New York City | August 4, 2025

Vornado Realty Trust (NYSE: VNO) reported today:

NET INCOME attributable to common shareholders for the quarter ended June 30, 2025 was $743,819,000, or $3.70 per diluted share, compared to $35,260,000, or $0.18 per diluted share, for the prior year's quarter. The increase is primarily due to the $803,248,000 gain related to the 770 Broadway master lease with New York University ("NYU").

FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) 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. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended June 30, 2025 was $113,324,000, or $0.56 per diluted share, and $112,766,000, or $0.57 per diluted share, for the prior year's quarter.

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 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.

FFO attributable to common shareholders plus assumed conversions (non-GAAP) 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. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the six months ended June 30, 2025 was $239,628,000, or $1.19 per diluted share, and $221,608,000, or $1.13 per diluted share, for the six months ended June 30, 2024.

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 June 30,												For the Six Months Ended June 30,
			2025						2024						2025						2024
FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1)			$	120,928					$	148,944					$	256,028					$	253,068
Per diluted share (non-GAAP)			$	0.60					$	0.76					$	1.27					$	1.29
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
Gain on sale of Canal Street condominium units			$	(8,362)					$	—					$	(10,337)					$	—
Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary)			3,337						2,599						6,542						6,733
Our share of the gain on the discounted extinguishment of the 280 Park Avenue mezzanine loan			—						(31,215)						—						(31,215)
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities			—						(13,069)						(11,110)						(13,069)
Other			(3,217)						2,252						(2,895)						3,261
			(8,242)						(39,433)						(17,800)						(34,290)
Noncontrolling interests' share of above adjustments on a dilutive basis			638						3,255						1,400						2,830
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net			$	(7,604)					$	(36,178)					$	(16,400)					$	(31,460)
Per diluted share (non-GAAP)			$	(0.04)					$	(0.19)					$	(0.08)					$	(0.16)
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)			$	113,324					$	112,766					$	239,628					$	221,608
Per diluted share (non-GAAP)			$	0.56					$	0.57					$	1.19					$	1.13

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(1)See page 10 for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and six months ended June 30, 2025 and 2024.

The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2024 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2025:

See page 10 for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and six months ended June 30, 2025 and 2024. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided above.

On May 5, 2025, we completed a master lease with NYU to lease 1,076,000 square feet at 770 Broadway, on an “as is”, triple net basis for a 70-year lease term. Under the terms of the master lease, a rental agreement under Section 467 of the Internal Revenue Code, NYU made a prepaid lease payment of $935,000,000 and will also make annual lease payments of $9,281,000 during the lease term. NYU has an option to purchase the leased premises in both 2055 and at the end of the lease term in 2095. NYU assumed the existing office leases at the property.

PENN 1 Ground Rent Reset Determination

On April 22, 2025, an arbitration panel (the “Panel”) appointed to determine the ground rent payable by Vornado’s subsidiary 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.

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.

The leasing activity and related statistics in the tables below and on the following page are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Second generation relet space represents square footage that has not been vacant for more than nine months and tenant improvements and leasing commissions are based on our share of square feet leased during the period.

(Square feet in thousands)						New York
						Office(1)						Retail						THE MART
Three Months Ended June 30, 2025
Total square feet leased						1,479						57						127
Our share of square feet leased:						1,414						48						127
Initial rent(2)						$	101.44					$	96.77					$	50.87
Weighted average lease term (years)						6.8						8.1						5.6
Second generation relet space:
Square feet						240						44						104
GAAP basis:
Straight-line rent(3)						$	97.64					$	98.10					$	45.03
Prior straight-line rent						$	87.35					$	90.95					$	47.09
Percentage increase (decrease)						11.8		%				7.9		%				(4.4)		%
Cash basis (non-GAAP):
Initial rent(2)						$	102.61					$	91.99					$	51.80
Prior escalated rent						$	94.41					$	91.68					$	53.80
Percentage increase (decrease)						8.7		%				0.3		%				(3.7)		%
Tenant improvements and leasing commissions:
Per square foot						$	89.15					$	47.02					$	51.05
Per square foot per annum						$	13.11					$	5.80					$	9.12
Percentage of initial rent						12.9		%				6.0		%				17.9		%

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See notes on the following page

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(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.

