Financial Analysis

"Commitments and Contingencies Insurance For our properties, we maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which $275,000,000, includes communicable disease coverage, and we maintain all risk property and rental value insurance with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as flood and earthquake, excluding communicable disease coverage. Our California properties have earthquake insurance with coverage of $350,000,000 per occurrence and in the aggregate, subject to a deductible in the amount of 5% of the value of the affected property. We maintain coverage for certified terrorism acts with limits of $6.0 billion per occurrence and in the aggregate (as listed below), $1.2 billion for non-certified acts of terrorism, and $5.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (NBCR) terrorism events, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027. Penn Plaza Insurance Company, LLC (PPIC), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for acts of terrorism including NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insura …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Senior Unsecured Notes due 2025 We repaid our $450,000,000 3.50% senior unsecured notes on their January 15, 2025 maturity date. 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. 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. 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 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the years ended December 31, 2025, 2024 and 2023 is set forth in Note 23 - Segment Information. (Amounts in thousands) For the Year Ended December 31, 2025 Total New York Other Property rentals $ 1,464,053 $ 1,188,892 $ 275,161 Trade shows 21,997 21,997 Sales type lease income (1) 6,634 6,634 Lease revenues (2) 1,492,684 1,195,526 297,158 Tenant services 45,237 31,839 13,398 Parking revenues 20,320 15,945 4,375 Rental revenues 1,558,241 1,243,310 314,931 BMS cleaning fees 157,686 166,526 (8,840) (3) Management and leasing fees 11,564 12,157 (593) Other income 82,934 54,529 28,405 Fee and other income 252,184 233,212 18,972 Total revenues $ 1,810,425 $ 1,476,522 $ 333,903 (Amounts in thousands) For the Year Ended December 31, 2024 Total New York Other Property rentals $ 1,486,503 $ 1,215,854 $ 270,649 Trade shows 21,541 21,541 Lease revenues (2) 1,508,044 1,215,854 292,190 Tenant services 41,549 29,344 12,205 Parking revenues 19,213 15,228 3,985 Rental revenues 1,568,806 1,260,426 308,380 BMS cleaning fees 149,225 159,903 (10,678) (3) Management and leasing fees 14,680 15,443 (763) Other income 54,975 36,225 18,750 Fee and other income 218,880 211,571 7,309 Total revenues $ 1,787,686 $ 1,471,997 $ 315,689 ____________________ See notes on following page. 3. Revenue Recognition - continued (Amounts in thousands) For the Year Ended December 31, 2023 Total New …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"Stock-based Compensation Vornados 2023 Omnibus Share Plan (the Plan) provides the Compensation Committee of Vornados Board of Trustees (the Compensation Committee) the ability to grant incentive and non-qualified Vornado stock options, restricted Vornado common shares, restricted Operating Partnership units (LTIP Units), out-performance plan awards (OPP Units), appreciation-only long-term incentive plan units (AO LTIP Units), performance conditioned appreciation-only long-term incentive plan units (Performance AO LTIP Units), and long-term performance plan units (LTPP Units) to certain of our employees and officers. Under the Plan, awards may be granted up to a maximum 10,800,000 shares, if all awards granted are Full Value awards, as defined in the Plan, and up to 21,600,000 shares, if all of the awards granted are Not Full Value Awards, as defined in the Plan. Full Value Awards are securities that have a value equivalent to the underlying Vornado common share or Class A unit of the Operating Partnership, such as restricted Vornado common shares or LTIP Units. Vornado stock options, AO LTIP Units and Performance AO LTIP Units are Not Full Value Awards; these securities require the payment of an exercise price. As of December 31, 2025, Vornado had approximately 1,701,000 shares available for future grants under the Plan, if all awards granted are Full Value Awards, as defined. 