VORNADO REALTY LP

Previous wording

Management’s Discussion and Analysis of Financial Condition and Results of Operations includes a discussion of our consolidated financial statements for the three and six months ended June 30, 2025. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the operating results for the full year. Certain prior year balances have been reclassified in order to conform to the current year presentation.

Current wording

Management’s Discussion and Analysis of Financial Condition and Results of Operations includes a discussion of our consolidated financial statements for the three and nine months ended September 30, 2025. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the operating results for the full year. Certain prior year balances have been reclassified in order to conform to the current year presentation.

Previous wording

Vornado Realty Trust (“Vornado”) is a fully-integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P. (the “Operating Partnership”), a Delaware limited partnership. Vornado is the sole general partner of and owned approximately 91.4% of the common limited partnership interest in the Operating Partnership as of June 30, 2025. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.

Current wording

Vornado Realty Trust (“Vornado”) is a fully-integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P. (the “Operating Partnership”), a Delaware limited partnership. Vornado is the sole general partner of and owned approximately 91.5% of the common limited partnership interest in the Operating Partnership as of September 30, 2025. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado.

Previous wording

Funds from operations (“FFO”) attributable to common shareholders plus assumed conversions for the quarter ended June 30, 2025 was $120,928,000, or $0.60 per diluted share, compared to $148,944,000, or $0.76 per diluted share, for the prior year’s quarter. FFO attributable to common shareholders plus assumed conversions for the quarters ended June 30, 2025 and 2024 include certain items that impact the comparability of period-to-period FFO, which are listed in the table on the following page. The aggregate of these items, net of amounts attributable to noncontrolling interests, increased FFO attributable to common shareholders plus assumed conversions for the quarter ended June 30, 2025 by $7,604,000, or $0.04 per diluted share, and by $36,178,000, or $0.19 per diluted share, for the quarter ended June 30, 2024.

Current wording

Funds from operations (“FFO”) attributable to common shareholders plus assumed conversions for the quarter ended September 30, 2025 was $117,372,000, or $0.58 per diluted share, compared to $99,256,000, or $0.50 per diluted share, for the prior year’s quarter. FFO attributable to common shareholders plus assumed conversions for the quarters ended September 30, 2025 and 2024 include certain items that impact the comparability of period-to-period FFO, which are listed in the table on the following page. The aggregate of these items, net of amounts attributable to noncontrolling interests, increased FFO attributable to common shareholders plus assumed conversions for the quarter ended September 30, 2025 by $2,837,000, or $0.01 per diluted share, and decreased FFO attributable to common shareholders by $3,499,000, or $0.02 per diluted share, for the quarter ended September 30, 2024.

Previous wording

Six Months Ended June 30, 2025 Financial Results Summary

Current wording

Nine Months Ended September 30, 2025 Financial Results Summary

Previous wording

Net income attributable to common shareholders for the six months ended June 30, 2025 was $830,661,000, or $4.14 per diluted share, compared to $26,226,000, or $0.13 per diluted share, for the six months ended June 30, 2024. The increase is primarily due to the $803,248,000 gain on sales-type lease related to the 770 Broadway master lease with NYU, the $76,162,000 net gain recognized upon the disposition of a portion of the 666 Fifth condominium to UNIQLO, and the $17,240,000 reversal of PENN 1 rent expense previously accrued following the April 2025 rent reset determination.

Current wording

Net income attributable to common shareholders for the nine months ended September 30, 2025 was $842,250,000, or $4.19 per diluted share, compared to $7,072,000, or $0.04 per diluted share, for the nine months ended September 30, 2024. The increase is primarily due to the $803,248,000 gain on sales-type lease related to the 770 Broadway master lease with NYU, the $76,162,000 net gain recognized upon the disposition of a portion of the 666 Fifth condominium to UNIQLO, and the $17,240,000 reversal of PENN 1 rent expense previously accrued following the April 2025 rent reset determination (which is subject to the ongoing litigation described on page 44).

