Form 8-K

8-K — VORNADO REALTY TRUST

Accession: 0000899689-26-000048

Filed: 2026-08-03

Period: 2026-08-03

CIK: 0000899689

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — vno-20260803.htm (Primary)

EX-99.1 (vno-063026xxex991xearnings.htm)

EX-99.2 (vno-063026xex992xfinancial.htm)

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8-K

8-K (Primary)

Filename: vno-20260803.htm · Sequence: 1

vno-20260803

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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):

August 3, 2026

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 August 3, 2026, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the second quarter of 2026. 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 and 99.2, respectively, and are incorporated by reference herein.

Exhibits 99.1 and 99.2 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 August 3, 2026

99.2

Vornado Realty Trust supplemental operating and financial data for the quarter ended June 30, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: August 3, 2026

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: August 3, 2026

EX-99.1

Filename: vno-063026xxex991xearnings.htm · Sequence: 2

Document

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

Vornado Announces Second Quarter 2026 Financial Results

New York City | August 3, 2026

Vornado Realty Trust (NYSE: VNO) reported today:

Quarter Ended June 30, 2026 Financial Results

NET INCOME attributable to common shareholders for the quarter ended June 30, 2026 was $16,434,000, or $0.08 per diluted share, compared to $743,819,000, or $3.70 per diluted share, for the prior year's quarter. The decrease is primarily due to the $803,248,000 gain related to the 770 Broadway master lease with New York University ("NYU") during the three months ended June 30, 2025.

FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended June 30, 2026 was $144,078,000, or $0.74 per diluted share, compared to $120,928,000, or $0.60 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, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended June 30, 2026 was $131,073,000, or $0.67 per diluted share, and $113,324,000, or $0.56 per diluted share, for the prior year's quarter.

Six Months Ended June 30, 2026 Financial Results

NET LOSS attributable to common shareholders for the six months ended June 30, 2026 was $6,408,000, or $0.03 per diluted share, compared to net income attributable to common shareholders of $830,661,000, or $4.14 per diluted share, for the six months ended June 30, 2025. The decrease is primarily due to the $803,248,000 gain related to the 770 Broadway master lease with NYU during the six months ended June 30, 2025.

FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the six months ended June 30, 2026 was $240,391,000, or $1.22 per diluted share, compared to $256,028,000, or $1.27 per diluted share, for the six months ended June 30, 2025. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the six months ended June 30, 2026 was $234,241,000, or $1.19 per diluted share, and $239,628,000, or $1.19 per diluted share, for the six months ended June 30, 2025.

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PAGE 1 OF 17

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

June 30, For the Six Months Ended

June 30,

2026 2025 2026 2025

FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1)

$ 144,078 $ 120,928 $ 240,391 $ 256,028

Per diluted share (non-GAAP) $ 0.74 $ 0.60 $ 1.22 $ 1.27

Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:

606 Broadway debt extinguishment gain, net of noncontrolling interests $ (16,141) $ — $ (16,141) $ —

Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary) 2,679 3,337 5,663 6,542

Gain on sale of Canal Street residential condominium units — (8,362) — (10,337)

After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities — — — (11,110)

Other (656) (3,217) 3,797 (2,895)

(14,118) (8,242) (6,681) (17,800)

Noncontrolling interests' share of above adjustments on a dilutive basis 1,113 638 531 1,400

Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net $ (13,005) $ (7,604) $ (6,150) $ (16,400)

Per diluted share (non-GAAP) $ (0.07) $ (0.04) $ (0.03) $ (0.08)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) $ 131,073 $ 113,324 $ 234,241 $ 239,628

Per diluted share (non-GAAP) $ 0.67 $ 0.56 $ 1.19 $ 1.19

________________________________

(1)See page 10 for a reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and six months ended June 30, 2026 and 2025.

FFO, as Adjusted Bridge - Q2 2026 vs. Q2 2025

The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2025 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2026:

(Amounts in millions, except per share amounts) FFO, as Adjusted

Amount Per Share

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

Increase / (decrease) in FFO, as adjusted due to:

Rent commencements, net of lease expirations 13.3

Interest expense (primarily the 2033 senior unsecured notes) (10.2)

Impact of NYU master lease at 770 Broadway 8.9

Variable businesses (primarily signage) 8.0

Park Avenue Plaza 1.8

Other, net (2.3)

19.5

Noncontrolling interests' share of above items, impact of assumed conversions of convertible securities, and impact of share buyback (1.7)

Net increase 17.8 0.11

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2026 $ 131.1 $ 0.67

See page 10 for a reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and six months ended June 30, 2026 and 2025. 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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PAGE 2 OF 17

Acquisitions

Park Avenue Plaza

On June 11, 2026, we completed the purchase of a 49.0% interest in Park Avenue Plaza at a gross asset valuation of $1.1 billion ($950 per square foot). We acquired our interest subject to our share of the $575,000,000 loan encumbering the property. The loan bears interest at a fixed rate of 2.99% and matures in November 2031.

Park Avenue Plaza is a 45-story, 1,200,000 rentable square foot building located at 55 East 52nd Street. The office building, co-owned by Fisher Brothers, has protected Park Avenue views and occupies the full through-block between East 52nd and East 53rd Street.

Fisher Brothers retains its current 51.0% ownership interest and continues to manage and lease the property. Vornado and Fisher Brothers have joint control over major decisions.

3 East 54th Street

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

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

Dispositions

Alexander’s, Inc. (“Alexander’s”)

On May 28, 2026, Alexander’s, in which we own a 32.4% interest, completed the sale of its Rego Park I property for $235,500,000. As a result of the sale, we recognized our $44,329,000 share of the net gain and received a $2,355,000 sales commission paid by Alexander’s, of which $500,000 was paid to a third-party broker.

606 Broadway

On May 14, 2026, a 50.0% owned consolidated joint venture completed the sale of 606 Broadway. The purchaser acquired the non-recourse mortgage loan, which was in maturity default, at a discount and paid the joint venture $3,000,000 in cash ($2,400,000 to Vornado). The transaction resulted in a $32,073,000 gain on debt extinguishment, of which $15,932,000 is attributable to noncontrolling interests. The property was previously impaired in the fourth quarter of 2023, and had a carrying value of $52,073,000 as of the sale date.

Financing Activity

Senior Unsecured Notes Due 2026

We repaid our $400,000,000 2.15% senior unsecured notes on their June 1, 2026, maturity date.

61 Ninth Avenue

On May 8, 2026, a joint venture, in which we have a 45.1% interest, completed a $161,000,000 refinancing of 61 Ninth Avenue. The interest-only mortgage loan matures in June 2028, with a nine-month extension option subject to certain conditions, and bears interest at SOFR plus 3.00% in year one, SOFR plus 3.35% for year two, and SOFR plus 3.85% during the extension period. The refinancing replaced the joint venture’s prior $167,500,000 mortgage loan on the property. On February 2, 2026, the joint venture had extended that prior loan’s maturity by seven months and simultaneously paid down the principal balance by $12,500,000 to $155,000,000.

350 Park Avenue

On March 10, 2026, an affiliate of Kenneth C. Griffin (“KG”) provided a $400,000,000 mortgage loan secured by 350 Park Avenue, the proceeds of which were used to defease the existing $400,000,000 mortgage loan in connection with the site’s development. The new interest-only loan bears interest at a fixed rate of 4.00% and matures in January 2027. Concurrently, and in connection with the planned development, Citadel Enterprise Americas LLC vacated the building and assigned its existing master lease to an affiliate of KG as tenant, and the lease was amended to provide for net rent of $16,000,000 per annum, equal to the interest payments under the new mortgage loan.

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PAGE 3 OF 17

Financing Activity - continued

One Park Avenue

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

825 Seventh Avenue Office Condominium

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

7 West 34th Street

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

Senior Unsecured Notes Due 2033

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

2031 Revolving Credit Facility

On January 7, 2026, we completed a $1.105 billion refinancing of one of our two revolving credit facilities. On February 4, 2026, the facility was upsized to $1.130 billion. The $1.130 billion amended facility currently bears interest at a rate of SOFR plus 1.01% and is scheduled to mature in February 2031 (as fully extended). The facility fee is 24 basis points. The facility replaced the previous $1.25 billion revolving credit facility which was scheduled to mature in December 2027.

2029 Revolving Credit Facility

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

Unsecured Term Loan

On January 7, 2026, we completed a refinancing of our unsecured term loan and upsized the loan amount to $850,000,000. The loan bears interest at SOFR plus 1.15% and matures in February 2031 (as fully extended). The loan replaced the previous $800,000,000 term loan which bore interest at SOFR plus 1.25% and was scheduled to mature in December 2027.

888 Seventh Avenue

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

Share Repurchase Program

On April 29, 2026, Vornado announced that its Board of Trustees has authorized an additional repurchase of up to $300,000,000 of its outstanding common shares under the share repurchase plan. As of August 3, 2026, $286,590,000 remained available for repurchases.

During the three months ended June 30, 2026, we repurchased 1,787,090 common shares for $53,461,000 at an average price per share of $29.92.

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PAGE 4 OF 17

Leasing Activity

The leasing activity and related statistics in the tables below are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America (“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.

(Square feet in thousands) New York

555 California Street

Office Retail THE MART

Three Months Ended June 30, 2026

Total square feet leased 348 61 103 15

Our share of square feet leased: 307 36 103 10

Initial rent(1)

$ 107.24 $ 277.05 $ 54.12 $ 71.70

Weighted average lease term (years) 8.0 2.0 7.3 2.5

Second generation relet space:

Square feet 143 32 50 —

GAAP basis:

Straight-line rent(2)

$ 97.25 $ 265.77 $ 60.96 $ —

Prior straight-line rent $ 90.32 $ 237.00 $ 53.48 $ —

Percentage increase 7.7 % 12.1 % 14.0 % — %

Cash basis (non-GAAP):

Initial rent(1)

$ 101.48 $ 265.18 $ 61.63 $ —

Prior escalated rent $ 96.69 $ 251.40 $ 59.26 $ —

Percentage increase 5.0 % 5.5 % 4.0 % — %

Tenant improvements and leasing commissions:

Per square foot $ 113.69 $ 38.94 $ 96.27 $ 49.39

Per square foot per annum $ 14.21 $ 19.47 $ 13.19 $ 19.76

Percentage of initial rent 13.3 % 7.0 % 24.4 % 27.6 %

(Square feet in thousands) New York

555 California Street

Office Retail THE MART

Six Months Ended June 30, 2026

Total square feet leased 659 86 122 111

Our share of square feet leased: 550 49 122 77

Initial rent(1)

$ 105.14 $ 349.23 $ 56.59 $ 141.28

Weighted average lease term (years) 8.3 4.8 6.7 8.6

Second generation relet space:

Square feet 264 33 65 58

GAAP basis:

Straight-line rent(2)

$ 97.07 $ 286.88 $ 62.88 $ 178.18

Prior straight-line rent $ 88.66 $ 247.34 $ 56.76 $ 123.11

Percentage increase 9.5 % 16.0 % 10.8 % 44.7 %

Cash basis (non-GAAP):

Initial rent(1)

$ 101.75 $ 284.90 $ 63.69 $ 162.85

Prior escalated rent $ 95.02 $ 265.32 $ 62.14 $ 134.95

Percentage increase 7.1 % 7.4 % 2.5 % 20.7 %

Tenant improvements and leasing commissions:

Per square foot $ 125.80 $ 62.70 $ 85.90 $ 159.54

Per square foot per annum $ 15.16 $ 13.06 $ 12.82 $ 18.55

Percentage of initial rent 14.4 % 3.7 % 22.7 % 13.1 %

_______________________________

(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.

Occupancy

(At Vornado's share) New York THE MART 555 California Street

Total Office Retail

Occupancy as of June 30, 2026 90.8 % 92.2 % 77.8 % 80.4 % 87.5 %

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PAGE 5 OF 17

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

Total New York

THE MART(2)

555 California Street

Same store NOI at share % increase (decrease)(1):

Three months ended June 30, 2026 compared to June 30, 2025 9.8 % 11.9 % 9.1 % (14.3) %

Six months ended June 30, 2026 compared to June 30, 2025 8.1 % 10.5 % 5.7 % (17.9) %

Three months ended June 30, 2026 compared to March 31, 2026 8.3 % 3.8 % 71.8 % 8.8 %

Same store NOI at share - cash basis % increase (decrease)(1):

Three months ended June 30, 2026 compared to June 30, 2025 2.9 % 6.2 % 15.1 % (48.6) % (3)

Six months ended June 30, 2026 compared to June 30, 2025 0.8 % 4.7 % 9.3 % (49.9) % (3)

Three months ended June 30, 2026 compared to March 31, 2026 5.6 % 0.4 % 63.8 % 1.2 %

____________________

(1)See pages 12 through 17 for same store NOI at share and same store NOI at share - cash basis reconciliations.

(2)The three months ended June 30, 2026 and 2025 include the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment.

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

NOI At Share and NOI At Share - Cash Basis:

The elements of our New York and Other NOI at share and NOI at share - cash basis for the three and six months ended June 30, 2026 and 2025 and the three months ended March 31, 2026 are summarized below.

(Amounts in thousands) For the Three Months Ended For the Six Months Ended

June 30,

June 30, March 31, 2026

2026 2025 2026 2025

NOI at share:

New York:

Office (includes base retail)(1)(2)

$ 183,424 $ 170,935 $ 174,943 $ 358,367 $ 364,485

Street Retail(1)

52,533 44,492 46,686 99,219 88,062

Residential 6,695 6,362 6,996 13,691 12,554

Alexander's 9,046 8,315 7,924 16,970 17,824

Total New York 251,698 230,104 236,549 488,247 482,925

Other:

THE MART(3)

27,299 25,197 15,890 43,189 41,113

555 California Street 14,850 18,686 13,651 28,501 36,529

Other investments 10,217 3,686 6,033 16,250 10,396

Total Other 52,366 47,569 35,574 87,940 88,038

NOI at share $ 304,064 $ 277,673 $ 272,123 $ 576,187 $ 570,963

NOI at share - cash basis:

New York:

Office (includes base retail)(1)(2)(4)

$ 155,899 $ 124,268 $ 151,963 $ 307,862 $ 293,514

Street Retail(1)

49,754 42,764 41,239 90,993 84,453

Residential 6,354 5,990 6,571 12,925 11,838

Alexander's 2,950 9,344 8,756 11,706 19,882

Total New York 214,957 182,366 208,529 423,486 409,687

Other:

THE MART(3)

28,873 25,258 17,625 46,498 42,775

555 California Street 8,962 20,684 8,859 17,821 38,821

Other investments 10,391 3,411 6,044 16,435 9,807

Total Other 48,226 49,353 32,528 80,754 91,403

NOI at share - cash basis $ 263,183 $ 231,719 $ 241,057 $ 504,240 $ 501,090

________________________________

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

(2)Includes Building Maintenance Services NOI of $7,306, $7,584, $10,170, $17,476 and $14,520 for the three months ended June 30, 2026 and 2025 and March 31, 2026 and the six months ended June 30, 2026 and 2025, respectively.

(3)The three months ended June 30, 2026 and 2025 include the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment.

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

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PAGE 6 OF 17

Active Development/Redevelopment Summary as of June 30, 2026:

(Amounts in thousands, except square feet)

(at Vornado’s share) Projected Incremental

Cash Yield

Active Development Projects: Property

Rentable

Sq. Ft. Budget Cash Amount

Expended Remaining Expenditures

Projected Leasing Stabilization Year

623 Fifth Avenue office condominium 383,000 $ 450,000

(1)

$ 244,255 $ 205,745 2028 10.1%

________________________________

(1)Includes purchase price.

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

Conference Call and Audio Webcast

As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, August 4, 2026 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 888-317-6003 (domestic) or 412-317-6061 (international) and entering the passcode 0217387. 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 future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this 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; estimates of future rents, 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. 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, 2025.

