Document


INDEX
		Page
	BUSINESS DEVELOPMENTS	3	-	4
	FINANCIAL INFORMATION
	Financial Highlights	5
	FFO, As Adjusted Bridge	6
	Net Operating Income, EBITDAre, FFO and FAD	7
	Consolidated Balance Sheets	8
	Net Income Attributable to Common Shareholders (Consolidated and by Segment)	9	-	11
	Net Operating Income at Share and Net Operating Income at Share - Cash Basis by Segment and Subsegment	12
	Same Store NOI at Share and Same Store NOI at Share - Cash Basis	13




	LEASING ACTIVITY AND LEASE EXPIRATIONS
	Leasing Activity	14	-	15
	Lease Expirations	1 6	-	18
	CAPITAL EXPENDITURES AND RE/DEVELOPMENT	19

	DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES	20
	UNCONSOLIDATED JOINT VENTURES	21	-	22
	DEBT AND CAPITALIZATION
	Debt Analysis	23
	Corporate Covenant Ratios and Credit Ratings	24
	Capital Structure	25

	Debt Maturities	26
	Debt Detail (Consolidated and Unconsolidated)	27	-	28
	Hedging Instruments	29
	PROPERTY STATISTICS
	Top 30 Tenants	30
	Square Footage	31
	Occupancy and Residential Statistics	32
	Ground Leases	33
	Property Table	34	-	42
	EXECUTIVE OFFICERS AND RESEARCH COVERAGE	43
	APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
	Definitions	i
	Reconciliations	ii	-	xv

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

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

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BUSINESS DEVELOPMENTS

770 Broadway

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

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

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

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

PENN 1 Ground Rent Reset Determination

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

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

We were accruing $26,205,000 per annum of ground rent based on a previous estimate and therefore, in connection with the Panel’s determination, we reversed $17,240,000 of previously accrued rent expense during the six months ended June 30, 2025. Additionally, commencing in the first quarter of 2025, we are now paying based on the $15,000,000 annual rent.

Dispositions

666 Fifth Avenue (Fifth Avenue and Times Square JV)

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

220 Central Park South

During the six months ended June 30, 2025, we closed on the sale of two condominium units and ancillary amenities at 220 Central Park South (“220 CPS”) for net proceeds of $24,839,000, resulting in a financial statement net gain of $13,702,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $2,592,000 of income tax expense was recognized on our consolidated statements of income. Two units remain unsold.

Canal Street Condominium Units

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

- 3 -

BUSINESS DEVELOPMENTS

Dispositions - continued

512 West 22nd Street

On May 13, 2025, a joint venture, in which we have a 55.0% interest, entered into an agreement to sell 512 West 22nd Street, a 173,000 square foot office building, for $205,000,000. A portion of the proceeds will be used by the joint venture to repay the $123,650,000 mortgage loan encumbering the property. The sale is expected to close in the third quarter of 2025 and is subject to customary closing conditions. We expect to recognize an approximate $11,000,000 financial statement gain.

49 West 57th Street

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

Financing Activity

Senior Unsecured Notes due 2025

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

1535 Broadway (Fifth Avenue and Times Square JV)

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

Sustainability Margin Adjustment

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

Independence Plaza

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

PENN 11

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

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FINANCIAL HIGHLIGHTS (unaudited)

(Amounts in thousands, except per share amounts)	For the Three Months Ended or As Of
Earnings and Earnings Per Share	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024

Net income (loss) attributable to common shareholders	$	743,819	$	86,842	$	1,203	$	(19,154)	$	35,260
Per diluted share	3.70		0.43		0.01		(0.10)		0.18
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	120,928		135,039		117,085		99,256		148,944
Per diluted share (non-GAAP)	0.60		0.67		0.58		0.50		0.76
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	113,324		126,245		122,212		102,755		112,766
Per diluted share (non-GAAP)	0.56		0.63		0.61		0.52		0.57

EBITDAre attributable to the Operating Partnership (non-GAAP)	267,254		288,862		270,960		255,675		277,645
EBITDAre attributable to the Operating Partnership, as adjusted (non-GAAP)	257,583		273,697		272,692		254,938		265,832

Common Share Price & Dividends (NYSE:VNO)
High Price	$	41.95	$	45.37	$	46.63	$	39.91	$	30.02
Low Price	29.68		34.91		37.88		25.36		22.42
Closing price - end of quarter	38.24		36.99		42.04		39.40		26.29
Dividends per common share(1)	N/A		N/A		$	0.74	N/A		N/A
FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)(1)	N/A		N/A		32.7%		N/A		N/A
FAD payout ratio(1)	N/A		N/A		42.3%		N/A		N/A

VNO Common Shares & VRLP Units
VNO common shares outstanding	192,041		191,949		190,847		190,649		190,505
Redeemable Class A units and LTIP Unit awards outstanding	16,708		16,745		16,851		17,015		17,161
Convertible unit equivalents outstanding	1,313		1,356		1,199		1,285		1,907
Total Class A units and assumed conversions of convertible units outstanding	210,062		210,050		208,897		208,949		209,573

Weighted average Class A units outstanding - diluted	217,801		218,107		218,277		216,049		213,496


Market Capitalization												$	18.4	Billion				$	18.6	Billion				$	20.1	Billion				$	19.5	Billion				$	16.8	Billion


Liquidity (amounts in millions)
Cash and cash equivalents	$	1,205	$	569	$	734	$	784	$	873
Restricted cash	158		238		216		245		244
Available on our $2.2 billion revolving credit facilities	1,560		1,540		1,532		1,560		1,560
Total Liquidity	$	2,923	$	2,347	$	2,482	$	2,589	$	2,677

___________________

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

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

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FFO, AS ADJUSTED BRIDGE - Q2 2025 VS. Q2 2024 (unaudited)


(Amounts in millions, except per share amounts)	FFO, as Adjusted
	Amount		Per Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2024	$	112.8	$	0.57

Increase / (decrease) in FFO, as adjusted due to:
Changes in the tax assessed value of THE MART, net of tenant reimbursements	9.2
Interest income (primarily redemption of Retail JV preferred equity)	(5.8)
Asset sales	(3.3)
Variable businesses (primarily signage)	2.4
FFO impact of NYU master lease at 770 Broadway	1.1
Rent commencements, net of lease expirations	0.8
Interest expense	(0.4)
Other, net (primarily leasing overrides in Q2 2024)	(3.9)
	0.1
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities	0.4
Net increase	0.5		0.00
Share count dilution			(0.01)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2025	$	113.3	$	0.56

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

- 6 -


NET OPERATING INCOME, EBITDAre, FFO AND FAD (unaudited)


(Amounts in thousands)	For the Three Months Ended
	June 30, 2025			March 31, 2025		June 30, 2024
Net Operating Income (“NOI”)(1):
Total revenues	$	441,437		$	461,579	$	450,266
Operating expenses	(219,348)			(224,740)		(229,380)
Our share of NOI from partially owned entities	66,227			67,111		68,298
NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,643)			(10,660)		(9,013)
NOI at share	277,673			293,290		280,171
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(45,954)			(23,919)		(581)
NOI at share - cash basis	$	231,719		$	269,371	$	279,590

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") (at Vornado’s share)(1):
General and administrative expenses	(40,678)			(39,159)		(39,225)
Interest and other investment income (loss), net	20,127			19,223		24,885
Transaction related costs and other (excludes real estate impairment losses)	(179)			(43)		(3,361)
Net gain on disposition of non-depreciable wholly owned and partially owned assets	10,311			15,551		15,175
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	45,954			23,919		581
EBITDAre attributable to the Operating Partnership (non-GAAP)	$	267,254		$	288,862	$	277,645
Total of certain items that impact EBITDAre	(9,671)			(15,165)		(11,813)
EBITDAre attributable to the Operating Partnership, as adjusted (non-GAAP)	$	257,583		$	273,697	$	265,832

Funds From Operations (“FFO”) (at Vornado’s share)(1):
Interest and debt expense	(115,171)			(117,891)		(93,148)
Preferred share dividends	(15,554)			(15,555)		(15,557)
Personal property depreciation	(1,564)			(1,526)		(1,444)
Income tax expense	(4,295)			(7,414)		(5,582)
Impact of assumed conversion of dilutive convertible securities	385			310		393
Add-back - Total of certain items that impact EBITDAre	9,671			15,165		11,813
FFO allocated to noncontrolling interests of the Operating Partnership	(10,127)			(11,747)		(13,363)
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	120,928		$	135,039	$	148,944
Total of certain items that impact FFO attributable to common shareholders plus assumed conversions	(7,605)			(8,794)		(36,178)
FFO attributable to common shareholders plus assumed conversions, as adjusted	$	113,323		$	126,245	$	112,766

Funds Available for Distributions (“FAD”) (at Vornado's share)(1):
Certain items that impact FAD	(637)			(764)		(3,255)
Recurring tenant improvements, leasing commissions and other capital expenditures	(104,203)		(2)	(48,071)		(53,934)
Stock-based compensation expense	7,519			6,022		8,750
Amortization of debt issuance costs and other non-cash interest expense	10,638			12,089		17,091
Personal property depreciation	1,564			1,526		1,444
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(45,954)			(23,919)		(581)
Noncontrolling interests in the Operating Partnership's share of above adjustments	11,119			5,139		5,502
FAD (non-GAAP)	$	(6,631)		$	78,267	$	87,783

________________________________

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

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

- 7 -


CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
	As of				Increase (Decrease)
	June 30, 2025		December 31, 2024
ASSETS
Real estate, at cost:
Land	$	2,385,812	$	2,434,209	$	(48,397)
Buildings and improvements	10,560,211		10,439,113		121,098
Development costs and construction in progress	872,493		1,097,395		(224,902)
Leasehold improvements and equipment	112,832		120,915		(8,083)
Total	13,931,348		14,091,632		(160,284)
Less accumulated depreciation and amortization	(4,028,816)		(4,025,349)		(3,467)
Real estate, net	9,902,532		10,066,283		(163,751)
Right-of-use assets	677,249		678,804		(1,555)
Net investment in lease	165,634		—		165,634
Cash, cash equivalents, and restricted cash
Cash and cash equivalents	1,204,863		733,947		470,916
Restricted cash	158,435		215,672		(57,237)

Total	1,363,298		949,619		413,679
Tenant and other receivables	65,210		58,853		6,357
Investments in partially owned entities	2,003,206		2,691,478		(688,272)


Receivable arising from the straight-lining of rents	700,392		707,020		(6,628)
Deferred leasing costs, net	326,688		354,882		(28,194)
Identified intangible assets, net	114,381		118,215		(3,834)
Other assets	289,906		373,454		(83,548)
Total assets	$	15,608,496	$	15,998,608	$	(390,112)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	4,977,526	$	5,676,014	$	(698,488)
Senior unsecured notes, net	746,588		1,195,914		(449,326)
Unsecured term loan, net	796,643		795,948		695
Unsecured revolving credit facilities	575,000		575,000		—
Lease liabilities	710,261		749,759		(39,498)
Accounts payable and accrued expenses	336,524		374,013		(37,489)

Deferred compensation plan	104,765		114,580		(9,815)
Other liabilities	347,131		345,511		1,620
Total liabilities	8,594,438		9,826,739		(1,232,301)
Redeemable noncontrolling interests	750,097		834,658		(84,561)
Shareholders' equity	6,092,098		5,158,242		933,856
Noncontrolling interests in consolidated subsidiaries	171,863		178,969		(7,106)
Total liabilities, redeemable noncontrolling interests and equity	$	15,608,496	$	15,998,608	$	(390,112)

- 8 -


CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Three Months Ended
	June 30,						March 31, 2025
	2025		2024		Variance
Property rentals(1)	$	332,183	$	343,894	$	(11,711)	$	348,385
Tenant expense reimbursements(1)	34,566		48,683		(14,117)		51,983
Amortization of acquired below-market leases, net	96		1,217		(1,121)		88
Straight-lining of rents	15,407		(199)		15,606		4,299
Total rental revenues	382,252		393,595		(11,343)		404,755
Fee and other income:
Building Maintenance Services ("BMS") cleaning fees	37,431		38,465		(1,034)		36,476
Management and leasing fees	2,926		6,709		(3,783)		3,030
Other income	18,828		11,497		7,331		17,318
Total revenues	441,437		450,266		(8,829)		461,579
Operating expenses	(219,348)		(229,380)		10,032		(224,740)
Depreciation and amortization	(115,574)		(109,774)		(5,800)		(116,155)
General and administrative	(39,978)		(38,475)		(1,503)		(38,597)
(Expense) income from deferred compensation plan liability	(3,123)		(1,398)		(1,725)		1,089
Transaction related costs and other	(721)		(3,361)		2,640		(43)
Total expenses	(378,744)		(382,388)		3,644		(378,446)
Income from partially owned entities	16,671		47,949		(31,278)		96,977

