EX-99.2 3 vno-33121xex992xfinancials.htm EX-99.2 Document

EXHIBIT 99.2
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INDEX 
 Page
COVID-19 PANDEMIC
BUSINESS DEVELOPMENTS
FINANCIAL INFORMATION
Financial Highlights
FFO, As Adjusted Bridge
Consolidated Balance Sheets
Net Income (Loss) Attributable to Common Shareholders (Consolidated and by Segment)-
Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment)-
Same Store NOI at Share and Same Store NOI at Share - Cash Basis and NOI at Share By Region
Pro Forma NOI at Share - Cash Basis - Trailing Twelve Months
DEVELOPMENT ACTIVITY
PENN District Active Development/Redevelopment Summary
Future Development Opportunities
LEASING ACTIVITY AND LEASE EXPIRATIONS
Leasing Activity
Lease Expirations-
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS-
UNCONSOLIDATED JOINT VENTURES-
DEBT AND CAPITALIZATION
Capital Structure
Common Shares Data
Debt Analysis
Consolidated Debt Maturities
PROPERTY STATISTICS
Top 30 Tenants
Square Footage
Occupancy and Residential Statistics
Ground Leases
Property Table
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EXECUTIVE OFFICERS AND RESEARCH COVERAGE
APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
Definitions
Reconciliations
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Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; and estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. Currently, one of the most significant factors is the ongoing adverse effect of the COVID-19 pandemic on our business, financial condition, results of operations, cash flows, operating performance and the effect it has 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. The extent of the impact of the COVID-19 pandemic will depend on future developments, including the duration of the pandemic, which are highly uncertain at this time but that impact could be material. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part 1 of our Annual Report on Form 10-K for the year ended December 31, 2020. 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.
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COVID-19 PANDEMIC
Our business has been adversely affected as a result of the COVID-19 pandemic and the preventive measures taken to curb the spread of the virus. Some of the effects on us include the following:
With the exception of grocery stores and other "essential" businesses, many of our retail tenants closed their stores in March 2020 and began reopening when New York City entered phase two of its state-mandated reopening plan on June 22, 2020, however, there continue to be limitations on occupancy and other restrictions that affect their ability to resume full operations.
While our buildings remain open, many of our office tenants are working remotely.
We temporarily closed the Hotel Pennsylvania on April 1, 2020 and on April 5, 2021, we announced that we permanently closed the hotel.
We cancelled trade shows at theMART beginning late March of 2020 and expect to resume trade shows in the third quarter of 2021.
As of April 30, 2021, approximately 70% of the 1,293 Building Maintenance Services LLC ("BMS") employees that had been placed on furlough in 2020 have returned to work.
While we believe our tenants are required to pay rent under their leases and we have commenced legal proceedings against certain tenants that have failed to pay under their leases, in limited circumstances, we have agreed to and may continue to agree to rent deferrals and rent abatements for certain of our tenants.
For the quarter ended March 31, 2021, we collected 96% of rent due from our tenants, comprised of 97% from our office tenants and 90% from our retail tenants.
Based on our assessment of the probability of rent collection of our lease receivables, we have written off $1,001,000 of receivables arising from the straight-lining of rents for the three months ended March 31, 2021. In addition, we have written off $2,910,000 of tenant receivables deemed uncollectible for the three months ended March 31, 2021. These write-offs resulted in a reduction of lease revenues and our share of income from partially owned entities. Prospectively, revenue recognition for lease receivables deemed uncollectible will be based on actual amounts received.
In light of the evolving health, social, economic, and business environment, governmental regulation or mandates, and business disruptions that have occurred and may continue to occur, the impact of the COVID-19 pandemic on our financial condition and operating results remains highly uncertain but that impact has been and may continue to be material. The impact on us includes lower rental income and potentially lower occupancy levels at our properties which will result in less cash flow available for operating costs, to pay our indebtedness and for distribution to our shareholders. We have experienced a decrease in cash flow from operations due to the COVID-19 pandemic, including reduced collections of rents billed to certain of our tenants, the closure of Hotel Pennsylvania, the cancellation of trade shows at theMART, and lower revenues from BMS and signage. The value of our real estate assets may decline, which may result in non-cash impairment charges in future periods and that impact could be material.

