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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:  September 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
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 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 September 30, 2022, 191,816,684 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 September 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 92.1% 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 facilities, 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 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.
4


PART I. Financial Information: Page Number
Consolidated Balance Sheets (Unaudited) as of September 30, 2022 and December 31, 2021
6
Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2022 and 2021
7
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2022 and 2021
8
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2022 and 2021
9
Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2022 and 2021
Consolidated Balance Sheets (Unaudited) as of September 30, 2022 and December 31, 2021
Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2022 and 2021
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2022 and 2021
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2022 and 2021
Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 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
September 30, 2022 December 31, 2021
ASSETS
Real estate, at cost:
Land $ 2,477,956  $ 2,540,193 
Buildings and improvements 10,015,452  9,839,166 
Development costs and construction in progress 802,272  718,694 
Leasehold improvements and equipment 122,948  119,792 
Total 13,418,628  13,217,845 
Less accumulated depreciation and amortization (3,606,986) (3,376,347)
Real estate, net 9,811,642  9,841,498 
Right-of-use assets 685,298  337,197 
Cash and cash equivalents 845,423  1,760,225 
Restricted cash 131,625  170,126 
Investments in U.S. Treasury bills 445,165  — 
Tenant and other receivables 81,004  79,661 
Investments in partially owned entities 3,250,197  3,297,389 
Real estate fund investments 930  7,730 
220 Central Park South condominium units ready for sale 78,590  57,142 
Receivable arising from the straight-lining of rents 692,733  656,318 
Deferred leasing costs, net of accumulated amortization of $233,001 and $211,775
380,221  391,693 
Identified intangible assets, net of accumulated amortization of $95,661 and $97,186
142,116  154,895 
Other assets 630,730  512,714 
  $ 17,175,674  $ 17,266,588 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net $ 5,831,769  $ 6,053,343 
Senior unsecured notes, net 1,191,322  1,189,792 
Unsecured term loan, net 792,847  797,812 
Unsecured revolving credit facilities 575,000  575,000 
Lease liabilities 731,674  370,206 
Accounts payable and accrued expenses 475,151  613,497 
Deferred revenue 41,879  48,118 
Deferred compensation plan 95,681  110,174 
Other liabilities 265,775  304,725 
Total liabilities 10,001,098  10,062,667 
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 14,253,759 and 14,033,438 units outstanding
390,539  587,440 
Series D cumulative redeemable preferred units - 141,400 units outstanding
3,535  3,535 
Total redeemable noncontrolling partnership units 394,074  590,975 
Redeemable noncontrolling interest in a consolidated subsidiary 89,228  97,708 
Total redeemable noncontrolling interests 483,302  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 191,816,684 and 191,723,608 shares
7,652  7,648 
Additional capital 8,362,387  8,143,093 
Earnings less than distributions (3,299,630) (3,079,320)
Accumulated other comprehensive income (loss) 185,178  (17,534)
Total shareholders' equity 6,438,046  6,236,346 
Noncontrolling interests in consolidated subsidiaries 253,228  278,892 
Total equity 6,691,274  6,515,238 
  $ 17,175,674  $ 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 September 30, For the Nine Months Ended September 30,
2022 2021 2022 2021
REVENUES:
Rental revenues $ 409,144  $ 369,203  $ 1,211,621  $ 1,048,116 
Fee and other income 48,287  40,009  141,434  120,014 
Total revenues 457,431  409,212  1,353,055  1,168,130 
EXPENSES:
Operating (221,596) (212,699) (660,434) (594,598)
Depreciation and amortization (134,526) (100,867) (370,631) (285,998)