Interest and other investment income, net	11,056		10,511		545		8,261
Income (expense) from deferred compensation plan assets	3,123		1,398		1,725		(1,089)
Interest and debt expense	(87,929)		(98,401)		10,472		(95,816)
Gain on sales-type lease	803,248		—		803,248		—
Net gains on disposition of wholly owned and partially owned assets	8,488		16,048		(7,560)		15,551
Income before income taxes	817,350		45,383		771,967		107,017
Income tax expense	(4,123)		(5,284)		1,161		(7,193)
Net income	813,227		40,099		773,128		99,824
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	10,981		13,890		(2,909)		10,433
Operating Partnership	(64,863)		(3,200)		(61,663)		(7,889)
Net income attributable to Vornado	759,345		50,789		708,556		102,368
Preferred share dividends	(15,526)		(15,529)		3		(15,526)

Net income attributable to common shareholders	$	743,819	$	35,260	$	708,559	$	86,842



Capitalized expenditures:
Interest and debt expense	$	9,533	$	12,794	$	(3,261)	$	10,868
Development payroll	1,219		1,829		(610)		1,101

________________________________

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

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CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Six Months Ended June 30,
	2025		2024		Variance
Property rentals(1)	$	680,568	$	681,270	$	(702)
Tenant expense reimbursements(1)	86,549		95,321		(8,772)
Amortization of acquired below-market leases, net	184		1,910		(1,726)
Straight-lining of rents	19,706		4,372		15,334
Total rental revenues	787,007		782,873		4,134
Fee and other income:
BMS cleaning fees	73,907		74,245		(338)
Management and leasing fees	5,956		9,320		(3,364)
Other income	36,146		20,203		15,943
Total revenues	903,016		886,641		16,375
Operating expenses	(444,088)		(455,604)		11,516
Depreciation and amortization	(231,729)		(218,433)		(13,296)
General and administrative	(78,575)		(76,372)		(2,203)
Expense from deferred compensation plan liability	(2,034)		(5,918)		3,884
Transaction related costs and other	(764)		(4,014)		3,250
Total expenses	(757,190)		(760,341)		3,151
Income from partially owned entities	113,648		64,228		49,420

Interest and other investment income, net	19,317		22,235		(2,918)
Income from deferred compensation plan assets	2,034		5,918		(3,884)
Interest and debt expense	(183,745)		(188,879)		5,134
Gain on sales-type lease	803,248		—		803,248
Net gains on disposition of wholly owned and partially owned assets	24,039		16,048		7,991
Income before income taxes	924,367		45,850		878,517
Income tax expense	(11,316)		(12,024)		708
Net income	913,051		33,826		879,225
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	21,414		25,872		(4,458)
Operating Partnership	(72,752)		(2,414)		(70,338)
Net income attributable to Vornado	861,713		57,284		804,429
Preferred share dividends	(31,052)		(31,058)		6

Net income attributable to common shareholders	$	830,661	$	26,226	$	804,435




Capitalized expenditures:
Interest and debt expense	$	20,401	$	25,358	$	(4,957)
Development payroll	2,320		4,328		(2,008)

________________________________

- 10 -


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


	For the Three Months Ended June 30, 2025						For the Six Months Ended June 30, 2025
	Total		New York		Other		Total		New York		Other
Property rentals(1)	$	332,183	$	259,031	$	73,152	$	680,568	$	538,722	$	141,846
Tenant expense reimbursements(1)	34,566		26,644		7,922		86,549		65,636		20,913
Amortization of acquired below-market leases, net	96		39		57		184		70		114
Straight-lining of rents	15,407		17,676		(2,269)		19,706		23,261		(3,555)
Total rental revenues	382,252		303,390		78,862		787,007		627,689		159,318
Fee and other income:
BMS cleaning fees	37,431		39,744		(2,313)		73,907		78,241		(4,334)
Management and leasing fees	2,926		3,150		(224)		5,956		6,355		(399)
Other income	18,828		11,883		6,945		36,146		22,088		14,058
Total revenues	441,437		358,167		83,270		903,016		734,373		168,643
Operating expenses	(219,348)		(188,402)		(30,946)		(444,088)		(372,042)		(72,046)
Depreciation and amortization	(115,574)		(89,805)		(25,769)		(231,729)		(182,170)		(49,559)
General and administrative	(39,978)		(12,105)		(27,873)		(78,575)		(25,520)		(53,055)
Expense from deferred compensation plan liability	(3,123)		—		(3,123)		(2,034)		—		(2,034)
Transaction related costs and other	(721)		—		(721)		(764)		—		(764)
Total expenses	(378,744)		(290,312)		(88,432)		(757,190)		(579,732)		(177,458)
Income from partially owned entities	16,671		13,586		3,085		113,648		107,862		5,786

Interest and other investment income, net	11,056		3,505		7,551		19,317		6,979		12,338
Income from deferred compensation plan assets	3,123		—		3,123		2,034		—		2,034
Interest and debt expense	(87,929)		(44,073)		(43,856)		(183,745)		(94,467)		(89,278)
Gain on sales-type lease	803,248		803,248		—		803,248		803,248		—
Net gains on disposition of wholly owned and partially owned assets	8,488		8,362		126		24,039		10,337		13,702
Income (loss) before income taxes	817,350		852,483		(35,133)		924,367		988,600		(64,233)
Income tax expense	(4,123)		(1,466)		(2,657)		(11,316)		(2,768)		(8,548)
Net income (loss)	813,227		851,017		(37,790)		913,051		985,832		(72,781)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	10,981		9,722		1,259		21,414		18,882		2,532
Net income (loss) attributable to Vornado Realty L.P.	824,208		$	860,739	$	(36,531)	934,465		$	1,004,714	$	(70,249)
Less net income attributable to noncontrolling interests in the Operating Partnership	(64,835)						(72,695)
Preferred unit distributions	(15,554)						(31,109)

Net income attributable to common shareholders	$	743,819					$	830,661
For the three months ended June 30, 2024
Net income (loss) attributable to Vornado Realty L.P.	$	53,989	$	91,797	$	(37,808)	$	59,698	$	151,714	$	(92,016)
Net income attributable to common shareholders	$	35,260					$	26,226

________________________________

- 11 -

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

(Amounts in thousands)


	For the Three Months Ended						For the Six Months Ended June 30,
	June 30,				March 31, 2025
	2025		2024				2025		2024
NOI at share:
New York:
Office(1)	$	173,104	$	178,338	$	191,501	$	364,605	$	346,326
Retail(2)	42,798		48,392		46,115		88,913		95,858
Residential	6,362		6,220		6,192		12,554		12,188
Alexander’s	8,315		9,203		9,509		17,824		20,910

Total New York	230,579		242,153		253,317		483,896		475,282
Other:
THE MART(3)	25,197		16,060		15,916		41,113		30,546
555 California Street	18,686		16,800		17,843		36,529		33,329
Other investments	3,211		5,158		6,214		9,425		10,138
Total Other	47,094		38,018		39,973		87,067		74,013
NOI at share	$	277,673	$	280,171	$	293,290	$	570,963	$	549,295





NOI at share - cash basis:
New York:
Office(1)(4)	$	127,579	$	176,915	$	167,457	$	295,036	$	343,285
Retail(2)	39,692		44,700		43,727		83,419		88,573
Residential	5,990		5,947		5,848		11,838		11,637
Alexander's	9,344		10,272		10,538		19,882		25,133

Total New York	182,605		237,834		227,570		410,175		468,628
Other:
THE MART(3)	25,258		16,835		17,517		42,775		31,784
555 California Street	20,684		19,956		18,137		38,821		36,894
Other investments	3,172		4,965		6,147		9,319		9,897
Total Other	49,114		41,756		41,801		90,915		78,575
NOI at share - cash basis	$	231,719	$	279,590	$	269,371	$	501,090	$	547,203

________________________________

(1)Includes BMS NOI of $7,584, $7,926, $6,936, $14,520 and $15,143 for the three months ended June 30, 2025 and 2024 and March 31, 2025 and the six months ended June 30, 2025 and 2024, respectively.

(2)2025 includes the impact of the sale of a portion of the 666 Fifth Avenue retail condominium. See page 3 for details.

(3)2025 includes the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment.

(4)Includes the impact of the April 2025 payment of $22,361 for prior period PENN 1 ground rent owed based on the recent rent reset determination.

- 12 -

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


	Total		New York			THE MART(2)		555 California Street
Same store NOI at share % increase (decrease)(1):
Three months ended June 30, 2025 compared to June 30, 2024	5.4	%	1.8	%		57.7	%	3.1	%
Six months ended June 30, 2025 compared to June 30, 2024	4.5	%	2.4	%	(3)	34.8	%	4.1	%
Three months ended June 30, 2025 compared to March 31, 2025	4.3	%	0.8	%		57.9	%	(0.4)	%

Same store NOI at share - cash basis % (decrease) increase(1):
Three months ended June 30, 2025 compared to June 30, 2024	(4.8)	%	(8.5)	%	(4)(5)	50.6	%	(12.7)	%	(6)
Six months ended June 30, 2025 compared to June 30, 2024	(2.6)	%	(5.3)	%	(4)(5)	34.5	%	(3.6)	%	(6)
Three months ended June 30, 2025 compared to March 31, 2025	(3.4)	%	(7.4)	%	(4)(5)	43.8	%	(3.9)	%	(6)

________________________________

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

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

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

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

(5)Excludes the impact of the April 2025 $22,361,000 true-up payment for prior period PENN 1 ground rent owed based on the recent rent reset determination. See page 3 for further details.

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

- 13 -


LEASING ACTIVITY (unaudited)
(Square feet in thousands)

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


	New York
	Office(1)			Retail			THE MART
Three Months Ended June 30, 2025
Total square feet leased	1,479			57			127
Our share of square feet leased:	1,414			48			127
Initial rent(2)	$	101.44		$	96.77		$	50.87
Weighted average lease term (years)	6.8			8.1			5.6
Second generation relet space:
Square feet	240			44			104
GAAP basis:
Straight-line rent(3)	$	97.64		$	98.10		$	45.03
Prior straight-line rent	$	87.35		$	90.95		$	47.09
Percentage increase (decrease)	11.8		%	7.9		%	(4.4)		%
Cash basis (non-GAAP):
Initial rent(2)	$	102.61		$	91.99		$	51.80
Prior escalated rent	$	94.41		$	91.68		$	53.80
Percentage increase (decrease)	8.7		%	0.3		%	(3.7)		%
Tenant improvements and leasing commissions:
Per square foot	$	89.15		$	47.02		$	51.05
Per square foot per annum	$	13.11		$	5.80		$	9.12
Percentage of initial rent	12.9		%	6.0		%	17.9		%

________________________________

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

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

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

- 14 -


LEASING ACTIVITY (unaudited)
(Square feet in thousands)


	New York									555 California Street
	Office(1)			Retail			THE MART
Six Months Ended June 30, 2025
Total square feet leased	2,188			82			210			222
Our share of square feet leased:	2,099			66			210			155
Initial rent(2)	$	97.48		$	130.89		$	51.05		$	120.65
Weighted average lease term (years)	12.1			9.8			6.6			13.1
Second generation relet space:
Square feet	494			54			146			155
GAAP basis:
Straight-line rent(3)	$	88.68		$	110.54		$	46.99		$	132.08
Prior straight-line rent	$	80.08		$	90.73		$	49.29		$	110.28
Percentage increase (decrease)	10.7		%	21.8		%	(4.7)		%	19.8		%
Cash basis (non-GAAP):
Initial rent(2)	$	93.40		$	100.07		$	51.76		$	121.04
Prior escalated rent	$	86.76		$	92.04		$	55.72		$	117.37
Percentage increase (decrease)	7.7		%	8.7		%	(7.1)		%	3.1		%
Tenant improvements and leasing commissions:
Per square foot	$	141.89		$	137.74		$	66.76		$	229.71
Per square foot per annum	$	11.73		$	14.06		$	10.12		$	17.54
Percentage of initial rent	12.0		%	10.7		%	19.8		%	14.5		%

_______________________________

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

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

- 15 -

LEASE EXPIRATIONS (unaudited)

