Form 8-K

8-K — VORNADO REALTY TRUST

Accession: 0000899689-26-000028

Filed: 2026-05-04

Period: 2026-05-04

CIK: 0000899689

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — vno-20260504.htm (Primary)

EX-99.1 (vno-033126xxex991xearnings.htm)

EX-99.2 (vno-033126xex992xfinancial.htm)

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8-K

8-K (Primary)

Filename: vno-20260504.htm · Sequence: 1

vno-20260504

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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):

May 4, 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 May 4, 2026, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the first 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 May 4, 2026

99.2

Vornado Realty Trust supplemental operating and financial data for the quarter ended March 31, 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: May 4, 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: May 4, 2026

EX-99.1

Filename: vno-033126xxex991xearnings.htm · Sequence: 2

Document

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

Vornado Announces First Quarter 2026 Financial Results

New York City | May 4, 2026

Vornado Realty Trust (NYSE: VNO) reported today:

Quarter Ended March 31, 2026 Financial Results

NET LOSS attributable to common shareholders for the quarter ended March 31, 2026 was $22,842,000, or $0.12 per diluted share, compared to net income attributable to common shareholders of $86,842,000, or $0.43 per diluted share, for the prior year's quarter.

FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended March 31, 2026 was $96,263,000, or $0.49 per diluted share, compared to $135,039,000, or $0.67 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table below, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended March 31, 2026 was $103,109,000, or $0.52 per diluted share, and $126,245,000, or $0.63 per diluted share, for the prior year's quarter.

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

March 31,

2026 2025

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

$ 96,263 $ 135,039

Per diluted share (non-GAAP) $ 0.49 $ 0.67

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

Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary) $ 2,984 $ 3,205

After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities — (11,028)

Gain on sale of Canal Street residential condominium units — (1,975)

Other 4,453 240

7,437 (9,558)

Noncontrolling interests' share of above adjustments on a dilutive basis (591) 764

Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net $ 6,846 $ (8,794)

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

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) $ 103,109 $ 126,245

Per diluted share (non-GAAP) $ 0.52 $ 0.63

________________________________

(1)See page 10 for a reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months ended March 31, 2026 and 2025.

NYSE: VNO | WWW.VNO.COM

PAGE 1 OF 15

FFO, as Adjusted Bridge - Q1 2026 vs. Q1 2025

The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2025 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 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 March 31, 2025 $ 126.2 $ 0.63

(Decrease) / increase in FFO, as adjusted due to:

Reversal in Q1 2025 of PENN 1 ground rent previously accrued (17.2)

Interest expense, net of interest income (15.9)

Impact of NYU master lease at 770 Broadway 7.6

Variable businesses 3.4

Lease expirations, net of rent commencements (2.1)

Other, net 0.1

(24.1)

Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities 1.0

Net decrease (23.1) (0.11)

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

See page 10 for a reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months ended March 31, 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 on the previous page.

NYSE: VNO | WWW.VNO.COM

PAGE 2 OF 15

Share Repurchase Program

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

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

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

Acquisitions

Park Avenue Plaza

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

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

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

3 East 54th Street

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

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

Dispositions

Alexander’s, Inc. (“Alexander’s”)

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

Financing Activity

350 Park Avenue

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

One Park Avenue

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

61 Ninth Avenue

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

NYSE: VNO | WWW.VNO.COM

PAGE 3 OF 15

Financing Activity - continued

825 Seventh Avenue Office Condominium

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

7 West 34th Street

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

Senior Unsecured Notes Due 2033

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

2031 Revolving Credit Facility

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

2029 Revolving Credit Facility

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

Unsecured Term Loan

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

888 Seventh Avenue

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

NYSE: VNO | WWW.VNO.COM

PAGE 4 OF 15

Leasing Activity

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 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 March 31, 2026

Total square feet leased 311 25 19 96

Our share of square feet leased: 243 13 19 67

Initial rent(1)

$ 102.50 $ 546.51 $ 70.20 $ 151.94

Weighted average lease term (years) 8.7 12.4 3.3 9.5

Second generation relet space:

Square feet 121 1 15 58

GAAP basis:

Straight-line rent(2)

$ 96.86 $ 2,273.02 $ 69.32 $ 178.18

Prior straight-line rent $ 86.69 $ 1,221.04 $ 67.76 $ 123.11

Percentage increase 11.7 % 86.2 % 2.3 % 44.7 %

Cash basis (non-GAAP):

Initial rent(1)

$ 102.06 $ 2,140.67 $ 70.60 $ 162.85

Prior escalated rent $ 93.04 $ 1,574.92 $ 71.81 $ 134.95

Percentage increase (decrease) 9.7 % 35.9 % (1.7) % 20.7 %

Tenant improvements and leasing commissions:

Per square foot $ 141.09 $ 127.63 $ 28.72 $ 176.42

Per square foot per annum $ 16.22 $ 10.29 $ 8.70 $ 18.57

Percentage of initial rent 15.8 % 1.9 % 12.4 % 12.2 %

_______________________________

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

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

Occupancy

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

Total Office Retail

Occupancy as of March 31, 2026 90.3 % 91.6 % 78.3 % 80.0 % 86.7 %

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

Total New York THE MART 555 California Street

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

Three months ended March 31, 2026 compared to March 31, 2025 6.1 % 8.9 % 0.3 % (21.5) %

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

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

Three months ended March 31, 2026 compared to March 31, 2025 (2.9) % 1.3 % (2) 1.0 % (51.2) % (2)

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

____________________

(1)See pages 12 through 15 for same store NOI at share and same store NOI at share - cash basis reconciliations.

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

NYSE: VNO | WWW.VNO.COM

PAGE 5 OF 15

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 months ended March 31, 2026 and 2025 and the three months ended December 31, 2025 are summarized below.

(Amounts in thousands) For the Three Months Ended

March 31, December 31, 2025

2026 2025

NOI at share:

New York:

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

$ 174,943 $ 193,550

(3)

$ 173,843

Street Retail(1)

46,686 43,570 48,335

Residential 6,996 6,192 6,395

Alexander's 7,924 9,509 8,034

Total New York 236,549 252,821 236,607

Other:

THE MART 15,890 15,916 14,808

555 California Street 13,651 17,843 14,614

Other investments 6,033 6,710 8,231

Total Other 35,574 40,469 37,653

NOI at share $ 272,123 $ 293,290 $ 274,260

NOI at share - cash basis:

New York:

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

$ 151,963 $ 169,246 $ 150,164

Street Retail(1)

41,239 41,689 44,839

Residential 6,571 5,848 5,969

Alexander's 8,756 10,538 8,928

Total New York 208,529 227,321 209,900

Other:

THE MART 17,625 17,517 15,177

555 California Street 8,859 18,137 10,379

Other investments 6,044 6,396 7,946

Total Other 32,528 42,050 33,502

NOI at share - cash basis $ 241,057 $ 269,371 $ 243,402

________________________________

(1)During the first quarter of 2026, we reclassified retail assets located at the base of our office buildings from the retail subsegment to the office subsegment. The retail subsegment was renamed “Street Retail” and now comprises standalone retail properties and mixed-use assets with prominent retail components, including related signage, with a concentration on High Streets such as Fifth Avenue, Madison Avenue and Times Square. 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 $10,170, $6,936 and $7,904 for the three months ended March 31, 2026 and 2025 and December 31, 2025, respectively.

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

NYSE: VNO | WWW.VNO.COM

PAGE 6 OF 15

Active Development/Redevelopment Summary as of March 31, 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)

$ 234,153 $ 215,847 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, May 5, 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 9610150. 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 15

VORNADO REALTY TRUST

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands) As of Increase

(Decrease)

March 31, 2026 December 31, 2025

ASSETS

Real estate, at cost:

Land $ 2,425,240 $ 2,408,914 $ 16,326

Buildings and improvements 11,076,744 10,942,418 134,326

Development costs and construction in progress 946,797 890,143 56,654

Leasehold improvements and equipment 108,582 105,080 3,502

Total 14,557,363 14,346,555 210,808

Less accumulated depreciation and amortization (4,276,342) (4,191,075) (85,267)

Real estate, net 10,281,021 10,155,480 125,541

Right-of-use assets 669,685 671,308 (1,623)

Net investment in lease 166,234 166,024 210

Cash, cash equivalents, and restricted cash

Cash and cash equivalents 1,081,299 840,850 240,449

Restricted cash 130,217 136,696 (6,479)

Total 1,211,516 977,546 233,970

Tenant and other receivables 98,031 77,137 20,894

Investments in partially owned entities 1,951,181 1,941,278 9,903

Receivable arising from the straight-lining of rents 778,704 752,545 26,159

Deferred leasing costs, net 382,115 374,620 7,495

Identified intangible assets, net 108,702 110,593 (1,891)

Other assets 272,348 294,587 (22,239)

Total assets $ 15,919,537 $ 15,521,118 $ 398,419

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Liabilities:

Mortgages payable, net $ 4,915,659 $ 4,920,669 $ (5,010)

Senior unsecured notes, net 1,241,462 747,202 494,260

Unsecured term loan, net 839,491 797,337 42,154

Unsecured revolving credit facilities 718,000 720,420 (2,420)

Lease liabilities 698,066 699,640 (1,574)

Accounts payable and accrued expenses 367,045 376,190 (9,145)

Deferred compensation plan 112,758 113,778 (1,020)

Other liabilities 317,596 341,359 (23,763)

Total liabilities 9,210,077 8,716,595 493,482

Redeemable noncontrolling interests 526,688 647,951 (121,263)

Shareholders' equity 6,018,030 5,986,727 31,303

Noncontrolling interests in consolidated subsidiaries 164,742 169,845 (5,103)

Total liabilities, redeemable noncontrolling interests and equity $ 15,919,537 $ 15,521,118 $ 398,419

NYSE: VNO | WWW.VNO.COM

PAGE 8 OF 15

VORNADO REALTY TRUST

OPERATING RESULTS

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

March 31,

2026 2025

Revenues $ 459,105 $ 461,579

Net (loss) income $ (22,026) $ 99,824

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

Consolidated subsidiaries 12,690 10,433

Operating Partnership 2,019 (7,889)

Net (loss) income attributable to Vornado (7,317) 102,368

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

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

(Loss) income per common share - basic:

Net (loss) income per common share $ (0.12) $ 0.45

Weighted average shares outstanding 189,658 191,371

(Loss) income per common share - diluted:

Net (loss) income per common share $ (0.12) $ 0.43

Weighted average shares outstanding 189,682 200,735

FFO attributable to common shareholders plus assumed conversions (non-GAAP) $ 96,263 $ 135,039

Per diluted share (non-GAAP) $ 0.49 $ 0.67

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) $ 103,109 $ 126,245

Per diluted share (non-GAAP) $ 0.52 $ 0.63

Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share 197,479 200,784

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 (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions are provided on the following page. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on page 1 of this press release.

