# EDGAR Filing Document

**Accession Number:** 0000899689
**File Stem:** 0000899689-23-000014
**Filing Date:** 2023-2
**Character Count:** 370149
**Document Hash:** 323bac9bacd035e8a5d00845d5f0d31e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000899689-23-000014.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0000899689-23-000014

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20230213

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VORNADO REALTY TRUST
- **CENTRAL INDEX KEY:** 0000899689
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 221657560
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11954
- **FILM NUMBER:** 23619519

**BUSINESS ADDRESS:**
- **STREET 1:** 888 SEVENTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-894-7000

**MAIL ADDRESS:**
- **STREET 1:** 888 SEVENTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VORNADO REALTY LP
- **CENTRAL INDEX KEY:** 0001040765
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 133925979
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34482
- **FILM NUMBER:** 23619520

**BUSINESS ADDRESS:**
- **STREET 1:** 210 ROUTE 4 EAST
- **CITY:** PARAMUS
- **STATE:** NJ
- **ZIP:** 07652
- **BUSINESS PHONE:** 212-894-7000

**MAIL ADDRESS:**
- **STREET 1:** 888 SEVENTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

?xml version="1.0" ? vno-20230213

**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 13, 2023** 

**VORNADO REALTY TRUST** 

**(Exact Name of Registrant as Specified in Charter)**

---

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

---

---

| | | |
|:---|:---|:---|
| **888 Seventh Avenue** | **888 Seventh Avenue** | |
| **New York,** | **New York** | **10019** |
| (Address of Principal Executive offices) | (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. ◻&nbsp;&nbsp;&nbsp;&nbsp;

------

**Item 2.02. Results of Operations and Financial Condition.**

On February 13, 2023, 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 2022. 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. | Exhibits. |
|  | The following exhibits are being furnished as part of this Current Report on Form 8-K: | The following exhibits are being furnished as part of this Current Report on Form 8-K: |
|  | <u>[99.1](vno-123122xxex991xearnings.htm)</u>  | Vornado Realty Trust press release dated February 13, 2023 |
|  | <u>[99.2](vno-123122xex992xfinancial.htm)</u>  | Vornado Realty Trust supplemental operating and financial data for the quarter and year ended December 31, 2022 |
|  | <u>[99.3](vno-123122xex993xfixedinco.htm)</u> | Vornado Realty Trust supplemental fixed income data for the quarter and year ended December 31, 2022 |
|  | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE** 

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

---

Date: February 13, 2023

**SIGNATURE**

&nbsp;&nbsp;&nbsp;&nbsp;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.** | **VORNADO REALTY L.P.** |
| (Registrant) | (Registrant) |
| By: | VORNADO REALTY TRUST, |
|  | Sole General Partner |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/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 13, 2023

## Exhibit 99.1

![vnopressreleaseheader_hra.jpg](vnopressreleaseheader_hra.jpg)

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

Vornado Announces Fourth Quarter 2022 Financial Results

New York City \| February 13, 2023

Vornado Realty Trust (NYSE: VNO) reported today:

***<u>Quarter Ended December 31, 2022 Financial Results</u>***

NET LOSS attributable to common shareholders for the quarter ended December 31, 2022 was $493,280,000, or $2.57 per diluted share, compared to net income attributable to common shareholders of $11,269,000, or $0.06 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, net income attributable to common shareholders, as adjusted (non-GAAP) for the quarter ended December 31, 2022 was $19,954,000, or $0.10 per diluted share, and $22,977,000, or $0.12 per diluted share for the quarter ended December 31, 2021.

FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended December 31, 2022 was $176,465,000, or $0.91 per diluted share, compared to $141,017,000, or $0.73 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on page 3, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended December 31, 2022 was $139,041,000, or $0.72 per diluted share, and $156,130,000, or $0.81 per diluted share for the quarter ended December 31, 2021.

***<u>Year Ended December 31, 2022 Financial Results</u>***

NET LOSS attributable to common shareholders for the year ended December 31, 2022 was $408,615,000, or $2.13 per diluted share, compared to net income attributable to common shareholders of $101,086,000, or $0.53 per diluted share, for the year ended December 31, 2021. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, net income attributable to common shareholders, as adjusted (non-GAAP) for the year ended December 31, 2022 was $126,468,000, or $0.66 per diluted share, and $88,153,000, or $0.46 per diluted share, for the year ended December 31, 2021.

FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the year ended December 31, 2022 was $638,928,000, or $3.30 per diluted share, compared to $571,074,000, or $2.97 per diluted share, for the year ended December 31, 2021. Adjusting for the items that impact period-to-period comparability listed in the table on page 3, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the year ended December 31, 2022 was $608,892,000, or $3.15 per diluted share, and $549,863,000, or $2.86 per diluted share, for the year ended December 31, 2021.

***<u>Non-Cash Impairment Charges</u>***

Net loss attributable to common shareholders for the quarter and year ended December 31, 2022 includes $595,488,000 of non-cash impairment charges, of which $483,037,000 relates to Vornado's common equity investment in the Fifth Avenue and Times Square joint venture ("Retail JV").

By way of background, in April 2019, we recognized a $2.559 billion gain upon the transfer of seven properties to the Retail JV, which included a GAAP required write-up to fair value of its retained interest in the properties. The $483,037,000 impairment charge recognized this quarter together with the $409,060,000 impairment charge previously recognized in 2020, effectively reverse a portion of the $2.559 billion gain attributable to the 2019 required write-up.

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 1 OF 19** |

---

------

The following table reconciles net (loss) income attributable to common shareholders to net income attributable to common shareholders, as adjusted (non-GAAP):

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands, except per share amounts) | **For the Three Months Ended<br>December 31,** | **For the Three Months Ended<br>December 31,** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Net (loss) income attributable to common shareholders | $(493280) | $11269 | $(408615) | $101086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per diluted share | $(2.57) | $0.06 | $(2.13) | $0.53 |
| Certain expense (income) items that impact net (loss) income attributable to common shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-cash real estate impairment losses on wholly owned and partially owned assets | $595488 | $— | $595488 | $7880 |
| &nbsp;&nbsp;&nbsp;Net gains on disposition of wholly owned and partially owned assets | (47769) | (11620) | (62685) | (15315) |
| &nbsp;&nbsp;&nbsp;After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities | (29773) | (13584) | (35858) | (44607) |
| &nbsp;&nbsp;&nbsp;Hotel Pennsylvania loss (primarily accelerated building depreciation expense) | 26614 | 8998 | 71087 | 29472 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | 3482 | 9180 | 13665 | 10868 |
| &nbsp;&nbsp;&nbsp;Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV |  |  | (13613) |  |
| &nbsp;&nbsp;&nbsp;Other | 3449 | 19569 | 7289 | (2436) |
|  | 551491 | 12543 | 575373 | (14138) |
| Noncontrolling interests' share of above adjustments | (38257) | (835) | (40290) | 1205 |
| Total of certain expense (income) items that impact net (loss) income attributable to common shareholders | $513234 | $11708 | $535083 | $(12933) |
| &nbsp;&nbsp;&nbsp;&nbsp;Per diluted share (non-GAAP) | $2.67 | $0.06 | $2.79 | $(0.07) |
| Net income attributable to common shareholders, as adjusted (non-GAAP) | $19954 | $22977 | $126468 | $88153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per diluted share (non-GAAP) | $0.10 | $0.12 | $0.66 | $0.46 |

---

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 2 OF 19** |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands, except per share amounts) | **For the Three Months Ended<br>December 31,** | **For the Three Months Ended<br>December 31,** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| FFO attributable to common shareholders plus assumed conversions (non-GAAP) | $176465 | $141017 | $638928 | $571074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per diluted share (non-GAAP) | $0.91 | $0.73 | $3.30 | $2.97 |
| Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After-tax net gain on sale of 220 CPS condominium units and ancillary amenities | $(29773) | $(13584) | $(35858) | $(44607) |
| &nbsp;&nbsp;&nbsp;Net gains on disposition of wholly owned and partially owned assets | (17372) |  | (17372) | (643) |
| &nbsp;&nbsp;&nbsp;Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | 3482 | 9180 | 13665 | 10868 |
| &nbsp;&nbsp;&nbsp;Other | 3449 | 20595 | 7289 | 12026 |
|  | (40214) | 16191 | (32276) | (22356) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests' share of above adjustments | 2790 | (1078) | 2240 | 1145 |
| Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $(37424) | $15113 | $(30036) | $(21211) |
| Per diluted share (non-GAAP) | $(0.19) | $0.08 | $(0.15) | $(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) | $139041 | $156130 | $608892 | $549863 |
| Per diluted share (non-GAAP) | $0.72 | $0.81 | $3.15 | $2.86 |

---

***<u>FFO, as Adjusted Bridge - Q4 2022 vs. Q4 2021</u>***

The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2021 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| (Amounts in millions, except per share amounts) | **FFO, as Adjusted** | **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, 2021** | $**156.1** | $**0.81** |
| (Decrease) increase in FFO, as adjusted due to: |  |  |
| &nbsp;&nbsp;Increase in interest expense, net of increase in interest income | (29.6) |  |
| &nbsp;&nbsp;Rent commencement and other tenant related items | 11.7 |  |
| &nbsp;&nbsp;Prior period accrual adjustments related to theMART property tax expense | 8.1 |  |
| &nbsp;&nbsp;Straight-line impact of PENN 1 2023 estimated ground rent reset | (5.7) |  |
| &nbsp;&nbsp;Other, net | (1.3) |  |
|  | (16.8) |  |
| Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities | (0.3) |  |
| Net decrease | (17.1) | (0.09) |
| **FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2022** | $**139.0** | $**0.72** |

---

See page [12](#ia3f73ea9c7bc4b66a93f746047e09c2d_49) for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months and years ended December 31, 2022 and 2021. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided above.

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 3 OF 19** |

---

------

**350 Park Avenue:**

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

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

In addition, we have entered into a joint venture with Rudin ("Vornado/Rudin") to purchase 39 East 51st Street for $40,000,000 and, upon formation of the KG joint venture described below, will combine that property with 350 Park Avenue and 40 East 52nd Street to create a premier development site (collectively, the "Site").

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

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

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

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

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

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

The parties intend to immediately commence design of the project and process approvals.

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

**Dividend:**

On January 18, 2023, Vornado's Board of Trustees declared a reduced quarterly dividend of $0.375 per share.

**Dispositions:** 

*220 CPS*

During the three months ended December 31, 2022, we closed on the sale of two condominium units and ancillary amenities at 220 CPS for net proceeds of $71,895,000 resulting in a financial statement net gain of $34,844,000 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, $5,071,000 of income tax expense was recognized on our consolidated statements of income. During the year ended December 31, 2022, we closed on the sale of three condominium units and ancillary amenities at 220 CPS for net proceeds of $88,019,000 resulting in a financial statement net gain of $41,874,000 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, $6,016,000 of income tax expense was recognized on our consolidated statements of income. From inception to December 31, 2022, we have closed on the sale of 109 units and ancillary amenities for net proceeds of $3,094,915,000 resulting in financial statement net gains of $1,159,129,000. As of December 31, 2022, we are 97% sold.

*SoHo Properties*

On January 13, 2022, we sold two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street for $84,500,000 and realized net proceeds of $81,399,000. In connection with the sale, we recognized a net gain of $551,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.

*Center Building (33-00 Northern Boulevard)*

On June 17, 2022, we sold the Center Building, an eight-story 498,000 square foot office building located at 33-00 Northern Boulevard in Long Island City, New York, for $172,750,000. We realized net proceeds of $58,946,000 after repayment of the existing $100,000,000 mortgage loan and closing costs. In connection with the sale, we recognized a net gain of $15,213,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 4 OF 19** |

---

------

**Dispositions - continued:**

*484-486 Broadway*

On December 15, 2022, we sold 484-486 Broadway, a 30,000 square foot retail and residential building for $23,520,000, and realized net proceeds of $22,430,000. In connection with the sale, we recognized a net gain of $2,919,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.

*40 Fulton Street*

On December 21, 2022, we sold 40 Fulton Street, a 251,000 square foot Manhattan office and retail building, for $101,000,000, and realized net proceeds of $96,566,000. In connection with the sale, we recognized a net gain of $31,876,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.

**Financings**:

*100 West 33rd Street*

On June 15, 2022, we completed a $480,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot building comprised of 859,000 square feet of office space and 255,000 square feet of retail space. The interest-only loan bears a rate of SOFR plus 1.65% (5.96% as of December 31, 2022) through March 2024, increasing to SOFR plus 1.85% thereafter. The interest rate on the loan was swapped to a fixed rate of 5.06% through March 2024, and 5.26% through June 2027. The loan matures in June 2027, with two one-year extension options subject to debt service coverage ratio and loan-to-value tests. The loan replaces the previous $580,000,000 loan that bore interest at LIBOR plus 1.55% and was scheduled to mature in April 2024.

*770 Broadway*

On June 28, 2022, we completed a $700,000,000 refinancing of 770 Broadway, a 1.2 million square foot Class A Manhattan office building. The interest-only loan bears a rate of SOFR plus 2.25% (6.48% as of December 31, 2022) and matures in July 2024 with three one-year extension options (July 2027 as fully extended). The interest rate on the loan was swapped to a fixed rate of 4.98% through July 2027. The loan replaces the previous $700,000,000 loan that bore interest at SOFR plus 1.86% and was scheduled to mature in July 2022.

*Unsecured Revolving Credit Facility*

On June 30, 2022, we amended and extended one of our two revolving credit facilities. The $1.25 billion amended facility bears interest at a rate of SOFR plus 1.15% (5.47% as of December 31, 2022). The term of the facility was extended from March 2024 to December 2027, as fully extended. The facility fee is 25 basis points. On August 16, 2022, the interest rate on the $575,000,000 drawn on the facility was swapped to a fixed interest rate of 3.88% through August 2027. Our other $1.25 billion revolving credit facility matures in April 2026, as fully extended, and bears a rate of SOFR plus 1.19% with a facility fee of 25 basis points.

*Unsecured Term Loan*

On June 30, 2022, we extended our $800,000,000 unsecured term loan from February 2024 to December 2027. The extended loan bears interest at a rate of SOFR plus 1.30% (5.62% as of December 31, 2022) and is currently swapped to a fixed rate of 4.05%.

*330 West 34th Street land owner joint venture*

On August 18, 2022, the joint venture that owns the fee interest in the 330 West 34th Street land, in which we have a 34.8% interest, completed a $100,000,000 refinancing. The interest-only loan bears interest at a fixed rate of 4.55% and matures in September 2032. In connection with the refinancing, we realized net proceeds of $10,500,000. The loan replaces the previous $50,150,000 loan that bore interest at a fixed rate of 5.71%.

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

On December 21, 2022, the 697-703 Fifth Avenue $450,000,000 non-recourse mortgage loan matured and was not repaid, at which time the lenders declared an event of default. During December 2022, $29,000,000 of property-level funds were applied by the lenders against the principal balance resulting in a $421,000,000 loan balance as of December 31, 2022. The loan bears default interest at the Prime Rate plus 1.00% (8.50% as of December 31, 2022). The Fifth Avenue and Times Square JV is in negotiations with the lenders regarding a restructuring but there can be no assurance as to the timing and ultimate resolution of these negotiations. We do not believe that the resolution of these negotiations will result in further impairment losses on our investment in the Fifth Avenue and Times Square JV.

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 5 OF 19** |

---

------

**Financings - continued:**

*Interest Rate Hedging Activities*

During the year ended December 31, 2022, we entered into $2.0 billion of interest rate swap arrangements and extended a $500,000,000 interest rate swap arrangement, reducing our variable rate debt at share as a percentage of our total debt at share to 27% from 47% (excluding our participation in the 150 West 34th Street mortgage loan which was repaid on January 9, 2023). The exposure to LIBOR/SOFR index increases on our $2.8 billion of unswapped variable rate debt is partially mitigated over the next year by $2.2 billion of interest rate caps and by an increase in interest income on our cash, cash equivalents, restricted cash and investments in U.S. Treasury bills. For further detail on our interest rate swap and cap arrangements, see page 34 of our Supplemental Operating and Financial Data package for the quarter and year ended December 31, 2022.

The table below presents the interest rate swap arrangements entered into during the year ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Notional Amount** | **All-In Swapped Rate** | **Swap Expiration Date** | **Variable Rate Spread** |
| &nbsp;&nbsp;&nbsp;&nbsp;770 Broadway mortgage loan | $700000 | 4.98% | 07/27 | S+225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured revolving credit facility | 575000 | 3.88% | 08/27 | S+115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan<sup>(1)</sup> | 50000 | 4.04% | 08/27 | S+130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan (effective 10/23)<sup>(1)</sup> | 500000 | 4.39% | 10/26 | S+130 |
| &nbsp;&nbsp;&nbsp;&nbsp;100 West 33rd Street mortgage loan | 480000 | 5.06% | 06/27 | S+165 |
| &nbsp;&nbsp;&nbsp;&nbsp;888 Seventh Avenue mortgage loan<sup>(2)</sup> | 200000 | 4.76% | 09/27 | S+180 |

---

____________________

**(1)**On February 7, 2023, we entered into a forward interest rate swap arrangement for $150,000 of the $800,000 unsecured term loan. The unsecured term loan, which matures in December 2027, is subject to various interest rate swap arrangements through August 2027, see below for details:

---

| | | | |
|:---|:---|:---|:---|
| | **Swapped Balance** | **All-In Swapped Rate** | **Unswapped Balance<br>(bears interest at S+130)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Through 10/23 | $800000 | 4.05% | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;10/23 through 7/25 | 700000 | 4.53% | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;7/25 through 10/26 | 550000 | 4.36% | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;10/26 through 8/27 | 50000 | 4.04% | 750000 |

---

**(2)**The remaining $77,800 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80%.

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 6 OF 19** |

---

------

**Leasing Activity**:

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

*For the Three Months Ended December 31, 2022*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 154,000 square feet of New York Office space (147,000 square feet at share) at an initial rent of $84.58 per square foot and a weighted average lease term of 7.6 years. The changes in the GAAP and cash mark-to-market rent on the 135,000 square feet of second generation space were positive 17.2% and positive 9.8%, respectively. Tenant improvements and leasing commissions were $10.32 per square foot per annum, or 12.2% of initial rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20,000 square feet of New York Retail space (15,000 square feet at share) at an initial rent of $284.73 per square foot and a weighted average lease term of 11.8 years. The 20,000 square feet was first generation space. Tenant improvements and leasing commissions were $26.98 per square foot per annum, or 9.5% of initial rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 24,000 square feet at theMART (all at share) at an initial rent of $59.45 per square foot and a weighted average lease term of 6.5 years. The changes in the GAAP and cash mark-to-market rent on the 23,000 square feet of second generation space were negative 7.3% and negative 12.1%, respectively. Tenant improvements and leasing commissions were $6.60 per square foot per annum, or 11.1% of initial rent.

*For the Year Ended December 31, 2022*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 894,000 square feet of New York Office space (753,000 square feet at share) at an initial rent of $84.51 per square foot and a weighted average lease term of 8.9 years. The changes in the GAAP and cash mark-to-market rent on the 498,000 square feet of second generation space were positive 9.0% and positive 5.4%, respectively. Tenant improvements and leasing commissions were $11.84 per square foot per annum, or 14.0% of initial rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 111,000 square feet of New York Retail space (100,000 square feet at share) at an initial rent of $266.25 per square foot and a weighted average lease term of 11.6 years. The changes in the GAAP and cash mark-to-market rent on the 42,000 square feet of second generation space were negative 38.3% and negative 34.2%, respectively. Tenant improvements and leasing commissions were $22.68 per square foot per annum, or 8.5% of initial rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 299,000 square feet at theMART (all at share) at an initial rent of $52.40 per square foot and a weighted average lease term of 7.2 years. The changes in the GAAP and cash mark-to-market rent on the 244,000 square feet of second generation space were negative 4.8% and negative 5.4%, respectively. Tenant improvements and leasing commissions were $10.48 per square foot per annum, or 20.0% of initial rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 210,000 square feet at 555 California Street (147,000 square feet at share) at an initial rent of $96.40 per square foot and a weighted average lease term of 5.9 years. The changes in the GAAP and cash mark-to-market rent on the 135,000 square feet of second generation space were positive 24.3% and positive 13.6%, respectively. Tenant improvements and leasing commissions were $7.15 per square foot per annum, or 7.4% of initial rent.

**Same Store Net Operating Income ("NOI") At Share:**

Below is the percentage increase (decrease) in same store NOI at share and same store NOI at share - cash basis of our New York segment, theMART and 555 California Street.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total** | **New York** | **theMART**<sup>(2)</sup> | **555 California Street** |
| Same store NOI at share % increase (decrease)<sup>(1)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Three months ended December 31, 2022 compared to December 31, 2021 | 6.3% | 5.0% | 32.1% | 0.3% |
| &nbsp;&nbsp;&nbsp;Year ended December 31, 2022 compared to December 31, 2021 | 7.1% | 3.5% | 64.2% | 2.7% |
| &nbsp;&nbsp;&nbsp;Three months ended December 31, 2022 compared to September 30, 2022 | (0.8)% | 5.6% | (41.1)% | 3.4% |
| Same store NOI at share - cash basis % increase (decrease)<sup>(1)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Three months ended December 31, 2022 compared to December 31, 2021 | 7.9% | 5.9% | 24.7% | 16.8% |
| &nbsp;&nbsp;&nbsp;Year ended December 31, 2022 compared to December 31, 2021 | 9.0% | 5.0% | 58.0% | 13.3% |
| &nbsp;&nbsp;&nbsp;Three months ended December 31, 2022 compared to September 30, 2022 | (0.9)% | 4.8% | (37.6)% | 4.4% |

---

**____________________**

**(1)**See pages [14](#ia3f73ea9c7bc4b66a93f746047e09c2d_55) through 19 for same store NOI at share and same store NOI at share - cash basis reconciliations.

**(2)**2022 includes the impact of prior period accrual adjustments related to (i) a property tax reassessment recognized in the third quarter and (ii) a change in the property tax rate recognized in the fourth quarter. 2022 also includes an increase in tradeshow activity compared to the prior year.

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 7 OF 19** |

---

------

**NOI At Share:**

The elements of our New York and Other NOI at share for the three months and years ended December 31, 2022 and 2021 and the three months ended September 30, 2022 are summarized below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **December 31,** | **December 31,** | **September 30, 2022** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **2022** | **2021** | **September 30, 2022** | **2022** | **2021** |
| **NOI at share:** |  |  |  |  |  |
| New York: |  |  |  |  |  |
| &nbsp;&nbsp;Office<sup>(1)</sup> | $184045 | $179929 | $174790 | $718686 | $677167 |
| &nbsp;&nbsp;&nbsp;Retail | 50083 | 48365 | 52127 | 205753 | 173363 |
| &nbsp;&nbsp;&nbsp;Residential | 4978 | 4894 | 4598 | 19600 | 17783 |
| &nbsp;&nbsp;&nbsp;Alexander's | 9489 | 8751 | 9639 | 37469 | 37318 |
| &nbsp;&nbsp;Hotel Pennsylvania<sup>(2)</sup> |  |  |  |  | (12677) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total New York | 248595 | 241939 | 241154 | 981508 | 892954 |
| Other: |  |  |  |  |  |
| &nbsp;&nbsp;theMART<sup>(3)</sup> | 21276 | 15959 | 35769 | 96906 | 58909 |
| &nbsp;&nbsp;&nbsp;555 California Street | 16641 | 16596 | 16092 | 65692 | 64826 |
| &nbsp;&nbsp;&nbsp;Other investments | 5243 | 3928 | 4074 | 17942 | 16679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Other | 43160 | 36483 | 55935 | 180540 | 140414 |
| NOI at share | $291755 | $278422 | $297089 | $1162048 | $1033368 |

---

**_______________________**

See notes below.

**NOI At Share - Cash Basis:**

The elements of our New York and Other NOI at share - cash basis for the three months and years ended December 31, 2022 and 2021 and the three months ended September 30, 2022 are summarized below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **December 31,** | **December 31,** | **September 30, 2022** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **2022** | **2021** | **September 30, 2022** | **2022** | **2021** |
| **NOI at share - cash basis:** |  |  |  |  |  |
| New York: |  |  |  |  |  |
| &nbsp;&nbsp;Office<sup>(1)</sup> | $182648 | $181568 | $174606 | $715407 | $686507 |
| &nbsp;&nbsp;&nbsp;Retail | 46168 | 44536 | 48096 | 188846 | 160801 |
| &nbsp;&nbsp;&nbsp;Residential | 4660 | 4758 | 4556 | 18214 | 16656 |
| &nbsp;&nbsp;&nbsp;Alexander's | 10236 | 9538 | 10434 | 40532 | 40525 |
| &nbsp;&nbsp;Hotel Pennsylvania<sup>(2)</sup> |  |  |  |  | (12723) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total New York | 243712 | 240400 | 237692 | 962999 | 891766 |
| Other: |  |  |  |  |  |
| &nbsp;&nbsp;theMART<sup>(3)</sup> | 23163 | 18413 | 36772 | 101912 | 64389 |
| &nbsp;&nbsp;&nbsp;555 California Street | 17672 | 15128 | 16926 | 67813 | 60680 |
| &nbsp;&nbsp;&nbsp;Other investments | 5052 | 4229 | 4280 | 18344 | 17851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Other | 45887 | 37770 | 57978 | 188069 | 142920 |
| NOI at share - cash basis | $289599 | $278170 | $295670 | $1151068 | $1034686 |

---

**______________________**

**(1)**Includes Building Maintenance Services NOI of $8,305, $6,918, $7,043, $27,598 and $26,344, respectively, for the three months ended December 31, 2022 and 2021 and September 30, 2022 and the years ended December 31, 2022 and 2021.

**(2)&nbsp;&nbsp;&nbsp;&nbsp;**On April 5, 2021, we permanently closed the Hotel Pennsylvania. Beginning in the third quarter of 2021, we commenced capitalization of carrying costs in connection with our development of the Hotel Pennsylvania site.

**(3)**&nbsp;&nbsp;&nbsp;&nbsp;2022 includes the impact of prior period accrual adjustments related to (i) a property tax reassessment recognized in the third quarter and (ii) a change in the property tax rate recognized in the fourth quarter. 2022 also includes an increase in tradeshow activity compared to the prior year.

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 8 OF 19** |

---

------

**PENN District - Active Development/Redevelopment Summary as of December 31, 2022**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) |  |  |
|  |  | **Property<br>Rentable<br>Sq. Ft.** |  |  | **Cash Amount<br>Expended** |  | **Remaining Expenditures** |  | **Stabilization Year** | **Projected Incremental<br>Cash Yield** | **Projected Incremental<br>Cash Yield** |
| **Active PENN District Projects** | **Segment** | **Property<br>Rentable<br>Sq. Ft.** | **Budget**<sup>(1)</sup> |  | **Cash Amount<br>Expended** |  | **Remaining Expenditures** |  | **Stabilization Year** | **Projected Incremental<br>Cash Yield** | **Projected Incremental<br>Cash Yield** |
| The Farley Building (95% interest) | New York | 846000 | 1120000 | **(2)** | 1111493 | **(2)** | 8507 | **(2)** | **(3)** | 6.2% |  |
| PENN 2 - as expanded | New York | 1795000 | 750000 |  | 393126 |  | 356874 |  | 2025 | 9.5% |  |
| PENN 1 (including LIRR Concourse Retail)<sup>(4)</sup> | New York | 2546000 | 450000 |  | 375810 |  | 74190 |  | N/A | 13.2% | **(4)(5)** |
| Districtwide Improvements | New York | N/A | 100000 |  | 41776 |  | 58224 |  | N/A | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Active PENN District Projects |  |  | **2420000** |  | **1922205** |  | **497795** |  |  | 8.3% |  |

---

________________________________

**(1)&nbsp;&nbsp;&nbsp;&nbsp;**Excluding debt and equity carry.

**(2)&nbsp;&nbsp;&nbsp;&nbsp;**Net of 154,000 of historic tax credit investor contributions, of which 88,000 has been funded to date (at our 95% share).

**(3)&nbsp;&nbsp;&nbsp;&nbsp;**Office stabilized in 2022, Retail to stabilize in 2023/2024.

**(4)&nbsp;&nbsp;&nbsp;&nbsp;**Property is ground leased through 2098, as fully extended. Fair market value resets occur in 2023, 2048 and 2073. The 13.2% projected return is before the ground rent reset in 2023, which may be material.

**(5)&nbsp;&nbsp;&nbsp;&nbsp;**Projected to be achieved as pre-redevelopment leases roll, which have an approximate average remaining term of 3.6 years.

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

***<u>Conference Call and Audio Webcast</u>***

As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, February 14, 2023 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 866-652-5200 (domestic) or 412-317-6060 (international) and asking the operator to join the Vornado Realty Trust conference call. A live webcast of the conference call will be available on Vornado's website at <u>www.vno.com</u> in the Investor Relations section and an online playback of the webcast will be available on the website following the conference call.

