Document

EX-99.2 3 vno-033126xex992xfinancial.htm EX-99.2 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 (Loss) Income Attributable to Common Shareholders (Consolidated and by Segment)	9	-	10
	Net Operating Income at Share and Net Operating Income at Share - Cash Basis by Segment and Subsegment	11
	Same Store NOI at Share and Same Store NOI at Share - Cash Basis	12




	LEASING ACTIVITY AND LEASE EXPIRATIONS
	Leasing Activity	13
	Lease Expirations	14	-	16
	CAPITAL EXPENDITURES AND RE/DEVELOPMENT	17

	DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES	18
	UNCONSOLIDATED JOINT VENTURES	19
	DEBT AND CAPITALIZATION
	Debt Analysis	20
	Corporate Covenant Ratios and Credit Ratings	21
	Capital Structure	22

	Debt Maturities	23
	Debt Detail (Consolidated and Unconsolidated)	24	-	25
	Hedging Instruments	26
	PROPERTY STATISTICS
	Top 30 Tenants	27
	Square Footage	28
	Occupancy and Residential Statistics	29
	Ground Leases	30
	Property Table	31	-	39
	EXECUTIVE OFFICERS AND RESEARCH COVERAGE	40
	APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
	Definitions	i
	Reconciliations	ii	-	xiii

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, 2025. 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 March 31, 2026 which can be accessed at the Company’s website www.vno.com.

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BUSINESS DEVELOPMENTS

Share Repurchase Program

During the three months ended March 31, 2026, we repurchased 2,745,713 common shares for $79,844,000 at an average price per share of $29.08.

On April 29, 2026, Vornado announced that its Board of Trustees has authorized the repurchase of up to $300,000,000 of its outstanding common shares under a new share repurchase program.

Under Vornado’s existing $200,000,000 share repurchase program that was announced in April 2023, Vornado has repurchased 6,929,439 of its common shares at an average price of $25.80 per share and has $21,191,000 remaining capacity under that prior program.

Acquisitions

Park Avenue Plaza

On April 28, 2026, we agreed to purchase a 49.0% interest in Park Avenue Plaza at a gross asset valuation of $1.1 billion ($950 per square foot). Park Avenue Plaza is a 45-story, 1,200,000 rentable square foot building located at 55 East 52nd Street. The Class A office building, co-owned by Fisher Brothers, has protected Park Avenue views and occupies the full through-block between East 52nd and East 53rd Street.

We will acquire our interest subject to our share of the $575,000,000 loan encumbering the property that bears interest at a fixed rate of 2.99% and matures in November 2031.

Fisher Brothers will retain its current 51.0% ownership interest and will continue to manage and lease the property. Vornado and Fisher Brothers will have joint control over major decisions. We expect to close the acquisition in the second quarter of 2026.

3 East 54th Street

On January 7, 2026, we acquired 3 East 54th Street, a demolition-ready asset situated on 18,400 square feet of land, for $141,000,000. Previously, in July 2025, we purchased the $35,000,000 A-Note secured by the property at par plus accrued interest, and in August 2024, we purchased the $50,000,000 B-Note secured by the property. The A-Note and B-Note were in default. The $107,000,000 loan balance, including default interest and advances, was credited towards the purchase price.

3 East 54th Street is located between Fifth Avenue and Madison Avenue on 54th Street, adjacent to the St. Regis Hotel and our Upper Fifth Avenue retail properties. The land is zoned for approximately 232,500 buildable square feet as-of-right, and we intend to promptly demolish the existing buildings on the site.

Dispositions

Alexander’s Inc. (“Alexander’s”)

On March 6, 2026, Alexander’s, in which we own a 32.4% interest, entered into an agreement to sell its Rego Park I property for $235,500,000. Alexander’s expects to close the sale by the third quarter of 2026. Upon completion of the sale, we will recognize our approximate $44,000,000 share of the net gain. The sale is subject to customary closing conditions.

Financing Activity

350 Park Avenue

On March 10, 2026, an affiliate of Kenneth C. Griffin (“KG”) provided a $400,000,000 mortgage loan secured by 350 Park Avenue, the proceeds of which were used to defease the existing $400,000,000 mortgage loan in connection with the site’s development. The new interest-only loan bears interest at a fixed rate of 4.0% and matures in January 2027. Concurrently, and in connection with the planned development, Citadel Enterprise Americas LLC (“Citadel”) vacated the building and assigned its existing master lease to an affiliate of KG as tenant, and the lease was amended to provide for net rent of $16,000,000 per annum, equal to the interest payments under the new mortgage loan.

One Park Avenue

On February 9, 2026, we completed a $525,000,000 refinancing of One Park Avenue, a 945,000 square foot Manhattan office building. The five-year interest-only loan matures in February 2031 and bears interest at a rate of SOFR plus 1.78%. The loan replaced the previous $525,000,000 loan that bore interest at SOFR plus 1.22% and was scheduled to mature in March 2026.

61 Ninth Avenue

On February 2, 2026, a joint venture, in which we have a 45.1% interest, entered into a seven-month extension with the lenders on the $167,500,000 mortgage loan encumbering 61 Ninth Avenue and simultaneously paid down the principal balance by $12,500,000 to $155,000,000. The loan was previously scheduled to mature in January 2026. The non-recourse interest-only loan bears interest at a rate of SOFR plus 2.45% and matures in August 2026, with a three-month extension option subject to certain conditions.

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BUSINESS DEVELOPMENTS

Financing Activity - continued

825 Seventh Avenue Office Condominium

On January 26, 2026, a joint venture, in which we have a 50.0% interest, entered into a nine-month extension with the lenders on the $54,000,000 mortgage loan encumbering the office condominium of 825 Seventh Avenue and simultaneously paid down the principal balance by $6,000,000 to $48,000,000. The loan was previously scheduled to mature in January 2026. The non-recourse interest-only loan bears interest at a rate of SOFR plus 2.75% and matures in October 2026, with a fifteen-month extension option subject to loan-to-value and debt yield requirements.

7 West 34th Street

On January 23, 2026, a joint venture, in which we have a 53.0% interest, completed a $250,000,000 refinancing of 7 West 34th Street, a 477,000 square foot Manhattan office and retail building. The non-recourse, five-year interest-only mortgage loan matures in February 2031 and has a fixed rate of 5.79%. The joint venture paid down by $50,000,000 the prior $300,000,000 full-recourse loan that bore interest at 3.65% and was scheduled to mature in June 2026. The loan was paid down using property-level reserves and a $25,000,000 member loan from Vornado which accrues interest at 16.00% and receives priority on distributions.

Senior Unsecured Notes Due 2033

On January 14, 2026, we completed a public offering of $500,000,000 5.75% senior unsecured notes due February 1, 2033 (“2033 Notes”). Interest on the senior unsecured notes is payable semi-annually on February 1 and August 1, commencing August 1, 2026. The 2033 Notes were sold at 99.824% of their face amount to yield 5.78%. A portion of the $494,000,000 net proceeds from the 2033 Notes will be used to repay our $400,000,000 senior unsecured notes due June 2026 at maturity.

2031 Revolving Credit Facility

On January 7, 2026, we completed a $1.105 billion refinancing of one of our two revolving credit facilities. On February 4, 2026, the facility was upsized to $1.130 billion. The $1.130 billion amended facility currently bears interest at a rate of SOFR plus 1.05% and is scheduled to mature in February 2031 (as fully extended). The facility fee is 25 basis points. The facility replaced the previous $1.25 billion revolving credit facility which was scheduled to mature in December 2027.

2029 Revolving Credit Facility

On January 7, 2026, we upsized our $915,000,000 revolving credit facility that matures in April 2029 (as fully extended) to $1.0 billion. The credit facility currently bears interest at a rate of SOFR plus 1.16% and has a facility fee of 24 basis points.

Unsecured Term Loan

On January 7, 2026, we completed a refinancing of our unsecured term loan and upsized the loan amount to $850,000,000. The loan bears interest at SOFR plus 1.20% and matures in February 2031 (as fully extended). The loan replaced the previous $800,000,000 term loan which bore interest at SOFR plus 1.25% and was scheduled to mature in December 2027.

888 Seventh Avenue

On December 10, 2025, the $244,543,000 non-recourse mortgage loan on 888 Seventh Avenue matured and was not repaid, at which time the lenders declared an event of default. On March 9, 2026, we entered into a forbearance agreement pursuant to which the lenders agreed to forbear from exercising their remedies and waived default interest through March 2027. During the forbearance period, regularly scheduled interest and required monthly amortization payments continue to accrue, but payment is deferred until the expiration or earlier termination of the forbearance period, at which time such amounts become due and payable.

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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	3/31/2026		12/31/2025			9/30/2025		6/30/2025		3/31/2025

Net (loss) income attributable to common shareholders	$	(22,842)	$	601		$	11,589	$	743,819	$	86,842
Per diluted share	(0.12)		—			0.06		3.70		0.43
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	96,263		112,927			117,372		120,928		135,039
Per diluted share (non-GAAP)	0.49		0.56			0.58		0.60		0.67
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	103,109		110,873			114,535		113,324		126,245
Per diluted share (non-GAAP)	0.52		0.55			0.57		0.56		0.63

EBITDAre attributable to the Operating Partnership (non-GAAP)	245,369		263,084			253,698		267,254		288,862
EBITDAre attributable to the Operating Partnership, as adjusted (non-GAAP)	247,798		254,805			253,758		257,583		273,697

Common Share Price & Dividends (NYSE:VNO)
High Price	$	34.83	$	41.85		$	43.37	$	41.95	$	45.37
Low Price	24.57		32.61			35.22		29.68		34.91
Closing price - end of quarter	25.99		33.28			40.53		38.24		36.99
Dividends per common share(1)	N/A		0.74			N/A		N/A		N/A
FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)(1)	N/A		31.9%		(2)	N/A		N/A		N/A
FAD payout ratio(1)	N/A		97.4%		(2)	N/A		N/A		N/A

VNO Common Shares & VRLP Units
VNO common shares outstanding	188,098		190,666			192,055		192,041		191,949
Redeemable Class A units and LTIP Unit awards outstanding	16,947		16,651			16,694		16,708		16,745
Convertible unit equivalents outstanding	1,917		1,503			1,242		1,313		1,356
Total Class A units and assumed conversions of convertible units outstanding	206,962		208,820			209,991		210,062		210,050

Weighted average Class A units outstanding - diluted	214,484		217,542			218,140		217,801		218,107
Weighted average common shares outstanding - diluted	197,479		200,901			201,416		201,042		200,784


Market Capitalization												$	16.1	Billion				$	17.2	Billion																$	18.8	Billion				$	18.4	Billion				$	18.6	Billion


Liquidity (amounts in millions)
Cash and cash equivalents	$	1,081	$	841	$	1,010	$	1,205	$	569
Restricted cash	130		137		142		158		238
Available on our $2.1 billion revolving credit facilities	1,388		1,419		1,419		1,560		1,540
Total Liquidity	$	2,599	$	2,397	$	2,571	$	2,923	$	2,347

___________________

(1)For 2026, we anticipate continuing our common share dividend policy of paying one common share dividend in the fourth quarter, subject to approval by our Board of Trustees.