NYSE: VNO | WWW.VNO.COM

PAGE 9 OF 15

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS

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

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

March 31,

2026 2025

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

Per diluted share $ (0.12) $ 0.43

FFO adjustments:

Depreciation and amortization of real property $ 105,386 $ 104,257

Our share of partially owned entities:

Depreciation and amortization of real property 23,788 24,525

Net gains on sale of real estate — (77,008)

FFO adjustments, net 129,174 51,774

Impact of assumed conversion of dilutive convertible securities 309 310

Noncontrolling interests' share of above adjustments on a dilutive basis (10,378) (3,887)

FFO attributable to common shareholders plus assumed conversions (non-GAAP) $ 96,263 $ 135,039

Per diluted share $ 0.49 $ 0.67

Reconciliation of weighted average shares outstanding:

Weighted average common shares outstanding 189,658 191,371

Effect of dilutive securities:

Share-based payment awards 6,137 8,161

Convertible securities 1,684 1,252

Denominator for FFO per diluted share 197,479 200,784

NYSE: VNO | WWW.VNO.COM

PAGE 10 OF 15

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

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

(Amounts in thousands) For the Three Months Ended

March 31, December 31, 2025

2026 2025

Net (loss) income $ (22,026) $ 99,824 $ 4,914

Depreciation and amortization expense 118,528 116,155 113,350

General and administrative expense 42,245 38,597 40,050

Transaction related costs and other 762 43 (1,796)

Income from partially owned entities (12,822) (96,977) (5,722)

Interest and other investment income, net (9,327) (8,261) (13,383)

Interest and debt expense 89,206 95,816 85,664

Net gains on disposition of wholly owned and partially owned assets — (15,551) (11,252)

Income tax expense 5,908 7,193 7,782

NOI from partially owned entities 68,308 67,111 65,093

NOI attributable to noncontrolling interests in consolidated subsidiaries (8,659) (10,660) (10,440)

NOI at share 272,123 293,290 274,260

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (31,066) (23,919) (30,858)

NOI at share - cash basis $ 241,057 $ 269,371 $ 243,402

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 15

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 March 31, 2026 compared to March 31, 2025.

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

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

Less NOI at share from:

Dispositions 19 18 1 — —

Development properties (1,117) (1,117) — — —

Other non-same store income, net (12,114) (6,081) — — (6,033)

Same store NOI at share for the three months ended March 31, 2026 $ 258,911 $ 229,369 $ 15,891 $ 13,651 $ —

NOI at share for the three months ended March 31, 2025 $ 293,290 $ 252,821 $ 15,916 $ 17,843 $ 6,710

Less NOI at share from:

Dispositions (1,684) (1,616) (68) — —

Development properties (9,281) (9,281) — — —

Other non-same store income, net (38,403) (31,237) — (456) (6,710)

Same store NOI at share for the three months ended March 31, 2025 $ 243,922 $ 210,687 $ 15,848 $ 17,387 $ —

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

% increase (decrease) in same store NOI at share 6.1 % 8.9 % 0.3 % (21.5) % 0.0 %

NYSE: VNO | WWW.VNO.COM

PAGE 12 OF 15

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 March 31, 2026 compared to March 31, 2025.

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

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

Less NOI at share - cash basis from:

Dispositions 19 18 1 — —

Development properties 526 526 — — —

Other non-same store income, net (18,936) (12,892) — — (6,044)

Same store NOI at share - cash basis for the three months ended March 31, 2026 $ 222,666 $ 196,181 $ 17,626 $ 8,859 $ —

NOI at share - cash basis for the three months ended March 31, 2025 $ 269,371 $ 227,321 $ 17,517 $ 18,137 $ 6,396

Less NOI at share - cash basis from:

Dispositions (1,751) (1,681) (70) — —

Development properties (9,388) (9,388) — — —

Other non-same store income, net (28,936) (22,540) — — (6,396)

Same store NOI at share - cash basis for the three months ended March 31, 2025 $ 229,296 $ 193,712 $ 17,447 $ 18,137 $ —

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

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

NYSE: VNO | WWW.VNO.COM

PAGE 13 OF 15

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 March 31, 2026 $ 272,123 $ 236,549 $ 15,890 $ 13,651 $ 6,033

Less NOI at share from:

Dispositions 19 18 1 — —

Development properties (1,117) (1,117) — — —

Other non-same store income, net (9,416) (3,383) — — (6,033)

Same store NOI at share for the three months ended March 31, 2026 $ 261,609 $ 232,067 $ 15,891 $ 13,651 $ —

NOI at share for the three months ended December 31, 2025 $ 274,260 $ 236,607 $ 14,808 $ 14,614 $ 8,231

Less NOI at share from:

Dispositions (434) (413) (21) — —

Development properties (6,043) (6,043) — — —

Other non-same store (income) expense, net (8,015) 355 (139) — (8,231)

Same store NOI at share for the three months ended December 31, 2025 $ 259,768 $ 230,506 $ 14,648 $ 14,614 $ —

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

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

NYSE: VNO | WWW.VNO.COM

PAGE 14 OF 15

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 March 31, 2026 $ 241,057 $ 208,529 $ 17,625 $ 8,859 $ 6,044

Less NOI at share - cash basis from:

Dispositions 19 18 1 — —

Development properties 526 526 — — —

Other non-same store income, net (16,447) (10,403) — — (6,044)

Same store NOI at share - cash basis for the three months ended March 31, 2026 $ 225,155 $ 198,670 $ 17,626 $ 8,859 $ —

NOI at share - cash basis for the three months ended December 31, 2025 $ 243,402 $ 209,900 $ 15,177 $ 10,379 $ 7,946

Less NOI at share - cash basis from:

Dispositions (434) (413) (21) — —

Development properties (6,020) (6,020) — — —

Other non-same store income, net (12,551) (4,452) (153) — (7,946)

Same store NOI at share - cash basis for the three months ended December 31, 2025 $ 224,397 $ 199,015 $ 15,003 $ 10,379 $ —

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

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

NYSE: VNO | WWW.VNO.COM

PAGE 15 OF 15

EX-99.2

Filename: vno-033126xex992xfinancial.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 (Loss) Income 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

Lease Expirations

CAPITAL EXPENDITURES AND RE/DEVELOPMENT

DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES

UNCONSOLIDATED JOINT VENTURES

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

xiii

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

This supplemental package should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 which can be accessed at the Company’s website www.vno.com.

- 2 -

BUSINESS DEVELOPMENTS

Share Repurchase Program

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

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

Acquisitions

Park Avenue Plaza

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

3 East 54th Street

Dispositions

Alexander’s Inc. (“Alexander’s”)

Financing Activity

350 Park Avenue

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

One Park Avenue

61 Ninth Avenue

- 3 -

BUSINESS DEVELOPMENTS

Financing Activity - continued

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

- 4 -

FINANCIAL HIGHLIGHTS (unaudited)

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

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

Net (loss) income attributable to common shareholders $ (22,842) $ 601 $ 11,589 $ 743,819 $ 86,842

Per diluted share (0.12) — 0.06 3.70 0.43

FFO attributable to common shareholders plus assumed conversions (non-GAAP) 96,263 112,927 117,372 120,928 135,039

Per diluted share (non-GAAP) 0.49 0.56 0.58 0.60 0.67

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) 103,109 110,873 114,535 113,324 126,245

Per diluted share (non-GAAP) 0.52 0.55 0.57 0.56 0.63

EBITDAre attributable to the Operating Partnership (non-GAAP) 245,369 263,084 253,698 267,254 288,862

EBITDAre attributable to the Operating Partnership, as adjusted (non-GAAP) 247,798 254,805 253,758 257,583 273,697

Common Share Price & Dividends (NYSE:VNO)

High Price $ 34.83 $ 41.85 $ 43.37 $ 41.95 $ 45.37

Low Price 24.57 32.61 35.22 29.68 34.91

Closing price - end of quarter 25.99 33.28 40.53 38.24 36.99

Dividends per common share(1)

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

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

N/A 31.9% (2) N/A N/A N/A

FAD payout ratio(1)

N/A 97.4% (2) N/A N/A N/A

VNO Common Shares & VRLP Units

VNO common shares outstanding 188,098 190,666 192,055 192,041 191,949

Redeemable Class A units and LTIP Unit awards outstanding 16,947 16,651 16,694 16,708 16,745

Convertible unit equivalents outstanding 1,917 1,503 1,242 1,313 1,356

Total Class A units and assumed conversions of convertible units outstanding 206,962 208,820 209,991 210,062 210,050

Weighted average Class A units outstanding - diluted 214,484 217,542 218,140 217,801 218,107

Weighted average common shares outstanding - diluted 197,479 200,901 201,416 201,042 200,784

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

Liquidity (amounts in millions)

Cash and cash equivalents $ 1,081 $ 841 $ 1,010 $ 1,205 $ 569

Restricted cash 130 137 142 158 238

Available on our $2.1 billion revolving credit facilities 1,388 1,419 1,419 1,560 1,540

Total Liquidity $ 2,599 $ 2,397 $ 2,571 $ 2,923 $ 2,347

___________________

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

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

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

- 5 -

FFO, AS ADJUSTED BRIDGE - Q1 2026 VS. Q1 2025 (unaudited)

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

Amount Per Share

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2025 $ 126.2 $ 0.63

(Decrease) / increase in FFO, as adjusted due to:

Reversal in Q1 2025 of PENN 1 ground rent previously accrued (17.2)

Interest expense, net of interest income (15.9)

Impact of NYU master lease at 770 Broadway 7.6

Variable businesses 3.4

Lease expirations, net of rent commencements (2.1)

Other, net 0.1

(24.1)

Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities 1.0

Net decrease (23.1) (0.11)

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

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

- 6 -

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

(Amounts in thousands) For the Three Months Ended

March 31, 2026 December 31, 2025 March 31, 2025

Net Operating Income (“NOI”)(1):

Total revenues $ 459,105 $ 453,709 $ 461,579

Operating expenses (246,631) (234,102) (224,740)

Our share of NOI from partially owned entities 68,308 65,093 67,111

NOI attributable to noncontrolling interests in consolidated subsidiaries (8,659) (10,440) (10,660)

NOI at share 272,123 274,260 293,290

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (31,066) (30,858) (23,919)

NOI at share - cash basis 241,057 243,402 269,371

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

General and administrative expenses (42,989) (40,692) (39,159)

Interest and other investment income, net 16,997 16,768 19,223

Transaction related costs and other (excludes real estate impairment losses) (762) 1,796 (43)

Net gain on disposition of non-depreciable wholly owned and partially owned assets — 10,952 15,551

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other 31,066 30,858 23,919

EBITDAre attributable to the Operating Partnership (non-GAAP) 245,369 263,084 288,862

Total of certain items that impact EBITDAre 2,429 (8,279) (15,165)

EBITDAre attributable to the Operating Partnership, as adjusted (non-GAAP) 247,798 254,805 273,697

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

Interest and debt expense (116,219) (113,183) (117,891)

Preferred share dividends (15,554) (15,555) (15,555)

Personal property depreciation (2,050) (2,349) (1,526)

Income tax expense (7,262) (8,837) (7,414)

Change in fair value of marketable securities — (198) —

Impact of assumed conversion of dilutive convertible securities 309 219 310

Add-back - Total of certain items that impact EBITDAre (2,429) 8,279 15,165

FFO allocated to noncontrolling interests of the Operating Partnership (8,330) (10,254) (11,747)

FFO attributable to common shareholders plus assumed conversions (non-GAAP) 96,263 112,927 135,039

Total of certain items that impact FFO attributable to common shareholders plus assumed conversions 6,846 (2,054) (8,794)

FFO attributable to common shareholders plus assumed conversions, as adjusted 103,109 110,873 126,245

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

Certain items that impact FAD (144) (1,271) (764)

Recurring tenant improvements, leasing commissions and other capital expenditures (45,225) (61,186) (48,071)

Stock-based compensation expense 5,655 6,365 6,022

Amortization of debt issuance costs and other non-cash interest expense 6,681 8,145 12,089

Personal property depreciation 2,050 2,349 1,526

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (31,066) (30,858) (23,919)

Noncontrolling interests in the Operating Partnership's share of above adjustments 4,543 6,273 5,139

FAD (non-GAAP) $ 45,603 $ 40,690 $ 78,267

________________________________

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

- 7 -

CONSOLIDATED BALANCE SHEETS (unaudited)

(Amounts in thousands)

As of Increase

(Decrease)

March 31, 2026 December 31, 2025

ASSETS

Real estate, at cost:

