vornado's Ownership Interest			92.0	%	$	98.90	$	114,000	1,275,000	1,275,000	—	$	840,000

________________________________

* Lease not yet commenced.

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

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

(3)Represents the contractual debt obligations.

- 42 -


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		Under Development or Not Available for Lease
										In Service
OTHER:
Virginia:
Rosslyn Plaza
-Office - 4 buildings	46.2	%	28.5	%	$	50.57			736,000	432,000		304,000			Nathan Associates
-Residential - 2 buildings (197 units)	43.7	%	98.5	%					253,000	253,000		—
	45.6	%					$	6,000	989,000	685,000		304,000	$	25,000

Fashion Centre Mall / Washington Tower
-Office	7.5	%	75.0	%	57.12				170,000	170,000		—	42,300		The Rand Corporation
-Retail	7.5	%	97.0	%	37.07				868,000	868,000		—	412,700		Macy's, Nordstrom
	7.5	%	93.4	%	39.71		53,000		1,038,000	1,038,000		—	455,000

New Jersey:
Wayne Town Center, Wayne (ground leased through 2064)**	100.0	%	100.0	%	28.58		13,300		690,000	686,000		4,000	—		Costco, Dick's Sporting Goods,
															Nordstrom Rack, UFC FIT

Atlantic City (11.3 acres ground leased through 2070 to VICI Properties for a portion of the Borgata Hotel and Casino complex)	100.0	%	100.0	%	—		7,700		—	—		—	—		VICI Properties (ground lessee)

Maryland:
Annapolis (ground and building leased through 2042)**	100.0	%	100.0	%	11.70		1,400		128,000	128,000		—	—		The Home Depot

Total Other			83.5	%	$	38.66	$	81,400	2,845,000	2,537,000		308,000	$	480,000

Vornado's Ownership Interest			86.5	%	$	24.67	$	29,200	1,346,000	1,202,000		144,000	$	46,728

________________________________

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

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

(3)Represents the contractual debt obligations.

- 43 -

INVESTOR INFORMATION

Corporate Officers:

Steven Roth

Chairman of the Board and Chief Executive Officer

Michael J. Franco

President and Chief Financial Officer

Glen J. Weiss

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

Barry S. Langer

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

Haim Chera

Executive Vice President - Head of Retail

Thomas J. Sanelli

Executive Vice President - Finance and Chief Administrative Officer

RESEARCH COVERAGE

Jeff Spector

Steve Sakwa

Vikram Malhotra

Bank of America/BofA Securities

Evercore ISI

Mizuho Securities (USA) Inc.

646-855-1363

212-446-9462

212-282-3827

Brendan Lynch

Caitlin Burrows

Ronald Kamdem

Barclays Capital

Goldman Sachs

Morgan Stanley

212-526-9428

212-902-4736

212-296-8319

John P. Kim

Dylan Burzinski

Alexander Goldfarb/Connor Mitchell

BMO Capital Markets

Green Street Advisors

Piper Sandler

212-885-4115

949-640-8780

212-466-7937/203-861-7615

Michael Griffin

Anthony Paolone/Ray Zhong

Nicholas Yulico

Citi

JP Morgan

Scotia Capital (USA) Inc

212-816-5871

212-622-6682/212-622-5411

212-225-6904

Floris van Dijkum

Mark Streeter/Ian Snyder

Michael Lewis

Compass Point

JP Morgan Fixed Income

Truist Securities

646-757-2621

212-834-5086/212-834-3798

212-319-5659

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

- 44 -

APPENDIX

DEFINITIONS AND NON-GAAP RECONCILIATIONS


FINANCIAL SUPPLEMENT DEFINITIONS

The financial supplement includes various non-GAAP financial measures. Descriptions of these non-GAAP measures are provided below. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided on the following pages.

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

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

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

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

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

- i -


NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended						For the Year Ended December 31,
	December 31,				September 30, 2024
	2024		2023				2024		2023
Reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):
Net income (loss) attributable to common shareholders	$	1,203	$	(61,013)	$	(19,154)	$	8,275	$	43,378
Per diluted share	$	0.01	$	(0.32)	$	(0.10)	$	0.04	$	0.23

FFO adjustments:
Depreciation and amortization of real property	$	101,824	$	98,085	$	103,190	$	399,694	$	385,608
Real estate impairment losses	—		22,206		—		—		22,831
Net gains on sale of real estate	—		—		—		(873)		(53,305)
Our share of partially owned entities:
Depreciation and amortization of real property	23,483		27,188		25,091		101,195		108,088
Net gain on sale of real estate	—		—		—		—		(16,545)
Real estate impairment losses	—		50,458		—		—		50,458
FFO adjustments, net	125,307		197,937		128,281		500,016		497,135
Impact of assumed conversion of dilutive convertible securities	358		388		385		1,549		1,642
Noncontrolling interests' share of above adjustments on a dilutive basis	(9,783)		(16,207)		(10,256)		(39,819)		(38,363)
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	117,085		121,105		99,256		470,021		503,792
Add back of FFO allocated to noncontrolling interests of the Operating Partnership	9,890		10,766		8,537		40,563		41,609
FFO attributable to Class A unitholders (non-GAAP)	$	126,975	$	131,871	$	107,793	$	510,584	$	545,401
FFO per diluted share (non-GAAP)	$	0.58	$	0.62	$	0.50	$	2.37	$	2.59

- ii -


NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended						For the Year Ended December 31,
	December 31,				September 30, 2024
	2024		2023				2024		2023
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	117,085	$	121,105	$	99,256	$	470,021	$	503,792
Per diluted share (non-GAAP)	$	0.58	$	0.62	$	0.50	$	2.37	$	2.59

Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions:
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)	$	3,456	$	3,526	$	4,164	$	14,353	$	11,722
Credit losses on investments	—		8,269		—		—		8,269
After-tax net gain on sale of 220 CPS condominium units and ancillary amenities	—		(5,786)		—		(13,069)		(11,959)
Our share of the gain on the discounted extinguishment of the 280 Park Avenue mezzanine loan	—		—		—		(31,215)		—
Other	2,104		(3,169)		(365)		5,000		(3,336)
	5,560		2,840		3,799		(24,931)		4,696
Noncontrolling interests' share of above adjustments on a dilutive basis	(433)		(194)		(300)		1,981		(337)
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net	$	5,127	$	2,646	$	3,499	$	(22,950)	$	4,359


FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	122,212	$	123,751	$	102,755	$	447,071	$	508,151
Per diluted share (non-GAAP)	$	0.61	$	0.63	$	0.52	$	2.26	$	2.61

- iii -


NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited)
(Amounts in thousands)
		For the Three Months Ended								For the Year Ended December 31,
		December 31,						September 30, 2024
		2024			2023					2024			2023
FFO attributable to common shareholders, plus assumed conversions	(A)	$	117,085		$	121,105		$	99,256	$	470,021		$	503,792

Adjustments to arrive at FAD (at Vornado's share):
Certain items that impact FAD		5,560			2,840			3,799		(24,931)			4,696
Recurring tenant improvements, leasing commissions and other capital expenditures		(55,350)			(74,181)			(55,038)		(203,955)			(238,401)
Stock-based compensation expense		7,359			9,954			6,544		30,172			43,201
Amortization of debt issuance costs and other non-cash interest expense		13,280			13,881			14,493		62,252			41,895
Personal property depreciation		1,532			1,412			1,917		6,321			5,661
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other		(8,378)			121			6,807		(3,663)			(3,377)
Noncontrolling interests in the Operating Partnership's share of above adjustments		2,946			3,133			1,769		11,017			10,456
FAD adjustments, net	(B)	(33,051)			(42,840)			(19,709)		(122,787)			(135,869)

FAD (non-GAAP)	(A+B)	$	84,034		$	78,265		$	79,547	$	347,234		$	367,923

FAD payout ratio (1)		180.5		%	75.0		%	N/A		42.3		%	35.7		%

________________________________

(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.

- iv -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)


	For the Three Months Ended						For the Year Ended December 31,
	December 31,				September 30, 2024
	2024		2023				2024		2023
Net income (loss)	$	5,758	$	(100,613)	$	(19,468)	$	20,116	$	32,888
Depreciation and amortization expense	113,061		110,197		116,006		447,500		434,273
General and administrative expense	36,637		46,040		35,511		148,520		162,883
Transaction related costs, impairment losses and other	1,341		49,190		(113)		5,242		50,691
(Income) loss from partially owned entities	(30,007)		33,518		(18,229)		(112,464)		(38,689)

Interest and other investment income, net	(11,348)		(5,833)		(12,391)		(45,974)		(43,287)
Interest and debt expense	100,483		87,695		100,907		390,269		349,223
Net gains on disposition of wholly owned and partially owned assets	—		(6,607)		—		(16,048)		(71,199)
Income tax expense	5,822		8,374		4,883		22,729		29,222
NOI from partially owned entities	73,270		74,819		67,292		279,229		285,761
NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,051)		(9,684)		(8,907)		(39,367)		(48,553)
NOI at share	284,966		287,096		265,491		1,099,752		1,143,213
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(8,378)		121		6,807		(3,663)		(3,377)
NOI at share - cash basis	$	276,588	$	287,217	$	272,298	$	1,096,089	$	1,139,836

- v -

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 December 31,
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
New York	$	383,702	$	361,105	$	(194,195)	$	(182,600)	$	189,507	$	178,505	$	(8,222)	$	1,125	$	181,285	$	179,630
Other	74,088		80,781		(41,848)		(37,325)		32,240		43,456		7,543		1,035		39,783		44,491
Consolidated total	457,790		441,886		(236,043)		(219,925)		221,747		221,961		(679)		2,160		221,068		224,121
Noncontrolling interests' share in consolidated subsidiaries	(53,503)		(56,232)		43,452		46,548		(10,051)		(9,684)		(5,175)		(5,846)		(15,226)		(15,530)
Our share of partially owned entities	122,859		125,846		(49,589)		(51,027)		73,270		74,819		(2,524)		3,807		70,746		78,626
Vornado's share	$	527,146	$	511,500	$	(242,180)	$	(224,404)	$	284,966	$	287,096	$	(8,378)	$	121	$	276,588	$	287,217


	For the Three Months Ended September 30, 2024
	Total Revenues		Operating Expenses		NOI		Non-cash Adjustments(1)		NOI - cash basis
New York	$	362,483	$	(194,927)	$	167,556	$	9,437	$	176,993
Other	80,772		(41,222)		39,550		4,437		43,987
Consolidated total	443,255		(236,149)		207,106		13,874		220,980
Noncontrolling interests' share in consolidated subsidiaries	(51,121)		42,214		(8,907)		(6,708)		(15,615)
Our share of partially owned entities	116,720		(49,428)		67,292		(359)		66,933
Vornado's share	$	508,854	$	(243,363)	$	265,491	$	6,807	$	272,298


	For the Year Ended December 31,
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
New York	$	1,471,997	$	1,452,158	$	(766,347)	$	(733,478)	$	705,650	$	718,680	$	3,990	$	11,246	$	709,640	$	729,926
Other	315,689		359,005		(161,449)		(171,680)		154,240		187,325		17,803		4,406		172,043		191,731
Consolidated total	1,787,686		1,811,163		(927,796)		(905,158)		859,890		906,005		21,793		15,652		881,683		921,657
Noncontrolling interests' share in consolidated subsidiaries	(210,144)		(235,255)		170,777		186,702		(39,367)		(48,553)		(23,291)		(26,356)		(62,658)		(74,909)
Our share of partially owned entities	477,825		478,956		(198,596)		(193,195)		279,229		285,761		(2,165)		7,327		277,064		293,088
Vornado's share	$	2,055,367	$	2,054,864	$	(955,615)	$	(911,651)	$	1,099,752	$	1,143,213	$	(3,663)	$	(3,377)	$	1,096,089	$	1,139,836

