Vornado Realty Trust (VNO) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	122.06	-8.17	3.18	-16.02	- -
Return on Assets (%)	0.51	3.18	3.23	2.91	2.26	4.18	3.59	4.58	1.19	2.6	17.75	-1.72	1.05	-2.05	0.65
Return on Capital (%)	4.39	9.32	9.03	8.06	- -	9.39	- -	8.25	3.39	7.6	23.41	- -	- -	- -	3.52
Return on Invested Capital (%)	3.6	4.8	4.6	3.99	- -	4.34	- -	3.72	3.01	3.57	2.55	- -	- -	- -	1.03
Gross Margin (%)	60.34	60.45	57.56	54.88	60.63	59.61	59.59	59.13	57.46	55.47	52.31	48.36	49.83	51.45	50.02
EBITDA Margin (%)	52.6	53.66	51.29	49.03	54.09	54.34	53.51	53.18	54.65	50.13	44.51	37.67	42.64	45.23	41.86
Operating Margin (%)	32.22	33.65	31.36	28.86	33.74	32.21	30.88	29.43	29.23	28.28	21.7	10.32	15.42	15.99	16.6
Incremental Operating Margin (%)	-26.09	139.22	-15.35	77.77	-2,398.63	65.98	57.06	-895.32	30.42	3.34	81.21	65.54	142.55	20.33	113.98
Pretax Margin (%)	3.55	27.01	21.24	15.06	4.85	19.17	28.87	39.23	15.28	21.24	178.61	-27.83	12.4	-20.05	3.43
Profit Margin (%)	3.87	23.31	22.72	22.31	17.24	32.81	30.39	38.33	10.91	20.8	163.55	-19.44	11.07	-19.25	5.82
Net Income to Common Margin (%)	1.79	21.31	20.47	19.53	14.24	29.72	27.17	35.3	7.77	18.46	160.95	-22.82	6.93	-22.7	2.4
Effective Tax Rate (%)	21.32	2.99	4.01	1.95	- -	2.18	- -	0.85	12.9	8.19	3.01	- -	- -	- -	47.05
Dvd Payout Ratio (%)	628.5	64.72	83.19	170.28	373.69	98.37	57.5	52.18	199.3	140.66	14.52	-123.79	234.44	-84.55	-126.74
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	104.34	-18.28	-4.28	-29.56	- -

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	10,940	10,894	10,562	11,296	9,979	10,899	11,091	10,612	9,729	9,837	7,905	7,800	8,986	9,125	8,984
ST Debt	852	874	138	2,034	296	- -	550	116	- -	80	575	575	575	575	575
LT Debt	10,087	10,020	10,424	9,262	9,683	10,899	10,541	10,496	9,729	9,757	7,330	7,225	8,411	8,550	8,409
Total Debt/EBITDA	7.58	7.3	7.06	8.33	6.68	7.61	8.28	7.96	8.54	9.07	9.23	13.55	13.26	11.21	11.85
Net Debt/EBITDA	7.21	6.84	6.66	7.62	6.29	6.77	6.91	6.84	6.95	8.54	6.88	10.03	10.12	9.21	9.57
Total Debt/EBIT	12.38	11.65	11.55	14.15	10.71	12.84	14.35	14.39	15.97	16.08	18.93	49.47	36.68	31.7	29.89
Net Debt/EBIT	11.77	10.91	10.89	12.95	10.09	11.43	11.98	12.35	12.99	15.14	14.11	36.62	27.98	26.05	24.13
EBITDA to Interest Expense	2.34	2.75	2.86	2.85	3.26	3.4	3.87	3.57	3.66	3.28	3.23	2.45	2.93	3.16	2.33
EBITDA-CapEx/Interest Expense	1.23	1.88	2.19	2.85	3.26	3.4	2.5	3.57	2.51	3.05	1.58	0.77	2.93	3.16	2.33
