EX-99.2 3 vno-123125xex992xfinancial.htm EX-99.2

INDEX |  |  |  |
|  | Page |
| BUSINESS DEVELOPMENTS | 3 | - | 6 |
| FINANCIAL INFORMATION |  |  |  |
| Financial Highlights | 7 |  |  |
| FFO, As Adjusted Bridge | 8 |  |  |
| Net Operating Income, EBITDAre, FFO and FAD | 9 |  |  |
| Consolidated Balance Sheets | 10 |  |  |
| Net Income Attributable to Common Shareholders (Consolidated and by Segment) | 11 | - | 13 |
| Net Operating Income at Share and Net Operating Income at Share - Cash Basis by Segment and Subsegment | 14 |  |  |
| Same Store NOI at Share and Same Store NOI at Share - Cash Basis | 15 |  |  |
| LEASING ACTIVITY AND LEASE EXPIRATIONS |  |  |  |
| Leasing Activity | 16 | - | 17 |
| Lease Expirations | 18 | - | 20 |
| CAPITAL EXPENDITURES AND RE/DEVELOPMENT | 21 |  |  |
| DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES | 22 |  |  |
| UNCONSOLIDATED JOINT VENTURES | 23 | - | 24 |
| DEBT AND CAPITALIZATION |  |  |  |
| Debt Analysis | 25 |  |  |
| Corporate Covenant Ratios and Credit Ratings | 26 |  |  |
| Capital Structure | 27 |  |  |
| Debt Maturities | 28 |  |  |
| Debt Detail (Consolidated and Unconsolidated) | 29 | - | 30 |
| Hedging Instruments | 31 |  |  |
| PROPERTY STATISTICS |  |  |  |
| Top 30 Tenants | 32 |  |  |
| Square Footage | 33 |  |  |
| Occupancy and Residential Statistics | 34 |  |  |
| Ground Leases | 35 |  |  |
| Property Table | 36 | - | 43 |
| EXECUTIVE OFFICERS AND RESEARCH COVERAGE | 44 |  |  |
| APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS |  |  |  |
| Definitions | i |  |  |
| Reconciliations | ii | - | xv |

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 Annual Report on Form 10-K for the year ended December 31, 2025 which can be accessed at the Company’s website www.vno.com.
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BUSINESS DEVELOPMENTS |

Acquisitions
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.
623 Fifth Avenue
On September 4, 2025, we purchased the 623 Fifth Avenue office condominium, a 36-story, 383,000 square foot building situated above the flagship Saks Fifth Avenue department store, for $218,000,000. At closing, we borrowed $145,420,000 under our revolving credit facility to partially finance the acquisition. We are redeveloping the asset into a premier, boutique office building. We expect to complete the redevelopment for delivery to tenants in 2027.
Dispositions
512 West 22nd Street
On August 14, 2025, a joint venture, in which we own a 55.0% interest, completed the sale of 512 West 22nd Street, a 173,000 square foot office building, for $205,000,000. The joint venture used a portion of the proceeds to repay the $122,930,000 mortgage loan encumbering the property. We received net proceeds of $37,900,000 and recognized a financial statement net gain of $11,002,000, which is included in “income from partially owned entities” on our consolidated statements of income.
49 West 57th Street
On June 26, 2025, a joint venture, in which we own a 50.0% interest, completed the sale of the 49 West 57th Street commercial condominium. We received net proceeds of $8,650,000 and recognized a financial statement net gain of $2,527,000 which is included in "income from partially owned entities" on our consolidated statements of income.
220 Central Park South
During the year ended December 31, 2025, we closed on the sale of three condominium units and ancillary amenities at 220 Central Park South (“220 CPS”) for net proceeds of $37,374,000, resulting in a financial statement net gain of $21,080,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $4,051,000 of income tax expense was recognized on our consolidated statements of income. One unit remains unsold.
Canal Street Condominium Units
During the year ended December 31, 2025, we closed on the sale of eight residential and two retail condominium units at 304-306 Canal Street and 334 Canal Street for net proceeds of $32,613,000, resulting in a financial statement net gain of $14,211,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. All units have been sold.
666 Fifth Avenue (Fifth Avenue and Times Square JV)
On January 8, 2025, the Fifth Avenue and Times Square JV completed the sale to UNIQLO of the portion of its U.S. flagship store at 666 Fifth Avenue owned by the joint venture for $350,000,000 and realized net proceeds of $342,000,000. The net proceeds were used to partially redeem Vornado’s preferred equity on the asset. The joint venture continues to own 23,832 square feet of retail space (7,416 square feet at grade) at 666 Fifth Avenue consisting of the Abercrombie & Fitch and Tissot stores. We recognized a financial statement gain of $76,162,000, which is included in “income from partially owned entities” on our consolidated statements of income.
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BUSINESS DEVELOPMENTS |

Financing Activity
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.
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 0.24%.
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.
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BUSINESS DEVELOPMENTS |

Financing Activity - continued
Alexander's Inc. ("Alexander's")
On December 23, 2025, Alexander’s entered into an agreement to restructure the $300,000,000 mortgage loan on the retail condominium portion of 731 Lexington Avenue, which previously bore interest at SOFR plus 1.51%. The restructured loan was split into (i) a $132,500,000 senior A-Note that was purchased by a wholly owned subsidiary of Alexander’s, which bears interest at a fixed rate of 7.00% and (ii) a $167,500,000 junior C-Note held by the lenders of the original loan, which accrues PIK interest at 4.55%. In addition, Alexander’s has the right to fund operating shortfalls, interest on the A-Note and capital for re-leasing at the property through a B-Note, which will be junior to the A-Note and senior to the C-Note. The B-Note bears interest at a fixed rate of 13.50%, except for loan amounts above $65,000,000 used to pay interest on the A-Note, which will bear interest at a fixed rate of 7.00%. The restructured loan matures in December 2035.
On December 5, 2025, Alexander’s completed a $175,000,000 refinancing of Rego Park II shopping center, located in Queens, New York. The five-year interest-only loan matures in December 2030 and bears interest at a rate of SOFR plus 2.00%. Alexander’s paid down by $23,544,000 the prior $198,544,000 loan that bore interest at a rate of SOFR plus 1.45% and was scheduled to mature in December 2025.
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. The loan currently bears interest at a rate of SOFR plus 1.80% and provides for additional default interest of 3.00%. The default interest was waived for a ninety-day period. We have executed a term sheet with the lenders pursuant to which the lenders will forebear from exercising their remedies and will waive default interest until February 2027, subject to certain conditions. There can be no assurance that the forbearance agreement will be completed.
650 Madison Avenue
In October 2025, a joint venture, in which we own a 22.2% interest, received a notice of default (the “Notice”) on the $800,000,000 non-recourse mortgage loan secured by 650 Madison Avenue, a 601,000 square foot Manhattan office and retail property. The Notice asserted that the joint venture was in default under the loan agreement due to its failure to pay the full interest and reserve amounts due and owing under the loan agreement and that the joint venture’s obligations became immediately due and payable. In November 2025, the joint venture cured the default and the loan is currently in good standing.
As previously announced in the fourth quarter of 2022, Vornado wrote off its entire investment in 650 Madison Avenue and accordingly carries this investment at zero on its balance sheet and, since then, no longer records its share of net income (loss) from this investment. Metrics presented throughout our Financial Supplement exclude our 22.2% interest in 650 Madison Avenue.
4 Union Square South
On August 12, 2025, we completed a $120,000,000 refinancing of 4 Union Square South, a 204,000 square foot Manhattan retail property. The ten-year interest-only loan matures in September 2035 and has a fixed rate of 5.64%. The loan replaced the previous $120,000,000 loan that bore interest at SOFR plus 1.50% and was scheduled to mature in August 2025.
PENN 11
On July 16, 2025, we completed a $450,000,000 refinancing of PENN 11, a 1,200,000 square foot Manhattan office building. The five-year interest-only loan matures in August 2030 and has a fixed rate of 6.35%. We paid down by $50,000,000 the prior $500,000,000 loan that bore interest at a rate of SOFR plus 2.06% (swapped to an all-in fixed rate of 6.28%) and was scheduled to mature in October 2025. The swap was terminated at the time of refinancing, and we received $130,000 of proceeds.
Independence Plaza
On June 5, 2025, a joint venture, in which we have a 50.1% interest, completed a $675,000,000 refinancing of Independence Plaza, a 1,328 unit residential complex in the Tribeca submarket of Manhattan. The interest-only non-recourse loan bears interest at a fixed rate of 5.84% and matures in June 2030. The loan replaced the previous $675,000,000 loan that was scheduled to mature in July 2025 and bore interest at 4.25%.
Sustainability Margin Adjustment
In April 2025, we qualified for a sustainability margin adjustment on our unsecured term loan and revolving credit facilities by achieving certain KPI metrics, which reduced our interest rate by 0.05% and 0.04%, respectively. Following the January 2026 refinancing of our 2031 revolving credit facility and unsecured term loan, we expect to requalify for this interest rate reduction in April 2026 and we continue to qualify for this interest rate reduction on our existing 2029 revolving credit facility.
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BUSINESS DEVELOPMENTS |

Financing Activity - continued
1535 Broadway (Fifth Avenue and Times Square JV)
On April 14, 2025, the Fifth Avenue and Times Square JV completed a $450,000,000 financing of 1535 Broadway. The interest-only non-recourse loan bears interest at a fixed rate of 6.90% and matures in May 2030. After transaction costs and reserves, $407,000,000 of the net proceeds from the financing were used to partially redeem Vornado’s preferred equity on the asset.
Senior Unsecured Notes due 2025
We repaid our $450,000,000 3.50% senior unsecured notes on their January 15, 2025 maturity date.
350 Park Avenue
On December 18, 2025, an affiliate of Kenneth C. Griffin, Citadel Enterprise Americas LLC’s (“Citadel”) Founder and CEO (“KG”), exercised an option to acquire at least a 60% interest in a joint venture (the “350 Park JV”) that would develop the 350 Park Avenue 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 51 st Street (owned by the Vornado/Rudin JV) and 40 East 52 nd Street (owned by the Rudin Family) to build a new 1,850,000 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 ($900,000,000 to Vornado). The Investment Option closing is subject to the satisfaction of certain conditions.
770 Broadway
On May 5, 2025, we completed a master lease with New York University (“NYU”) to lease 1,076,000 square feet at 770 Broadway, on an “as is”, triple net basis for a 70-year lease term. Under the terms of the master lease, a rental agreement under Section 467 of the Internal Revenue Code, NYU made a prepaid lease payment of $935,000,000, and will also make annual lease payments of $9,281,000 during the lease term. NYU has an option to purchase the leased premises in both 2055 and at the end of the lease term in 2095. NYU assumed the existing office leases at the property.
We used a portion of the prepaid lease payment to repay the $700,000,000 mortgage loan which previously encumbered the property.
We retained the 92,000 square feet retail condominium leased to Wegmans.
In connection with the transaction, we recorded a gain on sales-type lease of $803,248,000.
PENN 1 Ground Rent Reset Determination
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 in the following paragraph. 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.
We were accruing $26,205,000 per annum of ground rent based on a previous estimate and therefore, in connection with the Panel’s determination (which is subject to the ongoing litigation described above), we reversed $17,240,000 of previously accrued rent expense during the year ended December 31, 2025, and are now paying based on a $15,000,000 annual rent amount.
Dividends/Share Repurchase Program
On December 8, 2025, Vornado’s Board of Trustees declared a dividend of $0.74 per common share for 2025. We anticipate that in 2026 we will continue our common share dividend policy of paying one common share dividend in the fourth quarter.
During the year ended December 31, 2025, we repurchased 1,462,360 common shares for $50,962,000 at an average price per share of $34.85. Subsequent to December 31, 2025, we repurchased 889,566 common shares for $28,756,000, at an average price per share of $32.33.
As of February 6, 2026, $91,140,000 remained available for repurchases under a $200,000,000 share repurchase plan authorized by Vornado's Board of Trustees in 2023.
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FINANCIAL HIGHLIGHTS (unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Amounts in thousands, except per share amounts) |  |  |  | For the Three Months Ended or As Of |  | For the Year Ended or As Of
Earnings and Earnings Per Share |  |  |  | 12/31/2025 |  | 9/30/2025 |  |  |  |  |  | 12/31/2024 |  | 12/31/2025 |  | 12/31/2024
Net income attributable to common shareholders |  |  | $ | 601 |  |  | $ | 11,589 |  |  |  |  |  |  | $ | 1,203 |  |  | $ | 842,851 |  |  | $ | 8,275 |
Per diluted share |  |  | — |  |  | 0.06 |  |  |  |  |  |  | 0.01 |  |  | 4.20 |  |  | 0.04 |
FFO attributable to common shareholders plus assumed conversions (non-GAAP) | 112,927 |  |  | 117,372 |  |  |  |  |  |  | 117,085 |  |  | 486,826 |  |  | 470,021 |
Per diluted share (non-GAAP) |  |  | 0.56 |  |  | 0.58 |  |  |  |  |  |  | 0.58 |  |  | 2.42 |  |  | 2.37 |
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) | 110,873 |  |  | 114,535 |  |  |  |  |  |  | 122,212 |  |  | 465,554 |  |  | 447,071 |
Per diluted share (non-GAAP) |  |  | 0.55 |  |  | 0.57 |  |  |  |  |  |  | 0.61 |  |  | 2.32 |  |  | 2.26 |
EBITDAre attributable to the Operating Partnership (non-GAAP) | 263,084 |  |  | 253,698 |  |  |  |  |  |  | 270,960 |  |  | 1,072,898 |  |  | 1,059,129 |
EBITDAre attributable to the Operating Partnership, as adjusted (non-GAAP) | 254,805 |  |  | 253,758 |  |  |  |  |  |  | 272,692 |  |  | 1,039,843 |  |  | 1,049,320 |
Common Share Price & Dividends (NYSE:VNO) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High Price |  |  |  | $ | 41.85 |  |  | $ | 43.37 |  |  |  |  |  |  | $ | 46.63 |  |  | $ | 45.37 |  |  | $ | 46.63 |
Low Price |  |  |  | 32.61 |  |  | 35.22 |  |  |  |  |  |  | 37.88 |  |  | 29.68 |  |  | 22.42 |
Closing price - end of quarter |  |  |  | 33.28 |  |  | 40.53 |  |  |  |  |  |  | 42.04 |  |  | 33.28 |  |  | 42.04 |
Dividends per common share(1) |  |  |  | 0.74 |  | N/A |  |  |  |  |  | 0.74 |  | 0.74 |  | 0.74
FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)(1) | N/A |  | N/A |  |  |  |  |  | N/A |  | 31.9% |  | 32.7%
FAD payout ratio(1) |  |  |  | N/A |  | N/A |  |  |  |  |  | N/A |  | 97.4% |  | 42.3%
VNO Common Shares & VRLP Units |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VNO common shares outstanding |  |  |  | 190,666 |  |  | 192,055 |  |  |  |  |  |  | 190,847 |  |  | 190,666 |  |  | 190,847 |
Redeemable Class A units and LTIP Unit awards outstanding |  |  | 16,651 |  |  | 16,694 |  |  |  |  |  |  | 16,851 |  |  | 16,651 |  |  | 16,851 |
Convertible unit equivalents outstanding |  |  |  | 1,503 |  |  | 1,242 |  |  |  |  |  |  | 1,199 |  |  | 1,502 |  |  | 1,199 |
Total Class A units and assumed conversions of convertible units outstanding |  |  | 208,820 |  |  | 209,991 |  |  |  |  |  |  | 208,897 |  |  | 208,819 |  |  | 208,897 |
Weighted average Class A units outstanding - diluted |  |  |  | 217,542 |  |  | 218,140 |  |  |  |  |  |  | 218,277 |  |  | 217,896 |  |  | 215,309 |

Market Capitalization |  |  |  | $ | 17.2 | Billion |  | $ | 18.8 | Billion |  |  |  |  |  | $ | 20.1 | Billion |  | $ | 17.2 | Billion |  | $ | 20.1 | Billion

Liquidity (amounts in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  | $ | 841 |  |  | $ | 1,010 |  |  |  |  |  |  | $ | 734 |  |  | $ | 841 |  |  | $ | 734 |
Restricted cash |  |  | 137 |  |  | 142 |  |  |  |  |  |  | 216 |  |  | 137 |  |  | 216 |
Available on our $2.2 billion revolving credit facilities(2) |  |  |  | 1,419 |  |  | 1,419 |  |  |  |  |  |  | 1,532 |  |  | 1,419 |  |  | 1,532 |
Total Liquidity |  |  |  | $ | 2,397 |  |  | $ | 2,571 |  |  |  |  |  |  | $ | 2,482 |  |  | $ | 2,397 |  |  | $ | 2,482 |

___________________
(1)Vornado paid its 2025 common dividend of $0.74 per share in the fourth quarter.
(2)In 2026, we refinanced our $1.25 billion unsecured revolving credit facility replacing it with a $1.130 billion facility and upsized our $915,000 unsecured revolving credit facility to $1.0 billion. See page 4 for further details.
Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.
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FFO, AS ADJUSTED BRIDGE - Q4 2025 VS. Q4 2024 (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 December 31, 2024 | $ | 122.2 |  |  | $ | 0.61 |
(Decrease) / increase in FFO, as adjusted due to: |  |  |
330 West 34th Street termination and recapture fees, net of straight-line rent write-offs relating to new WeWork lease recorded in Q4 2024 | (19.2) |  |  |
Interest expense, net of interest income | (9.2) |  |  |
Rent commencements, net of lease expirations | 8.3 |  |  |
Impact of NYU master lease at 770 Broadway | 8.3 |  |  |
Variable businesses (primarily signage) | 6.5 |  |  |
Capitalized interest (primarily PENN 2) | (3.2) |  |  |
Asset sales | (2.0) |  |  |
Other, net | (2.3) |  |  |
| (12.8) |  |  |
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities | 1.5 |  |  |
Net decrease | (11.3) |  |  | (0.06) |
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended December 31, 2025 | $ | 110.9 |  |  | $ | 0.55 |

Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.
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NET OPERATING INCOME, EBITDAre, FFO AND FAD (unaudited)

(Amounts in thousands) | For the Three Months Ended
| December 31, 2025 |  | September 30, 2025 |  | December 31, 2024
Net Operating Income (“NOI”)(1): |  |  |  |  |
Total revenues | $ | 453,709 |  |  | $ | 453,700 |  |  | $ | 457,790 |
Operating expenses | (234,102) |  |  | (241,769) |  |  | (236,043) |
Our share of NOI from partially owned entities | 65,093 |  |  | 64,884 |  |  | 73,270 |
NOI attributable to noncontrolling interests in consolidated subsidiaries | (10,440) |  |  | (10,139) |  |  | (10,051) |
NOI at share | 274,260 |  |  | 266,676 |  |  | 284,966 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (30,858) |  |  | (30,746) |  |  | (8,378) |
NOI at share - cash basis | 243,402 |  |  | 235,930 |  |  | 276,588 |
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") (at Vornado’s share)(1): |  |  |  |
General and administrative expenses | (40,692) |  |  | (37,812) |  |  | (37,186) |
Interest and other investment income, net | 16,768 |  |  | 27,631 |  |  | 24,521 |
Transaction related costs and other (excludes real estate impairment losses) | 1,796 |  |  | (3,563) |  |  | (1,341) |
Net gain on disposition of non-depreciable wholly owned and partially owned assets | 10,952 |  |  | 766 |  |  | — |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 30,858 |  |  | 30,746 |  |  | 8,378 |
EBITDAre attributable to the Operating Partnership (non-GAAP) | 263,084 |  |  | 253,698 |  |  | 270,960 |
Total of certain items that impact EBITDAre | (8,279) |  |  | 60 |  |  | 1,732 |
EBITDAre attributable to the Operating Partnership, as adjusted (non-GAAP) | 254,805 |  |  | 253,758 |  |  | 272,692 |
Funds From Operations (“FFO”) (at Vornado’s share)(1): |  |  |  |  |
Interest and debt expense | (113,183) |  |  | (112,624) |  |  | (121,875) |
Preferred share dividends | (15,555) |  |  | (15,555) |  |  | (15,555) |
Personal property depreciation | (2,349) |  |  | (2,239) |  |  | (1,532) |
Income tax (expense) benefit | (8,837) |  |  | 5,233 |  |  | (5,381) |
Change in fair value of marketable securities | (198) |  |  | (1,719) |  |  | — |
Impact of assumed conversion of dilutive convertible securities | 219 |  |  | 385 |  |  | 358 |
Add-back - Total of certain items that impact EBITDAre | 8,279 |  |  | (60) |  |  | (1,732) |
FFO allocated to noncontrolling interests of the Operating Partnership | (10,254) |  |  | (9,807) |  |  | (9,890) |
FFO attributable to common shareholders plus assumed conversions (non-GAAP) | 112,927 |  |  | 117,372 |  |  | 117,085 |
Total of certain items that impact FFO attributable to common shareholders plus assumed conversions | (2,054) |  |  | (2,837) |  |  | 5,127 |
FFO attributable to common shareholders plus assumed conversions, as adjusted | 110,873 |  |  | 114,535 |  |  | 122,212 |
Funds Available for Distributions (“FAD”) (at Vornado's share)(1): |  |  |  |  |
Certain items that impact FAD | (1,271) |  |  | (483) |  |  | 433 |
Recurring tenant improvements, leasing commissions and other capital expenditures | (61,186) |  |  | (52,376) |  |  | (55,350) |
Stock-based compensation expense | 6,365 |  |  | 5,573 |  |  | 7,359 |
Amortization of debt issuance costs and other non-cash interest expense | 8,145 |  |  | 10,242 |  |  | 13,280 |
Personal property depreciation | 2,349 |  |  | 2,239 |  |  | 1,532 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (30,858) |  |  | (30,746) |  |  | (8,378) |
Noncontrolling interests in the Operating Partnership's share of above adjustments | 6,273 |  |  | 5,634 |  |  | 2,946 |
FAD (non-GAAP) | $ | 40,690 |  |  | $ | 54,618 |  |  | $ | 84,034 |