General and administrative (29,174) (25,553) (102,292) (100,341)
Benefit (expense) from deferred compensation plan liability 600  (799) 10,138  (7,422)
Transaction related costs and other (996) (9,681) (4,961) (10,630)
Total expenses (385,692) (349,599) (1,128,180) (998,989)

Income from partially owned entities 24,341  26,269  83,775  86,768 
(Loss) income from real estate fund investments (111) (66) 5,421  5,107 
Interest and other investment income, net 5,228  633  9,282  3,694 
(Loss) income from deferred compensation plan assets (600) 799  (10,138) 7,422 
Interest and debt expense (76,774) (50,946) (191,523) (152,904)
Net gains on disposition of wholly owned and partially owned assets —  10,087  35,384  35,811 
Income before income taxes 23,823  46,389  157,076  155,039 
Income tax (expense) benefit (3,711) 25,376  (14,686) 20,551 
Net income 20,112  71,765  142,390  175,590 
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries 3,792  (5,425) (4,756) (20,323)
Operating Partnership (606) (2,818) (6,382) (6,683)
Net income attributable to Vornado 23,298  63,522  131,252  148,584 
Preferred share dividends (15,529) (16,800) (46,587) (49,734)
Series K preferred share issuance costs —  (9,033) —  (9,033)
NET INCOME attributable to common shareholders $ 7,769  $ 37,689  $ 84,665  $ 89,817 
INCOME PER COMMON SHARE - BASIC:
Net income per common share $ 0.04  $ 0.20  $ 0.44  $ 0.47 
Weighted average shares outstanding 191,793  191,577  191,756  191,508 
INCOME PER COMMON SHARE - DILUTED:
Net income per common share $ 0.04  $ 0.20  $ 0.44  $ 0.47 
Weighted average shares outstanding 192,018  192,041  192,042  192,151 
    
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 September 30, For the Nine Months Ended September 30,
2022 2021 2022 2021
Net income $ 20,112  $ 71,765  $ 142,390  $ 175,590 
Other comprehensive income:
Change in fair value of interest rate swaps and other 117,219  5,362  200,838  25,555 
Other comprehensive income of nonconsolidated subsidiaries 5,124  1,322  19,084  6,381 
Comprehensive income 142,455  78,449  362,312  207,526 
Less comprehensive income attributable to noncontrolling interests (7,279) (8,669) (28,348) (29,022)
Comprehensive income attributable to Vornado $ 135,176  $ 69,780  $ 333,964  $ 178,504 
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
September 30, 2022:
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 
Net income attributable to Vornado —  —  —  —  —  23,298  —  —  23,298 
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries —  —  —  —  —  —  —  967  967 
Dividends on common shares
($0.53 per share)
—  —  —  —  —  (101,656) —  —  (101,656)
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 —  —  34  991  —  —  —  992 
Under dividend reinvestment plan —  —  —  221  —  —  —  221 
Contributions —  —  —  —  —  —  —  650  650 
Distributions —  —  —  —  —  —  —  (4,548) (4,548)
Deferred compensation shares and options —  —  —  —  155  —  —  —  155 
Other comprehensive income of nonconsolidated subsidiaries —  —  —  —  —  —  5,124  —  5,124 
Change in fair value of interest rate swaps and other —  —  —  —  —  —  117,219  —  117,219 
Redeemable Class A unit measurement adjustment —  —  —  —  21,857  —  —  —  21,857 
Noncontrolling interests' share of above adjustments —  —  —  —  —  —  (10,465) 2,166  (8,299)
Other —  —  —  (1) 10 
Balance as of September 30, 2022 48,793  $ 1,182,459  191,817  $ 7,652  $ 8,362,387  $ (3,299,630) $ 185,178  $ 253,228  $ 6,691,274 
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
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
September 30, 2021:
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 
Net income attributable to Vornado —  —  —  —  —  63,522  —  —  63,522 
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries —  —  —  —  —  —  —  4,299  4,299 
Dividends on common shares
($0.53 per share)
—  —  —  —  —  (101,527) —  —  (101,527)
Dividends on preferred shares (see Note 12 for dividends per share amounts)
—  —  —  —  —  (16,800) —  —  (16,800)
Series O cumulative redeemable preferred shares issuance 12,000  291,195  —  —  —  —  —  —  291,195 
Common shares issued:
Upon redemption of Class A units, at redemption value —  —  114  4,744  —  —  —  4,749 
Under dividend reinvestment plan —  —  223  —  —  —  224 
Contributions —  —  —  —  —  —  —  1,110  1,110 