________________________________

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

- vi -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED DECEMBER 31, 2024 COMPARED TO DECEMBER 31, 2023 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended December 31, 2024	$	284,966		$	257,040		$	6,168		$	15,854		$	5,904
Less NOI at share from:
Dispositions	(55)			(55)			—			—			—
Development properties	(5,627)			(5,627)			—			—			—
Other non-same store income, net	(16,576)			(10,546)			—			(126)			(5,904)
Same store NOI at share for the three months ended December 31, 2024	$	262,708		$	240,812		$	6,168		$	15,728		$	—

NOI at share for the three months ended December 31, 2023	$	287,096		$	247,575		$	14,516		$	18,125		$	6,880
Less NOI at share from:
Dispositions	(532)			(542)			10			—			—
Development properties	(2,684)			(2,684)			—			—			—
Other non-same store income, net	(8,669)			(1,789)			—			—			(6,880)
Same store NOI at share for the three months ended December 31, 2023	$	275,211		$	242,560		$	14,526		$	18,125		$	—

Decrease in same store NOI at share	$	(12,503)		$	(1,748)		$	(8,358)		$	(2,397)		$	—

% decrease in same store NOI at share	(4.5)		%	(0.7)		%	(57.5)		%	(13.2)		%	0.0		%

- vii -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED DECEMBER 31, 2024 COMPARED TO DECEMBER 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 December 31, 2024	$	276,588		$	241,933		$	10,550		$	18,138		$	5,967
Less NOI at share - cash basis from:
Dispositions	(55)			(55)			—			—			—
Development properties	(1,664)			(1,664)			—			—			—
Other non-same store income, net	(11,397)			(5,287)			—			(143)			(5,967)
Same store NOI at share - cash basis for the three months ended December 31, 2024	$	263,472		$	234,927		$	10,550		$	17,995		$	—

NOI at share - cash basis for the three months ended December 31, 2023	$	287,217		$	246,429		$	15,511		$	18,265		$	7,012
Less NOI at share - cash basis from:
Dispositions	(532)			(542)			10			—			—
Development properties	(2,518)			(2,518)			—			—			—
Other non-same store income, net	(10,149)			(3,137)			—			—			(7,012)
Same store NOI at share - cash basis for the three months ended December 31, 2023	$	274,018		$	240,232		$	15,521		$	18,265		$	—

Decrease in same store NOI at share - cash basis	$	(10,546)		$	(5,305)		$	(4,971)		$	(270)		$	—

% decrease in same store NOI at share - cash basis	(3.8)		%	(2.2)		%	(32.0)		%	(1.5)		%	0.0		%

- viii -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE YEAR ENDED DECEMBER 31, 2024 COMPARED TO DECEMBER 31, 2023 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share for the year ended December 31, 2024	$	1,099,752		$	961,910		$	51,686		$	64,963		$	21,193
Less NOI at share from:
Dispositions	(1,499)			(1,509)			10			—			—
Development properties	(35,182)			(35,182)			—			—			—
Other non-same store income, net	(34,735)			(13,416)			—			(126)			(21,193)
Same store NOI at share for the year ended December 31, 2024	$	1,028,336		$	911,803		$	51,696		$	64,837		$	—

NOI at share for the year ended December 31, 2023	$	1,143,213		$	977,569		$	61,519		$	82,965		$	21,160
Less NOI at share from:
Dispositions	(2,321)			(3,677)			1,356			—			—
Development properties	(16,310)			(16,310)			—			—			—
Other non-same store income, net	(21,589)			(429)			—			—			(21,160)
Same store NOI at share for the year ended December 31, 2023	$	1,102,993		$	957,153		$	62,875		$	82,965		$	—

Decrease in same store NOI at share	$	(74,657)		$	(45,350)		$	(11,179)		$	(18,128)		$	—

% decrease in same store NOI at share	(6.8)		%	(4.7)		%	(17.8)		%	(21.9)		%	0.0		%

- ix -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE YEAR ENDED DECEMBER 31, 2024 COMPARED TO DECEMBER 31, 2023 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the year ended December 31, 2024	$	1,096,089		$	944,022		$	57,235		$	74,621		$	20,211
Less NOI at share - cash basis from:
Dispositions	(1,499)			(1,509)			10			—			—
Development properties	(21,561)			(21,561)			—			—			—
Other non-same store income, net	(31,681)			(11,327)			—			(143)			(20,211)
Same store NOI at share - cash basis for the year ended December 31, 2024	$	1,041,348		$	909,625		$	57,245		$	74,478		$	—

NOI at share - cash basis for the year ended December 31, 2023	$	1,139,836		$	969,869		$	62,579		$	85,819		$	21,569
Less NOI at share - cash basis from:
Dispositions	(2,664)			(4,138)			1,474			—			—
Development properties	(15,519)			(15,519)			—			—			—
Other non-same store income, net	(30,737)			(9,168)			—			—			(21,569)
Same store NOI at share - cash basis for the year ended December 31, 2023	$	1,090,916		$	941,044		$	64,053		$	85,819		$	—

Decrease in same store NOI at share - cash basis	$	(49,568)		$	(31,419)		$	(6,808)		$	(11,341)		$	—

% decrease in same store NOI at share - cash basis	(4.5)		%	(3.3)		%	(10.6)		%	(13.2)		%	0.0		%

- x -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED DECEMBER 31, 2024 COMPARED TO SEPTEMBER 30, 2024 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended December 31, 2024	$	284,966		$	257,040		$	6,168		$	15,854		$	5,904
Less NOI at share from:
Dispositions	(55)			(55)			—			—			—
Development properties	(12,427)			(12,427)			—			—			—
Other non-same store income, net	(15,497)			(9,467)			—			(126)			(5,904)
Same store NOI at share for the three months ended December 31, 2024	$	256,987		$	235,091		$	6,168		$	15,728		$	—

NOI at share for the three months ended September 30, 2024	$	265,491		$	229,588		$	14,972		$	15,780		$	5,151
Less NOI at share from:
Dispositions	(25)			(29)			4			—			—
Development properties	(11,959)			(11,959)			—			—			—
Other non-same store income, net	(6,437)			(1,286)			—			—			(5,151)
Same store NOI at share for the three months ended September 30, 2024	$	247,070		$	216,314		$	14,976		$	15,780		$	—

