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Vornado Realty Lp (1040765) SEC Filing 8-K Material Event for the period ending Monday, May 2, 2022

Vornado Realty Lp

CIK: 1040765
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EXHIBIT 99.1

P R E S S R E L E A S E
Vornado Announces First Quarter 2022 Financial Results
New York City | May 2, 2022
Vornado Realty Trust (NYSE: VNO) reported today:
Quarter Ended March 31, 2022 Financial Results
NET INCOME attributable to common shareholders for the quarter ended March 31, 2022 was $26,478,000, or $0.14 per diluted share, compared to $4,083,000, or $0.02 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table below, net income attributable to common shareholders, as adjusted (non-GAAP) for the quarter ended March 31, 2022 was $31,682,000, or $0.16 per diluted share, and $12,446,000, or $0.06 per diluted share for the quarter ended March 31, 2021.
FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended March 31, 2022 was $154,908,000, or $0.80 per diluted share, compared to $118,407,000, or $0.62 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on page 2, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended March 31, 2022 was $152,313,000, or $0.79 per diluted share, and $124,359,000, or $0.65 per diluted share for the quarter ended March 31, 2021.
The following table reconciles net income attributable to common shareholders to net income attributable to common shareholders, as adjusted (non-GAAP):
(Amounts in thousands, except per share amounts)For the Three Months Ended
March 31,
 20222021
Net income attributable to common shareholders$26,478 $4,083 
Per diluted share$0.14 $0.02 
Certain expense (income) items that impact net income attributable to common shareholders:
Hotel Pennsylvania loss$8,929 $8,990 
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units(5,412)— 
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary)3,173 — 
Other(1,100)(66)
5,590 8,924 
Noncontrolling interests' share of above adjustments(386)(561)
Total of certain expense (income) items that impact net income attributable to common shareholders$5,204 $8,363 
Per diluted share (non-GAAP)$0.02 $0.04 
Net income attributable to common shareholders, as adjusted (non-GAAP)$31,682 $12,446 
Per diluted share (non-GAAP)$0.16 $0.06 
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The following table reconciles FFO attributable to common shareholders plus assumed conversions (non-GAAP) to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP):
(Amounts in thousands, except per share amounts)For the Three Months Ended
March 31,
 20222021
FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1)
$154,908 $118,407 
Per diluted share (non-GAAP)$0.80 $0.62 
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
After-tax net gain on sale of 220 CPS condominium units$(5,412)$— 
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary)3,173 — 
Other(549)6,351 
(2,788)6,351 
Noncontrolling interests' share of above adjustments193 (399)
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net$(2,595)$5,952 
Per diluted share (non-GAAP)$(0.01)$0.03 
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)$152,313 $124,359 
Per diluted share (non-GAAP)$0.79 $0.65 
____________________________________________________________
(1)    See page 8 for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months ended March 31, 2022 and 2021.
FFO, as Adjusted Bridge - Q1 2022 vs. Q1 2021
The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2021 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2022:
(Amounts in millions, except per share amounts)FFO, as Adjusted
AmountPer Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2021$124.4 $0.65 
Increase (decrease) in FFO, as adjusted due to:
Rent commencement and other tenant related items14.8 
Variable businesses (primarily signage and trade shows)11.7 
Acquisition of our partner's 45% ownership interest in One Park Avenue on August 5, 20214.6 
General and administrative (primarily due to the overhead reduction program)2.4 
Other, net(3.2)
30.3 
Noncontrolling interests' share of above items(2.4)
