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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 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
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 March 31, 2022, 191,743,490 of Vornado Realty Trust’s common shares of beneficial interest are outstanding.



EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended March 31, 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 92.6% 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 March 31, 2022 and December 31, 2021
Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2022 and 2021
Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2022 and 2021
Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2022 and 2021
Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2022 and 2021
Consolidated Balance Sheets (Unaudited) as of March 31, 2022 and December 31, 2021
Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2022 and 2021
Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2022 and 2021
Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2022 and 2021
Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 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
March 31, 2022December 31, 2021
ASSETS
Real estate, at cost:
Land$2,540,193 $2,540,193 
Buildings and improvements9,956,681 9,839,166 
Development costs and construction in progress751,555 718,694 
Leasehold improvements and equipment120,979 119,792 
Total13,369,408 13,217,845 
Less accumulated depreciation and amortization(3,455,145)(3,376,347)
Real estate, net9,914,263 9,841,498 
Right-of-use assets687,642 337,197 
Cash and cash equivalents973,858 1,760,225 
Restricted cash167,397 170,126 
Investments in U.S. Treasury bills645,360  
Tenant and other receivables83,126 79,661 
Investments in partially owned entities3,299,629 3,297,389 
Real estate fund investments13,402 7,730 
220 Central Park South condominium units ready for sale51,072 57,142 
Receivable arising from the straight-lining of rents677,627 656,318 
Deferred leasing costs, net of accumulated amortization of $216,880 and $211,775
388,724 391,693 
Identified intangible assets, net of accumulated amortization of $99,663 and $97,186
149,613 154,895 
Other assets440,648 512,714 
 $17,492,361 $17,266,588 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net$6,050,693 $6,053,343 
Senior unsecured notes, net1,190,301 1,189,792 
Unsecured term loan, net798,075 797,812 
Unsecured revolving credit facilities575,000 575,000 
Lease liabilities723,432 370,206 
Accounts payable and accrued expenses541,825 613,497 
Deferred revenue46,238 48,118 
Deferred compensation plan107,170 110,174 
Other liabilities274,496 304,725 
Total liabilities10,307,230 10,062,667 
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 14,259,103 and 14,033,438 units outstanding
646,223 587,440 
Series D cumulative redeemable preferred units - 141,400 units outstanding
3,535 3,535 
Total redeemable noncontrolling partnership units649,758 590,975 
Redeemable noncontrolling interest in a consolidated subsidiary97,403 97,708 
Total redeemable noncontrolling interests747,161 688,683 
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 191,743,490 and 191,723,608 shares
7,649 7,648 
Additional capital8,097,523 8,143,093 
Earnings less than distributions(3,154,549)(3,079,320)
Accumulated other comprehensive income (loss)51,776 (17,534)
Total shareholders' equity6,184,858 6,236,346 
Noncontrolling interests in consolidated subsidiaries253,112 278,892 
Total equity6,437,970 6,515,238 
 $17,492,361 $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 March 31,
20222021
REVENUES:
Rental revenues$397,283 $339,317 
Fee and other income44,847 40,660 
Total revenues442,130 379,977 
EXPENSES:
Operating(216,529)(190,979)
Depreciation and amortization(117,443)(95,354)
General and administrative(41,216)(44,186)
Benefit (expense) from deferred compensation plan liability1,944 (3,245)
Transaction related costs and other(1,005)(843)
Total expenses(374,249)(334,607)

Income from partially owned entities33,714 29,073 
Income (loss) from real estate fund investments5,674 (169)
Interest and other investment income, net1,018 1,522 
(Loss) income from deferred compensation plan assets(1,944)3,245 
Interest and debt expense(52,109)(50,064)
Net gains on disposition of wholly owned and partially owned assets6,552  
Income before income taxes60,786 28,977 
Income tax expense(7,411)(1,984)
Net income53,375 26,993 
Less net income attributable to noncontrolling interests in:
Consolidated subsidiaries(9,374)(6,114)
Operating Partnership(1,994)(329)
Net income attributable to Vornado42,007 20,550 
Preferred share dividends(15,529)(16,467)
NET INCOME attributable to common shareholders$26,478 $4,083 
INCOME PER COMMON SHARE - BASIC:
Net income per common share$0.14 $0.02 
Weighted average shares outstanding191,724 191,418 
INCOME PER COMMON SHARE - DILUTED:
Net income per common share$0.14 $0.02 
Weighted average shares outstanding192,038 192,031 
    