***<u>Contact</u>***

Thomas J. Sanelli

(212) 894-7000

***<u>Supplemental Data</u>***

Further details regarding results of operations, properties and tenants can be accessed at the Company's website <u>www.vno.com</u>. 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 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; and 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, 2022. Currently, some of the factors are the increase in interest rates and inflation and the continuing effect of the COVID-19 pandemic 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 9 OF 19** |

---

------

**VORNADO REALTY TRUST**

**CONSOLIDATED BALANCE SHEETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **As of December 31,** | **As of December 31,** | **Increase<br>(Decrease)** |  |
|  | **2022** | **2021** | **Increase<br>(Decrease)** |  |
| **ASSETS** |  |  |  |  |
| Real estate, at cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | $2451828 | $2540193 | $(88365) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 9804204 | 9839166 | (34962) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development costs and construction in progress | 933334 | 718694 | 214640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leasehold improvements and equipment | 125389 | 119792 | 5597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 13314755 | 13217845 | 96910 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation and amortization | (3470991) | (3376347) | (94644) |  |
| Real estate, net | 9843764 | 9841498 | 2266 |  |
| Right-of-use assets | 684380 | 337197 | 347183 | <sup>(1)</sup> |
| Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 889689 | 1760225 | (870536) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 131468 | 170126 | (38658) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in U.S. Treasury bills | 471962 |  | 471962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 1493119 | 1930351 | (437232) |  |
| Tenant and other receivables | 81170 | 79661 | 1509 |  |
| Investments in partially owned entities | 2665073 | 3297389 | (632316) |  |
| Real estate fund investments |  | 7730 | (7730) |  |
| 220 CPS condominium units ready for sale | 43599 | 57142 | (13543) |  |
| Receivable arising from the straight-lining of rents | 694972 | 656318 | 38654 |  |
| Deferred leasing costs, net | 373555 | 391693 | (18138) |  |
| Identified intangible assets, net | 139638 | 154895 | (15257) |  |
| Other assets | 474105 | 512714 | (38609) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**16493375** | $**17266588** | $**(773213)** |  |
| **LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY** |  |  |  |  |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgages payable, net | $5829018 | $6053343 | $(224325) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior unsecured notes, net | 1191832 | 1189792 | 2040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan, net | 793193 | 797812 | (4619) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured revolving credit facilities | 575000 | 575000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 735969 | 370206 | 365763 | <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 450881 | 613497 | (162616) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 39882 | 48118 | (8236) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation plan | 96322 | 110174 | (13852) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 268166 | 304725 | (36559) |  |
| Total liabilities | 9980263 | 10062667 | (82404) |  |
| Redeemable noncontrolling interests | 436732 | 688683 | (251951) |  |
| Shareholders' equity | 5839728 | 6236346 | (396618) |  |
| Noncontrolling interests in consolidated subsidiaries | 236652 | 278892 | (42240) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, redeemable noncontrolling interests and equity | $**16493375** | $**17266588** | $**(773213)** |  |

---

**____________________________________________________________**

**(1)**In January 2022, we exercised a 25-year renewal option on our PENN 1 ground lease extending the term through June 2073. As a result of the exercise, we remeasured the related ground lease liability to include the 25-year extension option and recorded an estimated incremental right-of-use asset and lease liability of approximately $350,000.

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 10 OF 19** |

---

------

**VORNADO REALTY TRUST**

**OPERATING RESULTS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands, except per share amounts) | **For the Three Months Ended<br>December 31,** | **For the Three Months Ended<br>December 31,** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Revenues | $446940 | $421080 | $1799995 | $1589210 |
| Net (loss) income | $(525002) | $31963 | $(382612) | $207553 |
| Less net loss (income) attributable to noncontrolling interests in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated subsidiaries | 10493 | (3691) | 5737 | (24014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership | 36758 | (857) | 30376 | (7540) |
| Net (loss) income attributable to Vornado | (477751) | 27415 | (346499) | 175999 |
| Preferred share dividends | (15529) | (16146) | (62116) | (65880) |
| Series K preferred share issuance costs |  |  |  | (9033) |
| **Net (loss) income attributable to common shareholders** | $(493280) | $11269 | $(408615) | $101086 |
| **(Loss) income per common share - basic:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income per common share | $(2.57) | $0.06 | $(2.13) | $0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 191831 | 191679 | 191775 | 191551 |
| **(Loss) income per common share - diluted:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income per common share | $(2.57) | $0.06 | $(2.13) | $0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 191831 | 192040 | 191775 | 192122 |
| FFO attributable to common shareholders plus assumed conversions (non-GAAP) | $176465 | $141017 | $638928 | $571074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per diluted share (non-GAAP) | $0.91 | $0.73 | $3.30 | $2.97 |
| FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) | $139041 | $156130 | $608892 | $549863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per diluted share (non-GAAP) | $0.72 | $0.81 | $3.15 | $2.86 |
| Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share | 194080 | 192065 | 193570 | 192148 |

---

FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because they exclude the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. The Company also uses FFO attributable to common shareholders plus assumed conversions, as adjusted for certain items that impact the comparability of period to period FFO, as one of several criteria to determine performance-based compensation for senior management. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. In addition to FFO attributable to common shareholders plus assumed conversions, we also disclose FFO attributable to common shareholders plus assumed conversions, as adjusted. Although this non-GAAP measure clearly differs from NAREIT's definition of FFO, we believe it provides a meaningful presentation of operating performance. Reconciliations of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions are provided on the following page. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on page [3](#ia3f73ea9c7bc4b66a93f746047e09c2d_16) of this press release.

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 11 OF 19** |

---

------

**VORNADO REALTY TRUST**

**NON-GAAP RECONCILIATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands, except per share amounts) | **For the Three Months Ended<br>December 31,** | **For the Three Months Ended<br>December 31,** | **For the Three Months Ended<br>December 31,** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **2022** |  | **2021** | **2022** |  | **2021** |
| Net (loss) income attributable to common shareholders | $(493280) |  | $11269 | $(408615) |  | $101086 |
| &nbsp;&nbsp;&nbsp;Per diluted share | $(2.57) |  | $0.06 | $(2.13) |  | $0.53 |
| FFO adjustments: |  |  |  |  |  |  |
| Depreciation and amortization of real property | $121900 |  | $117497 | $456920 |  | $373792 |
| Real estate impairment losses | 19098 |  |  | 19098 |  | 7880 |
| Net gain on sale of real estate | (30397) |  |  | (58751) |  |  |
| Proportionate share of adjustments to equity in net (loss) income of partially owned entities to arrive at FFO: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real property | 32243 |  | 34418 | 130647 |  | 139247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale of real estate |  |  | (12623) | (169) |  | (15675) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in fair value of marketable securities |  |  | (37) |  |  | (1155) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate impairment losses | 576390 |  |  | 576390 |  |  |
|  | 719234 |  | 139255 | 1124135 |  | 504089 |
| Noncontrolling interests' share of above adjustments | (49894) |  | (9517) | (77912) |  | (34144) |
| FFO adjustments, net | $669340 |  | $129738 | $1046223 |  | $469945 |
| FFO attributable to common shareholders | $176060 |  | $141007 | $637608 |  | $571031 |
| Impact of assumed conversion of dilutive convertible securities | 405 |  | 10 | 1320 |  | 43 |
| FFO attributable to common shareholders plus assumed conversions | $176465 |  | $141017 | $638928 |  | $571074 |
| Per diluted share | $0.91 |  | $0.73 | $3.30 |  | $2.97 |
| **Reconciliation of weighted average shares outstanding:** |  |  |  |  |  |  |
| Weighted average common shares outstanding | 191831 |  | 191679 | 191775 |  | 191551 |
| Effect of dilutive securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible securities | 2182 | <sup>(1)</sup> | 25 | 1545 | <sup>(1)</sup> | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payment awards | 67 |  | 361 | 250 |  | 571 |
| Denominator for FFO per diluted share | 194080 |  | 192065 | 193570 |  | 192148 |

---

______________________

**(1)**On January 1, 2022, we adopted Accounting Standards Update 2020-06, which requires us to include our Series D-13 cumulative redeemable preferred units and Series G-1 through G-4 convertible preferred units in our dilutive earnings per share calculations, if the effect is dilutive.

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 12 OF 19** |

---

------

**VORNADO REALTY TRUST**

**NON-GAAP RECONCILIATIONS - CONTINUED**

Below is a reconciliation of net (loss) income to NOI at share and NOI at share - cash basis for the three months and years ended December 31, 2022 and 2021 and the three months ended September 30, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
| (Amounts in thousands) | **December 31,** | **December 31,** | **September 30, 2022** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **2022** | **2021** | **September 30, 2022** | **2022** | **2021** |
| Net (loss) income | $(525002) | $31963 | $20112 | $(382612) | $207553 |
| Depreciation and amortization expense | 133871 | 126349 | 134526 | 504502 | 412347 |
| General and administrative expense | 31439 | 34204 | 29174 | 133731 | 134545 |
| Impairment losses, transaction related costs and other | 26761 | 3185 | 996 | 31722 | 13815 |
| Loss (income) from partially owned entities | 545126 | (43749) | (24341) | 461351 | (130517) |
| Loss (income) from real estate fund investments | 1880 | (5959) | 111 | (3541) | (11066) |
| Interest and other investment income, net | (10587) | (918) | (5228) | (19869) | (4612) |
| Interest and debt expense | 88242 | 78192 | 76774 | 279765 | 231096 |
| Net gains on disposition of wholly owned and partially owned assets | (65241) | (14959) |  | (100625) | (50770) |
| Income tax expense (benefit) | 6974 | 10055 | 3711 | 21660 | (10496) |
| NOI from partially owned entities | 77221 | 79223 | 76020 | 305993 | 310858 |
| NOI attributable to noncontrolling interests in consolidated subsidiaries | (18929) | (19164) | (14766) | (70029) | (69385) |
| NOI at share | 291755 | 278422 | 297089 | 1162048 | 1033368 |
| Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (2156) | (252) | (1419) | (10980) | 1318 |
| NOI at share - cash basis | $289599 | $278170 | $295670 | $1151068 | $1034686 |

---

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

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 13 OF 19** |

---

------

**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, net and other non-cash adjustments. We present these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store NOI at share and same store NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, theMART, 555 California Street and other investments for the three months ended December 31, 2022 compared to December 31, 2021.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Total** | **New York** | **theMART** | **555 California Street** | **Other** |
| NOI at share for the three months ended December 31, 2022 | $291755 | $248595 | $21276 | $16641 | $5243 |
| Less NOI at share from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (1424) | (1424) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (4335) | (4335) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (8791) | (3346) | (202) |  | (5243) |
| Same store NOI at share for the three months ended December 31, 2022 | $277205 | $239490 | $21074 | $16641 | $— |
| NOI at share for the three months ended December 31, 2021 | $278422 | $241939 | $15959 | $16596 | $3928 |
| Less NOI at share from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (3720) | (3720) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (7248) | (7248) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (6782) | (2854) |  |  | (3928) |
| Same store NOI at share for the three months ended December 31, 2021 | $260672 | $228117 | $15959 | $16596 | $— |
| Increase in same store NOI at share | $16533 | $11373 | $5115 | $45 | $— |
| % increase in same store NOI at share | 6.3% | 5.0% | 32.1% | 0.3% | 0.0% |

---

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 14 OF 19** |

---

------

**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, theMART, 555 California Street and other investments for the three months ended December 31, 2022 compared to December 31, 2021.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Total** | **New York** | **theMART** | **555 California Street** | **Other** |
| NOI at share - cash basis for the three months ended December 31, 2022 | $289599 | $243712 | $23163 | $17672 | $5052 |
| Less NOI at share - cash basis from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (1112) | (1112) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (3461) | (3461) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (8734) | (3480) | (202) |  | (5052) |
| Same store NOI at share - cash basis for the three months ended December 31, 2022 | $276292 | $235659 | $22961 | $17672 | $— |
| NOI at share - cash basis for the three months ended December 31, 2021 | $278170 | $240400 | $18413 | $15128 | $4229 |
| Less NOI at share - cash basis from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (3813) | (3813) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (7187) | (7187) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (11043) | (6814) |  |  | (4229) |
| Same store NOI at share - cash basis for the three months ended December 31, 2021 | $256127 | $222586 | $18413 | $15128 | $— |
| Increase in same store NOI at share - cash basis | $20165 | $13073 | $4548 | $2544 | $— |
| % increase in same store NOI at share - cash basis | 7.9% | 5.9% | 24.7% | 16.8% | 0.0% |

---

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 15 OF 19** |

---

------

**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, theMART, 555 California Street and other investments for the year ended December 31, 2022 compared to December 31, 2021.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Total** | **New York** | **theMART** | **555 California Street** | **Other** |
| NOI at share for the year ended December 31, 2022 | $1162048 | $981508 | $96906 | $65692 | $17942 |
| Less NOI at share from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in ownership interest in One Park Avenue | (13370) | (13370) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (9494) | (9494) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (69779) | (69779) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (26701) | (8557) | (202) |  | (17942) |
| Same store NOI at share for the year ended December 31, 2022 | $1042704 | $880308 | $96704 | $65692 | $— |
| NOI at share for the year ended December 31, 2021 | $1033368 | $892954 | $58909 | $64826 | $16679 |
| Less NOI at share from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (13512) | (13512) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (31291) | (30443) |  | (848) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Pennsylvania (permanently closed on April 5, 2021) | 12677 | 12677 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (27774) | (11095) |  |  | (16679) |
| Same store NOI at share for the year ended December 31, 2021 | $973468 | $850581 | $58909 | $63978 | $— |
| Increase in same store NOI at share | $69236 | $29727 | $37795 | $1714 | $— |
| % increase in same store NOI at share | 7.1% | 3.5% | 64.2% | 2.7% | 0.0% |

---

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 16 OF 19** |

---

------

**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, theMART, 555 California Street and other investments for the year ended December 31, 2022 compared to December 31, 2021.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Total** | **New York** | **theMART** | **555 California Street** | **Other** |
| NOI at share - cash basis for the year ended December 31, 2022 | $1151068 | $962999 | $101912 | $67813 | $18344 |
| Less NOI at share - cash basis from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in ownership interest in One Park Avenue | (10111) | (10111) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (8719) | (8719) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (47846) | (47846) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (28211) | (9665) | (202) |  | (18344) |
| Same store NOI at share - cash basis for the year ended December 31, 2022 | $1056181 | $886658 | $101710 | $67813 | $— |
| NOI at share - cash basis for the year ended December 31, 2021 | $1034686 | $891766 | $64389 | $60680 | $17851 |
| Less NOI at share - cash basis from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (13469) | (13469) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (32453) | (31605) |  | (848) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Pennsylvania (permanently closed on April 5, 2021) | 12723 | 12723 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (32789) | (14938) |  |  | (17851) |
| Same store NOI at share - cash basis for the year ended December 31, 2021 | $968698 | $844477 | $64389 | $59832 | $— |
| Increase in same store NOI at share - cash basis | $87483 | $42181 | $37321 | $7981 | $— |
| % increase in same store NOI at share - cash basis | 9.0% | 5.0% | 58.0% | 13.3% | 0.0% |

---

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 17 OF 19** |

---

------

**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, theMART, 555 California Street and other investments for the three months ended December 31, 2022 compared to September 30, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Total** | **New York** | **theMART** | **555 California Street** | **Other** |
| NOI at share for the three months ended December 31, 2022 | $291755 | $248595 | $21276 | $16641 | $5243 |
| Less NOI at share from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (1424) | (1424) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (18351) | (18351) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (6796) | (1351) | (202) |  | (5243) |
| Same store NOI at share for the three months ended December 31, 2022 | $265184 | $227469 | $21074 | $16641 | $— |
| NOI at share for the three months ended September 30, 2022 | $297089 | $241154 | $35769 | $16092 | $4074 |
| Less NOI at share from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (1696) | (1696) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (22914) | (22914) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (5250) | (1176) |  |  | (4074) |
| Same store NOI at share for the three months ended September 30, 2022 | $267229 | $215368 | $35769 | $16092 | $— |
| (Decrease) increase in same store NOI at share | $(2045) | $12101 | $(14695) | $549 | $— |
| % (decrease) increase in same store NOI at share | (0.8)% | 5.6% | (41.1)% | 3.4% | 0.0% |

---

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 18 OF 19** |

---

------

**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, theMART, 555 California Street and other investments for the three months ended December 31, 2022 compared to September 30, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Total** | **New York** | **theMART** | **555 California Street** | **Other** |
| NOI at share - cash basis for the three months ended December 31, 2022 | $289599 | $243712 | $23163 | $17672 | $5052 |
| Less NOI at share - cash basis from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (1112) | (1112) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (11325) | (11325) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (6774) | (1520) | (202) |  | (5052) |
| Same store NOI at share - cash basis for the three months ended December 31, 2022 | $270388 | $229755 | $22961 | $17672 | $— |
| NOI at share - cash basis for the three months ended September 30, 2022 | $295670 | $237692 | $36772 | $16926 | $4280 |
| Less NOI at share - cash basis from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (1379) | (1379) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (15796) | (15796) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (5665) | (1385) |  |  | (4280) |
| Same store NOI at share - cash basis for the three months ended September 30, 2022 | $272830 | $219132 | $36772 | $16926 | $— |
| (Decrease) increase in same store NOI at share - cash basis | $(2442) | $10623 | $(13811) | $746 | $— |
| % (decrease) increase in same store NOI at share - cash basis | (0.9)% | 4.8% | (37.6)% | 4.4% | 0.0% |

---

---

| | |
|:---|:---|
| **NYSE: VNO \| WWW.VNO.COM** | **PAGE 19 OF 19** |

---

## Exhibit 99.2

![supplementalcoversoptions-a.jpg](supplementalcoversoptions-a.jpg)

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | |
|:---|:---|:---|
| INDEX |  |  |
|  | **Page** | **Page** |
| **BUSINESS DEVELOPMENTS** | [3](#i37008a40bc284039bfa26a742bc06e97_7) | [5](#i37008a40bc284039bfa26a742bc06e97_16) |
| **FINANCIAL INFORMATION** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | [6](#i37008a40bc284039bfa26a742bc06e97_19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFO, As Adjusted Bridge | [7](#i37008a40bc284039bfa26a742bc06e97_22) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Balance Sheets | [8](#i37008a40bc284039bfa26a742bc06e97_25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (Loss) Income Attributable to Common Shareholders (Consolidated and by Segment) | [9](#i37008a40bc284039bfa26a742bc06e97_28) | [12](#i37008a40bc284039bfa26a742bc06e97_40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment) | [13](#i37008a40bc284039bfa26a742bc06e97_43) | [15](#i3589bdbf6e674a6496ce7753fdd7848c_0-0-1-20-270439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Same Store NOI at Share and Same Store NOI at Share - Cash Basis | [16](#i37008a40bc284039bfa26a742bc06e97_55) |  |
| **DEVELOPMENT ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PENN District Active Development/Redevelopment Summary | [17](#i37008a40bc284039bfa26a742bc06e97_64) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future Development Opportunities | [18](#i37008a40bc284039bfa26a742bc06e97_67) |  |
| **LEASING ACTIVITY AND LEASE EXPIRATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leasing Activity | [19](#i37008a40bc284039bfa26a742bc06e97_70) | [20](#i37008a40bc284039bfa26a742bc06e97_73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease Expirations | [21](#i37008a40bc284039bfa26a742bc06e97_79) | [23](#i37008a40bc284039bfa26a742bc06e97_82) |
| **CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS** | [24](#i37008a40bc284039bfa26a742bc06e97_85) | [27](#i37008a40bc284039bfa26a742bc06e97_88) |
| **UNCONSOLIDATED JOINT VENTURES** | [28](#i37008a40bc284039bfa26a742bc06e97_91) | [30](#i37008a40bc284039bfa26a742bc06e97_100) |
| **DEBT AND CAPITALIZATION** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Structure | [31](#i37008a40bc284039bfa26a742bc06e97_109) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares Data | [32](#i37008a40bc284039bfa26a742bc06e97_112) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Analysis | [33](#i37008a40bc284039bfa26a742bc06e97_115) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedging Instruments | [34](#i37008a40bc284039bfa26a742bc06e97_118) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Debt Maturities | [35](#i37008a40bc284039bfa26a742bc06e97_121) |  |
| **PROPERTY STATISTICS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 30 Tenants | [36](#i37008a40bc284039bfa26a742bc06e97_127) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Square Footage | [37](#i37008a40bc284039bfa26a742bc06e97_130) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy and Residential Statistics | [38](#i37008a40bc284039bfa26a742bc06e97_133) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ground Leases | [39](#i37008a40bc284039bfa26a742bc06e97_136) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property Table | [40](#i37008a40bc284039bfa26a742bc06e97_7696581396086) | [48](#i37008a40bc284039bfa26a742bc06e97_145) |
| **EXECUTIVE OFFICERS AND RESEARCH COVERAGE** | [49](#i37008a40bc284039bfa26a742bc06e97_148) |  |
| **APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions | [i](#i37008a40bc284039bfa26a742bc06e97_154) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliations | [ii](#i37008a40bc284039bfa26a742bc06e97_160) | [xvi](#i37008a40bc284039bfa26a742bc06e97_205) |

---

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; and 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 increase in interest rates and inflation and the continuing effect of the COVID-19 pandemic on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2022. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include Funds From Operations ("FFO"), Funds Available for Distribution ("FAD"), Net Operating Income ("NOI") and Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this supplemental package on page i in the Appendix.

This supplemental package should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and the Company's Supplemental Operating and Financial Data package for the quarter and year ended December 31, 2022, both of which can be accessed at the Company's website <u>www.vno.com</u>.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

<u>BUSINESS DEVELOPMENTS</u> 

**350 Park Avenue**

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

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

In addition, we have entered into a joint venture with Rudin ("Vornado/Rudin") to purchase 39 East 51st Street for $40,000,000 and, upon formation of the KG joint venture described below, will combine that property with 350 Park Avenue and 40 East 52nd Street to create a premier development site (collectively, the "Site").

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

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

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

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

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

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

The parties intend to immediately commence design of the project and process approvals.

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

The operating and financial metrics presented in this supplemental package for the quarter and year ended December 31, 2022 do not reflect the impact of Citadel's master lease of 350 Park Avenue described above as the transaction closed in the first quarter of 2023.

**Dividend**

On January 18, 2023, Vornado's Board of Trustees declared a reduced quarterly dividend of $0.375 per share.

**Disposition Activity**

*220 Central Park South ("220 CPS")*

During the three months ended December 31, 2022, we closed on the sale of two condominium units and ancillary amenities at 220 CPS for net proceeds of $71,895,000 resulting in a financial statement net gain of $34,844,000 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, $5,071,000 of income tax expense was recognized on our consolidated statements of income. During the year ended December 31, 2022, we closed on the sale of three condominium units and ancillary amenities at 220 CPS for net proceeds of $88,019,000 resulting in a financial statement net gain of $41,874,000 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, $6,016,000 of income tax expense was recognized on our consolidated statements of income. From inception to December 31, 2022, we have closed on the sale of 109 units and ancillary amenities for net proceeds of $3,094,915,000 resulting in financial statement net gains of $1,159,129,000. As of December 31, 2022, we are 97% sold.

*SoHo Properties*

On January 13, 2022, we sold two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street for $84,500,000 and realized net proceeds of $81,399,000. In connection with the sale, we recognized a net gain of $551,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

<u>BUSINESS DEVELOPMENTS</u> 

**Disposition Activity - continued**

*Center Building (33-00 Northern Boulevard)*

On June 17, 2022, we sold the Center Building, an eight-story 498,000 square foot office building located at 33-00 Northern Boulevard in Long Island City, New York, for $172,750,000. We realized net proceeds of $58,946,000 after repayment of the existing $100,000,000 mortgage loan and closing costs. In connection with the sale, we recognized a net gain of $15,213,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.

*484-486 Broadway*

On December 15, 2022, we sold 484-486 Broadway, a 30,000 square foot retail and residential building for $23,520,000, and realized net proceeds of $22,430,000. In connection with the sale, we recognized a net gain of $2,919,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.

*40 Fulton Street*

On December 21, 2022, we sold 40 Fulton Street, a 251,000 square foot Manhattan office and retail building, for $101,000,000, and realized net proceeds of $96,566,000. In connection with the sale, we recognized a net gain of $31,876,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.

**Financing Activity**

*100 West 33rd Street*

On June 15, 2022, we completed a $480,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot building comprised of 859,000 square feet of office space and 255,000 square feet of retail space. The interest-only loan bears a rate of SOFR plus 1.65% (5.96% as of December 31, 2022) through March 2024, increasing to SOFR plus 1.85% thereafter. The interest rate on the loan was swapped to a fixed rate of 5.06% through March 2024, and 5.26% through June 2027. The loan matures in June 2027, with two one-year extension options subject to debt service coverage ratio and loan-to-value tests. The loan replaces the previous $580,000,000 loan that bore interest at LIBOR plus 1.55% and was scheduled to mature in April 2024.

*770 Broadway*

On June 28, 2022, we completed a $700,000,000 refinancing of 770 Broadway, a 1.2 million square foot Class A Manhattan office building. The interest-only loan bears a rate of SOFR plus 2.25% (6.48% as of December 31, 2022) and matures in July 2024 with three one-year extension options (July 2027 as fully extended). The interest rate on the loan was swapped to a fixed rate of 4.98% through July 2027. The loan replaces the previous $700,000,000 loan that bore interest at SOFR plus 1.86% and was scheduled to mature in July 2022.

*Unsecured Revolving Credit Facility*

On June 30, 2022, we amended and extended one of our two revolving credit facilities. The $1.25 billion amended facility bears interest at a rate of SOFR plus 1.15% (5.47% as of December 31, 2022). The term of the facility was extended from March 2024 to December 2027, as fully extended. The facility fee is 25 basis points. On August 16, 2022, the interest rate on the $575,000,000 drawn on the facility was swapped to a fixed interest rate of 3.88% through August 2027. Our other $1.25 billion revolving credit facility matures in April 2026, as fully extended, and bears a rate of SOFR plus 1.19% with a facility fee of 25 basis points.

*Unsecured Term Loan*

On June 30, 2022, we extended our $800,000,000 unsecured term loan from February 2024 to December 2027. The extended loan bears interest at a rate of SOFR plus 1.30% (5.62% as of December 31, 2022) and is currently swapped to a fixed rate of 4.05%.

*330 West 34th Street land owner joint venture*

On August 18, 2022, the joint venture that owns the fee interest in the 330 West 34th Street land, in which we have a 34.8% interest, completed a $100,000,000 refinancing. The interest-only loan bears interest at a fixed rate of 4.55% and matures in September 2032. In connection with the refinancing, we realized net proceeds of $10,500,000. The loan replaces the previous $50,150,000 loan that bore interest at a fixed rate of 5.71%.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

<u>BUSINESS DEVELOPMENTS</u> 

**Financing Activity - continued**

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

On December 21, 2022, the 697-703 Fifth Avenue $450,000,000 non-recourse mortgage loan matured and was not repaid, at which time the lenders declared an event of default. During December 2022, $29,000,000 of property-level funds were applied by the lenders against the principal balance resulting in a $421,000,000 loan balance as of December 31, 2022. The loan bears default interest at the Prime Rate plus 1.00% (8.50% as of December 31, 2022). The Fifth Avenue and Times Square JV is in negotiations with the lenders regarding a restructuring but there can be no assurance as to the timing and ultimate resolution of these negotiations. We do not believe that the resolution of these negotiations will result in further impairment losses on our investment in the Fifth Avenue and Times Square JV.

*Interest Rate Hedging Activities*

During the year ended December 31, 2022, we entered into $2.0 billion of interest rate swap arrangements and extended a $500,000,000 interest rate swap arrangement, reducing our variable rate debt at share as a percentage of our total debt at share to 27% from 47% (excluding our participation in the 150 West 34th Street mortgage loan which was repaid on January 9, 2023). The exposure to LIBOR/SOFR index increases on our $2.8 billion of unswapped variable rate debt is partially mitigated over the next year by $2.2 billion of interest rate caps and by an increase in interest income on our cash, cash equivalents, restricted cash and investments in U.S. Treasury bills. See page [34](#i37008a40bc284039bfa26a742bc06e97_118) for further detail on our interest rate swap and cap arrangements.

The table below presents the interest rate swap arrangements entered into during the year ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Notional Amount** | **All-In Swapped Rate** | **Swap Expiration Date** | **Variable Rate Spread** |
| &nbsp;&nbsp;&nbsp;&nbsp;770 Broadway mortgage loan | $700000 | 4.98% | 07/27 | S+225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured revolving credit facility | 575000 | 3.88% | 08/27 | S+115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan<sup>(1)</sup> | 50000 | 4.04% | 08/27 | S+130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan (effective 10/23)<sup>(1)</sup> | 500000 | 4.39% | 10/26 | S+130 |
| &nbsp;&nbsp;&nbsp;&nbsp;100 West 33rd Street mortgage loan | 480000 | 5.06% | 06/27 | S+165 |
| &nbsp;&nbsp;&nbsp;&nbsp;888 Seventh Avenue mortgage loan<sup>(2)</sup> | 200000 | 4.76% | 09/27 | S+180 |

---

____________________

**(1)**On February 7, 2023, we entered into a forward interest rate swap arrangement for $150,000 of the $800,000 unsecured term loan. The unsecured term loan, which matures in December 2027, is subject to various interest rate swap arrangements through August 2027, see below for details:

---

| | | | |
|:---|:---|:---|:---|
| | **Swapped Balance** | **All-In Swapped Rate** | **Unswapped Balance<br>(bears interest at S+130)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Through 10/23 | $800000 | 4.05% | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;10/23 through 7/25 | 700000 | 4.53% | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;7/25 through 10/26 | 550000 | 4.36% | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;10/26 through 8/27 | 50000 | 4.04% | 750000 |

---

**(2)**The remaining $77,800 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80%

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| FINANCIAL HIGHLIGHTS (unaudited) |  |  |  |  |  |  |  |
| (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) |  |  |  |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **December 31,** | **December 31,** | **December 31,** | **September 30, 2022** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **2022** |  | **2021** | **September 30, 2022** | **2022** |  | **2021** |
| &nbsp;&nbsp;Total revenues | $446940 |  | $421080 | $457431 | $1799995 |  | $1589210 |
| &nbsp;&nbsp;Net (loss) income attributable to common shareholders | $(493280) | <sup>(1)</sup> | $11269 | $7769 | $(408615) | <sup>(1)</sup> | $101086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per common share: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $(2.57) | <sup>(1)</sup> | $0.06 | $0.04 | $(2.13) | <sup>(1)</sup> | $0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(2.57) | <sup>(1)</sup> | $0.06 | $0.04 | $(2.13) | <sup>(1)</sup> | $0.53 |
| &nbsp;&nbsp;Net income attributable to common shareholders, as adjusted (non-GAAP) | $19954 |  | $22977 | $37429 | $126468 |  | $88153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per diluted share (non-GAAP) | $0.10 |  | $0.12 | $0.19 | $0.66 |  | $0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO attributable to common shareholders plus assumed conversions, as adjusted<br>(non-GAAP) | $139041 |  | $156130 | $157350 | $608892 |  | $549863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per diluted share (non-GAAP) | $0.72 |  | $0.81 | $0.81 | $3.15 |  | $2.86 |
| &nbsp;&nbsp;FFO attributable to common shareholders plus assumed conversions (non-GAAP) | $176465 |  | $141017 | $152461 | $638928 |  | $571074 |
| &nbsp;&nbsp;FFO - Operating Partnership ("OP") basis (non-GAAP) | $189572 |  | $151071 | $163769 | $686349 |  | $611262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per diluted share (non-GAAP) | $0.91 |  | $0.73 | $0.79 | $3.30 |  | $2.97 |
| &nbsp;&nbsp;Dividends per common share | $0.53 |  | $0.53 | $0.53 | $2.12 |  | $2.12 |
| &nbsp;&nbsp;FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted) | 73.6% |  | 65.4% | 65.4% | 67.3% |  | 74.1% |
| &nbsp;&nbsp;FAD payout ratio | 93.0% |  | 89.8% | 80.3% | 81.9% |  | 93.8% |
| &nbsp;&nbsp;Weighted average common shares outstanding (REIT basis) | 191831 |  | 191679 | 191793 | 191775 |  | 191551 |
| &nbsp;&nbsp;Convertible units: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A units | 13615 |  | 13245 | 13617 | 13540 |  | 13177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible securities<sup>(2)</sup> | 2182 |  | 25 | 1790 | 1545 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based payment awards | 381 |  | 810 | 502 | 604 |  | 916 |
| &nbsp;&nbsp;Weighted average common shares outstanding used in calculation of FFO per diluted share (OP basis) | 208009 |  | 205759 | 207702 | 207464 |  | 205670 |

---

______________________

**(1)**Net loss attributable to common shareholders for the quarter and year ended December 31, 2022 includes $595,488 of non-cash impairment charges, of which $483,037 relates to Vornado's common equity investment in the Fifth Avenue and Times Square joint venture ("Retail JV"). By way of background, in April 2019, we recognized a $2.559 billion gain upon the transfer of seven properties to the Retail JV, which included a GAAP required write-up to fair value of its retained interest in the properties. The $483,037 impairment charge recognized this quarter together with the $409,060 impairment charge previously recognized in 2020, effectively reverse a portion of the $2.559 billion gain attributable to the 2019 required write-up.