________________________________
(1)See pages ii through vii in the Appendix for NOI at share, NOI at share - cash basis, FFO and FAD reconciliations to the most directly comparable GAAP financial measures.
- 9 -

CONSOLIDATED BALANCE SHEETS (unaudited) |
(Amounts in thousands) |
| As of |  | Increase (Decrease) |
| December 31, 2025 |  | December 31, 2024 |  |
ASSETS |  |  |  |  |  |
Real estate, at cost: |  |  |  |  |  |
Land | $ | 2,408,914 |  |  | $ | 2,434,209 |  |  | $ | (25,295) |  |
Buildings and improvements | 10,942,418 |  |  | 10,439,113 |  |  | 503,305 |  |
Development costs and construction in progress | 890,143 |  |  | 1,097,395 |  |  | (207,252) |  |
Leasehold improvements and equipment | 105,080 |  |  | 120,915 |  |  | (15,835) |  |
Total | 14,346,555 |  |  | 14,091,632 |  |  | 254,923 |  |
Less accumulated depreciation and amortization | (4,191,075) |  |  | (4,025,349) |  |  | (165,726) |  |
Real estate, net | 10,155,480 |  |  | 10,066,283 |  |  | 89,197 |  |
Right-of-use assets | 671,308 |  |  | 678,804 |  |  | (7,496) |  |
Net investment in lease | 166,024 |  |  | — |  |  | 166,024 |  |
Cash, cash equivalents, and restricted cash |  |  |  |  |  |
Cash and cash equivalents | 840,850 |  |  | 733,947 |  |  | 106,903 |  |
Restricted cash | 136,696 |  |  | 215,672 |  |  | (78,976) |  |
Total | 977,546 |  |  | 949,619 |  |  | 27,927 |  |
Tenant and other receivables | 77,137 |  |  | 58,853 |  |  | 18,284 |  |
Investments in partially owned entities | 1,941,278 |  |  | 2,691,478 |  |  | (750,200) |  |
Receivable arising from the straight-lining of rents | 752,545 |  |  | 707,020 |  |  | 45,525 |  |
Deferred leasing costs, net | 374,620 |  |  | 354,882 |  |  | 19,738 |  |
Identified intangible assets, net | 110,593 |  |  | 118,215 |  |  | (7,622) |  |
Other assets | 294,587 |  |  | 373,454 |  |  | (78,867) |  |
Total assets | $ | 15,521,118 |  |  | $ | 15,998,608 |  |  | $ | (477,490) |  |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |  |  |  |  |  |
Liabilities: |  |  |  |  |  |
Mortgages payable, net | $ | 4,920,669 |  |  | $ | 5,676,014 |  |  | $ | (755,345) |  |
Senior unsecured notes, net | 747,202 |  |  | 1,195,914 |  |  | (448,712) |  |
Unsecured term loan, net | 797,337 |  |  | 795,948 |  |  | 1,389 |  |
Unsecured revolving credit facilities | 720,420 |  |  | 575,000 |  |  | 145,420 |  |
Lease liabilities | 699,640 |  |  | 749,759 |  |  | (50,119) |  |
Accounts payable and accrued expenses | 376,190 |  |  | 374,013 |  |  | 2,177 |  |
Deferred compensation plan | 113,778 |  |  | 114,580 |  |  | (802) |  |
Other liabilities | 341,359 |  |  | 345,511 |  |  | (4,152) |  |
Total liabilities | 8,716,595 |  |  | 9,826,739 |  |  | (1,110,144) |  |
Redeemable noncontrolling interests | 647,951 |  |  | 834,658 |  |  | (186,707) |  |
Shareholders' equity | 5,986,727 |  |  | 5,158,242 |  |  | 828,485 |  |
Noncontrolling interests in consolidated subsidiaries | 169,845 |  |  | 178,969 |  |  | (9,124) |  |
Total liabilities, redeemable noncontrolling interests and equity | $ | 15,521,118 |  |  | $ | 15,998,608 |  |  | $ | (477,490) |  |

- 10 -

CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
| For the Three Months Ended
| December 31, |  | September 30, 2025
| 2025 |  | 2024 |  | Variance |
Property rentals(1) | $ | 315,946 |  |  | $ | 345,005 |  |  | $ | (29,059) |  |  | $ | 322,352 |
Tenant expense reimbursements(1) | 38,367 |  |  | 45,229 |  |  | (6,862) |  |  | 42,116 |
Amortization of acquired below-market leases, net | 99 |  |  | 193 |  |  | (94) |  |  | 100 |
Straight-lining of rents | 27,725 |  |  | 8,036 |  |  | 19,689 |  |  | 24,529 |
Total rental revenues | 382,137 |  |  | 398,463 |  |  | (16,326) |  |  | 389,097 |
Fee and other income: |  |  |  |  |  |  |
Building Maintenance Services ("BMS") cleaning fees | 41,249 |  |  | 37,208 |  |  | 4,041 |  |  | 42,530 |
Management and leasing fees | 2,610 |  |  | 2,519 |  |  | 91 |  |  | 2,998 |
Other income | 27,713 |  |  | 19,600 |  |  | 8,113 |  |  | 19,075 |
Total revenues | 453,709 |  |  | 457,790 |  |  | (4,081) |  |  | 453,700 |
Operating expenses | (234,102) |  |  | (236,043) |  |  | 1,941 |  |  | (241,769) |
Depreciation and amortization | (113,350) |  |  | (113,061) |  |  | (289) |  |  | (117,122) |
General and administrative | (40,050) |  |  | (36,637) |  |  | (3,413) |  |  | (37,490) |
Expense from deferred compensation plan liability | (2,148) |  |  | (1,549) |  |  | (599) |  |  | (6,756) |
Transaction related costs and other | 1,796 |  |  | (1,341) |  |  | 3,137 |  |  | (3,563) |
Total expenses | (387,854) |  |  | (388,631) |  |  | 777 |  |  | (406,700) |
Income from partially owned entities | 5,722 |  |  | 30,007 |  |  | (24,285) |  |  | 21,940 |
Interest and other investment income, net | 13,383 |  |  | 11,348 |  |  | 2,035 |  |  | 22,413 |
Income from deferred compensation plan assets | 2,148 |  |  | 1,549 |  |  | 599 |  |  | 6,756 |
Interest and debt expense | (85,664) |  |  | (100,483) |  |  | 14,819 |  |  | (84,459) |
Net gains on disposition of wholly owned and partially owned assets | 11,252 |  |  | — |  |  | 11,252 |  |  | — |
Income before income taxes | 12,696 |  |  | 11,580 |  |  | 1,116 |  |  | 13,650 |
Income tax (expense) benefit | (7,782) |  |  | (5,822) |  |  | (1,960) |  |  | 5,589 |
Net income | 4,914 |  |  | 5,758 |  |  | (844) |  |  | 19,239 |
Less net loss (income) attributable to noncontrolling interests in: |  |  |  |  |  |  |
Consolidated subsidiaries | 11,296 |  |  | 11,107 |  |  | 189 |  |  | 8,912 |
Operating Partnership | (83) |  |  | (136) |  |  | 53 |  |  | (1,036) |
Net income attributable to Vornado | 16,127 |  |  | 16,729 |  |  | (602) |  |  | 27,115 |
Preferred share dividends | (15,526) |  |  | (15,526) |  |  | — |  |  | (15,526) |
Net income attributable to common shareholders | $ | 601 |  |  | $ | 1,203 |  |  | $ | (602) |  |  | $ | 11,589 |
Capitalized expenditures: |  |  |  |  |  |  |
Interest and debt expense | $ | 9,226 |  |  | $ | 12,417 |  |  | $ | (3,191) |  |  | $ | 9,022 |
Development payroll | 1,071 |  |  | 990 |  |  | 81 |  |  | 943 |

________________________________
(1)"Property rentals" and "tenant expense reimbursements" represent non-GAAP financial measures which are reconciled above to "rental revenues" the most directly comparable financial measure calculated in accordance with GAAP.
- 11 -

CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
| For the Year Ended December 31,
| 2025 |  | 2024 |  | Variance
Property rentals(1) | $ | 1,318,866 |  |  | $ | 1,368,985 |  |  | $ | (50,119) |
Tenant expense reimbursements(1) | 167,032 |  |  | 191,700 |  |  | (24,668) |
Amortization of acquired below-market leases, net | 383 |  |  | 3,035 |  |  | (2,652) |
Straight-lining of rents | 71,960 |  |  | 5,086 |  |  | 66,874 |
Total rental revenues | 1,558,241 |  |  | 1,568,806 |  |  | (10,565) |
Fee and other income: |  |  |  |  |
BMS cleaning fees | 157,686 |  |  | 149,225 |  |  | 8,461 |
Management and leasing fees | 11,564 |  |  | 14,680 |  |  | (3,116) |
Other income | 82,934 |  |  | 54,975 |  |  | 27,959 |
Total revenues | 1,810,425 |  |  | 1,787,686 |  |  | 22,739 |
Operating expenses | (919,959) |  |  | (927,796) |  |  | 7,837 |
Depreciation and amortization | (462,201) |  |  | (447,500) |  |  | (14,701) |
General and administrative | (156,115) |  |  | (148,520) |  |  | (7,595) |
Expense from deferred compensation plan liability | (10,938) |  |  | (12,638) |  |  | 1,700 |
Transaction related costs, impairment losses and other | (2,531) |  |  | (5,242) |  |  | 2,711 |
Total expenses | (1,551,744) |  |  | (1,541,696) |  |  | (10,048) |
Income from partially owned entities | 141,310 |  |  | 112,464 |  |  | 28,846 |
Interest and other investment income, net | 55,113 |  |  | 45,974 |  |  | 9,139 |
Income from deferred compensation plan assets | 10,938 |  |  | 12,638 |  |  | (1,700) |
Interest and debt expense | (353,868) |  |  | (390,269) |  |  | 36,401 |
Gain on sales-type lease | 803,248 |  |  | — |  |  | 803,248 |
Net gains on disposition of wholly owned and partially owned assets | 35,291 |  |  | 16,048 |  |  | 19,243 |
Income before income taxes | 950,713 |  |  | 42,845 |  |  | 907,868 |
Income tax expense | (13,509) |  |  | (22,729) |  |  | 9,220 |
Net income | 937,204 |  |  | 20,116 |  |  | 917,088 |
Less net loss (income) attributable to noncontrolling interests in: |  |  |  |  |
Consolidated subsidiaries | 41,622 |  |  | 51,131 |  |  | (9,509) |
Operating Partnership | (73,871) |  |  | (860) |  |  | (73,011) |
Net income attributable to Vornado | 904,955 |  |  | 70,387 |  |  | 834,568 |
Preferred share dividends | (62,104) |  |  | (62,112) |  |  | 8 |
Net income attributable to common shareholders | $ | 842,851 |  |  | $ | 8,275 |  |  | $ | 834,576 |
Capitalized expenditures: |  |  |  |  |
Interest and debt expense | $ | 38,648 |  |  | $ | 51,212 |  |  | $ | (12,564) |
Development payroll | 4,336 |  |  | 7,281 |  |  | (2,945) |

________________________________
(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.
- 12 -

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

| For the Three Months Ended December 31, 2025 |  | For the Year Ended December 31, 2025
| Total |  | New York |  | Other |  | Total |  | New York |  | Other
Property rentals(1) | $ | 315,946 |  |  | $ | 259,082 |  |  | $ | 56,864 |  |  | $ | 1,318,866 |  |  | $ | 1,052,221 |  |  | $ | 266,645 |
Tenant expense reimbursements(1) | 38,367 |  |  | 28,418 |  |  | 9,949 |  |  | 167,032 |  |  | 123,750 |  |  | 43,282 |
Amortization of acquired below-market leases, net | 99 |  |  | 43 |  |  | 56 |  |  | 383 |  |  | 157 |  |  | 226 |
Straight-lining of rents | 27,725 |  |  | 21,314 |  |  | 6,411 |  |  | 71,960 |  |  | 67,182 |  |  | 4,778 |
Total rental revenues | 382,137 |  |  | 308,857 |  |  | 73,280 |  |  | 1,558,241 |  |  | 1,243,310 |  |  | 314,931 |
Fee and other income: |  |  |  |  |  |  |  |  |  |  |
BMS cleaning fees | 41,249 |  |  | 43,383 |  |  | (2,134) |  |  | 157,686 |  |  | 166,526 |  |  | (8,840) |
Management and leasing fees | 2,610 |  |  | 2,632 |  |  | (22) |  |  | 11,564 |  |  | 12,157 |  |  | (593) |
Other income | 27,713 |  |  | 19,937 |  |  | 7,776 |  |  | 82,934 |  |  | 54,529 |  |  | 28,405 |
Total revenues | 453,709 |  |  | 374,809 |  |  | 78,900 |  |  | 1,810,425 |  |  | 1,476,522 |  |  | 333,903 |
Operating expenses | (234,102) |  |  | (196,286) |  |  | (37,816) |  |  | (919,959) |  |  | (766,758) |  |  | (153,201) |
Depreciation and amortization | (113,350) |  |  | (91,028) |  |  | (22,322) |  |  | (462,201) |  |  | (363,734) |  |  | (98,467) |
General and administrative | (40,050) |  |  | (14,139) |  |  | (25,911) |  |  | (156,115) |  |  | (53,429) |  |  | (102,686) |
Expense from deferred compensation plan liability | (2,148) |  |  | — |  |  | (2,148) |  |  | (10,938) |  |  | — |  |  | (10,938) |
Transaction related costs, impairment losses and other | 1,796 |  |  | (3) |  |  | 1,799 |  |  | (2,531) |  |  | (58) |  |  | (2,473) |
Total expenses | (387,854) |  |  | (301,456) |  |  | (86,398) |  |  | (1,551,744) |  |  | (1,183,979) |  |  | (367,765) |
Income from partially owned entities | 5,722 |  |  | 4,942 |  |  | 780 |  |  | 141,310 |  |  | 132,924 |  |  | 8,386 |
Interest and other investment income, net | 13,383 |  |  | 2,170 |  |  | 11,213 |  |  | 55,113 |  |  | 11,899 |  |  | 43,214 |
Income from deferred compensation plan assets | 2,148 |  |  | — |  |  | 2,148 |  |  | 10,938 |  |  | — |  |  | 10,938 |
Interest and debt expense | (85,664) |  |  | (41,220) |  |  | (44,444) |  |  | (353,868) |  |  | (175,848) |  |  | (178,020) |
Gain on sales-type lease | — |  |  | — |  |  | — |  |  | 803,248 |  |  | 803,248 |  |  | — |
Net gains on disposition of wholly owned and partially owned assets | 11,252 |  |  | 3,874 |  |  | 7,378 |  |  | 35,291 |  |  | 14,211 |  |  | 21,080 |
Income (loss) before income taxes | 12,696 |  |  | 43,119 |  |  | (30,423) |  |  | 950,713 |  |  | 1,078,977 |  |  | (128,264) |
Income tax expense | (7,782) |  |  | (2,995) |  |  | (4,787) |  |  | (13,509) |  |  | (4,751) |  |  | (8,758) |
Net income (loss) attributable to Vornado Realty L.P. | 4,914 |  |  | 40,124 |  |  | (35,210) |  |  | 937,204 |  |  | 1,074,226 |  |  | (137,022) |
Less net loss attributable to noncontrolling interests in consolidated subsidiaries | 11,296 |  |  | 8,899 |  |  | 2,397 |  |  | 41,622 |  |  | 37,955 |  |  | 3,667 |
Net income (loss) attributable to Vornado Realty L.P. | 16,210 |  |  | $ | 49,023 |  |  | $ | (32,813) |  |  | 978,826 |  |  | $ | 1,112,181 |  |  | $ | (133,355) |
Less net loss (income) attributable to noncontrolling interests in the Operating Partnership | (54) |  |  |  |  |  |  | (73,756) |  |  |  |  |
Preferred unit distributions | (15,555) |  |  |  |  |  |  | (62,219) |  |  |  |  |
Net income attributable to common shareholders | $ | 601 |  |  |  |  |  |  | $ | 842,851 |  |  |  |  |
For the three months and year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Vornado Realty L.P. | $ | 16,865 |  |  | $ | 77,941 |  |  | $ | (61,076) |  |  | $ | 71,247 |  |  | $ | 277,819 |  |  | $ | (206,572) |
Net income attributable to common shareholders | $ | 1,203 |  |  |  |  |  |  | $ | 8,275 |  |  |  |  |

________________________________
(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.
- 13 -

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

| For the Three Months Ended |  | For the Year Ended December 31,
| December 31, |  | September 30, 2025 |
| 2025 |  | 2024 |  |  | 2025 |  | 2024
NOI at share: |  |  |  |  |  |  |  |  |
New York: |  |  |  |  |  |  |  |  |
Office(1) | $ | 177,961 |  |  | $ | 193,215 |  |  | $ | 171,128 |  |  | $ | 713,694 |  |  | $ | 706,592 |
Retail(2) | 44,598 |  |  | 48,238 |  |  | 42,183 |  |  | 175,694 |  |  | 191,379 |
Residential | 6,395 |  |  | 6,072 |  |  | 6,457 |  |  | 25,406 |  |  | 24,044 |
Alexander’s | 8,034 |  |  | 9,515 |  |  | 8,770 |  |  | 34,628 |  |  | 39,895 |
Total New York | 236,988 |  |  | 257,040 |  |  | 228,538 |  |  | 949,422 |  |  | 961,910 |
Other: |  |  |  |  |  |  |  |  |
THE MART(3) | 14,808 |  |  | 6,168 |  |  | 13,275 |  |  | 69,196 |  |  | 51,686 |
555 California Street | 14,614 |  |  | 15,854 |  |  | 17,293 |  |  | 68,436 |  |  | 64,963 |
Other investments | 7,850 |  |  | 5,904 |  |  | 7,570 |  |  | 24,845 |  |  | 21,193 |
Total Other | 37,272 |  |  | 27,926 |  |  | 38,138 |  |  | 162,477 |  |  | 137,842 |
NOI at share | $ | 274,260 |  |  | $ | 284,966 |  |  | $ | 266,676 |  |  | $ | 1,111,899 |  |  | $ | 1,099,752 |