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BUSINESS DEVELOPMENTS 
Financing Activity
One Park Avenue
On February 26, 2021, a joint venture in which we have a 55.0% interest completed a $525,000,000 refinancing of One Park Avenue, a 943,000 square foot Manhattan office building. The interest-only loan bears a rate of LIBOR plus 1.11% (1.21% as of March 31, 2021) and matures in March 2026, as fully extended. We realized net proceeds of $105,000,000. The loan replaces the previous $300,000,000 loan that bore interest at LIBOR plus 1.75% and was scheduled to mature in March 2021.
PENN 11
On March 7, 2021, we entered into an interest rate swap agreement for our $500,000,000 PENN 11 mortgage loan, to swap the interest rate on the mortgage loan from LIBOR plus 2.75% (2.85% as of March 31, 2021) to a fixed rate of 3.03% through March 2024.
909 Third Avenue
On March 26, 2021, we completed a $350,000,000 refinancing of 909 Third Avenue, a 1.4 million square foot Manhattan office building. The interest-only loan bears a fixed rate of 3.23% and matures in April 2031. The loan replaces the previous $350,000,000 loan that bore interest at a fixed rate of 3.91% and was scheduled to mature in May 2021.
Unsecured Revolving Credit Facility
On April 15, 2021, we extended our $1.25 billion unsecured revolving credit facility from January 2023 (as fully extended) to April 2026 (as fully extended). The interest rate on the extended facility was lowered to LIBOR plus 0.90% from LIBOR plus 1.00%. The facility fee remains at 20 basis points. Our $1.50 billion unsecured revolving credit facility matures in March 2024 (as fully extended) and also has an interest rate of LIBOR plus 0.90% and a facility fee of 20 basis points.
Leasing Activity
208,000 square feet of New York Office space (147,000 square feet at share) at an initial rent of $79.35 per square foot and a weighted average lease term of 15.5 years. The changes in the GAAP and cash mark-to-market rent on the 54,000 square feet of second generation space were positive 3.8% and 0.1%, respectively. Tenant improvements and leasing commissions were $10.45 per square foot per annum, or 13.2% of initial rent.
46,000 square feet of New York Retail space (36,000 square feet at share) at an initial rent of $253.39 per square foot and a weighted average lease term of 9.1 years. The changes in the GAAP and cash mark-to-market rent on the 12,000 square feet of second generation space were positive 32.2% and 9.4%, respectively. Tenant improvements and leasing commissions were $15.71 per square foot per annum, or 6.2% of initial rent.
85,000 square feet at theMART (all at share) at an initial rent of $52.76 per square foot and a weighted average lease term of 3.2 years. The changes in the GAAP and cash mark-to-market rent on the 83,000 square feet of second generation space were negative 4.3% and 2.6%, respectively. Tenant improvements and leasing commissions were $2.82 per square foot per annum, or 5.3% of initial rent.

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FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts)
 For the Three Months Ended
 March 31,December 31, 2020
 20212020
Total revenues
$379,977 $444,532 $376,431 
Net income (loss) attributable to common shareholders$4,083 $4,963 $(209,127)
Per common share:
   
Basic
$0.02 $0.03 $(1.09)
Diluted
$0.02 $0.03 $(1.09)
Net income attributable to common shareholders, as adjusted (non-GAAP)$12,446 $31,947 $6,695 
Per diluted share (non-GAAP)
$0.06 $0.17 $0.04 
FFO attributable to common shareholders plus assumed conversions, as adjusted
(non-GAAP)
$124,359 $146,829 $130,389 
Per diluted share (non-GAAP)
$0.65 $0.77 $0.68 
FFO attributable to common shareholders plus assumed conversions (non-GAAP)
$118,407 $130,360 $138,399 
FFO - Operating Partnership Basis ("OP Basis") (non-GAAP)
$126,342 $138,819 $147,486 
Per diluted share (non-GAAP)
$0.62 $0.68 $0.72 
Dividends per common share$0.53 $0.66 $0.53 
FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)
81.5 %85.7 %76.8 %
FAD payout ratio
86.9 %106.5 %103.9 %
Weighted average common shares outstanding (REIT basis)
191,418 191,038 191,279 
Convertible units:
Class A12,654 12,332 12,297 
Equity awards - unit equivalents829 146 263 
Preferred shares26 30 25 
Weighted average shares used in determining FFO attributable to Class A unitholders
plus assumed conversions per diluted share (OP Basis)
204,927 203,546 203,864 

Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.
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FFO, AS ADJUSTED BRIDGE - Q1 2021 VS. Q1 2020 (unaudited)
(Amounts in millions, except per share amounts)
FFO, as Adjusted
AmountPer Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2020$146.8 $0.77 
(Decrease) increase in FFO, as adjusted due to:
Variable businesses:
Signage(5.9)
Garages(2.1)
Trade shows(0.7)
BMS0.2 
(8.5)
Tenant related items (inclusive of $4.8 decrease from JCPenney, $2.4 decrease from New York and Company, Inc. and $6.1 lease termination income in 2020)(21.1)
General and administrative (primarily due to the overhead reduction program previously announced in December 2020)8.3 
PENN District out of service for redevelopment(5.8)
Interest expense decrease (partially offset by lower capitalized interest) and other, net3.3 
(23.8)
Noncontrolling interests' share of above items1.4 
Net decrease(22.4)(0.12)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2021$124.4 $0.65 

