8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

October 31, 2022

VORNADO REALTY TRUST

(Exact Name of Registrant as Specified in Charter)

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

VORNADO REALTY L.P.

(Exact Name of Registrant as Specified in Charter)

Delaware	No.	001-34482	No.	13-3925979
(State or Other	(Commission		(IRS Employer
Jurisdiction of Incorporation)	File Number)		Identification No.)

888 Seventh Avenue
New York,	New York	10019
(Address of Principal Executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 894-7000

Former name or former address, if changed since last report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Registrant	Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Vornado Realty Trust	Common Shares of beneficial interest, $.04 par value per share	VNO	New York Stock Exchange
	Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share:
Vornado Realty Trust	5.40% Series L	VNO/PL	New York Stock Exchange
Vornado Realty Trust	5.25% Series M	VNO/PM	New York Stock Exchange
Vornado Realty Trust	5.25% Series N	VNO/PN	New York Stock Exchange
Vornado Realty Trust	4.45% Series O	VNO/PO	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨    

Item 2.02. Results of Operations and Financial Condition.

    On October 31, 2022, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the third quarter of 2022.  That press release referred to supplemental data that is available on the Company’s website.  That press release and the supplemental data are attached to this Current Report on Form 8-K as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated by reference herein.

    Exhibits 99.1, 99.2 and 99.3 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company or Vornado Realty L.P. under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01. Financial Statements and Exhibits.

(d)	Exhibits.
	The following exhibits are being furnished as part of this Current Report on Form 8-K:
	99.1	Vornado Realty Trust press release dated October 31, 2022
	99.2	Vornado Realty Trust supplemental operating and financial data for the quarter ended September 30, 2022
	99.3	Vornado Realty Trust supplemental fixed income data for the quarter ended September 30, 2022
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

SIGNATURE 

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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

Date: October 31, 2022

SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

VORNADO REALTY L.P.
(Registrant)
By:	VORNADO REALTY TRUST,
	Sole General Partner
By:	/s/ Deirdre Maddock
Name:	Deirdre Maddock
Title:	Chief Accounting Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. (duly authorized officer and principal accounting officer)

Date: October 31, 2022

3

EX-99.1

EXHIBIT 99.1

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

Vornado Announces Third Quarter 2022 Financial Results

New York City | October 31, 2022

Vornado Realty Trust (NYSE: VNO) reported today:

Quarter Ended September 30, 2022 Financial Results

NET INCOME attributable to common shareholders for the quarter ended September 30, 2022 was $7,769,000, or $0.04 per diluted share, compared to $37,689,000, or $0.20 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, net income attributable to common shareholders, as adjusted (non-GAAP) for the quarter ended September 30, 2022 was $37,429,000, or $0.19 per diluted share, and $25,926,000, or $0.14 per diluted share for the quarter ended September 30, 2021.

FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended September 30, 2022 was $152,461,000, or $0.79 per diluted share, compared to $158,286,000, or $0.82 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on page 3, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended September 30, 2022 was $157,350,000, or $0.81 per diluted share, and $136,213,000, or $0.71 per diluted share for the quarter ended September 30, 2021.

Nine Months Ended September 30, 2022 Financial Results

NET INCOME attributable to common shareholders for the nine months ended September 30, 2022 was $84,665,000, or $0.44 per diluted share, compared to $89,817,000, or $0.47 per diluted share, for the nine months ended September 30, 2021. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, net income attributable to common shareholders, as adjusted (non-GAAP) for the nine months ended September 30, 2022 was $106,652,000, or $0.56 per diluted share, and $65,176,000, or $0.34 per diluted share, for the nine months ended September 30, 2021.

FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the nine months ended September 30, 2022 was $462,463,000, or $2.39 per diluted share, compared to $430,057,000, or $2.24 per diluted share, for the nine months ended September 30, 2021. Adjusting for the items that impact period-to-period comparability listed in the table on page 3, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the nine months ended September 30, 2022 was $469,851,000, or $2.43 per diluted share, and $393,733,000, or $2.05 per diluted share, for the nine months ended September 30, 2021.

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

(Amounts in thousands, except per share amounts)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Net income attributable to common shareholders	$	7,769	$	37,689	$	84,665	$	89,817
Per diluted share	$	0.04	$	0.20	$	0.44	$	0.47
Certain expense (income) items that impact net income attributable to common shareholders:
Hotel Pennsylvania loss	$	26,613	$	6,492	$	44,473	$	20,474
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary)	3,776		1,688		10,183		1,688
Tax benefit recognized by our taxable REIT subsidiaries	—		(27,910)		—		(27,910)
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium unit(s) and ancillary amenities	—		(8,815)		(6,085)		(31,023)
Net gain on sale of the Center Building (33-00 Northern Boulevard, Long Island City, NY)	—		—		(15,213)		—
Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV	—		—		(13,613)		—
Other	1,477		15,664		4,137		10,090
	31,866		(12,881)		23,882		(26,681)
Noncontrolling interests' share of above adjustments	(2,206)		1,118		(1,895)		2,040
Total of certain expense (income) items that impact net income attributable to common shareholders	$	29,660	$	(11,763)	$	21,987	$	(24,641)
Per diluted share (non-GAAP)	$	0.15	$	(0.06)	$	0.12	$	(0.13)
Net income attributable to common shareholders, as adjusted (non-GAAP)	$	37,429	$	25,926	$	106,652	$	65,176
Per diluted share (non-GAAP)	$	0.19	$	0.14	$	0.56	$	0.34

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

(Amounts in thousands, except per share amounts)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	152,461	$	158,286	$	462,463	$	430,057
Per diluted share (non-GAAP)	$	0.79	$	0.82	$	2.39	$	2.24
Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions:
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary)	$	3,776	$	1,688	$	10,183	$	1,688
Tax benefit recognized by our taxable REIT subsidiaries	—		(27,910)		—		(27,910)
After-tax net gain on sale of 220 CPS condominium unit(s) and ancillary amenities	—		(8,815)		(6,085)		(31,023)
Other	1,477		11,394		3,840		18,698
	5,253		(23,643)		7,938		(38,547)
Noncontrolling interests' share of above adjustments	(364)		1,570		(550)		2,223
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net	$	4,889	$	(22,073)	$	7,388	$	(36,324)
Per diluted share (non-GAAP)	$	0.02	$	(0.11)	$	0.04	$	(0.19)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	157,350	$	136,213	$	469,851	$	393,733
Per diluted share (non-GAAP)	$	0.81	$	0.71	$	2.43	$	2.05

FFO, as Adjusted Bridge - Q3 2022 vs. Q3 2021

The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2021 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2022:

(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 September 30, 2021	$	136.2	$	0.71
Increase (decrease) in FFO, as adjusted due to:
Prior period accrual adjustments recorded in the third quarter of each year related to changes in the tax-assessed value of theMART	22.8
Increase in interest expense, net of increase in interest income	(22.5)
Rent commencement and other tenant related items	15.6
Variable businesses (primarily signage and trade shows)	9.5
Straight-line impact of PENN 1 2023 estimated ground rent reset	(5.8)
Other, net	2.6
	22.2
Noncontrolling interests' share of above items	(1.0)
Net increase	21.2		0.10
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2022	$	157.4	$	0.81

See page 11 for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and nine months ended September 30, 2022 and 2021. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided above.

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Dispositions:

220 CPS

During the nine months ended September 30, 2022, we closed on the sale of one condominium unit and ancillary amenities at 220 CPS for net proceeds of $16,124,000 resulting in a financial statement net gain of $7,030,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $945,000 of income tax expense was recognized on our consolidated statements of income. From inception to September 30, 2022, we have closed on the sale of 107 units and ancillary amenities for net proceeds of $3,023,020,000 resulting in financial statement net gains of $1,124,285,000.

SoHo Properties

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

Center Building (33-00 Northern Boulevard)

On June 17, 2022, we sold the Center Building, an eight-story 498,000 square foot office building located at 33‑00 Northern Boulevard in Long Island City, New York, for $172,750,000. We realized net proceeds of $58,946,000 after repayment of the existing $100,000,000 mortgage loan and closing costs. In connection with the sale, we recognized a net gain of $15,213,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. The gain for tax purposes was approximately $74,000,000.

40 Fulton Street

On August 17, 2022, we entered into an agreement to sell 40 Fulton Street, a 251,000 square foot Manhattan office and retail building, for $102,000,000. We expect to close the sale in the fourth quarter of 2022 and recognize a net gain of approximately $33,000,000 after closing costs. The sale is subject to customary closing conditions. As of September 30, 2022, the $64,177,000 carrying value of the property was classified as held-for-sale and is included in "other assets" on our consolidated balance sheets.

Financings:

100 West 33rd Street

On June 15, 2022, we completed a $480,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot building comprised of 859,000 square feet of office space and 255,000 square feet of retail space. The interest-only loan bears a rate of SOFR plus 1.65% (4.64% as of September 30, 2022) through March 2024, increasing to SOFR plus 1.85% thereafter. The interest rate on the loan was swapped to a fixed rate of 5.06% through March 2024, and 5.26% through June 2027.The loan matures in June 2027, with two one-year extension options subject to debt service coverage ratio and loan-to-value tests. The loan replaces the previous $580,000,000 loan that bore interest at LIBOR plus 1.55% and was scheduled to mature in April 2024.

770 Broadway

On June 28, 2022, we completed a $700,000,000 refinancing of 770 Broadway, a 1.2 million square foot Class A Manhattan office building. The interest-only loan bears a rate of SOFR plus 2.25% (4.93% as of September 30, 2022) and matures in July 2024 with three one-year extension options (July 2027 as fully extended). The interest rate on the loan was swapped to a fixed rate of 4.98% through July 2027. The loan replaces the previous $700,000,000 loan that bore interest at SOFR plus 1.86% and was scheduled to mature in July 2022.

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Financings - continued:

Unsecured Revolving Credit Facility

On June 30, 2022, we amended and extended one of our two revolving credit facilities. The $1.25 billion amended facility bears interest at a rate of SOFR plus 1.15% (4.18% as of September 30, 2022). The term of the facility was extended from March 2024 to December 2027, as fully extended. The facility fee is 25 basis points. On August 16, 2022, the interest rate on the $575,000,000 drawn on the facility was swapped to a fixed interest rate of 3.88% through August 2027. Our other $1.25 billion revolving credit facility matures in April 2026, as fully extended, and bears a rate of SOFR plus 1.19% with a facility fee of 25 basis points.

Unsecured Term Loan

On June 30, 2022, we extended our $800,000,000 unsecured term loan from February 2024 to December 2027. The extended loan bears interest at a rate of SOFR plus 1.30% (4.33% as of September 30, 2022) and is currently swapped to a fixed rate of 4.05%.

330 West 34th Street land owner joint venture

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

Interest Rate Hedging Activities

During the nine months ended September 30, 2022, we entered into $2.0 billion of interest rate swap arrangements and extended a $500,000,000 interest rate swap arrangement, reducing our variable rate debt at share as a percentage of our total debt at share to 27% from 47% (excluding our participation in the 150 West 34th Street mortgage loan). The exposure to LIBOR/SOFR index increases on our $2.8 billion of unswapped variable rate debt is partially mitigated over the next year by $2.0 billion of interest rate caps and by an increase in interest income on our cash, cash equivalents, restricted cash and investments in U.S. Treasury bills. For further detail on our interest rate swap and cap arrangements, see page 33 of our Supplemental Operating and Financial Data package for the quarter ended September 30, 2022.

The table below presents the interest rate swap arrangements entered into during the nine months ended September 30, 2022.

(Amounts in thousands)	Notional Amount		All-In Swapped Rate	Swap Expiration Date	Variable Rate Spread
770 Broadway mortgage loan	$	700,000	4.98%	07/27	S+225
Unsecured revolving credit facility	575,000		3.88%	08/27	S+115
Unsecured term loan(1)	50,000		4.04%	08/27	S+130
Unsecured term loan (effective 10/23)	500,000		4.39%	10/26	S+130
100 West 33rd Street mortgage loan	480,000		5.06%	06/27	S+165
888 Seventh Avenue mortgage loan(2)	200,000		4.66%	09/27	L+170

____________________

(1)Together with the existing $750,000 interest rate swap arrangement expiring October 2023, the $800,000 unsecured term loan balance currently bears interest at a fixed rate of 4.05%.

(2)The remaining $83,200 amortizing mortgage loan balance bears interest at a floating rate of LIBOR plus 1.70%.

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Leasing Activity:

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

For the Three Months Ended September 30, 2022

•167,000 square feet of New York Office space (140,000 square feet at share) at an initial rent of $88.99 per square foot and a weighted average lease term of 5.8 years. The changes in the GAAP and cash mark-to-market rent on the 101,000 square feet of second generation space were positive 7.2% and positive 1.8%, respectively. Tenant improvements and leasing commissions were $16.21 per square foot per annum, or 18.2% of initial rent.

•62,000 square feet of New York Retail space (57,000 square feet at share) at an initial rent of $242.89 per square foot and a weighted average lease term of 10.5 years. The changes in the GAAP and cash mark-to-market rent on the 36,000 square feet of second generation space were negative 55.8% and negative 49.3%, respectively. Tenant improvements and leasing commissions were $17.96 per square foot per annum, or 7.4% of initial rent.

•67,000 square feet at theMART (all at share) at an initial rent of $52.20 per square foot and a weighted average lease term of 7.3 years. The changes in the GAAP and cash mark-to-market rent on the 38,000 square feet of second generation space were negative 3.1% and negative 7.4%, respectively. Tenant improvements and leasing commissions were $11.64 per square foot per annum, or 22.3% of initial rent.

•154,000 square feet at 555 California (108,000 square feet at share) at an initial rent of $98.20 per square foot and a weighted average lease term of 5.6 years. The changes in the GAAP and cash mark-to-market rent on the 101,000 square feet of second generation space were positive 16.0% and positive 11.9%, respectively. Tenant improvements and leasing commissions were $4.73 per square foot per annum, or 4.8% of initial rent.

For the Nine Months Ended September 30, 2022

•740,000 square feet of New York Office space (607,000 square feet at share) at an initial rent of $84.49 per square foot and a weighted average lease term of 9.2 years. The changes in the GAAP and cash mark-to-market rent on the 362,000 square feet of second generation space were positive 6.2% and positive 3.9%, respectively. Tenant improvements and leasing commissions were $12.09 per square foot per annum, or 14.3% of initial rent.

•90,000 square feet of New York Retail space (85,000 square feet at share) at an initial rent of $262.88 per square foot and a weighted average lease term of 11.6 years. The changes in the GAAP and cash mark-to-market rent on the 42,000 square feet of second generation space were negative 38.3% and negative 34.2%, respectively. Tenant improvements and leasing commissions were $21.82 per square foot per annum, or 8.3% of initial rent.

•275,000 square feet at theMART (all at share) at an initial rent of $51.78 per square foot and a weighted average lease term of 7.2 years. The changes in the GAAP and cash mark-to-market rent on the 221,000 square feet of second generation space were negative 4.5% and negative 4.6%, respectively. Tenant improvements and leasing commissions were $10.88 per square foot per annum, or 21.0% of initial rent.

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

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

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

	Total		New York		theMART(2)		555 California Street
Same store NOI at share % increase (decrease)(1):
Three months ended September 30, 2022 compared to September 30, 2021	11.7	%	(0.8)	%	456.2	%	1.3	%
Nine months ended September 30, 2022 compared to September 30, 2021	7.4	%	3.0	%	76.1	%	3.5	%
Three months ended September 30, 2022 compared to June 30, 2022	2.8	%	(3.5)	%	79.3	%	(3.8)	%
Same store NOI at share - cash basis % increase (decrease)(1):
Three months ended September 30, 2022 compared to September 30, 2021	13.8	%	1.1	%	325.8	%	16.7	%
Nine months ended September 30, 2022 compared to September 30, 2021	9.4	%	4.6	%	71.3	%	12.2	%
Three months ended September 30, 2022 compared to June 30, 2022	4.0	%	(2.1)	%	70.7	%	0.4	%

____________________

(1)See pages 13 through 18 for same store NOI at share and same store NOI at share - cash basis reconciliations.

(2)Primarily due to (i) prior period accrual adjustments recorded in the third quarter of each year related to changes in the tax-assessed value of theMART and (ii) an increase in tradeshow activity in the third quarter of 2022.

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NOI At Share:

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

(Amounts in thousands)	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2022
	2022		2021				2022		2021
NOI at share:
New York:
Office(1)	$	174,790	$	166,553	$	182,042	$	534,641	$	497,238
Retail	52,127		49,083		51,438		155,670		124,998
Residential	4,598		4,194		5,250		14,622		12,889
Alexander's	9,639		9,009		9,362		27,980		28,567
Hotel Pennsylvania(2)	—		—		—		—		(12,677)
Total New York	241,154		228,839		248,092		732,913		651,015
Other:
theMART(3)	35,769		6,431		19,947		75,630		42,950
555 California Street	16,092		16,128		16,724		49,051		48,230
Other investments	4,074		3,873		4,183		12,699		12,751
Total Other	55,935		26,432		40,854		137,380		103,931
NOI at share	$	297,089	$	255,271	$	288,946	$	870,293	$	754,946

_______________________

See notes below.

NOI At Share - Cash Basis:

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

(Amounts in thousands)	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2022
	2022		2021				2022		2021
NOI at share - cash basis:
New York:
Office(1)	$	174,606	$	170,521	$	180,326	$	532,759	$	504,939
Retail	48,096		45,175		47,189		142,678		116,265
Residential	4,556		4,136		4,309		13,554		11,898
Alexander's	10,434		9,790		10,079		30,296		30,987
Hotel Pennsylvania(2)	—		—		—		—		(12,723)
Total New York	237,692		229,622		241,903		719,287		651,366
Other:
theMART(3)	36,772		8,635		21,541		78,749		45,976
555 California Street	16,926		14,745		16,855		50,141		45,552
Other investments	4,280		4,191		4,372		13,292		13,622
Total Other	57,978		27,571		42,768		142,182		105,150
NOI at share - cash basis	$	295,670	$	257,193	$	284,671	$	861,469	$	756,516

______________________

(1)Includes Building Maintenance Services NOI of $7,043, $6,879, $6,468, $19,293 and $19,426, respectively, for the three months ended September 30, 2022 and 2021 and June 30, 2022 and the nine months ended September 30, 2022 and 2021.

(2)    On April 5, 2021, we permanently closed the Hotel Pennsylvania. Beginning in the third quarter of 2021, we commenced capitalization of carrying costs in connection with our development of the future PENN 15 (formerly Hotel Pennsylvania) site.

(3)    Increase primarily due to (i) prior period accrual adjustments recorded in the third quarter of each year related to changes in the tax-assessed value of theMART and (ii) an increase in tradeshow activity in the third quarter of 2022.

NYSE: VNO | WWW.VNO.COM PAGE 7 OF 18

PENN District - Active Development/Redevelopment Summary as of September 30, 2022

(Amounts in thousands of dollars, except square feet)
		Property Rentable Sq. Ft.			Cash Amount Expended		Remaining Expenditures	Stabilization Year	Projected Incremental Cash Yield
Active PENN District Projects	Segment		Budget(1)
Farley (95% interest)	New York	846,000	1,120,000	(2)	1,069,131	(2)	50,869	2022		6.4%
PENN 2 - as expanded	New York	1,795,000	750,000		330,303		419,697	2025		9.0%
PENN 1 (including LIRR Concourse Retail)(3)	New York	2,546,000	450,000		354,828		95,172	N/A		12.2%	(3)(4)
Districtwide Improvements	New York	N/A	100,000		40,843		59,157	N/A		N/A
Total Active PENN District Projects			2,420,000		1,795,105		624,895			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)    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.

(4)    Projected to be achieved as pre-redevelopment leases roll; approximate average remaining lease term 3.6 years.

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

Conference Call and Audio Webcast

As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, November 1, 2022 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 866-374-5140 (domestic) or 404-400-0571 (international) and entering the passcode 86795136. A live webcast of the conference call will be available on Vornado’s website at www.vno.com in the Investor Relations section and an online playback of the webcast will be available on the website following the conference call.

Contact

Thomas J. Sanelli

(212) 894-7000

Supplemental Data

Further details regarding results of operations, properties and tenants can be accessed at the Company’s website www.vno.com. Vornado Realty Trust is a fully - integrated equity real estate investment trust.

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; and estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2021. Currently, some of the factors are the ongoing adverse effect of the COVID-19 pandemic, the increase in interest rates and 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. The extent of the impact of the COVID-19 pandemic will continue to depend on future developments, including vaccination rates among the population, the efficacy and durability of vaccines against emerging variants, and governmental and tenant responses thereto, which continue to be uncertain but the impact could be material. Moreover, you are cautioned that the COVID-19 pandemic will heighten many of the risks identified in "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2021.