Net increase27.9 0.14
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2022$152.3 $0.79 
See page 8 for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months ended March 31, 2022 and 2021. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided above.
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Dispositions:
220 CPS
During the three months ended March 31, 2022, we closed on the sale of one condominium unit at 220 CPS for net proceeds of $15,095,000 resulting in a financial statement net gain of $6,001,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with this sale, $589,000 of income tax expense was recognized on our consolidated statements of income. From inception to March 31, 2022, we have closed on the sale of 107 units for net proceeds of $3,021,991,000 resulting in financial statement net gains of $1,123,256,000.
SoHo Properties
On January 13, 2022, we sold two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street for $84,500,000 and realized net proceeds of $81,399,000. In connection with the sale, we recognized a net gain of $551,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
Center Building (33-00 Northern Boulevard)
On April 27, 2022, we entered into an agreement to sell the Center Building, an eight-story 498,000 square foot office building located at 33‑00 Northern Boulevard in Long Island City, New York, for $172,750,000. We expect to close the sale in the third quarter of 2022 and recognize a financial statement gain of approximately $15,000,000 and a tax gain of approximately $74,000,000. The sale is subject to customary closing conditions.
Leasing Activity For the Three Months Ended March 31, 2022:
272,000 square feet of New York Office space (236,000 square feet at share) at an initial rent of $81.07 per square foot and a weighted average lease term of 8.8 years. The changes in the GAAP and cash mark-to-market rent on the 152,000 square feet of second generation space were positive 6.5% and positive 7.2%, respectively. Tenant improvements and leasing commissions were $12.88 per square foot per annum, or 15.9% of initial rent.
20,000 square feet of New York Retail space (all at share) at an initial rent of $171.62 per square foot and a weighted average lease term of 14.1 years. The 20,000 square feet was first generation space. Tenant improvements and leasing commissions were $14.01 per square foot per annum, or 8.2% of initial rent.
149,000 square feet at theMART (all at share) at an initial rent of $49.79 per square foot and a weighted average lease term of 8.2 years. The changes in the GAAP and cash mark-to-market rent on the 133,000 square feet of second generation space were negative 7.4% and negative 4.5%, respectively. Tenant improvements and leasing commissions were $12.00 per square foot per annum, or 24.1% of initial rent.
56,000 square feet at 555 California (39,000 square feet at share) at an initial rent of $91.49 per square foot and a weighted average lease term of 6.8 years. The changes in the GAAP and cash mark-to-market rent on the 34,000 square feet of second generation space were positive 56.4% and positive 19.8%, respectively. Tenant improvements and leasing commissions were $12.50 per square foot per annum, or 13.7% of initial rent.
Same Store Net Operating Income ("NOI") At Share:
Below is the percentage increase (decrease) in same store NOI at share and same store NOI at share - cash basis of our New York segment, theMART and 555 California Street.
TotalNew YorktheMART555 California Street
Same store NOI at share % increase (decrease)(1):
Three months ended March 31, 2022 compared to March 31, 20213.1 %2.5 %10.0 %3.2 %
Three months ended March 31, 2022 compared to December 31, 2021(1.5)%(3.2)%24.8 %(2.2)%
Same store NOI at share - cash basis % increase (decrease)(1):
Three months ended March 31, 2022 compared to March 31, 20215.8 %5.0 %14.6 %5.3 %
Three months ended March 31, 2022 compared to December 31, 2021(1.4)%(3.0)%11.0 %8.1 %
____________________
(1)See pages 10 through 13 for same store NOI at share and same store NOI at share - cash basis reconciliations.