EBIT to Interest Expense	1.43	1.73	1.75	1.68	2.04	2.02	2.23	1.98	1.95	1.85	1.58	0.67	1.06	1.12	0.92
Interest Expense	617	542	523	476	458	421	346	373	312	331	265	235	231	258	326
Common Equity/Total Assets	-7.78	-7.18	-6.82	-7.13	-8.6	-7.05	-8.32	26.32	-24	1.73	26.13	23.17	18.28	11.79	-24.72
Long-Term Debt/Equity (%)	127.67	122.81	120.24	104.67	112.61	123.47	121.09	117.97	162.36	165.61	89.39	95.64	116.76	131.27	132.56
Long-Term Debt/Capital (%)	85.12	83.18	86.65	71.42	85.22	85.42	83.55	54.87	120.11	78.35	48.73	52.5	58.85	66.15	120.14
Long-Term Debt/Total Assets (%)	49.97	48.83	50.98	42.16	48.18	51.29	49.86	50.43	55.92	56.79	40.08	44.54	48.71	51.84	51.95
Total Debt/Equity (%)	138.46	133.53	121.83	127.67	116.05	123.47	127.41	119.27	162.36	166.96	96.4	103.25	124.74	140.1	141.62
Total Debt/Capital (%)	92.31	90.43	87.8	87.11	87.83	85.42	87.91	55.48	120.11	79	52.55	56.68	62.87	70.59	128.35
Total Debt/Total Assets (%)	54.2	53.09	51.66	51.43	49.65	51.29	52.46	50.98	55.92	57.25	43.23	48.08	52.04	55.33	55.5
Net Debt to Equity	131.68	125.06	114.84	116.81	109.27	109.89	106.32	102.4	132.03	157.27	71.85	76.44	95.17	115.14	114.36
Net Debt/Capital (%)	91.94	89.85	87.15	86.08	87.17	83.9	85.85	51.69	125.92	77.99	43.56	47.57	54.7	62.31	120.85
EBITDA	1,443	1,492	1,495	1,356	1,493	1,432	1,339	1,333	1,139	1,085	857	576	678	814	758
EBITDA-CapEx	761	1,017	1,146	1,356	1,493	1,432	863	1,333	783	1,010	418	181	678	814	758
Operating Income (Loss)	884	935	914	798	931	849	773	738	609	612	418	158	245	288	301

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.43	0.53	2.4	0.38	0.81	2.4	2	2.61	4.37	1.12	1.07	1.62	1.48	1.28	0.98
Current Ratio	1.45	1.51	3.12	0.93	2.72	4.78	2.99	4.75	6.98	3.57	2.02	2.6	2.29	2.17	2.03
Quick Ratio	1.23	1.36	4.27	0.85	2.36	4.4	3.03	4.58	6.74	3.09	1.66	2.37	2.1	2.01	1.74
CFO/Avg Current Liab	0.58	0.58	0.75	0.54	0.64	1.86	0.9	1.28	1.74	1.73	0.69	0.35	0.7	0.71	0.62
Common Equity/Total Assets	-7.78	-7.18	-6.82	-7.13	-8.6	-7.05	-8.32	26.32	-24	1.73	26.13	23.17	18.28	11.79	-24.72
Long-Term Debt/Equity (%)	127.67	122.81	120.24	104.67	112.61	123.47	121.09	117.97	162.36	165.61	89.39	95.64	116.76	131.27	132.56
Long-Term Debt/Capital (%)	85.12	83.18	86.65	71.42	85.22	85.42	83.55	54.87	120.11	78.35	48.73	52.5	58.85	66.15	120.14
Long-Term Debt/Total Assets (%)	49.97	48.83	50.98	42.16	48.18	51.29	49.86	50.43	55.92	56.79	40.08	44.54	48.71	51.84	51.95
Total Debt/Equity (%)	138.46	133.53	121.83	127.67	116.05	123.47	127.41	119.27	162.36	166.96	96.4	103.25	124.74	140.1	141.62