NYSE: VNO | WWW.VNO.COM PAGE 8 OF 18

VORNADO REALTY TRUST

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)	As of				Increase (Decrease)
	September 30, 2022		December 31, 2021
ASSETS
Real estate, at cost:
Land	$	2,477,956	$	2,540,193	$	(62,237)
Buildings and improvements	10,015,452		9,839,166		176,286
Development costs and construction in progress	802,272		718,694		83,578
Leasehold improvements and equipment	122,948		119,792		3,156
Total	13,418,628		13,217,845		200,783
Less accumulated depreciation and amortization	(3,606,986)		(3,376,347)		(230,639)
Real estate, net	9,811,642		9,841,498		(29,856)
Right-of-use assets	685,298		337,197		348,101		(1)
Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills:
Cash and cash equivalents	845,423		1,760,225		(914,802)
Restricted cash	131,625		170,126		(38,501)
Investments in U.S. Treasury bills	445,165		—		445,165
Total	1,422,213		1,930,351		(508,138)
Tenant and other receivables	81,004		79,661		1,343
Investments in partially owned entities	3,250,197		3,297,389		(47,192)
Real estate fund investments	930		7,730		(6,800)
220 CPS condominium units ready for sale	78,590		57,142		21,448
Receivable arising from the straight-lining of rents	692,733		656,318		36,415
Deferred leasing costs, net	380,221		391,693		(11,472)
Identified intangible assets, net	142,116		154,895		(12,779)
Other assets	630,730		512,714		118,016
Total assets	$	17,175,674	$	17,266,588	$	(90,914)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	5,831,769	$	6,053,343	$	(221,574)
Senior unsecured notes, net	1,191,322		1,189,792		1,530
Unsecured term loan, net	792,847		797,812		(4,965)
Unsecured revolving credit facilities	575,000		575,000		—
Lease liabilities	731,674		370,206		361,468		(1)
Accounts payable and accrued expenses	475,151		613,497		(138,346)
Deferred revenue	41,879		48,118		(6,239)
Deferred compensation plan	95,681		110,174		(14,493)
Other liabilities	265,775		304,725		(38,950)
Total liabilities	10,001,098		10,062,667		(61,569)
Redeemable noncontrolling interests	483,302		688,683		(205,381)
Shareholders' equity	6,438,046		6,236,346		201,700
Noncontrolling interests in consolidated subsidiaries	253,228		278,892		(25,664)
Total liabilities, redeemable noncontrolling interests and equity	$	17,175,674	$	17,266,588	$	(90,914)

____________________________________________________________

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

NYSE: VNO | WWW.VNO.COM PAGE 9 OF 18

VORNADO REALTY TRUST

OPERATING RESULTS

(Amounts in thousands, except per share amounts)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Revenues	$	457,431	$	409,212	$	1,353,055	$	1,168,130
Net income	$	20,112	$	71,765	$	142,390	$	175,590
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	3,792		(5,425)		(4,756)		(20,323)
Operating Partnership	(606)		(2,818)		(6,382)		(6,683)
Net income attributable to Vornado	23,298		63,522		131,252		148,584
Preferred share dividends	(15,529)		(16,800)		(46,587)		(49,734)
Series K preferred share issuance costs	—		(9,033)		—		(9,033)
Net income attributable to common shareholders	$	7,769	$	37,689	$	84,665	$	89,817
Income per common share - basic:
Net income per common share	$	0.04	$	0.20	$	0.44	$	0.47
Weighted average shares outstanding	191,793		191,577		191,756		191,508
Income per common share - diluted:
Net income per common share	$	0.04	$	0.20	$	0.44	$	0.47
Weighted average shares outstanding	192,018		192,041		192,042		192,151
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	152,461	$	158,286	$	462,463	$	430,057
Per diluted share (non-GAAP)	$	0.79	$	0.82	$	2.39	$	2.24
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	157,350	$	136,213	$	469,851	$	393,733
Per diluted share (non-GAAP)	$	0.81	$	0.71	$	2.43	$	2.05
Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share	193,808		192,067		193,429		192,177

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

NYSE: VNO | WWW.VNO.COM PAGE 10 OF 18

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands, except per share amounts)	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2022			2021		2022			2021
Net income attributable to common shareholders	$	7,769		$	37,689	$	84,665		$	89,817
Per diluted share	$	0.04		$	0.20	$	0.44		$	0.47
FFO adjustments:
Depreciation and amortization of real property	$	122,438		$	86,180	$	335,020		$	256,295
Real estate impairment losses	—			7,880		—			7,880
Net gain on sale of real estate	—			—		(28,354)			—
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO:
Depreciation and amortization of real property	32,584			35,125		98,404			104,829
Net loss (gain) on sale of real estate	6			—		(169)			(3,052)
Decrease (increase) in fair value of marketable securities	—			287		—			(1,118)
	155,028			129,472		404,901			364,834
Noncontrolling interests' share of above adjustments	(10,731)			(8,886)		(28,018)			(24,627)
FFO adjustments, net	$	144,297		$	120,586	$	376,883		$	340,207
FFO attributable to common shareholders	$	152,066		$	158,275	$	461,548		$	430,024
Impact of assumed conversion of dilutive convertible securities	395			11		915			33
FFO attributable to common shareholders plus assumed conversions	$	152,461		$	158,286	$	462,463		$	430,057
Per diluted share	$	0.79		$	0.82	$	2.39		$	2.24
Reconciliation of weighted average shares outstanding:
Weighted average common shares outstanding	191,793			191,577		191,756			191,508
Effect of dilutive securities:
Convertible securities	1,790		(1)	26		1,407		(1)	26
Share-based payment awards	225			464		266			643
Denominator for FFO per diluted share	193,808			192,067		193,429			192,177

______________________

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

NYSE: VNO | WWW.VNO.COM PAGE 11 OF 18

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for the three and nine months ended September 30, 2022 and 2021 and the three months ended June 30, 2022.

	For the Three Months Ended						For the Nine Months Ended September 30,
(Amounts in thousands)	September 30,				June 30, 2022
	2022		2021				2022		2021
Net income	$	20,112	$	71,765	$	68,903	$	142,390	$	175,590
Depreciation and amortization expense	134,526		100,867		118,662		370,631		285,998
General and administrative expense	29,174		25,553		31,902		102,292		100,341
Transaction related costs and other	996		9,681		2,960		4,961		10,630
Income from partially owned entities	(24,341)		(26,269)		(25,720)		(83,775)		(86,768)
Loss (income) from real estate fund investments	111		66		142		(5,421)		(5,107)
Interest and other investment income, net	(5,228)		(633)		(3,036)		(9,282)		(3,694)
Interest and debt expense	76,774		50,946		62,640		191,523		152,904
Net gains on disposition of wholly owned and partially owned assets	—		(10,087)		(28,832)		(35,384)		(35,811)
Income tax expense (benefit)	3,711		(25,376)		3,564		14,686		(20,551)
NOI from partially owned entities	76,020		75,644		74,060		228,772		231,635
NOI attributable to noncontrolling interests in consolidated subsidiaries	(14,766)		(16,886)		(16,299)		(51,100)		(50,221)
NOI at share	297,089		255,271		288,946		870,293		754,946
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(1,419)		1,922		(4,275)		(8,824)		1,570
NOI at share - cash basis	$	295,670	$	257,193	$	284,671	$	861,469	$	756,516

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

NYSE: VNO | WWW.VNO.COM PAGE 12 OF 18

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

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

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, theMART, 555 California Street and other investments for the three months ended September 30, 2022 compared to September 30, 2021.

(Amounts in thousands)	Total			New York			theMART			555 California Street			Other
NOI at share for the three months ended September 30, 2022	$	297,089		$	241,154		$	35,769		$	16,092		$	4,074
Less NOI at share from:
Change in ownership interest in One Park Avenue	(2,106)			(2,106)			—			—			—
Dispositions	(88)			(88)			—			—			—
Development properties	(22,914)			(22,914)			—			—			—
Other non-same store income, net	(6,149)			(2,075)			—			—			(4,074)
Same store NOI at share for the three months ended September 30, 2022	$	265,832		$	213,971		$	35,769		$	16,092		$	—
NOI at share for the three months ended September 30, 2021	$	255,271		$	228,839		$	6,431		$	16,128		$	3,873
Less NOI at share from:
Dispositions	(2,754)			(2,754)			—			—			—
Development properties	(6,302)			(6,055)			—			(247)			—
Other non-same store income, net	(8,198)			(4,325)			—			—			(3,873)
Same store NOI at share for the three months ended September 30, 2021	$	238,017		$	215,705		$	6,431		$	15,881		$	—
Increase (decrease) in same store NOI at share	$	27,815		$	(1,734)		$	29,338		$	211		$	—
% increase (decrease) in same store NOI at share	11.7		%	(0.8)		%	456.2		%	1.3		%	0.0		%

NYSE: VNO | WWW.VNO.COM PAGE 13 OF 18

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, theMART, 555 California Street and other investments for the three months ended September 30, 2022 compared to September 30, 2021.

(Amounts in thousands)	Total			New York			theMART			555 California Street			Other
NOI at share - cash basis for the three months ended September 30, 2022	$	295,670		$	237,692		$	36,772		$	16,926		$	4,280
Less NOI at share - cash basis from:
Change in ownership interest in One Park Avenue	(1,502)			(1,502)			—			—			—
Dispositions	(88)			(88)			—			—			—
Development properties	(15,796)			(15,796)			—			—			—
Other non-same store income, net	(6,573)			(2,293)			—			—			(4,280)
Same store NOI at share - cash basis for the three months ended September 30, 2022	$	271,711		$	218,013		$	36,772		$	16,926		$	—
NOI at share - cash basis for the three months ended September 30, 2021	$	257,193		$	229,622		$	8,635		$	14,745		$	4,191
Less NOI at share - cash basis from:
Dispositions	(3,436)			(3,436)			—			—			—
Development properties	(6,852)			(6,605)			—			(247)			—
Other non-same store income, net	(8,064)			(3,873)			—			—			(4,191)
Same store NOI at share - cash basis for the three months ended September 30, 2021	$	238,841		$	215,708		$	8,635		$	14,498		$	—
Increase in same store NOI at share - cash basis	$	32,870		$	2,305		$	28,137		$	2,428		$	—
% increase in same store NOI at share - cash basis	13.8		%	1.1		%	325.8		%	16.7		%	0.0		%

NYSE: VNO | WWW.VNO.COM PAGE 14 OF 18

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, theMART, 555 California Street and other investments for the nine months ended September 30, 2022 compared to September 30, 2021.

(Amounts in thousands)	Total			New York			theMART			555 California Street			Other
NOI at share for the nine months ended September 30, 2022	$	870,293		$	732,913		$	75,630		$	49,051		$	12,699
Less NOI at share from:
Change in ownership interest in One Park Avenue	(13,370)			(13,370)			—			—			—
Dispositions	(3,523)			(3,523)			—			—			—
Development properties	(65,440)			(65,440)			—			—			—
Other non-same store income, net	(17,910)			(5,211)			—			—			(12,699)
Same store NOI at share for the nine months ended September 30, 2022	$	770,050		$	645,369		$	75,630		$	49,051		$	—
NOI at share for the nine months ended September 30, 2021	$	754,946		$	651,015		$	42,950		$	48,230		$	12,751
Less NOI at share from:
Dispositions	(6,667)			(6,667)			—			—			—
Development properties	(23,207)			(22,359)			—			(848)			—
Hotel Pennsylvania (permanently closed on April 5, 2021)	12,677			12,677			—			—			—
Other non-same store income, net	(20,991)			(8,240)			—			—			(12,751)
Same store NOI at share for the nine months ended September 30, 2021	$	716,758		$	626,426		$	42,950		$	47,382		$	—
Increase in same store NOI at share	$	53,292		$	18,943		$	32,680		$	1,669		$	—
% increase in same store NOI at share	7.4		%	3.0		%	76.1		%	3.5		%	0.0		%

NYSE: VNO | WWW.VNO.COM PAGE 15 OF 18

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, theMART, 555 California Street and other investments for the nine months ended September 30, 2022 compared to September 30, 2021.

(Amounts in thousands)	Total			New York			theMART			555 California Street			Other
NOI at share - cash basis for the nine months ended September 30, 2022	$	861,469		$	719,287		$	78,749		$	50,141		$	13,292
Less NOI at share - cash basis from:
Change in ownership interest in One Park Avenue	(10,111)			(10,111)			—			—			—
Dispositions	(3,732)			(3,732)			—			—			—
Development properties	(44,381)			(44,381)			—			—			—
Other non-same store income, net	(19,478)			(6,186)			—			—			(13,292)
Same store NOI at share - cash basis for the nine months ended September 30, 2022	$	783,767		$	654,877		$	78,749		$	50,141		$	—
NOI at share - cash basis for the nine months ended September 30, 2021	$	756,516		$	651,366		$	45,976		$	45,552		$	13,622
Less NOI at share - cash basis from:
Dispositions	(6,796)			(6,796)			—			—			—
Development properties	(24,430)			(23,582)			—			(848)			—
Hotel Pennsylvania (permanently closed on April 5, 2021)	12,723			12,723			—			—			—
Other non-same store income, net	(21,310)			(7,688)			—			—			(13,622)
Same store NOI at share - cash basis for the nine months ended September 30, 2021	$	716,703		$	626,023		$	45,976		$	44,704		$	—
Increase in same store NOI at share - cash basis	$	67,064		$	28,854		$	32,773		$	5,437		$	—
% increase in same store NOI at share - cash basis	9.4		%	4.6		%	71.3		%	12.2		%	0.0		%

NYSE: VNO | WWW.VNO.COM PAGE 16 OF 18

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, theMART, 555 California Street and other investments for the three months ended September 30, 2022 compared to June 30, 2022.

(Amounts in thousands)	Total			New York			theMART			555 California Street			Other
NOI at share for the three months ended September 30, 2022	$	297,089		$	241,154		$	35,769		$	16,092		$	4,074
Less NOI at share from:
Dispositions	(88)			(88)			—			—			—
Development properties	(22,914)			(22,914)			—			—			—
Other non-same store income, net	(5,250)			(1,176)			—			—			(4,074)
Same store NOI at share for the three months ended September 30, 2022	$	268,837		$	216,976		$	35,769		$	16,092		$	—
NOI at share for the three months ended June 30, 2022	$	288,946		$	248,092		$	19,947		$	16,724		$	4,183
Less NOI at share from:
Dispositions	(1,628)			(1,628)			—			—			—
Development properties	(21,667)			(21,667)			—			—			—
Other non-same store income, net	(4,231)			(48)			—			—			(4,183)
Same store NOI at share for the three months ended June 30, 2022	$	261,420		$	224,749		$	19,947		$	16,724		$	—
Increase (decrease) in same store NOI at share	$	7,417		$	(7,773)		$	15,822		$	(632)		$	—
% increase (decrease) in same store NOI at share	2.8		%	(3.5)		%	79.3		%	(3.8)		%	0.0		%

NYSE: VNO | WWW.VNO.COM PAGE 17 OF 18

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, theMART, 555 California Street and other investments for the three months ended September 30, 2022 compared to June 30, 2022.

(Amounts in thousands)	Total			New York			theMART			555 California Street			Other
NOI at share - cash basis for the three months ended September 30, 2022	$	295,670		$	237,692		$	36,772		$	16,926		$	4,280
Less NOI at share - cash basis from:
Dispositions	(88)			(88)			—			—			—
Development properties	(15,796)			(15,796)			—			—			—
Other non-same store income, net	(5,665)			(1,385)			—			—			(4,280)
Same store NOI at share - cash basis for the three months ended September 30, 2022	$	274,121		$	220,423		$	36,772		$	16,926		$	—
NOI at share - cash basis for the three months ended June 30, 2022	$	284,671		$	241,903		$	21,541		$	16,855		$	4,372
Less NOI at share - cash basis from:
Dispositions	(1,715)			(1,715)			—			—			—
Development properties	(14,657)			(14,657)			—			—			—
Other non-same store income, net	(4,715)			(343)			—			—			(4,372)
Same store NOI at share - cash basis for the three months ended June 30, 2022	$	263,584		$	225,188		$	21,541		$	16,855		$	—
Increase (decrease) in same store NOI at share - cash basis	$	10,537		$	(4,765)		$	15,231		$	71		$	—
% increase (decrease) in same store NOI at share - cash basis	4.0		%	(2.1)		%	70.7		%	0.4		%	0.0		%

NYSE: VNO | WWW.VNO.COM PAGE 18 OF 18

EX-99.2

EXHIBIT 99.2

INDEX
		Page
	BUSINESS DEVELOPMENTS	3	—	4
	FINANCIAL INFORMATION
	Financial Highlights	5
	FFO, As Adjusted Bridge	6
	Consolidated Balance Sheets	7
	Net Income Attributable to Common Shareholders (Consolidated and by Segment)	8	-	11
	Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment)	12	-	14
	Same Store NOI at Share and Same Store NOI at Share - Cash Basis	15
	DEVELOPMENT ACTIVITY
	PENN District Active Development/Redevelopment Summary	16
	Future Development Opportunities	17
	LEASING ACTIVITY AND LEASE EXPIRATIONS
	Leasing Activity	18	-	19
	Lease Expirations	20	-	22
	CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS	23	-	26
	UNCONSOLIDATED JOINT VENTURES	27	-	29
	DEBT AND CAPITALIZATION
	Capital Structure	30
	Common Shares Data	31
	Debt Analysis	32
	Hedging Instruments	33
	Consolidated Debt Maturities	34
	PROPERTY STATISTICS
	Top 30 Tenants	35
	Square Footage	36
	Occupancy and Residential Statistics	37
	Ground Leases	38
	Property Table	39	-	48
	EXECUTIVE OFFICERS AND RESEARCH COVERAGE	49
	APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
	Definitions	i
	Reconciliations	ii	-	xvi

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; and estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. Currently, some of the factors are the ongoing adverse effect of the COVID-19 pandemic, the increase in interest rates and 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. The extent of the impact of the COVID-19 pandemic will continue to depend on future developments, including vaccination rates among the population, the efficacy and durability of vaccines against emerging variants, and governmental and tenant responses thereto, which continue to be uncertain but the 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 I of our Annual Report on Form 10-K for the year ended December 31, 2021. 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 September 30, 2022 which can be accessed at the Company’s website www.vno.com.

- 2 -

BUSINESS DEVELOPMENTS

Disposition Activity

220 Central Park South ("220 CPS")

During the nine months ended September 30, 2022, we closed on the sale of one condominium unit and ancillary amenities at 220 CPS for net proceeds of $16,124,000 resulting in a financial statement net gain of $7,030,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $945,000 of income tax expense was recognized on our consolidated statements of income. From inception to September 30, 2022, we have closed on the sale of 107 units and ancillary amenities for net proceeds of $3,023,020,000 resulting in financial statement net gains of $1,124,285,000.

SoHo Properties

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

Center Building (33-00 Northern Boulevard)

On June 17, 2022, we sold the Center Building, an eight-story 498,000 square foot office building located at 33‑00 Northern Boulevard in Long Island City, New York, for $172,750,000. We realized net proceeds of $58,946,000 after repayment of the existing $100,000,000 mortgage loan and closing costs. In connection with the sale, we recognized a net gain of $15,213,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. The gain for tax purposes was approximately $74,000,000.

40 Fulton Street

On August 17, 2022, we entered into an agreement to sell 40 Fulton Street, a 251,000 square foot Manhattan office and retail building, for $102,000,000. We expect to close the sale in the fourth quarter of 2022 and recognize a net gain of approximately $33,000,000 after closing costs. The sale is subject to customary closing conditions. As of September 30, 2022, the $64,177,000 carrying value of the property was classified as held-for-sale and is included in "other assets" on our consolidated balance sheets.

Financing Activity

100 West 33rd Street

On June 15, 2022, we completed a $480,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot building comprised of 859,000 square feet of office space and 255,000 square feet of retail space. The interest-only loan bears a rate of SOFR plus 1.65% (4.64% as of September 30, 2022) through March 2024, increasing to SOFR plus 1.85% thereafter. The interest rate on the loan was swapped to a fixed rate of 5.06% through March 2024, and 5.26% through June 2027.The loan matures in June 2027, with two one-year extension options subject to debt service coverage ratio and loan-to-value tests. The loan replaces the previous $580,000,000 loan that bore interest at LIBOR plus 1.55% and was scheduled to mature in April 2024.

770 Broadway

On June 28, 2022, we completed a $700,000,000 refinancing of 770 Broadway, a 1.2 million square foot Class A Manhattan office building. The interest-only loan bears a rate of SOFR plus 2.25% (4.93% as of September 30, 2022) and matures in July 2024 with three one-year extension options (July 2027 as fully extended). The interest rate on the loan was swapped to a fixed rate of 4.98% through July 2027. The loan replaces the previous $700,000,000 loan that bore interest at SOFR plus 1.86% and was scheduled to mature in July 2022.

Unsecured Revolving Credit Facility

On June 30, 2022, we amended and extended one of our two revolving credit facilities. The $1.25 billion amended facility bears interest at a rate of SOFR plus 1.15% (4.18% as of September 30, 2022). The term of the facility was extended from March 2024 to December 2027, as fully extended. The facility fee is 25 basis points. On August 16, 2022, the interest rate on the $575,000,000 drawn on the facility was swapped to a fixed interest rate of 3.88% through August 2027. Our other $1.25 billion revolving credit facility matures in April 2026, as fully extended, and bears a rate of SOFR plus 1.19% with a facility fee of 25 basis points.

- 3 -

BUSINESS DEVELOPMENTS

Financing Activity - Continued

Unsecured Term Loan

On June 30, 2022, we extended our $800,000,000 unsecured term loan from February 2024 to December 2027. The extended loan bears interest at a rate of SOFR plus 1.30% (4.33% as of September 30, 2022) and is currently swapped to a fixed rate of 4.05%.

330 West 34th Street land owner joint venture

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

Interest Rate Hedging Activities

During the nine months ended September 30, 2022, we entered into $2.0 billion of interest rate swap arrangements and extended a $500,000,000 interest rate swap arrangement, reducing our variable rate debt at share as a percentage of our total debt at share to 27% from 47% (excluding our participation in the 150 West 34th Street mortgage loan). The exposure to LIBOR/SOFR index increases on our $2.8 billion of unswapped variable rate debt is partially mitigated over the next year by $2.0 billion of interest rate caps and by an increase in interest income on our cash, cash equivalents, restricted cash and investments in U.S. Treasury bills. See page 33 for further detail on our interest rate swap and cap arrangements.

The table below presents the interest rate swap arrangements entered into during the nine months ended September 30, 2022.

(Amounts in thousands)	Notional Amount		All-In Swapped Rate	Swap Expiration Date	Variable Rate Spread
770 Broadway mortgage loan	$	700,000	4.98%	07/27	S+225
Unsecured revolving credit facility	575,000		3.88%	08/27	S+115
Unsecured term loan(1)	50,000		4.04%	08/27	S+130
Unsecured term loan (effective 10/23)	500,000		4.39%	10/26	S+130
100 West 33rd Street mortgage loan	480,000		5.06%	06/27	S+165
888 Seventh Avenue mortgage loan(2)	200,000		4.66%	09/27	L+170

____________________

(1)Together with the existing $750,000 interest rate swap arrangement expiring October 2023, the $800,000 unsecured term loan balance currently bears interest at a fixed rate of 4.05%.

(2)The remaining $83,200 amortizing mortgage loan balance bears interest at a floating rate of LIBOR plus 1.70%.

