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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, 2024
 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,” “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, 2024, 190,649,061 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, 2024 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” and “VRLP” 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 91.3% 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 distribution to a Class A unitholder is equal to the dividend paid to a Vornado common shareholder. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. Vornado generally expects that it will elect to issue its common shares in connection with each such presentation for redemption rather than having the Operating Partnership pay cash. With each such exchange or redemption, Vornado’s percentage ownership in the Operating Partnership will increase. In addition, whenever Vornado issues common shares other than to acquire Class A units of the Operating Partnership, Vornado must contribute any net proceeds it receives to the Operating Partnership and the Operating Partnership must issue to Vornado an equivalent number of Class A units of the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.
The Company believes that combining the quarterly reports on Form 10-Q of Vornado and the Operating Partnership into this single report provides the following benefits:
•enhances investors’ understanding of Vornado and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
•eliminates duplicative disclosure and provides a more streamlined and readable presentation because a substantial portion of the disclosure applies to both Vornado and the Operating Partnership; and
•creates time and cost efficiencies in the preparation of one combined report instead of two separate reports.
The Company believes it is important to understand the few differences between Vornado and the Operating Partnership in the context of how Vornado and the Operating Partnership operate as a consolidated company. The financial results of the Operating Partnership are consolidated into the financial statements of Vornado. Vornado does not have any significant assets, liabilities or operations, other than its investment in the Operating Partnership. The Operating Partnership, not Vornado, generally executes all significant business relationships other than transactions involving the securities of Vornado. The Operating Partnership holds substantially all of the assets of Vornado. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by Vornado, which are contributed to the capital of the Operating Partnership in exchange for Class A units of partnership in the Operating Partnership, and the net proceeds of debt offerings by Vornado, which are contributed to the Operating Partnership in exchange for debt securities of the Operating Partnership, as applicable, the Operating Partnership generates all remaining capital required by the Company’s business. These sources may include working capital, net cash provided by operating activities, borrowings under the revolving credit facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties.
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 10. Redeemable Noncontrolling Interests
•Note 11. Shareholders' Equity/Partners' Capital
•Note 13. (Loss) Income Per Share and Per Class A Unit
•Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable.
This report also includes separate Part I, Item 4. Controls and Procedures and Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections and separate Exhibits 31 and 32 certifications for each of Vornado and the Operating Partnership in order to establish that the requisite certifications have been made and that Vornado and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.
4

PART I.Financial Information:Page Number
Consolidated Balance Sheets (Unaudited) as of September 30, 2024 and December 31, 2023
Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2024 and 2023
Consolidated Balance Sheets (Unaudited) as of September 30, 2024 and December 31, 2023
Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2024 and 2023
Vornado Realty Trust and Vornado Realty L.P.:
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
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, 2024December 31, 2023
ASSETS
Real estate, at cost:
Land$2,434,209 $2,436,221 
Buildings and improvements10,306,041 9,952,954 
Development costs and construction in progress1,153,831 1,281,076 
Leasehold improvements and equipment137,086 130,953 
Total14,031,167 13,801,204 
Less accumulated depreciation and amortization(3,969,369)(3,752,827)
Real estate, net10,061,798 10,048,377 
Right-of-use assets677,135 680,044 
Cash and cash equivalents783,596 997,002 
Restricted cash245,479 264,582 
Tenant and other receivables72,061 69,543 
Investments in partially owned entities2,682,672 2,610,558 
Receivable arising from the straight-lining of rents698,912 701,666 
Deferred leasing costs, net of accumulated amortization of $266,009 and $249,347
352,765 355,010 
Identified intangible assets, net of accumulated amortization of $76,223 and $98,589
120,252 127,082 
Other assets388,431 333,801 
 $16,083,101 $16,187,665 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net$5,675,054 $5,688,020 
Senior unsecured notes, net1,195,403 1,193,873 
Unsecured term loan, net795,601 794,559 
Unsecured revolving credit facilities575,000 575,000 
Lease liabilities746,060 732,859 
Accounts payable and accrued expenses362,395 411,044 
Deferred revenue29,236 32,199 
Deferred compensation plan113,352 105,245 
Other liabilities323,541 311,132 
Total liabilities9,815,642 9,843,931 
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 17,015,350 and 17,000,030 units outstanding
670,405 480,251 
Series D cumulative redeemable preferred units - 141,400 units outstanding
3,535 3,535 
Total redeemable noncontrolling partnership units673,940 483,786 
Redeemable noncontrolling interest in a consolidated subsidiary134,249 154,662 
Total redeemable noncontrolling interests808,189 638,448 
Shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,504 and 48,792,902 shares
1,182,449 1,182,459 
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,649,061 and 190,390,703 shares
7,605 7,594 
Additional capital8,090,723 8,263,291 
Earnings less than distributions(4,002,345)(4,009,395)
Accumulated other comprehensive (loss) income (478)65,115 
Total shareholders' equity5,277,954 5,509,064 
Noncontrolling interests in consolidated subsidiaries181,316 196,222 
Total equity5,459,270 5,705,286 
 $16,083,101 $16,187,665 
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,
2024202320242023
REVENUES:
Rental revenues$387,470 $400,367 $1,170,343 $1,215,994 
Fee and other income55,785 50,628 159,553 153,283 
Total revenues443,255 450,995 1,329,896 1,369,277 
EXPENSES:
Operating(236,149)(233,737)(691,753)(685,233)
Depreciation and amortization(116,006)(110,349)(334,439)(324,076)
General and administrative(35,511)(35,838)(111,883)(116,843)
Expense from deferred compensation plan liability(5,171)(1,631)(11,089)(7,541)
Transaction related costs and other113 (813)(3,901)(1,501)
Total expenses(392,724)(382,368)(1,153,065)(1,135,194)