Increase (decrease) in same store NOI at share	$	9,917		$	18,777		$	(8,808)		$	(52)		$	—

% increase (decrease) in same store NOI at share	4.0		%	8.7		%	(58.8)		%	(0.3)		%	0.0		%

- xi -


NON-GAAP RECONCILIATIONS

RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED DECEMBER 31, 2024 COMPARED TO SEPTEMBER 30, 2024 (unaudited)


	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended December 31, 2024	$	276,588		$	241,933		$	10,550		$	18,138		$	5,967
Less NOI at share - cash basis from:
Dispositions	(55)			(55)			—			—			—
Development properties	(7,666)			(7,666)			—			—			—
Other non-same store income, net	(10,263)			(4,153)			—			(143)			(5,967)
Same store NOI at share - cash basis for the three months ended December 31, 2024	$	258,604		$	230,059		$	10,550		$	17,995		$	—

NOI at share - cash basis for the three months ended September 30, 2024	$	272,298		$	233,461		$	14,901		$	19,589		$	4,347
Less NOI at share - cash basis from:
Dispositions	(25)			(29)			4			—			—
Development properties	(6,574)			(6,574)			—			—			—
Other non-same store income, net	(7,160)			(2,813)			—			—			(4,347)
Same store NOI at share - cash basis for the three months ended September 30, 2024	$	258,539		$	224,045		$	14,905		$	19,589		$	—

Increase (decrease) in same store NOI at share - cash basis	$	65		$	6,014		$	(4,355)		$	(1,594)		$	—

% increase (decrease) in same store NOI at share - cash basis	0.0		%	2.7		%	(29.2)		%	(8.1)		%	0.0		%

- xii -


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

	As of December 31, 2024
	Consolidated Debt, Net		Deferred Financing Costs, Net and Other		Consolidated Contractual Debt
Mortgages payable	$	5,676,014	$	31,162	$	5,707,176
Senior unsecured notes	1,195,914		4,086		1,200,000
$800 Million unsecured term loan	795,948		4,052		800,000
$2.2 Billion unsecured revolving credit facilities	575,000		—		575,000
	$	8,242,876	$	39,300	$	8,282,176

- xiii -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET INCOME (LOSS) TO EBITDAre (unaudited)

(Amounts in thousands)


	For the Three Months Ended						For the Year Ended December 31,
	December 31,				September 30, 2024
	2024		2023				2024		2023
Reconciliation of net income (loss) to EBITDAre (non-GAAP):
Net income (loss)	$	5,758	$	(100,613)	$	(19,468)	$	20,116	$	32,888
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	11,107		49,717		14,152		51,131		75,967
Net income (loss) attributable to the Operating Partnership	16,865		(50,896)		(5,316)		71,247		108,855
EBITDAre adjustments at share:
Depreciation and amortization expense	126,839		126,685		130,198		507,210		499,357
Interest and debt expense	121,875		114,727		125,737		458,100		458,400
Income tax expense	5,381		8,589		5,056		23,445		30,465
Real estate impairment losses	—		72,664		—		—		73,289
Net gains on sale of real estate	—		—		—		(873)		(72,955)
EBITDAre at share	270,960		271,769		255,675		1,059,129		1,097,411
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	10,819		(3,157)		9,574		42,125		39,405
EBITDAre (non-GAAP)	$	281,779	$	268,612	$	265,249	$	1,101,254	$	1,136,816

- xiv -


NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	For the Three Months Ended						For the Year Ended December 31,
	December 31,				September 30, 2024
	2024		2023				2024		2023
EBITDAre (non-GAAP)	$	281,779	$	268,612	$	265,249	$	1,101,254	$	1,136,816

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(10,819)		3,157		(9,574)		(42,125)		(39,405)

Certain expense (income) items that impact EBITDAre:
Gain on sale of 220 CPS condominium units and ancillary amenities	—		(6,607)		—		(15,175)		(14,127)
Other	1,732		2,915		(737)		5,366		(1,952)
Total of certain expense (income) items that impact EBITDAre	1,732		(3,692)		(737)		(9,809)		(16,079)

EBITDAre, as adjusted (non-GAAP)	$	272,692	$	268,077	$	254,938	$	1,049,320	$	1,081,332

- xv -


INDEX
		Page
	FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS	3	-	7
	DEBT AND CAPITALIZATION
	Unsecured Notes Covenant Ratios and Credit Ratings	8
	Liquidity and Capitalization	9
	Net Debt to EBITDAre, As Adjusted / Debt Snapshot	10
	Hedging Instruments	11
	Consolidated Debt Maturities	12	-	13
	PROPERTY STATISTICS
	Top 15 Tenants	14
	Lease Expirations	15
	DEVELOPMENT ACTIVITY
	Development/Redevelopment - Active Projects	16
	APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS	i	-	v

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. Currently, some of the factors are the interest rate fluctuations and effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2024. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this supplemental package on page ii in the Appendix.

This supplemental package should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the Company’s Supplemental Operating and Financial Data package for the quarter and year ended December 31, 2024, both of which can be accessed at the Company’s website www.vno.com.

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

2024 Financial Highlights

Quarter Ended December 31, 2024

Net income attributable to common shareholders for the quarter ended December 31, 2024 was $1,203,000, or $0.01 per diluted share, compared to net loss attributable to common shareholders of $61,013,000, or $0.32 per diluted share, for the prior year's quarter.

EBITDAre, as adjusted (non-GAAP) for the quarter ended December 31, 2024 was $272,692,000, compared to $268,077,000 for the prior year’s quarter.

Year Ended December 31, 2024

Net income attributable to common shareholders for the year ended December 31, 2024 was $8,275,000 or $0.04 per diluted share, compared to $43,378,000 or $0.23 per diluted share, for the year ended December 31, 2023.

EBITDAre, as adjusted (non-GAAP) for year ended December 31, 2024 was $1,049,320,000, compared to $1,081,332,000 for the year ended December 31, 2023.