- 4 -

FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended									For the Nine Months Ended September 30,
	September 30,						June 30, 2022
	2022			2021						2022			2021
Total revenues	$	457,431		$	409,212		$	453,494		$	1,353,055		$	1,168,130
Net income attributable to common shareholders	$	7,769		$	37,689		$	50,418		$	84,665		$	89,817
Per common share:
Basic	$	0.04		$	0.20		$	0.26		$	0.44		$	0.47
Diluted	$	0.04		$	0.20		$	0.26		$	0.44		$	0.47
Net income attributable to common shareholders, as adjusted (non-GAAP)	$	37,429		$	25,926		$	37,403		$	106,652		$	65,176
Per diluted share (non-GAAP)	$	0.19		$	0.14		$	0.19		$	0.56		$	0.34
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	157,350		$	136,213		$	160,059		$	469,851		$	393,733
Per diluted share (non-GAAP)	$	0.81		$	0.71		$	0.83		$	2.43		$	2.05
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	152,461		$	158,286		$	154,965		$	462,463		$	430,057
FFO - Operating Partnership ("OP") basis (non-GAAP)	$	163,769		$	169,545		$	166,500		$	496,777		$	460,189
Per diluted share (non-GAAP)	$	0.79		$	0.82		$	0.80		$	2.39		$	2.24
Dividends per common share	$	0.53		$	0.53		$	0.53		$	1.59		$	1.59
FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)	65.4		%	74.6		%	63.9		%	65.4		%	77.6		%
FAD payout ratio	80.3		%	85.5		%	80.3		%	79.1		%	95.2		%
Weighted average common shares outstanding (REIT basis)	191,793			191,577			191,750			191,756			191,508
Convertible units:
Class A units	13,617			13,287			13,509			13,515			13,155
Convertible securities(1)	1,790			26			1,412			1,407			26
Share based payment awards	502			839			643			633			953
Weighted average common shares outstanding used in calculation of FFO per diluted share (OP basis)	207,702			205,729			207,314			207,311			205,642

______________________

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

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

- 5 -

FFO, AS ADJUSTED BRIDGE - Q3 2022 VS. Q3 2021 (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 September 30, 2021	$	136.2	$	0.71
Increase (decrease) in FFO, as adjusted due to:
Prior period accrual adjustments recorded in the third quarter of each year related to changes in the tax-assessed value of theMART	22.8
Increase in interest expense, net of increase in interest income	(22.5)
Rent commencement and other tenant related items	15.6
Variable businesses (primarily signage and trade shows)	9.5
Straight-line impact of PENN 1 2023 estimated ground rent reset	(5.8)
Other, net	2.6
	22.2
Noncontrolling interests' share of above items	(1.0)
Net increase	21.2		0.10
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2022	$	157.4	$	0.81

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

- 6 -

CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
	As of				Increase (Decrease)
	September 30, 2022		December 31, 2021
ASSETS
Real estate, at cost:
Land	$	2,477,956	$	2,540,193	$	(62,237)
Buildings and improvements	10,015,452		9,839,166		176,286
Development costs and construction in progress	802,272		718,694		83,578
Leasehold improvements and equipment	122,948		119,792		3,156
Total	13,418,628		13,217,845		200,783
Less accumulated depreciation and amortization	(3,606,986)		(3,376,347)		(230,639)
Real estate, net	9,811,642		9,841,498		(29,856)
Right-of-use assets	685,298		337,197		348,101		(1)
Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills:
Cash and cash equivalents	845,423		1,760,225		(914,802)
Restricted cash	131,625		170,126		(38,501)
Investments in U.S. Treasury bills	445,165		—		445,165
Total	1,422,213		1,930,351		(508,138)
Tenant and other receivables	81,004		79,661		1,343
Investments in partially owned entities	3,250,197		3,297,389		(47,192)
Real estate fund investments	930		7,730		(6,800)
220 CPS condominium units ready for sale	78,590		57,142		21,448
Receivable arising from the straight-lining of rents	692,733		656,318		36,415
Deferred leasing costs, net	380,221		391,693		(11,472)
Identified intangible assets, net	142,116		154,895		(12,779)
Other assets	630,730		512,714		118,016
Total assets	$	17,175,674	$	17,266,588	$	(90,914)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	5,831,769	$	6,053,343	$	(221,574)
Senior unsecured notes, net	1,191,322		1,189,792		1,530
Unsecured term loan, net	792,847		797,812		(4,965)
Unsecured revolving credit facilities	575,000		575,000		—
Lease liabilities	731,674		370,206		361,468		(1)
Accounts payable and accrued expenses	475,151		613,497		(138,346)
Deferred revenue	41,879		48,118		(6,239)
Deferred compensation plan	95,681		110,174		(14,493)
Other liabilities	265,775		304,725		(38,950)
Total liabilities	10,001,098		10,062,667		(61,569)
Redeemable noncontrolling interests	483,302		688,683		(205,381)
Shareholders' equity	6,438,046		6,236,346		201,700
Noncontrolling interests in consolidated subsidiaries	253,228		278,892		(25,664)
Total liabilities, redeemable noncontrolling interests and equity	$	17,175,674	$	17,266,588	$	(90,914)

________________________________

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

- 7 -

CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Three Months Ended
	September 30,						June 30, 2022
	2022		2021		Variance
Property rentals(1)	$	356,783	$	330,620	$	26,163	$	345,607
Tenant expense reimbursements(1)	41,821		38,177		3,644		42,756
Amortization of acquired below-market leases, net	1,384		2,222		(838)		1,487
Straight-lining of rents	9,156		(1,816)		10,972		15,344
Total rental revenues	409,144		369,203		39,941		405,194
Fee and other income:
Building Maintenance Services ("BMS") cleaning fees	35,062		30,827		4,235		33,999
Management and leasing fees	2,532		2,509		23		2,866
Other income	10,693		6,673		4,020		11,435
Total revenues	457,431		409,212		48,219		453,494
Operating expenses	(221,596)		(212,699)		(8,897)		(222,309)
Depreciation and amortization	(134,526)		(100,867)		(33,659)		(118,662)
General and administrative	(29,174)		(25,553)		(3,621)		(31,902)
Benefit (expense) from deferred compensation plan liability	600		(799)		1,399		7,594
Transaction related costs and other	(996)		(9,681)		8,685		(2,960)
Total expenses	(385,692)		(349,599)		(36,093)		(368,239)
Income from partially owned entities	24,341		26,269		(1,928)		25,720
Loss from real estate fund investments	(111)		(66)		(45)		(142)
Interest and other investment income, net	5,228		633		4,595		3,036
(Loss) income from deferred compensation plan assets	(600)		799		(1,399)		(7,594)
Interest and debt expense	(76,774)		(50,946)		(25,828)		(62,640)
Net gains on disposition of wholly owned and partially owned assets	—		10,087		(10,087)		28,832
Income before income taxes	23,823		46,389		(22,566)		72,467
Income tax (expense) benefit	(3,711)		25,376		(29,087)		(3,564)
Net income	20,112		71,765		(51,653)		68,903
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	3,792		(5,425)		9,217		826
Operating Partnership	(606)		(2,818)		2,212		(3,782)
Net income attributable to Vornado	23,298		63,522		(40,224)		65,947
Preferred share dividends	(15,529)		(16,800)		1,271		(15,529)
Series K preferred share issuance costs	—		(9,033)		9,033		—
Net income attributable to common shareholders	$	7,769	$	37,689	$	(29,920)	$	50,418
Capitalized expenditures:
Development payroll	$	3,269	$	2,770	$	499	$	2,720
Interest and debt expense	4,874		10,739		(5,865)		3,701

________________________________

(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.

- 8 -

CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Nine Months Ended September 30,
	2022		2021		Variance
Property rentals(1)	$	1,033,749	$	934,685	$	99,064
Tenant expense reimbursements(1)	128,249		117,143		11,106
Amortization of acquired below-market leases, net	3,788		7,939		(4,151)
Straight-lining of rents	45,835		(11,651)		57,486
Total rental revenues	1,211,621		1,048,116		163,505
Fee and other income:
BMS cleaning fees	101,752		87,387		14,365
Management and leasing fees	8,167		10,951		(2,784)
Other income	31,515		21,676		9,839
Total revenues	1,353,055		1,168,130		184,925
Operating expenses	(660,434)		(594,598)		(65,836)
Depreciation and amortization	(370,631)		(285,998)		(84,633)
General and administrative	(102,292)		(100,341)		(1,951)
Benefit (expense) from deferred compensation plan liability	10,138		(7,422)		17,560
Transaction related costs and other	(4,961)		(10,630)		5,669
Total expenses	(1,128,180)		(998,989)		(129,191)
Income from partially owned entities	83,775		86,768		(2,993)
Income from real estate fund investments	5,421		5,107		314
Interest and other investment income, net	9,282		3,694		5,588
(Loss) income from deferred compensation plan assets	(10,138)		7,422		(17,560)
Interest and debt expense	(191,523)		(152,904)		(38,619)
Net gains on disposition of wholly owned and partially owned assets	35,384		35,811		(427)
Income before income taxes	157,076		155,039		2,037
Income tax (expense) benefit	(14,686)		20,551		(35,237)
Net income	142,390		175,590		(33,200)
Less net income attributable to noncontrolling interests in:
Consolidated subsidiaries	(4,756)		(20,323)		15,567
Operating Partnership	(6,382)		(6,683)		301
Net income attributable to Vornado	131,252		148,584		(17,332)
Preferred share dividends	(46,587)		(49,734)		3,147
Series K preferred share issuance costs	—		(9,033)		9,033
Net income attributable to common shareholders	$	84,665	$	89,817	$	(5,152)
Capitalized expenditures:
Development payroll	$	8,378	$	8,117	$	261
Interest and debt expense	12,095		31,785		(19,690)

________________________________

(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.

- 9 -

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)

(Amounts in thousands)

	For the Three Months Ended September 30, 2022
	Total		New York		Other
Property rentals(1)	$	356,783	$	273,061	$	83,722
Tenant expense reimbursements(1)	41,821		32,196		9,625
Amortization of acquired below-market leases, net	1,384		1,220		164
Straight-lining of rents	9,156		10,854		(1,698)
Total rental revenues	409,144		317,331		91,813
Fee and other income:
BMS cleaning fees	35,062		37,371		(2,309)
Management and leasing fees	2,532		2,595		(63)
Other income	10,693		2,736		7,957
Total revenues	457,431		360,033		97,398
Operating expenses	(221,596)		(182,131)		(39,465)
Depreciation and amortization	(134,526)		(112,300)		(22,226)
General and administrative	(29,174)		(11,106)		(18,068)
Benefit from deferred compensation plan liability	600		—		600
Transaction related costs and other	(996)		(111)		(885)
Total expenses	(385,692)		(305,648)		(80,044)
Income from partially owned entities	24,341		21,181		3,160
Loss from real estate fund investments	(111)		—		(111)
Interest and other investment income, net	5,228		1,020		4,208
Loss from deferred compensation plan assets	(600)		—		(600)
Interest and debt expense	(76,774)		(36,781)		(39,993)
Income (loss) before income taxes	23,823		39,805		(15,982)
Income tax expense	(3,711)		(524)		(3,187)
Net income (loss)	20,112		39,281		(19,169)
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	3,792		2,645		1,147
Net income (loss) attributable to Vornado Realty L.P.	23,904		$	41,926	$	(18,022)
Less net income attributable to noncontrolling interests in the Operating Partnership	(577)
Preferred unit distributions	(15,558)
Net income attributable to common shareholders	$	7,769
For the three months ended September 30, 2021:
Net income attributable to Vornado Realty L.P.	$	66,340	$	59,422	$	6,918
Net income attributable to common shareholders	$	37,689

________________________________

(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.

- 10 -

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)

(Amounts in thousands)

	For the Nine Months Ended September 30, 2022
	Total		New York		Other
Property rentals(1)	$	1,033,749	$	810,617	$	223,132
Tenant expense reimbursements(1)	128,249		94,855		33,394
Amortization of acquired below-market leases, net	3,788		3,309		479
Straight-lining of rents	45,835		49,435		(3,600)
Total rental revenues	1,211,621		958,216		253,405
Fee and other income:
BMS cleaning fees	101,752		108,288		(6,536)
Management and leasing fees	8,167		8,573		(406)
Other income	31,515		7,666		23,849
Total revenues	1,353,055		1,082,743		270,312
Operating expenses	(660,434)		(536,238)		(124,196)
Depreciation and amortization	(370,631)		(302,449)		(68,182)
General and administrative	(102,292)		(34,912)		(67,380)
Benefit from deferred compensation plan liability	10,138		—		10,138
Transaction related costs and other	(4,961)		(1,109)		(3,852)
Total expenses	(1,128,180)		(874,708)		(253,472)
Income from partially owned entities	83,775		77,237		6,538
Income from real estate fund investments	5,421		—		5,421
Interest and other investment income, net	9,282		1,780		7,502
Loss from deferred compensation plan assets	(10,138)		—		(10,138)
Interest and debt expense	(191,523)		(91,019)		(100,504)
Net gains on disposition of wholly owned and partially owned assets	35,384		28,354		7,030
Income (loss) before income taxes	157,076		224,387		(67,311)
Income tax expense	(14,686)		(2,605)		(12,081)
Net income (loss)	142,390		221,782		(79,392)
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(4,756)		(1,587)		(3,169)
Net income (loss) attributable to Vornado Realty L.P.	137,634		$	220,195	$	(82,561)
Less net income attributable to noncontrolling interests in the Operating Partnership	(6,296)
Preferred unit distributions	(46,673)
Net income attributable to common shareholders	$	84,665
For the nine months ended September 30, 2021:
Net income (loss) attributable to Vornado Realty L.P.	$	155,267	$	192,025	$	(36,758)
Net income attributable to common shareholders	$	89,817

________________________________

(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.

- 11 -

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 September 30, 2022
	Total		New York		Other
Total revenues	$	457,431	$	360,033	$	97,398
Operating expenses	(221,596)		(182,131)		(39,465)
NOI - consolidated	235,835		177,902		57,933
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(14,766)		(8,691)		(6,075)
Add: Our share of NOI from partially owned entities	76,020		71,943		4,077
NOI at share	297,089		241,154		55,935
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(1,419)		(3,462)		2,043
NOI at share - cash basis	$	295,670	$	237,692	$	57,978

	For the Three Months Ended September 30, 2021
	Total		New York		Other
Total revenues	$	409,212	$	316,643	$	92,569
Operating expenses	(212,699)		(151,276)		(61,423)
NOI - consolidated	196,513		165,367		31,146
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,886)		(9,747)		(7,139)
Add: Our share of NOI from partially owned entities	75,644		73,219		2,425
NOI at share	255,271		228,839		26,432
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	1,922		783		1,139
NOI at share - cash basis	$	257,193	$	229,622	$	27,571

	For the Three Months Ended June 30, 2022
	Total		New York		Other
Total revenues	$	453,494	$	364,162	$	89,332
Operating expenses	(222,309)		(176,572)		(45,737)
NOI - consolidated	231,185		187,590		43,595
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,299)		(10,707)		(5,592)
Add: Our share of NOI from partially owned entities	74,060		71,209		2,851
NOI at share	288,946		248,092		40,854
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(4,275)		(6,189)		1,914
NOI at share - cash basis	$	284,671	$	241,903	$	42,768

________________________________

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

- 12 -

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

(unaudited and in thousands)

	For the Nine Months Ended September 30, 2022
	Total		New York		Other
Total revenues	$	1,353,055	$	1,082,743	$	270,312
Operating expenses	(660,434)		(536,238)		(124,196)
NOI - consolidated	692,621		546,505		146,116
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(51,100)		(32,708)		(18,392)
Add: Our share of NOI from partially owned entities	228,772		219,116		9,656
NOI at share	870,293		732,913		137,380
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(8,824)		(13,626)		4,802
NOI at share - cash basis	$	861,469	$	719,287	$	142,182

	For the Nine Months Ended September 30, 2021
	Total		New York		Other
Total revenues	$	1,168,130	$	921,758	$	246,372
Operating expenses	(594,598)		(468,294)		(126,304)
NOI - consolidated	573,532		453,464		120,068
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(50,221)		(26,841)		(23,380)
Add: Our share of NOI from partially owned entities	231,635		224,392		7,243
NOI at share	754,946		651,015		103,931
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	1,570		351		1,219
NOI at share - cash basis	$	756,516	$	651,366	$	105,150

________________________________

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

- 13 -

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

(Amounts in thousands)

	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2022
	2022		2021				2022		2021
NOI at share:
New York:
Office(1)	$	174,790	$	166,553	$	182,042	$	534,641	$	497,238
Retail	52,127		49,083		51,438		155,670		124,998
Residential	4,598		4,194		5,250		14,622		12,889
Alexander's Inc. ("Alexander's")	9,639		9,009		9,362		27,980		28,567
Hotel Pennsylvania(2)	—		—		—		—		(12,677)
Total New York	241,154		228,839		248,092		732,913		651,015
Other:
theMART(3)	35,769		6,431		19,947		75,630		42,950
555 California Street	16,092		16,128		16,724		49,051		48,230
Other investments	4,074		3,873		4,183		12,699		12,751
Total Other	55,935		26,432		40,854		137,380		103,931
NOI at share	$	297,089	$	255,271	$	288,946	$	870,293	$	754,946

	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2022
	2022		2021				2022		2021
NOI at share - cash basis:
New York:
Office(1)	$	174,606	$	170,521	$	180,326	$	532,759	$	504,939
Retail	48,096		45,175		47,189		142,678		116,265
Residential	4,556		4,136		4,309		13,554		11,898
Alexander's	10,434		9,790		10,079		30,296		30,987
Hotel Pennsylvania(2)	—		—		—		—		(12,723)
Total New York	237,692		229,622		241,903		719,287		651,366
Other:
theMART(3)	36,772		8,635		21,541		78,749		45,976
555 California Street	16,926		14,745		16,855		50,141		45,552
Other investments	4,280		4,191		4,372		13,292		13,622
Total Other	57,978		27,571		42,768		142,182		105,150
NOI at share - cash basis	$	295,670	$	257,193	$	284,671	$	861,469	$	756,516

________________________________

(1)Includes BMS NOI of $7,043, $6,879, $6,468, $19,293 and $19,426, respectively, for the three months ended September 30, 2022 and 2021 and June 30, 2022 and the nine months ended September 30, 2022 and 2021.

(2)On April 5, 2021, we permanently closed the Hotel Pennsylvania. Beginning in the third quarter of 2021, we commenced capitalization of carrying costs in connection with our development of the future PENN 15 (formerly Hotel Pennsylvania) site.

(3)Increase primarily due to (i) prior period accrual adjustments recorded in the third quarter of each year related to changes in the tax-assessed value of theMART and (ii) an increase in tradeshow activity in the third quarter of 2022.

- 14 -

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

	Total		New York		theMART(2)		555 California Street
Same store NOI at share % increase (decrease)(1):
Three months ended September 30, 2022 compared to September 30, 2021	11.7	%	(0.8)	%	456.2	%	1.3	%
Nine months ended September 30, 2022 compared to September 30, 2021	7.4	%	3.0	%	76.1	%	3.5	%
Three months ended September 30, 2022 compared to June 30, 2022	2.8	%	(3.5)	%	79.3	%	(3.8)	%
Same store NOI at share - cash basis % increase (decrease)(1):
Three months ended September 30, 2022 compared to September 30, 2021	13.8	%	1.1	%	325.8	%	16.7	%
Nine months ended September 30, 2022 compared to September 30, 2021	9.4	%	4.6	%	71.3	%	12.2	%
Three months ended September 30, 2022 compared to June 30, 2022	4.0	%	(2.1)	%	70.7	%	0.4	%

________________________________

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

(2)Primarily due to (i) prior period accrual adjustments recorded in the third quarter of each year related to changes in the tax-assessed value of theMART and (ii) an increase in tradeshow activity in the third quarter of 2022.

- 15 -

PENN DISTRICT
ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF SEPTEMBER 30, 2022 (unaudited)
(Amounts in thousands of dollars, except square feet)
		Property Rentable Sq. Ft.			Cash Amount Expended		Remaining Expenditures		Projected Incremental Cash Yield
Active PENN District Projects	Segment		Budget(1)					Stabilization Year
Farley (95% interest)	New York	846,000	1,120,000	(2)	1,069,131	(2)	50,869	2022		6.4%
PENN 2 - as expanded	New York	1,795,000	750,000		330,303		419,697	2025		9.0%
PENN 1 (including LIRR Concourse Retail)(3)	New York	2,546,000	450,000		354,828		95,172	N/A		12.2%	(3)(4)
Districtwide Improvements	New York	N/A	100,000		40,843		59,157	N/A		N/A
Total Active PENN District Projects			2,420,000		1,795,105		624,895			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)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.

(4)Projected to be achieved as pre-redevelopment leases roll; approximate average remaining lease term 3.6 years.

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

- 16 -

FUTURE DEVELOPMENT OPPORTUNITIES - AS OF SEPTEMBER 30, 2022 (unaudited)
Future Opportunities	Segment	Property Zoning Sq. Ft. (at 100%)
PENN 15 (Hotel Pennsylvania site)(1)	New York	2,052,000
PENN District - multiple other opportunities - office/residential/retail	New York
260 Eleventh Avenue - office(2)	New York	280,000
Undeveloped Land
Rego Park III (32.4% interest)	New York	550,000
527 West Kinzie, Chicago	Other	330,000
57th Street (50% interest)	New York	150,000
Eighth Avenue and 34th Street	New York	105,000
Total undeveloped land		1,135,000

____________________

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

(2)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.

- 17 -

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			theMART
Three Months Ended September 30, 2022
Total square feet leased	167			62			67			154
Our share of square feet leased:	140			57			67			108
Initial rent(1)	$	88.99		$	242.89		$	52.20		$	98.20
Weighted average lease term (years)	5.8			10.5			7.3			5.6
Second generation relet space:
Square feet	101			36			38			101
GAAP basis:
Straight-line rent(2)	$	83.51		$	160.80		$	54.62		$	86.93
Prior straight-line rent	$	77.93		$	364.13		$	56.38		$	74.93
Percentage increase (decrease)	7.2		%	(55.8)		%	(3.1)		%	16.0		%
Cash basis (non-GAAP):
Initial rent(1)	$	87.69		$	195.22		$	55.65		$	95.98
Prior escalated rent	$	86.16		$	385.30		$	60.08		$	85.79
Percentage increase (decrease)	1.8		%	(49.3)		%	(7.4)		%	11.9		%
Tenant improvements and leasing commissions:
Per square foot	$	94.04		$	188.59		$	84.94		$	26.49
Per square foot per annum	$	16.21		$	17.96		$	11.64		$	4.73
Percentage of initial rent	18.2		%	7.4		%	22.3		%	4.8		%

________________________________

(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.