Total Debt/Capital (%)	92.31	90.43	87.8	87.11	87.83	85.42	87.91	55.48	120.11	79	52.55	56.68	62.87	70.59	128.35
Total Debt/Total Assets (%)	54.2	53.09	51.66	51.43	49.65	51.29	52.46	50.98	55.92	57.25	43.23	48.08	52.04	55.33	55.5
CFO/Total Liabilities	5.16	6.24	5.96	6.29	9.05	9.14	5.4	8.4	7.54	7.11	6.57	4.89	7.57	8.01	6.58
CFO/CapEx	0.93	1.62	2.01	- -	- -	- -	1.41	- -	2.42	10.76	1.51	1.07	- -	- -	- -
Altman's Z-Score	0.67	0.77	0.8	0.63	0.89	1.06	0.98	1.06	0.85	0.63	0.87	0.49	0.48	0.17	0.24

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	3.36	3.24	3.28	2.97	2.91	2.72	2.46	2.32	1.97	2.17	2.08	1.92	2.14	2.38	2.34
Days Sales Outstanding	108.67	112.71	111.31	122.81	125.61	134.36	148.12	157.04	184.99	168.17	175.07	189.87	170.84	153.31	155.92
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	2.2	2.41	2.87	5.9	- -	- -	- -	- -	4.26	2.28	2.11	1.82	1.53	2.85	- -
Accounts Payable Turnover Days	166.24	151.67	127.13	61.92	- -	- -	- -	- -	85.59	160.39	173.16	200.58	238.21	128.12	- -
Cash Conversion Cycle	-57.56	-38.95	-15.82	60.9	125.61	134.36	148.12	157.04	99.41	7.78	1.91	-10.71	-67.36	25.2	155.92
Inventory to Cash Days	108.67	112.71	111.31	122.81	125.61	134.36	148.12	157.04	184.99	168.17	175.07	189.87	170.84	153.31	155.92
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	9,459	11,249	10,450	10,797	12,303	16,408	15,395	15,726	14,855	11,855	12,500	6,960	8,135	4,022	5,556
- Cash & Cash Equivalents	535	691	607	960	583	1,198	1,836	1,501	1,818	571	1,515	1,624	1,760	890	997
+ Preferred Equity and Hybrid Capital	824	783	1,022	1,240	1,277	1,277	1,277	1,038	892	891	891	1,182	1,182	1,182	1,182
+ Minority/Non Controlling Interest	1,658	1,843	1,841	1,997	1,833	2,082	2,008	1,998	1,655	1,426	1,468	1,021	968	673	835
+ Total Debt	10,940	10,894	10,562	11,296	9,979	10,899	11,091	10,612	9,729	9,837	7,905	7,800	8,986	9,125	8,984
Enterprise Value	22,305	24,078	22,526	24,371	24,809	29,467	27,784	27,873	25,314	23,438	21,249	15,339	17,511	13,641	15,560
Total Capital	11,851	12,046	12,030	12,968	11,362	12,760	12,616	19,127	8,101	12,452	15,042	13,763	14,293	12,926	7,000
Total Debt/Capital (%)	92.31	90.43	87.8	87.11	87.83	85.42	87.91	55.48	120.11	79	52.55	56.68	62.87	70.59	128.35
Total Debt / EV	0.49	0.45	0.47	0.46	0.4	0.37	0.4	0.38	0.38	0.42	0.37	0.51	0.51	0.67	0.58
EV/Sales	8.13	8.66	7.73	8.81	8.99	11.18	11.1	11.12	12.15	10.83	11.04	10.04	11.02	7.58	8.59
EV/EBITDA	15.46	16.14	15.06	17.97	16.61	20.57	20.75	20.91	22.23	21.61	24.81	26.65	25.84	16.75	20.52