NYSE: VNO | WWW.VNO.COM

PAGE 7 OF 17

VORNADO REALTY TRUST

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands) As of Increase

(Decrease)

June 30, 2026 December 31, 2025

ASSETS

Real estate, at cost:

Land $ 2,357,135 $ 2,408,914 $ (51,779)

Buildings and improvements 11,083,517 10,942,418 141,099

Development costs and construction in progress 1,012,045 890,143 121,902

Leasehold improvements and equipment 109,117 105,080 4,037

Total 14,561,814 14,346,555 215,259

Less accumulated depreciation and amortization (4,411,617) (4,191,075) (220,542)

Real estate, net 10,150,197 10,155,480 (5,283)

Right-of-use assets 668,171 671,308 (3,137)

Net investment in lease 166,450 166,024 426

Cash, cash equivalents, and restricted cash

Cash and cash equivalents 675,353 840,850 (165,497)

Restricted cash 113,567 136,696 (23,129)

Total 788,920 977,546 (188,626)

Tenant and other receivables 97,552 77,137 20,415

Investments in partially owned entities 2,229,224 1,941,278 287,946

Receivable arising from the straight-lining of rents 803,848 752,545 51,303

Deferred leasing costs, net 379,374 374,620 4,754

Identified intangible assets, net 106,820 110,593 (3,773)

Other assets 220,612 294,587 (73,975)

Total assets $ 15,611,168 $ 15,521,118 $ 90,050

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Liabilities:

Mortgages payable, net $ 4,844,730 $ 4,920,669 $ (75,939)

Senior unsecured notes, net 841,940 747,202 94,738

Unsecured term loan, net 840,030 797,337 42,693

Unsecured revolving credit facilities 918,000 720,420 197,580

Lease liabilities 696,225 699,640 (3,415)

Accounts payable and accrued expenses 354,074 376,190 (22,116)

Deferred compensation plan 98,746 113,778 (15,032)

Other liabilities 320,452 341,359 (20,907)

Total liabilities 8,914,197 8,716,595 197,602

Redeemable noncontrolling interests 733,687 647,951 85,736

Shareholders' equity 5,787,587 5,986,727 (199,140)

Noncontrolling interests in consolidated subsidiaries 175,697 169,845 5,852

Total liabilities, redeemable noncontrolling interests and equity $ 15,611,168 $ 15,521,118 $ 90,050

NYSE: VNO | WWW.VNO.COM

PAGE 8 OF 17

VORNADO REALTY TRUST

OPERATING RESULTS

(Amounts in thousands, except per share amounts) For the Three Months Ended

June 30, For the Six Months Ended

June 30,

2026 2025 2026 2025

Revenues $ 462,242 $ 441,437 $ 921,347 $ 903,016

Net income $ 39,196 $ 813,227 $ 17,170 $ 913,051

Less net (income) loss attributable to noncontrolling interests in:

Consolidated subsidiaries (5,748) 10,981 6,942 21,414

Operating Partnership (1,489) (64,863) 530 (72,752)

Net income attributable to Vornado 31,959 759,345 24,642 861,713

Preferred share dividends (15,525) (15,526) (31,050) (31,052)

Net income (loss) attributable to common shareholders $ 16,434 $ 743,819 $ (6,408) $ 830,661

Income (loss) per common share - basic:

Net income (loss) per common share $ 0.09 $ 3.87 $ (0.03) $ 4.33

Weighted average shares outstanding 187,279 191,984 188,462 191,680

Income (loss) per common share - diluted:

Net income (loss) per common share $ 0.08 $ 3.70 $ (0.03) $ 4.14

Weighted average shares outstanding 194,201 201,066 188,462 200,927

FFO attributable to common shareholders plus assumed conversions (non-GAAP) $ 144,078 $ 120,928 $ 240,391 $ 256,028

Per diluted share (non-GAAP) $ 0.74 $ 0.60 $ 1.22 $ 1.27

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) $ 131,073 $ 113,324 $ 234,241 $ 239,628

Per diluted share (non-GAAP) $ 0.67 $ 0.56 $ 1.19 $ 1.19

Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share 195,722 201,042 196,578 200,927

FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. 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 (loss) 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 2 of this press release.

NYSE: VNO | WWW.VNO.COM

PAGE 9 OF 17

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS

The following table reconciles net income (loss) 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

June 30, For the Six Months Ended

June 30,

2026 2025 2026 2025

Net income (loss) attributable to common shareholders $ 16,434 $ 743,819 $ (6,408) $ 830,661

Per diluted share $ 0.08 $ 3.70 $ (0.03) $ 4.14

FFO adjustments:

Depreciation and amortization of real property $ 157,776 $ 103,142 $ 263,162 $ 207,399

Gain on sales-type lease — (803,248) — (803,248)

Real estate impairment losses — 542 — 542

Our share of partially owned entities:

Depreciation and amortization of real property 25,274 24,107 49,062 48,632

Net gains on sale of real estate (44,930) (2,527) (44,930) (79,535)

FFO adjustments, net 138,120 (677,984) 267,294 (626,210)

Impact of assumed conversion of dilutive convertible securities 383 385 767 735

Noncontrolling interests' share of above adjustments on a dilutive basis (10,859) 54,708 (21,262) 50,842

FFO attributable to common shareholders plus assumed conversions (non-GAAP) $ 144,078 $ 120,928 $ 240,391 $ 256,028

Per diluted share $ 0.74 $ 0.60 $ 1.22 $ 1.27

Reconciliation of weighted average shares outstanding:

Weighted average common shares outstanding 187,279 191,984 188,462 191,680

Effect of dilutive securities:

Share-based payment awards 6,922 7,740 6,529 7,951

Convertible securities 1,521 1,318 1,587 1,296

Denominator for FFO per diluted share 195,722 201,042 196,578 200,927

NYSE: VNO | WWW.VNO.COM

PAGE 10 OF 17

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below is a reconciliation of net income (loss) to NOI at share and NOI at share - cash basis for the three and six months ended June 30, 2026 and 2025 and the three months ended March 31, 2026.

(Amounts in thousands) For the Three Months Ended For the Six Months Ended

June 30,

June 30, March 31, 2026

2026 2025 2026 2025

Net income (loss) $ 39,196 $ 813,227 $ (22,026) $ 17,170 $ 913,051

Depreciation and amortization expense 171,228 115,574 118,528 289,756 231,729

General and administrative expense 39,100 39,978 42,245 81,345 78,575

Transaction related costs and other 173 721 762 935 764

Income from partially owned entities (63,195) (16,671) (12,822) (76,017) (113,648)

Interest and other investment income, net (8,989) (11,056) (9,327) (18,316) (19,317)

Interest and debt expense 89,582 87,929 89,206 178,788 183,745

Gain on debt extinguishment (32,073) — — (32,073) —

Gain on sales-type lease — (803,248) — — (803,248)

Net gains on disposition of wholly owned and partially owned assets — (8,488) — — (24,039)

Income tax expense 3,571 4,123 5,908 9,479 11,316

NOI from partially owned entities 76,638 66,227 68,308 144,946 133,338

NOI attributable to noncontrolling interests in consolidated subsidiaries (11,167) (10,643) (8,659) (19,826) (21,303)

NOI at share 304,064 277,673 272,123 576,187 570,963

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (40,881) (45,954) (31,066) (71,947) (69,873)

NOI at share - cash basis $ 263,183 $ 231,719 $ 241,057 $ 504,240 $ 501,090

NOI at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We consider NOI at share to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the 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 11 OF 17

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, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We use these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store NOI at share and same store NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the three months ended June 30, 2026 compared to June 30, 2025.

(Amounts in thousands) Total New York THE MART 555 California Street Other

NOI at share for the three months ended June 30, 2026 $ 304,064 $ 251,698 $ 27,299 $ 14,850 $ 10,217

Less NOI at share from:

Acquisitions (2,695) (2,695) — — —

Dispositions 437 436 1 — —

Development properties (4,603) (4,603) — — —

Other non-same store income, net (21,614) (11,397) — — (10,217)

Same store NOI at share for the three months ended June 30, 2026 $ 275,589 $ 233,439 $ 27,300 $ 14,850 $ —

NOI at share for the three months ended June 30, 2025 $ 277,673 $ 230,104 $ 25,197 $ 18,686 $ 3,686

Less NOI at share from:

Dispositions (1,007) (833) (174) — —

Development properties (14,343) (14,343) — — —

Other non-same store income, net (11,334) (6,281) — (1,367) (3,686)

Same store NOI at share for the three months ended June 30, 2025 $ 250,989 $ 208,647 $ 25,023 $ 17,319 $ —

Increase (decrease) in same store NOI at share $ 24,600 $ 24,792 $ 2,277 $ (2,469) $ —

% increase (decrease) in same store NOI at share 9.8 % 11.9 % 9.1 % (14.3) % — %

NYSE: VNO | WWW.VNO.COM

PAGE 12 OF 17

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, THE MART, 555 California Street and other investments for the three months ended June 30, 2026 compared to June 30, 2025.

(Amounts in thousands) Total New York THE MART 555 California Street Other

NOI at share - cash basis for the three months ended June 30, 2026 $ 263,183 $ 214,957 $ 28,873 $ 8,962 $ 10,391

Less NOI at share - cash basis from:

Acquisitions (1,544) (1,544) — — —

Dispositions 437 436 1 — —

Development properties (3,786) (3,786) — — —

Other non-same store income, net (27,450) (17,059) — — (10,391)

Same store NOI at share - cash basis for the three months ended June 30, 2026 $ 230,840 $ 193,004 $ 28,874 $ 8,962 $ —

NOI at share - cash basis for the three months ended June 30, 2025 $ 231,719 $ 182,366 $ 25,258 $ 20,684 $ 3,411

Less NOI at share - cash basis from:

Dispositions (1,099) (925) (174) — —

Development properties (13,992) (13,992) — — —

Other non-same store expense (income), net 7,692 14,363 — (3,260) (3,411)

Same store NOI at share - cash basis for the three months ended June 30, 2025 $ 224,320 $ 181,812 $ 25,084 $ 17,424 $ —

Increase (decrease) in same store NOI at share - cash basis $ 6,520 $ 11,192 $ 3,790 $ (8,462) $ —

% increase (decrease) in same store NOI at share - cash basis 2.9 % 6.2 % 15.1 % (48.6) % — %

NYSE: VNO | WWW.VNO.COM

PAGE 13 OF 17

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, THE MART, 555 California Street and other investments for the six months ended June 30, 2026 compared to June 30, 2025.

(Amounts in thousands) Total New York THE MART 555 California Street Other

NOI at share for the six months ended June 30, 2026 $ 576,187 $ 488,247 $ 43,189 $ 28,501 $ 16,250

Less NOI at share from:

Acquisitions (2,532) (2,532) — — —

Dispositions 1,118 1,117 1 — —

Development properties (5,721) (5,721) — — —

Other non-same store income, net (33,548) (17,298) — — (16,250)

Same store NOI at share for the six months ended June 30, 2026 $ 535,504 $ 463,813 $ 43,190 $ 28,501 $ —

NOI at share for the six months ended June 30, 2025 $ 570,963 $ 482,925 $ 41,113 $ 36,529 $ 10,396

Less NOI at share from:

Dispositions (2,340) (2,098) (242) — —

Development properties (23,624) (23,624) — — —

Other non-same store income, net (49,735) (37,517) — (1,822) (10,396)

Same store NOI at share for the six months ended June 30, 2025 $ 495,264 $ 419,686 $ 40,871 $ 34,707 $ —

Increase (decrease) in same store NOI at share $ 40,240 $ 44,127 $ 2,319 $ (6,206) $ —

% increase (decrease) in same store NOI at share 8.1 % 10.5 % 5.7 % (17.9) % — %

NYSE: VNO | WWW.VNO.COM

PAGE 14 OF 17

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, THE MART, 555 California Street and other investments for the six months ended June 30, 2026 compared to June 30, 2025.

(Amounts in thousands) Total New York THE MART 555 California Street Other

NOI at share - cash basis for the six months ended June 30, 2026 $ 504,240 $ 423,486 $ 46,498 $ 17,821 $ 16,435

Less NOI at share - cash basis from:

Acquisitions (1,365) (1,365) — — —

Dispositions 1,118 1,117 1 — —

Development properties (3,260) (3,260) — — —

Other non-same store income, net (46,246) (29,811) — — (16,435)

Same store NOI at share - cash basis for the six months ended June 30, 2026 $ 454,487 $ 390,167 $ 46,499 $ 17,821 $ —

NOI at share - cash basis for the six months ended June 30, 2025 $ 501,090 $ 409,687 $ 42,775 $ 38,821 $ 9,807

Less NOI at share - cash basis from:

Dispositions (2,528) (2,284) (244) — —

Development properties (23,381) (23,381) — — —

Other non-same store income, net (24,368) (11,301) — (3,260) (9,807)

Same store NOI at share - cash basis for the six months ended June 30, 2025 $ 450,813 $ 372,721 $ 42,531 $ 35,561 $ —

Increase (decrease) in same store NOI at share - cash basis $ 3,674 $ 17,446 $ 3,968 $ (17,740) $ —

% increase (decrease) in same store NOI at share - cash basis 0.8 % 4.7 % 9.3 % (49.9) % — %

NYSE: VNO | WWW.VNO.COM

PAGE 15 OF 17

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

(Amounts in thousands) Total New York THE MART 555 California Street Other

NOI at share for the three months ended June 30, 2026 $ 304,064 $ 251,698 $ 27,299 $ 14,850 $ 10,217

Less NOI at share from:

Acquisitions (2,875) (2,875) — — —

Dispositions 437 436 1 — —

Development properties (8,769) (8,769) — — —

Other non-same store income, net (18,874) (8,657) — — (10,217)

Same store NOI at share for the three months ended June 30, 2026 $ 273,983 $ 231,833 $ 27,300 $ 14,850 $ —

NOI at share for the three months ended March 31, 2026 $ 272,123 $ 236,549 $ 15,890 $ 13,651 $ 6,033

Less NOI at share from:

Dispositions 682 681 1 — —

Development properties (10,288) (10,288) — — —

Other non-same store income, net (9,578) (3,545) — — (6,033)

Same store NOI at share for the three months ended March 31, 2026 $ 252,939 $ 223,397 $ 15,891 $ 13,651 $ —

Increase in same store NOI at share $ 21,044 $ 8,436 $ 11,409 $ 1,199 $ —

% increase in same store NOI at share 8.3 % 3.8 % 71.8 % 8.8 % — %

NYSE: VNO | WWW.VNO.COM

PAGE 16 OF 17

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

(Amounts in thousands) Total New York THE MART 555 California Street Other

NOI at share - cash basis for the three months ended June 30, 2026 $ 263,183 $ 214,957 $ 28,873 $ 8,962 $ 10,391

Less NOI at share - cash basis from:

Acquisitions (1,723) (1,723) — — —

Dispositions 437 436 1 — —

Development properties (8,053) (8,053) — — —

Other non-same store income, net (24,948) (14,557) — — (10,391)

Same store NOI at share - cash basis for the three months ended June 30, 2026 $ 228,896 $ 191,060 $ 28,874 $ 8,962 $ —

NOI at share - cash basis for the three months ended March 31, 2026 $ 241,057 $ 208,529 $ 17,625 $ 8,859 $ 6,044

Less NOI at share - cash basis from:

Dispositions 682 681 1 — —

Development properties (8,293) (8,293) — — —

Other non-same store income, net (16,627) (10,583) — — (6,044)

Same store NOI at share - cash basis for the three months ended March 31, 2026 $ 216,819 $ 190,334 $ 17,626 $ 8,859 $ —

Increase in same store NOI at share - cash basis $ 12,077 $ 726 $ 11,248 $ 103 $ —

% increase in same store NOI at share - cash basis 5.6 % 0.4 % 63.8 % 1.2 % — %

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EX-99.2

Filename: vno-063026xex992xfinancial.htm · Sequence: 3

Document

INDEX

Page

BUSINESS DEVELOPMENTS

FINANCIAL INFORMATION

Financial Highlights

FFO, As Adjusted Bridge

Net Operating Income, EBITDAre, FFO and FAD

Consolidated Balance Sheets

Net Income (Loss) Attributable to Common Shareholders (Consolidated and by Segment)

Net Operating Income at Share and Net Operating Income at Share - Cash Basis by Segment and Subsegment

Same Store NOI at Share and Same Store NOI at Share - Cash Basis

LEASING ACTIVITY AND LEASE EXPIRATIONS

Leasing Activity

- 15

Lease Expirations

CAPITAL EXPENDITURES AND RE/DEVELOPMENT

DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES

UNCONSOLIDATED JOINT VENTURES

- 22

DEBT AND CAPITALIZATION

Debt Analysis

Corporate Covenant Ratios and Credit Ratings

Capital Structure

Debt Maturities

Debt Detail (Consolidated and Unconsolidated)

Hedging Instruments

PROPERTY STATISTICS

Top 30 Tenants

Square Footage

Occupancy and Residential Statistics

Ground Leases

Property Table

EXECUTIVE OFFICERS AND RESEARCH COVERAGE

APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS

Definitions

Reconciliations

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2025. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include Funds From Operations ("FFO"), Funds Available for Distribution ("FAD"), Net Operating Income ("NOI") and Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this supplemental package on page i in the Appendix.

This supplemental package should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 which can be accessed at the Company’s website www.vno.com.

- 2 -

BUSINESS DEVELOPMENTS

Acquisitions

Park Avenue Plaza

Park Avenue Plaza is a 45-story, 1.2 million rentable square foot building located at 55 East 52nd Street. The office building, co-owned by Fisher Brothers, has protected Park Avenue views and occupies the full through-block between East 52nd and East 53rd Street.

Fisher Brothers retains its current 51.0% ownership interest and continues to manage and lease the property. Vornado and Fisher Brothers have joint control over major decisions.