**(2)**On January 1, 2022, we adopted Accounting Standards Update 2020-06, which requires us to include our Series D-13 cumulative redeemable preferred units and Series G-1 through G-4 convertible preferred units in our dilutive earnings per share calculations, if the effect is dilutive.

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| FFO, AS ADJUSTED BRIDGE - Q4 2022 VS. Q4 2021 (unaudited) |
| (Amounts in millions, except per share amounts) |

---

---

| | | |
|:---|:---|:---|
| | **FFO, as Adjusted** | **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, 2021** | $**156.1** | $**0.81** |
| (Decrease) increase in FFO, as adjusted due to: |  |  |
| &nbsp;&nbsp;Increase in interest expense, net of increase in interest income | (29.6) |  |
| &nbsp;&nbsp;Rent commencement and other tenant related items | 11.7 |  |
| &nbsp;&nbsp;Prior period accrual adjustments related to theMART property tax expense | 8.1 |  |
| &nbsp;&nbsp;Straight-line impact of PENN 1 2023 estimated ground rent reset | (5.7) |  |
| &nbsp;&nbsp;Other, net | (1.3) |  |
|  | (16.8) |  |
| Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities | (0.3) |  |
| Net decrease | (17.1) | (0.09) |
| **FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2022** | $**139.0** | $**0.72** |

---

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| CONSOLIDATED BALANCE SHEETS (unaudited) | CONSOLIDATED BALANCE SHEETS (unaudited) | CONSOLIDATED BALANCE SHEETS (unaudited) | CONSOLIDATED BALANCE SHEETS (unaudited) |  |
| (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) |  |
|  | **As of December 31,** | **As of December 31,** | **Increase<br>(Decrease)** |  |
|  | **2022** | **2021** | **Increase<br>(Decrease)** |  |
| **ASSETS** |  |  |  |  |
| Real estate, at cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | $2451828 | $2540193 | $(88365) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 9804204 | 9839166 | (34962) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development costs and construction in progress | 933334 | 718694 | 214640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leasehold improvements and equipment | 125389 | 119792 | 5597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 13314755 | 13217845 | 96910 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation and amortization | (3470991) | (3376347) | (94644) |  |
| Real estate, net | 9843764 | 9841498 | 2266 |  |
| Right-of-use assets | 684380 | 337197 | 347183 | <sup>(1)</sup> |
| Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 889689 | 1760225 | (870536) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 131468 | 170126 | (38658) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in U.S. Treasury bills | 471962 |  | 471962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 1493119 | 1930351 | (437232) |  |
| Tenant and other receivables | 81170 | 79661 | 1509 |  |
| Investments in partially owned entities | 2665073 | 3297389 | (632316) |  |
| Real estate fund investments |  | 7730 | (7730) |  |
| 220 CPS condominium units ready for sale | 43599 | 57142 | (13543) |  |
| Receivable arising from the straight-lining of rents | 694972 | 656318 | 38654 |  |
| Deferred leasing costs, net | 373555 | 391693 | (18138) |  |
| Identified intangible assets, net | 139638 | 154895 | (15257) |  |
| Other assets | 474105 | 512714 | (38609) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**16493375** | $**17266588** | $**(773213)** |  |
| **LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY** |  |  |  |  |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgages payable, net | $5829018 | $6053343 | $(224325) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior unsecured notes, net | 1191832 | 1189792 | 2040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan, net | 793193 | 797812 | (4619) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured revolving credit facilities | 575000 | 575000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 735969 | 370206 | 365763 | <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 450881 | 613497 | (162616) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 39882 | 48118 | (8236) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation plan | 96322 | 110174 | (13852) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 268166 | 304725 | (36559) |  |
| Total liabilities | 9980263 | 10062667 | (82404) |  |
| Redeemable noncontrolling interests | 436732 | 688683 | (251951) |  |
| Shareholders' equity | 5839728 | 6236346 | (396618) |  |
| Noncontrolling interests in consolidated subsidiaries | 236652 | 278892 | (42240) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, redeemable noncontrolling interests and equity | $**16493375** | $**17266588** | $**(773213)** |  |

---

________________________________

**(1)**In January 2022, we exercised a 25-year renewal option on our PENN 1 ground lease extending the term through June 2073. As a result of the exercise, we remeasured the related ground lease liability to include the 25-year extension option and recorded an estimated incremental right-of-use asset and lease liability of approximately $350,000.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited) | CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited) | CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited) | CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited) | CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited) |
| (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **September 30, 2022** |
|  | **2022** | **2021** | **Variance** | **September 30, 2022** |
| Property rentals<sup>(1)</sup> | $354453 | $336958 | $17495 | $356783 |
| Tenant expense reimbursements<sup>(1)</sup> | 39879 | 35140 | 4739 | 41821 |
| Amortization of acquired below-market leases, net | 1390 | 1310 | 80 | 1384 |
| Straight-lining of rents | 342 | 3007 | (2665) | 9156 |
| Total rental revenues | 396064 | 376415 | 19649 | 409144 |
| Fee and other income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Building Maintenance Services ("BMS") cleaning fees | 35921 | 32393 | 3528 | 35062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management and leasing fees | 2872 | 774 | 2098 | 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 12083 | 11498 | 585 | 10693 |
| Total revenues | 446940 | 421080 | 25860 | 457431 |
| Operating expenses | (213477) | (202717) | (10760) | (221596) |
| Depreciation and amortization | (133871) | (126349) | (7522) | (134526) |
| General and administrative | (31439) | (34204) | 2765 | (29174) |
| (Expense) benefit from deferred compensation plan liability | (521) | (2425) | 1904 | 600 |
| Impairment losses, transaction related costs and other | (26761) | (3185) | (23576) | (996) |
| Total expenses | (406069) | (368880) | (37189) | (385692) |
| (Loss) income from partially owned entities | (545126) | 43749 | (588875) | 24341 |
| (Loss) income from real estate fund investments | (1880) | 5959 | (7839) | (111) |
| Interest and other investment income, net | 10587 | 918 | 9669 | 5228 |
| Income (loss) from deferred compensation plan assets | 521 | 2425 | (1904) | (600) |
| Interest and debt expense | (88242) | (78192) | (10050) | (76774) |
| Net gains on disposition of wholly owned and partially owned assets | 65241 | 14959 | 50282 |  |
| (Loss) income before income taxes | (518028) | 42018 | (560046) | 23823 |
| Income tax expense | (6974) | (10055) | 3081 | (3711) |
| Net (loss) income | (525002) | 31963 | (556965) | 20112 |
| Less net loss (income) attributable to noncontrolling interests in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated subsidiaries | 10493 | (3691) | 14184 | 3792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership | 36758 | (857) | 37615 | (606) |
| Net (loss) income attributable to Vornado | (477751) | 27415 | (505166) | 23298 |
| Preferred share dividends | (15529) | (16146) | 617 | (15529) |
| Net (loss) income attributable to common shareholders | $(493280) | $11269 | $(504549) | $7769 |
| Capitalized expenditures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development payroll | $3838 | $2815 | $1023 | $3269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and debt expense | 6990 | 6535 | 455 | 4874 |

---

________________________________

**(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.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited) | CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited) | CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited) | CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited) |
| (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) |
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2022** | **2021** | **Variance** |
| Property rentals<sup>(1)</sup> | $1388202 | $1271643 | $116559 |
| Tenant expense reimbursements<sup>(1)</sup> | 168128 | 152283 | 15845 |
| Amortization of acquired below-market leases, net | 5178 | 9249 | (4071) |
| Straight-lining of rents | 46177 | (8644) | 54821 |
| Total rental revenues | 1607685 | 1424531 | 183154 |
| Fee and other income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BMS cleaning fees | 137673 | 119780 | 17893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management and leasing fees | 11039 | 11725 | (686) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 43598 | 33174 | 10424 |
| Total revenues | 1799995 | 1589210 | 210785 |
| Operating expenses | (873911) | (797315) | (76596) |
| Depreciation and amortization | (504502) | (412347) | (92155) |
| General and administrative | (133731) | (134545) | 814 |
| Benefit (expense) from deferred compensation plan liability | 9617 | (9847) | 19464 |
| Impairment losses, transaction related costs and other | (31722) | (13815) | (17907) |
| Total expenses | (1534249) | (1367869) | (166380) |
| (Loss) income from partially owned entities | (461351) | 130517 | (591868) |
| Income from real estate fund investments | 3541 | 11066 | (7525) |
| Interest and other investment income, net | 19869 | 4612 | 15257 |
| (Loss) income from deferred compensation plan assets | (9617) | 9847 | (19464) |
| Interest and debt expense | (279765) | (231096) | (48669) |
| Net gains on disposition of wholly owned and partially owned assets | 100625 | 50770 | 49855 |
| (Loss) income before income taxes | (360952) | 197057 | (558009) |
| Income tax (expense) benefit | (21660) | 10496 | (32156) |
| Net (loss) income | (382612) | 207553 | (590165) |
| Less net loss (income) attributable to noncontrolling interests in: |  |  |  |
| &nbsp;&nbsp;&nbsp;Consolidated subsidiaries | 5737 | (24014) | 29751 |
| &nbsp;&nbsp;&nbsp;Operating Partnership | 30376 | (7540) | 37916 |
| Net (loss) income attributable to Vornado | (346499) | 175999 | (522498) |
| Preferred share dividends | (62116) | (65880) | 3764 |
| Series K preferred share issuance costs |  | (9033) | 9033 |
| Net (loss) income attributable to common shareholders | $(408615) | $101086 | $(509701) |
| Capitalized expenditures: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development payroll | $12216 | $10932 | $1284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and debt expense | 19085 | 38320 | (19235) |

---

________________________________

**(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.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended December 31, 2022** | **For the Three Months Ended December 31, 2022** | **For the Three Months Ended December 31, 2022** |
| | **Total** | **New York** | **Other** |
| Property rentals<sup>(1)</sup> | $354453 | $286279 | $68174 |
| Tenant expense reimbursements<sup>(1)</sup> | 39879 | 31727 | 8152 |
| Amortization of acquired below-market leases, net | 1390 | 1221 | 169 |
| Straight-lining of rents | 342 | 2738 | (2396) |
| Total rental revenues | 396064 | 321965 | 74099 |
| Fee and other income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BMS cleaning fees | 35921 | 38242 | (2321) |
| &nbsp;&nbsp;&nbsp;&nbsp;Management and leasing fees | 2872 | 3072 | (200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 12083 | 3420 | 8663 |
| Total revenues | 446940 | 366699 | 80241 |
| Operating expenses | (213477) | (179910) | (33567) |
| Depreciation and amortization | (133871) | (111042) | (22829) |
| General and administrative | (31439) | (11414) | (20025) |
| Expense from deferred compensation plan liability | (521) |  | (521) |
| Impairment losses, transaction related costs and other | (26761) | (19209) | (7552) |
| Total expenses | (406069) | (321575) | (84494) |
| (Loss) income from partially owned entities | (545126) | (563414) | 18288 |
| Loss from real estate fund investments | (1880) |  | (1880) |
| Interest and other investment income, net | 10587 | 2915 | 7672 |
| Income from deferred compensation plan assets | 521 |  | 521 |
| Interest and debt expense | (88242) | (43053) | (45189) |
| Net gains on disposition of wholly owned and partially owned assets | 65241 | 34585 | 30656 |
| (Loss) income before income taxes | (518028) | (523843) | 5815 |
| Income tax expense | (6974) | (1396) | (5578) |
| Net (loss) income | (525002) | (525239) | 237 |
| Less net loss attributable to noncontrolling interests in consolidated subsidiaries | 10493 | 7018 | 3475 |
| Net (loss) income attributable to Vornado Realty L.P. | (514509) | $(518221) | $3712 |
| Less net loss attributable to noncontrolling interests in the Operating Partnership | 36787 |  |  |
| Preferred unit distributions | (15558) |  |  |
| Net loss attributable to common shareholders | $(493280) |  |  |
| For the three months ended December 31, 2021 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income attributable to Vornado Realty L.P. | $28272 | $60548 | $(32276) |
| &nbsp;&nbsp;&nbsp;Net income attributable to common shareholders | $11269 |  |  |

---

________________________________

**(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.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2022** |
| | **Total** | **New York** | **Other** |
| Property rentals<sup>(1)</sup> | $1388202 | $1096896 | $291306 |
| Tenant expense reimbursements<sup>(1)</sup> | 168128 | 126582 | 41546 |
| Amortization of acquired below-market leases, net | 5178 | 4530 | 648 |
| Straight-lining of rents | 46177 | 52173 | (5996) |
| Total rental revenues | 1607685 | 1280181 | 327504 |
| Fee and other income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BMS cleaning fees | 137673 | 146530 | (8857) |
| &nbsp;&nbsp;&nbsp;&nbsp;Management and leasing fees | 11039 | 11645 | (606) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 43598 | 11086 | 32512 |
| Total revenues | 1799995 | 1449442 | 350553 |
| Operating expenses | (873911) | (716148) | (157763) |
| Depreciation and amortization | (504502) | (413491) | (91011) |
| General and administrative | (133731) | (46326) | (87405) |
| Benefit from deferred compensation plan liability | 9617 |  | 9617 |
| Impairment losses, transaction related costs and other | (31722) | (20318) | (11404) |
| Total expenses | (1534249) | (1196283) | (337966) |
| (Loss) income from partially owned entities | (461351) | (486177) | 24826 |
| Income from real estate fund investments | 3541 |  | 3541 |
| Interest and other investment income, net | 19869 | 4695 | 15174 |
| Loss from deferred compensation plan assets | (9617) |  | (9617) |
| Interest and debt expense | (279765) | (134072) | (145693) |
| Net gains on disposition of wholly owned and partially owned assets | 100625 | 62939 | 37686 |
| Loss before income taxes | (360952) | (299456) | (61496) |
| Income tax expense | (21660) | (4001) | (17659) |
| Net loss | (382612) | (303457) | (79155) |
| Less net loss attributable to noncontrolling interests in consolidated subsidiaries | 5737 | 5431 | 306 |
| Net loss attributable to Vornado Realty L.P. | (376875) | $(298026) | $(78849) |
| Less net loss attributable to noncontrolling interests in the Operating Partnership | 30491 |  |  |
| Preferred unit distributions | (62231) |  |  |
| Net loss attributable to common shareholders | $(408615) |  |  |
| For the year ended December 31, 2021 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income attributable to Vornado Realty L.P. | $183539 | $252573 | $(69034) |
| &nbsp;&nbsp;&nbsp;Net income attributable to common shareholders | $101086 |  |  |

---

________________________________

**(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.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| 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, 2022** | **For the Three Months Ended December 31, 2022** | **For the Three Months Ended December 31, 2022** |
| | **Total** | **New York** | **Other** |
| Total revenues | $446940 | $366699 | $80241 |
| Operating expenses | (213477) | (179910) | (33567) |
| NOI - consolidated | 233463 | 186789 | 46674 |
| Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (18929) | (12858) | (6071) |
| Add: Our share of NOI from partially owned entities | 77221 | 74664 | 2557 |
| NOI at share | 291755 | 248595 | 43160 |
| Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (2156) | (4883) | 2727 |
| NOI at share - cash basis | $289599 | $243712 | $45887 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended December 31, 2021** | **For the Three Months Ended December 31, 2021** | **For the Three Months Ended December 31, 2021** |
| | **Total** | **New York** | **Other** |
| Total revenues | $421080 | $335841 | $85239 |
| Operating expenses | (202717) | (158092) | (44625) |
| NOI - consolidated | 218363 | 177749 | 40614 |
| Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (19164) | (12139) | (7025) |
| Add: Our share of NOI from partially owned entities | 79223 | 76329 | 2894 |
| NOI at share | 278422 | 241939 | 36483 |
| Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (252) | (1539) | 1287 |
| NOI at share - cash basis | $278170 | $240400 | $37770 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended September 30, 2022** | **For the Three Months Ended September 30, 2022** | **For the Three Months Ended September 30, 2022** |
| | **Total** | **New York** | **Other** |
| Total revenues | $457431 | $360033 | $97398 |
| Operating expenses | (221596) | (182131) | (39465) |
| NOI - consolidated | 235835 | 177902 | 57933 |
| Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (14766) | (8691) | (6075) |
| Add: Our share of NOI from partially owned entities | 76020 | 71943 | 4077 |
| NOI at share | 297089 | 241154 | 55935 |
| Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (1419) | (3462) | 2043 |
| NOI at share - cash basis | $295670 | $237692 | $57978 |

---

________________________________

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT (NON-GAAP) (unaudited) |
| (unaudited and in thousands) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2022** |
| | **Total** | **New York** | **Other** |
| Total revenues | $1799995 | $1449442 | $350553 |
| Operating expenses | (873911) | (716148) | (157763) |
| NOI - consolidated | 926084 | 733294 | 192790 |
| Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (70029) | (45566) | (24463) |
| Add: Our share of NOI from partially owned entities | 305993 | 293780 | 12213 |
| NOI at share | 1162048 | 981508 | 180540 |
| Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (10980) | (18509) | 7529 |
| NOI at share - cash basis | $1151068 | $962999 | $188069 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2021** |
| | **Total** | **New York** | **Other** |
| Total revenues | $1589210 | $1257599 | $331611 |
| Operating expenses | (797315) | (626386) | (170929) |
| NOI - consolidated | 791895 | 631213 | 160682 |
| Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (69385) | (38980) | (30405) |
| Add: Our share of NOI from partially owned entities | 310858 | 300721 | 10137 |
| NOI at share | 1033368 | 892954 | 140414 |
| Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | 1318 | (1188) | 2506 |
| NOI at share - cash basis | $1034686 | $891766 | $142920 |

---

________________________________

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| 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 Three Months Ended** | **For the Three Months Ended** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
| | **December 31,** | **December 31,** | **September 30, 2022** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
| | **2022** | **2021** | **September 30, 2022** | **2022** | **2021** |
| **NOI at share:** |  |  |  |  |  |
| New York: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Office<sup>(1)</sup> | $184045 | $179929 | $174790 | $718686 | $677167 |
| &nbsp;&nbsp;&nbsp;Retail | 50083 | 48365 | 52127 | 205753 | 173363 |
| &nbsp;&nbsp;&nbsp;Residential | 4978 | 4894 | 4598 | 19600 | 17783 |
| &nbsp;&nbsp;&nbsp;Alexander's Inc. ("Alexander's") | 9489 | 8751 | 9639 | 37469 | 37318 |
| &nbsp;&nbsp;&nbsp;Hotel Pennsylvania<sup>(2)</sup> |  |  |  |  | (12677) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total New York | 248595 | 241939 | 241154 | 981508 | 892954 |
| Other: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;theMART<sup>(3)</sup> | 21276 | 15959 | 35769 | 96906 | 58909 |
| &nbsp;&nbsp;&nbsp;555 California Street | 16641 | 16596 | 16092 | 65692 | 64826 |
| &nbsp;&nbsp;&nbsp;Other investments | 5243 | 3928 | 4074 | 17942 | 16679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Other | 43160 | 36483 | 55935 | 180540 | 140414 |
| NOI at share | $291755 | $278422 | $297089 | $1162048 | $1033368 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NOI at share - cash basis:** | | | | | |
| New York: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Office<sup>(1)</sup> | $182648 | $181568 | $174606 | $715407 | $686507 |
| &nbsp;&nbsp;&nbsp;Retail | 46168 | 44536 | 48096 | 188846 | 160801 |
| &nbsp;&nbsp;&nbsp;Residential | 4660 | 4758 | 4556 | 18214 | 16656 |
| &nbsp;&nbsp;&nbsp;Alexander's | 10236 | 9538 | 10434 | 40532 | 40525 |
| &nbsp;&nbsp;&nbsp;Hotel Pennsylvania<sup>(2)</sup> |  |  |  |  | (12723) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total New York | 243712 | 240400 | 237692 | 962999 | 891766 |
| Other: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;theMART<sup>(3)</sup> | 23163 | 18413 | 36772 | 101912 | 64389 |
| &nbsp;&nbsp;&nbsp;555 California Street | 17672 | 15128 | 16926 | 67813 | 60680 |
| &nbsp;&nbsp;&nbsp;Other investments | 5052 | 4229 | 4280 | 18344 | 17851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Other | 45887 | 37770 | 57978 | 188069 | 142920 |
| NOI at share - cash basis | $289599 | $278170 | $295670 | $1151068 | $1034686 |

---

________________________________

**(1)**Includes BMS NOI of $8,305, $6,918, $7,043, $27,598 and $26,344, respectively, for the three months ended December 31, 2022 and 2021 and September 30, 2022 and the years ended December 31, 2022 and 2021.

**(2)**On April 5, 2021, we permanently closed the Hotel Pennsylvania. Beginning in the third quarter of 2021, we commenced capitalization of carrying costs in connection with our development of the Hotel Pennsylvania site.

**(3)**2022 includes the impact of prior period accrual adjustments related to (i) a property tax reassessment recognized in the third quarter and (ii) a change in the property tax rate recognized in the fourth quarter. 2022 also includes an increase in tradeshow activity compared to the prior year.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

<u>SAME STORE NOI AT SHARE AND SAME STORE NOI AT SHARE - CASH BASIS (NON-GAAP) (unaudited)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total** | **New York** | **theMART**<sup>(2)</sup> | **555 California Street** |
| Same store NOI at share % increase (decrease)<sup>(1)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Three months ended December 31, 2022 compared to December 31, 2021 | 6.3% | 5.0% | 32.1% | 0.3% |
| &nbsp;&nbsp;&nbsp;Year ended December 31, 2022 compared to December 31, 2021 | 7.1% | 3.5% | 64.2% | 2.7% |
| &nbsp;&nbsp;&nbsp;Three months ended December 31, 2022 compared to September 30, 2022 | (0.8)% | 5.6% | (41.1)% | 3.4% |
| Same store NOI at share - cash basis % increase (decrease)<sup>(1)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Three months ended December 31, 2022 compared to December 31, 2021 | 7.9% | 5.9% | 24.7% | 16.8% |
| &nbsp;&nbsp;&nbsp;Year ended December 31, 2022 compared to December 31, 2021 | 9.0% | 5.0% | 58.0% | 13.3% |
| &nbsp;&nbsp;&nbsp;Three months ended December 31, 2022 compared to September 30, 2022 | (0.9)% | 4.8% | (37.6)% | 4.4% |

---

________________________________

**(1)**See pages [viii](#i37008a40bc284039bfa26a742bc06e97_181) through [xiii](#i37008a40bc284039bfa26a742bc06e97_196) in the *Appendix* for same store NOI at share and same store NOI at share - cash basis reconciliations.

**(2)**2022 includes the impact of prior period accrual adjustments related to (i) a property tax reassessment recognized in the third quarter and (ii) a change in the property tax rate recognized in the fourth quarter. 2022 also includes an increase in tradeshow activity compared to the prior year.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PENN DISTRICT |  |  |  |  |  |  |  |  |  |  |  |
| ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) |  |
| (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) | (Amounts in thousands of dollars, except square feet) |  |  |
|  |  | **Property<br>Rentable<br>Sq. Ft.** |  |  | **Cash Amount<br>Expended** |  | **Remaining Expenditures** |  |  | **Projected Incremental<br>Cash Yield** | **Projected Incremental<br>Cash Yield** |
| **Active PENN District Projects** | **Segment** | **Property<br>Rentable<br>Sq. Ft.** | **Budget**<sup>(1)</sup> |  | **Cash Amount<br>Expended** |  | **Remaining Expenditures** |  | **Stabilization Year** | **Projected Incremental<br>Cash Yield** | **Projected Incremental<br>Cash Yield** |
| The Farley Building (95% interest) | New York | 846000 | 1120000 | **(2)** | 1111493 | **(2)** | 8507 | **(2)** | **(3)** | 6.2% |  |
| PENN 2 - as expanded | New York | 1795000 | 750000 |  | 393126 |  | 356874 |  | 2025 | 9.5% |  |
| PENN 1 (including LIRR Concourse Retail)<sup>(4)</sup> | New York | 2546000 | 450000 |  | 375810 |  | 74190 |  | N/A | 13.2% | **(4)(5)** |
| Districtwide Improvements | New York | N/A | 100000 |  | 41776 |  | 58224 |  | N/A | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Active PENN District Projects |  |  | **2420000** |  | **1922205** |  | **497795** |  |  | 8.3% |  |

---

________________________________

**(1)**Excluding debt and equity carry.

**(2)**Net of 154,000 of historic tax credit investor contributions, of which 88,000 has been funded to date (at our 95% share).

**(3)**Office stabilized in 2022, Retail to stabilize in 2023/2024.

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

**(5)**Projected to be achieved as pre-redevelopment leases roll, which have an approximate average remaining term of 3.6 years.

