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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 TrustMaryland22-1657560
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
Vornado Realty L.P.Delaware13-3925979
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
888 Seventh Avenue,New York,New York10019
(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:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Vornado Realty TrustCommon Shares of beneficial interest, $.04 par value per shareVNONew York Stock Exchange
Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share:
Vornado Realty Trust5.40% Series LVNO/PLNew York Stock Exchange
Vornado Realty Trust5.25% Series MVNO/PMNew York Stock Exchange
Vornado Realty Trust5.25% Series NVNO/PNNew York Stock Exchange
Vornado Realty Trust4.45% Series OVNO/PONew 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 FilerAccelerated Filer
Non-Accelerated FilerSmaller 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 FilerAccelerated Filer
Non-Accelerated FilerSmaller 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
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
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, 2022December 31, 2021
ASSETS
Real estate, at cost:
Land$2,477,956 $2,540,193 
Buildings and improvements10,015,452 9,839,166 
Development costs and construction in progress802,272 718,694 
Leasehold improvements and equipment122,948 119,792 
Total13,418,628 13,217,845 
Less accumulated depreciation and amortization(3,606,986)(3,376,347)
Real estate, net9,811,642 9,841,498 
Right-of-use assets685,298 337,197 
Cash and cash equivalents845,423 1,760,225 
Restricted cash131,625 170,126 
Investments in U.S. Treasury bills445,165  
Tenant and other receivables81,004 79,661 
Investments in partially owned entities3,250,197 3,297,389 
Real estate fund investments930 7,730 
220 Central Park South condominium units ready for sale78,590 57,142 
Receivable arising from the straight-lining of rents692,733 656,318 
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 assets630,730 512,714 
 $17,175,674 $17,266,588 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net$5,831,769 $6,053,343 
Senior unsecured notes, net1,191,322 1,189,792 
Unsecured term loan, net792,847 797,812 
Unsecured revolving credit facilities575,000 575,000 
Lease liabilities731,674 370,206 
Accounts payable and accrued expenses475,151 613,497 
Deferred revenue41,879 48,118 
Deferred compensation plan95,681 110,174 
Other liabilities265,775 304,725 
Total liabilities10,001,098 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 units394,074 590,975 
Redeemable noncontrolling interest in a consolidated subsidiary89,228 97,708 
Total redeemable noncontrolling interests483,302 688,683 
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 capital8,362,387 8,143,093 
Earnings less than distributions(3,299,630)(3,079,320)
Accumulated other comprehensive income (loss)185,178 (17,534)
Total shareholders' equity6,438,046 6,236,346 
Noncontrolling interests in consolidated subsidiaries253,228 278,892 
Total equity6,691,274 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,
2022202120222021
REVENUES:
Rental revenues$409,144 $369,203 $1,211,621 $1,048,116 
Fee and other income48,287 40,009 141,434 120,014 
Total revenues457,431 409,212 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 liability600 (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 entities24,341 26,269 83,775 86,768 
(Loss) income from real estate fund investments(111)(66)5,421 5,107 
Interest and other investment income, net5,228 633 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 taxes23,823 46,389 157,076 155,039 
Income tax (expense) benefit(3,711)25,376 (14,686)20,551 
Net income20,112 71,765 142,390 175,590 
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries3,792 (5,425)(4,756)(20,323)
Operating Partnership(606)(2,818)(6,382)(6,683)
Net income attributable to Vornado23,298 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 outstanding191,793 191,577 191,756 191,508 
INCOME PER COMMON SHARE - DILUTED:
Net income per common share$0.04 $0.20 $0.44 $0.47 
Weighted average shares outstanding192,018 192,041 192,042 192,151 
    
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,
2022202120222021
Net income$20,112 $71,765 $142,390 $175,590 
Other comprehensive income:
Change in fair value of interest rate swaps and other117,219 5,362 200,838 25,555 
Other comprehensive income of nonconsolidated subsidiaries5,124 1,322 19,084 6,381 
Comprehensive income142,455 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 SharesCommon SharesAdditional CapitalEarnings Less Than DistributionsTotal Equity
SharesAmountSharesAmount
For the Three Months Ended
September 30, 2022:
Balance as of June 30, 202248,793 $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 1 991 — — — 992 
Under dividend reinvestment plan— — 7 — 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 1 2 8 — (1)10 
Balance as of September 30, 202248,793 $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 SharesCommon SharesAdditional CapitalEarnings Less Than DistributionsTotal Equity
SharesAmountSharesAmount
For the Three Months Ended
September 30, 2021:
Balance as of June 30, 202148,793 $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 issuance12,000 291,195 — — — — — — 291,195 
Common shares issued:
Upon redemption of Class A units, at redemption value— — 114 5 4,744 — — — 4,749 
Under dividend reinvestment plan— — 6 1 223 — — — 224 
Contributions— — — — — — — 1,110 1,110 
Distributions— — — — — — — (5,877)(5,877)
Conversion of Series A preferred shares to common shares— (13)1 — 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)— 2 39 31 
Balance as of September 30, 202148,793 $1,182,499 191,681 $7,646 $8,138,337 $(2,988,999)$(45,179)$285,521 $