Income from partially owned entities18,229 18,269 82,457 72,207 
Interest and other investment income, net12,391 14,717 34,626 37,454 
Income from deferred compensation plan assets5,171 1,631 11,089 7,541 
Interest and debt expense(100,907)(88,126)(289,786)(261,528)
Net gains on disposition of wholly owned and partially owned assets— 56,136 16,048 64,592 
(Loss) income before income taxes(14,585)71,254 31,265 154,349 
Income tax expense(4,883)(11,684)(16,907)(20,848)
Net (loss) income (19,468)59,570 14,358 133,501 
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries14,152 13,541 40,024 26,250 
Operating Partnership1,690 (4,736)(724)(8,773)
Net (loss) income attributable to Vornado(3,626)68,375 53,658 150,978 
Preferred share dividends(15,528)(15,529)(46,586)(46,587)
NET (LOSS) INCOME attributable to common shareholders$(19,154)$52,846 $7,072 $104,391 
(LOSS) INCOME PER COMMON SHARE - BASIC:
Net (loss) income per common share$(0.10)$0.28 $0.04 $0.55 
Weighted average shares outstanding190,556 190,364 190,493 191,228 
(LOSS) INCOME PER COMMON SHARE - DILUTED:
Net (loss) income per common share$(0.10)$0.28 $0.04 $0.54 
Weighted average shares outstanding190,556 192,921 195,473 193,845 
    
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,
2024202320242023
Net (loss) income$(19,468)$59,570 $14,358 $133,501 
Other comprehensive (loss) income:
Change in fair value of consolidated interest rate hedges and other(98,940)22,312 (49,539)2,433 
Other comprehensive loss of nonconsolidated subsidiaries(18,988)(1,390)(21,215)(4,534)
Comprehensive (loss) income (137,396)80,492 (56,396)131,400 
Less comprehensive loss attributable to noncontrolling interests28,486 6,236 44,477 17,323 
Comprehensive (loss) income attributable to Vornado$(108,910)$86,728 $(11,919)$148,723 
See notes to consolidated financial statements (unaudited).
8

VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
(Amounts in thousands)Accumulated
Other
Comprehensive
Income (Loss)		Non-controlling Interests in Consolidated Subsidiaries
Preferred SharesCommon SharesAdditional CapitalEarnings Less Than DistributionsTotal Equity
SharesAmountSharesAmount
For the Three Months Ended
September 30, 2024:
Balance as of June 30, 202448,793 $1,182,459 190,505 $7,599 $8,314,657 $(3,983,194)$104,779 $191,699 $5,817,999 
Net loss attributable to Vornado— — — — — (3,626)— — (3,626)
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries— — — — — — — (6,290)(6,290)
Dividends on preferred shares (see Note 11 for dividends per share amounts)
— — — — — (15,528)— — (15,528)
Common shares issued upon redemption of Class A units, at redemption value— — 143 6 4,773 — — — 4,779 
Conversion of Series A preferred shares to common shares— (10)1 — 10 — — — — 
Contributions— — — — — — — 93 93 
Distributions— — — — — — — (998)(998)
Other comprehensive loss of nonconsolidated subsidiaries— — — — — — (18,988)— (18,988)
Change in fair value of consolidated interest rate hedges and other— — — — — — (98,940)— (98,940)
Redeemable Class A unit measurement adjustment— — — — (228,717)— 27 — (228,690)
Other comprehensive loss (income) attributable to noncontrolling interests in:
Operating Partnership— — — — — — 9,454 — 9,454 
Consolidated subsidiaries— — — — — — 3,190 (3,190)— 
Other— — — — — 3 — 2 5 
Balance as of September 30, 202448,793 $1,182,449 190,649 $7,605 $8,090,723 $(4,002,345)$(478)$181,316 $5,459,270 
Preferred SharesCommon SharesAdditional CapitalEarnings Less Than DistributionsAccumulated
Other
Comprehensive Income		Non-controlling Interests in Consolidated SubsidiariesTotal Equity
SharesAmountSharesAmount
For the Three Months Ended
September 30, 2023
Balance as of June 30, 202348,793 $1,182,459 190,544 $7,601 $8,331,228 $(3,938,202)$151,771 $259,673 $5,994,530 
Net income attributable to Vornado— — — — — 68,375 — — 68,375 
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries— — — — — — — (2,350)(2,350)
Dividends on preferred shares (see Note 11 for dividends per share amounts)
— — — — — (15,529)— — (15,529)
Common shares issued upon redemption of Class A units, at redemption value— — 81 3 1,612 — — — 1,615 
Contributions— — — — — — — 206 206 
Distributions— — — — — — — (20)(20)
Repurchase of common shares— — (302)(12)— (5,921)— — (5,933)
Deferred compensation shares and options— — (1)— 74 11 — — 85 
Other comprehensive loss of nonconsolidated subsidiaries— — — — — — (1,390)— (1,390)
Change in fair value of consolidated interest rate hedges and other— — — — — — 22,312 — 22,312 
Redeemable Class A unit measurement adjustment— — — — 8,896 — 58 — 8,954 
Other comprehensive income attributable to noncontrolling interests in:
Operating Partnership— — — — — — (1,634)— (1,634)
Consolidated subsidiaries— — — — — — (935)935 — 
Balance as of September 30, 202348,793 $1,182,459 190,322 $7,592 $8,341,810 $(3,891,266)$170,182 $258,444 $6,069,221 
See notes to consolidated financial statements (unaudited).
9

VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
(UNAUDITED)
(Amounts in thousands)Accumulated
Other
Comprehensive Income (Loss)		Non-controlling Interests in Consolidated Subsidiaries
Preferred SharesCommon SharesAdditional CapitalEarnings Less Than DistributionsTotal Equity
SharesAmountSharesAmount
For the Nine Months Ended September 30, 2024:
Balance as of December 31, 202348,793 $1,182,459 190,391 $7,594 $8,263,291 $(4,009,395)$65,115 $196,222 $5,705,286 
Net income attributable to Vornado— — — — — 53,658 — — 53,658 
Net loss attributable to nonredeemable noncontrolling interests in consolidated subsidiaries— — — — — — — (16,272)(16,272)
Dividends on preferred shares (see Note 11 for dividends per share amounts)
— — — — — (46,586)— — (46,586)
Common shares issued upon redemption of Class A units, at redemption value— — 258 11 7,808 — — — 7,819 
Conversion of Series A preferred shares to common shares— (10)1 — 10 — — — — 
Contributions— — — — — — — 1,851 1,851 
Distributions— — — — — — — (1,183)(1,183)
Other comprehensive loss of nonconsolidated subsidiaries— — — — — — (21,215)— (21,215)
Change in fair value of consolidated interest rate hedges and other— — — — — — (49,539)— (49,539)
Redeemable Class A unit measurement adjustment— — — — (180,531)— (16)— (180,547)
Other comprehensive loss (income) attributable to noncontrolling interests in:
Operating Partnership— — — — — — 5,872 — 5,872 
Consolidated subsidiaries— — — — — — (695)695 — 
Other— — (1)— 145 (22)— 3 126 
Balance as of September 30, 202448,793 $1,182,449 190,649 $7,605 $8,090,723 $(4,002,345)$(478)$181,316 $5,459,270 
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)
Accumulated
Other
Comprehensive Income		Non-controlling Interests in Consolidated Subsidiaries
Preferred SharesCommon SharesAdditional CapitalEarnings Less Than DistributionsTotal Equity
SharesAmountSharesAmount
For the Nine Months Ended September 30, 2023:
Balance as of December 31, 202248,793 $1,182,459 191,867 $7,654 $8,369,228 $(3,894,580)$174,967 $236,652 $6,076,380 
Net income attributable to Vornado— — — — — 150,978 — — 150,978 
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries— — — — — — — 2,961 2,961 
Dividends on common shares
($0.375 per share)
— — — — — (71,950)— — (71,950)
Dividends on preferred shares (see Note 11 for dividends per share amounts)
— — — — — (46,587)— — (46,587)
Common shares issued:
Upon redemption of Class A units, at redemption value— — 475 19 7,154 — — — 7,173 
Under dividend reinvestment plan— — 6 — 146 — — — 146 
Contributions— — — — — — — 22,534 22,534 
Distributions— — — — — — — (3,831)(3,831)
Repurchase of common shares— — (2,024)(81)— (29,102)— — (29,183)
Deferred compensation shares and options— — (2)— 243 (25)— — 218 
Other comprehensive loss of nonconsolidated subsidiaries— — — — — — (4,534)— (4,534)
Change in fair value of consolidated interest rate hedges and other— — — — — — 2,433 — 2,433 
Redeemable Class A unit measurement adjustment— — — — (55,629)— (2,530)— (58,159)
Unearned 2020 Out-Performance Plan and 2019 Performance AO LTIP awards— — — — 20,668 — — — 20,668 
Other comprehensive income attributable to noncontrolling interests in:
Operating Partnership— — — — — — (26)— (26)
Consolidated subsidiaries— — — — — — (128)128 — 
Balance as of September 30, 202348,793 $1,182,459 190,322 $7,592 $8,341,810 $(3,891,266)$170,182 $258,444 $6,069,221 
See notes to consolidated financial statements (unaudited).
11

VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Amounts in thousands)For the Nine Months Ended September 30,
20242023
Cash Flows from Operating Activities:
Net income$14,358 $133,501 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)351,123 342,038 
Distributions of income from partially owned entities101,826 131,308 
Equity in net income of partially owned entities(82,457)(72,207)
Amortization of interest rate cap premiums32,792 4,225 
Stock-based compensation expense22,813 33,247 
Net gains on disposition of wholly owned and partially owned assets(16,048)(64,592)
Change in deferred tax liability9,823 14,309 
Straight-lining of rents2,950 (4,770)
Amortization of below-market leases, net(2,842)(4,083)
Net realized and unrealized gain on real estate fund investments— (1,861)
Return of capital from real estate fund investments— 1,861 
Other non-cash adjustments11,427 3,919 
Changes in operating assets and liabilities:
Tenant and other receivables(7,054)(8,267)
Prepaid assets(60,506)(72,194)
Other assets(53,720)(72,201)
Lease liabilities13,201 13,191 
Accounts payable and accrued expenses(12,723)26,023 
Other liabilities6,580 33,428 
Net cash provided by operating activities331,543 436,875 
Cash Flows from Investing Activities:
Development costs and construction in progress(187,799)(432,439)
Additions to real estate(173,586)(155,080)
Investments in partially owned entities(109,301)(43,737)
Investment in loan receivable(50,000)— 
Proceeds from sale of condominium units at 220 Central Park South31,605 14,216 
Proceeds from sales of real estate2,000 123,550 
Proceeds from maturities of U.S. Treasury bills — 468,598 
Proceeds from repayment of participation in 150 West 34th Street mortgage loan— 105,000 
Distributions of capital from partially owned entities— 18,837 
Acquisitions of real estate and other— (33,145)
Net cash (used in) provided by investing activities(487,081)65,800 
See notes to consolidated financial statements (unaudited).
12

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

(Amounts in thousands)For the Nine Months Ended September 30,
20242023
Cash Flows from Financing Activities:
Repayments of borrowings$(95,696)$(119,400)
Proceeds from borrowings75,000 — 
Dividends paid on preferred shares(46,586)(46,587)
Deferred financing costs(13,667)(3,398)
Contributions from noncontrolling interests5,190 18,534 
Distributions to noncontrolling interests(1,269)(9,489)
Dividends paid on common shares— (71,950)
Repurchase of common shares— (29,183)
Other financing activity, net57