Distributions —  —  —  —  —  —  —  (5,877) (5,877)
Conversion of Series A preferred shares to common shares —  (13) —  13  —  —  —  — 
Deferred compensation shares and options —  —  (1) —  226  —  —  —  226 
Other comprehensive income of nonconsolidated subsidiaries —  —  —  —  —  —  1,322  —  1,322 
Change in fair value of interest rate swaps —  —  —  —  —  —  5,360  —  5,360 
Redeemable Class A unit measurement adjustment —  —  —  —  64,100  —  —  —  64,100 
Series K cumulative redeemable preferred shares called for redemption (12,000) (290,967) —  —  —  (9,033) —  —  (300,000)
Redeemable noncontrolling interests' share of above adjustments —  —  —  —  —  —  (426) —  (426)
Other —  (7) —  (1) (2) —  39  31 
Balance as of September 30, 2021 48,793  $ 1,182,499  191,681  $ 7,646  $ 8,138,337  $ (2,988,999) $ (45,179) $ 285,521  $ 6,579,825 
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 Nine Months Ended
September 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 —  —  —  —  —  131,252  —  —  131,252 
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries —  —  —  —  —  —  —  13,236  13,236 
Dividends on common shares
($1.59 per share)
—  —  —  —  —  (304,896) —  —  (304,896)
Dividends on preferred shares (see Note 12 for dividends per share amounts)
—  —  —  —  —  (46,587) —  —  (46,587)
Common shares issued:
Upon redemption of Class A units, at redemption value —  —  76  2,566  —  —  —  2,569 
Under employees' share option plan —  —  —  —  —  —  — 
Under dividend reinvestment plan —  —  19  —  655  —  —  —  655 
Contributions —  —  —  —  —  —  —  4,903  4,903 
Distributions —  —  —  —  —  —  —  (45,976) (45,976)
Deferred compensation shares and options —  —  (2) —  447  (85) —  —  362 
Other comprehensive income of nonconsolidated subsidiaries —  —  —  —  —  —  19,084  —  19,084 
Change in fair value of interest rate swaps and other —  —  —  —  —  —  200,838  —  200,838 
Redeemable Class A unit measurement adjustment —  —  —  —  215,619  —  —  —  215,619 
Noncontrolling interests' share of above adjustments —  —  —  —  —  —  (17,210) 2,166  (15,044)
Other —  —  —  —  —  14 
Balance as of September 30, 2022 48,793  $ 1,182,459  191,817  $ 7,652  $ 8,362,387  $ (3,299,630) $ 185,178  $ 253,228  $ 6,691,274 
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
Non-controlling Interests in Consolidated Subsidiaries
Preferred Shares Common Shares Additional Capital Total Equity
Shares Amount Shares Amount
For the Nine Months Ended
September 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 —  —  —  —  —  148,584  —  —  148,584 
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries
—  —  —  —  —  —  —  18,804  18,804 
Dividends on common shares
($1.59 per share)
—  —  —  —  —  (304,516) —  —  (304,516)
Dividends on preferred shares (see Note 12 for dividends per share amounts)
—  —  —  —  —  (49,734) —  —  (49,734)
Series O cumulative redeemable preferred shares issuance 12,000  291,195  —  —  —  —  —  —  291,195 
Common shares issued:
Upon redemption of Class A units, at redemption value
—  —  313  13  13,045  —  —  —  13,058 
Under employees' share option plan
—  —  —  —  10  —  —  —  10 
Under dividend reinvestment plan
—  —  16  653  —  —  —  654 
Contributions —  —  —  —  —  —  —  2,657  2,657 
Distributions —  —  —  —  —  —  —  (150,934) (150,934)
Conversion of Series A preferred shares to common shares —  (13) —  13  —  —  —  — 
Deferred compensation shares and options
—  —  (4) —  675  (114) —  —  561 
Other comprehensive income of nonconsolidated subsidiaries —  —  —  —  —  —  6,381  —  6,381 
Change in fair value of interest rate swaps —  —  —  —  —  —  25,553  —  25,553 
Unearned 2018 Out-Performance Plan awards acceleration —  —  —  —  10,283  —  —  —  10,283 
Redeemable Class A unit measurement adjustment —  —  —  —  (78,848) —  —  —  (78,848)
Series K cumulative redeemable preferred shares called for redemption (12,000) (290,967) —  —  —  (9,033) —  —  (300,000)
Redeemable noncontrolling interests' share of above adjustments
—  —  —  —  —  —  (2,016) —  (2,016)
Other
—  (55) —  (1) (1) (4) 37  (22)
Balance as of September 30, 2021 48,793  $ 1,182,499  191,681  $ 7,646  $ 8,138,337  $ (2,988,999) $ (45,179) $ 285,521  $ 6,579,825 
See notes to consolidated financial statements (unaudited).