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 March 31,
20222021
Net income$53,375 $26,993 
Other comprehensive income:
Change in fair value of interest rate swaps and other65,239 11,641 
Other comprehensive income of nonconsolidated subsidiaries9,205 3,591 
Comprehensive income127,819 42,225 
Less comprehensive income attributable to noncontrolling interests(16,502)(7,329)
Comprehensive income attributable to Vornado$111,317 $34,896 
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
(Loss) Income
Preferred SharesCommon SharesAdditional CapitalEarnings Less Than DistributionsTotal Equity
SharesAmountSharesAmount
Balance as of December 31, 202148,793 $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— — — — — 42,007 — — 42,007 
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries— — — — — — — 9,679 9,679 
Dividends on common shares
($0.53 per share)
— — — — — (101,616)— — (101,616)
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— — 16 1 716 — — — 717 
Under employees' share option plan— —  — 7 — — — 7 
Under dividend reinvestment plan— — 5  212 — — — 212 
Contributions— — — — — — — 481 481 
Distributions— — — — — — — (35,961)(35,961)
Deferred compensation shares and options— — (2)— 146 (85)— — 61 
Other comprehensive income of nonconsolidated subsidiaries— — — — — — 9,205 — 9,205 
Change in fair value of interest rate swaps and other— — — — — — 65,239 — 65,239 
Redeemable Class A unit measurement adjustment— — — — (46,651)— — — (46,651)
Redeemable noncontrolling interests' share of above adjustments— — — — — — (5,134)— (5,134)
Other—  —   (6) 21 15 
Balance as of March 31, 202248,793 $1,182,459 191,743 $7,649 $8,097,523 $(3,154,549)$51,776 $253,112 $6,437,970 
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)
Non-controlling Interests in Consolidated Subsidiaries
Accumulated
Other
Comprehensive
Loss
Preferred SharesCommon SharesAdditional CapitalEarnings Less Than DistributionsTotal Equity
SharesAmountSharesAmount
Balance as of December 31, 202048,793 $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— — — — — 20,550 — — 20,550 
Net income attributable to nonredeemable noncontrolling interests in consolidated subsidiaries— — — — — — — 6,197 6,197 
Dividends on common shares
($0.53 per share)
— — — — — (101,467)— — (101,467)
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— — 107 4 4,099 — — — 4,103 
Under employees' share option plan— — — — 4 — — — 4 
Under dividend reinvestment plan— — 6  211 — — — 211 
Distributions— — — — — — — (5,877)(5,877)
Deferred compensation shares and options— — (3)— 224 (114)— — 110 
Other comprehensive income of nonconsolidated subsidiaries— — — — — — 3,591 — 3,591 
Change in fair value of interest rate swaps— — — — — — 11,642 — 11,642 
Unearned 2018 Out-Performance Plan awards acceleration— — — — 10,283 — — — 10,283 
Redeemable Class A unit measurement adjustment— — — — (126,936)— — — (126,936)
Redeemable noncontrolling interests' share of above adjustments— — — — — — (886)— (886)
Other— (28)— 1 — (1)(1)1 (28)
Balance as of March 31, 202148,793 $1,182,311 191,465 $7,638 $8,080,392 $(2,871,681)$(60,753)$415,278 $6,753,185 
See notes to consolidated financial statements (unaudited).