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NOI At Share:
The elements of our New York and Other NOI at share for the three months ended March 31, 2022 and 2021 and the three months ended December 31, 2021 are summarized below.
(Amounts in thousands)For the Three Months Ended
March 31,December 31, 2021
20222021
NOI at share:
New York:
Office(1)
$177,809 $166,635 $179,929 
Retail52,105 36,702 48,365 
Residential4,774 4,456 4,894 
Alexander's8,979 10,489 8,751 
Hotel Pennsylvania(2)
— (7,144)— 
Total New York243,667 211,138 241,939 
Other:
theMART19,914 18,107 15,959 
555 California Street16,235 16,064 16,596 
Other investments4,442 4,799 3,928 
Total Other40,591 38,970 36,483 
NOI at share$284,258 $250,108 $278,422 
_______________________
See notes below.

NOI At Share - Cash Basis:
The elements of our New York and Other NOI at share - cash basis for the three months ended March 31, 2022 and 2021 and the three months ended December 31, 2021 are summarized below.
(Amounts in thousands)For the Three Months Ended
March 31,December 31, 2021
20222021
NOI at share - cash basis:
New York:
Office(1)
$177,827 $167,096 $181,568 
Retail47,393 34,876 44,536 
Residential4,689 4,011 4,758 
Alexander's9,783 11,349 9,538 
Hotel Pennsylvania(2)
— (7,167)— 
Total New York239,692 210,165 240,400 
Other:
theMART20,436 17,840 18,413 
555 California Street16,360 15,855 15,128 
Other investments4,640 5,050 4,229 
Total Other41,436 38,745 37,770 
NOI at share - cash basis$281,128 $248,910 $278,170 
______________________
(1)Includes Building Management Services ("BMS") NOI of $5,782, $6,350 and $6,918, respectively, for three months ended March 31, 2022 and 2021 and December 31, 2021.
(2)    On April 5, 2021, we permanently closed the Hotel Pennsylvania. Beginning in the third quarter of 2021, we commenced capitalization of carrying costs in connection with our development of the future PENN 15 (formerly Hotel Pennsylvania) site.

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PENN District - Active Development/Redevelopment Summary as of March 31, 2022
(Amounts in thousands of dollars, except square feet)
Property
Rentable
Sq. Ft.
Cash Amount
Expended
Remaining Expenditures
Projected Incremental Cash Yield
Active PENN District ProjectsSegment
Budget(1)
Stabilization Year
Farley (95% interest)
New York845,000 1,120,000 (2)981,993 (2)138,007 20226.4%
PENN 2 - as expandedNew York1,795,000 750,000 208,231 541,769 20259.0%
PENN 1 (including LIRR Concourse Retail)(3)
New York2,547,000 450,000 319,622 

130,378 N/A 12.2%
(3)(4)
Districtwide Improvements
New YorkN/A100,000 32,306 67,694 N/AN/A
Total Active PENN District Projects2,420,000 1,542,152 877,848 8.0%
________________________________
(1)    Excluding debt and equity carry.
(2)    Net of 154,000 of historic tax credit investor contributions, of which 88,000 has been funded to date (at our 95% share).
(3)    Property is ground leased through 2098, as fully extended. Fair market value resets occur in 2023, 2048 and 2073. The 12.2% projected return is before the ground rent reset in 2023, which may be material.
(4)    Projected to be achieved as pre-redevelopment leases roll; approximate average remaining lease term 4.0 years.

