John Kim

Steve Sakwa

Nicholas Yulico

Ronald Kamdem

Michael Griffin

Alexander Goldfarb

Brendan Lynch

Dylan Burzinski

Floris Gerbrand van Dijkum

Anthony Paolone

Caitlin Burrows

Jeffrey Spector

Michael Lewis

Vikram Malhotra

Camille Bonnel

Connor Mitchell

Floris van Dijkum

Jana Galan

Jing Xian Tan

Julien Blouin

Seth Bergey

Seth [indiscernible]

- Vornado is highly optimistic about the New York City office market, anticipating one of its strongest periods, with **2.3 million square feet** leased year-to-date through June 30 and an additional **1.5 million square feet** in the pipeline.  **[899689_2137460_0]** **[899689_2137460_1]** 
- The company has significantly delevered, reducing its net debt to EBITDA from a peak of **8.8 to 7.02 today**, with a goal to achieve investment grade status, expecting further leverage reduction by 2027 as Penn District leasing comes online.  **[899689_2137460_5]** 
- Demand for office space is robust and broad-based across industries, including tech, law, financial, and entertainment, leading to rising rents and reduced free rent packages.  **[899689_2137460_1]** **[899689_2137460_2]** 
- Vornado plans to pursue future development, including a residential project at 34th and 8th starting in 2026, and is seeing serious interest for the Hotel Penn site.  **[899689_2137460_9]** 
- The company is also open to opportunistic dispositions of non-New York assets and acquisitions of distressed assets, such as the recent purchase of 623 Fifth Avenue.  **[899689_2137460_6]** **[899689_2137460_7]**

Vornado Realty Trust Reports Strong New York City Office Market Momentum and Deleveraging Progress

VORNADO REALTY TRUST (VNO)