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

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CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
As ofIncrease
(Decrease)
 March 31, 2021December 31, 2020
ASSETS   
Real estate, at cost:   
Land
$2,420,054 $2,420,054 $— 
Buildings and improvements
7,953,933 7,933,030 20,903 
Development costs and construction in progress
1,701,401 1,604,637 96,764 
Leasehold improvements and equipment
132,597 130,222 2,375 
Total
12,207,985 12,087,943 120,042 
Less accumulated depreciation and amortization
(3,220,993)(3,169,446)(51,547)
Real estate, net8,986,992 8,918,497 68,495 
Right-of-use assets365,929 367,365 (1,436)
Cash and cash equivalents1,636,093 1,624,482 11,611 
Restricted cash119,517 105,887 13,630 
Tenant and other receivables74,590 77,658 (3,068)
Investments in partially owned entities3,363,657 3,491,107 (127,450)
Real estate fund investments3,739 3,739 — 
220 Central Park South ("220 CPS") condominium units ready for sale130,954 128,215 2,739 
Receivable arising from the straight-lining of rents668,799 674,075 (5,276)
Deferred leasing costs, net375,138 372,919 2,219 
Identified intangible assets, net22,390 23,856 (1,466)
Other assets397,339 434,022 (36,683)
Total Assets
$16,145,137 $16,221,822 $(76,685)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY   
Liabilities:   
Mortgages payable, net
$5,573,626 $5,580,549 $(6,923)
Senior unsecured notes, net
446,888 446,685 203 
Unsecured term loan, net
797,024 796,762 262 
Unsecured revolving credit facilities
575,000 575,000 — 
Lease liabilities
400,974 401,008 (34)
Accounts payable and accrued expenses
432,035 427,202 4,833 
Deferred revenue
36,925 40,110 (3,185)
Deferred compensation plan
107,889 105,564 2,325 
Other liabilities
286,961 294,520 (7,559)
Total liabilities8,657,322 8,667,400 (10,078)
Redeemable noncontrolling interests734,630 606,267 128,363 
Shareholders' equity6,337,907 6,533,198 (195,291)
Noncontrolling interests in consolidated subsidiaries415,278 414,957 321 
Total liabilities, redeemable noncontrolling interests and equity
$16,145,137 $16,221,822 $(76,685)
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CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
 For the Three Months Ended
 March 31,December 31, 2020
 20212020Variance
Property rentals(1)
$300,499 $355,060 $(54,561)$298,910 
Tenant expense reimbursements(1)
40,725 52,173 (11,448)40,563 
Amortization of acquired below-market leases, net3,166 4,206 (1,040)3,824 
Straight-lining of rents(5,073)(10,165)5,092 (4,383)
Total rental revenues339,317 401,274 (61,957)338,914 
Fee and other income:
BMS cleaning fees28,477 32,466 (3,989)27,901 
Management and leasing fees5,369 2,867 2,502 3,063 
Other income6,814 7,925 (1,111)6,553 
Total revenues379,977 444,532 (64,555)376,431 
Operating expenses(190,979)(230,007)39,028 (188,989)
Depreciation and amortization(95,354)(92,793)(2,561)(107,084)
General and administrative(44,186)(52,834)8,648 (61,254)
(Expense) benefit from deferred compensation plan liability(3,245)11,245 (14,490)(6,991)
Transaction related costs, impairment losses and other(843)(71)(772)(242,593)
Total expenses(334,607)(364,460)29,853 (606,911)
Income from partially owned entities29,073 19,103 9,970 24,567 
Loss from real estate fund investments(169)(183,463)183,294 (999)
Interest and other investment income (loss), net1,522 (5,904)7,426 1,569 
Income (loss) from deferred compensation plan assets3,245 (11,245)14,490 6,991 
Interest and debt expense(50,064)(58,842)8,778 (54,633)
Net gains on disposition of wholly owned and partially owned assets— 68,589 (68,589)42,458 
Income (loss) before income taxes28,977 (91,690)120,667 (210,527)
Income tax expense (benefit)(1,984)(12,813)10,829 1,801 
Net income (loss)26,993 (104,503)131,496 (208,726)
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries(6,114)122,387 (128,501)(1,109)
Operating Partnership(329)(390)61 14,856 
Net income (loss) attributable to Vornado20,550 17,494 3,056 (194,979)
Preferred share dividends(16,467)(12,531)(3,936)(14,148)
Net income (loss) attributable to common shareholders$4,083 $4,963 $(880)$(209,127)
Capitalized expenditures:
Development payroll
$2,558 $5,307 $(2,749)$5,958 
Interest and debt expense
10,267 12,055 (1,788)10,227 
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(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 INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)
(Amounts in thousands)
 For the Three Months Ended March 31, 2021
 TotalNew YorkOther
Property rentals(1)
$300,499 $238,328 $62,171 
Tenant expense reimbursements(1)
40,725 31,500 9,225 
Amortization of acquired below-market leases, net3,166 2,972 194 
Straight-lining of rents(5,073)(6,100)1,027 
Total rental revenues339,317 266,700 72,617 
Fee and other income:
BMS cleaning fees28,477 29,948 (1,471)
Management and leasing fees5,369 5,522 (153)
Other income6,814 1,801 5,013 
Total revenues379,977 303,971 76,006 
Operating expenses(190,979)(160,985)(29,994)
Depreciation and amortization(95,354)(72,838)(22,516)
General and administrative(44,186)(14,281)(29,905)
Expense from deferred compensation plan liability(3,245)— (3,245)
Transaction related costs and other(843)— (843)
Total expenses(334,607)(248,104)(86,503)
Income from partially owned entities29,073 28,564 509 
Loss from real estate fund investments(169)— (169)
Interest and other investment income, net1,522 910 612 
Income from deferred compensation plan assets3,245 — 3,245 
Interest and debt expense(50,064)(23,063)(27,001)
Income (loss) before income taxes28,977 62,278 (33,301)
Income tax expense(1,984)(456)(1,528)
Net income (loss)26,993 61,822 (34,829)
Less net income attributable to noncontrolling interests in consolidated subsidiaries(6,114)(2,451)(3,663)
Net income (loss) attributable to Vornado Realty L.P.20,879 $59,371 $(38,492)
Less net income attributable to noncontrolling interests in the Operating Partnership(288)
Preferred unit distributions(16,508)
Net income attributable to common shareholders$4,083 
For the three months ended March 31, 2020:
Net income (loss) attributable to Vornado Realty L.P.$17,884 $67,226 $(49,342)
Net income attributable to common shareholders$4,963 
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(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 OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT (NON-GAAP) (unaudited)
(Amounts in thousands)
For the Three Months Ended March 31, 2021
TotalNew YorkOther
Total revenues$379,977 $303,971 $76,006 
Operating expenses(190,979)(160,985)(29,994)
NOI - consolidated188,998 142,986 46,012 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(17,646)(8,621)(9,025)
Add: NOI from partially owned entities 78,756 76,773 1,983 
NOI at share250,108 211,138 38,970 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other(1,198)(973)(225)
NOI at share - cash basis$248,910 $210,165 $38,745 
For the Three Months Ended March 31, 2020
TotalNew YorkOther
Total revenues$444,532 $355,615 $88,917 
Operating expenses(230,007)(183,031)(46,976)
NOI - consolidated214,525 172,584 41,941 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(15,493)(8,433)(7,060)
Add: NOI from partially owned entities 81,881 78,408 3,473 
NOI at share280,913 242,559 38,354 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other3,076 1,106 1,970 
NOI at share - cash basis$283,989 $243,665 $40,324 
For the Three Months Ended December 31, 2020
TotalNew YorkOther
Total revenues$376,431 $302,360 $74,071 
Operating expenses(188,989)(155,907)(33,082)
NOI - consolidated187,442 146,453 40,989 
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries(15,901)(9,060)(6,841)
Add: NOI from partially owned entities 76,952 75,151 1,801 
NOI at share248,493 212,544 35,949 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other(2,001)(3,595)1,594 
NOI at share - cash basis$246,492 $208,949 $37,543 
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See Appendix page vii for details of NOI at share components.
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NET OPERATING INCOME AT SHARE BY SUBSEGMENT (NON-GAAP) (unaudited)
(Amounts in thousands)
For the Three Months Ended
March 31,December 31, 2020
20212020
NOI at share:
New York:
Office(1)
$166,635 $183,205 $167,865 
Retail36,702 52,018 38,146 
Residential4,456 6,200 4,083 
Alexander's Inc. ("Alexander's")10,489 10,492 10,259 
Hotel Pennsylvania(2)
(7,144)(9,356)(7,809)
Total New York211,138 242,559 212,544 
Other:
theMART(3)
18,107 21,113 17,091 
555 California Street16,064 15,231 14,638 
Other investments4,799 2,010 4,220 
Total Other38,970 38,354 35,949 
NOI at share$250,108 $280,913 $248,493 
____________________
(1)    Includes the impact of write-offs of tenant receivables deemed uncollectible of $2,364 and $650, respectively, for the three months ended March 31, 2021 and December 31, 2020. In addition, includes the impact of non-cash write-offs of receivables arising from the straight-lining of rents of $820 and $585, respectively, for the three months ended March 31, 2021 and December 31, 2020.
(2)    We temporarily closed the Hotel Pennsylvania on April 1, 2020 and on April 5, 2021, we announced that we permanently closed the hotel.
(3)    We cancelled trade shows at theMART beginning late March of 2020 due to the COVID-19 pandemic.