Land $ 2,425,240 $ 2,408,914 $ 16,326

Buildings and improvements 11,076,744 10,942,418 134,326

Development costs and construction in progress 946,797 890,143 56,654

Leasehold improvements and equipment 108,582 105,080 3,502

Total 14,557,363 14,346,555 210,808

Less accumulated depreciation and amortization (4,276,342) (4,191,075) (85,267)

Real estate, net 10,281,021 10,155,480 125,541

Right-of-use assets 669,685 671,308 (1,623)

Net investment in lease 166,234 166,024 210

Cash, cash equivalents, and restricted cash

Cash and cash equivalents 1,081,299 840,850 240,449

Restricted cash 130,217 136,696 (6,479)

Total 1,211,516 977,546 233,970

Tenant and other receivables 98,031 77,137 20,894

Investments in partially owned entities 1,951,181 1,941,278 9,903

Receivable arising from the straight-lining of rents 778,704 752,545 26,159

Deferred leasing costs, net 382,115 374,620 7,495

Identified intangible assets, net 108,702 110,593 (1,891)

Other assets 272,348 294,587 (22,239)

Total assets $ 15,919,537 $ 15,521,118 $ 398,419

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Liabilities:

Mortgages payable, net $ 4,915,659 $ 4,920,669 $ (5,010)

Senior unsecured notes, net 1,241,462 747,202 494,260

Unsecured term loan, net 839,491 797,337 42,154

Unsecured revolving credit facilities 718,000 720,420 (2,420)

Lease liabilities 698,066 699,640 (1,574)

Accounts payable and accrued expenses 367,045 376,190 (9,145)

Deferred compensation plan 112,758 113,778 (1,020)

Other liabilities 317,596 341,359 (23,763)

Total liabilities 9,210,077 8,716,595 493,482

Redeemable noncontrolling interests 526,688 647,951 (121,263)

Shareholders' equity 6,018,030 5,986,727 31,303

Noncontrolling interests in consolidated subsidiaries 164,742 169,845 (5,103)

Total liabilities, redeemable noncontrolling interests and equity $ 15,919,537 $ 15,521,118 $ 398,419

- 8 -

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

(Amounts in thousands)

For the Three Months Ended

March 31, December 31, 2025

2026 2025 Variance

Property rentals(1)

$ 321,657 $ 348,385 $ (26,728) $ 315,946

Tenant expense reimbursements(1)

51,216 51,983 (767) 38,367

Amortization of acquired below-market leases, net 101 88 13 99

Straight-lining of rents 26,210 4,299 21,911 27,725

Total rental revenues 399,184 404,755 (5,571) 382,137

Fee and other income:

Building Maintenance Services ("BMS") cleaning fees 39,343 36,476 2,867 41,249

Management and leasing fees 2,715 3,030 (315) 2,610

Other income 17,863 17,318 545 27,713

Total revenues 459,105 461,579 (2,474) 453,709

Operating expenses (246,631) (224,740) (21,891) (234,102)

Depreciation and amortization (118,528) (116,155) (2,373) (113,350)

General and administrative (42,245) (38,597) (3,648) (40,050)

(Expense) income from deferred compensation plan liability (581) 1,089 (1,670) (2,148)

Transaction related costs and other (762) (43) (719) 1,796

Total expenses (408,747) (378,446) (30,301) (387,854)

Income from partially owned entities 12,822 96,977 (84,155) 5,722

Interest and other investment income, net 9,327 8,261 1,066 13,383

Income (expense) from deferred compensation plan assets 581 (1,089) 1,670 2,148

Interest and debt expense (89,206) (95,816) 6,610 (85,664)

Net gains on disposition of wholly owned and partially owned assets — 15,551 (15,551) 11,252

(Loss) income before income taxes (16,118) 107,017 (123,135) 12,696

Income tax expense (5,908) (7,193) 1,285 (7,782)

Net (loss) income (22,026) 99,824 (121,850) 4,914

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

Consolidated subsidiaries 12,690 10,433 2,257 11,296

Operating Partnership 2,019 (7,889) 9,908 (83)

Net (loss) income attributable to Vornado (7,317) 102,368 (109,685) 16,127

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

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

Capitalized expenditures:

Interest and debt expense $ 10,118 $ 10,868 $ (750) $ 9,226

Development payroll 1,489 1,101 388 1,071

________________________________

(1)"Property rentals" and "tenant expense reimbursements" represent non-GAAP financial measures which are reconciled above to "rental revenues" the most directly comparable financial measure calculated in accordance with GAAP.

- 9 -

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

(Amounts in thousands)

For the Three Months Ended March 31, 2026

Total New York Other

Property rentals(1)

$ 321,657 $ 261,174 $ 60,483

Tenant expense reimbursements(1)

51,216 39,149 12,067

Amortization of acquired below-market leases, net 101 44 57

Straight-lining of rents 26,210 20,178 6,032

Total rental revenues 399,184 320,545 78,639

Fee and other income:

BMS cleaning fees 39,343 42,069 (2,726)

Management and leasing fees 2,715 2,922 (207)

Other income 17,863 11,950 5,913

Total revenues 459,105 377,486 81,619

Operating expenses (246,631) (203,428) (43,203)

Depreciation and amortization (118,528) (94,231) (24,297)

General and administrative (42,245) (15,505) (26,740)

Expense from deferred compensation plan liability (581) — (581)

Transaction related costs and other (762) (930) 168

Total expenses (408,747) (314,094) (94,653)

Income from partially owned entities 12,822 11,365 1,457

Interest and other investment income, net 9,327 2,695 6,632

Income from deferred compensation plan assets 581 — 581

Interest and debt expense (89,206) (37,605) (51,601)

(Loss) income before income taxes (16,118) 39,847 (55,965)

Income tax expense (5,908) (1,720) (4,188)

Net (loss) income (22,026) 38,127 (60,153)

Less net loss attributable to noncontrolling interests in consolidated subsidiaries 12,690 9,249 3,441

Net (loss) income attributable to Vornado Realty L.P. (9,336) $ 47,376 $ (56,712)

Less net loss attributable to noncontrolling interests in the Operating Partnership 2,048

Preferred unit distributions (15,554)

Net loss attributable to common shareholders $ (22,842)

For the three months ended March 31, 2025

Net income (loss) attributable to Vornado Realty L.P. $ 110,257 $ 143,678 $ (33,421)

Net income attributable to common shareholders $ 86,842

________________________________

- 10 -

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

(Amounts in thousands)

For the Three Months Ended

March 31, December 31, 2025

2026 2025

NOI at share:

New York:

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

$ 174,943 $ 193,550 (3) $ 173,843

Street Retail(1)

46,686 43,570 48,335

Residential 6,996 6,192 6,395

Alexander’s 7,924 9,509 8,034

Total New York 236,549 252,821 236,607

Other:

THE MART 15,890 15,916 14,808

555 California Street 13,651 17,843 14,614

Other investments 6,033 6,710 8,231

Total Other 35,574 40,469 37,653

NOI at share $ 272,123 $ 293,290 $ 274,260

NOI at share - cash basis:

New York:

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

$ 151,963 $ 169,246 $ 150,164

Street Retail(1)

41,239 41,689 44,839

Residential 6,571 5,848 5,969

Alexander's 8,756 10,538 8,928

Total New York 208,529 227,321 209,900

Other:

THE MART 17,625 17,517 15,177

555 California Street 8,859 18,137 10,379

Other investments 6,044 6,396 7,946

Total Other 32,528 42,050 33,502

NOI at share - cash basis $ 241,057 $ 269,371 $ 243,402

________________________________

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

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

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

- 11 -

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

Total New York THE MART 555 California Street

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

Three months ended March 31, 2026 compared to March 31, 2025 6.1 % 8.9 % 0.3 % (21.5) %

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

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

Three months ended March 31, 2026 compared to March 31, 2025 (2.9) % 1.3 % (2) 1.0 % (51.2) % (2)

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

________________________________

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

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

- 12 -

LEASING ACTIVITY (unaudited)

(Square feet in thousands)

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

New York

555 California Street

Office Retail THE MART

Three Months Ended March 31, 2026

Total square feet leased 311 25 19 96

Our share of square feet leased: 243 13 19 67

Initial rent(1)

$ 102.50 $ 546.51 $ 70.20 $ 151.94

Weighted average lease term (years) 8.7 12.4 3.3 9.5

Second generation relet space:

Square feet 121 1 15 58

GAAP basis:

Straight-line rent(2)

$ 96.86 $ 2,273.02 $ 69.32 $ 178.18

Prior straight-line rent $ 86.69 $ 1,221.04 $ 67.76 $ 123.11

Percentage increase 11.7 % 86.2 % 2.3 % 44.7 %

Cash basis (non-GAAP):

Initial rent(1)

$ 102.06 $ 2,140.67 $ 70.60 $ 162.85

Prior escalated rent $ 93.04 $ 1,574.92 $ 71.81 $ 134.95

Percentage increase (decrease) 9.7 % 35.9 % (1.7) % 20.7 %

Tenant improvements and leasing commissions:

Per square foot $ 141.09 $ 127.63 $ 28.72 $ 176.42

Per square foot per annum $ 16.22 $ 10.29 $ 8.70 $ 18.57

Percentage of initial rent 15.8 % 1.9 % 12.4 % 12.2 %

________________________________

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

- 13 -

LEASE EXPIRATIONS (unaudited)

(Amounts in thousands)

Our Share of Square Feet of Expiring Leases

As of March 31, 2026

New York Office 901 939 956 1,124 722 894 637 581 440 1,025 462 6,211

New York Retail 25 52 41 44 143 55 62 36 145 25 143 345

THE MART 140 201 716 190 109 336 539 93 84 33 354 108

555 California Street 30 73 154 107 9 39 13 15 — 210 107 324

Total 1,096 1,265 1,867 1,465 983 1,324 1,251 725 669 1,293 1,066 6,988

% of total 5.5% 6.3% 9.3% 7.3% 4.9% 6.6% 6.3% 3.6% 3.3% 6.5% 5.3% 35.1%

_______________________________

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

- 14 -

LEASE EXPIRATIONS DETAIL (unaudited)

NEW YORK SEGMENT

Period of Lease

Expiration

Our Share of

Square Feet

of Expiring Leases(1)

Annualized Escalated Rents

of Expiring Leases Percentage of

Annualized

Escalated Rent

Total Per Sq. Ft.

Office:

First Quarter 2026(2)

58,000 $ 4,593,000 $ 79.19 0.4 %

Second Quarter 2026 174,000 16,146,000 92.79 1.3 %

Third Quarter 2026 78,000 6,179,000 79.22 0.5 %

Fourth Quarter 2026 591,000 45,177,000 76.44 3.7 %

Remaining 2026 843,000 67,502,000 80.07 5.5 %

First Quarter 2027 360,000 31,072,000 86.31 2.6 %

Remaining 2027 579,000 48,266,000 83.36 4.0 %

2028 956,000 76,184,000 79.69 6.3 %

2029 1,124,000 87,042,000 77.44 7.1 %

2030 722,000 65,813,000 91.15 5.4 %

2031 894,000 84,420,000 94.43 6.9 %

2032 637,000 54,444,000 85.47 4.5 %

2033 581,000 50,798,000 87.43 4.2 %

2034 440,000 42,028,000 95.52 3.5 %

2035 1,025,000 82,967,000 80.94 6.8 %

2036 462,000 47,127,000 102.01 3.9 %

Thereafter 6,211,000

(3)

475,233,000 76.51 38.9 %

Retail:

First Quarter 2026(2)

1,000 $ 41,000 $ 41.00 0.0 %

Second Quarter 2026 15,000 2,724,000 181.60 1.0 %

Third Quarter 2026 4,000 4,050,000 1,012.50 1.6 %

Fourth Quarter 2026 5,000 214,000 42.80 0.1 %

Remaining 2026 24,000 6,988,000 291.17 2.7 %

First Quarter 2027 26,000 13,099,000 503.81 5.0 %

Remaining 2027 26,000 8,686,000 334.08 3.3 %

2028 41,000 9,912,000 241.76 3.8 %

2029 44,000 20,035,000 455.34 7.7 %

2030 143,000 23,552,000 164.70 9.1 %

2031 55,000 30,031,000 546.02 11.6 %

2032 62,000 32,894,000 530.55 12.7 %

2033 36,000 12,281,000 341.14 4.7 %

2034 145,000 20,401,000 140.70 7.8 %

2035 25,000 12,693,000 507.72 4.9 %

2036 143,000 16,816,000 117.59 6.5 %

Thereafter 345,000 52,552,000 152.32 20.2 %

_____________________________

(1) Excludes storage, vacancy and other.