Liquidity

As of December 31, 2024, we had $2.5 billion of liquidity comprised of $950.0 million of cash and cash equivalents and restricted cash and $1.5 billion available on our $2.2 billion revolving credit facilities.

Active Development

As of December 31, 2024, we have expended $768,370,000 of cash with an estimated $81,630,000 remaining to be spent for PENN 2 and PENN districtwide improvements.

We have a 49.9% interest in a joint venture that is developing Sunset Pier 94 Studios. As of December 31, 2024, we have fully funded our $34,000,000 share of cash contributions.

2024 Business Developments

Dispositions

666 Fifth Avenue (Fifth Avenue and Times Square JV)

220 Central Park South

On January 17, 2025, we closed on the sale of a condominium unit at 220 CPS for net proceeds of $11,695,000; three units remain unsold.

50-70 West 93rd Street

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

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

2024 Business Developments - continued

Acquisitions

Investment in Loan

Financing Activity

Senior Unsecured Notes due 2025

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

Alexander's, Inc. (“Alexander’s”)

85 Tenth Avenue

606 Broadway

640 Fifth Avenue (Fifth Avenue and Times Square JV)

Unsecured Revolving Credit Facility

435 Seventh Avenue

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

2024 Business Developments - continued

Financing Activity - continued

280 Park Avenue

Interest Rate Swap and Cap Arrangements

We entered into the following interest rate swap and cap arrangements during the year ended December 31, 2024. See page 11 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:

280 Park Avenue (50.0% interest)

537,500

5.84%

09/28

S+178

PENN 11(1)

250,000

6.21%

10/25

S+206

435 Seventh Avenue

75,000

6.96%

04/26

S+210

Index Strike Rate

Interest rate caps:

61 Ninth Avenue (45.1% interest)

75,543

4.39%

01/26

S+146

Rego Park II (32.4% interest)

65,624

4.15%

12/25

S+145

______________________________

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

Alexander’s

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

2024 Business Developments - continued

Leasing Activity

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


(Square feet in thousands)	New York									555 California Street
	Office			Retail			THE MART
Three Months Ended December 31, 2024
Total square feet leased	583			50			64			62
Our share of square feet leased:	513			32			64			43
Initial rent(1)	$	87.48		$	315.10		$	52.28		$	133.87
Weighted average lease term (years)	5.0			11.3			6.8			3.7
Second generation relet space:
Square feet	400			21			40			39
GAAP basis:
Straight-line rent(2)	$	93.44		$	399.79		$	51.91		$	131.44
Prior straight-line rent	$	75.42		$	219.39		$	51.15		$	106.87
Percentage increase	23.9		%	82.2		%	1.5		%	23.0		%
Cash basis (non-GAAP):
Initial rent(1)	$	85.67		$	350.12		$	53.90		$	131.24
Prior escalated rent	$	80.82		$	234.14		$	57.55		$	127.86
Percentage increase (decrease)	6.0		%	49.5		%	(6.3)		%	2.6		%
Tenant improvements and leasing commissions:
Per square foot	$	63.81		$	174.01		$	76.81		$	69.00
Per square foot per annum	$	12.76		$	15.40		$	11.30		$	18.65
Percentage of initial rent	14.6		%	4.9		%	21.6		%	13.9		%

________________________________

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

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

2024 Business Developments - continued

Leasing Activity - continued


(Square feet in thousands)	New York									555 California Street
	Office			Retail			THE MART
Year Ended December 31, 2024
Total square feet leased	2,650			187			386			215
Our share of square feet leased:	1,653			161			386			152
Initial rent(1)	$	104.49		$	160.01		$	52.88		$	102.80
Weighted average lease term (years)	8.4			9.4			7.5			7.6
Second generation relet space:
Square feet	1,218			52			247			148
GAAP basis:
Straight-line rent(2)	$	103.06		$	312.43		$	54.38		$	103.05
Prior straight-line rent	$	92.97		$	227.98		$	51.57		$	88.21
Percentage increase	10.9		%	37.0		%	5.4		%	16.8		%
Cash basis (non-GAAP):
Initial rent(1)	$	107.99		$	294.38		$	55.76		$	101.31
Prior escalated rent	$	105.37		$	271.77		$	57.37		$	101.45
Percentage increase (decrease)	2.5		%	8.3		%	(2.8)		%	(0.1)		%
Tenant improvements and leasing commissions:
Per square foot	$	81.56		$	82.50		$	91.00		$	110.36
Per square foot per annum	$	9.71		$	8.78		$	12.13		$	14.52
Percentage of initial rent	9.3		%	5.5		%	22.9		%	14.1		%

______________________________

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

UNSECURED NOTES COVENANT RATIOS AND CREDIT RATINGS (unaudited)

(Amounts in thousands)


		As of
Unsecured Notes Covenant Ratios(1)	Required	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
Total outstanding debt/total assets(2)	Less than 65%	49%	49%	47%	52%
Secured debt/total assets	Less than 50%	35%	35%	33%	34%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50	1.77	1.71	1.87	1.93
Unencumbered assets/unsecured debt	Greater than 150%	388%	396%	425%	321%


Consolidated Unencumbered EBITDA(1) (non-GAAP):	Q4 2024 Annualized
New York	$	292,252
Other	81,644
Total	$	373,896

Credit Ratings(3):

Rating

Outlook

Moody’s

Ba1

Stable

S&P

BBB-

Negative

Fitch

BB+

Stable

________________________________

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

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

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


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


Liquidity Snapshot



(1)			The debt balances presented represent contractual debt balances. See reconciliation on page iii in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of December 31, 2024.
(2)			Prior to May 3, 2024, the $915 million revolving credit facility had full capacity of $1.25 billion. See page 4 for additional details.
(3)			Based on the Vornado Realty Trust (NYSE: VNO) December 31, 2024 quarter end closing common share price of $42.04.