12


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Amounts in thousands) For the Nine Months Ended September 30,
2022 2021
Cash Flows from Operating Activities:
Net income $ 142,390  $ 175,590 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs) 386,697  299,749 
Distributions of income from partially owned entities 137,758  171,367 
Equity in net income of partially owned entities (83,775) (86,768)
Straight-lining of rents (45,835) 11,651 
Net gains on disposition of wholly owned and partially owned assets (35,384) (35,811)
Stock-based compensation expense 22,887  32,889 
Change in deferred tax liability 9,992  2,497 
Amortization of below-market leases, net (3,788) (7,939)
Net realized and unrealized loss on real estate fund investments 1,128  789 
Write-off of lease receivables deemed uncollectible 782  7,219 
Real estate impairment losses —  7,880 
Other non-cash adjustments 2,560  (5,046)
Changes in operating assets and liabilities:
Real estate fund investments —  (789)
Tenant and other receivables (2,128) (12,092)
Prepaid assets 33,995  (44,731)
Other assets (22,706) (77,508)
Accounts payable and accrued expenses 6,649  43,067 
Other liabilities 8,605  (3,911)
Net cash provided by operating activities 559,827  478,103 
Cash Flows from Investing Activities:
Purchase of U.S. Treasury bills (794,793) — 
Development costs and construction in progress (557,884) (444,645)
Proceeds from maturities of U.S. Treasury bills 349,461  — 
Proceeds from sales of real estate 253,958  100,024 
Additions to real estate (120,124) (113,374)
Distributions of capital from partially owned entities 20,566  106,005 
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South 16,124  97,683 
Investments in partially owned entities (15,046) (12,366)
Acquisitions of real estate and other (2,000) (3,000)
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of prorations and net working capital and net of $39,370 of cash and restricted cash balances consolidated upon acquisition)
—  (123,936)
Proceeds from repayments of loan receivables —  975 
Net cash used in investing activities (849,738) (392,634)
See notes to consolidated financial statements (unaudited).

13


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

(Amounts in thousands) For the Nine Months Ended September 30,
2022 2021
Cash Flows from Financing Activities:
Repayments of borrowings $ (1,245,973) $ (1,578,843)
Proceeds from borrowings 1,029,773  2,298,007 
Dividends paid on common shares (304,896) (304,516)
Distributions to noncontrolling interests (68,716) (173,356)
Dividends paid on preferred shares (46,587) (49,400)
Debt issuance costs (32,473) (33,935)
Contributions from noncontrolling interests 4,903  2,657 
Proceeds received from exercise of employee share options and other 662  664 
Repurchase of shares related to stock compensation agreements and related tax withholdings and other (85) (114)
Proceeds from the issuance of preferred shares —  291,195 
Net cash (used in) provided by financing activities (663,392) 452,359 
Net (decrease) increase in cash and cash equivalents and restricted cash (953,303) 537,828 
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 $ 977,048  $ 2,268,197 
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 $ 845,423  $ 2,128,964 
Restricted cash at end of period 131,625  139,233 
Cash and cash equivalents and restricted cash at end of period $ 977,048  $ 2,268,197 
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $12,095 and $31,785
$ 170,839  $ 137,937 
Cash payments for income taxes $ 6,919  $ 8,426 
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 215,619  (78,848)
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other 200,838  25,555 
Accrued capital expenditures included in accounts payable and accrued expenses 86,844  120,635 
Reclassification of assets held for sale (included in "other assets") 64,177  79,421 
Write-off of fully depreciated assets (52,475) (78,353)
Reclassification of condominium units from "development costs and construction in progress" to
   "220 Central Park South condominium units ready for sale"
30,542  11,767 
Increase in assets and liabilities resulting from the consolidation of One Park Avenue:
Real estate —  566,013 
Identified intangible assets —  139,545 
Mortgages payable —  525,000 
Deferred revenue —  18,884 
Reclassification of Series K cumulative redeemable preferred shares to liabilities upon call for redemption —  300,000 
See notes to consolidated financial statements (unaudited).