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

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

- 15 -

LEASE EXPIRATIONS DETAIL (unaudited)

OTHER SEGMENT

Period of Lease

Expiration

Our Share of

Square Feet

of Expiring Leases(1)

Annualized Escalated Rents

of Expiring Leases Percentage of

Annualized

Escalated Rent

THE MART Total Per Sq. Ft.

Office / Showroom / Retail:

First Quarter 2026(2)

20,000 $ 1,475,000 $ 73.75 0.9 %

Second Quarter 2026 34,000 1,976,000 58.12 1.3 %

Third Quarter 2026 51,000 3,552,000 69.65 2.3 %

Fourth Quarter 2026 35,000 2,268,000 64.80 1.4 %

Remaining 2026 120,000 7,796,000 64.97 5.0 %

First Quarter 2027 39,000 2,015,000 51.67 1.3 %

Remaining 2027 162,000 9,972,000 61.56 6.3 %

2028 716,000 38,802,000 54.19 24.6 %

2029 190,000 11,174,000 58.81 7.1 %

2030 109,000 6,739,000 61.83 4.3 %

2031 336,000 18,228,000 54.25 11.6 %

2032 539,000 27,442,000 50.91 17.4 %

2033 93,000 4,936,000 53.08 3.1 %

2034 84,000 4,414,000 52.55 2.8 %

2035 33,000 1,788,000 54.18 1.1 %

2036 354,000 17,539,000 49.55 11.1 %

Thereafter 108,000 5,336,000 49.41 3.4 %

555 California Street

Office / Retail:

First Quarter 2026(2)

— $ — $ — 0.0 %

Second Quarter 2026 — — — 0.0 %

Third Quarter 2026 — — — 0.0 %

Fourth Quarter 2026 30,000 2,983,000 99.43 2.7 %

Remaining 2026 30,000 2,983,000 99.43 2.7 %

First Quarter 2027 14,000 695,000 49.64 0.6 %

Remaining 2027 59,000 7,041,000 119.34 6.3 %

2028 154,000 14,039,000 91.16 12.5 %

2029 107,000 11,432,000 106.84 10.2 %

2030 9,000 787,000 87.44 0.7 %

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

2032 13,000 1,481,000 113.92 1.3 %

2033 15,000 1,864,000 124.27 1.7 %

2034 — — — 0.0 %

2035 210,000 19,818,000 94.37 17.7 %

2036 107,000 14,340,000 134.02 12.8 %

Thereafter 324,000 33,888,000 104.59 30.3 %

________________________________

(1) Excludes storage, vacancy and other.

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

- 16 -

CAPITAL EXPENDITURES AND RE/DEVELOPMENT (unaudited)

CONSOLIDATED

(Amounts in thousands)

For the Three Months Ended March 31, 2026

Total Company New York THE MART 555 California Street Other

Capital expenditures:

Expenditures to maintain assets $ 18,263 $ 14,554 $ 1,356 $ 2,353 $ —

Tenant improvements 19,754 18,712 1,027 15 —

Leasing commissions 4,418 4,109 5 304 —

Recurring tenant improvements, leasing commissions and other capital expenditures 42,435 37,375 2,388 2,672 —

Non-recurring capital expenditures(1)

34,515 29,095 5,420 — —

Total capital expenditures and leasing commissions $ 76,950 $ 66,470 $ 7,808 $ 2,672 $ —

Development and redevelopment expenditures(2):

PENN 2 $ 14,825 $ 14,825 $ — $ — $ —

623 Fifth Avenue 8,234 8,234 — — —

Hotel Pennsylvania site (PENN 15) 5,048 5,048 — — —

Other 8,177 8,143 15 — 19

$ 36,284 $ 36,250 $ 15 $ — $ 19

________________________________

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

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

- 17 -

DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES

(Amounts in thousands, except square feet)

(at Vornado’s share) Projected Incremental

Cash Yield

Active Development Projects: Property

Rentable

Sq. Ft. Budget Cash Amount

Expended Remaining Expenditures

Projected Leasing Stabilization Year

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

(1)

$ 234,153 $ 215,847 2028 10.1%

Future Opportunities:

New York segment:

Zoning Sq. Ft.

PENN District:

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

Eighth Avenue and 34th Street land 305,000

Multiple other opportunities - office/residential/retail

Total PENN District 2,357,000

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

1,455,000

260 Eleventh Avenue - office(3)

280,000

3 East 54th Street 233,000

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

Other segment:

527 West Kinzie land, Chicago 330,000

Total Future Opportunities 4,805,000

________________________________

(1)Includes purchase price.

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

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

- 18 -

UNCONSOLIDATED JOINT VENTURES (unaudited)

(Amounts in thousands)

As of March 31, 2026

Our Share of Net Income (Loss) for the

Three Months Ended March 31,

Our Share of NOI (non-GAAP) for the Three Months Ended March 31,

Percentage Ownership Company's

Carrying Amount 2026 2025 2026 2025

Joint Venture Name

New York:

Fifth Avenue and Times Square JV(1)

51.5% $ 1,535,921 $ 10,428 $ 90,542

(2)

$ 27,346 $ 23,577

280 Park Avenue 50.0% 118,391 (2,518) (4,469) 10,508 8,294

Independence Plaza 50.1% 65,571 205 1,011 6,997 6,192

7 West 34th Street 53.0% (40,846) (3) 635 2,979 3,302 5,852

Alexander's 32.4% 41,485 1,455 3,923 7,924 9,509

West 57th Street properties 50.0% 36,403 (43) (183) 119 18

85 Tenth Avenue 49.9% (26,218) (3) (1,020) (1,962) 4,302 3,493

61 Ninth Avenue 45.1% 853 112 59 1,910 1,944

Other, net Various 22,794 2,111 2,137 3,028 4,980

11,365 94,037 65,436 63,859

Other:

Alexander's corporate fee income 32.4% 1,245 1,633 742 1,010

Rosslyn Plaza 43.7% to 50.4% 35,131 (52) (44) 337 439

Other, net Various 94,632 264 1,351 1,793 1,803

1,457 2,940 2,872 3,252

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

________________________________

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

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

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

- 19 -

DEBT ANALYSIS (unaudited)

(Amounts in thousands)

DEBT SUMMARY As of March 31, 2026

Total Variable

Fixed(1)

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

Consolidated debt(2)

$ 7,762,037 4.80% $ 1,772,037

5.37%(3)

$ 5,990,000 4.64%

Pro rata share of debt of non-consolidated entities 2,449,910 5.84% 385,269 6.36% 2,064,641 5.75%

Total 10,211,947 5.05% 2,157,306 5.55% 8,054,641 4.92%

Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street) (682,247) (682,247) —

Company's pro rata share of total debt $ 9,529,700 5.02% $ 1,475,059

(4)

5.55% $ 8,054,641 4.92%

________________________________

See notes below

NET DEBT TO EBITDAre, AS ADJUSTED (unaudited)

As of and For the Trailing Twelve Months Ended March 31, 2026 For the Year Ended December 31,

2025 2024 2023

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

Unsecured debt

2,818,000 2,270,420 2,575,000 2,575,000

Pro rata share of debt of non-consolidated entities 2,449,910 2,478,544 2,477,701 2,654,701

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

Company’s pro rata share of total debt $ 9,529,700 $ 9,010,754 $ 10,077,818 $ 10,277,257

% Unsecured debt 30% 25% 26% 25%

Company’s pro rata share of total debt $ 9,529,700 $ 9,010,754 $ 10,077,818 $ 10,277,257

Less: Cash and cash equivalents and investments in U.S. Treasury bills (1,081,299) (840,850) (733,947) (997,002)

Less: Escrowed cash included within restricted cash on our balance sheet (76,296) (99,253) (187,416) (221,578)

Less: Pro rata share of unconsolidated partially owned entities’ cash and cash equivalents and escrowed cash (196,221) (195,867) (248,835) (295,983)

Plus: Noncontrolling interests’ share of cash and cash equivalents, escrowed cash and investments in U.S. Treasury bills 78,387 87,407 129,160 101,564

Net debt $ 8,254,271 $ 7,962,191 $ 9,036,780 $ 8,864,258

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

Net debt / EBITDAre, as adjusted (non-GAAP) 8.1 x 7.7 x 8.6 x 8.2 x

________________________________

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

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

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

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

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

- 20 -

CORPORATE COVENANT RATIOS AND CREDIT RATINGS (unaudited)

(Amounts in thousands)

As of

Unsecured Revolving Credit Facilities and Unsecured Term Loan(1)

Required March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Total outstanding debt/total assets(2)

Less than 60% 35% 34% 34% 33%

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

Fixed charge coverage Greater than 1.40 1.98 1.98 2.01 1.97

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

Unencumbered coverage ratio Greater than 1.75 7.79 8.36 8.81 8.47

2026/2031 Unsecured Notes Covenant Ratios(1)

Total outstanding debt/total assets(3)

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

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

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

Unencumbered assets/unsecured debt Greater than 150% 421% 492% 480% 490%

2033 Unsecured Notes Covenant Ratios(1)

Total outstanding debt/total assets(4)

Less than 65% 42%

Secured debt/total assets Less than 50% 29%

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

Unencumbered assets/unsecured debt Greater than 150% 428%

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

Trailing Twelve Months

New York $ 339,121

Other 90,626

Total $ 429,747

Credit Ratings(5):

Rating Outlook

Moody’s Ba1 Stable

S&P BBB- Stable

Fitch BB+ Positive

________________________________

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

(2)Total assets calculated as EBITDA capped at the following rates: 6.5% for office, 6.0% for retail, 8.0% for trade shows, 5.75% for multifamily, 7.25% for hotel, and 6.5% for other asset types.