Company capitalization(1):	Amount		% Total
Consolidated mortgages payable (at 100%)	$	5,707,176	31%
Unsecured debt (contractual)	2,575,000		14%
Perpetual preferred shares/units	1,223,035		7%
Equity(3)	8,782,030		48%
Total	18,287,241		100%
Pro rata share of debt of non-consolidated entities	2,477,701
Less: Noncontrolling interests' share of consolidated debt	(682,059)
Total at share	$	20,082,883


NET DEBT TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	As of and For the Year Ended December 31,
	2024			2023			2022
Secured debt	$	5,707,176		$	5,729,615		$	5,877,615
Unsecured debt	2,575,000			2,575,000			2,575,000
Pro rata share of debt of non-consolidated entities	2,477,701			2,654,701			2,697,226
Less: Noncontrolling interests’ share of consolidated debt	(682,059)			(682,059)			(682,059)
Company’s pro rata share of total debt	$	10,077,818		$	10,277,257		$	10,467,782
% Unsecured debt	26%			25%			25%

Company’s pro rata share of total debt	$	10,077,818		$	10,277,257		$	10,467,782
Less: Cash and cash equivalents and investments in U.S. Treasury bills	(733,947)			(997,002)			(1,361,651)
Less: Escrowed cash included within restricted cash on our balance sheet	(187,416)			(221,578)			(94,374)
Less: Pro rata share of unconsolidated partially owned entities’ cash and cash equivalents and escrowed cash	(248,835)			(295,983)			(316,385)
Plus: Noncontrolling interests’ share of cash and cash equivalents, escrowed cash and investments in U.S. Treasury bills	129,160			101,564			94,100
Less: Participation in 150 West 34th Street mortgage loan	—			—			(105,000)
Less: Projected cash proceeds from 220 CPS	(40,000)			(70,000)			(90,000)
Net debt	$	8,996,780		$	8,794,258		$	8,594,472
EBITDAre, as adjusted (non-GAAP)	$	1,049,320		$	1,081,332		$	1,090,564
Net debt / EBITDAre, as adjusted (non-GAAP)	8.6		x	8.1		x	7.9		x

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


DEBT SNAPSHOT (unaudited)
(Amounts in thousands)
	As of December 31, 2024
	Total			Variable			Fixed(1)
(Contractual debt balances)	Amount		Weighted Average Interest Rate	Amount		Weighted Average Interest Rate	Amount		Weighted Average Interest Rate
Consolidated debt(2)	$	8,282,176	4.50%	$	1,215,776	5.80%(3)	$	7,066,400	4.28%
Pro rata share of debt of non-consolidated entities	2,477,701		5.13%	444,176		6.43%	2,033,525		4.85%
Total	10,759,877		4.65%	1,659,952		5.97%	9,099,925		4.41%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)	(682,059)			(397,059)			(285,000)
Company's pro rata share of total debt	$	10,077,818	4.63%	$	1,262,893	5.82%	$	8,814,925	4.47%

________________________________

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

(2) See reconciliation on page iii in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of December 31, 2024.

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


HEDGING INSTRUMENTS AS OF DECEMBER 31, 2024 (unaudited)
(Amounts in thousands)
	Debt Information						Swap / Cap Information
	Balance at Share		Maturity Date(1)		Variable Rate Spread		Notional Amount at Share			Expiration Date		All-In Swapped Rate

Interest Rate Swaps:
Consolidated:
555 California Street mortgage loan	$	840,000		05/28		S+205	$	840,000			05/26	6.03%
770 Broadway mortgage loan	700,000			07/27		S+225	700,000				07/27	4.98%
PENN 11 mortgage loan	500,000			10/25		S+206	500,000				10/25	6.28%
Unsecured revolving credit facility	575,000			12/27		S+115	575,000				08/27	3.88%
Unsecured term loan	800,000			12/27		S+130
Through 07/25							700,000				07/25	4.53%
07/25 through 10/26							550,000				10/26	4.36%
10/26 through 8/27							50,000				08/27	4.04%
100 West 33rd Street mortgage loan	480,000			06/27		S+185	480,000				06/27	5.26%
888 Seventh Avenue mortgage loan	258,057			12/25		S+180	200,000				09/27	4.76%
4 Union Square South mortgage loan	120,000			08/25		S+150	96,400				01/25	3.74%
435 Seventh Avenue mortgage loan	75,000			04/28		S+210	75,000				04/26	6.96%
Unconsolidated:
280 Park Avenue mortgage loan	537,500			09/26		S+178	537,500				09/28	5.84%
731 Lexington Avenue - retail condominium mortgage loan	97,200			08/25		S+151	97,200				05/25	1.76%
Interest Rate Caps:												Index Strike Rate	Cash Interest Rate(2)	Effective Interest Rate(3)
Consolidated:
1290 Avenue of the Americas mortgage loan	$	665,000		11/28		S+162	$	665,000			11/25	1.00%	2.62%	5.94%
One Park Avenue mortgage loan	525,000			03/26		S+122	525,000				03/25	3.89%	5.11%	6.16%
150 West 34th Street mortgage loan	75,000			02/28		S+215	75,000				02/26	5.00%	6.63%	7.23%
Unconsolidated:
61 Ninth Avenue mortgage loan	75,543			01/26		S+146	75,543				01/26	4.39%	5.85%	6.31%
512 West 22nd Street mortgage loan	68,980			06/25		S+235	68,980				06/25	4.50%	6.83%	7.16%
Rego Park II mortgage loan	65,624			12/25		S+145	65,624				12/25	4.15%	5.60%	5.93%
Fashion Centre Mall/Washington Tower mortgage loan	34,125			05/26		S+305	34,125				05/25	3.00%	6.05%	7.61%

Debt subject to interest rate swaps and subject to a 1.00% SOFR interest rate cap							$	5,466,100
Variable rate debt subject to interest rate caps							844,272
Fixed rate debt per loan agreements							3,348,825
Variable rate debt not subject to interest rate swaps or caps							418,621		(4)
Total debt at share							$	10,077,818

________________________________

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

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

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

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

See page 5 for details of interest rate hedging arrangements entered into during 2024.