(2)FFO and FAD payout ratios are calculated based on full year results.

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

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FFO, AS ADJUSTED BRIDGE - Q1 2026 VS. Q1 2025 (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 March 31, 2025	$	126.2	$	0.63

(Decrease) / increase in FFO, as adjusted due to:
Reversal in Q1 2025 of PENN 1 ground rent previously accrued	(17.2)
Interest expense, net of interest income	(15.9)


Impact of NYU master lease at 770 Broadway	7.6
Variable businesses	3.4


Lease expirations, net of rent commencements	(2.1)
Other, net	0.1
	(24.1)
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities	1.0
Net decrease	(23.1)		(0.11)


FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2026	$	103.1	$	0.52

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

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


(Amounts in thousands)	For the Three Months Ended
	March 31, 2026		December 31, 2025		March 31, 2025
Net Operating Income (“NOI”)(1):
Total revenues	$	459,105	$	453,709	$	461,579
Operating expenses	(246,631)		(234,102)		(224,740)
Our share of NOI from partially owned entities	68,308		65,093		67,111
NOI attributable to noncontrolling interests in consolidated subsidiaries	(8,659)		(10,440)		(10,660)
NOI at share	272,123		274,260		293,290
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(31,066)		(30,858)		(23,919)
NOI at share - cash basis	241,057		243,402		269,371

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") (at Vornado’s share)(1):
General and administrative expenses	(42,989)		(40,692)		(39,159)
Interest and other investment income, net	16,997		16,768		19,223
Transaction related costs and other (excludes real estate impairment losses)	(762)		1,796		(43)
Net gain on disposition of non-depreciable wholly owned and partially owned assets	—		10,952		15,551
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	31,066		30,858		23,919
EBITDAre attributable to the Operating Partnership (non-GAAP)	245,369		263,084		288,862
Total of certain items that impact EBITDAre	2,429		(8,279)		(15,165)
EBITDAre attributable to the Operating Partnership, as adjusted (non-GAAP)	247,798		254,805		273,697

Funds From Operations (“FFO”) (at Vornado’s share)(1):
Interest and debt expense	(116,219)		(113,183)		(117,891)
Preferred share dividends	(15,554)		(15,555)		(15,555)
Personal property depreciation	(2,050)		(2,349)		(1,526)
Income tax expense	(7,262)		(8,837)		(7,414)
Change in fair value of marketable securities	—		(198)		—
Impact of assumed conversion of dilutive convertible securities	309		219		310
Add-back - Total of certain items that impact EBITDAre	(2,429)		8,279		15,165
FFO allocated to noncontrolling interests of the Operating Partnership	(8,330)		(10,254)		(11,747)
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	96,263		112,927		135,039
Total of certain items that impact FFO attributable to common shareholders plus assumed conversions	6,846		(2,054)		(8,794)
FFO attributable to common shareholders plus assumed conversions, as adjusted	103,109		110,873		126,245

Funds Available for Distributions (“FAD”) (at Vornado's share)(1):
Certain items that impact FAD	(144)		(1,271)		(764)
Recurring tenant improvements, leasing commissions and other capital expenditures	(45,225)		(61,186)		(48,071)
Stock-based compensation expense	5,655		6,365		6,022
Amortization of debt issuance costs and other non-cash interest expense	6,681		8,145		12,089
Personal property depreciation	2,050		2,349		1,526
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(31,066)		(30,858)		(23,919)
Noncontrolling interests in the Operating Partnership's share of above adjustments	4,543		6,273		5,139
FAD (non-GAAP)	$	45,603	$	40,690	$	78,267

________________________________

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

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CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
	As of				Increase (Decrease)
	March 31, 2026		December 31, 2025
ASSETS
Real estate, at cost:
Land	$	2,425,240	$	2,408,914	$	16,326
Buildings and improvements	11,076,744		10,942,418		134,326
Development costs and construction in progress	946,797		890,143		56,654
Leasehold improvements and equipment	108,582		105,080		3,502
Total	14,557,363		14,346,555		210,808
Less accumulated depreciation and amortization	(4,276,342)		(4,191,075)		(85,267)
Real estate, net	10,281,021		10,155,480		125,541
Right-of-use assets	669,685		671,308		(1,623)
Net investment in lease	166,234		166,024		210
Cash, cash equivalents, and restricted cash
Cash and cash equivalents	1,081,299		840,850		240,449
Restricted cash	130,217		136,696		(6,479)

Total	1,211,516		977,546		233,970
Tenant and other receivables	98,031		77,137		20,894
Investments in partially owned entities	1,951,181		1,941,278		9,903


Receivable arising from the straight-lining of rents	778,704		752,545		26,159
Deferred leasing costs, net	382,115		374,620		7,495
Identified intangible assets, net	108,702		110,593		(1,891)
Other assets	272,348		294,587		(22,239)
Total assets	$	15,919,537	$	15,521,118	$	398,419
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	4,915,659	$	4,920,669	$	(5,010)
Senior unsecured notes, net	1,241,462		747,202		494,260
Unsecured term loan, net	839,491		797,337		42,154
Unsecured revolving credit facilities	718,000		720,420		(2,420)
Lease liabilities	698,066		699,640		(1,574)
Accounts payable and accrued expenses	367,045		376,190		(9,145)

Deferred compensation plan	112,758		113,778		(1,020)
Other liabilities	317,596		341,359		(23,763)
Total liabilities	9,210,077		8,716,595		493,482
Redeemable noncontrolling interests	526,688		647,951		(121,263)
Shareholders' equity	6,018,030		5,986,727		31,303
Noncontrolling interests in consolidated subsidiaries	164,742		169,845		(5,103)
Total liabilities, redeemable noncontrolling interests and equity	$	15,919,537	$	15,521,118	$	398,419

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CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Three Months Ended
	March 31,						December 31, 2025
	2026		2025		Variance
Property rentals(1)	$	321,657	$	348,385	$	(26,728)	$	315,946
Tenant expense reimbursements(1)	51,216		51,983		(767)		38,367
Amortization of acquired below-market leases, net	101		88		13		99
Straight-lining of rents	26,210		4,299		21,911		27,725
Total rental revenues	399,184		404,755		(5,571)		382,137
Fee and other income:
Building Maintenance Services ("BMS") cleaning fees	39,343		36,476		2,867		41,249
Management and leasing fees	2,715		3,030		(315)		2,610
Other income	17,863		17,318		545		27,713
Total revenues	459,105		461,579		(2,474)		453,709
Operating expenses	(246,631)		(224,740)		(21,891)		(234,102)
Depreciation and amortization	(118,528)		(116,155)		(2,373)		(113,350)
General and administrative	(42,245)		(38,597)		(3,648)		(40,050)
(Expense) income from deferred compensation plan liability	(581)		1,089		(1,670)		(2,148)
Transaction related costs and other	(762)		(43)		(719)		1,796
Total expenses	(408,747)		(378,446)		(30,301)		(387,854)
Income from partially owned entities	12,822		96,977		(84,155)		5,722

Interest and other investment income, net	9,327		8,261		1,066		13,383
Income (expense) from deferred compensation plan assets	581		(1,089)		1,670		2,148
Interest and debt expense	(89,206)		(95,816)		6,610		(85,664)

Net gains on disposition of wholly owned and partially owned assets	—		15,551		(15,551)		11,252
(Loss) income before income taxes	(16,118)		107,017		(123,135)		12,696
Income tax expense	(5,908)		(7,193)		1,285		(7,782)
Net (loss) income	(22,026)		99,824		(121,850)		4,914
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	12,690		10,433		2,257		11,296
Operating Partnership	2,019		(7,889)		9,908		(83)
Net (loss) income attributable to Vornado	(7,317)		102,368		(109,685)		16,127
Preferred share dividends	(15,525)		(15,526)		1		(15,526)

Net (loss) income attributable to common shareholders	$	(22,842)	$	86,842	$	(109,684)	$	601



Capitalized expenditures:
Interest and debt expense	$	10,118	$	10,868	$	(750)	$	9,226
Development payroll	1,489		1,101		388		1,071

________________________________

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


	For the Three Months Ended March 31, 2026
	Total		New York		Other
Property rentals(1)	$	321,657	$	261,174	$	60,483
Tenant expense reimbursements(1)	51,216		39,149		12,067
Amortization of acquired below-market leases, net	101		44		57
Straight-lining of rents	26,210		20,178		6,032
Total rental revenues	399,184		320,545		78,639
Fee and other income:
BMS cleaning fees	39,343		42,069		(2,726)
Management and leasing fees	2,715		2,922		(207)
Other income	17,863		11,950		5,913
Total revenues	459,105		377,486		81,619
Operating expenses	(246,631)		(203,428)		(43,203)
Depreciation and amortization	(118,528)		(94,231)		(24,297)
General and administrative	(42,245)		(15,505)		(26,740)
Expense from deferred compensation plan liability	(581)		—		(581)
Transaction related costs and other	(762)		(930)		168
Total expenses	(408,747)		(314,094)		(94,653)
Income from partially owned entities	12,822		11,365		1,457

Interest and other investment income, net	9,327		2,695		6,632
Income from deferred compensation plan assets	581		—		581
Interest and debt expense	(89,206)		(37,605)		(51,601)


(Loss) income before income taxes	(16,118)		39,847		(55,965)
Income tax expense	(5,908)		(1,720)		(4,188)
Net (loss) income	(22,026)		38,127		(60,153)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	12,690		9,249		3,441
Net (loss) income attributable to Vornado Realty L.P.	(9,336)		$	47,376	$	(56,712)
Less net loss attributable to noncontrolling interests in the Operating Partnership	2,048
Preferred unit distributions	(15,554)

Net loss attributable to common shareholders	$	(22,842)
For the three months ended March 31, 2025
Net income (loss) attributable to Vornado Realty L.P.	$	110,257	$	143,678	$	(33,421)
Net income attributable to common shareholders	$	86,842

________________________________

- 10 -

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
	March 31,					December 31, 2025
	2026		2025
NOI at share:
New York:
Office (includes base retail)(1)(2)	$	174,943	$	193,550	(3)	$	173,843
Street Retail(1)	46,686		43,570			48,335
Residential	6,996		6,192			6,395
Alexander’s	7,924		9,509			8,034

Total New York	236,549		252,821			236,607
Other:
THE MART	15,890		15,916			14,808
555 California Street	13,651		17,843			14,614
Other investments	6,033		6,710			8,231
Total Other	35,574		40,469			37,653
NOI at share	$	272,123	$	293,290		$	274,260


NOI at share - cash basis:
New York:
Office (includes base retail)(1)(2)	$	151,963	$	169,246	$	150,164
Street Retail(1)	41,239		41,689		44,839
Residential	6,571		5,848		5,969
Alexander's	8,756		10,538		8,928

Total New York	208,529		227,321		209,900
Other:
THE MART	17,625		17,517		15,177
555 California Street	8,859		18,137		10,379
Other investments	6,044		6,396		7,946
Total Other	32,528		42,050		33,502
NOI at share - cash basis	$	241,057	$	269,371	$	243,402

________________________________

(1)During the first quarter of 2026, we reclassified retail assets located at the base of our office buildings from the retail subsegment to the office subsegment. The retail subsegment was renamed “Street Retail” and now comprises standalone retail properties and mixed-use assets with prominent retail components, including related signage, with a concentration on High Streets such as Fifth Avenue, Madison Avenue and Times Square. Please see our Property Table on pages 31-39 for the composition of each subsegment. Prior period balances have been reclassified to conform to current period presentation. This change applies only to net operating income; all other operating metrics, including occupancy, leasing activity, and lease expirations continue to be presented based on space type.