- 18 -

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			theMART
Nine Months Ended September 30, 2022
Total square feet leased	740			90			275			210
Our share of square feet leased:	607			85			275			147
Initial rent(1)	$	84.49		$	262.88		$	51.78		$	96.40
Weighted average lease term (years)	9.2			11.6			7.2			5.9
Second generation relet space:
Square feet	362			42			221			135
GAAP basis:
Straight-line rent(2)	$	79.58		$	229.84		$	48.06		$	87.43
Prior straight-line rent	$	74.90		$	372.60		$	50.33		$	70.32
Percentage increase (decrease)	6.2		%	(38.3)		%	(4.5)		%	24.3		%
Cash basis (non-GAAP):
Initial rent(1)	$	82.70		$	257.34		$	52.17		$	93.50
Prior escalated rent	$	79.63		$	390.83		$	54.67		$	82.28
Percentage increase (decrease)	3.9		%	(34.2)		%	(4.6)		%	13.6		%
Tenant improvements and leasing commissions:
Per square foot	$	111.26		$	253.08		$	78.32		$	42.19
Per square foot per annum	$	12.09		$	21.82		$	10.88		$	7.15
Percentage of initial rent	14.3		%	8.3		%	21.0		%	7.4		%

________________________________

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

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

- 19 -

LEASE EXPIRATIONS (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:	Month to Month	8,000		$	249,000	$	31.13	0.0	%
	Fourth Quarter 2022	205,000		17,500,000		85.37		1.5	%
	First Quarter 2023	475,000		46,218,000		97.30		3.9	%
	Second Quarter 2023	144,000		11,699,000		81.24		1.0	%
	Third Quarter 2023	154,000		11,280,000		73.25		0.9	%
	Fourth Quarter 2023	602,000		60,157,000		99.93		5.1	%
	Total 2023	1,375,000		129,354,000		94.08		10.9	%
	2024	964,000		89,862,000		93.22		7.5	%
	2025	698,000		57,115,000		81.83		4.8	%
	2026	1,244,000		100,526,000		80.81		8.4	%
	2027	1,188,000		90,900,000		76.52		7.6	%
	2028	974,000		71,843,000		73.76		6.0	%
	2029	1,171,000		94,274,000		80.51		7.9	%
	2030	677,000		54,459,000		80.44		4.6	%
	2031	894,000		79,206,000		88.60		6.7	%
	2032	425,000		36,648,000		86.23		3.1	%
	Thereafter	4,847,000	(2)	368,552,000		76.04		31.0	%
Retail:	Month to Month	1,000		$	22,000	$	22.00	0.0	%
	Fourth Quarter 2022	9,000		1,896,000		210.67		0.7	%
	First Quarter 2023	138,000		23,348,000		169.19		8.5	%
	Second Quarter 2023	—		—		—		0.0	%
	Third Quarter 2023	7,000		3,457,000		493.86		1.3	%
	Fourth Quarter 2023	5,000		450,000		90.00		0.2	%
	Total 2023	150,000		27,255,000		181.70		10.0	%
	2024	138,000		24,335,000		176.34		8.8	%
	2025	40,000		12,890,000		322.25		4.7	%
	2026	82,000		26,091,000		318.18		9.5	%
	2027	34,000		18,974,000		558.06		6.9	%
	2028	27,000		13,433,000		497.52		4.9	%
	2029	50,000		24,430,000		488.60		8.9	%
	2030	155,000		22,555,000		145.52		8.2	%
	2031	88,000		29,189,000		331.69		10.6	%
	2032	55,000		28,376,000		515.93		10.3	%
	Thereafter	395,000		45,756,000		115.84		16.5	%

________________________________

(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.

- 20 -

LEASE EXPIRATIONS (unaudited) theMART
	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 / Showroom / Retail:	Month to Month	1,000	$	80,000	$	80.00	0.0	%
	Fourth Quarter 2022	302,000	15,469,000		51.22		9.5	%
	First Quarter 2023	46,000	3,248,000		70.61		2.0	%
	Second Quarter 2023	7,000	505,000		72.14		0.3	%
	Third Quarter 2023	162,000	8,342,000		51.49		5.1	%
	Fourth Quarter 2023	35,000	2,114,000		60.40		1.3	%
	Total 2023	250,000	14,209,000		56.84		8.7	%
	2024	235,000	13,535,000		57.60		8.3	%
	2025	414,000	23,745,000		58.20		14.6	%
	2026	290,000	16,257,000		56.06		10.0	%
	2027	190,000	10,367,000		54.56		6.4	%
	2028	679,000	33,028,000		48.64		20.3	%
	2029	111,000	5,418,000		48.81		3.3	%
	2030	29,000	1,676,000		57.79		1.0	%
	2031	294,000	13,929,000		47.38		8.6	%
	2032	160,000	7,922,000		49.51		4.9	%
	Thereafter	157,000	7,134,000		45.44		4.4	%

________________________________

(1)    Excludes storage, vacancy and other.

- 21 -

LEASE EXPIRATIONS (unaudited) 555 California Street
	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 / Retail:	Month to Month	—	$	—	$	—	0.0	%
	Fourth Quarter 2022	—	—		—		0.0	%
	First Quarter 2023	6,000	391,000		65.17		0.4	%
	Second Quarter 2023	—	—		—		0.0	%
	Third Quarter 2023	—	—		—		0.0	%
	Fourth Quarter 2023	—	—		—		0.0	%
	Total 2023	6,000	391,000		65.17		0.4	%
	2024	70,000	7,129,000		101.84		6.5	%
	2025	274,000	24,505,000		89.43		22.4	%
	2026	238,000	23,508,000		98.77		21.5	%
	2027	65,000	6,052,000		93.11		5.5	%
	2028	112,000	10,501,000		93.76		9.6	%
	2029	116,000	11,092,000		95.62		10.2	%
	2030	106,000	10,712,000		101.06		9.8	%
	2031	—	—		—		0.0	%
	2032	5,000	645,000		129.00		0.6	%
	Thereafter	188,000	14,657,000		77.96		13.5	%

________________________________

(1)    Excludes storage, vacancy and other.

- 22 -

CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
CONSOLIDATED
(Amounts in thousands)
	Nine Months Ended September 30, 2022		Year Ended December 31,
			2021		2020
Amounts paid for capital expenditures:
Expenditures to maintain assets	$	59,422	$	75,133	$	65,173
Tenant improvements	36,887		68,284		65,313
Leasing commissions	11,600		36,274		18,626
Recurring tenant improvements, leasing commissions and other capital expenditures	107,909		179,691		149,112
Non-recurring capital expenditures(1)	25,282		19,849		64,624
Total capital expenditures and leasing commissions	$	133,191	$	199,540	$	213,736
	Nine Months Ended September 30, 2022		Year Ended December 31,
			2021		2020
Amounts paid for development and redevelopment expenditures(2):
PENN 2	$	193,404	$	105,267	$	76,883
Farley Office and Retail	182,152		202,414		239,427
PENN 1	74,581		171,824		108,514
PENN 15 (Hotel Pennsylvania site)	59,731		54,280		7,606
PENN Districtwide improvements	9,815		14,116		17,066
220 CPS	8,261		19,351		119,763
theMART 2.0	5,232		729		—
Other	24,708		17,959		32,661
	$	557,884	$	585,940	$	601,920

________________________________

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

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

- 23 -

CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
NEW YORK SEGMENT
(Amounts in thousands)
	Nine Months Ended September 30, 2022		Year Ended December 31,
			2021		2020
Amounts paid for capital expenditures:
Expenditures to maintain assets	$	42,922	$	61,420	$	53,543
Tenant improvements	26,049		59,522		52,763
Leasing commissions	8,153		27,284		14,612
Recurring tenant improvements, leasing commissions and other capital expenditures	77,124		148,226		120,918
Non-recurring capital expenditures(1)	21,931		19,694		64,414
Total capital expenditures and leasing commissions	$	99,055	$	167,920	$	185,332
	Nine Months Ended September 30, 2022		Year Ended December 31,
			2021		2020
Amounts paid for development and redevelopment expenditures(2):
PENN 2	$	193,404	$	105,267	$	76,883
Farley Office and Retail	182,152		202,414		239,427
PENN 1	74,581		171,824		108,514
PENN 15 (Hotel Pennsylvania site)	59,731		54,280		7,606
PENN Districtwide improvements	9,815		14,116		17,066
Other	21,679		12,638		11,952
	$	541,362	$	560,539	$	461,448

________________________________

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

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

- 24 -

CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
theMART
(Amounts in thousands)
	Nine Months Ended September 30, 2022		Year Ended December 31,
			2021		2020
Amounts paid for capital expenditures:
Expenditures to maintain assets	$	12,667	$	7,199	$	7,627
Tenant improvements	8,743		5,683		5,859
Leasing commissions	2,553		2,047		3,173
Recurring tenant improvements, leasing commissions and other capital expenditures	23,963		14,929		16,659
Non-recurring capital expenditures(1)	781		155		210
Total capital expenditures and leasing commissions	$	24,744	$	15,084	$	16,869
	Nine Months Ended September 30, 2022		Year Ended December 31,
			2021		2020
Amounts paid for development and redevelopment expenditures(2):
theMART 2.0	$	5,232	$	729	$	—
Other	3,027		1,068		4,011
	$	8,259	$	1,797	$	4,011

________________________________

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

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

- 25 -

CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
555 CALIFORNIA STREET
(Amounts in thousands)
	Nine Months Ended September 30, 2022		Year Ended December 31,
			2021		2020
Amounts paid for capital expenditures:
Expenditures to maintain assets	$	3,833	$	6,514	$	4,003
Tenant improvements	2,095		3,079		6,691
Leasing commissions	894		6,943		841
Recurring tenant improvements, leasing commissions and other capital expenditures	6,822		16,536		11,535
Non-recurring capital expenditures(1)	2,570		—		—
Total capital expenditures and leasing commissions	$	9,392	$	16,536	$	11,535
	Nine Months Ended September 30, 2022		Year Ended December 31,
			2021		2020
Amounts paid for development and redevelopment expenditures(2):
345 Montgomery Street	$	—	$	4,253	$	16,661

________________________________

See notes below.

CAPITAL EXPENDITURES (unaudited)
OTHER
(Amounts in thousands)
	Nine Months Ended September 30, 2022		Year Ended December 31,
			2021		2020
Amounts paid for development and redevelopment expenditures(2):
220 CPS	$	8,261	$	19,351	$	119,763
Other	2		—		37
	$	8,263	$	19,351	$	119,800

________________________________

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

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

- 26 -

UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
		As of September 30, 2022
Joint Venture Name	Asset Category	Percentage Ownership	Company's Carrying Amount		Company's Pro rata Share of Debt(1)		100% of Joint Venture Debt(1)		Maturity Date(2)	Spread over LIBOR/SOFR	Interest Rate
Fifth Avenue and Times Square JV	Retail/Office	51.5%	$	2,765,475	$	461,461	$	950,000	Various	Various	Various
Alexander's	Office/Retail	32.4%	91,278		355,280		1,096,544		Various	Various	Various
Partially owned office buildings/land:
650 Madison Avenue	Office/Retail	20.1%	94,581		161,024		800,000		12/29	N/A	3.49%
512 West 22nd Street	Office/Retail	55.0%	60,571		74,642		135,712		06/24	L+200	4.76%
280 Park Avenue	Office/Retail	50.0%	58,810		600,000		1,200,000		09/24	L+173	4.44%
West 57th Street properties	Office/Retail/Land	50.0%	42,639		10,000		20,000		12/22	L+160	4.16%
825 Seventh Avenue	Office	50.0%	9,858		29,230		58,460		07/23	L+235	4.91%
61 Ninth Avenue	Office/Retail	45.1%	5,175		75,543		167,500		01/26	S+146	4.21%
Other investments:
Independence Plaza	Residential/Retail	50.1%	51,236		338,175		675,000		07/25	N/A	4.25%
Rosslyn Plaza	Office/Residential	43.7% to 50.4%	34,613		18,335		36,372		03/23	S+205	4.56%
Other	Various	Various	35,961		124,427		666,120		Various	Various	Various
			$	3,250,197	$	2,248,117	$	5,805,708
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	Office/Retail	53.0%	$	(63,124)	$	159,000	$	300,000	06/26	N/A	3.65%
85 Tenth Avenue	Office/Retail	49.9%	(16,884)		311,875		625,000		12/26	N/A	4.55%
			$	(80,008)	$	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)Our negative basis results from distributions in excess of our investment.

- 27 -

UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	Percentage Ownership at September 30, 2022	Our Share of Net Income (Loss) for the Three Months Ended September 30,					Our Share of NOI (non-GAAP) for the Three Months Ended September 30,
		2022			2021		2022		2021
Joint Venture Name
New York:
Fifth Avenue and Times Square JV:
Equity in net income	51.5%	$	11,941		$	12,671	$	33,330	$	33,864
Return on preferred equity, net of our share of the expense		9,430			9,430		—		—
		21,371			22,101		33,330		33,864
Alexander's	32.4%	4,740			3,710		9,639		9,009
85 Tenth Avenue	49.9%	(2,466)			(2,949)		2,797		2,311
280 Park Avenue	50.0%	(2,087)		(1)	1,087		9,497		9,636
Independence Plaza	50.1%	(1,609)			(1,860)		4,161		3,983
7 West 34th Street	53.0%	1,186			1,116		3,712		3,633
650 Madison Avenue	20.1%	(658)			(176)		2,505		3,105
West 57th Street properties	50.0%	(255)			68		116		349
61 Ninth Avenue	45.1%	152			761		1,613		1,777
512 West 22nd Street	55.0%	54			(184)		1,826		1,591
One Park Avenue(2)	100.0%	—			1,759		—		2,692
Other, net	Various	753			(441)		2,747		1,269
		21,181			24,992		71,943		73,219
Other:
Alexander's corporate fee income	32.4%	1,170			1,085		647		519
Rosslyn Plaza	43.7% to 50.4%	348			319		1,106		988
Other, net	Various	1,642			(127)		2,324		918
		3,160			1,277		4,077		2,425
Total		$	24,341		$	26,269	$	76,020	$	75,644

______________________________

(1)Decrease primarily due to an increase in variable rate interest expense. In September 2022, the joint venture entered into an interest rate cap arrangement capping LIBOR at 4.08% (2.71% as of September 30, 2022).

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

- 28 -

UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	Percentage Ownership at September 30, 2022	Our Share of Net Income (Loss) for the Nine Months Ended September 30,					Our Share of NOI (non-GAAP) for the Nine Months Ended September 30,
		2022		2021			2022		2021
Joint Venture Name
New York:
Fifth Avenue and Times Square JV:
Equity in net income	51.5%	$	41,915	$	32,314		$	103,684	$	95,532
Return on preferred equity, net of our share of the expense		27,985		27,985			—		—
		69,900		60,299			103,684		95,532
Alexander's	32.4%	14,235		17,764		(1)	27,980		28,567
85 Tenth Avenue	49.9%	(7,928)		(8,469)			7,899		7,104
Independence Plaza	50.1%	(3,540)		(5,129)			13,421		12,269
7 West 34th Street	53.0%	3,340		3,377			10,997		10,940
650 Madison Avenue	20.1%	(1,984)		(1,157)			7,781		9,014
61 Ninth Avenue	45.1%	1,162		2,345			5,041		5,396
West 57th Street properties	50.0%	(710)		(622)			237		226
280 Park Avenue	50.0%	249		3,851			29,913		29,002
512 West 22nd Street	55.0%	(96)		(591)			4,085		4,602
One Park Avenue(2)	100.0%	—		11,518			—		17,348
Other, net	Various	2,609		(84)			8,078		4,392
		77,237		83,102			219,116		224,392
Other:
Alexander's corporate fee income	32.4%	3,352		3,622			1,782		1,789
Rosslyn Plaza	43.7% to 50.4%	1,276		1,051			3,391		3,078
Other, net	N/A	1,910		(1,007)			4,483		2,376
		6,538		3,666			9,656		7,243
Total		$	83,775	$	86,768		$	228,772	$	231,635

____________________________

(1)2021 includes our $2,956 share of the net gain on the sale of a land parcel in the Bronx, New York.

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

- 29 -

CAPITAL STRUCTURE (unaudited)
(Amounts in thousands, except per share and per unit amounts)
				As of
				September 30, 2022
Debt (contractual balances):
Consolidated debt(1):
Mortgages payable				$	5,883,015
Senior unsecured notes				1,200,000
$800 Million unsecured term loan				800,000
$2.5 Billion unsecured revolving credit facilities				575,000
				8,458,015
Pro rata share of debt of non-consolidated entities				2,718,992
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)				(682,059)
				10,494,948		(A)
	Shares/Units	Liquidation Preference
Perpetual Preferred:
3.25% preferred units (D-17) (141,400 units @ $25 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	September 30, 2022 Common Share Price
Equity:
Common shares	191,817	$	23.16	4,442,482
Class A units	13,324	23.16		308,584
Convertible share equivalents:
Equity awards - unit equivalents	929	23.16		21,516
Series D-13 preferred units	2,016	23.16		46,691
Series G-1 through G-4 preferred units	109	23.16		2,524
Series A preferred shares	25	23.16		579
				4,822,376		(C)
Total Market Capitalization (A+B+C)				$	16,540,359

________________________________

(1)See reconciliation on page xiv in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of September 30, 2022.

- 30 -

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):
	Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021
High price	$	30.90		$	45.84		$	47.26		$	46.64
Low price	$	22.83		$	27.64		$	38.00		$	38.82
Closing price - end of quarter	$	23.16		$	28.59		$	45.32		$	41.86
Annualized quarterly dividend per share	$	2.12		$	2.12		$	2.12		$	2.12
Annualized dividend yield - on closing price		9.2	%		7.4	%		4.7	%		5.1	%
Outstanding shares, Class A units and convertible preferred units as converted (in thousands)		208,220			207,814			207,127			206,969
Closing market value of outstanding shares, Class A units and convertible preferred units as converted	$	4.8 Billion		$	5.9 Billion		$	9.4 Billion		$	8.7 Billion

- 31 -

DEBT ANALYSIS (unaudited)
(Amounts in thousands)
	As of September 30, 2022
	Total			Variable				Fixed
(Contractual debt balances)	Amount		Weighted Average Interest Rate	Amount			Weighted Average Interest Rate	Amount		Weighted Average Interest Rate
Consolidated debt(1)	$	8,458,015	3.79%	$	2,313,015	(2)	4.35%	$	6,145,000	3.58%
Pro rata share of debt of non-consolidated entities	2,718,992		4.05%	1,271,535			4.42%	1,447,457		3.72%
Total	11,177,007		3.85%	3,584,550			4.37%	7,592,457		3.61%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)	(682,059)			(682,059)				—
Company's pro rata share of total debt	$	10,494,948	3.81%	$	2,902,491	(2)	4.33%	$	7,592,457	3.61%

Debt Covenant Ratios:(3)	Senior Unsecured Notes due 2025, 2026 and 2031		Unsecured Revolving Credit Facilities and Unsecured Term Loan
	Required	Actual	Required	Actual
Total outstanding debt/total assets(4)	Less than 65%	47%	Less than 60%	35%
Secured debt/total assets	Less than 50%	32%	Less than 50%	26%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50	2.53		N/A
Fixed charge coverage		N/A	Greater than 1.40	2.40
Unencumbered assets/unsecured debt	Greater than 150%	354%		N/A
Unsecured debt/cap value of unencumbered assets		N/A	Less than 60%	19%
Unencumbered coverage ratio		N/A	Greater than 1.50	6.39

Consolidated Unencumbered EBITDA (non-GAAP):
	Q3 2022 Annualized
New York	$	243,164
Other	105,588
Total	$	348,752

________________________________

(1)See reconciliation on page xiv in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of September 30, 2022.

(2)Includes our $105,000 participation in the 150 West 34th Street mortgage loan.

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

(4)Total assets include EBITDA capped at7.0% under the senior unsecured notes due 2025, 2026 and 2031 and 6.0% under the unsecured revolving credit facilities and unsecured term loan.

- 32 -

HEDGING INSTRUMENTS AS OF SEPTEMBER 30, 2022 (unaudited)
(Amounts in thousands)
	Debt Information				Swap / Cap Information
	Balance at Share		Variable Rate Spread	Maturity Date(1)	Notional Amount at Share			All-In Swapped Rate	Swap Expiration Date
Interest Rate Swaps:
Consolidated:
555 California Street mortgage loan	$	840,000	L+193	05/28	$	840,000		2.26%	05/24
770 Broadway mortgage loan	700,000		S+225	07/27	700,000			4.98%	07/27
PENN 11 mortgage loan	500,000		L+195	10/25	500,000			2.23%	03/24
Unsecured revolving credit facility	575,000		S+115	12/27	575,000			3.88%	08/27
Unsecured term loan	800,000		S+130	12/27	800,000		(2)	4.05%	10/23
100 West 33rd Street mortgage loan	480,000		S+165	06/27	480,000			5.06%	06/27
888 Seventh Avenue mortgage loan	283,200		L+170	12/25	200,000			4.66%	09/27
4 Union Square South mortgage loan	120,000		S+150	08/25	100,000			3.74%	01/25
Unconsolidated:
640 Fifth Avenue mortgage loan	259,925		L+101	05/24	259,925			3.07%	05/23
731 Lexington Avenue - retail condominium mortgage loan	97,200		L+140	08/25	97,200			1.72%	05/25
50-70 West 93rd Street mortgage loan	41,667		L+153	12/24	41,168			3.14%	06/24
	$	4,696,992			4,593,293
Interest Rate Caps:								Index Strike Rate
Consolidated:
1290 Avenue of the Americas mortgage loan	$	665,000	L+151	11/28	665,000			4.00%	11/23
One Park Avenue mortgage loan	525,000		S+122	03/26	525,000			4.50%	03/23
150 West 34th Street mortgage loan	205,000		L+188	05/24	100,000		(3)	4.08%	12/22
606 Broadway mortgage loan	37,060		L+180	09/24	37,060			4.00%	09/24
Unconsolidated:
280 Park Avenue mortgage loan	600,000		L+173	09/24	600,000			4.08%	09/23
61 Ninth Avenue mortgage loan	75,543		S+146	01/26	75,543			4.39%	02/24
Fashion Centre Mall/Washington Tower mortgage loan	34,125		L+294	05/26	34,125			4.00%	05/24
50 West 57th Street mortgage loan	10,000		L+160	12/22	10,000			3.50%	12/22
	$	2,151,728			2,046,728		(4)
Fixed rate debt per loan agreements and Vornado’s $105 million participation in 150 West 34th Street mortgage loan					3,104,164
Variable rate debt not subject to interest rate swaps or caps					750,763		(4)
Total debt at share					$	10,494,948

____________________

(1)Represents the extended maturity for certain loans in which we have the unilateral right to extend.

