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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, 2021
 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)
N/A
(Former name, former address and former fiscal year, if changed since last report)
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 Trust5.70% Series KVNO/PKNew York Stock Exchange
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
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, 2021, 191,464,658 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, 2021 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 92.7% 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 10. Redeemable Noncontrolling Interests
Note 11. Shareholders' Equity/Partners' Capital
Note 17. 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, 2021 and December 31, 2020
Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2021 and 2020
Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2021 and 2020
Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2021 and 2020
Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2021 and 2020
Consolidated Balance Sheets (Unaudited) as of March 31, 2021 and December 31, 2020
Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2021 and 2020
Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2021 and 2020
Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2021 and 2020
Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2021 and 2020
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, 2021December 31, 2020
ASSETS
Real estate, at cost:
Land$2,420,054 $2,420,054 
Buildings and improvements7,953,933 7,933,030 
Development costs and construction in progress1,701,401 1,604,637 
Leasehold improvements and equipment132,597 130,222 
Total12,207,985 12,087,943 
Less accumulated depreciation and amortization(3,220,993)(3,169,446)
Real estate, net8,986,992 8,918,497 
Right-of-use assets365,929 367,365 
Cash and cash equivalents1,636,093 1,624,482 
Restricted cash119,517 105,887 
Tenant and other receivables74,590 77,658 
Investments in partially owned entities3,363,657 3,491,107 
Real estate fund investments3,739 3,739 
220 Central Park South condominium units ready for sale130,954 128,215 
Receivable arising from the straight-lining of rents668,799 674,075 
Deferred leasing costs, net of accumulated amortization of $198,723 and $196,972
375,138 372,919 
Identified intangible assets, net of accumulated amortization of $90,508 and $93,113
22,390 23,856 
Other assets397,339 434,022 
 $16,145,137 $16,221,822 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net$5,573,626 $5,580,549 
Senior unsecured notes, net446,888 446,685 
Unsecured term loan, net797,024 796,762 
Unsecured revolving credit facilities575,000 575,000 
Lease liabilities400,974 401,008 
Accounts payable and accrued expenses432,035 427,202 
Deferred revenue36,925 40,110 
Deferred compensation plan107,889 105,564 
Other liabilities286,961 294,520 
Total liabilities8,657,322 8,667,400 
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 14,004,370 and 13,583,607 units outstanding
635,658 507,212 
Series D cumulative redeemable preferred units - 141,401 units outstanding
4,535 4,535 
Total redeemable noncontrolling partnership units640,193 511,747 
Redeemable noncontrolling interest in a consolidated subsidiary94,437 94,520 
Total redeemable noncontrolling interests734,630 606,267 
Shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,793,402 shares
1,182,311 1,182,339 
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,464,658 and 191,354,679 shares
7,638 7,633 
Additional capital8,080,392 8,192,507 
Earnings less than distributions(2,871,681)(2,774,182)
Accumulated other comprehensive loss(60,753)(75,099)
Total shareholders' equity6,337,907 6,533,198 
Noncontrolling interests in consolidated subsidiaries415,278 414,957 
Total equity6,753,185 6,948,155 
 $16,145,137 $16,221,822 
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,
20212020
REVENUES:
Rental revenues$339,317 $401,274 
Fee and other income40,660 43,258 
Total revenues379,977 444,532 
EXPENSES:
Operating(190,979)(230,007)
Depreciation and amortization(95,354)(92,793)
General and administrative(44,186)(52,834)
(Expense) benefit from deferred compensation plan liability(3,245)11,245 
Transaction related costs and other(843)(71)
Total expenses(334,607)(364,460)

Income from partially owned entities29,073 19,103 
Loss from real estate fund investments(169)(183,463)
Interest and other investment income (loss), net1,522 (5,904)
Income (loss) from deferred compensation plan assets3,245 (11,245)
Interest and debt expense(50,064)(58,842)
Net gains on disposition of wholly owned and partially owned assets 68,589 
Income (loss) before income taxes28,977 (91,690)
Income tax expense(1,984)(12,813)
Net income (loss)26,993 (104,503)
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries(6,114)122,387 
Operating Partnership(329)(390)
Net income attributable to Vornado20,550 17,494 
Preferred share dividends(16,467)(12,531)
NET INCOME attributable to common shareholders$4,083 $4,963 
INCOME PER COMMON SHARE - BASIC:
Net income per common share$0.02 $0.03 
Weighted average shares outstanding191,418 191,038 
INCOME PER COMMON SHARE - DILUTED:
Net income per common share$0.02 $0.03 
Weighted average shares outstanding192,031 191,113 
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,
20212020
Net income (loss)$26,993 $(104,503)
Other comprehensive income (loss):
Increase (reduction) in value of interest rate swaps and other11,641 (45,477)
Other comprehensive income of nonconsolidated subsidiaries3,591 8 
Comprehensive income (loss)42,225 (149,972)
Less comprehensive (income) loss attributable to noncontrolling interests(7,329)124,980 
Comprehensive income (loss) attributable to Vornado$34,896 $(24,992)
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
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 11 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 
Increase in 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).