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| FUTURE DEVELOPMENT OPPORTUNITIES - AS OF DECEMBER 31, 2022 (unaudited) | FUTURE DEVELOPMENT OPPORTUNITIES - AS OF DECEMBER 31, 2022 (unaudited) | FUTURE DEVELOPMENT OPPORTUNITIES - AS OF DECEMBER 31, 2022 (unaudited) | FUTURE DEVELOPMENT OPPORTUNITIES - AS OF DECEMBER 31, 2022 (unaudited) |
| **Future Opportunities** | **Segment** | **Property<br>Zoning<br>Sq. Ft.**<br>**(at 100%)** |  |
| 350 Park Avenue | New York | 1389000 | <sup>(1)</sup> |
| Hotel Pennsylvania site<sup>(2)</sup> | New York | 2052000 |  |
| PENN District - multiple other opportunities - office/residential/retail | New York |  |  |
| 260 Eleventh Avenue - office<sup>(3)</sup> | New York | 280000 |  |
| **Undeveloped Land** |  |  |  |
| Rego Park III (32.4% interest) | New York | 550000 |  |
| 527 West Kinzie, Chicago | Other | 330000 |  |
| 57th Street (50% interest) | New York | 150000 |  |
| Eighth Avenue and 34th Street | New York | 105000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total undeveloped land |  | 1135000 |  |

---

____________________

**(1)**Reflects entire assemblage, see page [3](#id7af9838572449bcaba42569922cc28d_10460) for further information.

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

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

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

LEASING ACTIVITY (unaudited) <br> (Square feet in thousands)

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

---

| | | | |
|:---|:---|:---|:---|
| | **New York** | **New York** | |
| | **Office** | **Retail** |<br>**theMART** |
| **Three Months Ended December 31, 2022** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total square feet leased | 154 | 20 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our share of square feet leased: | 147 | 15 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial rent<sup>(1)</sup> | $84.58 | $284.73 | $59.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average lease term (years) | 7.6 | 11.8 | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second generation relet space: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Square feet | 135 |  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP basis: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent<sup>(2)</sup> | $79.73 | $— | $60.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior straight-line rent | $68.04 | $— | $65.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage increase (decrease) | 17.2% | 0.0% | (7.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash basis (non-GAAP): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial rent<sup>(1)</sup> | $83.66 | $— | $59.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior escalated rent | $76.20 | $— | $67.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage increase (decrease) | 9.8% | 0.0% | (12.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant improvements and leasing commissions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per square foot | $78.86 | $318.41 | $42.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per square foot per annum | $10.32 | $26.98 | $6.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage of initial rent | 12.2% | 9.5% | 11.1% |

---

________________________________

**(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.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

LEASING ACTIVITY (unaudited) <br> (Square feet in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **New York** | **New York** | | **555 California Street** |
| | **Office** | **Retail** |<br>**theMART** | **555 California Street** |
| **Year Ended December 31, 2022** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total square feet leased | 894 | 111 | 299 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our share of square feet leased: | 753 | 100 | 299 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial rent<sup>(1)</sup> | $84.51 | $266.25 | $52.40 | $96.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average lease term (years) | 8.9 | 11.6 | 7.2 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second generation relet space: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Square feet | 498 | 42 | 244 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP basis: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent<sup>(2)</sup> | $79.62 | $229.84 | $49.22 | $87.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior straight-line rent | $73.03 | $372.60 | $51.72 | $70.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage increase (decrease) | 9.0% | (38.3)% | (4.8)% | 24.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash basis (non-GAAP): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial rent<sup>(1)</sup> | $82.96 | $257.34 | $52.87 | $93.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior escalated rent | $78.70 | $390.83 | $55.91 | $82.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage increase (decrease) | 5.4% | (34.2)% | (5.4)% | 13.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant improvements and leasing commissions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per square foot | $104.93 | $263.13 | $75.44 | $42.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per square foot per annum | $11.84 | $22.68 | $10.48 | $7.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage of initial rent | 14.0% | 8.5% | 20.0% | 7.4% |

---

________________________________

**(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.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LEASE EXPIRATIONS (unaudited)<br>NEW YORK SEGMENT | LEASE EXPIRATIONS (unaudited)<br>NEW YORK SEGMENT | LEASE EXPIRATIONS (unaudited)<br>NEW YORK SEGMENT | LEASE EXPIRATIONS (unaudited)<br>NEW YORK SEGMENT | LEASE EXPIRATIONS (unaudited)<br>NEW YORK SEGMENT | LEASE EXPIRATIONS (unaudited)<br>NEW YORK SEGMENT | LEASE EXPIRATIONS (unaudited)<br>NEW YORK SEGMENT |
|  | **Period of Lease<br>Expiration** | **Our Share of**<br>**Square Feet**<br>**of Expiring**<br>**Leases**<sup>(1)</sup> |  | **Annualized Escalated Rents<br>of Expiring Leases** | **Annualized Escalated Rents<br>of Expiring Leases** | **Percentage of<br>Annualized<br>Escalated Rent** |
|  | **Period of Lease<br>Expiration** | **Our Share of**<br>**Square Feet**<br>**of Expiring**<br>**Leases**<sup>(1)</sup> |  | **Total** | **Per Sq. Ft.** | **Percentage of<br>Annualized<br>Escalated Rent** |
| **Office:** | Fourth Quarter 2022<sup>(2)</sup> | 47000 |  | $1712000 | $36.43 | 0.1% |
|  | First Quarter 2023 | 566000 |  | 55434000 | 97.94 | 4.7% |
|  | Second Quarter 2023 | 154000 |  | 12302000 | 79.88 | 1.0% |
|  | Third Quarter 2023 | 126000 |  | 9832000 | 78.03 | 0.8% |
|  | Fourth Quarter 2023 | 598000 |  | 59815000 | 100.03 | 5.1% |
|  | Total 2023 | 1444000 |  | 137383000 | 95.14 | 11.6% |
|  | 2024 | 943000 |  | 88875000 | 94.25 | 7.5% |
|  | 2025 | 699000 |  | 57307000 | 81.98 | 4.9% |
|  | 2026 | 1217000 |  | 99016000 | 81.36 | 8.4% |
|  | 2027 | 1160000 |  | 89200000 | 76.90 | 7.6% |
|  | 2028 | 1003000 |  | 74602000 | 74.38 | 6.3% |
|  | 2029 | 1161000 |  | 94292000 | 81.22 | 8.0% |
|  | 2030 | 623000 |  | 51308000 | 82.36 | 4.3% |
|  | 2031 | 899000 |  | 79770000 | 88.73 | 6.8% |
|  | 2032 | 404000 |  | 35215000 | 87.17 | 3.0% |
|  | Thereafter | 4867000 | **(3)** | 372042000 | 76.44 | 31.5% |
| **Retail:** | Fourth Quarter 2022<sup>(2)</sup> | 16000 |  | $2590000 | $161.88 | 1.0% |
|  | First Quarter 2023 | 134000 |  | 9497000 | 70.87 | 3.5% |
|  | Second Quarter 2023 |  |  |  |  | 0.0% |
|  | Third Quarter 2023 | 7000 |  | 3505000 | 500.71 | 1.3% |
|  | Fourth Quarter 2023 | 8000 |  | 6285000 | 785.63 | 2.3% |
|  | Total 2023 | 149000 |  | 19287000 | 129.44 | 7.1% |
|  | 2024 | 133000 |  | 22680000 | 170.53 | 8.4% |
|  | 2025 | 40000 |  | 12898000 | 322.45 | 4.8% |
|  | 2026 | 82000 |  | 26076000 | 318.00 | 9.7% |
|  | 2027 | 34000 |  | 18872000 | 555.06 | 7.1% |
|  | 2028 | 27000 |  | 13470000 | 498.89 | 5.0% |
|  | 2029 | 50000 |  | 26772000 | 535.44 | 10.0% |
|  | 2030 | 155000 |  | 22645000 | 146.10 | 8.5% |
|  | 2031 | 88000 |  | 29201000 | 331.83 | 10.9% |
|  | 2032 | 55000 |  | 28490000 | 518.00 | 10.6% |
|  | Thereafter | 390000 |  | 45463000 | 116.57 | 16.9% |

---

________________________________

**(1)&nbsp;&nbsp;&nbsp;&nbsp;**Excludes storage, vacancy and other.

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

**(3)**&nbsp;&nbsp;&nbsp;&nbsp;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.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| LEASE EXPIRATIONS (unaudited)<br>theMART | LEASE EXPIRATIONS (unaudited)<br>theMART | LEASE EXPIRATIONS (unaudited)<br>theMART | LEASE EXPIRATIONS (unaudited)<br>theMART | LEASE EXPIRATIONS (unaudited)<br>theMART | LEASE EXPIRATIONS (unaudited)<br>theMART |
|  | **Period of Lease<br>Expiration** | **Our Share of**<br>**Square Feet**<br>**of Expiring**<br>**Leases**<sup>(1)</sup> | **Annualized Escalated Rents<br>of Expiring Leases** | **Annualized Escalated Rents<br>of Expiring Leases** | **Percentage of<br>Annualized<br>Escalated Rent** |
|  | **Period of Lease<br>Expiration** | **Our Share of**<br>**Square Feet**<br>**of Expiring**<br>**Leases**<sup>(1)</sup> | **Total** | **Per Sq. Ft.** | **Percentage of<br>Annualized<br>Escalated Rent** |
| **Office / Showroom / Retail:** | Fourth Quarter 2022<sup>(2)</sup> | 86000 | $4463000 | $51.90 | 3.0% |
|  | First Quarter 2023 | 29000 | 2015000 | 69.48 | 1.3% |
|  | Second Quarter 2023 | 12000 | 867000 | 72.25 | 0.6% |
|  | Third Quarter 2023 | 166000 | 8601000 | 51.81 | 5.7% |
|  | Fourth Quarter 2023 | 47000 | 2721000 | 57.89 | 1.8% |
|  | Total 2023 | 254000 | 14204000 | 55.92 | 9.4% |
|  | 2024 | 233000 | 13416000 | 57.58 | 8.9% |
|  | 2025 | 409000 | 23652000 | 58.69 | 15.7% |
|  | 2026 | 290000 | 16089000 | 55.48 | 10.7% |
|  | 2027 | 191000 | 10398000 | 54.44 | 6.9% |
|  | 2028 | 684000 | 32780000 | 47.92 | 21.5% |
|  | 2029 | 111000 | 5369000 | 48.37 | 3.6% |
|  | 2030 | 29000 | 1655000 | 57.07 | 1.1% |
|  | 2031 | 294000 | 13779000 | 46.87 | 9.1% |
|  | 2032 | 160000 | 7631000 | 47.69 | 5.1% |
|  | Thereafter | 167000 | 7628000 | 45.68 | 5.0% |

---

________________________________

**(1)&nbsp;&nbsp;&nbsp;&nbsp;**Excludes storage, vacancy and other.

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| LEASE EXPIRATIONS (unaudited)<br>555 California Street | LEASE EXPIRATIONS (unaudited)<br>555 California Street | LEASE EXPIRATIONS (unaudited)<br>555 California Street | LEASE EXPIRATIONS (unaudited)<br>555 California Street | LEASE EXPIRATIONS (unaudited)<br>555 California Street | LEASE EXPIRATIONS (unaudited)<br>555 California Street |
|  | **Period of Lease<br>Expiration** | **Our Share of**<br>**Square Feet**<br>**of Expiring**<br>**Leases**<sup>(1)</sup> | **Annualized Escalated Rents<br>of Expiring Leases** | **Annualized Escalated Rents<br>of Expiring Leases** | **Percentage of<br>Annualized<br>Escalated Rent** |
|  | **Period of Lease<br>Expiration** | **Our Share of**<br>**Square Feet**<br>**of Expiring**<br>**Leases**<sup>(1)</sup> | **Total** | **Per Sq. Ft.** | **Percentage of<br>Annualized<br>Escalated Rent** |
| **Office / Retail:** | Fourth Quarter 2022<sup>(2)</sup> |  | $— | $— | 0.0% |
|  | First Quarter 2023 | 6000 | 391000 | 65.17 | 0.4% |
|  | Second Quarter 2023 |  |  |  | 0.0% |
|  | Third Quarter 2023 |  |  |  | 0.0% |
|  | Fourth Quarter 2023 |  |  |  | 0.0% |
|  | Total 2023 | 6000 | 391000 | 65.17 | 0.4% |
|  | 2024 | 70000 | 7215000 | 103.07 | 6.6% |
|  | 2025 | 274000 | 24684000 | 90.09 | 22.5% |
|  | 2026 | 238000 | 23518000 | 98.82 | 21.5% |
|  | 2027 | 65000 | 6056000 | 93.17 | 5.5% |
|  | 2028 | 112000 | 10502000 | 93.77 | 9.6% |
|  | 2029 | 116000 | 11098000 | 95.67 | 10.1% |
|  | 2030 | 106000 | 10713000 | 101.07 | 9.8% |
|  | 2031 |  |  |  | 0.0% |
|  | 2032 | 5000 | 645000 | 129.00 | 0.6% |
|  | Thereafter | 188000 | 14746000 | 78.44 | 13.4% |

---

________________________________

**(1)&nbsp;&nbsp;&nbsp;&nbsp;**Excludes storage, vacancy and other.

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) | CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) | CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) | CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) |
| CONSOLIDATED | CONSOLIDATED | CONSOLIDATED | CONSOLIDATED |
| (Amounts in thousands) |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| **Amounts paid for capital expenditures:** |  |  |  |
| Expenditures to maintain assets | $85573 | $75133 | $65173 |
| Tenant improvements | 41934 | 68284 | 65313 |
| Leasing commissions | 16005 | 36274 | 18626 |
| Recurring tenant improvements, leasing commissions and other capital expenditures | 143512 | 179691 | 149112 |
| Non-recurring capital expenditures<sup>(1)</sup> | 32583 | 19849 | 64624 |
| Total capital expenditures and leasing commissions | $176095 | $199540 | $213736 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| **Amounts paid for development and redevelopment expenditures**<sup>(2)</sup>**:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PENN 2 | $266676 | $105267 | $76883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Farley Building | 224382 | 202414 | 239427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PENN 1 | 102445 | 171824 | 108514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel Pennsylvania site | 77965 | 54280 | 7606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PENN Districtwide improvements | 11096 | 14116 | 17066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PENN 11 | 10430 | 418 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 CPS | 10186 | 19351 | 119763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;theMART 2.0 | 10130 | 729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 24689 | 17541 | 32629 |
|  | $737999 | $585940 | $601920 |

---

________________________________

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

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) | CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) | CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) | CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) |
| NEW YORK SEGMENT | NEW YORK SEGMENT | NEW YORK SEGMENT | NEW YORK SEGMENT |
| (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| **Amounts paid for capital expenditures:** |  |  |  |
| Expenditures to maintain assets | $60588 | $61420 | $53543 |
| Tenant improvements | 27862 | 59522 | 52763 |
| Leasing commissions | 10465 | 27284 | 14612 |
| Recurring tenant improvements, leasing commissions and other capital expenditures | 98915 | 148226 | 120918 |
| Non-recurring capital expenditures<sup>(1)</sup> | 28992 | 19694 | 64414 |
| Total capital expenditures and leasing commissions | $127907 | $167920 | $185332 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| **Amounts paid for development and redevelopment expenditures**<sup>(2)</sup>**:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PENN 2 | $266676 | $105267 | $76883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Farley Building | 224382 | 202414 | 239427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PENN 1 | 102445 | 171824 | 108514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel Pennsylvania site | 77965 | 54280 | 7606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PENN Districtwide improvements | 11096 | 14116 | 17066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PENN 11 | 10430 | 418 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 20606 | 12220 | 11920 |
|  | $713600 | $560539 | $461448 |

---

________________________________

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

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) | CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) | CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) | CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) |
| theMART | theMART | theMART | theMART |
| (Amounts in thousands) |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| **Amounts paid for capital expenditures:** |  |  |  |
| Expenditures to maintain assets | $18137 | $7199 | $7627 |
| Tenant improvements | 11977 | 5683 | 5859 |
| Leasing commissions | 2610 | 2047 | 3173 |
| Recurring tenant improvements, leasing commissions and other capital expenditures | 32724 | 14929 | 16659 |
| Non-recurring capital expenditures<sup>(1)</sup> | 676 | 155 | 210 |
| Total capital expenditures and leasing commissions | $33400 | $15084 | $16869 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| **Amounts paid for development and redevelopment expenditures**<sup>(2)</sup>**:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;theMART 2.0 | $10130 | $729 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 4083 | 1068 | 4011 |
|  | $14213 | $1797 | $4011 |

---

________________________________

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

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) | CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) | CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) | CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) |
| 555 CALIFORNIA STREET |  |  |  |
| (Amounts in thousands) |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| **Amounts paid for capital expenditures:** |  |  |  |
| Expenditures to maintain assets | $6848 | $6514 | $4003 |
| Tenant improvements | 2095 | 3079 | 6691 |
| Leasing commissions | 2930 | 6943 | 841 |
| Recurring tenant improvements, leasing commissions and other capital expenditures | 11873 | 16536 | 11535 |
| Non-recurring capital expenditures<sup>(1)</sup> | 2915 |  |  |
| Total capital expenditures and leasing commissions | $14788 | $16536 | $11535 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| **Amounts paid for development and redevelopment expenditures**<sup>(2)</sup>**:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 Montgomery Street | $— | $4253 | $16661 |

---

________________________________

See notes below.

---

| | | | |
|:---|:---|:---|:---|
| CAPITAL EXPENDITURES (unaudited) | CAPITAL EXPENDITURES (unaudited) | CAPITAL EXPENDITURES (unaudited) | CAPITAL EXPENDITURES (unaudited) |
| OTHER | OTHER | OTHER | OTHER |
| (Amounts in thousands) |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| **Amounts paid for development and redevelopment expenditures**<sup>(2)</sup>**:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 CPS | $10186 | $19351 | $119763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  |  | 37 |
|  | $10186 | $19351 | $119800 |

---

________________________________

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

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) |  |  |  |
| (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) |  |  |  |
|  |  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
| **Joint Venture Name** | **Asset<br>Category** | **Percentage Ownership** | **Company's<br>Carrying<br>Amount** |  | **Company's**<br>**Pro rata**<br>**Share of Debt**<sup>(1)</sup> |  | **100% of**<br>**Joint Venture Debt**<sup>(1)</sup> | **Maturity Date**<sup>(2)</sup> | **Spread over LIBOR/SOFR** | **Interest Rate**<sup>(3)</sup> |
| Fifth Avenue and Times Square JV | Retail/Office | 51.5% | $2272320 | **(4)** | $448473 | **(5)** | $921000 | Various | Various | Various |
| Alexander's | Office/Retail | 32.4% | 87796 |  | 355280 |  | 1096544 | Various | Various | Various |
| Partially owned office buildings/land: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 West 22nd Street | Office/Retail | 55.0% | 60127 |  | 75418 |  | 137124 | 06/23 | L+200 | 6.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 Park Avenue | Office/Retail | 50.0% | 53466 |  | 600000 |  | 1200000 | 09/24 | L+173 | 5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West 57th Street properties | Office/Retail/Land | 50.0% | 52462 |  |  | **(6)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 Seventh Avenue | Office | 50.0% | 11814 |  | 29676 |  | 59353 | 07/23 | L+235 | 6.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 Ninth Avenue | Office/Retail | 45.1% | 4311 |  | 75543 |  | 167500 | 01/26 | S+146 | 5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 Madison Avenue | Office/Retail | 20.1% |  | **(7)** | 161024 |  | 800000 | 12/29 | N/A | 3.49% |
| Other investments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Plaza | Residential/Retail | 50.1% | 50100 |  | 338175 |  | 675000 | 07/25 | N/A | 4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rosslyn Plaza | Office/Residential | 43.7% to 50.4% | 35304 |  | 18335 |  | 36372 | 03/23 | S+205 | 6.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | Various | Various | 37373 |  | 124427 |  | 666120 | Various | Various | Various |
|  |  |  | $2665073 |  | $2226351 |  | $5759013 |  |  |  |
| Investments in partially owned entities included in other liabilities<sup>(8)</sup>: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 West 34th Street | Office/Retail | 53.0% | $(65522) |  | $159000 |  | $300000 | 06/26 | N/A | 3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 Tenth Avenue | Office/Retail | 49.9% | (16006) |  | 311875 |  | 625000 | 12/26 | N/A | 4.55% |
|  |  |  | $(81528) |  | $470875 |  | $925000 |  |  |  |

---

________________________________

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

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

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

**(4)**In 2022, we recognized a non-cash impairment loss of $489,859, before noncontrolling interests of $6,822, resulting from a decline in the value of our investment that we deemed other-than-temporary.

**(5)**On December 21, 2022, the 697-703 Fifth Avenue $450,000 non-recourse mortgage loan matured and was not repaid, at which time the lenders declared an event of default. During December 2022, $29,000 of property-level funds were applied by the lenders against the principal balance resulting in a $421,000 loan balance as of December 31, 2022. The Fifth Avenue and Times Square JV is in negotiations with the lenders regarding a restructuring but there can be no assurance as to the timing and ultimate resolution of these negotiations.

**(6)**On October 31, 2022, the joint venture repaid the $20,000 mortgage loan ($10,000 at our share).

**(7)**In 2022, we recognized a $93,353 impairment loss on our investment which reduced our investment to zero.

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) |
| (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) |
|  | **Percentage Ownership at December 31, 2022** | **Our Share of Net (Loss) Income for the Three Months Ended December 31,** | **Our Share of Net (Loss) Income for the Three Months Ended December 31,** | **Our Share of Net (Loss) Income for the Three Months Ended December 31,** |  | **Our Share of NOI (non-GAAP) for the Three Months Ended December 31,** | **Our Share of NOI (non-GAAP) for the Three Months Ended December 31,** |
|  | **Percentage Ownership at December 31, 2022** | **2022** |  | **2021** |  | **2022** | **2021** |
| **<u>Joint Venture Name</u>** |  |  |  |  |  |  |  |
| New York: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Avenue and Times Square JV: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash impairment loss | 51.5% | $(489859) |  | $— |  | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in net income |  | 13333 |  | 14830 |  | 35624 | 35831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on preferred equity, net of our share of the expense |  | 9431 |  | 9431 |  |  |  |
|  |  | (467095) |  | 24261 |  | 35624 | 35831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 Madison Avenue | 20.1% | (94820) | **(1)** | 1073 |  | 1891 | 4749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexander's | 32.4% | 4204 |  | 16928 | **(2)** | 9489 | 8751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 Park Avenue | 50.0% | (3651) | **(3)** | 1603 |  | 10052 | 9804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 Tenth Avenue | 49.9% | (2713) |  | (3032) |  | 2542 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 West 34th Street | 53.0% | 1155 |  | 1213 |  | 3684 | 3741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Plaza | 50.1% | (1137) |  | (1083) |  | 4551 | 4607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 West 22nd Street | 55.0% | (409) |  | (1465) |  | 1519 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 Ninth Avenue | 45.1% | 205 |  | 728 |  | 1952 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West 57th Street properties | 50.0% | (176) |  | (265) |  | 113 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | Various | 1023 |  | 2338 |  | 3247 | 3975 |
|  |  | (563414) |  | 42299 |  | 74664 | 76329 |
| Other: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexander's corporate fee income | 32.4% | 1182 |  | 1807 |  | 660 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rosslyn Plaza | 43.7% to 50.4% | 278 |  | 356 |  | 1086 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | Various | 16828 | **(4)** | (713) |  | 811 | 848 |
|  |  | 18288 |  | 1450 |  | 2557 | 2894 |
| Total |  | $(545126) |  | $43749 |  | $77221 | $79223 |

---

**<u>______________________________</u>**

**(1)**2022 includes a $93,353 impairment loss.

**(2)**2021 includes our $11,620 share of net gain on the sale of the Paramus, New Jersey property to IKEA.

**(3)**Decrease primarily due to an increase in variable rate interest expense. In September 2022, the joint venture entered into an interest rate cap arrangement capping LIBOR at 4.08% (5.81% as of December 31, 2022).

**(4)**2022 includes $17,185 of net gains from dispositions of two investments.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) | UNCONSOLIDATED JOINT VENTURES (unaudited) |
| (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) |
|  | **Percentage Ownership at December 31, 2022** | **Our Share of Net (Loss) Income for the Year Ended December 31,** | **Our Share of Net (Loss) Income for the Year Ended December 31,** | **Our Share of Net (Loss) Income for the Year Ended December 31,** |  | **Our Share of NOI (non-GAAP) for the Year Ended December 31,** | **Our Share of NOI (non-GAAP) for the Year Ended December 31,** |
|  | **Percentage Ownership at December 31, 2022** | **2022** |  | **2021** |  | **2022** | **2021** |
| **<u>Joint Venture Name</u>** |  |  |  |  |  |  |  |
| New York: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Avenue and Times Square JV: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash impairment loss | 51.5% | $(489859) |  | $— |  | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in net income |  | 55248 |  | 47144 |  | 139308 | 131363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on preferred equity, net of our share of the expense |  | 37416 |  | 37416 |  |  |  |
|  |  | (397195) |  | 84560 |  | 139308 | 131363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 Madison Avenue | 20.1% | (97698) | **(1)** | (1014) |  | 8821 | 12837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexander's | 32.4% | 18439 |  | 34692 | **(2)** | 37469 | 37318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 Tenth Avenue | 49.9% | (10641) |  | (11501) |  | 10441 | 9333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Plaza | 50.1% | (4677) |  | (6212) |  | 17972 | 16876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 West 34th Street | 53.0% | 4495 |  | 4590 |  | 14681 | 14681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 Park Avenue | 50.0% | (3402) | **(3)** | 5454 |  | 39965 | 38806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 Ninth Avenue | 45.1% | 1367 |  | 3073 |  | 6993 | 7272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West 57th Street properties | 50.0% | (886) |  | (887) |  | 350 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 West 22nd Street | 55.0% | (505) |  | (2056) |  | 5604 | 5361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Park Avenue<sup>(4)</sup> | 100.0% |  |  | 11518 |  |  | 17348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | Various | 4526 |  | 3184 |  | 12176 | 9293 |
|  |  | (486177) |  | 125401 |  | 293780 | 300721 |
| Other: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexander's corporate fee income | 32.4% | 4534 |  | 5429 |  | 2442 | 2819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rosslyn Plaza | 43.7% to 50.4% | 1554 |  | 1407 |  | 4477 | 4094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | Various | 18738 | **(5)** | (1720) |  | 5294 | 3224 |
|  |  | 24826 |  | 5116 |  | 12213 | 10137 |
| Total |  | $(461351) |  | $130517 |  | $305993 | $310858 |

---

<u>____________________________</u>

**(1)**2022 includes a $93,353 impairment loss.

**(2)**2021 includes our $11,620 share of net gain on the sale of the Paramus, New Jersey property to IKEA, and our $2,956 of net gain on the sale of a parcel of land in the Bronx, New York.

**(3)**Decrease primarily due to an increase in variable rate interest expense. In September 2022, the joint venture entered into an interest rate cap arrangement capping LIBOR at 4.08% (5.81% as of December 31, 2022).

**(4)**On August 5, 2021, we increased our ownership interest in One Park Avenue to 100.0% by acquiring our joint venture partner's 45.0% ownership interest in the property. Accordingly, we consolidated the accounts of the property from the date of acquisition.

**(5)**2022 includes $17,185 of net gains from dispositions of two investments.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| CAPITAL STRUCTURE (unaudited) | CAPITAL STRUCTURE (unaudited) | CAPITAL STRUCTURE (unaudited) | CAPITAL STRUCTURE (unaudited) | CAPITAL STRUCTURE (unaudited) |
| (Amounts in thousands, except per share and per unit amounts) | (Amounts in thousands, except per share and per unit amounts) | (Amounts in thousands, except per share and per unit amounts) | (Amounts in thousands, except per share and per unit amounts) |  |
|  |  |  | **As of** |  |
|  |  |  | **December 31, 2022** |  |
| **Debt (contractual balances):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated debt<sup>(1)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgages payable |  |  | $5877615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior unsecured notes |  |  | 1200000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$800 Million unsecured term loan |  |  | 800000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.5 Billion unsecured revolving credit facilities |  |  | 575000 |  |
|  |  |  | 8452615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro rata share of debt of non-consolidated entities |  |  | 2697226 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Noncontrolling interests' share of consolidated debt<br>(primarily 1290 Avenue of the Americas and 555 California Street) |  |  | (682059) |  |
|  |  |  | 10467782 | **(A)** |
|  | **Shares/Units** | **Liquidation Preference** |  |  |
| **Perpetual Preferred:** |  |  |  |  |
| 3.25% preferred units (D-17) (141,400 units @ $25.00 per unit) |  |  | 3535 |  |
| 5.40% Series L preferred shares | 12000 | $25.00 | 300000 |  |
| 5.25% Series M preferred shares | 12780 | 25.00 | 319500 |  |
| 5.25% Series N preferred shares | 12000 | 25.00 | 300000 |  |
| 4.45% Series O preferred shares | 12000 | 25.00 | 300000 |  |
|  |  |  | 1223035 | **(B)** |
|  | **Converted**<br>**Shares** | **December 31, 2022 Common Share Price** |  |  |
| **Equity:** |  |  |  |  |
| Common shares | 191867 | $20.81 | 3992752 |  |
| Class A units | 13431 | 20.81 | 279499 |  |
| Convertible share equivalents: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity awards - unit equivalents | 986 | 20.81 | 20519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-13 preferred units | 2243 | 20.81 | 46677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G-1 through G-4 preferred units | 126 | 20.81 | 2622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A preferred shares | 25 | 20.81 | 520 |  |
|  |  |  | 4342589 | **(C)** |
| **Total Market Capitalization (A+B+C)** |  |  | $**16033406** |  |

---

________________________________

**(1)**See reconciliation on page xiv in the *Appendix* of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of December 31, 2022.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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): | 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): | 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): | 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): | 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): | 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): |
|  | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Fourth Quarter**  |  | **Third Quarter**  | **Second Quarter**  | **First Quarter**  |
| High price | $26.28 |  | $30.90 | $45.84 | $47.26 |
| Low price | $20.03 |  | $22.83 | $27.64 | $38.00 |
| Closing price - end of quarter | $20.81 |  | $23.16 | $28.59 | $45.32 |
| Annualized quarterly dividend per share | $2.12 | **(1)** | $2.12 | $2.12 | $2.12 |
| Annualized dividend yield - on closing price | 10.2% |  | 9.2% | 7.4% | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding shares, Class A units and convertible preferred units as converted (in thousands) | 208678 |  | 208220 | 207814 | 207127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closing market value of outstanding shares, Class A units and convertible preferred units as converted | $4.3 Billion |  | $4.8 Billion | $5.9 Billion | $9.4 Billion |

---

<u>____________________________</u>

**(1)**On January 18, 2023, Vornado's Board of Trustees declared a reduced quarterly dividend of $0.375 per share.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| DEBT ANALYSIS (unaudited) |  |  |  |  |  |  |  |
| (Amounts in thousands) |  |  |  |  |  |  |  |
|  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
|  | **Total** | **Total** | **Variable** | **Variable** | **Variable** | **Fixed** | **Fixed** |
| **(Contractual debt balances)** | **Amount** | **Weighted<br>Average<br>Interest Rate** | **Amount** |  | **Weighted<br>Average<br>Interest Rate** | **Amount** | **Weighted<br>Average<br>Interest Rate** |
| Consolidated debt<sup>(1)</sup> | $8452615 | 4.16% | $2307615 | <sup>(2)</sup> | 5.67% | $6145000 | 3.59% |
| Pro rata share of debt of non-consolidated entities | 2697226 | 4.87% | 1249769 |  | 6.19% | 1447457 | 3.72% |
| Total | 11149841 | 4.33% | 3557384 |  | 5.85% | 7592457 | 3.61% |
| Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street) | (682059) |  | (682059) |  |  |  |  |
| Company's pro rata share of total debt | $10467782 | 4.23% | $2875325 | <sup>(2)</sup> | 5.87% | $7592457 | 3.61% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Debt Covenant Ratios:</u>**<sup>(3)</sup> | **Senior Unsecured Notes due 2025, 2026 and 2031** | **Senior Unsecured Notes due 2025, 2026 and 2031** | **Unsecured Revolving Credit Facilities<br>and Unsecured Term Loan** | **Unsecured Revolving Credit Facilities<br>and Unsecured Term Loan** |
| | **Senior Unsecured Notes due 2025, 2026 and 2031** | **Senior Unsecured Notes due 2025, 2026 and 2031** | **Unsecured Revolving Credit Facilities<br>and Unsecured Term Loan** | **Unsecured Revolving Credit Facilities<br>and Unsecured Term Loan** |
| | **Required** | **Actual** | **Required** | **Actual** |
| Total outstanding debt/total assets<sup>(4)</sup> | Less than 65% | 48% | Less than 60% | 35% |
| Secured debt/total assets | Less than 50% | 32% | Less than 50% | 25% |
| Interest coverage ratio (annualized combined EBITDA to annualized interest expense) | Greater than 1.50 | 2.29 |  | N/A |
| Fixed charge coverage |  | N/A | Greater than 1.40 | 2.19 |
| Unencumbered assets/unsecured debt | Greater than 150% | 342% |  | N/A |
| Unsecured debt/cap value of unencumbered assets |  | N/A | Less than 60% | 20% |
| Unencumbered coverage ratio |  | N/A | Greater than 1.50 | 6.73 |

---

---

| | |
|:---|:---|
| **<u>Consolidated Unencumbered EBITDA (non-GAAP)</u>:** | |
| |<br>**Q4 2022<br>Annualized** |
| New York | $251072 |
| Other | 106772 |
| Total | $357844 |

---

________________________________

**(1)**See reconciliation on page xiv in the *Appendix* of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of December 31, 2022.

**(2)**Includes our $105,000 participation in the 150 West 34th Street mortgage loan. On January 9, 2023, our $105,000 participation in the $205,000 mortgage loan on 150 West 34th Street was repaid.