EV/EBIT	25.24	25.74	24.63	30.52	26.63	34.71	35.95	37.79	41.56	38.31	50.87	97.28	71.47	47.39	51.77
EV/Cash Flow to Firm	19.94	18.57	18.7	18.86	16.32	19.05	26.25	20.34	22.37	21.18	23.11	22.58	17.42	12.72	18.96
EV/Free Cash Flow to Firm	12.39	13.59	14.49	18.86	16.32	19.05	18.11	20.34	17.02	19.85	15.64	14.28	17.42	12.72	18.96
Diluted Market Cap	9,057	11,280	10,503	10,785	12,331	16,478	15,476	15,815	14,954	11,902	12,504	6,952	8,152	4,020	5,598
Diluted Enterprise Value	21,943	24,108	23,321	24,359	24,836	29,537	28,016	27,962	25,413	23,485	21,253	15,331	17,528	14,111	15,603
EV per Share	123.09	131.1	121.71	130.51	132.46	156.84	147.34	147.4	133.24	123.01	111.26	80.16	91.33	71.09	81.73
TTM Sales	2,743	2,780	2,916	2,766	2,761	2,636	2,502	2,506	2,084	2,164	1,925	1,528	1,589	1,800	1,811
TTM EBITDA	1,443	1,492	1,495	1,356	1,493	1,432	1,339	1,333	1,139	1,085	857	576	678	814	758
TTM Operating Income	884	935	914	798	931	849	773	738	609	612	418	158	245	288	301
TTM Cash Flow to Firm	1,119	1,297	1,205	1,292	1,520	1,547	1,059	1,371	1,132	1,106	919	679	1,005	1,072	821
TTM Free Cash Flow to Firm	1,801	1,772	1,554	1,292	1,520	1,547	1,534	1,371	1,487	1,181	1,358	1,074	1,005	1,072	821

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	182.45	18.85	17.44	19.88	31.23	20.91	22.62	17.75	91.47	29.64	4.03	- -	73.81	- -	128.49
Price/Earnings Average	132.56	17.7	19.35	20.53	29.67	18.1	22.62	16.63	92.39	33.51	4.03	-23.02	75.9	-15.28	88.89
Price/Earnings High	184.52	20.44	21.94	21.89	31.45	20.76	25.52	18.4	103.81	36.75	4.3	-37.01	86.64	-21.67	133.11
Price/Earnings Low	72.63	14.08	15.82	18.43	26.7	15.53	18.99	13.83	84.67	28.67	3.62	-16.26	61.35	-9.77	54.51
Price/Book Value	-6.02	-7.63	-7.49	-6.9	-7.12	-10.95	-8.75	2.87	-3.56	39.78	2.62	1.85	2.58	2.07	-1.39
Price/Book Value Average	-4.38	-7.17	-8.32	-7.12	-6.77	-9.48	-8.75	2.69	-3.59	44.97	2.62	2.14	2.65	3.21	-0.96
Price/Book Value High	-6.09	-8.27	-9.43	-7.59	-7.17	-10.88	-9.87	2.98	-4.04	49.32	2.79	3.44	3.02	4.55	-1.44
Price/Book Value Low	-2.4	-5.7	-6.8	-6.39	-6.09	-8.14	-7.35	2.24	-3.29	38.48	2.35	1.51	2.14	2.05	-0.59
Price/Tangible Book Value	1.43	1.6	1.43	1.49	1.76	2.26	2.14	2.05	3.01	2.44	1.72	1.1	1.39	0.77	1.1
Price/Tangible Book Value Average	1.04	1.5	1.58	1.54	1.67	1.95	2.14	1.92	3.04	2.76	1.72	1.27	1.43	1.2	0.76
Price/Tangible Book Value High	1.44	1.74	1.79	1.64	1.77	2.24	2.41	2.13	3.41	3.02	1.83	2.04	1.63	1.71	1.14