14


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

(Amounts in thousands, except unit amounts) As of
September 30, 2022 December 31, 2021
ASSETS
Real estate, at cost:
Land $ 2,477,956  $ 2,540,193 
Buildings and improvements 10,015,452  9,839,166 
Development costs and construction in progress 802,272  718,694 
Leasehold improvements and equipment 122,948  119,792 
Total 13,418,628  13,217,845 
Less accumulated depreciation and amortization (3,606,986) (3,376,347)
Real estate, net 9,811,642  9,841,498 
Right-of-use assets 685,298  337,197 
Cash and cash equivalents 845,423  1,760,225 
Restricted cash 131,625  170,126 
Investments in U.S. Treasury bills 445,165  — 
Tenant and other receivables 81,004  79,661 
Investments in partially owned entities 3,250,197  3,297,389 
Real estate fund investments 930  7,730 
220 Central Park South condominium units ready for sale 78,590  57,142 
Receivable arising from the straight-lining of rents 692,733  656,318 
Deferred leasing costs, net of accumulated amortization of $233,001 and $211,775
380,221  391,693 
Identified intangible assets, net of accumulated amortization of $95,661 and $97,186
142,116  154,895 
Other assets 630,730  512,714 
$ 17,175,674  $ 17,266,588 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net $ 5,831,769  $ 6,053,343 
Senior unsecured notes, net 1,191,322  1,189,792 
Unsecured term loan, net 792,847  797,812 
Unsecured revolving credit facilities 575,000  575,000 
Lease liabilities 731,674  370,206 
Accounts payable and accrued expenses 475,151  613,497 
Deferred revenue 41,879  48,118 
Deferred compensation plan 95,681  110,174 
Other liabilities 265,775  304,725 
Total liabilities 10,001,098  10,062,667 
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 14,253,759 and 14,033,438 units outstanding
390,539  587,440 
Series D cumulative redeemable preferred units - 141,400 units outstanding
3,535  3,535 
Total redeemable noncontrolling partnership units 394,074  590,975 
Redeemable noncontrolling interest in a consolidated subsidiary 89,228  97,708 
Total redeemable noncontrolling interests 483,302  688,683 
Partners' equity:
Partners' capital 9,552,498  9,333,200 
Earnings less than distributions (3,299,630) (3,079,320)
Accumulated other comprehensive income (loss) 185,178  (17,534)
Total partners' equity 6,438,046  6,236,346 
Noncontrolling interests in consolidated subsidiaries 253,228  278,892 
Total equity 6,691,274  6,515,238 
$ 17,175,674  $ 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 September 30, For the Nine Months Ended September 30,
2022 2021 2022 2021
REVENUES:
Rental revenues $ 409,144  $ 369,203  $ 1,211,621  $ 1,048,116 
Fee and other income 48,287  40,009  141,434  120,014 
Total revenues 457,431  409,212  1,353,055  1,168,130 
EXPENSES:
Operating (221,596) (212,699) (660,434) (594,598)
Depreciation and amortization (134,526) (100,867) (370,631) (285,998)
General and administrative (29,174) (25,553) (102,292) (100,341)
Benefit (expense) from deferred compensation plan liability 600  (799) 10,138  (7,422)
Transaction related costs and other (996) (9,681) (4,961) (10,630)
Total expenses (385,692) (349,599) (1,128,180) (998,989)
Income from partially owned entities 24,341  26,269  83,775  86,768 
(Loss) income from real estate fund investments (111) (66) 5,421  5,107 
Interest and other investment income, net 5,228  633  9,282  3,694 
(Loss) income from deferred compensation plan assets (600) 799  (10,138) 7,422 