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

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited) | HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited) | HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited) | HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited) | HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited) | HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited) | HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited) | HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited) |
| (Amounts in thousands) |  |  |  |  |  |  |  |
|  | **Debt Information** | **Debt Information** | **Debt Information** | **Swap / Cap Information** | **Swap / Cap Information** | **Swap / Cap Information** | **Swap / Cap Information** |
|  | **Balance<br>at Share** | **Variable Rate Spread** | **Maturity Date**<sup>(1)</sup> | **Notional Amount<br>at Share** |  | **All-In Swapped Rate** | **Swap Expiration Date** |
| **Interest Rate Swaps:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consolidated:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 California Street mortgage loan | $840000 | L+193 | 05/28 | $840000 |  | 2.26% | 05/24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 Broadway mortgage loan | 700000 | S+225 | 07/27 | 700000 |  | 4.98% | 07/27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PENN 11 mortgage loan | 500000 | S+206 | 10/25 | 500000 |  | 2.22% | 03/24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured revolving credit facility | 575000 | S+115 | 12/27 | 575000 |  | 3.88% | 08/27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan | 800000 | S+130 | 12/27 | 800000 | <sup>(2)</sup> | 4.05% | 10/23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 West 33rd Street mortgage loan | 480000 | S+165 | 06/27 | 480000 |  | 5.06% | 06/27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 Seventh Avenue mortgage loan | 277800 | S+180 | 12/25 | 200000 |  | 4.76% | 09/27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Union Square South mortgage loan | 120000 | S+150 | 08/25 | 100000 |  | 3.74% | 01/25 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Unconsolidated:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 Fifth Avenue mortgage loan | 259925 | L+101 | 05/24 | 259925 |  | 3.07% | 05/23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 Lexington Avenue - retail condominium mortgage loan | 97200 | S+151 | 08/25 | 97200 |  | 1.76% | 05/25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50-70 West 93rd Street mortgage loan | 41667 | L+153 | 12/24 | 41168 |  | 3.14% | 06/24 |
|  | $4691592 |  |  | 4593293 |  |  |  |
| **Interest Rate Caps:** |  |  |  |  |  | **Index Strike Rate** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consolidated:** |  |  |  |  |  | **Index Strike Rate** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 Avenue of the Americas mortgage loan | $665000 | L+151 | 11/28 | 665000 |  | 4.00% | 11/23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Park Avenue mortgage loan | 525000 | S+122 | 03/26 | 525000 | <sup>(3)</sup> | 4.39% | 03/23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 West 34th Street mortgage loan | 205000 | S+199 | 05/24 | 100000 | <sup>(4)</sup> | 4.10% | 06/24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 Broadway mortgage loan | 37060 | S+191 | 09/24 | 37060 |  | 4.00% | 09/24 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Unconsolidated:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 Park Avenue mortgage loan | 600000 | L+173 | 09/24 | 600000 |  | 4.08% | 09/23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 Ninth Avenue mortgage loan | 75543 | S+146 | 01/26 | 75543 |  | 4.39% | 02/24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 West 22nd Street mortgage loan | 75418 | L+200 | 06/23 | 75418 |  | 4.00% | 06/23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rego Park II mortgage loan | 65624 | S+145 | 12/25 | 65624 |  | 4.15% | 11/24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fashion Centre Mall/Washington Tower mortgage loan | 34125 | L+294 | 05/26 | 34125 |  | 4.00% | 05/24 |
|  | $2282770 |  |  | 2177770 | <sup>(5)</sup> |  |  |
| Fixed rate debt per loan agreements and Vornado's $105 million participation in 150 West 34th Street mortgage loan | Fixed rate debt per loan agreements and Vornado's $105 million participation in 150 West 34th Street mortgage loan | Fixed rate debt per loan agreements and Vornado's $105 million participation in 150 West 34th Street mortgage loan |  | 3104164 |  |  |  |
| Variable rate debt not subject to interest rate swaps or caps |  |  |  | 592555 | <sup>(5)</sup> |  |  |
| **Total debt at share** |  |  |  | $**10467782** |  |  |  |

---

____________________

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

**(2)**The unsecured term loan is subject to various interest rate swap arrangements during its term, See page [5](#id7af9838572449bcaba42569922cc28d_19099) for details.

**(3)**In December 2022, we entered into a forward cap for the $525,000 One Park Avenue mortgage loan effective upon the March 2023 expiration of the existing cap. The forward cap has a SOFR strike rate of 3.89% and expires in March 2024.

**(4)**Excludes our $105,000 participation in the loan. On January 9, 2023, our $105,000 participation in the $205,000 mortgage loan on 150 West 34th Street was repaid. The remaining $100,000 balance will bear interest at a floating rate of S+1.86% subject to the interest rate cap arrangement disclosed above.

**(5)**Our exposure to LIBOR/SOFR index increases is partially mitigated by an increase in interest income on our cash, cash equivalents, restricted cash and investments in U.S. Treasury bills.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) |
| (Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
| **Property** | **Maturity**<br>**Date** <sup>(1)</sup> | **Spread over<br>LIBOR/SOFR** | **Interest** <br>**Rate**<sup>(2)</sup> | **2023** | **2024** |  | **2025** | **2026** | **2027** | **Thereafter** | **Total** |
| **Secured Debt:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;435 Seventh Avenue | 02/24 | L+130 | 5.47% | $— | $95696 |  | $— | $— | $— | $— | $95696 |
| &nbsp;&nbsp;150 West 34th Street | 05/24 | S+199 | 6.15% |  | 205000 | <sup>(3)</sup> |  |  |  |  | 205000 |
| &nbsp;&nbsp;606 Broadway (50.0% interest) | 09/24 | S+191 | 5.91% |  | 74119 |  |  |  |  |  | 74119 |
| &nbsp;&nbsp;4 Union Square South | 08/25 |  | 4.05% |  |  |  | 120000 |  |  |  | 120000 |
| &nbsp;&nbsp;PENN 11 | 10/25 |  | 2.22% |  |  |  | 500000 |  |  |  | 500000 |
| &nbsp;&nbsp;888 Seventh Avenue | 12/25 |  | 5.09% | 21600 | 21600 |  | 234600 |  |  |  | 277800 |
| &nbsp;&nbsp;One Park Avenue | 03/26 | S+122 | 5.56% |  |  |  |  | 525000 |  |  | 525000 |
| &nbsp;&nbsp;350 Park Avenue | 01/27 |  | 3.92% |  |  |  |  |  | 400000 |  | 400000 |
| &nbsp;&nbsp;100 West 33rd Street | 06/27 |  | 5.06% |  |  |  |  |  | 480000 |  | 480000 |
| &nbsp;&nbsp;770 Broadway | 07/27 |  | 4.98% |  |  |  |  |  | 700000 |  | 700000 |
| &nbsp;&nbsp;555 California Street (70.0% interest) | 05/28 |  | 3.36% |  |  |  |  |  |  | 1200000 | 1200000 |
| &nbsp;&nbsp;1290 Avenue of the Americas (70.0% interest) | 11/28 | L+151 | 5.51% |  |  |  |  |  |  | 950000 | 950000 |
| &nbsp;&nbsp;909 Third Avenue | 04/31 |  | 3.23% |  |  |  |  |  |  | 350000 | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Secured Debt** |  |  |  | 21600 | 396415 |  | 854600 | 525000 | 1580000 | 2500000 | 5877615 |
| **Unsecured Debt:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Senior unsecured notes due 2025 | 01/25 |  | 3.50% |  |  |  | 450000 |  |  |  | 450000 |
| &nbsp;&nbsp;$1.25 Billion unsecured revolving credit facility | 04/26 | S+119 | 0.00% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Senior unsecured notes due 2026 | 06/26 |  | 2.15% |  |  |  |  | 400000 |  |  | 400000 |
| &nbsp;&nbsp;$1.25 Billion unsecured revolving credit facility | 12/27 |  | 3.88% |  |  |  |  |  | 575000 |  | 575000 |
| &nbsp;&nbsp;$800 Million unsecured term loan | 12/27 |  | 4.05% |  |  |  |  |  | 800000 |  | 800000 |
| &nbsp;&nbsp;Senior unsecured notes due 2031 | 06/31 |  | 3.40% |  |  |  |  |  |  | 350000 | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Debt** |  |  |  |  |  |  | 450000 | 400000 | 1375000 | 350000 | 2575000 |
| **Total Debt** |  |  |  | $21600 | $396415 |  | $1304600 | $925000 | $2955000 | $2850000 | $8452615 |
| Weighted average rate |  |  |  | 5.92% | 5.93% |  | 3.32% | 4.08% | 4.38% | 4.07% | 4.16% |
| Fixed rate debt<sup>(4)</sup> |  |  |  | $— | $— |  | $1250000 | $400000 | $2955000 | $1540000 | $6145000 |
| Fixed weighted average rate expiring |  |  |  | 0.00% | 0.00% |  | 3.21% | 2.15% | 4.38% | 2.74% | 3.59% |
| Floating rate debt |  |  |  | $21600 | $396415 |  | $54600 | $525000 | $— | $1310000 | $2307615 |
| Floating weighted average rate expiring |  |  |  | 5.92% | 5.93% |  | 5.81% | 5.56% | 0.00% | 5.63% | 5.67% |

---

________________________________

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

**(2)**Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See the previous page for information on interest rate swap and interest rate cap arrangements entered into as of December 31, 2022.

**(3)**We hold a $105,000 participation in the mortgage loan which is included in "other assets" on our consolidated balance sheets. On January 9, 2023, our $105,000 participation in the $205,000 mortgage loan on 150 West 34th Street was repaid. The remaining $100,000 balance will bear interest at a floating rate of S+1.86% subject to the interest rate cap arrangement disclosed on the previous page.

**(4)**Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity. See the previous page for information on interest rate swap arrangements entered into as of December 31, 2022.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| TOP 30 TENANTS (unaudited) |
| (Amounts in thousands, except square feet) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Tenants** | **Square**<br>**Footage**<br>**At Share** | **Annualized**<br>**Escalated Rents**<br>**At Share**<sup>(1)</sup> | **% of Total Annualized**<br>**Escalated Rents**<br>**At Share** |
| Meta Platforms, Inc. | 1451153 | $158889 | 8.8% |
| IPG and affiliates | 967552 | 67279 | 3.6% |
| New York University | 685290 | 45013 | 2.5% |
| Google/Motorola Mobility (guaranteed by Google) | 759446 | 41220 | 2.2% |
| Bloomberg L.P. | 306768 | 40252 | 2.2% |
| Equitable Financial Life Insurance Company | 336644 | 35453 | 2.0% |
| Yahoo Inc. | 313726 | 32202 | 1.8% |
| Amazon (including its Whole Foods subsidiary) | 312694 | 30115 | 1.7% |
| Neuberger Berman Group LLC | 306612 | 27283 | 1.5% |
| Madison Square Garden & Affiliates | 412551 | 27143 | 1.5% |
| Swatch Group USA | 14949 | 26173 | 1.4% |
| AMC Networks, Inc. | 326717 | 25391 | 1.4% |
| Bank of America | 247459 | 24500 | 1.4% |
| Apple Inc. | 412434 | 24072 | 1.3% |
| LVMH Brands | 65060 | 23132 | 1.3% |
| Citadel | 209263 | 21544 | 1.2% |
| Victoria's Secret | 33156 | 19501 | 1.1% |
| PwC | 241196 | 19148 | 1.1% |
| Macy's | 242837 | 17886 | 1.0% |
| Fast Retailing (Uniqlo) | 47167 | 13636 | 0.8% |
| Cushman & Wakefield | 127485 | 13059 | 0.7% |
| The City of New York | 232010 | 11837 | 0.7% |
| Foot Locker | 149987 | 11456 | 0.6% |
| AbbVie Inc. | 168673 | 11152 | 0.6% |
| Axon Capital | 93127 | 10720 | 0.6% |
| Kirkland & Ellis LLP | 106751 | 10719 | 0.6% |
| Manufacturers & Traders Trust | 102622 | 10421 | 0.6% |
| Alston & Bird LLP | 126872 | 10161 | 0.6% |
| Burlington Coat Factory | 108844 | 10038 | 0.5% |
| WSP USA | 172666 | 9882 | 0.5% |
|  |  |  | 45.8% |

---

________________________________

**(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.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| SQUARE FOOTAGE (unaudited) | SQUARE FOOTAGE (unaudited) | SQUARE FOOTAGE (unaudited) | SQUARE FOOTAGE (unaudited) | SQUARE FOOTAGE (unaudited) | SQUARE FOOTAGE (unaudited) | SQUARE FOOTAGE (unaudited) | SQUARE FOOTAGE (unaudited) |
| (Square feet in thousands) | (Square feet in thousands) | (Square feet in thousands) | (Square feet in thousands) | (Square feet in thousands) | (Square feet in thousands) | (Square feet in thousands) | (Square feet in thousands) |
|  |  | **At Vornado's Share** | **At Vornado's Share** | **At Vornado's Share** | **At Vornado's Share** | **At Vornado's Share** | **At Vornado's Share** |
|  | **At<br>100%** |  | **Under Development or Not Available for Lease** | **In Service** | **In Service** | **In Service** | **In Service** |
|  | **At<br>100%** | **Total** | **Under Development or Not Available for Lease** | **Office** | **Retail** | **Showroom** | **Other** |
| Segment: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office | 19902 | 17206 | 1178 | 15845 |  | 183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | 2556 | 2118 | 267 |  | 1851 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential - 1,664 units | 1499 | 766 |  |  |  |  | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexander's (32.4% interest), including 312 residential units | 2454 | 795 | 69 | 305 | 339 |  | 82 |
|  | 26411 | 20885 | 1514 | 16150 | 2190 | 183 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;theMART | 3899 | 3890 | 264 | 2042 | 103 | 1266 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 California Street (70% interest) | 1819 | 1273 |  | 1240 | 33 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 2845 | 1346 | 149 | 212 | 874 |  | 111 |
|  | 8563 | 6509 | 413 | 3494 | 1010 | 1266 | 326 |
| Total square feet at December 31, 2022 | 34974 | 27394 | 1927 | 19644 | 3200 | 1449 | 1174 |
| Total square feet at September 30, 2022 | 35256 | 27675 | 1931 | 19893 | 3216 | 1448 | 1187 |
| Parking Garages (not included above): | **Square Feet** | **Number of <br>Garages** | **Number of <br>Spaces** |  |  |  |  |
| New York | 1635 | 9 | 4804 |  |  |  |  |
| theMART | 558 | 4 | 1643 |  |  |  |  |
| 555 California Street | 168 | 1 | 453 |  |  |  |  |
| Rosslyn Plaza | 411 | 4 | 1094 |  |  |  |  |
| Total at December 31, 2022 | 2772 | 18 | 7994 |  |  |  |  |

---

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| OCCUPANCY (unaudited) | OCCUPANCY (unaudited) | OCCUPANCY (unaudited) | OCCUPANCY (unaudited) |  |
|  | **New York** | **theMART** | **555 California Street** |  |
| Occupancy rate at: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 | 90.4% | 81.6% | 94.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2022 | 90.3% | 87.3% | 94.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2021 | 91.3% | 88.9% | 93.8% | <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2021 | 90.4% | 89.6% | 98.1% |  |

---

________________________________

**(1)**Decrease in occupancy due to 345 Montgomery Street (78,000 square feet) being placed into service during the fourth quarter of 2021.

---

| | | | | |
|:---|:---|:---|:---|:---|
| RESIDENTIAL STATISTICS (unaudited) | RESIDENTIAL STATISTICS (unaudited) | RESIDENTIAL STATISTICS (unaudited) | RESIDENTIAL STATISTICS (unaudited) | RESIDENTIAL STATISTICS (unaudited) |
|  |  | **Vornado's Ownership Interest** | **Vornado's Ownership Interest** | **Vornado's Ownership Interest** |
|  | **Number of Units** | **Number of Units** | **Occupancy Rate** | **Average Monthly<br>Rent Per Unit** |
| **New York:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 | 1976 | 941 | 96.7% | $3882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2022 | 1983 | 948 | 96.8% | $3877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2021 | 1986 | 951 | 97.0% | $3776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2021 | 1986 | 951 | 96.4% | $3756 |

---

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| GROUND LEASES (unaudited) | GROUND LEASES (unaudited) | GROUND LEASES (unaudited) | GROUND LEASES (unaudited) | GROUND LEASES (unaudited) | GROUND LEASES (unaudited) |
| (Amounts in thousands, except square feet) | (Amounts in thousands, except square feet) | (Amounts in thousands, except square feet) | (Amounts in thousands, except square feet) | (Amounts in thousands, except square feet) | (Amounts in thousands, except square feet) |
| **Property** | **Current Annual<br>Rent at Share** | **Current Annual<br>Rent at Share** | **Next Option Renewal Date** | **Fully Extended<br>Lease Expiration** | **Rent Increases and Other Information** |
| **Consolidated:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**New York:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Farley Building (95% interest) | $4750 |  |  | 2116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PENN 1: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | 2500 |  | 2073 | 2098 | One 25-year renewal option at fair market value ("FMV"). FMV rent resets occur in 2023 and 2048. The FMV rent reset in 2023 has not yet been determined. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Island Railroad Concourse Retail |  | <sup>(1)</sup> | 2048 | 2098 | Two 25-year renewal options. Rent increases at a rate based on the increase in gross income reduced by the increase in real estate taxes and operating expenses. The next rent increase occurs in 2028 and every ten years thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;260 Eleventh Avenue | 4383 |  |  | 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. |
| &nbsp;&nbsp;&nbsp;&nbsp;888 Seventh Avenue | 3350 |  | 2028 | 2067 | Two 20-year renewal options at FMV. |
| &nbsp;&nbsp;&nbsp;&nbsp;Piers 92 & 94 | 1000 |  | 2060 | 2110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;330 West 34th Street -&nbsp;&nbsp;&nbsp;&nbsp;65.2% ground leased | 10265 | <sup>(2)</sup> | 2051 | 2149 | Two 30-year and one 39-year renewal option at FMV. |
| &nbsp;&nbsp;&nbsp;&nbsp;909 Third Avenue | 1600 |  | 2041 | 2063 | One 22-year renewal option at current annual rent. |
| &nbsp;&nbsp;&nbsp;&nbsp;962 Third Avenue (the Annex building to 150 East 58th Street) - 50.0% ground leased | 666 |  |  | 2118 | Rent resets every ten years to FMV. |
| &nbsp;&nbsp;&nbsp;**Other:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wayne Town Center | 5374 |  | 2035 | 2064 | Two 10-year renewal options and one 9-year renewal option. Rent increases annually by the greater of CPI or 6%. |
| &nbsp;&nbsp;&nbsp;&nbsp;Annapolis | 650 |  |  | 2042 | Fixed rent increases to $750 per annum in 2032. |
| **Unconsolidated:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 Ninth Avenue<br>(45.1% interest) | 3635 |  |  | 2115 | Rent increases in April 2023 and every three years thereafter 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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flushing (Alexander's)<br>(32.4% interest) | 259 |  | 2027 | 2037 | One 10-year renewal option at 90% of FMV. |

---

________________________________

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

**(2)**Represents the arbitration panel's rent reset determination. We filed a petition in New York Supreme Court to vacate or modify the arbitration determination and our petition was denied. We are appealing the court's decision.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** |
| PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE |
| (Annualized escalated rent amounts in thousands) | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **Square Feet** | **Square Feet** | **Square Feet** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(3)</sup> |  | **Major Tenants** |
| **Property** | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **Total<br>Property** | **In Service** | **Under Development<br>or Not Available<br>for Lease** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(3)</sup> |  | **Major Tenants** |
| **NEW YORK:** |  |  |  |  |  |  |  |  |  |  |
| **PENN District:** |  |  |  |  |  |  |  |  |  |  |
| PENN 1 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ground leased through 2098)\*\* |  |  |  |  |  |  |  |  |  | Cisco, Hartford Fire Insurance, Empire Healthchoice Assurance, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 100.0% | 80.7% | $73.16 |  | 2230000 | 2230000 |  |  |  | United Healthcare Services, Inc., Siemens Mobility, WSP USA, Gusto Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 168.68 |  | 316000 | 77000 | 239000 |  |  | Bank of America, Starbucks, Blue Bottle Coffee Inc., Shake Shack\* |
|  | 100.0% | 81.3% | 76.75 | $153400 | 2546000 | 2307000 | 239000 | $— |  |  |
| PENN 2 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 100.0% | 100.0% | 61.54 |  | 1577000 | 399000 | 1178000 |  |  | Madison Square Garden, EMC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 375.33 |  | 43000 | 15000 | 28000 |  |  | Chase Manhattan Bank |
|  | 100.0% | 100.0% | 72.78 | 30500 | 1620000 | 414000 | 1206000 | 575000 | <sup>(4)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Farley Building<br>(ground and building leased through 2116)\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 95.0% | 100.0% | 110.40 |  | 730000 | 730000 |  |  |  | Meta Platforms, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 95.0% | 24.3% | 396.85 |  | 116000 | 116000 |  |  |  | Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels |
|  | 95.0% | 89.8% | 120.88 | 91700 | 846000 | 846000 |  |  |  |  |
| PENN 11 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 100.0% | 100.0% | 71.22 |  | 1114000 | 1114000 |  |  |  | Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 80.1% | 143.75 |  | 39000 | 39000 |  |  |  | PNC Bank National Association, Starbucks |
|  | 100.0% | 99.3% | 73.26 | 78200 | 1153000 | 1153000 |  | 500000 |  |  |
| 100 West 33rd Street |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 100.0% | 91.5% | 71.38 |  | 859000 | 859000 |  |  |  | IPG and affiliates |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 16.8% | 55.54 |  | 255000 | 255000 |  |  |  | Aeropostale, Candytopia |
|  | 100.0% | 75.1% | 70.60 | 57600 | 1114000 | 1114000 |  | 480000 |  |  |
| 330 West 34th Street |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65.2% ground leased through 2149)\*\* |  |  |  |  |  |  |  |  |  | Structure Tone, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 100.0% | 75.4% | 74.55 |  | 702000 | 702000 |  |  |  | Deutsch, Inc., Web.com, Footlocker, HomeAdvisor, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 91.1% | 127.42 |  | 22000 | 22000 |  |  |  | Starbucks |
|  | 100.0% | 75.7% | 76.00 | 40300 | 724000 | 724000 |  | 100000 | <sup>(5)</sup> |  |
| 435 Seventh Avenue |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 35.22 | 1500 | 43000 | 43000 |  | 95696 |  | Forever 21 |
| 7 West 34th Street |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 53.0% | 100.0% | 80.16 |  | 458000 | 458000 |  |  |  | Amazon |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 53.0% | 100.0% | 348.19 |  | 19000 | 19000 |  |  |  | Amazon, Lindt, Naturalizer (guaranteed by Caleres) |
|  | 53.0% | 100.0% | 91.09 | 42500 | 477000 | 477000 |  | 300000 |  |  |
| 431 Seventh Avenue |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 248.87 | 600 | 9000 | 9000 |  |  |  | Essen\* |
| 138-142 West 32nd Street |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 126.02 | 500 | 8000 | 8000 |  |  |  |  |
| 150 West 34th Street |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 112.53 | 8800 | 78000 | 78000 |  | 205000 | <sup>(6)</sup> | Old Navy |

---

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** |
| PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE |
| (Annualized escalated rent amounts in thousands) | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> |  | **Annualized Escalated Rent**<sup>(2)</sup> | **Square Feet** | **Square Feet** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(3)</sup> | **Major Tenants** |
| **Property** | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> |  | **Annualized Escalated Rent**<sup>(2)</sup> | **In Service** | **Under Development<br>or Not Available<br>for Lease** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(3)</sup> | **Major Tenants** |
| **NEW YORK (Continued):** |  |  |  |  |  |  |  |  |  |
| **PENN District (Continued):** |  |  |  |  |  |  |  |  |  |
| 137 West 33rd Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | $101.45 |  | $300 | 3000 |  | $— |  |
| 131-135 West 33rd Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 60.19 |  | 1400 | 23000 |  |  |  |
| Other (3 buildings) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Retail | 100.0% | 100.0% | 185.87 |  | 2400 | 16000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total PENN District |  |  |  |  | 509700 | 7215000 | 1445000 | 2255696 |  |
| **Midtown East:** |  |  |  |  |  |  |  |  |  |
| 909 Third Avenue |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ground leased through 2063)\*\* |  |  |  |  |  |  |  |  | IPG and affiliates, AbbVie Inc., United States Post Office, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 100.0% | 93.1% | 65.40 | **(7)** | 58700 | 1350000 |  | 350000 | Geller & Company, Morrison Cohen LLP, Sard Verbinnen |
| 150 East 58th Street<sup>(8)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 100.0% | 88.0% | 79.65 |  |  | 541000 |  |  | Castle Harlan, Tournesol Realty LLC (Peter Marino) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 96.27 |  |  | 3000 |  |  |  |
|  | 100.0% | 88.1% | 79.74 |  | 37600 | 544000 |  |  |  |
| 715 Lexington Avenue |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 193.32 |  | 4200 | 22000 |  |  | Orangetheory Fitness, Casper, Santander Bank, Blu Dot\* |
| 966 Third Avenue |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 103.17 |  | 700 | 7000 |  |  | McDonald's |
| 968 Third Avenue |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 50.0% | 100.0% | 181.59 |  | 1200 | 7000 |  |  | Wells Fargo |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Midtown East |  |  |  |  | 102400 | 1930000 |  | 350000 |  |
| **Midtown West:** |  |  |  |  |  |  |  |  |  |
| 888 Seventh Avenue |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ground leased through 2067)\*\* |  |  |  |  |  |  |  |  | Axon Capital LP, Lone Star US Acquisitions LLC, Top-New York, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 100.0% | 89.1% | 97.17 |  |  | 872000 |  |  | Vornado Executive Headquarters, United Talent Agency |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 285.48 |  |  | 15000 |  |  | Redeye Grill L.P. |
|  | 100.0% | 89.2% | 99.05 |  | 77300 | 887000 |  | 277800 |  |
| 57th Street - 2 buildings |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 50.0% | 85.4% | 60.91 |  |  | 81000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 50.0% | 42.5% | 118.14 |  |  | 22000 |  |  |  |
|  | 50.0% | 78.3% | 66.08 |  | 5000 | 103000 |  |  |  |
| 825 Seventh Avenue |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 50.0% | 79.6% | 59.02 |  |  | 169000 |  | 59353 | Young Adult Institute Inc., New Alternatives for Children, Inc.\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 48.6% | 72.57 |  |  | 4000 |  |  |  |
|  |  | 78.9% | 59.22 |  | 7900 | 173000 |  | 59353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Midtown West |  |  |  |  | 90200 | 1163000 |  | 337153 |  |

---

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** |
| PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE |
| (Annualized escalated rent amounts in thousands) | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **Square Feet** | **Square Feet** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(3)</sup> | **Major Tenants** |
| **Property** | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **In Service** | **Under Development<br>or Not Available<br>for Lease** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(3)</sup> | **Major Tenants** |
| **NEW YORK (Continued):** |  |  |  |  |  |  |  |  |
| **Park Avenue:** |  |  |  |  |  |  |  |  |
| 280 Park Avenue |  |  |  |  |  |  |  | Cohen & Steers Inc., Franklin Templeton Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 50.0% | 98.7% | $109.83 |  | 1236000 |  |  | PJT Partners, Investcorp International Inc., GIC Inc., Wells Fargo |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 50.0% | 93.8% | 62.29 |  | 28000 |  |  | Starbucks, Fasano Restaurant |
|  | 50.0% | 98.6% | 108.83 | $134900 | 1264000 |  | $1200000 |  |
| 350 Park Avenue |  |  |  |  |  |  |  | Citadel, Marshall Wace North America, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 100.0% | 78.6% | 106.39 |  | 567000 |  |  | M&T Bank, Square Mile Capital Management |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 91.5% | 266.65 |  | 18000 |  |  | Fidelity Investments, AT&T Wireless, Valley National Bank |
|  | 100.0% | 79.0% | 112.04 | 50000 | 585000 |  | 400000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Park Avenue |  |  |  | 184900 | 1849000 |  | 1600000 |  |
| **Grand Central:** |  |  |  |  |  |  |  |  |
| 90 Park Avenue |  |  |  |  |  |  |  | Alston & Bird, Capital One, PwC, MassMutual, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 100.0% | 99.1% | 81.67 |  | 938000 |  |  | Factset Research Systems Inc., Foley & Lardner |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 72.8% | 168.08 |  | 18000 |  |  | Citibank, Starbucks |
|  | 100.0% | 98.7% | 82.83 | 75500 | 956000 |  |  |  |
| 510 Fifth Avenue |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 25.2% | 387.00 | 5900 | 65000 |  |  | The North Face |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Grand Central |  |  |  | 81400 | 1021000 |  |  |  |
| **Madison/Fifth:** |  |  |  |  |  |  |  |  |
| 640 Fifth Avenue |  |  |  |  |  |  |  | Fidelity Investments, Abbott Capital Management, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 52.0% | 91.6% | 104.45 |  | 246000 |  |  | Avolon Aerospace, Houlihan Lokey Advisors Parent, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 52.0% | 100.0% | 1030.25 |  | 69000 |  |  | Victoria's Secret (guaranteed by L Brands, Inc.), Dyson |
|  | 52.0% | 92.9% | 255.75 | 71100 | 315000 |  | 500000 |  |
| 666 Fifth Avenue |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 52.0% | 100.0% | 424.38 | 44400 | 114000 |  |  | Fast Retailing (Uniqlo), Hollister, Tissot |
| 595 Madison Avenue |  |  |  |  |  |  |  | LVMH Moet Hennessy Louis Vuitton Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 100.0% | 80.3% | 79.99 |  | 301000 |  |  | Albea Beauty Solutions, Aerin LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 734.66 |  | 30000 |  |  | Fendi, Berluti, Christofle Silver Inc. |
|  | 100.0% | 81.5% | 130.87 | 34200 | 331000 |  |  |  |
| 650 Madison Avenue |  |  |  |  |  |  |  | Sotheby's International Realty, Inc., BC Partners Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 20.1% | 85.8% | 114.62 |  | 564000 |  |  | Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 20.1% | 94.7% | 1042.82 |  | 37000 |  |  | Moncler USA Inc., Tod's, Celine, Balmain |
|  | 20.1% | 86.1% | 155.51 | 76900 | 601000 |  | 800000 |  |
| 689 Fifth Avenue |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 52.0% | 100.0% | 87.19 |  | 81000 |  |  | Yamaha Artist Services Inc., Brunello Cucinelli USA Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 52.0% | 62.0% | 1190.80 |  | 17000 |  |  | MAC Cosmetics, Canada Goose |
|  | 52.0% | 93.9% | 205.27 | 18500 | 98000 |  |  |  |
| 655 Fifth Avenue |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 50.0% | 100.0% | 285.76 | 16900 | 57000 |  |  | Ferragamo |
| 697-703 Fifth Avenue |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 44.8% | 100.0% | 2063.19 | 36700 | 26000 |  | 421000 | Swatch Group USA, Harry Winston |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Madison/Fifth |  |  |  | 298700 | 1542000 |  | 1721000 |  |

