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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


			For the quarterly period ended:			March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the transition period from:						to


Commission File Number:	001-11954	(Vornado Realty Trust)
Commission File Number:	001-34482	(Vornado Realty L.P.)

Vornado Realty Trust

Vornado Realty L.P.


			(Exact name of registrants as specified in their charter)

Vornado Realty Trust

Maryland

22-1657560

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

Vornado Realty L.P.

Delaware

13-3925979

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)


888 Seventh Avenue,	New York,	New York	10019
(Address of principal executive offices) (Zip Code)


(212)			894-7000
(Registrants’ telephone number, including area code)

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

Registrant

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Vornado Realty Trust

Common Shares of beneficial interest, $.04 par value per share

VNO

New York Stock Exchange

Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share:

Vornado Realty Trust

5.40% Series L

VNO/PL

New York Stock Exchange

Vornado Realty Trust

5.25% Series M

VNO/PM

New York Stock Exchange

Vornado Realty Trust

5.25% Series N

VNO/PN

New York Stock Exchange

Vornado Realty Trust

4.45% Series O

VNO/PO

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Vornado Realty Trust: Yes ☑ No ☐ Vornado Realty L.P.: Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Vornado Realty Trust: Yes ☑ No ☐ Vornado Realty L.P.: Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Vornado Realty Trust:

☑

Large Accelerated Filer

☐

Accelerated Filer

☐

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

Vornado Realty L.P.:

☐

Large Accelerated Filer

☐

Accelerated Filer

☑

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

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

Vornado Realty Trust: ☐ Vornado Realty L.P.: ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Vornado Realty Trust: Yes ☐ No ☑ Vornado Realty L.P.: Yes ☐ No ☑

As of March 31, 2026, 188,097,756 of Vornado Realty Trust’s common shares of beneficial interest are outstanding.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2026 of Vornado Realty Trust and Vornado Realty L.P. Unless stated otherwise or the context otherwise requires, references to “Vornado” refer to Vornado Realty Trust, a Maryland real estate investment trust (“REIT”), and references to the “Operating Partnership” refer to Vornado Realty L.P., a Delaware limited partnership. References to the “Company,” “we,” “us” and “our” mean collectively Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.

The Operating Partnership is the entity through which we conduct substantially all of our business and own, either directly or through subsidiaries, substantially all of our assets. Vornado is the sole general partner and also a 90.9% limited partner of the Operating Partnership. As the sole general partner of the Operating Partnership, Vornado has exclusive control of the Operating Partnership’s day-to-day management.

Under the limited partnership agreement of the Operating Partnership, unitholders may present their Class A units for redemption at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time). Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the distribution to a Class A unitholder is equal to the dividend paid to a Vornado common shareholder. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. Vornado generally expects that it will elect to issue its common shares in connection with each such presentation for redemption rather than having the Operating Partnership pay cash. With each such exchange or redemption, Vornado’s percentage ownership in the Operating Partnership will increase. In addition, whenever Vornado issues common shares other than to acquire Class A units of the Operating Partnership, Vornado must contribute any net proceeds it receives to the Operating Partnership and the Operating Partnership must issue to Vornado an equivalent number of Class A units of the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.

The Company believes that combining the quarterly reports on Form 10-Q of Vornado and the Operating Partnership into this single report provides the following benefits:

•enhances investors’ understanding of Vornado and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•eliminates duplicative disclosure and provides a more streamlined and readable presentation because a substantial portion of the disclosure applies to both Vornado and the Operating Partnership; and

•creates time and cost efficiencies in the preparation of one combined report instead of two separate reports.

The Company believes it is important to understand the few differences between Vornado and the Operating Partnership in the context of how Vornado and the Operating Partnership operate as a consolidated company. The financial results of the Operating Partnership are consolidated into the financial statements of Vornado. Vornado does not have any significant assets, liabilities or operations, other than its investment in the Operating Partnership. The Operating Partnership, not Vornado, generally executes all significant business relationships other than transactions involving the securities of Vornado. The Operating Partnership holds substantially all of the assets of Vornado. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by Vornado, which are contributed to the capital of the Operating Partnership in exchange for Class A units of partnership in the Operating Partnership, and the net proceeds of debt offerings by Vornado, which are contributed to the Operating Partnership in exchange for debt securities of the Operating Partnership, as applicable, the Operating Partnership generates all remaining capital required by the Company’s business. These sources may include working capital, net cash provided by operating activities, borrowings under the revolving credit facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties.

To help investors better understand the key differences between Vornado and the Operating Partnership, certain information for Vornado and the Operating Partnership in this report has been separated, as set forth below:

•Item 1. Financial Statements (unaudited), which includes the following specific disclosures for Vornado Realty Trust and Vornado Realty L.P.:

•Note 9. Redeemable Noncontrolling Interests

•Note 10. Shareholders' Equity/Partners' Capital

•Note 12. (Loss) Income Per Share and Per Class A Unit

•Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable.

This report also includes separate Part I, Item 4. Controls and Procedures and Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections and separate Exhibits 31 and 32 certifications for each of Vornado and the Operating Partnership in order to establish that the requisite certifications have been made and that Vornado and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

PART I.

Financial Information:

Page Number

Item 1.

Financial Statements of Vornado Realty Trust:

Consolidated Balance Sheets (Unaudited) as of March 31, 2026 and December 31, 2025

Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2026 and 2025

Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2026 and 2025

Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2026 and 2025

Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2026 and 2025

Financial Statements of Vornado Realty L.P.:

Consolidated Balance Sheets (Unaudited) as of March 31, 2026 and December 31, 2025

Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2026 and 2025

Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2026 and 2025

Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2026 and 2025

Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2026 and 2025

Vornado Realty Trust and Vornado Realty L.P.:

Notes to Consolidated Financial Statements (Unaudited)

Reports of Independent Registered Public Accounting Firm

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II.

Other Information:

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

VORNADO REALTY TRUST

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(Amounts in thousands, except unit, share, and per share amounts)	As of
	March 31, 2026		December 31, 2025
ASSETS
Real estate, at cost:
Land	$	2,425,240	$	2,408,914
Buildings and improvements	11,076,744		10,942,418
Development costs and construction in progress	946,797		890,143
Leasehold improvements and equipment	108,582		105,080
Total	14,557,363		14,346,555
Less accumulated depreciation and amortization	(4,276,342)		(4,191,075)
Real estate, net	10,281,021		10,155,480
Right-of-use assets	669,685		671,308
Net investment in lease	166,234		166,024
Cash and cash equivalents	1,081,299		840,850
Restricted cash	130,217		136,696

Tenant and other receivables	98,031		77,137
Investments in partially owned entities	1,951,181		1,941,278


Receivable arising from the straight-lining of rents	778,704		752,545
Deferred leasing costs, net of accumulated amortization of $237,704 and $233,448	382,115		374,620
Identified intangible assets, net of accumulated amortization of $83,758 and $81,962	108,702		110,593
Other assets	272,348		294,587
	$	15,919,537	$	15,521,118
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	$	4,915,659	$	4,920,669
Senior unsecured notes, net	1,241,462		747,202
Unsecured term loan, net	839,491		797,337
Unsecured revolving credit facilities	718,000		720,420
Lease liabilities	698,066		699,640
Accounts payable and accrued expenses	367,045		376,190

Deferred compensation plan	112,758		113,778
Other liabilities	317,596		341,359
Total liabilities	9,210,077		8,716,595
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 16,946,794 and 16,650,713 units outstanding	440,447		554,136
Series D cumulative redeemable preferred units - 141,400 units outstanding	3,535		3,535
Total redeemable noncontrolling partnership units	443,982		557,671
Redeemable noncontrolling interest in a consolidated subsidiary	82,706		90,280
Total redeemable noncontrolling interests	526,688		647,951
Shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,788,450 shares	1,182,345		1,182,345
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 188,097,756 and 190,666,367 shares	7,524		7,627
Additional capital	8,407,140		8,288,363
Earnings less than distributions	(3,594,200)		(3,491,603)
Accumulated other comprehensive income (loss)	15,221		(5)
Total shareholders' equity	6,018,030		5,986,727
Noncontrolling interests in consolidated subsidiaries	164,742		169,845
Total equity	6,182,772		6,156,572
	$	15,919,537	$	15,521,118

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


(Amounts in thousands, except per share amounts)	For the Three Months Ended March 31,
	2026		2025
REVENUES:
Rental revenues	$	399,184	$	404,755
Fee and other income	59,921		56,824
Total revenues	459,105		461,579
EXPENSES:
Operating	(246,631)		(224,740)
Depreciation and amortization	(118,528)		(116,155)
General and administrative	(42,245)		(38,597)
(Expense) income from deferred compensation plan liability	(581)		1,089
Transaction related costs and other	(762)		(43)
Total expenses	(408,747)		(378,446)