3 East 54th Street

Dispositions

Alexander’s, Inc. (“Alexander’s”)

606 Broadway

Financing Activity

Senior Unsecured Notes Due 2026

We repaid our $400,000,000 2.15% senior unsecured notes on their June 1, 2026, maturity date.

61 Ninth Avenue

On May 8, 2026, a joint venture, in which we have a 45.1% interest, completed a $161,000,000 refinancing of 61 Ninth Avenue. The interest-only mortgage loan matures in June 2028, with a nine-month extension option subject to certain conditions, and bears interest at SOFR plus 3.00% in year one, SOFR plus 3.35% for year two, and SOFR plus 3.85% during the extension period. The refinancing replaced the joint venture’s prior $167,500,000 mortgage loan on the property. On February 2, 2026, the joint venture extended the prior loan’s maturity by seven months and simultaneously paid down the principal balance by $12,500,000 to $155,000,000.

350 Park Avenue

On March 10, 2026, an affiliate of Kenneth C. Griffin (“KG”) provided a $400,000,000 mortgage loan secured by 350 Park Avenue, the proceeds of which were used to defease the existing $400,000,000 mortgage loan in connection with the site’s development. The new interest-only loan bears interest at a fixed rate of 4.00% and matures in January 2027. Concurrently, and in connection with the planned development, Citadel Enterprise Americas LLC (“Citadel”) vacated the building and assigned its existing master lease to an affiliate of KG as tenant, and the lease was amended to provide for net rent of $16,000,000 per annum, equal to the interest payments under the new mortgage loan.

- 3 -

BUSINESS DEVELOPMENTS

Financing Activity - continued

One Park Avenue

825 Seventh Avenue Office Condominium

7 West 34th Street

Senior Unsecured Notes Due 2033

2031 Revolving Credit Facility

2029 Revolving Credit Facility

Unsecured Term Loan

888 Seventh Avenue

Share Repurchase Program

During the three months ended June 30, 2026, we repurchased 1,787,090 common shares for $53,461,000 at an average price per share of $29.92.

- 4 -

FINANCIAL HIGHLIGHTS (unaudited)

(Amounts in thousands, except per share amounts) For the Three Months Ended or As Of

Earnings and Earnings Per Share 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025

Net income (loss) attributable to common shareholders $ 16,434 $ (22,842) $ 601 $ 11,589 $ 743,819

Per diluted share 0.08 (0.12) — 0.06 3.70

FFO attributable to common shareholders plus assumed conversions (non-GAAP) 144,078 96,263 112,927 117,372 120,928

Per diluted share (non-GAAP) 0.74 0.49 0.56 0.58 0.60

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) 131,073 103,109 110,873 114,535 113,324

Per diluted share (non-GAAP) 0.67 0.52 0.55 0.57 0.56

EBITDAre attributable to the Operating Partnership (non-GAAP) 279,919 245,369 263,084 253,698 267,254

EBITDAre attributable to the Operating Partnership, as adjusted (non-GAAP) 279,451 247,798 254,805 253,758 257,583

Common Share Price & Dividends (NYSE:VNO)

High Price $ 39.80 $ 34.83 $ 41.85 $ 43.37 $ 41.95

Low Price 24.93 24.57 32.61 35.22 29.68

Closing price - end of quarter 39.30 25.99 33.28 40.53 38.24

Dividends per common share(1)

N/A N/A 0.74 N/A N/A

FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)(1)

N/A N/A 31.9%

(2)

N/A N/A

FAD payout ratio(1)

N/A N/A 97.4%

(2)

N/A N/A

VNO Common Shares & VRLP Units

VNO common shares outstanding 186,721 188,098 190,666 192,055 192,041

Redeemable Class A units and LTIP Unit awards outstanding 16,654 16,947 16,651 16,694 16,708

Convertible unit equivalents outstanding 1,279 1,917 1,503 1,242 1,313

Total Class A units and assumed conversions of convertible units outstanding 204,654 206,962 208,820 209,991 210,062

Weighted average Class A units outstanding - diluted 212,374 214,484 217,542 218,140 217,801

Weighted average common shares outstanding - diluted 195,722 197,479 200,901 201,416 201,042

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

Liquidity (amounts in millions)

Cash and cash equivalents $ 675 $ 1,081 $ 841 $ 1,010 $ 1,205

Restricted cash 114 130 137 142 158

Available on our $2.1 billion revolving credit facilities 1,188 1,388 1,419 1,419 1,560

Total Liquidity $ 1,977 $ 2,599 $ 2,397 $ 2,571 $ 2,923

___________________

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

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

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

- 5 -

FFO, AS ADJUSTED BRIDGE - Q2 2026 VS. Q2 2025 (unaudited)

(Amounts in millions, except per share amounts) FFO, as Adjusted

Amount Per Share

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

Increase / (decrease) in FFO, as adjusted due to:

Rent commencements, net of lease expirations 13.3

Interest expense (primarily the 2033 senior unsecured notes) (10.2)

Impact of NYU master lease at 770 Broadway 8.9

Variable businesses (primarily signage) 8.0

Park Avenue Plaza 1.8

Other, net (2.3)

19.5

Noncontrolling interests' share of above items, impact of assumed conversions of convertible securities, and impact of share buyback (1.7)

Net increase 17.8 0.11

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2026 $ 131.1 $ 0.67

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

- 6 -

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

(Amounts in thousands) For the Three Months Ended

June 30, 2026 March 31, 2026 June 30, 2025

Net Operating Income (“NOI”)(1):

Total revenues $ 462,242 $ 459,105 $ 441,437

Operating expenses (223,649) (246,631) (219,348)

Our share of NOI from partially owned entities 76,638 68,308 66,227

NOI attributable to noncontrolling interests in consolidated subsidiaries (11,167) (8,659) (10,643)

NOI at share 304,064 272,123 277,673

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (40,881) (31,066) (45,954)

NOI at share - cash basis 263,183 241,057 231,719

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") (at Vornado’s share)(1):

General and administrative expenses (40,283) (42,989) (40,678)

Interest and other investment income, net 16,311 16,997 20,127

Transaction related costs and other (excludes real estate impairment losses) (173) (762) (179)

Net gain on disposition of non-depreciable wholly owned and partially owned assets — — 10,311

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other 40,881 31,066 45,954

EBITDAre attributable to the Operating Partnership (non-GAAP) 279,919 245,369 267,254

Total of certain items that impact EBITDAre (468) 2,429 (9,671)

EBITDAre attributable to the Operating Partnership, as adjusted (non-GAAP) 279,451 247,798 257,583

Funds From Operations (“FFO”) (at Vornado’s share)(1):

Interest and debt expense (118,706) (116,219) (115,171)

Gain on debt extinguishment 16,141 — —

Preferred share dividends (15,553) (15,554) (15,554)

Personal property depreciation (2,347) (2,050) (1,564)

Income tax expense (3,439) (7,262) (4,295)

Impact of assumed conversion of dilutive convertible securities 383 309 385

Add-back - Total of certain items that impact EBITDAre 468 (2,429) 9,671

FFO allocated to noncontrolling interests of the Operating Partnership (12,320) (8,330) (10,127)

FFO attributable to common shareholders plus assumed conversions (non-GAAP) 144,078 96,263 120,928

Total of certain items that impact FFO attributable to common shareholders plus assumed conversions (13,005) 6,846 (7,605)

FFO attributable to common shareholders plus assumed conversions, as adjusted 131,073 103,109 113,323

Funds Available for Distributions (“FAD”) (at Vornado's share)(1):

Certain items that impact FAD 14,293 (144) (637)

Recurring tenant improvements, leasing commissions and other capital expenditures (33,109) (45,225) (104,203)

Stock-based compensation expense 7,804 5,655 7,519

Amortization of debt issuance costs and other non-cash interest expense 6,642 6,681 10,638

Gain on debt extinguishment (16,141) — —

Personal property depreciation 2,347 2,050 1,564

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (40,881) (31,066) (45,954)

Noncontrolling interests in the Operating Partnership's share of above adjustments 5,886 4,543 11,119

FAD (non-GAAP) $ 77,914 $ 45,603 $ (6,631)

________________________________

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

- 7 -

CONSOLIDATED BALANCE SHEETS (unaudited)

(Amounts in thousands)

As of Increase

(Decrease)

June 30, 2026 December 31, 2025

ASSETS

Real estate, at cost:

Land $ 2,357,135 $ 2,408,914 $ (51,779)

Buildings and improvements 11,083,517 10,942,418 141,099

Development costs and construction in progress 1,012,045 890,143 121,902

Leasehold improvements and equipment 109,117 105,080 4,037

Total 14,561,814 14,346,555 215,259

Less accumulated depreciation and amortization (4,411,617) (4,191,075) (220,542)

Real estate, net 10,150,197 10,155,480 (5,283)

Right-of-use assets 668,171 671,308 (3,137)

Net investment in lease 166,450 166,024 426

Cash, cash equivalents, and restricted cash

Cash and cash equivalents 675,353 840,850 (165,497)

Restricted cash 113,567 136,696 (23,129)

Total 788,920 977,546 (188,626)

Tenant and other receivables 97,552 77,137 20,415

Investments in partially owned entities 2,229,224 1,941,278 287,946

Receivable arising from the straight-lining of rents 803,848 752,545 51,303

Deferred leasing costs, net 379,374 374,620 4,754

Identified intangible assets, net 106,820 110,593 (3,773)

Other assets 220,612 294,587 (73,975)

Total assets $ 15,611,168 $ 15,521,118 $ 90,050

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Liabilities:

Mortgages payable, net $ 4,844,730 $ 4,920,669 $ (75,939)

Senior unsecured notes, net 841,940 747,202 94,738

Unsecured term loan, net 840,030 797,337 42,693

Unsecured revolving credit facilities 918,000 720,420 197,580

Lease liabilities 696,225 699,640 (3,415)

Accounts payable and accrued expenses 354,074 376,190 (22,116)

Deferred compensation plan 98,746 113,778 (15,032)

Other liabilities 320,452 341,359 (20,907)

Total liabilities 8,914,197 8,716,595 197,602

Redeemable noncontrolling interests 733,687 647,951 85,736

Shareholders' equity 5,787,587 5,986,727 (199,140)

Noncontrolling interests in consolidated subsidiaries 175,697 169,845 5,852

Total liabilities, redeemable noncontrolling interests and equity $ 15,611,168 $ 15,521,118 $ 90,050

- 8 -

CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)

(Amounts in thousands)

For the Three Months Ended

June 30, March 31, 2026

2026 2025 Variance

Property rentals(1)

$ 332,359 $ 332,183 $ 176 $ 321,657

Tenant expense reimbursements(1)

46,281 34,566 11,715 51,216

Amortization of acquired below-market leases, net 135 96 39 101

Straight-lining of rents 26,298 15,407 10,891 26,210

Total rental revenues 405,073 382,252 22,821 399,184

Fee and other income:

Building Maintenance Services ("BMS") cleaning fees 33,344 37,431 (4,087) 39,343

Management and leasing fees 2,658 2,926 (268) 2,715

Other income 21,167 18,828 2,339 17,863

Total revenues 462,242 441,437 20,805 459,105

Operating expenses (223,649) (219,348) (4,301) (246,631)

Depreciation and amortization (171,228) (115,574) (55,654) (118,528)

General and administrative (39,100) (39,978) 878 (42,245)

Expense from deferred compensation plan liability (2,483) (3,123) 640 (581)

Transaction related costs and other (173) (721) 548 (762)

Total expenses (436,633) (378,744) (57,889) (408,747)

Income from partially owned entities 63,195 16,671 46,524 12,822

Interest and other investment income, net 8,989 11,056 (2,067) 9,327

Income from deferred compensation plan assets 2,483 3,123 (640) 581

Interest and debt expense (89,582) (87,929) (1,653) (89,206)

Gain on debt extinguishment 32,073 — 32,073 —

Gain on sales-type lease — 803,248 (803,248) —

Net gains on disposition of wholly owned and partially owned assets — 8,488 (8,488) —

Income (loss) before income taxes 42,767 817,350 (774,583) (16,118)

Income tax expense (3,571) (4,123) 552 (5,908)

Net income (loss) 39,196 813,227 (774,031) (22,026)

Less net (income) loss attributable to noncontrolling interests in:

Consolidated subsidiaries (5,748) 10,981 (16,729) 12,690

Operating Partnership (1,489) (64,863) 63,374 2,019

Net income (loss) attributable to Vornado 31,959 759,345 (727,386) (7,317)

Preferred share dividends (15,525) (15,526) 1 (15,525)

Net income (loss) attributable to common shareholders $ 16,434 $ 743,819 $ (727,385) $ (22,842)

Capitalized expenditures:

Interest and debt expense $ 11,069 $ 9,533 $ 1,536 $ 10,118

Development payroll 1,516 1,219 297 1,489

________________________________

(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 -

CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)

(Amounts in thousands)

For the Six Months Ended June 30,

2026 2025 Variance

Property rentals(1)

$ 654,016 $ 680,568 $ (26,552)

Tenant expense reimbursements(1)

97,497 86,549 10,948

Amortization of acquired below-market leases, net 236 184 52

Straight-lining of rents 52,508 19,706 32,802

Total rental revenues 804,257 787,007 17,250

Fee and other income:

BMS cleaning fees 72,687 73,907 (1,220)

Management and leasing fees 5,373 5,956 (583)

Other income 39,030 36,146 2,884

Total revenues 921,347 903,016 18,331

Operating expenses (470,280) (444,088) (26,192)

Depreciation and amortization (289,756) (231,729) (58,027)

General and administrative (81,345) (78,575) (2,770)

Expense from deferred compensation plan liability (3,064) (2,034) (1,030)

Transaction related costs and other (935) (764) (171)

Total expenses (845,380) (757,190) (88,190)

Income from partially owned entities 76,017 113,648 (37,631)

Interest and other investment income, net 18,316 19,317 (1,001)

Income from deferred compensation plan assets 3,064 2,034 1,030

Interest and debt expense (178,788) (183,745) 4,957

Gain on debt extinguishment 32,073 — 32,073

Gain on sales-type lease — 803,248 (803,248)

Net gains on disposition of wholly owned and partially owned assets — 24,039 (24,039)

Income before income taxes 26,649 924,367 (897,718)

Income tax expense (9,479) (11,316) 1,837

Net income 17,170 913,051 (895,881)

Less net loss (income) attributable to noncontrolling interests in:

Consolidated subsidiaries 6,942 21,414 (14,472)

Operating Partnership 530 (72,752) 73,282

Net income attributable to Vornado 24,642 861,713 (837,071)

Preferred share dividends (31,050) (31,052) 2

Net (loss) income attributable to common shareholders $ (6,408) $ 830,661 $ (837,069)

Capitalized expenditures:

Interest and debt expense $ 21,187 $ 20,401 $ 786

Development payroll 3,005 2,320 685

________________________________

- 10 -

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

(Amounts in thousands)

For the Three Months Ended June 30, 2026 For the Six Months Ended June 30, 2026

Total New York Other Total New York Other

Property rentals(1)

$ 332,359 $ 271,431 $ 60,928 $ 654,016 $ 532,605 $ 121,411

Tenant expense reimbursements(1)

46,281 37,655 8,626 97,497 76,804 20,693

Amortization of acquired below-market leases, net 135 69 66 236 113 123

Straight-lining of rents 26,298 18,674 7,624 52,508 38,852 13,656

Total rental revenues 405,073 327,829 77,244 804,257 648,374 155,883

Fee and other income:

BMS cleaning fees 33,344 35,848 (2,504) 72,687 77,917 (5,230)

Management and leasing fees 2,658 2,701 (43) 5,373 5,623 (250)

Other income 21,167 13,938 7,229 39,030 25,888 13,142

Total revenues 462,242 380,316 81,926 921,347 757,802 163,545

Operating expenses (223,649) (194,620) (29,029) (470,280) (398,048) (72,232)

Depreciation and amortization (171,228) (146,255) (24,973) (289,756) (240,486) (49,270)

General and administrative (39,100) (12,747) (26,353) (81,345) (28,252) (53,093)

Expense from deferred compensation plan liability (2,483) — (2,483) (3,064) — (3,064)

Transaction related costs and other (173) — (173) (935) (930) (5)

Total expenses (436,633) (353,622) (83,011) (845,380) (667,716) (177,664)

Income from partially owned entities 63,195 60,019 3,176 76,017 71,384 4,633

Interest and other investment income, net 8,989 2,136 6,853 18,316 4,831 13,485

Income from deferred compensation plan assets 2,483 — 2,483 3,064 — 3,064

Interest and debt expense (89,582) (37,909) (51,673) (178,788) (75,514) (103,274)

Gain on debt extinguishment 32,073 208 31,865 32,073 208 31,865

Income (loss) before income taxes 42,767 51,148 (8,381) 26,649 90,995 (64,346)

Income tax expense (3,571) (1,898) (1,673) (9,479) (3,618) (5,861)