(2)Includes BMS NOI of $10,170, $6,936 and $7,904 for the three months ended March 31, 2026 and 2025 and December 31, 2025, respectively.

(3)Includes a $17,240 reversal of previously accrued PENN 1 ground rent.

- 11 -

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


	Total		New York			THE MART		555 California Street
Same store NOI at share % increase (decrease)(1):
Three months ended March 31, 2026 compared to March 31, 2025	6.1	%	8.9	%		0.3	%	(21.5)	%

Three months ended March 31, 2026 compared to December 31, 2025	0.7	%	0.7	%		8.5	%	(6.6)	%

Same store NOI at share - cash basis % (decrease) increase(1):
Three months ended March 31, 2026 compared to March 31, 2025	(2.9)	%	1.3	%	(2)	1.0	%	(51.2)	%	(2)

Three months ended March 31, 2026 compared to December 31, 2025	0.3	%	(0.2)	%		17.5	%	(14.6)	%

________________________________

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

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

- 12 -


LEASING ACTIVITY (unaudited)
(Square feet in thousands)

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


	New York									555 California Street
	Office			Retail			THE MART
Three Months Ended March 31, 2026
Total square feet leased	311			25			19			96
Our share of square feet leased:	243			13			19			67
Initial rent(1)	$	102.50		$	546.51		$	70.20		$	151.94
Weighted average lease term (years)	8.7			12.4			3.3			9.5
Second generation relet space:
Square feet	121			1			15			58
GAAP basis:
Straight-line rent(2)	$	96.86		$	2,273.02		$	69.32		$	178.18
Prior straight-line rent	$	86.69		$	1,221.04		$	67.76		$	123.11
Percentage increase	11.7		%	86.2		%	2.3		%	44.7		%
Cash basis (non-GAAP):
Initial rent(1)	$	102.06		$	2,140.67		$	70.60		$	162.85
Prior escalated rent	$	93.04		$	1,574.92		$	71.81		$	134.95
Percentage increase (decrease)	9.7		%	35.9		%	(1.7)		%	20.7		%
Tenant improvements and leasing commissions:
Per square foot	$	141.09		$	127.63		$	28.72		$	176.42
Per square foot per annum	$	16.22		$	10.29		$	8.70		$	18.57
Percentage of initial rent	15.8		%	1.9		%	12.4		%	12.2		%

________________________________

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

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

- 13 -

LEASE EXPIRATIONS (unaudited)

(Amounts in thousands)


Our Share of Square Feet of Expiring Leases As of March 31, 2026



New York Office	901	939	956	1,124	722	894	637	581	440	1,025	462	6,211
New York Retail	25	52	41	44	143	55	62	36	145	25	143	345
THE MART	140	201	716	190	109	336	539	93	84	33	354	108
555 California Street	30	73	154	107	9	39	13	15	—	210	107	324
Total	1,096	1,265	1,867	1,465	983	1,324	1,251	725	669	1,293	1,066	6,988
% of total	5.5%	6.3%	9.3%	7.3%	4.9%	6.6%	6.3%	3.6%	3.3%	6.5%	5.3%	35.1%

_______________________________

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

- 14 -


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:	First Quarter 2026(2)	58,000		$	4,593,000	$	79.19	0.4	%




	Second Quarter 2026	174,000		16,146,000		92.79		1.3	%
	Third Quarter 2026	78,000		6,179,000		79.22		0.5	%
	Fourth Quarter 2026	591,000		45,177,000		76.44		3.7	%
	Remaining 2026	843,000		67,502,000		80.07		5.5	%

	First Quarter 2027	360,000		31,072,000		86.31		2.6	%
	Remaining 2027	579,000		48,266,000		83.36		4.0	%
	2028	956,000		76,184,000		79.69		6.3	%
	2029	1,124,000		87,042,000		77.44		7.1	%
	2030	722,000		65,813,000		91.15		5.4	%
	2031	894,000		84,420,000		94.43		6.9	%
	2032	637,000		54,444,000		85.47		4.5	%
	2033	581,000		50,798,000		87.43		4.2	%
	2034	440,000		42,028,000		95.52		3.5	%
	2035	1,025,000		82,967,000		80.94		6.8	%
	2036	462,000		47,127,000		102.01		3.9	%
	Thereafter	6,211,000	(3)	475,233,000		76.51		38.9	%

Retail:	First Quarter 2026(2)	1,000		$	41,000	$	41.00	0.0	%

	Second Quarter 2026	15,000		2,724,000		181.60		1.0	%
	Third Quarter 2026	4,000		4,050,000		1,012.50		1.6	%
	Fourth Quarter 2026	5,000		214,000		42.80		0.1	%
	Remaining 2026	24,000		6,988,000		291.17		2.7	%
	First Quarter 2027	26,000		13,099,000		503.81		5.0	%
	Remaining 2027	26,000		8,686,000		334.08		3.3	%
	2028	41,000		9,912,000		241.76		3.8	%
	2029	44,000		20,035,000		455.34		7.7	%
	2030	143,000		23,552,000		164.70		9.1	%
	2031	55,000		30,031,000		546.02		11.6	%
	2032	62,000		32,894,000		530.55		12.7	%
	2033	36,000		12,281,000		341.14		4.7	%
	2034	145,000		20,401,000		140.70		7.8	%
	2035	25,000		12,693,000		507.72		4.9	%
	2036	143,000		16,816,000		117.59		6.5	%
	Thereafter	345,000		52,552,000		152.32		20.2	%

_____________________________

(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.

- 15 -


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:	First Quarter 2026(2)	20,000	$	1,475,000	$	73.75	0.9	%







	Second Quarter 2026	34,000	1,976,000		58.12		1.3	%
	Third Quarter 2026	51,000	3,552,000		69.65		2.3	%
	Fourth Quarter 2026	35,000	2,268,000		64.80		1.4	%
	Remaining 2026	120,000	7,796,000		64.97		5.0	%
	First Quarter 2027	39,000	2,015,000		51.67		1.3	%
	Remaining 2027	162,000	9,972,000		61.56		6.3	%
	2028	716,000	38,802,000		54.19		24.6	%
	2029	190,000	11,174,000		58.81		7.1	%
	2030	109,000	6,739,000		61.83		4.3	%
	2031	336,000	18,228,000		54.25		11.6	%
	2032	539,000	27,442,000		50.91		17.4	%
	2033	93,000	4,936,000		53.08		3.1	%
	2034	84,000	4,414,000		52.55		2.8	%
	2035	33,000	1,788,000		54.18		1.1	%
	2036	354,000	17,539,000		49.55		11.1	%
	Thereafter	108,000	5,336,000		49.41		3.4	%


555 California Street
Office / Retail:	First Quarter 2026(2)	—	$	—	$	—	0.0	%




	Second Quarter 2026	—	—		—		0.0	%
	Third Quarter 2026	—	—		—		0.0	%
	Fourth Quarter 2026	30,000	2,983,000		99.43		2.7	%
	Remaining 2026	30,000	2,983,000		99.43		2.7	%
	First Quarter 2027	14,000	695,000		49.64		0.6	%
	Remaining 2027	59,000	7,041,000		119.34		6.3	%
	2028	154,000	14,039,000		91.16		12.5	%
	2029	107,000	11,432,000		106.84		10.2	%
	2030	9,000	787,000		87.44		0.7	%
	2031	39,000	3,638,000		93.28		3.2	%
	2032	13,000	1,481,000		113.92		1.3	%
	2033	15,000	1,864,000		124.27		1.7	%
	2034	—	—		—		0.0	%
	2035	210,000	19,818,000		94.37		17.7	%
	2036	107,000	14,340,000		134.02		12.8	%
	Thereafter	324,000	33,888,000		104.59		30.3	%

________________________________

(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.

- 16 -


CAPITAL EXPENDITURES AND RE/DEVELOPMENT (unaudited)
CONSOLIDATED
(Amounts in thousands)
	For the Three Months Ended March 31, 2026
	Total Company		New York		THE MART		555 California Street		Other
Capital expenditures:
Expenditures to maintain assets	$	18,263	$	14,554	$	1,356	$	2,353	$	—
Tenant improvements	19,754		18,712		1,027		15		—
Leasing commissions	4,418		4,109		5		304		—
Recurring tenant improvements, leasing commissions and other capital expenditures	42,435		37,375		2,388		2,672		—
Non-recurring capital expenditures(1)	34,515		29,095		5,420		—		—
Total capital expenditures and leasing commissions	$	76,950	$	66,470	$	7,808	$	2,672	$	—

Development and redevelopment expenditures(2):
PENN 2	$	14,825	$	14,825	$	—	$	—	$	—
623 Fifth Avenue	8,234		8,234		—		—		—
Hotel Pennsylvania site (PENN 15)	5,048		5,048		—		—		—
Other	8,177		8,143		15		—		19
	$	36,284	$	36,250	$	15	$	—	$	19

________________________________

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

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

- 17 -


DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES
(Amounts in thousands, except square feet)
		(at Vornado’s share)								Projected Incremental Cash Yield
Active Development Projects:	Property Rentable Sq. Ft.	Budget			Cash Amount Expended		Remaining Expenditures		Projected Leasing Stabilization Year
623 Fifth Avenue office condominium	383,000	$	450,000	(1)	$	234,153	$	215,847	2028		10.1%

Future Opportunities: New York segment:	Zoning Sq. Ft.
PENN District:
Hotel Pennsylvania site (PENN 15)	2,052,000
Eighth Avenue and 34th Street land	305,000
Multiple other opportunities - office/residential/retail
Total PENN District	2,357,000
350 Park Avenue assemblage (the “350 Park Site”)(2)	1,455,000
260 Eleventh Avenue - office(3)	280,000
3 East 54th Street	233,000
57th Street land (50% interest)	150,000
Other segment:
527 West Kinzie land, Chicago	330,000
Total Future Opportunities	4,805,000

________________________________

(1)Includes purchase price.

(2)On December 18, 2025, an affiliate of KG, Citadel’s Founder and CEO, exercised an option to acquire at least a 60% interest in a joint venture (the “350 Park JV”) that would develop the site (the “Investment Option”). Vornado and the Rudin Family, via a joint venture (the “Vornado/Rudin JV”), have the option to acquire an interest between 23% and 40% in the 350 Park JV (with Vornado having an effective ownership ranging from 21% to 36%). 350 Park JV would combine 350 Park Avenue with 39 East 51st Street (owned by the Vornado/Rudin JV) and 40 East 52nd Street (owned by the Rudin Family) to build an approximate 1,900,000 square foot office tower (the “350 Park Site”) with Citadel as the anchor tenant. The Vornado/Rudin JV has until July 2026 to determine whether to enter into the 350 Park JV with KG or to exercise the option to put the 350 Park Site to KG for $1.2 billion ($900,000 to Vornado). The Investment Option closing is subject to the satisfaction of certain conditions.