(Amounts in thousands)


Our Share of Square Feet of Expiring Leases As of June 30, 2025



New York Office	157	964	1,346	1,014	1,135	739	873	1,017	586	383	1,007	5,690
New York Retail	46	27	40	46	53	148	62	64	39	145	33	463
THE MART	77	182	199	713	187	98	314	508	54	81	48	376
555 California Street	113	140	106	112	143	85	29	13	15	—	210	187
Total	393	1,313	1,691	1,885	1,518	1,070	1,278	1,602	694	609	1,298	6,716
% of total	2.0%	6.5%	8.4%	9.4%	7.6%	5.3%	6.4%	8.0%	3.5%	3.0%	6.5%	33.4%

_______________________________

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

- 16 -


LEASE EXPIRATIONS DETAIL (unaudited) NEW YORK SEGMENT

	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)		Annualized Escalated Rents of Expiring Leases				Percentage of Annualized Escalated Rent
				Total		Per Sq. Ft.
Office:	Second Quarter 2025(2)	40,000		$	3,036,000	$	75.90	0.3	%




	Third Quarter 2025	73,000		3,897,000		53.38		0.3	%
	Fourth Quarter 2025	44,000		3,785,000		86.02		0.3	%
	Remaining 2025	117,000		7,682,000		65.66		0.6	%
	First Quarter 2026	87,000		7,394,000		84.99		0.6	%
	Second Quarter 2026	69,000		6,330,000		91.74		0.5	%
	Remaining 2026	808,000		65,693,000		81.30		5.5	%
	2027	1,346,000		107,259,000		79.69		9.0	%
	2028	1,014,000		81,315,000		80.19		6.8	%
	2029	1,135,000		87,438,000		77.04		7.3	%
	2030	739,000		64,613,000		87.43		5.4	%
	2031	873,000		81,589,000		93.46		6.8	%
	2032	1,017,000		100,823,000		99.14		8.4	%
	2033	586,000		51,589,000		88.04		4.3	%
	2034	383,000		35,424,000		92.49		3.0	%
	2035	1,007,000		81,046,000		80.48		6.8	%
	Thereafter	5,690,000	(3)	416,601,000		73.22		34.7	%

Retail:	Second Quarter 2025(2)	1,000		$	70,000	$	70.00	0.0	%




	Third Quarter 2025	12,000		2,138,000		178.17		0.8	%
	Fourth Quarter 2025	33,000		1,992,000		60.36		0.8	%
	Total 2025	45,000		4,130,000		91.78		1.6	%
	First Quarter 2026	17,000		6,737,000		396.29		2.6	%
	Second Quarter 2026	5,000		272,000		54.40		0.1	%
	Remaining 2026	5,000		3,409,000		681.80		1.3	%
	2027	40,000		20,323,000		508.08		7.8	%
	2028	46,000		11,531,000		250.67		4.4	%
	2029	53,000		24,008,000		452.98		9.3	%
	2030	148,000		25,307,000		170.99		9.8	%
	2031	62,000		29,757,000		479.95		11.5	%
	2032	64,000		31,599,000		493.73		12.2	%
	2033	39,000		12,769,000		327.41		4.9	%
	2034	145,000		20,274,000		139.82		7.8	%
	2035	33,000		11,928,000		361.45		4.6	%
	Thereafter	463,000		57,104,000		123.33		22.1	%

_____________________________

(1) Excludes storage, vacancy and other.

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

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

- 17 -


LEASE EXPIRATIONS DETAIL (unaudited) OTHER SEGMENT

	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)	Annualized Escalated Rents of Expiring Leases				Percentage of Annualized Escalated Rent
THE MART			Total		Per Sq. Ft.
Office / Showroom / Retail:	Second Quarter 2025(2)	10,000	$	550,000	$	55.00	0.4	%





	Third Quarter 2025	29,000	1,553,000		53.55		1.1	%
	Fourth Quarter 2025	38,000	2,323,000		61.13		1.6	%
	Remaining 2025	67,000	3,876,000		57.85		2.7	%
	First Quarter 2026	32,000	2,180,000		68.13		1.5	%
	Second Quarter 2026	33,000	1,933,000		58.58		1.3	%
	Remaining 2026	117,000	7,227,000		61.77		5.0	%
	2027	199,000	11,114,000		55.85		7.7	%
	2028	713,000	35,325,000		49.54		24.5	%
	2029	187,000	10,200,000		54.55		7.1	%
	2030	98,000	5,664,000		57.80		3.9	%
	2031	314,000	15,679,000		49.93		10.9	%
	2032	508,000	24,336,000		47.91		16.9	%
	2033	54,000	2,738,000		50.70		1.9	%
	2034	81,000	3,927,000		48.48		2.7	%
	2035	48,000	2,469,000		51.44		1.7	%
	Thereafter	376,000	17,025,000		45.28		11.8	%

555 California Street
Office / Retail:	Second Quarter 2025(2)	—	$	—	$	—	0.0	%


	Third Quarter 2025	81,000	7,363,000		90.90		6.4	%
	Fourth Quarter 2025	32,000	3,243,000		101.34		2.8	%
	Remaining 2025	113,000	10,606,000		93.86		9.2	%
	First Quarter 2026	100,000	9,077,000		90.77		7.9	%
	Second Quarter 2026	—	—		—		0.0	%
	Remaining 2026	40,000	4,311,000		107.78		3.7	%
	2027	106,000	10,982,000		103.60		9.5	%
	2028	112,000	10,980,000		98.04		9.5	%
	2029	143,000	15,621,000		109.24		13.6	%
	2030	85,000	8,169,000		96.11		7.1	%
	2031	29,000	2,197,000		75.76		1.9	%
	2032	13,000	1,456,000		112.00		1.3	%
	2033	15,000	1,848,000		123.20		1.6	%
	2034	—	—		—		0.0	%
	2035	210,000	18,843,000		89.73		16.4	%
	Thereafter	187,000	21,027,000		112.44		18.3	%

________________________________

(1) Excludes storage, vacancy and other.

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

- 18 -


CAPITAL EXPENDITURES AND RE/DEVELOPMENT (unaudited)
CONSOLIDATED
(Amounts in thousands)
	For the Six Months Ended June 30, 2025
	Total Company		New York		THE MART		555 California Street		Other
Capital expenditures:
Expenditures to maintain assets	$	30,049	$	24,723	$	3,512	$	1,797	$	17
Tenant improvements	105,224		62,595		8,891		33,738		—
Leasing commissions	22,612		12,487		1,207		8,918		—
Recurring tenant improvements, leasing commissions and other capital expenditures	157,885		99,805		13,610		44,453		17
Non-recurring capital expenditures(1)	40,634		26,320		14,218		15		81
Total capital expenditures and leasing commissions	$	198,519	$	126,125	$	27,828	$	44,468	$	98

Development and redevelopment expenditures(2):
PENN 2	$	43,672	$	43,672	$	—	$	—	$	—
Hotel Pennsylvania site (PENN 15)	9,853		9,853		—		—		—
PENN Districtwide improvements	7,852		7,852		—		—		—
Other	20,687		20,276		—		—		411
	$	82,064	$	81,653	$	—	$	—	$	411

________________________________

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

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

- 19 -


DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES
(Amounts in thousands, except square feet)
		(at Vornado’s share)								Projected Incremental Cash Yield
Active Development Projects: New York segment:	Property Rentable Sq. Ft.	Budget			Cash Amount Expended		Remaining Expenditures		Stabilization Year
PENN District:
PENN 2	1,815,000	$	750,000		$	717,884	$	32,116	2026		10.2%
Districtwide Improvements	N/A	100,000			78,949		21,051		N/A		N/A
Total PENN District		850,000		(1)	796,833		53,167

Sunset Pier 94 Studios (49.9% interest)(2)	266,000	125,000		(3)	82,805		42,195		2026		10.3%

Total Active Development Projects		$	975,000		$	879,638	$	95,362

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

________________________________

(1)Excluding debt and equity carry.

(2)The building is subject to a ground lease. See page 33 for details.

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

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

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.

- 20 -


UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	As of June 30, 2025				Our Share of Net Income (Loss) for the Three Months Ended June 30,					Our Share of NOI (non-GAAP) for the Three Months Ended June 30,
	Percentage Ownership	Company's Carrying Amount			2025		2024			2025		2024
Joint Venture Name
New York:




Fifth Avenue and Times Square JV(1)(2)	51.5%	$	1,553,904		$	10,152	$	20,685		$	25,302	$	28,966
280 Park Avenue	50.0%	99,875			(3,788)		23,468		(3)	8,957		7,252
West 57th Street properties	50.0%	44,658			2,286		(317)			(33)		(59)
Alexander's	32.4%	58,759			1,919		2,649			8,315		9,203
7 West 34th Street	53.0%	(67,170)		(4)	1,131		1,259			3,637		3,725
85 Tenth Avenue	49.9%	(22,481)		(4)	(1,541)		(1,839)			3,996		3,602
Independence Plaza	50.1%	66,647			893		166			6,362		5,601
512 West 22nd Street	55.0%	29,194			(400)		(779)			1,633		1,499
61 Ninth Avenue	45.1%	659			(39)		(42)			1,858		2,000
Other, net	Various	108,255			2,973		1,727			3,800		3,929
					13,586		46,977			63,827		65,718

Other:
Alexander's corporate fee income	32.4%	—			1,406		1,185			833		660
Rosslyn Plaza	43.7% to 50.4%	35,333			101		(61)			548		542
Other, net	Various	5,922			1,578		(152)			1,019		1,378
					3,085		972			2,400		2,580

Total					$	16,671	$	47,949		$	66,227	$	68,298

________________________________

(1)Includes $6,503 and $10,258 of income on our preferred equity, net of our share of expenses for the three months ended June 30, 2025 and 2024 respectively.

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

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

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

- 21 -


UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	Percentage Ownership at June 30, 2025	Our Share of Net Income (Loss) for the Six Months Ended June 30,						Our Share of NOI (non-GAAP) for the Six Months Ended June 30,
		2025			2024			2025		2024
Joint Venture Name
New York:
Fifth Avenue and Times Square JV:
Equity in net income(1)	51.5%	$	9,486		$	19,718		$	48,879	$	57,068
Return on preferred equity, net of our share of the expense(2)		15,046			19,586			—		—
Net gain on sale		76,162		(3)	—			—		—
		100,694			39,304			48,879		57,068
280 Park Avenue	50.0%	(8,257)			15,426		(4)	17,251		15,592
Alexander's	32.4%	5,842			7,803			17,824		20,910
7 West 34th Street	53.0%	4,110			2,398			9,489		7,348
85 Tenth Avenue	49.9%	(3,503)			(4,361)			7,489		6,677
West 57th Street properties	50.0%	2,103			(517)			(15)		(66)
Independence Plaza	50.1%	1,904			(261)			12,554		10,770
512 West 22nd Street	55.0%	(524)			(1,308)			3,504		3,163
61 Ninth Avenue	45.1%	20			(122)			3,802		3,908

Other, net	Various	5,473			3,846			7,148		8,057
		107,862			62,208			127,925		133,427
Other:
Alexander's corporate fee income	32.4%	3,039			2,365			1,843		1,318
Rosslyn Plaza	43.7% to 50.4%	57			(166)			987		1,065
Other, net	Various	2,690			(179)			2,583		2,857
		5,786			2,020			5,413		5,240

Total		$	113,648		$	64,228		$	133,338	$	138,667

________________________________

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

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

(3)See page 3 for details.