(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.

(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.

(1)See pages 12 through 17 for same store NOI at share and same store NOI at share - cash basis reconciliations.

(2)2025 includes the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment.

(3)Excludes the impact of the $17,240,000 reversal of previously accrued PENN 1 ground rent. See page 3 for further details.

(4)Decrease in same store NOI at share - cash basis vs. GAAP basis is primarily due to (i) current period PENN 1 ground rent increase and (ii) GAAP rent commencing on new leases with free rent periods.

(5)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. See page 3 for further details.

(6)Decrease in same store NOI at share cash basis vs. GAAP basis is primarily due to GAAP rent commencing on new leases with free rent periods.

The elements of our New York and Other NOI at share and NOI at share - cash basis for the three and six months ended June 30, 2025 and 2024 and the three months ended March 31, 2025 are summarized below.

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(1)Includes Building Maintenance Services NOI of $7,584, $7,926, $6,936, $14,520 and $15,143 for the three months ended June 30, 2025 and 2024 and March 31, 2025 and the six months ended June 30, 2025 and 2024, respectively.

(2)2025 includes the impact of the sale of a portion of the 666 Fifth Avenue retail condominium. See page 3 for details.

(3)2025 includes the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment.

(4)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.

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(1)Excluding debt and equity carry.

(2)Represents our 49.9% share of the $350,000 development budget, excluding the $40,000 value of our contributed leasehold interest and net of an estimated $9,000 for our share of development fees and reimbursement for overhead costs incurred by us. During 2024, we fully funded our $34,000 share of cash contributions.

As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, August 5, 2025 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 888-317-6003 (domestic) or 412-317-6061 (international) and entering the passcode 9032041. 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.

Thomas J. Sanelli

(212) 894-7000

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 future 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; 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, 2024. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have 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.

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, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, 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 it excludes 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. 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 (loss) 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.

The following table reconciles net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions:

Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for the three and six months ended June 30, 2025 and 2024 and the three months ended March 31, 2025.

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, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We consider NOI at share 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.

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, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We use 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.

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

Below are reconciliations of 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 three months ended June 30, 2025 compared to June 30, 2024.

Below are reconciliations of NOI at share to same store NOI at share 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.

Below are reconciliations of 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.

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the three months ended June 30, 2025 compared to March 31, 2025.

Below are reconciliations of 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 three months ended June 30, 2025 compared to March 31, 2025.

INDEX
						Page
			BUSINESS DEVELOPMENTS			3			-			4
			FINANCIAL INFORMATION
			Financial Highlights			5
			FFO, As Adjusted Bridge			6
			Net Operating Income, EBITDAre, FFO and FAD			7
			Consolidated Balance Sheets			8
			Net Income Attributable to Common Shareholders (Consolidated and by Segment)			9			-			11
			Net Operating Income at Share and Net Operating Income at Share - Cash Basis by Segment and Subsegment			12
			Same Store NOI at Share and Same Store NOI at Share - Cash Basis			13
			LEASING ACTIVITY AND LEASE EXPIRATIONS
			Leasing Activity			14			-			15
			Lease Expirations			16			-			18
			CAPITAL EXPENDITURES AND RE/DEVELOPMENT			19
			DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES			20
			UNCONSOLIDATED JOINT VENTURES			21			-			22
			DEBT AND CAPITALIZATION
			Debt Analysis			23
			Corporate Covenant Ratios and Credit Ratings			24
			Capital Structure			25
			Debt Maturities			26
			Debt Detail (Consolidated and Unconsolidated)			27			-			28
			Hedging Instruments			29
			PROPERTY STATISTICS
			Top 30 Tenants			30
			Square Footage			31
			Occupancy and Residential Statistics			32
			Ground Leases			33
			Property Table			34			-			42
			EXECUTIVE OFFICERS AND RESEARCH COVERAGE			43
			APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
			Definitions			i
			Reconciliations			ii			-			xv

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future 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 supplemental package. 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; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have 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. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2024. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include Funds From Operations ("FFO"), Funds Available for Distribution ("FAD"), Net Operating Income ("NOI") and Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this supplemental package on page i in the Appendix.

This supplemental package should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 which can be accessed at the Company’s website www.vno.com.