There can be no assurance that the above projects will be completed, completed on schedule or within budget. In addition, there can be no assurance that the Company will be successful in leasing the properties on the expected schedule or at the assumed rental rates.
Conference Call and Audio Webcast
As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, May 3, 2022 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 866-374-5140 (domestic) or 404-400-0571 (international) and entering the passcode 45364290. A live webcast of the conference call will be available on Vornado’s website at www.vno.com in the Investor Relations section and an online playback of the webcast will be available on the website following the conference call.
Contact
Thomas J. Sanelli
(212) 894-7000
Supplemental Financial Information
Further details regarding results of operations, properties and tenants can be accessed at the Company’s website www.vno.com. Vornado Realty Trust is a fully - integrated equity real estate investment trust.
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; and estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2021. Currently, one of the most significant factors is the ongoing adverse effect of the COVID-19 pandemic on our business, financial condition, results of operations, cash flows, operating performance and the effect it has had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. The extent of the impact of the COVID-19 pandemic will continue to depend on future developments, including vaccination rates among the population, the efficacy and durability of vaccines against emerging variants, and governmental and tenant responses thereto, which continue to be uncertain but the impact could be material. Moreover, you are cautioned that the COVID-19 pandemic will heighten many of the risks identified in "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2021.
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VORNADO REALTY TRUST
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)As ofIncrease
(Decrease)
 March 31, 2022December 31, 2021
ASSETS   
Real estate, at cost:
Land$2,540,193 $2,540,193 $— 
Buildings and improvements9,956,681 9,839,166 117,515 
Development costs and construction in progress751,555 718,694 32,861 
Leasehold improvements and equipment120,979 119,792 1,187 
Total13,369,408 13,217,845 151,563 
Less accumulated depreciation and amortization(3,455,145)(3,376,347)(78,798)
Real estate, net9,914,263 9,841,498 72,765 
Right-of-use assets687,642 337,197 350,445 
(1)
Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills:
Cash and cash equivalents973,858 1,760,225 (786,367)
Restricted cash167,397 170,126 (2,729)
Investments in U.S. Treasury bills645,360 — 645,360 
Total1,786,615 1,930,351 (143,736)
Tenant and other receivables83,126 79,661 3,465 
Investments in partially owned entities3,299,629 3,297,389 2,240 
Real estate fund investments13,402 7,730 5,672 
220 CPS condominium units ready for sale51,072 57,142 (6,070)
Receivable arising from the straight-lining of rents677,627 656,318 21,309 
Deferred leasing costs, net388,724 391,693 (2,969)
Identified intangible assets, net149,613 154,895 (5,282)
Other assets440,648 512,714 (72,066)
Total assets$17,492,361 $17,266,588 $225,773 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net$6,050,693 $6,053,343 $(2,650)
Senior unsecured notes, net1,190,301 1,189,792 509 
Unsecured term loan, net798,075 797,812 263 
Unsecured revolving credit facilities575,000 575,000 — 
Lease liabilities723,432 370,206 353,226 
(1)
Accounts payable and accrued expenses541,825 613,497 (71,672)
Deferred revenue46,238 48,118 (1,880)
Deferred compensation plan107,170 110,174 (3,004)
Other liabilities274,496 304,725 (30,229)
Total liabilities10,307,230 10,062,667 244,563 
Redeemable noncontrolling interests747,161 688,683 58,478 
Shareholders' equity6,184,858 6,236,346 (51,488)
Noncontrolling interests in consolidated subsidiaries253,112 278,892 (25,780)
Total liabilities, redeemable noncontrolling interests and equity$17,492,361 $17,266,588 $225,773 
____________________________________________________________
(1)In January 2022, we exercised a 25-year renewal option on our PENN 1 ground lease extending the term through June 2073. As a result of the exercise, we remeasured the related ground lease liability to include our 25-year extension option and recorded an estimated incremental right-of-use asset and lease liability of approximately $350,000.
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VORNADO REALTY TRUST
OPERATING RESULTS
(Amounts in thousands, except per share amounts)For the Three Months Ended
March 31,
 20222021
Revenues$442,130 $379,977 
Net income$53,375 $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 
FFO attributable to common shareholders plus assumed conversions (non-GAAP)$154,908 $118,407 
Per diluted share (non-GAAP)$0.80 $0.62 
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)$152,313 $124,359 
Per diluted share (non-GAAP)$0.79 $0.65 
Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share193,174 192,057 

FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because they exclude the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. The Company also uses FFO attributable to common shareholders plus assumed conversions, as adjusted for certain items that impact the comparability of period to period FFO, as one of several criteria to determine performance-based compensation for members of its senior management. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. In addition to FFO attributable to common shareholders plus assumed conversions, we also disclose FFO attributable to common shareholders plus assumed conversions, as adjusted. Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, we believe it provides a meaningful presentation of operating performance. Reconciliations of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions are provided on the following page. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on page 2 of this press release.
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VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS

The following table reconciles net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions:
(Amounts in thousands, except per share amounts)For the Three Months Ended
March 31,
20222021
Net income attributable to common shareholders$26,478 $4,083 
Per diluted share$0.14 $0.02 
FFO adjustments:
Depreciation and amortization of real property$105,962 $87,719 
Net gain on sale of real estate(551)— 
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO:
Depreciation and amortization of real property32,139 34,858 
Increase in fair value of marketable securities— (189)
137,550 122,388 
Noncontrolling interests' share of above adjustments(9,506)(8,075)
FFO adjustments, net$128,044 $114,313 
FFO attributable to common shareholders$154,522 $118,396 
Impact of assumed conversion of dilutive convertible securities386 11 
FFO attributable to common shareholders plus assumed conversions$154,908 $118,407 
Per diluted share$0.80 $0.62 
Reconciliation of weighted average shares outstanding:
Weighted average common shares outstanding191,724 191,418 
Effect of dilutive securities:
Convertible securities1,136 
(1)
26 
Share-based payment awards314 613 
Denominator for FFO per diluted share193,174 192,057 
______________________
(1)On January 1, 2022, we adopted Accounting Standards Update 2020-06, which requires us to include our Series D-13 cumulative redeemable preferred units and Series G-1 through G-4 convertible preferred units in our dilutive earnings per share calculations, if the effect is dilutive.
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VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED

Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for the three months ended March 31, 2022 and 2021 and the three months ended December 31, 2021.
For the Three Months Ended
(Amounts in thousands)March 31,December 31, 2021
20222021
Net income $53,375 $26,993 $31,963 
Depreciation and amortization expense117,443 95,354 126,349 
General and administrative expense41,216 44,186 34,204 
Transaction related costs and other1,005 843 3,185 
Income from partially owned entities(33,714)(29,073)(43,749)
(Income) loss from real estate fund investments(5,674)169 (5,959)
Interest and other investment income, net(1,018)(1,522)(918)
Interest and debt expense52,109 50,064 78,192 
Net gains on disposition of wholly owned and partially owned assets(6,552)— (14,959)
Income tax expense 7,411 1,984 10,055 
NOI from partially owned entities78,692 78,756 79,223 
NOI attributable to noncontrolling interests in consolidated subsidiaries(20,035)(17,646)(19,164)
NOI at share284,258 250,108 278,422 
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other(3,130)(1,198)(252)
NOI at share - cash basis$281,128 $248,910 $278,170 

NOI at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, net and other non-cash adjustments. We consider NOI at share - cash basis to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.
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PAGE 9 OF 13


VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, theMART, 555 California Street and other investments for the three months ended March 31, 2022 compared to March 31, 2021.
(Amounts in thousands)TotalNew YorktheMART555 California StreetOther
NOI at share for the three months ended March 31, 2022$284,258 $243,667 $19,914 $16,235 $4,442 
Less NOI at share from:
Change in ownership interest in One Park Avenue(5,956)(5,956)— — — 
Dispositions78 78 — — — 
Development properties(20,860)(20,860)— — — 
Other non-same store income, net(6,454)(2,012)— — (4,442)
Same store NOI at share for the three months ended March 31, 2022$251,066 $214,917 $19,914 $16,235 $— 
NOI at share for the three months ended March 31, 2021$250,108 $211,138 $18,107 $16,064 $4,799 
Less NOI at share from:
Dispositions741 741 — — — 
Development properties(7,839)(7,514)— (325)— 
Hotel Pennsylvania7,144 7,144 — — — 
Other non-same store income, net(6,694)(1,895)— — (4,799)
Same store NOI at share for the three months ended March 31, 2021$243,460 $209,614 $18,107 $15,739 $— 
Increase in same store NOI at share$7,606 $5,303 $1,807 $496 $— 
% increase in same store NOI at share3.1 %2.5 %10.0 %3.2 %0.0 %


Same store NOI at share represents NOI at share from operations which are in service in both the current and prior year reporting periods. Same store NOI at share - cash basis is same store NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, net and other non-cash adjustments. We present these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store NOI at share and same store NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