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

- 22 -


DEBT ANALYSIS (unaudited)
(Amounts in thousands)
DEBT SUMMARY	As of June 30, 2025
	Total			Variable				Fixed(1)
(Contractual debt balances)	Amount		Weighted Average Interest Rate	Amount			Weighted Average Interest Rate	Amount		Weighted Average Interest Rate
Consolidated debt(2)	$	7,123,943	4.40%	$	603,943		6.28%(3)	$	6,520,000	4.23%
Pro rata share of debt of non-consolidated entities	2,736,917		5.66%	572,167			6.43%	2,164,750		5.45%
Total	9,860,860		4.75%	1,176,110			6.35%	8,684,750		4.53%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)	(682,059)			(397,059)				(285,000)
Company's pro rata share of total debt	$	9,178,801	4.75%	$	779,051	(4)	6.36%	$	8,399,750	4.60%

________________________________

See notes below


NET DEBT TO EBITDAre, AS ADJUSTED (unaudited)

	As of and For the Trailing Twelve Months Ended June 30, 2025			As of and For the Year Ended December 31,
				2024			2023			2022
Secured debt	$	4,998,943		$	5,707,176		$	5,729,615		$	5,877,615
Unsecured debt	2,125,000			2,575,000			2,575,000			2,575,000
Pro rata share of debt of non-consolidated entities	2,736,917			2,477,701			2,654,701			2,697,226
Less: Noncontrolling interests’ share of consolidated debt	(682,059)			(682,059)			(682,059)			(682,059)
Company’s pro rata share of total debt	$	9,178,801		$	10,077,818		$	10,277,257		$	10,467,782
% Unsecured debt	23%			26%			25%			25%

Company’s pro rata share of total debt	$	9,178,801		$	10,077,818		$	10,277,257		$	10,467,782
Less: Cash and cash equivalents and investments in U.S. Treasury bills	(1,204,863)			(733,947)			(997,002)			(1,361,651)
Less: Escrowed cash included within restricted cash on our balance sheet	(126,062)			(187,416)			(221,578)			(94,374)
Less: Pro rata share of unconsolidated partially owned entities’ cash and cash equivalents and escrowed cash	(276,842)			(248,835)			(295,983)			(316,385)
Plus: Noncontrolling interests’ share of cash and cash equivalents, escrowed cash and investments in U.S. Treasury bills	105,738			129,160			101,564			94,100
Less: Participation in 150 West 34th Street mortgage loan	—			—			—			(105,000)

Net debt	$	7,676,772		$	9,036,780		$	8,864,258		$	8,684,472
EBITDAre, as adjusted (non-GAAP)	$	1,058,910		$	1,049,320		$	1,081,332		$	1,090,564
Net debt / EBITDAre, as adjusted (non-GAAP)	7.2		x	8.6		x	8.2		x	8.0		x

________________________________

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

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

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

(4)As of June 30, 2025, $342,657 of variable rate debt (at share) is subject to interest rate cap arrangements, the $436,394 of variable rate debt not subject to interest rate cap arrangements represents 5% of our total pro rata share of debt. See page 29 for details.

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

- 23 -

CORPORATE COVENANT RATIOS AND CREDIT RATINGS (unaudited)

(Amounts in thousands)


		As of
Unsecured Revolving Credit Facilities and Unsecured Term Loan(1)	Required	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2024
Total outstanding debt/total assets(2)	Less than 60%	33%	39%	40%	40%
Secured debt/total assets	Less than 50%	23%	30%	28%	29%
Fixed charge coverage	Greater than 1.40	1.97	1.96	1.93	1.81
Unsecured debt/cap value of unencumbered assets	Less than 60%	18%	17%	21%	21%
Unencumbered coverage ratio	Greater than 1.75	8.47	8.01	7.12	6.64

Unsecured Notes Covenant Ratios(1)
Total outstanding debt/total assets(3)	Less than 65%	43%	48%	49%	49%
Secured debt/total assets	Less than 50%	31%	35%	35%	35%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50	2.02	1.87	1.77	1.71
Unencumbered assets/unsecured debt	Greater than 150%	490%	470%	388%	396%


Consolidated Unencumbered EBITDA(1) (non-GAAP):	Q2 2025 Annualized
New York	$	329,676
Other	88,732
Total	$	418,408

Credit Ratings(4):

Rating

Outlook

Moody’s

Ba1

Stable

S&P

BBB-

Negative

Fitch

BB+

Stable

________________________________

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

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

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

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

- 24 -


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

Debt (contractual balances):				As of June 30, 2025
Consolidated debt(1):
Mortgages payable				$	4,998,943
Senior unsecured notes				750,000
$800 Million unsecured term loan				800,000
$2.2 Billion unsecured revolving credit facilities				575,000
				7,123,943
Pro rata share of debt of non-consolidated entities				2,736,917
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)				(682,059)
				9,178,801		(A)


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

	Converted Shares(2)	June 30, 2025 Common Share Price
Equity:
Common shares	192,041	$	38.24	7,343,648
Redeemable Class A units and LTIP Unit awards	16,708	38.24		638,914
Convertible share equivalents:
Series D-13 preferred units	1,221	38.24		46,691
Series G-1 through G-4 preferred units	74	38.24		2,830
Series A preferred shares	18	38.24		688
	210,062			8,032,771		(C)
Total Market Capitalization (A+B+C)				$	18,434,607

________________________________

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

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

- 25 -

DEBT MATURITIES (CONTRACTUAL BALANCES) (unaudited)

(Amounts in thousands)


Consolidated Debt Maturity Schedule(1) as of June 30, 2025 (Excludes pro rata share of JV Debt)(2)


Consolidated (100%):
Secured	$	943,943		(3)	$	525,000		$	880,000		$	2,300,000		$	—		$	350,000
Unsecured	—				400,000			1,375,000			—			—			350,000
Total consolidated debt (100%)	$	943,943			$	925,000		$	2,255,000		$	2,300,000		$	—		$	700,000
% of total consolidated debt	13.3		%		13.0		%	31.7		%	32.3		%	—		%	9.7		%
Debt maturities at share:
Consolidated debt (100%)	$	943,943			$	925,000		$	2,255,000		$	2,300,000		$	—		$	700,000
Pro rata share of debt of non-consolidated entities	162,182				735,963			577,116			289,095			365,628			606,933
Less: Noncontrolling interests' share of consolidated debt	(37,059)				—			—			(645,000)			—			—
Total debt at share	$	1,069,066			$	1,660,963		$	2,832,116		$	1,944,095		$	365,628		$	1,306,933
% of total debt at share	11.6		%		18.1		%	30.9		%	21.2		%	4.0		%	14.2		%

_______________________________

(1)Assumes the exercise of as-of-right extension options. Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity, and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement. See page 29 for information on interest rate swap arrangements.

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

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

- 26 -


DEBT DETAIL CONSOLIDATED (unaudited)
(Amounts in thousands)
Property	Ownership %	Maturity Date(1)	Variable Rate Spread		Interest Rate(2)		Debt Balance (100%)		Debt Balance (at share)
Secured Debt:
606 Broadway	50.0%	(3)	S+191		6.23%	(4)	$	74,119	$	37,060
4 Union Square South	100.0%	08/25	S+150	(5)	4.61%		120,000		120,000
PENN 11(6)	100.0%	10/25			6.28%		500,000		500,000
888 Seventh Avenue	100.0%	12/25	S+180	(5)	5.03%		249,824		249,824
One Park Avenue	100.0%	03/26	S+122	(5)	4.03%		525,000		525,000
350 Park Avenue	100.0%	01/27			3.92%		400,000		400,000
100 West 33rd Street	100.0%	06/27			5.26%		480,000		480,000
150 West 34th Street	100.0%	02/28	S+215		6.46%		75,000		75,000
435 Seventh Avenue	100.0%	04/28			6.96%		75,000		75,000
555 California Street	70.0%	05/28	S+205	(5)	6.13%		1,200,000		840,000
1290 Avenue of the Americas	70.0%	11/28			2.62%		950,000		665,000
909 Third Avenue	100.0%	04/31			3.23%		350,000		350,000
Total Secured Debt							4,998,943		4,316,884
Unsecured Debt:
Senior unsecured notes due 2026	100.0%	06/26			2.15%		400,000		400,000
$1.25 Billion unsecured revolving credit facility	100.0%	12/27			3.84%	(7)	575,000		575,000
$800 Million unsecured term loan	100.0%	12/27			4.40%	(7)	800,000		800,000
$915 Million Revolving Credit Facility	100.0%	04/29	S+116	(7)	—%		—		—
Senior unsecured notes due 2031	100.0%	06/31			3.40%		350,000		350,000
Total Unsecured Debt							2,125,000		2,125,000
Total Consolidated Debt							$	7,123,943	$	6,441,884

________________________________

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

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

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

(5)Balance is partially hedged by interest rate swap arrangements. See page 29 for details.

(6)On July 16, 2025, we completed a $450,000 refinancing of PENN 11, extending the maturity date to August 2030. See page 4 for details.

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

- 27 -


DEBT DETAIL UNCONSOLIDATED (unaudited)
(Amounts in thousands)
Property	Ownership %	Maturity Date(1)		Variable Rate Spread	Interest Rate(2)	Debt Balance (100%)		Debt Balance (at share)
731 Lexington Avenue retail condominium	32.4%	08/25	(3)	S+151	5.83%	$	300,000	$	97,200
Rego Park II	32.4%	12/25		S+145	5.60%	200,561		64,982
825 Seventh Avenue office condominium	50.0%	01/26		S+275	7.07%	54,000		27,000
61 Ninth Avenue	45.1%	01/26		S+146	5.78%	167,500		75,543
Rosslyn Plaza North	50.4%	04/26		S+200	6.31%	25,000		12,603
Fashion Centre/Washington Tower	7.5%	05/26		S+305	6.94%	455,000		34,125
7 West 34th Street	53.0%	06/26			3.65%	300,000		159,000
512 West 22nd Street	55.0%	06/26		S+235	6.67%	123,650		68,007
Sunset Pier 94 Studios	49.9%	09/26		S+476	9.07%	95,811		47,810
85 Tenth Avenue	49.9%	12/26			4.55%	625,000		311,875
Wells Kinzie	50.0%	05/27			4.20%	18,321		9,160
280 Park Avenue	50.0%	09/27			5.84%	1,075,000		537,500
The Alexander apartment tower	32.4%	11/27			2.63%	94,000		30,456
697-703 Fifth Avenue	44.8%	03/28			6.11%	356,130		159,495
731 Lexington Avenue office condominium	32.4%	10/28			5.04%	400,000		129,600
640 Fifth Avenue	52.0%	07/29			7.47%	393,583		204,604
650 Madison Avenue	20.1%	12/29			3.49%	800,000		161,024
1535 Broadway	52.0%	05/30			6.90%	450,000		233,933
Independence Plaza	50.1%	06/30			5.84%	675,000		338,175
330 West 34th Street ground lessor	34.8%	09/32			4.55%	100,000		34,825
Total Unconsolidated Debt						$	6,708,556	$	2,736,917

________________________________

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

(3)Loan was scheduled to mature on August 5, 2025. On August 1, 2025, Alexander's, entered into a 60-day extension with the lenders.

- 28 -


HEDGING INSTRUMENTS AS OF JUNE 30, 2025 (unaudited)
(Amounts in thousands)
	Debt Information						Swap / Cap Information
	Balance at Share		Maturity Date(1)		Variable Rate Spread		Notional Amount at Share			Expiration Date		All-In Swapped Rate

Interest Rate Swaps:
Consolidated:
555 California Street mortgage loan:
In-place swap	$	840,000		05/28		S+205	$	840,000			05/26	6.03%
Forward swap (effective 05/26)							840,000				05/28	5.56%(2)
PENN 11 mortgage loan(3)	500,000			10/25		S+206	500,000				10/25	6.28%
One Park Avenue mortgage loan	525,000			03/26		S+122	500,000				07/27	3.95%
Unsecured revolving credit facility	575,000			12/27		S+111	575,000				08/27	3.84%
Unsecured term loan	800,000			12/27		S+125
Through 07/25							800,000				07/25	4.40%
07/25 through 10/26							650,000				10/26	4.24%
10/26 through 7/27							150,000				07/27	3.90%
7/27 through 8/27							50,000				08/27	3.99%
100 West 33rd Street mortgage loan	480,000			06/27		S+185	480,000				06/27	5.26%
888 Seventh Avenue mortgage loan	249,824			12/25		S+180	200,000				09/27	4.76%
4 Union Square South mortgage loan	120,000			08/25		S+150	100,000				07/27	4.37%
435 Seventh Avenue mortgage loan	75,000			04/28		S+210	75,000				04/26	6.96%
Unconsolidated:
280 Park Avenue mortgage loan	537,500			09/27		S+178	537,500				09/28	5.84%
Interest Rate Caps:												Index Strike Rate	Cash Interest Rate(4)	Effective Interest Rate(5)
Consolidated:
1290 Avenue of the Americas mortgage loan	665,000			11/28		S+162	665,000				11/25	1.00%	2.62%	5.94%
One Park Avenue mortgage loan	525,000			03/26		S+122	25,000				03/26	4.39%	5.53%	5.50%
150 West 34th Street mortgage loan	75,000			02/28		S+215	75,000				02/26	5.00%	6.46%	7.06%
Unconsolidated:
61 Ninth Avenue mortgage loan	75,543			01/26		S+146	75,543				01/26	4.39%	5.78%	6.23%
512 West 22nd Street mortgage loan	68,007			06/26		S+235	68,007				06/26	4.50%	6.67%	6.69%
Rego Park II mortgage loan	64,982			12/25		S+145	64,982				12/25	4.15%	5.60%	5.94%
Fashion Centre Mall/Washington Tower mortgage loan	34,125			05/26		S+305	34,125				05/26	3.89%	6.94%	7.16%

Debt subject to interest rate swaps and subject to a 1.00% SOFR interest rate cap							5,272,500
Variable rate debt subject to interest rate caps							342,657
Fixed rate debt per loan agreements							3,127,250
Variable rate debt not subject to interest rate swaps or caps							436,394		(6)
Total debt at share							$	9,178,801

________________________________

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

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

(3)On July 16, 2025, we completed a $450,000 refinancing of PENN 11, extending the maturity date to August 2030. See page 4 for details.