NOI at share - cash basis: |  |  |  |  |  |  |  |  |
New York: |  |  |  |  |  |  |  |  |
Office(1)(4) | $ | 155,334 |  |  | $ | 181,438 |  |  | $ | 145,556 |  |  | $ | 595,926 |  |  | $ | 698,138 |
Retail(2) | 39,824 |  |  | 44,130 |  |  | 37,536 |  |  | 160,779 |  |  | 176,798 |
Residential | 5,969 |  |  | 5,750 |  |  | 5,989 |  |  | 23,796 |  |  | 22,914 |
Alexander's | 8,928 |  |  | 10,615 |  |  | 9,509 |  |  | 38,319 |  |  | 46,172 |
Total New York | 210,055 |  |  | 241,933 |  |  | 198,590 |  |  | 818,820 |  |  | 944,022 |
Other: |  |  |  |  |  |  |  |  |
THE MART(3) | 15,177 |  |  | 10,550 |  |  | 13,267 |  |  | 71,219 |  |  | 57,235 |
555 California Street | 10,379 |  |  | 18,138 |  |  | 16,455 |  |  | 65,655 |  |  | 74,621 |
Other investments | 7,791 |  |  | 5,967 |  |  | 7,618 |  |  | 24,728 |  |  | 20,211 |
Total Other | 33,347 |  |  | 34,655 |  |  | 37,340 |  |  | 161,602 |  |  | 152,067 |
NOI at share - cash basis | $ | 243,402 |  |  | $ | 276,588 |  |  | $ | 235,930 |  |  | $ | 980,422 |  |  | $ | 1,096,089 |

________________________________
(1)Includes BMS NOI of $7,904, $6,895, $6,985, $29,408 and $30,318 for the three months ended December 31, 2025 and 2024 and September 30, 2025 and the years ended December 31, 2025 and 2024, respectively.
(2)2025 includes the impact of the sale of a portion of the 666 Fifth Avenue retail condominium. See page 3 for details.
(3)2025 includes the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment and 2024 includes a $4,560 write-off of a receivable arising from the straight-lining of rents due to the tenant being deemed uncollectible.
(4)2025 decrease is primarily due to (i) the impact of the NYU master lease at 770 Broadway, which included a $935,000 rent prepayment (see page 6 for further details), (ii) free rent periods on new leases commencing and (iii) the April 2025 payment of $22,361 for prior period PENN 1 ground rent owed based on the rent reset determination (which is subject to the ongoing litigation described on page 6).
- 14 -

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

| Total |  | New York |  | THE MART(2) |  | 555 California Street
Same store NOI at share % increase (decrease)(1): |  |  |  |  |  |  |  |
Three months ended December 31, 2025 compared to December 31, 2024 | 5.0 | % |  | 2.2 | % |  | 141.1 | % |  | (7.1) | % |
Year ended December 31, 2025 compared to December 31, 2024 | 5.4 | % |  | 3.9 | % | (3) | 34.3 | % |  | 1.3 | % |
Three months ended December 31, 2025 compared to September 30, 2025 | 4.2 | % |  | 5.0 | % |  | 10.3 | % |  | (10.8) | % |
Same store NOI at share - cash basis % (decrease) increase(1): |  |  |  |  |  |  |  |
Three months ended December 31, 2025 compared to December 31, 2024 | (8.3) | % |  | (7.9) | % | (4) | 43.5 | % |  | (42.3) | % | (6)
Year ended December 31, 2025 compared to December 31, 2024 | (5.5) | % |  | (6.6) | % | (4)(5) | 24.6 | % |  | (16.2) | % | (6)
Three months ended December 31, 2025 compared to September 30, 2025 | 3.2 | % |  | 5.9 | % |  | 13.1 | % |  | (36.9) | % |

________________________________
(1)See pages ix through xiv in the Appendix for same store NOI at share and same store NOI at share - cash basis reconciliations.
(2)2025 includes the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment and 2024 includes a $4,560,000 write-off of a receivable arising from the straight-lining of rents due to the tenant being deemed uncollectible.
(3)Excludes the impact of the $17,240,000 reversal of previously accrued PENN 1 ground rent. See page 6 for further details.
(4)Decrease in same store NOI at share - cash basis vs. GAAP basis is primarily due to (i) current period PENN 1 ground rent increase and (ii) GAAP rent commencing on new leases with free rent periods.
(5)Excludes the impact of the April 2025 $22,361,000 true-up payment for prior period PENN 1 ground rent owed based on the rent reset determination (which is subject to the ongoing litigation described on page 6).
(6)Variance in same store NOI at share cash basis vs. GAAP basis is primarily due to GAAP rent commencing on new leases with free rent periods.
- 15 -

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 |  |  |  |
|  | Office |  | Retail |  | THE MART |
Three Months Ended December 31, 2025 |  |  |  |  |  |  |  |
Total square feet leased |  | 960 |  |  | 21 |  |  | 26 |  |  |
Our share of square feet leased: |  | 869 |  |  | 14 |  |  | 26 |  |  |
Initial rent(1) |  | $ | 95.36 |  |  | $ | 273.56 |  |  | $ | 62.73 |  |  |
Weighted average lease term (years) |  | 9.9 |  |  | 8.2 |  |  | 4.4 |  |  |
Second generation relet space: |  |  |  |  |  |  |  |
Square feet |  | 441 |  |  | 6 |  |  | 26 |  |  |
GAAP basis: |  |  |  |  |  |  |  |
Straight-line rent(2) |  | $ | 85.40 |  |  | $ | 388.72 |  |  | $ | 61.33 |  |  |
Prior straight-line rent |  | $ | 78.97 |  |  | $ | 479.34 |  |  | $ | 54.38 |  |  |
Percentage increase (decrease) |  | 8.1 | % |  | (18.9) | % |  | 12.8 | % |  |
Cash basis (non-GAAP): |  |  |  |  |  |  |  |
Initial rent(1) |  | $ | 90.11 |  |  | $ | 364.66 |  |  | $ | 62.73 |  |  |
Prior escalated rent |  | $ | 84.09 |  |  | $ | 538.88 |  |  | $ | 59.23 |  |  |
Percentage increase (decrease) |  | 7.2 | % |  | (32.3) | % |  | 5.9 | % |  |
Tenant improvements and leasing commissions: |  |  |  |  |  |  |  |
Per square foot |  | $ | 145.95 |  |  | $ | 95.88 |  |  | $ | 14.31 |  |  |
Per square foot per annum |  | $ | 14.74 |  |  | $ | 11.69 |  |  | $ | 3.25 |  |  |
Percentage of initial rent |  | 15.5 | % |  | 4.3 | % |  | 5.2 | % |  |

________________________________
(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.
- 16 -

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(1) |  | Retail |  | THE MART |
Year Ended December 31, 2025 |  |  |  |  |  |  |  |
Total square feet leased |  | 3,742 |  |  | 130 |  |  | 394 |  |  | 446 |
Our share of square feet leased: |  | 3,510 |  |  | 103 |  |  | 394 |  |  | 312 |
Initial rent(2) |  | $ | 97.86 |  |  | $ | 186.34 |  |  | $ | 50.93 |  |  | $ | 117.28 |
Weighted average lease term (years) |  | 11.3 |  |  | 9.4 |  |  | 8.0 |  |  | 10.8 |
Second generation relet space: |  |  |  |  |  |  |  |
Square feet |  | 1,104 |  |  | 71 |  |  | 218 |  |  | 246 |
GAAP basis: |  |  |  |  |  |  |  |
Straight-line rent(3) |  | $ | 86.21 |  |  | $ | 151.71 |  |  | $ | 49.37 |  |  | $ | 133.94 |
Prior straight-line rent |  | $ | 78.12 |  |  | $ | 137.23 |  |  | $ | 49.85 |  |  | $ | 108.97 |
Percentage increase (decrease) |  | 10.4 | % |  | 10.6 | % |  | (1.0) | % |  | 22.9 | %
Cash basis (non-GAAP): |  |  |  |  |  |  |  |
Initial rent(2) |  | $ | 90.69 |  |  | $ | 142.43 |  |  | $ | 53.25 |  |  | $ | 126.30 |
Prior escalated rent |  | $ | 84.10 |  |  | $ | 143.94 |  |  | $ | 56.11 |  |  | $ | 117.44 |
Percentage increase (decrease) |  | 7.8 | % |  | (1.0) | % |  | (5.1) | % |  | 7.5 | %
Tenant improvements and leasing commissions: |  |  |  |  |  |  |  |
Per square foot |  | $ | 148.41 |  |  | $ | 146.78 |  |  | $ | 97.66 |  |  | $ | 192.27 |
Per square foot per annum |  | $ | 13.13 |  |  | $ | 15.61 |  |  | $ | 12.21 |  |  | $ | 17.80 |
Percentage of initial rent |  | 13.4 | % |  | 8.4 | % |  | 24.0 | % |  | 15.2 | %

_______________________________
(1)The leasing statistics other than square feet leased, exclude the impact of the 1,076 square foot master lease to NYU at 770 Broadway.
(2)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.
(3)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.
- 17 -

LEASE EXPIRATIONS (unaudited) |  |  |  |
(Amounts in thousands) |  |  |  |

Our Share of Square Feet of Expiring Leases As of December 31, 2025

New York Office | 37 |  |  | 929 |  |  | 953 |  |  | 970 |  |  | 1,125 |  |  | 718 |  |  | 876 |  |  | 1,182 |  |  | 563 |  |  | 431 |  |  | 1,030 |  |  | 6,564 |  |
New York Retail | 1 |  |  | 21 |  |  | 53 |  |  | 41 |  |  | 52 |  |  | 144 |  |  | 57 |  |  | 62 |  |  | 36 |  |  | 146 |  |  | 24 |  |  | 477 |  |
THE MART | 14 |  |  | 146 |  |  | 204 |  |  | 715 |  |  | 188 |  | — |  | 109 |  |  | 332 |  |  | 539 |  |  | 93 |  |  | 81 |  |  | 48 |  |  | 447 |  |
555 California Street | — |  |  | 140 |  |  | 86 |  |  | 112 |  |  | 143 |  |  | — |  |  | 29 |  |  | 13 |  |  | 15 |  |  | — |  |  | 210 |  |  | 363 |  |
Total | 52 |  |  | 1,236 |  |  | 1,296 |  |  | 1,838 |  |  | 1,508 |  |  | 971 |  |  | 1,294 |  |  | 1,796 |  |  | 707 |  |  | 658 |  |  | 1,312 |  |  | 7,851 |  |
% of total | 0.3% |  | 6.0% |  | 6.3% |  | 9.0% |  | 7.3% |  | 4.7% |  | 6.3% |  | 8.8% |  | 3.4% |  | 3.2% |  | 6.4% |  | 38.3% |

_______________________________
(1) Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter.
- 18 -

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: | Fourth Quarter 2025(2) |  | 37,000 |  |  | $ | 3,000,000 |  |  | $ | 81.08 |  |  | 0.2 | %
| First Quarter 2026 |  | 103,000 |  |  | 9,168,000 |  |  | 89.01 |  |  | 0.7 | %
| Second Quarter 2026 |  | 117,000 |  |  | 10,395,000 |  |  | 88.85 |  |  | 0.8 | %
| Third Quarter 2026 |  | 91,000 |  |  | 7,207,000 |  |  | 79.20 |  |  | 0.6 | %
| Fourth Quarter 2026 |  | 618,000 |  |  | 47,384,000 |  |  | 76.67 |  |  | 3.7 | %
| Total 2026 |  | 929,000 |  |  | 74,154,000 |  |  | 79.82 |  |  | 5.8 | %
| 2027 |  | 953,000 |  |  | 80,578,000 |  |  | 84.55 |  |  | 6.4 | %
| 2028 |  | 970,000 |  |  | 77,672,000 |  |  | 80.07 |  |  | 6.1 | %
| 2029 |  | 1,125,000 |  |  | 87,124,000 |  |  | 77.44 |  |  | 6.9 | %
| 2030 |  | 718,000 |  |  | 65,470,000 |  |  | 91.18 |  |  | 5.2 | %
| 2031 |  | 876,000 |  |  | 82,530,000 |  |  | 94.21 |  |  | 6.5 | %
| 2032 |  | 1,182,000 |  |  | 113,366,000 |  |  | 95.91 |  |  | 8.9 | %
| 2033 |  | 563,000 |  |  | 49,133,000 |  |  | 87.27 |  |  | 3.9 | %
| 2034 |  | 431,000 |  |  | 40,755,000 |  |  | 94.56 |  |  | 3.2 | %
| 2035 |  | 1,030,000 |  |  | 83,452,000 |  |  | 81.02 |  |  | 6.6 | %
| Thereafter |  | 6,564,000 |  | (3) | 510,436,000 |  |  | 77.76 |  |  | 40.3 | %
Retail: | Fourth Quarter 2025(2) |  | 1,000 |  |  | $ | 25,000 |  |  | $ | 25.00 |  |  | 0.0 | %
| First Quarter 2026 |  | — |  |  | — |  |  | — |  |  | 0.0 | %
| Second Quarter 2026 |  | 7,000 |  |  | 631,000 |  |  | 90.14 |  |  | 0.2 | %
| Third Quarter 2026 |  | 9,000 |  |  | 4,353,000 |  |  | 483.67 |  |  | 1.7 | %
| Fourth Quarter 2026 |  | 5,000 |  |  | 214,000 |  |  | 42.80 |  |  | 0.1 | %
| Total 2026 |  | 21,000 |  |  | 5,198,000 |  |  | 247.52 |  |  | 2.0 | %
| 2027 |  | 53,000 |  |  | 22,931,000 |  |  | 432.66 |  |  | 9.0 | %
| 2028 |  | 41,000 |  |  | 9,912,000 |  |  | 241.76 |  |  | 3.9 | %
| 2029 |  | 52,000 |  |  | 22,546,000 |  |  | 433.58 |  |  | 8.8 | %
| 2030 |  | 144,000 |  |  | 23,737,000 |  |  | 164.84 |  |  | 9.3 | %
| 2031 |  | 57,000 |  |  | 30,232,000 |  |  | 530.39 |  |  | 11.8 | %
| 2032 |  | 62,000 |  |  | 31,907,000 |  |  | 514.63 |  |  | 12.5 | %
| 2033 |  | 36,000 |  |  | 12,272,000 |  |  | 340.89 |  |  | 4.8 | %
| 2034 |  | 146,000 |  |  | 20,475,000 |  |  | 140.24 |  |  | 8.0 | %
| 2035 |  | 24,000 |  |  | 12,372,000 |  |  | 515.50 |  |  | 4.8 | %
| Thereafter |  | 477,000 |  |  | 64,027,000 |  |  | 134.23 |  |  | 25.1 | %

_____________________________
(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.
- 19 -

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: | Fourth Quarter 2025(2) |  | 14,000 |  |  | $ | 943,000 |  |  | $ | 67.36 |  |  | 0.6 | %
| First Quarter 2026 |  | 31,000 |  |  | 2,143,000 |  |  | 69.13 |  |  | 1.4 | %
| Second Quarter 2026 |  | 34,000 |  |  | 2,143,000 |  |  | 63.03 |  |  | 1.4 | %
| Third Quarter 2026 |  | 46,000 |  |  | 3,353,000 |  |  | 72.89 |  |  | 2.1 | %
| Fourth Quarter 2026 |  | 35,000 |  |  | 2,262,000 |  |  | 64.63 |  |  | 1.4 | %
| Total 2026 |  | 146,000 |  |  | 9,901,000 |  |  | 67.82 |  |  | 6.3 | %
| 2027 |  | 204,000 |  |  | 12,093,000 |  |  | 59.28 |  |  | 7.7 | %
| 2028 |  | 715,000 |  |  | 38,147,000 |  |  | 53.35 |  |  | 24.2 | %
| 2029 |  | 188,000 |  |  | 10,876,000 |  |  | 57.85 |  |  | 6.9 | %
| 2030 |  | 109,000 |  |  | 6,673,000 |  |  | 61.22 |  |  | 4.2 | %
| 2031 |  | 332,000 |  |  | 17,877,000 |  |  | 53.85 |  |  | 11.3 | %
| 2032 |  | 539,000 |  |  | 27,422,000 |  |  | 50.88 |  |  | 17.4 | %
| 2033 |  | 93,000 |  |  | 4,925,000 |  |  | 52.96 |  |  | 3.1 | %
| 2034 |  | 81,000 |  |  | 4,123,000 |  |  | 50.90 |  |  | 2.6 | %
| 2035 |  | 48,000 |  |  | 2,654,000 |  |  | 55.29 |  |  | 1.7 | %
| Thereafter |  | 447,000 |  |  | 22,008,000 |  |  | 49.23 |  |  | 14.0 | %
555 California Street |  |  |  |  |  |  |  |  |
Office / Retail: | Fourth Quarter 2025(2) |  | — |  |  | $ | — |  |  | $ | — |  |  | 0.0 | %
| First Quarter 2026 |  | 100,000 |  |  | 9,201,000 |  |  | 92.01 |  |  | 8.0 | %
| Second Quarter 2026 |  | — |  |  | — |  |  | — |  |  | 0.0 | %
| Third Quarter 2026 |  | — |  |  | — |  |  | — |  |  | 0.0 | %
| Fourth Quarter 2026 |  | 40,000 |  |  | 3,652,000 |  |  | 91.30 |  |  | 3.2 | %
| Total 2026 |  | 140,000 |  |  | 12,853,000 |  |  | 91.81 |  |  | 11.2 | %
| 2027 |  | 86,000 |  |  | 9,262,000 |  |  | 107.70 |  |  | 8.1 | %
| 2028 |  | 112,000 |  |  | 11,303,000 |  |  | 100.92 |  |  | 9.8 | %
| 2029 |  | 143,000 |  |  | 15,798,000 |  |  | 110.48 |  |  | 13.8 | %
| 2030 |  | — |  |  | — |  |  | — |  |  | 0.0 | %
| 2031 |  | 29,000 |  |  | 1,955,000 |  |  | 67.41 |  |  | 1.7 | %
| 2032 |  | 13,000 |  |  | 1,485,000 |  |  | 114.23 |  |  | 1.3 | %
| 2033 |  | 15,000 |  |  | 1,851,000 |  |  | 123.40 |  |  | 1.6 | %
| 2034 |  | — |  |  | — |  |  | — |  |  | 0.0 | %
| 2035 |  | 210,000 |  |  | 19,815,000 |  |  | 94.36 |  |  | 17.3 | %
| Thereafter |  | 363,000 |  |  | 40,474,000 |  |  | 111.50 |  |  | 35.2 | %

________________________________
(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.
- 20 -

CAPITAL EXPENDITURES AND RE/DEVELOPMENT (unaudited)
CONSOLIDATED
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |
|  | For the Year Ended December 31, 2025
|  | Total Company |  | New York |  | THE MART |  | 555 California Street |  | Other
Capital expenditures: |  |  |  |  |  |  |  |  |  |
Expenditures to maintain assets |  | $ | 68,338 |  |  | $ | 52,586 |  |  | $ | 10,370 |  |  | $ | 5,358 |  |  | $ | 24 |
Tenant improvements |  | 155,401 |  |  | 100,827 |  |  | 13,422 |  |  | 41,152 |  |  | — |
Leasing commissions |  | 45,239 |  |  | 31,147 |  |  | 2,155 |  |  | 11,937 |  |  | — |
Recurring tenant improvements, leasing commissions and other capital expenditures |  | 268,978 |  |  | 184,560 |  |  | 25,947 |  |  | 58,447 |  |  | 24 |
Non-recurring capital expenditures(1) |  | 104,955 |  |  | 77,162 |  |  | 24,180 |  |  | 3,610 |  |  | 3 |
Total capital expenditures and leasing commissions |  | $ | 373,933 |  |  | $ | 261,722 |  |  | $ | 50,127 |  |  | $ | 62,057 |  |  | $ | 27 |
Development and redevelopment expenditures(2): |  |  |  |  |  |  |  |  |  |
PENN 2 |  | $ | 62,537 |  |  | $ | 62,537 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Hotel Pennsylvania site (PENN 15) |  | 19,437 |  |  | 19,437 |  |  | — |  |  | — |  |  | — |
PENN Districtwide improvements |  | 9,575 |  |  | 9,575 |  |  | — |  |  | — |  |  | — |
Other |  | 53,060 |  |  | 52,484 |  |  | — |  |  | — |  |  | 576 |
|  | $ | 144,609 |  |  | $ | 144,033 |  |  | $ | — |  |  | $ | — |  |  | $ | 576 |

________________________________
(1)Primarily tenant improvements and leasing commissions on first generation space.
(2)Inclusive of capitalized interest expense, operating expenses and development payroll.
- 21 -

DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES |
(Amounts in thousands, except square feet) |  |  |  |
|  |  |  | (at Vornado’s share) |  |  |  | Projected Incremental Cash Yield
Active Development Projects: New York segment: |  | Property Rentable Sq. Ft. |  | Budget |  | Cash Amount Expended |  | Remaining Expenditures |  | Projected Leasing Stabilization Year |
PENN District: |  |  |  |  |  |  |  |  |  |  |  |  |  |
PENN 2 |  | 1,825,000 |  |  | $ | 750,000 |  |  | $ | 724,843 |  |  | $ | 25,157 |  |  | 2026 |  |  | 11.6% |
Districtwide Improvements |  | N/A |  | 100,000 |  |  | 80,196 |  |  | 19,804 |  |  | N/A |  |  | N/A |
Total PENN District |  |  |  | 850,000 |  | (1) | 805,039 |  |  | 44,961 |  |  |  |  |  |  |
Sunset Pier 94 Studios (49.9% interest)(2) |  | 266,000 |  |  | 125,000 |  | (3) | 105,462 |  |  | 19,538 |  |  | 2027 |  |  | 9.0% |
623 Fifth Avenue office condominium |  | 383,000 |  |  | 450,000 |  | (4) | 222,644 |  |  | 227,356 |  |  | 2028 |  |  | 10.1% |
Total Active Development Projects |  |  |  | $ | 1,425,000 |  |  | $ | 1,133,145 |  |  | $ | 291,855 |  |  |  |  |  |  |
Future Opportunities: New York segment: |  | Zoning Sq. Ft. |  |  |  |  |  |  |  |  |  |  |  |
PENN District: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hotel Pennsylvania site (PENN 15) |  | 2,052,000 |  |  |  |  |  |  |  |  |  |  |  |  |
Eighth Avenue and 34th Street land |  | 190,000 |  |  |  |  |  |  |  |  |  |  |  |  |
Multiple other opportunities - office/residential/retail |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total PENN District |  | 2,242,000 |  |  |  |  |  |  |  |  |  |  |  |  |
350 Park Avenue assemblage (the “350 Park Site”)(5) |  | 1,455,000 |  |  |  |  |  |  |  |  |  |  |  |  |
260 Eleventh Avenue - office(2) |  | 280,000 |  |  |  |  |  |  |  |  |  |  |  |  |
57th Street land (50% interest) |  | 150,000 |  |  |  |  |  |  |  |  |  |  |  |  |
Other segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |
527 West Kinzie land, Chicago |  | 330,000 |  |  |  |  |  |  |  |  |  |  |  |  |
Total Future Opportunities |  | 4,457,000 |  |  |  |  |  |  |  |  |  |  |  |  |

________________________________
(1)Excluding debt and equity carry.
(2)The building is subject to a ground lease. See page 35 for details.
(3)Represents our 49.9% share of the $350,000 development budget, excluding the $40,000 value of our contributed leasehold interest and net of an estimated $9,000 for our share of development fees and reimbursement for overhead costs incurred by us. During 2024, we fully funded our $34,000 share of cash contributions.
(4)Includes purchase price.
(5)On December 18, 2025, an affiliate of Kenneth C. Griffin, Citadel 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 350 Park Avenue site. See page 6 for details.
There can be no assurance that the above projects will be completed, completed on schedule or within budget. In addition, there can be no assurance that the Company will be successful in leasing the properties on the expected schedule or at the assumed rental rates.
- 22 -

UNCONSOLIDATED JOINT VENTURES (unaudited) |
(Amounts in thousands) |
| As of December 31, 2025 |  | Our Share of Net Income (Loss) for the Three Months Ended December 31, |  | Our Share of NOI (non-GAAP) for the Three Months Ended December 31, |
| Percentage Ownership |  | Company's Carrying Amount |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Joint Venture Name |  |  |  |  |  |  |  |  |  |  |  |
New York: |  |  |  |  |  |  |  |  |  |  |  |
Fifth Avenue and Times Square JV(1)(2) | 51.5% |  | $ | 1,538,141 |  |  | $ | 9,185 |  |  | $ | 25,021 |  |  | $ | 25,644 |  |  | $ | 31,696 |  |
280 Park Avenue | 50.0% |  | 104,218 |  |  | (3,521) |  |  | (3,560) |  |  | 9,262 |  |  | 8,840 |  |
Independence Plaza | 50.1% |  | 65,367 |  |  | (888) |  |  | 901 |  |  | 6,396 |  |  | 6,072 |  |
7 West 34th Street | 53.0% |  | (65,726) |  | (3) | 864 |  |  | 1,186 |  |  | 3,326 |  |  | 3,668 |  |
Alexander's | 32.4% |  | 47,276 |  |  | 1,004 |  |  | 3,911 |  |  | 8,034 |  |  | 9,515 |  |
West 57th Street properties | 50.0% |  | 36,459 |  |  | (111) |  |  | (121) |  |  | 48 |  |  | (43) |  |
85 Tenth Avenue | 49.9% |  | (25,198) |  | (3) | (1,352) |  |  | (1,522) |  |  | 4,096 |  |  | 3,908 |  |
61 Ninth Avenue | 45.1% |  | 721 |  |  | 194 |  |  | (7) |  |  | 1,886 |  |  | 1,934 |  |
Other, net | Various |  | 107,734 |  |  | (433) |  |  | 3,233 |  |  | 4,228 |  |  | 5,587 |  |
|  |  |  |  | 4,942 |  |  | 29,042 |  |  | 62,920 |  |  | 71,177 |  |
Other: |  |  |  |  |  |  |  |  |  |  |  |
Alexander's corporate fee income | 32.4% |  |  |  | 1,273 |  |  | 1,368 |  |  | 755 |  |  | 795 |  |
Rosslyn Plaza | 43.7% to 50.4% |  | 35,184 |  |  | 9 |  |  | (100) |  |  | 395 |  |  | 403 |  |
Other, net | Various |  | 6,178 |  |  | (502) |  |  | (303) |  |  | 1,023 |  |  | 895 |  |
|  |  |  |  | 780 |  |  | 965 |  |  | 2,173 |  |  | 2,093 |  |
Total |  |  |  |  | $ | 5,722 |  |  | $ | 30,007 |  |  | $ | 65,093 |  |  | $ | 73,270 |  |

________________________________
(1)Includes $6,241 and $10,541 of income on our return on preferred equity, net of our share of expenses for the three months ended December 31, 2025 and 2024 respectively.
(2)Decrease primarily due to January 2025 sale of a portion of the 666 Fifth Avenue condominium and the April 2025 financing at 1535 Broadway. See pages 3 and 6 for details.
(3)Our negative basis results from distributions in excess of our investment.
- 23 -

UNCONSOLIDATED JOINT VENTURES (unaudited) |
(Amounts in thousands) |
| Percentage Ownership at December 31, 2025 |  | Our Share of Net Income (Loss) for the Year Ended December 31, |  | Our Share of NOI (non-GAAP) for the Year Ended December 31, |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Joint Venture Name |  |  |  |  |  |  |  |  |  |
New York: |  |  |  |  |  |  |  |  |  |
Fifth Avenue and Times Square JV: |  |  |  |  |  |  |  |  |  |
Equity in net income(1) | 51.5% |  | $ | 14,716 |  |  | $ | 43,451 |  |  | $ | 98,692 |  |  | $ | 116,825 |  |
Return on preferred equity, net of our share of the expense(2) |  |  | 27,528 |  |  | 40,668 |  |  | — |  |  | — |  |
Net gain on sale |  |  | 76,162 |  | (3) | — |  |  | — |  |  | — |  |
|  |  | 118,406 |  |  | 84,119 |  |  | 98,692 |  |  | 116,825 |  |
280 Park Avenue | 50.0% |  | (15,490) |  |  | 5,838 |  | (4) | 35,372 |  |  | 31,355 |  |
512 West 22nd Street | N/A |  | 10,957 |  | (5) | (2,300) |  |  | 4,285 |  |  | 6,383 |  |
Alexander's | 32.4% |  | 8,915 |  |  | 13,813 |  |  | 34,628 |  |  | 39,895 |  |
7 West 34th Street | 53.0% |  | 6,059 |  |  | 4,714 |  |  | 16,375 |  |  | 14,640 |  |
85 Tenth Avenue | 49.9% |  | (6,219) |  |  | (7,648) |  |  | 15,679 |  |  | 14,290 |  |
West 57th Street properties | 50.0% |  | 1,943 |  | (6) | (701) |  |  | 133 |  |  | 61 |  |
Independence Plaza | 50.1% |  | 624 |  |  | 1,015 |  |  | 25,406 |  |  | 22,626 |  |
61 Ninth Avenue | 45.1% |  | (25) |  |  | (156) |  |  | 7,592 |  |  | 7,792 |  |
Other, net | Various |  | 7,754 |  |  | 9,508 |  |  | 15,342 |  |  | 15,292 |  |
|  |  | 132,924 |  |  | 108,202 |  |  | 253,504 |  |  | 269,159 |  |
Other: |  |  |  |  |  |  |  |  |  |
Alexander's corporate fee income | 32.4% |  | 5,717 |  |  | 5,263 |  |  | 3,441 |  |  | 3,019 |  |
Rosslyn Plaza | 43.7% to 50.4% |  | (95) |  |  | (20) |  |  | 1,664 |  |  | 2,224 |  |
Other, net | Various |  | 2,764 |  |  | (981) |  |  | 4,706 |  |  | 4,827 |  |
|  |  | 8,386 |  |  | 4,262 |  |  | 9,811 |  |  | 10,070 |  |
Total |  |  | $ | 141,310 |  |  | $ | 112,464 |  |  | $ | 263,315 |  |  | $ | 279,229 |  |

________________________________
(1)Decrease primarily due to January 2025 sale of a portion of the 666 Fifth Avenue condominium and the April 2025 financing at 1535 Broadway. See pages 3 and 6 for details.
(2)2025 decrease due to the partial redemptions of our preferred equity interests. See pages 3 and 6 for details.
(3)See page 3 for details.
(4)2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan.
(5)Includes our $11,002 gain from the sale of the property. See page 3 for details.
(6)Includes our $2,527 gain from the sale of the 49 West 57th Street Commercial Condominium. See page 3 for details.
- 24 -

DEBT ANALYSIS (unaudited) |  |  |  |  |  |  |  |  |  |  |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |
DEBT SUMMARY | As of December 31, 2025
| 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) | $ | 7,214,457 |  |  | 4.73% |  | $ | 1,724,457 |  |  | 5.48%(3) |  | $ | 5,490,000 |  |  | 4.49%
Pro rata share of debt of non-consolidated entities | 2,478,544 |  |  | 5.71% |  | 422,393 |  |  | 6.31% |  | 2,056,151 |  |  | 5.58%
Total | 9,693,001 |  |  | 4.98% |  | 2,146,850 |  |  | 5.65% |  | 7,546,151 |  |  | 4.79%
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 | $ | 9,010,754 |  |  | 4.93% |  | $ | 1,464,603 |  | (4) | 5.66% |  | $ | 7,546,151 |  |  | 4.79%

________________________________
See notes below

NET DEBT TO EBITDAre, AS ADJUSTED (unaudited) |  |  |  |
| For the Year Ended December 31,
| 2025 |  | 2024 |  | 2023 |  | 2022
Secured debt | $ | 4,944,037 |  |  | $ | 5,707,176 |  |  | $ | 5,729,615 |  |  | $ | 5,877,615 |
Unsecured debt | 2,270,420 |  |  | 2,575,000 |  |  | 2,575,000 |  |  | 2,575,000 |
Pro rata share of debt of non-consolidated entities | 2,478,544 |  |  | 2,477,701 |  |  | 2,654,701 |  |  | 2,697,226 |
Less: Noncontrolling interests’ share of consolidated debt | (682,247) |  |  | (682,059) |  |  | (682,059) |  |  | (682,059) |
Company’s pro rata share of total debt | $ | 9,010,754 |  |  | $ | 10,077,818 |  |  | $ | 10,277,257 |  |  | $ | 10,467,782 |
% Unsecured debt | 25% |  | 26% |  | 25% |  | 25%
Company’s pro rata share of total debt | $ | 9,010,754 |  |  | $ | 10,077,818 |  |  | $ | 10,277,257 |  |  | $ | 10,467,782 |
Less: Cash and cash equivalents and investments in U.S. Treasury bills | (840,850) |  |  | (733,947) |  |  | (997,002) |  |  | (1,361,651) |
Less: Escrowed cash included within restricted cash on our balance sheet | (99,253) |  |  | (187,416) |  |  | (221,578) |  |  | (94,374) |
Less: Pro rata share of unconsolidated partially owned entities’ cash and cash equivalents and escrowed cash | (195,867) |  |  | (248,835) |  |  | (295,983) |  |  | (316,385) |
Plus: Noncontrolling interests’ share of cash and cash equivalents, escrowed cash and investments in U.S. Treasury bills | 87,407 |  |  | 129,160 |  |  | 101,564 |  |  | 94,100 |
Less: Participation in 150 West 34th Street mortgage loan | — |  |  | — |  |  | — |  |  | (105,000) |
Net debt | $ | 7,962,191 |  |  | $ | 9,036,780 |  |  | $ | 8,864,258 |  |  | $ | 8,684,472 |
EBITDAre, as adjusted (non-GAAP) | $ | 1,039,843 |  |  | $ | 1,049,320 |  |  | $ | 1,081,332 |  |  | $ | 1,090,564 |
Net debt / EBITDAre, as adjusted (non-GAAP) | 7.7 | x |  | 8.6 | x |  | 8.2 | x |  | 8.0 | x

________________________________
(1)Includes variable rate debt with interest rates fixed by interest rate swap arrangements.
(2)See page xv in the Appendix for reconciliation of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of December 31, 2025.
(3)Excludes additional 3.00% default interest on the 606 Broadway mortgage loan.
(4)As of December 31, 2025, $803,159 of variable rate debt (at share) is subject to interest rate cap arrangements, the $661,444 of variable rate debt not subject to interest rate cap arrangements represents 7% of our total pro rata share of debt. See page 31 for details.
See page i in the Appendix for definitions of EBITDAre and net debt to EBITDAre, as adjusted. See reconciliation of net income to EBITDA to EBITDAre on page v in the Appendix.
- 25 -

CORPORATE COVENANT RATIOS AND CREDIT RATINGS (unaudited)
(Amounts in thousands) |  |  |  |  |  |  |  |

|  |  |  | As of
Unsecured Revolving Credit Facilities and Unsecured Term Loan(1) |  | Required |  | December 31, 2025 |  | September 30, 2025 |  | June 30, 2025 |  | March 31, 2025
Total outstanding debt/total assets(2) |  | Less than 60% |  | 34% |  | 34% |  | 33% |  | 39%
Secured debt/total assets |  | Less than 50% |  | 25% |  | 25% |  | 23% |  | 30%
Fixed charge coverage |  | Greater than 1.40 |  | 1.98 |  | 2.01 |  | 1.97 |  | 1.96
Unsecured debt/cap value of unencumbered assets |  | Less than 60% |  | 18% |  | 18% |  | 18% |  | 17%
Unencumbered coverage ratio |  | Greater than 1.75 |  | 8.36 |  | 8.81 |  | 8.47 |  | 8.01
Unsecured Notes Covenant Ratios(1) |  |  |  |  |  |  |  |  |  |
Total outstanding debt/total assets(3) |  | Less than 65% |  | 46% |  | 43% |  | 43% |  | 48%
Secured debt/total assets |  | Less than 50% |  | 33% |  | 31% |  | 31% |  | 35%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense) |  | Greater than 1.50 |  | 2.19 |  | 2.24 |  | 2.02 |  | 1.87
Unencumbered assets/unsecured debt |  | Greater than 150% |  | 492% |  | 480% |  | 490% |  | 470%

Consolidated Unencumbered EBITDA(1) (non-GAAP): |  | Q4 2025 Annualized
New York |  | $ | 362,432 |
Other |  | 99,056 |
Total |  | $ | 461,488 |

Credit Ratings(4): |  | 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)Credit ratings are provided for informational purposes only and are not a recommendation to buy or sell our securities.
- 26 -

CAPITAL STRUCTURE (unaudited)
(Amounts in thousands, except per share and per unit amounts) |
Debt (contractual balances): |  |  |  |  | As of December 31, 2025 |
Consolidated debt(1): |  |  |  |  |  |
Mortgages payable |  |  |  |  | $ | 4,944,037 |  |
Senior unsecured notes(2) |  |  |  |  | 750,000 |  |
$800 Million unsecured term loan(3) |  |  |  |  | 800,000 |  |
$2.2 Billion unsecured revolving credit facilities(3) |  |  |  |  | 720,420 |  |
|  |  |  |  | 7,214,457 |  |
Pro rata share of debt of non-consolidated entities |  |  |  |  | 2,478,544 |  |
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street) |  |  |  | (682,247) |  |
|  |  |  | 9,010,754 |  | (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(4) |  | December 31, 2025 Common Share Price |  |  |
Equity: |  |  |  |  |  |
Common shares | 190,666 |  |  | $ | 33.28 |  |  | 6,345,364 |  |
Redeemable Class A units and LTIP Unit awards | 16,651 |  |  | 33.28 |  |  | 554,145 |  |
Convertible share equivalents: |  |  |  |  |  |
Series D-13 preferred units | 1,403 |  |  | 33.28 |  |  | 46,692 |  |
Series G-1 through G-4 preferred units | 83 |  |  | 33.28 |  |  | 2,762 |  |
Series A preferred shares | 17 |  |  | 33.28 |  |  | 566 |  |
| 208,820 |  |  |  |  | 6,949,529 |  | (C)
Total Market Capitalization (A+B+C) |  |  |  |  | $ | 17,183,318 |  |

________________________________
(1)See the reconciliation on page xv of consolidated debt, net as presented on our consolidated balance sheets to consolidated contractual debt as of December 31, 2025.
(2)On January 14, 2026, we completed a public offering of $500,000 5.75% senior unsecured notes due February 1, 2033. See page 4 for further details.
(3)In 2026, we refinanced our $1.25 billion unsecured revolving credit facility replacing it with a $1.130 billion facility and upsized our $915,000 unsecured revolving credit facility to $1.0 billion. See page 4 for further details.
(4)Excludes share-based equity awards that may be considered dilutive in the period. See page 7 for our weighted average units outstanding on a dilutive basis.
- 27 -

DEBT MATURITIES (CONTRACTUAL BALANCES) (unaudited)
(Amounts in thousands) |  |  |  |

Consolidated Debt Maturity Schedule(1) as of December 31, 2025 (Excludes pro rata share of JV Debt)(2)

Consolidated (100%): |  |  |  |  |  |  |  |  |  |  |  |  |
Secured | $ | 844,037 |  | (3) | $ | 880,000 |  |  | $ | 2,300,000 |  |  | $ | — |  |  | $ | 450,000 |  |  | $ | 470,000 |  |  |
Unsecured | 400,000 |  |  | 1,520,420 |  | (4) | — |  |  | — |  |  | — |  |  | 350,000 |  |  |
Total consolidated debt (100%) | $ | 1,244,037 |  |  | $ | 2,400,420 |  |  | $ | 2,300,000 |  |  | $ | — |  |  | $ | 450,000 |  |  | $ | 820,000 |  |  |
% of total consolidated debt | 17.2 | % |  | 33.3 | % |  | 31.9 | % |  | — | % |  | 6.2 | % |  | 11.4 | % |  |
Debt maturities at share: |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated debt (100%) | $ | 1,244,037 |  | (5) | $ | 2,400,420 |  |  | $ | 2,300,000 |  |  | $ | — |  |  | $ | 450,000 |  |  | $ | 820,000 |  |  |
Pro rata share of debt of non-consolidated entities | 691,937 |  | (6) | 39,530 |  |  | 826,630 |  |  | 202,482 |  |  | 628,808 |  |  | 89,157 |  |  |
Less: Noncontrolling interests' share of consolidated debt | (37,247) |  |  | — |  |  | (645,000) |  |  | — |  |  | — |  |  | — |  |  |
Total debt at share | $ | 1,898,727 |  |  | $ | 2,439,950 |  |  | $ | 2,481,630 |  |  | $ | 202,482 |  |  | $ | 1,078,808 |  |  | $ | 909,157 |  |  |
% of total debt at share | 21.1 | % |  | 27.1 | % |  | 27.5 | % |  | 2.2 | % |  | 12.0 | % |  | 10.1 | % |  |