Previous wording

FFO attributable to common shareholders plus assumed conversions for the six months ended June 30, 2025 was $256,028,000, or $1.27 per diluted share, compared to $253,068,000, or $1.29 per diluted share, for the six months ended June 30, 2024. FFO attributable to common shareholders plus assumed conversions for the six months ended June 30, 2025 and 2024 include certain items that impact the comparability of period-to-period FFO, which are listed in the table on the following page. The aggregate of these items, net of amounts attributable to noncontrolling interests, increased FFO attributable to common shareholders plus assumed conversions for the six months ended June 30, 2025 by $16,400,000, or $0.08 per diluted share and by $31,460,000, or $0.16 per diluted share for the six months ended June 30, 2024.

Current wording

FFO attributable to common shareholders plus assumed conversions for the nine months ended September 30, 2025 was $373,482,000, or $1.86 per diluted share, compared to $352,914,000, or $1.79 per diluted share, for the nine months ended September 30, 2024. FFO attributable to common shareholders plus assumed conversions for the nine months ended September 30, 2025 and 2024 include certain items that impact the comparability of period-to-period FFO, which are listed in the table on the following page. The aggregate of these items, net of amounts attributable to noncontrolling interests, increased FFO attributable to common shareholders plus assumed conversions for the nine months ended September 30, 2025 by $19,243,000, or $0.10 per diluted share and by $28,054,000, or $0.14 per diluted share for the nine months ended September 30, 2024.

Previous wording

(4)Excludes the impact of the April 2025 $22,361,000 true-up payment for prior period PENN 1 ground rent owed based on the recent rent reset determination.

Current wording

(4)Excludes the impact of the April 2025 $22,361,000 true-up payment for prior period PENN 1 ground rent owed based on the recent rent reset determination (which is subject to the ongoing litigation described on the following page).

Previous wording

Calculations of same store NOI at share, reconciliations of our net income to NOI at share, NOI at share - cash basis and FFO and the reasons we consider these non-GAAP financial measures useful are provided in the following pages of Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Current wording

Calculations of same store NOI at share, reconciliations of our net income (loss) to NOI at share, NOI at share - cash basis and FFO and the reasons we consider these non-GAAP financial measures useful are provided in the following pages of Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Previous wording

On April 22, 2025, an arbitration panel (the “Panel”) appointed to determine the ground rent payable for the PENN 1 land parcel for the 25-year period beginning June 17, 2023 determined that the annual rent payable will be $15,000,000. On July 21, 2025, the ground lessor filed a motion in New York County Supreme Court to vacate the Panel’s ground rent determination. We believe the motion is entirely without merit and intend to vigorously oppose it.

Current wording

On April 22, 2025, an arbitration panel (the “Panel”) appointed to determine the ground rent payable for the PENN 1 land parcel for the 25-year period beginning June 17, 2023 determined that the annual rent payable will be $15,000,000. On July 21, 2025, the ground lessor filed a motion in New York County Supreme Court to vacate the Panel’s ground rent determination. On October 31, 2025, the court granted the ground lessor’s motion. We believe the motion is without merit and intend to appeal the court’s decision.

Previous wording

Further, litigation is currently pending between the parties in New York County Supreme Court regarding a separate point relating to the matter. The court denied our motion to dismiss that action and we have filed a notice of appeal. The Panel’s decision provides that if the fee owner prevails in a final judgment in that litigation, the annual rent for the 25-year term will be $20,220,000, retroactive to June 17, 2023.

Current wording

Further, litigation is currently pending between the parties in New York County Supreme Court regarding a separate point relating to the matter. The court denied our motion to dismiss that action and we are appealing that decision. The Panel’s decision (which is subject to the aforementioned vacatur decision that we plan to appeal) provides that if the fee owner prevails in a final judgment in that litigation, the annual rent for the 25-year term will be $20,220,000, retroactive to June 17, 2023.