12. Stock-based Compensation - continued We account for forfeitures as they occur and any previousl …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Fair Value Measurements ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; Level 2 observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the en …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Leases As lessor We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rent payable monthly in advance. Leases typically provide for periodic step-ups in rent over the term of the lease and pass through to tenants their share of increases in real estate taxes and operating expenses over a base year. Certain leases also require additional variable rent payments based on a percentage of the tenants sales. Electricity is provided to tenants on a sub-metered basis or included in rent based on surveys and adjusted for subsequent utility rate increases. Leases also typically provide for free rent and tenant improvement allowances for all or a portion of the tenants initial construction costs of its premises. As of December 31, 2025, future undiscounted cash flows under non-cancelable operating leases were as follows: (Amounts in thousands) As of December 31, 2025 For the year ended December 31, 2026 $ 1,247,189 2027 1,244,027 2028 1,250,190 2029 1,151,259 2030 1,054,372 Thereafter 8,022,048 For the year ended December 31, 2025, we had one lease obligation, as lessor, that is classified as a sales-type lease with an expiration date in 2095. See Note 5 - 770 Broadway for further details. As lessee We have a number of ground leases which are classified as operating leases. As of December 31, 2025, our ROU assets and lease liabilities were $671,308,000 and $699,640,000, respectively. As of December 31, 2024, our ROU assets and lease …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Issued Accounting Literature In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted this update effective December 15, 2025. The adoption of ASU 2023-09 did not have a material impact on our disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (""ASU 2025-01""). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluat …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"Related Party Transactions Alexanders, Inc. We own 32.4% of Alexanders. Steven Roth, the Chairman of Vornados Board of Trustees and its Chief Executive Officer, is also the Chairman of the Board of Directors and Chief Executive Officer of Alexanders. We provide various services to Alexanders in accordance with management, development and leasing agreements. These agreements are described in Note 4 - Investments in Partially Owned Entities . Interstate Properties (Interstate) Interstate is a general partnership in which Mr. Roth is the managing general partner. David Mandelbaum and Russell B. Wight, Jr., Trustees of Vornado and Directors of Alexanders, respectively, are Interstates two other general partners. As of December 31, 2025, Interstate and its partners beneficially owned an aggregate of approximately 7.1% of the common shares of beneficial interest of Vornado and 26.0% of Alexanders common stock. We manage and lease the real estate assets of Interstate pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent. The management agreement has a term of one year and is automatically renewable unless terminated by either of the parties on 60 days notice at the end of the term. We believe, based upon comparable fees charged by other real estate companies, that the management agreement terms are consistent with the market. We earned $200,000, $208,000, and $206,000 of management fees under the agreement for the …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Recognition Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the years ended December 31, 2025, 2024 and 2023 is set forth in Note 23 - Segment Information. (Amounts in thousands) For the Year Ended December 31, 2025 Total New York Other Property rentals $ 1,464,053 $ 1,188,892 $ 275,161 Trade shows 21,997 21,997 Sales type lease income (1) 6,634 6,634 Lease revenues (2) 1,492,684 1,195,526 297,158 Tenant services 45,237 31,839 13,398 Parking revenues 20,320 15,945 4,375 Rental revenues 1,558,241 1,243,310 314,931 BMS cleaning fees 157,686 166,526 (8,840) (3) Management and leasing fees 11,564 12,157 (593) Other income 82,934 54,529 28,405 Fee and other income 252,184 233,212 18,972 Total revenues $ 1,810,425 $ 1,476,522 $ 333,903 (Amounts in thousands) For the Year Ended December 31, 2024 Total New York Other Property rentals $ 1,486,503 $ 1,215,854 $ 270,649 Trade shows 21,541 21,541 Lease revenues (2) 1,508,044 1,215,854 292,190 