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, 201936,796 $891,214 190,986 $7,618 $7,827,697 $(1,954,266)$(40,233)$578,948 $7,310,978 
Cumulative effect of accounting change — — — — — (16,064)— — (16,064)
Net income attributable to Vornado
— — — — — 17,494 — — 17,494 
Net loss attributable to noncontrolling interests in consolidated subsidiaries— — — — — — — (122,387)(122,387)
Dividends on common shares
($0.66 per share)
— — — — — (126,106)— — (126,106)
Dividends on preferred shares (see Note 11 for dividends per share amounts)— — — — — (12,531)— — (12,531)
Common shares issued:
Upon redemption of Class A units, at redemption value
— — 27 1 1,639 — — — 1,640 
Under employees' share option plan
— — 69 3 3,514 — — — 3,517 
Under dividend reinvestment plan
— — 21 1 1,381 — — — 1,382 
Contributions:
Real estate fund investments
— — — — — — — 3,389 3,389 
Other— — — — — — — 1,397 1,397 
Distributions— — — — — — — (5,235)(5,235)
Conversion of Series A preferred shares to common shares
— (3)— — 3 — — —  
Deferred compensation shares and options
— — 13 1 297 (137)— — 161 
Other comprehensive income of nonconsolidated subsidiaries
— — — — — — 8 — 8 
Reduction in value of interest rate swaps
— — — — — — (45,477)— (45,477)
Unearned 2017 Out-Performance Plan awards acceleration— — — — 10,824 — — — 10,824 
Redeemable Class A unit measurement adjustment— — — — 267,170 — — — 267,170 
Redeemable noncontrolling interests' share of above adjustments
— — — — — — 2,983 — 2,983 
Other
— — — — (2)(2)— 73 69 
Balance as of March 31, 202036,796 $891,211 191,116 $7,624 $8,112,523 $(2,091,612)$(82,719)$456,185 $7,293,212 
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,
20212020
Cash Flows from Operating Activities:
Net income (loss)$26,993 $(104,503)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)100,034 96,913 
Distributions of income from partially owned entities61,157 48,568 
Equity in net income of partially owned entities(29,073)(19,103)
Stock-based compensation expense21,225 25,765 
Straight-lining of rents5,073 10,165 
Write-off of lease receivables deemed uncollectible3,670 1,044 
Amortization of below-market leases, net(3,166)(4,206)
Net unrealized loss on real estate fund investments494 183,520 
Net gains on disposition of wholly owned and partially owned assets (68,589)
Credit losses on loans receivable 7,261 
Decrease in fair value of marketable securities 4,938 
Other non-cash adjustments1,348 3,112 
Changes in operating assets and liabilities:
Real estate fund investments(494)(6,000)
Tenant and other receivables(1,077)(20,938)
Prepaid assets48,599 (91,878)
Other assets(20,693)(8,051)
Accounts payable and accrued expenses9,842 (7,659)
Other liabilities253 1,089 
Net cash provided by operating activities224,185 51,448 
Cash Flows from Investing Activities:
Development costs and construction in progress(130,318)(169,845)
Distributions of capital from partially owned entities106,005 1,090 
Additions to real estate(27,410)(49,251)
Investments in partially owned entities(4,816)(2,130)
Proceeds from sale of condominium units at 220 Central Park South 191,216 
Moynihan Train Hall expenditures (98,794)
Proceeds from sales of marketable securities 28,375 
Net cash used in investing activities(56,539)(99,339)
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,
20212020
Cash Flows from Financing Activities:
Repayments of borrowings$(358,331)$(2,150)
Proceeds from borrowings350,000 553,062 
Dividends paid on common shares(101,467)(498,486)
Dividends paid on preferred shares(16,467)(12,531)
Distributions to noncontrolling interests(13,338)(40,045)
Debt issuance costs(2,904)(124)
Proceeds received from exercise of employee share options and other215 4,899 
Repurchase of shares related to stock compensation agreements and related tax withholdings and other(113)(137)
Moynihan Train Hall reimbursement from Empire State Development 98,794 
Contributions from noncontrolling interests 4,786 
Net cash (used in) provided by financing activities(142,405)108,068 
Net increase in cash and cash equivalents and restricted cash25,241 60,177 
Cash and cash equivalents and restricted cash at beginning of period1,730,369 1,607,131 
Cash and cash equivalents and restricted cash at end of period$1,755,610 $1,667,308 
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period$1,624,482 $1,515,012 
Restricted cash at beginning of period105,887 92,119 
Cash and cash equivalents and restricted cash at beginning of period$1,730,369 $1,607,131 
Cash and cash equivalents at end of period$1,636,093 $1,586,738 
Restricted cash at end of period119,517 80,570 
Cash and cash equivalents and restricted cash at end of period$1,755,610 $1,667,308 
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $10,267 and $11,913
$50,394 $53,997 
Cash payments for income taxes$4,002 $6,089 
Non-Cash Investing and Financing Activities:
Redeemable Class A unit measurement adjustment$(126,936)$267,170 
Accrued capital expenditures included in accounts payable and accrued expenses68,986 65,926 
Write-off of fully depreciated assets(30,782)(45,115)
Reclassification from "development costs and construction in progress" to "220 Central Park South condominium units ready for sale"2,739 106,479 
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, 2021December 31, 2020
ASSETS
Real estate, at cost:
Land$2,420,054 $2,420,054 
Buildings and improvements7,953,933 7,933,030 
Development costs and construction in progress1,701,401 1,604,637 
Leasehold improvements and equipment132,597 130,222 
Total12,207,985 12,087,943 
Less accumulated depreciation and amortization(3,220,993)(3,169,446)
Real estate, net8,986,992 8,918,497 
Right-of-use assets365,929 367,365 
Cash and cash equivalents1,636,093 1,624,482 
Restricted cash119,517 105,887 
Tenant and other receivables74,590 77,658 
Investments in partially owned entities3,363,657 3,491,107 
Real estate fund investments3,739 3,739 
220 Central Park South condominium units ready for sale130,954 128,215 
Receivable arising from the straight-lining of rents 668,799 674,075 
Deferred leasing costs, net of accumulated amortization of $198,723 and $196,972
375,138 372,919 
Identified intangible assets, net of accumulated amortization of $90,508 and $93,113
22,390 23,856 
Other assets397,339 434,022 
 $16,145,137 $