CONSOLIDATED DEBT MATURITIES (CONTRACTUAL BALANCES) (unaudited)

(Amounts in thousands)


Consolidated Debt Maturity Schedule(1) as of December 31, 2024 (Excludes pro rata share of JV debt)(2)


Consolidated (100%):
Secured	$	952,176		(3)	$	525,000		$	1,580,000		$	2,300,000		$	—		$	350,000
Unsecured	450,000			(4)	400,000			1,375,000			—			—			350,000
Total consolidated debt (100%)	$	1,402,176			$	925,000		$	2,955,000		$	2,300,000		$	—		$	700,000
% of total consolidated debt	16.9		%		11.2		%	35.7		%	27.8		%	—		%	8.4		%
Debt maturities at share:
Consolidated debt (100%)	$	1,402,176			$	925,000		$	2,955,000		$	2,300,000		$	—		$	700,000
Pro rata share of debt of non-consolidated entities	574,174				1,172,507			39,702			289,348			367,145			34,825
Less: Noncontrolling interests' share of consolidated debt	(37,059)				—			—			(645,000)			—			—
Total debt at share	$	1,939,291			$	2,097,507		$	2,994,702		$	1,944,348		$	367,145		$	734,825
% of total debt at share	19.2		%		20.8		%	29.7		%	19.3		%	3.6		%	7.4		%

_______________________________

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

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

(3)On September 5, 2024, the 606 Broadway $74,119 non-recourse loan matured and was not repaid, at which time the lenders declared an event of default. See page 4 for details.

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


CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property	Maturity Date(1)	Spread over SOFR			Interest Rate(2)		2025		2026		2027		2028		2029		Thereafter		Total
Secured Debt:
606 Broadway (50.0% interest)	(3)		S+191		6.39%	(4)	$	74,119	$	—	$	—	$	—	$	—	$	—	$	74,119
4 Union Square South	08/25		S+150	(5)	4.19%		120,000		—		—		—		—		—		120,000
PENN 11	10/25				6.28%		500,000		—		—		—		—		—		500,000
888 Seventh Avenue	12/25		S+180	(5)	5.12%		258,057		—		—		—		—		—		258,057
One Park Avenue	03/26		S+122		5.11%		—		525,000		—		—		—		—		525,000
350 Park Avenue	01/27				3.92%		—		—		400,000		—		—		—		400,000
100 West 33rd Street	06/27				5.26%		—		—		480,000		—		—		—		480,000
770 Broadway	07/27				4.98%		—		—		700,000		—		—		—		700,000
150 West 34th Street	02/28		S+215		6.63%		—		—		—		75,000		—		—		75,000
435 Seventh Avenue	04/28				6.96%		—		—		—		75,000		—		—		75,000
555 California Street (70.0% interest)	05/28		S+205	(5)	6.16%		—		—		—		1,200,000		—		—		1,200,000
1290 Avenue of the Americas (70.0% interest)	11/28				2.62%		—		—		—		950,000		—		—		950,000
909 Third Avenue	04/31				3.23%		—		—		—		—		—		350,000		350,000
Total Secured Debt							952,176		525,000		1,580,000		2,300,000		—		350,000		5,707,176
Unsecured Debt:
Senior unsecured notes due 2025(6)	01/25				3.50%		450,000		—		—		—		—		—		450,000
Senior unsecured notes due 2026	06/26				2.15%		—		400,000		—		—		—		—		400,000
$1.25 Billion unsecured revolving credit facility	12/27				3.88%		—		—		575,000		—		—		—		575,000
$800 Million unsecured term loan	12/27		S+130	(5)	4.67%		—		—		800,000		—		—		—		800,000
$915 Million unsecured revolving credit facility	04/29		S+120		—		—		—		—		—		—		—		—
Senior unsecured notes due 2031	06/31				3.40%		—		—		—		—		—		350,000		350,000
Total Unsecured Debt							450,000		400,000		1,375,000		—		—		350,000		2,575,000
Total Debt							$	1,402,176	$	925,000	$	2,955,000	$	2,300,000	$	—	$	700,000	$	8,282,176
Weighted average rate							5.00%		3.83%		4.58%		4.74%		0.00%		3.32%		4.50%

Fixed rate debt(7)							$	1,246,400	$	400,000	$	2,855,000	$	1,865,000	$	—	$	700,000	$	7,066,400
Fixed weighted average rate expiring							4.83%		2.15%		4.54%		4.33%		—		3.32%		4.28%
Floating rate debt							$	155,776	$	525,000	$	100,000	$	435,000	$	—	$	—	$	1,215,776
Floating weighted average rate expiring							6.33%		5.11%		5.66%		6.48%		—		—		5.80%

________________________________

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

(2)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See page 11 for information on interest rate swap and interest rate cap arrangements.

(3)On September 5, 2024, the non-recourse loan matured and was not repaid, at which time the lenders declared an event of default. See page 4 for details.

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

(5)Balance is partially hedged by interest rate swap arrangements. See page 11 for details.

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

(7)Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity, and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement. See page 11 for information on interest rate swap arrangements.


TOP 15 TENANTS (unaudited)
(Amounts in thousands, except square feet)
Tenants	Square Footage At Share	Annualized Escalated Rents At Share(1)		% of Total Annualized Escalated Rents At Share
Meta Platforms, Inc.	1,176,828	$	141,598	7.7	%
IPG and affiliates	955,211	64,056		3.6	%
Citadel	585,460	62,498		3.5	%
New York University	685,290	49,552		2.7	%
Madison Square Garden & Affiliates(2)	449,053	45,451		2.5	%
Bloomberg L.P.	306,768	43,863		2.4	%
Google/Motorola Mobility (guaranteed by Google)	759,446	42,875		2.3	%
Amazon (including its Whole Foods subsidiary)	312,694	31,025		1.7	%
Swatch Group USA	11,957	28,689		1.5	%
Neuberger Berman Group LLC	306,612	28,363		1.5	%
Bank of America	247,615	27,331		1.5	%
LVMH Brands	65,060	26,740		1.4	%
AMC Networks, Inc.	326,717	26,183		1.4	%
WeWork	303,741	25,818		1.4	%
Apple Inc.	412,434	24,078		1.3	%
				36.4	%

________________________________

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

LEASE EXPIRATIONS (unaudited)