Net income (loss) 39,196 49,250 (10,054) 17,170 87,377 (70,207)

Less net (income) loss attributable to noncontrolling interests in consolidated subsidiaries (5,748) 7,629 (13,377) 6,942 16,878 (9,936)

Net income (loss) attributable to Vornado Realty L.P. 33,448 $ 56,879 $ (23,431) 24,112 $ 104,255 $ (80,143)

Less net (income) loss attributable to noncontrolling interests in the Operating Partnership (1,461) 587

Preferred unit distributions (15,553) (31,107)

Net income (loss) attributable to common shareholders $ 16,434 $ (6,408)

For the three and six months ended June 30, 2025

Net income (loss) attributable to Vornado Realty L.P. $ 824,208 $ 860,469 $ (36,261) $ 934,465 $ 1,004,147 $ (69,682)

Net income attributable to common shareholders $ 743,819 $ 830,661

________________________________

- 11 -

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

(Amounts in thousands)

For the Three Months Ended For the Six Months Ended

June 30,

June 30, March 31, 2026

2026 2025 2026 2025

NOI at share:

New York:

Office (includes base retail)(1)(2)

$ 183,424 $ 170,935 $ 174,943 $ 358,367 $ 364,485

Street Retail(1)

52,533 44,492 46,686 99,219 88,062

Residential 6,695 6,362 6,996 13,691 12,554

Alexander’s 9,046 8,315 7,924 16,970 17,824

Total New York 251,698 230,104 236,549 488,247 482,925

Other:

THE MART(3)

27,299 25,197 15,890 43,189 41,113

555 California Street 14,850 18,686 13,651 28,501 36,529

Other investments 10,217 3,686 6,033 16,250 10,396

Total Other 52,366 47,569 35,574 87,940 88,038

NOI at share $ 304,064 $ 277,673 $ 272,123 $ 576,187 $ 570,963

NOI at share - cash basis:

New York:

Office (includes base retail)(1)(2)(4)

$ 155,899 $ 124,268 $ 151,963 $ 307,862 $ 293,514

Street Retail(1)

49,754 42,764 41,239 90,993 84,453

Residential 6,354 5,990 6,571 12,925 11,838

Alexander's 2,950 9,344 8,756 11,706 19,882

Total New York 214,957 182,366 208,529 423,486 409,687

Other:

THE MART(3)

28,873 25,258 17,625 46,498 42,775

555 California Street 8,962 20,684 8,859 17,821 38,821

Other investments 10,391 3,411 6,044 16,435 9,807

Total Other 48,226 49,353 32,528 80,754 91,403

NOI at share - cash basis $ 263,183 $ 231,719 $ 241,057 $ 504,240 $ 501,090

________________________________

(1)During the first quarter of 2026, we reclassified retail assets located at the base of our office buildings from the retail subsegment to the office subsegment. The retail subsegment was renamed “Street Retail” and now comprises standalone retail properties and mixed-use assets with prominent retail components, including related signage, with a concentration on High Streets such as Fifth Avenue, Madison Avenue and Times Square. Please see our Property Table on pages 34 - 42 for the composition of each subsegment. Prior period balances have been reclassified to conform to current period presentation. This change applies only to net operating income; all other operating metrics, including occupancy, leasing activity, and lease expirations continue to be presented based on space type.

(2)Includes BMS NOI of $7,306, $7,584, $10,170, $17,476 and $14,520 for the three months ended June 30, 2026 and 2025 and March 31, 2026 and the six months ended June 30, 2026 and 2025, respectively.

(3)The three months ended June 30, 2026 and 2025 include the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment.

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

- 12 -

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

Total New York

THE MART(2)

555 California Street

Same store NOI at share % increase (decrease)(1):

Three months ended June 30, 2026 compared to June 30, 2025 9.8 % 11.9 % 9.1 % (14.3) %

Six months ended June 30, 2026 compared to June 30, 2025 8.1 % 10.5 % 5.7 % (17.9) %

Three months ended June 30, 2026 compared to March 31, 2026 8.3 % 3.8 % 71.8 % 8.8 %

Same store NOI at share - cash basis % increase (decrease) (1):

Three months ended June 30, 2026 compared to June 30, 2025 2.9 % 6.2 % 15.1 % (48.6) % (3)

Six months ended June 30, 2026 compared to June 30, 2025 0.8 % 4.7 % 9.3 % (49.9) % (3)

Three months ended June 30, 2026 compared to March 31, 2026 5.6 % 0.4 % 63.8 % 1.2 %

________________________________

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

(2)The three months ended June 30, 2026 and 2025 include the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment.

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

- 13 -

LEASING ACTIVITY (unaudited)

(Square feet in thousands)

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

New York

555 California Street

Office Retail THE MART

Three Months Ended June 30, 2026

Total square feet leased 348 61 103 15

Our share of square feet leased: 307 36 103 10

Initial rent(1)

$ 107.24 $ 277.05 $ 54.12 $ 71.70

Weighted average lease term (years) 8.0 2.0 7.3 2.5

Second generation relet space:

Square feet 143 32 50 —

GAAP basis:

Straight-line rent(2)

$ 97.25 $ 265.77 $ 60.96 $ —

Prior straight-line rent $ 90.32 $ 237.00 $ 53.48 $ —

Percentage increase 7.7 % 12.1 % 14.0 % — %

Cash basis (non-GAAP):

Initial rent(1)

$ 101.48 $ 265.18 $ 61.63 $ —

Prior escalated rent $ 96.69 $ 251.40 $ 59.26 $ —

Percentage increase 5.0 % 5.5 % 4.0 % — %

Tenant improvements and leasing commissions:

Per square foot $ 113.69 $ 38.94 $ 96.27 $ 49.39

Per square foot per annum $ 14.21 $ 19.47 $ 13.19 $ 19.76

Percentage of initial rent 13.3 % 7.0 % 24.4 % 27.6 %

________________________________

(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.

- 14 -

LEASING ACTIVITY (unaudited)

(Square feet in thousands)

New York

555 California Street

Office Retail THE MART

Six Months Ended June 30, 2026

Total square feet leased 659 86 122 111

Our share of square feet leased: 550 49 122 77

Initial rent(1)

$ 105.14 $ 349.23 $ 56.59 $ 141.28

Weighted average lease term (years) 8.3 4.8 6.7 8.6

Second generation relet space:

Square feet 264 33 65 58

GAAP basis:

Straight-line rent(2)

$ 97.07 $ 286.88 $ 62.88 $ 178.18

Prior straight-line rent $ 88.66 $ 247.34 $ 56.76 $ 123.11

Percentage increase 9.5 % 16.0 % 10.8 % 44.7 %

Cash basis (non-GAAP):

Initial rent(1)

$ 101.75 $ 284.90 $ 63.69 $ 162.85

Prior escalated rent $ 95.02 $ 265.32 $ 62.14 $ 134.95

Percentage increase 7.1 % 7.4 % 2.5 % 20.7 %

Tenant improvements and leasing commissions:

Per square foot $ 125.80 $ 62.70 $ 85.90 $ 159.54

Per square foot per annum $ 15.16 $ 13.06 $ 12.82 $ 18.55

Percentage of initial rent 14.4 % 3.7 % 22.7 % 13.1 %

_______________________________

(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.

- 15 -

LEASE EXPIRATIONS (unaudited)

(Amounts in thousands)

Our Share of Square Feet of Expiring Leases

As of June 30, 2026

New York Office 398 1,219 948 1,115 718 923 647 616 487 1,302 500 6,625

New York Retail 20 14 64 44 143 49 82 36 145 22 144 346

THE MART 64 195 739 190 109 340 540 101 84 33 414 108

555 California Street 30 73 164 107 9 39 13 15 — 210 107 324

Total 512 1,501 1,915 1,456 979 1,351 1,282 768 716 1,567 1,165 7,403

% of total 2.5% 7.3% 9.3% 7.1% 4.7% 6.6% 6.2% 3.7% 3.5% 7.6% 5.7% 35.8%

_______________________________

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

- 16 -

LEASE EXPIRATIONS DETAIL (unaudited)

NEW YORK SEGMENT

Period of Lease

Expiration

Our Share of

Square Feet

of Expiring Leases(1)

Annualized Escalated Rents

of Expiring Leases Percentage of

Annualized

Escalated Rent

Total Per Sq. Ft.

Office:

Second Quarter 2026(2)

61,000 $ 5,824,000 $ 95.48 0.5 %

Third Quarter 2026 87,000 6,677,000 76.75 0.5 %

Fourth Quarter 2026 250,000 15,259,000 61.04 1.2 %

Remaining 2026 337,000 21,936,000 65.09 1.7 %

First Quarter 2027 350,000 30,134,000 86.10 2.3 %

Second Quarter 2027 526,000 46,057,000 87.56 3.6 %

Remaining 2027 343,000 27,193,000 79.28 2.1 %

2028 948,000 75,917,000 80.08 5.9 %

2029 1,115,000 86,589,000 77.66 6.7 %

2030 718,000 66,204,000 92.21 5.2 %

2031 923,000 88,377,000 95.75 6.9 %

2032 647,000 56,365,000 87.12 4.4 %

2033 616,000 54,955,000 89.21 4.3 %

2034 487,000 47,458,000 97.45 3.7 %

2035 1,302,000 113,469,000 87.15 8.8 %

2036 500,000 49,518,000 99.04 3.9 %

Thereafter 6,625,000

(3)

514,858,000 77.71 40.0 %

Retail:

Second Quarter 2026(2)

1,000 $ 25,000 $ 25.00 0.0 %

Third Quarter 2026 8,000 4,430,000 553.75 1.7 %

Fourth Quarter 2026 11,000 1,494,000 135.82 0.6 %

Remaining 2026 19,000 5,924,000 311.79 2.3 %

First Quarter 2027 2,000 5,769,000 2,884.50 2.2 %

Second Quarter 2027 6,000 564,000 94.00 0.2 %

Remaining 2027 6,000 8,369,000 1,394.83 3.2 %

2028 64,000 18,675,000 291.80 7.1 %

2029 44,000 20,561,000 467.30 7.8 %

2030 143,000 23,327,000 163.13 8.9 %

2031 49,000 29,089,000 593.65 11.1 %

2032 82,000 34,116,000 416.05 13.0 %

2033 36,000 12,435,000 345.42 4.7 %

2034 145,000 20,743,000 143.06 7.9 %

2035 22,000 11,733,000 533.32 4.5 %

2036 144,000 17,581,000 122.09 6.7 %

Thereafter 346,000 53,316,000 154.09 20.4 %

_____________________________

(1) Excludes storage, vacancy and other.

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

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

- 17 -

LEASE EXPIRATIONS DETAIL (unaudited)

OTHER SEGMENT

Period of Lease

Expiration

Our Share of

Square Feet

of Expiring Leases(1)

Annualized Escalated Rents

of Expiring Leases Percentage of

Annualized

Escalated Rent

THE MART Total Per Sq. Ft.

Office / Showroom / Retail:

Second Quarter 2026(2)

11,000 $ 533,000 $ 48.45 0.4 %

Third Quarter 2026 32,000 2,173,000 67.91 1.5 %

Fourth Quarter 2026 21,000 1,314,000 62.57 0.9 %

Remaining 2026 53,000 3,487,000 65.79 2.4 %

First Quarter 2027 39,000 1,895,000 48.59 1.3 %

Second Quarter 2027 23,000 1,767,000 76.83 1.2 %

Remaining 2027 133,000 7,529,000 56.61 5.1 %

2028 739,000 37,259,000 50.42 25.0 %

2029 190,000 10,688,000 56.25 7.2 %

2030 109,000 6,432,000 59.01 4.3 %

2031 340,000 17,499,000 51.47 11.8 %

2032 540,000 26,272,000 48.65 17.7 %

2033 101,000 5,203,000 51.51 3.5 %

2034 84,000 4,213,000 50.15 2.8 %

2035 33,000 1,665,000 50.45 1.1 %

2036 414,000 19,121,000 46.19 12.9 %

Thereafter 108,000 4,898,000 45.35 3.3 %

555 California Street

Office / Retail:

Second Quarter 2026(2)

— $ — $ — 0.0 %

Third Quarter 2026 — — — 0.0 %

Fourth Quarter 2026 30,000 3,161,000 105.37 2.8 %

Remaining 2026 30,000 3,161,000 105.37 2.8 %

First Quarter 2027 14,000 714,000 51.00 0.6 %

Second Quarter 2027 38,000 4,554,000 119.84 4.0 %

Remaining 2027 21,000 2,609,000 124.24 2.3 %

2028 164,000 14,939,000 91.09 13.1 %

2029 107,000 11,563,000 108.07 10.2 %

2030 9,000 787,000 87.44 0.7 %

2031 39,000 3,638,000 93.28 3.2 %

2032 13,000 1,522,000 117.08 1.3 %

2033 15,000 1,902,000 126.80 1.7 %

2034 — — — 0.0 %

2035 210,000 19,949,000 95.00 17.5 %

2036 107,000 14,340,000 134.02 12.6 %

Thereafter 324,000 34,108,000 105.27 30.0 %

________________________________

(1) Excludes storage, vacancy and other.

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

- 18 -

CAPITAL EXPENDITURES AND RE/DEVELOPMENT (unaudited)

CONSOLIDATED

(Amounts in thousands)

For the Six Months Ended June 30, 2026

Total Company New York THE MART 555 California Street Other

Capital expenditures:

Expenditures to maintain assets $ 33,462 $ 24,910 $ 3,277 $ 5,275 $ —

Tenant improvements 28,560 26,970 959 631 —

Leasing commissions 11,991 7,996 69 3,926 —

Recurring tenant improvements, leasing commissions and other capital expenditures 74,013 59,876 4,305 9,832 —

Non-recurring capital expenditures(1)

67,378 57,318 10,060 — —

Total capital expenditures and leasing commissions $ 141,391 $ 117,194 $ 14,365 $ 9,832 $ —

Development and redevelopment expenditures(2):

623 Fifth Avenue $ 18,320 $ 18,320 $ — $ — $ —

PENN 2 17,085 17,085 — — —

Hotel Pennsylvania site (PENN 15) 10,669 10,669 — — —

Other 16,775 16,726 30 — 19

$ 62,849 $ 62,800 $ 30 $ — $ 19

________________________________

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

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

- 19 -

DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES

(Amounts in thousands, except square feet)

(at Vornado’s share) Projected Incremental

Cash Yield

Active Development Projects: Property

Rentable

Sq. Ft. Budget Cash Amount

Expended Remaining Expenditures

Projected Leasing Stabilization Year

623 Fifth Avenue office condominium 383,000 $ 450,000

(1)

$ 244,255 $ 205,745 2028 10.1%

Future Opportunities:

New York segment:

Zoning Sq. Ft.

PENN District:

Hotel Pennsylvania site (PENN 15) 2,052,000

Eighth Avenue and 34th Street land 312,000

Multiple other opportunities - office/residential/retail

Total PENN District 2,364,000

350 Park Avenue assemblage (the “350 Park Site”)(2)

1,455,000

260 Eleventh Avenue - office(3)

280,000

3 East 54th Street 233,000

57th Street land (50% interest) 150,000

Other segment:

527 West Kinzie land, Chicago 330,000

Total Future Opportunities 4,812,000

________________________________

(1)Includes purchase price.

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

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

- 20 -

UNCONSOLIDATED JOINT VENTURES (unaudited)

(Amounts in thousands)

As of June 30, 2026

Our Share of Net Income (Loss) for the

Three Months Ended June 30,

Our Share of NOI (non-GAAP) for the Three Months Ended June 30,

Percentage Ownership Company's

Carrying Amount 2026 2025 2026 2025

Joint Venture Name

New York:

Fifth Avenue and Times Square JV(1)

51.5% $ 1,534,771 $ 11,786 $ 10,152 $ 27,689 $ 25,302

Park Avenue Plaza(2)

49.0% 238,400 202 — 2,875 —

280 Park Avenue 50.0% 118,416 (2,678) (3,788) 9,864 8,957

Alexander's 32.4% 80,993 46,648 (3) 1,919 9,046 8,315

Independence Plaza 50.1% 65,509 (63) 893 6,694 6,362

7 West 34th Street 53.0% (41,895) (4) 1,139 1,131 3,706 3,637

West 57th Street properties 50.0% 36,410 20 2,286 (5) 169 (33)

85 Tenth Avenue 49.9% (27,065) (4) (847) (1,541) 4,610 3,996

61 Ninth Avenue 45.1% 1,019 150 (39) 1,904 1,858

Other, net Various 24,013 3,662 2,333 4,325 5,193

60,019 13,346 70,882 63,587

Other:

Alexander's corporate fee income 32.4% 3,492 1,406 2,103 833

Rosslyn Plaza 43.7% to 50.4% 35,063 (69) 101 179 548

Other, net Various 94,630 (247) 1,818 3,474 1,259

3,176 3,325 5,756 2,640

Total $ 63,195 $ 16,671 $ 76,638 $ 66,227

________________________________

(1)Includes $6,173 and $6,503 of income on our return on preferred equity, net of our share of expenses for the three months ended June 30, 2026 and 2025 respectively.