Previous wording

We were accruing $26,205,000 per annum of ground rent based on a previous estimate and therefore, in connection with the Panel’s determination, we reversed $17,240,000 of previously accrued rent expense during the six months ended June 30, 2025. Additionally, commencing in the first quarter of 2025, we are now paying based on the $15,000,000 annual rent.

Current wording

We were accruing $26,205,000 per annum of ground rent based on a previous estimate and therefore, in connection with the Panel’s determination (which is subject to the ongoing litigation described above), we reversed $17,240,000 of previously accrued rent expense during the nine months ended September 30, 2025. Additionally, commencing in the first quarter of 2025, we are now paying based on the $15,000,000 annual rent.

Previous wording

During the six months ended June 30, 2025, we closed on the sale of two condominium units and ancillary amenities at 220 CPS for net proceeds of $24,839,000, resulting in a financial statement net gain of $13,702,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $2,592,000 of income tax expense was recognized on our consolidated statements of income. Two units remain unsold.

Current wording

During the nine months ended September 30, 2025, we closed on the sale of two condominium units and ancillary amenities at 220 CPS for net proceeds of $24,839,000, resulting in a financial statement net gain of $13,702,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $2,592,000 of income tax expense was recognized on our consolidated statements of income. Two units remain unsold.

Previous wording

During the six months ended June 30, 2025, we closed on the sale of six residential condominium units at 304-306 Canal Street and 334 Canal Street for net proceeds of $21,633,000, resulting in a financial statement net gain of $10,337,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. Two units remain unsold.

Current wording

During the nine months ended September 30, 2025, we closed on the sale of six residential condominium units at 304-306 Canal Street and 334 Canal Street for net proceeds of $21,633,000, resulting in a financial statement net gain of $10,337,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. Two units remain unsold.

Previous wording

On May 13, 2025, a joint venture, in which we have a 55.0% interest, entered into an agreement to sell 512 West 22nd Street, a 173,000 square foot office building, for $205,000,000. A portion of the proceeds will be used by the joint venture to repay the $123,650,000 mortgage loan encumbering the property. The sale is expected to close in the third quarter of 2025 and is subject to customary closing conditions. We expect to recognize an approximate $11,000,000 financial statement gain.

Current wording

On August 14, 2025, a joint venture, in which we have a 55.0% interest, completed the sale of 512 West 22nd Street, a 173,000 square foot office building, for $205,000,000. The joint venture used a portion of the proceeds to repay the $122,930,000 mortgage loan encumbering the property. We received net proceeds of $37,900,000 and recognized a financial statement net gain of $11,002,000, which is included in “income from partially owned entities” on our consolidated statements of income.

Previous wording

(2)Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.

Current wording

(1)Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.

Previous wording

(3)Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases and includes the effect of free rent and periodic step-ups in rent.

Current wording

(2)Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases and includes the effect of free rent and periodic step-ups in rent.

Previous wording

(1)The leasing statistics other than square feet leased, exclude the impact of the 1,076 square foot master lease to NYU at 770 Broadway.

Current wording

(3)The leasing statistics other than square feet leased, exclude the impact of the 1,076 square foot master lease to NYU at 770 Broadway.

Previous wording

(1)Reflects the Office, Retail and Residential space within our 63 and 64 total New York properties as of June 30, 2025 and December 31, 2024.

Current wording

(1)Reflects the Office, Retail and Residential space within our 61 and 64 total New York properties as of September 30, 2025 and December 31, 2024.

Previous wording

(2)The Alexander Apartment Tower (312 units) is reflected in Residential unit count and occupancy.

Current wording

(3)The Alexander Apartment Tower (312 units) is reflected in Residential unit count and occupancy.

Previous wording

A summary of our critical accounting policies and estimates used in the preparation of our consolidated financial statements is included in Part II, Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024. For the six months ended June 30, 2025, there were no material changes to these policies.