(3)The building is subject to a ground lease. See page 30 for details.

There can be no assurance that the above project 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 property on the expected schedule or at the assumed rental rates.

- 18 -


UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	As of March 31, 2026				Our Share of Net Income (Loss) for the Three Months Ended March 31,					Our Share of NOI (non-GAAP) for the Three Months Ended March 31,
	Percentage Ownership	Company's Carrying Amount			2026		2025			2026		2025
Joint Venture Name
New York:




Fifth Avenue and Times Square JV(1)	51.5%	$	1,535,921		$	10,428	$	90,542	(2)	$	27,346	$	23,577
280 Park Avenue	50.0%	118,391			(2,518)		(4,469)			10,508		8,294
Independence Plaza	50.1%	65,571			205		1,011			6,997		6,192
7 West 34th Street	53.0%	(40,846)		(3)	635		2,979			3,302		5,852
Alexander's	32.4%	41,485			1,455		3,923			7,924		9,509
West 57th Street properties	50.0%	36,403			(43)		(183)			119		18
85 Tenth Avenue	49.9%	(26,218)		(3)	(1,020)		(1,962)			4,302		3,493
61 Ninth Avenue	45.1%	853			112		59			1,910		1,944
Other, net	Various	22,794			2,111		2,137			3,028		4,980
					11,365		94,037			65,436		63,859

Other:
Alexander's corporate fee income	32.4%				1,245		1,633			742		1,010
Rosslyn Plaza	43.7% to 50.4%	35,131			(52)		(44)			337		439
Other, net	Various	94,632			264		1,351			1,793		1,803
					1,457		2,940			2,872		3,252

Total					$	12,822	$	96,977		$	68,308	$	67,111

________________________________

(1)Includes $6,105 and $8,543 of income on our return on preferred equity, net of our share of expenses for the three months ended March 31, 2026 and 2025 respectively.

(2)2025 includes the $76,162 gain from the sale of a portion of the 666 Fifth Avenue retail condominium.

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

- 19 -


DEBT ANALYSIS (unaudited)
(Amounts in thousands)
DEBT SUMMARY	As of March 31, 2026
	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)	$	7,762,037	4.80%	$	1,772,037		5.37%(3)	$	5,990,000	4.64%
Pro rata share of debt of non-consolidated entities	2,449,910		5.84%	385,269			6.36%	2,064,641		5.75%
Total	10,211,947		5.05%	2,157,306			5.55%	8,054,641		4.92%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)	(682,247)			(682,247)				—
Company's pro rata share of total debt	$	9,529,700	5.02%	$	1,475,059	(4)	5.55%	$	8,054,641	4.92%

________________________________

See notes below


NET DEBT TO EBITDAre, AS ADJUSTED (unaudited)

	As of and For the Trailing Twelve Months Ended March 31, 2026			For the Year Ended December 31,
				2025			2024			2023
Secured debt	$	4,944,037		$	4,944,037		$	5,707,176		$	5,729,615
Unsecured debt	2,818,000			2,270,420			2,575,000			2,575,000
Pro rata share of debt of non-consolidated entities	2,449,910			2,478,544			2,477,701			2,654,701
Less: Noncontrolling interests’ share of consolidated debt	(682,247)			(682,247)			(682,059)			(682,059)
Company’s pro rata share of total debt	$	9,529,700		$	9,010,754		$	10,077,818		$	10,277,257
% Unsecured debt	30%			25%			26%			25%

Company’s pro rata share of total debt	$	9,529,700		$	9,010,754		$	10,077,818		$	10,277,257
Less: Cash and cash equivalents and investments in U.S. Treasury bills	(1,081,299)			(840,850)			(733,947)			(997,002)
Less: Escrowed cash included within restricted cash on our balance sheet	(76,296)			(99,253)			(187,416)			(221,578)
Less: Pro rata share of unconsolidated partially owned entities’ cash and cash equivalents and escrowed cash	(196,221)			(195,867)			(248,835)			(295,983)
Plus: Noncontrolling interests’ share of cash and cash equivalents, escrowed cash and investments in U.S. Treasury bills	78,387			87,407			129,160			101,564

Net debt	$	8,254,271		$	7,962,191		$	9,036,780		$	8,864,258
EBITDAre, as adjusted (non-GAAP)	$	1,013,944		$	1,039,843		$	1,049,320		$	1,081,332
Net debt / EBITDAre, as adjusted (non-GAAP)	8.1		x	7.7		x	8.6		x	8.2		x

________________________________

(1)Includes variable rate debt with interest rates fixed by interest rate swap arrangements.

(2)See page xiii in the Appendix for reconciliation of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of March 31, 2026.

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

(4)As of March 31, 2026, $699,464 of variable rate debt (at share) is subject to interest rate cap arrangements, the $775,595 of variable rate debt not subject to interest rate cap arrangements represents 8% of our total pro rata share of debt. See page 26 for details.

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

- 20 -

CORPORATE COVENANT RATIOS AND CREDIT RATINGS (unaudited)

(Amounts in thousands)


		As of
Unsecured Revolving Credit Facilities and Unsecured Term Loan(1)	Required	March 31, 2026	December 31, 2025	September 30, 2025	June 30, 2025
Total outstanding debt/total assets(2)	Less than 60%	35%	34%	34%	33%
Secured debt/total assets	Less than 50%	22%	25%	25%	23%
Fixed charge coverage	Greater than 1.40	1.98	1.98	2.01	1.97
Unsecured debt/cap value of unencumbered assets	Less than 60%	25%	18%	18%	18%
Unencumbered coverage ratio	Greater than 1.75	7.79	8.36	8.81	8.47

2026/2031 Unsecured Notes Covenant Ratios(1)
Total outstanding debt/total assets(3)	Less than 65%	48%	46%	43%	43%
Secured debt/total assets	Less than 50%	33%	33%	31%	31%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50	1.93	2.19	2.24	2.02
Unencumbered assets/unsecured debt	Greater than 150%	421%	492%	480%	490%

2033 Unsecured Notes Covenant Ratios(1)
Total outstanding debt/total assets(4)	Less than 65%	42%
Secured debt/total assets	Less than 50%	29%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50	2.07
Unencumbered assets/unsecured debt	Greater than 150%	428%


Consolidated Unencumbered EBITDA(1) (non-GAAP):	Trailing Twelve Months
New York	$	339,121
Other	90,626
Total	$	429,747

Credit Ratings(5):

Rating

Outlook

Moody’s

Ba1

Stable

S&P

BBB-

Stable

Fitch

BB+

Positive

________________________________

(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)Total assets calculated as the greater of (i) EBITDA capped at 7.0% and (ii) the depreciated book value of the asset.

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

- 21 -


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

Debt (contractual balances):				As of March 31, 2026
Consolidated debt(1):
Mortgages payable				$	4,944,037
Senior unsecured notes				1,250,000
$850 Million unsecured term loan				850,000
$2.1 Billion unsecured revolving credit facilities				718,000
				7,762,037
Pro rata share of debt of non-consolidated entities				2,449,910
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)				(682,247)
				9,529,700		(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)	March 31, 2026 Common Share Price
Equity:
Common shares	188,098	$	25.99	4,888,667
Redeemable Class A units and LTIP Unit awards	16,947	25.99		440,453
Convertible share equivalents:
Series D-13 preferred units	1,796	25.99		46,678
Series G-1 through G-4 preferred units	104	25.99		2,703
Series A preferred shares	17	25.99		442
	206,962			5,378,943		(C)
Total Market Capitalization (A+B+C)				$	16,131,678

________________________________

(1)See the reconciliation on page xiii of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of March 31, 2026.

(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.

- 22 -

DEBT MATURITIES (CONTRACTUAL BALANCES) (unaudited)

(Amounts in thousands)


Consolidated Debt Maturity Schedule(1) as of March 31, 2026 (Excludes pro rata share of JV Debt)


Consolidated (100%):
Secured	$	319,037		(2)	$	880,000		$	2,300,000		$	—		$	450,000		$	995,000
Unsecured	400,000				—			—			—			—			2,418,000
Total consolidated debt (100%)	$	719,037			$	880,000		$	2,300,000		$	—		$	450,000		$	3,413,000
% of total consolidated debt	9.3		%		11.3		%	29.6		%	—		%	5.8		%	44.0		%
Debt maturities at share:
Consolidated debt (100%)	$	719,037			$	880,000		$	2,300,000		$	—		$	450,000		$	3,413,000
Pro rata share of debt of non-consolidated entities	496,147				39,485			826,446			201,875			628,808			257,149
Less: Noncontrolling interests' share of consolidated debt	(37,247)				—			(645,000)			—			—			—
Total debt at share	$	1,177,937			$	919,485		$	2,481,446		$	201,875		$	1,078,808		$	3,670,149
% of total debt at share	12.4		%		9.6		%	26.0		%	2.1		%	11.3		%	38.6		%

_______________________________

(1)Assumes the exercise of as-of-right extension options. Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity. See page 26 for information on interest rate swap arrangements.

(2)Includes the 606 Broadway $74,494 and 888 Seventh Avenue $244,543 non-recourse mortgage loans which matured and were not repaid, resulting in the lenders declaring an event of default. See page 4 for further information on the 888 Seventh Avenue mortgage loan.

- 23 -


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		5.58%	(4)	$	74,494	$	37,247
888 Seventh Avenue	100.0%	(5)	S+180		5.47%		244,543		244,543
350 Park Avenue	100.0%	01/27			4.00%		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		5.82%		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	(6)	5.94%		1,200,000		840,000
1290 Avenue of the Americas	70.0%	11/28	S+162	(6)	5.14%		950,000		665,000
PENN 11	100.0%	08/30			6.35%		450,000		450,000
One Park Avenue	100.0%	02/31	S+178	(6)	4.56%		525,000		525,000
909 Third Avenue	100.0%	04/31			3.23%		350,000		350,000
4 Union Square South	100.0%	09/35			5.64%		120,000		120,000
Total Secured Debt							4,944,037		4,261,790
Unsecured Debt:
Senior unsecured notes due 2026	100.0%	06/26			2.15%		400,000		400,000
$1.0 Billion revolving credit facility	100.0%	04/29	S+116	(7)	—%		—		—
$1.130 Billion unsecured revolving credit facility	100.0%	02/31	S+105	(6)(7)	3.96%		718,000		718,000
$850 Million unsecured term loan	100.0%	02/31	S+120	(6)(7)	4.25%		850,000		850,000
Senior unsecured notes due 2031	100.0%	06/31			3.40%		350,000		350,000
Senior unsecured notes due 2033	100.0%	02/33			5.75%		500,000		500,000
Total Unsecured Debt							2,818,000		2,818,000
Total Consolidated Debt							$	7,762,037	$	7,079,790

________________________________

(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 26 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)On March 9, 2026, we entered into a forbearance agreement with the lenders on the loan, which matured in December 2025 and was not repaid. See page 4 for details.