Income from partially owned entities	12,822		96,977

Interest and other investment income, net	9,327		8,261
Income (expense) from deferred compensation plan assets	581		(1,089)
Interest and debt expense	(89,206)		(95,816)

Net gains on disposition of wholly owned and partially owned assets	—		15,551
(Loss) income before income taxes	(16,118)		107,017
Income tax expense	(5,908)		(7,193)
Net (loss) income	(22,026)		99,824
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	12,690		10,433
Operating Partnership	2,019		(7,889)
Net (loss) income attributable to Vornado	(7,317)		102,368
Preferred share dividends	(15,525)		(15,526)

NET (LOSS) INCOME attributable to common shareholders	$	(22,842)	$	86,842

(LOSS) INCOME PER COMMON SHARE - BASIC:


Net (loss) income per common share	$	(0.12)	$	0.45
Weighted average shares outstanding	189,658		191,371

(LOSS) INCOME PER COMMON SHARE - DILUTED:


Net (loss) income per common share	$	(0.12)	$	0.43
Weighted average shares outstanding	189,682		200,735

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
Net (loss) income	$	(22,026)	$	99,824
Other comprehensive income (loss):
Change in fair value of consolidated interest rate hedges and other	12,406		(26,062)
Other comprehensive income (loss) of nonconsolidated subsidiaries	4,285		(7,583)


Comprehensive (loss) income	(5,335)		66,179
Less comprehensive loss attributable to noncontrolling interests	13,251		5,508
Comprehensive income attributable to Vornado	$	7,916	$	71,687

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)


(Amounts in thousands)											Accumulated Other Comprehensive (Loss) Income		Non-controlling Interests in Consolidated Subsidiaries

	Preferred Shares			Common Shares			Additional Capital		Earnings Less Than Distributions						Total Equity
	Shares	Amount		Shares	Amount
For the Three Months Ended March 31, 2026:
Balance as of December 31, 2025	48,788	$	1,182,345	190,666	$	7,627	$	8,288,363	$	(3,491,603)	$	(5)	$	169,845	$	6,156,572
Net loss attributable to Vornado	—	—		—	—		—		(7,317)		—		—		(7,317)
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	—	—		—	—		—		—		—		(5,116)		(5,116)

Dividends on preferred shares (see Note 10 for dividends per share amounts)	—	—		—	—		—		(15,525)		—		—		(15,525)



Common shares issued upon redemption of Class A units, at redemption value	—	—		177	7		5,269		—		—		—		5,276


Distributions	—	—		—	—		—		—		—		(78)		(78)

Repurchase of common shares	—	—		(2,746)	(110)		—		(79,789)		—		—		(79,899)
Other comprehensive income of nonconsolidated subsidiaries	—	—		—	—		—		—		4,285		—		4,285
Change in fair value of consolidated interest rate hedges and other	—	—		—	—		—		—		12,406		—		12,406
Redeemable Class A unit measurement adjustment	—	—		—	—		113,508		—		(6)		—		113,502
Other comprehensive income attributable to noncontrolling interests in:
Operating Partnership	—	—		—	—		—		—		(1,366)		—		(1,366)
Consolidated subsidiaries	—	—		—	—		—		—		(92)		92		—
Other	—	—		1	—		—		34		(1)		(1)		32
Balance as of March 31, 2026	48,788	$	1,182,345	188,098	$	7,524	$	8,407,140	$	(3,594,200)	$	15,221	$	164,742	$	6,182,772



	Preferred Shares			Common Shares			Additional Capital		Earnings Less Than Distributions		Accumulated Other Comprehensive Income		Non-controlling Interests in Consolidated Subsidiaries		Total Equity
	Shares	Amount		Shares	Amount
For the Three Months Ended March 31, 2025:
Balance as of December 31, 2024	48,789	$	1,182,364	190,847	$	7,634	$	8,052,793	$	(4,142,249)	$	57,700	$	178,969	$	5,337,211
Net income attributable to Vornado	—	—		—	—		—		102,368		—		—		102,368
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	—	—		—	—		—		—		—		(3,001)		(3,001)

Dividends on preferred shares (see Note 10 for dividends per share amounts)	—	—		—	—		—		(15,526)		—		—		(15,526)
Common shares issued:
Upon redemption of Class A units, at redemption value	—	—		1,101	44		45,107		—		—		—		45,151
Under employees’ share option plan	—	—		1	—		36		—		—		—		36
Contributions	—	—		—	—		—		—		—		53		53
Distributions	—	—		—	—		—		—		—		(9)		(9)


Other comprehensive loss of nonconsolidated subsidiaries	—	—		—	—		—		—		(7,583)		—		(7,583)
Change in fair value of consolidated interest rate hedges and other	—	—		—	—		—		—		(26,062)		—		(26,062)
Redeemable Class A unit measurement adjustment	—	—		—	—		54,571		—		(36)		—		54,535
Other comprehensive loss attributable to noncontrolling interests in:
Operating Partnership	—	—		—	—		—		—		2,777		—		2,777
Consolidated subsidiaries	—	—		—	—		—		—		187		(187)		—
Other	—	—		—	—		—		(8)		1		26		19
Balance as of March 31, 2025	48,789	$	1,182,364	191,949	$	7,678	$	8,152,507	$	(4,055,415)	$	26,984	$	175,851	$	5,489,969

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
Cash Flows from Operating Activities:
Net (loss) income	$	(22,026)	$	99,824
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	124,083		121,265
Straight-lining of rents	(26,210)		(4,299)
Distributions of income from partially owned entities	23,710		28,382
Equity in net income of partially owned entities	(12,822)		(96,977)
Stock-based compensation expense	5,655		6,022
Change in deferred tax liability	2,989		3,084
Amortization of below-market leases, net	(101)		(88)
Amortization of interest rate cap premiums	62		7,726
Net gains on disposition of wholly owned and partially owned assets	—		(15,551)
Other non-cash adjustments	4,242		5,011
Changes in operating assets and liabilities:
Tenant and other receivables	(22,830)		(13,424)
Prepaid assets	(64,575)		(53,578)
Other assets	18,618		(38,234)
Lease liabilities	(1,574)		(15,636)
Accounts payable and accrued expenses	18,091		19,567
Other liabilities	435		(1,060)
Net cash provided by operating activities	47,747		52,034

Cash Flows from Investing Activities:
Acquisitions of real estate and other	(171,840)		—
Proceeds from repayment of loan receivable	85,000		—
Additions to real estate	(65,989)		(42,192)
Investments in partially owned entities	(41,163)		(12,284)
Development costs and construction in progress	(36,284)		(40,934)
Distributions of capital from partially owned entities	350		—
Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity	—		342,000
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South	—		24,713
Proceeds from sales of real estate and other	—		4,198
Net cash (used in) provided by investing activities	(229,926)		275,501

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED

(UNAUDITED)


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
Cash Flows from Financing Activities:
Proceeds from borrowings	$	1,514,781	$	120,000
Repayments of borrowings	(968,081)		(574,368)
Repurchase of common shares	(79,899)		—
Deferred financing costs	(35,137)		—
Dividends paid on preferred shares	(15,525)		(15,526)
Distributions to noncontrolling interests	(107)		(504)
Contributions from noncontrolling interests	—		53
Other financing activity, net	117		79
Net cash provided by (used in) financing activities	416,149		(470,266)
Net increase (decrease) in cash and cash equivalents and restricted cash	233,970		(142,731)
Cash and cash equivalents and restricted cash at beginning of period	977,546		949,619
Cash and cash equivalents and restricted cash at end of period	$	1,211,516	$	806,888

Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	$	840,850	$	733,947
Restricted cash at beginning of period	136,696		215,672
Cash and cash equivalents and restricted cash at beginning of period	$	977,546	$	949,619

Cash and cash equivalents at end of period	$	1,081,299	$	568,861
Restricted cash at end of period	130,217		238,027
Cash and cash equivalents and restricted cash at end of period	$	1,211,516	$	806,888

Supplemental Disclosure of Cash Flow Information:
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums	$	69,255	$	83,422
Cash payments for income taxes	$	2,643	$	1,800

Non-Cash Information:
Redeemable Class A unit measurement adjustment	$	113,502	$	54,535
Write-off of fully depreciated assets	(22,853)		(23,280)
Accrued capital expenditures included in accounts payable and accrued expenses	18,507		22,890
Change in fair value of consolidated interest rate hedges and other	12,406		(26,062)

See notes to consolidated financial statements (unaudited).