Interest and debt expense (76,774) (50,946) (191,523) (152,904)
Net gains on disposition of wholly owned and partially owned assets —  10,087  35,384  35,811 
Income before income taxes 23,823  46,389  157,076  155,039 
Income tax (expense) benefit (3,711) 25,376  (14,686) 20,551 
Net income 20,112  71,765  142,390  175,590 
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries 3,792  (5,425) (4,756) (20,323)
Net income attributable to Vornado Realty L.P. 23,904  66,340  137,634  155,267 
Preferred unit distributions (15,558) (16,842) (46,673) (49,858)
Series K preferred unit issuance costs —  (9,033) —  (9,033)
NET INCOME attributable to Class A unitholders $ 8,346  $ 40,465  $ 90,961  $ 96,376 
INCOME PER CLASS A UNIT - BASIC:
Net income per Class A unit $ 0.04  $ 0.19  $ 0.43  $ 0.46 
Weighted average units outstanding 205,410  204,864  205,271  204,663 
INCOME PER CLASS A UNIT - DILUTED:
Net income per Class A unit $ 0.04  $ 0.19  $ 0.43  $ 0.46 
Weighted average units outstanding 205,912  205,703  205,924  205,616 
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 September 30, For the Nine Months Ended September 30,
2022 2021 2022 2021
Net income $ 20,112  $ 71,765  $ 142,390  $ 175,590 
Other comprehensive income:
Change in fair value of interest rate swaps and other 117,219  5,362  200,838  25,555 
Other comprehensive income of nonconsolidated subsidiaries 5,124  1,322  19,084  6,381 
Comprehensive income 142,455  78,449  362,312  207,526 
Less comprehensive loss (income) attributable to noncontrolling interests in consolidated subsidiaries 1,626  (5,425) (6,922) (20,323)
Comprehensive income attributable to Vornado Realty L.P. $ 144,081  $ 73,024  $ 355,390  $ 187,203 

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
September 30, 2022:
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 
Net income attributable to Vornado Realty L.P. —  —  —  —  23,904  —  —  23,904 
Net income attributable to redeemable partnership units —  —  —  —  (606) —  —  (606)
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries —  —  —  —  —  —  967  967 
Distributions to Vornado
($0.53 per unit)
—  —  —  —  (101,656) —  —  (101,656)
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 —  —  34  992  —  —  —  992 
Under Vornado's dividend reinvestment plan —  —  221  —  —  —  221 
Contributions —  —  —  —  —  —  650  650 
Distributions —  —  —  —  —  —  (4,548) (4,548)
Deferred compensation units and options —  —  —  155  —  —  —  155 
Other comprehensive income of nonconsolidated subsidiaries —  —  —  —  —  5,124  —  5,124 
Change in fair value of interest rate swaps and other —  —  —  —  —  117,219  —  117,219 
Redeemable Class A unit measurement adjustment —  —  —  21,857  —  —  —  21,857 
Noncontrolling interests' share of above adjustments —  —  —  —  —  (10,465) 2,166  (8,299)
Other —  —  —  (1) 10 
Balance as of September 30, 2022 48,793  $ 1,182,459  191,817  $ 8,370,039  $ (3,299,630) $ 185,178  $ 253,228  $ 6,691,274 
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
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
September 30, 2021:
Balance as of June 30, 2021 48,793  $ 1,182,291  191,561  $ 8,076,674  $ (2,925,161) $ (51,437) $ 285,950  $ 6,568,317 
Net income attributable to Vornado Realty L.P. —  —  —  —  66,340  —  —  66,340 
Net income attributable to redeemable partnership units —  —  —  —  (2,818) —  —  (2,818)
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries —  —  —  —  —  —  4,299