_______________________________
(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 31 for information on interest rate swap arrangements.
(2)The Operating Partnership guaranteed an aggregate $303,000 of JV partnership debt, primarily comprised of the $300,000 mortgage loan on 7 West 34th Street. These amounts are excluded from the consolidated debt maturity chart presented above. Upon the refinancing in January 2026, the guarantee for the mortgage loan secured by 7 West 34th Street was extinguished.
(3)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.
(4)Includes the unsecured revolving credit facility and unsecured term loan which were extended to February 2031. See page 4 for details.
(5)Includes the One Park Avenue mortgage loan, which was refinanced in February 2026. See page 4 for details.
(6)Includes the 7 West 34th Street mortgage loan, which was refinanced in January 2026. See page 4 for details.
- 28 -

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 |  | 5.69% | (4) | $ | 74,494 |  | $ | 37,247
888 Seventh Avenue |  | 100.0% |  | (5) |  | S+180 |  | 5.67% |  | 244,543 |  | 244,543
One Park Avenue(6) |  | 100.0% |  | 03/26 |  | S+122 | (7) | 4.00% |  | 525,000 |  | 525,000
350 Park Avenue |  | 100.0% |  | 01/27 |  |  |  | 3.92% |  | 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 |  | 5.93% |  | 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 | (7) | 5.96% |  | 1,200,000 |  | 840,000
1290 Avenue of the Americas |  | 70.0% |  | 11/28 |  | S+162 | (7) | 5.21% |  | 950,000 |  | 665,000
PENN 11 |  | 100.0% |  | 08/30 |  |  |  | 6.35% |  | 450,000 |  | 450,000
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
$1.25 Billion unsecured revolving credit facility(8) |  | 100.0% |  | 12/27 |  | S+111 | (7) | 4.05% | (9) | 720,420 |  | 720,420
$800 Million unsecured term loan(8) |  | 100.0% |  | 12/27 |  | S+125 | (7) | 4.27% | (9) | 800,000 |  | 800,000
$915 Million Revolving Credit Facility(8) |  | 100.0% |  | 04/29 |  | S+116 |  | —% |  | — |  | —
Senior unsecured notes due 2031 |  | 100.0% |  | 06/31 |  |  |  | 3.40% |  | 350,000 |  | 350,000
Total Unsecured Debt |  |  |  |  |  |  |  |  |  | 2,270,420 |  | 2,270,420
Total Consolidated Debt |  |  |  |  |  |  |  |  |  | $ | 7,214,457 |  | $ | 6,532,210

________________________________
(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 31 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 December 10, 2025, the non-recourse loan matured and was not repaid, at which time the lenders declared an event of default. See page 5 for details.
(6)On February 9, 2026, we refinanced the mortgage loan. See page 4 for details.
(7)Balance is partially hedged by interest rate swap arrangements. See page 31 for details.
(8)On January 7, 2026, we refinanced our $1,250,000 unsecured revolving credit facility and $800,000 unsecured term loan, and upsized our $915,000 unsecured revolving credit facility to $1,000,000. See page 4 for further details.
(9)In April 2025, we qualified for a sustainability margin adjustment on our unsecured term loan and revolving credit facilities by achieving certain KPI metrics, which reduced our interest rate by 0.05% and 0.04%, respectively. Following the January 2026 refinancing of our 2031 revolving credit facility and unsecured term loan, we expect to requalify for this interest rate reduction in April 2026 and we continue to qualify for this interest rate reduction on our existing 2029 revolving credit facility.
- 29 -

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)
825 Seventh Avenue office condominium |  | 50.0% |  | 01/26 | (3) | S+275 |  | 6.62% |  | $ | 54,000 |  | $ | 27,000
61 Ninth Avenue |  | 45.1% |  | 01/26 | (4) | S+146 |  | 5.24% |  | 167,500 |  | 75,543
Rosslyn Plaza North |  | 50.4% |  | 04/26 |  | S+200 |  | 5.78% |  | 25,000 |  | 12,603
Fashion Centre/Washington Tower |  | 7.5% |  | 05/26 |  | S+305 |  | 6.80% |  | 455,000 |  | 34,125
7 West 34th Street |  | 53.0% |  | 06/26 | (5) |  |  | 3.65% |  | 300,000 |  | 159,000
Sunset Pier 94 Studios |  | 49.9% |  | 09/26 |  | S+478 |  | 8.53% |  | 143,870 |  | 71,791
85 Tenth Avenue |  | 49.9% |  | 12/26 |  |  |  | 4.55% |  | 625,000 |  | 311,875
Wells Kinzie |  | 50.0% |  | 05/27 |  |  |  | 4.20% |  | 18,149 |  | 9,074
The Alexander apartment tower |  | 32.4% |  | 11/27 |  |  |  | 2.63% |  | 94,000 |  | 30,456
697-703 Fifth Avenue |  | 44.8% |  | 03/28 |  |  |  | 5.70% |  | 356,208 |  | 159,530
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% |  | 389,500 |  | 202,482
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 |  | 5.72% |  | 175,000 |  | 56,700
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% |  | 167,691 |  | 54,332
Total Unconsolidated Debt |  |  |  |  |  |  |  |  |  | $ | 5,670,918 |  | $ | 2,478,544

________________________________
(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 31 for information on interest rate swap and interest rate cap arrangements.
(3)On January 26, 2026, the joint venture entered into a nine-month extension with the lenders. See page 4 for details.
(4)On February 2, 2026, the joint venture entered into a seven-month extension with the lenders. See page 4 for details.
(5)On January 23, 2026, the joint venture completed a $250,000 refinancing of 7 West 34th Street. See page 4 for details.
- 30 -

HEDGING INSTRUMENTS AS OF DECEMBER 31, 2025 (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 |  |  |  | 03/26 |  |  |  | S+122 |  |  | 500,000 |  |  |  | 07/27 |  |  | 3.95% |  |  |  |
Unsecured revolving credit facility | 720,420 |  |  |  | 12/27 |  |  |  | S+111 |  |  | 575,000 |  |  |  | 08/27 |  |  | 3.84% |  |  |  |
Unsecured term loan | 800,000 |  |  |  | 12/27 |  |  |  | S+125 |  |  |  |  |  |  |  |  |  |  |  |  |
Through 10/26 |  |  |  |  |  |  |  |  |  |  | 750,000 |  |  |  | 10/26 |  |  | 4.22% |  |  |  |
10/26 through 7/27 |  |  |  |  |  |  |  |  |  |  | 250,000 |  |  |  | 07/27 |  |  | 3.99% |  |  |  |
7/27 through 8/27 |  |  |  |  |  |  |  |  |  |  | 50,000 |  |  |  | 08/27 |  |  | 3.99% |  |  |  |
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 |  |  | 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 |  | Cash Interest Rate(3) |  | Effective Interest Rate(4)
Consolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1290 Avenue of the Americas mortgage loan | 665,000 |  |  |  | 11/28 |  |  |  | S+162 |  |  | 465,000 |  |  |  | 11/26 |  |  | 4.00% |  | 5.37% |  | 5.39%
One Park Avenue mortgage loan | 525,000 |  |  |  | 03/26 |  |  |  | S+122 |  |  | 25,000 |  |  |  | 03/26 |  |  | 4.39% |  | 4.97% |  | 4.40%
150 West 34th Street mortgage loan | 75,000 |  |  |  | 02/28 |  |  |  | S+215 |  |  | 75,000 |  |  |  | 02/26 |  |  | 5.00% |  | 5.93% |  | 6.53%
Unconsolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
61 Ninth Avenue mortgage loan | 75,543 |  |  |  | 01/26 |  |  |  | S+146 |  |  | 75,543 |  |  |  | 01/26 |  |  | 4.39% |  | 5.24% |  | 5.69%
Rego Park II mortgage loan | 56,700 |  |  |  | 12/30 |  |  |  | S+200 |  |  | 56,700 |  |  |  | 12/26 |  |  | 4.50% |  | 5.72% |  | 5.18%
Sunset Pier 94 Studios | 71,791 |  |  |  | 09/26 |  |  |  | S+478 |  |  | 71,791 |  |  |  | 09/26 |  |  | 4.00% |  | 8.53% |  | 8.57%
Fashion Centre Mall/Washington Tower mortgage loan | 34,125 |  |  |  | 05/26 |  |  |  | S+305 |  |  | 34,125 |  |  |  | 05/26 |  |  | 3.89% |  | 6.80% |  | 6.81%
Debt subject to interest rate swaps |  |  |  |  |  |  |  | 3,957,500 |  |  |  |  |  |  |  |  |  |  |
Variable rate debt subject to interest rate caps |  |  |  |  |  |  |  |  |  |  | 803,159 |  |  |  |  |  |  |  |  |  |  |
Fixed rate debt per loan agreements |  |  |  |  |  |  |  |  |  |  | 3,588,651 |  |  |  |  |  |  |  |  |  |
Variable rate debt not subject to interest rate swaps or caps |  |  |  |  |  |  |  |  |  |  | 661,444 |  | (5) |  |  |  |  |  |  |  |
Total debt at share |  |  |  |  |  |  |  |  |  |  | $ | 9,010,754 |  |  |  |  |  |  |  |  |  |  |

________________________________
(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)Equals the sum of (i) the index rate in effect as of the most recent contractual reset date, adjusted for hedging instruments, and (ii) the contractual spread.
(4)Equals the sum of (i) the cash interest rate and (ii) the effect of amortization of the interest rate cap premium over the term.
(5)Our exposure to SOFR index increases is partially mitigated by an increase in interest income on our cash, cash equivalents and restricted cash.
- 31 -

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. |  | 693,500 |  |  | $ | 82,906 |  |  | 4.5 | %
IPG and affiliates |  | 955,211 |  |  | 63,897 |  |  | 3.5 | %
Citadel |  | 585,460 |  |  | 62,498 |  |  | 3.4 | %
New York University(2) |  | 1,761,681 |  |  | 58,353 |  |  | 3.1 | %
Bloomberg L.P. |  | 306,768 |  |  | 44,479 |  |  | 2.4 | %
Madison Square Garden & Affiliates |  | 449,053 |  |  | 44,032 |  |  | 2.3 | %
Google/Motorola Mobility (guaranteed by Google) |  | 759,446 |  |  | 43,464 |  |  | 2.3 | %
UMG Recordings, Inc, |  | 336,700 |  |  | 35,411 |  |  | 1.9 | %
Apple Inc. |  | 556,057 |  |  | 33,796 |  |  | 1.8 | %
Amazon (including its Whole Foods subsidiary) |  | 312,694 |  |  | 32,421 |  |  | 1.7 | %
Neuberger Berman Group LLC |  | 306,612 |  |  | 28,841 |  |  | 1.5 | %
WeWork |  | 303,741 |  |  | 26,205 |  |  | 1.4 | %
LVMH Brands |  | 63,002 |  |  | 25,686 |  |  | 1.4 | %
Swatch Group USA |  | 8,499 |  |  | 25,017 |  |  | 1.3 | %
Verizon |  | 203,322 |  |  | 23,539 |  |  | 1.2 | %
Bank of America |  | 195,569 |  |  | 22,212 |  |  | 1.2 | %
Victoria's Secret |  | 33,156 |  |  | 21,210 |  |  | 1.1 | %
PJT Partners Holdings |  | 134,953 |  |  | 19,713 |  |  | 1.0 | %
PwC |  | 241,196 |  |  | 19,417 |  |  | 1.0 | %
Macy's |  | 181,698 |  |  | 19,324 |  |  | 1.0 | %
AMC Networks, Inc. |  | 237,045 |  |  | 19,239 |  |  | 1.0 | %
Kirkland & Ellis LLP |  | 107,582 |  |  | 14,346 |  |  | 0.8 | %
Dick's Sporting Goods |  | 125,284 |  |  | 13,781 |  |  | 0.7 | %
The City of New York |  | 232,010 |  |  | 12,377 |  |  | 0.7 | %
Dodge & Cox |  | 107,925 |  |  | 12,265 |  |  | 0.6 | %
King & Spalding |  | 122,859 |  |  | 12,038 |  |  | 0.6 | %
WSP USA |  | 172,666 |  |  | 11,675 |  |  | 0.6 | %
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 | %
|  |  |  |  |  | 45.8 | %

________________________________
(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 made a $935,000 prepaid lease payment at lease commencement. See page 6 for further details.
- 32 -

SQUARE FOOTAGE (unaudited)
(Square feet in thousands)
|  |  |  |  | At Vornado's Share
| At 100% |  |  |  |  |  | Under Development or Not Available for Lease |  | In Service
|  |  |  | Total |  |  | Office |  | Retail |  | Showroom |  | Other
Segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Office | 19,884 |  |  |  |  | 17,594 |  |  | 516 |  |  | 16,895 |  |  | — |  |  | 183 |  |  | — |
Retail | 2,287 |  |  |  |  | 1,916 |  |  | 257 |  |  | — |  |  | 1,659 |  |  | — |  |  | — |
Residential - 1,331 units | 1,196 |  |  |  |  | 604 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 604 |
Alexander's (32.4% interest), including 312 residential units | 2,446 |  |  |  |  | 793 |  |  | 110 |  |  | 308 |  |  | 292 |  |  | — |  |  | 83 |
| 25,813 |  |  |  |  | 20,907 |  |  | 883 |  |  | 17,203 |  |  | 1,951 |  |  | 183 |  |  | 687 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
THE MART | 3,697 |  |  |  |  | 3,695 |  |  | — |  |  | 2,125 |  |  | 84 |  |  | 1,239 |  |  | 247 |
555 California Street (70% interest) | 1,820 |  |  |  |  | 1,274 |  |  | — |  |  | 1,239 |  |  | 35 |  |  | — |  |  | — |
Other | 3,575 |  |  |  |  | 1,610 |  |  | 140 |  |  | 467 |  |  | 892 |  |  | — |  |  | 111 |
| 9,092 |  |  |  |  | 6,579 |  |  | 140 |  |  | 3,831 |  |  | 1,011 |  |  | 1,239 |  |  | 358 |
Total square feet at December 31, 2025 | 34,905 |  |  |  |  | 27,486 |  |  | 1,023 |  |  | 21,034 |  |  | 2,962 |  |  | 1,422 |  |  | 1,045 |
Total square feet at September 30, 2025 | 34,906 |  |  |  |  | 27,470 |  |  | 1,047 |  |  | 21,016 |  |  | 2,940 |  |  | 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 December 31, 2025 | 2,555 |  |  | 17 |  |  | 7,316 |  |  |

- 33 -

OCCUPANCY (unaudited) |
|  | New York |  | THE MART |  | 555 California Street |
Occupancy rate at: |  |  |  |  |  |  |
December 31, 2025 |  | 90.0 | % |  | 81.5 | % |  | 88.9 | % | (1)
September 30, 2025 |  | 87.5 | % |  | 80.7 | % |  | 96.3 | % |
December 31, 2024 |  | 87.6 | % |  | 80.1 | % |  | 92.0 | % |
September 30, 2024 |  | 86.7 | % |  | 79.7 | % |  | 94.5 | % |

____________________
(1)Reflects the impact of 315 Montgomery Street lease expirations during the fourth quarter.

RESIDENTIAL STATISTICS (unaudited)
|  |  | Vornado's Ownership Interest
| Number of Units |  | Number of Units |  | Occupancy Rate |  | Average Monthly Rent Per Unit
New York: |  |  |  |  |  |  |
December 31, 2025 | 1,643 |  | 769 |  | 95.5% |  | $5,051
September 30, 2025 | 1,643 |  | 769 |  | 93.7% |  | 4,992
December 31, 2024 | 1,642 |  | 769 |  | 96.6% |  | 4,713
September 30, 2024 | 1,642 |  | 769 |  | 96.5% |  | 4,689

- 34 -

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)Amount subject to on-going litigation. See page 6 for details.
- 35 -

NEW YORK SEGMENT
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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 | % |  | 92.0 | % |  | $ | 89.14 |  |  |  |  | 2,247,000 |  |  | 2,247,000 |  |  | — |  |  |  |  | Canaccord Genuity LLC, Roivant Sciences Inc.
-Retail |  | 100.0 | % |  | 64.2 | % |  | 232.00 |  |  |  |  | 306,000 |  |  | 306,000 |  |  | — |  |  |  |  | Bank of America, Starbucks, Blue Bottle Coffee Inc., Shake Shack, Roberta’s
|  | 100.0 | % |  | 88.9 | % |  | 100.23 |  |  | $ | 224,700 |  |  | 2,553,000 |  |  | 2,553,000 |  |  | — |  |  | $ | — |  |  |
PENN 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Madison Square Garden, Major League Soccer LLC*
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | UMG Recordings, Inc.*, Current*, Capgemini*
-Office |  | 100.0 | % |  | 80.2 | % |  | 106.97 |  |  |  |  | 1,759,000 |  |  | 1,759,000 |  |  | — |  |  |  |  | Verizon*, Pernod Ricard*, FGS Global*, Dick’s Sporting Goods*
-Retail |  | 100.0 | % |  | 62.9 | % |  | 221.10 |  |  |  |  | 66,000 |  |  | 66,000 |  |  | — |  |  |  |  | JPMorgan Chase
|  | 100.0 | % |  | 79.5 | % |  | 110.22 |  |  | 159,600 |  |  | 1,825,000 |  |  | 1,825,000 |  |  | — |  |  | 575,000 |  | (4) |
The Farley Building (ground and building leased through 2116)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Office |  | 95.0 | % |  | 100.0 | % |  | 119.55 |  |  |  |  | 730,000 |  |  | 730,000 |  |  | — |  |  |  |  | Meta Platforms, Inc.
-Retail |  | 95.0 | % |  | 43.8 | % |  | 325.37 |  |  |  |  | 116,000 |  |  | 116,000 |  |  | — |  |  |  |  | Avra Prime, Duane Reade, Magnolia Bakery, Starbucks, Birch Coffee,
|  | 95.0 | % |  | 92.4 | % |  | 130.64 |  |  | 101,000 |  |  | 846,000 |  |  | 846,000 |  |  | — |  |  | — |  |  | H&H Bagels
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 | % |  | 234.00 |  |  |  |  | 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 |  |  | — |  |  |  |  | IPG and affiliates
-Retail |  | 100.0 | % |  | — | % |  | — |  |  |  |  | 257,000 |  |  | — |  |  | 257,000 |  |  |  |  |
|  | 100.0 | % |  | 87.4 | % |  | 69.41 |  |  | 51,700 |  |  | 1,115,000 |  |  | 858,000 |  |  | 257,000 |  |  | 480,000 |  |  |
330 West 34th Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(65.2% ground leased through 2149)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Office |  | 100.0 | % |  | 96.4 | % |  | 83.01 |  |  |  |  | 702,000 |  |  | 702,000 |  |  | — |  |  |  |  | Structure Tone, Deutsch, Inc., HomeAdvisor, Inc., WeWork, Rippling*
-Retail |  | 100.0 | % |  | 85.5 | % |  | 114.36 |  |  |  |  | 24,000 |  |  | 24,000 |  |  | — |  |  |  |  | Starbucks
|  | 100.0 | % |  | 96.1 | % |  | 83.77 |  |  | 56,500 |  |  | 726,000 |  |  | 726,000 |  |  | — |  |  | 100,000 |  | (5) |
435 Seventh Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Retail |  | 100.0 | % |  | 100.0 | % |  | — |  |  | — |  |  | 43,000 |  |  | 43,000 |  |  | — |  |  | 75,000 |  |  |
7 West 34th Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Office |  | 53.0 | % |  | 100.0 | % |  | 84.04 |  |  |  |  | 458,000 |  |  | 458,000 |  |  | — |  |  |  |  | Amazon
-Retail |  | 53.0 | % |  | 89.6 | % |  | 339.03 |  |  |  |  | 19,000 |  |  | 19,000 |  |  | — |  |  |  |  | Amazon, Lindt
|  | 53.0 | % |  | 99.6 | % |  | 93.73 |  |  | 43,600 |  |  | 477,000 |  |  | 477,000 |  |  | — |  |  | 300,000 |  |  |
431 Seventh Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Retail |  | 100.0 | % |  | 100.0 | % |  | 265.93 |  |  | 700 |  |  | 9,000 |  |  | 9,000 |  |  | — |  |  | — |  |  | Essen
138-142 West 32nd Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Retail |  | 100.0 | % |  | 80.3 | % |  | 135.78 |  |  | 500 |  |  | 8,000 |  |  | 8,000 |  |  | — |  |  | — |  |  |
150 West 34th Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Retail |  | 100.0 | % |  | 100.0 | % |  | 63.48 |  |  | 5,000 |  |  | 79,000 |  |  | 79,000 |  |  | — |  |  | 75,000 |  |  | Primark