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

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

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

- 29 -

TOP 30 TENANTS (unaudited)

(Amounts in thousands, except square feet)


Tenants	Square Footage At Share	Annualized Escalated Rents At Share(1)		% of Total Annualized Escalated Rents At Share
Meta Platforms, Inc.	693,500	$	82,427	4.6	%
IPG and affiliates	955,211	65,324		3.7	%
Citadel	585,460	62,498		3.5	%
New York University(2)	1,761,681	58,353		3.2	%
Madison Square Garden & Affiliates	449,053	45,705		2.5	%
Bloomberg L.P.	306,768	44,384		2.4	%
Google/Motorola Mobility (guaranteed by Google)	759,446	41,096		2.3	%
UMG Recordings, Inc,	336,700	35,411		1.9	%
Amazon (including its Whole Foods subsidiary)	312,694	31,218		1.7	%
Neuberger Berman Group LLC	306,612	28,780		1.6	%
LVMH Brands	65,060	27,171		1.5	%
Apple Inc.	473,311	26,739		1.5	%
AMC Networks, Inc.	326,717	26,441		1.5	%
WeWork	303,741	25,818		1.4	%
Bank of America	242,152	25,304		1.4	%
Swatch Group USA	8,499	24,901		1.4	%
Victoria's Secret	33,156	20,794		1.1	%
PwC	241,196	19,416		1.1	%
PJT Partners Holdings	134,953	19,379		1.1	%
Macy's	181,698	19,305		1.1	%
The City of New York	232,010	12,353		0.7	%
King & Spalding	122,859	11,979		0.7	%
WSP USA	172,666	11,653		0.6	%
Dodge & Cox	107,925	11,337		0.6	%
Major League Soccer LLC	125,013	11,251		0.6	%
AbbVie Inc.	168,673	11,179		0.6	%
Burlington Coat Factory	108,844	10,950		0.6	%
Alston & Bird LLP	126,872	10,889		0.6	%
Aetna Life Insurance Company	64,196	10,460		0.6	%
Elliot Management	74,719	9,881		0.5	%
				46.6	%

________________________________

(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.

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

- 30 -


SQUARE FOOTAGE (unaudited)
(Square feet in thousands)
		At Vornado's Share
	At 100%		Under Development or Not Available for Lease	In Service
		Total		Office	Retail	Showroom	Other
Segment:
New York:
Office	20,350	17,529	133	17,213	—	183	—
Retail	2,321	1,924	4	—	1,920	—	—
Residential - 1,331 units	1,201	609	5	—	—	—	604
Alexander's (32.4% interest), including 312 residential units	2,455	795	124	308	280	—	83
	26,327	20,857	266	17,521	2,200	183	687

Other:
THE MART	3,696	3,694	—	2,115	93	1,239	247
555 California Street (70% interest)	1,823	1,276	—	1,241	35	—	—
Other	2,845	1,346	144	212	879	—	111
	8,364	6,316	144	3,568	1,007	1,239	358

Total square feet at June 30, 2025	34,691	27,173	410	21,089	3,207	1,422	1,045

Total square feet at March 31, 2025	34,729	27,208	423	21,074	3,227	1,439	1,045




	At 100%
Parking Garages (not included above):	Square Feet	Number of Garages	Number of Spaces
New York	1,635	9	4,685
THE MART	341	3	1,076
555 California Street	168	1	461
Rosslyn Plaza	411	4	1,094
Total at June 30, 2025	2,555	17	7,316

- 31 -


OCCUPANCY (unaudited)

	New York			THE MART		555 California Street
Occupancy rate at:
June 30, 2025	85.2	%		78.2	%	92.3	%
March 31, 2025	83.5	%	(1)	78.2	%	92.3	%
December 31, 2024	87.6	%		80.1	%	92.0	%
June 30, 2024	88.3	%		76.9	%	94.5	%

________________________________

(1)Decrease in occupancy due to PENN 2 being placed into service during the first quarter of 2025.


RESIDENTIAL STATISTICS (unaudited)

		Vornado's Ownership Interest
	Number of Units	Number of Units	Occupancy Rate	Average Monthly Rent Per Unit
New York:
June 30, 2025	1,643	769	95.7%	$4,879
March 31, 2025	1,642	769	96.5%	$4,814
December 31, 2024	1,642	769	96.6%	$4,713
June 30, 2024	1,642	769	97.6%	$4,624

- 32 -


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

Property	Current Annual Rent at Share				Next Option Renewal Date		Fully Extended Lease Expiration		Rent Increases and Other Information
Consolidated:
New York:
The Farley Building (95% interest)		$	4,750			None		2116		None.
PENN 1:
Land		15,000		(1)		2073		2098		One 25-year renewal option at fair market value (“FMV”).
Long Island Railroad Concourse Retail		1,379				2048		2098		Two 25-year renewal options. Base rent increases every 10 years, with the next rent increase in 2028, based on the increase in gross income reduced by the increase in real estate taxes and operating expenses. In addition, percentage rent is payable based on gross annual income above a specified threshold. Base and percentage rent are reduced by a rent credit calculated as a percentage of development costs funded by Vornado.
260 Eleventh Avenue		4,515				None		2114		Rent increases annually by the lesser of CPI or 1.5% compounded. We have a purchase option exercisable at a future date for $110,000 increased annually by the lesser of CPI or 1.5% compounded.
888 Seventh Avenue		3,350				2028		2067		Two 20-year renewal options at FMV.
330 West 34th Street - 65.2% ground leased		10,265				2051		2149		Two 30-year and one 39-year renewal option at FMV.
909 Third Avenue		1,600				2041		2063		One 22-year renewal option at current annual rent.
962 Third Avenue (the Annex building to 150 East 58th Street) - 50.0% ground leased		666				None		2118		Rent resets every 10 years to FMV.
Other:
Wayne Town Center		6,038				2035		2064		Two 10-year renewal options and one 9-year renewal option. Rent increases annually by the greater of CPI or 6%.
Annapolis		650				None		2042		Fixed rent increases to $750 per annum in 2032.
Unconsolidated:
Sunset Pier 94 Studios (49.9% interest)		449				2060		2110		Five 10-year renewal options. Fixed rent increases in 2028 and every five years thereafter. Beginning in September 2028, additional rent is payable in an amount equal to 6% of gross revenue less the base rent.
61 Ninth Avenue (45.1% interest)		3,890				None		2115		Rent increases every three years based on CPI, subject to a cap. In 2051, 2071 and 2096, rent resets based on the increase in the property's gross revenue net of real estate taxes, if greater than the CPI reset.
Flushing (Alexander's) (32.4% interest)		259				None		2037		10-year renewal option at 90% of FMV effective 2027 was exercised in March 2025. FMV to be determined.

________________________________

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

- 33 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)			Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK:
PENN District:
PENN 1
(ground leased through 2098)**															Cisco, Hartford Fire Insurance, Empire Healthchoice Assurance, Inc., United
															Healthcare Services, Inc., Siemens Mobility, WSP USA, Gusto Inc., Samsung,
-Office	100.0	%	90.9	%	$	87.66			2,250,000	2,250,000	—				Canaccord Genuity LLC, Roivant Sciences Inc.
-Retail	100.0	%	61.6	%	231.35				302,000	302,000	—				Bank of America, Starbucks, Blue Bottle Coffee Inc., Shake Shack, Roberta’s,
	100.0	%	88.1	%	98.81		$	218,100	2,552,000	2,552,000	—	$	—		Anita La Mamma Del Gelato

PENN 2
-Office	100.0	%	48.8	%	103.42				1,749,000	1,749,000	—				Madison Square Garden, Major League Soccer LLC, UMG Recordings, Inc.
-Retail	100.0	%	56.3	%	201.72				66,000	66,000	—				JPMorgan Chase
	100.0	%	49.1	%	107.51		95,400		1,815,000	1,815,000	—	575,000		(4)

The Farley Building (ground and building leased through 2116)**
-Office	95.0	%	100.0	%	118.86				730,000	730,000	—				Meta Platforms, Inc.
-Retail	95.0	%	39.5	%	323.10				116,000	116,000	—				Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels,
	95.0	%	91.9	%	129.99		100,500		846,000	846,000	—	—			Avra Prime*

PENN 11

-Office	100.0	%	100.0	%	75.89				1,115,000	1,115,000	—				Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's
-Retail	100.0	%	90.7	%	151.12				39,000	39,000	—				PNC Bank National Association, Starbucks
	100.0	%	99.6	%	78.13		83,400		1,154,000	1,154,000	—	500,000

100 West 33rd Street
-Office	100.0	%	89.5	%	68.85				858,000	858,000	—				IPG and affiliates
-Retail	100.0	%	15.6	%	77.35				257,000	257,000	—				Aeropostale
	100.0	%	73.1	%	69.25		55,500		1,115,000	1,115,000	—	480,000

330 West 34th Street
(65.2% ground leased through 2149)**
-Office	100.0	%	76.9	%	82.62				702,000	702,000	—				Structure Tone, Deutsch, Inc., HomeAdvisor, Inc., WeWork
-Retail	100.0	%	85.5	%	113.43				24,000	24,000	—				Starbucks
	100.0	%	77.1	%	83.55		45,300		726,000	726,000	—	100,000		(5)

435 Seventh Avenue
-Retail	100.0	%	0.0	%	—		—		43,000	43,000	—	75,000

7 West 34th Street
-Office	53.0	%	100.0	%	83.42				458,000	458,000	—				Amazon
-Retail	53.0	%	89.6	%	338.11				19,000	19,000	—				Amazon, Lindt
	53.0	%	99.6	%	93.10		43,400		477,000	477,000	—	300,000

431 Seventh Avenue
-Retail	100.0	%	100.0	%	265.93		700		9,000	9,000	—	—			Essen

138-142 West 32nd Street
-Retail	100.0	%	100.0	%	134.64		600		8,000	8,000	—	—

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

- 34 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)			Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property										Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
PENN District (Continued):
137 West 33rd Street
-Retail	100.0	%	100.0	%	$	96.32		$	300	3,000	3,000	—	$	—	Celtic Rail

131-135 West 33rd Street
-Retail	100.0	%	100.0	%	65.65			1,500		22,000	22,000	—	—		The Five Hats Club (BSE Global)*

Other (3 buildings)
-Retail	100.0	%	100.0	%	159.20			2,100		16,000	16,000	—	—

Total PENN District								651,800		8,865,000	8,865,000	—	2,105,000

Midtown East:
909 Third Avenue
(ground leased through 2063)**															IPG and affiliates, AbbVie Inc., United States Post Office,
-Office	100.0	%	82.2	%	69.31		(6)	55,100		1,351,000	1,351,000	—	350,000		Morrison Cohen LLP, Sard Verbinnen


150 East 58th Street(7)
-Office	100.0	%	81.5	%	82.12					540,000	540,000	—			Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail	100.0	%	100.0	%	94.88					3,000	3,000	—
	100.0	%	81.6	%	82.20			36,000		543,000	543,000	—	—

715 Lexington Avenue
-Retail	100.0	%	100.0	%	197.58			4,300		22,000	22,000	—	—		Orangetheory Fitness, Casper, Santander Bank, Blu Dot

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

968 Third Avenue
-Retail	50.0	%	100.0	%	194.16			1,300		7,000	7,000	—	—		Wells Fargo

Total Midtown East								97,500		1,930,000	1,930,000	—	350,000

Midtown West:
888 Seventh Avenue
(ground leased through 2067)**															Lone Star US Acquisitions LLC, Top-New York, Inc.,
-Office	100.0	%	83.8	%	100.39					873,000	873,000	—			Vornado Executive Headquarters, United Talent Agency
-Retail	100.0	%	100.0	%	261.40					15,000	15,000	—			Redeye Grill L.P.
	100.0	%	83.9	%	102.09			76,200		888,000	888,000	—	249,824