(Amounts in thousands)


Our Share of Square Feet of Expiring Leases As of December 31, 2024



New York Office	56	591	1,163	1,341	1,051	1,290	691	696	1,014	517	748	4,877
New York Retail	1	178	84	52	27	53	146	68	55	33	138	439
THE MART	19	133	279	197	708	192	80	319	491	54	50	387
555 California Street	27	208	202	65	112	160	88	29	9	15	—	232
Total	103	1,110	1,728	1,655	1,898	1,695	1,005	1,112	1,569	619	936	5,935
% of total	0.5%	5.7%	8.9%	8.5%	9.8%	8.8%	5.2%	5.7%	8.1%	3.2%	4.8%	30.8%

_______________________________

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


DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS
(Amounts in thousands, except square feet)
		(at Vornado’s share)								Projected Incremental Cash Yield
New York segment:	Property Rentable Sq. Ft.	Budget			Cash Amount Expended		Remaining Expenditures		Stabilization Year
PENN District:
PENN 2	1,795,000	$	750,000		$	697,451	$	52,549	2026		10.2%

Districtwide Improvements	N/A	100,000			70,919		29,081		N/A		N/A
Total PENN District		850,000		(1)	768,370		81,630

Sunset Pier 94 Studios (49.9% interest)	266,000	125,000		(2)	52,093		72,907		2026		10.3%

Total Active Development Projects		$	975,000		$	820,463	$	154,537

________________________________

(1)Excluding debt and equity carry.

APPENDIX

DEFINITIONS AND NON-GAAP RECONCILIATIONS

FIXED INCOME SUPPLEMENTAL DEFINITIONS

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

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

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


NON-GAAP RECONCILIATIONS RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)
	As of December 31, 2024
	Consolidated Debt, Net		Deferred Financing Costs, Net and Other		Consolidated Contractual Debt
Mortgages payable	$	5,676,014	$	31,162	$	5,707,176
Senior unsecured notes	1,195,914		4,086		1,200,000
$800 Million unsecured term loan	795,948		4,052		800,000
$2.2 Billion unsecured revolving credit facilities	575,000		—		575,000
	$	8,242,876	$	39,300	$	8,282,176

iii

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET INCOME (LOSS) TO EBITDAre (unaudited)

(Amounts in thousands)


	For the Three Months Ended December 31,				For the Year Ended December 31,
	2024		2023		2024		2023		2022
Reconciliation of net income (loss) to EBITDAre (non-GAAP):
Net income (loss)	$	5,758	$	(100,613)	$	20,116	$	32,888	$	(382,612)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	11,107		49,717		51,131		75,967		5,737
Net income (loss) attributable to the Operating Partnership	16,865		(50,896)		71,247		108,855		(376,875)
EBITDAre adjustments at share:
Depreciation and amortization expense	126,839		126,685		507,210		499,357		593,322
Interest and debt expense	121,875		114,727		458,100		458,400		362,321
Income tax expense	5,381		8,589		23,445		30,465		23,404
Real estate impairment losses	—		72,664		—		73,289		595,488
Net gains on sale of real estate	—		—		(873)		(72,955)		(58,920)
EBITDAre at share	270,960		271,769		1,059,129		1,097,411		1,138,740
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	10,819		(3,157)		42,125		39,405		71,786
EBITDAre (non-GAAP)	$	281,779	$	268,612	$	1,101,254	$	1,136,816	$	1,210,526


NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	For the Three Months Ended December 31,				For the Year Ended December 31,
	2024		2023		2024		2023		2022
EBITDAre (non-GAAP)	$	281,779	$	268,612	$	1,101,254	$	1,136,816	$	1,210,526

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(10,819)		3,157		(42,125)		(39,405)		(71,786)

Certain expense (income) items that impact EBITDAre:
Gain on sale of 220 CPS condominium units and ancillary amenities	—		(6,607)		(15,175)		(14,127)		(41,874)
Net gains on disposition of wholly owned and partially owned assets	—		—		—		(1,018)		(17,372)
Other	1,732		2,915		5,366		(934)		11,070
Total of certain expense (income) items that impact EBITDAre	1,732		(3,692)		(9,809)		(16,079)		(48,176)

EBITDAre, as adjusted (non-GAAP)	$	272,692	$	268,077	$	1,049,320	$	1,081,332	$	1,090,564

Document and Entity Information	Feb. 10, 2025
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 10, 2025
Entity Registrant Name	VORNADO REALTY TRUST
Entity Incorporation, State or Country Code	MD
Entity File Number	001-11954
Entity Tax Identification Number	22-1657560
Entity Address, Address Line One	888 Seventh Avenue
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	894-7000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000899689
Amendment Flag	false
Vornado Realty L.P.
Entity Information [Line Items]
Entity Registrant Name	VORNADO REALTY LP
Entity Incorporation, State or Country Code	DE
Entity File Number	001-34482
Entity Tax Identification Number	13-3925979
Entity Central Index Key	0001040765
Amendment Flag	false
New York Stock Exchange \| Common Shares of beneficial interest, $.04 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of beneficial interest, $.04 par value per share
Trading Symbol	VNO
Security Exchange Name	NYSE
New York Stock Exchange \| 5.40% Series L
Entity Information [Line Items]
Title of 12(b) Security	5.40% Series L
Trading Symbol	VNO/PL
Security Exchange Name	NYSE
New York Stock Exchange \| 5.25% Series M
Entity Information [Line Items]
Title of 12(b) Security	5.25% Series M
Trading Symbol	VNO/PM
Security Exchange Name	NYSE
New York Stock Exchange \| 5.25% Series N
Entity Information [Line Items]
Title of 12(b) Security	5.25% Series N
Trading Symbol	VNO/PN
Security Exchange Name	NYSE
New York Stock Exchange \| 4.45% Series O
Entity Information [Line Items]
Title of 12(b) Security	4.45% Series O
Trading Symbol	VNO/PO
Security Exchange Name	NYSE

Vornado Realty (PK) (USOTC:VNORP)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025

Vornado Realty (PK) (USOTC:VNORP)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025

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