VORNADO REALTY LP

For the period ended Nov 2, 2026. Filed Nov 2, 2026.

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Nov 2, 2026 · Filed Nov 2, 2026

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VNO$35.82-0.1%Stored close · as of Nov 6, 2026

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EX-99.2 · Share Repurchase Program

Share Repurchase Program

In April 2026, our Board of Trustees authorized an additional $300,000,000 repurchase of our outstanding common shares under the share repurchase plan. As of September 30, 2026, $286,590,000 remained available and authorized for repurchases under the plan.

During the three months ended September 30, 2026, no shares were repurchased. During the nine months ended September 30, 2026, we repurchased 4,532,803 common shares for $133,305,000 at an average price of $29.41.

FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts)	For the Three Months Ended or As Of
Earnings and Earnings Per Share · 9/30/2026 · 6/30/2026 · 3/31/2026 · 12/31/2025 · 9/30/2025
Net (loss) income attributable to common shareholders		$(47,138)			$16,434			$(22,842)			$601		$11,589
Per diluted share		(0.25)			0.08			(0.12)			—		0.06
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	122,646		144,078			96,263			112,927			117,372
Per diluted share (non-GAAP)		0.62			0.74			0.49			0.56		0.58
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	126,656		131,073			103,109			110,873			114,535
Per diluted share (non-GAAP)		0.65			0.67			0.52			0.55		0.57
EBITDAre attributable to the Operating Partnership (non-GAAP)	278,844		279,919			245,369			263,084			253,698
EBITDAre attributable to the Operating Partnership, as adjusted (non-GAAP)	279,522		279,451			247,798			254,805			253,758
Common Share Price & Dividends (NYSE:VNO)
High Price			$41.60			$39.80			$34.83			$41.85		$43.37
Low Price			33.79			24.93			24.57			32.61		35.22
Closing price - end of quarter			33.88			39.30			25.99			33.28		40.53
Dividends per common share(1)			N/A		N/A		N/A		0.74		N/A
FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)(1)	N/A	N/A		N/A		31.9%	(2)	N/A
FAD payout ratio(1)			N/A		N/A		N/A		97.4%	(2)	N/A
VNO Common Shares & VRLP Units
VNO common shares outstanding			186,958			186,721			188,098			190,666		192,055
Redeemable Class A units and LTIP Unit awards outstanding		16,573			16,654			16,947			16,651		16,694
Convertible unit equivalents outstanding			1,473			1,279			1,917			1,503		1,242
Total Class A units and assumed conversions of convertible units outstanding		205,004			204,654			206,962			208,820		209,991
Weighted average Class A units outstanding - diluted			212,927			212,374			214,484			217,542		218,140
Weighted average common shares outstanding - diluted			196,284			195,722			197,479			200,901		201,416

Market Capitalization	$17.7	Billion	$18.8	Billion	$16.1	Billion	$17.2	Billion	$18.8	Billion

Liquidity (amounts in millions)
Cash and cash equivalents		$580		$675		$1,081		$841		$1,010
Restricted cash	143		114		130		137		142
Available on our $2.1 billion revolving credit facilities		1,188		1,188		1,388		1,419		1,419
Total Liquidity		$1,911		$1,977		$2,599		$2,397		$2,571

(1)For 2026, we anticipate continuing our common share dividend policy of paying one common share dividend in the fourth quarter, subject to approval by our Board of Trustees.

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