(2)On June 11, 2026, we completed the purchase of a 49.0% interest in Park Avenue Plaza. See page 3 for details.

(3)Includes our $44,329 share of the net gain from Alexander’s sale of Rego Park I. See page 3 for details.

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

(5)Includes our $2,527 share of the gain from the sale of 49 West 57th Street.

- 21 -

UNCONSOLIDATED JOINT VENTURES (unaudited)

(Amounts in thousands)

Percentage Ownership at June 30, 2026 Our Share of Net Income (Loss) for the Six Months Ended June 30, Our Share of NOI (non-GAAP) for the Six Months Ended June 30,

2026 2025 2026 2025

Joint Venture Name

New York:

Fifth Avenue and Times Square JV:

Equity in net income 51.5% $ 9,936 $ 9,486 $ 55,035 $ 48,879

Return on preferred equity, net of our share of the expense 12,278 15,046 — —

Net gain on sale — 76,162 — —

22,214 100,694 55,035 48,879

Alexander's 32.4% 48,103 (1) 5,842 16,970 17,824

Park Avenue Plaza(2)

49.0% 202 — 2,875 —

280 Park Avenue 50.0% (5,196) (8,257) 20,372 17,251

85 Tenth Avenue 49.9% (1,867) (3,503) 8,912 7,489

7 West 34th Street 53.0% 1,774 4,110 7,008 9,489

61 Ninth Avenue 45.1% 262 20 3,814 3,802

Independence Plaza 50.1% 142 1,904 13,691 12,554

West 57th Street properties 50.0% (23) 2,103 (3) 288 (15)

Other, net Various 5,773 4,470 7,353 10,173

71,384 107,383 136,318 127,446

Other:

Alexander's corporate fee income 32.4% 4,737 3,039 2,845 1,843

Rosslyn Plaza 43.7% to 50.4% (121) 57 516 987

Other, net Various 17 3,169 5,267 3,062

4,633 6,265 8,628 5,892

Total $ 76,017 $ 113,648 $ 144,946 $ 133,338

________________________________

(1)Includes our $44,329 share of the net gain from Alexander’s sale of Rego Park I. See page 3 for details.

(2)On June 11, 2026, we completed the purchase of a 49.0% interest in Park Avenue Plaza. See page 3 for details.

(3)Includes our $2,527 share of that gain from the sale of 49 West 57th Street.

- 22 -

DEBT ANALYSIS (unaudited)

(Amounts in thousands)

DEBT SUMMARY As of June 30, 2026

Total Variable

Fixed(1)

(Contractual debt balances) Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate

Consolidated debt(2)

$ 7,487,543 4.86% $ 1,972,543 5.30% $ 5,515,000 4.70%

Pro rata share of debt of non-consolidated entities 2,731,021 5.56% 384,808 6.47% 2,346,213 5.41%

Total 10,218,564 5.05% 2,357,351 5.49% 7,861,213 4.92%

Less: Noncontrolling interests' share of consolidated debt (1290 Avenue of the Americas and 555 California Street) (645,000) (645,000) —

Company's pro rata share of total debt $ 9,573,564 5.01% $ 1,712,351

(3)

5.44% $ 7,861,213 4.92%

________________________________

See notes below

NET DEBT TO EBITDAre, AS ADJUSTED (unaudited)

As of and For the Trailing Twelve Months Ended June 30, 2026 (4)

For the Year Ended December 31,

2025 2024 2023

Secured debt $ 4,869,543 $ 4,944,037 $ 5,707,176 $ 5,729,615

Unsecured debt

2,618,000 2,270,420 2,575,000 2,575,000

Pro rata share of debt of non-consolidated entities 2,731,021 2,478,544 2,477,701 2,654,701

Less: Noncontrolling interests’ share of consolidated debt (645,000) (682,247) (682,059) (682,059)

Company’s pro rata share of total debt $ 9,573,564 $ 9,010,754 $ 10,077,818 $ 10,277,257

% Unsecured debt 27% 25% 26% 25%

Company’s pro rata share of total debt $ 9,573,564 $ 9,010,754 $ 10,077,818 $ 10,277,257

Less: Cash and cash equivalents and investments in U.S. Treasury bills (675,353) (840,850) (733,947) (997,002)

Less: Escrowed cash included within restricted cash on our balance sheet (75,024) (99,253) (187,416) (221,578)

Less: Pro rata share of unconsolidated partially owned entities’ cash and cash equivalents and escrowed cash (244,249) (195,867) (248,835) (295,983)

Plus: Noncontrolling interests’ share of cash and cash equivalents, escrowed cash and investments in U.S. Treasury bills 78,944 87,407 129,160 101,564

Net debt $ 8,657,882 $ 7,962,191 $ 9,036,780 $ 8,864,258

EBITDAre, as adjusted (non-GAAP) $ 1,083,812 $ 1,039,843 $ 1,049,320 $ 1,081,332

Net debt / EBITDAre, as adjusted (non-GAAP) 8.0 x 7.7 x 8.6 x 8.2 x

________________________________

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

(2)See page xv in the Appendix for reconciliation of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of June 30, 2026.

(3)As of June 30, 2026, $851,818 of variable rate debt (at share) is subject to interest rate cap arrangements, the $860,533 of variable rate debt not subject to interest rate cap arrangements represents 9% of our total pro rata share of debt. See page 29 for details.

(4)Trailing twelve months ended June 30, 2026 EBITDAre, as adjusted, includes a $48,000 adjustment to annualize our share of EBITDAre from Park Avenue Plaza, which we acquired on June 11, 2026.

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

- 23 -

CORPORATE COVENANT RATIOS AND CREDIT RATINGS (unaudited)

(Amounts in thousands)

As of

Unsecured Revolving Credit Facilities and Unsecured Term Loan(1)

Required June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025

Total outstanding debt/total assets(2)

Less than 60% 34% 35% 34% 34%

Secured debt/total assets Less than 50% 23% 22% 25% 25%

Fixed charge coverage Greater than 1.40 2.02 1.98 1.98 2.01

Unsecured debt/cap value of unencumbered assets Less than 60% 22% 25% 18% 18%

Unencumbered coverage ratio Greater than 1.75 7.43 7.79 8.36 8.81

2031 Unsecured Notes Covenant Ratios(1)

Total outstanding debt/total assets(3)

Less than 65% 45% 48% 46% 43%

Secured debt/total assets Less than 50% 32% 33% 33% 31%

Interest coverage ratio (annualized combined EBITDA to annualized interest expense) Greater than 1.50 2.02 1.93 2.19 2.24

Unencumbered assets/unsecured debt Greater than 150% 480% 421% 492% 480%

2033 Unsecured Notes Covenant Ratios(1)

Total outstanding debt/total assets(4)

Less than 65% 41% 42%

Secured debt/total assets Less than 50% 28% 29%

Interest coverage ratio (annualized combined EBITDA to annualized interest expense) Greater than 1.50 2.13 2.07

Unencumbered assets/unsecured debt Greater than 150% 483% 428%

Consolidated Unencumbered EBITDA(1) (non-GAAP):

Trailing Twelve Months

New York $ 357,389

Other 104,731

Total $ 462,120

Credit Ratings(5):

Rating Outlook

Moody’s Ba1 Stable

S&P BBB- Stable

Fitch BB+ Positive

________________________________

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

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

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

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

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

- 24 -

CAPITAL STRUCTURE (unaudited)

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

Debt (contractual balances): As of June 30, 2026

Consolidated debt(1):

Mortgages payable $ 4,869,543

Senior unsecured notes 850,000

$850 Million unsecured term loan 850,000

$2.1 Billion unsecured revolving credit facilities 918,000

7,487,543

Pro rata share of debt of non-consolidated entities 2,731,021

Less: Noncontrolling interests' share of consolidated debt (1290 Avenue of the Americas and 555 California Street) (645,000)

9,573,564 (A)

Shares/Units Liquidation Preference

Perpetual Preferred:

3.25% preferred units (D-17) (141,400 units @ $25.00 per unit) 3,535

5.40% Series L preferred shares 12,000 $ 25.00 300,000

5.25% Series M preferred shares 12,780 25.00 319,500

5.25% Series N preferred shares 12,000 25.00 300,000

4.45% Series O preferred shares 12,000 25.00 300,000

1,223,035 (B)

Converted

Shares(2)

June 30, 2026 Common Share Price

Equity:

Common shares 186,721 $ 39.30 7,338,135

Redeemable Class A units and LTIP Unit awards 16,654 39.30 654,502

Convertible share equivalents:

Series D-13 preferred units 1,188 39.30 46,688

Series G-1 through G-4 preferred units 76 39.30 2,987

Series A preferred shares 15 39.30 590

204,654 8,042,902 (C)

Total Market Capitalization (A+B+C) $ 18,839,501

________________________________

(1)See the reconciliation on page xv of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of June 30, 2026.

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

- 25 -

DEBT MATURITIES (CONTRACTUAL BALANCES) (unaudited)

(Amounts in thousands)

Consolidated Debt Maturity Schedule(1) as of June 30, 2026

(Excludes pro rata share of JV Debt)

Consolidated (100%):

Secured $ 244,543

(2)

$ 880,000 $ 2,300,000 $ — $ 450,000 $ 995,000

Unsecured — — — — — 2,618,000

Total consolidated debt (100%) $ 244,543 $ 880,000 $ 2,300,000 $ — $ 450,000 $ 3,613,000

% of total consolidated debt 3.3 % 11.8 % 30.7 % — % 6.0 % 48.2 %

Debt maturities at share:

Consolidated debt (100%) $ 244,543 $ 880,000 $ 2,300,000 $ — $ 450,000 $ 3,613,000

Pro rata share of debt of non-consolidated entities 418,382 39,441 898,861 206,006 628,808 539,523

Less: Noncontrolling interests' share of consolidated debt — — (645,000) — — —

Total debt at share $ 662,925 $ 919,441 $ 2,553,861 $ 206,006 $ 1,078,808 $ 4,152,523

% of total debt at share 6.9 % 9.6 % 26.7 % 2.2 % 11.3 % 43.3 %

_______________________________

(1)Assumes the exercise of as-of-right extension options. Debt classified as fixed rate includes the effect of interest rate swap arrangements which may expire prior to debt maturity. See page 29 for information on interest rate swap arrangements.

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

- 26 -

DEBT DETAIL CONSOLIDATED (unaudited)

(Amounts in thousands)

Property Ownership %

Maturity Date(1)

Variable Rate Spread

Interest Rate(2)

Debt Balance (100%) Debt Balance (at share)

Secured Debt:

888 Seventh Avenue 100.0% (3) S+180 5.42% 244,543 244,543

350 Park Avenue 100.0% 01/27 4.00% 400,000 400,000

100 West 33rd Street 100.0% 06/27 5.26% 480,000 480,000

150 West 34th Street 100.0% 02/28 S+215 5.76% 75,000 75,000

435 Seventh Avenue 100.0% 04/28 S+210 5.71% 75,000 75,000

555 California Street 70.0% 05/28 S+230

(4)

5.67% 1,200,000 840,000

1290 Avenue of the Americas 70.0% 11/28 S+162

(4)

5.11% 950,000 665,000

PENN 11 100.0% 08/30 6.35% 450,000 450,000

One Park Avenue 100.0% 02/31 S+178

(4)

4.56% 525,000 525,000

909 Third Avenue 100.0% 04/31 3.23% 350,000 350,000

4 Union Square South 100.0% 09/35 5.64% 120,000 120,000

Total Secured Debt 4,869,543 4,224,543

Unsecured Debt:

$1.0 Billion revolving credit facility 100.0% 04/29 S+116

(5)

—% — —

$1.130 Billion unsecured revolving credit facility 100.0% 02/31 S+101

(4)(5)

4.07% 918,000 918,000

$850 Million unsecured term loan 100.0% 02/31 S+115

(4)(5)

4.20% 850,000 850,000

Senior unsecured notes due 2031 100.0% 06/31 3.40% 350,000 350,000

Senior unsecured notes due 2033 100.0% 02/33 5.75% 500,000 500,000

Total Unsecured Debt 2,618,000 2,618,000

Total Consolidated Debt $ 7,487,543 $ 6,842,543

________________________________

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

(2)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See page 29 for information on interest rate swap and interest rate cap arrangements.

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

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

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

- 27 -

DEBT DETAIL UNCONSOLIDATED (unaudited)

(Amounts in thousands)

Property Ownership %

Maturity Date(1)

Variable Rate Spread

Interest Rate(2)

Debt Balance (100%) Debt Balance (at share)

Sunset Pier 94 Studios 49.9% 09/26 S+480 8.42% $ 165,345 $ 82,507

825 Seventh Avenue office condominium 50.0% 10/26 S+275 6.37% 48,000 24,000

85 Tenth Avenue 49.9% 12/26 4.55% 625,000 311,875

Wells Kinzie 50.0% 05/27 4.20% 17,971 8,985

The Alexander apartment tower 32.4% 11/27 2.63% 94,000 30,456

697-703 Fifth Avenue 44.8% 03/28 5.47% 355,359 159,150

61 Ninth Avenue 45.1% 06/28 S+300 6.61% 161,000 72,611

280 Park Avenue 50.0% 09/28 5.84% 1,075,000 537,500

731 Lexington Avenue office condominium 32.4% 10/28 5.04% 400,000 129,600

Rosslyn Plaza North(3)

50.4% 06/29 S+275 6.37% 10,000 5,041

640 Fifth Avenue 52.0% 07/29 7.47% 386,583 200,965

1535 Broadway 52.0% 05/30 6.90% 450,000 233,933

Independence Plaza 50.1% 06/30 5.84% 675,000 338,175

Rego Park II 32.4% 12/30 S+200 5.64% 175,000 56,700

7 West 34th Street 53.0% 02/31 5.79% 250,000 132,500

Fashion Centre/Washington Tower 7.5% 04/31 5.70% 465,000 34,875

Park Avenue Plaza 49.0% 11/31 2.99% 575,000 281,750

330 West 34th Street ground lessor 34.8% 09/32 4.55% 100,000 34,825

731 Lexington Avenue retail condominium 32.4% 12/35 4.55% 171,522 55,573

Total Unconsolidated Debt $ 6,199,780 $ 2,731,021

________________________________

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

(3)On June 4, 2026, the joint venture completed a $10,000 refinancing of Rosslyn Plaza. The new loan matures in June 2029 and bears interest at SOFR plus 2.75%. The joint venture paid down by $15,000 the prior $25,000 loan that bore interest at SOFR plus 2.00% and was scheduled to mature in June 2026.