Current wording

A summary of our critical accounting policies and estimates used in the preparation of our consolidated financial statements is included in Part II, Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024. For the nine months ended September 30, 2025, there were no material changes to these policies.

Previous wording

(1)2025 includes the impact of the sale of a portion of the 666 Fifth Avenue retail condominium. See Note 5 -Investments in Partially Owned Entities in Part I, Item 1 of this Quarterly Report on Form 10-Q for further details.

Current wording

(2)2025 includes the impact of the sale of a portion of the 666 Fifth Avenue retail condominium (see page 44 for further details).

Previous wording

Reconciliation of Net Income to NOI At Share and NOI At Share - Cash Basis for the Three Months Ended June 30, 2025 and 2024

Current wording

Reconciliation of Net Income (Loss) to NOI At Share and NOI At Share - Cash Basis for the Three Months Ended September 30, 2025 and 2024

Previous wording

(3)Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others.

Current wording

(3)Includes interests in 280 Park Avenue, 7 West 34th Street, 61 Ninth Avenue, 85 Tenth Avenue and others.

Previous wording

Interest and debt expense for the three months ended June 30, 2025 was $87,929,000, compared to $98,401,000 for the prior year’s quarter, a decrease of $10,472,000. This was primarily due to (i) $10,157,000 of lower interest expense resulting from lower average debt balances, (ii) $4,756,000 of lower amortization of interest rate cap premiums and (iii) $1,314,000 of lower amortization of deferred financing costs, partially offset by (iv) $3,771,000 of higher interest expense resulting from higher average interest rates, inclusive of the impact of our interest rate hedging instruments and (v) $3,261,000 of lower capitalized interest.

Current wording

Interest and debt expense for the three months ended September 30, 2025 was $84,459,000, compared to $100,907,000 for the prior year’s quarter, a decrease of $16,448,000. This was primarily due to (i) $13,612,000 of lower interest expense resulting from lower average debt balances, (ii) $3,861,000 of lower amortization of interest rate cap premiums, (iii) $2,757,000 of lower interest expense resulting from lower average interest rates, inclusive of the impact of our interest rate hedging instruments and (iv) $597,000 of lower amortization of deferred financing costs, partially offset by (v) $4,415,000 of lower capitalized interest.

Previous wording

Income tax expense for the three months ended June 30, 2025 was $4,123,000, compared to $5,284,000 for the prior year’s quarter, a decrease of $1,161,000. This was primarily due to lower income tax expense incurred by our taxable REIT subsidiaries.

Current wording

Income tax benefit for the three months ended September 30, 2025 was $5,589,000, compared to an expense of $4,883,000 for the prior year’s quarter, a decrease in expense of $10,472,000. This was primarily due to book to tax differences and lower income tax expense incurred by our taxable REIT subsidiaries.

Previous wording

Below is a summary of NOI at share and NOI at share - cash basis by segment for the six months ended June 30, 2025 and 2024.

Current wording

Below is a summary of NOI at share and NOI at share - cash basis by segment for the nine months ended September 30, 2025 and 2024.

Previous wording

(1)2025 includes the impact of the sale of a portion of the 666 Fifth Avenue retail condominium. See Note 5 -Investments in Partially Owned Entities in Part I, Item 1 of this Quarterly Report on Form 10-Q for further details.

Current wording

(2)2025 includes the impact of the sale of a portion of the 666 Fifth Avenue retail condominium (see page 44 for further details).

Previous wording

(3)Includes the impact of the April 2025 payment of $22,361 for prior period PENN 1 ground rent owed based on the recent rent reset determination.

Current wording

(4)Decrease is primarily due to (i) the impact of the NYU master lease at 770 Broadway, which included a $935,000 rent prepayment (see page 44 for further details), (ii) free rent periods on new leases commencing, and (iii) the April 2025 payment of $22,361 for prior period PENN 1 ground rent owed based on the recent rent reset determination (which is subject to the ongoing litigation described on page 44).