50 West 57th Street
-Office	50.0	%	100.0	%	65.19					69,000	69,000	—
-Retail	50.0	%	—	%	—					10,000	10,000	—
	50.0	%	91.0	%	65.19			4,500		79,000	79,000	—	—

825 Seventh Avenue
-Office	50.0	%	79.6	%	43.99					169,000	169,000	—	54,000		Young Adult Institute Inc., New Alternatives for Children, Inc.
-Retail	100.0	%	100.0	%	168.52					4,000	4,000	—	—		Venchi
			80.1	%	47.61			6,500		173,000	173,000	—	54,000

Total Midtown West								87,200		1,140,000	1,140,000	—	303,824

- 35 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Park Avenue:
280 Park Avenue														Elliott Investment Management L.P., PJT Partners Holdings, GIC Inc.,
-Office	50.0	%	91.4	%	$	120.15			1,238,000	1,238,000	—			Wells Fargo, Investcorp International Inc.
-Retail	50.0	%	100.0	%	57.56				29,000	29,000	—			Starbucks, Fasano Restaurant
	50.0	%	91.6	%	118.63		$	136,700	1,267,000	1,267,000	—	$	1,075,000

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

Total Park Avenue							199,200		1,852,000	1,852,000	—	1,475,000
Grand Central:
90 Park Avenue														Alston & Bird, PwC, MassMutual, Glencore*,
-Office	100.0	%	97.3	%	83.46				938,000	938,000	—			Factset Research Systems Inc., Foley & Lardner
-Retail	100.0	%	78.2	%	189.63				17,000	17,000	—			Citibank, Starbucks
Total Grand Central	100.0	%	97.0	%	84.92		76,000		955,000	955,000	—	—



Madison/Fifth:
640 Fifth Avenue														Fidelity Investments, Abbott Capital Management, The Klein Company,
-Office	52.0	%	91.5	%	113.92				246,000	246,000	—			Avolon Aerospace, Houlihan Lokey Advisors Parent, Inc.
-Retail	52.0	%	100.0	%	1,095.98				69,000	69,000	—			Victoria's Secret, Dyson
	52.0	%	92.8	%	274.40		76,600		315,000	315,000	—	393,583

666 Fifth Avenue
-Retail	52.0	%	100.0	%	1,090.54		14,400		24,000	24,000	—	—		Abercrombie & Fitch, Tissot

595 Madison Avenue														LVMH Moet Hennessy Louis Vuitton Inc.,
-Office	100.0	%	83.6	%	81.27				300,000	300,000	—			Albea Beauty Solutions, Aerin LLC
-Retail	100.0	%	100.0	%	759.14				30,000	30,000	—			Fendi, Berluti, Christofle Silver Inc.
	100.0	%	84.6	%	131.97		38,300		330,000	330,000	—	—

650 Madison Avenue														Sotheby's International Realty, Inc., BC Partners Inc.,
-Office	20.1	%	73.8	%	109.07				563,000	563,000	—			Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)
-Retail	20.1	%	95.7	%	1,079.03				38,000	38,000	—			Moncler USA Inc., Tod's, Celine, Balmain
	20.1	%	74.7	%	161.06		69,300		601,000	601,000	—	800,000

689 Fifth Avenue
-Office	52.0	%	100.0	%	97.91				81,000	81,000	—			Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail	52.0	%	100.0	%	593.51				16,000	16,000	—			Canada Goose
	52.0	%	100.0	%	156.23		16,500		97,000	97,000	—	—

655 Fifth Avenue
-Retail	50.0	%	100.0	%	286.19		16,500		57,000	57,000	—	—		Ferragamo

697-703 Fifth Avenue
-Retail	44.8	%	66.6	%	3,207.00		41,800		26,000	26,000	—	356,130		Swatch Group USA, Harry Winston

Total Madison/Fifth							273,400		1,450,000	1,450,000	—	1,549,713

- 36 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Midtown South:
770 Broadway
-Office	100.0	%	100.0	%	(8)		(8)		1,091,000	1,091,000	—			New York University
-Retail	100.0	%	100.0	%	$	74.61	$	6,400	92,000	92,000	—			Wegmans Food Markets
	100.0	%	100.0	%					1,183,000	1,183,000	—	$	—

One Park Avenue
														New York University, BMG Rights Management LLC,
-Office	100.0	%	93.9	%	72.91				867,000	867,000	—			Robert A.M. Stern Architect
-Retail	100.0	%	90.1	%	82.83				78,000	78,000	—			Bank of Baroda, Citibank, Equinox
	100.0	%	93.6	%	73.69		63,800		945,000	945,000	—	525,000

4 Union Square South
-Retail	100.0	%	100.0	%	133.32		27,200		204,000	204,000	—	120,000		Burlington, Whole Foods Market, DSW, Sephora

Total Midtown South							97,400		2,332,000	2,332,000	—	645,000

Rockefeller Center:
1290 Avenue of the Americas														Hachette Book Group Inc., Bryan Cave LLP,
														Neuberger Berman Group LLC, Cushman & Wakefield,
														Columbia University, Selendy Gay PLLC,
-Office	70.0	%	87.1	%	90.03				2,009,000	2,009,000	—			Fubotv Inc, LinkLaters, King & Spalding, Oaktree Capital
-Retail	70.0	%	95.9	%	213.43				92,000	92,000	—			Duane Reade, JPMorgan Chase Bank, Starbucks
Total Rockefeller Center	70.0	%	87.4	%	94.38		178,700		2,101,000	2,101,000	—	950,000

SoHo:
606 Broadway (19 East Houston Street)
-Office	50.0	%	13.4	%	120.00				30,000	30,000	—
-Retail	50.0	%	100.0	%	726.44				6,000	6,000	—			HSBC, Harman International
	50.0	%	24.8	%	441.61		3,900		36,000	36,000	—	74,119

304-306 Canal Street
-Retail	100.0	%	100.0	%	62.75		300		4,000	4,000	—	—		Stellar Works



334 Canal Street
-Retail	100.0	%	—		—				4,000	—	4,000
-Residential	100.0	%	—						5,000	—	5,000
	100.0	%					—		9,000	—	9,000	—

Total SoHo							4,200		49,000	40,000	9,000	74,119

- 37 -


NEW YORK SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
Property									Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Times Square:
1540 Broadway
-Retail	52.0	%	18.2	%	$	450.82	$	12,900	162,000	162,000	—	$	—	U.S. Polo, Disney

1535 Broadway
-Retail	52.0	%	100.0	%	1,127.89				45,000	45,000	—			T-Mobile, Swatch Group USA, Levi's, Sephora, Anita La Mamma Del Gelato
-Theatre	52.0	%	100.0	%	21.55				62,000	62,000	—			Nederlander-Marquis Theatre
	52.0	%	100.0	%	437.19		43,300		107,000	107,000	—	450,000

Total Times Square							56,200		269,000	269,000	—	450,000

Upper East Side:
1131 Third Avenue
-Retail	100.0	%	63.7	%	212.92		3,000		23,000	23,000	—	—		Crunch LLC, J.Jill

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

Total Upper East Side							3,000		33,000	33,000	—	—





Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)**
-Office	100.0	%	100.0	%	49.58		10,400		209,000	209,000	—	—		The City of New York

85 Tenth Avenue														Google, Telehouse International Corp.,
-Office	49.9	%	89.9	%	95.66				598,000	598,000	—			Clear Secure, Inc., Shopify
-Retail	49.9	%	76.3	%	96.01				43,000	43,000	—			Verde
	49.9	%	89.1	%	95.68		54,400		641,000	641,000	—	625,000

537 West 26th Street
-Retail	100.0	%	100.0	%	134.23		2,300		17,000	17,000	—	—

61 Ninth Avenue (2 buildings)
(ground leased through 2115)**
-Office	45.1	%	100.0	%	148.02				171,000	171,000	—			Aetna Life Insurance Company, Apple Inc.
-Retail	45.1	%	100.0	%	407.48				23,000	23,000	—			Starbucks
	45.1	%	100.0	%	165.08		34,400		194,000	194,000	—	167,500

512 West 22nd Street														Kenneth Cole Productions, Inc.*, Next Jump, Omniva LLC,
-Office	55.0	%	100.0	%	114.86				165,000	165,000	—			Capricorn Investment Group, Genius Sports
-Retail	55.0	%	100.0	%	110.18				8,000	8,000	—			Galeria Nara Roesler, Harper's Books
	55.0	%	100.0	%	114.65		19,800		173,000	173,000	—	123,650

Total Chelsea/Meatpacking District							121,300		1,234,000	1,234,000	—	916,150

- 38 -


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




Tribeca:
Independence Plaza
-Residential (1,328 units)	50.1	%	95.2	%					1,186,000	1,186,000	—
-Retail	50.1	%	65.0	%	$	97.38			72,000	72,000	—			Duane Reade
	50.1	%					$	5,500	1,258,000	1,258,000	—	$	675,000

339 Greenwich Street
-Retail	100.0	%	100.0	%	154.75		700		9,000	9,000	—	—		Paper Moon*

Total Tribeca							6,200		1,267,000	1,267,000	—	675,000
New Jersey:
Paramus
-Office	100.0	%	85.6	%	26.38		2,800		129,000	129,000	—	—		Vornado's Administrative Headquarters

Property under Development:
Sunset Pier 94 Studios (ground and building leased through 2110)**
‘-Studio	49.9	%	—		—		—		266,000	—	266,000	95,811

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

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

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




New York Office:

Total			86.9	%	$	90.66	$	1,449,700	20,350,000	20,084,000	266,000	$	7,764,368

Vornado's Ownership Interest			86.7	%	$	88.51	$	1,206,200	17,529,000	17,396,000	133,000	$	5,372,012

New York Retail:

Total			68.5	%	$	271.18	$	414,000	2,321,000	2,317,000	4,000	$	1,150,249

Vornado's Ownership Interest			67.7	%	$	223.05	$	279,400	1,924,000	1,920,000	4,000	$	700,488

New York Residential:

Total			95.9	%					1,201,000	1,196,000	5,000	$	675,000

Vornado's Ownership Interest			95.7	%					609,000	604,000	5,000	$	338,175

- 39 -


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

731 Lexington Avenue, Manhattan
-Office	32.4	%	100.0	%	$	145.66			952,000	952,000	—	$	400,000	Bloomberg L.P.
-Retail	32.4	%	27.2	%	394.45				128,000	128,000	—	300,000		Hutong, Capital One
	32.4	%	91.7	%	154.06		$	150,100	1,080,000	1,080,000	—	700,000


Rego Park I, Queens (4.8 acres)	32.4	%	100.0	%	66.03		3,300		338,000	50,000	288,000			Burlington

Rego Park II (adjacent to Rego Park I),
Queens (6.6 acres)	32.4	%	99.1	%	74.29		42,500		615,000	519,000	96,000	200,561		Costco, Kohl's, TJ Maxx, Best Buy, Marshalls, DSW*

Flushing, Queens (1.0 acre ground leased through 2037)	32.4	%	100.0	%	33.47		5,600		167,000	167,000	—	—		New World Mall LLC

The Alexander Apartment Tower,
Rego Park, Queens, NY
-Residential (312 units)	32.4	%	98.7	%					255,000	255,000	—	94,000




Total Alexander's	32.4	%	94.8	%	115.75		201,500		2,455,000	2,071,000	384,000	994,561


Total New York			85.8	%	$	101.23	$	2,056,400	26,327,000	25,668,000	659,000	$	10,584,178

Vornado's Ownership Interest			85.2	%	$	93.92	$	1,591,400	20,857,000	20,591,000	266,000	$	6,732,913

________________________________

* Lease not yet commenced.

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

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

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

(3)Represents contractual debt obligations.

(4)Secured amount outstanding on revolving credit facilities.

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

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

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

(8)Master leased to NYU for a 70-year term, square feet includes storage space. See page 3 for details.