- 36 -

NEW YORK SEGMENT
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): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PENN District (Continued): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
137 West 33rd Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Retail |  | 100.0 | % |  | 100.0 | % |  | $ | 99.11 |  |  | $ | 300 |  |  | 3,000 |  |  | 3,000 |  |  | — |  |  | $ | — |  |  | Celtic Rail
131-135 West 33rd Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Retail |  | 100.0 | % |  | 100.0 | % |  | 65.65 |  |  | 1,500 |  |  | 22,000 |  |  | 22,000 |  |  | — |  |  | — |  |  | The Five Hats Club (BSE Global)*
Other (4 buildings) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Retail |  | 56.7 | % |  | 74.2 | % |  | 106.28 |  |  | 2,500 |  |  | 34,000 |  |  | 34,000 |  |  | — |  |  | — |  |  |
Total PENN District |  |  |  |  |  |  |  | 730,100 |  |  | 8,899,000 |  |  | 8,642,000 |  |  | 257,000 |  |  | 2,055,000 |  |  |
Midtown East: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
909 Third Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(ground leased through 2063)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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*
150 East 58th Street(7) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Office |  | 100.0 | % |  | 80.4 | % |  | 82.55 |  |  |  |  | 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 | % |  | 82.62 |  |  | 36,000 |  |  | 544,000 |  |  | 544,000 |  |  | — |  |  | — |  |  |
715 Lexington Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Retail |  | 100.0 | % |  | 100.0 | % |  | 206.92 |  |  | 4,500 |  |  | 22,000 |  |  | 22,000 |  |  | — |  |  | — |  |  | Orangetheory Fitness, Casper, Santander Bank, Blu Dot
966 Third Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Retail |  | 100.0 | % |  | 100.0 | % |  | 112.60 |  |  | 800 |  |  | 7,000 |  |  | 7,000 |  |  | — |  |  | — |  |  | McDonald's
968 Third Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Retail |  | 50.0 | % |  | 100.0 | % |  | 199.91 |  |  | 1,300 |  |  | 7,000 |  |  | 7,000 |  |  | — |  |  | — |  |  | Wells Fargo
Total Midtown East |  |  |  |  |  |  |  | 97,200 |  |  | 1,933,000 |  |  | 1,933,000 |  |  | — |  |  | 350,000 |  |  |
Midtown West: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
888 Seventh Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(ground leased through 2067)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Lone Star US Acquisitions LLC, Top-New York, Inc.,
-Office |  | 100.0 | % |  | 86.9 | % |  | 101.15 |  |  |  |  | 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 | % |  | 87.0 | % |  | 102.86 |  |  | 79,700 |  |  | 888,000 |  |  | 888,000 |  |  | — |  |  | 244,543 |  |  |
50 West 57th Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Office |  | 50.0 | % |  | 97.1 | % |  | 66.66 |  |  |  |  | 69,000 |  |  | 69,000 |  |  | — |  |  |  |  |
-Retail |  | 50.0 | % |  | — | % |  | — |  |  |  |  | 10,000 |  |  | 10,000 |  |  | — |  |  |  |  |
|  | 50.0 | % |  | 88.3 | % |  | 66.66 |  |  | 4,400 |  |  | 79,000 |  |  | 79,000 |  |  | — |  |  | — |  |  |
825 Seventh Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Office |  | 50.0 | % |  | 79.6 | % |  | 43.99 |  |  |  |  | 169,000 |  |  | 169,000 |  |  | — |  |  | 54,000 |  |  | Young Adult Institute Inc., New Alternatives for Children, Inc.
-Retail |  | 100.0 | % |  | 100.0 | % |  | 170.34 |  |  |  |  | 4,000 |  |  | 4,000 |  |  | — |  |  | — |  |  | Venchi
|  |  |  | 80.1 | % |  | 47.66 |  |  | 6,500 |  |  | 173,000 |  |  | 173,000 |  |  | — |  |  | 54,000 |  |  |

- 37 -

NEW YORK SEGMENT |  |  |  |
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): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Midtown West (Continued): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sunset Pier 94 Studios (ground and building leased through 2110)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
‘-Studio |  | 49.9 | % |  | — |  |  | $ | — |  |  | $ | — |  |  | 266,000 |  |  | — |  |  | 266,000 |  |  | $ | 143,870 |  |  |  |  |  |  |
Total Midtown West |  |  |  |  |  |  |  | 90,600 |  |  | 1,406,000 |  |  | 1,140,000 |  |  | 266,000 |  |  | 442,413 |  |  |  |  |  |  |
Park Avenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
280 Park Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Elliott Investment Management L.P., PJT Partners Holdings, GIC Inc., |  |  |  |
-Office |  | 50.0 | % |  | 95.2 | % |  | 124.65 |  |  |  |  | 1,238,000 |  |  | 1,238,000 |  |  | — |  |  |  |  | Wells Fargo, Investcorp International Inc., Sagard Capital Partners* |  |  |  |
-Retail |  | 50.0 | % |  | 100.0 | % |  | 58.55 |  |  |  |  | 29,000 |  |  | 29,000 |  |  | — |  |  |  |  | Starbucks, Fasano Restaurant |  |  |  |
|  | 50.0 | % |  | 95.3 | % |  | 123.11 |  |  | 148,800 |  |  | 1,267,000 |  |  | 1,267,000 |  |  | — |  |  | 1,075,000 |  |  |  |  |  |  |
350 Park Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Office |  | 100.0 | % |  | 100.0 | % |  | 106.75 |  |  | 62,500 |  |  | 585,000 |  |  | 585,000 |  |  | — |  |  | 400,000 |  |  | Citadel |  |  |  |
Total Park Avenue |  |  |  |  |  |  |  | 62,500 |  |  | 1,852,000 |  |  | 1,852,000 |  |  | — |  |  | 1,475,000 |  |  |  |  |  |  |
Grand Central: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90 Park Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Alston & Bird, PwC, MassMutual, Glencore*, |  |  |  |
-Office |  | 100.0 | % |  | 99.3 | % |  | 84.37 |  |  |  |  | 939,000 |  |  | 939,000 |  |  | — |  |  |  |  | Factset Research Systems Inc., Foley & Lardner |  |  |  |
-Retail |  | 100.0 | % |  | 96.0 | % |  | 176.05 |  |  |  |  | 17,000 |  |  | 17,000 |  |  | — |  |  |  |  | Citibank, Starbucks |  |  |  |
Total Grand Central |  | 100.0 | % |  | 99.2 | % |  | 85.88 |  |  | 78,600 |  |  | 956,000 |  |  | 956,000 |  |  | — |  |  | — |  |  |  |  |  |  |
Madison/Fifth: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
623 Fifth Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Office |  | 100.0 | % |  | — |  |  | — |  |  | — |  |  | 383,000 |  |  | — |  |  | 383,000 |  |  | 145,420 |  | (4) |  |  |  |  |
640 Fifth Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Office |  | 52.0 | % |  | 91.5 | % |  | 111.05 |  |  |  |  | 246,000 |  |  | 246,000 |  |  | — |  |  |  |  | Fidelity Investments, Abbott Capital Management, The Klein Company |  |  |  |
-Retail |  | 52.0 | % |  | 100.0 | % |  | 1,119.96 |  |  |  |  | 69,000 |  |  | 69,000 |  |  | — |  |  |  |  | Victoria's Secret, Dyson |  |  |  |
|  | 52.0 | % |  | 92.8 | % |  | 275.92 |  |  | 77,000 |  |  | 315,000 |  |  | 315,000 |  |  | — |  |  | 389,500 |  |  |  |  |  |  |
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 | % |  | 87.6 | % |  | 82.48 |  |  |  |  | 302,000 |  |  | 302,000 |  |  | — |  |  |  |  | Albea Beauty Solutions, Aerin LLC |  |  |  |
-Retail |  | 100.0 | % |  | 100.0 | % |  | 763.28 |  |  |  |  | 30,000 |  |  | 30,000 |  |  | — |  |  |  |  | Fendi, Berluti, Christofle Silver Inc. |  |  |  |
|  | 100.0 | % |  | 88.4 | % |  | 130.89 |  |  | 39,800 |  |  | 332,000 |  |  | 332,000 |  |  | — |  |  | — |  |  |  |  |  |  |
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 |  |  | 16,100 |  |  | 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 | % |  | 3,206.32 |  |  | 33,200 |  |  | 27,000 |  |  | 27,000 |  |  | — |  |  | 356,208 |  |  | Swatch Group USA, Harry Winston |  |  |  |
Total Madison/Fifth |  |  |  |  |  |  |  | 197,000 |  |  | 1,235,000 |  |  | 852,000 |  |  | 383,000 |  |  | 891,128 |  |  |  |  |  |  |

- 38 -

NEW YORK SEGMENT
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): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |  |  |
4 Union Square South |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Retail |  | 100.0 | % |  | 100.0 | % |  | 138.71 |  |  | 28,300 |  |  | 204,000 |  |  | 204,000 |  |  | — |  |  | 120,000 |  |  | Burlington, Whole Foods Market, DSW, Sephora
Total Midtown South |  |  |  |  |  |  |  | 99,000 |  |  | 2,332,000 |  |  | 2,332,000 |  |  | — |  |  | 645,000 |  |  |
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 | % |  | 91.0 | % |  | 91.56 |  |  |  |  | 1,999,000 |  |  | 1,999,000 |  |  | — |  |  |  |  | Fubotv Inc, LinkLaters, King & Spalding, Oaktree Capital*
-Retail |  | 70.0 | % |  | 99.4 | % |  | 201.27 |  |  |  |  | 90,000 |  |  | 90,000 |  |  | — |  |  |  |  | Duane Reade, JPMorgan Chase Bank, Starbucks
Total Rockefeller Center |  | 70.0 | % |  | 91.3 | % |  | 95.42 |  |  | 178,200 |  |  | 2,089,000 |  |  | 2,089,000 |  |  | — |  |  | 950,000 |  |  |
SoHo: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
606 Broadway (19 East Houston Street) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Office |  | 50.0 | % |  | 13.4 | % |  | 120.00 |  |  |  |  | 30,000 |  |  | 30,000 |  |  | — |  |  |  |  |
-Retail |  | 50.0 | % |  | 100.0 | % |  | 727.28 |  |  |  |  | 6,000 |  |  | 6,000 |  |  | — |  |  |  |  | HSBC, Harman International
Total SoHo |  | 50.0 | % |  | 24.8 | % |  | 442.05 |  |  | 3,900 |  |  | 36,000 |  |  | 36,000 |  |  | — |  |  | 74,494 |  |  |
Times Square: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1540 Broadway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Retail |  | 52.0 | % |  | 22.1 | % |  | 403.50 |  |  | 14,200 |  |  | 161,000 |  |  | 161,000 |  |  | — |  |  | — |  |  | U.S. Polo, Disney, Pop Mart*
1535 Broadway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Retail |  | 52.0 | % |  | 100.0 | % |  | 1,151.12 |  |  |  |  | 45,000 |  |  | 45,000 |  |  | — |  |  |  |  | T-Mobile, Swatch Group USA, Levi's, Sephora, Anita La Mamma Del Gelato
-Theatre |  | 52.0 | % |  | 100.0 | % |  | 21.55 |  |  |  |  | 62,000 |  |  | 62,000 |  |  | — |  |  |  |  | Nederlander-Marquis Theatre
|  | 52.0 | % |  | 100.0 | % |  | 445.92 |  |  | 44,100 |  |  | 107,000 |  |  | 107,000 |  |  | — |  |  | 450,000 |  |  |
Total Times Square |  |  |  |  |  |  |  | 58,300 |  |  | 268,000 |  |  | 268,000 |  |  | — |  |  | 450,000 |  |  |
Upper East Side: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1131 Third Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Retail |  | 100.0 | % |  | 63.7 | % |  | 215.95 |  |  | 3,100 |  |  | 23,000 |  |  | 23,000 |  |  | — |  |  | — |  |  | Crunch LLC, J.Jill
40 East 66th Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Residential (3 units) |  | 100.0 | % |  | 100.0 | % |  |  |  |  |  | 10,000 |  |  | 10,000 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |
Total Upper East Side |  |  |  |  |  |  |  | 3,100 |  |  | 33,000 |  |  | 33,000 |  |  | — |  |  | — |  |  |

- 39 -

NEW YORK SEGMENT
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): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chelsea/Meatpacking District: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
260 Eleventh Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(ground leased through 2114)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Office |  | 100.0 | % |  | 100.0 | % |  | $ | 49.68 |  |  | $ | 10,400 |  |  | 209,000 |  |  | 209,000 |  |  | — |  |  | $ | — |  |  | The City of New York
85 Tenth Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Google, Telehouse International Corp.,
-Office |  | 49.9 | % |  | 89.9 | % |  | 95.42 |  |  |  |  | 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 | % |  | 95.45 |  |  | 54,300 |  |  | 641,000 |  |  | 641,000 |  |  | — |  |  | 625,000 |  |  |
537 West 26th Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Retail |  | 100.0 | % |  | 100.0 | % |  | 134.23 |  |  | 2,300 |  |  | 17,000 |  |  | 17,000 |  |  | — |  |  | — |  |  |
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 |  |  | — |  |  | 167,500 |  |  |
Total Chelsea/Meatpacking District |  |  |  |  |  |  |  | 101,500 |  |  | 1,061,000 |  |  | 1,061,000 |  |  | — |  |  | 792,500 |  |  |
Tribeca: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Independence Plaza |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Residential (1,328 units) |  | 50.1 | % |  | 95.1 | % |  |  |  |  |  | 1,186,000 |  |  | 1,186,000 |  |  | — |  |  |  |  |
-Retail |  | 50.1 | % |  | 68.4 | % |  | 99.28 |  |  |  |  | 72,000 |  |  | 72,000 |  |  | — |  |  |  |  | Duane Reade, Tompkins Square Bagels*
|  | 50.1 | % |  |  |  |  |  | 5,400 |  |  | 1,258,000 |  |  | 1,258,000 |  |  | — |  |  | 675,000 |  |  |
339 Greenwich Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Retail |  | 100.0 | % |  | 100.0 | % |  | 154.75 |  |  | 700 |  |  | 9,000 |  |  | 9,000 |  |  | — |  |  | — |  |  | Paper Moon*
Total Tribeca |  |  |  |  |  |  |  | 6,100 |  |  | 1,267,000 |  |  | 1,267,000 |  |  | — |  |  | 675,000 |  |  |
Properties to be Developed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hotel Pennsylvania site (PENN 15) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Land |  | 100.0 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
57th Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Land |  | 50.0 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Eighth Avenue and 34th Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Land |  | 100.0 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
New York Office: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  |  |  | 91.4 | % |  | $ | 92.18 |  |  | $ | 1,480,600 |  |  | 19,884,000 |  |  | 19,235,000 |  |  | 649,000 |  |  | $ | 6,974,833 |  |  |
Vornado's Ownership Interest |  |  |  | 91.2 | % |  | $ | 90.56 |  |  | $ | 1,275,500 |  |  | 17,594,000 |  |  | 17,078,000 |  |  | 516,000 |  |  | $ | 5,254,979 |  |  |
New York Retail: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  |  |  | 78.2 | % |  | $ | 266.33 |  |  | $ | 383,400 |  |  | 2,287,000 |  |  | 2,030,000 |  |  | 257,000 |  |  | $ | 1,150,702 |  |  |
Vornado's Ownership Interest |  |  |  | 79.4 | % |  | $ | 228.41 |  |  | $ | 272,200 |  |  | 1,916,000 |  |  | 1,659,000 |  |  | 257,000 |  |  | $ | 700,710 |  |  |
New York Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  |  |  | 95.6 | % |  |  |  |  |  | 1,196,000 |  |  | 1,196,000 |  |  | — |  |  | $ | 675,000 |  |  |
Vornado's Ownership Interest |  |  |  | 95.5 | % |  |  |  |  |  | 604,000 |  |  | 604,000 |  |  | — |  |  | $ | 338,175 |  |  |

- 40 -

NEW YORK SEGMENT
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 | % |  | $ | 145.98 |  |  |  |  | 952,000 |  |  | 952,000 |  |  | — |  |  | $ | 400,000 |  |  | Bloomberg L.P.
-Retail |  | 32.4 | % |  | 27.2 | % |  | 373.14 |  |  |  |  | 128,000 |  |  | 128,000 |  |  | — |  |  | 167,691 |  |  | Hutong, Capital One
|  | 32.4 | % |  | 91.7 | % |  | 153.63 |  |  | $ | 150,000 |  |  | 1,080,000 |  |  | 1,080,000 |  |  | — |  |  | 567,691 |  |  |
Rego Park I, Queens (4.8 acres) |  | 32.4 | % |  | — | % |  | — |  |  | — |  |  | 338,000 |  |  | — |  |  | 338,000 |  |  | — |  |  |
Rego Park II (adjacent to Rego Park I), |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Queens (6.6 acres) |  | 32.4 | % |  | 98.3 | % |  | 74.64 |  |  | 43,900 |  |  | 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 | % |  | 97.7 | % |  |  |  |  |  | 255,000 |  |  | 255,000 |  |  | — |  |  | 94,000 |  |  |
Total Alexander's |  | 32.4 | % |  | 94.6 | % |  | 115.14 |  |  | 199,500 |  |  | 2,446,000 |  |  | 2,108,000 |  |  | 338,000 |  |  | 836,691 |  |  |
Total New York |  |  |  | 89.5 | % |  | $ | 101.54 |  |  | $ | 2,056,200 |  |  | 25,813,000 |  |  | 24,569,000 |  |  | 1,244,000 |  |  | $ | 9,637,226 |  |  |
Vornado's Ownership Interest |  |  |  | 90.0 | % |  | $ | 95.50 |  |  | $ | 1,653,500 |  |  | 20,907,000 |  |  | 20,024,000 |  |  | 883,000 |  |  | $ | 6,564,952 |  |  |

________________________________
* 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. See page 6 for details.
- 41 -

OTHER SEGMENT
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), Avant LLC,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | AAR Corp*, The Chartis Group LLC*, Paypal, Inc., ConAgra Foods Inc.,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Allscripts Healthcare, Clear Channel Outdoor LLC, IPG and affiliates
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Government Employees Insurance Company, Medline Industries, Inc,
-Office |  | 100.0 | % |  | 89.4 | % |  | $ | 51.39 |  |  | $ | 96,700 |  |  | 2,125,000 |  |  | 2,125,000 |  |  | — |  |  |  |  | Innovation Development Institute, Inc., Allstate Insurance Company
-Showroom/Trade show |  | 100.0 | % |  | 70.3 | % |  | 59.01 |  |  | 60,500 |  |  | 1,486,000 |  |  | 1,486,000 |  |  | — |  |  |  |  | Holly Hunt Ltd., Baker Interiors Group, Ltd.
-Retail |  | 100.0 | % |  | 79.6 | % |  | 49.67 |  |  | 3,100 |  |  | 82,000 |  |  | 82,000 |  |  | — |  |  |  |  |
|  | 100.0 | % |  | 81.5 | % |  | 54.02 |  |  | 160,300 |  |  | 3,693,000 |  |  | 3,693,000 |  |  | — |  |  | $ | — |  |  |
Other (1 property) |  | 50.0 | % |  | 85.5 | % |  | 72.55 |  |  | 300 |  |  | 4,000 |  |  | 4,000 |  |  | — |  |  | 18,149 |  |  |
Total THE MART, Chicago |  |  |  |  |  |  |  | 160,600 |  |  | 3,697,000 |  |  | 3,697,000 |  |  | — |  |  | 18,149 |  |  |
Property to be Developed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
527 West Kinzie, Chicago |  | 100.0 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Total THE MART |  |  |  | 81.5 | % |  | $ | 54.04 |  |  | $ | 160,600 |  |  | 3,697,000 |  |  | 3,697,000 |  |  | — |  |  | $ | 18,149 |  |  |
Vornado's Ownership Interest |  |  |  | 81.5 | % |  | $ | 54.03 |  |  | $ | 160,500 |  |  | 3,695,000 |  |  | 3,695,000 |  | — |  |  | $ | 9,074 |  |  |
555 California Street: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
555 California Street |  | 70.0 | % |  | 94.6 | % |  | $ | 107.26 |  |  | $ | 150,200 |  |  | 1,509,000 |  |  | 1,509,000 |  |  | — |  |  | $ | 1,200,000 |  |  | Bank of America, N.A., Dodge & Cox, Goldman Sachs & Co.,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | McKinsey & Company Inc., UBS Financial Services,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | KKR Financial, Microsoft Corporation,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Fenwick & West LLP, Sidley Austin
315 Montgomery Street |  | 70.0 | % |  | 49.0 | % |  | 87.91 |  |  | 9,900 |  |  | 235,000 |  |  | 235,000 |  |  | — |  |  | — |  |  | Bank of America, N.A., Ripple Labs Inc., Blue Shield
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 |  |  |  | 88.9 | % |  | $ | 103.50 |  |  | $ | 164,400 |  |  | 1,820,000 |  |  | 1,820,000 |  | — |  |  | $ | 1,200,000 |  |  |
Vornado's Ownership Interest |  |  |  | 88.9 | % |  | $ | 103.50 |  |  | $ | 115,100 |  |  | 1,274,000 |  |  | 1,274,000 |  | — |  |  | $ | 840,000 |  |  |