10


VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Amounts in thousands)For the Three Months Ended March 31,
20222021
Cash Flows from Operating Activities:
Net income $53,375 $26,993 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)122,271 100,034 
Distributions of income from partially owned entities37,778 61,157 
Equity in net income of partially owned entities(33,714)(29,073)
Straight-lining of rents(21,335)5,073 
Stock-based compensation expense13,155 21,225 
Net gains on disposition of wholly owned and partially owned assets(6,552) 
Net unrealized (income) loss on real estate fund investments(5,672)494 
Amortization of below-market leases, net(917)(3,166)
Write-off of lease receivables deemed uncollectible 3,670 
Other non-cash adjustments5,208 1,348 
Changes in operating assets and liabilities:
Real estate fund investments (494)
Tenant and other receivables(3,499)(1,077)
Prepaid assets29,451 48,599 
Other assets(9,807)(20,693)
Accounts payable and accrued expenses(7,421)9,842 
Other liabilities(1,307)253 
Net cash provided by operating activities171,014 224,185 
Cash Flows from Investing Activities:
Purchase of U.S. Treasury bills(645,920) 
Development costs and construction in progress(209,738)(130,318)
Proceeds from sales of real estate81,399  
Additions to real estate(30,900)(27,410)
Proceeds from sale of a condominium unit at 220 Central Park South15,095  
Investments in partially owned entities(4,571)(4,816)
Distributions of capital from partially owned entities 106,005 
Net cash used in investing activities(794,635)(56,539)
See notes to consolidated financial statements (unaudited).

11


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

(Amounts in thousands)For the Three Months Ended March 31,
20222021
Cash Flows from Financing Activities:
Dividends paid on common shares$(101,616)$(101,467)
Distributions to noncontrolling interests(43,545)(13,338)
Dividends paid on preferred shares(15,529)(16,467)
Repayments of borrowings(5,400)(358,331)
Contributions from noncontrolling interests481  
Proceeds received from exercise of employee share options and other219 215 
Repurchase of shares related to stock compensation agreements and related tax withholdings and other(85)(113)
Proceeds from borrowings 350,000 
Debt issuance costs (2,904)
Net cash used in financing activities(165,475)(142,405)
Net (decrease) increase in cash and cash equivalents and restricted cash(789,096)25,241 
Cash and cash equivalents and restricted cash at beginning of period1,930,351 1,730,369 
Cash and cash equivalents and restricted cash at end of period$1,141,255 $1,755,610 
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 period170,126 105,887 
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$973,858 $1,636,093 
Restricted cash at end of period167,397 119,517 
Cash and cash equivalents and restricted cash at end of period$1,141,255 $1,755,610 
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $3,520 and $10,267
$46,868 $50,394 
Cash payments for income taxes$2,159 $4,002 
Non-Cash Investing and Financing Activities:
Additional estimated lease liability arising from the recognition of right-of-use asset$350,000 $ 
Accrued capital expenditures included in accounts payable and accrued expenses86,667 68,986 
Increase in accumulated other comprehensive income due to change in fair value of consolidated interest rate swaps and other65,239 11,641 
Redeemable Class A unit measurement adjustment(46,651)(126,936)
Write-off of fully depreciated assets(23,735)(30,782)
Reclassification of condominium units from "development costs and construction in progress" to
   "220 Central Park South condominium units ready for sale"
3,024 2,739 
See notes to consolidated financial statements (unaudited).
12


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

(Amounts in thousands, except unit amounts)As of
March 31, 2022December 31, 2021
ASSETS
Real estate, at cost:
Land$2,540,193 $2,540,193 
Buildings and improvements9,956,681 9,839,166 
Development costs and construction in progress751,555 718,694 
Leasehold improvements and equipment120,979 119,792 
Total13,369,408 13,217,845 
Less accumulated depreciation and amortization(3,455,145)(3,376,347)
Real estate, net9,914,263 9,841,498 
Right-of-use assets687,642 337,197 
Cash and cash equivalents973,858 1,760,225 
Restricted cash167,397 170,126 
Investments in U.S. Treasury bills645,360  
Tenant and other receivables83,126 79,661 
Investments in partially owned entities3,299,629 3,297,389 
Real estate fund investments13,402 7,730 
220 Central Park South condominium units ready for sale51,072 57,142 
Receivable arising from the straight-lining of rents 677,627 656,318 
Deferred leasing costs, net of accumulated amortization of $216,880 and $211,775
388,724 391,693 
Identified intangible assets, net of accumulated amortization of $99,663 and $97,186
149,613 154,895 
Other assets440,648 512,714 
$17,492,361 $17,266,588 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net$6,050,693 $6,053,343 
Senior unsecured notes, net1,190,301 1,189,792