- 28 -

HEDGING INSTRUMENTS AS OF JUNE 30, 2026 (unaudited)

(Amounts in thousands)

Debt Information Swap / Cap Information

Balance at Share

Maturity Date(1)

Variable Rate Spread Notional Amount at Share Expiration Date All-In Swapped Rate

Interest Rate Swaps:

Consolidated:

555 California Street mortgage loan $ 840,000 05/28 S+230 $ 840,000 05/28 5.56%

One Park Avenue mortgage loan 525,000 02/31 S+178 500,000 07/27 4.52%

Unsecured revolving credit facility 918,000 02/31 S+101 575,000 08/27 3.74%

Unsecured term loan 850,000 02/31 S+115

Through 10/26 750,000 10/26 4.12%

10/26 through 7/27 250,000 07/27 3.89%

7/27 through 8/27 50,000 08/27 3.89%

100 West 33rd Street mortgage loan 480,000 06/27 S+185 480,000 06/27 5.26%

1290 Avenue of the Americas mortgage loan 665,000 11/28 S+162 200,000 09/27 4.58%

Unconsolidated:

280 Park Avenue mortgage loan 537,500 09/28 S+178 537,500 09/28 5.84%

Interest Rate Caps: Index Strike Rate

Consolidated:

1290 Avenue of the Americas mortgage loan 665,000 11/28 S+162 465,000 11/26 4.00%

One Park Avenue mortgage loan 525,000 02/31 S+178 25,000 02/28 5.20%

150 West 34th Street mortgage loan 75,000 02/28 S+215 75,000 02/27 5.00%

435 Seventh Avenue mortgage loan 75,000 04/28 S+210 75,000 04/27 4.00%

Unconsolidated:

Sunset Pier 94 Studios 82,507 09/26 S+480 82,507 09/26 4.00%

61 Ninth Avenue mortgage loan 72,611 06/28 S+300 72,611 06/27 4.25%

Rego Park II mortgage loan 56,700 12/30 S+200 56,700 12/26 4.50%

Debt subject to interest rate swaps 3,882,500

Variable rate debt subject to interest rate caps 851,818

Fixed rate debt per loan agreements 3,978,713

Variable rate debt not subject to interest rate swaps or caps 860,533

(2)

Total debt at share $ 9,573,564

________________________________

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

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

- 29 -

TOP 30 TENANTS (unaudited)

(Amounts in thousands, except square feet)

Tenants

Square

Footage

At Share

Annualized

Escalated Rents

At Share(1)

% of Total Annualized Escalated Rents At Share

Meta Platforms, Inc. 700,327 $ 88,273 4.7 %

Omnicom (formerly IPG and affiliates) 955,211 63,565 3.4 %

New York University(2)

1,761,681 58,732 3.1 %

Bloomberg L.P. 306,768 45,514 2.4 %

Madison Square Garden & Affiliates 432,639 44,440 2.4 %

Google/Motorola Mobility (guaranteed by Google) 759,446 41,423 2.2 %

UMG Recordings, Inc. 336,700 35,411 1.9 %

Apple Inc. 572,631 34,758 1.9 %

Amazon (including its Whole Foods subsidiary) 312,694 33,238 1.8 %

Neuberger Berman Group LLC 306,612 28,819 1.5 %

Evercore 248,400 27,165 1.5 %

WeWork 303,741 26,599 1.4 %

LVMH Brands 63,002 26,191 1.4 %

Swatch Group USA 8,499 25,465 1.4 %

Verizon 203,322 23,539 1.3 %

Victoria's Secret 33,156 21,398 1.1 %

Bank of America 194,197 21,119 1.1 %

PJT Partners Holdings 145,316 19,858 1.1 %

PwC 241,196 19,537 1.0 %

Macy's 181,698 19,394 1.0 %

Kirkland & Ellis LLP 107,582 14,346 0.8 %

Morgan Stanley 171,003 14,293 0.8 %

Dick's Sporting Goods 131,420 14,241 0.8 %

AMC Networks, Inc. 181,936 14,156 0.8 %

The City of New York 232,010 12,515 0.7 %

Dodge & Cox 107,925 12,264 0.7 %

King & Spalding 122,859 11,980 0.6 %

WSP USA 172,666 11,872 0.6 %

Wells Fargo Group 101,714 11,464 0.6 %

Major League Soccer LLC 125,013 11,251 0.6 %

44.6 %

________________________________

(1)Represents monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rents at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space.

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

- 30 -

SQUARE FOOTAGE (unaudited)

(Square feet in thousands)

At Vornado's Share

100% Under Development or Not Available for Lease In Service

Total Office Retail Showroom Other

Segment:

New York:

Office 20,756 18,018 968 16,867 — 183 —

Retail (includes retail properties that are in the base of our office properties) 2,296 1,923 257 — 1,666 — —

Residential - 1,328 units 1,186 604 — — — — 604

Alexander's (32.4% interest), including 312 residential units 2,110 684 — 308 293 — 83

26,348 21,229 1,225 17,175 1,959 183 687

Other:

THE MART 3,697 3,695 — 2,125 84 1,239 247

555 California Street (70% interest) 1,822 1,275 — 1,240 35 — —

Other 3,851 1,751 209 397 892 — 253

9,370 6,721 209 3,762 1,011 1,239 500

Total square feet at June 30, 2026 35,718 27,950 1,434 20,937 2,970 1,422 1,187

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

At 100%

Parking Garages (not included above): Square Feet Number of

Garages Number of

Spaces

New York 1,635 9 4,685

THE MART 341 3 1,076

555 California Street 168 1 461

Rosslyn Plaza 411 4 1,094

Total at June 30, 2026 2,555 17 7,316

- 31 -

OCCUPANCY (unaudited)

New York THE MART

555 California Street

Occupancy rate at:

June 30, 2026 90.8 %

80.4 % 87.5 %

March 31, 2026 90.3 %

80.0 % 86.7 %

December 31, 2025 90.0 % 81.5 % 88.9 %

June 30, 2025 85.2 % 78.2 % 92.3 %

RESIDENTIAL STATISTICS (unaudited)

Vornado's Ownership Interest

Number of Units

Occupancy Rate

Average Monthly

Rent Per Unit

New York:

June 30, 2026 1,640 766 97.2% $5,197

March 31, 2026 1,640 766 96.5% 5,096

December 31, 2025

1,643 769 95.5% 5,051

June 30, 2025 1,643 769 95.7% 4,879

- 32 -

GROUND LEASES (unaudited)

(Amounts in thousands, except square feet)

Property Current Annual

Rent at Share Next Option Renewal Date Fully Extended

Lease Expiration Rent Increases and Other Information

Consolidated:

New York:

The Farley Building (95% interest) $ 4,750 None 2116 None.

PENN 1:

Land 15,000

(1)

2073 2098 Rent will reset to fair market value (“FMV”) in 2048. One additional 25-year renewal option at FMV.

Long Island Railroad Concourse Retail

1,379 2048 2098

Two 25-year renewal options. Base rent increases every 10 years, with the next rent increase in 2028, based on the increase in gross income reduced by the increase in real estate taxes and operating expenses. In addition, percentage rent is payable based on gross annual income above a specified threshold. Base and percentage rent are reduced by a rent credit calculated as a percentage of development costs funded by Vornado.

260 Eleventh Avenue 4,583 None 2114 Rent increases annually by the lesser of CPI or 1.5% compounded. We have a purchase option exercisable at a future date for $110,000 increased annually by the lesser of CPI or 1.5% compounded.

888 Seventh Avenue 3,350 2028 2067 Two 20-year renewal options at FMV.

330 West 34th Street -

65.2% ground leased

10,265 2051 2149 Two 30-year and one 39-year renewal option at FMV.

909 Third Avenue 1,600 2041 2063 One 22-year renewal option at current annual rent.

962 Third Avenue (the Annex building to 150 East 58th Street) - 50.0% ground leased 666 None 2118 Rent resets every 10 years to FMV.

Other:

Wayne Town Center 6,401 2035 2064 Two 10-year renewal options and one 9-year renewal option. Rent increases annually by the greater of CPI or 6%.

Annapolis 650 None 2042 Fixed rent increases to $750 per annum in 2032.

Unconsolidated:

Sunset Pier 94 Studios

(49.9% interest)

449 2060 2110 Five 10-year renewal options. Fixed rent increases in 2028 and every five years thereafter. Beginning in September 2028, additional rent is payable in an amount equal to 6% of gross revenue less the base rent.

61 Ninth Avenue

(45.1% interest)

3,890 None 2115 Rent increases every three years based on CPI, subject to a cap. In 2051, 2071 and 2096, rent resets based on the increase in the property's gross revenue net of real estate taxes, if greater than the CPI reset.

Flushing (Alexander's)

(32.4% interest)

259 None 2037 10-year renewal option at 90% of FMV effective 2027 was exercised in March 2025. FMV to be determined.

________________________________

(1)On April 22, 2025, an arbitration panel (the “Panel”) appointed to determine the ground rent payable by Vornado’s subsidiary for the PENN 1 land parcel for the 25-year period beginning June 17, 2023 determined that the annual rent payable will be $15,000 or $20,220 depending on the outcome of litigation described below. On July 21, 2025, the ground lessor filed a motion in New York County Supreme Court to vacate the Panel’s ground rent determination. On October 31, 2025, the court granted the ground lessor’s motion. We believe the decision is without merit and are appealing the court’s decision. Further, litigation is currently pending between the parties in New York County Supreme Court regarding the existence of a sublease potentially affecting the value of the land parcel. The court denied our motion to dismiss that action and, in January 2026, the appellate court affirmed that decision. That sublease litigation is now continuing in front of the lower court. Under the Panel’s decision (assuming the aforementioned vacatur decision that we are appealing is reversed), if the fee owner prevails in a final judgment in that litigation, the annual rent for the 25-year term will be $20,220, retroactive to June 17, 2023.

- 33 -

NEW YORK OFFICE

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property In Service Under Development

or Not Available

for Lease

NEW YORK OFFICE:

PENN District:

PENN 1

(ground leased through 2098)** Cisco, Hartford Fire Insurance, Empire Healthchoice Assurance, Inc., United

Healthcare Services, Inc., Siemens Mobility, WSP USA, Gusto Inc., Samsung,

-Office 100.0 % 90.8 % $ 91.08 2,239,000 2,239,000 — Canaccord Genuity LLC, Roivant Sciences Inc.

-Retail 100.0 % 56.6 % 199.39 239,000 239,000 — Starbucks, Blue Bottle Coffee Inc., Shake Shack

100.0 % 87.6 % 97.59 $ 212,000 2,478,000 2,478,000 — $ —

PENN 2 Madison Square Garden, Major League Soccer LLC, Veeva Systems*,

UMG Recordings, Inc.*, Current*, Capgemini*, Altana Technologies*,

-Office 100.0 % 90.6 % 107.72 1,759,000 1,759,000 — Verizon, Pernod Ricard*, FGS Global*, Dick’s Sporting Goods*

-Retail 100.0 % 62.9 % 226.60 66,000 66,000 — JPMorgan Chase

100.0 % 89.6 % 110.73 180,600 1,825,000 1,825,000 — 575,000

(4)

The Farley Building

(ground and building leased through 2116)**

-Office 95.0 % 100.0 % 119.86 87,500 730,000 730,000 — — Meta Platforms, Inc.

PENN 11

-Office 100.0 % 94.7 % 75.60 1,120,000 1,120,000 — Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's

-Retail 100.0 % 41.1 % 237.64 39,000 39,000 — PNC Bank National Association, Starbucks

100.0 % 92.5 % 77.74 77,600 1,159,000 1,159,000 — 450,000

100 West 33rd Street

-Office 100.0 % 87.4 % 69.39 858,000 858,000 — Omnicom (formerly IPG and affiliates)

-Retail 100.0 % — % — 257,000 — 257,000

100.0 % 87.4 % 69.39 51,700 1,115,000 858,000 257,000 480,000

330 West 34th Street

(65.2% ground leased through 2149)**

-Office 100.0 % 94.9 % 83.81 702,000 702,000 — Structure Tone, Deutsch, Inc., HomeAdvisor, Inc., WeWork, Rippling*

-Retail 100.0 % 85.5 % 115.40 24,000 24,000 — Starbucks

100.0 % 94.6 % 84.59 56,200 726,000 726,000 — 100,000

(5)

7 West 34th Street

-Office 53.0 % 100.0 % 85.59 458,000 458,000 — Amazon

-Retail 53.0 % 89.6 % 369.78 19,000 19,000 — Amazon, Lindt

53.0 % 99.6 % 96.39 44,800 477,000 477,000 — 250,000

Total PENN District 710,400 8,510,000 8,253,000 257,000 1,855,000

Midtown East:

909 Third Avenue

(ground leased through 2063)** Omnicom (formerly IPG and affiliates), AbbVie Inc., United States Post Office

-Office 100.0 % 71.7 % 69.35

(6)

53,900 1,353,000 1,353,000 — 350,000 Morrison Cohen LLP, Alix Partners*

- 34 -

NEW YORK OFFICE

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property In Service Under Development

or Not Available

for Lease

NEW YORK OFFICE (Continued):

Midtown East (Continued):

150 East 58th Street(7)

-Office 100.0 % 78.6 % $ 82.85 540,000 540,000 — Castle Harlan, Tournesol Realty LLC (Peter Marino)

-Retail 100.0 % 100.0 % 95.02 3,000 3,000 —

100.0 % 78.7 % 82.93 $ 35,300 543,000 543,000 — —

Total Midtown East 89,200 1,896,000 1,896,000 — $ 350,000

Midtown West:

888 Seventh Avenue

(ground leased through 2067)** Lone Star US Acquisitions LLC, Top-New York, Inc.,

-Office 100.0 % 85.7 % 101.67 873,000 873,000 — Vornado Executive Headquarters, United Talent Agency

-Retail 100.0 % 100.0 % 269.19 15,000 15,000 — Redeye Grill L.P.

100.0 % 85.8 % 103.41 79,000 888,000 888,000 — 244,543

50 West 57th Street

-Office 50.0 % 90.6 % 63.18 69,000 69,000 —

-Retail 50.0 % 100.0 % 103.96 10,000 10,000 — Le Colonial*

50.0 % 91.4 % 67.10 4,700 79,000 79,000 — —

825 Seventh Avenue

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

Total Midtown West 89,500 1,136,000 1,136,000 — 292,543

Park Avenue:

280 Park Avenue Elliott Investment Management L.P., PJT Partners Holdings, GIC Inc.,

-Office 50.0 % 98.9 % 123.42 1,238,000 1,238,000 — Wells Fargo, Investcorp International Inc., Sagard Capital Partners

-Retail 50.0 % 100.0 % 63.05 29,000 29,000 — Starbucks, Fasano Restaurant

50.0 % 99.0 % 122.06 153,100 1,267,000 1,267,000 — 1,075,000

Park Avenue Plaza

-Office 49.0 % 100.0 % 97.45 1,167,000 1,167,000 — Evercore, Morgan Stanley

-Retail 49.0 % 61.9 % 92.79 8,000 8,000 — Duane Reade

49.0 % 99.7 % 97.43 113,500 1,175,000 1,175,000 — 575,000

Total Park Avenue 266,600 2,442,000 2,442,000 — 1,650,000

Grand Central:

90 Park Avenue Alston & Bird, PwC, MassMutual, Glencore*,

-Office 100.0 % 100.0 % 86.23 939,000 939,000 — Factset Research Systems Inc., Foley & Lardner

-Retail 100.0 % 96.0 % 176.80 17,000 17,000 — Citibank, Starbucks

Total Grand Central 100.0 % 99.9 % 87.71 80,900 956,000 956,000 — —

- 35 -

NEW YORK OFFICE

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property In Service Under Development

or Not Available

for Lease

NEW YORK OFFICE (Continued):

Madison/Fifth:

623 Fifth Avenue

-Office 100.0 % — $ — $ — 383,000 — 383,000 $ —

Total Madison/Fifth — 383,000 — 383,000 —

Midtown South:

770 Broadway

-Office 100.0 % 100.0 % (8) (8) 1,091,000 1,091,000 — New York University

-Retail 100.0 % 100.0 % 76.89 6,600 92,000 92,000 — Wegmans Food Markets

100.0 % 100.0 % 1,183,000 1,183,000 — —

One Park Avenue

New York University, BMG Rights Management LLC,

-Office 100.0 % 93.9 % 73.56 867,000 867,000 — Robert A.M. Stern Architect

-Retail 100.0 % 95.6 % 85.73 78,000 78,000 — Bank of Baroda, Citibank, Equinox, Tous Les Jour*

100.0 % 94.0 % 74.56 64,900 945,000 945,000 — 525,000

Total Midtown South 71,500 2,128,000 2,128,000 — 525,000

Rockefeller Center:

1290 Avenue of the Americas Hachette Book Group Inc., Bryan Cave LLP, Neuberger Berman Group LLC,

Cushman & Wakefield, Selendy Gay PLLC, Columbia University,

-Office 70.0 % 94.6 % 91.43 2,007,000 2,007,000 — Fubotv Inc, LinkLaters, King & Spalding, Oaktree Capital

-Retail 70.0 % 95.0 % 202.47 90,000 90,000 — Duane Reade, JPMorgan Chase Bank, Starbucks

Total Rockefeller Center 70.0 % 94.6 % 95.03 183,600 2,097,000 2,097,000 — 950,000

Chelsea/Meatpacking District:

260 Eleventh Avenue

(ground leased through 2114)**

-Office 100.0 % 100.0 % 50.33 10,500 209,000 209,000 — — The City of New York

85 Tenth Avenue Google, Telehouse International Corp.,

-Office 49.9 % 89.9 % 95.94 598,000 598,000 — Clear Secure, Inc., Shopify

-Retail 49.9 % 76.3 % 96.01 43,000 43,000 — Crane Club, Verde

49.9 % 89.1 % 95.94 54,500 641,000 641,000 — 625,000

61 Ninth Avenue (2 buildings)

(ground leased through 2115)**

-Office 45.1 % 100.0 % 151.09 171,000 171,000 — Aetna Life Insurance Company, Apple Inc.