VORNADO REALTY L.P.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(Amounts in thousands, except unit amounts)	As of
	March 31, 2026		December 31, 2025
ASSETS
Real estate, at cost:
Land	$	2,425,240	$	2,408,914
Buildings and improvements	11,076,744		10,942,418
Development costs and construction in progress	946,797		890,143
Leasehold improvements and equipment	108,582		105,080
Total	14,557,363		14,346,555
Less accumulated depreciation and amortization	(4,276,342)		(4,191,075)
Real estate, net	10,281,021		10,155,480
Right-of-use assets	669,685		671,308
Net investment in lease	166,234		166,024
Cash and cash equivalents	1,081,299		840,850
Restricted cash	130,217		136,696
Tenant and other receivables	98,031		77,137
Investments in partially owned entities	1,951,181		1,941,278


Receivable arising from the straight-lining of rents	778,704		752,545
Deferred leasing costs, net of accumulated amortization of $237,704 and $233,448	382,115		374,620
Identified intangible assets, net of accumulated amortization of $83,758 and $81,962	108,702		110,593
Other assets	272,348		294,587
	$	15,919,537	$	15,521,118
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	$	4,915,659	$	4,920,669
Senior unsecured notes, net	1,241,462		747,202
Unsecured term loan, net	839,491		797,337
Unsecured revolving credit facilities	718,000		720,420
Lease liabilities	698,066		699,640
Accounts payable and accrued expenses	367,045		376,190

Deferred compensation plan	112,758		113,778
Other liabilities	317,596		341,359
Total liabilities	9,210,077		8,716,595
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 16,946,794 and 16,650,713 units outstanding	440,447		554,136
Series D cumulative redeemable preferred units - 141,400 units outstanding	3,535		3,535
Total redeemable noncontrolling partnership units	443,982		557,671
Redeemable noncontrolling interest in a consolidated subsidiary	82,706		90,280
Total redeemable noncontrolling interests	526,688		647,951
Partners' equity:
Partners' capital	9,597,009		9,478,335
Earnings less than distributions	(3,594,200)		(3,491,603)
Accumulated other comprehensive income (loss)	15,221		(5)
Total partners' equity	6,018,030		5,986,727
Noncontrolling interests in consolidated subsidiaries	164,742		169,845
Total equity	6,182,772		6,156,572
	$	15,919,537	$	15,521,118

See notes to consolidated financial statements (unaudited).

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


(Amounts in thousands, except per unit amounts)	For the Three Months Ended March 31,
	2026		2025
REVENUES:
Rental revenues	$	399,184	$	404,755
Fee and other income	59,921		56,824
Total revenues	459,105		461,579
EXPENSES:
Operating	(246,631)		(224,740)
Depreciation and amortization	(118,528)		(116,155)
General and administrative	(42,245)		(38,597)
(Expense) income from deferred compensation plan liability	(581)		1,089
Transaction related costs and other	(762)		(43)
Total expenses	(408,747)		(378,446)

Income from partially owned entities	12,822		96,977

Interest and other investment income, net	9,327		8,261
Income (expense) from deferred compensation plan assets	581		(1,089)
Interest and debt expense	(89,206)		(95,816)

Net gains on disposition of wholly owned and partially owned assets	—		15,551
(Loss) income before income taxes	(16,118)		107,017
Income tax expense	(5,908)		(7,193)
Net (loss) income	(22,026)		99,824
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	12,690		10,433
Net (loss) income attributable to Vornado Realty L.P.	(9,336)		110,257
Preferred unit distributions	(15,554)		(15,555)

NET (LOSS) INCOME attributable to Class A unitholders	$	(24,890)	$	94,702

(LOSS) INCOME PER CLASS A UNIT - BASIC:


Net (loss) income per Class A unit	$	(0.12)	$	0.45
Weighted average units outstanding	204,409		205,761

(LOSS) INCOME PER CLASS A UNIT - DILUTED:


Net (loss) income per Class A unit	$	(0.12)	$	0.44
Weighted average units outstanding	204,433		215,125

See notes to consolidated financial statements (unaudited).

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
Net (loss) income	$	(22,026)	$	99,824
Other comprehensive income (loss):
Change in fair value of consolidated interest rate hedges and other	12,406		(26,062)
Other comprehensive income (loss) of nonconsolidated subsidiaries	4,285		(7,583)


Comprehensive (loss) income	(5,335)		66,179
Less comprehensive loss attributable to noncontrolling interests in consolidated subsidiaries	12,598		10,620
Comprehensive income attributable to Vornado Realty L.P.	$	7,263	$	76,799

See notes to consolidated financial statements (unaudited).

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)


(Amounts in thousands)									Accumulated Other Comprehensive (Loss) Income		Non-controlling Interests in Consolidated Subsidiaries
	Preferred Units			Class A Units Owned by Vornado			Earnings Less Than Distributions						Total Equity
	Units	Amount		Units	Amount
For the Three Months Ended March 31, 2026:
Balance as of December 31, 2025	48,788	$	1,182,345	190,666	$	8,295,990	$	(3,491,603)	$	(5)	$	169,845	$	6,156,572
Net loss attributable to Vornado Realty L.P.	—	—		—	—		(9,336)		—		—		(9,336)
Net loss attributable to redeemable partnership units	—	—		—	—		2,019		—		—		2,019
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	—	—		—	—		—		—		(5,116)		(5,116)

Distributions to preferred unitholders (see Note 10 for distributions per unit amounts)	—	—		—	—		(15,525)		—		—		(15,525)

Class A units issued to Vornado upon redemption of redeemable Class A units, at redemption value	—	—		177	5,276		—		—		—		5,276


Distributions	—	—		—	—		—		—		(78)		(78)

Repurchase of Class A units owned by Vornado	—	—		(2,746)	(110)		(79,789)		—		—		(79,899)
Other comprehensive income of nonconsolidated subsidiaries	—	—		—	—		—		4,285		—		4,285
Change in fair value of consolidated interest rate hedges and other	—	—		—	—		—		12,406		—		12,406
Redeemable Class A unit measurement adjustment	—	—		—	113,508		—		(6)		—		113,502
Other comprehensive income attributable to noncontrolling interests:
Redeemable partnership units	—	—		—	—		—		(1,366)		—		(1,366)
Consolidated subsidiaries	—	—		—	—		—		(92)		92		—
Other	—	—		1	—		34		(1)		(1)		32
Balance as of March 31, 2026	48,788	$	1,182,345	188,098	$	8,414,664	$	(3,594,200)	$	15,221	$	164,742	$	6,182,772



	Preferred Units			Class A Units Owned by Vornado			Earnings Less Than Distributions		Accumulated Other Comprehensive Income		Non-controlling Interests in Consolidated Subsidiaries		Total Equity
	Units	Amount		Units	Amount
For the Three Months Ended March 31, 2025:
Balance as of December 31, 2024	48,789	$	1,182,364	190,847	$	8,060,427	$	(4,142,249)	$	57,700	$	178,969	$	5,337,211
Net income attributable to Vornado Realty L.P.	—	—		—	—		110,257		—		—		110,257
Net income attributable to redeemable partnership units	—	—		—	—		(7,889)		—		—		(7,889)
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries	—	—		—	—		—		—		(3,001)		(3,001)

Distributions to preferred unitholders (see Note 10 for distributions per unit amounts)	—	—		—	—		(15,526)		—		—		(15,526)

Class A units issued to Vornado:
Upon redemption of redeemable Class A units, at redemption value	—	—		1,101	45,151		—		—		—		45,151
Under Vornado's employees’ share option plan	—	—		1	36		—		—		—		36
Contributions	—	—		—	—		—		—		53		53
Distributions	—	—		—	—		—		—		(9)		(9)


Other comprehensive loss of nonconsolidated subsidiaries	—	—		—	—		—		(7,583)		—		(7,583)
Change in fair value of consolidated interest rate hedges and other	—	—		—	—		—		(26,062)		—		(26,062)
Redeemable Class A unit measurement adjustment	—	—		—	54,571		—		(36)		—		54,535

Other comprehensive loss attributable to noncontrolling interests:
Redeemable partnership units	—	—		—	—		—		2,777		—		2,777
Consolidated subsidiaries	—	—		—	—		—		187		(187)		—
Other	—	—		—	—		(8)		1		26		19
Balance as of March 31, 2025	48,789	$	1,182,364	191,949	$	8,160,185	$	(4,055,415)	$	26,984	$	175,851	$	5,489,969

See notes to consolidated financial statements (unaudited).

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
Cash Flows from Operating Activities:
Net (loss) income	$	(22,026)	$	99,824
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	124,083		121,265
Straight-lining of rents	(26,210)		(4,299)
Distributions of income from partially owned entities	23,710		28,382
Equity in net income of partially owned entities	(12,822)		(96,977)
Stock-based compensation expense	5,655		6,022
Change in deferred tax liability	2,989		3,084
Amortization of below-market leases, net	(101)		(88)
Amortization of interest rate cap premiums	62		7,726
Net gains on disposition of wholly owned and partially owned assets	—		(15,551)
Other non-cash adjustments	4,242		5,011
Changes in operating assets and liabilities:
Tenant and other receivables	(22,830)		(13,424)
Prepaid assets	(64,575)		(53,578)
Other assets	18,618		(38,234)
Lease liabilities	(1,574)		(15,636)
Accounts payable and accrued expenses	18,091		19,567
Other liabilities	435		(1,060)
Net cash provided by operating activities	47,747		52,034

Cash Flows from Investing Activities:
Acquisitions of real estate and other	(171,840)		—
Proceeds from repayment of loan receivable	85,000		—
Additions to real estate	(65,989)		(42,192)
Investments in partially owned entities	(41,163)		(12,284)
Development costs and construction in progress	(36,284)		(40,934)
Distributions of capital from partially owned entities	350		—
Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity	—		342,000
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South	—		24,713
Proceeds from sales of real estate and other	—		4,198
Net cash (used in) provided by investing activities	(229,926)		275,501

See notes to consolidated financial statements (unaudited).

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED

(UNAUDITED)


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
Cash Flows from Financing Activities:
Proceeds from borrowings	$	1,514,781	$	120,000
Repayments of borrowings	(968,081)		(574,368)
Repurchase of Class A units owned by Vornado	(79,899)		—
Deferred financing costs	(35,137)		—
Distributions to preferred unitholders	(15,525)		(15,526)
Distributions to redeemable security holders and noncontrolling interests in consolidated subsidiaries	(107)		(504)
Contributions from noncontrolling interests in consolidated subsidiaries	—		53
Other financing activity, net	117		79
Net cash provided by (used in) financing activities	416,149		(470,266)
Net increase (decrease) in cash and cash equivalents and restricted cash	233,970		(142,731)
Cash and cash equivalents and restricted cash at beginning of period	977,546		949,619
Cash and cash equivalents and restricted cash at end of period	$	1,211,516	$	806,888

Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period	$	840,850	$	733,947
Restricted cash at beginning of period	136,696		215,672
Cash and cash equivalents and restricted cash at beginning of period	$	977,546	$	949,619

Cash and cash equivalents at end of period	$	1,081,299	$	568,861
Restricted cash at end of period	130,217		238,027
Cash and cash equivalents and restricted cash at end of period	$	1,211,516	$	806,888

Supplemental Disclosure of Cash Flow Information:
Cash payments for interest (excluding capitalized interest) and interest rate cap premiums	$	69,255	$	83,422
Cash payments for income taxes	$	2,643	$	1,800

Non-Cash Information:
Redeemable Class A unit measurement adjustment	$	113,502	$	54,535
Write-off of fully depreciated assets	(22,853)		(23,280)
Accrued capital expenditures included in accounts payable and accrued expenses	18,507		22,890
Change in fair value of consolidated interest rate hedges and other	12,406		(26,062)

See notes to consolidated financial statements (unaudited).

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. Organization

Vornado Realty Trust (“Vornado”) is a fully-integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P. (the “Operating Partnership”), a Delaware limited partnership. Vornado is the sole general partner of and owned approximately 90.9% of the common limited partnership interest in the Operating Partnership as of March 31, 2026. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.

2. Basis of Presentation

The accompanying consolidated financial statements are unaudited and include the accounts of Vornado and the Operating Partnership and their consolidated subsidiaries. All adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC.

We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results for the full year. In addition, certain prior year balances have been reclassified in order to conform to the current period presentation.

During the first quarter of 2026, the Company reclassified certain properties to our Other segment to align with changes in internal reporting used by the chief operating decision maker ("CODM") for assessing performance and allocating resources. Prior period segment disclosures have been recast to conform to the current presentation. These changes primarily impacted Note 4 - Revenue Recognition and Note 18 - Segment Information.

3. Recently Issued Accounting Literature

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 evaluating the impact of these standards on our consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). This ASU updates the cost capitalization threshold for internal-use software development costs by removing all references to software project development stages and providing new guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. ASU 2025-06 is effective for all entities for annual reporting periods beginning after December 15, 2027, with early adoption permitted. Entities may apply the guidance prospectively, retrospectively, or via a modified prospective transition method. We are currently evaluating the impact of this standard on our consolidated financial statements.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements ("ASU 2025-09"). This ASU amends the existing requirements to allow individual forecasted transactions to be hedged in a group if they have similar risk exposure and introduces an alternative model for the application of hedge accounting to cash flow hedges of forecasted interest payments on choose-your-rate ("CYR") debt instruments. Further, the ASU permits an entity to designate a variable price component of a forecasted purchase or sale of a nonfinancial asset if the component is clearly and closely related to the nonfinancial asset being purchased or sold. ASU 2025-09 is effective for all entities for annual reporting periods beginning after December 15, 2026, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

4. Revenue Recognition

Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the three months ended March 31, 2026 and 2025 is set forth in Note 18 - Segment Information.


(Amounts in thousands)	For the Three Months Ended March 31, 2026							For the Three Months Ended March 31, 2025
	Total		New York(1)		Other(1)			Total		New York(1)		Other(1)
Property rentals	$	373,355	$	305,523	$	67,832		$	382,514	$	310,688	$	71,826
Trade shows	6,602		—		6,602			6,436		—		6,436
Sales-type lease income	2,530		2,530		—			—		—		—
Lease revenues(2)	382,487		308,053		74,434			388,950		310,688		78,262
Tenant services	11,532		8,464		3,068			10,935		8,160		2,775
Parking revenues	5,165		4,028		1,137			4,870		3,824		1,046
Rental revenues	399,184		320,545		78,639			404,755		322,672		82,083
BMS cleaning fees	39,343		42,069		(2,726)		(3)	36,476		38,496		(2,020)		(3)
Management and leasing fees	2,715		2,922		(207)			3,030		3,205		(175)
Other income	17,863		11,950		5,913			17,318		10,173		7,145
Fee and other income	59,921		56,941		2,980			56,824		51,874		4,950
Total revenues	$	459,105	$	377,486	$	81,619		$	461,579	$	374,546	$	87,033

____________________

(1)We have recast certain prior period disclosures to reflect changes to the property composition of our reportable segments. See Note 2 - Basis of Presentation for additional information.

(2)The components of lease revenues were as follows:


	For the Three Months Ended March 31,
	2026		2025
Fixed billings	$	340,640	$	348,581
Variable billings	39,317		40,369
Total contractual operating lease billings	379,957		388,950
Sales-type lease income	2,530		—

Lease revenues	$	382,487	$	388,950

(3)Represents the elimination of Building Maintenance Services LLC ("BMS") cleaning fees related to THE MART and 555 California Street which are included as income in the New York segment.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

5. Investments in Partially Owned Entities

Fifth Avenue and Times Square JV

As of March 31, 2026, we own a 51.5% common interest in a joint venture ("Fifth Avenue and Times Square JV") which owns interests in properties located at 640 Fifth Avenue, 655 Fifth Avenue, 666 Fifth Avenue, 689 Fifth Avenue, 697-703 Fifth Avenue, 1535 Broadway and 1540 Broadway (collectively, the "Properties"). The remaining 48.5% common interest in the joint venture is owned by a group of institutional investors (the "Investors"). Our 51.5% common interest in the joint venture represents an effective 51.0% interest in the Properties. The 48.5% common interest in the joint venture owned by the Investors represents an effective 47.2% interest in the Properties. We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and other agreements.

We also own $1.079 billion aggregate liquidation preference of preferred equity interests in certain of the properties. The preferred equity has an annual coupon of 4.75% through April 2029, and will then be based on a formulaic rate. It can be redeemed under certain conditions on a tax deferred basis.

As of March 31, 2026, the carrying amount of our investment in the joint venture was less than our share of the equity in the net assets of the joint venture by approximately $705,161,000, the basis difference primarily resulting from non-cash impairment losses recognized in prior periods. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Fifth Avenue and Times Square JV’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as a reduction to depreciation expense over their estimated useful lives.

Alexander's, Inc. ("Alexander's") (NYSE: ALX)

As of March 31, 2026, we own 1,654,068 Alexander’s common shares, or approximately 32.4% of Alexander’s common equity. We manage, develop and lease Alexander’s properties pursuant to agreements which expire in March of each year and are automatically renewable. In addition, wholly owned subsidiaries of Vornado provide cleaning, engineering, security, and garage management services to certain Alexander’s properties.