(2)Comprised of a $750,000 interest rate swap arrangement expiring October 2023 and a $50,000 interest rate swap arrangement expiring August 2027. In September 2022, we entered into a forward swap for $500,000 of the $800,000 unsecured term loan through October 2026, effective upon the October 2023 expiration of the $750,000 swap arrangement. Together with the existing $50,000 swap arrangement, commencing October 2023, $550,000 of the loan will bear interest at a blended fixed rate of 4.36%. The unswapped balance of the loan will bear interest at a floating rate of SOFR plus 1.30%.

(3)Excludes our $105,000 participation in the loan.

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

- 33 -

CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property	Maturity Date (1)	Spread over LIBOR/SOFR	Interest Rate(2)	2022		2023		2024			2025		2026		Thereafter		Total
Secured Debt:
435 Seventh Avenue	02/24	L+130	3.93%	$	—	$	—	$	95,696		$	—	$	—	$	—	$	95,696
150 West 34th Street	05/24	L+188	4.53%	—		—		205,000		(3)	—		—		—		205,000
606 Broadway (50.0% interest)	09/24	L+180	4.56%	—		—		74,119			—		—		—		74,119
4 Union Square South	08/25		3.78%	—		—		—			120,000		—		—		120,000
PENN 11	10/25		2.23%	—		—		—			500,000		—		—		500,000
888 Seventh Avenue	12/25		4.62%	—		—		—			283,200		—		—		283,200
One Park Avenue	03/26	S+122	4.07%	—		—		—			—		525,000		—		525,000
350 Park Avenue	01/27		3.92%	—		—		—			—		—		400,000		400,000
100 West 33rd Street	06/27		5.06%	—		—		—			—		—		480,000		480,000
770 Broadway	07/27		4.98%	—		—		—			—		—		700,000		700,000
555 California Street (70.0% interest)	05/28		3.01%	—		—		—			—		—		1,200,000		1,200,000
1290 Avenue of the Americas (70.0% interest)	11/28	L+151	4.32%	—		—		—			—		—		950,000		950,000
909 Third Avenue	04/31		3.23%	—		—		—			—		—		350,000		350,000
Total Secured Debt				—		—		374,815			903,200		525,000		4,080,000		5,883,015
Unsecured Debt:
Senior unsecured notes due 2025	01/25		3.50%	—		—		—			450,000		—		—		450,000
$1.25 Billion unsecured revolving credit facility	04/26	S+119	0.00%	—		—		—			—		—		—		—
Senior unsecured notes due 2026	06/26		2.15%	—		—		—			—		400,000		—		400,000
$1.25 Billion unsecured revolving credit facility	12/27		3.88%	—		—		—			—		—		575,000		575,000
$800 Million unsecured term loan	12/27		4.05%	—		—		—			—		—		800,000		800,000
Senior unsecured notes due 2031	06/31		3.40%	—		—		—			—		—		350,000		350,000
Total Unsecured Debt				—		—		—			450,000		400,000		1,725,000		2,575,000
Total Debt				$	—	$	—	$	374,815		$	1,353,200	$	925,000	$	5,805,000	$	8,458,015
Weighted average rate				0.00%		0.00%		4.39%			3.29%		3.24%		3.96%		3.79%
Fixed rate debt(4)				$	—	$	—	$	—		$	1,250,000	$	400,000	$	4,495,000	$	6,145,000
Fixed weighted average rate expiring				0.00%		0.00%		0.00%			3.19%		2.15%		3.82%		3.58%
Floating rate debt				$	—	$	—	$	374,815		$	103,200	$	525,000	$	1,310,000	$	2,313,015
Floating weighted average rate expiring				0.00%		0.00%		4.39%			4.42%		4.07%		4.44%		4.35%

________________________________

(1)Represents the extended maturity for certain loans in which we have the unilateral right to extend.

(2)Represents the interest rate in effect as of September 30, 2022 based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See the previous page for information on interest rate swap and interest rate cap arrangements entered into as of September 30, 2022.

(3)We hold a $105,000 participation in the mortgage loan which is included in “other assets” on our consolidated balance sheets.

(4)Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity. See the previous page for information on interest rate swap arrangements entered into as of September 30, 2022.

- 34 -

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.	1,451,153	$	159,034	8.7	%
IPG and affiliates	967,552	66,863		3.6	%
New York University	685,290	45,013		2.5	%
Google/Motorola Mobility (guaranteed by Google)	759,446	41,220		2.2	%
Bloomberg L.P.	306,768	40,356		2.2	%
Equitable Financial Life Insurance Company	336,644	35,530		1.9	%
Swatch Group USA	14,949	34,456		1.9	%
Yahoo Inc.	313,726	32,248		1.8	%
Amazon (including its Whole Foods subsidiary)	312,694	30,092		1.6	%
Neuberger Berman Group LLC	306,612	27,353		1.5	%
Madison Square Garden & Affiliates	412,551	25,741		1.4	%
AMC Networks, Inc.	326,717	25,441		1.4	%
Bank of America	247,459	24,412		1.3	%
Apple Inc.	412,434	24,072		1.3	%
LVMH Brands	65,060	22,952		1.3	%
Citadel	209,263	21,544		1.2	%
Victoria's Secret (guaranteed by L Brands, Inc.)	33,156	19,531		1.1	%
PwC	241,196	19,148		1.0	%
Macy's	242,837	17,886		1.0	%
Fast Retailing (Uniqlo)	47,167	13,654		0.7	%
Cushman & Wakefield	127,485	13,088		0.7	%
The City of New York	232,010	11,862		0.6	%
Foot Locker	149,987	11,474		0.6	%
ABBVIE Inc.	168,673	11,172		0.6	%
Axon Capital	93,127	10,763		0.6	%
Kirkland & Ellis LLP	106,751	10,718		0.6	%
Manufacturers & Traders Trust	102,622	10,451		0.6	%
Alston & Bird LLP	126,872	10,161		0.6	%
Burlington Coat Factory	108,844	10,050		0.5	%
WSP USA	172,666	9,907		0.5	%
				45.5	%

________________________________

(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.

- 35 -

SQUARE FOOTAGE (unaudited)
(Square feet in thousands)
		At Vornado's Share
	At 100%		Under Development or Not Available for Lease	In Service
		Total		Office	Retail	Showroom	Other
Segment:
New York:
Office	20,147	17,452	1,177	16,092	—	183	—
Retail	2,579	2,139	272	—	1,867	—	—
Residential - 1,671 units	1,511	778	—	—	—	—	778
Alexander's (32.4% interest), including 312 residential units	2,454	795	69	305	339	—	82
	26,691	21,164	1,518	16,397	2,206	183	860
Other:
theMART	3,901	3,892	264	2,044	103	1,265	216
555 California Street (70% interest)	1,819	1,273	—	1,240	33	—	—
Other	2,845	1,346	149	212	874	—	111
	8,565	6,511	413	3,496	1,010	1,265	327
Total square feet at September 30, 2022	35,256	27,675	1,931	19,893	3,216	1,448	1,187
Total square feet at June 30, 2022	35,235	27,654	1,955	19,861	3,172	1,479	1,187
Parking Garages (not included above):	Square Feet	Number of Garages	Number of Spaces
New York	1,635	9	4,804
theMART	558	4	1,643
555 California Street	168	1	453
Rosslyn Plaza	411	4	1,094
Total at September 30, 2022	2,772	18	7,994

- 36 -

OCCUPANCY (unaudited)
	New York		theMART		555 California Street
Occupancy rate at:
September 30, 2022	90.3	%	87.3	%	94.7	%
June 30, 2022	90.8	%	88.6	%	94.2	%
December 31, 2021	91.3	%	88.9	%	93.8	%	(1)
September 30, 2021	90.4	%	89.6	%	98.1	%

________________________________

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

RESIDENTIAL STATISTICS (unaudited)
		Vornado's Ownership Interest
	Number of Units	Number of Units	Occupancy Rate	Average Monthly Rent Per Unit
New York:
September 30, 2022	1,983	948	96.8%	$3,877
June 30, 2022	1,983	948	97.6%	$3,804
December 31, 2021	1,986	951	97.0%	$3,776
September 30, 2021	1,986	951	96.4%	$3,756

- 37 -

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:
Farley (95% interest)		$	4,750		None	2116	None
PENN 1:
Land		2,500			2073	2098	One 25-year renewal option at fair market value ("FMV"). FMV rent resets occur in 2023 and 2048. The FMV rent reset in 2023 has not yet been determined.
Long Island Railroad Concourse Retail		—		(1)	2048	2098	Two 25-year renewal options. Rent increases at a rate based on the increase in gross income reduced by the increase in real estate taxes and operating expenses. The next rent increase occurs in 2028 and every ten years thereafter.
260 Eleventh Avenue		4,383			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.
Piers 92 & 94		1,000			2060	2110	None
330 West 34th Street -     65.2% ground leased		10,265		(2)	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 ten years to FMV.
Other:
Wayne Town Center		5,018			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:
61 Ninth Avenue (45.1% interest)		3,553			None	2115	Rent increases in April 2023 and every three years thereafter based on CPI, subject to a cap. In 2051, 2071 and 2096, rent resets based on the increase in the property's gross revenue net of real estate taxes, if greater than the CPI reset.
Flushing (Alexander's) (32.4% interest)		259			2027	2037	One 10-year renewal option at 90% of FMV.

________________________________

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

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

- 38 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)			Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK:
PENN District:
PENN 1
(ground leased through 2098)**													Cisco, Hartford Fire Insurance, Empire Healthchoice Assurance, Inc.,
-Office	100.0	%	80.8	%	$	72.87	2,230,000	2,230,000	—				United Healthcare Services, Inc., Siemens Mobility, WSP USA, Gusto Inc.*
-Retail	100.0	%	100.0	%	168.74		316,000	77,000	239,000				Bank of America, Starbucks, Blue Bottle Coffee Inc.
	100.0	%	81.4	%	76.47		2,546,000	2,307,000	239,000	$	—
PENN 2
-Office	100.0	%	100.0	%	61.61		1,577,000	400,000	1,177,000				Madison Square Garden, EMC
-Retail	100.0	%	100.0	%	375.33		43,000	15,000	28,000				Chase Manhattan Bank
	100.0	%	100.0	%	72.81		1,620,000	415,000	1,205,000	575,000		(3)
Farley Office and Retail (ground and building leased through 2116)**
-Office	95.0	%	100.0	%	110.40		730,000	730,000	—				Meta Platforms, Inc.
-Retail	95.0	%	23.6	%	392.98		116,000	116,000	—				Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels
	95.0	%	89.7	%	120.38		846,000	846,000	—	—
PENN 11
-Office	100.0	%	100.0	%	69.85		1,114,000	1,114,000	—				Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's
-Retail	100.0	%	80.1	%	143.86		39,000	39,000	—				PNC Bank National Association, Starbucks
	100.0	%	99.3	%	71.93		1,153,000	1,153,000	—	500,000
100 West 33rd Street
-Office	100.0	%	91.5	%	70.80		859,000	859,000	—				IPG and affiliates
-Retail	100.0	%	16.8	%	55.54		255,000	255,000	—				Aeropostale, Candytopia
	100.0	%	75.1	%	70.05		1,114,000	1,114,000	—	480,000
330 West 34th Street
(65.2% ground leased through 2149)**													Structure Tone,
-Office	100.0	%	75.4	%	74.67		702,000	702,000	—				Deutsch, Inc., Web.com, Footlocker, HomeAdvisor, Inc.
-Retail	100.0	%	91.1	%	127.10		22,000	22,000	—				Starbucks
	100.0	%	75.7	%	76.11		724,000	724,000	—	100,000		(4)
435 Seventh Avenue
-Retail	100.0	%	100.0	%	35.22		43,000	43,000	—	95,696			Forever 21
7 West 34th Street
-Office	53.0	%	100.0	%	80.16		458,000	458,000	—				Amazon
-Retail	53.0	%	100.0	%	345.54		19,000	19,000	—				Amazon, Lindt, Naturalizer (guaranteed by Caleres)
	53.0	%	100.0	%	90.98		477,000	477,000	—	300,000
431 Seventh Avenue
-Retail	100.0	%	100.0	%	248.24		9,000	9,000	—	—			Essen*
138-142 West 32nd Street
-Retail	100.0	%	100.0	%	124.49		8,000	8,000	—	—
150 West 34th Street
-Retail	100.0	%	100.0	%	112.53		78,000	78,000	—	205,000		(5)	Old Navy

- 39 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)			Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property								Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
PENN District (Continued):
137 West 33rd Street
-Retail	100.0	%	100.0	%	$	99.05		3,000	3,000	—	$	—
131-135 West 33rd Street
-Retail	100.0	%	100.0	%	58.44			23,000	23,000	—	—
Other (3 buildings)
-Retail	100.0	%	100.0	%	189.36			16,000	16,000	—	—
Total PENN District								8,660,000	7,216,000	1,444,000	2,255,696
Midtown East:
909 Third Avenue
(ground leased through 2063)**													IPG and affiliates, AbbVie Inc., United States Post Office,
-Office	100.0	%	93.1	%	65.40		(6)	1,350,000	1,350,000	—	350,000		Geller & Company, Morrison Cohen LLP, Sard Verbinnen
150 East 58th Street(7)
-Office	100.0	%	88.0	%	79.13			541,000	541,000	—			Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail	100.0	%	100.0	%	96.14			3,000	3,000	—
	100.0	%	88.1	%	79.22			544,000	544,000	—	—
715 Lexington Avenue
-Retail	100.0	%	100.0	%	193.32			22,000	22,000	—	—		Orangetheory Fitness, Casper, Santander Bank, Blu Dot*
966 Third Avenue
-Retail	100.0	%	100.0	%	103.17			7,000	7,000	—	—		McDonald's
968 Third Avenue
-Retail	50.0	%	100.0	%	176.33			7,000	7,000	—	—		Wells Fargo
Total Midtown East								1,930,000	1,930,000	—	350,000
Midtown West:
888 Seventh Avenue
(ground leased through 2067)**													Axon Capital LP, Lone Star US Acquisitions LLC, Top-New York, Inc.,
-Office	100.0	%	88.8	%	96.92			872,000	872,000	—			Vornado Executive Headquarters, United Talent Agency
-Retail	100.0	%	100.0	%	258.38			15,000	15,000	—			Redeye Grill L.P.
	100.0	%	88.9	%	98.53			887,000	887,000	—	283,200
57th Street - 2 buildings
-Office	50.0	%	85.4	%	60.89			81,000	81,000	—
-Retail	50.0	%	42.5	%	103.48			22,000	22,000	—
	50.0	%	78.3	%	64.74			103,000	103,000	—	20,000
825 Seventh Avenue
-Office	50.0	%	79.6	%	59.02			168,000	168,000	—	58,460		Young Adult Institute Inc., New Alternatives for Children, Inc.*
-Retail	100.0	%	48.6	%	72.57			4,000	4,000	—	—
			78.9	%	59.22			172,000	172,000	—	58,460
Total Midtown West								1,162,000	1,162,000	—	361,660

- 40 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Park Avenue:
280 Park Avenue												Cohen & Steers Inc., Franklin Templeton Co. LLC,
-Office	50.0	%	98.0	%	$	109.69	1,236,000	1,236,000	—			PJT Partners, Investcorp International Inc., GIC Inc., Wells Fargo
-Retail	50.0	%	100.0	%	82.30		28,000	28,000	—			Scottrade Inc., Starbucks, Fasano Restaurant
	50.0	%	98.1	%	109.07		1,264,000	1,264,000	—	$	1,200,000
350 Park Avenue												Citadel, Marshall Wace North America,
-Office	100.0	%	78.9	%	106.61		567,000	567,000	—			M&T Bank, Square Mile Capital Management
-Retail	100.0	%	91.5	%	266.76		18,000	18,000	—			Fidelity Investments, AT&T Wireless, Valley National Bank
	100.0	%	79.3	%	112.15		585,000	585,000	—	400,000
Total Park Avenue							1,849,000	1,849,000	—	1,600,000
Grand Central:
90 Park Avenue												Alston & Bird, Capital One, PwC, MassMutual,
-Office	100.0	%	100.0	%	81.86		938,000	938,000	—			Factset Research Systems Inc., Foley & Lardner
-Retail	100.0	%	72.8	%	167.66		18,000	18,000	—			Citibank, Starbucks
	100.0	%	99.5	%	83.01		956,000	956,000	—	—
510 Fifth Avenue
-Retail	100.0	%	25.2	%	387.11		65,000	65,000	—	—		The North Face
Total Grand Central							1,021,000	1,021,000	—	—
Madison/Fifth:
640 Fifth Avenue												Fidelity Investments, Abbott Capital Management,
-Office	52.0	%	91.6	%	104.67		246,000	246,000	—			Avolon Aerospace, Houlihan Lokey Advisors Parent, Inc.
-Retail	52.0	%	100.0	%	1,031.45		69,000	69,000	—			Victoria's Secret (guaranteed by L Brands, Inc.), Dyson
	52.0	%	92.9	%	256.12		315,000	315,000	—	500,000
666 Fifth Avenue
-Retail	52.0	%	100.0	%	391.53		114,000(8)	114,000	—	—		Fast Retailing (Uniqlo), Hollister, Tissot
595 Madison Avenue												LVMH Moet Hennessy Louis Vuitton Inc.,
-Office	100.0	%	83.0	%	80.05		301,000	301,000	—			Albea Beauty Solutions, Aerin LLC
-Retail	100.0	%	100.0	%	734.66		30,000	30,000	—			Fendi, Berluti, Christofle Silver Inc.
	100.0	%	84.1	%	129.37		331,000	331,000	—	—
650 Madison Avenue												Sotheby's International Realty, Inc., BC Partners Inc.,
-Office	20.1	%	84.1	%	114.92		564,000	564,000	—			Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)
-Retail	20.1	%	94.7	%	1,042.82		37,000	37,000	—			Moncler USA Inc., Tod's, Celine, Balmain
	20.1	%	84.5	%	155.80		601,000	601,000	—	800,000
689 Fifth Avenue
-Office	52.0	%	100.0	%	91.36		81,000	81,000	—			Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail	52.0	%	62.0	%	1,195.34		17,000	17,000	—			MAC Cosmetics, Canada Goose
	52.0	%	93.9	%	209.48		98,000	98,000	—	—
655 Fifth Avenue
-Retail	50.0	%	100.0	%	285.76		57,000	57,000	—	—		Ferragamo
697-703 Fifth Avenue
-Retail	44.8	%	100.0	%	3,635.23		26,000	26,000	—	450,000		Swatch Group USA, Harry Winston
Total Madison/Fifth							1,542,000	1,542,000	—	1,750,000

- 41 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Midtown South:
770 Broadway
-Office	100.0	%	100.0	%	$	107.70	1,077,000	1,077,000	—			Meta Platforms, Inc., Yahoo Inc.
-Retail	100.0	%	92.0	%	92.12		106,000	106,000	—			Bank of America N.A., Wegmans Food Markets
	100.0	%	99.3	%	106.49		1,183,000	1,183,000	—	$	700,000
One Park Avenue
												New York University, BMG Rights Management LLC,
-Office	100.0	%	95.4	%	66.79		867,000	867,000	—			Robert A.M. Stern Architect
-Retail	100.0	%	90.1	%	82.31		78,000	78,000	—			Bank of Baroda, Citibank, Equinox
	100.0	%	95.0	%	67.98		945,000	945,000	—	525,000
4 Union Square South
-Retail	100.0	%	100.0	%	125.57		204,000	204,000	—	120,000		Burlington, Whole Foods Market, DSW, Sephora
692 Broadway
-Retail	100.0	%	64.4	%	68.57		36,000	36,000	—	—		Equinox
Total Midtown South							2,368,000	2,368,000	—	1,345,000
Rockefeller Center:
1290 Avenue of the Americas												Equitable Financial Life Insurance Company, Hachette Book Group Inc.,
												Bryan Cave LLP, Neuberger Berman Group LLC, SSB Realty LLC,
												Cushman & Wakefield, Columbia University, LinkLaters, Venable LLP,
-Office	70.0	%	100.0	%	92.58		2,043,000	2,043,000	—			Fubotv Inc
-Retail	70.0	%	78.3	%	302.89		77,000	77,000	—			Duane Reade, JPMorgan Chase Bank, Sovereign Bank, Starbucks
	70.0	%	99.4	%	97.12		2,120,000	2,120,000	—	950,000
Wall Street/Downtown:
40 Fulton Street(9)
-Office	100.0	%	81.0	%	56.09		246,000	246,000	—			Safety National Casualty Corp, Fortune Media Corp.
-Retail	100.0	%	100.0	%	120.07		5,000	5,000	—			TD Bank
	100.0	%	81.4	%	57.55		251,000	251,000	—	—
SoHo:
484-486 Broadway
-Retail	100.0	%	100.0	%	293.99		18,000	13,000	5,000			Madewell, J. Crew
-Residential (7 units)	100.0	%	100.0	%			12,000	12,000	—
	100.0	%					30,000	25,000	5,000	—
606 Broadway (19 East Houston Street)
-Office	50.0	%	100.0	%	129.08		30,000	30,000	—			WeWork
-Retail	50.0	%	100.0	%	685.54		6,000	6,000	—			HSBC, Harman International
	50.0	%	100.0	%	202.27		36,000	36,000	—	74,119
443 Broadway
-Retail	100.0	%	100.0	%	62.16		16,000	16,000	—	—		Blick Art Materials

- 42 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
SoHo (Continued):
304 Canal Street
-Retail	100.0	%	100.0	%	$	53.35	4,000	4,000	—			Stellar Works
-Residential (4 units)	100.0	%	100.0	%			9,000	9,000	—
	100.0	%					13,000	13,000	—	$	—
334 Canal Street
-Retail	100.0	%	0.0	%	—		4,000	4,000	—
-Residential (4 units)	100.0	%	0.0	%			10,000	10,000	—
	100.0	%					14,000	14,000	—	—
148 Spring Street
-Retail	100.0	%	42.4	%	396.16		8,000	8,000	—	—		Dr. Martens
150 Spring Street
-Retail	100.0	%	74.2	%	103.36		6,000	6,000	—
-Residential (1 unit)	100.0	%	100.0	%			1,000	1,000	—
	100.0	%					7,000	7,000	—	—
Total SoHo							124,000	119,000	5,000	74,119
Times Square:
1540 Broadway												Forever 21, Disney, Sunglass Hut,
-Retail	52.0	%	79.9	%	168.78		161,000	161,000	—	—		MAC Cosmetics, U.S. Polo
1535 Broadway
-Retail	52.0	%	95.3	%	1,197.98		45,000	45,000	—			T-Mobile, Invicta, Swatch Group USA, Levi's, Sephora
-Theatre	52.0	%	100.0	%	15.18		62,000	62,000	—			Nederlander-Marquis Theatre
	52.0	%	98.2	%	446.33		107,000	107,000	—	—
Total Times Square							268,000	268,000	—	—
Upper East Side:
1131 Third Avenue
-Retail	100.0	%	100.0	%	200.55		23,000	23,000	—	—		Nike, Crunch LLC, J.Jill
759-771 Madison Avenue (40 East 66th Street)
-Residential (4 units)	100.0	%	100.0	%			10,000	10,000
							10,000	10,000	—	—
Total Upper East Side							33,000	33,000	—	—
Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)**
-Office	100.0	%	95.5	%	48.83		209,000	209,000	—	—		The City of New York
85 Tenth Avenue												Google, Telehouse International Corp.,
-Office	49.9	%	90.5	%	95.33		595,000	595,000	—			L-3 Communications, Clear Secure, Inc.*
-Retail	49.9	%	55.2	%	50.88		43,000	43,000	—
	49.9	%	88.4	%	93.63		638,000	638,000	—	625,000
537 West 26th Street
-Retail	100.0	%	100.0	%	161.89		17,000	17,000	—	—		The Chelsea Factory Inc.