Price/Tangible Book Value Low	0.57	1.2	1.29	1.38	1.5	1.68	1.79	1.6	2.78	2.36	1.54	0.89	1.15	0.77	0.47
Price/Sales	3.27	4.02	3.57	3.88	4.45	6.21	6.15	6.27	7.11	5.47	6.49	4.55	5.11	2.23	3.08
Price/Sales Average	2.37	3.77	3.96	4.01	4.23	5.38	6.15	5.87	7.18	6.18	6.49	5.25	5.26	3.47	2.13
Price/Sales High	3.3	4.35	4.49	4.28	4.48	6.17	6.93	6.49	8.07	6.78	6.91	8.45	6	4.92	3.19
Price/Sales Low	1.3	3	3.24	3.6	3.8	4.62	5.16	4.88	6.58	5.29	5.83	3.71	4.25	2.22	1.31
Price/Cash Flow	14.14	14.48	14.81	13.02	11.8	14.43	22.88	15.69	17.23	14.75	18.85	16.39	10.67	5.03	8.6
Price/Cash Flow Average	10.27	13.6	16.44	13.45	11.21	12.49	22.88	14.7	17.4	16.67	18.84	18.92	10.97	7.81	5.95
Price/Cash Flow High	14.3	15.7	18.64	14.34	11.88	14.33	25.81	16.27	19.55	18.28	20.08	30.42	12.52	11.08	8.91
Price/Cash Flow Low	5.63	10.82	13.44	12.07	10.09	10.72	19.2	12.22	15.95	14.26	16.94	13.36	8.87	5	3.65
Price/Free Cash Flow	6.88	9.05	9.98	13.07	11.85	14.51	13.48	15.8	12.3	13.57	11.35	8.49	10.7	5.03	8.64
Price/Free Cash Flow Average	5	8.5	11.08	13.5	11.25	12.57	13.48	14.8	12.42	15.34	11.35	9.8	11	7.81	5.98
Price/Free Cash Flow High	6.96	9.81	12.56	14.39	11.93	14.41	15.21	16.38	13.96	16.82	12.1	15.75	12.56	11.08	8.95
Price/Free Cash Flow Low	2.74	6.76	9.05	12.12	10.13	10.78	11.32	12.31	11.38	13.12	10.2	6.92	8.89	5	3.66
EV/Sales	8.13	8.66	7.73	8.81	8.99	11.18	11.1	11.12	12.15	10.83	11.04	10.04	11.02	7.58	8.59
EV/Sales Average	7.2	8.41	8.37	8.94	8.76	10.34	11.16	10.72	12.22	11.55	11.04	10.74	11.16	9.08	7.65
EV/Sales High	8.19	9	8.91	9.2	9.02	11.13	11.95	11.35	13.11	12.15	11.47	13.94	11.91	10.53	8.7
EV/Sales Low	6.07	7.64	7.65	8.52	8.34	9.58	10.18	9.73	11.62	10.65	10.38	9.2	10.15	7.82	6.83
EV/EBITDA	15.46	16.14	15.06	17.97	16.61	20.57	20.75	20.91	22.23	21.61	24.81	26.65	25.84	16.75	20.52
EV/EBITDA Average	13.7	15.68	16.33	18.23	16.2	19.03	20.86	20.17	22.36	23.04	24.8	28.52	26.18	20.07	18.27
EV/EBITDA High	15.56	16.77	17.36	18.77	16.67	20.49	22.34	21.34	23.98	24.23	25.76	37	27.93	23.28	20.79
EV/EBITDA Low	11.54	14.23	14.91	17.39	15.42	17.63	19.02	18.3	21.26	21.25	23.33	24.42	23.82	17.3	16.3
EV/EBIT	25.24	25.74	24.63	30.52	26.63	34.71	35.95	37.79	41.56	38.31	50.87	97.28	71.47	47.39	51.77
EV/EBIT Average	22.36	25.01	26.7	30.96	25.97	32.11	36.15	36.44	41.8	40.84	50.87	104.1	72.41	56.76	46.07
EV/EBIT High	25.41	26.75	28.4	31.89	26.73	34.57	38.7	38.57	44.85	42.96	52.83	135.08	77.25	65.83	52.43
EV/EBIT Low	18.85	22.7	24.38	29.54	24.72	29.74	32.95	33.08	39.74	37.68	47.84	89.13	65.87	48.93	41.13