________________________________
* Lease not yet commenced.
** Term assumes all renewal options exercised, if applicable.
(1)Weighted average escalated annual rent per square foot excludes ground rent, storage rent and garages.
(2)Represents 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 the contractual debt obligations.
- 42 -

OTHER SEGMENT
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 | % |  | $ | 53.26 |  |  |  |  | 736,000 |  |  | 432,000 |  |  |  |  | 304,000 |  |  |  |  | Nathan Associates
-Residential - 2 buildings (197 units) |  | 43.7 | % |  | 98.0 | % |  |  |  |  |  | 253,000 |  |  | 253,000 |  |  |  |  | — |  |  |  |  |
|  | 45.6 | % |  |  |  |  |  | $ | 5,000 |  |  | 989,000 |  |  | 685,000 |  |  |  |  | 304,000 |  |  | $ | 25,000 |  |  |
Fashion Centre Mall / Washington Tower |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Office |  | 7.5 | % |  | 75.0 | % |  | 58.35 |  |  |  |  | 170,000 |  |  | 170,000 |  |  |  |  | — |  |  | 42,300 |  |  | The Rand Corporation
-Retail |  | 7.5 | % |  | 99.6 | % |  | 36.39 |  |  |  |  | 868,000 |  |  | 868,000 |  |  |  |  | — |  |  | 412,700 |  |  | Macy's, Nordstrom
|  | 7.5 | % |  | 95.6 | % |  | 39.21 |  |  | 51,800 |  |  | 1,038,000 |  |  | 1,038,000 |  |  |  |  | — |  |  | 455,000 |  |  |
New Jersey: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wayne Town Center, Wayne (ground leased through 2064)** |  | 100.0 | % |  | 100.0 | % |  | 30.72 |  |  | 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 | % |  | 71.2 | % |  | 26.74 |  |  | 2,400 |  |  | 129,000 |  |  | 129,000 |  |  |  |  | — |  |  | — |  |  | Vornado's Administrative Headquarters
Maryland: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Annapolis (ground and building leased through 2042)** |  | 100.0 | % |  | 100.0 | % |  | 11.70 |  |  | 1,400 |  |  | 128,000 |  |  | 128,000 |  |  |  |  | — |  |  | — |  |  | The Home Depot
New York: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
650 Madison Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Sotheby's International Realty, Inc., BC Partners Inc.,
-Office |  | 22.2 | % |  | 65.8 | % |  | 112.17 |  |  |  |  | 563,000 |  |  | 563,000 |  |  |  |  |  |  |  |  | Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)
-Retail |  | 22.2 | % |  | 95.7 | % |  | 1,084.10 |  |  |  |  | 38,000 |  |  | 38,000 |  |  |  |  |  |  |  |  | Moncler USA Inc., Tod's, Celine, Balmain
|  | 22.2 | % |  | 67.1 | % |  | 170.23 |  |  | 65,800 |  |  | 601,000 |  |  | 601,000 |  |  |  |  | — |  |  | — |  | (4) |
Total Other |  |  |  | 81.0 | % |  | $ | 57.35 |  |  | $ | 148,200 |  |  | 3,575,000 |  |  | 3,271,000 |  |  |  |  | 304,000 |  |  | $ | 480,000 |  |  |
Vornado's Ownership Interest |  |  |  | 82.4 | % |  | $ | 45.02 |  |  | $ | 46,500 |  |  | 1,610,000 |  |  | 1,470,000 |  |  |  |  | 140,000 |  |  | $ | 46,728 |  |  |

________________________________
** Term assumes all renewal options exercised, if applicable.
(1)Weighted average escalated annual rent per square foot excludes ground rent, storage rent, garages and residential.
(2)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 the contractual debt obligations.
(4)Excludes our 22.2% pro rata share of the $800,000 650 Madison non-recourse mortgage loan, which is currently in default. In 2022, our investment was written down to zero and we no longer record our share of net income (loss) from this investment.
- 43 -

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/Connor Mitchell
BMO Capital Markets |  |  | Green Street Advisors |  | Piper Sandler
212-885-4115 |  |  | 949-640-8780 |  | 212-466-7937/203-861-7615
Nicholas Joseph/Seth Bergey |  |  | Anthony Paolone/Ray Zhong |  | Nicholas Yulico
Citi |  |  | JP Morgan |  | Scotia Capital (USA) Inc
212-816-1909/212-816-2066 |  |  | 212-622-6682/212-622-5411 |  | 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.

- 44 -

APPENDIX
DEFINITIONS AND NON-GAAP RECONCILIATIONS

FINANCIAL SUPPLEMENT DEFINITIONS

The financial supplement includes various non-GAAP financial measures. Descriptions of these non-GAAP measures are provided below. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided on the following pages.
Net Operating Income ("NOI") at Share and NOI at Share - Cash Basis - NOI at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We consider NOI at share to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.
Same Store NOI at Share and Same Store NOI at Share - Cash Basis - Same store NOI at share represents NOI at share from operations which are in service in both the current and prior year reporting periods. Same store NOI at share - cash basis is same store NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We use these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store NOI at share and same store NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.
Funds From Operations ("FFO") - FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies.
Funds Available For Distribution ("FAD") - FAD is defined as FFO less (i) cash basis recurring tenant improvements, leasing commissions and capital expenditures, (ii) straight-line rents and amortization of acquired below-market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. FAD is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure that management believes provides useful information regarding the Company's ability to fund its dividends.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") - EBITDAre (i.e., EBITDA for real estate companies) is a non-GAAP financial measure established by NAREIT, which may not be comparable to EBITDA reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition. NAREIT defines EBITDAre as GAAP net income or loss, plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property including losses and gains on change of control, plus impairment write-downs of depreciated property and of investments in unconsolidated entities caused by a decrease in value of depreciated property in the joint venture, plus adjustments to reflect the entity's share of EBITDA of unconsolidated entities. The Company has included EBITDAre because it is a performance measure used by other REITs and therefore may provide useful information to investors in comparing Vornado's performance to that of other REITs.
Net Debt to EBITDAre, as adjusted - Net debt to EBITDAre, as adjusted represents the ratio of net debt to annualized EBITDAre, as adjusted. Net debt is calculated as (i) the Company’s consolidated debt less noncontrolling interests’ share of consolidated debt plus the Company’s pro rata share of debt of unconsolidated entities less (ii) the Company’s consolidated cash and cash equivalents, cash held in escrow and investments in U.S. Treasury bills less noncontrolling interests’ share of these amounts, plus the Company’s pro rata share of these amounts for unconsolidated entities. Cash held in escrow represents cash escrowed under loan agreements including for debt service, real estate taxes, property insurance, and capital improvements, and the Company is not able to direct the use of this cash. The availability of cash and cash equivalents for use in debt reduction cannot be assumed, as the Company may use its cash and cash equivalents for other purposes. Further, the Company may not be able to direct the use of its pro rata share of cash and cash equivalents of unconsolidated entities. The Company discloses net debt to EBITDAre, as adjusted because management believes it is useful to investors as a supplemental measure in evaluating the Company’s balance sheet leverage. Net debt to EBITDAre, as adjusted may not be comparable to similarly titled measures employed by other companies.
- i -

NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited)
(Amounts in thousands, except per share amounts)
| For the Three Months Ended |  | For the Year Ended
| December 31, 2025 |  | September 30, 2025 |  | December 31, 2024 |  | December 31, 2025 |  | December 31, 2024
Reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP): |  |  |  |  |  |  |  |  |
Net income attributable to common shareholders | $ | 601 |  |  | $ | 11,589 |  |  | $ | 1,203 |  |  | $ | 842,851 |  |  | $ | 8,275 |
Per diluted share | $ | — |  |  | $ | 0.06 |  |  | $ | 0.01 |  |  | $ | 4.20 |  |  | $ | 0.04 |
FFO adjustments: |  |  |  |  |  |  |  |  |
Depreciation and amortization of real property | $ | 100,098 |  |  | $ | 103,617 |  |  | $ | 101,824 |  |  | $ | 411,114 |  |  | $ | 399,694 |
Change in fair value of marketable securities | (198) |  |  | (1,719) |  |  | — |  |  | (1,917) |  |  | — |
Gain on sales-type lease | — |  |  | — |  |  | — |  |  | (803,248) |  |  | — |
Net gains on sale of real estate | (300) |  |  | — |  |  | — |  |  | (300) |  |  | (873) |
Real estate impairment losses | — |  |  | — |  |  | — |  |  | 542 |  |  | — |
Our share of partially owned entities: |  |  |  |  |  |  |  |  |
Depreciation and amortization of real property | 22,933 |  |  | 23,302 |  |  | 23,483 |  |  | 94,867 |  |  | 101,195 |
Net gains on sale of real estate | (225) |  |  | (11,002) |  |  | — |  |  | (90,762) |  |  | — |
FFO adjustments, net | 122,308 |  |  | 114,198 |  |  | 125,307 |  |  | (389,704) |  |  | 500,016 |
Impact of assumed conversion of dilutive convertible securities | 219 |  |  | 385 |  |  | 358 |  |  | 1,409 |  |  | 1,549 |
Noncontrolling interests' share of above adjustments on a dilutive basis | (10,201) |  |  | (8,800) |  |  | (9,783) |  |  | 32,270 |  |  | (39,819) |
FFO attributable to common shareholders plus assumed conversions (non-GAAP) | 112,927 |  |  | 117,372 |  |  | 117,085 |  |  | 486,826 |  |  | 470,021 |
Add back of FFO allocated to noncontrolling interests of the Operating Partnership | 10,254 |  |  | 9,807 |  |  | 9,890 |  |  | 41,486 |  |  | 40,563 |
FFO attributable to Class A unitholders (non-GAAP) | $ | 123,181 |  |  | $ | 127,179 |  |  | $ | 126,975 |  |  | $ | 528,312 |  |  | $ | 510,584 |
FFO per diluted share (non-GAAP) | $ | 0.56 |  |  | $ | 0.58 |  |  | $ | 0.58 |  |  | $ | 2.42 |  |  | $ | 2.37 |

- 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 |  | For the Year Ended
| December 31, 2025 |  | September 30, 2025 |  | December 31, 2024 |  | December 31, 2025 |  | December 31, 2024
FFO attributable to common shareholders plus assumed conversions (non-GAAP) | $ | 112,927 |  |  | $ | 117,372 |  |  | $ | 117,085 |  |  | $ | 486,826 |  |  | $ | 470,021 |
Per diluted share (non-GAAP) | $ | 0.56 |  |  | $ | 0.58 |  |  | $ | 0.58 |  |  | $ | 2.42 |  |  | $ | 2.37 |
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: |  |  |  |  |  |  |  |  |
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities | $ | (5,910) |  |  | $ | — |  |  | $ | — |  |  | $ | (17,020) |  |  | $ | (13,069) |
Gain on sale of Canal Street residential condominium units | (3,574) |  |  | — |  |  | — |  |  | (13,911) |  |  | — |
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary) | 3,048 |  |  | 3,586 |  |  | 3,456 |  |  | 13,176 |  |  | 14,353 |
Our share of the gain on the discounted extinguishment of the 280 Park Avenue mezzanine loan | — |  |  | — |  |  | — |  |  | — |  |  | (31,215) |
Other | 4,241 |  |  | (6,661) |  |  | 2,104 |  |  | (5,315) |  |  | 5,000 |
| (2,195) |  |  | (3,075) |  |  | 5,560 |  |  | (23,070) |  |  | (24,931) |
Noncontrolling interests' share of above adjustments on a dilutive basis | 141 |  |  | 238 |  |  | (433) |  |  | 1,798 |  |  | 1,981 |
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (2,054) |  |  | $ | (2,837) |  |  | $ | 5,127 |  |  | $ | (21,272) |  |  | $ | (22,950) |
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) | $ | 110,873 |  |  | $ | 114,535 |  |  | $ | 122,212 |  |  | $ | 465,554 |  |  | $ | 447,071 |
Per diluted share (non-GAAP) | $ | 0.55 |  |  | $ | 0.57 |  |  | $ | 0.61 |  |  | $ | 2.32 |  |  | $ | 2.26 |

- 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 |  | For the Year Ended
|  | December 31, 2025 |  | September 30, 2025 |  | December 31, 2024 |  | December 31, 2025 |  | December 31, 2024
FFO attributable to common shareholders, plus assumed conversions | (A) | $ | 112,927 |  |  | $ | 117,372 |  |  | $ | 117,085 |  |  | $ | 486,826 |  |  | $ | 470,021 |
Adjustments to arrive at FAD (at Vornado's share): |  |  |  |  |  |  |  |  |  |
Certain items that impact FAD |  | (3,325) |  |  | (3,320) |  |  | 5,560 |  |  | (24,445) |  |  | (24,931) |
Recurring tenant improvements, leasing commissions and other capital expenditures |  | (61,186) |  |  | (52,376) |  |  | (55,350) |  |  | (265,836) |  |  | (203,955) |
Stock-based compensation expense |  | 6,365 |  |  | 5,573 |  |  | 7,359 |  |  | 25,479 |  |  | 30,172 |
Amortization of debt issuance costs and other non-cash interest expense |  | 8,145 |  |  | 10,242 |  |  | 13,280 |  |  | 41,114 |  |  | 62,252 |
Personal property depreciation |  | 2,349 |  |  | 2,239 |  |  | 1,532 |  |  | 7,678 |  |  | 6,321 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other |  | (30,858) |  |  | (30,746) |  |  | (8,378) |  |  | (131,477) |  |  | (3,663) |
Noncontrolling interests in the Operating Partnership's share of above adjustments |  | 6,273 |  |  | 5,634 |  |  | 2,946 |  |  | 28,165 |  |  | 11,017 |
FAD adjustments, net | (B) | (72,237) |  |  | (62,754) |  |  | (33,051) |  |  | (319,322) |  |  | (122,787) |
FAD (non-GAAP) | (A+B) | $ | 40,690 |  |  | $ | 54,618 |  |  | $ | 84,034 |  |  | $ | 167,504 |  |  | $ | 347,234 |
FAD payout ratio |  | N/A |  | N/A |  | N/A |  | 97.4 | % |  | 42.3 | %

- iv -

NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME TO EBITDAre (unaudited) TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands) |  |  |  |  |

| For the Three Months Ended
| December 31, 2025 |  | September 30, 2025 |  |  |  |  |  | December 31, 2024
Reconciliation of net income to EBITDAre (non-GAAP): |  |  |  |  |  |  |  |  |
Net income | $ | 4,914 |  |  | $ | 19,239 |  |  |  |  |  |  | $ | 5,758 |
Less net loss attributable to noncontrolling interests in consolidated subsidiaries | 11,296 |  |  | 8,912 |  |  |  |  |  |  | 11,107 |
Net income attributable to the Operating Partnership | 16,210 |  |  | 28,151 |  |  |  |  |  |  | 16,865 |
EBITDAre adjustments at share: |  |  |  |  |  |  |  |  |
Depreciation and amortization expense | 125,379 |  |  | 129,158 |  |  |  |  |  |  | 126,839 |
Interest and debt expense | 113,183 |  |  | 112,624 |  |  |  |  |  |  | 121,875 |
Income tax expense (benefit) | 8,837 |  |  | (5,233) |  |  |  |  |  |  | 5,381 |
Real estate impairment losses | — |  |  | — |  |  |  |  |  |  | — |
Gain on sales-type lease | — |  |  | — |  |  |  |  |  |  | — |
Net gains on sale of real estate | (525) |  |  | (11,002) |  |  |  |  |  |  | — |
EBITDAre at share | 263,084 |  |  | 253,698 |  |  |  |  |  |  | 270,960 |
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries | 11,192 |  |  | 14,046 |  |  |  |  |  |  | 10,819 |
EBITDAre (non-GAAP) | 274,276 |  |  | 267,744 |  |  |  |  |  |  | 281,779 |
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries | (11,192) |  |  | (14,046) |  |  |  |  |  |  | (10,819) |
Certain (income) expense items that impact EBITDAre: |  |  |  |  |  |  |  |  |
Gain on sale of Canal Street residential condominium units | (3,574) |  |  | — |  |  |  |  |  |  | — |
Gain on sale of 220 CPS condominium units and ancillary amenities | (7,377) |  |  | — |  |  |  |  |  |  | — |
Other | 2,672 |  |  | 60 |  |  |  |  |  |  | 1,732 |
Total of certain (income) expense items that impact EBITDAre | (8,279) |  |  | 60 |  |  |  |  |  |  | 1,732 |
EBITDAre, as adjusted (non-GAAP) | $ | 254,805 |  |  | $ | 253,758 |  |  |  |  |  |  | $ | 272,692 |

- v -

NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME TO EBITDAre (unaudited) TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands) |  |  |  |  |

| For the Year Ended December 31,
| 2025 |  | 2024 |  | 2023 |  | 2022
Reconciliation of net income to EBITDAre (non-GAAP): |  |  |  |  |  |  |
Net income | $ | 937,204 |  |  | $ | 20,116 |  |  | $ | 32,888 |  |  | $ | (382,612) |
Less net loss attributable to noncontrolling interests in consolidated subsidiaries | 41,622 |  |  | 51,131 |  |  | 75,967 |  |  | 5,737 |
Net income attributable to the Operating Partnership | 978,826 |  |  | 71,247 |  |  | 108,855 |  |  | (376,875) |
EBITDAre adjustments at share: |  |  |  |  |  |  |
Depreciation and amortization expense | 513,658 |  |  | 507,210 |  |  | 499,357 |  |  | 593,322 |
Interest and debt expense | 458,869 |  |  | 458,100 |  |  | 458,400 |  |  | 362,321 |
Income tax expense | 15,313 |  |  | 23,445 |  |  | 30,465 |  |  | 23,404 |
Real estate impairment losses | 542 |  |  | — |  |  | 73,289 |  |  | 595,488 |
Gain on sales-type lease | (803,248) |  |  | — |  |  | — |  |  | — |
Net gains on sale of real estate | (91,062) |  |  | (873) |  |  | (72,955) |  |  | (58,920) |
EBITDAre at share | 1,072,898 |  |  | 1,059,129 |  |  | 1,097,411 |  |  | 1,138,740 |
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries | 47,853 |  |  | 42,125 |  |  | 39,405 |  |  | 71,786 |
EBITDAre (non-GAAP) | 1,120,751 |  |  | 1,101,254 |  |  | 1,136,816 |  |  | 1,210,526 |
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries | (47,853) |  |  | (42,125) |  |  | (39,405) |  |  | (71,786) |
Certain (income) expense items that impact EBITDAre: |  |  |  |  |  |  |
Gain on sale of 220 CPS condominium units and ancillary amenities | (20,953) |  |  | (15,175) |  |  | (14,127) |  |  | (41,874) |
Gain on sale of Canal Street residential condominium units | (13,911) |  |  | — |  |  | — |  |  | — |
Other | 1,809 |  |  | 5,366 |  |  | (1,952) |  |  | (6,302) |
Total of certain (income) expense items that impact EBITDAre | (33,055) |  |  | (9,809) |  |  | (16,079) |  |  | (48,176) |
EBITDAre, as adjusted (non-GAAP) | $ | 1,039,843 |  |  | $ | 1,049,320 |  |  | $ | 1,081,332 |  |  | $ | 1,090,564 |