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

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

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

- 21 -

CAPITAL STRUCTURE (unaudited)

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

Debt (contractual balances): As of March 31, 2026

Consolidated debt(1):

Mortgages payable $ 4,944,037

Senior unsecured notes 1,250,000

$850 Million unsecured term loan 850,000

$2.1 Billion unsecured revolving credit facilities 718,000

7,762,037

Pro rata share of debt of non-consolidated entities 2,449,910

Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street) (682,247)

9,529,700 (A)

Shares/Units Liquidation Preference

Perpetual Preferred:

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

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

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

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

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

1,223,035 (B)

Converted

Shares(2)

March 31, 2026 Common Share Price

Equity:

Common shares 188,098 $ 25.99 4,888,667

Redeemable Class A units and LTIP Unit awards 16,947 25.99 440,453

Convertible share equivalents:

Series D-13 preferred units 1,796 25.99 46,678

Series G-1 through G-4 preferred units 104 25.99 2,703

Series A preferred shares 17 25.99 442

206,962 5,378,943 (C)

Total Market Capitalization (A+B+C) $ 16,131,678

________________________________

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

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

- 22 -

DEBT MATURITIES (CONTRACTUAL BALANCES) (unaudited)

(Amounts in thousands)

Consolidated Debt Maturity Schedule(1) as of March 31, 2026

(Excludes pro rata share of JV Debt)

Consolidated (100%):

Secured $ 319,037

(2)

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

Unsecured 400,000 — — — — 2,418,000

Total consolidated debt (100%) $ 719,037 $ 880,000 $ 2,300,000 $ — $ 450,000 $ 3,413,000

% of total consolidated debt 9.3 % 11.3 % 29.6 % — % 5.8 % 44.0 %

Debt maturities at share:

Consolidated debt (100%) $ 719,037 $ 880,000 $ 2,300,000 $ — $ 450,000 $ 3,413,000

Pro rata share of debt of non-consolidated entities 496,147 39,485 826,446 201,875 628,808 257,149

Less: Noncontrolling interests' share of consolidated debt (37,247) — (645,000) — — —

Total debt at share $ 1,177,937 $ 919,485 $ 2,481,446 $ 201,875 $ 1,078,808 $ 3,670,149

% of total debt at share 12.4 % 9.6 % 26.0 % 2.1 % 11.3 % 38.6 %

_______________________________

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

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

- 23 -

DEBT DETAIL CONSOLIDATED (unaudited)

(Amounts in thousands)

Property Ownership %

Maturity Date(1)

Variable Rate Spread

Interest Rate(2)

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

Secured Debt:

606 Broadway 50.0% (3) S+191 5.58%

(4)

$ 74,494 $ 37,247

888 Seventh Avenue 100.0% (5) S+180 5.47% 244,543 244,543

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

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

150 West 34th Street 100.0% 02/28 S+215 5.82% 75,000 75,000

435 Seventh Avenue 100.0% 04/28 6.96% 75,000 75,000

555 California Street 70.0% 05/28 S+205

(6)

5.94% 1,200,000 840,000

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

(6)

5.14% 950,000 665,000

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

One Park Avenue 100.0% 02/31 S+178

(6)

4.56% 525,000 525,000

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

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

Total Secured Debt 4,944,037 4,261,790

Unsecured Debt:

Senior unsecured notes due 2026 100.0% 06/26 2.15% 400,000 400,000

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

(7)

—% — —

$1.130 Billion unsecured revolving credit facility 100.0% 02/31 S+105

(6)(7)

3.96% 718,000 718,000

$850 Million unsecured term loan 100.0% 02/31 S+120

(6)(7)

4.25% 850,000 850,000

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

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

Total Unsecured Debt 2,818,000 2,818,000

Total Consolidated Debt $ 7,762,037 $ 7,079,790

________________________________

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

(2)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See page 26 for information on interest rate swap and interest rate cap arrangements.

(3)On September 5, 2024, the non-recourse loan matured and was not repaid, at which time the lenders declared an event of default.

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

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

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

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

- 24 -

DEBT DETAIL UNCONSOLIDATED (unaudited)

(Amounts in thousands)

Property Ownership %

Maturity Date(1)

Variable Rate Spread

Interest Rate(2)

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

Rosslyn Plaza North(3)

50.4% 06/26 S+200 5.67% $ 25,000 $ 12,603

Sunset Pier 94 Studios 49.9% 09/26 S+479 8.46% 155,840 77,764

825 Seventh Avenue office condominium 50.0% 10/26 S+275 6.42% 48,000 24,000

61 Ninth Avenue 45.1% 11/26 S+245 6.12% 155,000 69,905

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

Wells Kinzie 50.0% 05/27 4.20% 18,058 9,029

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

697-703 Fifth Avenue 44.8% 03/28 5.51% 355,797 159,346

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

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

640 Fifth Avenue 52.0% 07/29 7.47% 388,333 201,875

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

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

Rego Park II 32.4% 12/30 S+200 5.67% 175,000 56,700

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

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

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

731 Lexington Avenue retail condominium 32.4% 12/35 4.55% 169,596 54,949

Total Unconsolidated Debt $ 5,624,624 $ 2,449,910

________________________________

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

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

- 25 -

HEDGING INSTRUMENTS AS OF MARCH 31, 2026 (unaudited)

(Amounts in thousands)

Debt Information Swap / Cap Information

Balance at Share

Maturity Date(1)

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

Interest Rate Swaps:

Consolidated:

555 California Street mortgage loan:

In-place swap $ 840,000 05/28 S+205 $ 840,000 05/26 6.03%

Forward swap (effective 05/26) 840,000 05/28

5.56%(2)

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

Unsecured revolving credit facility 718,000 02/31 S+105 575,000 08/27 3.78%

Unsecured term loan 850,000 02/31 S+120

Through 10/26 750,000 10/26 4.17%

10/26 through 7/27 250,000 07/27 3.94%

7/27 through 8/27 50,000 08/27 3.94%

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

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

435 Seventh Avenue mortgage loan 75,000 04/28 S+210 75,000 04/26

(3)

6.96%

Unconsolidated:

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

Interest Rate Caps: Index Strike Rate

Consolidated:

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

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

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

Unconsolidated:

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

Sunset Pier 94 Studios 77,764 09/26 S+479 77,764 09/26 4.00%

Debt subject to interest rate swaps 3,957,500

Variable rate debt subject to interest rate caps 699,464

Fixed rate debt per loan agreements 4,097,141

Variable rate debt not subject to interest rate swaps or caps 775,595

(4)

Total debt at share $ 9,529,700

________________________________

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

(2)Reflects the May 2026 increase in variable rate spread to S+230. The variable rate spread will further increase to S+255 in May 2027.

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

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

- 26 -

TOP 30 TENANTS (unaudited)

(Amounts in thousands, except square feet)

Tenants

Square

Footage

At Share

Annualized

Escalated Rents

At Share(1)

% of Total Annualized Escalated Rents At Share

Meta Platforms, Inc. 700,327 $ 88,273 4.9 %

Omnicom (formerly IPG and affiliates) 955,211 63,897 3.6 %

New York University(2)

1,761,681 58,353 3.3 %

Bloomberg L.P. 306,768 44,483 2.5 %

Madison Square Garden & Affiliates 449,053 44,032 2.5 %

Google/Motorola Mobility (guaranteed by Google) 759,446 43,949 2.5 %

UMG Recordings, Inc. 336,700 35,411 2.0 %

Apple Inc. 568,739 34,716 1.9 %

Amazon (including its Whole Foods subsidiary) 312,694 32,688 1.8 %

Neuberger Berman Group LLC 306,612 28,960 1.6 %

WeWork 303,741 26,205 1.5 %

LVMH Brands 63,002 25,688 1.4 %

Swatch Group USA 8,499 25,017 1.4 %

Verizon 203,322 23,539 1.3 %

Victoria's Secret 33,156 21,210 1.2 %

Bank of America 194,197 21,003 1.2 %

PJT Partners Holdings 145,316 20,853 1.2 %

PwC 241,196 19,417 1.1 %

Macy's 181,698 19,324 1.1 %

AMC Networks, Inc. 237,045 19,262 1.1 %

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

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

The City of New York 232,010 12,377 0.7 %

Dodge & Cox 107,925 12,267 0.7 %

King & Spalding 122,859 12,038 0.7 %

WSP USA 172,666 11,759 0.7 %

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

Alston & Bird LLP 126,872 10,901 0.6 %

Rippling 132,693 10,615 0.6 %

Aetna Life Insurance Company 64,196 10,478 0.6 %

45.9 %

________________________________

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

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

- 27 -

SQUARE FOOTAGE (unaudited)

(Square feet in thousands)

At Vornado's Share

100% Under Development or Not Available for Lease In Service

Total Office Retail Showroom Other

Segment:

New York:

Office 19,583 17,442 968 16,291 — 183 —

Retail (includes retail properties that are in the base of our office properties) 2,289 1,921 257 — 1,664 — —

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

Alexander's (32.4% interest), including 312 residential units 2,446 793 110 308 292 — 83

25,504 20,760 1,335 16,599 1,956 183 687

Other:

THE MART 3,696 3,694 — 2,125 84 1,238 247

555 California Street (70% interest) 1,822 1,275 — 1,240 35 — —

Other 3,887 1,769 140 481 895 — 253

9,405 6,738 140 3,846 1,014 1,238 500

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

Total square feet at December 31, 2025 34,905 27,486 1,023 21,034 2,962 1,422 1,045

At 100%

Parking Garages (not included above): Square Feet Number of

Garages Number of

Spaces

New York 1,635 9 4,685

THE MART 341 3 1,076

555 California Street 168 1 461

Rosslyn Plaza 411 4 1,094

Total at March 31, 2026 2,555 17 7,316

- 28 -

OCCUPANCY (unaudited)

New York THE MART

555 California Street

Occupancy rate at:

March 31, 2026 90.3 %

80.0 % 86.7 %

December 31, 2025 90.0 %

81.5 % 88.9 %

March 31, 2025 83.5 % 78.2 % 92.3 %

RESIDENTIAL STATISTICS (unaudited)

Vornado's Ownership Interest

Number of Units

Occupancy Rate

Average Monthly

Rent Per Unit

New York:

March 31, 2026 1,640 766 96.5% $5,096

December 31, 2025 1,643 769 95.5% 5,051

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

- 29 -

GROUND LEASES (unaudited)

(Amounts in thousands, except square feet)

Property Current Annual

Rent at Share Next Option Renewal Date Fully Extended

Lease Expiration Rent Increases and Other Information

Consolidated:

New York:

The Farley Building (95% interest) $ 4,750 None 2116 None.

PENN 1:

Land 15,000

(1)

2073 2098 Rent will reset to fair market value (“FMV”) in 2048. One additional 25-year renewal option at FMV.

Long Island Railroad Concourse Retail

1,379 2048 2098

Two 25-year renewal options. Base rent increases every 10 years, with the next rent increase in 2028, based on the increase in gross income reduced by the increase in real estate taxes and operating expenses. In addition, percentage rent is payable based on gross annual income above a specified threshold. Base and percentage rent are reduced by a rent credit calculated as a percentage of development costs funded by Vornado.

260 Eleventh Avenue 4,583 None 2114 Rent increases annually by the lesser of CPI or 1.5% compounded. We have a purchase option exercisable at a future date for $110,000 increased annually by the lesser of CPI or 1.5% compounded.

888 Seventh Avenue 3,350 2028 2067 Two 20-year renewal options at FMV.

330 West 34th Street -

65.2% ground leased

10,265 2051 2149 Two 30-year and one 39-year renewal option at FMV.

909 Third Avenue 1,600 2041 2063 One 22-year renewal option at current annual rent.

962 Third Avenue (the Annex building to 150 East 58th Street) - 50.0% ground leased 666 None 2118 Rent resets every 10 years to FMV.

Other:

Wayne Town Center 6,401 2035 2064 Two 10-year renewal options and one 9-year renewal option. Rent increases annually by the greater of CPI or 6%.

Annapolis 650 None 2042 Fixed rent increases to $750 per annum in 2032.

Unconsolidated:

Sunset Pier 94 Studios

(49.9% interest)

449 2060 2110 Five 10-year renewal options. Fixed rent increases in 2028 and every five years thereafter. Beginning in September 2028, additional rent is payable in an amount equal to 6% of gross revenue less the base rent.

61 Ninth Avenue

(45.1% interest)

3,890 None 2115 Rent increases every three years based on CPI, subject to a cap. In 2051, 2071 and 2096, rent resets based on the increase in the property's gross revenue net of real estate taxes, if greater than the CPI reset.