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VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, theMART, 555 California Street and other investments for the three months ended March 31, 2022 compared to March 31, 2021.
(Amounts in thousands)TotalNew YorktheMART555 California StreetOther
NOI at share - cash basis for the three months ended March 31, 2022$281,128 $239,692 $20,436 $16,360 $4,640 
Less NOI at share - cash basis from:
Change in ownership interest in One Park Avenue(4,779)(4,779)— — — 
Dispositions75 75 — — — 
Development properties(13,929)(13,929)— — — 
Other non-same store income, net(7,094)(2,454)— — (4,640)
Same store NOI at share - cash basis for the three months ended March 31, 2022$255,401 $218,605 $20,436 $16,360 $— 
NOI at share - cash basis for the three months ended March 31, 2021$248,910 $210,165 $17,840 $15,855 $5,050 
Less NOI at share - cash basis from:
Dispositions1,353 1,353 — — — 
Development properties(8,794)(8,469)— (325)— 
Hotel Pennsylvania 7,167 7,167 — — — 
Other non-same store income, net(7,167)(2,117)— — (5,050)
Same store NOI at share - cash basis for the three months ended March 31, 2021$241,469 $208,099 $17,840 $15,530 $— 
Increase in same store NOI at share - cash basis$13,932 $10,506 $2,596 $830 $— 
% increase in same store NOI at share - cash basis5.8 %5.0 %14.6 %5.3 %0.0 %

NYSE: VNO | WWW.VNO.COM
PAGE 11 OF 13


VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, theMART, 555 California Street and other investments for the three months ended March 31, 2022 compared to December 31, 2021.
(Amounts in thousands)TotalNew YorktheMART555 California StreetOther
NOI at share for the three months ended March 31, 2022$284,258 $243,667 $19,914 $16,235 $4,442 
Less NOI at share from:
Dispositions78 78 — — — 
Development properties(21,053)(21,053)— — — 
Other non-same store income, net(6,146)(1,704)— — (4,442)
Same store NOI at share for the three months ended March 31, 2022$257,137 $220,988 $19,914 $16,235 $— 
NOI at share for the three months ended December 31, 2021$278,422 $241,939 $15,959 $16,596 $3,928 
Less NOI at share from:
Dispositions(220)(220)— — — 
Development properties(10,475)(10,475)— — — 
Other non-same store income, net(6,769)(2,841)— — (3,928)
Same store NOI at share for the three months ended December 31, 2021$260,958 $228,403 $15,959 $16,596 $— 
(Decrease) increase in same store NOI at share$(3,821)$(7,415)$3,955 $(361)$— 
% (decrease) increase in same store NOI at share(1.5)%(3.2)%24.8 %(2.2)%0.0 %



NYSE: VNO | WWW.VNO.COM
PAGE 12 OF 13


VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, theMART, 555 California Street and other investments for the three months ended March 31, 2022 compared to December 31, 2021.
(Amounts in thousands)TotalNew YorktheMART555 California StreetOther
NOI at share - cash basis for the three months ended March 31, 2022$281,128 $239,692 $20,436 $16,360 $4,640 
Less NOI at share - cash basis from:
Dispositions75 75 — — — 
Development properties(14,126)(14,126)— — — 
Other non-same store income, net(6,786)(2,146)— — (4,640)
Same store NOI at share - cash basis for the three months ended March 31, 2022$260,291 $223,495 $20,436 $16,360 $— 
NOI at share - cash basis for the three months ended December 31, 2021$278,170 $240,400 $18,413 $15,128 $4,229 
Less NOI at share - cash basis from:
Dispositions(241)(241)— — — 
Development properties(6,222)(6,222)— — — 
Other non-same store income, net(7,847)(3,618)— — (4,229)
Same store NOI at share - cash basis for the three months ended December 31, 2021$263,860 $230,319 $18,413 $15,128 $— 
(Decrease) increase in same store NOI at share - cash basis$(3,569)$(6,824)$2,023 $1,232 $— 
% (decrease) increase in same store NOI at share - cash basis(1.4)%(3.0)%11.0 %8.1 %0.0 %


NYSE: VNO | WWW.VNO.COM
PAGE 13 OF 13

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CIK: 1040765
Form Type: 8-K Corporate News
Accession Number: 0000899689-22-000025
Submitted to the SEC: Tue May 03 2022 8:33:30 AM EST
Accepted by the SEC: Tue May 03 2022
Period: Monday, May 2, 2022
Industry: Real Estate Investment Trusts
Events:
  1. Earnings Release
  2. Financial Exhibit

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