Last Price	52.2	61.25	56.46	57.82	65.69	87.33	81.64	83.16	78.19	62.22	65.45	36.37	42.43	20.96	29.18
High Price	52.79	66.39	71.05	63.66	66.15	86.71	92.1	86.2	88.74	77.15	69.74	67.52	49.81	46.17	30.23
Low Price	20.78	45.74	51.21	53.6	56.16	64.88	68.53	64.77	72.38	60.19	58.81	29.66	35.27	20.81	12.38
Enterprise Value	22,305	24,078	22,526	24,371	24,809	29,467	27,784	27,873	25,314	23,438	21,249	15,339	17,511	13,641	15,560
Enterprise Value Average	19,759	23,388	24,415	24,722	24,193	27,264	27,935	26,877	25,464	24,987	21,246	16,415	17,742	16,338	13,848
Enterprise Value High	22,452	25,022	25,968	25,461	24,895	29,351	29,908	28,448	27,318	26,283	22,068	21,299	18,926	18,950	15,760
Enterprise Value Low	16,652	21,229	22,296	23,583	23,024	25,249	25,463	24,395	24,210	23,052	19,981	14,055	16,138	14,084	12,361

Per Share Data Items	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	181	184	185	187	187	188	189	189	190	191	191	191	192	192	190
Diluted Weighted Avg Shares	174	184	186	187	188	189	190	190	191	191	191	191	192	192	192
Basic Weighted Avg Shares	172	182	184	186	187	188	188	189	190	190	191	191	192	192	191
Revenue per Share	15.98	15.24	15.82	14.89	14.77	14.05	13.28	13.27	11	11.37	10.09	7.99	8.3	9.39	9.48
EBITDA per Share	8.41	8.18	8.11	7.3	7.99	7.64	7.11	7.06	6.01	5.7	4.49	3.01	3.54	4.25	3.97
Operating Income per Share	5.15	5.13	4.96	4.3	4.98	4.53	4.1	3.91	3.21	3.22	2.19	0.82	1.28	1.5	1.57
Basic EPS, GAAP	0.29	3.25	3.24	2.91	2.1	4.18	3.61	4.68	0.85	2.1	16.24	-1.82	0.57	-2.13	0.23
Basic EPS from Cont Ops	0.45	3.99	3.23	2.2	0.75	2.63	4.29	5.16	1.46	2.22	17.48	-2.42	1.08	-2	0.17
Diluted EPS, GAAP	0.28	3.22	3.21	2.9	2.09	4.15	3.59	4.65	0.85	2.09	16.21	-1.82	0.57	-2.13	0.23
Diluted EPS from Cont Ops	0.44	3.96	3.2	2.19	0.75	2.62	4.26	5.13	1.45	2.21	17.45	-2.42	1.08	-2	0.17
Dividend per Share	1.86	2.91	3.09	4.16	3.37	3.35	2.95	2.94	2.96	2.81	2.9	4.66	2.46	2.44	1
Cash Flow per Share	3.69	4.23	3.81	4.44	5.57	6.05	3.57	5.3	4.54	4.22	3.47	2.22	3.98	4.17	3.39
Free Cash Flow per Basic Share	-0.28	1.62	1.91	4.44	5.57	6.05	1.04	5.3	2.66	3.83	1.17	0.15	3.98	4.17	3.39
Cash & Equivalents per Share	3.18	3.76	7.28	5.14	3.11	6.38	10.54	7.94	9.57	3	7.93	8.49	9.18	7.1	5.24
Book Value per Share	-8.67	-8.02	-7.53	-8.39	-9.22	-7.97	-9.33	28.97	-21.98	1.56	25.02	19.64	16.47	10.14	-21.02
Tangible Book Value per Share	36.61	38.26	39.59	38.76	37.36	38.71	38.18	40.54	26.01	25.52	38.11	33.18	30.6	27.06	26.44

Vornado Realty Trust

VNO US

25.40

25.40