(6)Balance is partially hedged by interest rate swap arrangements. See page 26 for details.

(7)In April 2026, we qualified for a sustainability margin adjustment on our unsecured term loan and $1.130 billion revolving credit facility and re-qualified on our $1.0 billion revolving credit facility by achieving certain KPI metrics, which reduced our interest rate by 0.05% for our term loan and 0.04% for our credit facilities.

- 24 -


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)
Rosslyn Plaza North(3)	50.4%	06/26	S+200	5.67%	$	25,000	$	12,603
Sunset Pier 94 Studios	49.9%	09/26	S+479	8.46%	155,840		77,764
825 Seventh Avenue office condominium	50.0%	10/26	S+275	6.42%	48,000		24,000
61 Ninth Avenue	45.1%	11/26	S+245	6.12%	155,000		69,905
85 Tenth Avenue	49.9%	12/26		4.55%	625,000		311,875
Wells Kinzie	50.0%	05/27		4.20%	18,058		9,029
The Alexander apartment tower	32.4%	11/27		2.63%	94,000		30,456
697-703 Fifth Avenue	44.8%	03/28		5.51%	355,797		159,346
280 Park Avenue	50.0%	09/28		5.84%	1,075,000		537,500
731 Lexington Avenue office condominium	32.4%	10/28		5.04%	400,000		129,600
640 Fifth Avenue	52.0%	07/29		7.47%	388,333		201,875
1535 Broadway	52.0%	05/30		6.90%	450,000		233,933
Independence Plaza	50.1%	06/30		5.84%	675,000		338,175
Rego Park II	32.4%	12/30	S+200	5.67%	175,000		56,700
7 West 34th Street	53.0%	02/31		5.79%	250,000		132,500
Fashion Centre/Washington Tower	7.5%	04/31		5.70%	465,000		34,875
330 West 34th Street ground lessor	34.8%	09/32		4.55%	100,000		34,825
731 Lexington Avenue retail condominium	32.4%	12/35		4.55%	169,596		54,949
Total Unconsolidated Debt					$	5,624,624	$	2,449,910

________________________________

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

(3)On March 23, 2026, the joint venture entered into a two-month extension with the lenders on the mortgage loan maturing April 2026.

- 25 -


HEDGING INSTRUMENTS AS OF MARCH 31, 2026 (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)
One Park Avenue mortgage loan	525,000			02/31		S+178	500,000				07/27		4.52%
Unsecured revolving credit facility	718,000			02/31		S+105	575,000				08/27		3.78%
Unsecured term loan	850,000			02/31		S+120
Through 10/26							750,000				10/26		4.17%
10/26 through 7/27							250,000				07/27		3.94%
7/27 through 8/27							50,000				08/27		3.94%
100 West 33rd Street mortgage loan	480,000			06/27		S+185	480,000				06/27		5.26%
1290 Avenue of the Americas mortgage loan	665,000			11/28		S+162	200,000				09/27		4.58%
435 Seventh Avenue mortgage loan	75,000			04/28		S+210	75,000				04/26	(3)	6.96%
Unconsolidated:
280 Park Avenue mortgage loan	537,500			09/28		S+178	537,500				09/28		5.84%
Interest Rate Caps:													Index Strike Rate
Consolidated:
1290 Avenue of the Americas mortgage loan	665,000			11/28		S+162	465,000				11/26		4.00%
One Park Avenue mortgage loan	525,000			02/31		S+178	25,000				02/28		5.20%
150 West 34th Street mortgage loan	75,000			02/28		S+215	75,000				02/27		5.00%
Unconsolidated:
Rego Park II mortgage loan	56,700			12/30		S+200	56,700				12/26		4.50%
Sunset Pier 94 Studios	77,764			09/26		S+479	77,764				09/26		4.00%

Debt subject to interest rate swaps							3,957,500
Variable rate debt subject to interest rate caps							699,464
Fixed rate debt per loan agreements							4,097,141
Variable rate debt not subject to interest rate swaps or caps							775,595		(4)
Total debt at share							$	9,529,700

________________________________

(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)In April 2026, we entered into a 4.00% interest rate cap arrangement expiring April 2027 and effective upon the April 2026 expiration of the currently in-place swap.

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

- 26 -

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.	700,327	$	88,273	4.9	%
Omnicom (formerly IPG and affiliates)	955,211	63,897		3.6	%
New York University(2)	1,761,681	58,353		3.3	%
Bloomberg L.P.	306,768	44,483		2.5	%
Madison Square Garden & Affiliates	449,053	44,032		2.5	%
Google/Motorola Mobility (guaranteed by Google)	759,446	43,949		2.5	%
UMG Recordings, Inc.	336,700	35,411		2.0	%
Apple Inc.	568,739	34,716		1.9	%
Amazon (including its Whole Foods subsidiary)	312,694	32,688		1.8	%
Neuberger Berman Group LLC	306,612	28,960		1.6	%
WeWork	303,741	26,205		1.5	%
LVMH Brands	63,002	25,688		1.4	%
Swatch Group USA	8,499	25,017		1.4	%
Verizon	203,322	23,539		1.3	%
Victoria's Secret	33,156	21,210		1.2	%
Bank of America	194,197	21,003		1.2	%
PJT Partners Holdings	145,316	20,853		1.2	%
PwC	241,196	19,417		1.1	%
Macy's	181,698	19,324		1.1	%
AMC Networks, Inc.	237,045	19,262		1.1	%
Kirkland & Ellis LLP	107,582	14,346		0.8	%
Dick's Sporting Goods	131,420	14,241		0.8	%
The City of New York	232,010	12,377		0.7	%
Dodge & Cox	107,925	12,267		0.7	%
King & Spalding	122,859	12,038		0.7	%
WSP USA	172,666	11,759		0.7	%
Major League Soccer LLC	125,013	11,251		0.6	%
Alston & Bird LLP	126,872	10,901		0.6	%
Rippling	132,693	10,615		0.6	%
Aetna Life Insurance Company	64,196	10,478		0.6	%

				45.9	%

________________________________

(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 square feet at 770 Broadway. In addition to the $9,281 annual lease payments, which are included in annualized escalated rents above, NYU also made a $935,000 prepaid lease payment at lease commencement.

- 27 -


SQUARE FOOTAGE (unaudited)
(Square feet in thousands)
		At Vornado's Share
	At 100%		Under Development or Not Available for Lease	In Service
		Total		Office	Retail	Showroom	Other
Segment:
New York:
Office	19,583	17,442	968	16,291	—	183	—
Retail (includes retail properties that are in the base of our office properties)	2,289	1,921	257	—	1,664	—	—
Residential - 1,328 units	1,186	604	—	—	—	—	604
Alexander's (32.4% interest), including 312 residential units	2,446	793	110	308	292	—	83
	25,504	20,760	1,335	16,599	1,956	183	687

Other:
THE MART	3,696	3,694	—	2,125	84	1,238	247
555 California Street (70% interest)	1,822	1,275	—	1,240	35	—	—
Other	3,887	1,769	140	481	895	—	253
	9,405	6,738	140	3,846	1,014	1,238	500

Total square feet at March 31, 2026	34,909	27,498	1,475	20,445	2,970	1,421	1,187

Total square feet at December 31, 2025	34,905	27,486	1,023	21,034	2,962	1,422	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 March 31, 2026	2,555	17	7,316

- 28 -


OCCUPANCY (unaudited)

	New York		THE MART		555 California Street
Occupancy rate at:
March 31, 2026	90.3	%	80.0	%	86.7	%
December 31, 2025	90.0	%	81.5	%	88.9	%

March 31, 2025	83.5	%	78.2	%	92.3	%


RESIDENTIAL STATISTICS (unaudited)

		Vornado's Ownership Interest
	Number of Units	Number of Units	Occupancy Rate	Average Monthly Rent Per Unit
New York:
March 31, 2026	1,640	766	96.5%	$5,096
December 31, 2025	1,643	769	95.5%	5,051

March 31, 2025	1,642	769	96.5%	4,814

- 29 -


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		Rent will reset to fair market value (“FMV”) in 2048. One additional 25-year renewal option at 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		4,583				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		6,401				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)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 or $20,220,000, depending on the outcome of litigation described below. On July 21, 2025, the ground lessor filed a motion in New York County Supreme Court to vacate the Panel’s ground rent determination. On October 31, 2025, the court granted the ground lessor’s motion. We believe the decision is without merit and are appealing the court’s decision. Further, litigation is currently pending between the parties in New York County Supreme Court regarding the existence of a sublease potentially affecting the value of the land parcel. The court denied our motion to dismiss that action and, in January 2026, the appellate court affirmed that decision. That sublease litigation is now continuing in front of the lower court. Under the Panel’s decision (assuming the aforementioned vacatur decision that we are appealing is reversed), 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.

- 30 -


NEW YORK OFFICE
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 OFFICE:

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	%	91.7	%	$	89.57				2,241,000	2,241,000	—				Canaccord Genuity LLC, Roivant Sciences Inc.
-Retail	100.0	%	56.3	%	197.69					240,000	240,000	—				Starbucks, Blue Bottle Coffee Inc., Shake Shack
	100.0	%	88.4	%	96.01			$	210,300	2,481,000	2,481,000	—	$	—

PENN 2																Madison Square Garden, Major League Soccer LLC
																UMG Recordings, Inc., Current, Capgemini*
-Office	100.0	%	83.5	%	107.02					1,759,000	1,759,000	—				Verizon, Pernod Ricard, FGS Global, Dick’s Sporting Goods*
-Retail	100.0	%	62.9	%	221.24					66,000	66,000	—				JPMorgan Chase
	100.0	%	82.7	%	110.15			165,800		1,825,000	1,825,000	—	575,000		(4)

The Farley Building (ground and building leased through 2116)**
-Office	95.0	%	100.0	%	119.86			87,500		730,000	730,000	—	—			Meta Platforms, Inc.