-Retail 45.1 % 100.0 % 415.53 23,000 23,000 — Starbucks

45.1 % 100.0 % 168.48 35,200 194,000 194,000 — 161,000

Total Chelsea/Meatpacking District 100,200 1,044,000 1,044,000 — 786,000

- 36 -

NEW YORK STREET RETAIL

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property In Service Under Development

or Not Available

for Lease

NEW YORK STREET RETAIL:

PENN District:

PENN 1 East & West and South Concourse 100.0 % 74.5 % $ 304.43 $ 15,300 73,000 73,000 — $ — Bank of America, Roberta’s

The Farley Building

(ground and building leased through 2116)**

95.0 % 44.8 % 325.12 13,700 116,000 116,000 — — Avra Prime, Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels

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

431 Seventh Avenue 100.0 % 0.0 % — 600 9,000 9,000 — —

138-142 West 32nd Street 100.0 % 80.3 % 138.31 500 8,000 8,000 — —

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

137 West 33rd Street 100.0 % 100.0 % 99.77 300 3,000 3,000 — — Celtic Rail

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

Other (4 buildings) 74.5 % 53.5 % 107.40 1,700 34,000 34,000 — —

Total PENN District 38,600 387,000 387,000 — 150,000

Midtown East:

715 Lexington Avenue 100.0 % 78.5 % 206.52 3,500 22,000 22,000 — — Casper, Santander Bank, Blu Dot

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

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

Total Midtown East 5,600 36,000 36,000 — —

Midtown West:

825 Seventh Avenue 100.0 % 100.0 % 151.13 600 4,000 4,000 — — Venchi

- 37 -

NEW YORK STREET RETAIL

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property In Service Under Development

or Not Available

for Lease

NEW YORK STREET RETAIL (Continued):

Madison/Fifth:

640 Fifth Avenue Fidelity Investments, Abbott Capital Management,

-Office 52.0 % 91.3 % $ 105.30 247,000 247,000 — The Klein Company, Rockefeller Capital*

-Retail 52.0 % 100.0 % 1,127.53 69,000 69,000 — Victoria's Secret, Dyson

52.0 % 92.7 % 272.28 $ 76,300 316,000 316,000 — $ 386,583

666 Fifth Avenue

-Retail 52.0 % 100.0 % 1,087.67 14,300 24,000 24,000 — — Abercrombie & Fitch, Tissot

595 Madison Avenue LVMH Moet Hennessy Louis Vuitton Inc.,

-Office 100.0 % 89.8 % 83.83 303,000 303,000 — Albea Beauty Solutions, Aerin LLC

-Retail 100.0 % 100.0 % 766.60 30,000 30,000 — Fendi, Berluti, Christofle Silver Inc.

100.0 % 90.5 % 131.23 40,800 333,000 333,000 — —

689 Fifth Avenue

-Office 52.0 % 100.0 % 96.01 81,000 81,000 — Brunello Cucinelli USA Inc., Yamaha Artist Services Inc.

-Retail 52.0 % 100.0 % 788.50 16,000 16,000 — Canada Goose

52.0 % 100.0 % 177.35 16,300 97,000 97,000 — —

655 Fifth Avenue

-Retail 50.0 % 100.0 % 296.06 17,100 57,000 57,000 — — Ferragamo

697-703 Fifth Avenue

-Retail 44.8 % 100.0 % 2,747.77 44,300 27,000 27,000 — 355,359 Swatch Group USA, Harry Winston, Meta Platforms, Inc.

Total Madison/Fifth 209,100 854,000 854,000 — 741,942

Midtown South:

4 Union Square South

-Retail 100.0 % 100.0 % 143.30 29,300 204,000 204,000 — 120,000 Burlington, Whole Foods Market, DSW, Sephora

Times Square:

1540 Broadway

-Retail 52.0 % 22.0 % 404.33 14,200 162,000 162,000 — — U.S. Polo, Disney, Pop Mart*

1535 Broadway

-Retail 52.0 % 100.0 % 1,193.78 45,000 45,000 — T-Mobile, Swatch Group USA, Levi's, Sephora, Anita La Mamma Del Gelato

-Theatre 52.0 % 100.0 % 23.47 62,000 62,000 — Nederlander-Marquis Theatre

52.0 % 100.0 % 463.15 45,700 107,000 107,000 — 450,000

Total Times Square 59,900 269,000 269,000 — 450,000

- 38 -

NEW YORK STREET RETAIL / RESIDENTIAL / DEVELOPMENT

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property In Service Under Development

or Not Available

for Lease

NEW YORK STREET RETAIL (Continued):

Upper East Side:

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

Chelsea/Meatpacking District:

537 West 26th Street 100.0 % 100.0 % 138.26 2,300 17,000 17,000 — —

Tribeca:

339 Greenwich Street 100.0 % 100.0 % 156.47 800 9,000 9,000 — — Paper Moon

NEW YORK RESIDENTIAL:

Tribeca:

Independence Plaza

-Residential (1,328 units) 50.1 % 97.2 % 1,186,000 1,186,000 —

-Retail 50.1 % 68.4 % 99.70 5,400 72,000 72,000 — Duane Reade, Tompkins Square Bagels*

Total Tribeca - Residential 5,400 1,258,000 1,258,000 — 675,000

NEW YORK:

To be Developed:

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

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

57th Street 50.0 % — — — — — — —

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

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

METRICS BY SPACE TYPE

New York Office:

Total 92.8 % $ 92.74 $ 1,561,400 20,756,000 19,788,000 968,000 $ 6,808,543

Vornado's Ownership Interest 92.2 % $ 91.02 $ 1,294,900 18,018,000 17,050,000 968,000 $ 5,084,604

New York Retail:

Total 77.0 % $ 276.31 $ 394,800 2,296,000 2,039,000 257,000 $ 1,461,942

Vornado's Ownership Interest 77.8 % $ 234.89 $ 277,100 1,923,000 1,666,000 257,000 $ 864,048

New York Residential:

Total 97.2 % 1,186,000 1,186,000 — $ 675,000

Vornado's Ownership Interest 97.2 % 604,000 604,000 — $ 338,175

- 39 -

NEW YORK SEGMENT - ALEXANDER’S

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property In Service Under Development

or Not Available

for Lease

NEW YORK (Continued):

ALEXANDER'S, INC.:

731 Lexington Avenue, Manhattan

-Office 32.4 % 100.0 % $ 149.39 952,000 952,000 — $ 400,000 Bloomberg L.P.

-Retail 32.4 % 23.6 % 295.64 128,000 128,000 — 171,522 Hutong, Capital One

32.4 % 91.3 % 153.69 $ 149,300 1,080,000 1,080,000 — 571,522

Rego Park Shopping Center

Queens (6.6 acres) 32.4 % 99.0 % 67.47 39,600 608,000 608,000 — 175,000 Costco, Target*, TJ Maxx, Best Buy, Marshalls, DSW, Burlington

Flushing, Queens (1.0 acre ground leased through 2037) 32.4 % 100.0 % 34.78 5,800 167,000 167,000 — — New World Mall LLC

The Alexander Apartment Tower,

Rego Park, Queens, NY

-Residential (312 units) 32.4 % 97.4 % 255,000 255,000 — 94,000

Total Alexander's 32.4 % 94.6 % 112.79 194,700 2,110,000 2,110,000 — 840,522

Total New York 90.2 % $ 102.14 $ 2,141,300 26,348,000 25,123,000 1,225,000 $ 9,786,007

Vornado's Ownership Interest 90.8 % $ 96.19 $ 1,675,600 21,229,000 20,004,000 1,225,000 $ 6,559,156

________________________________

* Lease not yet commenced.

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

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

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

(3)Represents contractual debt obligations.

(4)Secured amount outstanding on revolving credit facilities.

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

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

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

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

- 40 -

OTHER

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property In Service Under Development

or Not Available

for Lease

THE MART:

THE MART, Chicago

Motorola Mobility (guaranteed by Google), Allscripts Healthcare,

AAR Corp*, The Chartis Group LLC, Paypal, Inc., ConAgra Foods Inc.,

Avant LLC, Clear Channel Outdoor LLC, Omnicom (formerly IPG and affiliates),

Government Employees Insurance Company, Medline Industries, Inc,

-Office 100.0 % 89.8 % $ 47.95 $ 92,800 2,125,000 2,125,000 — Innovation Development Institute, Inc., Allstate Insurance Company

-Showroom/Trade show 100.0 % 66.9 % 56.75 55,300 1,486,000 1,486,000 — Holly Hunt Ltd., Baker Interiors Group, Ltd.

-Retail 100.0 % 80.7 % 47.78 3,000 82,000 82,000 —

100.0 % 80.4 % 50.87 151,100 3,693,000 3,693,000 — $ —

Other (1 property) 50.0 % 85.5 % 74.27 300 4,000 4,000 — 17,971

Total THE MART, Chicago 151,400 3,697,000 3,697,000 — 17,971

Property to be Developed:

527 West Kinzie, Chicago 100.0 % — — — — — — —

Total THE MART 80.4 % $ 50.90 $ 151,400 3,697,000 3,697,000 — $ 17,971

Vornado's Ownership Interest 80.4 % $ 50.89 $ 151,300 3,695,000 3,695,000 — $ 8,985

555 California Street:

555 California Street 70.0 % 88.9 % $ 110.25 $ 153,400 1,511,000 1,511,000 — $ 1,200,000 Bank of America, N.A., Dodge & Cox, Goldman Sachs & Co.,

Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,

McKinsey & Company Inc., UBS Financial Services,

KKR Financial, Microsoft Corporation

315 Montgomery Street 70.0 % 74.2 % 78.15 13,300 235,000 235,000 — — Bank of America, N.A., Ripple Labs Inc., Blue Shield, Pacific Workplaces*

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

Total 555 California Street 87.5 % $ 104.19 $ 171,000 1,822,000 1,822,000 — $ 1,200,000

Vornado's Ownership Interest 87.5 % $ 104.19 $ 119,700 1,275,000 1,275,000 — $ 840,000

________________________________

* Lease not yet commenced.

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

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

(3)Represents the contractual debt obligations.

- 41 -

OTHER

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property Under Development

or Not Available

for Lease

In Service

OTHER:

Virginia:

Rosslyn Plaza

-Office - 4 buildings 46.2 % 29.4 % $ 56.07 736,000 274,000 462,000 Nathan Associates

-Residential - 2 buildings (197 units) 43.7 % 98.5 % 253,000 253,000 —

45.6 % $ 4,600 989,000 527,000 462,000 $ 10,000

Fashion Centre Mall / Washington Tower

-Office 7.5 % 75.0 % 48.00 170,000 170,000 — 422,000 The Rand Corporation

-Retail 7.5 % 96.3 % 38.81 868,000 868,000 — 43,000 Macy's, Nordstrom

7.5 % 92.8 % 40.03 50,600 1,038,000 1,038,000 — 465,000

New Jersey:

Wayne Town Center, Wayne

(ground leased through 2064)**

100.0 % 100.0 % 31.16 13,900 690,000 690,000 — — Costco, Dick's Sporting Goods, Nordstrom Rack, UFC FIT

Atlantic City

(11.3 acres ground leased through 2070 to VICI Properties for a

portion of the Borgata Hotel and Casino complex)

100.0 % 100.0 % — 8,100 — — — — VICI Properties (ground lessee)

Paramus

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

Maryland:

Annapolis

(ground and building leased through 2042)**

100.0 % 100.0 % 11.70 1,500 128,000 128,000 — — The Home Depot

New York:

650 Madison Avenue Sotheby's International Realty, Inc., BC Partners Inc.,

-Office 22.2 % 60.3 % 116.41 563,000 563,000 — Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)

-Retail 22.2 % 95.7 % 1,093.91 38,000 38,000 — Moncler USA Inc., Tod's, Celine, Balmain

22.2 % 61.8 % 179.79 64,200 601,000 601,000 — —

(4)

Sunset Pier 94 Studios

(ground and building leased through 2110)**

‘-Studio

49.9 % 64.0 % 266,000 266,000 — 165,345 Paramount

40 East 66th Street

‘-Residential

100.0 % 100.0 % — 10,000 10,000 — —

Total Other 81.4 % $ 58.13 $ 145,200 3,851,000 3,389,000 $ 462,000 $ 640,345

Vornado's Ownership Interest 83.7 % $ 59.09 $ 46,000 1,751,000 1,542,000 $ 209,000 $ 122,423

____________________________________________________________________________________

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

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

(3)Represents the contractual debt obligations.

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

- 42 -

INVESTOR INFORMATION

Corporate Officers:

Steven Roth Chairman of the Board and Chief Executive Officer

Michael J. Franco President and Chief Financial Officer

Glen J. Weiss Executive Vice President - Office Leasing - Co-Head of Real Estate

Barry S. Langer Executive Vice President - Development - Co-Head of Real Estate

Haim Chera Executive Vice President - Head of Retail

Thomas J. Sanelli Executive Vice President - Finance and Chief Administrative Officer

RESEARCH COVERAGE

Jeff Spector/Jana Galan Steve Sakwa Vikram Malhotra

Bank of America/BofA Securities Evercore ISI Mizuho Securities (USA) Inc.

646-855-1363/646-855-3081 212-446-9462 212-282-3827

Brendan Lynch Caitlin Burrows Ronald Kamdem

Barclays Capital Goldman Sachs Morgan Stanley

212-526-9428 212-902-4736 212-296-8319

John P. Kim Dylan Burzinski Alexander Goldfarb

BMO Capital Markets Green Street Advisors Piper Sandler

212-885-4115 949-640-8780 212-466-7937

Nicholas Joseph/Seth Bergey Anthony Paolone Nicholas Yulico

Citi JP Morgan Scotia Capital (USA) Inc

212-816-1909/212-816-2066 212-622-6682 212-225-6904

Floris van Dijkum Mark Streeter/Ian Snyder Michael Lewis

Ladenburg Thalmann JP Morgan Fixed Income Truist Securities

212-409-2075 212-834-5086/212-834-3798 212-319-5659

Research Coverage - is provided as a service to interested parties and not as an endorsement of any report, or representation as to the accuracy of any information contained therein. Opinions, forecasts and other forward-looking statements expressed in analysts' reports are subject to change without notice.

- 43 -

APPENDIX

DEFINITIONS AND NON-GAAP RECONCILIATIONS

FINANCIAL SUPPLEMENT DEFINITIONS

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

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

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

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

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

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

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

- i -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited)

(Amounts in thousands, except per share amounts)

For the Three Months Ended

June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025

Reconciliation of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):

Net income (loss) attributable to common shareholders

$ 16,434 $ (22,842) $ 601 $ 11,589 $ 743,819

Per diluted share $ 0.08 $ (0.12) $ — $ 0.06 $ 3.70

FFO adjustments:

Depreciation and amortization of real property $ 157,776 $ 105,386 $ 100,098 $ 103,617 $ 103,142

Change in fair value of marketable securities — — (198) (1,719) —

Gain on sales-type lease — — — — (803,248)

Net gains on sale of real estate — — (300) — —

Real estate impairment losses — — — — 542

Our share of partially owned entities:

Depreciation and amortization of real property 25,274 23,788 22,933 23,302 24,107

Net gains on sale of real estate (44,930) — (225) (11,002) (2,527)

FFO adjustments, net 138,120 129,174 122,308 114,198 (677,984)

Impact of assumed conversion of dilutive convertible securities 383 309 219 385 385

Noncontrolling interests' share of above adjustments on a dilutive basis (10,859) (10,378) (10,201) (8,800) 54,708

FFO attributable to common shareholders plus assumed conversions (non-GAAP) 144,078 96,263 112,927 117,372 120,928

Add back of FFO allocated to noncontrolling interests of the Operating Partnership 12,320 8,330 10,254 9,807 10,127

FFO attributable to Class A unitholders (non-GAAP) $ 156,398 $ 104,593 $ 123,181 $ 127,179 $ 131,055

FFO per diluted share (non-GAAP) $ 0.74 $ 0.49 $ 0.56 $ 0.58 $ 0.60

- ii -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited)

(Amounts in thousands, except per share amounts)

For the Three Months Ended

June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025

FFO attributable to common shareholders plus assumed conversions (non-GAAP) $ 144,078 $ 96,263 $ 112,927 $ 117,372 $ 120,928

Per diluted share (non-GAAP) $ 0.74 $ 0.49 $ 0.56 $ 0.58 $ 0.60

Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:

606 Broadway debt extinguishment gain, net of noncontrolling interests $ (16,141) $ — $ — $ — $ —

Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary) 2,679 2,984 3,048 3,586 3,337

After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities — — (5,910) — —

Gain on sale of Canal Street residential condominium units — — (3,574) — (8,362)

Other (656) 4,453 4,241 (6,661) (3,217)

(14,118) 7,437 (2,195) (3,075) (8,242)

Noncontrolling interests' share of above adjustments on a dilutive basis 1,113 (591) 141 238 638

Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net $ (13,005) $ 6,846 $ (2,054) $ (2,837) $ (7,604)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) $ 131,073 $ 103,109 $ 110,873 $ 114,535 $ 113,324

Per diluted share (non-GAAP) $ 0.67 $ 0.52 $ 0.55 $ 0.57 $ 0.56

- iii -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited)

(Amounts in thousands)

For the Three Months Ended

June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025

FFO attributable to common shareholders, plus assumed conversions (A) $ 144,078 $ 96,263 $ 112,927 $ 117,372 $ 120,928

Adjustments to arrive at FAD (at Vornado's share):

Certain items that impact FAD 1,288 6,702 (3,325) (3,320) (8,242)

Recurring tenant improvements, leasing commissions and other capital expenditures (33,109) (45,225) (61,186) (52,376) (104,203)