- 40 -


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

THE MART, Chicago
														Motorola Mobility (guaranteed by Google), Avant LLC,
														ANGI Home Services, Inc, Paypal, Inc., ConAgra Foods Inc.,
														Allscripts Healthcare, Clear Channel Outdoor LLC*, IPG and affiliates,
														Government Employees Insurance Company, Medline Industries, Inc,
-Office	100.0	%	83.2	%	$	47.79	$	85,400	2,115,000	2,115,000	—			Innovation Development Institute, Inc., Allstate Insurance Company

-Showroom/Trade show	100.0	%	71.4	%	56.18		58,500		1,486,000	1,486,000	—			Holly Hunt Ltd., Baker Interiors Group, Ltd.
-Retail	100.0	%	71.2	%	47.09		2,900		91,000	91,000	—
	100.0	%	78.1	%	50.84		146,800		3,692,000	3,692,000	—	$	—

Other (1 property)	50.0	%	100.0	%	73.07		300		4,000	4,000	—	18,321
Total THE MART, Chicago							147,100		3,696,000	3,696,000	—	18,321



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


Total THE MART			78.2	%	$	50.88	$	147,100	3,696,000	3,696,000	—	$	18,321

Vornado's Ownership Interest			78.2	%	$	50.86	$	147,000	3,694,000	3,694,000	—	$	9,160

555 California Street:
555 California Street	70.0	%	97.0	%	$	101.30	$	145,500	1,509,000	1,509,000	—	$	1,200,000	Bank of America, N.A., Dodge & Cox, Goldman Sachs & Co.,
														Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,
														McKinsey & Company Inc., UBS Financial Services,
														KKR Financial, Microsoft Corporation,
														Fenwick & West LLP, Sidley Austin

315 Montgomery Street	70.0	%	93.6	%	90.56		19,700		236,000	236,000	—	—		Bank of America, N.A., Regus, Ripple Labs Inc., Blue Shield, Lending Home Corporation

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

Total 555 California Street			92.3	%	$	99.90	$	165,200	1,823,000	1,823,000	—	$	1,200,000

Vornado's Ownership Interest			92.3	%	$	99.90	$	115,600	1,276,000	1,276,000	—	$	840,000

________________________________

* Lease not yet commenced.

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

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

(3)Represents the contractual debt obligations.

- 41 -


OTHER SEGMENT
PROPERTY TABLE
(Annualized escalated rent amounts in thousands)	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Annualized Escalated Rent(2)		Square Feet			Encumbrances (non-GAAP) (in thousands)(3)	Major Tenants
Property									Total Property		Under Development or Not Available for Lease
										In Service
OTHER:
Virginia:
Rosslyn Plaza
-Office - 4 buildings	46.2	%	22.5	%	$	52.39			736,000	432,000		304,000			Nathan Associates
-Residential - 2 buildings (197 units)	43.7	%	99.5	%					253,000	253,000		—
	45.6	%					$	4,900	989,000	685,000		304,000	$	25,000

Fashion Centre Mall / Washington Tower
-Office	7.5	%	75.5	%	58.35				170,000	170,000		—	42,300		The Rand Corporation
-Retail	7.5	%	97.6	%	39.19				868,000	868,000		—	412,700		Macy's, Nordstrom
	7.5	%	94.0	%	41.71		52,200		1,038,000	1,038,000		—	455,000

New Jersey:
Wayne Town Center, Wayne (ground leased through 2064)**	100.0	%	100.0	%	28.99		13,400		690,000	686,000		4,000	—		Costco, Dick's Sporting Goods,
															Nordstrom Rack, UFC FIT

Atlantic City (11.3 acres ground leased through 2070 to VICI Properties for a portion of the Borgata Hotel and Casino complex)	100.0	%	100.0	%	—		8,100		—	—		—	—		VICI Properties (ground lessee)

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

Total Other			82.6	%	$	38.15	$	80,000	2,845,000	2,537,000		308,000	$	480,000

Vornado's Ownership Interest			85.4	%	$	24.16	$	29,200	1,346,000	1,202,000		144,000	$	46,728

________________________________

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

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

(3)Represents the contractual debt obligations.

- 42 -

INVESTOR INFORMATION

Corporate Officers:

Steven Roth

Chairman of the Board and Chief Executive Officer

Michael J. Franco

President and Chief Financial Officer

Glen J. Weiss

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

Barry S. Langer

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

Haim Chera

Executive Vice President - Head of Retail

Thomas J. Sanelli

Executive Vice President - Finance and Chief Administrative Officer

RESEARCH COVERAGE

Jeff Spector/Jana Galan

Steve Sakwa

Vikram Malhotra

Bank of America/BofA Securities

Evercore ISI

Mizuho Securities (USA) Inc.

646-855-1363/646-855-3081

212-446-9462

212-282-3827

Brendan Lynch

Caitlin Burrows

Ronald Kamdem

Barclays Capital

Goldman Sachs

Morgan Stanley

212-526-9428

212-902-4736

212-296-8319

John P. Kim

Dylan Burzinski

Alexander Goldfarb/Connor Mitchell

BMO Capital Markets

Green Street Advisors

Piper Sandler

212-885-4115

949-640-8780

212-466-7937/203-861-7615

Nicholas Joseph/Seth Bergey

Anthony Paolone/Ray Zhong

Nicholas Yulico

Citi

JP Morgan

Scotia Capital (USA) Inc

212-816-1909/212-816-2066

212-622-6682/212-622-5411

212-225-6904

Kenneth Billingsley

Mark Streeter/Ian Snyder

Michael Lewis

Compass Point

JP Morgan Fixed Income

Truist Securities

202-534-1393

212-834-5086/212-834-3798

212-319-5659

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.

- 43 -

APPENDIX

DEFINITIONS AND NON-GAAP RECONCILIATIONS


FINANCIAL SUPPLEMENT DEFINITIONS

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

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

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

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

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

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

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

- i -


NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):
Net income attributable to common shareholders	$	743,819	$	86,842	$	1,203	$	(19,154)	$	35,260
Per diluted share	$	3.70	$	0.43	$	0.01	$	(0.10)	$	0.18

FFO adjustments:
Depreciation and amortization of real property	$	103,142	$	104,257	$	101,824	$	103,190	$	97,897
Real estate impairment losses	542		—		—		—		—
Gain on sales-type lease	(803,248)		—		—		—		—
Net gains on sale of real estate	—		—		—		—		(873)
Our share of partially owned entities:
Net gains on sale of real estate	(2,527)		(77,008)		—		—		—
Depreciation and amortization of real property	24,107		24,525		23,483		25,091		26,458

FFO adjustments, net	(677,984)		51,774		125,307		128,281		123,482
Impact of assumed conversion of dilutive convertible securities	385		310		358		385		393
Noncontrolling interests' share of above adjustments on a dilutive basis	54,708		(3,887)		(9,783)		(10,256)		(10,191)
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	120,928		135,039		117,085		99,256		148,944
Add back of FFO allocated to noncontrolling interests of the Operating Partnership	10,127		11,747		9,890		8,537		13,363
FFO attributable to Class A unitholders (non-GAAP)	$	131,055	$	146,786	$	126,975	$	107,793	$	162,307
FFO per diluted share (non-GAAP)	$	0.60	$	0.67	$	0.58	$	0.50	$	0.76

- ii -


NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	120,928	$	135,039	$	117,085	$	99,256	$	148,944
Per diluted share (non-GAAP)	$	0.60	$	0.67	$	0.58	$	0.50	$	0.76

Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
Gain on sale of Canal Street condominium units	$	(8,362)	$	(1,975)	$	—	$	—	$	—
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)	3,337		3,205		3,456		4,164		2,599
Our share of the gain on the discounted extinguishment of the 280 Park Avenue mezzanine loan	—		—		—		—		(31,215)
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities	—		(11,028)		—		—		(13,069)
Other	(3,217)		240		2,104		(365)		2,252
	(8,242)		(9,558)		5,560		3,799		(39,433)
Noncontrolling interests' share of above adjustments on a dilutive basis	638		764		(433)		(300)		3,255
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net	$	(7,604)	$	(8,794)	$	5,127	$	3,499	$	(36,178)


FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	113,324	$	126,245	$	122,212	$	102,755	$	112,766
Per diluted share (non-GAAP)	$	0.56	$	0.63	$	0.61	$	0.52	$	0.57

- iii -


NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited)
(Amounts in thousands)
		For the Three Months Ended
		June 30, 2025			March 31, 2025		December 31, 2024			September 30, 2024		June 30, 2024
FFO attributable to common shareholders, plus assumed conversions	(A)	$	120,928		$	135,039	$	117,085		$	99,256	$	148,944

Adjustments to arrive at FAD (at Vornado's share):
Certain items that impact FAD		(8,242)			(9,558)		5,560			3,799		(39,433)
Recurring tenant improvements, leasing commissions and other capital expenditures		(104,203)		(1)	(48,071)		(55,350)			(55,038)		(53,934)
Stock-based compensation expense		7,519			6,022		7,359			6,544		8,750
Amortization of debt issuance costs and other non-cash interest expense		10,638			12,089		13,280			14,493		17,091
Personal property depreciation		1,564			1,526		1,532			1,917		1,444
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other		(45,954)			(23,919)		(8,378)			6,807		(581)
Noncontrolling interests in the Operating Partnership's share of above adjustments		11,119			5,139		2,946			1,769		5,502
FAD adjustments, net	(B)	(127,559)			(56,772)		(33,051)			(19,709)		(61,161)

FAD (non-GAAP)	(A+B)	$	(6,631)		$	78,267	$	84,034		$	79,547	$	87,783

FAD payout ratio		N/A		(2)	N/A		180.5		%	N/A		N/A

________________________________

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

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

- iv -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET INCOME (LOSS) TO EBITDAre (unaudited) TO EBITDAre, AS ADJUSTED (unaudited)

(Amounts in thousands)


	For the Three Months Ended
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Reconciliation of net income (loss) to EBITDAre (non-GAAP):
Net income (loss)	$	813,227	$	99,824	$	5,758	$	(19,468)	$	40,099
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	10,981		10,433		11,107		14,152		13,890
Net income (loss) attributable to the Operating Partnership	824,208		110,257		16,865		(5,316)		53,989
EBITDAre adjustments at share:
Depreciation and amortization expense	128,813		130,308		126,839		130,198		125,799
Interest and debt expense	115,171		117,891		121,875		125,737		93,148
Income tax expense	4,295		7,414		5,381		5,056		5,582
Real estate impairment losses	542		—		—		—		—
Gain on sales-type lease	(803,248)		—		—		—		—
Net gains on sale of real estate	(2,527)		(77,008)		—		—		(873)
EBITDAre at share	267,254		288,862		270,960		255,675		277,645
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	11,301		11,314		10,819		9,574		9,656
EBITDAre (non-GAAP)	$	278,555	$	300,176	$	281,779	$	265,249	$	287,301

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(11,301)		(11,314)		(10,819)		(9,574)		(9,656)

Certain (income) expense items that impact EBITDAre:
Gain on sale of Canal Street condominium units	(8,362)		(1,975)		—		—		—
Gain on sale of 220 CPS condominium units and ancillary amenities	—		(13,576)		—		—		(15,175)
Other	(1,309)		386		1,732		(737)		3,362
Total of certain (income) expense items that impact EBITDAre	(9,671)		(15,165)		1,732		(737)		(11,813)

EBITDAre, as adjusted (non-GAAP)	$	257,583	$	273,697	$	272,692	$	254,938	$	265,832

- v -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET INCOME (LOSS) TO EBITDAre (unaudited) TO EBITDAre, AS ADJUSTED (unaudited)

(Amounts in thousands)


	For the Trailing Twelve Months Ended		For the Year Ended December 31,
	June 30, 2025		2024		2023		2022
Reconciliation of net income (loss) to EBITDAre (non-GAAP):
Net income (loss)	$	899,341	$	20,116	$	32,888	$	(382,612)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	46,673		51,131		75,967		5,737
Net income (loss) attributable to the Operating Partnership	946,014		71,247		108,855		(376,875)
EBITDAre adjustments at share:
Depreciation and amortization expense	516,158		507,210		499,357		593,322
Interest and debt expense	480,674		458,100		458,400		362,321
Income tax expense	22,146		23,445		30,465		23,404
Real estate impairment losses	542		—		73,289		595,488
Gain on sales-type lease	(803,248)		—		—		—
Net gains on sale of real estate	(79,535)		(873)		(72,955)		(58,920)
EBITDAre at share	1,082,751		1,059,129		1,097,411		1,138,740
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	43,008		42,125		39,405		71,786
EBITDAre (non-GAAP)	$	1,125,759	$	1,101,254	$	1,136,816	$	1,210,526

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(43,008)		(42,125)		(39,405)		(71,786)