---

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** |
| PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE |
| (Annualized escalated rent amounts in thousands) | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **Square Feet** | **Square Feet** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(3)</sup> | **Major Tenants** |
| **Property** | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **In Service** | **Under Development<br>or Not Available<br>for Lease** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(3)</sup> | **Major Tenants** |
| **NEW YORK (Continued):** |  |  |  |  |  |  |  |  |
| **Midtown South:** |  |  |  |  |  |  |  |  |
| 770 Broadway |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 100.0% | 100.0% | $107.51 |  | 1077000 |  |  | Meta Platforms, Inc., Yahoo Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 92.0% | 91.81 |  | 106000 |  |  | Bank of America N.A., Wegmans Food Markets |
|  | 100.0% | 99.3% | 106.30 | $122900 | 1183000 |  | $700000 |  |
| One Park Avenue |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | New York University, BMG Rights Management LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 100.0% | 95.4% | 66.76 |  | 867000 |  |  | Robert A.M. Stern Architect |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 90.1% | 82.19 |  | 78000 |  |  | Bank of Baroda, Citibank, Equinox |
|  | 100.0% | 95.0% | 67.95 | 59700 | 945000 |  | 525000 |  |
| 4 Union Square South |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 125.63 | 25600 | 204000 |  | 120000 | Burlington, Whole Foods Market, DSW, Sephora |
| 692 Broadway |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 64.4% | 68.52 | 1600 | 36000 |  |  | Equinox |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Midtown South |  |  |  | 209800 | 2368000 |  | 1345000 |  |
| **Rockefeller Center:** |  |  |  |  |  |  |  |  |
| 1290 Avenue of the Americas |  |  |  |  |  |  |  | Equitable Financial Life Insurance Company, Hachette Book Group Inc., |
|  |  |  |  |  |  |  |  | Bryan Cave LLP, Neuberger Berman Group LLC, SSB Realty LLC, |
|  |  |  |  |  |  |  |  | Cushman & Wakefield, Columbia University, LinkLaters, Venable LLP, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 70.0% | 100.0% | 92.35 |  | 2043000 |  |  | Fubotv Inc |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 70.0% | 71.4% | 314.81 |  | 77000 |  |  | Duane Reade, JPMorgan Chase Bank, Sovereign Bank, Starbucks |
|  | 70.0% | 99.2% | 96.74 | 198100 | 2120000 |  | 950000 |  |
| **SoHo:** |  |  |  |  |  |  |  |  |
| 606 Broadway (19 East Houston Street) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 50.0% | 100.0% | 128.90 |  | 30000 |  |  | WeWork |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 50.0% | 100.0% | 685.13 |  | 6000 |  |  | HSBC, Harman International |
|  | 50.0% | 100.0% | 202.06 | 7000 | 36000 |  | 74119 |  |
| 443 Broadway |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 62.16 | 900 | 16000 |  |  | Blick Art Materials |
| 304 Canal Street |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 53.87 |  | 4000 |  |  | Stellar Works |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Residential (4 units) | 100.0% | 0.0% |  |  | 9000 |  |  |  |
|  | 100.0% |  |  | 200 | 13000 |  |  |  |
| 334 Canal Street |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 0.0% |  |  | 4000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Residential (4 units) | 100.0% | 0.0% |  |  | 10000 |  |  |  |
|  | 100.0% |  |  |  | 14000 |  |  |  |
| 148 Spring Street |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 42.4% | 353.62 | 1000 | 8000 |  |  | Dr. Martens |

---

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** |
| PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE |
| (Annualized escalated rent amounts in thousands) | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **Square Feet** | **Square Feet** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(3)</sup> | **Major Tenants** |
| **Property** | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **In Service** | **Under Development<br>or Not Available<br>for Lease** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(3)</sup> | **Major Tenants** |
| **NEW YORK (Continued):** |  |  |  |  |  |  |  |  |
| **SoHo (Continued):** |  |  |  |  |  |  |  |  |
| 150 Spring Street |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 74.2% | $108.13 |  | 6000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Residential (1 unit) | 100.0% | 100.0% |  |  | 1000 |  |  |  |
|  | 100.0% |  |  | $400 | 7000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total SoHo |  |  |  | 9500 | 94000 |  | $74119 |  |
| **Times Square:** |  |  |  |  |  |  |  |  |
| 1540 Broadway |  |  |  |  |  |  |  | Forever 21, Disney, Sunglass Hut, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 52.0% | 79.9% | 169.92 | 21500 | 161000 |  |  | MAC Cosmetics, U.S. Polo |
| 1535 Broadway |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 52.0% | 100.0% | 1175.03 |  | 45000 |  |  | T-Mobile, Invicta, Swatch Group USA, Levi's, Sephora |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Theatre | 52.0% | 100.0% | 15.18 |  | 62000 |  |  | Nederlander-Marquis Theatre |
|  | 52.0% | 100.0% | 450.93 | 44700 | 107000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Times Square |  |  |  | 66200 | 268000 |  |  |  |
| **Upper East Side:** |  |  |  |  |  |  |  |  |
| 1131 Third Avenue |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 200.55 | 4600 | 23000 |  |  | Nike, Crunch LLC, J.Jill |
| 759-771 Madison Avenue (40 East 66th Street) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Residential (4 units) | 100.0% | 100.0% |  |  | 10000 |  |  |  |
|  |  |  |  |  | 10000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Upper East Side |  |  |  | 4600 | 33000 |  |  |  |
| **Chelsea/Meatpacking District:** |  |  |  |  |  |  |  |  |
| 260 Eleventh Avenue |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ground leased through 2114)\*\* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 100.0% | 95.5% | 48.70 | 9700 | 209000 |  |  | The City of New York |
| 85 Tenth Avenue |  |  |  |  |  |  |  | Google, Telehouse International Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 49.9% | 90.5% | 95.33 |  | 595000 |  |  | L-3 Communications, Clear Secure, Inc.\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 49.9% | 75.7% | 71.13 |  | 43000 |  |  | La Brasseria |
|  | 49.9% | 89.6% | 94.07 | 53300 | 638000 |  | 625000 |  |
| 537 West 26th Street |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 161.89 | 2800 | 17000 |  |  | The Chelsea Factory Inc. |
| 61 Ninth Avenue (2 buildings) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ground leased through 2115)\*\* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 45.1% | 100.0% | 132.71 |  | 171000 |  |  | Aetna Life Insurance Company, Apple Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 45.1% | 100.0% | 361.17 |  | 23000 |  |  | Starbucks |
|  | 45.1% | 100.0% | 147.73 | 30800 | 194000 |  | 167500 |  |
| 512 West 22nd Street |  |  |  |  |  |  |  | Warner Media, Next Jump, Pura Vida Investments, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 55.0% | 81.8% | 120.01 |  | 165000 |  |  | Capricorn Investment Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 55.0% | 100.0% | 101.62 |  | 8000 |  |  | Galeria Nara Roesler, Harper's Books |
|  | 55.0% | 82.6% | 118.98 | 17000 | 173000 |  | 137124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Chelsea/Meatpacking District |  |  |  | 113600 | 1231000 |  | 929624 |  |

---

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** |
| PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE |
| (Annualized escalated rent amounts in thousands) | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **Square Feet** | **Square Feet** | **Square Feet** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(3)</sup> | **Major Tenants** |
| **Property** | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **Total<br>Property** | **In Service** | **Under Development<br>or Not Available<br>for Lease** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(3)</sup> | **Major Tenants** |
| **NEW YORK (Continued):** |  |  |  |  |  |  |  |  |  |
| **Upper West Side:** |  |  |  |  |  |  |  |  |  |
| 50-70 West 93rd Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Residential (324 units) | 49.9% | 97.4% | $— |  | 283000 | 283000 |  | $83500 |  |
| **Tribeca:** |  |  |  |  |  |  |  |  |  |
| Independence Plaza |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Residential (1,327 units) | 50.1% | 96.2% |  |  | 1186000 | 1186000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 50.1% | 55.0% | 71.00 |  | 72000 | 72000 |  |  | Duane Reade |
|  | 50.1% |  |  | $2700 | 1258000 | 1258000 |  | 675000 |  |
| 339 Greenwich Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 100.0% | 74.17 | 300 | 8000 | 8000 |  |  | Sarabeth's |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Tribeca |  |  |  | 3000 | 1266000 | 1266000 |  | 675000 |  |
| **New Jersey:** |  |  |  |  |  |  |  |  |  |
| Paramus |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 100.0% | 84.6% | 24.97 | 2600 | 129000 | 129000 |  |  | Vornado's Administrative Headquarters |
| **Properties to be Developed:** |  |  |  |  |  |  |  |  |  |
| Hotel Pennsylvania site |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Land | 100.0% |  |  |  |  |  |  |  |  |
| 57th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Land | 50.0% |  |  |  |  |  |  |  |  |
| Eighth Avenue and 34th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Land | 100.0% |  |  |  |  |  |  |  |  |
| **New York Office:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | **92.3%** | $**86.57** | $**1438500** | **19902000** | **18724000** | **1178000** | $**8496489** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Vornado's Ownership Interest** |  | **91.9%** | $**83.98** | $**1184600** | **17206000** | **16028000** | **1178000** | $**6029798** |  |
| **New York Retail:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | **76.5%** | $**259.52** | $**436400** | **2556000** | **2289000** | **267000** | $**1066103** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Vornado's Ownership Interest** |  | **74.4%** | $**215.72** | $**289500** | **2118000** | **1851000** | **267000** | $**796592** |  |
| **New York Residential:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | **96.8%** |  |  | **1499000** | **1499000** | **—** | $**758500** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Vornado's Ownership Interest** |  | **96.7%** |  |  | **766000** | **766000** | **—** | $**379841** |  |

---

`

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** | **NEW YORK SEGMENT** |
| PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE |
| (Annualized escalated rent amounts in thousands) | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **Square Feet** | **Square Feet** | **Square Feet** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(3)</sup> | **Major Tenants** |
| **Property** | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **Total<br>Property** | **In Service** | **Under Development<br>or Not Available<br>for Lease** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(3)</sup> | **Major Tenants** |
| **NEW YORK (Continued):** |  |  |  |  |  |  |  |  |  |
| **ALEXANDER'S, INC.:** |  |  |  |  |  |  |  |  |  |
| **New York:** |  |  |  |  |  |  |  |  |  |
| 731 Lexington Avenue, Manhattan |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 32.4% | 100.0% | $132.11 |  | 939000 | 939000 |  | $500000 | Bloomberg L.P. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 32.4% | 90.3% | 250.68 |  | 140000 | 140000 |  | 300000 | The Home Depot, Hutong, Capital One |
|  | 32.4% | 98.9% | 144.43 | $152000 | 1079000 | 1079000 |  | 800000 |  |
| Rego Park I, Queens (4.8 acres) | 32.4% | 100.0% | 50.12 | 13100 | 338000 | 260000 | 78000 |  | Burlington, Bed Bath & Beyond, Marshalls, IKEA |
| Rego Park II (adjacent to Rego Park I), |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Queens (6.6 acres) | 32.4% | 87.3% | 64.78 | 26800 | 615000 | 480000 | 135000 | 202544 | Costco, Kohl's, TJ Maxx |
| Flushing, Queens (1.0 acre ground leased through 2037)\*\* | 32.4% | 100.0% | 32.08 | 5400 | 167000 | 167000 |  |  | New World Mall LLC |
| The Alexander Apartment Tower, |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rego Park, Queens, NY |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential (312 units) | 32.4% | 98.7% |  |  | 255000 | 255000 |  | 94000 |  |
| **Property to be Developed:** |  |  |  |  |  |  |  |  |  |
| Rego Park III (adjacent to Rego Park II), |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Queens, NY (3.2 acres) | 32.4% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Alexander's | 32.4% | 96.4% | 104.09 | 197300 | 2454000 | 2241000 | 213000 | 1096544 |  |
| **Total New York** |  | **91.2%** | $**101.85** | $**2072000** | **26411000** | **24753000** | **1658000** | $**11417636** |  |
| **Vornado's Ownership Interest** |  | **90.4%** | $**95.14** | $**1579000** | **20885000** | **19371000** | **1514000** | $**7561511** |  |

---

________________________________

\*&nbsp;&nbsp;&nbsp;&nbsp;Lease not yet commenced.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Term assumes all renewal options exercised, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;**(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.

&nbsp;&nbsp;&nbsp;&nbsp;**(2)**Includes rent from storage and other non-selling space and excludes rent from residential units.

&nbsp;&nbsp;&nbsp;&nbsp;**(3)**Represents contractual debt obligations.

&nbsp;&nbsp;&nbsp;&nbsp;**(4)**Secured amount outstanding on revolving credit facilities.

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

&nbsp;&nbsp;&nbsp;&nbsp;**(6)**Includes our $105,000 participation in the 150 West 34th Street mortgage loan. On January 9, 2023, our $105,000 participation in the $205,000 mortgage loan on 150 West 34th Street was repaid.

&nbsp;&nbsp;&nbsp;&nbsp;**(7)**Excludes US Post Office lease for 492,000 square feet.

&nbsp;&nbsp;&nbsp;&nbsp;**(8)**Includes 962 Third Avenue (the Annex building to 150 East 58th Street) 50.0% ground leased through 2118\*\*.

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** |
| PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE |
| (Annualized escalated rent amounts in thousands) | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **Square Feet** | **Square Feet** | **Square Feet** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(3)</sup> | **Major Tenants** |
| **Property** | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **Total<br>Property** | **In Service** | **Under Development<br>or Not Available<br>for Lease** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(3)</sup> | **Major Tenants** |
| **theMART:** |  |  |  |  |  |  |  |  |  |
| theMART, Chicago |  |  |  |  |  |  |  |  | Motorola Mobility (guaranteed by Google), |
|  |  |  |  |  |  |  |  |  | CCC Information Services, |
|  |  |  |  |  |  |  |  |  | 1871, ANGI Home Services, Inc, Yelp Inc., Paypal, Inc., |
|  |  |  |  |  |  |  |  |  | Allscripts Healthcare, Kellogg Company, |
|  |  |  |  |  |  |  |  |  | Chicago School of Professional Psychology, ConAgra Foods Inc., |
|  |  |  |  |  |  |  |  |  | Innovation Development Institute, Inc., Avant LLC\*, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 100.0% | 87.7% | $47.67 |  | 2098000 | 2042000 | 56000 |  | Allstate Insurance Company, Medline Industries, Inc |
|  |  |  |  |  |  |  |  |  | Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Showroom/Trade show | 100.0% | 74.1% | 59.56 |  | 1481000 | 1481000 |  |  | Allsteel Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 100.0% | 67.7% | 48.67 |  | 93000 | 93000 |  |  |  |
|  | 100.0% | 81.6% | 52.07 | $153500 | 3672000 | 3616000 | 56000 | $— |  |
| Other (2 properties) | 50.0% | 93.9% | 49.60 | 900 | 19000 | 19000 |  | 27620 |  |
| Total theMART, Chicago |  |  |  | 154400 | 3691000 | 3635000 | 56000 | 27620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Piers 92 and 94 (New York)<br>(ground and building leased through 2110)\*\*  | 100.0% |  |  |  | 208000 |  | 208000 |  |  |
| Property to be Developed: |  |  |  |  |  |  |  |  |  |
| 527 West Kinzie, Chicago | 100.0% |  |  |  |  |  |  |  |  |
| **Total theMART** |  | **81.7%** | $**52.06** | $**154400** | **3899000** | **3635000** | **264000** | $**27620** |  |
| **Vornado's Ownership Interest** |  | **81.6%** | $**52.07** | $**154000** | **3890000** | **3626000** | **264000** | $**13810** |  |
| **555 California Street:** |  |  |  |  |  |  |  |  |  |
| 555 California Street | 70.0% | 99.0% | $93.84 | 137300 | 1506000 | 1506000 |  | $1200000 | Bank of America, N.A., Dodge & Cox, Goldman Sachs & Co., |
|  |  |  |  |  |  |  |  |  | Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc., |
|  |  |  |  |  |  |  |  |  | McKinsey & Company Inc., UBS Financial Services, |
|  |  |  |  |  |  |  |  |  | KKR Financial, Microsoft Corporation, |
|  |  |  |  |  |  |  |  |  | Fenwick & West LLP, Sidley Austin |
| 315 Montgomery Street | 70.0% | 99.7% | 86.22 | 19900 | 235000 | 235000 |  |  | Bank of America, N.A., Regus, Ripple Labs Inc., Blue Shield,<br>Lending Home Corporation |
| 345 Montgomery Street | 70.0% | 0.0% |  |  | 78000 | 78000 |  |  |  |
| **Total 555 California Street** |  | **94.7%** | $**92.81** | $**157200** | **1819000** | **1819000** | **—** | $**1200000** |  |
| **Vornado's Ownership Interest** |  | **94.7%** | $**92.81** | $**110000** | **1273000** | **1273000** | **—** | $**840000** |  |

---

________________________________

\*&nbsp;&nbsp;&nbsp;&nbsp;Lease not yet commenced.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Term assumes all renewal options exercised, if applicable.

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

**(2)**Includes rent from storage and other non-selling space and excludes rent from residential units.

**(3)**Represents the contractual debt obligations.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** | **OTHER SEGMENT** |
| PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE | PROPERTY TABLE |
| (Annualized escalated rent amounts in thousands) | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **Square Feet** | **Square Feet** | **Square Feet** | **Square Feet** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(4)</sup> | **Major Tenants** |
| **Property** | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **Total<br>Property** | **In Service** | **In Service** | **Under Development<br>or Not Available<br>for Lease** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(4)</sup> | **Major Tenants** |
| **Property** | **%<br>Ownership** | **%<br>Occupancy** | **Weighted**<br>**Average Escalated**<br>**Annual Rent**<br>**PSF**<sup>(1)</sup> | **Annualized Escalated Rent**<sup>(2)</sup> | **Total<br>Property** | **Owned by<br>Company** | **Owned by**<br>**Tenant**<sup>(3)</sup>  | **Under Development<br>or Not Available<br>for Lease** | **Encumbrances**<br>**(non-GAAP)**<br>**(in thousands)**<sup>(4)</sup> | **Major Tenants** |
| **OTHER:** |  |  |  |  |  |  |  |  |  |  |
| **Virginia:** |  |  |  |  |  |  |  |  |  |  |
| Rosslyn Plaza |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office - 4 buildings | 46.2% | 62.8% | $52.88 |  | 736000 | 432000 |  | 304000 |  | Corporate Executive Board, Nathan Associates, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Residential - 2 buildings (197 units) | 43.7% | 92.4% |  |  | 253000 | 253000 |  |  |  |  |
|  | 45.6% |  |  | $13800 | 989000 | 685000 |  | 304000 | $36372 |  |
| Fashion Centre Mall / Washington Tower |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Office | 7.5% | 75.0% | 54.74 |  | 170000 | 170000 |  |  | 42300 | The Rand Corporation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Retail | 7.5% | 95.3% | 39.65 |  | 868000 | 868000 |  |  | 412700 | Macy's, Nordstrom |
|  | 7.5% | 92.0% | 42.12 | 52700 | 1038000 | 1038000 |  |  | 455000 |  |
| **New Jersey:** |  |  |  |  |  |  |  |  |  |  |
| Wayne Town Center, Wayne&nbsp;&nbsp;&nbsp;&nbsp;(ground leased through 2064)\*\* | 100.0% | 100.0% | 31.49 | 15300 | 690000 | 238000 | 443000 | 9000 |  | JCPenney, Costco, Dick's Sporting Goods, |
|  |  |  |  |  |  |  |  |  |  | Nordstrom Rack, UFC FIT |
| Atlantic City<br>&nbsp;&nbsp;&nbsp;&nbsp;(11.3 acres ground leased through 2070 to VICI <br>&nbsp;&nbsp;&nbsp;&nbsp;Properties for a portion of the Borgata Hotel <br>&nbsp;&nbsp;&nbsp;&nbsp;and Casino complex) | 100.0% | 100.0% |  |  |  |  |  |  |  | VICI Properties (ground lessee) |
| **Maryland:** |  |  |  |  |  |  |  |  |  |  |
| Annapolis&nbsp;&nbsp;&nbsp;&nbsp;(ground and building leased through 2042)\*\* | 100.0% | 100.0% | 8.99 | 1200 | 128000 | 128000 |  |  |  | The Home Depot |
| **Total Other** |  | **89.3%** | $**37.70** | $**83000** | **2845000** | **2089000** | **443000** | **313000** | $**491372** |  |
| **Vornado's Ownership Interest** |  | **92.6%** | $**32.02** | $**26900** | **1346000** | **754000** | **443000** | **149000** | $**52461** |  |

---

________________________________

\*\*&nbsp;&nbsp;&nbsp;&nbsp;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.

**(2)**Includes rent from storage and other non-selling space and excludes rent from residential units.

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

**(4)**Represents the contractual debt obligations.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | |
|:---|:---|:---|
| INVESTOR INFORMATION | INVESTOR INFORMATION | INVESTOR INFORMATION |
| **Corporate Officers:** |  |  |
| Steven Roth | Chairman of the Board and Chief Executive Officer | Chairman of the Board and Chief Executive Officer |
| Michael J. Franco | President and Chief Financial Officer | President and Chief Financial Officer |
| Glen J. Weiss | Executive Vice President - Office Leasing - Co-Head of Real Estate | Executive Vice President - Office Leasing - Co-Head of Real Estate |
| Barry S. Langer | Executive Vice President - Development - Co-Head of Real Estate | Executive Vice President - Development - Co-Head of Real Estate |
| Haim Chera | Executive Vice President - Head of Retail | Executive Vice President - Head of Retail |
| Thomas J. Sanelli | Executive Vice President - Finance and Chief Administrative Officer | Executive Vice President - Finance and Chief Administrative Officer |
| RESEARCH COVERAGE | RESEARCH COVERAGE | RESEARCH COVERAGE |
| Camille Bonnel | Caitlin Burrows/Julien Blouin | Ronald Kamdem |
| <u>Bank of America/BofA Securities</u> | <u>Goldman Sachs</u> | <u>Morgan Stanley</u> |
| 416-369-2140 | 212-902-4736/212-357-7297 | 212-296-8319 |
| John P. Kim | Dylan Burzinski | Alexander Goldfarb/Connor Mitchell |
| <u>BMO Capital Markets</u> | <u>Green Street Advisors</u> | <u>Piper Sandler</u> |
| 212-885-4115 | 949-640-8780 | 212-466-7937/203-861-7615 |
| Michael Griffin | Anthony Paolone/Ray Zhong | Nicholas Yulico |
| <u>Citi</u> | <u>JP Morgan</u> | <u>Scotia Capital (USA) Inc</u> |
| 212-816-5871 | 212-622-6682/212-622-5411 | 212-225-6904 |
| Derek Johnston | Mark Streeter/Ian Snyder | Michael Lewis/Joab Dempsey |
| <u>Deutsche Bank</u> | <u>JP Morgan Fixed Income</u> | <u>Truist Securities</u> |
| 212-250-5683 | 212-834-5086/212-834-3798 | 212-319-5659/443-545-4245 |
| Steve Sakwa | Vikram Malhotra |  |
| <u>Evercore ISI</u> | <u>Mizuho Securities (USA) Inc.</u> |  |
| 212-446-9462 | 212-282-3827 |  |
| Research Coverage - is provided as a service to interested parties and not as an endorsement of any report, or representation as to the accuracy of any information contained therein. Opinions, forecasts and other forward-looking statements expressed in analysts' reports are subject to change without notice. | 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. | 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. |

---

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

APPENDIX

DEFINITIONS AND NON-GAAP RECONCILIATIONS

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

<u>FINANCIAL SUPPLEMENT DEFINITIONS</u>

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

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

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

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

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

**Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre")** - EBITDAre (i.e., EBITDA for real estate companies) is a non-GAAP financial measure established by NAREIT, which may not be comparable to EBITDA reported by other REITs that do not compute EBITDA 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 joint ventures 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 joint ventures. 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 -

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited) |
| (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **December 31,** | **December 31,** | **September 30, 2022** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **2022** | **2021** | **September 30, 2022** | **2022** | **2021** |
| Net (loss) income attributable to common shareholders | $(493280) | $11269 | $7769 | $(408615) | $101086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per diluted share | $(2.57) | $0.06 | $0.04 | $(2.13) | $0.53 |
| Certain expense (income) items that impact net (loss) income attributable to common shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash real estate impairment losses on wholly owned and partially owned assets | 595488 |  |  | 595488 | 7880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains on disposition of wholly owned and partially owned assets | (47769) | (11620) |  | (62685) | (15315) |
| &nbsp;&nbsp;&nbsp;&nbsp;After-tax net gain on sale of 220 CPS condominium units and ancillary amenities | (29773) | (13584) |  | (35858) | (44607) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Pennsylvania loss (primarily accelerated building depreciation expense) | 26614 | 8998 | 26613 | 71087 | 29472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | 3482 | 9180 | 3776 | 13665 | 10868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV |  |  |  | (13613) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3449 | 19569 | 1477 | 7289 | (2436) |
|  | 551491 | 12543 | 31866 | 575373 | (14138) |
| Noncontrolling interests' share of above adjustments | (38257) | (835) | (2206) | (40290) | 1205 |
| Total of certain expense (income) items that impact net (loss) income attributable to common shareholders | $513234 | $11708 | $29660 | $535083 | $(12933) |
| Net income attributable to common shareholders, as adjusted (non-GAAP) | $19954 | $22977 | $37429 | $126468 | $88153 |
| Per diluted share (non-GAAP) | $0.10 | $0.12 | $0.19 | $0.66 | $0.46 |

---

- ii -

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited) |
| (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **December 31,** | **December 31,** | **September 30, 2022** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **2022** | **2021** | **September 30, 2022** | **2022** | **2021** |
| Reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP): |  |  |  |  |  |
| Net (loss) income attributable to common shareholders | $(493280) | $11269 | $7769 | $(408615) | $101086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per diluted share | $(2.57) | $0.06 | $0.04 | $(2.13) | $0.53 |
| FFO adjustments: |  |  |  |  |  |
| Depreciation and amortization of real property | $121900 | $117497 | $122438 | $456920 | $373792 |
| Real estate impairment losses | 19098 |  |  | 19098 | 7880 |
| Net gain on sale of real estate | (30397) |  |  | (58751) |  |
| Proportionate share of adjustments to equity in net (loss) income of partially owned entities to arrive at FFO: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real property | 32243 | 34418 | 32584 | 130647 | 139247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on sale of real estate |  | (12623) | 6 | (169) | (15675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in fair value of marketable securities |  | (37) |  |  | (1155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate impairment losses | 576390 |  |  | 576390 |  |
|  | 719234 | 139255 | 155028 | 1124135 | 504089 |
| Noncontrolling interests' share of above adjustments | (49894) | (9517) | (10731) | (77912) | (34144) |
| FFO adjustments, net | $669340 | $129738 | $144297 | $1046223 | $469945 |
| FFO attributable to common shareholders (non-GAAP) | $176060 | $141007 | $152066 | $637608 | $571031 |
| Impact of assumed conversion of dilutive convertible securities | 405 | 10 | 395 | 1320 | 43 |
| FFO attributable to common shareholders plus assumed conversions (non-GAAP) | 176465 | 141017 | 152461 | 638928 | 571074 |
| Add back of FFO allocated to noncontrolling interests of the Operating Partnership | 13107 | 10054 | 11308 | 47421 | 40188 |
| FFO attributable to Class A unitholders (non-GAAP) | $189572 | $151071 | $163769 | $686349 | $611262 |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO per diluted share (non-GAAP) | $0.91 | $0.73 | $0.79 | $3.30 | $2.97 |

---

- iii -

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited) |
| (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **December 31,** | **December 31,** | **September 30, 2022** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **2022** | **2021** | **September 30, 2022** | **2022** | **2021** |
| FFO attributable to common shareholders plus assumed conversions (non-GAAP) | $176465 | $141017 | $152461 | $638928 | $571074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per diluted share (non-GAAP) | $0.91 | $0.73 | $0.79 | $3.30 | $2.97 |
| Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After-tax net gain on sale of 220 CPS condominium units and ancillary amenities | $(29773) | $(13584) | $— | $(35858) | $(44607) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains on disposition of wholly owned and partially owned assets | (17372) |  |  | (17372) | (643) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | 3482 | 9180 | 3776 | 13665 | 10868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3449 | 20595 | 1477 | 7289 | 12026 |
|  | (40214) | 16191 | 5253 | (32276) | (22356) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests' share of above adjustments | 2790 | (1078) | (364) | 2240 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $(37424) | $15113 | $4889 | $(30036) | $(21211) |
| Per diluted share (non-GAAP) | $(0.19) | $0.08 | $0.02 | $(0.15) | $(0.11) |
| FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) | $139041 | $156130 | $157350 | $608892 | $549863 |
| Per diluted share (non-GAAP) | $0.72 | $0.81 | $0.81 | $3.15 | $2.86 |

---

- iv -

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited) |
| (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) |
|  |  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  |  | **December 31,** | **December 31,** | **September 30, 2022** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  |  | **2022** | **2021** | **September 30, 2022** | **2022** | **2021** |
| FFO attributable to common shareholders plus assumed conversions (non-GAAP) | **(A)** | $176465 | $141017 | $152461 | $638928 | $571074 |
| Adjustments to arrive at FAD (non-GAAP): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain items that impact FAD |  | (40214) | 13614 | 5253 | (33084) | (33934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recurring tenant improvements, leasing commissions and other capital expenditures |  | (42282) | (55870) | (42314) | (164179) | (191518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  | 6362 | 5440 | 3886 | 29249 | 38329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs |  | 7358 | 7539 | 5546 | 25117 | 27161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal property depreciation |  | 1381 | 1221 | 1963 | 5755 | 13500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other |  | (2156) | (252) | (1419) | (10980) | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in the Operating Partnership's share of above adjustments |  | 4657 | 1560 | 1812 | 10032 | 8991 |
| FAD adjustments, net | **(B)** | (64894) | (26748) | (25273) | (138090) | (136153) |
| FAD (non-GAAP) | **(A+B)** | $111571 | $114269 | $127188 | $500838 | $434921 |
| FAD payout ratio <sup>(1)</sup> |  | 93.0% | 89.8% | 80.3% | 81.9% | 93.8% |