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NET OPERATING INCOME AT SHARE - CASH BASIS BY SUBSEGMENT (NON-GAAP) (unaudited)
(Amounts in thousands)
For the Three Months Ended
March 31,December 31, 2020
20212020
NOI at share - cash basis:
New York:
Office(1)
$167,096 $187,035 $166,925 
Retail34,876 49,041 34,256 
Residential4,011 5,859 3,828 
Alexander's11,349 11,094 11,163 
Hotel Pennsylvania(2)
(7,167)(9,364)(7,223)
Total New York210,165 243,665 208,949 
Other:
theMART(3)
17,840 22,705 18,075 
555 California Street15,855 15,435 14,947 
Other investments5,050 2,184 4,521 
Total Other38,745 40,324 37,543 
NOI at share - cash basis$248,910 $283,989 $246,492 
____________________
(1)    Includes the impact of write-offs of tenant receivables deemed uncollectible of $2,364 and $650, respectively, for the three months ended March 31, 2021 and December 31, 2020.
(2)    We temporarily closed the Hotel Pennsylvania on April 1, 2020 and on April 5, 2021, we announced that we permanently closed the hotel.
(3)    We cancelled trade shows at theMART beginning late March of 2020 due to the COVID-19 pandemic.

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SAME STORE NOI AT SHARE AND SAME STORE NOI AT SHARE - CASH BASIS (NON-GAAP) (unaudited)
TotalNew YorktheMART555 California Street
Same store NOI at share % (decrease) increase(1):
Three months ended March 31, 2021 compared to March 31, 2020(8.4)%(8.9)%

(12.5)%4.7 %
Three months ended March 31, 2021 compared to December 31, 20200.7 %(0.4)%5.9 %9.7 %
Same store NOI at share - cash basis % (decrease) increase(1):
Three months ended March 31, 2021 compared to March 31, 2020(7.4)%(6.9)%

(19.9)%3.4 %
Three months ended March 31, 2021 compared to December 31, 20201.9 %1.9 %(1.3)%6.1 %
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(1)See pages viii through xi in the Appendix for same store NOI at share and same store NOI at share - cash basis reconciliations.