PENN 11

-Office	100.0	%	100.0	%	76.35					1,120,000	1,120,000	—				Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's
-Retail	100.0	%	41.6	%	234.15					39,000	39,000	—				PNC Bank National Association, Starbucks
	100.0	%	97.9	%	78.35			82,500		1,159,000	1,159,000	—	450,000

100 West 33rd Street
-Office	100.0	%	87.4	%	69.41					858,000	858,000	—				Omnicom (formerly IPG and affiliates)
-Retail	100.0	%	—	%	—					257,000	—	257,000
	100.0	%	87.4	%	69.41			52,600		1,115,000	858,000	257,000	480,000

330 West 34th Street
(65.2% ground leased through 2149)**
-Office	100.0	%	94.9	%	83.08					702,000	702,000	—				Structure Tone, Deutsch, Inc., HomeAdvisor, Inc., WeWork, Rippling*
-Retail	100.0	%	85.5	%	114.83					24,000	24,000	—				Starbucks
	100.0	%	94.6	%	83.86			55,700		726,000	726,000	—	100,000		(5)

7 West 34th Street
-Office	53.0	%	100.0	%	84.04					458,000	458,000	—				Amazon
-Retail	53.0	%	89.6	%	366.91					19,000	19,000	—				Amazon, Lindt
	53.0	%	99.6	%	94.79			44,100		477,000	477,000	—	250,000

Total PENN District								698,500		8,513,000	8,256,000	257,000	1,855,000

Midtown East:
909 Third Avenue
(ground leased through 2063)**																Omnicom (formerly IPG and affiliates), AbbVie Inc., United States Post Office
-Office	100.0	%	72.7	%	69.46		(6)	54,600		1,353,000	1,353,000	—	350,000			Morrison Cohen LLP, Alix Partners*

- 31 -


NEW YORK OFFICE
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 OFFICE (Continued):
Midtown East (Continued):
150 East 58th Street(7)
-Office	100.0	%	80.4	%	$	82.64			541,000	541,000	—			Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail	100.0	%	100.0	%	95.02				3,000	3,000	—
	100.0	%	80.5	%	82.71		$	36,000	544,000	544,000	—	—

Total Midtown East							90,600		1,897,000	1,897,000	—	$	350,000

Midtown West:
888 Seventh Avenue
(ground leased through 2067)**														Lone Star US Acquisitions LLC, Top-New York, Inc.,
-Office	100.0	%	85.3	%	101.47				873,000	873,000	—			Vornado Executive Headquarters, United Talent Agency
-Retail	100.0	%	100.0	%	269.15				15,000	15,000	—			Redeye Grill L.P.
	100.0	%	85.5	%	103.21		78,600		888,000	888,000	—	244,543

50 West 57th Street
-Office	50.0	%	91.8	%	65.82				69,000	69,000	—
-Retail	50.0	%	100.0	%	103.96				10,000	10,000	—			Le Colonial*
	50.0	%	92.5	%	69.41		5,000		79,000	79,000	—	—

825 Seventh Avenue
-Office	50.0	%	79.6	%	43.99		5,800		169,000	169,000	—	48,000		Young Adult Institute Inc., New Alternatives for Children, Inc.




Total Midtown West							89,400		1,136,000	1,136,000	—	292,543

Park Avenue:
280 Park Avenue														Elliott Investment Management L.P., PJT Partners Holdings, GIC Inc.,
-Office	50.0	%	97.7	%	125.04				1,238,000	1,238,000	—			Wells Fargo, Investcorp International Inc., Sagard Capital Partners*
-Retail	50.0	%	100.0	%	63.05				29,000	29,000	—			Starbucks, Fasano Restaurant
	50.0	%	97.8	%	123.63		153,200		1,267,000	1,267,000	—	1,075,000




Total Park Avenue							153,200		1,267,000	1,267,000	—	1,075,000

Grand Central:
90 Park Avenue														Alston & Bird, PwC, MassMutual, Glencore*,
-Office	100.0	%	99.3	%	84.82				939,000	939,000	—			Factset Research Systems Inc., Foley & Lardner
-Retail	100.0	%	96.0	%	176.13				17,000	17,000	—			Citibank, Starbucks
Total Grand Central	100.0	%	99.2	%	86.32		79,100		956,000	956,000	—	—

- 32 -


NEW YORK OFFICE
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 OFFICE (Continued):
Madison/Fifth:
623 Fifth Avenue
-Office	100.0	%	—		$	—	$	—	383,000	—	383,000	$	—
Total Madison/Fifth							—		383,000	—	383,000	—

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	%	74.86		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	%	72.94				867,000	867,000	—			Robert A.M. Stern Architect
-Retail	100.0	%	95.6	%	84.79				78,000	78,000	—			Bank of Baroda, Citibank, Equinox, Tous Les Jour*
	100.0	%	94.0	%	73.92		64,300		945,000	945,000	—	525,000

Total Midtown South							70,700		2,128,000	2,128,000	—	525,000

Rockefeller Center:
1290 Avenue of the Americas														Hachette Book Group Inc., Bryan Cave LLP, Neuberger Berman Group LLC
														Cushman & Wakefield, Selendy Gay PLLC, Columbia University,
-Office	70.0	%	94.6	%	91.65				1,999,000	1,999,000	—			Fubotv Inc, LinkLaters, King & Spalding, Oaktree Capital*
-Retail	70.0	%	95.0	%	202.65				90,000	90,000	—			Duane Reade, JPMorgan Chase Bank, Starbucks
Total Rockefeller Center	70.0	%	94.6	%	95.25		184,100		2,089,000	2,089,000	—	950,000

Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)**
-Office	100.0	%	100.0	%	49.75		10,400		209,000	209,000	—	—		The City of New York

85 Tenth Avenue														Google, Telehouse International Corp.,
-Office	49.9	%	89.9	%	95.94				598,000	598,000	—			Clear Secure, Inc., Shopify
-Retail	49.9	%	76.3	%	96.01				43,000	43,000	—			Crane Club, Verde
	49.9	%	89.1	%	95.94		54,500		641,000	641,000	—	625,000

61 Ninth Avenue (2 buildings)
(ground leased through 2115)**
-Office	45.1	%	100.0	%	148.26				171,000	171,000	—			Aetna Life Insurance Company, Apple Inc.
-Retail	45.1	%	100.0	%	408.11				23,000	23,000	—			Starbucks
	45.1	%	100.0	%	165.35		34,500		194,000	194,000	—	155,000

Total Chelsea/Meatpacking District							99,400		1,044,000	1,044,000	—	780,000

- 33 -


NEW YORK STREET RETAIL
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 STREET RETAIL:
PENN District:
PENN 1 East & West and South Concourse	100.0	%	74.5	%	$	300.48	$	15,100	73,000	73,000	—	$	—	Bank of America, Roberta’s



The Farley Building (ground and building leased through 2116)**	95.0	%	43.8	%	326.42		13,700		116,000	116,000	—	—		Avra Prime, Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels


435 Seventh Avenue	100.0	%	100.0	%	—		—		43,000	43,000	—	75,000


431 Seventh Avenue	100.0	%	100.0	%	265.93		1,100		9,000	9,000	—	—		Essen


138-142 West 32nd Street	100.0	%	80.3	%	135.78		500		8,000	8,000	—	—


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


137 West 33rd Street	100.0	%	100.0	%	99.11		300		3,000	3,000	—	—		Celtic Rail


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





Other (4 buildings)	74.5	%	60.2	%	113.94		2,200		34,000	34,000	—	—


Total PENN District							39,400		387,000	387,000	—	150,000

Midtown East:
715 Lexington Avenue	100.0	%	100.0	%	206.92		4,500		22,000	22,000	—	—		Orangetheory Fitness, Casper, Santander Bank, Blu Dot


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


968 Third Avenue	50.0	%	100.0	%	200.04		1,300		7,000	7,000	—	—		Wells Fargo


Total Midtown East							6,600		36,000	36,000	—	—

Midtown West:
825 Seventh Avenue	100.0	%	100.0	%	170.34		700		4,000	4,000	—	—		Venchi

- 34 -


NEW YORK STREET RETAIL
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 STREET RETAIL (Continued):
Madison/Fifth:
640 Fifth Avenue														Fidelity Investments, Abbott Capital Management,
-Office	52.0	%	100.0	%	$	107.28			246,000	246,000	—			The Klein Company, Rockefeller Capital*
-Retail	52.0	%	100.0	%	1,119.99				69,000	69,000	—			Victoria's Secret, Dyson
	52.0	%	100.0	%	260.84		$	78,400	315,000	315,000	—	$	388,333

666 Fifth Avenue
-Retail	52.0	%	100.0	%	1,090.31		14,400		24,000	24,000	—	—		Abercrombie & Fitch, Tissot

595 Madison Avenue														LVMH Moet Hennessy Louis Vuitton Inc.,
-Office	100.0	%	88.8	%	82.74				303,000	303,000	—			Albea Beauty Solutions, Aerin LLC
-Retail	100.0	%	100.0	%	763.28				30,000	30,000	—			Fendi, Berluti, Christofle Silver Inc.
	100.0	%	89.5	%	130.52		40,200		333,000	333,000	—	—

689 Fifth Avenue
-Office	52.0	%	94.6	%	95.61				81,000	81,000	—			Brunello Cucinelli USA Inc., Yamaha Artist Services Inc.
-Retail	52.0	%	100.0	%	593.51				16,000	16,000	—			Canada Goose
	52.0	%	95.2	%	157.13		16,200		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	%	100.0	%	2,706.21		43,700		27,000	27,000	—	355,797		Swatch Group USA, Harry Winston, Meta Platforms, Inc.

Total Madison/Fifth							209,400		853,000	853,000	—	744,130

Midtown South:
4 Union Square South
-Retail	100.0	%	100.0	%	140.11		28,600		204,000	204,000	—	120,000		Burlington, Whole Foods Market, DSW, Sephora


Times Square:
1540 Broadway
-Retail	52.0	%	22.0	%	403.50		14,200		162,000	162,000	—	—		U.S. Polo, Disney, Pop Mart*

1535 Broadway
-Retail	52.0	%	100.0	%	1,163.79				45,000	45,000	—			T-Mobile, Swatch Group USA, Levi's, Sephora, Anita La Mamma Del Gelato
-Theatre	52.0	%	100.0	%	22.21				62,000	62,000	—			Nederlander-Marquis Theatre
	52.0	%	100.0	%	451.09		44,600		107,000	107,000	—	450,000

Total Times Square							58,800		269,000	269,000	—	450,000

- 35 -


NEW YORK STREET RETAIL / RESIDENTIAL / DEVELOPMENT
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 STREET RETAIL (Continued):
Upper East Side:

1131 Third Avenue	100.0	%	63.7	%	$	219.57	$	3,100	23,000	23,000	—	$	—	Crunch LLC, J.Jill


Chelsea/Meatpacking District:

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


Tribeca:

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


NEW YORK RESIDENTIAL:
Tribeca:
Independence Plaza
-Residential (1,328 units)	50.1	%	96.3	%					1,186,000	1,186,000	—
-Retail	50.1	%	68.4	%	99.34		5,400		72,000	72,000	—	675,000		Duane Reade, Tompkins Square Bagels*
Total Tribeca - Residential							5,400		1,258,000	1,258,000	—	675,000

NEW YORK:
To be Developed:

350 Park Avenue	100.0	%	—		—		—		585,000	—	585,000	400,000

Hotel Pennsylvania site (PENN 15)	100.0	%	—		—		—		—	—	—	—


57th Street	50.0	%	—		—		—		—	—	—	—


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

3 East 54th Street	100.0	%	—		—		—		—	—	—	—


METRICS BY SPACE TYPE

New York Office:

Total			92.1	%	$	91.88	$	1,436,800	19,583,000	18,615,000	968,000	$	6,227,543

Vornado's Ownership Interest			91.6	%	$	90.11	$	1,227,200	17,442,000	16,474,000	968,000	$	4,800,148

New York Retail:

Total			77.5	%	$	271.77	$	392,800	2,289,000	2,032,000	257,000	$	1,464,130

Vornado's Ownership Interest			78.3	%	$	231.41	$	276,800	1,921,000	1,664,000	257,000	$	865,154

New York Residential:

Total			96.5	%					1,186,000	1,186,000	—	$	675,000

Vornado's Ownership Interest			96.5	%					604,000	604,000	—	$	338,175

- 36 -


NEW YORK SEGMENT - ALEXANDER’S
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	%	$	145.99			952,000	952,000	—	$	400,000	Bloomberg L.P.
-Retail	32.4	%	23.6	%	299.56				128,000	128,000	—	169,596		Hutong, Capital One
	32.4	%	91.3	%	150.51		$	146,300	1,080,000	1,080,000	—	569,596

Rego Park I, Queens (4.8 acres)(9)	32.4	%	—	%	—		—		338,000	—	338,000	—

Rego Park II (adjacent to Rego Park I),
Queens (6.6 acres)	32.4	%	98.3	%	75.10		43,600		606,000	606,000	—	175,000		Costco, Kohl's, TJ Maxx, Best Buy, Marshalls, DSW, Burlington

Flushing, Queens (1.0 acre ground leased through 2037)	32.4	%	100.0	%	33.55		5,600		167,000	167,000	—	—		New World Mall LLC

The Alexander Apartment Tower,
Rego Park, Queens, NY
-Residential (312 units)	32.4	%	97.4	%					255,000	255,000	—	94,000




Total Alexander's	32.4	%	94.4	%	113.61		195,500		2,446,000	2,108,000	338,000	838,596


Total New York			90.7	%	$	101.83	$	2,017,300	25,504,000	23,941,000	1,563,000	$	9,205,269

Vornado's Ownership Interest			90.3	%	$	95.47	$	1,608,400	20,760,000	19,425,000	1,335,000	$	6,275,182

________________________________

* 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.