---

________________________________

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

- v -

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME TO NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS (unaudited) |
| (Amounts in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
| | **December 31,** | **December 31,** | **September 30, 2022** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
| | **2022** | **2021** | **September 30, 2022** | **2022** | **2021** |
| Net (loss) income | $(525002) | $31963 | $20112 | $(382612) | $207553 |
| Depreciation and amortization expense | 133871 | 126349 | 134526 | 504502 | 412347 |
| General and administrative expense | 31439 | 34204 | 29174 | 133731 | 134545 |
| Impairment losses, transaction related costs and other | 26761 | 3185 | 996 | 31722 | 13815 |
| Loss (income) from partially owned entities | 545126 | (43749) | (24341) | 461351 | (130517) |
| Loss (income) from real estate fund investments | 1880 | (5959) | 111 | (3541) | (11066) |
| Interest and other investment income, net | (10587) | (918) | (5228) | (19869) | (4612) |
| Interest and debt expense | 88242 | 78192 | 76774 | 279765 | 231096 |
| Net gains on disposition of wholly owned and partially owned assets | (65241) | (14959) |  | (100625) | (50770) |
| Income tax expense (benefit) | 6974 | 10055 | 3711 | 21660 | (10496) |
| NOI from partially owned entities | 77221 | 79223 | 76020 | 305993 | 310858 |
| NOI attributable to noncontrolling interests in consolidated subsidiaries | (18929) | (19164) | (14766) | (70029) | (69385) |
| NOI at share | 291755 | 278422 | 297089 | 1162048 | 1033368 |
| Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (2156) | (252) | (1419) | (10980) | 1318 |
| NOI at share - cash basis | $289599 | $278170 | $295670 | $1151068 | $1034686 |

---

- vi -

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| NON-GAAP RECONCILIATIONS<br>COMPONENTS OF NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS (unaudited) |
| (Amounts in thousands) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** |
| | **Total Revenues** | **Total Revenues** | **Operating Expenses** | **Operating Expenses** | **NOI** | **NOI** | **Non-cash Adjustments**<sup>(1)</sup> | **Non-cash Adjustments**<sup>(1)</sup> | **NOI - cash basis** | **NOI - cash basis** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;New York | $366699 | $335841 | $(179910) | $(158092) | $186789 | $177749 | $3047 | $(3322) | $189836 | $174427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 80241 | 85239 | (33567) | (44625) | 46674 | 40614 | 2913 | 439 | 49587 | 41053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated total | 446940 | 421080 | (213477) | (202717) | 233463 | 218363 | 5960 | (2883) | 239423 | 215480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests' share in consolidated subsidiaries | (58108) | (37956) | 39179 | 18792 | (18929) | (19164) | (6517) | 2816 | (25446) | (16348) |
| &nbsp;&nbsp;&nbsp;&nbsp;Our share of partially owned entities | 125031 | 122936 | (47810) | (43713) | 77221 | 79223 | (1599) | (185) | 75622 | 79038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vornado's share | $513863 | $506060 | $(222108) | $(227638) | $291755 | $278422 | $(2156) | $(252) | $289599 | $278170 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30, 2022** | **For the Three Months Ended September 30, 2022** | **For the Three Months Ended September 30, 2022** | **For the Three Months Ended September 30, 2022** | **For the Three Months Ended September 30, 2022** |
| | **Total Revenues** | **Operating Expenses** | **NOI** | **Non-cash Adjustments**<sup>(1)</sup> | **NOI - cash basis** |
| &nbsp;&nbsp;&nbsp;&nbsp;New York | $360033 | $(182131) | $177902 | $(5001) | $172901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 97398 | (39465) | 57933 | 2160 | 60093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated total | 457431 | (221596) | 235835 | (2841) | 232994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests' share in consolidated subsidiaries | (55024) | 40258 | (14766) | 2481 | (12285) |
| &nbsp;&nbsp;&nbsp;&nbsp;Our share of partially owned entities | 122357 | (46337) | 76020 | (1059) | 74961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vornado's share | $524764 | $(227675) | $297089 | $(1419) | $295670 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **Total Revenues** | **Total Revenues** | **Operating Expenses** | **Operating Expenses** | **NOI** | **NOI** | **Non-cash Adjustments**<sup>(1)</sup> | **Non-cash Adjustments**<sup>(1)</sup> | **NOI - cash basis** | **NOI - cash basis** |
| | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;New York | $1449442 | $1257599 | $(716148) | $(626386) | $733294 | $631213 | $(30516) | $8813 | $702778 | $640026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 350553 | 331611 | (157763) | (170929) | 192790 | 160682 | 7491 | (65) | 200281 | 160617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated total | 1799995 | 1589210 | (873911) | (797315) | 926084 | 791895 | (23025) | 8748 | 903059 | 800643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests' share in consolidated subsidiaries | (221676) | (126531) | 151647 | 57146 | (70029) | (69385) | 18278 | 2387 | (51751) | (66998) |
| &nbsp;&nbsp;&nbsp;&nbsp;Our share of partially owned entities | 489826 | 486859 | (183833) | (176001) | 305993 | 310858 | (6233) | (9817) | 299760 | 301041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vornado's share | $2068145 | $1949538 | $(906097) | $(916170) | $1162048 | $1033368 | $(10980) | $1318 | $1151068 | $1034686 |

---

________________________________

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

- vii -

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| NON-GAAP RECONCILIATIONS |
| RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED DECEMBER 31, 2022 COMPARED TO DECEMBER 31, 2021 (unaudited) |
| (Amounts in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total** | **New York** | **theMART** | **555 California Street** | **Other** |
| NOI at share for the three months ended December 31, 2022 | $291755 | $248595 | $21276 | $16641 | $5243 |
| Less NOI at share from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (1424) | (1424) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (4335) | (4335) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (8791) | (3346) | (202) |  | (5243) |
| Same store NOI at share for the three months ended December 31, 2022 | $277205 | $239490 | $21074 | $16641 | $— |
| NOI at share for the three months ended December 31, 2021 | $278422 | $241939 | $15959 | $16596 | $3928 |
| Less NOI at share from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (3720) | (3720) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (7248) | (7248) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (6782) | (2854) |  |  | (3928) |
| Same store NOI at share for the three months ended December 31, 2021 | $260672 | $228117 | $15959 | $16596 | $— |
| Increase in same store NOI at share | $16533 | $11373 | $5115 | $45 | $— |
| % increase in same store NOI at share | 6.3% | 5.0% | 32.1% | 0.3% | 0.0% |

---

- viii -

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| 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, 2022 COMPARED TO DECEMBER 31, 2021 (unaudited) |
| (Amounts in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total** | **New York** | **theMART** | **555 California Street** | **Other** |
| NOI at share - cash basis for the three months ended December 31, 2022 | $289599 | $243712 | $23163 | $17672 | $5052 |
| Less NOI at share - cash basis from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (1112) | (1112) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (3461) | (3461) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (8734) | (3480) | (202) |  | (5052) |
| Same store NOI at share - cash basis for the three months ended December 31, 2022 | $276292 | $235659 | $22961 | $17672 | $— |
| NOI at share - cash basis for the three months ended December 31, 2021 | $278170 | $240400 | $18413 | $15128 | $4229 |
| Less NOI at share - cash basis from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (3813) | (3813) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (7187) | (7187) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (11043) | (6814) |  |  | (4229) |
| Same store NOI at share - cash basis for the three months ended December 31, 2021 | $256127 | $222586 | $18413 | $15128 | $— |
| Increase in same store NOI at share - cash basis | $20165 | $13073 | $4548 | $2544 | $— |
| % increase in same store NOI at share - cash basis | 7.9% | 5.9% | 24.7% | 16.8% | 0.0% |

---

- ix -

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| NON-GAAP RECONCILIATIONS |
| RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE YEAR ENDED DECEMBER 31, 2022 COMPARED TO DECEMBER 31, 2021 (unaudited) |
| (Amounts in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total** | **New York** | **theMART** | **555 California Street** | **Other** |
| NOI at share for the year ended December 31, 2022 | $1162048 | $981508 | $96906 | $65692 | $17942 |
| Less NOI at share from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in ownership interest in One Park Avenue | (13370) | (13370) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (9494) | (9494) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (69779) | (69779) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (26701) | (8557) | (202) |  | (17942) |
| Same store NOI at share for the year ended December 31, 2022 | $1042704 | $880308 | $96704 | $65692 | $— |
| NOI at share for the year ended December 31, 2021 | $1033368 | $892954 | $58909 | $64826 | $16679 |
| Less NOI at share from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (13512) | (13512) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (31291) | (30443) |  | (848) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Pennsylvania (permanently closed on April 5, 2021) | 12677 | 12677 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (27774) | (11095) |  |  | (16679) |
| Same store NOI at share for the year ended December 31, 2021 | $973468 | $850581 | $58909 | $63978 | $— |
| Increase in same store NOI at share | $69236 | $29727 | $37795 | $1714 | $— |
| % increase in same store NOI at share | 7.1% | 3.5% | 64.2% | 2.7% | 0.0% |

---

- x -

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| NON-GAAP RECONCILIATIONS |
| RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE YEAR ENDED DECEMBER 31, 2022 COMPARED TO DECEMBER 31, 2021 (unaudited) |
| (Amounts in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total** | **New York** | **theMART** | **555 California Street** | **Other** |
| NOI at share - cash basis for the year ended December 31, 2022 | $1151068 | $962999 | $101912 | $67813 | $18344 |
| Less NOI at share - cash basis from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in ownership interest in One Park Avenue | (10111) | (10111) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (8719) | (8719) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (47846) | (47846) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (28211) | (9665) | (202) |  | (18344) |
| Same store NOI at share - cash basis for the year ended December 31, 2022 | $1056181 | $886658 | $101710 | $67813 | $— |
| NOI at share - cash basis for the year ended December 31, 2021 | $1034686 | $891766 | $64389 | $60680 | $17851 |
| Less NOI at share - cash basis from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (13469) | (13469) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (32453) | (31605) |  | (848) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Pennsylvania (permanently closed on April 5, 2021) | 12723 | 12723 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (32789) | (14938) |  |  | (17851) |
| Same store NOI at share - cash basis for the year ended December 31, 2021 | $968698 | $844477 | $64389 | $59832 | $— |
| Increase in same store NOI at share - cash basis | $87483 | $42181 | $37321 | $7981 | $— |
| % increase in same store NOI at share - cash basis | 9.0% | 5.0% | 58.0% | 13.3% | 0.0% |

---

- xi -

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| NON-GAAP RECONCILIATIONS |
| RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED DECEMBER 31, 2022 COMPARED TO SEPTEMBER 30, 2022 (unaudited) |
| (Amounts in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total** | **New York** | **theMART** | **555 California Street** | **Other** |
| NOI at share for the three months ended December 31, 2022 | $291755 | $248595 | $21276 | $16641 | $5243 |
| Less NOI at share from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (1424) | (1424) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (18351) | (18351) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (6796) | (1351) | (202) |  | (5243) |
| Same store NOI at share for the three months ended December 31, 2022 | $265184 | $227469 | $21074 | $16641 | $— |
| NOI at share for the three months ended September 30, 2022 | $297089 | $241154 | $35769 | $16092 | $4074 |
| Less NOI at share from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (1696) | (1696) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (22914) | (22914) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (5250) | (1176) |  |  | (4074) |
| Same store NOI at share for the three months ended September 30, 2022 | $267229 | $215368 | $35769 | $16092 | $— |
| (Decrease) increase in same store NOI at share | $(2045) | $12101 | $(14695) | $549 | $— |
| % (decrease) increase in same store NOI at share | (0.8)% | 5.6% | (41.1)% | 3.4% | 0.0% |

---

- xii -

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| 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, 2022 COMPARED TO SEPTEMBER 30, 2022 (unaudited) |
| (Amounts in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total** | **New York** | **theMART** | **555 California Street** | **Other** |
| NOI at share - cash basis for the three months ended December 31, 2022 | $289599 | $243712 | $23163 | $17672 | $5052 |
| Less NOI at share - cash basis from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (1112) | (1112) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (11325) | (11325) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (6774) | (1520) | (202) |  | (5052) |
| Same store NOI at share - cash basis for the three months ended December 31, 2022 | $270388 | $229755 | $22961 | $17672 | $— |
| NOI at share - cash basis for the three months ended September 30, 2022 | $295670 | $237692 | $36772 | $16926 | $4280 |
| Less NOI at share - cash basis from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (1379) | (1379) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development properties | (15796) | (15796) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-same store income, net | (5665) | (1385) |  |  | (4280) |
| Same store NOI at share - cash basis for the three months ended September 30, 2022 | $272830 | $219132 | $36772 | $16926 | $— |
| (Decrease) increase in same store NOI at share - cash basis | $(2442) | $10623 | $(13811) | $746 | $— |
| % (decrease) increase in same store NOI at share - cash basis | (0.9)% | 4.8% | (37.6)% | 4.4% | 0.0% |

---

- xiii -

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| NON-GAAP RECONCILIATIONS | NON-GAAP RECONCILIATIONS | NON-GAAP RECONCILIATIONS |  |
| RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited) | RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited) | RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited) | RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited) |
| (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) |
|  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
|  | **Consolidated**<br>**Debt, Net** | **Deferred Financing**<br>**Costs, Net and Other** | **Consolidated Contractual Debt** |
| Mortgages payable | $5829018 | $48597 | $5877615 |
| Senior unsecured notes | 1191832 | 8168 | 1200000 |
| $800 Million unsecured term loan | 793193 | 6807 | 800000 |
| $2.5 Billion unsecured revolving credit facilities | 575000 |  | 575000 |
|  | $8389043 | $63572 | $8452615 |

---

- xiv -

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME TO EBITDAre (unaudited) |
| (Amounts in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **December 31,** | **December 31,** | **September 30, 2022** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2022** | **2021** | **September 30, 2022** | **2022** | **2021** |
| Reconciliation of net (loss) income to EBITDAre (non-GAAP): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | $(525002) | $31963 | $20112 | $(382612) | $207553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 10493 | (3691) | 3792 | 5737 | (24014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income attributable to the Operating Partnership | (514509) | 28272 | 23904 | (376875) | 183539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDAre adjustments at share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 155524 | 153136 | 156985 | 593322 | 526539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and debt expense | 111848 | 88647 | 98358 | 362321 | 297116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 7913 | 10744 | 4151 | 23404 | (9813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate impairment losses | 595488 |  |  | 595488 | 7880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale of real estate | (30397) | (12623) | 6 | (58920) | (15675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDAre at share | 325867 | 268176 | 283404 | 1138740 | 989586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDAre attributable to noncontrolling interests in consolidated subsidiaries | 18137 | 23266 | 14449 | 71786 | 75987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDAre (non-GAAP) | $344004 | $291442 | $297853 | $1210526 | $1065573 |

---

- xv -

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited) |  |  |
| (Amounts in thousands) |  |  |  |  |  |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **December 31,** | **December 31,** | **September 30, 2022** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2022** | **2021** | **September 30, 2022** | **2022** | **2021** |
| EBITDAre (non-GAAP) | $344004 | $291442 | $297853 | $1210526 | $1065573 |
| EBITDAre attributable to noncontrolling interests in consolidated subsidiaries | (18137) | (23266) | (14449) | (71786) | (75987) |
| Certain (income) expense items that impact EBITDAre: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of 220 CPS condominium units and ancillary amenities | (34844) | (14959) |  | (41874) | (50318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gains on disposition of wholly owned and partially owned assets | (17372) |  |  | (17372) | (643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 7620 | 2417 | 1477 | 11070 | 10351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total of certain (income) expense items that impact EBITDAre | (44596) | (12542) | 1477 | (48176) | (40610) |
| EBITDAre, as adjusted (non-GAAP) | $281271 | $255634 | $284881 | $1090564 | $948976 |

---

- xvi -

------

![supplementalcoversoptions-a.jpg](supplementalcoversoptions-a.jpg)

## Exhibit 99.3

![fixedincomesupp1q229a.jpg](fixedincomesupp1q229a.jpg)

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| INDEX |  |  |  |
|  |  | **Page** | **Page** |
|  | **FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS** | [3](#ifed77ea6f1f44de28f79821ea6c8c120_7) | [8](#ifed77ea6f1f44de28f79821ea6c8c120_10) |
|  | **DEBT AND CAPITALIZATION** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured Notes Covenant Ratios and Credit Ratings | [9](#ifed77ea6f1f44de28f79821ea6c8c120_13) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity and Capitalization | [10](#ifed77ea6f1f44de28f79821ea6c8c120_16) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Debt to EBITDAre, As Adjusted / Debt Snapshot | [11](#ifed77ea6f1f44de28f79821ea6c8c120_19) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedging Instruments | [12](#ifed77ea6f1f44de28f79821ea6c8c120_25) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Debt Maturities | [13](#ifed77ea6f1f44de28f79821ea6c8c120_28) | [14](#ifed77ea6f1f44de28f79821ea6c8c120_31) |
|  | **PROPERTY STATISTICS** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 15 Tenants | [15](#ifed77ea6f1f44de28f79821ea6c8c120_34) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease Expirations | [16](#ifed77ea6f1f44de28f79821ea6c8c120_37) |  |
|  | **DEVELOPMENT ACTIVITY** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PENN District Active Development/Redevelopment Summary | [17](#ifed77ea6f1f44de28f79821ea6c8c120_40) |  |
|  | **APPENDIX: NON-GAAP RECONCILIATIONS** | [i](#ifed77ea6f1f44de28f79821ea6c8c120_43) | [v](#ifed77ea6f1f44de28f79821ea6c8c120_55) |

---

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; and estimates of future capital expenditures. 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 increase in interest rates and inflation and the continuing effect of the COVID-19 pandemic on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2022. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include 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 Appendix of this supplemental package.

This supplemental package should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and the Company's Supplemental Operating and Financial Data package for the quarter and year ended December 31, 2022, both of which can be accessed at the Company's website <u>www.vno.com</u>.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

<u>FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)</u>

**<u>2022 Financial Highlights</u>**

**Quarter Ended December 31, 2022** 

Net loss attributable to common shareholders for the quarter ended December 31, 2022 was $493,280,000, or $2.57 per diluted share, compared to net income of $11,269,000, or $0.06 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability, net income attributable to common shareholders, as adjusted (non-GAAP) for the quarter ended December 31, 2022 was $19,954,000, or $0.10 per diluted share, and $22,977,000, or $0.12 per diluted share for the prior year's quarter.

EBITDAre, as adjusted (non-GAAP) for the quarter ended December 31, 2022 was $281,271,000, compared to $255,634,000 for the prior year's quarter.

**Year Ended December 31, 2022** 

Net loss attributable to common shareholders for the year ended December 31, 2022 was $408,615,000, or $2.13 per diluted share, compared to net income attributable to common shareholders of $101,086,000, or $0.53 per diluted share, for the year ended December 31, 2021. Adjusting for the items that impact period-to-period comparability, net income attributable to common shareholders, as adjusted (non-GAAP) for the year ended December 31, 2022 was $126,468,000, or $0.66 per diluted share, and $88,153,000, or $0.46 per diluted share, for the year ended December 31, 2021.

EBITDAre, as adjusted (non-GAAP) for the year ended December 31, 2022 was $1.1 billion, compared to $948,976,000 for the year ended December 31, 2021.

*Non-Cash Impairment Charges*

Net loss attributable to common shareholders for the quarter and year ended December 31, 2022 includes $595,488,000 of non-cash impairment charges, of which $483,037,000 relates to Vornado's common equity investment in the Fifth Avenue and Times Square joint venture ("Retail JV").

By way of background, in April 2019, we recognized a $2.559 billion gain upon the transfer of seven properties to the Retail JV, which included a GAAP required write-up to fair value of its retained interest in the properties. The $483,037,000 impairment charge recognized this quarter together with the $409,060,000 impairment charge previously recognized in 2020, effectively reverse a portion of the $2.559 billion gain attributable to the 2019 required write-up.

*Liquidity*

As of December 31, 2022, we have $3.4 billion of liquidity comprised of $1.0 billion of cash and cash equivalents and restricted cash, $472,000,000 of investments in U.S. Treasury bills and $1.9 billion available on our $2.5 billion revolving credit facilities.

*PENN District Development*

As of December 31, 2022, we have expended $1.9 billion of cash with an estimated $497,795,000 remaining to be spent across The Farley Building, PENN 1, PENN 2, and PENN districtwide improvements. There can be no assurance that these projects will be completed, completed on schedule or within budget.

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

<u>FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)</u>

**<u>2022 Business Developments</u>**

**350 Park Avenue**

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

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

In addition, we have entered into a joint venture with Rudin ("Vornado/Rudin") to purchase 39 East 51st Street for $40,000,000 and, upon formation of the KG joint venture described below, will combine that property with 350 Park Avenue and 40 East 52nd Street to create a premier development site (collectively, the "Site").

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

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

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

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

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

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

The parties intend to immediately commence design of the project and process approvals.

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

The operating and financial metrics presented in this supplemental package for the quarter and year ended December 31, 2022 do not reflect the impact of Citadel's master lease of 350 Park Avenue described above as the transaction closed in the first quarter of 2023.

**Dividend**

On January 18, 2023, Vornado's Board of Trustees declared a reduced quarterly dividend of $0.375 per share.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

<u>FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)</u>

**<u>2022 Business Developments - continued</u>**

**Disposition Activity** 

*220 Central Park South ("220 CPS")*

During the three months ended December 31, 2022, we closed on the sale of two condominium units and ancillary amenities at 220 CPS for net proceeds of $71,895,000 resulting in a financial statement net gain of $34,844,000 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, $5,071,000 of income tax expense was recognized on our consolidated statements of income. During the year ended December 31, 2022, we closed on the sale of three condominium units and ancillary amenities at 220 CPS for net proceeds of $88,019,000 resulting in a financial statement net gain of $41,874,000 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, $6,016,000 of income tax expense was recognized on our consolidated statements of income. From inception to December 31, 2022, we have closed on the sale of 109 units and ancillary amenities for net proceeds of $3,094,915,000 resulting in financial statement net gains of $1,159,129,000. As of December 31, 2022, we are 97% sold.

*SoHo Properties*

On January 13, 2022, we sold two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street for $84,500,000 and realized net proceeds of $81,399,000. In connection with the sale, we recognized a net gain of $551,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.

*Center Building (33-00 Northern Boulevard)*

On June 17, 2022, we sold the Center Building, an eight-story 498,000 square foot office building located at 33-00 Northern Boulevard in Long Island City, New York, for $172,750,000. We realized net proceeds of $58,946,000 after repayment of the existing $100,000,000 mortgage loan and closing costs. In connection with the sale, we recognized a net gain of $15,213,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.

*484-486 Broadway*

On December 15, 2022, we sold 484-486 Broadway, a 30,000 square foot retail and residential building for $23,520,000, and realized net proceeds of $22,430,000. In connection with the sale, we recognized a net gain of $2,919,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.

*40 Fulton Street*

On December 21, 2022, we sold 40 Fulton Street, a 251,000 square foot Manhattan office and retail building, for $101,000,000, and realized net proceeds of $96,566,000. In connection with the sale, we recognized a net gain of $31,876,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

<u>FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)</u>

**<u>2022 Business Developments - continued</u>**

**Financing Activity**

*100 West 33rd Street*

On June 15, 2022, we completed a $480,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot building comprised of 859,000 square feet of office space and 255,000 square feet of retail space. The interest-only loan bears a rate of SOFR plus 1.65% (5.96% as of December 31, 2022) through March 2024, increasing to SOFR plus 1.85% thereafter. The interest rate on the loan was swapped to a fixed rate of 5.06% through March 2024, and 5.26% through June 2027. The loan matures in June 2027, with two one-year extension options subject to debt service coverage ratio and loan-to-value tests. The loan replaces the previous $580,000,000 loan that bore interest at LIBOR plus 1.55% and was scheduled to mature in April 2024.

*770 Broadway*

On June 28, 2022, we completed a $700,000,000 refinancing of 770 Broadway, a 1.2 million square foot Class A Manhattan office building. The interest-only loan bears a rate of SOFR plus 2.25% (6.48% as of December 31, 2022) and matures in July 2024 with three one-year extension options (July 2027 as fully extended). The interest rate on the loan was swapped to a fixed rate of 4.98% through July 2027. The loan replaces the previous $700,000,000 loan that bore interest at SOFR plus 1.86% and was scheduled to mature in July 2022.

*Unsecured Revolving Credit Facility*

On June 30, 2022, we amended and extended one of our two revolving credit facilities. The $1.25 billion amended facility bears interest at a rate of SOFR plus 1.15% (5.47% as of December 31, 2022). The term of the facility was extended from March 2024 to December 2027, as fully extended. The facility fee is 25 basis points. On August 16, 2022, the interest rate on the $575,000,000 drawn on the facility was swapped to a fixed interest rate of 3.88% through August 2027. Our other $1.25 billion revolving credit facility matures in April 2026, as fully extended, and bears a rate of SOFR plus 1.19% with a facility fee of 25 basis points.

*Unsecured Term Loan*

On June 30, 2022, we extended our $800,000,000 unsecured term loan from February 2024 to December 2027. The extended loan bears interest at a rate of SOFR plus 1.30% (5.62% as of December 31, 2022) and is currently swapped to a fixed rate of 4.05%.

*330 West 34th Street land owner joint venture*

On August 18, 2022, the joint venture that owns the fee interest in the 330 West 34th Street land, in which we have a 34.8% interest, completed a $100,000,000 refinancing. The interest-only loan bears interest at a fixed rate of 4.55% and matures in September 2032. In connection with the refinancing, we realized net proceeds of $10,500,000. The loan replaces the previous $50,150,000 loan that bore interest at a fixed rate of 5.71%.

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

On December 21, 2022, the 697-703 Fifth Avenue $450,000,000 non-recourse mortgage loan matured and was not repaid, at which time the lenders declared an event of default. During December 2022, $29,000,000 of property-level funds were applied by the lenders against the principal balance resulting in a $421,000,000 loan balance as of December 31, 2022. The loan bears default interest at the Prime Rate plus 1.00% (8.50% as of December 31, 2022). The Fifth Avenue and Times Square JV is in negotiations with the lenders regarding a restructuring but there can be no assurance as to the timing and ultimate resolution of these negotiations. We do not believe that the resolution of these negotiations will result in further impairment losses on our investment in the Fifth Avenue and Times Square JV.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

<u>FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)</u>

**<u>2022 Business Developments - continued</u>**

**Financing Activity - continued**

*Interest Rate Hedging Activities*

During the year ended December 31, 2022, we entered into $2.0 billion of interest rate swap arrangements and extended a $500,000,000 interest rate swap arrangement, reducing our variable rate debt at share as a percentage of our total debt at share to 27% from 47% (excluding our participation in the 150 West 34th Street mortgage loan which was repaid on January 9, 2023). The exposure to LIBOR/SOFR index increases on our $2.8 billion of unswapped variable rate debt is partially mitigated over the next year by $2.2 billion of interest rate caps and by an increase in interest income on our cash, cash equivalents, restricted cash and investments in U.S. Treasury bills. See page [12](#ifed77ea6f1f44de28f79821ea6c8c120_25) for further detail on our interest rate swap and cap arrangements.

The table below presents the interest rate swap arrangements entered into during the year ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands) | **Notional Amount** | **All-In Swapped Rate** | **Swap Expiration Date** | **Variable Rate Spread** |
| &nbsp;&nbsp;&nbsp;&nbsp;770 Broadway mortgage loan | $700000 | 4.98% | 07/27 | S+225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured revolving credit facility | 575000 | 3.88% | 08/27 | S+115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan<sup>(1)</sup> | 50000 | 4.04% | 08/27 | S+130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan (effective 10/23)<sup>(1)</sup> | 500000 | 4.39% | 10/26 | S+130 |
| &nbsp;&nbsp;&nbsp;&nbsp;100 West 33rd Street mortgage loan | 480000 | 5.06% | 06/27 | S+165 |
| &nbsp;&nbsp;&nbsp;&nbsp;888 Seventh Avenue mortgage loan<sup>(2)</sup> | 200000 | 4.76% | 09/27 | S+180 |

---

____________________

**(1)**On February 7, 2023, we entered into a forward interest rate swap arrangement for $150,000 of the $800,000 unsecured term loan. The unsecured term loan, which matures in December 2027, is subject to various interest rate swap arrangements through August 2027, see below for details:

---

| | | | |
|:---|:---|:---|:---|
| | **Swapped Balance** | **All-In Swapped Rate** | **Unswapped Balance<br>(bears interest at S+130)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Through 10/23 | $800000 | 4.05% | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;10/23 through 7/25 | 700000 | 4.53% | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;7/25 through 10/26 | 550000 | 4.36% | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;10/26 through 8/27 | 50000 | 4.04% | 750000 |

---

**(2)**The remaining $77,800 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80%.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

<u>FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)</u>

**Leasing Activity**

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

*For the Three Months Ended December 31, 2022*

154,000 square feet of New York Office space (147,000 square feet at share) at an initial rent of $84.58 per square foot and a weighted average lease term of 7.6 years. The changes in the GAAP and cash mark-to-market rent on the 135,000 square feet of second generation space were positive 17.2% and positive 9.8%, respectively. Tenant improvements and leasing commissions were $10.32 per square foot per annum, or 12.2% of initial rent.

20,000 square feet of New York Retail space (15,000 square feet at share) at an initial rent of $284.73 per square foot and a weighted average lease term of 11.8 years. The 20,000 square feet was first generation space. Tenant improvements and leasing commissions were $26.98 per square foot per annum, or 9.5% of initial rent.

24,000 square feet at theMART (all at share) at an initial rent of $59.45 per square foot and a weighted average lease term of 6.5 years. The changes in the GAAP and cash mark-to-market rent on the 23,000 square feet of second generation space were negative 7.3% and negative 12.1%, respectively. Tenant improvements and leasing commissions were $6.60 per square foot per annum, or 11.1% of initial rent.

*For the Year Ended December 31, 2022*

894,000 square feet of New York Office space (753,000 square feet at share) at an initial rent of $84.51 per square foot and a weighted average lease term of 8.9 years. The changes in the GAAP and cash mark-to-market rent on the 498,000 square feet of second generation space were positive 9.0% and positive 5.4%, respectively. Tenant improvements and leasing commissions were $11.84 per square foot per annum, or 14.0% of initial rent.

111,000 square feet of New York Retail space (100,000 square feet at share) at an initial rent of $266.25 per square foot and a weighted average lease term of 11.6 years. The changes in the GAAP and cash mark-to-market rent on the 42,000 square feet of second generation space were negative 38.3% and negative 34.2%, respectively. Tenant improvements and leasing commissions were $22.68 per square foot per annum, or 8.5% of initial rent.

299,000 square feet at theMART (all at share) at an initial rent of $52.40 per square foot and a weighted average lease term of 7.2 years. The changes in the GAAP and cash mark-to-market rent on the 244,000 square feet of second generation space were negative 4.8% and negative 5.4%, respectively. Tenant improvements and leasing commissions were $10.48 per square foot per annum, or 20.0% of initial rent.