Flushing (Alexander's)

(32.4% interest)

259 None 2037 10-year renewal option at 90% of FMV effective 2027 was exercised in March 2025. FMV to be determined.

________________________________

(1)On April 22, 2025, an arbitration panel (the “Panel”) appointed to determine the ground rent payable by Vornado’s subsidiary for the PENN 1 land parcel for the 25-year period beginning June 17, 2023 determined that the annual rent payable will be $15,000,000 or $20,220,000, depending on the outcome of litigation described below. On July 21, 2025, the ground lessor filed a motion in New York County Supreme Court to vacate the Panel’s ground rent determination. On October 31, 2025, the court granted the ground lessor’s motion. We believe the decision is without merit and are appealing the court’s decision. Further, litigation is currently pending between the parties in New York County Supreme Court regarding the existence of a sublease potentially affecting the value of the land parcel. The court denied our motion to dismiss that action and, in January 2026, the appellate court affirmed that decision. That sublease litigation is now continuing in front of the lower court. Under the Panel’s decision (assuming the aforementioned vacatur decision that we are appealing is reversed), if the fee owner prevails in a final judgment in that litigation, the annual rent for the 25-year term will be $20,220,000, retroactive to June 17, 2023.

- 30 -

NEW YORK OFFICE

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property In Service Under Development

or Not Available

for Lease

NEW YORK OFFICE:

PENN District:

PENN 1

(ground leased through 2098)** Cisco, Hartford Fire Insurance, Empire Healthchoice Assurance, Inc., United

Healthcare Services, Inc., Siemens Mobility, WSP USA, Gusto Inc., Samsung,

-Office 100.0 % 91.7 % $ 89.57 2,241,000 2,241,000 — Canaccord Genuity LLC, Roivant Sciences Inc.

-Retail 100.0 % 56.3 % 197.69 240,000 240,000 — Starbucks, Blue Bottle Coffee Inc., Shake Shack

100.0 % 88.4 % 96.01 $ 210,300 2,481,000 2,481,000 — $ —

PENN 2 Madison Square Garden, Major League Soccer LLC

UMG Recordings, Inc.*, Current*, Capgemini*

-Office 100.0 % 83.5 % 107.02 1,759,000 1,759,000 — Verizon, Pernod Ricard*, FGS Global*, Dick’s Sporting Goods*

-Retail 100.0 % 62.9 % 221.24 66,000 66,000 — JPMorgan Chase

100.0 % 82.7 % 110.15 165,800 1,825,000 1,825,000 — 575,000

(4)

The Farley Building

(ground and building leased through 2116)**

-Office 95.0 % 100.0 % 119.86 87,500 730,000 730,000 — — Meta Platforms, Inc.

PENN 11

-Office 100.0 % 100.0 % 76.35 1,120,000 1,120,000 — Apple Inc., Madison Square Garden, AMC Networks, Inc., Macy's

-Retail 100.0 % 41.6 % 234.15 39,000 39,000 — PNC Bank National Association, Starbucks

100.0 % 97.9 % 78.35 82,500 1,159,000 1,159,000 — 450,000

100 West 33rd Street

-Office 100.0 % 87.4 % 69.41 858,000 858,000 — Omnicom (formerly IPG and affiliates)

-Retail 100.0 % — % — 257,000 — 257,000

100.0 % 87.4 % 69.41 52,600 1,115,000 858,000 257,000 480,000

330 West 34th Street

(65.2% ground leased through 2149)**

-Office 100.0 % 94.9 % 83.08 702,000 702,000 — Structure Tone, Deutsch, Inc., HomeAdvisor, Inc., WeWork, Rippling*

-Retail 100.0 % 85.5 % 114.83 24,000 24,000 — Starbucks

100.0 % 94.6 % 83.86 55,700 726,000 726,000 — 100,000

(5)

7 West 34th Street

-Office 53.0 % 100.0 % 84.04 458,000 458,000 — Amazon

-Retail 53.0 % 89.6 % 366.91 19,000 19,000 — Amazon, Lindt

53.0 % 99.6 % 94.79 44,100 477,000 477,000 — 250,000

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

Midtown East:

909 Third Avenue

(ground leased through 2063)** Omnicom (formerly IPG and affiliates), AbbVie Inc., United States Post Office

-Office 100.0 % 72.7 % 69.46

(6)

54,600 1,353,000 1,353,000 — 350,000 Morrison Cohen LLP, Alix Partners*

- 31 -

NEW YORK OFFICE

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property In Service Under Development

or Not Available

for Lease

NEW YORK OFFICE (Continued):

Midtown East (Continued):

150 East 58th Street(7)

-Office 100.0 % 80.4 % $ 82.64 541,000 541,000 — Castle Harlan, Tournesol Realty LLC (Peter Marino)

-Retail 100.0 % 100.0 % 95.02 3,000 3,000 —

100.0 % 80.5 % 82.71 $ 36,000 544,000 544,000 — —

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

Midtown West:

888 Seventh Avenue

(ground leased through 2067)** Lone Star US Acquisitions LLC, Top-New York, Inc.,

-Office 100.0 % 85.3 % 101.47 873,000 873,000 — Vornado Executive Headquarters, United Talent Agency

-Retail 100.0 % 100.0 % 269.15 15,000 15,000 — Redeye Grill L.P.

100.0 % 85.5 % 103.21 78,600 888,000 888,000 — 244,543

50 West 57th Street

-Office 50.0 % 91.8 % 65.82 69,000 69,000 —

-Retail 50.0 % 100.0 % 103.96 10,000 10,000 — Le Colonial*

50.0 % 92.5 % 69.41 5,000 79,000 79,000 — —

825 Seventh Avenue

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

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

Park Avenue:

280 Park Avenue Elliott Investment Management L.P., PJT Partners Holdings, GIC Inc.,

-Office 50.0 % 97.7 % 125.04 1,238,000 1,238,000 — Wells Fargo, Investcorp International Inc., Sagard Capital Partners*

-Retail 50.0 % 100.0 % 63.05 29,000 29,000 — Starbucks, Fasano Restaurant

50.0 % 97.8 % 123.63 153,200 1,267,000 1,267,000 — 1,075,000

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

Grand Central:

90 Park Avenue Alston & Bird, PwC, MassMutual, Glencore*,

-Office 100.0 % 99.3 % 84.82 939,000 939,000 — Factset Research Systems Inc., Foley & Lardner

-Retail 100.0 % 96.0 % 176.13 17,000 17,000 — Citibank, Starbucks

Total Grand Central 100.0 % 99.2 % 86.32 79,100 956,000 956,000 — —

- 32 -

NEW YORK OFFICE

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property In Service Under Development

or Not Available

for Lease

NEW YORK OFFICE (Continued):

Madison/Fifth:

623 Fifth Avenue

-Office 100.0 % — $ — $ — 383,000 — 383,000 $ —

Total Madison/Fifth — 383,000 — 383,000 —

Midtown South:

770 Broadway

-Office 100.0 % 100.0 % (8) (8) 1,091,000 1,091,000 — New York University

-Retail 100.0 % 100.0 % 74.86 6,400 92,000 92,000 — Wegmans Food Markets

100.0 % 100.0 % 1,183,000 1,183,000 — —

One Park Avenue

New York University, BMG Rights Management LLC,

-Office 100.0 % 93.9 % 72.94 867,000 867,000 — Robert A.M. Stern Architect

-Retail 100.0 % 95.6 % 84.79 78,000 78,000 — Bank of Baroda, Citibank, Equinox, Tous Les Jour*

100.0 % 94.0 % 73.92 64,300 945,000 945,000 — 525,000

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

Rockefeller Center:

1290 Avenue of the Americas Hachette Book Group Inc., Bryan Cave LLP, Neuberger Berman Group LLC

Cushman & Wakefield, Selendy Gay PLLC, Columbia University,

-Office 70.0 % 94.6 % 91.65 1,999,000 1,999,000 — Fubotv Inc, LinkLaters, King & Spalding, Oaktree Capital*

-Retail 70.0 % 95.0 % 202.65 90,000 90,000 — Duane Reade, JPMorgan Chase Bank, Starbucks

Total Rockefeller Center 70.0 % 94.6 % 95.25 184,100 2,089,000 2,089,000 — 950,000

Chelsea/Meatpacking District:

260 Eleventh Avenue

(ground leased through 2114)**

-Office 100.0 % 100.0 % 49.75 10,400 209,000 209,000 — — The City of New York

85 Tenth Avenue Google, Telehouse International Corp.,

-Office 49.9 % 89.9 % 95.94 598,000 598,000 — Clear Secure, Inc., Shopify

-Retail 49.9 % 76.3 % 96.01 43,000 43,000 — Crane Club, Verde

49.9 % 89.1 % 95.94 54,500 641,000 641,000 — 625,000

61 Ninth Avenue (2 buildings)

(ground leased through 2115)**

-Office 45.1 % 100.0 % 148.26 171,000 171,000 — Aetna Life Insurance Company, Apple Inc.

-Retail 45.1 % 100.0 % 408.11 23,000 23,000 — Starbucks

45.1 % 100.0 % 165.35 34,500 194,000 194,000 — 155,000

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

- 33 -

NEW YORK STREET RETAIL

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property In Service Under Development

or Not Available

for Lease

NEW YORK STREET RETAIL:

PENN District:

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

The Farley Building

(ground and building leased through 2116)**

95.0 % 43.8 % 326.42 13,700 116,000 116,000 — — Avra Prime, Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee, H&H Bagels

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

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

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

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

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

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

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

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

Midtown East:

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

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

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

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

Midtown West:

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

- 34 -

NEW YORK STREET RETAIL

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property In Service Under Development

or Not Available

for Lease

NEW YORK STREET RETAIL (Continued):

Madison/Fifth:

640 Fifth Avenue Fidelity Investments, Abbott Capital Management,

-Office 52.0 % 100.0 % $ 107.28 246,000 246,000 — The Klein Company, Rockefeller Capital*

-Retail 52.0 % 100.0 % 1,119.99 69,000 69,000 — Victoria's Secret, Dyson

52.0 % 100.0 % 260.84 $ 78,400 315,000 315,000 — $ 388,333

666 Fifth Avenue

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

595 Madison Avenue LVMH Moet Hennessy Louis Vuitton Inc.,

-Office 100.0 % 88.8 % 82.74 303,000 303,000 — Albea Beauty Solutions, Aerin LLC

-Retail 100.0 % 100.0 % 763.28 30,000 30,000 — Fendi, Berluti, Christofle Silver Inc.

100.0 % 89.5 % 130.52 40,200 333,000 333,000 — —

689 Fifth Avenue

-Office 52.0 % 94.6 % 95.61 81,000 81,000 — Brunello Cucinelli USA Inc., Yamaha Artist Services Inc.

-Retail 52.0 % 100.0 % 593.51 16,000 16,000 — Canada Goose

52.0 % 95.2 % 157.13 16,200 97,000 97,000 — —

655 Fifth Avenue

-Retail 50.0 % 100.0 % 286.19 16,500 57,000 57,000 — — Ferragamo

697-703 Fifth Avenue

-Retail 44.8 % 100.0 % 2,706.21 43,700 27,000 27,000 — 355,797 Swatch Group USA, Harry Winston, Meta Platforms, Inc.

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

Midtown South:

4 Union Square South

-Retail 100.0 % 100.0 % 140.11 28,600 204,000 204,000 — 120,000 Burlington, Whole Foods Market, DSW, Sephora

Times Square:

1540 Broadway

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

1535 Broadway

-Retail 52.0 % 100.0 % 1,163.79 45,000 45,000 — T-Mobile, Swatch Group USA, Levi's, Sephora, Anita La Mamma Del Gelato

-Theatre 52.0 % 100.0 % 22.21 62,000 62,000 — Nederlander-Marquis Theatre

52.0 % 100.0 % 451.09 44,600 107,000 107,000 — 450,000

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

- 35 -

NEW YORK STREET RETAIL / RESIDENTIAL / DEVELOPMENT

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property In Service Under Development

or Not Available

for Lease

NEW YORK STREET RETAIL (Continued):

Upper East Side:

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

Chelsea/Meatpacking District:

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

Tribeca:

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

NEW YORK RESIDENTIAL:

Tribeca:

Independence Plaza

-Residential (1,328 units) 50.1 % 96.3 % 1,186,000 1,186,000 —

-Retail 50.1 % 68.4 % 99.34 5,400 72,000 72,000 — 675,000 Duane Reade, Tompkins Square Bagels*

Total Tribeca - Residential 5,400 1,258,000 1,258,000 — 675,000

NEW YORK:

To be Developed:

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

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

57th Street 50.0 % — — — — — — —

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

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

METRICS BY SPACE TYPE

New York Office:

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

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

New York Retail:

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

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

New York Residential:

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

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

- 36 -

NEW YORK SEGMENT - ALEXANDER’S

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property In Service Under Development

or Not Available

for Lease

NEW YORK (Continued):

ALEXANDER'S, INC.:

731 Lexington Avenue, Manhattan

-Office 32.4 % 100.0 % $ 145.99 952,000 952,000 — $ 400,000 Bloomberg L.P.