Previous wording

Our revenues were $903,016,000 for the six months ended June 30, 2025, compared to $886,641,000 for the prior year’s six months, an increase of $16,375,000. Below are the details of the increase by segment:

Current wording

Our revenues were $1,356,716,000 for the nine months ended September 30, 2025, compared to $1,329,896,000 for the prior year’s nine months, an increase of $26,820,000. Below are the details of the increase by segment:

Previous wording

(2)Decrease due to 2025 partial redemptions of our preferred equity interests. See Note 5 -Investments in Partially Owned Entities in Part I, Item 1 of this Quarterly Report on Form 10-Q for further details.

Current wording

(2)Decrease due to the 2025 partial redemptions of our preferred equity interests. See Note 5 -Investments in Partially Owned Entities in Part I, Item 1 of this Quarterly Report on Form 10-Q for further details.

Previous wording

(3)Includes interests in 280 Park Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others.

Current wording

(3)Includes interests in 280 Park Avenue, 7 West 34th Street, 61 Ninth Avenue, 85 Tenth Avenue and others.

Previous wording

(4)2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan.

Current wording

(4)2025 includes the $11,002 gain associated with the sale of 512 West 22nd Street. See Note 5 -Investments in Partially Owned Entities in Part I, Item 1 of this Quarterly Report on Form 10-Q for further details. 2024 includes our $31,215 share of the debt extinguishment gain from the repayment of the 280 Park Avenue mezzanine loan.

Previous wording

Interest and debt expense was $183,745,000 for the six months ended June 30, 2025, compared to $188,879,000 for the prior year’s six months, a decrease of $5,134,000. This was primarily due to (i) $14,285,000 of lower interest expense resulting from lower average debt balances, (ii) $8,544,000 of lower amortization of interest rate cap premiums and (iii) $1,555,000 of lower amortization of deferred financing costs, partially offset by (iv) $15,265,000 of higher interest expense resulting from higher average interest rates, inclusive of the impact of our interest rate hedging instruments, and (v) $4,957,000 of lower capitalized interest.

Current wording

Interest and debt expense was $268,204,000 for the nine months ended September 30, 2025, compared to $289,786,000 for the prior year’s nine months, a decrease of $21,582,000. This was primarily due to (i) $27,075,000 of lower interest expense resulting from lower average debt balances, (ii) $12,405,000 of lower amortization of interest rate cap premiums and (iii) $2,152,000 of lower amortization of deferred financing costs, partially offset by (iv) $10,917,000 of higher interest expense resulting from higher average interest rates, inclusive of the impact of our interest rate hedging instruments, and (v) $9,372,000 of lower capitalized interest.

Previous wording

Gain on sales-type lease for the six months ended June 30, 2025 was $803,248,000, resulting from the 770 Broadway master lease with NYU.

Current wording

Gain on sales-type lease for the nine months ended September 30, 2025 was $803,248,000, resulting from the 770 Broadway master lease with NYU.

Previous wording

Net gains on disposition of wholly owned and partially owned assets were $24,039,000 for the six months ended June 30, 2025, compared to $16,048,000 for the six months ended June 30, 2024. This was primarily due to the 2025 sale of two condominium units and ancillary amenities at 220 CPS for $13,702,000 and six Canal Street condominium for $10,337,000, compared to the sale of two condominium units at 220 CPS in 2024 for $15,175,000.

Current wording

Net gains on disposition of wholly owned and partially owned assets were $24,039,000 for the nine months ended September 30, 2025, compared to $16,048,000 for the nine months ended September 30, 2024. This was primarily due to the 2025 sale of two condominium units and ancillary amenities at 220 CPS for $13,702,000 and six Canal Street condominium units for $10,337,000, compared to the sale of two condominium units at 220 CPS in 2024 for $15,175,000.