Tenant services 41,549 29,344 12,205 Parking revenues 19,213 15,228 3,985 Rental revenues 1,568,806 1,260,426 308,380 BMS cleaning fees 149,225 159,903 (10,678) (3) Management and leasing fees 14,680 15,443 (763) Other income 54,975 36,225 18,750 Fee and other income 218,880 211,571 7,309 Total revenues $ 1,787,686 $ 1,471,997 $ 315,689 ____________________ See notes on following page. 3. Revenue Recognition - continued (Amounts in thousands) For the Year Ended December …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment Information The Companys operating segments are based on our method of internal reporting which classifies our operations by geographic area. We aggregate these operating segments into two reportable segments, New York and Other, which is based on similar economic characteristics. Net operating income (NOI) at share represents total revenues less operating expenses, including our share of partially owned entities. The Company's chief operating decision maker (""CODM"") is its Chief Executive Officer, who considers NOI at share to be the measure of segment profit and loss for making decisions on how to allocate resources and assessing the unlevered performance of our segments as it relates to the return on assets as opposed to the levered return on equity. Asset information by segment is not reported as the CODM does not use this measure to assess segment performance or to make resource allocation decisions. Below is a summary of financial information by segment for the years ended December 31, 2025, 2024 and 2023. (Amounts in thousands) For the Year Ended December 31, 2025 Total New York Other Total revenues $ 1,810,425 $ 1,476,522 $ 333,903 Deduct: operating expenses (1) (919,959) (766,758) (153,201) Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (41,882) (13,846) (28,036) Add: NOI from partially owned entities 263,315 253,504 9,811 NOI at share $ 1,111,899 $ 949,422 $ 162,477 (Amounts in thousands) For the Year Ended December 31, …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Shareholders' Equity/Partners' Capital Common Shares (Vornado Realty Trust) As of December 31, 2025, there were 190,666,367 common shares outstanding. During 2025, we paid an aggregate of $141,277,000 of common dividends at an annual rate of $0.74 per share. Class A Units (Vornado Realty L.P.) As of December 31, 2025, there were 190,666,367 Class A units outstanding that were held by Vornado. These units are classified as partners capital on the consolidated balance sheets of the Operating Partnership. As of December 31, 2025, there were 16,650,713 Class A units outstanding, that were held by third parties. These units are classified outside of partners capital as redeemable partnership units on the consolidated balance sheets of the Operating Partnership (see Note 10 Redeemable Noncontrolling Interests ). During 2025, the Operating Partnership paid an aggregate of $141,277,000 of distributions to Vornado at an annual rate of $0.74 per unit. Share Repurchase Program In April 2023, our Board of Trustees authorized a share repurchase plan under which Vornado is authorized to repurchase up to $200,000,000 of its outstanding common shares. To the extent Vornado repurchases any of its common shares, in order to fund the common share repurchase and maintain the one-to-one ratio of the number of Vornado common shares outstanding and the number of Class A units owned by Vornado, the Operating Partnership will repurchase from Vornado an equal number of its Class A units at the same pr …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events 3 East 54th Street On January 7, 2026, we closed on the acquisition of 3 East 54th Street, a demolition-ready asset situated on 18,400 square feet of land, for $141,000,000. We acquired the mortgage on this property in two transactions in 2024 and 2025, and the loan balance has accrued to $107,000,000, including default interest and advances. In connection with the acquisition, the $107,000,000 loan balance 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. 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 current …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