(9)On March 6, 2026 Alexander’s entered into an agreement to sell its Rego Park I property. See page 3 for details.

- 37 -


OTHER
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), Allscripts Healthcare,
														AAR Corp, The Chartis Group LLC, Paypal, Inc., ConAgra Foods Inc.,
														Avant LLC, Clear Channel Outdoor LLC, Omnicom (formerly IPG and affiliates),
														Government Employees Insurance Company, Medline Industries, Inc,
-Office	100.0	%	87.4	%	$	51.68	$	97,300	2,125,000	2,125,000	—			Innovation Development Institute, Inc., Allstate Insurance Company

-Showroom/Trade show	100.0	%	69.5	%	59.19		59,900		1,485,000	1,485,000	—			Holly Hunt Ltd., Baker Interiors Group, Ltd.
-Retail	100.0	%	79.6	%	49.69		3,100		82,000	82,000	—
	100.0	%	80.0	%	54.25		160,300		3,692,000	3,692,000	—	$	—

Other (1 property)	50.0	%	85.5	%	74.27		300		4,000	4,000	—	18,058
Total THE MART, Chicago							160,600		3,696,000	3,696,000	—	18,058



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


Total THE MART			80.0	%	$	54.28	$	160,600	3,696,000	3,696,000	—	$	18,058

Vornado's Ownership Interest			80.0	%	$	54.26	$	160,500	3,694,000	3,694,000	—	$	9,029

555 California Street:
555 California Street	70.0	%	88.9	%	$	109.36	$	152,200	1,511,000	1,511,000	—	$	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


315 Montgomery Street	70.0	%	67.7	%	76.76		12,000		235,000	235,000	—	—		Bank of America, N.A., Ripple Labs Inc., Blue Shield, Pacific Workplaces*

345 Montgomery Street	70.0	%	100.0	%	57.18		4,300		76,000	76,000	—	—		Wharton School of the University of Pennsylvania*

Total 555 California Street			86.7	%	$	103.54	$	168,500	1,822,000	1,822,000	—	$	1,200,000

Vornado's Ownership Interest			86.7	%	$	103.54	$	118,000	1,275,000	1,275,000	—	$	840,000

________________________________

* Lease not yet commenced.

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

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

(3)Represents the contractual debt obligations.

- 38 -


OTHER
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	%	$	53.49			736,000	432,000		304,000					Nathan Associates
-Residential - 2 buildings (197 units)	43.7	%	98.5	%					253,000	253,000		—
	45.6	%					$	5,000	989,000	685,000		304,000		$	25,000

Fashion Centre Mall / Washington Tower
-Office	7.5	%	75.5	%	48.00				170,000	170,000		—		43,000			The Rand Corporation
-Retail	7.5	%	99.5	%	36.67				868,000	868,000		—		422,000			Macy's, Nordstrom
	7.5	%	95.6	%	38.14		49,900		1,038,000	1,038,000		—		465,000

New Jersey:
Wayne Town Center, Wayne (ground leased through 2064)**	100.0	%	100.0	%	30.92		13,700		690,000	690,000		—		—			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)

Paramus
-Office	100.0	%	69.8	%	26.85		2,300		129,000	129,000		—		—			Vornado's Administrative Headquarters

Maryland:
Annapolis (ground and building leased through 2042)**	100.0	%	100.0	%	11.70		1,500		128,000	128,000		—		—			The Home Depot

New York:
650 Madison Avenue																	Sotheby's International Realty, Inc., BC Partners Inc.,
-Office	22.2	%	60.1	%	114.51				563,000	563,000		—					Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)
-Retail	22.2	%	95.7	%	1,092.62				38,000	38,000		—					Moncler USA Inc., Tod's, Celine, Balmain
	22.2	%	61.6	%	178.16		63,300		601,000	601,000		—		—		(4)

606 Broadway (19 East Houston Street)
-Office	50.0	%	—	%	—				30,000	30,000		—
-Retail	50.0	%	100.0	%	734.95				6,000	6,000		—					Citizen’s Bank N.A., Harman International
	50.0	%	13.2	%	734.95		3,400		36,000	36,000		—		74,494

Sunset Pier 94 Studios (ground and building leased through 2110)**
‘-Studio	49.9	%	87.4	%					266,000	266,000		—		155,840			Netflix, Paramount

40 East 66th Street
‘-Residential	100.0	%	100.0	%			—		10,000	10,000		—		—

Total Other			77.9	%	$	58.52	$	147,200	3,887,000	3,583,000		$	304,000	$	720,334

Vornado's Ownership Interest			80.9	%	$	48.15	$	46,000	1,769,000	1,629,000		$	140,000	$	162,489

____________________________________________________________________________________

** 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.

(4)Excludes our 22.2% pro rata share of the $800,000 650 Madison non-recourse mortgage loan. Our investment was written down to zero and we no longer record our share of net income (loss) from this investment.

- 39 -

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

BMO Capital Markets

Green Street Advisors

Piper Sandler

212-885-4115

949-640-8780

212-466-7937

Nicholas Joseph/Seth Bergey

Anthony Paolone

Nicholas Yulico

Citi

JP Morgan

Scotia Capital (USA) Inc

212-816-1909/212-816-2066

212-622-6682

212-225-6904

Floris van Dijkum

Mark Streeter/Ian Snyder

Michael Lewis

Ladenburg Thalmann

JP Morgan Fixed Income

Truist Securities

212-409-2075

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.

- 40 -

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 (LOSS) 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
	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):
Net (loss) income attributable to common shareholders	$	(22,842)	$	601	$	11,589	$	743,819	$	86,842
Per diluted share	$	(0.12)	$	—	$	0.06	$	3.70	$	0.43

FFO adjustments:
Depreciation and amortization of real property	$	105,386	$	100,098	$	103,617	$	103,142	$	104,257
Change in fair value of marketable securities	—		(198)		(1,719)		—		—
Gain on sales-type lease	—		—		—		(803,248)		—
Net gains on sale of real estate	—		(300)		—		—		—
Real estate impairment losses	—		—		—		542		—
Our share of partially owned entities:
Depreciation and amortization of real property	23,788		22,933		23,302		24,107		24,525
Net gains on sale of real estate	—		(225)		(11,002)		(2,527)		(77,008)

FFO adjustments, net	129,174		122,308		114,198		(677,984)		51,774
Impact of assumed conversion of dilutive convertible securities	309		219		385		385		310
Noncontrolling interests' share of above adjustments on a dilutive basis	(10,378)		(10,201)		(8,800)		54,708		(3,887)
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	96,263		112,927		117,372		120,928		135,039
Add back of FFO allocated to noncontrolling interests of the Operating Partnership	8,330		10,254		9,807		10,127		11,747
FFO attributable to Class A unitholders (non-GAAP)	$	104,593	$	123,181	$	127,179	$	131,055	$	146,786
FFO per diluted share (non-GAAP)	$	0.49	$	0.56	$	0.58	$	0.60	$	0.67

- 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
	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	96,263	$	112,927	$	117,372	$	120,928	$	135,039
Per diluted share (non-GAAP)	$	0.49	$	0.56	$	0.58	$	0.60	$	0.67

Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions:
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)	$	2,984	$	3,048	$	3,586	$	3,337	$	3,205
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities	—		(5,910)		—		—		(11,028)
Gain on sale of Canal Street residential condominium units	—		(3,574)		—		(8,362)		(1,975)
Other	4,453		4,241		(6,661)		(3,217)		240
	7,437		(2,195)		(3,075)		(8,242)		(9,558)
Noncontrolling interests' share of above adjustments on a dilutive basis	(591)		141		238		638		764
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net	$	6,846	$	(2,054)	$	(2,837)	$	(7,604)	$	(8,794)


FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	103,109	$	110,873	$	114,535	$	113,324	$	126,245
Per diluted share (non-GAAP)	$	0.52	$	0.55	$	0.57	$	0.56	$	0.63

- 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
		March 31, 2026			December 31, 2025				September 30, 2025		June 30, 2025		March 31, 2025
FFO attributable to common shareholders, plus assumed conversions	(A)	$	96,263		$	112,927			$	117,372	$	120,928	$	135,039

Adjustments to arrive at FAD (at Vornado's share):
Certain items that impact FAD		6,702			(3,325)				(3,320)		(8,242)		(9,558)
Recurring tenant improvements, leasing commissions and other capital expenditures		(45,225)			(61,186)				(52,376)		(104,203)		(48,071)
Stock-based compensation expense		5,655			6,365				5,573		7,519		6,022
Amortization of debt issuance costs and other non-cash interest expense		6,681			8,145				10,242		10,638		12,089
Personal property depreciation		2,050			2,349				2,239		1,564		1,526
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other		(31,066)			(30,858)				(30,746)		(45,954)		(23,919)
Noncontrolling interests in the Operating Partnership's share of above adjustments		4,543			6,273				5,634		11,119		5,139
FAD adjustments, net	(B)	(50,660)			(72,237)				(62,754)		(127,559)		(56,772)

FAD (non-GAAP)	(A+B)	$	45,603		$	40,690			$	54,618	$	(6,631)	$	78,267

FAD payout ratio		N/A		(1)	97.4		%	(2)	N/A		N/A		N/A

________________________________

(1)For 2026, we anticipate continuing our common share dividend policy of paying one common share dividend in December, subject to approval by our Board of Trustees.

(2)FAD payout ratios are calculated based on full year results.