210,000 square feet at 555 California Street (147,000 square feet at share) at an initial rent of $96.40 per square foot and a weighted average lease term of 5.9 years. The changes in the GAAP and cash mark-to-market rent on the 135,000 square feet of second generation space were positive 24.3% and positive 13.6%, respectively. Tenant improvements and leasing commissions were $7.15 per square foot per annum, or 7.4% of initial rent.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| UNSECURED NOTES COVENANT RATIOS AND CREDIT RATINGS (unaudited) | UNSECURED NOTES COVENANT RATIOS AND CREDIT RATINGS (unaudited) | UNSECURED NOTES COVENANT RATIOS AND CREDIT RATINGS (unaudited) | UNSECURED NOTES COVENANT RATIOS AND CREDIT RATINGS (unaudited) | UNSECURED NOTES COVENANT RATIOS AND CREDIT RATINGS (unaudited) |  |
| (Amounts in thousands) | (Amounts in thousands) | **As of** | **As of** | **As of** | **As of** |
| **Unsecured Notes Covenant Ratios**<sup>(1)</sup> | **Required** | **December 31, 2022** | **September 30, <br>2022** | **June 30, <br>2022** | **March 31, <br>2022** |
| Total outstanding debt/total assets<sup>(2)</sup> | Less than 65% | 48% | 47% | 47% | 48% |
| Secured debt/total assets | Less than 50% | 32% | 32% | 31% | 33% |
| Interest coverage ratio (annualized combined EBITDA to annualized interest expense) | Greater than 1.50 | 2.29 | 2.53 | 3.02 | 3.29 |
| Unencumbered assets/unsecured debt | Greater than 150% | 342% | 354% | 362% | 360% |

---

---

| | |
|:---|:---|
| **Consolidated Unencumbered EBITDA**<sup>(1)</sup> **(non-GAAP):** | **Q4 2022<br>Annualized** |
| New York | $251072 |
| Other | 106772 |
| Total | $357844 |

---

---

| | | |
|:---|:---|:---|
| **Credit Ratings**<sup>(3)</sup>**:** | **Rating** | **Outlook** |
| Moody's | Baa3 | Stable |
| S&P | BBB- | Stable |
| Fitch | BBB- | Negative |

---

**(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.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| LIQUIDITY AND CAPITALIZATION (unaudited) |
| (Amounts in millions, except per share amounts) |

---

**Liquidity Snapshot**<sup>(1)</sup><br>

![chart-8ab19a5fdf754966befa.jpg](chart-8ab19a5fdf754966befa.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;

**(1)** Prior to June 30, 2022, the $1.25 billion revolving credit facility maturing in 2027, as fully extended, had full capacity of $1.5 billion.

**(2)** 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, 2022.

**(3)** Based on the Vornado Realty Trust (NYSE: VNO) December 31, 2022 quarter end closing common share price of $20.81.

   

![chart-46ea3ddc0fbd4b169a3a.jpg](chart-46ea3ddc0fbd4b169a3a.jpg)

---

| | | |
|:---|:---|:---|
| **Company capitalization**<sup>(2)</sup>**:** | **Amount** | **% Total** |
| &nbsp;&nbsp;Consolidated mortgages payable (at 100%) | $5878 | 42% |
| &nbsp;&nbsp;Unsecured debt (contractual) | 2575 | 18% |
| &nbsp;&nbsp;Perpetual preferred shares/units | 1223 | 9% |
| &nbsp;&nbsp;Equity<sup>(3)</sup> | 4342 | 31% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **14018** | **100%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro rata share of debt of non-consolidated entities | 2697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Noncontrolling interests' share of consolidated debt | (682) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total at share** | $**16033** |  |

---

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| NET DEBT TO EBITDAre, AS ADJUSTED (unaudited) | NET DEBT TO EBITDAre, AS ADJUSTED (unaudited) | NET DEBT TO EBITDAre, AS ADJUSTED (unaudited) | NET DEBT TO EBITDAre, AS ADJUSTED (unaudited) | NET DEBT TO EBITDAre, AS ADJUSTED (unaudited) |  |  |  |  |  |
| (Amounts in millions) |  |  |  |  |  |  |  |  |  |
|  | **As of and For the Year Ended December 31,** | **As of and For the Year Ended December 31,** | **As of and For the Year Ended December 31,** | **As of and For the Year Ended December 31,** | **As of and For the Year Ended December 31,** | **As of and For the Year Ended December 31,** | **As of and For the Year Ended December 31,** | **As of and For the Year Ended December 31,** |  |
|  | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** | **2019** | **2019** |  |
| Secured debt | $5878 |  | $6099 |  | $5608 |  | $5670 |  |  |
| Unsecured debt | 2575 |  | 2575 |  | 1825 |  | 1775 |  |  |
| Pro rata share of debt of non-consolidated entities | 2697 |  | 2700 |  | 2873 |  | 2803 |  |  |
| Less: Noncontrolling interests' share of consolidated debt | (682) |  | (682) |  | (483) |  | (483) |  |  |
| **Company's pro rata share of total debt** | $**10468** |  | $**10692** |  | $**9823** |  | $**9765** |  |  |
| *% Unsecured debt* | *25%* | *25%* | *24%* | *24%* | *19%* | *19%* | *18%* | *18%* |  |
| Company's pro rata share of total debt | $10468 |  | $10692 |  | $9823 |  | $9765 |  |  |
| Less: Cash and cash equivalents, restricted cash and investments in U.S. Treasury bills | (1493) |  | (1930) |  | (1730) |  | (1242) |  | <sup>(1)</sup> |
| Less: Participation in 150 West 34th Street mortgage loan<sup>(2)</sup> | (105) |  | (105) |  | (105) |  | (105) |  |  |
| Less: Projected cash proceeds from 220 Central Park South | (90) |  | (148) |  | (275) |  | (1200) |  |  |
| **Net debt** | $**8780** |  | $**8509** |  | $**7713** |  | $**7218** |  |  |
| **EBITDAre, as adjusted (non-GAAP)** | $**1091** |  | $**949** |  | $**910** |  | $**1136** |  |  |
| **Net debt / EBITDAre, as adjusted** | **8.0** | **x** | **9.0** | **x** | **8.5** | **x** | **6.4** | **x** |  |

---

______________________________

**(1)**2019 includes $33 of investments in marketable securities sold in January 2020 and is reduced by a $398 accrual of a special dividend/distribution paid in January 2020.

**(2)**On January 9, 2023, our $105 participation in the $205 mortgage loan on 150 West 34th Street was repaid.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| DEBT SNAPSHOT (unaudited) |  |  |  |  |  |  |  |
| (Amounts in millions) |  |  |  |  |  |  |  |
|  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
|  | **Total** | **Total** | **Variable** | **Variable** | **Variable** | **Fixed** | **Fixed** |
| (Contractual debt balances) | **Amount** | **Weighted<br>Average<br>Interest Rate** | **Amount** |  | **Weighted<br>Average<br>Interest Rate** | **Amount** | **Weighted<br>Average<br>Interest Rate** |
| Consolidated debt<sup>(1)</sup> | $8453 | 4.16% | $2308 | <sup>(2)</sup> | 5.67% | $6145 | 3.59% |
| Pro rata share of debt of non-consolidated entities | 2697 | 4.87% | 1250 |  | 6.19% | 1447 | 3.72% |
| Total | 11150 | 4.33% | 3558 |  | 5.85% | 7592 | 3.61% |
| Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street) | (682) |  | (682) |  |  |  |  |
| Company's pro rata share of total debt | $10468 | 4.23% | $2876 | <sup>(2)</sup> | 5.87% | $7592 | 3.61% |

---

________________________________

**(1)**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, 2022.

**(2)**Includes our $105 participation in the loan. On January 9, 2023, our $105 participation in the $205 mortgage loan on 150 West 34th Street was repaid.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited) | HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited) | HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited) | HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited) | HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited) | HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited) | HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited) | HEDGING INSTRUMENTS AS OF DECEMBER 31, 2022 (unaudited) |
| (Amounts in thousands) |  |  |  |  |  |  |  |
|  | **Debt Information** | **Debt Information** | **Debt Information** | **Swap / Cap Information** | **Swap / Cap Information** | **Swap / Cap Information** | **Swap / Cap Information** |
|  | **Balance<br>at Share** | **Variable Rate Spread** | **Maturity Date**<sup>(1)</sup> | **Notional Amount<br>at Share** |  | **All-In Swapped Rate** | **Swap Expiration Date** |
| **Interest Rate Swaps:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consolidated:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 California Street mortgage loan | $840000 | L+193 | 05/28 | $840000 |  | 2.26% | 05/24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 Broadway mortgage loan | 700000 | S+225 | 07/27 | 700000 |  | 4.98% | 07/27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PENN 11 mortgage loan | 500000 | S+206 | 10/25 | 500000 |  | 2.22% | 03/24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured revolving credit facility | 575000 | S+115 | 12/27 | 575000 |  | 3.88% | 08/27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loan | 800000 | S+130 | 12/27 | 800000 | <sup>(2)</sup> | 4.05% | 10/23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 West 33rd Street mortgage loan | 480000 | S+165 | 06/27 | 480000 |  | 5.06% | 06/27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 Seventh Avenue mortgage loan | 277800 | S+180 | 12/25 | 200000 |  | 4.76% | 09/27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Union Square South mortgage loan | 120000 | S+150 | 08/25 | 100000 |  | 3.74% | 01/25 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Unconsolidated:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 Fifth Avenue mortgage loan | 259925 | L+101 | 05/24 | 259925 |  | 3.07% | 05/23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 Lexington Avenue - retail condominium mortgage loan | 97200 | S+151 | 08/25 | 97200 |  | 1.76% | 05/25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50-70 West 93rd Street mortgage loan | 41667 | L+153 | 12/24 | 41168 |  | 3.14% | 06/24 |
|  | $4691592 |  |  | 4593293 |  |  |  |
| **Interest Rate Caps:** |  |  |  |  |  | **Index Strike Rate** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consolidated:** |  |  |  |  |  | **Index Strike Rate** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 Avenue of the Americas mortgage loan | $665000 | L+151 | 11/28 | 665000 |  | 4.00% | 11/23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Park Avenue mortgage loan | 525000 | S+122 | 03/26 | 525000 | <sup>(3)</sup> | 4.39% | 03/23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 West 34th Street mortgage loan | 205000 | S+199 | 05/24 | 100000 | <sup>(4)</sup> | 4.10% | 06/24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 Broadway mortgage loan | 37060 | S+191 | 09/24 | 37060 |  | 4.00% | 09/24 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Unconsolidated:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 Park Avenue mortgage loan | 600000 | L+173 | 09/24 | 600000 |  | 4.08% | 09/23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 Ninth Avenue mortgage loan | 75543 | S+146 | 01/26 | 75543 |  | 4.39% | 02/24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 West 22nd Street mortgage loan | 75418 | L+200 | 06/23 | 75418 |  | 4.00% | 06/23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rego Park II mortgage loan | 65624 | S+145 | 12/25 | 65624 |  | 4.15% | 11/24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fashion Centre Mall/Washington Tower mortgage loan | 34125 | L+294 | 05/26 | 34125 |  | 4.00% | 05/24 |
|  | $2282770 |  |  | 2177770 | <sup>(5)</sup> |  |  |
| Fixed rate debt per loan agreements and Vornado's $105 million participation in 150 West 34th Street mortgage loan | Fixed rate debt per loan agreements and Vornado's $105 million participation in 150 West 34th Street mortgage loan | Fixed rate debt per loan agreements and Vornado's $105 million participation in 150 West 34th Street mortgage loan |  | 3104164 |  |  |  |
| Variable rate debt not subject to interest rate swaps or caps |  |  |  | 592555 | <sup>(5)</sup> |  |  |
| **Total debt at share** |  |  |  | $**10467782** |  |  |  |

---

________________________________

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

**(2)**The unsecured term loan is subject to various interest rate swap arrangements during its term, See page [7](#ia7d22c5eec164e2f8badedd11d0a7732_17436) for details.

**(3)**In December 2022, we entered into a forward cap for the $525,000 One Park Avenue mortgage loan effective upon the March 2023 expiration of the existing cap. The forward cap has a SOFR strike rate of 3.89% and expires in March 2024.

**(4)**Excludes our $105,000 participation in the loan. On January 9, 2023, our $105,000 participation in the $205,000 mortgage loan on 150 West 34th Street was repaid. The remaining $100,000 balance will bear interest at a floating rate of S+1.86% subject to the interest rate cap arrangement disclosed above.

**(5)**Our exposure to LIBOR/SOFR index increases is partially mitigated by an increase in interest income on our cash, cash equivalents, restricted cash and investments in U.S. Treasury bills.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| CONSOLIDATED DEBT MATURITIES (CONTRACTUAL BALANCES) (unaudited) |
| (Amounts in millions) |

---

**Consolidated Debt Maturity Schedule**<sup>(1)</sup> **as of December 31, 2022**<br>(Excludes pro rata share of JV debt)<sup>(2)</sup><br>

![chart-c1b167c907084a41886a.jpg](chart-c1b167c907084a41886a.jpg)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated (100%):** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Secured | $22 |  | $396 | <sup>(3)</sup> | $855 | $525 | $1580 | $2500 |  |
| &nbsp;&nbsp;&nbsp;Unsecured |  |  |  |  | 450 | 400 | 1375 | 350 |  |
| **Total consolidated debt (100%)** | $**22** |  | $**396** |  | $**1305** | $**925** | $**2955** | $**2850** | <sup>(4)</sup> |
| % of total consolidated debt | 0.3% |  | 4.7% |  | 15.4% | 10.9% | 35.0% | 33.7% |  |
| **Debt maturities at share:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated debt (100%) | $22 |  | $396 |  | $1305 | $925 | $2955 | $2850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro rata share of debt of non-consolidated entities | 312 | <sup>(5)</sup> | 1064 |  | 505 | 581 | 40 | 195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Noncontrolling interests' share of consolidated debt |  |  | (37) |  |  |  |  | (645) |  |
| **Total debt at share** | $**334** |  | $**1423** |  | $**1810** | $**1506** | $**2995** | $**2400** |  |
| % of total debt at share | 3.2% |  | 13.6% |  | 17.3% | 14.4% | 28.6% | 22.9% |  |

---

_______________________________

**(1)**Assumes the exercise of as-of-right extension options. Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity. See the previous page for information on interest rate swap arrangements entered into as of December 31, 2022.

**(2)**Vornado Realty L.P. guarantees $800 of JV partnership debt comprised of the $300 mortgage loan on 7 West 34th Street and the $500 mortgage loan on 640 Fifth Avenue included in the Fifth Avenue and Times Square JV. This $800 is excluded from the schedule presented above.

**(3)**We hold a $105 participation in the 150 West 34th Street mortgage loan which is included in "other assets" on our consolidated balance sheets. On January 9, 2023, our $105 participation in the $205 mortgage loan on 150 West 34th Street was repaid.

**(4)**Of the $1,310 floating rate debt expiring after 2027, $645 is attributable to noncontrolling interests.

**(5)**2023 includes our $189 share of the 697-703 Fifth Avenue mortgage loan. On December 21, 2022, the 697-703 Fifth Avenue $450 non-recourse mortgage loan matured and was not repaid, at which time the lenders declared an event of default. During December 2022, $29 of property-level funds were applied by the lenders against the principal balance resulting in a $421 loan balance as of December 31, 2022. The Fifth Avenue and Times Square JV is in negotiations with the lenders regarding a restructuring but there can be no assurance as to the timing and ultimate resolution of these negotiations.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) | CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited) |
| (Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
| **Property** | **Maturity**<br>**Date**<sup>(1)</sup> | **Spread over<br>LIBOR/SOFR** | **Interest** <br>**Rate**<sup>(2)</sup> | **2023** | **2024** |  | **2025** | **2026** | **2027** | **Thereafter** | **Total** |
| **Secured Debt:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;435 Seventh Avenue | 02/24 | L+130 | 5.47% | $— | $95696 |  | $— | $— | $— | $— | $95696 |
| &nbsp;&nbsp;150 West 34th Street | 05/24 | S+199 | 6.15% |  | 205000 | **(3)** |  |  |  |  | 205000 |
| &nbsp;&nbsp;606 Broadway (50.0% interest) | 09/24 | S+191 | 5.91% |  | 74119 |  |  |  |  |  | 74119 |
| &nbsp;&nbsp;4 Union Square South | 08/25 |  | 4.05% |  |  |  | 120000 |  |  |  | 120000 |
| &nbsp;&nbsp;PENN 11 | 10/25 |  | 2.22% |  |  |  | 500000 |  |  |  | 500000 |
| &nbsp;&nbsp;888 Seventh Avenue | 12/25 |  | 5.09% | 21600 | 21600 |  | 234600 |  |  |  | 277800 |
| &nbsp;&nbsp;One Park Avenue | 03/26 | S+122 | 5.56% |  |  |  |  | 525000 |  |  | 525000 |
| &nbsp;&nbsp;350 Park Avenue | 01/27 |  | 3.92% |  |  |  |  |  | 400000 |  | 400000 |
| &nbsp;&nbsp;100 West 33rd Street | 06/27 |  | 5.06% |  |  |  |  |  | 480000 |  | 480000 |
| &nbsp;&nbsp;770 Broadway | 07/27 |  | 4.98% |  |  |  |  |  | 700000 |  | 700000 |
| &nbsp;&nbsp;555 California Street (70.0% interest) | 05/28 |  | 3.36% |  |  |  |  |  |  | 1200000 | 1200000 |
| &nbsp;&nbsp;1290 Avenue of the Americas (70.0% interest) | 11/28 | L+151 | 5.51% |  |  |  |  |  |  | 950000 | 950000 |
| &nbsp;&nbsp;909 Third Avenue | 04/31 |  | 3.23% |  |  |  |  |  |  | 350000 | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Secured Debt** |  |  |  | 21600 | 396415 |  | 854600 | 525000 | 1580000 | 2500000 | 5877615 |
| **Unsecured Debt:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Senior unsecured notes due 2025 | 01/25 |  | 3.50% |  |  |  | 450000 |  |  |  | 450000 |
| &nbsp;&nbsp;$1.25 Billion unsecured revolving credit facility | 04/26 | S+119 | 0.00% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Senior unsecured notes due 2026 | 06/26 |  | 2.15% |  |  |  |  | 400000 |  |  | 400000 |
| &nbsp;&nbsp;$1.25 Billion unsecured revolving credit facility | 12/27 |  | 3.88% |  |  |  |  |  | 575000 |  | 575000 |
| &nbsp;&nbsp;$800 Million unsecured term loan | 12/27 |  | 4.05% |  |  |  |  |  | 800000 |  | 800000 |
| &nbsp;&nbsp;Senior unsecured notes due 2031 | 06/31 |  | 3.40% |  |  |  |  |  |  | 350000 | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Debt** |  |  |  |  |  |  | 450000 | 400000 | 1375000 | 350000 | 2575000 |
| **Total Debt** |  |  |  | $21600 | $396415 |  | $1304600 | $925000 | $2955000 | $2850000 | $8452615 |
| Weighted average rate |  |  |  | 5.92% | 5.93% |  | 3.32% | 4.08% | 4.38% | 4.07% | 4.16% |
| Fixed rate debt<sup>(4)</sup> |  |  |  | $— | $— |  | $1250000 | $400000 | $2955000 | $1540000 | $6145000 |
| Fixed weighted average rate expiring |  |  |  | 0.00% | 0.00% |  | 3.21% | 2.15% | 4.38% | 2.74% | 3.59% |
| Floating rate debt |  |  |  | $21600 | $396415 |  | $54600 | $525000 | $— | $1310000 | $2307615 |
| Floating weighted average rate expiring |  |  |  | 5.92% | 5.93% |  | 5.81% | 5.56% | 0.00% | 5.63% | 5.67% |

---

________________________________

**(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 12 for information on interest rate swap and interest rate cap arrangements entered into as of December 31, 2022

**(3)**We hold a $105,000 participation in the mortgage loan which is included in "other assets" on our consolidated balance sheets. On January 9, 2023, our $105,000 participation in the $205,000 mortgage loan on 150 West 34th Street was repaid. The remaining $100,000 balance will bear interest at a floating rate of S+1.86% subject to the interest rate cap arrangement disclosed on page 12.

**(4)**Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity. See page 12 for information on interest rate swap arrangements entered into as of December 31, 2022.

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| TOP 15 TENANTS (unaudited) |  |  |  |
| (Amounts in thousands, except square feet) |  |  |  |
|  | **Square Footage At Share** | **Annualized Escalated Rents**<br>**At Share**<sup>(1)</sup> | **% of Total Annualized Escalated Rents<br>At Share** |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. | 1451153 | $158889 | 8.8% |
| &nbsp;&nbsp;&nbsp;IPG and affiliates | 967552 | 67279 | 3.6% |
| &nbsp;&nbsp;&nbsp;New York University | 685290 | 45013 | 2.5% |
| &nbsp;&nbsp;&nbsp;Google/Motorola Mobility (guaranteed by Google) | 759446 | 41220 | 2.2% |
| &nbsp;&nbsp;&nbsp;Bloomberg L.P. | 306768 | 40252 | 2.2% |
| &nbsp;&nbsp;&nbsp;Equitable Financial Life Insurance Company | 336644 | 35453 | 2.0% |
| &nbsp;&nbsp;&nbsp;Yahoo Inc. | 313726 | 32202 | 1.8% |
| &nbsp;&nbsp;&nbsp;Amazon (including its Whole Foods subsidiary) | 312694 | 30115 | 1.7% |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Group LLC | 306612 | 27283 | 1.5% |
| &nbsp;&nbsp;&nbsp;Madison Square Garden & Affiliates | 412551 | 27143 | 1.5% |
| &nbsp;&nbsp;&nbsp;Swatch Group USA | 14949 | 26173 | 1.4% |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc. | 326717 | 25391 | 1.4% |
| &nbsp;&nbsp;&nbsp;Bank of America | 247459 | 24500 | 1.4% |
| &nbsp;&nbsp;&nbsp;Apple Inc. | 412434 | 24072 | 1.3% |
| &nbsp;&nbsp;&nbsp;LVMH Brands | 65060 | 23132 | 1.3% |
|  |  |  | **34.6%** |

---

________________________________

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| LEASE EXPIRATIONS (unaudited) |
| (Amounts in thousands) |

---

**Our Share of Square Feet of Expiring Leases<br>As of December 31, 2022**

![chart-f0391bd2c47f4f118a1a.jpg](chart-f0391bd2c47f4f118a1a.jpg)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| New York Office | 1444 | 943 | 699 | 1217 | 1160 | 1003 | 1161 | 623 | 899 | 404 | 4867 |
| New York Retail | 149 | 133 | 40 | 82 | 34 | 27 | 50 | 155 | 88 | 55 | 390 |
| theMart | 254 | 233 | 409 | 290 | 191 | 684 | 111 | 29 | 294 | 160 | 167 |
| 555 California Street | 6 | 70 | 274 | 238 | 65 | 112 | 116 | 106 |  | 5 | 188 |
| **Total** | **1853** | **1379** | **1422** | **1827** | **1450** | **1826** | **1438** | **913** | **1281** | **624** | **5612** |
| % of total | 9.4% | 7.0% | 7.2% | 9.3% | 7.4% | 9.3% | 7.3% | 4.7% | 6.5% | 3.2% | 28.7% |

---

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PENN DISTRICT |  |  |  |  |  |  |  |  |  |  |  |
| ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) | ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2022 (unaudited) |
| (Amounts in thousands of dollars, except square feet) |  |  |  |  |  |  |  |  |  |  |  |
|  |  | **Property<br>Rentable<br>Sq. Ft.** |  |  | **Cash Amount<br>Expended** |  | **Remaining Expenditures** |  | **Stabilization Year** | **Projected Incremental Cash Yield** | **Projected Incremental Cash Yield** |
| **Active PENN District Projects** | **Segment** | **Property<br>Rentable<br>Sq. Ft.** | **Budget**<sup>(1)</sup> |  | **Cash Amount<br>Expended** |  | **Remaining Expenditures** |  | **Stabilization Year** | **Projected Incremental Cash Yield** | **Projected Incremental Cash Yield** |
| The Farley Building (95% interest) | New York | 846000 | 1120000 | **(2)** | 1111493 | **(2)** | 8507 | **(2)** | **(3)** | 6.2% |  |
| PENN 2 - as expanded | New York | 1795000 | 750000 |  | 393126 |  | 356874 |  | 2025 | 9.5% |  |
| PENN 1 (including LIRR Concourse Retail)<sup>(4)</sup> | New York | 2546000 | 450000 |  | 375810 |  | 74190 |  | N/A | 13.2% | **(4)(5)** |
| Districtwide Improvements | New York | N/A | 100000 |  | 41776 |  | 58224 |  | N/A | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Active PENN District Projects |  |  | **2420000** |  | **1922205** |  | **497795** |  |  | 8.3% |  |

---

___________________

**(1)**Excluding debt and equity carry.

**(2)**Net of 154,000 of historic tax credit investor contributions, of which 88,000 has been funded to date (at our 95% share).

**(3)**Office stabilized in 2022, Retail to stabilize in 2023/2024.

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

**(5)**Projected to be achieved as pre-redevelopment leases roll, which have an approximate average remaining term of 3.6 years.

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

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

APPENDIX NON-GAAP RECONCILIATIONS

i

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited) |
| (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) | (Amounts in thousands, except per share amounts) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Net (loss) income attributable to common shareholders | $(493280) | $11269 | $(408615) | $101086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per diluted share | $(2.57) | $0.06 | $(2.13) | $0.53 |
| Certain expense (income) items that impact net (loss) income attributable to common shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash real estate impairment losses on wholly owned and partially owned assets | 595488 |  | 595488 | 7880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains on disposition of wholly owned and partially owned assets | (47769) | (11620) | (62685) | (15315) |
| &nbsp;&nbsp;&nbsp;&nbsp;After-tax net gain on sale of 220 CPS condominium units and ancillary amenities | (29773) | (13584) | (35858) | (44607) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Pennsylvania loss (primarily accelerated building depreciation expense) | 26614 | 8998 | 71087 | 29472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary) | 3482 | 9180 | 13665 | 10868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV |  |  | (13613) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3449 | 19569 | 7289 | (2436) |
|  | 551491 | 12543 | 575373 | (14138) |
| Noncontrolling interests' share of above adjustments | (38257) | (835) | (40290) | 1205 |
| Total of certain expense (income) items that impact net (loss) income attributable to common shareholders | $513234 | $11708 | $535083 | $(12933) |
| Net income attributable to common shareholders, as adjusted (non-GAAP) | $19954 | $22977 | $126468 | $88153 |
| Per diluted share (non-GAAP) | $0.10 | $0.12 | $0.66 | $0.46 |

---

ii

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| NON-GAAP RECONCILIATIONS<br>CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited) | NON-GAAP RECONCILIATIONS<br>CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited) | NON-GAAP RECONCILIATIONS<br>CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited) |  |
| (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) |
|  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
|  | **Consolidated<br>Debt, Net** | **Deferred Financing<br>Costs, Net and Other** | **Consolidated Contractual Debt** |
| Mortgages payable | $5829018 | $48597 | $5877615 |
| Senior unsecured notes | 1191832 | 8168 | 1200000 |
| $800 Million unsecured term loan | 793193 | 6807 | 800000 |
| $2.5 Billion unsecured revolving credit facilities | 575000 |  | 575000 |
|  | $8389043 | $63572 | $8452615 |

---

iii

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| |
|:---|
| NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF NET (LOSS) INCOME TO EBITDAre (unaudited) |
| (Amounts in thousands) |

---

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 EBITDA 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 joint ventures 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 joint ventures. 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** | **2020** | **2019** |
| Reconciliation of net (loss) income to EBITDAre (non-GAAP): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | $(525002) | $31963 | $(382612) | $207553 | $(461845) | $3334262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries | 10493 | (3691) | 5737 | (24014) | 139894 | 24547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income attributable to the Operating Partnership | (514509) | 28272 | (376875) | 183539 | (321951) | 3358809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDAre adjustments at share: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 155524 | 153136 | 593322 | 526539 | 532298 | 530473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and debt expense | 111848 | 88647 | 362321 | 297116 | 309003 | 390139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 7913 | 10744 | 23404 | (9813) | 36253 | 103917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale of real estate | (30397) | (12623) | (58920) | (15675) |  | (178711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate impairment losses | 595488 |  | 595488 | 7880 | 645346 | 32001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on transfer to Fifth Avenue and Times Square JV on April 18, 2019, net of $11,945 attributable to noncontrolling interests |  |  |  |  |  | (2559154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDAre at share | 325867 | 268176 | 1138740 | 989586 | 1200949 | 1677474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDAre attributable to noncontrolling interests in consolidated subsidiaries | 18137 | 23266 | 71786 | 75987 | (91155) | 8150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDAre (non-GAAP) | $344004 | $291442 | $1210526 | $1065573 | $1109794 | $1685624 |

---

iv

------

![vornadologoa24b.jpg](vornadologoa24b.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited) | NON-GAAP RECONCILIATIONS<br>RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited) |
| (Amounts in thousands) |  |  |  |  |  |  |
|  | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** | **2020** | **2019** |
| EBITDAre (non-GAAP) | $344004 | $291442 | $1210526 | $1065573 | $1109794 | $1685624 |
| EBITDAre attributable to noncontrolling interests in consolidated subsidiaries | (18137) | (23266) | (71786) | (75987) | 91155 | (8150) |
| Certain (income) expense items that impact EBITDAre: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of 220 CPS condominium units and ancillary amenities | (34844) | (14959) | (41874) | (50318) | (381320) | (604393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gains on disposition of wholly owned and partially owned assets | (17372) |  | (17372) | (643) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our share of loss (income) from real estate fund investments | 463 | (1564) | (1671) | (3757) | 63114 | 48808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel Pennsylvania loss (income) |  |  |  | 11625 | 31139 | (8264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market decrease in PREIT common shares (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) |  |  |  |  | 4938 | 21649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 7157 | 3981 | 12741 | 2483 | (8527) | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total of certain income items that impact EBITDAre | (44596) | (12542) | (48176) | (40610) | (290656) | (541857) |
| EBITDAre, as adjusted (non-GAAP) | $281271 | $255634 | $1090564 | $948976 | $910293 | $1135617 |

---

v

------

![fixedincomesupp1q229a.jpg](fixedincomesupp1q229a.jpg)

<br>