NOI AT SHARE BY REGION (NON-GAAP) (unaudited)
 For the Three Months Ended March 31,
 20212020
Region:  
New York City metropolitan area
86 %87 %
Chicago, IL
%%
San Francisco, CA
%%
 100 %100 %
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PRO FORMA NOI AT SHARE - CASH BASIS - TRAILING TWELVE MONTHS (NON-GAAP) (unaudited)
(Amounts in thousands)
 For the Trailing Twelve Months Ended March 31, 2021For the Year Ended December 31, 2020
NOI at Share -
Cash Basis
BMS NOI
Pro Forma
NOI at Share -
Cash Basis
Pro Forma
NOI at Share -
Cash Basis
Office:
New York$671,816 $(20,543)$651,273 $671,404 
theMART71,386 — 71,386 76,251 
555 California Street61,337 — 61,337 60,917 
Total Office804,539 (20,543)783,996 808,572 
New York - Retail144,521 — 144,521 158,686 
New York - Residential17,521 — 17,521 19,369 
$966,581 $(20,543)$946,038 $986,627 
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PENN DISTRICT
ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF MARCH 31, 2021 (unaudited)
(Amounts in thousands of dollars, except square feet)
Property
Rentable
Sq. Ft.
Projected Incremental Cash Yield
Active PENN District ProjectsSegment
Budget(1)
Amount
Expended
Remainder to be Expended
Stabilization Year
Farley (95% interest)
New York844,000 1,120,000 (2)834,360 (2)285,640 20226.4%
PENN 2 - as expanded(3)
New York1,795,000 750,000 96,964 653,036 20259.0%
PENN 1 (including LIRR Concourse Retail)(4)
New York2,546,000 450,000 206,563 

243,437 N/A 12.2%
(4)(5)
Districtwide Improvements
New YorkN/A100,000 26,533 73,467 N/AN/A
Total Active PENN District Projects  2,420,000 1,164,420 1,255,580  8.0%
________________________________
(1)Excluding debt and equity carry.
(2)Net of 154,000 of historic tax credit investor contributions, of which 88,000 has been funded to date (at our 95% share).
(3)PENN 2 estimated impact on cash basis NOI and FFO of square feet taken out of service:
20212022
Square feet out of service at end of year1,190,000 1,210,000 
Year-over-year reduction in Cash Basis NOI(i)
(19,000)— 
Year-over-year reduction in FFO(ii)
(7,000)— 
________________________________
(i)    After capitalization of real estate taxes and operating expenses on space out of service.
(ii)    Net of capitalized interest on space out of service under redevelopment.

(4)    Property is ground leased through 2098, as fully extended. Fair market value resets occur in 2023, 2048 and 2073. The 12.2% projected return is before the ground rent reset in 2023, which may be material.
(5)    Achieved as existing leases roll; average remaining lease term 4.9 years.




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











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FUTURE DEVELOPMENT OPPORTUNITIES - AS OF MARCH 31, 2021 (unaudited)
Future OpportunitiesSegment
Property
Zoning
Sq. Ft.
 
Hotel Pennsylvania siteNew York2,052,000 
PENN District - multiple other opportunities - office/residential/retailNew York
260 Eleventh Avenue - office(1)
New York280,000     
Undeveloped Land      
57th Street (50% interest)New York150,000     
Eighth Avenue and 34th StreetNew York105,000 
527 West Kinzie, Chicago
Other330,000     
Rego Park III (32.4% interest)
New York
Total undeveloped land
 585,000     
____________________
(1)The building is subject to a ground lease which expires in 2114.



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


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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 
 OfficeRetailtheMART
Three Months Ended March 31, 2021   
Total square feet leased208 46 85 
Our share of square feet leased:147 36 85 
Initial rent(1)
$79.35 $253.39 $52.76 
Weighted average lease term (years)15.5 9.1 3.2 
Second generation relet space:
Square feet54 12 83 
GAAP basis:
Straight-line rent(2)
$71.69 $408.47 $48.83 
Prior straight-line rent$69.07 $308.90 $51.03 
Percentage increase (decrease)3.8 %32.2 %(4.3)%
Cash basis (non-GAAP):
Initial rent(1)
$74.74 $393.61 $52.58 
Prior escalated rent$74.70 $359.64 $53.99 
Percentage increase (decrease)0.1 %9.4 %(2.6)%
Tenant improvements and leasing commissions:
Per square foot$161.93 $142.95 $9.02 
Per square foot per annum$10.45 $15.71 $2.82 
Percentage of initial rent13.2 %6.2 %5.3 %
________________________________
(1)Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.
(2)Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases and includes the effect of free rent and periodic step-ups in rent.