Previous wording

Income tax expense for the six months ended June 30, 2025 was $11,316,000, compared to $12,024,000 for the prior year’s six months, a decrease of $708,000. This was primarily due to lower income tax expense incurred by our taxable REIT subsidiaries.

Current wording

Income tax expense for the nine months ended September 30, 2025 was $5,727,000, compared to $16,907,000 for the prior year’s nine months, a decrease of $11,180,000. This was primarily due to book to tax differences and lower income tax expense incurred by our taxable REIT subsidiaries.

Previous wording

Below are reconciliations of NOI at share to same store NOI at share and NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, THE MART, 555 California Street and other investments for the six months ended June 30, 2025 compared to June 30, 2024.

Current wording

Below are reconciliations of NOI at share to same store NOI at share and NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, THE MART, 555 California Street and other investments for the nine months ended September 30, 2025 compared to September 30, 2024.

Previous wording

As of June 30, 2025, we had $2.9 billion of liquidity comprised of $1.4 billion of cash and cash equivalents and restricted cash and $1.5 billion available on our $2.2 billion revolving credit facilities. The ongoing challenges posed by fluctuations in interest rates and the effects of inflation could adversely impact our cash flow from continuing operations but we anticipate that cash flow from continuing operations over the next twelve months together with cash balances on hand will be adequate to fund our business operations, cash distributions to unitholders of the Operating Partnership, cash dividends to our shareholders, debt amortization and recurring capital expenditures. We anticipate that we will pay a common share dividend for 2025 in the fourth quarter, subject to approval by our Board of Trustees. Capital requirements for development and redevelopment expenditures and acquisitions may require funding from borrowings, equity offerings and/or asset sales.

Current wording

As of September 30, 2025, we had $2.6 billion of liquidity comprised of $1.2 billion of cash and cash equivalents and restricted cash and $1.4 billion available on our $2.2 billion revolving credit facilities. The ongoing challenges posed by fluctuations in interest rates and the effects of inflation could adversely impact our cash flow from continuing operations but we anticipate that cash flow from continuing operations over the next twelve months together with cash balances on hand will be adequate to fund our business operations, cash distributions to unitholders of the Operating Partnership, cash dividends to our shareholders, debt amortization and recurring capital expenditures. We anticipate that we will pay a common share dividend for 2025 in December, subject to approval by our Board of Trustees. Capital requirements for development and redevelopment expenditures and acquisitions may require funding from borrowings, equity offerings and/or asset sales.

Previous wording

Cash and cash equivalents and restricted cash was $1,363,298,000 as of June 30, 2025, a $413,679,000 increase from the balance as of December 31, 2024.

Current wording

Cash and cash equivalents and restricted cash was $1,152,095,000 as of September 30, 2025, a $202,476,000 increase from the balance as of December 31, 2024.

Previous wording

Net cash provided by operating activities primarily consists of cash inflows from rental revenues and operating distributions from our unconsolidated partially owned entities less cash outflows for property expenses, general and administrative expenses and interest expense. For the six months ended June 30, 2025, net cash provided by operating activities of $1,078,946,000 was comprised of $1,185,605,000 of cash from operations, including a $901,409,000 prepaid lease payment, net of initial direct costs, distributions of income from partially owned entities of $54,205,000, and a net decrease of $106,659,000 in cash due to the timing of cash receipts and payments related to changes in operating assets and liabilities.

Current wording

Net cash provided by operating activities primarily consists of cash inflows from rental revenues and operating distributions from our unconsolidated partially owned entities less cash outflows for property expenses, general and administrative expenses and interest expense. For the nine months ended September 30, 2025, net cash provided by operating activities of $1,112,112,000 was comprised of $1,312,908,000 of cash from operations, including a $901,409,000 prepaid lease payment, net of initial direct costs, distributions of income from partially owned entities of $80,548,000, and a net decrease of $200,796,000 in cash due to the timing of cash receipts and payments related to changes in operating assets and liabilities.