Stock-based compensation expense 7,804 5,655 6,365 5,573 7,519

Amortization of debt issuance costs and other non-cash interest expense 6,642 6,681 8,145 10,242 10,638

Gain on debt extinguishment (16,141) — — — —

Personal property depreciation 2,347 2,050 2,349 2,239 1,564

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (40,881) (31,066) (30,858) (30,746) (45,954)

Noncontrolling interests in the Operating Partnership's share of above adjustments 5,886 4,543 6,273 5,634 11,119

FAD adjustments, net (B) (66,164) (50,660) (72,237) (62,754) (127,559)

FAD (non-GAAP) (A+B) $ 77,914 $ 45,603 $ 40,690 $ 54,618 $ (6,631)

FAD payout ratio(1)

N/A N/A 97.4 % (2) N/A N/A

________________________________

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

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

- iv -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)

For the Three Months Ended

June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025

Reconciliation of net income (loss) to EBITDAre (non-GAAP):

Net income (loss) $ 39,196 $ (22,026) $ 4,914 $ 19,239 $ 813,227

Less net (income) loss attributable to noncontrolling interests in consolidated subsidiaries (5,748) 12,690 11,296 8,912 10,981

Net income (loss) attributable to the Operating Partnership 33,448 (9,336) 16,210 28,151 824,208

EBITDAre adjustments at share:

Depreciation and amortization expense 185,397 131,224 125,379 129,158 128,813

Interest and debt expense 118,706 116,219 113,183 112,624 115,171

Income tax expense (benefit) 3,439 7,262 8,837 (5,233) 4,295

Real estate impairment losses — — — — 542

Gain on debt extinguishment (16,141) — — — —

Gain on sales-type lease — — — — (803,248)

Net gains on sale of real estate (44,930) — (525) (11,002) (2,527)

EBITDAre at share 279,919 245,369 263,084 253,698 267,254

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries 12,330 9,115 11,192 14,046 11,301

EBITDAre (non-GAAP) 292,249 254,484 274,276 267,744 278,555

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries (12,330) (9,115) (11,192) (14,046) (11,301)

Certain (income) expense items that impact EBITDAre:

Gain on sale of 220 CPS condominium units and ancillary amenities — — (7,377) — —

Gain on sale of Canal Street residential condominium units — — (3,574) — (8,362)

Other (468) 2,429 2,672 60 (1,309)

Total of certain (income) expense items that impact EBITDAre (468) 2,429 (8,279) 60 (9,671)

EBITDAre, as adjusted (non-GAAP) $ 279,451 $ 247,798 $ 254,805 $ 253,758 $ 257,583

- v -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)

For the Trailing Twelve Months Ended For the Year Ended December 31,

June 30, 2026 2025 2024 2023

Reconciliation of net income to EBITDAre (non-GAAP):

Net income $ 41,323 $ 937,204 $ 20,116 $ 32,888

Less net loss attributable to noncontrolling interests in consolidated subsidiaries 27,150 41,622 51,131 75,967

Net income attributable to the Operating Partnership 68,473 978,826 71,247 108,855

EBITDAre adjustments at share:

Depreciation and amortization expense 571,158 513,658 507,210 499,357

Interest and debt expense 460,732 458,869 458,100 458,400

Income tax expense 14,305 15,313 23,445 30,465

Real estate impairment losses — 542 — 73,289

Gain on debt extinguishment (16,141) — — —

Gain on sales-type lease — (803,248) — —

Net gains on sale of real estate (56,457) (91,062) (873) (72,955)

EBITDAre at share 1,042,070 1,072,898 1,059,129 1,097,411

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries 46,683 47,853 42,125 39,405

EBITDAre (non-GAAP) 1,088,753 1,120,751 1,101,254 1,136,816

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries (46,683) (47,853) (42,125) (39,405)

Certain (income) expense items that impact EBITDAre:

Gain on sale of 220 CPS condominium units and ancillary amenities (7,377) (20,953) (15,175) (14,127)

Gain on sale of Canal Street residential condominium units (3,574) (13,911) — —

Other 4,693 1,809 5,366 (1,952)

Total of certain (income) expense items that impact EBITDAre (6,258) (33,055) (9,809) (16,079)

EBITDAre, as adjusted (non-GAAP) $ 1,035,812 $ 1,039,843 $ 1,049,320 $ 1,081,332

- vi -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)

For the Three Months Ended For the Six Months Ended

June 30,

June 30, March 31, 2026

2026 2025 2026 2025

Net income (loss) $ 39,196 $ 813,227 $ (22,026) $ 17,170 $ 913,051

Depreciation and amortization expense 171,228 115,574 118,528 289,756 231,729

General and administrative expense 39,100 39,978 42,245 81,345 78,575

Transaction related costs and other 173 721 762 935 764

Income from partially owned entities (63,195) (16,671) (12,822) (76,017) (113,648)

Interest and other investment income, net (8,989) (11,056) (9,327) (18,316) (19,317)

Interest and debt expense 89,582 87,929 89,206 178,788 183,745

Gain on debt extinguishment (32,073) — — (32,073) —

Gain on sales-type lease — (803,248) — — (803,248)

Net gains on disposition of wholly owned and partially owned assets — (8,488) — — (24,039)

Income tax expense 3,571 4,123 5,908 9,479 11,316

NOI from partially owned entities 76,638 66,227 68,308 144,946 133,338

NOI attributable to noncontrolling interests in consolidated subsidiaries (11,167) (10,643) (8,659) (19,826) (21,303)

NOI at share 304,064 277,673 272,123 576,187 570,963

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (40,881) (45,954) (31,066) (71,947) (69,873)

NOI at share - cash basis $ 263,183 $ 231,719 $ 241,057 $ 504,240 $ 501,090

- vii -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)

For the Three Months Ended June 30,

Total Revenues Operating Expenses NOI

Non-cash Adjustments(1)

NOI - cash basis

2026 2025 2026 2025 2026 2025 2026 2025 2026 2025

New York $ 380,316 $ 356,522 $ (194,620) $ (187,107) $ 185,696 $ 169,415 $ (17,659) $ (39,216) $ 168,037 $ 130,199

Other 81,926 84,915 (29,029) (32,241) 52,897 52,674 (6,921) 2,709 45,976 55,383

Noncontrolling interests' share in consolidated subsidiaries (53,771) (51,815) 42,604 41,172 (11,167) (10,643) (41) (4,830) (11,208) (15,473)

Our share of partially owned entities 129,275 114,795 (52,637) (48,568) 76,638 66,227 (16,260) (4,617) 60,378 61,610

Vornado's share $ 537,746 $ 504,417 $ (233,682) $ (226,744) $ 304,064 $ 277,673 $ (40,881) $ (45,954) $ 263,183 $ 231,719

For the Three Months Ended March 31, 2026

Total Revenues Operating Expenses NOI

Non-cash Adjustments(1)

NOI - cash basis

New York $ 377,486 $ (203,428) $ 174,058 $ (19,166) $ 154,892

Other 81,619 (43,203) 38,416 (5,282) 33,134

Noncontrolling interests' share in consolidated subsidiaries (52,428) 43,769 (8,659) (1,092) (9,751)

Our share of partially owned entities 117,599 (49,291) 68,308 (5,526) 62,782

Vornado's share $ 524,276 $ (252,153) $ 272,123 $ (31,066) $ 241,057

For the Six Months Ended June 30,

Total Revenues Operating Expenses NOI

Non-cash Adjustments(1)

NOI - cash basis

2026 2025 2026 2025 2026 2025 2026 2025 2026 2025

New York $ 757,802 $ 731,068 $ (398,048) $ (369,530) $ 359,754 $ 361,538 $ (36,825) $ (57,916) $ 322,929 $ 303,622

Other 163,545 171,948 (72,232) (74,558) 91,313 97,390 (12,203) 4,497 79,110 101,887

Noncontrolling interests' share in consolidated subsidiaries (106,199) (104,850) 86,373 83,547 (19,826) (21,303) (1,133) (8,600) (20,959) (29,903)

Our share of partially owned entities 246,874 231,184 (101,928) (97,846) 144,946 133,338 (21,786) (7,854) 123,160 125,484

Vornado's share $ 1,062,022 $ 1,029,350 $ (485,835) $ (458,387) $ 576,187 $ 570,963 $ (71,947) $ (69,873) $ 504,240 $ 501,090

________________________________

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

- viii -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED JUNE 30, 2026 COMPARED TO JUNE 30, 2025 (unaudited)

(Amounts in thousands)

Total New York THE MART 555 California Street Other

NOI at share for the three months ended June 30, 2026 $ 304,064 $ 251,698 $ 27,299 $ 14,850 $ 10,217

Less NOI at share from:

Acquisitions (2,695) (2,695) — — —

Dispositions 437 436 1 — —

Development properties (4,603) (4,603) — — —

Other non-same store income, net (21,614) (11,397) — — (10,217)

Same store NOI at share for the three months ended June 30, 2026 $ 275,589 $ 233,439 $ 27,300 $ 14,850 $ —

NOI at share for the three months ended June 30, 2025 $ 277,673 $ 230,104 $ 25,197 $ 18,686 $ 3,686

Less NOI at share from:

Dispositions (1,007) (833) (174) — —

Development properties (14,343) (14,343) — — —

Other non-same store income, net (11,334) (6,281) — (1,367) (3,686)

Same store NOI at share for the three months ended June 30, 2025 $ 250,989 $ 208,647 $ 25,023 $ 17,319 $ —

Increase (decrease) in same store NOI at share $ 24,600 $ 24,792 $ 2,277 $ (2,469) $ —

% increase (decrease) in same store NOI at share 9.8 % 11.9 % 9.1 % (14.3) % — %

- ix -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED JUNE 30, 2026 COMPARED TO JUNE 30, 2025 (unaudited)

(Amounts in thousands)

Total New York THE MART 555 California Street Other

NOI at share - cash basis for the three months ended June 30, 2026 $ 263,183 $ 214,957 $ 28,873 $ 8,962 $ 10,391

Less NOI at share - cash basis from:

Acquisitions (1,544) (1,544) — — —

Dispositions 437 436 1 — —

Development properties (3,786) (3,786) — — —

Other non-same store income, net (27,450) (17,059) — — (10,391)

Same store NOI at share - cash basis for the three months ended June 30, 2026 $ 230,840 $ 193,004 $ 28,874 $ 8,962 $ —

NOI at share - cash basis for the three months ended June 30, 2025 $ 231,719 $ 182,366 $ 25,258 $ 20,684 $ 3,411

Less NOI at share - cash basis from:

Dispositions (1,099) (925) (174) — —

Development properties (13,992) (13,992) — — —

Other non-same store expense (income), net 7,692 14,363 — (3,260) (3,411)

Same store NOI at share - cash basis for the three months ended June 30, 2025 $ 224,320 $ 181,812 $ 25,084 $ 17,424 $ —

Increase (decrease) in same store NOI at share - cash basis $ 6,520 $ 11,192 $ 3,790 $ (8,462) $ —

% increase (decrease) in same store NOI at share - cash basis 2.9 % 6.2 % 15.1 % (48.6) % — %

- x -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO JUNE 30, 2025 (unaudited)

(Amounts in thousands)

Total New York THE MART 555 California Street Other

NOI at share for the six months ended June 30, 2026 $ 576,187 $ 488,247 $ 43,189 $ 28,501 $ 16,250

Less NOI at share from:

Acquisitions (2,532) (2,532) — — —

Dispositions 1,118 1,117 1 — —

Development properties (5,721) (5,721) — — —

Other non-same store income, net (33,548) (17,298) — — (16,250)

Same store NOI at share for the six months ended June 30, 2026 $ 535,504 $ 463,813 $ 43,190 $ 28,501 $ —

NOI at share for the six months ended June 30, 2025 $ 570,963 $ 482,925 $ 41,113 $ 36,529 $ 10,396

Less NOI at share from:

Dispositions (2,340) (2,098) (242) — —

Development properties (23,624) (23,624) — — —

Other non-same store income, net (49,735) (37,517) — (1,822) (10,396)

Same store NOI at share for the six months ended June 30, 2025 $ 495,264 $ 419,686 $ 40,871 $ 34,707 $ —

Increase (decrease) in same store NOI at share $ 40,240 $ 44,127 $ 2,319 $ (6,206) $ —

% increase (decrease) in same store NOI at share 8.1 % 10.5 % 5.7 % (17.9) % — %

- xi -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO JUNE 30, 2025 (unaudited)

(Amounts in thousands)

Total New York THE MART 555 California Street Other

NOI at share - cash basis for the six months ended June 30, 2026 $ 504,240 $ 423,486 $ 46,498 $ 17,821 $ 16,435

Less NOI at share - cash basis from:

Acquisitions (1,365) (1,365) — — —

Dispositions 1,118 1,117 1 — —

Development properties (3,260) (3,260) — — —

Other non-same store income, net (46,246) (29,811) — — (16,435)

Same store NOI at share - cash basis for the six months ended June 30, 2026 $ 454,487 $ 390,167 $ 46,499 $ 17,821 $ —

NOI at share - cash basis for the six months ended June 30, 2025 $ 501,090 $ 409,687 $ 42,775 $ 38,821 $ 9,807

Less NOI at share - cash basis from:

Dispositions (2,528) (2,284) (244) — —

Development properties (23,381) (23,381) — — —

Other non-same store income, net (24,368) (11,301) — (3,260) (9,807)

Same store NOI at share - cash basis for the six months ended June 30, 2025 $ 450,813 $ 372,721 $ 42,531 $ 35,561 $ —

Increase (decrease) in same store NOI at share - cash basis $ 3,674 $ 17,446 $ 3,968 $ (17,740) $ —

% increase (decrease) in same store NOI at share - cash basis 0.8 % 4.7 % 9.3 % (49.9) % — %

- xii -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED JUNE 30, 2026 COMPARED TO MARCH 31, 2026 (unaudited)

(Amounts in thousands)

Total New York THE MART 555 California Street Other

NOI at share for the three months ended June 30, 2026 $ 304,064 $ 251,698 $ 27,299 $ 14,850 $ 10,217

Less NOI at share from:

Acquisitions (2,875) (2,875) — — —

Dispositions 437 436 1 — —

Development properties (8,769) (8,769) — — —

Other non-same store income, net (18,874) (8,657) — — (10,217)

Same store NOI at share for the three months ended June 30, 2026 $ 273,983 $ 231,833 $ 27,300 $ 14,850 $ —

NOI at share for the three months ended March 31, 2026 $ 272,123 $ 236,549 $ 15,890 $ 13,651 $ 6,033

Less NOI at share from:

Dispositions 682 681 1 — —

Development properties (10,288) (10,288) — — —

Other non-same store income, net (9,578) (3,545) — — (6,033)

Same store NOI at share for the three months ended March 31, 2026 $ 252,939 $ 223,397 $ 15,891 $ 13,651 $ —

Increase in same store NOI at share $ 21,044 $ 8,436 $ 11,409 $ 1,199 $ —

% increase in same store NOI at share 8.3 % 3.8 % 71.8 % 8.8 % — %

- xiii -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED JUNE 30, 2026 COMPARED TO MARCH 31, 2026 (unaudited)

(Amounts in thousands)

Total New York THE MART 555 California Street Other

NOI at share - cash basis for the three months ended June 30, 2026 $ 263,183 $ 214,957 $ 28,873 $ 8,962 $ 10,391

Less NOI at share - cash basis from:

Acquisitions (1,723) (1,723) — — —

Dispositions 437 436 1 — —

Development properties (8,053) (8,053) — — —

Other non-same store income, net (24,948) (14,557) — — (10,391)

Same store NOI at share - cash basis for the three months ended June 30, 2026 $ 228,896 $ 191,060 $ 28,874 $ 8,962 $ —

NOI at share - cash basis for the three months ended March 31, 2026 $ 241,057 $ 208,529 $ 17,625 $ 8,859 $ 6,044

Less NOI at share - cash basis from:

Dispositions 682 681 1 — —

Development properties (8,293) (8,293) — — —

Other non-same store income, net (16,627) (10,583) — — (6,044)

Same store NOI at share - cash basis for the three months ended March 31, 2026 $ 216,819 $ 190,334 $ 17,626 $ 8,859 $ —

Increase in same store NOI at share - cash basis $ 12,077 $ 726 $ 11,248 $ 103 $ —

% increase in same store NOI at share - cash basis 5.6 % 0.4 % 63.8 % 1.2 % — %

- xiv -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)

(Amounts in thousands)

As of June 30, 2026

Consolidated Debt, Net

Deferred Financing Costs, Net and Other

Consolidated Contractual Debt

Mortgages payable $ 4,844,730 $ 24,813 $ 4,869,543

Senior unsecured notes 841,940 8,060 850,000

$850 Million unsecured term loan 840,030 9,970 850,000

$2.1 Billion unsecured revolving credit facilities 918,000 — 918,000

$ 7,444,700 $ 42,843 $ 7,487,543

- xv -

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