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LEASE EXPIRATIONS (unaudited)
NEW YORK SEGMENT
 Period of Lease
Expiration
Our Share of
Square Feet
of Expiring
Leases(1)
Weighted Average Annual
Rent of Expiring Leases
Percentage of
Annualized
Escalated Rent
 TotalPer Sq. Ft.
Office:Month to Month21,000 $1,594,000 $75.90 0.1 %
Second Quarter 2021323,000 29,893,000 92.55 2.8 %
 Third Quarter 202178,000 6,101,000 78.22 0.6 %
 Fourth Quarter 2021234,000 15,745,000 67.29 1.5 %
 Total 2021635,000 51,739,000 81.48 4.9 %
 First Quarter 2022205,000 10,115,000 49.34 0.9 %
 Remaining 2022477,000 36,643,000 76.82 3.4 %
 20231,849,000 164,263,000 88.84 15.1 %
 20241,426,000 118,307,000 82.96 10.9 %
 2025813,000 65,315,000 80.34 6.0 %
 20261,422,000 107,564,000 75.64 9.9 %
 20271,156,000 84,373,000 72.99 7.8 %
2028911,000 63,601,000 69.81 5.9 %
2029660,000 55,434,000 83.99 5.1 %
2030599,000 47,174,000 78.75 4.3 %
2031826,000 71,260,000 86.27 6.6 %
Thereafter3,052,000 (2)207,559,000 68.01 19.1 %
Retail:Month to Month22,000 $1,811,000 $82.32 0.7 %
Second Quarter 20216,000 809,000 134.83 0.3 %
Third Quarter 202114,000 1,458,000 104.14 0.5 %
 Fourth Quarter 202129,000 5,247,000 180.93 2.0 %
 Total 202149,000 7,514,000 153.35 2.8 %
 First Quarter 202298,000 2,926,000 29.86 1.1 %
 Remaining 202213,000 3,253,000 250.23 1.2 %
 202333,000 23,704,000 718.30 9.1 %
 2024194,000 43,593,000 224.71 16.7 %
 202542,000 12,773,000 304.12 4.9 %
 202668,000 24,522,000 360.62 9.4 %
 202719,000 15,316,000 806.11 5.9 %
 202827,000 13,372,000 495.26 5.1 %
202946,000 20,287,000 441.02 7.8 %
2030168,000 23,021,000 137.03 8.8 %
2031147,000 27,333,000 185.94 10.4 %
Thereafter185,000 42,149,000 227.83 16.1 %
________________________________

(1)    Excludes storage, vacancy and other.
(2)    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.
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LEASE EXPIRATIONS (unaudited)
theMART
 Period of Lease
Expiration
Our Share of
Square Feet
of Expiring
Leases(1)
Weighted Average Annual
Rent of Expiring Leases
Percentage of
Annualized
Escalated Rent
 TotalPer Sq. Ft.
Office / Showroom / Retail:Month to Month4,000 $108,000 $27.00 0.1 %
Second Quarter 20212,000 148,000 74.00 0.1 %
 Third Quarter 202131,000 1,453,000 46.87 0.9 %
 Fourth Quarter 2021135,000 6,199,000 45.92 3.9 %
 Total 2021168,000 7,800,000 46.43 4.9 %
 First Quarter 202231,000 1,742,000 56.19 1.1 %
 Remaining 2022407,000 20,143,000 49.49 12.7 %
 2023309,000 16,006,000 51.80 10.1 %
 2024360,000 18,004,000 50.01 11.4 %
 2025347,000 19,149,000 55.18 12.1 %
2026309,000 16,169,000 52.33 10.2 %
2027171,000 8,715,000 50.96 5.5 %
 2028642,000 28,981,000 45.14 18.4 %
202994,000 4,209,000 44.78 2.7 %
203015,000 837,000 55.80 0.5 %
2031203,000 9,173,000 45.19 5.8 %
Thereafter157,000 7,139,000 45.47 4.5 %
________________________________
(1)    Excludes storage, vacancy and other.



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LEASE EXPIRATIONS (unaudited)
555 California Street
 Period of Lease
Expiration
Our Share of
Square Feet
of Expiring
Leases(1)
Weighted Average Annual
Rent of Expiring Leases
Percentage of
Annualized
Escalated Rent
 TotalPer Sq. Ft.
Office / Retail:Month to Month— $— $— — %
Second Quarter 2021— — — — %
Third Quarter 2021— — — — %
 Fourth Quarter 2021— — — — %
 Total 2021— — — — %
 First Quarter 202235,000 2,956,000 84.46 2.9 %
 Remaining 202213,000 1,431,000 110.08 1.4 %
 2023133,000 10,408,000 78.26 10.3 %
 202457,000 5,508,000 96.63 5.5 %
 2025282,000 24,248,000 85.99 24.0 %
 2026203,000 18,756,000 92.39 18.6 %
 202765,000 5,788,000 89.05 5.7 %
 202820,000 1,600,000 80.00 1.6 %
202978,000 7,314,000 93.77 7.2 %
2030106,000 10,600,000 100.00 10.5 %
2031— — — — %
Thereafter173,000 12,357,000 71.43 12.3 %
________________________________
(1)    Excludes storage, vacancy and other.