"Commitments and Contingencies Insurance For our properties, we maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which $275,000,000 includes communicable disease coverage and we maintain all risk property and rental value insurance with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as flood and earthquake, excluding communicable disease coverage. Our California properties have earthquake insurance with coverage of $350,000,000 per occurrence and in the aggregate, subject to a deductible in the amount of 5% of the value of the affected property. We maintain coverage for certified terrorism acts with limits of $6.0 billion per occurrence and in the aggregate (as listed below), $1.2 billion for non-certified acts of terrorism, and $5.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (NBCR) terrorism events, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027. Penn Plaza Insurance Company, LLC (PPIC), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for acts of terrorism including NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third-party insuranc …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Senior Unsecured Notes due 2025 We repaid our $450,000,000 3.50% senior unsecured notes on their January 15, 2025 maturity date. 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. 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 replaces the previous $120,000,000 loan that bore interest at SOFR plus 1.50% and was scheduled to mature in August 2025. The following is a summary of our debt: (Amounts in thousands) Weighted Average Interest Rate as of September 30, 2025 (1) Balance as of September 30, 2025 December 31, 2024 Mortgages Payable: Fixed rate (2) 4.53% $ 4,365,000 $ 4,591,400 Variable rate (3) 6.55% (4) 581,492 1,115,776 Total 4.76% 4,946,492 5,707,176 Deferred financing costs, net and other (25,229) (31,162) Total, net $ 4,921,263 $ 5,676,014 Unsecured Debt: Senior unsecured notes 2.73% $ 750,000 $ 1,200,000 Deferred financi …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the three and nine months ended September 30, 2025 and 2024 is set forth in Note 20 - Segment Information. (Amounts in thousands) For the Three Months Ended September 30, 2025 For the Three Months Ended September 30, 2024 Total New York Other Total New York Other Property rentals $ 360,416 $ 291,001 $ 69,415 $ 362,903 $ 294,258 $ 68,645 Trade shows 6,956 6,956 6,789 6,789 Sales-type lease income (1) 2,507 2,507 Lease revenues (2) 369,879 293,508 76,371 369,692 294,258 75,434 Tenant services 14,158 9,364 4,794 13,190 9,300 3,890 Parking revenues 5,060 3,892 1,168 4,588 3,611 977 Rental revenues 389,097 306,764 82,333 387,470 307,169 80,301 BMS cleaning fees 42,530 44,902 (2,372) (3) 37,772 41,007 (3,235) (3) Management and leasing fees 2,998 3,170 (172) 2,841 3,089 (248) Other income 19,075 12,504 6,571 15,172 11,218 3,954 Fee and other income 64,603 60,576 4,027 55,785 55,314 471 Total revenues $ 453,700 $ 367,340 $ 86,360 $ 443,255 $ 362,483 $ 80,772 ____________________ See notes below. (Amounts in thousands) For the Nine Months Ended September 30, 2025 For the Nine Months Ended September 30, 2024 Total New York Other Total New York Other Property rentals $ 1,103,097 $ 894,652 $ 208,445 $ 1,104,972 $ 898,569 $ 206,403 Trade shows 19,807 19,807 19,566 19,566 Sales-type lease income (1) 4,101 4,101 Lease revenues (2) 1,127,005 898,753 228,252 1,124,538 898 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stock-based Compensation Vornados 2023 Omnibus Share Plan provides the Compensation Committee of Vornados Board of Trustees the ability to grant incentive and non-qualified Vornado stock options, restricted Vornado common shares, restricted Operating Partnership units (LTIP Units), out-performance plan awards (OPP Units), appreciation-only long-term incentive plan units (AO LTIP Units), performance conditioned appreciation-only long-term incentive plan units (Performance AO LTIP Units), and long-term performance plan units (LTPP Units) to certain of our employees and officers. Below is a summary of our stock-based compensation expense, a component of general and administrative expense on our consolidated statements of income. (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Performance AO LTIP Units $ 2,660 $ 2,910 $ 8,442 $ 9,853 LTIP Units 2,352 2,796 8,947 10,445 LTPP Units 474 630 1,427 1,889 OPP Units 87 208 298 626 $ 5,573 $ 6,544 $ 19,114 $ 22,813 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Fair Value Measurements ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; Level 2 observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the en …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Recently Issued Accounting Literature In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this standard but do not expect it to have a material impact on our consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (""ASU 2025-01""). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginni …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"Revenue Recognition Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the three and nine months ended September 30, 2025 and 2024 is set forth in Note 20 - Segment Information. (Amounts in thousands) For the Three Months Ended September 30, 2025 For the Three Months Ended September 30, 2024 Total New York Other Total New York Other Property rentals $ 360,416 $ 291,001 $ 69,415 $ 362,903 $ 294,258 $ 68,645 Trade shows 6,956 6,956 6,789 6,789 Sales-type lease income (1) 2,507 2,507 Lease revenues (2) 369,879 293,508 76,371 369,692 294,258 75,434 Tenant services 14,158 9,364 4,794 13,190 9,300 3,890 Parking revenues 5,060 3,892 1,168 4,588 3,611 977 Rental revenues 389,097 306,764 82,333 387,470 307,169 80,301 BMS cleaning fees 42,530 44,902 (2,372) (3) 37,772 41,007 (3,235) (3) Management and leasing fees 2,998 3,170 (172) 2,841 3,089 (248) Other income 19,075 12,504 6,571 15,172 11,218 3,954 Fee and other income 64,603 60,576 4,027 55,785 55,314 471 Total revenues $ 453,700 $ 367,340 $ 86,360 $ 443,255 $ 362,483 $ 80,772 ____________________ See notes below. (Amounts in thousands) For the Nine Months Ended September 30, 2025 For the Nine Months Ended September 30, 2024 Total New York Other Total New York Other Property rentals $ 1,103,097 $ 894,652 $ 208,445 $ 1,104,972 $ 898,569 $ 206,403 Trade shows 19,807 19,807 19,566 19,566 Sales-type lease income (1) 4,101 4,101 Lease revenues (2) 1,127,005 898,753 2 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment Information The Companys operating segments are based on our method of internal reporting which classifies our operations by geographic area. We aggregate these operating segments into two reportable segments, New York and Other, which is based on similar economic characteristics. Net operating income (""NOI"") at share represents total revenues less operating expenses including our share of partially owned entities. The Company's chief operating decision maker (""CODM"") is its Chief Executive Officer, who considers NOI at share to be the measure of segment profit and loss for making decisions on how to allocate resources and assessing the unlevered performance of our segments as it relates to the return on assets as opposed to the levered return on equity. Below is a summary of NOI at share by segment for the three and nine months ended September 30, 2025 and 2024. (Amounts in thousands) For the Three Months Ended September 30, 2025 Total New York Other Total revenues $ 453,700 $ 367,340 $ 86,360 Deduct: operating expenses (1) (241,769) (198,430) (43,339) Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries (10,139) (3,031) (7,108) Add: NOI from partially owned entities 64,884 62,659 2,225 NOI at share $ 266,676 $ 228,538 $ 38,138 (Amounts in thousands) For the Three Months Ended September 30, 2024 Total New York Other Total revenues $ 443,255 $ 362,483 $ 80,772 Deduct: operating expenses (1) (236,149) (194,927) (41,222) Deduct: NOI att …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Shareholders' Equity/Partners' Capital The following table sets forth the details of our dividends/distributions per common share/Class A unit and dividends/distributions per share/unit for each class of preferred shares/units of beneficial interest. (Per share/unit) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units $ $ $ $ Preferred shares/units (1) : Convertible preferred: 6.5% Series A: authorized 9,180 shares/units (2) 0.8125 0.8125 2.4375 2.4375 Cumulative redeemable preferred (3) : 5.40% Series L: authorized 13,800,000 shares/units 0.3375 0.3375 1.0125 1.0125 5.25% Series M: authorized 13,800,000 shares/units 0.3281 0.3281 0.9843 0.9843 5.25% Series N: authorized 12,000,000 shares/units 0.3281 0.3281 0.9843 0.9843 4.45% Series O: authorized 12,000,000 shares/units 0.2781 0.2781 0.8343 0.8343 ____________________ (1) Preferred share dividends/preferred unit distributions are cumulative and are payable quarterly in arrears. (2) Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A preferred share/unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common shares/Class A units per Series A preferred share/unit. (3) Series L and Series M preferred shares/units are r …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing