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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:  June 30, 2022
 Or
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 its 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,” "non-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.

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 June 30, 2022, 191,775,059 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 June 30, 2022 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 92.3% 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 quarterly distribution to a Class A unitholder is equal to the quarterly 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 facility, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties.

3


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 11. Redeemable Noncontrolling Interests
Note 12. Shareholders' Equity/Partners' Capital
Note 18. Income Per Share/Income 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 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.
4


PART I. Financial Information: Page Number
Consolidated Balance Sheets (Unaudited) as of June 30, 2022 and December 31, 2021
6
Consolidated Statements of Income (Unaudited) for the Three and Six Months Ended June 30, 2022 and 2021
7
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2022 and 2021
8
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Six Months Ended June 30, 2022 and 2021
9
Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2022 and 2021
Consolidated Balance Sheets (Unaudited) as of June 30, 2022 and December 31, 2021
Consolidated Statements of Income (Unaudited) for the Three and Six Months Ended June 30, 2022 and 2021
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2022 and 2021
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Six Months Ended June 30, 2022 and 2021
Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2022 and 2021
Vornado Realty Trust and Vornado Realty L.P.:
PART II. Other Information:

5

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
June 30, 2022 December 31, 2021
ASSETS
Real estate, at cost:
Land $ 2,493,688  $ 2,540,193 
Buildings and improvements 10,054,872  9,839,166 
Development costs and construction in progress 711,250  718,694 
Leasehold improvements and equipment 122,151  119,792 
Total 13,381,961  13,217,845 
Less accumulated depreciation and amortization (3,532,984) (3,376,347)
Real estate, net 9,848,977  9,841,498 
Right-of-use assets 685,962  337,197 
Cash and cash equivalents 988,398  1,760,225 
Restricted cash 127,920  170,126 
Investments in U.S. Treasury bills 494,045  — 
Tenant and other receivables 76,769  79,661 
Investments in partially owned entities 3,270,229  3,297,389 
Real estate fund investments 930  7,730 
220 Central Park South condominium units ready for sale 51,072  57,142 
Receivable arising from the straight-lining of rents 687,782  656,318 
Deferred leasing costs, net of accumulated amortization of $226,196 and $211,775
378,484  391,693 
Identified intangible assets, net of accumulated amortization of $93,180 and $97,186
144,597  154,895 
Other assets 397,256  512,714 
  $ 17,152,421  $ 17,266,588 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net $ 5,834,275  $ 6,053,343 
Senior unsecured notes, net 1,190,812  1,189,792 
Unsecured term loan, net 792,644  797,812 
Unsecured revolving credit facilities 575,000  575,000 
Lease liabilities 727,641  370,206 
Accounts payable and accrued expenses 463,333  613,497 
Deferred revenue 43,904  48,118 
Deferred compensation plan 96,202  110,174 
Other liabilities 271,788  304,725 
Total liabilities 9,995,599  10,062,667 
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 14,287,741 and 14,033,438 units outstanding
408,487  587,440 
Series D cumulative redeemable preferred units - 141,400 units outstanding
3,535  3,535 
Total redeemable noncontrolling partnership units 412,022  590,975 
Redeemable noncontrolling interest in a consolidated subsidiary 93,987  97,708 
Total redeemable noncontrolling interests 506,009  688,683 
Shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares
1,182,459  1,182,459 
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,775,059 and 191,723,608 shares
7,650  7,648 
Additional capital 8,339,161  8,143,093 
Earnings less than distributions (3,205,751) (3,079,320)
Accumulated other comprehensive income (loss) 73,300  (17,534)
Total shareholders' equity 6,396,819  6,236,346 
Noncontrolling interests in consolidated subsidiaries 253,994  278,892 
Total equity 6,650,813  6,515,238 
  $ 17,152,421  $ 17,266,588 
See notes to consolidated financial statements (unaudited).
6


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(Amounts in thousands, except per share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30,
2022 2021 2022 2021
REVENUES:
Rental revenues $ 405,194  $ 339,596  $ 802,477  $ 678,913 
Fee and other income 48,300  39,345  93,147  80,005 
Total revenues 453,494  378,941  895,624  758,918 
EXPENSES:
Operating (222,309) (190,920) (438,838) (381,899)
Depreciation and amortization (118,662) (89,777) (236,105) (185,131)
General and administrative (31,902) (30,602) (73,118) (74,788)
Benefit (expense) from deferred compensation plan liability 7,594  (3,378) 9,538  (6,623)
Transaction related costs and other (2,960) (106) (3,965) (949)
Total expenses (368,239) (314,783) (742,488) (649,390)

Income from partially owned entities 25,720  31,426  59,434  60,499 
(Loss) income from real estate fund investments (142) 5,342  5,532  5,173 
Interest and other investment income, net 3,036  1,539  4,054  3,061 
(Loss) income from deferred compensation plan assets (7,594) 3,378  (9,538) 6,623 
Interest and debt expense (62,640) (51,894) (114,749) (101,958)
Net gains on disposition of wholly owned and partially owned assets 28,832  25,724  35,384  25,724 
Income before income taxes 72,467  79,673  133,253  108,650 
Income tax expense (3,564) (2,841) (10,975) (4,825)
Net income 68,903  76,832  122,278  103,825 
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries 826  (8,784) (8,548) (14,898)
Operating Partnership (3,782) (3,536) (5,776) (3,865)
Net income attributable to Vornado 65,947  64,512  107,954  85,062 
Preferred share dividends (15,529) (16,467) (31,058) (32,934)
NET INCOME attributable to common shareholders $ 50,418  $ 48,045  $ 76,896  $ 52,128 
INCOME PER COMMON SHARE - BASIC:
Net income per common share $ 0.26  $ 0.25  $ 0.40  $ 0.27 
Weighted average shares outstanding 191,750  191,527  191,737  191,473 
INCOME PER COMMON SHARE - DILUTED:
Net income per common share $ 0.26  $ 0.25  $ 0.40  $ 0.27 
Weighted average shares outstanding 192,039  192,380  192,047  192,207 
    
See notes to consolidated financial statements (unaudited).

7


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30,
2022 2021 2022 2021
Net income $ 68,903  $ 76,832  $ 122,278  $ 103,825 
Other comprehensive income:
Change in fair value of interest rate swaps and other 18,380  8,552  83,619  20,193 
Other comprehensive income of nonconsolidated subsidiaries 4,755  1,468  13,960  5,059 
Comprehensive income 92,038  86,852  219,857  129,077 
Less comprehensive income attributable to noncontrolling interests (4,567) (13,024) (21,069) (20,353)
Comprehensive income attributable to Vornado $ 87,471  $ 73,828  $ 198,788  $ 108,724 
See notes to consolidated financial statements (unaudited).
8


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
(Amounts in thousands, except per share amounts)
Non-controlling Interests in Consolidated Subsidiaries
Accumulated
Other
Comprehensive
Income
Preferred Shares Common Shares Additional Capital Earnings Less Than Distributions Total Equity
Shares Amount Shares Amount
For the Three Months Ended
June 30, 2022:
Balance as of March 31, 2022 48,793  $ 1,182,459  191,743  $ 7,649  $ 8,097,523  $ (3,154,549) $ 51,776  $ 253,112  $ 6,437,970 
Net income attributable to Vornado —  —  —  —  —  65,947  —  —  65,947 
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries —  —  —  —  —  —  —  2,590  2,590 
Dividends on common shares
($0.53 per share)
—  —  —  —  —  (101,624) —  —  (101,624)
Dividends on preferred shares (see Note 12 for dividends per share amounts)
—  —  —  —  —  (15,529) —  —  (15,529)
Common shares issued:
Upon redemption of Class A units, at redemption value —  —  26  859  —  —  —  860 
Under dividend reinvestment plan —  —  —  222  —  —  —  222 
Contributions —  —  —  —  —  —  —  3,772  3,772 
Distributions —  —  —  —  —  —  —  (5,467) (5,467)
Deferred compensation shares and options —  —  —  —  146  —  —  —  146 
Other comprehensive income of nonconsolidated subsidiaries —  —  —  —  —  —  4,755  —  4,755 
Change in fair value of interest rate swaps and other —  —  —  —  —  —  18,380  —  18,380 
Redeemable Class A unit measurement adjustment —  —  —  —  240,413  —  —  —  240,413 
Redeemable noncontrolling interests' share of above adjustments —  —  —  —  —  —  (1,611) —  (1,611)
Other —  —  (1) —  (2) —  (13) (11)
Balance as of June 30, 2022 48,793  $ 1,182,459  191,775  $ 7,650  $ 8,339,161  $ (3,205,751) $ 73,300  $ 253,994  $ 6,650,813 
See notes to consolidated financial statements (unaudited).















9


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
(UNAUDITED)
(Amounts in thousands, except per share amounts)
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
June 30, 2021:
Balance as of March 31, 2021 48,793  $ 1,182,311  191,465  $ 7,638  $ 8,080,392  $ (2,871,681) $ (60,753) $ 415,278  $ 6,753,185 
Net income attributable to Vornado —  —  —  —  —  64,512  —  —  64,512 
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries —  —  —  —  —  —  —  8,308  8,308 
Dividends on common shares
($0.53 per share)
—  —  —  —  —  (101,522) —  —  (101,522)
Dividends on preferred shares (see Note 12 for dividends per share amounts)
—  —  —  —  —  (16,467) —  —  (16,467)
Common shares issued:
Upon redemption of Class A units, at redemption value —  —  92  4,202  —  —  —  4,206 
Under employees' share option plan —  —  —  —  —  —  — 
Under dividend reinvestment plan —  —  —  219  —  —  —  219 
Contributions —  —  —  —  —  —  —  1,547  1,547 
Distributions —  —  —  —  —  —  —  (139,180) (139,180)
Deferred compensation shares and options —  —  —  —  225  —  —  —  225 
Other comprehensive income of nonconsolidated subsidiaries —  —  —  —  —  —  1,468  —  1,468 
Change in fair value of interest rate swaps —  —  —  —  —  —  8,551  —  8,551 
Redeemable Class A unit measurement adjustment —  —  —  —  (16,012) —  —  —  (16,012)
Redeemable noncontrolling interests' share of above adjustments —  —  —  —  —  —  (704) —  (704)
Other —  (20) —  (1) (3) (3) (25)
Balance as of June 30, 2021 48,793  $ 1,182,291  191,561  $ 7,641  $ 8,069,033  $ (2,925,161) $ (51,437) $ 285,950  $ 6,568,317 
See notes to consolidated financial statements (unaudited).














10


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
(UNAUDITED)
(Amounts in thousands, except per share amounts)
Non-controlling Interests in Consolidated Subsidiaries
Accumulated
Other
Comprehensive
(Loss) Income
Preferred Shares Common Shares Additional Capital Earnings Less Than Distributions Total Equity
Shares Amount Shares Amount
For the Six Months Ended
June 30, 2022:
Balance as of December 31, 2021 48,793  $ 1,182,459  191,724  $ 7,648  $ 8,143,093  $ (3,079,320) $ (17,534) $ 278,892  $ 6,515,238 
Net income attributable to Vornado —  —  —  —  —  107,954  —  —  107,954 
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries —  —  —  —  —  —  —  12,269  12,269 
Dividends on common shares
($1.06 per share)
—  —  —  —  —  (203,240) —  —  (203,240)
Dividends on preferred shares (see Note 12 for dividends per share amounts)
—  —  —  —  —  (31,058) —  —  (31,058)
Common shares issued:
Upon redemption of Class A units, at redemption value —  —  42  1,575  —  —  —  1,577 
Under employees' share option plan —  —  —  —  —  —  — 
Under dividend reinvestment plan —  —  12  —  434  —  —  —  434 
Contributions —  —  —  —  —  —  —  4,253  4,253 
Distributions —  —  —  —  —  —  —  (41,428) (41,428)
Deferred compensation shares and options —  —  (2) —  292  (85) —  —  207 
Other comprehensive income of nonconsolidated subsidiaries —  —  —  —  —  —  13,960  —  13,960 
Change in fair value of interest rate swaps and other —  —  —  —  —  —  83,619  —  83,619 
Redeemable Class A unit measurement adjustment —  —  —  —  193,762  —  —  —  193,762 
Redeemable noncontrolling interests' share of above adjustments —  —  —  —  —  —  (6,745) —  (6,745)
Other —  —  (1) —  (2) (2) — 
Balance as of June 30, 2022 48,793  $ 1,182,459  191,775  $ 7,650  $ 8,339,161  $ (3,205,751) $ 73,300  $ 253,994  $ 6,650,813 
See notes to consolidated financial statements (unaudited).














11


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
(UNAUDITED)
(Amounts in thousands, except per share amounts)
Earnings Less Than Distributions Accumulated
Other
Comprehensive
(Loss) Income
Non-controlling Interests in Consolidated Subsidiaries
Preferred Shares Common Shares Additional Capital Total Equity
Shares Amount Shares Amount
For the Six Months Ended
June 30, 2021:
Balance as of December 31, 2020 48,793  $ 1,182,339  191,355  $ 7,633  $ 8,192,507  $ (2,774,182) $ (75,099) $ 414,957  $ 6,948,155 
Net income attributable to Vornado —  —  —  —  —  85,062  —  —  85,062 
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries
—  —  —  —  —  —  —  14,505  14,505 
Dividends on common shares
($1.06 per share)
—  —  —  —  —  (202,989) —  —  (202,989)
Dividends on preferred shares (see Note 12 for dividends per share amounts)
—  —  —  —  —  (32,934) —  —  (32,934)
Common shares issued:
Upon redemption of Class A units, at redemption value
—  —  199  8,301  —  —  —  8,309 
Under employees' share option plan
—  —  —  —  10  —  —  —  10 
Under dividend reinvestment plan
—  —  10  —  430  —  —  —  430 
Contributions —  —  —  —  —  —  —  1,547  1,547 
Distributions —  —  —  —  —  —  —  (145,057) (145,057)
Deferred compensation shares and options
—  —  (3) —  449  (114) —  —  335 
Other comprehensive income of nonconsolidated subsidiaries —  —  —  —  —  —  5,059  —  5,059 
Change in fair value of interest rate swaps —  —  —  —  —  —  20,193  —  20,193 
Unearned 2018 Out-Performance Plan awards acceleration —  —  —  —  10,283  —  —  —  10,283 
Redeemable Class A unit measurement adjustment —  —  —  —  (142,948) —  —  —  (142,948)
Redeemable noncontrolling interests' share of above adjustments
—  —  —  —  —  —  (1,590) —  (1,590)
Other
—  (48) —  —  (4) —  (2) (53)
Balance as of June 30, 2021 48,793  $ 1,182,291  191,561  $ 7,641  $ 8,069,033  $ (2,925,161) $ (51,437) $ 285,950  $ 6,568,317 
See notes to consolidated financial statements (unaudited).
12


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Amounts in thousands) For the Six Months Ended June 30,
2022 2021
Cash Flows from Operating Activities:
Net income $ 122,278  $ 103,825 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs) 246,532  194,225 
Distributions of income from partially owned entities 95,494  109,089 
Equity in net income of partially owned entities (59,434) (60,499)
Straight-lining of rents (36,679) 9,835 
Net gains on disposition of wholly owned and partially owned assets (35,384) (25,724)
Stock-based compensation expense 19,001  27,379 
Change in deferred tax liability 6,457  1,192 
Amortization of below-market leases, net (2,404) (5,717)
Net realized and unrealized loss on real estate fund investments 1,128  789 
Write-off of lease receivables deemed uncollectible 501  5,239 
Other non-cash adjustments 1,929  3,033 
Changes in operating assets and liabilities:
Real estate fund investments —  (789)
Tenant and other receivables 2,388  10,477 
Prepaid assets 94,235  127,958 
Other assets (13,455) (26,262)
Accounts payable and accrued expenses (15,283) 2,243 
Other liabilities 3,321  (3,584)
Net cash provided by operating activities 430,625  472,709 
Cash Flows from Investing Activities:
Purchase of U.S. Treasury bills (794,793) — 
Development costs and construction in progress (418,748) (269,376)
Proceeds from maturities of U.S. Treasury bills 299,668  — 
Proceeds from sales of real estate 253,958  3,521 
Additions to real estate (70,046) (90,138)
Proceeds from sale of condominium units at 220 Central Park South 16,124  72,216 
Investments in partially owned entities (11,091) (6,357)
Distributions of capital from partially owned entities 10,066  106,005 
Acquisitions of real estate and other (1,000) — 
Proceeds from repayments of loan receivables —  675 
Net cash used in investing activities (715,862) (183,454)
See notes to consolidated financial statements (unaudited).

13


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
(UNAUDITED)

(Amounts in thousands) For the Six Months Ended June 30,
2022 2021
Cash Flows from Financing Activities:
Repayments of borrowings $ (1,240,573) $ (1,573,443)
Proceeds from borrowings 1,029,773  2,298,007 
Dividends paid on common shares (203,240) (202,989)
Distributions to noncontrolling interests (56,589) (159,926)
Debt issuance costs (31,718) (32,875)
Dividends paid on preferred shares (31,058) (32,934)
Contributions from noncontrolling interests 4,253  1,547 
Proceeds received from exercise of employee share options and other 441  440 
Repurchase of shares related to stock compensation agreements and related tax withholdings and other (85) (114)
Net cash (used in) provided by financing activities (528,796) 297,713 
Net (decrease) increase in cash and cash equivalents and restricted cash (814,033) 586,968 
Cash and cash equivalents and restricted cash at beginning of period 1,930,351  1,730,369 
Cash and cash equivalents and restricted cash at end of period $ 1,116,318  $ 2,317,337 
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period $ 1,760,225  $ 1,624,482 
Restricted cash at beginning of period 170,126  105,887 
Cash and cash equivalents and restricted cash at beginning of period $ 1,930,351  $ 1,730,369 
Cash and cash equivalents at end of period $ 988,398  $ 2,172,195 
Restricted cash at end of period 127,920  145,142 
Cash and cash equivalents and restricted cash at end of period $ 1,116,318  $ 2,317,337 
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $7,221 and $21,046
$ 107,367  $ 93,376 
Cash payments for income taxes $ 5,064  $ 6,797 
Non-Cash Investing and Financing Activities:
Additional estimated lease liability arising from the recognition of right-of-use asset $ 350,000  $ — 
Redeemable Class A unit measurement adjustment 193,762  (142,948)
Accrued capital expenditures included in accounts payable and accrued expenses 86,639  80,649 
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other 83,619  20,193 
Write-off of fully depreciated assets (31,996) (48,190)
Reclassification of condominium units from "development costs and construction in progress" to
   "220 Central Park South condominium units ready for sale"
3,024  9,227 
Reclassification of assets held for sale (included in "other assets") —  79,210 
See notes to consolidated financial statements (unaudited).
14


VORNADO REALTY L.P.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

(Amounts in thousands, except unit amounts) As of
June 30, 2022 December 31, 2021
ASSETS
Real estate, at cost:
Land $ 2,493,688  $ 2,540,193 
Buildings and improvements 10,054,872  9,839,166 
Development costs and construction in progress 711,250  718,694 
Leasehold improvements and equipment 122,151  119,792 
Total 13,381,961  13,217,845 
Less accumulated depreciation and amortization (3,532,984) (3,376,347)
Real estate, net 9,848,977  9,841,498 
Right-of-use assets 685,962  337,197 
Cash and cash equivalents 988,398  1,760,225 
Restricted cash 127,920  170,126 
Investments in U.S. Treasury bills 494,045  — 
Tenant and other receivables 76,769  79,661 
Investments in partially owned entities 3,270,229  3,297,389 
Real estate fund investments 930  7,730 
220 Central Park South condominium units ready for sale 51,072  57,142 
Receivable arising from the straight-lining of rents 687,782  656,318 
Deferred leasing costs, net of accumulated amortization of $226,196 and $211,775
378,484  391,693 
Identified intangible assets, net of accumulated amortization of $93,180 and $97,186
144,597  154,895 
Other assets 397,256  512,714 
$ 17,152,421  $ 17,266,588 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net $ 5,834,275  $ 6,053,343 
Senior unsecured notes, net 1,190,812  1,189,792 
Unsecured term loan, net 792,644  797,812 
Unsecured revolving credit facilities 575,000  575,000 
Lease liabilities 727,641  370,206 
Accounts payable and accrued expenses 463,333  613,497 
Deferred revenue 43,904  48,118 
Deferred compensation plan 96,202  110,174 
Other liabilities 271,788  304,725 
Total liabilities 9,995,599  10,062,667 
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 14,287,741 and 14,033,438 units outstanding
408,487  587,440 
Series D cumulative redeemable preferred units - 141,400 units outstanding
3,535  3,535 
Total redeemable noncontrolling partnership units 412,022  590,975 
Redeemable noncontrolling interest in a consolidated subsidiary 93,987  97,708 
Total redeemable noncontrolling interests 506,009  688,683 
Partners' equity:
Partners' capital 9,529,270  9,333,200 
Earnings less than distributions (3,205,751) (3,079,320)
Accumulated other comprehensive income (loss) 73,300  (17,534)
Total partners' equity 6,396,819  6,236,346 
Noncontrolling interests in consolidated subsidiaries 253,994  278,892 
Total equity 6,650,813  6,515,238 
$ 17,152,421  $ 17,266,588 
See notes to consolidated financial statements (unaudited).
15


VORNADO REALTY L.P.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(Amounts in thousands, except per unit amounts) For the Three Months Ended June 30, For the Six Months Ended June 30,
2022 2021 2022 2021
REVENUES:
Rental revenues $ 405,194  $ 339,596  $ 802,477  $ 678,913 
Fee and other income 48,300  39,345  93,147  80,005 
Total revenues 453,494  378,941  895,624  758,918 
EXPENSES:
Operating (222,309) (190,920) (438,838) (381,899)
Depreciation and amortization (118,662) (89,777) (236,105) (185,131)
General and administrative (31,902) (30,602) (73,118) (74,788)
Benefit (expense) from deferred compensation plan liability 7,594  (3,378) 9,538  (6,623)
Transaction related costs and other (2,960) (106) (3,965) (949)
Total expenses (368,239) (314,783) (742,488) (649,390)
Income from partially owned entities 25,720  31,426  59,434  60,499 
(Loss) income from real estate fund investments (142) 5,342  5,532  5,173 
Interest and other investment income, net 3,036  1,539  4,054  3,061 
(Loss) income from deferred compensation plan assets (7,594) 3,378  (9,538) 6,623 
Interest and debt expense (62,640) (51,894) (114,749) (101,958)
Net gains on disposition of wholly owned and partially owned assets 28,832  25,724  35,384  25,724 
Income before income taxes 72,467  79,673  133,253  108,650 
Income tax expense (3,564) (2,841) (10,975) (4,825)
Net income 68,903  76,832  122,278  103,825 
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries 826  (8,784) (8,548) (14,898)
Net income attributable to Vornado Realty L.P. 69,729  68,048  113,730  88,927 
Preferred unit distributions (15,557) (16,508) (31,115) (33,016)
NET INCOME attributable to Class A unitholders $ 54,172  $ 51,540  $ 82,615  $ 55,911 
INCOME PER CLASS A UNIT - BASIC:
Net income per Class A unit $ 0.26  $ 0.25  $ 0.40  $ 0.27 
Weighted average units outstanding 205,259  204,621  205,200  204,560 
INCOME PER CLASS A UNIT - DILUTED:
Net income per Class A unit $ 0.26  $ 0.25  $ 0.39  $ 0.27 
Weighted average units outstanding 205,930  205,814  205,922  205,572 
See notes to consolidated financial statements (unaudited).
16


VORNADO REALTY L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30,
2022 2021 2022 2021
Net income $ 68,903  $ 76,832  $ 122,278  $ 103,825 
Other comprehensive income:
Change in fair value of interest rate swaps and other 18,380  8,552  83,619  20,193 
Other comprehensive income of nonconsolidated subsidiaries 4,755  1,468  13,960  5,059 
Comprehensive income 92,038  86,852  219,857  129,077 
Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries 826  (8,784) (8,548) (14,898)
Comprehensive income attributable to Vornado Realty L.P. $ 92,864  $ 78,068  $ 211,309  $ 114,179 

See notes to consolidated financial statements (unaudited).
17


VORNADO REALTY L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
(Amounts in thousands, except per unit amounts)
Accumulated
Other
Comprehensive
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
June 30, 2022:
Balance as of March 31, 2022 48,793  $ 1,182,459  191,743  $ 8,105,172  $ (3,154,549) $ 51,776  $ 253,112  $ 6,437,970 
Net income attributable to Vornado Realty L.P. —  —  —  —  69,729  —  —  69,729 
Net income attributable to redeemable partnership units —  —  —  —  (3,782) —  —  (3,782)
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries —  —  —  —  —  —  2,590  2,590 
Distributions to Vornado
($0.53 per unit)
—  —  —  —  (101,624) —  —  (101,624)
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts)
—  —  —  —  (15,529) —  —  (15,529)
Class A units issued to Vornado:
Upon redemption of redeemable Class A units, at redemption value —  —  26  860  —  —  —  860 
Under Vornado's dividend reinvestment plan —  —  222  —  —  —  222 
Contributions —  —  —  —  —  —  3,772  3,772 
Distributions —  —  —  —  —  —  (5,467) (5,467)
Deferred compensation units and options —  —  —  146  —  —  —  146 
Other comprehensive income of nonconsolidated subsidiaries —  —  —  —  —  4,755  —  4,755 
Change in fair value of interest rate swaps and other —  —  —  —  —  18,380  —  18,380 
Redeemable Class A unit measurement adjustment —  —  —  240,413  —  —  —  240,413 
Redeemable partnership units' share of above adjustments
—  —  —  —  —  (1,611) —  (1,611)
Other
—  —  (1) (2) —  (13) (11)
Balance as of June 30, 2022 48,793  $ 1,182,459  191,775  $ 8,346,811  $ (3,205,751) $ 73,300  $ 253,994  $ 6,650,813 
See notes to consolidated financial statements (unaudited).















18


VORNADO REALTY L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
(UNAUDITED)

(Amounts in thousands, except per unit amounts)
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
June 30, 2021:
Balance as of March 31, 2021 48,793  $ 1,182,311  191,465  $ 8,088,030  $ (2,871,681) $ (60,753) $ 415,278  $ 6,753,185 
Net income attributable to Vornado Realty L.P. —  —  —  —  68,048  —  —  68,048 
Net income attributable to redeemable partnership units —  —  —  —  (3,536) —  —  (3,536)
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries —  —  —  —  —  —  8,308  8,308 
Distributions to Vornado
($0.53 per unit)
—  —  —  —  (101,522) —  —  (101,522)
Distributions to preferred unitholders (see Note 12 for distributions per unit amounts)
—  —  —  —  (16,467) —  —  (16,467)
Class A units issued to Vornado:
Upon redemption of redeemable Class A units, at redemption value
—  —  92  4,206  —  —  —  4,206 
Under Vornado's employees' share option plan
—  —  —  —  —  — 
Under Vornado's dividend reinvestment plan
—  —  219  —  —  —  219 
Contributions —  —  —  —  —  —  1,547  1,547 
Distributions
—  —  —  —  —  —  (139,180) (139,180)
Deferred compensation units and options
—  —  —  225  —  —  —  225 
Other comprehensive income of nonconsolidated subsidiaries —  —  —  —  —  1,468  —  1,468 
Change in fair value of interest rate swaps —  —  —  —  —  8,551  —  8,551 
Redeemable Class A unit measurement adjustment —  —  —