Business Description

partner of and owned approximately 91.3% of the common limited partnership interest in the Operating Partnership as of December 31, 2025. We currently own all or portions of: New York: • 51 Manhattan operating properties consisting of: • 19.2 million square feet of office space in 26 of the properties; • 2.3 million square feet of street retail space in 45 of the properties; • 1,331 units in two Manhattan residential properties; • Multiple development sites and redevelopment projects, including 350 Park Avenue, Sunset Pier 94 Studios, 623 Fifth Avenue, the Hotel Pennsylvania site (PENN 15) and other PENN district sites; • A 32.4% interest in Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX), which owns five properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg, L.P. headquarters building, and The Alexander, a 312-unit apartment tower in Queens; • Signage throughout the PENN District and Times Square; and • Building Maintenance Services LLC ("BMS"), a wholly owned subsidiary, which provides cleaning and security services for our buildings and third parties. Other Real Estate and Investments: • The 3.7 million square foot THE MART in Chicago; • A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco’s financial district aggregating 1.8 million square feet; and • Other real estate and investments. OBJECTIVES AND STRATEGY Our business objective is to maximize Vornado shareholder value. We intend to achieve this objective by continuing to pursue our investment philosophy and to execute our operating strategies through: • maintaining a superior team of operating and investment professionals and an entrepreneurial spirit; • investing in properties in select markets, such as New York City, where we believe there is a high likelihood of capital appreciation; • acquiring quality properties at a discount to replacement cost and where there is a significant potential for higher rents; • developing and redeveloping properties to increase returns and maximize value; and • investing in operating companies that have a significant real estate component. We expect to finance our growth from acquisitions, developments, redevelopments and investments using internally generated funds and proceeds from asset sales and by accessing the public and private capital markets. We may also offer Vornado common or preferred shares or Operating Partnership units in exchange for property and may repurchase or otherwise reacquire these securities in the future. ACQUISITIONS We completed the following acquisition transactions during 2025: • $218 million acquisition of the 623 Fifth Avenue office condominium, a 36-story, 383,000 square foot building; • $35 million A-Note investment at par plus accrued interest, secured by 3 East 54th Street (we subsequently purchased the property in January 2026). DISPOSITIONS We completed the following sale transactions during 2025: • $350 million sale to UNIQLO of the portion of its U.S. flagship store at 666 Fifth Avenue (52.0% ownership) with the $342 million of net proceeds partially redeeming our preferred equity; • $205 million sale of 512 West 22nd Street (55.0% ownership) with net proceeds of $38 million after deducting our share of the existing $123 million mortgage loan; • $37 million net proceeds from the sale of three condominium units and ancillary amenities at 220 Central Park South; • $33 million net proceeds from the sale of eight residential condominium units and two retail condominium units at 304-306 Canal Street and 334 Canal Street; • $19 million sale of 49 West 57th Street (50.0% ownership) with net proceeds of $9 million. 7 FINANCINGS We completed the following financing transactions during 2025: • $700 million repayment of the 770 Broadway mortgage loan; • $675 million refinancing of Independence Plaza (50.1% ownership); • $450 million repayment of our 3.50% senior unsecured notes due January 2025; • $450 million refinancing of PENN 11; • $450 million financing of 1535 Broadway (52.0% ownership); • $300 million restructuring of the 731 Lexington Avenue retail condominium (32.4% ownership); splitting the loan into a $133 million A-Note and $167 million C-Note and subsequent repurchase of the A-Note by Alexander’s; • $175 million refinancing of Rego Park II (32.4% ownership); • $120 million refinancing of 4 Union Square South.…