On May 5, 2025, we completed a master lease with New York University (“NYU”) to lease 1,076,000 square feet at 770 Broadway, on an “as is”, triple net basis for a 70-year lease term. Under the terms of the master lease, a rental agreement under Section 467 of the Internal Revenue Code, NYU made a prepaid lease payment of $935,000,000 and will also make annual lease payments of $9,281,000 during the lease term. NYU has an option to purchase the leased premises in both 2055 and at the end of the lease term in 2095. NYU assumed the existing office leases at the property.

On April 22, 2025, an arbitration panel (the “Panel”) appointed to determine the ground rent payable by Vornado’s subsidiary 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.

During the six months ended June 30, 2025, we closed on the sale of two condominium units and ancillary amenities at 220 Central Park South (“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.

Liquidity (amounts in millions)
Cash and cash equivalents												$	1,205					$	569					$	734					$	784					$	873
Restricted cash												158						238						216						245						244
Available on our $2.2 billion revolving credit facilities												1,560						1,540						1,532						1,560						1,560
Total Liquidity												$	2,923					$	2,347					$	2,482					$	2,589					$	2,677

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(1)For 2025, we anticipate continuing our recent common share dividend policy of paying one common share dividend in the fourth quarter, subject to approval by our Board of Trustees.

(Amounts in thousands)			For the Three Months Ended
			June 30, 2025						March 31, 2025						June 30, 2024
Net Operating Income (“NOI”)(1):
Total revenues			$	441,437					$	461,579					$	450,266
Operating expenses			(219,348)						(224,740)						(229,380)
Our share of NOI from partially owned entities			66,227						67,111						68,298
NOI attributable to noncontrolling interests in consolidated subsidiaries			(10,643)						(10,660)						(9,013)
NOI at share			277,673						293,290						280,171
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other			(45,954)						(23,919)						(581)
NOI at share - cash basis			$	231,719					$	269,371					$	279,590
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") (at Vornado’s share)(1):
General and administrative expenses			(40,678)						(39,159)						(39,225)
Interest and other investment income (loss), net			20,127						19,223						24,885
Transaction related costs and other (excludes real estate impairment losses)			(179)						(43)						(3,361)
Net gain on disposition of non-depreciable wholly owned and partially owned assets			10,311						15,551						15,175
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other			45,954						23,919						581
EBITDAre attributable to the Operating Partnership (non-GAAP)			$	267,254					$	288,862					$	277,645
Total of certain items that impact EBITDAre			(9,671)						(15,165)						(11,813)
EBITDAre attributable to the Operating Partnership, as adjusted (non-GAAP)			$	257,583					$	273,697					$	265,832
Funds From Operations (“FFO”) (at Vornado’s share)(1):
Interest and debt expense			(115,171)						(117,891)						(93,148)
Preferred share dividends			(15,554)						(15,555)						(15,557)
Personal property depreciation			(1,564)						(1,526)						(1,444)
Income tax expense			(4,295)						(7,414)						(5,582)
Impact of assumed conversion of dilutive convertible securities			385						310						393
Add-back - Total of certain items that impact EBITDAre			9,671						15,165						11,813
FFO allocated to noncontrolling interests of the Operating Partnership			(10,127)						(11,747)						(13,363)
FFO attributable to common shareholders plus assumed conversions (non-GAAP)			$	120,928					$	135,039					$	148,944
Total of certain items that impact FFO attributable to common shareholders plus assumed conversions			(7,605)						(8,794)						(36,178)
FFO attributable to common shareholders plus assumed conversions, as adjusted			$	113,323					$	126,245					$	112,766
Funds Available for Distributions (“FAD”) (at Vornado's share)(1):
Certain items that impact FAD			(637)						(764)						(3,255)
Recurring tenant improvements, leasing commissions and other capital expenditures			(104,203)			(2)			(48,071)						(53,934)
Stock-based compensation expense			7,519						6,022						8,750
Amortization of debt issuance costs and other non-cash interest expense			10,638						12,089						17,091
Personal property depreciation			1,564						1,526						1,444
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other			(45,954)						(23,919)						(581)
Noncontrolling interests in the Operating Partnership's share of above adjustments			11,119						5,139						5,502
FAD (non-GAAP)			$	(6,631)					$	78,267					$	87,783

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