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CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
CONSOLIDATED
(Amounts in thousands)Three Months Ended March 31, 2021  
Year Ended December 31,
20202019
Amounts paid for capital expenditures:
Expenditures to maintain assets$15,072 $65,173 $93,226 
Tenant improvements8,458 65,313 98,261 
Leasing commissions8,799 18,626 18,229 
Recurring tenant improvements, leasing commissions and other capital expenditures32,329 149,112 209,716 
Non-recurring capital expenditures(1)
1,901 64,624 30,374 
Total capital expenditures and leasing commissions$34,230 $213,736 $240,090 
Three Months Ended March 31, 2021
 Year Ended December 31,
 20202019
Amounts paid for development and redevelopment expenditures:   
Farley Office and Retail$62,146 $239,427 $265,455 
PENN 135,473 105,392 51,168 
PENN 212,494 76,883 28,719 
220 CPS8,079 119,763 181,177 
345 Montgomery Street1,382 16,661 29,441 
Other10,744 43,794 93,096 
$130,318 $601,920 $649,056 
________________________________
(1)Primarily tenant improvements and leasing commissions on first generation space.



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CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
NEW YORK SEGMENT
(Amounts in thousands)
Three Months Ended March 31, 2021
 Year Ended December 31,
20202019
Amounts paid for capital expenditures:
Expenditures to maintain assets$12,868 $53,543 $80,416 
Tenant improvements6,365 52,763 84,870 
Leasing commissions2,525 14,612 16,316 
Recurring tenant improvements, leasing commissions and other capital expenditures21,758 120,918 181,602 
Non-recurring capital expenditures(1)
1,901 64,414 28,269 
Total capital expenditures and leasing commissions$23,659 $185,332 $209,871 
Three Months Ended March 31, 2021
 Year Ended December 31,
 20202019
Amounts paid for development and redevelopment expenditures:   
Farley Office and Retail$62,146 $239,427 $265,455 
PENN 135,473 105,392 51,168 
PENN 212,494 76,883 28,719 
Other10,576 39,746 86,593 
$120,689 $461,448 $431,935 
________________________________
(1)Primarily tenant improvements and leasing commissions on first generation space.


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CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
theMART
(Amounts in thousands)Three Months Ended March 31, 2021  
 Year Ended December 31,
20202019
Amounts paid for capital expenditures:
Expenditures to maintain assets$1,661 $7,627 $9,566 
Tenant improvements2,093 5,859 9,244 
Leasing commissions71 3,173 827 
Recurring tenant improvements, leasing commissions and other capital expenditures3,825 16,659 19,637 
Non-recurring capital expenditures(1)
— 210 332 
Total capital expenditures and leasing commissions$3,825 $16,869 $19,969 
Three Months Ended March 31, 2021
 Year Ended December 31,
 20202019
Amounts paid for development and redevelopment expenditures:   
Common area enhancements$— $3,063 $476 
Other168 948 1,846 
$168 $4,011 $2,322 
________________________________
(1)Primarily tenant improvements and leasing commissions on first generation space.

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CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
555 CALIFORNIA STREET   
(Amounts in thousands)   
Three Months Ended March 31, 2021
 Year Ended December 31,
20202019
Amounts paid for capital expenditures:
Expenditures to maintain assets$543 $4,003 $3,244 
Tenant improvements— 6,691 4,147 
Leasing commissions6,203 841 1,086 
Recurring tenant improvements, leasing commissions and other capital expenditures6,746 11,535 8,477 
Non-recurring capital expenditures(1)
— — 1,773 
Total capital expenditures and leasing commissions$6,746 $11,535 $10,250 
Three Months Ended March 31, 2021
 Year Ended December 31,
 20202019
Amounts paid for development and redevelopment expenditures:   
345 Montgomery Street$1,382 $16,661 $29,441 
Other— — 3,896 
$1,382 $16,661 $33,337 
________________________________
(1)Primarily tenant improvements and leasing commissions on first generation space.


CAPITAL EXPENDITURES (unaudited)
OTHER
(Amounts in thousands)   
Three Months Ended March 31, 2021
 Year Ended December 31,
 20202019
Amounts paid for development and redevelopment expenditures:   
220 CPS$8,079 $119,763 $181,177 
Other— 37 285 
$8,079 $119,800 $181,462 