-Retail 32.4 % 23.6 % 299.56 128,000 128,000 — 169,596 Hutong, Capital One

32.4 % 91.3 % 150.51 $ 146,300 1,080,000 1,080,000 — 569,596

Rego Park I, Queens (4.8 acres)(9)

32.4 % — % — — 338,000 — 338,000 —

Rego Park II (adjacent to Rego Park I),

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

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

The Alexander Apartment Tower,

Rego Park, Queens, NY

-Residential (312 units) 32.4 % 97.4 % 255,000 255,000 — 94,000

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

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

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

________________________________

* Lease not yet commenced.

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

(1)Weighted average escalated annual rent per square foot and average occupancy percentage for office properties excludes garages and de minimis amounts of storage space. Weighted average escalated annual rent per square foot for retail excludes non-selling space.

(2)Represents monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rent at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space. Includes rent from storage and other non-selling space and excludes rent from residential units.

(3)Represents contractual debt obligations.

(4)Secured amount outstanding on revolving credit facilities.

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

(6)Excludes US Post Office lease for 492,000 square feet.

(7)Includes 962 Third Avenue (the Annex building to 150 East 58th Street) 50.0% ground leased through 2118**.

(8)Master leased to NYU for a 70-year term, square feet includes storage space.

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

- 37 -

OTHER

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property In Service Under Development

or Not Available

for Lease

THE MART:

THE MART, Chicago

Motorola Mobility (guaranteed by Google), Allscripts Healthcare,

AAR Corp*, The Chartis Group LLC*, Paypal, Inc., ConAgra Foods Inc.,

Avant LLC, Clear Channel Outdoor LLC, Omnicom (formerly IPG and affiliates),

Government Employees Insurance Company, Medline Industries, Inc,

-Office 100.0 % 87.4 % $ 51.68 $ 97,300 2,125,000 2,125,000 — Innovation Development Institute, Inc., Allstate Insurance Company

-Showroom/Trade show 100.0 % 69.5 % 59.19 59,900 1,485,000 1,485,000 — Holly Hunt Ltd., Baker Interiors Group, Ltd.

-Retail 100.0 % 79.6 % 49.69 3,100 82,000 82,000 —

100.0 % 80.0 % 54.25 160,300 3,692,000 3,692,000 — $ —

Other (1 property) 50.0 % 85.5 % 74.27 300 4,000 4,000 — 18,058

Total THE MART, Chicago 160,600 3,696,000 3,696,000 — 18,058

Property to be Developed:

527 West Kinzie, Chicago 100.0 % — — — — — — —

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

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

555 California Street:

555 California Street 70.0 % 88.9 % $ 109.36 $ 152,200 1,511,000 1,511,000 — $ 1,200,000 Bank of America, N.A., Dodge & Cox, Goldman Sachs & Co.,

Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,

McKinsey & Company Inc., UBS Financial Services,

KKR Financial, Microsoft Corporation

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

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

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

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

________________________________

* Lease not yet commenced.

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

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

(3)Represents the contractual debt obligations.

- 38 -

OTHER

PROPERTY TABLE

(Annualized escalated rent amounts in thousands) %

Ownership %

Occupancy

Weighted

Average Escalated

Annual Rent

PSF(1)

Annualized Escalated Rent(2)

Square Feet

Encumbrances

(non-GAAP)

(in thousands)(3)

Major Tenants

Property Total

Property Under Development

or Not Available

for Lease

In Service

OTHER:

Virginia:

Rosslyn Plaza

-Office - 4 buildings 46.2 % 22.5 % $ 53.49 736,000 432,000 304,000 Nathan Associates

-Residential - 2 buildings (197 units) 43.7 % 98.5 % 253,000 253,000 —

45.6 % $ 5,000 989,000 685,000 304,000 $ 25,000

Fashion Centre Mall / Washington Tower

-Office 7.5 % 75.5 % 48.00 170,000 170,000 — 43,000 The Rand Corporation

-Retail 7.5 % 99.5 % 36.67 868,000 868,000 — 422,000 Macy's, Nordstrom

7.5 % 95.6 % 38.14 49,900 1,038,000 1,038,000 — 465,000

New Jersey:

Wayne Town Center, Wayne

(ground leased through 2064)**

100.0 % 100.0 % 30.92 13,700 690,000 690,000 — — Costco, Dick's Sporting Goods, Nordstrom Rack, UFC FIT

Atlantic City

(11.3 acres ground leased through 2070 to VICI Properties for a

portion of the Borgata Hotel and Casino complex)

100.0 % 100.0 % — 8,100 — — — — VICI Properties (ground lessee)

Paramus

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

Maryland:

Annapolis

(ground and building leased through 2042)**

100.0 % 100.0 % 11.70 1,500 128,000 128,000 — — The Home Depot

New York:

650 Madison Avenue Sotheby's International Realty, Inc., BC Partners Inc.,

-Office 22.2 % 60.1 % 114.51 563,000 563,000 — Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)

-Retail 22.2 % 95.7 % 1,092.62 38,000 38,000 — Moncler USA Inc., Tod's, Celine, Balmain

22.2 % 61.6 % 178.16 63,300 601,000 601,000 — —

(4)

606 Broadway (19 East Houston Street)

-Office 50.0 % — % — 30,000 30,000 —

-Retail 50.0 % 100.0 % 734.95 6,000 6,000 — Citizen’s Bank N.A., Harman International

50.0 % 13.2 % 734.95 3,400 36,000 36,000 — 74,494

Sunset Pier 94 Studios

(ground and building leased through 2110)**

‘-Studio

49.9 % 87.4 % 266,000 266,000 — 155,840 Netflix, Paramount

40 East 66th Street

‘-Residential

100.0 % 100.0 % — 10,000 10,000 — —

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

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

____________________________________________________________________________________

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

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

(3)Represents the contractual debt obligations.

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

- 39 -

INVESTOR INFORMATION

Corporate Officers:

Steven Roth Chairman of the Board and Chief Executive Officer

Michael J. Franco President and Chief Financial Officer

Glen J. Weiss Executive Vice President - Office Leasing - Co-Head of Real Estate

Barry S. Langer Executive Vice President - Development - Co-Head of Real Estate

Haim Chera Executive Vice President - Head of Retail

Thomas J. Sanelli Executive Vice President - Finance and Chief Administrative Officer

RESEARCH COVERAGE

Jeff Spector/Jana Galan Steve Sakwa Vikram Malhotra

Bank of America/BofA Securities Evercore ISI Mizuho Securities (USA) Inc.

646-855-1363/646-855-3081 212-446-9462 212-282-3827

Brendan Lynch Caitlin Burrows Ronald Kamdem

Barclays Capital Goldman Sachs Morgan Stanley

212-526-9428 212-902-4736 212-296-8319

John P. Kim Dylan Burzinski Alexander Goldfarb

BMO Capital Markets Green Street Advisors Piper Sandler

212-885-4115 949-640-8780 212-466-7937

Nicholas Joseph/Seth Bergey Anthony Paolone Nicholas Yulico

Citi JP Morgan Scotia Capital (USA) Inc

212-816-1909/212-816-2066 212-622-6682 212-225-6904

Floris van Dijkum Mark Streeter/Ian Snyder Michael Lewis

Ladenburg Thalmann JP Morgan Fixed Income Truist Securities

212-409-2075 212-834-5086/212-834-3798 212-319-5659

Research Coverage - is provided as a service to interested parties and not as an endorsement of any report, or representation as to the accuracy of any information contained therein. Opinions, forecasts and other forward-looking statements expressed in analysts' reports are subject to change without notice.

- 40 -

APPENDIX

DEFINITIONS AND NON-GAAP RECONCILIATIONS

FINANCIAL SUPPLEMENT DEFINITIONS

The financial supplement includes various non-GAAP financial measures. Descriptions of these non-GAAP measures are provided below. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided on the following pages.

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

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

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

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

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

Net Debt to EBITDAre, as adjusted - Net debt to EBITDAre, as adjusted represents the ratio of net debt to annualized EBITDAre, as adjusted. Net debt is calculated as (i) the Company’s consolidated debt less noncontrolling interests’ share of consolidated debt plus the Company’s pro rata share of debt of unconsolidated entities less (ii) the Company’s consolidated cash and cash equivalents, cash held in escrow and investments in U.S. Treasury bills less noncontrolling interests’ share of these amounts, plus the Company’s pro rata share of these amounts for unconsolidated entities. Cash held in escrow represents cash escrowed under loan agreements including for debt service, real estate taxes, property insurance, and capital improvements, and the Company is not able to direct the use of this cash. The availability of cash and cash equivalents for use in debt reduction cannot be assumed, as the Company may use its cash and cash equivalents for other purposes. Further, the Company may not be able to direct the use of its pro rata share of cash and cash equivalents of unconsolidated entities. The Company discloses net debt to EBITDAre, as adjusted because management believes it is useful to investors as a supplemental measure in evaluating the Company’s balance sheet leverage. Net debt to EBITDAre, as adjusted may not be comparable to similarly titled measures employed by other companies.

- i -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited)

(Amounts in thousands, except per share amounts)

For the Three Months Ended

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

Reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):

Net (loss) income attributable to common shareholders $ (22,842) $ 601 $ 11,589 $ 743,819 $ 86,842

Per diluted share $ (0.12) $ — $ 0.06 $ 3.70 $ 0.43

FFO adjustments:

Depreciation and amortization of real property $ 105,386 $ 100,098 $ 103,617 $ 103,142 $ 104,257

Change in fair value of marketable securities — (198) (1,719) — —

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

Net gains on sale of real estate — (300) — — —

Real estate impairment losses — — — 542 —

Our share of partially owned entities:

Depreciation and amortization of real property 23,788 22,933 23,302 24,107 24,525

Net gains on sale of real estate — (225) (11,002) (2,527) (77,008)

FFO adjustments, net 129,174 122,308 114,198 (677,984) 51,774

Impact of assumed conversion of dilutive convertible securities 309 219 385 385 310

Noncontrolling interests' share of above adjustments on a dilutive basis (10,378) (10,201) (8,800) 54,708 (3,887)

FFO attributable to common shareholders plus assumed conversions (non-GAAP) 96,263 112,927 117,372 120,928 135,039

Add back of FFO allocated to noncontrolling interests of the Operating Partnership 8,330 10,254 9,807 10,127 11,747

FFO attributable to Class A unitholders (non-GAAP) $ 104,593 $ 123,181 $ 127,179 $ 131,055 $ 146,786

FFO per diluted share (non-GAAP) $ 0.49 $ 0.56 $ 0.58 $ 0.60 $ 0.67

- ii -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited)

(Amounts in thousands, except per share amounts)

For the Three Months Ended

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

FFO attributable to common shareholders plus assumed conversions (non-GAAP) $ 96,263 $ 112,927 $ 117,372 $ 120,928 $ 135,039