- iv -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)


	For the Three Months Ended
	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Reconciliation of net (loss) income to EBITDAre (non-GAAP):
Net (loss) income	$	(22,026)	$	4,914	$	19,239	$	813,227	$	99,824
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	12,690		11,296		8,912		10,981		10,433
Net (loss) income attributable to the Operating Partnership	(9,336)		16,210		28,151		824,208		110,257
EBITDAre adjustments at share:
Depreciation and amortization expense	131,224		125,379		129,158		128,813		130,308
Interest and debt expense	116,219		113,183		112,624		115,171		117,891
Income tax expense (benefit)	7,262		8,837		(5,233)		4,295		7,414
Real estate impairment losses	—		—		—		542		—
Gain on sales-type lease	—		—		—		(803,248)		—
Net gains on sale of real estate	—		(525)		(11,002)		(2,527)		(77,008)
EBITDAre at share	245,369		263,084		253,698		267,254		288,862
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	9,115		11,192		14,046		11,301		11,314
EBITDAre (non-GAAP)	254,484		274,276		267,744		278,555		300,176

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(9,115)		(11,192)		(14,046)		(11,301)		(11,314)

Certain expense (income) items that impact EBITDAre:
Gain on sale of 220 CPS condominium units and ancillary amenities	—		(7,377)		—		—		(13,576)
Gain on sale of Canal Street residential condominium units	—		(3,574)		—		(8,362)		(1,975)
Other	2,429		2,672		60		(1,309)		386
Total of certain expense (income) items that impact EBITDAre	2,429		(8,279)		60		(9,671)		(15,165)

EBITDAre, as adjusted (non-GAAP)	$	247,798	$	254,805	$	253,758	$	257,583	$	273,697

- v -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)


	For the Trailing Twelve Months Ended		For the Year Ended December 31,
	March 31, 2026		2025		2024		2023
Reconciliation of net income to EBITDAre (non-GAAP):
Net income	$	815,354	$	937,204	$	20,116	$	32,888
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	43,879		41,622		51,131		75,967
Net income attributable to the Operating Partnership	859,233		978,826		71,247		108,855
EBITDAre adjustments at share:
Depreciation and amortization expense	514,574		513,658		507,210		499,357
Interest and debt expense	457,197		458,869		458,100		458,400
Income tax expense	15,161		15,313		23,445		30,465
Real estate impairment losses	542		542		—		73,289
Gain on sales-type lease	(803,248)		(803,248)		—		—
Net gains on sale of real estate	(14,054)		(91,062)		(873)		(72,955)
EBITDAre at share	1,029,405		1,072,898		1,059,129		1,097,411
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	45,654		47,853		42,125		39,405
EBITDAre (non-GAAP)	1,075,059		1,120,751		1,101,254		1,136,816

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(45,654)		(47,853)		(42,125)		(39,405)

Certain (income) expense items that impact EBITDAre:
Gain on sale of Canal Street residential condominium units	(11,936)		(13,911)		—		—
Gain on sale of 220 CPS condominium units and ancillary amenities	(7,377)		(20,953)		(15,175)		(14,127)
Other	3,852		1,809		5,366		(1,952)
Total of certain (income) expense items that impact EBITDAre	(15,461)		(33,055)		(9,809)		(16,079)

EBITDAre, as adjusted (non-GAAP)	$	1,013,944	$	1,039,843	$	1,049,320	$	1,081,332

- vi -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)


	For the Three Months Ended
	March 31,				December 31, 2025
	2026		2025
Net (loss) income	$	(22,026)	$	99,824	$	4,914
Depreciation and amortization expense	118,528		116,155		113,350
General and administrative expense	42,245		38,597		40,050
Transaction related costs and other	762		43		(1,796)
Income from partially owned entities	(12,822)		(96,977)		(5,722)

Interest and other investment income, net	(9,327)		(8,261)		(13,383)
Interest and debt expense	89,206		95,816		85,664

Net gains on disposition of wholly owned and partially owned assets	—		(15,551)		(11,252)
Income tax expense	5,908		7,193		7,782
NOI from partially owned entities	68,308		67,111		65,093
NOI attributable to noncontrolling interests in consolidated subsidiaries	(8,659)		(10,660)		(10,440)
NOI at share	272,123		293,290		274,260
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(31,066)		(23,919)		(30,858)
NOI at share - cash basis	$	241,057	$	269,371	$	243,402

- 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 March 31,
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2026		2025		2026		2025		2026		2025		2026		2025		2026		2025
New York	$	377,486	$	374,546	$	(203,428)	$	(182,423)	$	174,058	$	192,123	$	(19,166)	$	(18,700)	$	154,892	$	173,423
Other	81,619		87,033		(43,203)		(42,317)		38,416		44,716		(5,282)		1,788		33,134		46,504

Noncontrolling interests' share in consolidated subsidiaries	(52,428)		(53,035)		43,769		42,375		(8,659)		(10,660)		(1,092)		(3,770)		(9,751)		(14,430)
Our share of partially owned entities	117,599		116,389		(49,291)		(49,278)		68,308		67,111		(5,526)		(3,237)		62,782		63,874
Vornado's share	$	524,276	$	524,933	$	(252,153)	$	(231,643)	$	272,123	$	293,290	$	(31,066)	$	(23,919)	$	241,057	$	269,371


	For the Three Months Ended December 31, 2025
	Total Revenues		Operating Expenses		NOI		Non-cash Adjustments(1)		NOI - cash basis
New York	$	373,270	$	(195,059)	$	178,211	$	(20,441)	$	157,770
Other	80,439		(39,043)		41,396		(5,865)		35,531

Noncontrolling interests' share in consolidated subsidiaries	(52,962)		42,522		(10,440)		(788)		(11,228)
Our share of partially owned entities	114,922		(49,829)		65,093		(3,764)		61,329
Vornado's share	$	515,669	$	(241,409)	$	274,260	$	(30,858)	$	243,402

________________________________

(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 MARCH 31, 2026 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 March 31, 2026	$	272,123		$	236,549		$	15,890		$	13,651		$	6,033
Less NOI at share from:
Dispositions	19			18			1			—			—
Development properties	(1,117)			(1,117)			—			—			—
Other non-same store income, net	(12,114)			(6,081)			—			—			(6,033)
Same store NOI at share for the three months ended March 31, 2026	$	258,911		$	229,369		$	15,891		$	13,651		$	—

NOI at share for the three months ended March 31, 2025	$	293,290		$	252,821		$	15,916		$	17,843		$	6,710
Less NOI at share from:
Dispositions	(1,684)			(1,616)			(68)			—			—
Development properties	(9,281)			(9,281)			—			—			—
Other non-same store income, net	(38,403)			(31,237)			—			(456)			(6,710)
Same store NOI at share for the three months ended March 31, 2025	$	243,922		$	210,687		$	15,848		$	17,387		$	—

Increase (decrease) in same store NOI at share	$	14,989		$	18,682		$	43		$	(3,736)		$	—

% increase (decrease) in same store NOI at share	6.1		%	8.9		%	0.3		%	(21.5)		%	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 MARCH 31, 2026 COMPARED TO MARCH 31, 2025 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended March 31, 2026	$	241,057		$	208,529		$	17,625		$	8,859		$	6,044
Less NOI at share - cash basis from:
Dispositions	19			18			1			—			—
Development properties	526			526			—			—			—
Other non-same store income, net	(18,936)			(12,892)			—			—			(6,044)
Same store NOI at share - cash basis for the three months ended March 31, 2026	$	222,666		$	196,181		$	17,626		$	8,859		$	—

NOI at share - cash basis for the three months ended March 31, 2025	$	269,371		$	227,321		$	17,517		$	18,137		$	6,396
Less NOI at share - cash basis from:
Dispositions	(1,751)			(1,681)			(70)			—			—
Development properties	(9,388)			(9,388)			—			—			—
Other non-same store income, net	(28,936)			(22,540)			—			—			(6,396)
Same store NOI at share - cash basis for the three months ended March 31, 2025	$	229,296		$	193,712		$	17,447		$	18,137		$	—

(Decrease) increase in same store NOI at share - cash basis	$	(6,630)		$	2,469		$	179		$	(9,278)		$	—

% (decrease) increase in same store NOI at share - cash basis	(2.9)		%	1.3		%	1.0		%	(51.2)		%	0.0		%

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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2026 COMPARED TO DECEMBER 31, 2025 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share for the three months ended March 31, 2026	$	272,123		$	236,549		$	15,890		$	13,651		$	6,033
Less NOI at share from:
Dispositions	19			18			1			—			—
Development properties	(1,117)			(1,117)			—			—			—
Other non-same store income, net	(9,416)			(3,383)			—			—			(6,033)
Same store NOI at share for the three months ended March 31, 2026	$	261,609		$	232,067		$	15,891		$	13,651		$	—

NOI at share for the three months ended December 31, 2025	$	274,260		$	236,607		$	14,808		$	14,614		$	8,231
Less NOI at share from:
Dispositions	(434)			(413)			(21)			—			—
Development properties	(6,043)			(6,043)			—			—			—
Other non-same store (income) expense, net	(8,015)			355			(139)			—			(8,231)
Same store NOI at share for the three months ended December 31, 2025	$	259,768		$	230,506		$	14,648		$	14,614		$	—

Increase (decrease) in same store NOI at share	$	1,841		$	1,561		$	1,243		$	(963)		$	—

% increase (decrease) in same store NOI at share	0.7		%	0.7		%	8.5		%	(6.6)		%	0.0		%

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NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED MARCH 31, 2026 COMPARED TO DECEMBER 31, 2025 (unaudited)
(Amounts in thousands)


	Total			New York			THE MART			555 California Street			Other
NOI at share - cash basis for the three months ended March 31, 2026	$	241,057		$	208,529		$	17,625		$	8,859		$	6,044
Less NOI at share - cash basis from:
Dispositions	19			18			1			—			—
Development properties	526			526			—			—			—
Other non-same store income, net	(16,447)			(10,403)			—			—			(6,044)
Same store NOI at share - cash basis for the three months ended March 31, 2026	$	225,155		$	198,670		$	17,626		$	8,859		$	—

NOI at share - cash basis for the three months ended December 31, 2025	$	243,402		$	209,900		$	15,177		$	10,379		$	7,946
Less NOI at share - cash basis from:
Dispositions	(434)			(413)			(21)			—			—
Development properties	(6,020)			(6,020)			—			—			—
Other non-same store income, net	(12,551)			(4,452)			(153)			—			(7,946)
Same store NOI at share - cash basis for the three months ended December 31, 2025	$	224,397		$	199,015		$	15,003		$	10,379		$	—

Increase (decrease) in same store NOI at share - cash basis	$	758		$	(345)		$	2,623		$	(1,520)		$	—

% increase (decrease) in same store NOI at share - cash basis	0.3		%	(0.2)		%	17.5		%	(14.6)		%	0.0		%

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

	As of March 31, 2026
	Consolidated Debt, Net		Deferred Financing Costs, Net and Other		Consolidated Contractual Debt
Mortgages payable	$	4,915,659	$	28,378	$	4,944,037
Senior unsecured notes	1,241,462		8,538		1,250,000
$850 Million unsecured term loan	839,491		10,509		850,000
$2.1 Billion unsecured revolving credit facilities	718,000		—		718,000
	$	7,714,612	$	47,425	$	7,762,037

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