As of March 31, 2026, the market value ("fair value" pursuant to ASC Topic 820, Fair Value Measurements ("ASC 820")) of our investment in Alexander’s, based on Alexander’s March 31, 2026 closing share price of $236.20, was $390,691,000, or $349,206,000 in excess of the carrying amount on our consolidated balance sheets. As of March 31, 2026, the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeded our share of the equity in the net assets of Alexander’s by approximately $29,077,000. The majority of this basis difference resulted from the excess of our purchase price for the Alexander’s common stock acquired over the book value of Alexander’s net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Alexander’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not material to our share of equity in Alexander’s net income.

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

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.

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.

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.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

5. Investments in Partially Owned Entities - continued

Below is a schedule summarizing our investments in partially owned entities.


(Amounts in thousands)	Percentage Ownership as of March 31, 2026	Balance as of
		March 31, 2026		December 31, 2025
Investments:
Fifth Avenue and Times Square JV (see page 20 for details)	51.5%	$	1,535,921	$	1,538,141
Partially owned office buildings/land(1)	Various	166,326		148,958
Alexander's (see page 20 for details):	32.4%	41,485		47,276
Other investments(2)	Various	207,449		206,903
		$	1,951,181	$	1,941,278
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street	53.0%	$	(40,846)	$	(65,726)
85 Tenth Avenue	49.9%	(26,218)		(25,198)
		$	(67,064)	$	(90,924)

____________________

(1)Includes interests in 280 Park Avenue, 61 Ninth Avenue and others.

(2)Includes interests in Independence Plaza, Sunset Pier 94 Joint Venture (“Pier 94 JV”), Rosslyn Plaza and others.

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

Below is a schedule of income from partially owned entities.


(Amounts in thousands)	Percentage Ownership as of March 31, 2026	For the Three Months Ended March 31,
		2026		2025
Our share of net income (loss):
Fifth Avenue and Times Square JV (see page 20 for details):

Equity in net income	51.5%	$	4,323	$	5,837
Return on preferred equity, net of our share of the expense		6,105		8,543
Net gain on sale		—		76,162
		10,428		90,542
Alexander's (see page 20 for details):
Equity in net income	32.4%	1,455		3,923
Management, leasing and development fees		1,245		1,633

		2,700		5,556

Partially owned office buildings(1)	Various	(2,835)		(3,622)

Other investments(2)	Various	2,529		4,501

		$	12,822	$	96,977

____________________

(1)Includes interests in 280 Park Avenue, 7 West 34th Street, 61 Ninth Avenue, 85 Tenth Avenue and others.

(2)Includes interests in Independence Plaza, Pier 94 JV, Rosslyn Plaza and others.

6. 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, which is included in “Development costs and construction in progress” on our consolidated balance sheets. 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.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

7. Identified Intangible Assets and Liabilities

The following summarizes our identified intangible assets (primarily in-place and above-market leases) and liabilities (primarily below-market leases).


(Amounts in thousands)	Balance as of
	March 31, 2026		December 31, 2025
Identified intangible assets:
Gross amount	$	192,460	$	192,555
Accumulated amortization	(83,758)		(81,962)
Total, net	$	108,702	$	110,593
Identified intangible liabilities (included in other liabilities):
Gross amount	$	134,499	$	134,499
Accumulated amortization	(113,844)		(113,271)
Total, net	$	20,655	$	21,228

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of $101,000 and $88,000 for the three months ended March 31, 2026 and 2025, respectively.

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1,419,000 and $1,451,000 for the three months ended March 31, 2026 and 2025, respectively.

8. Debt

888 Seventh Avenue

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

2031 Revolving Credit Facility

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

2029 Revolving Credit Facility

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

Unsecured Term Loan

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

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.

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.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

8. Debt - continued

350 Park Avenue

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

The following is a summary of our debt:


(Amounts in thousands)	Weighted Average Interest Rate as of March 31, 2026(1)			Balance as of
				March 31, 2026		December 31, 2025
Mortgages Payable:
Fixed rate(2)		5.14%		$	3,415,000	$	3,415,000
Variable rate(3)		5.61%	(4)	1,529,037		1,529,037
Total		5.28%		4,944,037		4,944,037
Deferred financing costs, net and other				(28,378)		(23,368)
Total, net				$	4,915,659	$	4,920,669
Unsecured Debt:
Senior unsecured notes		3.94%		$	1,250,000	$	750,000
Deferred financing costs, net and other				(8,538)		(2,798)
Senior unsecured notes, net				1,241,462		747,202

Unsecured term loan		4.25%		850,000		800,000
Deferred financing costs, net and other				(10,509)		(2,663)
Unsecured term loan, net				839,491		797,337

Unsecured revolving credit facilities		3.96%		718,000		720,420

Total, net				$	2,798,953	$	2,264,959

_____________________________

(1)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 Note 14 - Fair Value Measurements for further information on our consolidated hedging instruments.

(2)Includes variable rate mortgages with interest rates fixed by interest rate swap arrangements.

(3)Includes variable rate mortgages subject to interest rate cap arrangements. As of March 31, 2026, $1,210,000 of our variable rate debt is subject to interest rate cap arrangements, of which $645,000 is attributable to noncontrolling interests. The interest rate cap arrangements have a weighted average SOFR strike rate of 4.48% and a weighted average remaining term of six months.

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

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

9. Redeemable Noncontrolling Interests

Redeemable Noncontrolling Partnership Units

Redeemable noncontrolling partnership units are primarily comprised of Class A Operating Partnership units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and a distribution made to a Class A unitholder is equal to the dividend paid to a Vornado common shareholder.

Below is a table summarizing the activity of redeemable noncontrolling partnership units.


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
Beginning balance	$	557,671	$	711,943
Net (loss) income	(2,019)		7,889
Other comprehensive income (loss)	1,366		(2,777)
Distributions	(29)		(493)
Redemption of Class A units for Vornado common shares, at redemption value	(5,276)		(45,151)
Redeemable Class A unit measurement adjustment	(113,502)		(54,535)
Other, net	5,771		6,065
Ending balance	$	443,982	$	622,941

As of March 31, 2026 and December 31, 2025, the aggregate redemption value of redeemable Class A units of the Operating Partnership, which are those units held by third parties, was $440,447,000 and $554,136,000, respectively, based on Vornado’s quarter-end closing common share price.

Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing Liabilities and Equity. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $49,372,000 and $49,465,000 as of March 31, 2026 and December 31, 2025, respectively. Changes in the value from period to period, if any, are charged to “interest and debt expense” on our consolidated statements of income.

Redeemable Noncontrolling Interest in a Consolidated Subsidiary

A consolidated joint venture, in which we hold a 95% interest, developed and owns the Farley Building. As of March 31, 2026, a historic tax credit investor (the "Tax Credit Investor") has funded $209,661,000 of capital contributions in connection with the Farley Building development.

The arrangement includes a put option whereby the joint venture may be obligated to purchase the Tax Credit Investor’s ownership interest in the Farley Building at a future date. The put price is calculated based on a pre-determined formula. As exercise of the put option is outside of the joint venture’s control, the Tax Credit Investor’s interest, together with the put option, have been recorded to “redeemable noncontrolling interest in a consolidated subsidiary” on our consolidated balance sheets. The redeemable noncontrolling interest is recorded at the greater of the carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’ capital” on the consolidated balance sheets of the Operating Partnership. There was no adjustment required for the three months ended March 31, 2026 and 2025.

Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary.


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
Beginning balance	$	90,280	$	122,715
Net loss	(7,574)		(7,432)


Ending balance	$	82,706	$	115,283

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

10. 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 March 31,
	2026		2025
Common shares/Class A units held by Vornado: authorized 250,000,000 shares/units	$	—	$	—
Preferred shares/units(1):
Convertible preferred:
6.50% Series A: authorized 8,450 and 9,180 shares/units(2)	0.8125		0.8125
Cumulative redeemable preferred(3):
5.40% Series L: authorized 13,800,000 shares/units	0.3375		0.3375
5.25% Series M: authorized 13,800,000 shares/units	0.3281		0.3281
5.25% Series N: authorized 12,000,000 shares/units	0.3281		0.3281
4.45% Series O: authorized 12,000,000 shares/units	0.2781		0.2781

__________________________

(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, Series M, and Series N preferred shares/units are redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/distributions through the date of redemption. Series O preferred shares/units are redeemable commencing September 2026 at a redemption price of $25.00 per share/unit.

We anticipate that we will pay a common share dividend for 2026 in December, subject to approval by our Board of Trustees.

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 price.