Per diluted share (non-GAAP) $ 0.49 $ 0.56 $ 0.58 $ 0.60 $ 0.67

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

Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary) $ 2,984 $ 3,048 $ 3,586 $ 3,337 $ 3,205

After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities — (5,910) — — (11,028)

Gain on sale of Canal Street residential condominium units — (3,574) — (8,362) (1,975)

Other 4,453 4,241 (6,661) (3,217) 240

7,437 (2,195) (3,075) (8,242) (9,558)

Noncontrolling interests' share of above adjustments on a dilutive basis (591) 141 238 638 764

Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net $ 6,846 $ (2,054) $ (2,837) $ (7,604) $ (8,794)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) $ 103,109 $ 110,873 $ 114,535 $ 113,324 $ 126,245

Per diluted share (non-GAAP) $ 0.52 $ 0.55 $ 0.57 $ 0.56 $ 0.63

- iii -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited)

(Amounts in thousands)

For the Three Months Ended

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

FFO attributable to common shareholders, plus assumed conversions (A) $ 96,263 $ 112,927 $ 117,372 $ 120,928 $ 135,039

Adjustments to arrive at FAD (at Vornado's share):

Certain items that impact FAD 6,702 (3,325) (3,320) (8,242) (9,558)

Recurring tenant improvements, leasing commissions and other capital expenditures (45,225) (61,186) (52,376) (104,203) (48,071)

Stock-based compensation expense 5,655 6,365 5,573 7,519 6,022

Amortization of debt issuance costs and other non-cash interest expense 6,681 8,145 10,242 10,638 12,089

Personal property depreciation 2,050 2,349 2,239 1,564 1,526

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other (31,066) (30,858) (30,746) (45,954) (23,919)

Noncontrolling interests in the Operating Partnership's share of above adjustments 4,543 6,273 5,634 11,119 5,139

FAD adjustments, net (B) (50,660) (72,237) (62,754) (127,559) (56,772)

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

FAD payout ratio

N/A (1) 97.4 % (2) N/A N/A N/A

________________________________

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

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

- iv -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)

For the Three Months Ended

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

Reconciliation of net (loss) income to EBITDAre (non-GAAP):

Net (loss) income $ (22,026) $ 4,914 $ 19,239 $ 813,227 $ 99,824

Less net loss attributable to noncontrolling interests in consolidated subsidiaries 12,690 11,296 8,912 10,981 10,433

Net (loss) income attributable to the Operating Partnership (9,336) 16,210 28,151 824,208 110,257

EBITDAre adjustments at share:

Depreciation and amortization expense 131,224 125,379 129,158 128,813 130,308

Interest and debt expense 116,219 113,183 112,624 115,171 117,891

Income tax expense (benefit) 7,262 8,837 (5,233) 4,295 7,414

Real estate impairment losses — — — 542 —

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

Net gains on sale of real estate — (525) (11,002) (2,527) (77,008)

EBITDAre at share 245,369 263,084 253,698 267,254 288,862

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

EBITDAre (non-GAAP) 254,484 274,276 267,744 278,555 300,176

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

Certain expense (income) items that impact EBITDAre:

Gain on sale of 220 CPS condominium units and ancillary amenities — (7,377) — — (13,576)

Gain on sale of Canal Street residential condominium units — (3,574) — (8,362) (1,975)

Other 2,429 2,672 60 (1,309) 386

Total of certain expense (income) items that impact EBITDAre 2,429 (8,279) 60 (9,671) (15,165)

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

- v -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)

For the Trailing Twelve Months Ended For the Year Ended December 31,

March 31, 2026 2025 2024 2023

Reconciliation of net income to EBITDAre (non-GAAP):

Net income $ 815,354 $ 937,204 $ 20,116 $ 32,888

Less net loss attributable to noncontrolling interests in consolidated subsidiaries 43,879 41,622 51,131 75,967

Net income attributable to the Operating Partnership 859,233 978,826 71,247 108,855

EBITDAre adjustments at share:

Depreciation and amortization expense 514,574 513,658 507,210 499,357

Interest and debt expense 457,197 458,869 458,100 458,400

Income tax expense 15,161 15,313 23,445 30,465

Real estate impairment losses 542 542 — 73,289

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

Net gains on sale of real estate (14,054) (91,062) (873) (72,955)

EBITDAre at share 1,029,405 1,072,898 1,059,129 1,097,411

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

EBITDAre (non-GAAP) 1,075,059 1,120,751 1,101,254 1,136,816

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

Certain (income) expense items that impact EBITDAre:

Gain on sale of Canal Street residential condominium units (11,936) (13,911) — —

Gain on sale of 220 CPS condominium units and ancillary amenities (7,377) (20,953) (15,175) (14,127)

Other 3,852 1,809 5,366 (1,952)

Total of certain (income) expense items that impact EBITDAre (15,461) (33,055) (9,809) (16,079)

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

- vi -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)

For the Three Months Ended

March 31, December 31, 2025

2026 2025

Net (loss) income $ (22,026) $ 99,824 $ 4,914

Depreciation and amortization expense 118,528 116,155 113,350

General and administrative expense 42,245 38,597 40,050

Transaction related costs and other 762 43 (1,796)

Income from partially owned entities (12,822) (96,977) (5,722)

Interest and other investment income, net (9,327) (8,261) (13,383)

Interest and debt expense 89,206 95,816 85,664

Net gains on disposition of wholly owned and partially owned assets — (15,551) (11,252)

Income tax expense 5,908 7,193 7,782

NOI from partially owned entities 68,308 67,111 65,093

NOI attributable to noncontrolling interests in consolidated subsidiaries (8,659) (10,660) (10,440)

NOI at share 272,123 293,290 274,260

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (31,066) (23,919) (30,858)

NOI at share - cash basis $ 241,057 $ 269,371 $ 243,402

- vii -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)

For the Three Months Ended March 31,

Total Revenues Operating Expenses NOI

Non-cash Adjustments(1)

NOI - cash basis

2026 2025 2026 2025 2026 2025 2026 2025 2026 2025

New York $ 377,486 $ 374,546 $ (203,428) $ (182,423) $ 174,058 $ 192,123 $ (19,166) $ (18,700) $ 154,892 $ 173,423

Other 81,619 87,033 (43,203) (42,317) 38,416 44,716 (5,282) 1,788 33,134 46,504

Noncontrolling interests' share in consolidated subsidiaries (52,428) (53,035) 43,769 42,375 (8,659) (10,660) (1,092) (3,770) (9,751) (14,430)

Our share of partially owned entities 117,599 116,389 (49,291) (49,278) 68,308 67,111 (5,526) (3,237) 62,782 63,874

Vornado's share $ 524,276 $ 524,933 $ (252,153) $ (231,643) $ 272,123 $ 293,290 $ (31,066) $ (23,919) $ 241,057 $ 269,371

For the Three Months Ended December 31, 2025

Total Revenues Operating Expenses NOI

Non-cash Adjustments(1)

NOI - cash basis

New York $ 373,270 $ (195,059) $ 178,211 $ (20,441) $ 157,770

Other 80,439 (39,043) 41,396 (5,865) 35,531

Noncontrolling interests' share in consolidated subsidiaries (52,962) 42,522 (10,440) (788) (11,228)

Our share of partially owned entities 114,922 (49,829) 65,093 (3,764) 61,329

Vornado's share $ 515,669 $ (241,409) $ 274,260 $ (30,858) $ 243,402

________________________________

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

- viii -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2026 COMPARED TO MARCH 31, 2025 (unaudited)

(Amounts in thousands)

Total New York THE MART 555 California Street Other

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

Less NOI at share from:

Dispositions 19 18 1 — —

Development properties (1,117) (1,117) — — —

Other non-same store income, net (12,114) (6,081) — — (6,033)

Same store NOI at share for the three months ended March 31, 2026 $ 258,911 $ 229,369 $ 15,891 $ 13,651 $ —

NOI at share for the three months ended March 31, 2025 $ 293,290 $ 252,821 $ 15,916 $ 17,843 $ 6,710

Less NOI at share from:

Dispositions (1,684) (1,616) (68) — —

Development properties (9,281) (9,281) — — —

Other non-same store income, net (38,403) (31,237) — (456) (6,710)

Same store NOI at share for the three months ended March 31, 2025 $ 243,922 $ 210,687 $ 15,848 $ 17,387 $ —

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

% increase (decrease) in same store NOI at share 6.1 % 8.9 % 0.3 % (21.5) % 0.0 %

- ix -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED MARCH 31, 2026 COMPARED TO MARCH 31, 2025 (unaudited)

(Amounts in thousands)

Total New York THE MART 555 California Street Other

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

Less NOI at share - cash basis from:

Dispositions 19 18 1 — —

Development properties 526 526 — — —

Other non-same store income, net (18,936) (12,892) — — (6,044)

Same store NOI at share - cash basis for the three months ended March 31, 2026 $ 222,666 $ 196,181 $ 17,626 $ 8,859 $ —

NOI at share - cash basis for the three months ended March 31, 2025 $ 269,371 $ 227,321 $ 17,517 $ 18,137 $ 6,396

Less NOI at share - cash basis from:

Dispositions (1,751) (1,681) (70) — —

Development properties (9,388) (9,388) — — —

Other non-same store income, net (28,936) (22,540) — — (6,396)

Same store NOI at share - cash basis for the three months ended March 31, 2025 $ 229,296 $ 193,712 $ 17,447 $ 18,137 $ —

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

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

- x -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2026 COMPARED TO DECEMBER 31, 2025 (unaudited)

(Amounts in thousands)

Total New York THE MART 555 California Street Other

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

Less NOI at share from:

Dispositions 19 18 1 — —

Development properties (1,117) (1,117) — — —

Other non-same store income, net (9,416) (3,383) — — (6,033)

Same store NOI at share for the three months ended March 31, 2026 $ 261,609 $ 232,067 $ 15,891 $ 13,651 $ —

NOI at share for the three months ended December 31, 2025 $ 274,260 $ 236,607 $ 14,808 $ 14,614 $ 8,231

Less NOI at share from:

Dispositions (434) (413) (21) — —

Development properties (6,043) (6,043) — — —

Other non-same store (income) expense, net (8,015) 355 (139) — (8,231)

Same store NOI at share for the three months ended December 31, 2025 $ 259,768 $ 230,506 $ 14,648 $ 14,614 $ —

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

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

- xi -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)

Total New York THE MART 555 California Street Other

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

Less NOI at share - cash basis from:

Dispositions 19 18 1 — —

Development properties 526 526 — — —

Other non-same store income, net (16,447) (10,403) — — (6,044)

Same store NOI at share - cash basis for the three months ended March 31, 2026 $ 225,155 $ 198,670 $ 17,626 $ 8,859 $ —

NOI at share - cash basis for the three months ended December 31, 2025 $ 243,402 $ 209,900 $ 15,177 $ 10,379 $ 7,946

Less NOI at share - cash basis from:

Dispositions (434) (413) (21) — —

Development properties (6,020) (6,020) — — —

Other non-same store income, net (12,551) (4,452) (153) — (7,946)

Same store NOI at share - cash basis for the three months ended December 31, 2025 $ 224,397 $ 199,015 $ 15,003 $ 10,379 $ —

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

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

- xii -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)

(Amounts in thousands)

As of March 31, 2026

Consolidated Debt, Net

Deferred Financing Costs, Net and Other

Consolidated Contractual Debt

Mortgages payable $ 4,915,659 $ 28,378 $ 4,944,037

Senior unsecured notes 1,241,462 8,538 1,250,000

$850 Million unsecured term loan 839,491 10,509 850,000

$2.1 Billion unsecured revolving credit facilities 718,000 — 718,000

$ 7,714,612 $ 47,425 $ 7,762,037

- xiii -

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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