- vi -

NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME TO NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS (unaudited)
(Amounts in thousands)

| For the Three Months Ended |  | For the Year Ended December 31,
| December 31, |  | September 30, 2025 |
| 2025 |  | 2024 |  |  | 2025 |  | 2024
Net income | $ | 4,914 |  |  | $ | 5,758 |  |  | $ | 19,239 |  |  | $ | 937,204 |  |  | $ | 20,116 |
Depreciation and amortization expense | 113,350 |  |  | 113,061 |  |  | 117,122 |  |  | 462,201 |  |  | 447,500 |
General and administrative expense | 40,050 |  |  | 36,637 |  |  | 37,490 |  |  | 156,115 |  |  | 148,520 |
Transaction related costs, impairment losses and other | (1,796) |  |  | 1,341 |  |  | 3,563 |  |  | 2,531 |  |  | 5,242 |
Income from partially owned entities | (5,722) |  |  | (30,007) |  |  | (21,940) |  |  | (141,310) |  |  | (112,464) |
Interest and other investment income, net | (13,383) |  |  | (11,348) |  |  | (22,413) |  |  | (55,113) |  |  | (45,974) |
Interest and debt expense | 85,664 |  |  | 100,483 |  |  | 84,459 |  |  | 353,868 |  |  | 390,269 |
Gain on sales-type lease | — |  |  | — |  |  | — |  |  | (803,248) |  |  | — |
Net gains on disposition of wholly owned and partially owned assets | (11,252) |  |  | — |  |  | — |  |  | (35,291) |  |  | (16,048) |
Income tax expense (benefit) | 7,782 |  |  | 5,822 |  |  | (5,589) |  |  | 13,509 |  |  | 22,729 |
NOI from partially owned entities | 65,093 |  |  | 73,270 |  |  | 64,884 |  |  | 263,315 |  |  | 279,229 |
NOI attributable to noncontrolling interests in consolidated subsidiaries | (10,440) |  |  | (10,051) |  |  | (10,139) |  |  | (41,882) |  |  | (39,367) |
NOI at share | 274,260 |  |  | 284,966 |  |  | 266,676 |  |  | 1,111,899 |  |  | 1,099,752 |
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (30,858) |  |  | (8,378) |  |  | (30,746) |  |  | (131,477) |  |  | (3,663) |
NOI at share - cash basis | $ | 243,402 |  |  | $ | 276,588 |  |  | $ | 235,930 |  |  | $ | 980,422 |  |  | $ | 1,096,089 |

- 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 December 31,
| Total Revenues |  | Operating Expenses |  | NOI |  | Non-cash Adjustments(1) |  | NOI - cash basis
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
New York | $ | 374,809 |  |  | $ | 383,702 |  |  | $ | (196,286) |  |  | $ | (194,195) |  |  | $ | 178,523 |  |  | $ | 189,507 |  |  | $ | (20,418) |  |  | $ | (8,222) |  |  | $ | 158,105 |  |  | $ | 181,285 |
Other | 78,900 |  |  | 74,088 |  |  | (37,816) |  |  | (41,848) |  |  | 41,084 |  |  | 32,240 |  |  | (5,888) |  |  | 7,543 |  |  | 35,196 |  |  | 39,783 |
Noncontrolling interests' share in consolidated subsidiaries | (52,962) |  |  | (53,503) |  |  | 42,522 |  |  | 43,452 |  |  | (10,440) |  |  | (10,051) |  |  | (788) |  |  | (5,175) |  |  | (11,228) |  |  | (15,226) |
Our share of partially owned entities | 114,922 |  |  | 122,859 |  |  | (49,829) |  |  | (49,589) |  |  | 65,093 |  |  | 73,270 |  |  | (3,764) |  |  | (2,524) |  |  | 61,329 |  |  | 70,746 |
Vornado's share | $ | 515,669 |  |  | $ | 527,146 |  |  | $ | (241,409) |  |  | $ | (242,180) |  |  | $ | 274,260 |  |  | $ | 284,966 |  |  | $ | (30,858) |  |  | $ | (8,378) |  |  | $ | 243,402 |  |  | $ | 276,588 |

| For the Three Months Ended September 30, 2025
| Total Revenues |  | Operating Expenses |  | NOI |  | Non-cash Adjustments(1) |  | NOI - cash basis
New York | $ | 367,340 |  |  | $ | (198,430) |  |  | $ | 168,910 |  |  | $ | (21,750) |  |  | $ | 147,160 |
Other | 86,360 |  |  | (43,339) |  |  | 43,021 |  |  | (1,288) |  |  | 41,733 |
Noncontrolling interests' share in consolidated subsidiaries | (52,553) |  |  | 42,414 |  |  | (10,139) |  |  | (2,483) |  |  | (12,622) |
Our share of partially owned entities | 113,541 |  |  | (48,657) |  |  | 64,884 |  |  | (5,225) |  |  | 59,659 |
Vornado's share | $ | 514,688 |  |  | $ | (248,012) |  |  | $ | 266,676 |  |  | $ | (30,746) |  |  | $ | 235,930 |

| For the Year Ended December 31,
| Total Revenues |  | Operating Expenses |  | NOI |  | Non-cash Adjustments(1) |  | NOI - cash basis
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
New York | $ | 1,476,522 |  |  | $ | 1,471,997 |  |  | $ | (766,758) |  |  | $ | (766,347) |  |  | $ | 709,764 |  |  | $ | 705,650 |  |  | $ | (100,090) |  |  | $ | 3,990 |  |  | $ | 609,674 |  |  | $ | 709,640 |
Other | 333,903 |  |  | 315,689 |  |  | (153,201) |  |  | (161,449) |  |  | 180,702 |  |  | 154,240 |  |  | (2,673) |  |  | 17,803 |  |  | 178,029 |  |  | 172,043 |
Noncontrolling interests' share in consolidated subsidiaries | (210,365) |  |  | (210,144) |  |  | 168,483 |  |  | 170,777 |  |  | (41,882) |  |  | (39,367) |  |  | (11,871) |  |  | (23,291) |  |  | (53,753) |  |  | (62,658) |
Our share of partially owned entities | 459,647 |  |  | 477,825 |  |  | (196,332) |  |  | (198,596) |  |  | 263,315 |  |  | 279,229 |  |  | (16,843) |  |  | (2,165) |  |  | 246,472 |  |  | 277,064 |
Vornado's share | $ | 2,059,707 |  |  | $ | 2,055,367 |  |  | $ | (947,808) |  |  | $ | (955,615) |  |  | $ | 1,111,899 |  |  | $ | 1,099,752 |  |  | $ | (131,477) |  |  | $ | (3,663) |  |  | $ | 980,422 |  |  | $ | 1,096,089 |

________________________________
(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 DECEMBER 31, 2025 COMPARED TO DECEMBER 31, 2024 (unaudited)
(Amounts in thousands)

| Total |  | New York |  | THE MART |  | 555 California Street |  | Other
NOI at share for the three months ended December 31, 2025 | $ | 274,260 |  |  | $ | 236,988 |  |  | $ | 14,808 |  |  | $ | 14,614 |  |  | $ | 7,850 |
Less NOI at share from: |  |  |  |  |  |  |  |  |
Dispositions | (554) |  |  | (533) |  |  | (21) |  |  | — |  |  | — |
Development properties | (1,924) |  |  | (1,924) |  |  | — |  |  | — |  |  | — |
Other non-same store income, net | (11,205) |  |  | (3,216) |  |  | (139) |  |  | — |  |  | (7,850) |
Same store NOI at share for the three months ended December 31, 2025 | $ | 260,577 |  |  | $ | 231,315 |  |  | $ | 14,648 |  |  | $ | 14,614 |  |  | $ | — |
NOI at share for the three months ended December 31, 2024 | $ | 284,966 |  |  | $ | 257,040 |  |  | $ | 6,168 |  |  | $ | 15,854 |  |  | $ | 5,904 |
Less NOI at share from: |  |  |  |  |  |  |  |  |
Dispositions | (4,969) |  |  | (4,877) |  |  | (92) |  |  | — |  |  | — |
Development properties | (7,028) |  |  | (7,028) |  |  | — |  |  | — |  |  | — |
Other non-same store income, net | (24,849) |  |  | (18,819) |  |  | — |  |  | (126) |  |  | (5,904) |
Same store NOI at share for the three months ended December 31, 2024 | $ | 248,120 |  |  | $ | 226,316 |  |  | $ | 6,076 |  |  | $ | 15,728 |  |  | $ | — |
Increase (decrease) in same store NOI at share | $ | 12,457 |  |  | $ | 4,999 |  |  | $ | 8,572 |  |  | $ | (1,114) |  |  | $ | — |
% increase (decrease) in same store NOI at share | 5.0 | % |  | 2.2 | % |  | 141.1 | % |  | (7.1) | % |  | 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 DECEMBER 31, 2025 COMPARED TO DECEMBER 31, 2024 (unaudited)
(Amounts in thousands)

| Total |  | New York |  | THE MART |  | 555 California Street |  | Other
NOI at share - cash basis for the three months ended December 31, 2025 | $ | 243,402 |  |  | $ | 210,055 |  |  | $ | 15,177 |  |  | $ | 10,379 |  |  | $ | 7,791 |
Less NOI at share - cash basis from: |  |  |  |  |  |  |  |  |
Dispositions | (554) |  |  | (533) |  |  | (21) |  |  | — |  |  | — |
Development properties | (1,684) |  |  | (1,684) |  |  | — |  |  | — |  |  | — |
Other non-same store income, net | (15,722) |  |  | (7,778) |  |  | (153) |  |  | — |  |  | (7,791) |
Same store NOI at share - cash basis for the three months ended December 31, 2025 | $ | 225,442 |  |  | $ | 200,060 |  |  | $ | 15,003 |  |  | $ | 10,379 |  |  | $ | — |
NOI at share - cash basis for the three months ended December 31, 2024 | $ | 276,588 |  |  | $ | 241,933 |  |  | $ | 10,550 |  |  | $ | 18,138 |  |  | $ | 5,967 |
Less NOI at share - cash basis from: |  |  |  |  |  |  |  |  |
Dispositions | (3,958) |  |  | (3,864) |  |  | (94) |  |  | — |  |  | — |
Development properties | (6,787) |  |  | (6,787) |  |  | — |  |  | — |  |  | — |
Other non-same store income, net | (20,065) |  |  | (13,955) |  |  | — |  |  | (143) |  |  | (5,967) |
Same store NOI at share - cash basis for the three months ended December 31, 2024 | $ | 245,778 |  |  | $ | 217,327 |  |  | $ | 10,456 |  |  | $ | 17,995 |  |  | $ | — |
(Decrease) increase in same store NOI at share - cash basis | $ | (20,336) |  |  | $ | (17,267) |  |  | $ | 4,547 |  |  | $ | (7,616) |  |  | $ | — |
% (decrease) increase in same store NOI at share - cash basis | (8.3) | % |  | (7.9) | % |  | 43.5 | % |  | (42.3) | % |  | 0.0 | %

- x -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE YEAR ENDED DECEMBER 31, 2025 COMPARED TO DECEMBER 31, 2024 (unaudited)
(Amounts in thousands)

| Total |  | New York |  | THE MART |  | 555 California Street |  | Other
NOI at share for the year ended December 31, 2025 | $ | 1,111,899 |  |  | $ | 949,422 |  |  | $ | 69,196 |  |  | $ | 68,436 |  |  | $ | 24,845 |
Less NOI at share from: |  |  |  |  |  |  |  |  |
Dispositions | (4,953) |  |  | (4,691) |  |  | (262) |  |  | — |  |  | — |
Development properties | (17,127) |  |  | (17,127) |  |  | — |  |  | — |  |  | — |
Other non-same store income, net | (61,565) |  |  | (33,847) |  |  | (139) |  |  | (2,734) |  |  | (24,845) |
Same store NOI at share for the year ended December 31, 2025 | $ | 1,028,254 |  |  | $ | 893,757 |  |  | $ | 68,795 |  |  | $ | 65,702 |  |  | $ | — |
NOI at share for the year ended December 31, 2024 | $ | 1,099,752 |  |  | $ | 961,910 |  |  | $ | 51,686 |  |  | $ | 64,963 |  |  | $ | 21,193 |
Less NOI at share from: |  |  |  |  |  |  |  |  |
Dispositions | (19,813) |  |  | (19,347) |  |  | (466) |  |  | — |  |  | — |
Development properties | (33,914) |  |  | (33,914) |  |  | — |  |  | — |  |  | — |
Other non-same store income, net | (70,025) |  |  | (48,706) |  |  | — |  |  | (126) |  |  | (21,193) |
Same store NOI at share for the year ended December 31, 2024 | $ | 976,000 |  |  | $ | 859,943 |  |  | $ | 51,220 |  |  | $ | 64,837 |  |  | $ | — |
Increase in same store NOI at share | $ | 52,254 |  |  | $ | 33,814 |  |  | $ | 17,575 |  |  | $ | 865 |  |  | $ | — |
% increase in same store NOI at share | 5.4 | % |  | 3.9 | % |  | 34.3 | % |  | 1.3 | % |  | 0.0 | %

- xi -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE YEAR ENDED DECEMBER 31, 2025 COMPARED TO DECEMBER 31, 2024 (unaudited)
(Amounts in thousands)

| Total |  | New York |  | THE MART |  | 555 California Street |  | Other
NOI at share - cash basis for the year ended December 31, 2025 | $ | 980,422 |  |  | $ | 818,820 |  |  | $ | 71,219 |  |  | $ | 65,655 |  |  | $ | 24,728 |
Less NOI at share - cash basis from: |  |  |  |  |  |  |  |  |
Dispositions | (5,304) |  |  | (5,040) |  |  | (264) |  |  | — |  |  | — |
Development properties | (16,167) |  |  | (16,167) |  |  | — |  |  | — |  |  | — |
Other non-same store income, net | (35,208) |  |  | (7,067) |  |  | (153) |  |  | (3,260) |  |  | (24,728) |
Same store NOI at share - cash basis for the year ended December 31, 2025 | $ | 923,743 |  |  | $ | 790,546 |  |  | $ | 70,802 |  |  | $ | 62,395 |  |  | $ | — |
NOI at share - cash basis for the year ended December 31, 2024 | $ | 1,096,089 |  |  | $ | 944,022 |  |  | $ | 57,235 |  |  | $ | 74,621 |  |  | $ | 20,211 |
Less NOI at share - cash basis from: |  |  |  |  |  |  |  |  |
Dispositions | (16,942) |  |  | (16,524) |  |  | (418) |  |  | — |  |  | — |
Development properties | (32,707) |  |  | (32,707) |  |  | — |  |  | — |  |  | — |
Other non-same store income, net | (68,594) |  |  | (48,240) |  |  | — |  |  | (143) |  |  | (20,211) |
Same store NOI at share - cash basis for the year ended December 31, 2024 | $ | 977,846 |  |  | $ | 846,551 |  |  | $ | 56,817 |  |  | $ | 74,478 |  |  | $ | — |
(Decrease) increase in same store NOI at share - cash basis | $ | (54,103) |  |  | $ | (56,005) |  |  | $ | 13,985 |  |  | $ | (12,083) |  |  | $ | — |
% (decrease) increase in same store NOI at share - cash basis | (5.5) | % |  | (6.6) | % |  | 24.6 | % |  | (16.2) | % |  | 0.0 | %

- xii -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED DECEMBER 31, 2025 COMPARED TO SEPTEMBER 30, 2025 (unaudited)
(Amounts in thousands)

| Total |  | New York |  | THE MART |  | 555 California Street |  | Other
NOI at share for the three months ended December 31, 2025 | $ | 274,260 |  |  | $ | 236,988 |  |  | $ | 14,808 |  |  | $ | 14,614 |  |  | $ | 7,850 |
Less NOI at share from: |  |  |  |  |  |  |  |  |
Dispositions | (554) |  |  | (533) |  |  | (21) |  |  | — |  |  | — |
Development properties | (1,924) |  |  | (1,924) |  |  | — |  |  | — |  |  | — |
Other non-same store (income) expense, net | (7,724) |  |  | 265 |  |  | (139) |  |  | — |  |  | (7,850) |
Same store NOI at share for the three months ended December 31, 2025 | $ | 264,058 |  |  | $ | 234,796 |  |  | $ | 14,648 |  |  | $ | 14,614 |  |  | $ | — |
NOI at share for the three months ended September 30, 2025 | $ | 266,676 |  |  | $ | 228,538 |  |  | $ | 13,275 |  |  | $ | 17,293 |  |  | $ | 7,570 |
Less NOI at share from: |  |  |  |  |  |  |  |  |
Dispositions | (782) |  |  | (783) |  |  | 1 |  |  | — |  |  | — |
Development properties | (3,462) |  |  | (3,462) |  |  | — |  |  | — |  |  | — |
Other non-same store income, net | (9,083) |  |  | (602) |  |  | — |  |  | (911) |  |  | (7,570) |
Same store NOI at share for the three months ended September 30, 2025 | $ | 253,349 |  |  | $ | 223,691 |  |  | $ | 13,276 |  |  | $ | 16,382 |  |  | $ | — |
Increase (decrease) in same store NOI at share | $ | 10,709 |  |  | $ | 11,105 |  |  | $ | 1,372 |  |  | $ | (1,768) |  |  | $ | — |
% increase (decrease) in same store NOI at share | 4.2 | % |  | 5.0 | % |  | 10.3 | % |  | (10.8) | % |  | 0.0 | %

- xiii -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED DECEMBER 31, 2025 COMPARED TO SEPTEMBER 30, 2025 (unaudited)
(Amounts in thousands)

| Total |  | New York |  | THE MART |  | 555 California Street |  | Other
NOI at share - cash basis for the three months ended December 31, 2025 | $ | 243,402 |  |  | $ | 210,055 |  |  | $ | 15,177 |  |  | $ | 10,379 |  |  | $ | 7,791 |
Less NOI at share - cash basis from: |  |  |  |  |  |  |  |  |
Dispositions | (554) |  |  | (533) |  |  | (21) |  |  | — |  |  | — |
Development properties | (1,684) |  |  | (1,684) |  |  | — |  |  | — |  |  | — |
Other non-same store income, net | (12,479) |  |  | (4,535) |  |  | (153) |  |  | — |  |  | (7,791) |
Same store NOI at share - cash basis for the three months ended December 31, 2025 | $ | 228,685 |  |  | $ | 203,303 |  |  | $ | 15,003 |  |  | $ | 10,379 |  |  | $ | — |
NOI at share - cash basis for the three months ended September 30, 2025 | $ | 235,930 |  |  | $ | 198,590 |  |  | $ | 13,267 |  |  | $ | 16,455 |  |  | $ | 7,618 |
Less NOI at share - cash basis from: |  |  |  |  |  |  |  |  |
Dispositions | (1,052) |  |  | (1,053) |  |  | 1 |  |  | — |  |  | — |
Development properties | (3,222) |  |  | (3,222) |  |  | — |  |  | — |  |  | — |
Other non-same store income, net | (9,975) |  |  | (2,357) |  |  | — |  |  | — |  |  | (7,618) |
Same store NOI at share - cash basis for the three months ended September 30, 2025 | $ | 221,681 |  |  | $ | 191,958 |  |  | $ | 13,268 |  |  | $ | 16,455 |  |  | $ | — |
Increase (decrease) in same store NOI at share - cash basis | $ | 7,004 |  |  | $ | 11,345 |  |  | $ | 1,735 |  |  | $ | (6,076) |  |  | $ | — |
% increase (decrease) in same store NOI at share - cash basis | 3.2 | % |  | 5.9 | % |  | 13.1 | % |  | (36.9) | % |  | 0.0 | %

- xiv -

NON-GAAP RECONCILIATIONS |  |
RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONSOLIDATED CONTRACTUAL DEBT (unaudited)
(Amounts in thousands)
| As of December 31, 2025
| Consolidated Debt, Net |  | Deferred Financing Costs, Net and Other |  | Consolidated Contractual Debt
Mortgages payable | $ | 4,920,669 |  |  | $ | 23,368 |  |  | $ | 4,944,037 |
Senior unsecured notes | 747,202 |  |  | 2,798 |  |  | 750,000 |
$800 Million unsecured term loan | 797,337 |  |  | 2,663 |  |  | 800,000 |
$2.2 Billion unsecured revolving credit facilities | 720,420 |  |  | — |  |  | 720,420 |
| $ | 7,185,628 |  | $ | 28,829 |  | $ | 7,214,457

- xv -