Share repurchases may be made from time to time in the open market, through privately negotiated transactions or through other means as permitted by federal securities laws, including through block trades, accelerated share repurchase transactions and/or trading plans intended to qualify under Rule 10b5-1. The timing, manner, price and amount of any repurchases will be determined in Vornado’s discretion depending on business, economic and market conditions, corporate and regulatory requirements, prevailing prices for Vornado’s common shares, alternative uses for capital and other considerations. The plan does not have an expiration date and may be suspended or discontinued at any time and does not obligate Vornado to make any repurchases of its common shares.

During the three months ended March 31, 2026, Vornado repurchased 2,745,713 common shares for $79,844,000 at an average price per share of $29.08. The Operating Partnership repurchased Class A units from Vornado equivalent to the number and price of common shares repurchased by Vornado. As of March 31, 2026, $40,051,000 remained available for repurchase under the plan.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

11. Stock-based Compensation

Vornado’s 2023 Omnibus Share Plan provides the Compensation Committee of Vornado’s 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.

LTPP Units

LTPP Units are multi-year, LTIP units-based performance equity compensation plans. On March 2, 2026, the Compensation Committee approved the 2026 Long-Term Performance Plan (“2026 LTPP”). Awards under the 2026 LTPP are bifurcated between operational performance (75%) and relative performance (25%) measurements and may be earned at specified threshold, target and maximum levels.

The operational component awards may be earned based on Vornado’s 2027 operational performance in FFO, as adjusted per share. Any LTPP award units tentatively earned based on Vornado’s 2027 operational performance are subject to an absolute return modifier pursuant to which such award units are subject to a potential reduction (but not increase) of up to 30% if Vornado’s three-year total shareholder return (“TSR”) is below specified levels.

Awards under relative components may be earned based on Vornado’s three-year TSR measured against a peer group custom index. Awards earned under the relative component of the 2026 LTPP are subject to reductions of up to 30% if Vornado’s three-year TSR is below specified levels.

If the designated performance objectives are achieved, awards earned under 2026 LTPP will vest 50% in March 2029 and 50% in March 2030. In addition, the Chief Executive Officer is required to hold any earned and vested awards for three years following each such vesting date and all other award recipients are required to hold such awards for one year following each such vesting date. Dividends on awards granted under the 2026 LTPP accrue during the applicable performance period and are paid to participants if awards are ultimately earned based on the achievement of the designated performance objectives.

LTPP Units granted during the three months ended March 31, 2026 had a grant date fair value of $18,711,000.

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 March 31,
	2026		2025
Performance AO LTIP Units	$	2,748	$	2,876
LTIP Units	2,260		2,537
LTPP Units	636		484
OPP Units	11		125

	$	5,655	$	6,022

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

12. (Loss) Income Per Share and Per Class A Unit

Vornado Realty Trust

Basic net (loss) income per common share is computed by dividing (i) net (loss) income attributable to common shareholders after allocation of dividends and undistributed earnings to participating securities by (ii) the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the dilutive impact of potential common shares and is computed after allocation of earnings to participating securities. Vornado’s participating securities include unvested restricted common shares. Employee stock options, OPP Units, AO LTIP Units, Performance AO LTIP Units and LTPP Units are included in the calculation of diluted (loss) income per share using the treasury stock method, if the effect is dilutive. Series A convertible preferred shares, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units are included in the calculation of diluted (loss) income per share using the if-converted method, if the effect is dilutive. Net (loss) income is allocated to redeemable Class A units of the Operating Partnership on a one-for-one basis with Vornado common shares. As such, redemption of these units for Vornado common shares would not have a dilutive effect on (loss) income per common share.


(Amounts in thousands, except per share amounts)	For the Three Months Ended March 31,
	2026		2025
Numerator:


Net (loss) income attributable to Vornado	$	(7,317)	$	102,368
Preferred share dividends	(15,525)		(15,526)

Net (loss) income attributable to common shareholders	(22,842)		86,842
Distributions and earnings allocated to unvested participating securities	—		—
Numerator for basic (loss) income per common share	(22,842)		86,842
Impact of assumed conversion of dilutive convertible securities	(74)		283
Numerator for diluted (loss) income per common share	$	(22,916)	$	87,125

Denominator:
Denominator for basic (loss) income per common share - weighted average shares	189,658		191,371
Effect of dilutive securities(1):
Share-based payment awards	—		8,161
Convertible securities	24		1,203
Denominator for diluted (loss) income per common share - weighted average shares and assumed conversions	189,682		200,735

(LOSS) INCOME PER COMMON SHARE:
Basic	$	(0.12)	$	0.45
Diluted	$	(0.12)	$	0.43

________________________

(1)The calculation of diluted (loss) income per common share for the three months ended March 31, 2026 and 2025 excluded weighted average potential common shares of 7,796 and 49, respectively, as their effect was antidilutive.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

12. (Loss) Income Per Share and Per Class A Unit - continued

Vornado Realty L.P.

Basic net (loss) income per Class A unit is computed by dividing (i) net (loss) income attributable to Class A unitholders after allocation of distributions and undistributed earnings to participating securities by (ii) the weighted average number of Class A units outstanding for the period. Diluted earnings per unit reflects the dilutive impact of potential Class A units and is computed after allocation of earnings to participating securities. Vornado Realty L.P.’s participating securities include unvested LTIP Units and LTPP Units for which the applicable performance vesting conditions were satisfied. Equity awards subject to market and/or performance vesting conditions, including Vornado stock options, OPP Units, AO LTIP Units, Performance AO LTIP Units and LTPP Units, are included in the calculation of diluted (loss) income per Class A unit using the treasury stock method, if the effect is dilutive. Convertible securities, including Series A convertible preferred units, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units, are included in the calculation of diluted (loss) income per Class A unit using the if-converted method, if the effect is dilutive.


(Amounts in thousands, except per unit amounts)	For the Three Months Ended March 31,
	2026		2025
Numerator:


Net (loss) income attributable to Vornado Realty L.P.	$	(9,336)	$	110,257
Preferred unit distributions	(15,554)		(15,555)

Net (loss) income attributable to Class A unitholders	(24,890)		94,702
Distributions and earnings allocated to unvested participating securities	—		(1,331)
Numerator for basic (loss) income per Class A unit	(24,890)		93,371
Impact of assumed conversion of dilutive convertible securities	(74)		283
Numerator for diluted (loss) income per Class A unit	$	(24,964)	$	93,654

Denominator:
Denominator for basic (loss) income per Class A unit - weighted average units	204,409		205,761
Effect of dilutive securities(1):
Unit-based payment awards	—		8,161
Convertible securities	24		1,203
Denominator for diluted (loss) income per Class A unit - weighted average units and assumed conversions	204,433		215,125

(LOSS) INCOME PER CLASS A UNIT:


Basic	$	(0.12)	$	0.45
Diluted	$	(0.12)	$	0.44

________________________

(1)The calculation of diluted (loss) income per Class A unit for the three months ended March 31, 2026 and 2025 excluded weighted average potential Class A units of 7,796 and 49, respectively, as their effect was antidilutive.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

13. Variable Interest Entities ("VIEs")

Unconsolidated VIEs

As of March 31, 2026 and December 31, 2025, we had several unconsolidated VIEs. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance. We primarily account for our investment in these entities under the equity method (see Note 5 – Investments in Partially Owned Entities). As of March 31, 2026 and December 31, 2025, $282,269,000 and $264,336,000, respectively, of the carrying amount of assets related to our unconsolidated VIEs were included in “investments in partially owned entities” on our consolidated balance sheets. Additionally, as of March 31, 2026 and December 31, 2025, $0 and $107,166,000, respectively were included in “other assets” on our consolidated balance sheets. Our maximum exposure to loss from our unconsolidated VIEs as of March 31, 2026 and December 31, 2025 was $282,269,000 and $374,502,000, respectively.

Consolidated VIEs

Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Farley Building and certain properties that have noncontrolling interests. These entities are VIEs because the noncontrolling interests do not have substantive kick-out or participating rights. We consolidate these entities because we control all significant business activities.

As of March 31, 2026, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,699,449,000 and $2,752,092,000, respectively. As of December 31, 2025, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were $4,734,109,000 and $2,744,932,000, respectively.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

14. 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 end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheets), (ii) loans receivable (for which we have elected the fair value option under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10")), (iii) interest rate swaps and caps, and (iv) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units). The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy.