- 43 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Chelsea/Meatpacking District (Continued):
61 Ninth Avenue (2 buildings)
(ground leased through 2115)**
-Office	45.1	%	100.0	%	$	132.95	171,000	171,000	—			Aetna Life Insurance Company, Apple Inc.
-Retail	45.1	%	100.0	%	361.81		23,000	23,000	—			Starbucks
	45.1	%	100.0	%	148.01		194,000	194,000	—	$	167,500
512 West 22nd Street												Warner Media, Next Jump, Pura Vida Investments,
-Office	55.0	%	78.5	%	120.16		165,000	165,000	—			Capricorn Investment Group
-Retail	55.0	%	100.0	%	100.56		8,000	8,000	—			Galeria Nara Roesler, Harper's Books
	55.0	%	79.5	%	119.02		173,000	173,000	—	135,712
Total Chelsea/Meatpacking District							1,231,000	1,231,000	—	928,212
Upper West Side:
50-70 West 93rd Street
-Residential (324 units)	49.9	%	98.4	%	—		283,000	283,000	—	83,500
Tribeca:
Independence Plaza
-Residential (1,327 units)	50.1	%	96.2	%			1,186,000	1,186,000	—
-Retail	50.1	%	55.0	%	71.00		72,000	72,000	—			Duane Reade
	50.1	%					1,258,000	1,258,000	—	675,000
339 Greenwich Street
-Retail	100.0	%	100.0	%	71.31		8,000	8,000	—	—		Sarabeth's
Total Tribeca							1,266,000	1,266,000	—	675,000
New Jersey:
Paramus
-Office	100.0	%	84.6	%	24.87		129,000	129,000	—	—		Vornado's Administrative Headquarters
Properties to be Developed:
PENN 15 (Hotel Pennsylvania site)
-Land	100.0	%	—		—		—	—	—	—
57th Street
-Land	50.0	%	—		—		—	—	—	—
Eighth Avenue and 34th Street
-Land	100.0	%	—		—		—	—	—	—
New York Office:
Total			92.1	%	$	86.10	20,147,000	18,970,000	1,177,000	$	8,519,584
Vornado's Ownership Interest			91.8	%	$	83.46	17,452,000	16,275,000	1,177,000	$	6,043,976
New York Retail:
Total			76.4	%	$	271.84	2,579,000	2,307,000	272,000	$	1,095,103
Vornado's Ownership Interest			74.4	%	$	222.33	2,139,000	1,867,000	272,000	$	809,580
New York Residential:
Total			96.9	%			1,511,000	1,511,000	—	$	758,500
Vornado's Ownership Interest			96.8	%			778,000	778,000	—	$	379,841

`

- 44 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
ALEXANDER'S, INC.:
New York:
731 Lexington Avenue, Manhattan
-Office	32.4	%	100.0	%	$	132.45	939,000	939,000	—	$	500,000	Bloomberg L.P.
-Retail	32.4	%	90.3	%	250.90		140,000	140,000	—	300,000		The Home Depot, Hutong, Capital One
	32.4	%	98.9	%	144.76		1,079,000	1,079,000	—	800,000
Rego Park I, Queens (4.8 acres)	32.4	%	100.0	%	50.12		338,000	260,000	78,000	—		Burlington, Bed Bath & Beyond, Marshalls, IKEA
Rego Park II (adjacent to Rego Park I),
Queens (6.6 acres)	32.4	%	87.1	%	63.95		615,000	480,000	135,000	202,544		Costco, Kohl's, TJ Maxx
Flushing, Queens (1.0 acre ground leased through 2037)**	32.4	%	100.0	%	32.18		167,000	167,000	—	—		New World Mall LLC
The Alexander Apartment Tower,
Rego Park, Queens, NY
Residential (312 units)	32.4	%	98.1	%			255,000	255,000	—	94,000
Property to be Developed:
Rego Park III (adjacent to Rego Park II),
Queens, NY (3.2 acres)	32.4	%	—				—	—	—	—
Total Alexander's	32.4	%	96.3	%	104.12		2,454,000	2,241,000	213,000	1,096,544
Total New York			91.0	%	$	102.32	26,691,000	25,029,000	1,662,000	$	11,469,731
Vornado's Ownership Interest			90.3	%	$	95.11	21,164,000	19,646,000	1,518,000	$	7,588,677

________________________________

*    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 contractual debt obligations.

(3)Secured amount outstanding on revolving credit facilities.

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

(5)Includes our $105,000 participation in the 150 West 34th Street mortgage loan.

(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)75,000 square feet is leased from 666 Fifth Avenue Office Condominium.

(9)On August 17, 2022, we entered into an agreement to sell 40 Fulton Street. We expect to close the sale in the fourth quarter of 2022.

- 45 -

OTHER SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
theMART:
theMART, Chicago												Motorola Mobility (guaranteed by Google),
												CCC Information Services,
												1871, ANGI Home Services, Inc, Yelp Inc., Paypal, Inc.,
												Allscripts Healthcare, Kellogg Company,
												Chicago School of Professional Psychology, ConAgra Foods Inc.,
												Innovation Development Institute, Inc., Avant LLC*,
-Office	100.0	%	87.7	%	$	48.35	2,100,000	2,044,000	56,000			Allstate Insurance Company, Medline Industries, Inc
												Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.,
-Showroom/Trade show	100.0	%	87.7	%	57.98		1,481,000	1,481,000	—			Allsteel Inc.
-Retail	100.0	%	70.7	%	53.51		93,000	93,000	—
	100.0	%	87.3	%	52.39		3,674,000	3,618,000	56,000	$	—
Other (2 properties)	50.0	%	93.9	%	49.28		19,000	19,000	—	27,620
Total theMART, Chicago							3,693,000	3,637,000	56,000	27,620
Piers 92 and 94 (New York) (ground and building leased through 2110)**	100.0	%	—		—		208,000	—	208,000	—
Property to be Developed:
527 West Kinzie, Chicago	100.0	%	—		—		—	—	—	—
Total theMART			87.3	%	$	52.38	3,901,000	3,637,000	264,000	$	27,620
Vornado's Ownership Interest			87.3	%	$	52.38	3,892,000	3,628,000	264,000	$	13,810
555 California Street:
555 California Street	70.0	%	99.0	%	$	93.55	1,506,000	1,506,000	—	$	1,200,000	Bank of America, N.A., Dodge & Cox, Goldman Sachs & Co.,
												Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,
												McKinsey & Company Inc., UBS Financial Services,
												KKR Financial, Microsoft Corporation,
												Fenwick & West LLP, Sidley Austin
315 Montgomery Street	70.0	%	99.7	%	85.69		235,000	235,000	—	—		Bank of America, N.A., Regus, Ripple Labs Inc., Blue Shield, Lending Home Corporation
345 Montgomery Street	70.0	%	0.0	%	—		78,000	78,000	—	—
Total 555 California Street			94.7	%	$	92.49	1,819,000	1,819,000	—	$	1,200,000
Vornado's Ownership Interest			94.7	%	$	92.49	1,273,000	1,273,000	—	$	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.

(2)Represents the contractual debt obligations.

- 46 -

OTHER SEGMENT
PROPERTY TABLE
Property	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Square Feet				Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
							Total Property	In Service		Under Development or Not Available for Lease
								Owned by Company	Owned by Tenant(2)
OTHER:
Virginia:
Rosslyn Plaza
-Office - 4 buildings	46.2	%	63.2	%	$	52.14	736,000	432,000	—	304,000			Corporate Executive Board, Nathan Associates, Inc.
-Residential - 2 buildings (197 units)	43.7	%	96.5	%			253,000	253,000	—	—
							989,000	685,000	—	304,000	$	36,372
Fashion Centre Mall	7.5	%	95.9	%	39.18		868,000	868,000	—	—	412,700		Macy's, Nordstrom
Washington Tower	7.5	%	75.0	%	54.74		170,000	170,000	—	—	42,300		The Rand Corporation
New Jersey:
Wayne Town Center, Wayne     (ground leased through 2064)**	100.0	%	100.0	%	31.35		690,000	238,000	443,000	9,000	—		JCPenney, 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	%	—		—	—	—	—	—		VICI Properties (ground lessee)
Maryland:
Annapolis     (ground and building leased through 2042)**	100.0	%	100.0	%	8.99		128,000	128,000	—	—	—		The Home Depot
Total Other			89.6	%	$	37.38	2,845,000	2,089,000	443,000	313,000	$	491,372
Vornado's Ownership Interest			92.7	%	$	31.82	1,346,000	754,000	443,000	149,000	$	52,461

________________________________

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

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

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

(3)Represents the contractual debt obligations.

- 47 -

REAL ESTATE FUND
PROPERTY TABLE
	Fund % Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
VORNADO CAPITAL PARTNERS
REAL ESTATE FUND:
New York, NY:
Lucida, 86th Street and Lexington Avenue
(ground leased through 2082)**												Target, Hennes & Mauritz,
-Retail	100.0	%	100.0	%	$	243.78	98,000	98,000	—			Sephora, Bank of America
-Residential (39 units)	100.0	%	100.0	%			59,000	59,000	—
	100.0	%					157,000	157,000	—	$	145,075
Crowne Plaza Times Square (0.64 acres owned in fee; 0.18 acres ground leased through 2187 and 0.05 acres ground leased through 2035)**(3)
-Hotel (795 Rooms)
-Retail	75.7	%	27.9	%	438.48		50,000	50,000	—			Krispy Kreme, BHT Broadway
-Office	75.7	%	100.0	%	51.71		196,000	196,000	—			American Management Association, Open Jar, Association for Computing Machinery
	75.7	%	86.7	%	74.71		246,000	246,000	—	274,355
Total Real Estate Fund	88.8	%	90.5	%	$	128.57	403,000	403,000	—	$	419,430
Vornado's Ownership Interest	28.6	%	89.8	%	$	119.03	120,000	120,000	—	$	126,532

________________________________

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

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

(2)Represents the contractual debt obligations.

(3)We own a 32.8% economic interest through the Fund and the Crowne Plaza Joint Venture.

- 48 -

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
Camille Bonnel		Caitlin Burrows/Julien Blouin	Ronald Kamdem
Bank of America/BofA Securities		Goldman Sachs	Morgan Stanley
416-369-2140		212-902-4736/212-357-7297	212-296-8319
John P. Kim		Daniel Ismail/Dylan Burzinski	Alexander Goldfarb/Connor Mitchell
BMO Capital Markets		Green Street Advisors	Piper Sandler
212-885-4115		949-640-8780	212-466-7937/203-861-7615
Michael Griffin		Anthony Paolone/Ray Zhong	Nicholas Yulico
Citi		JP Morgan	Scotia Capital (USA) Inc
212-816-5871		212-622-6682/212-622-5411	212-225-6904
Derek Johnston		Mark Streeter/Ian Snyder	Michael Lewis/Joab Dempsey
Deutsche Bank		JP Morgan Fixed Income	Truist Securities
212-250-5683		212-834-5086/212-834-3798	212-319-5659/443-545-4245
Steve Sakwa/Brian Spahn		Vikram Malhotra/Amit Nihalani
Evercore ISI		Mizuho Securities (USA) Inc.
212-446-9462/212-446-9459		212-282-3827/212-282-3996
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.

- 49 -

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, net and other non-cash adjustments. We consider NOI at share - cash basis to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

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

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

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

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

- i -

NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2022
	2022		2021				2022		2021
Net income attributable to common shareholders	$	7,769	$	37,689	$	50,418	$	84,665	$	89,817
Per diluted share	$	0.04	$	0.20	$	0.26	$	0.44	$	0.47
Certain expense (income) items that impact net income attributable to common shareholders:
Hotel Pennsylvania loss	$	26,613	$	6,492	$	8,931	$	44,473	$	20,474
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary)	3,776		1,688		3,234		10,183		1,688
Tax benefit recognized by our taxable REIT subsidiaries	—		(27,910)		—		—		(27,910)
After-tax net gain on sale of 220 CPS condominium unit(s) and ancillary amenities	—		(8,815)		(673)		(6,085)		(31,023)
Net gain on sale of the Center Building (33-00 Northern Boulevard, Long Island City, NY)	—		—		(15,213)		(15,213)		—
Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV	—		—		(13,613)		(13,613)		—
Other	1,477		15,664		3,760		4,137		10,090
	31,866		(12,881)		(13,574)		23,882		(26,681)
Noncontrolling interests' share of above adjustments	(2,206)		1,118		559		(1,895)		2,040
Total of certain expense (income) items that impact net income attributable to common shareholders	$	29,660	$	(11,763)	$	(13,015)	$	21,987	$	(24,641)
Net income attributable to common shareholders, as adjusted (non-GAAP)	$	37,429	$	25,926	$	37,403	$	106,652	$	65,176
Per diluted share (non-GAAP)	$	0.19	$	0.14	$	0.19	$	0.56	$	0.34

- ii -

NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2022
	2022		2021				2022		2021
Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):
Net income attributable to common shareholders	$	7,769	$	37,689	$	50,418	$	84,665	$	89,817
Per diluted share	$	0.04	$	0.20	$	0.26	$	0.44	$	0.47
FFO adjustments:
Depreciation and amortization of real property	$	122,438	$	86,180	$	106,620	$	335,020	$	256,295
Real estate impairment losses	—		7,880		—		—		7,880
Net gain on sale of real estate	—		—		(27,803)		(28,354)		—
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO:
Depreciation and amortization of real property	32,584		35,125		33,681		98,404		104,829
Net loss (gain) on sale of real estate	6		—		(175)		(169)		(3,052)
Decrease (increase) in fair value of marketable securities	—		287		—		—		(1,118)
	155,028		129,472		112,323		404,901		364,834
Noncontrolling interests' share of above adjustments	(10,731)		(8,886)		(7,781)		(28,018)		(24,627)
FFO adjustments, net	$	144,297	$	120,586	$	104,542	$	376,883	$	340,207
FFO attributable to common shareholders (non-GAAP)	$	152,066	$	158,275	$	154,960	$	461,548	$	430,024
Impact of assumed conversion of dilutive convertible securities	395		11		5		915		33
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	152,461		158,286		154,965		462,463		430,057
Add back of FFO allocated to noncontrolling interests of the Operating Partnership	11,308		11,259		11,535		34,314		30,132
FFO attributable to Class A unitholders (non-GAAP)	$	163,769	$	169,545	$	166,500	$	496,777	$	460,189
FFO per diluted share (non-GAAP)	$	0.79	$	0.82	$	0.80	$	2.39	$	2.24

- iii -

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						For the Nine Months Ended September 30,
	September 30,				June 30, 2022
	2022		2021				2022		2021
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	152,461	$	158,286	$	154,965	$	462,463	$	430,057
Per diluted share (non-GAAP)	$	0.79	$	0.82	$	0.80	$	2.39	$	2.24
Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions:
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary)	$	3,776	$	1,688	$	3,234	$	10,183	$	1,688
Tax benefit recognized by our taxable REIT subsidiaries	—		(27,910)		—		—		(27,910)
After-tax net gain on sale of 220 CPS condominium unit(s) and ancillary amenities	—		(8,815)		(673)		(6,085)		(31,023)
Other	1,477		11,394		2,912		3,840		18,698
	5,253		(23,643)		5,473		7,938		(38,547)
Noncontrolling interests' share of above adjustments	(364)		1,570		(379)		(550)		2,223
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net	$	4,889	$	(22,073)	$	5,094	$	7,388	$	(36,324)
Per diluted share (non-GAAP)	$	0.02	$	(0.11)	$	0.03	$	0.04	$	(0.19)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	157,350	$	136,213	$	160,059	$	469,851	$	393,733
Per diluted share (non-GAAP)	$	0.81	$	0.71	$	0.83	$	2.43	$	2.05

- iv -

NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited)
(Amounts in thousands)
		For the Three Months Ended									For the Nine Months Ended September 30,
		September 30,						June 30, 2022
		2022			2021						2022			2021
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	(A)	$	152,461		$	158,286		$	154,965		$	462,463		$	430,057
Adjustments to arrive at FAD (non-GAAP):
Certain items that impact FAD		5,253			(31,612)			4,665			7,130			(47,548)
Recurring tenant improvements, leasing commissions and other capital expenditures		(42,314)			(32,353)			(42,826)			(121,897)			(135,648)
Stock-based compensation expense		3,886			5,510			5,846			22,887			32,889
Amortization of debt issuance costs		5,546			6,428			6,658			17,759			19,622
Personal property depreciation		1,963			8,859			1,197			4,374			12,279
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other		(1,419)			1,922			(4,275)			(8,824)			1,570
Noncontrolling interests in the Operating Partnership's share of above adjustments		1,812			2,739			1,991			5,375			7,431
FAD adjustments, net	(B)	(25,273)			(38,507)			(26,744)			(73,196)			(109,405)
FAD (non-GAAP)	(A+B)	$	127,188		$	119,779		$	128,221		$	389,267		$	320,652
FAD payout ratio (1)		80.3		%	85.5		%	80.3		%	79.1		%	95.2		%

________________________________

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

- v -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)

	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2022
	2022		2021				2022		2021
Net income	$	20,112	$	71,765	$	68,903	$	142,390	$	175,590
Depreciation and amortization expense	134,526		100,867		118,662		370,631		285,998
General and administrative expense	29,174		25,553		31,902		102,292		100,341
Transaction related costs and other	996		9,681		2,960		4,961		10,630
Income from partially owned entities	(24,341)		(26,269)		(25,720)		(83,775)		(86,768)
Loss (income) from real estate fund investments	111		66		142		(5,421)		(5,107)
Interest and other investment income, net	(5,228)		(633)		(3,036)		(9,282)		(3,694)
Interest and debt expense	76,774		50,946		62,640		191,523		152,904
Net gains on disposition of wholly owned and partially owned assets	—		(10,087)		(28,832)		(35,384)		(35,811)
Income tax expense (benefit)	3,711		(25,376)		3,564		14,686		(20,551)
NOI from partially owned entities	76,020		75,644		74,060		228,772		231,635
NOI attributable to noncontrolling interests in consolidated subsidiaries	(14,766)		(16,886)		(16,299)		(51,100)		(50,221)
NOI at share	297,089		255,271		288,946		870,293		754,946
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(1,419)		1,922		(4,275)		(8,824)		1,570
NOI at share - cash basis	$	295,670	$	257,193	$	284,671	$	861,469	$	756,516

- vi -

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 September 30,
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2022		2021		2022		2021		2022		2021		2022		2021		2022		2021
New York	$	360,033	$	316,643	$	(182,131)	$	(151,276)	$	177,902	$	165,367	$	(5,001)	$	3,258	$	172,901	$	168,625
Other	97,398		92,569		(39,465)		(61,423)		57,933		31,146		2,160		326		60,093		31,472
Consolidated total	457,431		409,212		(221,596)		(212,699)		235,835		196,513		(2,841)		3,584		232,994		200,097
Noncontrolling interests' share in consolidated subsidiaries	(55,024)		(30,945)		40,258		14,059		(14,766)		(16,886)		2,481		344		(12,285)		(16,542)
Our share of partially owned entities	122,357		120,422		(46,337)		(44,778)		76,020		75,644		(1,059)		(2,006)		74,961		73,638
Vornado's share	$	524,764	$	498,689	$	(227,675)	$	(243,418)	$	297,089	$	255,271	$	(1,419)	$	1,922	$	295,670	$	257,193

	For the Three Months Ended June 30, 2022
	Total Revenues		Operating Expenses		NOI		Non-cash Adjustments(1)		NOI - cash basis
New York	$	364,162	$	(176,572)	$	187,590	$	(11,117)	$	176,473
Other	89,332		(45,737)		43,595		1,730		45,325
Consolidated total	453,494		(222,309)		231,185		(9,387)		221,798
Noncontrolling interests' share in consolidated subsidiaries	(54,677)		38,378		(16,299)		7,679		(8,620)
Our share of partially owned entities	119,880		(45,820)		74,060		(2,567)		71,493
Vornado's share	$	518,697	$	(229,751)	$	288,946	$	(4,275)	$	284,671

