Basic net (loss) income per common share is computed by dividing (i) net (loss) income attributable to common shareholders after allocation of dividends and undistributed earnings to participating securities by (ii) the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the dilutive impact of potential common shares and is computed after allocation of earnings to participating securities. Vornado’s participating securities include unvested restricted common shares. Employee stock options, OPP Units, AO LTIP Units, Performance AO LTIP Units and LTPP Units are included in the calculation of diluted (loss) income per share using the treasury stock method, if the effect is dilutive. Series A convertible preferred shares, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units are included in the calculation of diluted income (loss) per share using the if-converted method, if the effect is dilutive. Net (loss) income is allocated to redeemable Class A units of the Operating Partnership on a one-for-one basis with Vornado common shares. As such, redemption of these units for Vornado common shares would not have a dilutive effect on (loss) income per common share.


(Amounts in thousands, except per share amounts)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:


Net (loss) income attributable to Vornado	$	(31,613)	$	27,115	$	(6,971)	$	888,828
Preferred share dividends	(15,525)		(15,526)		(46,575)		(46,578)

Net (loss) income attributable to common shareholders	(47,138)		11,589		(53,546)		842,250
Distributions and earnings allocated to unvested participating securities	—		—		—		—
Numerator for basic (loss) income per common share	(47,138)		11,589		(53,546)		842,250
Impact of assumed conversion of dilutive convertible securities	(63)		—		—		1,189
Numerator for diluted (loss) income per common share	$	(47,201)	$	11,589	$	(53,546)	$	843,439

Denominator:
Denominator for basic (loss) income per common share - weighted average shares	186,822		192,050		187,909		191,804
Effect of dilutive securities(1):
Share-based payment awards	—		8,100		—		8,000
Convertible securities	24		—		—		1,294
Denominator for diluted (loss) income per common share - weighted average shares and assumed conversions	186,846		200,150		187,909		201,098

(LOSS) INCOME PER COMMON SHARE:
Basic	$	(0.25)	$	0.06	$	(0.28)	$	4.39
Diluted	$	(0.25)	$	0.06	$	(0.28)	$	4.19

(1)The calculation of diluted (loss) income per common share for the three and nine months ended September 30, 2026 excluded weighted average potential common shares of 9,438 and 8,565, respectively, as their effect was antidilutive. The calculation of diluted (loss) income per common share for the three months ended September 30, 2025 excluded weighted average potential common share equivalents of 1,291 as their effect was antidilutive. There were no antidilutive potential common share equivalents for the nine months ended September 30, 2025.

Basic net (loss) income per Class A unit is computed by dividing (i) net (loss) income attributable to Class A unitholders after allocation of distributions and undistributed earnings to participating securities by (ii) the weighted average number of Class A units outstanding for the period. Diluted earnings per unit reflects the dilutive impact of potential Class A units and is computed after allocation of earnings to participating securities. Vornado Realty L.P.’s participating securities include unvested LTIP Units and LTPP Units for which the applicable performance vesting conditions were satisfied. Equity awards subject to market and/or performance vesting conditions, including Vornado stock options, OPP Units, AO LTIP Units, Performance AO LTIP Units and LTPP Units, are included in the calculation of diluted (loss) income per Class A unit using the treasury stock method, if the effect is dilutive. Convertible securities, including Series A convertible preferred units, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units, are included in the calculation of diluted (loss) income per Class A unit using the if-converted method, if the effect is dilutive.


(Amounts in thousands, except per unit amounts)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:


Net (loss) income attributable to Vornado Realty L.P.	$	(35,784)	$	28,151	$	(11,672)	$	962,616
Preferred unit distributions	(15,554)		(15,555)		(46,661)		(46,664)

Net (loss) income attributable to Class A unitholders	(51,338)		12,596		(58,333)		915,952
Distributions and earnings allocated to unvested participating securities	—		(175)		—		(12,792)
Numerator for basic (loss) income per Class A unit	(51,338)		12,421		(58,333)		903,160
Impact of assumed conversion of dilutive convertible securities	(63)		—		—		1,189
Numerator for diluted (loss) income per Class A unit	$	(51,401)	$	12,421	$	(58,333)	$	904,349

Denominator:
Denominator for basic (loss) income per Class A unit - weighted average units	202,080		205,846		202,661		205,806
Effect of dilutive securities(1):
Unit-based payment awards	—		8,100		—		8,000
Convertible securities	24		—		—		1,294
Denominator for diluted (loss) income per Class A unit - weighted average units and assumed conversions	202,104		213,946		202,661		215,100

(LOSS) INCOME PER CLASS A UNIT:


Basic	$	(0.25)	$	0.06	$	(0.29)	$	4.39
Diluted	$	(0.25)	$	0.06	$	(0.29)	$	4.20

(1)The calculation of diluted (loss) income per Class A unit for the three and nine months ended September 30, 2026 excluded weighted average potential Class A units of 9,438 and 8,565, respectively, as their effect was antidilutive. The calculation of diluted (loss) income per Class A unit for the three months ended September 30, 2025 excluded weighted average potential Class A units of 1,291 as their effect was antidilutive. There were no antidilutive potential Class A unit equivalents for the nine months ended September 30, 2025.