(Amounts in thousands)	As of March 31, 2026
	Total		Level 1		Level 2		Level 3
Deferred compensation plan assets ($33,913 included in restricted cash and $78,845 in other assets)	$	112,758	$	71,834	$	—	$	40,924

Interest rate swaps and caps designated as a hedge (included in other assets)	25,001		—		25,001		—

Interest rate caps not designated as a hedge (included in other assets)	699		—		699		—
Total assets	$	138,458	$	71,834	$	25,700	$	40,924

Mandatorily redeemable instruments (included in other liabilities)	$	49,372	$	49,372	$	—	$	—
Interest rate swaps designated as a hedge (included in other liabilities)	332		—		332		—
Interest rate caps not designated as a hedge (included in other liabilities)	494		—		494		—
Total liabilities	$	50,198	$	49,372	$	826	$	—

(Amounts in thousands)	As of December 31, 2025
	Total		Level 1		Level 2		Level 3
Deferred compensation plan assets ($17,590 included in restricted cash and $96,188 in other assets)	$	113,778	$	73,192	$	—	$	40,586
Loans receivable (included in other assets)	107,166		—		—		107,166
Interest rate swaps and caps designated as a hedge (included in other assets)	13,985		—		13,985		—
Interest rate caps not designated as a hedge (included in other assets)	42		—		42		—
Total assets	$	234,971	$	73,192	$	14,027	$	147,752

Mandatorily redeemable instruments (included in other liabilities)	$	49,465	$	49,465	$	—	$	—
Interest rate swaps designated as a hedge (included in other liabilities)	3,093		—		3,093		—
Total liabilities	$	52,558	$	49,465	$	3,093	$	—

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

14. Fair Value Measurements - continued

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued

Deferred Compensation Plan Assets

Deferred compensation plan assets that are classified as Level 3 consist of investments in limited partnerships and investment funds, which are managed by third parties. We receive quarterly financial reports that provide net asset values on a fair value basis from a third-party administrator, which are compiled from the quarterly reports provided to them from each limited partnership and investment fund. The period of time over which these underlying assets are expected to be liquidated is unknown. The third-party administrator does not adjust these values in determining our share of the net assets and we do not adjust these values when reported in our consolidated financial statements.

The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3.


(Amounts in thousands)	For the Three Months Ended March 31, 2026

Beginning balance	$	40,586
Purchases	4,337
Sales	(5,228)
Realized and unrealized gains	524
Other, net	705
Ending balance	$	40,924

Loans Receivable

The table below summarizes the changes in fair value of loans receivable that are classified as Level 3.


(Amounts in thousands)	For the Three Months Ended March 31, 2026

Beginning balance	$	107,166

Repayments(1)	(107,337)
Interest accrual	171


Ending balance	$	—

__________________________

(1)In January 2026, we acquired 3 East 54th Street and the outstanding loan balance, including default interest and advances, was credited towards the purchase price. See Note 6 - Acquisitions for further details.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

14. Fair Value Measurements - continued

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued

Derivatives and Hedging

We use derivative instruments principally to reduce our exposure to interest rate increases. We do not enter into or hold derivative instruments for speculative trading purposes. We recognize the fair values of all derivatives in "other assets" or "other liabilities" on our consolidated balance sheets. Changes in the fair value of our cash flow hedges are recognized in other comprehensive income until the hedged item is recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of hedging instruments and hedged items, but will have no effect on cash flows. Cash payments and receipts related to our interest rate hedges are classified as operating activities and included within our disclosure of cash paid for interest on our consolidated statements of cash flows, consistent with the classification of the hedged interest payments.

The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of March 31, 2026 and December 31, 2025.


(Amounts in thousands)	As of March 31, 2026										As of December 31, 2025
	Notional Amount			All-In Swapped Rate		Swap/Cap Expiration Date	Fair Value Asset		Fair Value Liability		Fair Value Asset		Fair Value Liability
Interest rate swaps:
555 California Street mortgage loan:
In-place swap	$	840,000	(1)	6.03%		05/26	$	—	$	320	$	—	$	1,160
Forward swap (effective 05/26)	840,000			5.56%	(2)	05/28	4,631		—		—		959
Unsecured term loan	750,000			4.17%		(3)	4,479		—		3,522		—
Unsecured revolving credit facility	575,000			3.78%		08/27	7,081		—		5,208		—
One Park Avenue mortgage loan	500,000		(4)	4.52%		07/27	5,584		—		4,189		—
100 West 33rd Street mortgage loan	480,000			5.26%		06/27	1,295		—		—		736
1290 Avenue of the Americas mortgage loan	200,000		(5)	4.58%		09/27	1,813		—		1,047		—
435 Seventh Avenue mortgage loan	75,000			6.96%		(6)	—		12		—		238
Interest rate caps:
Various mortgage loans							118		—		19		—
							$	25,001	$	332	$	13,985	$	3,093

______________________

(1)Represents our 70.0% share of the $1.2 billion mortgage loan.

(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)Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in February 2031. The impact of these interest rate swap arrangements is detailed below:


	Swapped Balance		All-In Swapped Rate	Unswapped Balance (bears interest at S+120)
Through 10/26	$	750,000	4.17%	$	100,000
10/26 through 07/27	250,000		3.94%	600,000
07/27 through 08/27	50,000		3.94%	800,000

(4)The remaining $25,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.78% (5.46% as of March 31, 2026) and has a 5.20% SOFR strike rate cap in place.

(5)The remaining $750,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.62% (5.29% as of March 31, 2026) and has a 4.00% SOFR strike rate cap in place.

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

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

14. Fair Value Measurements - continued

Fair Value Measurements on a Nonrecurring Basis

There were no assets measured at fair value on a nonrecurring basis on our consolidated balance sheets as of March 31, 2026 and December 31, 2025.

Financial Assets and Liabilities not Measured at Fair Value

Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government) and our secured and unsecured debt. The fair values of these instruments are estimated using discounted cash flow analyses provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. The fair value of cash equivalents and borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair value of our secured debt and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments.


(Amounts in thousands)	As of March 31, 2026					As of December 31, 2025
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents	$	428,617		$	429,000	$	508,812		$	509,000
Debt:
Mortgages payable	$	4,944,037		$	4,765,000	$	4,944,037		$	4,754,000
Senior unsecured notes	1,250,000			1,200,000		750,000			714,000
Unsecured term loan	850,000			850,000		800,000			800,000
Unsecured revolving credit facilities	718,000			718,000		720,420			720,000
Total	$	7,762,037	(1)	$	7,533,000	$	7,214,457	(1)	$	6,988,000

______________________

(1)Excludes $47,425 and $28,829 of deferred financing costs, net and other as of March 31, 2026 and December 31, 2025, respectively.

15. Interest and Other Investment Income, Net

The following table sets forth the details of interest and other investment income, net:


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
Interest on cash and cash equivalents and restricted cash	$	8,705	$	6,961
Interest on loans receivable	269		1,157
Income from real estate fund investments	—		143
Other, net	353		—
	$	9,327	$	8,261

16. Interest and Debt Expense

The following table sets forth the details of interest and debt expense:


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
Interest expense	$	93,720	$	93,848
Capitalized interest and debt expense	(10,118)		(10,868)
Amortization of deferred financing costs	5,542		5,110
Amortization of interest rate cap premiums	62		7,726
	$	89,206	$	95,816

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

17. 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 $2.5 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 insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $2,360,428 and 20% of the balance of a covered loss and the Federal government is responsible for the remaining portion of a covered loss. We are ultimately responsible for any loss incurred by PPIC.

Certain condominiums in which we own an interest (including the Farley Condominiums) maintain insurance policies with different per occurrence and aggregate limits than our policies described above.

We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism and other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material.

Our debt instruments, consisting of mortgage loans secured by our properties, senior unsecured notes and revolving credit agreements, contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. Further, if lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance our properties and expand our portfolio.

Other Commitments and Contingencies

We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position, results of operations or cash flows.

Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us.

The PENN 1 ground lease is subject to fair market value resets at each of the three 25-year renewal periods. The first renewal period commenced June 2023 and, together with our second option exercise in January 2022, extends the lease term through June 2073. On April 22, 2025, an arbitration panel (the “Panel”) appointed to determine the ground rent payable 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 are paying based on the $15,000,000 annual rent.

We may, from time to time, enter into guarantees including, but not limited to, payment guarantees to lenders of unconsolidated joint ventures for tax purposes, completion guarantees for development and redevelopment projects, and guarantees to fund leasing costs. These agreements terminate either upon the satisfaction of specified obligations or repayment of the underlying loans. As of March 31, 2026, the aggregate dollar amount of these guarantees is approximately $134,715,000, including partial payment guarantees on 435 Seventh Avenue and 150 West 34th Street. Other than these loans, our mortgage loans are non-recourse to us.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

17. Commitments and Contingencies - continued

Other Commitments and Contingencies - continued

As of March 31, 2026, $23,720,000 of letters of credit were outstanding under our unsecured revolving credit facilities. Our unsecured revolving credit facilities contain financial covenants that require us to maintain minimum interest coverage and maximum debt to market capitalization ratios and provide for higher interest rates in the event of a decline in the credit rating assigned to our senior unsecured notes. Our unsecured revolving credit facilities also contain customary conditions precedent to borrowing, including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal.