	For the Nine Months Ended September 30,
	Total Revenues				Operating Expenses				NOI				Non-cash Adjustments(1)				NOI - cash basis
	2022		2021		2022		2021		2022		2021		2022		2021		2022		2021
New York	$	1,082,743	$	921,758	$	(536,238)	$	(468,294)	$	546,505	$	453,464	$	(33,563)	$	12,135	$	512,942	$	465,599
Other	270,312		246,372		(124,196)		(126,304)		146,116		120,068		4,578		(504)		150,694		119,564
Consolidated total	1,353,055		1,168,130		(660,434)		(594,598)		692,621		573,532		(28,985)		11,631		663,636		585,163
Noncontrolling interests' share in consolidated subsidiaries	(163,568)		(88,575)		112,468		38,354		(51,100)		(50,221)		24,795		(429)		(26,305)		(50,650)
Our share of partially owned entities	364,795		363,923		(136,023)		(132,288)		228,772		231,635		(4,634)		(9,632)		224,138		222,003
Vornado's share	$	1,554,282	$	1,443,478	$	(683,989)	$	(688,532)	$	870,293	$	754,946	$	(8,824)	$	1,570	$	861,469	$	756,516

________________________________

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

- vii -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 COMPARED TO SEPTEMBER 30, 2021 (unaudited)

(Amounts in thousands)

	Total			New York			theMART			555 California Street			Other
NOI at share for the three months ended September 30, 2022	$	297,089		$	241,154		$	35,769		$	16,092		$	4,074
Less NOI at share from:
Change in ownership interest in One Park Avenue	(2,106)			(2,106)			—			—			—
Dispositions	(88)			(88)			—			—			—
Development properties	(22,914)			(22,914)			—			—			—
Other non-same store income, net	(6,149)			(2,075)			—			—			(4,074)
Same store NOI at share for the three months ended September 30, 2022	$	265,832		$	213,971		$	35,769		$	16,092		$	—
NOI at share for the three months ended September 30, 2021	$	255,271		$	228,839		$	6,431		$	16,128		$	3,873
Less NOI at share from:
Dispositions	(2,754)			(2,754)			—			—			—
Development properties	(6,302)			(6,055)			—			(247)			—
Other non-same store income, net	(8,198)			(4,325)			—			—			(3,873)
Same store NOI at share for the three months ended September 30, 2021	$	238,017		$	215,705		$	6,431		$	15,881		$	—
Increase (decrease) in same store NOI at share	$	27,815		$	(1,734)		$	29,338		$	211		$	—
% increase (decrease) in same store NOI at share	11.7		%	(0.8)		%	456.2		%	1.3		%	0.0		%

- viii -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 COMPARED TO SEPTEMBER 30, 2021 (unaudited)

(Amounts in thousands)

	Total			New York			theMART			555 California Street			Other
NOI at share - cash basis for the three months ended September 30, 2022	$	295,670		$	237,692		$	36,772		$	16,926		$	4,280
Less NOI at share - cash basis from:
Change in ownership interest in One Park Avenue	(1,502)			(1,502)			—			—			—
Dispositions	(88)			(88)			—			—			—
Development properties	(15,796)			(15,796)			—			—			—
Other non-same store income, net	(6,573)			(2,293)			—			—			(4,280)
Same store NOI at share - cash basis for the three months ended September 30, 2022	$	271,711		$	218,013		$	36,772		$	16,926		$	—
NOI at share - cash basis for the three months ended September 30, 2021	$	257,193		$	229,622		$	8,635		$	14,745		$	4,191
Less NOI at share - cash basis from:
Dispositions	(3,436)			(3,436)			—			—			—
Development properties	(6,852)			(6,605)			—			(247)			—
Other non-same store income, net	(8,064)			(3,873)			—			—			(4,191)
Same store NOI at share - cash basis for the three months ended September 30, 2021	$	238,841		$	215,708		$	8,635		$	14,498		$	—
Increase in same store NOI at share - cash basis	$	32,870		$	2,305		$	28,137		$	2,428		$	—
% increase in same store NOI at share - cash basis	13.8		%	1.1		%	325.8		%	16.7		%	0.0		%

- ix -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 COMPARED TO SEPTEMBER 30, 2021 (unaudited)

(Amounts in thousands)

	Total			New York			theMART			555 California Street			Other
NOI at share for the nine months ended September 30, 2022	$	870,293		$	732,913		$	75,630		$	49,051		$	12,699
Less NOI at share from:
Change in ownership interest in One Park Avenue	(13,370)			(13,370)			—			—			—
Dispositions	(3,523)			(3,523)			—			—			—
Development properties	(65,440)			(65,440)			—			—			—
Other non-same store income, net	(17,910)			(5,211)			—			—			(12,699)
Same store NOI at share for the nine months ended September 30, 2022	$	770,050		$	645,369		$	75,630		$	49,051		$	—
NOI at share for the nine months ended September 30, 2021	$	754,946		$	651,015		$	42,950		$	48,230		$	12,751
Less NOI at share from:
Dispositions	(6,667)			(6,667)			—			—			—
Development properties	(23,207)			(22,359)			—			(848)			—
Hotel Pennsylvania (permanently closed on April 5, 2021)	12,677			12,677			—			—			—
Other non-same store income, net	(20,991)			(8,240)			—			—			(12,751)
Same store NOI at share for the nine months ended September 30, 2021	$	716,758		$	626,426		$	42,950		$	47,382		$	—
Increase in same store NOI at share	$	53,292		$	18,943		$	32,680		$	1,669		$	—
% increase in same store NOI at share	7.4		%	3.0		%	76.1		%	3.5		%	0.0		%

- x -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 COMPARED TO SEPTEMBER 30, 2021 (unaudited)

(Amounts in thousands)

	Total			New York			theMART			555 California Street			Other
NOI at share - cash basis for the nine months ended September 30, 2022	$	861,469		$	719,287		$	78,749		$	50,141		$	13,292
Less NOI at share - cash basis from:
Change in ownership interest in One Park Avenue	(10,111)			(10,111)			—			—			—
Dispositions	(3,732)			(3,732)			—			—			—
Development properties	(44,381)			(44,381)			—			—			—
Other non-same store income, net	(19,478)			(6,186)			—			—			(13,292)
Same store NOI at share - cash basis for the nine months ended September 30, 2022	$	783,767		$	654,877		$	78,749		$	50,141		$	—
NOI at share - cash basis for the nine months ended September 30, 2021	$	756,516		$	651,366		$	45,976		$	45,552		$	13,622
Less NOI at share - cash basis from:
Dispositions	(6,796)			(6,796)			—			—			—
Development properties	(24,430)			(23,582)			—			(848)			—
Hotel Pennsylvania (permanently closed on April 5, 2021)	12,723			12,723			—			—			—
Other non-same store income, net	(21,310)			(7,688)			—			—			(13,622)
Same store NOI at share - cash basis for the nine months ended September 30, 2021	$	716,703		$	626,023		$	45,976		$	44,704		$	—
Increase in same store NOI at share - cash basis	$	67,064		$	28,854		$	32,773		$	5,437		$	—
% increase in same store NOI at share - cash basis	9.4		%	4.6		%	71.3		%	12.2		%	0.0		%

- xi -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 COMPARED TO JUNE 30, 2022 (unaudited)

(Amounts in thousands)

	Total			New York			theMART			555 California Street			Other
NOI at share for the three months ended September 30, 2022	$	297,089		$	241,154		$	35,769		$	16,092		$	4,074
Less NOI at share from:
Dispositions	(88)			(88)			—			—			—
Development properties	(22,914)			(22,914)			—			—			—
Other non-same store income, net	(5,250)			(1,176)			—			—			(4,074)
Same store NOI at share for the three months ended September 30, 2022	$	268,837		$	216,976		$	35,769		$	16,092		$	—
NOI at share for the three months ended June 30, 2022	$	288,946		$	248,092		$	19,947		$	16,724		$	4,183
Less NOI at share from:
Dispositions	(1,628)			(1,628)			—			—			—
Development properties	(21,667)			(21,667)			—			—			—
Other non-same store income, net	(4,231)			(48)			—			—			(4,183)
Same store NOI at share for the three months ended June 30, 2022	$	261,420		$	224,749		$	19,947		$	16,724		$	—
Increase (decrease) in same store NOI at share	$	7,417		$	(7,773)		$	15,822		$	(632)		$	—
% increase (decrease) in same store NOI at share	2.8		%	(3.5)		%	79.3		%	(3.8)		%	0.0		%

- xii -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 COMPARED TO JUNE 30, 2022 (unaudited)

(Amounts in thousands)

	Total			New York			theMART			555 California Street			Other
NOI at share - cash basis for the three months ended September 30, 2022	$	295,670		$	237,692		$	36,772		$	16,926		$	4,280
Less NOI at share - cash basis from:
Dispositions	(88)			(88)			—			—			—
Development properties	(15,796)			(15,796)			—			—			—
Other non-same store income, net	(5,665)			(1,385)			—			—			(4,280)
Same store NOI at share - cash basis for the three months ended September 30, 2022	$	274,121		$	220,423		$	36,772		$	16,926		$	—
NOI at share - cash basis for the three months ended June 30, 2022	$	284,671		$	241,903		$	21,541		$	16,855		$	4,372
Less NOI at share - cash basis from:
Dispositions	(1,715)			(1,715)			—			—			—
Development properties	(14,657)			(14,657)			—			—			—
Other non-same store income, net	(4,715)			(343)			—			—			(4,372)
Same store NOI at share - cash basis for the three months ended June 30, 2022	$	263,584		$	225,188		$	21,541		$	16,855		$	—
Increase (decrease) in same store NOI at share - cash basis	$	10,537		$	(4,765)		$	15,231		$	71		$	—
% increase (decrease) in same store NOI at share - cash basis	4.0		%	(2.1)		%	70.7		%	0.4		%	0.0		%

- xiii -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)
	As of September 30, 2022
	Consolidated Debt, Net		Deferred Financing Costs, Net and Other		Consolidated Contractual Debt
Mortgages payable	$	5,831,769	$	51,246	$	5,883,015
Senior unsecured notes	1,191,322		8,678		1,200,000
$800 Million unsecured term loan	792,847		7,153		800,000
$2.5 Billion unsecured revolving credit facilities	575,000		—		575,000
	$	8,390,938	$	67,077	$	8,458,015

- xiv -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET INCOME TO EBITDAre (unaudited)

(Amounts in thousands)

	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2022
	2022		2021				2022		2021
Reconciliation of net income to EBITDAre (non-GAAP):
Net income	$	20,112	$	71,765	$	68,903	$	142,390	$	175,590
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries	3,792		(5,425)		826		(4,756)		(20,323)
Net income attributable to the Operating Partnership	23,904		66,340		69,729		137,634		155,267
EBITDAre adjustments at share:
Depreciation and amortization expense	156,985		130,164		141,498		437,798		373,403
Interest and debt expense	98,358		69,347		81,925		250,473		208,469
Income tax expense (benefit)	4,151		(25,414)		3,749		15,491		(20,557)
Real estate impairment losses	—		7,880		—		—		7,880
Net gain on sale of real estate	6		—		(27,978)		(28,523)		(3,052)
EBITDAre at share	283,404		248,317		268,923		812,873		721,410
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	14,449		15,968		15,303		53,649		52,721
EBITDAre (non-GAAP)	$	297,853	$	264,285	$	284,226	$	866,522	$	774,131

- xv -

NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2022
	2022		2021				2022		2021
EBITDAre (non-GAAP)	$	297,853	$	264,285	$	284,226	$	866,522	$	774,131
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(14,449)		(15,968)		(15,303)		(53,649)		(52,721)
Certain expense (income) items that impact EBITDAre:
Gain on sale of 220 CPS condominium unit(s) and ancillary amenities	—		(10,087)		(1,029)		(7,030)		(35,359)
Other	1,477		(1,249)		2,522		3,450		7,291
Total of certain expense (income) items that impact EBITDAre	1,477		(11,336)		1,493		(3,580)		(28,068)
EBITDAre, as adjusted (non-GAAP)	$	284,881	$	236,981	$	270,416	$	809,293	$	693,342

- xvi -

EX-99.3

INDEX
		Page
	FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS	3	-	6
	DEBT AND CAPITALIZATION
	Unsecured Notes Covenant Ratios and Credit Ratings	7
	Liquidity and Capitalization	8
	Net Debt to EBITDAre, As Adjusted / Debt Snapshot	9
	Hedging Instruments	10
	Consolidated Debt Maturities	11	-	12
	PROPERTY STATISTICS
	Top 15 Tenants	13
	Lease Expirations	14
	DEVELOPMENT ACTIVITY
	PENN District Active Development/Redevelopment Summary	15
	APPENDIX: NON-GAAP RECONCILIATIONS	i	-	v

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; and estimates of future capital expenditures. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. Currently, some of the factors are the ongoing adverse effect of the COVID-19 pandemic, the increase in interest rates and 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. The extent of the impact of the COVID-19 pandemic will continue to depend on future developments, including vaccination rates among the population, the efficacy and durability of vaccines against emerging variants, and governmental and tenant responses thereto, which continue to be uncertain but the 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 I of our Annual Report on Form 10-K for the year ended December 31, 2021. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Appendix of this supplemental package.

This supplemental package should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 and the Company’s Supplemental Operating and Financial Data package for the quarter ended September 30, 2022, both of which can be accessed at the Company’s website www.vno.com.

2

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

Third Quarter 2022 Financial Highlights

Net income attributable to common shareholders for the quarter ended September 30, 2022 was $7,769,000, or $0.04 per diluted share, compared to $37,689,000, or $0.20 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability, net income attributable to common shareholders, as adjusted (non-GAAP) for the quarter ended September 30, 2022 was $37,429,000, or $0.19 per diluted share, and $25,926,000, or $0.14 per diluted share for the prior year’s quarter.

EBITDAre, as adjusted (non-GAAP) for the quarter ended September 30, 2022 was $284,881,000, compared to $236,981,000 for the prior year’s quarter.

Liquidity

As of September 30, 2022, we have $3.3 billion of liquidity comprised of $977 million of cash and cash equivalents and restricted cash, $445 million of investments in U.S. Treasury bills and $1.9 billion available on our $2.5 billion revolving credit facilities.

PENN District Development

As of September 30, 2022, we have expended $1,795,105,000 of cash with an estimated $624,895,000 remaining to be spent across Farley, PENN 1, PENN 2, and PENN districtwide improvements. There can be no assurance that these projects will be completed, completed on schedule or within budget.

2022 Business Developments

Disposition Activity

220 Central Park South (“220 CPS”)

During the nine months ended September 30, 2022, we closed on the sale of one condominium unit and ancillary amenities at 220 CPS for net proceeds of $16,124,000 resulting in a financial statement net gain of $7,030,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $945,000 of income tax expense was recognized on our consolidated statements of income. From inception to September 30, 2022, we have closed on the sale of 107 units and ancillary amenities for net proceeds of $3,023,020,000 resulting in financial statement net gains of $1,124,285,000.

SoHo Properties

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

Center Building (33-00 Northern Boulevard)

On June 17, 2022, we sold the Center Building, an eight-story 498,000 square foot office building located at 33‑00 Northern Boulevard in Long Island City, New York, for $172,750,000. We realized net proceeds of $58,946,000 after repayment of the existing $100,000,000 mortgage loan and closing costs. In connection with the sale, we recognized a net gain of $15,213,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. The gain for tax purposes was approximately $74,000,000.

40 Fulton Street

On August 17, 2022, we entered into an agreement to sell 40 Fulton Street, a 251,000 square foot Manhattan office and retail building, for $102,000,000. We expect to close the sale in the fourth quarter of 2022 and recognize a net gain of approximately $33,000,000 after closing costs. The sale is subject to customary closing conditions. As of September 30, 2022, the $64,177,000 carrying value of the property was classified as held-for-sale and is included in "other assets" on our consolidated balance sheets.

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

3

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

2022 Business Developments - continued

Financing Activity

100 West 33rd Street

On June 15, 2022, we completed a $480,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot building comprised of 859,000 square feet of office space and 255,000 square feet of retail space. The interest-only loan bears a rate of SOFR plus 1.65% (4.64% as of September 30, 2022) through March 2024, increasing to SOFR plus 1.85% thereafter. The interest rate on the loan was swapped to a fixed rate of 5.06% through March 2024, and 5.26% through June 2027.The loan matures in June 2027, with two one-year extension options subject to debt service coverage ratio and loan-to-value tests. The loan replaces the previous $580,000,000 loan that bore interest at LIBOR plus 1.55% and was scheduled to mature in April 2024.

770 Broadway

On June 28, 2022, we completed a $700,000,000 refinancing of 770 Broadway, a 1.2 million square foot Class A Manhattan office building. The interest-only loan bears a rate of SOFR plus 2.25% (4.93% as of September 30, 2022) and matures in July 2024 with three one-year extension options (July 2027 as fully extended). The interest rate on the loan was swapped to a fixed rate of 4.98% through July 2027. The loan replaces the previous $700,000,000 loan that bore interest at SOFR plus 1.86% and was scheduled to mature in July 2022.

Unsecured Revolving Credit Facility

On June 30, 2022, we amended and extended one of our two revolving credit facilities. The $1.25 billion amended facility bears interest at a rate of SOFR plus 1.15% (4.18% as of September 30, 2022). The term of the facility was extended from March 2024 to December 2027, as fully extended. The facility fee is 25 basis points. On August 16, 2022, the interest rate on the $575,000,000 drawn on the facility was swapped to a fixed interest rate of 3.88% through August 2027. Our other $1.25 billion revolving credit facility matures in April 2026, as fully extended, and bears a rate of SOFR plus 1.19% with a facility fee of 25 basis points.

Unsecured Term Loan

On June 30, 2022, we extended our $800,000,000 unsecured term loan from February 2024 to December 2027. The extended loan bears interest at a rate of SOFR plus 1.30% (4.33% as of September 30, 2022) and is currently swapped to a fixed rate of 4.05%.

330 West 34th Street land owner joint venture

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

4

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

2022 Business Developments - continued

Financing Activity - continued

Interest Rate Hedging Activities

During the nine months ended September 30, 2022, we entered into $2.0 billion of interest rate swap arrangements and extended a $500,000,000 interest rate swap arrangement, reducing our variable rate debt at share as a percentage of our total debt at share to 27% from 47% (excluding our participation in the 150 West 34th Street mortgage loan). The exposure to LIBOR/SOFR index increases on our $2.8 billion of unswapped variable rate debt is partially mitigated over the next year by $2.0 billion of interest rate caps and by an increase in interest income on our cash, cash equivalents, restricted cash and investments in U.S. Treasury bills. See page 10 for further detail on our interest rate swap and cap arrangements.

The table below presents the interest rate swap arrangements entered into during the nine months ended September 30, 2022.

(Amounts in thousands)	Notional Amount		All-In Swapped Rate	Swap Expiration Date	Variable Rate Spread
770 Broadway mortgage loan	$	700,000	4.98%	07/27	S+225
Unsecured revolving credit facility	575,000		3.88%	08/27	S+115
Unsecured term loan(1)	50,000		4.04%	08/27	S+130
Unsecured term loan (effective 10/23)	500,000		4.39%	10/26	S+130
100 West 33rd Street mortgage loan	480,000		5.06%	06/27	S+165
888 Seventh Avenue mortgage loan(2)	200,000		4.66%	09/27	L+170

____________________

(1)Together with the existing $750,000 interest rate swap arrangement expiring October 2023, the $800,000 unsecured term loan balance currently bears interest at a fixed rate of 4.05%.

(2)The remaining $83,200 amortizing mortgage loan balance bears interest at a floating rate of LIBOR plus 1.70%.

5

FINANCIAL HIGHLIGHTS AND BUSINESS DEVELOPMENTS (unaudited)

Leasing Activity

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

For the Three Months Ended September 30, 2022

167,000 square feet of New York Office space (140,000 square feet at share) at an initial rent of $88.99 per square foot and a weighted average lease term of 5.8 years. The changes in the GAAP and cash mark-to-market rent on the 101,000 square feet of second generation space were positive 7.2% and positive 1.8%, respectively. Tenant improvements and leasing commissions were $16.21 per square foot per annum, or 18.2% of initial rent.

62,000 square feet of New York Retail space (57,000 square feet at share) at an initial rent of $242.89 per square foot and a weighted average lease term of 10.5 years. The changes in the GAAP and cash mark-to-market rent on the 36,000 square feet of second generation space were negative 55.8% and negative 49.3%, respectively. Tenant improvements and leasing commissions were $17.96 per square foot per annum, or 7.4% of initial rent.

67,000 square feet at theMART (all at share) at an initial rent of $52.20 per square foot and a weighted average lease term of 7.3 years. The changes in the GAAP and cash mark-to-market rent on the 38,000 square feet of second generation space were negative 3.1% and negative 7.4%, respectively. Tenant improvements and leasing commissions were $11.64 per square foot per annum, or 22.3% of initial rent.

154,000 square feet at 555 California (108,000 square feet at share) at an initial rent of $98.20 per square foot and a weighted average lease term of 5.6 years. The changes in the GAAP and cash mark-to-market rent on the 101,000 square feet of second generation space were positive 16.0% and positive 11.9%, respectively. Tenant improvements and leasing commissions were $4.73 per square foot per annum, or 4.8% of initial rent.

For the Nine Months Ended September 30, 2022

740,000 square feet of New York Office space (607,000 square feet at share) at an initial rent of $84.49 per square foot and a weighted average lease term of 9.2 years. The changes in the GAAP and cash mark-to-market rent on the 362,000 square feet of second generation space were positive 6.2% and positive 3.9%, respectively. Tenant improvements and leasing commissions were $12.09 per square foot per annum, or 14.3% of initial rent.

90,000 square feet of New York Retail space (85,000 square feet at share) at an initial rent of $262.88 per square foot and a weighted average lease term of 11.6 years. The changes in the GAAP and cash mark-to-market rent on the 42,000 square feet of second generation space were negative 38.3% and negative 34.2%, respectively. Tenant improvements and leasing commissions were $21.82 per square foot per annum, or 8.3% of initial rent.

275,000 square feet at theMART (all at share) at an initial rent of $51.78 per square foot and a weighted average lease term of 7.2 years. The changes in the GAAP and cash mark-to-market rent on the 221,000 square feet of second generation space were negative 4.5% and negative 4.6%, respectively. Tenant improvements and leasing commissions were $10.88 per square foot per annum, or 21.0% of initial rent.

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

6

UNSECURED NOTES COVENANT RATIOS AND CREDIT RATINGS (unaudited)
(Amounts in thousands)		As of
Unsecured Notes Covenant Ratios(1)	Required	September 30, 2022	June 30, 2022	March 31, 2022	December 31, 2021
Total outstanding debt/total assets(2)	Less than 65%	47%	47%	48%	47%
Secured debt/total assets	Less than 50%	32%	31%	33%	32%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50	2.53	3.02	3.29	3.00
Unencumbered assets/unsecured debt	Greater than 150%	354%	362%	360%	362%

Consolidated Unencumbered EBITDA(1) (non-GAAP):	Q3 2022 Annualized
New York	$	243,164
Other	105,588
Total	$	348,752

Credit Ratings(3):	Rating	Outlook
Moody’s	Baa3	Stable
S&P	BBB-	Stable
Fitch	BBB-	Negative

(1)	Our debt covenant ratios and consolidated unencumbered EBITDA are computed in accordance with the terms of our senior unsecured notes. The methodology used for these computations may differ significantly from similarly titled ratios and amounts of other companies. For additional information regarding the methodology used to compute these ratios and amounts, please see our filings with the SEC of our senior debt indentures and applicable prospectuses and prospectus supplements.
(2)	Total assets include EBITDA capped at 7.0% per the terms of our senior unsecured notes covenants.
(3)	Credit ratings are provided for informational purposes only and are not a recommendation to buy or sell our securities.

7

LIQUIDITY AND CAPITALIZATION (unaudited)

(Amounts in millions, except per share amounts)

Liquidity Snapshot(1)

(1)	Prior to June 30, 2022, the $1.25 billion revolving credit facility maturing in 2027, as fully extended, had full capacity of $1.5 billion.
(2)	The debt balances presented above represent contractual debt balances. See reconciliation on page iii in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of September 30, 2022.
(3)	Based on the Vornado Realty Trust (NYSE: VNO) September 30, 2022 quarter end closing common share price of $23.16.

Company capitalization(2):	Amount		% Total
Consolidated mortgages payable (at 100%)	$	5,883	41%
Unsecured debt (contractual)	2,575		18%
Perpetual preferred shares/units	1,223		8%
Equity(3)	4,822		33%
Total	14,503		100%
Pro rata share of debt of non-consolidated entities	2,719
Less: Noncontrolling interests' share of consolidated debt	(682)
Total at share	$	16,540

8

NET DEBT TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in millions)
	As of and For the Trailing Twelve Months Ended September 30, 2022			As of and For the Year Ended December 31,
				2021			2020			2019
Secured debt	$	5,883		$	6,099		$	5,608		$	5,670
Unsecured debt	2,575			2,575			1,825			1,775
Pro rata share of debt of non-consolidated entities	2,719			2,700			2,873			2,803
Less: Noncontrolling interests’ share of consolidated debt	(682)			(682)			(483)			(483)
Company’s pro rata share of total debt	$	10,495		$	10,692		$	9,823		$	9,765
% Unsecured debt	25%			24%			19%			18%
Company’s pro rata share of total debt	$	10,495		$	10,692		$	9,823		$	9,765
Less: Cash and cash equivalents, restricted cash and investments in U.S. Treasury bills	(1,422)			(1,930)			(1,730)			(1,242)			(1)
Less: Participation in 150 West 34th Street mortgage loan	(105)			(105)			(105)			(105)
Less: Projected cash proceeds from 220 Central Park South	(150)			(148)			(275)			(1,200)
Net debt	$	8,818		$	8,509		$	7,713		$	7,218
EBITDAre, as adjusted (non-GAAP)	$	1,065		$	949		$	910		$	1,136
Net debt / EBITDAre, as adjusted	8.3		x	9.0		x	8.5		x	6.4		x

______________________________

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

DEBT SNAPSHOT (unaudited)
(Amounts in millions)
	As of September 30, 2022
	Total			Variable				Fixed
(Contractual debt balances)	Amount		Weighted Average Interest Rate	Amount			Weighted Average Interest Rate	Amount		Weighted Average Interest Rate
Consolidated debt(1)	$	8,458	3.79%	$	2,313	(2)	4.35%	$	6,145	3.58%
Pro rata share of debt of non-consolidated entities	2,719		4.05%	1,272			4.42%	1,447		3.72%
Total	11,177		3.85%	3,585			4.37%	7,592		3.61%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)	(682)			(682)				—
Company's pro rata share of total debt	$	10,495	3.81%	$	2,903	(2)	4.33%	$	7,592	3.61%

________________________________

(1)See reconciliation on page iii in the Appendix of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of September 30, 2022.

(2)Includes our $105 million participation in the 150 West 34th Street mortgage loan.

9

HEDGING INSTRUMENTS AS OF SEPTEMBER 30, 2022 (unaudited)
(Amounts in thousands)
	Debt Information				Swap / Cap Information
	Balance at Share		Variable Rate Spread	Maturity Date(1)	Notional Amount at Share			All-In Swapped Rate	Swap Expiration Date
Interest Rate Swaps:
Consolidated:
555 California Street mortgage loan	$	840,000	L+193	05/28	$	840,000		2.26%	05/24
770 Broadway mortgage loan	700,000		S+225	07/27	700,000			4.98%	07/27
PENN 11 mortgage loan	500,000		L+195	10/25	500,000			2.23%	03/24
Unsecured revolving credit facility	575,000		S+115	12/27	575,000			3.88%	08/27
Unsecured term loan	800,000		S+130	12/27	800,000		(2)	4.05%	10/23
100 West 33rd Street mortgage loan	480,000		S+165	06/27	480,000			5.06%	06/27
888 Seventh Avenue mortgage loan	283,200		L+170	12/25	200,000			4.66%	09/27
4 Union Square South mortgage loan	120,000		S+150	08/25	100,000			3.74%	01/25
Unconsolidated:
640 Fifth Avenue mortgage loan	259,925		L+101	05/24	259,925			3.07%	05/23
731 Lexington Avenue - retail condominium mortgage loan	97,200		L+140	08/25	97,200			1.72%	05/25
50-70 West 93rd Street mortgage loan	41,667		L+153	12/24	41,168			3.14%	06/24
	$	4,696,992			4,593,293
Interest Rate Caps:								Index Strike Rate
Consolidated:
1290 Avenue of the Americas mortgage loan	$	665,000	L+151	11/28	665,000			4.00%	11/23
One Park Avenue mortgage loan	525,000		S+122	03/26	525,000			4.50%	03/23
150 West 34th Street mortgage loan	205,000		L+188	05/24	100,000		(3)	4.08%	12/22
606 Broadway mortgage loan	37,060		L+180	09/24	37,060			4.00%	09/24
Unconsolidated:
280 Park Avenue mortgage loan	600,000		L+173	09/24	600,000			4.08%	09/23
61 Ninth Avenue mortgage loan	75,543		S+146	01/26	75,543			4.39%	02/24
Fashion Centre Mall/Washington Tower mortgage loan	34,125		L+294	05/26	34,125			4.00%	05/24
50 West 57th Street mortgage loan	10,000		L+160	12/22	10,000			3.50%	12/22
	$	2,151,728			2,046,728		(4)
Fixed rate debt per loan agreements and Vornado’s $105 million participation in 150 West 34th Street mortgage loan					3,104,164
Variable rate debt not subject to interest rate swaps or caps					750,763		(4)
Total debt at share					$	10,494,948

________________________________

(1)Represents the extended maturity for certain loans in which we have the unilateral right to extend.

(2)Comprised of a $750,000 interest rate swap arrangement expiring October 2023 and a $50,000 interest rate swap arrangement expiring August 2027. In September 2022, we entered into a forward swap for $500,000 of the $800,000 unsecured term loan through October 2026, effective upon the October 2023 expiration of the $750,000 swap arrangement. Together with the existing $50,000 swap arrangement, commencing October 2023, $550,000 of the loan will bear interest at a blended fixed rate of 4.36%. The unswapped balance of the loan will bear interest at a floating rate of SOFR plus 1.30%.

(3)Excludes our $105,000 participation in the loan.

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

10

CONSOLIDATED DEBT MATURITIES (CONTRACTUAL BALANCES) (unaudited)

(Amounts in millions)

Consolidated Debt Maturity Schedule(1)

as of September 30, 2022

(Excludes pro rata share of JV debt)(2)

Consolidated (100%):
Secured	$	—		$	—		$	375		$	903		$	525		$	4,080
Unsecured	—			—			—			450			400			1,725
Total consolidated debt (100%)	$	—		$	—		$	375		$	1,353		$	925		$	5,805		(3)
% of total consolidated debt	—		%	—		%	4.4		%	16.0		%	10.9		%	68.7		%
Debt maturities at share:
Consolidated debt (100%)	$	—		$	—		$	375		$	1,353		$	925		$	5,805
Pro rata share of debt of non-consolidated entities	212			48			1,138			505			581			235
Less: Noncontrolling interests' share of consolidated debt	—			—			(37)			—			—			(645)
Total debt at share	$	212		$	48		$	1,476		$	1,858		$	1,506		$	5,395
% of total debt at share	2.0		%	0.5		%	14.1		%	17.7		%	14.3		%	51.4		%

_______________________________

(1)Represents the extended maturity for certain loans in which we have the unilateral right to extend. Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity. See the previous page for information on interest rate swap arrangements entered into as of September 30, 2022.

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

(3)Of the $1.3 billion floating rate debt expiring after 2026, $645 million is attributable to noncontrolling interests.

11

CONSOLIDATED DEBT MATURITIES AT 100% (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands)
Property	Maturity Date(1)	Spread over LIBOR/SOFR	Interest Rate(2)	2022		2023		2024			2025		2026		Thereafter		Total
Secured Debt:
435 Seventh Avenue	02/24	L+130	3.93%	$	—	$	—	$	95,696		$	—	$	—	$	—	$	95,696
150 West 34th Street	05/24	L+188	4.53%	—		—		205,000		(3)	—		—		—		205,000
606 Broadway (50.0% interest)	09/24	L+180	4.56%	—		—		74,119			—		—		—		74,119
4 Union Square South	08/25		3.78%	—		—		—			120,000		—		—		120,000
PENN 11	10/25		2.23%	—		—		—			500,000		—		—		500,000
888 Seventh Avenue	12/25		4.62%	—		—		—			283,200		—		—		283,200
One Park Avenue	03/26	S+122	4.07%	—		—		—			—		525,000		—		525,000
350 Park Avenue	01/27		3.92%	—		—		—			—		—		400,000		400,000
100 West 33rd Street	06/27		5.06%	—		—		—			—		—		480,000		480,000
770 Broadway	07/27		4.98%	—		—		—			—		—		700,000		700,000
555 California Street (70.0% interest)	05/28		3.01%	—		—		—			—		—		1,200,000		1,200,000
1290 Avenue of the Americas (70.0% interest)	11/28	L+151	4.32%	—		—		—			—		—		950,000		950,000
909 Third Avenue	04/31		3.23%	—		—		—			—		—		350,000		350,000
Total Secured Debt				—		—		374,815			903,200		525,000		4,080,000		5,883,015
Unsecured Debt:
Senior unsecured notes due 2025	01/25		3.50%	—		—		—			450,000		—		—		450,000
$1.25 Billion unsecured revolving credit facility	04/26	S+119	0.00%	—		—		—			—		—		—		—
Senior unsecured notes due 2026	06/26		2.15%	—		—		—			—		400,000		—		400,000
$1.25 Billion unsecured revolving credit facility	12/27		3.88%	—		—		—			—		—		575,000		575,000
$800 Million unsecured term loan	12/27		4.05%	—		—		—			—		—		800,000		800,000
Senior unsecured notes due 2031	06/31		3.40%	—		—		—			—		—		350,000		350,000
Total Unsecured Debt				—		—		—			450,000		400,000		1,725,000		2,575,000
Total Debt				$	—	$	—	$	374,815		$	1,353,200	$	925,000	$	5,805,000	$	8,458,015
Weighted average rate				0.00%		0.00%		4.39%			3.29%		3.24%		3.96%		3.79%
Fixed rate debt(4)				$	—	$	—	$	—		$	1,250,000	$	400,000	$	4,495,000	$	6,145,000
Fixed weighted average rate expiring				0.00%		0.00%		0.00%			3.19%		2.15%		3.82%		3.58%
Floating rate debt				$	—	$	—	$	374,815		$	103,200	$	525,000	$	1,310,000	$	2,313,015
Floating weighted average rate expiring				0.00%		0.00%		4.39%			4.42%		4.07%		4.44%		4.35%

________________________________

(1)Represents the extended maturity for certain loans in which we have the unilateral right to extend.

(2)Represents the interest rate in effect as of September 30, 2022 based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See page 10 for information on interest rate swap and interest rate cap arrangements entered into as of September 30, 2022.

(3)We hold a $105,000 participation in the mortgage loan which is included in “other assets” on our consolidated balance sheets.

(4)Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity. See page 10 for information on interest rate swap arrangements entered into as of September 30, 2022.

12

TOP 15 TENANTS (unaudited)
(Amounts in thousands, except square feet)
	Credit Ratings (Moody’s / S&P)(1)	Square Footage At Share	Annualized Escalated Rents At Share(2)		% of Total Annualized Escalated Rents At Share
Meta Platforms, Inc.	A1 / AA-	1,451,153	$	159,034	8.7	%
IPG and affiliates	Baa2/ BBB	967,552	66,863		3.6	%
New York University	Aa2/ AA-	685,290	45,013		2.5	%
Google/Motorola Mobility (guaranteed by Google)	Aa2/ AA+	759,446	41,220		2.2	%
Bloomberg L.P.	NR / NR	306,768	40,356		2.2	%
Equitable Financial Life Insurance Company	A1/ A+	336,644	35,530		1.9	%
Swatch Group USA	NR / NR	14,949	34,456		1.9	%
Yahoo Inc.	NR / NR	313,726	32,248		1.8	%
Amazon (including its Whole Foods subsidiary)	A1/ AA	312,694	30,092		1.6	%
Neuberger Berman Group LLC	Baa2/ BBB+	306,612	27,353		1.5	%
Madison Square Garden & Affiliates	NR / NR	412,551	25,741		1.4	%
AMC Networks, Inc.	Ba2 / BB	326,717	25,441		1.4	%
Bank of America	A2 / A-	247,459	24,412		1.3	%
Apple Inc.	Aaa / AA+	412,434	24,072		1.3	%
LVMH Brands	A1 / A+	65,060	22,952		1.3	%
					34.6	%

________________________________

(1)NR denotes “not rated.”

(2)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.

13

LEASE EXPIRATIONS (unaudited)

(Amounts in thousands)

Our Share of Square Feet of Expiring Leases
As of September 30, 2022

New York Office	205	1,375	964	698	1,244	1,188	974	1,171	677	894	425	4,847
New York Retail	9	150	138	40	82	34	27	50	155	88	55	395
theMart	302	250	235	414	290	190	679	111	29	294	160	157
555 California Street	—	6	70	274	238	65	112	116	106	—	5	188
Total	516	1,781	1,407	1,426	1,854	1,477	1,792	1,448	967	1,276	645	5,587
% of total	2.6%	8.8%	7.0%	7.1%	9.2%	7.3%	8.9%	7.2%	4.8%	6.3%	3.2%	27.6%

14

PENN DISTRICT
ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF SEPTEMBER 30, 2022 (unaudited)
(Amounts in thousands of dollars, except square feet)
		Property Rentable Sq. Ft.			Cash Amount Expended		Remaining Expenditures	Stabilization Year	Projected Incremental Cash Yield
Active PENN District Projects	Segment		Budget(1)
Farley (95% interest)	New York	846,000	1,120,000	(2)	1,069,131	(2)	50,869	2022		6.4%
PENN 2 - as expanded	New York	1,795,000	750,000		330,303		419,697	2025		9.0%
PENN 1 (including LIRR Concourse Retail)(3)	New York	2,546,000	450,000		354,828		95,172	N/A		12.2%	(3)(4)
Districtwide Improvements	New York	N/A	100,000		40,843		59,157	N/A		N/A
Total Active PENN District Projects			2,420,000		1,795,105		624,895			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)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.

(4)Projected to be achieved as pre-redevelopment leases roll; approximate average remaining lease term 3.6 years.

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

15

APPENDIX

NON-GAAP RECONCILIATIONS

i

NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended
	September 30,
	2022		2021
Net income attributable to common shareholders	$	7,769	$	37,689
Per diluted share	$	0.04	$	0.20
Certain expense (income) items that impact net income attributable to common shareholders:
Hotel Pennsylvania loss	$	26,613	$	6,492
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary)	3,776		1,688
Tax benefit recognized by our taxable REIT subsidiaries	—		(27,910)
After-tax net gain on sale of 220 CPS condominium unit(s) and ancillary amenities	—		(8,815)
Other	1,477		15,664
	31,866		(12,881)
Noncontrolling interests' share of above adjustments	(2,206)		1,118
Total of certain expense (income) items that impact net income attributable to common shareholders	$	29,660	$	(11,763)
Net income attributable to common shareholders, as adjusted (non-GAAP)	$	37,429	$	25,926
Per diluted share (non-GAAP)	$	0.19	$	0.14

ii

NON-GAAP RECONCILIATIONS CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)
	As of September 30, 2022
	Consolidated Debt, Net		Deferred Financing Costs, Net and Other		Consolidated Contractual Debt
Mortgages payable	$	5,831,769	$	51,246	$	5,883,015
Senior unsecured notes	1,191,322		8,678		1,200,000
$800 Million unsecured term loan	792,847		7,153		800,000
$2.5 Billion unsecured revolving credit facilities	575,000		—		575,000
	$	8,390,938	$	67,077	$	8,458,015

iii

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET INCOME (LOSS) TO EBITDAre (unaudited)

(Amounts in thousands)

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

	For the Three Months Ended September 30,				For the Trailing Twelve Months Ended		For the Year Ended December 31,
	2022		2021		September 30, 2022		2021		2020		2019
Reconciliation of net income (loss) to EBITDAre (non-GAAP):
Net income (loss)	$	20,112	$	71,765	$	174,353	$	207,553	$	(461,845)	$	3,334,262
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries	3,792		(5,425)		(8,447)		(24,014)		139,894		24,547
Net income (loss) attributable to the Operating Partnership	23,904		66,340		165,906		183,539		(321,951)		3,358,809
EBITDAre adjustments at share:
Depreciation and amortization expense	156,985		130,164		590,934		526,539		532,298		530,473
Interest and debt expense	98,358		69,347		339,120		297,116		309,003		390,139
Income tax expense (benefit)	4,151		(25,414)		26,235		(9,813)		36,253		103,917
Net gain (loss) on sale of real estate	6		—		(41,146)		(15,675)		—		(178,711)
Real estate impairment losses	—		7,880		—		7,880		236,286		32,001
Non-cash impairment loss on our investment in Fifth Avenue and Times Square JV, reversing a portion of the $2.559 billion gain recognized on the April 2019 transfer to the Joint Venture attributable to the GAAP required write-up of the retained interest	—		—		—		—		409,060		—
Net gain on transfer to Fifth Avenue and Times Square JV on April 18, 2019, net of $11,945 attributable to noncontrolling interests	—		—		—		—		—		(2,559,154)
EBITDAre at share	283,404		248,317		1,081,049		989,586		1,200,949		1,677,474
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	14,449		15,968		76,915		75,987		(91,155)		8,150
EBITDAre (non-GAAP)	$	297,853	$	264,285	$	1,157,964	$	1,065,573	$	1,109,794	$	1,685,624

iv

NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	For the Three Months Ended September 30,				For the Trailing Twelve Months Ended		For the Year Ended December 31,
	2022		2021		September 30, 2022		2021		2020		2019
EBITDAre (non-GAAP)	$	297,853	$	264,285	$	1,157,964	$	1,065,573	$	1,109,794	$	1,685,624
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(14,449)		(15,968)		(76,915)		(75,987)		91,155		(8,150)
Certain (income) expense items that impact EBITDAre:
Gain on sale of 220 CPS condominium unit(s) and ancillary amenities	—		(10,087)		(21,989)		(50,318)		(381,320)		(604,393)
Our share of (income) loss from real estate fund investments	(201)		(294)		(3,698)		(3,757)		63,114		48,808
Hotel Pennsylvania loss (income)	—		—		—		11,625		31,139		(8,264)
Mark-to-market decrease in PREIT common shares (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020)	—		—		—		—		4,938		21,649
Other	1,678		(955)		9,565		1,840		(8,527)		343
Total of certain expense (income) items that impact EBITDAre	1,477		(11,336)		(16,122)		(40,610)		(290,656)		(541,857)
EBITDAre, as adjusted (non-GAAP)	$	284,881	$	236,981	$	1,064,927	$	948,976	$	910,293	$	1,135,617

v

XML

Document and Entity Information	Oct. 31, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 31, 2022
Entity Registrant Name	VORNADO REALTY TRUST
Entity Incorporation, State or Country Code	MD
Entity File Number	001-11954
Entity Tax Identification Number	22-1657560
Entity Address, Address Line One	888 Seventh Avenue
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	894-7000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000899689
Amendment Flag	false
Vornado Realty L.P.
Entity Information [Line Items]
Entity Registrant Name	VORNADO REALTY LP
Entity Incorporation, State or Country Code	DE
Entity File Number	001-34482
Entity Tax Identification Number	13-3925979
Entity Central Index Key	0001040765
Amendment Flag	false
New York Stock Exchange | Common Shares of beneficial interest, $.04 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of beneficial interest, $.04 par value per share
Trading Symbol	VNO
Security Exchange Name	NYSE
New York Stock Exchange | 5.40% Series L
Entity Information [Line Items]
Title of 12(b) Security	5.40% Series L
Trading Symbol	VNO/PL
Security Exchange Name	NYSE
New York Stock Exchange | 5.25% Series M
Entity Information [Line Items]
Title of 12(b) Security	5.25% Series M
Trading Symbol	VNO/PM
Security Exchange Name	NYSE
New York Stock Exchange | 5.25% Series N
Entity Information [Line Items]
Title of 12(b) Security	5.25% Series N
Trading Symbol	VNO/PN
Security Exchange Name	NYSE
New York Stock Exchange | 4.45% Series O
Entity Information [Line Items]
Title of 12(b) Security	4.45% Series O
Trading Symbol	VNO/PO
Security Exchange Name	NYSE