Certain (income) expense items that impact EBITDAre:
Gain on sale of Canal Street condominium units	(10,337)		—		—		—
Gain on sale of 220 CPS condominium units and ancillary amenities	(13,576)		(15,175)		(14,127)		(41,874)
Other	72		5,366		(1,952)		(6,302)
Total of certain (income) expense items that impact EBITDAre	(23,841)		(9,809)		(16,079)		(48,176)

EBITDAre, as adjusted (non-GAAP)	$	1,058,910	$	1,049,320	$	1,081,332	$	1,090,564

- vi -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)


	For the Three Months Ended						For the Six Months Ended June 30,
	June 30,				March 31, 2025
	2025		2024				2025		2024
Net income	$	813,227	$	40,099	$	99,824	$	913,051	$	33,826
Depreciation and amortization expense	115,574		109,774		116,155		231,729		218,433
General and administrative expense	39,978		38,475		38,597		78,575		76,372
Transaction related costs and other	721		3,361		43		764		4,014
Income from partially owned entities	(16,671)		(47,949)		(96,977)		(113,648)		(64,228)

Interest and other investment income, net	(11,056)		(10,511)		(8,261)		(19,317)		(22,235)
Interest and debt expense	87,929		98,401		95,816		183,745		188,879
Gain on sales-type lease	(803,248)		—		—		(803,248)		—
Net gains on disposition of wholly owned and partially owned assets	(8,488)		(16,048)		(15,551)		(24,039)		(16,048)
Income tax expense	4,123		5,284		7,193		11,316		12,024
NOI from partially owned entities	66,227		68,298		67,111		133,338		138,667
NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,643)		(9,013)		(10,660)		(21,303)		(20,409)
NOI at share	277,673		280,171		293,290		570,963		549,295
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(45,954)		(581)		(23,919)		(69,873)		(2,092)
NOI at share - cash basis	$	231,719	$	279,590	$	269,371	$	501,090	$	547,203

- vii -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)


	For the Three Months Ended June 30,
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2025		2024		2025		2024		2025		2024		2025		2024		2025		2024
New York	$	358,167	$	367,578	$	(188,402)	$	(188,947)	$	169,765	$	178,631	$	(39,212)	$	1,504	$	130,553	$	180,135
Other	83,270		82,688		(30,946)		(40,433)		52,324		42,255		2,705		4,953		55,029		47,208

Noncontrolling interests' share in consolidated subsidiaries	(51,815)		(52,353)		41,172		43,340		(10,643)		(9,013)		(4,830)		(6,270)		(15,473)		(15,283)
Our share of partially owned entities	114,795		117,504		(48,568)		(49,206)		66,227		68,298		(4,617)		(768)		61,610		67,530
Vornado's share	$	504,417	$	515,417	$	(226,744)	$	(235,246)	$	277,673	$	280,171	$	(45,954)	$	(581)	$	231,719	$	279,590


	For the Three Months Ended March 31, 2025
	Total Revenues		Operating Expenses		NOI		Non-cash Adjustments(1)		NOI - cash basis
New York	$	376,206	$	(183,640)	$	192,566	$	(18,710)	$	173,856
Other	85,373		(41,100)		44,273		1,798		46,071

Noncontrolling interests' share in consolidated subsidiaries	(53,035)		42,375		(10,660)		(3,770)		(14,430)
Our share of partially owned entities	116,389		(49,278)		67,111		(3,237)		63,874
Vornado's share	$	524,933	$	(231,643)	$	293,290	$	(23,919)	$	269,371


	For the Six Months Ended June 30,
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2025		2024		2025		2024		2025		2024		2025		2024		2025		2024
New York	$	734,373	$	725,812	$	(372,042)	$	(377,225)	$	362,331	$	348,587	$	(57,922)	$	2,775	$	304,409	$	351,362
Other	168,643		160,829		(72,046)		(78,379)		96,597		82,450		4,503		5,823		101,100		88,273

Noncontrolling interests' share in consolidated subsidiaries	(104,850)		(105,520)		83,547		85,111		(21,303)		(20,409)		(8,600)		(11,408)		(29,903)		(31,817)
Our share of partially owned entities	231,184		238,246		(97,846)		(99,579)		133,338		138,667		(7,854)		718		125,484		139,385
Vornado's share	$	1,029,350	$	1,019,367	$	(458,387)	$	(470,072)	$	570,963	$	549,295	$	(69,873)	$	(2,092)	$	501,090	$	547,203

________________________________

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

- viii -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED JUNE 30, 2025 COMPARED TO JUNE 30, 2024 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended June 30, 2025	$	277,673		$	230,579		$	25,197		$	18,686		$	3,211
Less NOI at share from:
Dispositions	(8)			166			(174)			—			—
Development properties	(5,011)			(5,011)			—			—			—
Other non-same store income, net	(11,813)			(7,235)			—			(1,367)			(3,211)
Same store NOI at share for the three months ended June 30, 2025	$	260,841		$	218,499		$	25,023		$	17,319		$	—

NOI at share for the three months ended June 30, 2024	$	280,171		$	242,153		$	16,060		$	16,800		$	5,158
Less NOI at share from:
Dispositions	(3,251)			(3,061)			(190)			—			—
Development properties	(8,880)			(8,880)			—			—			—
Other non-same store income, net	(20,653)			(15,495)			—			—			(5,158)
Same store NOI at share for the three months ended June 30, 2024	$	247,387		$	214,717		$	15,870		$	16,800		$	—

Increase in same store NOI at share	$	13,454		$	3,782		$	9,153		$	519		$	—

% increase in same store NOI at share	5.4		%	1.8		%	57.7		%	3.1		%	0.0		%

- ix -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED JUNE 30, 2025 COMPARED TO JUNE 30, 2024 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended June 30, 2025	$	231,719		$	182,605		$	25,258		$	20,684		$	3,172
Less NOI at share - cash basis from:
Dispositions	(8)			166			(174)			—			—
Development properties	(4,772)			(4,772)			—			—			—
Other non-same store expense (income), net	7,078			13,510			—			(3,260)			(3,172)
Same store NOI at share - cash basis for the three months ended June 30, 2025	$	234,017		$	191,509		$	25,084		$	17,424		$	—

NOI at share - cash basis for the three months ended June 30, 2024	$	279,590		$	237,834		$	16,835		$	19,956		$	4,965
Less NOI at share - cash basis from:
Dispositions	(2,785)			(2,611)			(174)			—			—
Development properties	(8,639)			(8,639)			—			—			—
Other non-same store income, net	(22,256)			(17,291)			—			—			(4,965)
Same store NOI at share - cash basis for the three months ended June 30, 2024	$	245,910		$	209,293		$	16,661		$	19,956		$	—

(Decrease) increase in same store NOI at share - cash basis	$	(11,893)		$	(17,784)		$	8,423		$	(2,532)		$	—

% (decrease) increase in same store NOI at share - cash basis	(4.8)		%	(8.5)		%	50.6		%	(12.7)		%	0.0		%

- x -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE SIX MONTHS ENDED JUNE 30, 2025 COMPARED TO JUNE 30, 2024 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share for the six months ended June 30, 2025	$	570,963		$	483,896		$	41,113		$	36,529		$	9,425
Less NOI at share from:
Dispositions	(114)			128			(242)			—			—
Development properties	(11,741)			(11,741)			—			—			—
Other non-same store income, net	(39,348)			(28,101)			—			(1,822)			(9,425)
Same store NOI at share for the six months ended June 30, 2025	$	519,760		$	444,182		$	40,871		$	34,707		$	—

NOI at share for the six months ended June 30, 2024	$	549,295		$	475,282		$	30,546		$	33,329		$	10,138
Less NOI at share from:
Dispositions	(6,541)			(6,317)			(224)			—			—
Development properties	(18,607)			(18,607)			—			—			—
Other non-same store income, net	(26,682)			(16,544)			—			—			(10,138)
Same store NOI at share for the six months ended June 30, 2024	$	497,465		$	433,814		$	30,322		$	33,329		$	—

Increase in same store NOI at share	$	22,295		$	10,368		$	10,549		$	1,378		$	—

% increase in same store NOI at share	4.5		%	2.4		%	34.8		%	4.1		%	0.0		%

- xi -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE SIX MONTHS ENDED JUNE 30, 2025 COMPARED TO JUNE 30, 2024 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the six months ended June 30, 2025	$	501,090		$	410,175		$	42,775		$	38,821		$	9,319
Less NOI at share - cash basis from:
Dispositions	(116)			128			(244)			—			—
Development properties	(11,261)			(11,261)			—			—			—
Other non-same store (income) expense, net	(7,806)			4,773			—			(3,260)			(9,319)
Same store NOI at share - cash basis for the six months ended June 30, 2025	$	481,907		$	403,815		$	42,531		$	35,561		$	—

NOI at share - cash basis for the six months ended June 30, 2024	$	547,203		$	468,628		$	31,784		$	36,894		$	9,897
Less NOI at share - cash basis from:
Dispositions	(5,561)			(5,388)			(173)			—			—
Development properties	(17,883)			(17,883)			—			—			—
Other non-same store income, net	(28,760)			(18,863)			—			—			(9,897)
Same store NOI at share - cash basis for the six months ended June 30, 2024	$	494,999		$	426,494		$	31,611		$	36,894		$	—

(Decrease) increase in same store NOI at share - cash basis	$	(13,092)		$	(22,679)		$	10,920		$	(1,333)		$	—

% (decrease) increase in same store NOI at share - cash basis	(2.6)		%	(5.3)		%	34.5		%	(3.6)		%	0.0		%

- xii -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED JUNE 30, 2025 COMPARED TO MARCH 31, 2025 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended June 30, 2025	$	277,673		$	230,579		$	25,197		$	18,686		$	3,211
Less NOI at share from:
Dispositions	(8)			166			(174)			—			—
Development properties	(5,011)			(5,011)			—			—			—
Other non-same store income, net	(10,632)			(6,054)			—			(1,367)			(3,211)
Same store NOI at share for the three months ended June 30, 2025	$	262,022		$	219,680		$	25,023		$	17,319		$	—

NOI at share for the three months ended March 31, 2025	$	293,290		$	253,317		$	15,916		$	17,843		$	6,214
Less NOI at share from:
Dispositions	(106)			(38)			(68)			—			—
Development properties	(6,730)			(6,730)			—			—			—
Other non-same store income, net	(35,324)			(28,654)			—			(456)			(6,214)
Same store NOI at share for the three months ended March 31, 2025	$	251,130		$	217,895		$	15,848		$	17,387		$	—

Increase (decrease) in same store NOI at share	$	10,892		$	1,785		$	9,175		$	(68)		$	—

% increase (decrease) in same store NOI at share	4.3		%	0.8		%	57.9		%	(0.4)		%	0.0		%

- xiii -


NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED JUNE 30, 2025 COMPARED TO MARCH 31, 2025 (unaudited)


	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended June 30, 2025	$	231,719		$	182,605		$	25,258		$	20,684		$	3,172
Less NOI at share - cash basis from:
Dispositions	(8)			166			(174)			—			—
Development properties	(4,772)			(4,772)			—			—			—
Other non-same store expense (income), net	8,173			14,605			—			(3,260)			(3,172)
Same store NOI at share - cash basis for the three months ended June 30, 2025	$	235,112		$	192,604		$	25,084		$	17,424		$	—

NOI at share - cash basis for the three months ended March 31, 2025	$	269,371		$	227,570		$	17,517		$	18,137		$	6,147
Less NOI at share - cash basis from:
Dispositions	(108)			(38)			(70)			—			—
Development properties	(6,489)			(6,489)			—			—			—
Other non-same store income, net	(19,303)			(13,156)			—			—			(6,147)
Same store NOI at share - cash basis for the three months ended March 31, 2025	$	243,471		$	207,887		$	17,447		$	18,137		$	—

(Decrease) increase in same store NOI at share - cash basis	$	(8,359)		$	(15,283)		$	7,637		$	(713)		$	—

% (decrease) increase in same store NOI at share - cash basis	(3.4)		%	(7.4)		%	43.8		%	(3.9)		%	0.0		%

- xiv -


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

	As of June 30, 2025
	Consolidated Debt, Net		Deferred Financing Costs, Net and Other		Consolidated Contractual Debt
Mortgages payable	$	4,977,526	$	21,417	$	4,998,943
Senior unsecured notes	746,588		3,412		750,000
$800 Million unsecured term loan	796,643		3,357		800,000
$2.2 Billion unsecured revolving credit facilities	575,000		—		575,000
	$	7,095,757	$	28,186	$	7,123,943

- xv -