Our 95% consolidated joint venture (5% is owned by Related Companies ("Related")) developed and owns the Farley Building. In connection with the development of the property, the joint venture admitted a historic tax credit investor partner. Under the terms of the historic tax credit arrangement, the joint venture is required to comply with various laws, regulations, and contractual provisions. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, may require a refund or reduction of the Tax Credit Investor’s capital contributions. As of March 31, 2026, the Tax Credit Investor has made $209,661,000 in capital contributions. Vornado and Related have guaranteed certain of the joint venture’s obligations to the Tax Credit Investor.

As of March 31, 2026, we had construction commitments aggregating approximately $15,034,000.

18. Segment Information

The Company’s 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 are 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 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.

We have recast certain prior period disclosures to reflect changes to our reportable segments. See Note 2 for additional information.

Below is a summary of NOI at share by segment for the three months ended March 31, 2026 and 2025.


(Amounts in thousands)	For the Three Months Ended March 31, 2026
	Total		New York		Other
Total revenues	$	459,105	$	377,486	$	81,619
Deduct: operating expenses(1)	(246,631)		(203,428)		(43,203)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(8,659)		(2,945)		(5,714)
Add: NOI from partially owned entities	68,308		65,436		2,872
NOI at share	$	272,123	$	236,549	$	35,574


(Amounts in thousands)	For the Three Months Ended March 31, 2025
	Total		New York		Other
Total revenues	$	461,579	$	374,546	$	87,033
Deduct: operating expenses(1)	(224,740)		(182,423)		(42,317)
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(10,660)		(3,161)		(7,499)
Add: NOI from partially owned entities	67,111		63,859		3,252
NOI at share	$	293,290	$	252,821	$	40,469

_____________________

(1)Includes various expenses associated with operating our properties, including but not limited to: real estate taxes, ground rent, insurance, and utilities. Our CODM

is not regularly provided with significant expense categories and amounts included within net operating income at share.

VORNADO REALTY TRUST AND VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(UNAUDITED)

18. Segment Information - continued

Below is a reconciliation of NOI at share to (loss) income before income taxes for the three months ended March 31, 2026 and 2025.


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
NOI at share	$	272,123	$	293,290
NOI attributable to noncontrolling interests in consolidated subsidiaries	8,659		10,660
NOI from partially owned entities	(68,308)		(67,111)
Net gains on disposition of wholly owned and partially owned assets	—		15,551

Interest and debt expense	(89,206)		(95,816)
Interest and other investment income, net	9,327		8,261
Income from partially owned entities	12,822		96,977
Transaction related costs and other	(762)		(43)
General and administrative expense	(42,245)		(38,597)
Depreciation and amortization expense	(118,528)		(116,155)
(Loss) income before income taxes	$	(16,118)	$	107,017

19. Subsequent Events

Park Avenue Plaza

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

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

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

Share Repurchase Program

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

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Vornado Realty Trust

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated balance sheet of Vornado Realty Trust and subsidiaries (the “Company”) as of March 31, 2026, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for the three-month periods ended March 31, 2026 and 2025, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2025, and the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for the year then ended (not presented herein); and in our report dated February 9, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ DELOITTE & TOUCHE LLP

New York, New York

May 4, 2026

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of Vornado Realty L.P. and the Board of Trustees of Vornado Realty Trust

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated balance sheet of Vornado Realty L.P. and subsidiaries (the “Partnership”) as of March 31, 2026, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for the three-month periods ended March 31, 2026 and 2025, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Partnership as of December 31, 2025 and the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for the year then ended (not presented herein); and in our report dated February 9, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Partnership's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

/s/ DELOITTE & TOUCHE LLP

New York, New York

May 4, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Certain statements contained in this Quarterly Report constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Quarterly Report on Form 10‑Q. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost and cost to complete; estimates of future rents; estimates of future capital expenditures, dividends to common and preferred shareholders and Operating Partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For 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 Quarterly Report on Form 10-Q or the date of any document incorporated by reference. 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 Quarterly Report on Form 10-Q.

Management’s Discussion and Analysis of Financial Condition and Results of Operations includes a discussion of our consolidated financial statements for the three months ended March 31, 2026. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results for the full year. Certain prior year balances have been reclassified in order to conform to the current year presentation.

Overview

We compete with a large number of real estate investors, property owners and developers, some of whom may be willing to accept lower returns on their investments. Principal factors of competition are rents charged, tenant concessions offered, attractiveness of location, the quality of the property and the breadth and the quality of services provided. Our success depends upon, among other factors, trends of the global, national, regional and local economies, the financial condition and operating results of current and prospective tenants and customers, availability and cost of capital, construction and renovation costs, taxes, governmental regulations, legislation, population and employment trends. See “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding these factors.

Our business has been, and may continue to be, affected by interest rate fluctuations, the effects of inflation and other uncertainties including the potential for an economic downturn. These factors could have a material impact on our business, financial condition, results of operations and cash flows.

Vornado Realty Trust

Quarter Ended March 31, 2026 Financial Results Summary

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

Funds from operations (“FFO”) attributable to common shareholders plus assumed conversions for the quarter ended March 31, 2026 was $96,263,000, or $0.49 per diluted share, compared to $135,039,000, or $0.67 per diluted share, for the prior year’s quarter. FFO attributable to common shareholders plus assumed conversions for the quarters ended March 31, 2026 and 2025 include certain items that impact the comparability of period-to-period FFO, which are listed in the table below. The aggregate of these items, net of amounts attributable to noncontrolling interests, decreased FFO attributable to common shareholders plus assumed conversions for the quarter ended March 31, 2026 by $6,846,000, or $0.03 per diluted share, and increased FFO attributable to common shareholders plus assumed conversions by $8,794,000, or $0.04 per diluted share, for the quarter ended March 31, 2025.

The following table reconciles the difference between our FFO attributable to common shareholders plus assumed conversions and our FFO attributable to common shareholders plus assumed conversions, as adjusted:


(Amounts in thousands)	For the Three Months Ended March 31,
	2026		2025
Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions:
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)	$	2,984	$	3,205
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities	—		(11,028)
Gain on sale of Canal Street residential condominium units	—		(1,975)
Other	4,453		240
	7,437		(9,558)
Noncontrolling interests' share of above adjustments on a dilutive basis	(591)		764
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net	$	6,846	$	(8,794)

Same Store Net Operating Income (“NOI”) At Share

The percentage increase (decrease) in same store NOI at share and same store NOI at share - cash basis of our New York segment, THE MART and 555 California Street are below.


Three months ended March 31, 2026 compared to March 31, 2025	Total		New York			THE MART		555 California Street
Same store NOI at share % increase (decrease)	6.1	%	8.9	%	(1)	0.3	%	(21.5)	%


Same store NOI at share - cash basis % (decrease) increase	(2.9)	%	1.3	%	(2)	1.0	%	(51.2)	%	(2)

____________________________

(1)Excludes the impact of the $17,240,000 reversal of previously accrued PENN 1 ground rent recorded in 2025.

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

Calculations of same store NOI at share, reconciliations of our net (loss) income to NOI at share, NOI at share - cash basis and FFO and the reasons we consider these non-GAAP financial measures useful are provided in the following pages of Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Overview - continued

Share Repurchase Program

During the three months ended March 31, 2026, we repurchased 2,745,713 common shares for $79,844,000 at an average price per share of $29.08. Subsequent to March 31, 2026, we repurchased 696,871 common shares for $18,860,000, at an average price per share of $27.06.

As of May 4, 2026, $21,191,000 remained available for repurchases under a $200,000,000 share repurchase plan authorized by Vornado's Board of Trustees in 2023.

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.

Dispositions

Alexander’s, Inc. (“Alexander’s”)

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

Financings

888 Seventh Avenue

2031 Revolving Credit Facility

2029 Revolving Credit Facility

Unsecured Term Loan

Senior Unsecured Notes Due 2033

7 West 34th Street

Overview - continued

Financings - continued

825 Seventh Avenue Office Condominium

61 Ninth Avenue

One Park Avenue

350 Park Avenue

Leasing Activity

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


(Square feet in thousands)	New York						555 California Street
	Office		Retail		THE MART
Three Months Ended March 31, 2026
Total square feet leased	311		25		19		96
Our share of square feet leased:	243		13		19		67
Initial rent(1)	$	102.50	$	546.51	$	70.20	$	151.94
Weighted average lease term (years)

VORNADO REALTY TRUST 10-Q