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UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
Joint Venture NameAsset
Category
Percentage Ownership at March 31, 2021Company's
Carrying
Amount
Company's
Pro rata
Share of Debt(1)
100% of
Joint Venture Debt(1)
Maturity Date(2)
Spread over LIBORInterest Rate
Fifth Avenue and Times Square JVRetail/Office51.5%$2,787,865 $461,461 $950,000 VariousVariousVarious
Alexander'sOffice/Retail32.4%83,228 377,312 (3)1,164,544 VariousVariousVarious
Partially owned office buildings/land:
280 Park AvenueOffice/Retail50.0%105,827 600,000 1,200,000 09/24L+1731.83%
650 Madison AvenueOffice/Retail20.1%97,987 161,024 800,000 12/29N/A3.49%
512 West 22nd StreetOffice/Retail55.0%62,569 66,826 121,502 06/24L+2002.11%
West 57th Street propertiesOffice/Retail/Land50.0%42,670 10,000 20,000 12/22L+1601.72%
One Park AvenueOffice/Retail55.0%30,468 288,750 525,000 03/26L+1111.21%
825 Seventh AvenueOffice50.0%9,855 20,846 41,691 07/23L+1651.78%
61 Ninth AvenueOffice/Retail45.1%3,800 75,543 167,500 01/26L+1351.46%
OtherOffice/RetailVarious4,979 17,465 50,150 VariousVariousVarious
Other equity method investments:
Independence PlazaResidential/Retail50.1%59,557 338,175 675,000 07/25N/A4.25%
Rosslyn PlazaOffice/Residential43.7% to 50.4%32,466 18,963 37,617 06/22L+1952.07%
OtherVariousVarious42,386 91,204 575,120 VariousVariousVarious
$3,363,657 $2,527,569 $6,328,124 
7 West 34th StreetOffice/Retail53.0%(55,195)(4)159,000 300,000 06/26N/A3.65%
85 Tenth AvenueOffice/Retail49.9%(15,728)(4)311,875 625,000 12/26N/A4.55%
$(70,923)$470,875 $925,000 
________________________________
(1)Represents the contractual debt obligations. All amounts are non-recourse to us except the $300,000 mortgage loan on 7 West 34th Street and the $500,000 mortgage loan on 640 Fifth Avenue, included in Fifth Avenue and Times Square JV.
(2)Represents the extended maturity for certain loans for which we have the unilateral right to extend.
(3)Net of our $16,200 share of Alexander's participation in its Rego Park II shopping center mortgage loan which is considered partially extinguished as the participation interest is a reacquisition of debt. On April 7, 2021, Alexander's used its participation in the loan to reduce the loan balance.
(4)Our negative basis results from distributions in excess of our investment.
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UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
Percentage Ownership at March 31, 2021Our 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,
 2021202020212020
Joint Venture Name     
New York:     
Fifth Avenue and Times Square JV:
Equity in net income51.5%$9,606 $5,496 $30,815 $33,214 
Return on preferred equity, net of our share of the expense9,226 9,166 — — 
18,832 14,662 30,815 33,214 
Alexander's32.4%5,729 1,416 10,489 10,492 
One Park Avenue55.0%5,081 1,852 7,321 4,976 
85 Tenth Avenue49.9%(2,648)(990)2,487 4,813 
Independence Plaza50.1%(1,427)165 4,295 5,739 
280 Park Avenue50.0%1,338 (827)9,671 8,756 
7 West 34th Street53.0%1,136 1,023 3,664 3,553 
61 Ninth Avenue45.1%759 800 1,779 1,969 
West 57th Street properties50.0%(391)(235)(104)89 
512 West 22nd Street55.0%(154)62 1,528 985 
650 Madison Avenue20.1%(28)(372)3,229 2,834 
Other, netVarious337 (252)1,599 988 
28,564 17,304 76,773 78,408 
Other:
Alexander's corporate fee income32.4%575 1,260 163 670 
Rosslyn Plaza43.7% to 50.4%398 164 1,096 1,284 
Other, netVarious(464)375 724 1,519 
509 1,799 1,983 3,473 
Total$29,073 $19,103 $78,756 $81,881 


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CAPITAL STRUCTURE (unaudited)
(Amounts in thousands, except per share and per unit amounts)
As of
   March 31, 2021
Debt (contractual balances) (non-GAAP):   
Consolidated debt (1):
   
Mortgages payable
  $5,600,127 
Senior unsecured notes
  450,000 
$800 Million unsecured term loan
  800,000 
$2.75 Billion unsecured revolving credit facilities
575,000 
   7,425,127 
Pro rata share of debt of non-consolidated entities(2)
 2,998,444 
Less: Noncontrolling interests' share of consolidated debt
(primarily 1290 Avenue of the Americas and 555 California Street)
(482,473)
   9,941,098 (A)
 Shares/UnitsLiquidation Preference 
Perpetual Preferred:   
5.00% preferred unit (D-16) (1 unit @ $1,000,000 per unit) 1,000 
3.25% preferred units (D-17) (141,400 units @ $25 per unit)  3,535 
5.70% Series K preferred shares12,000 $25.00 300,000 
5.40% Series L preferred shares12,000 25.00 300,000 
5.25% Series M preferred shares12,780 25.00 319,500 
5.25% Series N preferred shares12,000 25.00 300,000 
1,224,035 (B)
 
Converted
Shares
March 31, 2021 Common Share Price 
Equity:   
Common shares191,465 $45.39 8,690,596 
Class A units12,767 45.39 579,494 
Convertible share equivalents: 
Equity awards - unit equivalents
1,238 45.39 56,193 
D-13 preferred units
1,028 45.39 46,661 
G1-G4 units
76 45.39 3,450 
Series A preferred shares
26 45.39 1,180 
 
  9,377,574 (C)
Total Market Capitalization (A+B+C)  $20,542,707 
________________________________
(1)See reconciliation of consolidated debt, net (GAAP) to contractual debt (non-GAAP) on page xii in the Appendix.
(2)Our pro rata share of debt of non-consolidated entities is net of $16,200, our share of Alexander's participation in its Rego Park II shopping center mortgage loan which is considered partially extinguished as the participation interest is a reacquisition of debt. On April 7, 2021, Alexander's used its participation in the loan to reduce the loan balance.
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COMMON SHARES DATA (NYSE: VNO) (unaudited)
Vornado Realty Trust common shares are traded on the New York Stock Exchange ("NYSE") under the symbol VNO. Below is a summary of performance and dividends for VNO common shares (based on NYSE prices):
First Quarter 2021
Fourth Quarter 2020
Third Quarter 2020
Second Quarter 2020
High price