VORNADO REALTY TRUST - FORM 8-K - EX-99 - EXHIBIT 99.2

Attached files

file	filename
8-K - FORM 8-K - VORNADO REALTY TRUST	form8k.htm
EX-99 - EXHIBIT 99.1 - VORNADO REALTY TRUST	exhibit991.htm

EXHIBIT 99.2

SUPPLEMENTAL OPERATING

AND FINANCIAL DATA

For the Quarter Ended March 31, 2015

INDEX

		Page
Investor Information		2
2015 Business Developments		3 - 4
Common Shares Data		5
Financial Highlights		6
Funds From Operations		7 - 8
Funds Available for Distribution		9
Net Income / EBITDA (Consolidated and by Segment)		10 - 12
EBITDA by Segment and Region		13
Consolidated Balance Sheets		14
Capital Structure		15
Debt Analysis		16 - 18
Unconsolidated Joint Ventures		19 - 20
Square Footage		21
Top 30 Tenants		22
Lease Expirations		23 - 24
Leasing Activity		25
Occupancy, Same Store EBITDA and Residential Statistics		26
Capital Expenditures		27 - 30
Development Costs and Construction in Progress		31
Property Table		32 - 44

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. 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. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K, as amended, for the year ended December 31, 2014.

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 our Annual Report on Form 10-K, as amended, or Quarterly Report on Form 10-Q, as applicable, and this supplemental package.

INVESTOR INFORMATION

Key Employees:
Steven Roth	Chairman of the Board and Chief Executive Officer
David R. Greenbaum	President - New York Division
Mitchell N. Schear	President - Vornado / Charles E. Smith Washington, DC Division
Michael J. Franco	Executive Vice President - Chief Investment Officer
Joseph Macnow	Executive Vice President - Finance and Chief Administrative Officer
Stephen W. Theriot	Chief Financial Officer

RESEARCH COVERAGE - EQUITY

James Feldman / Scott Freitag		Steve Sakwa / Gabriel Hilmoe	Alexander Goldfarb / Ryan Peterson
Bank of America / Merrill Lynch		Evercore ISI	Sandler O'Neill
646-855-5808 / 646-855-3197		212-446-9462 / 212-446-9459	212-466-7937 / 212-466-7927

Ross Smotrich / Peter Siciliano		Brad K. Burke	John W. Guinee / Erin T. Aslakson
Barclays Capital		Goldman Sachs	Stifel Nicolaus & Company
212-526-2306 / 212-526-3098		917-343-2082	443-224-1307 / 443-224-1350

Michael Bilerman / Emmanuel Korchman		John Bejjani	Michael Lewis
Citi		Green Street Advisors	SunTrust Robinson Humphrey
212-816-1383 / 212-816-1382		949-640-8780	212-319-5659

Ian Weissman / Derek J.A. van Dijkum		Anthony Paolone	Ross T. Nussbaum / Nick Yulico
Credit Suisse		JP Morgan	UBS
212-538-6889 / 212-325-9752		212-622-6682	212-713-2484 / 212-713-3402

Vincent Chao		Vance H. Edelson
Deutsche Bank		Morgan Stanley
212-250-6799		212-761-0078

RESEARCH COVERAGE - DEBT

Scott Frost		Robert Haines / Craig Guttenplan	Thierry Perrein
Bank of America / Merrill Lynch		Credit Sights	Wells Fargo Securities
646-855-8078		212-340-3835 / 212-340-3859	704-715-8455

Peter Troisi		Ron Perrotta
Barclays Capital		Goldman Sachs
212-412-3695		212-902-7885

Thomas Cook		Mark Streeter
Citi		JP Morgan
212-723-1112		212-834-5086

This information is provided as a service to interested parties and not as an endorsement of any report, or representation as to the accuracy of any information contained therein. Opinions, forecasts and other forward-looking statements expressed in analysts' reports are subject to change without notice.

- 2 -

2015 BUSINESS DEVELOPMENTS

Urban Edge Properties (“UE”) (NYSE: UE) spin-off

On January 15, 2015, we completed the spin-off of substantially all of our retail segment comprised of 79 strip shopping centers, three malls, a warehouse park and $225,000,000 of cash to Urban Edge Properties (“UE”) (NYSE: UE). As part of this transaction, we retained 5,717,184 UE operating partnership units (5.4% ownership interest). We are providing transition services to UE for an initial period of up to two years, including information technology, human resources, tax and financial reporting. UE is providing us with leasing and property management services for (i) the Monmouth Mall, (ii) certain small retail properties that we plan to sell, and (iii) our affiliate, Alexander’s, Inc. (NYSE: ALX), Rego Park retail assets. Steven Roth, our Chairman and Chief Executive Officer is a member of the Board of Trustees of UE. The spin-off distribution was effected by Vornado distributing one UE common share for every two Vornado common shares.

Acquisitions

Since January 1, 2015, we completed the following acquisitions:

· On January 20, we and one of the Fund’s limited partners co-invested with the Fund to buy out the Fund’s joint venture partner’s 57% interest in the Crowne Plaza Times Square Hotel.

· On March 18, we acquired the Center Building, a 437,000 square foot office building, located at 33-00 Northern Boulevard in Long Island City, New York, for $142,000,000, including the assumption of an existing $62,000,000, 4.43% mortgage maturing in October 2018.

· As of March 31, we have made a $25,000,000 non-refundable deposit related to an agreement to acquire a property in the Penn Plaza submarket in Manhattan for $355,000,000.

· On April 8, we made an $11,000,000 refundable contribution to a joint venture, in which we will have a 55% interest. The joint venture plans to develop a 173,000 square foot Class-A office building, located on the western side of the High Line at 510 West 22nd Street.

- 3 -

2015 BUSINESS DEVELOPMENTS

Dispositions

Since January 1, 2015, we completed the following dispositions:

· On March 13, we sold our lease position in Geary Street, CA for $34,189,000, which resulted in a net gain of $21,376,000.

· On March 25, the Fund completed the sale of 520 Broadway for $91,650,000. The Fund realized a $24,705,000 net gain over the holding period.

· On March 31, we transferred the redeveloped Springfield Town Center, a 1,350,000 square foot mall located in Springfield, Fairfax County, Virginia, to Pennsylvania Real Estate Investment Trust (“PREIT”). The financial statement gain was $7,823,000, of which $7,192,000 was recognized in the first quarter and the remaining $631,000 was deferred based on our ownership interest in PREIT. In the first quarter of 2014, we recorded a non-cash impairment loss of $20,000,000 on Springfield Town Center which is included in “income from discontinued operations” on our consolidated statements of income.

· During the first quarter, we sold five residual retail properties, in separate transactions, for an aggregate of $10,731,000, which resulted in net gains of $3,675,000.

Financing Activities

Since January 1, 2015, we completed the following financing transactions:

· On January 1, we redeemed all of the $500,000,000 principal amount of our outstanding 4.25% senior unsecured notes, which were scheduled to mature on April 1, 2015, at a redemption price of 100% of the principal amount plus accrued interest through December 31, 2014.

· On April 1, we completed a $308,000,000 refinancing of RiverHouse Apartments, a three building, 1,670 unit rental complex located in Arlington, V.A. The loan is interest-only at LIBOR plus 1.28% and matures in 2025. We realized net proceeds of approximately $43,000,000. The property was previously encumbered by a 5.43% $195,000,000 mortgage maturing in April 2015 and a $64,000,000 mortgage at LIBOR plus 1.53% maturing in 2018.

- 4 -

COMMON SHARES DATA (NYSE: VNO)
(unaudited)

Vornado Realty Trust common shares are traded on the New York Stock Exchange ("NYSE") under the symbol VNO. Below is a summary of performance and dividends for VNO common shares (based on NYSE prices):



				First Quarter 2015			Fourth Quarter 2014		Third Quarter 2014		Second Quarter 2014

High Price				$	116.02		$	120.23	$	109.12	$	109.01
Low Price				$	104.11		$	93.09	$	99.26	$	96.93
Closing Price - end of quarter				$	112.00		$	117.71	$	99.96	$	106.73

Annualized Dividend per share				$	2.52	⁽¹⁾	$	2.92	$	2.92	$	2.92

Annualized Dividend Yield - on Closing Price					2.3%			2.5%		2.9%		2.7%

Outstanding shares, Class A units and convertible preferred units
	as converted, excluding stock options (in thousands)				200,361			199,753		199,721		199,652

Closing market value of outstanding shares, Class A units and
	convertible preferred units as converted, excluding stock options			$	22.4 Billion		$	23.5 Billion	$	20.0 Billion	$	21.3 Billion


(1)	The first quarter 2015 dividend is after the January 15, 2015 spin-off of Urban Edge Properties (NYSE: UE). The $2.52 annualized dividend, combined with the expected dividend of UE, is the same $2.92 annual dividend that was paid in 2014.



TIMING

Quarterly financial results and related earnings conference calls for the remainder of 2015 are expected to occur as follows:

		Filing Date	Earnings Call

Second Quarter 2015		Monday, August 3, 2015	Tuesday, August 4, 2015 10AM ET
Third Quarter 2015		Monday, November 2, 2015	Tuesday, November 3, 2015 10AM ET

- 5 -

FINANCIAL HIGHLIGHTS
(unaudited and in thousands, except per share amounts)

This section includes non-GAAP financial measures, including Earnings Before Interest Taxes Depreciation and Amortization ("EBITDA"), Funds From Operations attributable to common shares plus assumed conversions ("FFO"), FFO as adjusted for comparability, and Funds Available for Distribution ("FAD"). A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measures are provided on the pages that follow.

				Three Months Ended
				March 31,				December 31,
				2015		2014		2014
	Total revenues			$	606,802	$	562,381	$	597,010

	Net income attributable to common shareholders			$	84,593	$	62,349	$	513,238
		Per common share:
			Basic	$	0.45	$	0.33	$	2.73
			Diluted	$	0.45	$	0.33	$	2.72

	FFO as adjusted for comparability			$	209,262	$	187,336	$	222,941
		Per diluted share		$	1.10	$	0.99	$	1.18

	FFO			$	220,084	$	247,079	$	230,143
	FFO - Operating Partnership Basis ("OP Basis")			$	233,926	$	262,431	$	244,315
		Per diluted share		$	1.16	$	1.31	$	1.22

	FAD			$	154,305	$	152,032	$	141,499
		Per diluted share		$	0.81	$	0.81	$	0.75

	Dividends per common share			$	0.63	$	0.73	$	0.73

	FFO payout ratio (based on FFO as adjusted for comparability)				57.3%		73.7%		61.9%
	FAD payout ratio				77.8%		90.1%		97.3%

	Weighted average shares used in determining FFO per diluted share - REIT basis				189,381		188,287		188,970
	Convertible units:
		Class A			10,675		10,611		10,599
		D-13			423		498		429
		G1-G4			76		87		73
		Equity awards - unit equivalents			737		503		536
	Weighted average shares used in determining FFO per diluted share - OP Basis				201,292		199,986		200,607

- 6 -

RECONCILIATION OF NET INCOME TO FFO⁽¹⁾
(unaudited and in thousands, except per share amounts)

				Three Months Ended
				March 31,				December 31,
				2015		2014		2014
Reconciliation of our net income to FFO:
	Net income attributable to Vornado			$	104,077	$	82,717	$	533,603
	Depreciation and amortization of real property				118,256		142,569		129,944
	Net gains on sale of real estate				(10,867)		-		(449,396)
	Real estate impairment losses				256		20,842		5,676
	Proportionate share of adjustments to equity in net loss of
		Toys, to arrive at FFO:
			Depreciation and amortization of real property		-		11,415		-
			Income tax effect of above adjustments		-		(3,995)		-
	Proportionate share of adjustments to equity in net income of
		partially owned entities, excluding Toys, to arrive at FFO:
			Depreciation and amortization of real property		36,272		25,271		24,350
			Net gains on sale of real estate		-		-		(10,820)
	Noncontrolling interests' share of above adjustments				(8,448)		(11,399)		17,127
	FFO attributable to Vornado				239,546		267,420		250,484
	Preferred share dividends				(19,484)		(20,368)		(20,365)
	FFO attributable to common shareholders				220,062		247,052		230,119
	Convertible preferred share dividends				22		27		24
	FFO attributable to common shareholders plus assumed conversions				220,084		247,079		230,143
	Add back of income allocated to noncontrolling interests of the
		Operating Partnership			13,842		15,352		14,172
	FFO - OP Basis⁽¹⁾			$	233,926	$	262,431	$	244,315
	FFO per diluted share⁽¹⁾			$	1.16	$	1.31	$	1.22


(1)	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 depreciated real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets, extraordinary items and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are 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 flows as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies.

- 7 -

RECONCILIATION OF FFO TO FFO AS ADJUSTED FOR COMPARABILITY
(unaudited and in thousands, except per share amounts)

				Three Months Ended
				March 31,				December 31,
				2015		2014		2014

FFO attributable to common shareholders plus assumed conversions			(A)	$	220,084	$	247,079	$	230,143
Per diluted share				$	1.16	$	1.31	$	1.22
Items that affect comparability income:
	FFO from discontinued operations (including UE spin-off related
		costs of $22,645, $499, and $5,613 in the three months ended
		March 31, 2015 and 2014, and December 31, 2014, respectively)			7,396		45,398		38,284
	Acquisition and transaction related costs				(1,981)		(1,285)		(12,763)
	Net gain on sale of residential condominiums and a land parcel				1,860		9,635		363
	Toys FFO				1,454		9,267		606
	Write-off of deferred financing costs and defeasance costs in connection
		with refinancings			-		-		(16,747)
	Other, net				2,721		-		(2,097)
					11,450		63,015		7,646
Noncontrolling interests' share of above adjustments					(628)		(3,272)		(444)
Items that affect comparability, net			(B)	$	10,822	$	59,743	$	7,202
Per diluted share				$	0.06	$	0.32	$	0.04

FFO attributable to common shareholders plus assumed conversions,
	as adjusted for comparability		(A-B)	$	209,262	$	187,336	$	222,941
Per diluted share				$	1.10	$	0.99	$	1.18

- 8 -

RECONCILIATION OF FFO TO FAD⁽¹⁾
(unaudited and in thousands, except per share amounts)

				Three Months Ended
				March 31,				December 31,
				2015		2014		2014

FFO attributable to common shareholders plus assumed conversions			(A)	$	220,084	$	247,079	$	230,143

Adjustments to arrive at FAD:
	Recurring tenant improvements, leasing commissions and other capital expenditures				52,048		72,500		101,756
	Straight-line rentals				29,296		12,990		24,261
	Stock-based compensation expense				(20,142)		(11,024)		(8,252)
	Amortization of acquired below-market leases, net				11,992		9,254		10,725
	Amortization of debt issuance costs				(7,456)		(4,422)		(9,945)
	Items that affect comparability per page 8, excluding FFO attributable to
		discontinued operations			4,054		17,617		(30,638)
	Non real estate depreciation				(1,922)		(1,575)		(1,529)
	Carried interest and our share of net unrealized gains from Real Estate Fund				1,621		5,317		7,725
	Noncontrolling interests' share of above adjustments				(3,712)		(5,610)		(5,459)
			(B)		65,779		95,047		88,644

FAD⁽¹⁾			(A-B)	$	154,305	$	152,032	$	141,499

FAD per diluted share				$	0.81	$	0.81	$	0.75
FAD payout ratio⁽²⁾					77.8%		90.1%		97.3%


(1)	FAD is defined as FFO less (i) recurring tenant improvements, leasing commissions and capital expenditures, (ii) straight-line rents and amortization of acquired below-market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. FAD is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure that management believes provides useful information regarding the Company's ability to fund its dividends.

(2)	FAD payout ratios on a quarterly basis are not necessarily indicative of amounts for the full year due to fluctuation in timing of cash based expenditures, the commencement of new leases and the seasonality of our operations.

- 9 -

CONSOLIDATED NET INCOME / EBITDA⁽¹⁾
(unaudited and in thousands)
		Three Months Ended
		March 31,						December 31,
		2015		2014		Inc (Dec)		2014
Property rentals		$	458,528	$	444,438	$	14,090	$	455,435
Straight-line rent adjustments			29,296		12,990		16,306		24,261
Amortization of acquired below-market leases, net			12,450		9,712		2,738		11,183
Total rentals			500,274		467,140		33,134		490,879
Tenant expense reimbursements			66,921		59,301		7,620		65,455
Fee and other income:
	BMS cleaning fees		22,633		18,956		3,677		22,040
	Management and leasing fees		4,192		5,828		(1,636)		4,046
	Lease termination fees		3,747		3,577		170		4,940
	Other income		9,035		7,579		1,456		9,650
Total revenues			606,802		562,381		44,421		597,010
Operating expenses			254,493		236,561		17,932		246,564
Depreciation and amortization			124,122		131,792		(7,670)		121,489
General and administrative			58,492		47,502		10,990		40,906
Acquisition and transaction related costs, and impairment losses			1,981		1,285		696		14,806
Total expenses			439,088		417,140		21,948		423,765
Operating income			167,714		145,241		22,473		173,245
Income from real estate fund investments			24,089		18,148		5,941		20,616
(Loss) income from partially owned entities			(2,405)		1,979		(4,384)		19,295
Interest and debt expense			(91,674)		(96,312)		4,638		(111,713)
Interest and other investment income, net			10,792		11,850		(1,058)		9,938
Net gain on disposition of wholly owned and partially owned assets			1,860		9,635		(7,775)		363
Income before income taxes			110,376		90,541		19,835		111,744
Income tax expense			(971)		(851)		(120)		(2,498)
Income from continuing operations			109,405		89,690		19,715		109,246
Income from discontinued operations			15,841		8,466		7,375		466,740
Net income			125,246		98,156		27,090		575,986
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(15,882)		(11,579)		(4,303)		(11,322)
	Operating Partnership		(5,287)		(3,860)		(1,427)		(31,061)
Net income attributable to Vornado			104,077		82,717		21,360		533,603
Interest and debt expense			114,675		170,952		(56,277)		143,674
Depreciation and amortization			156,450		196,339		(39,889)		155,921
Income tax (benefit) expense			(739)		19,831		(20,570)		2,759
EBITDA		$	374,463	$	469,839	$	(95,376)	$	835,957

Capitalized leasing and development payroll		$	4,941	$	3,569	$	1,372	$	5,762
Capitalized interest and debt expense		$	11,110	$	13,622	$	(2,512)	$	16,269


(1)	EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." Management considers EBITDA a supplemental measure for making decisions and assessing the unlevered performance of its 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 a multiple of EBITDA, management utilizes this measure to make investment decisions as well as to compare the performance of its assets to that of its peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies.

- 10 -

EBITDA BY SEGMENT
(unaudited and in thousands)

		Three Months Ended March 31, 2015

		Total		New York			Washington, DC			Other
Property rentals		$	458,528	$	286,794		$	107,366		$	64,368
Straight-line rent adjustments			29,296		17,474			5,311			6,511
Amortization of acquired below-market leases, net			12,450		11,110			377			963
Total rentals			500,274		315,378			113,054			71,842
Tenant expense reimbursements			66,921		49,501			11,469			5,951
Fee and other income:
	BMS cleaning fees		22,633		27,303			-			(4,670)
	Management and leasing fees		4,192		1,444			3,086			(338)
	Lease termination fees		3,747		3,522			129			96
	Other income		9,035		2,365			6,230			440
Total revenues			606,802		399,513			133,968			73,321
Operating expenses			254,493		170,661			50,803			33,029
Depreciation and amortization			124,122		70,055			36,490			17,577
General and administrative			58,492		12,044			5,704			40,744
Acquisition and transaction related costs, and impairment losses			1,981		-			-			1,981
Total expenses			439,088		252,760			92,997			93,331
Operating income (loss)			167,714		146,753			40,971			(20,010)
Income from real estate fund investments			24,089		-			-			24,089
(Loss) income from partially owned entities			(2,405)		(5,663)			131			3,127
Interest and debt expense			(91,674)		(45,351)			(18,160)			(28,163)
Interest and other investment income, net			10,792		1,862			13			8,917
Net gain on disposition of wholly owned and partially owned assets			1,860		-			-			1,860
Income (loss) before income taxes			110,376		97,601			22,955			(10,180)
Income tax (expense) benefit			(971)		(943)			674			(702)
Income (loss) from continuing operations			109,405		96,658			23,629			(10,882)
Income from discontinued operations			15,841		-			-			15,841
Net income			125,246		96,658			23,629			4,959
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(15,882)		(1,506)			-			(14,376)
	Operating Partnership		(5,287)		-			-			(5,287)
Net income (loss) attributable to Vornado			104,077		95,152			23,629			(14,704)
Interest and debt expense			114,675		58,667			21,512			34,496
Depreciation and amortization			156,450		94,124			40,752			21,574
Income tax (benefit) expense			(739)		1,002			(2,636)			895
EBITDA for the three months ended March 31, 2015		$	374,463	$	248,945		$	83,257		$	42,261

EBITDA for the three months ended March 31, 2014		$	469,839	$	233,798		$	84,087		$	151,954

EBITDA as adjusted for comparability - OP basis:
	For the three months ended March 31, 2015	$	358,510	$	248,945	⁽¹⁾	$	83,257	⁽²⁾	$	26,308	⁽³⁾
	For the three months ended March 31, 2014	$	341,730	$	227,676	⁽¹⁾	$	84,087	⁽²⁾	$	29,967	⁽³⁾


See notes on page 12.

- 11 -

NOTES TO EBITDA BY SEGMENT
(unaudited and in thousands)


(1)	The elements of "New York" EBITDA as adjusted for comparability are summarized below.

			Three Months Ended March 31,
			2015		2014
		Office (including BMS EBITDA of $5,681 and $5,527, respectively)	$	159,359	$	152,126
		Retail		81,305		65,826
		Alexander's		10,407		10,430
		Hotel Pennsylvania		(2,126)		(706)
		Total New York	$	248,945	$	227,676




(2)	The elements of "Washington, DC" EBITDA as adjusted for comparability are summarized below.

			Three Months Ended March 31,
			2015		2014
		Office, excluding the Skyline Properties	$	67,385	$	67,257
		Skyline properties		6,055		6,499
		Total Office		73,440		73,756
		Residential		9,817		10,331
		Total Washington, DC	$	83,257	$	84,087

(3)	The elements of "other" EBITDA as adjusted for comparability are summarized below.

			Three Months Ended March 31,
			2015		2014
	Our share of Real Estate Fund:
		Income before net realized/unrealized gains	$	1,614	$	1,982
		Net realized/unrealized gains on investments		5,548		3,542
		Carried interest		3,388		1,775
	Total			10,550		7,299
	The Mart and trade shows			21,041		19,087
	555 California Street			12,401		12,066
	India real estate ventures			1,841		1,824
	Other investments			7,655		7,600
				53,488		47,876
	Corporate general and administrative expenses^(a)			(35,942)		(25,982)
	Investment income and other, net^(a)			8,762		8,073
		Total Other	$	26,308	$	29,967



	(a)	The amounts in these captions (for this table only) exclude income / expense from the mark-to-market of our deferred compensation plan of $2,859 and $4,400 for the three months ended March 31, 2015 and 2014, respectively. The three months ended March 31, 2015, include $8,817 from the acceleration of the recognition of compensation expense related to 2013-2015 Out-Performance Plans due to the modification of the vesting criteria of awards such that they will fully vest at age 65. The accelerated expense will result in lower general and administrative expense for the remainder of 2015 of $2,600 and $6,217 thereafter.

- 12 -

EBITDA BY SEGMENT AND REGION
(unaudited)

The following tables set forth the percentages of EBITDA, by operating segment and by geographic region, excluding discontinued operations and other items that affect comparability.



		Three Months Ended March 31,
		2015	2014

Segment
	New York	75%	73%
	Washington, DC	25%	27%
		100%	100%

Region
	New York City metropolitan area	68%	66%
	Washington, DC / Northern Virginia area	23%	25%
	Chicago, IL	6%	5%
	San Francisco, CA	3%	4%
		100%	100%

- 13 -

CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands)

				March 31,		December 31,		(Decrease)
				2015		2014		Increase
ASSETS
	Real estate, at cost:
		Land		$	3,914,401	$	3,861,913	$	52,488
		Buildings and improvements			11,881,228		11,705,749		175,479
		Development costs and construction in progress			1,157,180		1,128,037		29,143
		Leasehold improvements and equipment			127,534		126,659		875
			Total		17,080,343		16,822,358		257,985
		Less accumulated depreciation and amortization			(3,248,078)		(3,161,633)		(86,445)
	Real estate, net				13,832,265		13,660,725		171,540
	Cash and cash equivalents				1,067,568		1,198,477		(130,909)
	Restricted cash				198,672		176,204		22,468
	Marketable securities				184,991		206,323		(21,332)
	Tenant and other receivables, net				110,477		109,998		479
	Investments in partially owned entities				1,408,214		1,246,496		161,718
	Real estate fund investments				554,426		513,973		40,453
	Receivable arising from the straight-lining of rents, net				816,661		787,271		29,390
	Deferred leasing and financing costs, net				478,507		475,158		3,349
	Identified intangible assets, net				229,579		225,155		4,424
	Assets related to discontinued operations				35,342		2,238,474		(2,203,132)
	Other assets				344,349		410,066		(65,717)
		Total assets		$	19,261,051	$	21,248,320	$	(1,987,269)

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
	Mortgages payable			$	8,316,793	$	8,263,165	$	53,628
	Senior unsecured notes				847,332		1,347,159		(499,827)
	Revolving credit facility debt				400,000		-		400,000
	Accounts payable and accrued expenses				432,970		447,745		(14,775)
	Deferred revenue				346,026		358,613		(12,587)
	Deferred compensation plan				121,530		117,284		4,246
	Liabilities related to discontinued operations				11,354		1,511,362		(1,500,008)
	Other liabilities				436,608		375,830		60,778
		Total liabilities			10,912,613		12,421,158		(1,508,545)
Redeemable noncontrolling interests					1,304,790		1,337,780		(32,990)
Vornado shareholders' equity					6,285,898		6,745,426		(459,528)
Noncontrolling interests in consolidated subsidiaries					757,750		743,956		13,794
		Total liabilities, redeemable noncontrolling interests and equity		$	19,261,051	$	21,248,320	$	(1,987,269)

- 14 -

CAPITAL STRUCTURE
(unaudited and in thousands, except per share amounts)


Debt:							March 31, 2015
	Consolidated debt:
		Mortgages payable					$	8,316,793
		Senior unsecured notes						847,332
		$2.5 billion revolving credit facilities						400,000
								9,564,125
	Pro rata share of non-consolidated debt in partially owned entities
		(excluding $1,549,865 of Toys' debt)						2,407,285
	Less: Noncontrolling interests' share of consolidated debt
			(primarily 1290 Avenue of the Americas and 555 California Street)					(474,213)
Total debt								11,497,197

Perpetual Preferred:				Shares/Units	Par Value
5.00% Preferred Unit (D-16) (1 unit @ $1,000)								1,000
6.625% Series G Preferred Shares				8,000	$	25.00		200,000
6.625% Series I Preferred Shares				10,800		25.00		270,000
6.875% Series J Preferred Shares				9,850		25.00		246,250
5.70% Series K Preferred Shares				12,000		25.00		300,000
5.40% Series L Preferred Shares				12,000		25.00		300,000
								1,317,250


					March 31, 2015
				Converted	Common
Equity:				Shares	Share Price
Common shares				188,273	$	112.00		21,086,576
Class A units				10,759		112.00		1,205,008
Convertible share equivalents:
	Equity awards - unit equivalents			796		112.00		89,152
	D-13 preferred units			417		112.00		46,704
	G1-G4 units			71		112.00		7,952
	Series A preferred shares			45		112.00		5,040
								22,440,432
Total Market Capitalization							$	35,254,879

- 15 -

DEBT ANALYSIS
(unaudited and in thousands)
				As of March 31, 2015
		Total				Variable				Fixed
				Weighted				Weighted				Weighted
				Average				Average				Average
		Amount		Interest Rate		Amount		Interest Rate		Amount		Interest Rate
Consolidated debt		$	9,564,125		3.91%	$	2,162,869		2.32%	$	7,401,256		4.37%
Pro rata share of non-consolidated debt:
	Toys		1,549,865		8.31%		892,325		8.04%		657,540		8.68%
	All other		2,407,285		5.24%		318,935		1.74%		2,088,350		5.77%
Total			13,521,275		4.65%		3,374,129		3.78%		10,147,146		4.94%
Less: Noncontrolling interests' share of consolidated debt
	(primarily 1290 Avenue of the Americas and 555 California Street)		(474,213)				(10,500)				(463,713)
Company's pro rata share of total debt		$	13,047,062		4.67%	$	3,363,629		3.79%	$	9,683,433		4.98%


						Senior Unsecured Notes					Unencumbered EBITDA
						Due 2019		Due 2022				1Q 2015
Settlement Date							6/16/2014		12/7/2011			Annualized
Principal Amount							$ 450,000		$ 400,000		New York	$	383,016
Issue Price							99.619%		99.546%		Washington, DC		164,004
Coupon							2.500%		5.000%		Other		38,540
Effective economic interest rate							2.581%		5.057%		Total	$	585,560
Ratings:
	Moody's						Baa2		Baa2
	S&P						BBB		BBB
	Fitch						BBB		BBB
Maturity Date / Put Date							6/30/2019		1/15/2022


Debt Covenant Ratios:⁽¹⁾				Senior Unsecured Notes						Revolving Credit Facilities
				Actual
				Required		Due 2019		Due 2022		Required		Actual
Total Outstanding Debt / Total Assets⁽²⁾				Less than 65%			43%		43%	Less than 60%			30%
Secured Debt / Total Assets				Less than 50%			37%		37%	Less than 50%			25%
Interest Coverage Ratio (Annualized Combined
	EBITDA to Annualized Interest Expense)			Greater than 1.50			2.84		2.84				N/A
Fixed Charge Coverage							N/A		N/A	Greater than 1.40			2.67
Unencumbered Assets / Unsecured Debt				Greater than 150%			749%		749%				N/A
Unsecured Debt / Cap Value of Unencumbered Assets							N/A		N/A	Less than 60%			10%
Unencumbered Coverage Ratio							N/A		N/A	Greater than 1.50			15.96



(1)	Our debt covenant ratios are computed in accordance with the terms of our senior unsecured notes and revolving credit facilities, as applicable. The methodology used for these computations may differ significantly from similarly titled ratios of other companies. For additional information regarding the methodology used to compute these ratios, please see our filings with the SEC of our revolving credit facilities, senior debt indentures and applicable prospectuses and prospectus supplements.

(2)	Total assets includes EBITDA capped at 7.5% under the senior unsecured notes and 6.0% under the revolving credit facilities.

- 16 -

DEBT MATURITIES
(unaudited and in thousands)
		Spread
	Maturity	over	Interest
Property	Date⁽¹⁾	LIBOR	Rate	2015		2016		2017		2018		2019		Thereafter		Total
River House Apartments	04/15		5.43%	$	195,546	$	-	$	-	$	-	$	-	$	-	$	195,546
2200 / 2300 Clarendon Boulevard	05/15	L+75	0.93%		33,586		-		-		-		-		-		33,586
888 Seventh Avenue	01/16		5.71%		-		318,554		-		-		-		-		318,554
510 5th Avenue	01/16		5.60%		-		30,052		-		-		-		-		30,052
770 Broadway	03/16		5.65%		-		353,000		-		-		-		-		353,000
Bowen Building	06/16		6.14%		-		115,022		-		-		-		-		115,022
1730 M and 1150 17th Street	06/16	L+125	1.42%		-		43,581		-		-		-		-		43,581
The Mart	12/16		5.57%		-		550,000		-		-		-		-		550,000
350 Park Avenue	01/17		3.75%		-		-		293,544		-		-		-		293,544
100 West 33rd Street - office and retail	03/17	L+150	1.67%		-		-		325,000		-		-		-		325,000
2011 Crystal Drive	08/17		7.30%		-		-		77,249		-		-		-		77,249
220 20th Street	02/18		4.61%		-		-		-		71,012		-		-		71,012
River House Apartments	04/18	L+153	1.70%		-		-		-		64,000		-		-		64,000
828-850 Madison Avenue Retail Condominium	06/18		5.29%		-		-		-		80,000		-		-		80,000
$1.25 Billion unsecured revolving credit facility	06/18	L+115	0.00%		-		-		-		-		-		-		-
33-00 Northern Blvd	10/18		4.43%		-		-		-		62,000		-		-		62,000
220 Central Park South	01/19	L+275	2.93%		-		-		-		-		600,000		-		600,000
Senior unsecured notes due 2019	06/19		2.50%		-		-		-		-		448,543		-		448,543
435 Seventh Avenue - retail	08/19	L+225	2.43%		-		-		-		-		98,000		-		98,000
$1.25 Billion unsecured revolving credit facility	11/19	L+105	1.23%		-		-		-		-		400,000		-		400,000
4 Union Square South - retail	11/19	L+215	2.32%		-		-		-		-		119,385		-		119,385
Eleven Penn Plaza	12/20		3.95%		-		-		-		-		-		450,000		450,000
Borgata Land	02/21		5.14%		-		-		-		-		-		58,220		58,220
909 Third Avenue	05/21		3.91%		-		-		-		-		-		350,000		350,000
West End 25	06/21		4.88%		-		-		-		-		-		101,671		101,671
Universal Buildings	08/21	L+190	2.07%		-		-		-		-		-		185,000		185,000
555 California Street	09/21		5.10%		-		-		-		-		-		595,709		595,709
655 Fifth Avenue	10/21	L+140	1.57%		-		-		-		-		-		140,000		140,000
Two Penn Plaza	12/21	⁽²⁾	3.99%		-		-		-		-		-		575,000		575,000
Senior unsecured notes due 2022	01/22		5.00%		-		-		-		-		-		398,789		398,789
Skyline Properties	02/22		2.97%		-		-		-		-		-		678,000		678,000
1290 Avenue of the Americas	11/22		3.34%		-		-		-		-		-		950,000		950,000
2121 Crystal Drive	03/23		5.51%		-		-		-		-		-		145,851		145,851
666 Fifth Avenue Retail Condominium	03/23		3.61%		-		-		-		-		-		390,000		390,000
2101 L Street	08/24		3.97%		-		-		-		-		-		148,237		148,237


See notes on the following page.

- 17 -

DEBT MATURITIES
(unaudited and in thousands)
			Spread
		Maturity	over	Interest
Property		Date⁽¹⁾	LIBOR	Rate	2015		2016		2017		2018		2019		Thereafter		Total
1215 Clark Street, 200 12th Street &
	251 18th Street	01/25		7.94%	$	-	$	-	$	-	$	-	$	-	$	97,075	$	97,075
Other properties		Various		2.97%		-		-		-		-		-		20,577		20,577
Purchase accounting valuation adjustments		Various				-		-		-		(135)		-		2,057		1,922

Total					$	229,132	$	1,410,209	$	695,793	$	276,877	$	1,665,928	$	5,286,186	$	9,564,125

Weighted average rate						4.77%		5.54%		3.17%		4.11%		2.70%		3.90%		3.91%

Fixed rate debt					$	195,546	$	1,366,628	$	370,793	$	212,877	$	448,543	$	4,806,869	$	7,401,256
Fixed weighted average rate expiring						5.43%		5.67%		4.49%		4.83%		2.50%		4.11%		4.37%

Floating rate debt					$	33,586	$	43,581	$	325,000	$	64,000	$	1,217,385	$	479,317	$	2,162,869
Floating weighted average rate expiring						0.93%		1.42%		1.67%		1.70%		2.78%		1.85%		2.32%


(1)	Represents the extended maturity for certain loans in which we have the unilateral right to extend.

(2)	Pursuant to an existing swap agreement, $421,000 of the loan bears interest at a fixed rate of 4.78% through March 2018, and the balance of $154,000 floats through March 2018. The entire $575,000 will float thereafter for the duration of the loan.

- 18 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)
							As of March 31, 2015
									Debt
					Percentage		Company's		Company's
			Asset		Ownership at		Carrying		Pro rata			100% of
Joint Venture Name			Category		March 31, 2015		Amount		Share			Joint Venture

PREIT Associates				REIT		8.1%	$	144,681	$	-	⁽¹⁾	$	-	⁽¹⁾

Alexander's, Inc.				Office/Retail		32.4%		132,143		334,370			1,032,004

India real estate ventures				Office/Land		4.1% to 36.5%		67,159		46,662			186,649

Urban Edge				REIT		5.4%		25,206		-	⁽¹⁾		-	⁽¹⁾

Toys				Retailer		32.6%		-		1,549,865			4,754,178

Partially owned office buildings:
		280 Park Avenue		Office		50.0%		302,571		364,125			728,249
		One Park Avenue		Office		55.0%		139,007		139,659			253,926
		650 Madison Avenue		Office/Retail		20.1%		113,125		161,024			800,000
		Rosslyn Plaza	Office/Residential			43.7% to 50.4%		52,567		16,881			33,488
		666 Fifth Avenue Office Condominium		Office		49.5%		49,542		612,301			1,236,972
		West 57th Street properties		Office		50.0%		40,738		10,000			20,000
		330 Madison Avenue		Office		25.0%		30,134		37,500			150,000
		Warner Building		Office		55.0%		21,577		160,985			292,700
		Fairfax Square		Office		20.0%		5,927		18,000			90,000
		1101 17th Street		Office		55.0%		(3,562)		17,050			31,000
		825 Seventh Avenue		Office		50.0%		1,397		10,250			20,500
		Other partially owned office buildings		Office		Various		13,051		17,465			50,150

Other investments:
		Independence Plaza		Residential		50.1%		151,034		275,550			550,000
		Monmouth Mall		Retail		50.0%		5,869		77,229			154,457
		Other investments		Various		Various		116,048		108,234			773,182
							$	1,408,214	$	3,957,150		$	11,157,455


(1)	Because we file our Form 10-Q prior to PREIT and UE's 10-Q filings, we account for these investments on a one-quarter lag basis and accordingly, we will report our pro rata share of debt of these entities beginning in the second quarter of 2015.

- 19 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)

			Percentage		Our Share of Net Income (Loss) for the				Our Share of EBITDA for the
			Ownership at		Three Months Ended March 31,				Three Months Ended March 31,
Joint Venture Name			March 31, 2015		2015		2014		2015		2014


New York:
		666 Fifth Avenue Office Condominium		49.5%	$	(8,574)	$	2,005	$	5,786	$	7,395
		Alexander's, Inc.		32.4%		5,594		4,759		10,407		10,430
		West 57th Street properties (partially under development)		50.0%		(2,219)		(2,599)		84		490
		Independence Plaza		50.1%		(2,049)		(2,064)		4,659		4,336
		330 Madison Avenue		25.0%		1,464		1,345		2,522		2,267
		825 Seventh Avenue		50.0%		707		475		833		768
		One Park Avenue		55.0%		573		98		4,870		1,870
		280 Park Avenue (partially under development)		50.0%		(566)		(51)		5,589		5,262
		650 Madison Avenue		20.1%		(544)		(2,090)		2,969		2,917
		Other		Various		(49)		(312)		1,041		680
						(5,663)		1,566		38,760		36,415

Washington, DC:
		1101 17th Street		55.0%		2,317		286		715		597
		Warner Building		55.0%		(1,871)		(1,486)		2,215		2,259
		Rosslyn Plaza		43.7% to 50.4%		(737)		(572)		1,080		1,656
		Fairfax Square		20.0%		16		33		460		598
		Other		Various		406		473		1,313		1,375
						131		(1,266)		5,783		6,485

Other:
		Alexander's corporate fee income		32.4%		2,097		1,626		2,097		1,626
		Toys		32.6%		1,454		1,847		1,454		85,397
		Urban Edge⁽¹⁾		5.4%		584		-		584		-
		Monmouth Mall		50.0%		318		517		2,239		2,391
		India real estate ventures		4.1% to 36.5%		(109)		(137)		1,841		1,824
		Other		Various		(1,217)		(2,174)		6,201		6,321
						3,127		1,679		14,416		97,559

					$	(2,405)	$	1,979	$	58,959	$	140,459


(1)	Represents fees earned pursuant to our transitional services agreement with UE.

- 20 -

SQUARE FOOTAGE in service
(unaudited and square feet in thousands)
				Owned by Company
			Total
			Portfolio	Total	Office	Retail	Showroom	Other
Segment:
	New York:
		Office	20,695	17,363	17,180	-	183	-
		Retail	2,474	2,201	-	2,201	-	-
		Alexander's (32.4% interest)	2,178	706	287	419	-	-
		Hotel Pennsylvania	1,400	1,400	-	-	-	1,400
		Residential (1,654 units)	1,521	761	-	-	-	761
			28,268	22,431	17,467	2,620	183	2,161

	Washington, DC:
		Office, excluding the Skyline Properties	13,457	11,083	10,267	816	-	-
		Skyline Properties	2,648	2,648	2,599	49	-	-
		Total Office	16,105	13,731	12,866	865	-	-
		Residential (2,414 units)	2,597	2,455	-	-	-	2,455
		Other	384	384	-	9	-	375
			19,086	16,570	12,866	874	-	2,830

	Other:
		The Mart	3,587	3,578	1,687	99	1,792	-
		555 California Street (70% interest)	1,802	1,261	1,168	93	-	-
		85 Tenth Avenue (49.9% effective interest)	614	306	287	19	-	-
		Other Properties	2,135	1,174	-	1,174	-	-
			8,138	6,319	3,142	1,385	1,792	-

Total square feet at March 31, 2015			55,492	45,320	33,475	4,879	1,975	4,991

Total square feet at December 31, 2014			54,830	44,745	32,922	4,859	1,971	4,993


					Number of	Number of
Parking Garages (not included above):				Square Feet	Garages	Spaces
	New York			1,702	11	4,980
	Washington, DC			8,928	56	29,628
	The Mart			558	4	1,664
	555 California Street			168	1	453
	Total at March 31, 2015			11,356	72	36,725

- 21 -

TOP 30 TENANTS
(unaudited)

			2015
			Annualized		% of 2015
	Square		Revenues		Annualized
Tenants	Footage		(in thousands)		Revenues

U.S. Government		4,574,818	$	162,043		6.7%
IPG and affiliates		754,979		42,676		1.8%
Bank of America		642,570		40,737		1.7%
AXA Equitable Life Insurance		422,934		37,228		1.5%
Macy's		665,433		36,094		1.5%
Amazon.com		470,143		32,157		1.3%
Neuberger Berman Group LLC		411,894		31,011		1.3%
Forever 21		165,388		28,348		1.2%
McGraw-Hill Companies, Inc.		479,557		27,505		1.1%
Ziff Brothers Investments, Inc.		287,030		26,931		1.1%
New York Stock Exchange		381,425		24,987		1.0%
J. Crew		389,968		24,723		1.0%
Madison Square Garden		393,299		24,683		1.0%
Topshop		94,349		21,159		0.9%
Motorola Mobility (guaranteed by Google)		607,872		20,222		0.8%
Fast Retailing (Uniqlo)		90,732		20,138		0.8%
AOL		233,264		19,670		0.8%
AMC Networks, Inc.		283,745		18,842		0.8%
Hollister		21,741		17,566		0.7%
JCPenney		154,038		17,052		0.7%
Bryan Cave LLP		213,946		16,117		0.7%
Family Health International		340,605		15,738		0.6%
Cushman & Wakefield		166,287		15,077		0.6%
Lockheed Martin		328,919		14,783		0.6%
New York & Co		197,154		12,930		0.5%
Sears Holding Company (Kmart Corporation and Sears Corporation)		286,705		12,184		0.5%
Information Builders, Inc.		243,486		12,100		0.5%
Hennes & Mauritz		42,769		11,500		0.5%
Fitzpatrick Cella Harper		130,424		11,444		0.5%
Ferragamo		57,481		10,756		0.4%

- 22 -

LEASE EXPIRATIONS
NEW YORK SEGMENT
(unaudited)
			Our share of
				Square Feet		Weighted Average Annual				Percentage of
		Year of Lease		of Expiring		Rent of Expiring Leases				Annualized
		Expiration		Leases		Total		Per Sq. Ft.		Escalated Rent

	Office:	Month to Month			46,000	$	2,247,000	$	48.86		0.2%

		Second Quarter 2015			300,000		18,007,000		60.02		1.8%
		Third Quarter 2015			228,000		17,000,000		74.56		1.7%
		Fourth Quarter 2015			153,000		10,489,000		68.55		1.0%
		Total 2015			681,000		45,496,000		66.81		4.4%
		First Quarter 2016			254,000		13,916,000		54.79		1.4%
		Remaining 2016			1,089,000		71,733,000		65.87		7.0%
		2017			887,000		51,712,000		58.30		5.0%
		2018			1,028,000		76,914,000		74.82		7.5%
		2019			983,000		66,403,000		67.55		6.5%
		2020			1,577,000		92,112,000		58.41		9.0%
		2021			1,021,000		65,734,000		64.38		6.4%
		2022			854,000		50,930,000		59.64		5.0%
		2023			1,603,000		111,586,000		69.61		10.9%
		2024			1,205,000		87,447,000		72.57		8.5%

	Retail:	Month to Month			15,000	$	1,843,000	$	122.88		0.5%

		Second Quarter 2015			9,000		1,506,000		167.30		0.4%
		Third Quarter 2015			31,000		2,636,000		85.04		0.8%
		Fourth Quarter 2015			10,000		1,497,000		149.68		0.4%
		Total 2015			50,000		5,639,000		112.78		1.6%
		First Quarter 2016			58,000		14,170,000		244.30		4.1%
		Remaining 2016			39,000		12,781,000		327.71		3.7%
		2017			15,000		3,467,000		231.12		1.0%
		2018			161,000		39,123,000		243.00		11.4%
		2019			120,000		31,346,000		261.22		9.2%
		2020			63,000		9,722,000		154.32		2.8%
		2021			38,000		7,427,000		195.46		2.2%
		2022			31,000		3,891,000		125.52		1.1%
		2023			81,000		18,721,000		231.13		5.5%
		2024			171,000		56,874,000		332.59		16.6%

- 23 -

LEASE EXPIRATIONS
WASHINGTON, DC SEGMENT
(unaudited)
			Our share of
				Square Feet		Weighted Average Annual				Percentage of
		Year of Lease		of Expiring		Rent of Expiring Leases				Annualized
		Expiration		Leases		Total		Per Sq. Ft.		Escalated Rent

	Office:	Month to Month			244,000	$	8,371,000	$	34.36		1.9%

		Second Quarter 2015			211,000		10,499,000		49.84		2.4%
		Third Quarter 2015			325,000		13,361,000		41.05		3.0%
		Fourth Quarter 2015			661,000		26,271,000		39.77		5.9%
		Total 2015			1,197,000		50,131,000		41.89		11.2%
		First Quarter 2016			589,000		23,031,000		39.11		5.2%
		Remaining 2016			606,000		28,230,000		46.60		6.3%
		2017			621,000		25,541,000		41.12		5.7%
		2018			992,000		44,067,000		44.42		9.9%
		2019			1,520,000		64,076,000		42.14		14.4%
		2020			867,000		41,301,000		47.64		9.3%
		2021			569,000		25,967,000		45.63		5.8%
		2022			990,000		43,140,000		43.59		9.7%
		2023			178,000		8,231,000		46.20		1.8%
		2024			385,000		15,276,000		39.63		3.4%

- 24 -

LEASING ACTIVITY
(unaudited)

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


					New York				Washington, DC
(square feet in thousands)					Office		Street Retail		Office

Quarter Ended March 31, 2015
	Total square feet leased					553		7		754
	Our share of square feet leased:					417		7		696
		Initial rent⁽¹⁾			$	77.85	$	362.96	$	35.06
		Weighted average lease term (years)				8.7		12.2		11.1
		Second generation relet space:
			Square feet			263		3		505
			Cash basis:
				Initial rent⁽¹⁾	$	74.67	$	302.30	$	33.30	⁽³⁾
				Prior escalated rent	$	63.78	$	258.75	$	40.39	⁽³⁾
				Percentage increase (decrease)		17.1%		16.8%		(17.6%)	⁽³⁾
			GAAP basis:
				Straight-line rent⁽²⁾	$	71.14	$	330.95	$	31.13	⁽³⁾
				Prior straight-line rent	$	60.16	$	241.36	$	37.51	⁽³⁾
				Percentage increase (decrease)		18.2%		37.1%		(17.0%)	⁽³⁾
		Tenant improvements and leasing commissions:
			Per square foot		$	74.72	$	296.70	$	84.37
			Per square foot per annum		$	8.59	$	24.32	$	7.60
				Percentage of initial rent		11.0%		6.7%		21.7%


(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.
(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.
(3)	Excluding 371 square feet of leasing activity with the U.S. Marshals Service (of which 293 square feet are second generation relet space), our initial rent and prior escalated rent on a cash basis was $35.11 and $35.26 per square foot, respectively (0.4% decrease), and our initial rent and prior escalated rent on a GAAP basis was $32.72 and $33.77 per square foot, respectively (3.1% decrease).

- 25 -

OCCUPANCY, SAME STORE EBITDA AND RESIDENTIAL STATISTICS
(unaudited)

Occupancy and Same Store EBITDA:
						New York	Washington, DC⁽¹⁾

Occupancy rate at:
	March 31, 2015					97.3%	84.2%
	December 31, 2014					96.9%	83.8%
	March 31, 2014					97.0%	83.3%

Same store EBITDA % increase (decrease):
	Three months ended March 31, 2015 vs. March 31, 2014					3.2% ⁽²⁾	(0.2%)
	Three months ended March 31, 2015 vs. December 31, 2014					(4.3%)⁽³⁾	2.4%

Cash basis same store EBITDA % increase (decrease):
	Three months ended March 31, 2015 vs. March 31, 2014					5.5% ⁽²⁾	(5.5%)
	Three months ended March 31, 2015 vs. December 31, 2014					(3.9%)⁽³⁾	(0.8%)


(1)	The total office occupancy rates for the Washington, DC segment were as follows:

		March 31, 2015	81.5%
		December 31, 2014	80.9%
		March 31, 2014	80.5%

(2)	Excluding Hotel Pennsylvania, same store EBITDA increased by 3.8% and by 6.1% on a cash basis.

(3)	Excluding Hotel Pennsylvania, same store EBITDA increased by 1.5% and by 2.6% on a cash basis.




Residential Statistics:
					Average Monthly
			Number of Units	Occupancy Rate	Rent Per Unit
	New York:
		March 31, 2015	1,654	96.1%	$	3,251
		December 31, 2014	1,654	95.2%	$	3,163
		March 31, 2014	1,655	96.2%	$	2,858

	Washington, DC:
		March 31, 2015	2,414	97.1%	$	2,060
		December 31, 2014	2,414	97.4%	$	2,078
		March 31, 2014	2,414	96.8%	$	2,102

- 26 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

CONSOLIDATED
(unaudited and in thousands)
		Three Months Ended		Year Ended December 31,
Capital expenditures (accrual basis):		March 31, 2015		2014		2013
Expenditures to maintain assets		$	20,935	$	107,728	$	73,130
Tenant improvements			50,900		205,037		120,139
Leasing commissions			8,281		79,636		51,476
Non-recurring capital expenditures			35,987		122,330		49,441
Total capital expenditures and leasing commissions (accrual basis)			116,103		514,731		294,186
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		40,209		140,490		155,035
	Expenditures to be made in future periods for the current period		(88,136)		(313,746)		(150,067)
Total capital expenditures and leasing commissions (cash basis)		$	68,176	$	341,475	$	299,154

Our share of square feet leased			1,120		5,204		3,537
Tenant improvements and leasing commissions per square foot per annum		$	8.04	$	6.53	$	5.55
Percentage of initial rent			15.2%		10.3%		9.3%



Development and redevelopment expenditures:
	220 Central Park South	$	20,277	$	78,059	$	243,687
	Springfield Towne Center		14,478		127,467		68,716
	The Bartlett		13,791		38,163		6,289
	330 West 34th Street		11,902		41,592		6,832
	Marriott Marquis Times Square - retail and signage		10,651		112,390		40,356
	90 Park Avenue		5,173		8,910		-
	Wayne Towne Center		2,362		19,740		4,927
	Penn Plaza		1,163		4,009		731
	2221 South Clark Street		1,127		3,481		283
	608 Fifth Avenue		809		20,377		3,492
	7 West 34th Street		506		11,555		-
	Other		5,813		78,444		94,104
		$	88,052	$	544,187	$	469,417

- 27 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

NEW YORK SEGMENT
(unaudited and in thousands)
		Three Months Ended		Year Ended December 31,
Capital expenditures (accrual basis):		March 31, 2015		2014		2013
Expenditures to maintain assets		$	12,810	$	48,518	$	34,553
Tenant improvements			9,762		143,007		87,275
Leasing commissions			3,744		66,369		39,348
Non-recurring capital expenditures			19,774		64,423		11,579
Total capital expenditures and leasing commissions (accrual basis)			46,090		322,317		172,755
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		26,220		67,577		56,345
	Expenditures to be made in future periods for the current period		(28,594)		(205,258)		(91,107)
Total capital expenditures and leasing commissions (cash basis)		$	43,716	$	184,636	$	137,993

Our share of square feet leased			424		3,530		2,145
Tenant improvements and leasing commissions per square foot per annum		$	8.95	$	6.82	$	5.89
Percentage of initial rent			10.8%		9.1%		8.1%



Development and redevelopment expenditures:
	330 West 34th Street	$	11,902	$	41,592	$	6,832
	Marriott Marquis Times Square - retail and signage		10,651		112,390		40,356
	90 Park Avenue		5,173		8,910		-
	Penn Plaza		1,163		4,009		731
	608 Fifth Avenue		809		20,377		3,492
	7 West 34th Street		506		11,555		-
	Other		939		14,973		34,574
		$	31,143	$	213,806	$	85,985

- 28 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

WASHINGTON, DC SEGMENT
(unaudited and in thousands)
		Three Months Ended		Year Ended December 31,
Capital expenditures (accrual basis):		March 31, 2015		2014		2013
Expenditures to maintain assets		$	1,986	$	23,425	$	22,165
Tenant improvements			37,011		37,842		6,976
Leasing commissions			3,748		5,857		4,389
Non-recurring capital expenditures			16,129		37,798		37,342
Total capital expenditures and leasing commissions (accrual basis)			58,874		104,922		70,872
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		6,924		45,084		26,075
	Expenditures to be made in future periods for the current period		(54,612)		(63,283)		(36,702)
Total capital expenditures and leasing commissions (cash basis)		$	11,186	$	86,723	$	60,245

Our share of square feet leased			696		1,674		1,392
Tenant improvements and leasing commissions per square foot per annum		$	7.60	$	5.70	$	4.75
Percentage of initial rent			21.7%		14.8%		11.9%



Development and redevelopment expenditures:
	The Bartlett	$	13,791	$	38,163	$	6,289
	2221 South Clark Street		1,127		3,481		283
	Other		4,628		42,001		35,129
		$	19,546	$	83,645	$	41,701

- 29 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

OTHER
(unaudited and in thousands)
		Three Months Ended		Year Ended December 31,
Capital expenditures (accrual basis):		March 31, 2015		2014		2013
Expenditures to maintain assets		$	6,139	$	35,785	$	16,412
Tenant improvements			4,127		24,188		25,888
Leasing commissions			789		7,410		7,739
Non-recurring capital expenditures			84		20,109		520
Total capital expenditures and leasing commissions (accrual basis)			11,139		87,492		50,559
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		7,065		27,829		72,615
	Expenditures to be made in future periods for the current period		(4,930)		(45,205)		(22,258)
Total capital expenditures and leasing commissions (cash basis)		$	13,274	$	70,116	$	100,916



Development and redevelopment expenditures:
	220 Central Park South	$	20,277	$	78,059	$	243,687
	Springfield Town Center		14,478		127,467		68,716
	Wayne Towne Center		2,362		19,740		4,927
	Other		246		21,470		24,401
		$	37,363	$	246,736	$	341,731

- 30 -

DEVELOPMENT COSTS AND CONSTRUCTION IN PROGRESS
(unaudited and in thousands, except square feet)
			Zoning Square Feet
				At March 31, 2015
	Development Projects			Total		Development Costs Expended		Land and Acquisition Costs
	New York:
		220 Central Park South - Residential Condominiums	472,000	$	626,620	$	130,230	$	496,390
		1535 Broadway - Marriott Marquis - Retail	109,000		224,876		81,069		143,807
		Other			83,745		83,745		-
	Total New York				935,241		295,044		640,197

	Washington, DC:
		The Bartlett - Rental Residential / Retail	618,000		108,097		66,797		41,300
		Other			108,444		108,444		-
	Total Washington, DC				216,541		175,241		41,300

	Other Projects				5,398		5,398		-

	Total Amount on the Balance Sheet			$	1,157,180	$	475,683	$	681,497




			Zoning Square Feet		Total

	Undeveloped Land

	Washington, DC:
	1900 Crystal Drive		712,000	$	35,382
	Metropolitan Park 6,7 & 8 - Rental Residential (1,403 Units) / Retail		1,144,000		84,228
	PenPlace - Office / Hotel (300 Units)		1,381,000		71,147
	223 23rd Street - Office / Rental Residential (353 Units)		937,000		15,847
	Square 649		675,000		19,823
	Total			$	226,427

- 31 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK:
Penn Plaza:
One Penn Plaza												Cisco, MWB Leasing, Parsons Brinkerhoff,
	(ground leased through 2098)											United Health Care, United States Customs Department,
		-Office	100.0%	96.5%	$	58.43	2,252,000	2,252,000	-			URS Corporation Group Consulting, Lion Resources
		-Retail	100.0%	99.6%		122.40	272,000	272,000	-			Bank of America, Kmart Corporation
			100.0%	96.8%		65.32	2,524,000	2,524,000	-	$	-

Two Penn Plaza												EMC, Forest Electric, Information Builders, Inc.,
		-Office	100.0%	99.9%		54.58	1,569,000	1,569,000	-			Madison Square Garden, McGraw-Hill Companies, Inc.
		-Retail	100.0%	38.4%		191.30	50,000	50,000	-			Chase Manhattan Bank
			100.0%	98.0%		58.81	1,619,000	1,619,000	-		575,000

Eleven Penn Plaza
		-Office	100.0%	99.6%		58.00	1,133,000	1,133,000	-			Macy's, Madison Square Garden, AMC Networks, Inc.
		-Retail	100.0%	93.1%		179.09	17,000	17,000	-			PNC Bank National Association
			100.0%	99.5%		59.79	1,150,000	1,150,000	-		450,000

100 West 33rd Street
		-Office	100.0%	99.5%		55.29	851,000	851,000	-		223,242	IPG and affiliates, Rocket Fuel

Manhattan Mall
		-Retail	100.0%	87.8%		133.25	256,000	256,000	-		101,758	JCPenney, Aeropostale, Express

330 West 34th Street
	(ground leased through 2148 -
	34.8% ownership interest in the land)											Deutsch, Inc. (lease not commenced),
		-Office	100.0%	100.0%		53.52	669,000	382,000	287,000			New York & Co., Yodle, Inc.
		-Retail	100.0%	-		-	13,000	-	13,000
			100.0%	100.0%		53.52	682,000	382,000	300,000		50,150

435 Seventh Avenue
		-Retail	100.0%	100.0%		268.88	43,000	43,000	-		98,000	Hennes & Mauritz

7 West 34th Street
		-Office	100.0%	100.0%		62.80	456,000	456,000	-			Amazon
		-Retail	100.0%	100.0%		306.71	21,000	21,000	-			Mango NY Inc., Amazon (lease not commenced)
			100.0%	100.0%		73.54	477,000	477,000	-		-

484 Eighth Avenue
		-Retail	100.0%	-		-	16,000	16,000	-		-

431 Seventh Avenue
		-Retail	100.0%	100.0%		224.12	10,000	10,000	-		-

488 Eighth Avenue
		-Retail	100.0%	100.0%		73.20	6,000	6,000	-		-

267 West 34th Street
		-Retail	100.0%	100.0%		165.31	6,000	6,000	-		-


138-142 West 32nd Street
		-Retail	100.0%	100.0%		92.69	5,000	5,000	-		-

	Total Penn Plaza						7,645,000	7,345,000	300,000		1,498,150

- 32 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted			Square Feet
					Average					Under Development
			%	%	Annual Rent			Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)			Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK (Continued):
Midtown East:
909 Third Avenue													IPG and affiliates, Forest Laboratories, Geller & Company,
	(ground leased through 2063)												Morrison Cohen LLP, Robeco USA Inc.,
		-Office	100.0%	100.0%	$	57.04	⁽²⁾	1,343,000	1,343,000	-	$	350,000	United States Post Office, The Procter & Gamble Distributing LLC

150 East 58th Street													Castle Harlan, Tournesol Realty LLC. (Peter Marino),
		-Office	100.0%	98.2%		67.25		541,000	541,000	-			Various showroom tenants
		-Retail	100.0%	100.0%		171.69		2,000	2,000	-
			100.0%	98.2%		67.63		543,000	543,000	-		-

715 Lexington
		-Retail	100.0%	100.0%		252.72		23,000	23,000	-		-	New York & Company, Zales

966 Third Avenue
		-Retail	100.0%	100.0%		88.30		7,000	7,000	-		-	McDonald's

968 Third Avenue
		-Retail	50.0%	100.0%		246.47		6,000	6,000	-		-	Capital One Financial Corporation

	Total Midtown East							1,922,000	1,922,000	-		350,000

Midtown West:
888 Seventh Avenue
	(ground leased through 2067)												Soros Fund, TPG-Axon Capital,
		-Office	100.0%	96.3%		85.71		865,000	865,000	-			Vornado Executive Headquarters
		-Retail	100.0%	100.0%		201.62		15,000	15,000	-			Redeye Grill L.P.
			100.0%	96.4%		87.68		880,000	880,000	-		318,554

57th Street - 5 buildings
		-Office	50.0%	99.2%		52.82		132,000	80,000	52,000			Various
		-Retail	50.0%	99.3%		119.83		56,000	22,000	34,000
			50.0%	99.2%		72.78		188,000	102,000	86,000		20,000

825 Seventh Avenue
		-Office	50.0%	100.0%		74.64		165,000	165,000	-			Young & Rubicam
		-Retail	100.0%	100.0%		293.05		4,000	4,000	-			Lindy's
			51.2%	100.0%		79.81		169,000	169,000	-		20,500

	Total Midtown West							1,237,000	1,151,000	86,000		359,054

Park Avenue:
280 Park Avenue													Cohen & Steers Inc.,
													Franklin Templeton Co. LLC (lease not commenced),
		-Office	50.0%	100.0%		94.25		1,235,000	990,000	245,000			New Advisory L.P., Investcorp International Inc.
		-Retail	50.0%	100.0%		218.76		31,000	7,000	24,000			Scottrade Inc., Starbucks
			50.0%	100.0%		97.30		1,266,000	997,000	269,000		728,249

350 Park Avenue													Kissinger Associates Inc., Ziff Brothers Investment Inc.,
		-Office	100.0%	100.0%		92.56		553,000	553,000	-			MFA Financial Inc., M&T Bank
		-Retail	100.0%	100.0%		205.57		17,000	17,000	-			Fidelity Investment, AT&T Wireless, Valley National Bank
			100.0%	100.0%		95.93		570,000	570,000	-		293,544

	Total Park Avenue							1,836,000	1,567,000	269,000		1,021,793

- 33 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average					Under Development
			%	%	Annual Rent		Total			or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property		In Service	for Lease	(in thousands)		Major Tenants
NEW YORK (Continued):
Grand Central:
90 Park Avenue													Alston & Bird, Amster, Rothstein & Ebenstein,
													Capital One, First Manhattan Consulting,
		-Office	100.0%	97.1%	$	69.96	922,000		922,000	-			Factset Research Systems Inc., Foley & Lardner
		-Retail	100.0%	100.0%		115.82	26,000		26,000	-			Citibank
			100.0%	97.2%		71.22	948,000		948,000	-	$	-

330 Madison Avenue													Guggenheim Partners LLC, HSBC Bank AFS,
		-Office	25.0%	100.0%		67.90	806,000		806,000	-			Jones Lang LaSalle Inc., Wells Fargo
		-Retail	25.0%	100.0%		280.98	34,000		34,000	-			Ann Taylor Retail Inc., Citibank
			25.0%	100.0%		76.52	840,000		840,000	-		150,000

510 Fifth Avenue
		-Retail	100.0%	90.6%		141.38	65,000		65,000	-		30,052	Joe Fresh

	Total Grand Central						1,853,000		1,853,000	-		180,052

Madison/Fifth:
640 Fifth Avenue													Fidelity Investments, Owl Creek Asset Management LP,
		-Office	100.0%	87.6%		81.78	264,000		264,000	-			Stifel Financial Corp.
		-Retail	100.0%	100.0%		187.38	63,000		63,000	-			Citibank
			100.0%	90.0%		102.12	327,000		327,000	-		-

666 Fifth Avenue													Fulbright & Jaworski, Colliers International NY LLC,
		-Office (Office Condo)	49.5%	76.3%		74.75	1,368,000		1,368,000	-		1,236,972	Integrated Holding Group, Vinson & Elkins LLP
		-Retail (Office Condo)	49.5%	100.0%		162.65	46,000		46,000	-		-	HSBC Bank USA, Citibank
		-Retail (Retail Condo)	100.0%	100.0%		370.26	114,000	⁽³⁾	114,000	-		390,000	Uniqlo, Hollister, Swatch
				78.7%		99.44	1,528,000		1,528,000	-		1,626,972

595 Madison Avenue													Beauvais Carpets, Levin Capital Strategies LP,
		-Office	100.0%	98.6%		73.15	292,000		292,000	-			Cosmetech Mably Int'l LLC.
		-Retail	100.0%	100.0%		778.99	30,000		30,000	-			Coach, Prada
			100.0%	98.7%		138.91	322,000		322,000	-		-

650 Madison Avenue
		-Office	20.1%	86.2%		103.49	524,000		524,000	-			Memorial Sloan Kettering Cancer Center, Polo Ralph Lauren
		-Retail	20.1%	100.0%		266.43	71,000		71,000	-			Crate & Barrel
			20.1%	87.9%		122.94	595,000		595,000	-		800,000

689 Fifth Avenue
		-Office	100.0%	100.0%		70.23	82,000		82,000	-			Yamaha Artist Services Inc., Brunello Cucinelli USA, Inc.
		-Retail	100.0%	100.0%		724.55	17,000		17,000	-			MAC Cosmetics, Massimo Dutti
			100.0%	100.0%		182.59	99,000		99,000	-		-

655 Fifth Avenue
		-Retail	92.5%	100.0%		189.00	57,000		57,000	-		140,000	Ferragamo

697-703 5th Avenue (St. Regis)
		-Retail	74.3%	100.0%		355.83	25,000		25,000	-		-	Bottega Veneta, DeBeers Diamond Jewelers

	Total Madison/Fifth						2,953,000		2,953,000	-		2,566,972

- 34 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK (Continued):
Midtown South:
770 Broadway
		-Office	100.0%	100.0%	$	70.92	988,000	988,000	-			AOL, J. Crew, Facebook, Structure Tone
		-Retail	100.0%	100.0%		49.80	168,000	168,000	-			Ann Taylor Retail Inc., Bank of America, Kmart Corporation
			100.0%	100.0%		67.85	1,156,000	1,156,000	-	$	353,000

One Park Avenue

		-Office	55.0%	96.5%		45.32	868,000	868,000	-			New York University, Public Service Mutual Insurance
		-Retail	55.0%	100.0%		61.65	79,000	79,000	-			Bank of Baroda, Citibank, Equinox, Men's Wearhouse
			55.0%	96.8%		46.68	947,000	947,000	-		253,926

4 Union Square South
		-Retail	100.0%	100.0%		94.88	206,000	206,000	-		119,386	Burlington Coat Factory, Whole Foods Market, DSW, Forever 21

692 Broadway
		-Retail	100.0%	100.0%		70.41	35,000	35,000	-		-	Equinox, Major League Baseball

	Total Midtown South						2,344,000	2,344,000	-		726,312

Rockefeller Center:
1290 Avenue of the Americas												AXA Equitable Life Insurance, Hachette Book Group Inc.,
												Bryan Cave LLP, Neuberger Berman, SSB Realty LLC,
												Warner Music Group, Cushman & Wakefield, Fitzpatrick,
		-Office	70.0%	97.8%		75.88	2,029,000	2,029,000	-			Cella, Harper & Scinto, Columbia University
		-Retail	70.0%	100.0%		161.16	79,000	79,000	-			Duane Reade, JPMorgan Chase Bank, Sovereign Bank
			70.0%	97.8%		79.08	2,108,000	2,108,000	-		950,000

608 Fifth Avenue (ground leased through 2033)
		-Office	100.0%	93.9%		57.02	81,000	81,000	-
		-Retail	100.0%	100.0%		419.77	44,000	44,000	-			Topshop
			100.0%	96.1%		184.71	125,000	125,000	-		-

	Total Rockefeller Center						2,233,000	2,233,000	-		950,000

Wall Street/Downtown:
20 Broad Street (ground leased through 2081)
		-Office	100.0%	99.3%		58.54	473,000	473,000	-		-	New York Stock Exchange

40 Fulton Street
		-Office	100.0%	99.0%		37.09	244,000	244,000	-			Market News International Inc., Sapient Corp.
		-Retail	100.0%	100.0%		97.78	5,000	5,000	-			TD Bank
			100.0%	99.0%		38.31	249,000	249,000	-		-

	Total Wall Street/Downtown						722,000	722,000	-		-

- 35 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK (Continued):
Soho:
478-486 Broadway - 2 buildings
		-Retail	100.0%	100.0%	$	152.59	85,000	85,000	-	$	-	Topshop, Madewell, J. Crew

443 Broadway
		-Retail	100.0%	100.0%		128.40	16,000	16,000	-		-	Necessary Clothing

304 Canal Street
		-Retail	100.0%	-		-	14,000	-	14,000		-

334 Canal Street
		-Retail	100.0%	100.0%		-	15,000	11,000	4,000		-

155 Spring Street
		-Retail	100.0%	98.5%		79.89	49,000	49,000	-		-	Sigrid Olsen

148 Spring Street
		-Retail	100.0%	100.0%		130.00	7,000	7,000	-		-

150 Spring Street
		-Retail	100.0%	100.0%		242.15	7,000	7,000	-		-	Sandro

	Total Soho						193,000	175,000	18,000		-

Times Square:
1540 Broadway												Forever 21, Planet Hollywood, Disney, Sunglass Hut,
		-Retail	100.0%	100.0%		217.02	160,000	160,000	-		-	MAC Cosmetics, U.S. Polo

1535 Broadway (Marriott Marquis - retail and signage)
	(ground and building leased through 2032)
		-Retail	100.0%	100.0%		2,147.66	47,000	5,000	42,000			T-Mobile, Invicta
		-Theatre	100.0%	100.0%		13.05	62,000	62,000	-			Nederlander-Marquis Theatre
			100.0%	100.0%		172.35	109,000	67,000	42,000		-

	Total Times Square						269,000	227,000	42,000		-

Upper East Side:
828-850 Madison Avenue
		-Retail	100.0%	100.0%		576.73	18,000	18,000	-		80,000	Gucci, Chloe, Cartier, Cho Cheng, Christofle Silver Inc.

677-679 Madison Avenue
		-Retail	100.0%	100.0%		452.65	8,000	8,000	-		-	Berluti

40 East 66th Street
		-Retail	100.0%	100.0%		881.63	11,000	11,000	-		-	John Varvatos, Nespresso USA, J. Crew

1131 Third Avenue
		-Retail	100.0%	85.9%		109.09	22,000	22,000	-		-	Nike, Boom Fitness

	Total Upper East Side						59,000	59,000	-		80,000

- 36 -

NEW YORK SEGMENT

PROPERTY TABLE

Weighted

Square Feet

Average

Under Development

Annual Rent

Total

or Not Available

Encumbrances

Property

Ownership

Occupancy

PSF (1)

Property

In Service

for Lease

(in thousands)

Major Tenants

NEW YORK (Continued):

Long Island City:

33-00 Northern Boulevard

-Office

100.0%

95.5%

29.19

445,000

61,865

City of New York (HRA), NYC Transit Authority

New Jersey:

Paramus

-Office

100.0%

96.1%

21.41

129,000

Vornado's Administrative Headquarters

Washington D.C.:

3040 M Street

-Retail

100.0%

61.44

44,000

Nike, Barneys

New York Office:

Total

96.5%

66.34

21,279,000

20,695,000

584,000

6,835,003

Vornado's Ownership Interest

97.3%

64.46

17,800,000

17,363,000

436,000

4,950,441

New York Retail:

Total

96.3%

177.74

2,605,000

2,474,000

131,000

959,195

Vornado's Ownership Interest

96.0%

176.65

2,303,000

2,201,000

102,000

959,195

- 37 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK (Continued):
ALEXANDER'S, INC.:
New York:
731 Lexington Avenue, Manhattan
		-Office	32.4%	100.0%	$	100.42	885,000	885,000	-	$	300,000	Bloomberg
		-Retail	32.4%	100.0%		177.67	174,000	174,000	-		320,000	Hennes & Mauritz, The Home Depot, The Container Store
			32.4%	100.0%		112.09	1,059,000	1,059,000	-		620,000

Rego Park I, Queens (4.8 acres)			32.4%	100.0%		37.97	343,000	343,000	-		78,246	Sears, Burlington Coat Factory, Bed Bath & Beyond, Marshalls

Rego Park II (adjacent to Rego Park I),
	Queens (6.6 acres)		32.4%	98.9%		43.39	609,000	609,000	-		265,758	Century 21, Costco, Kohl's, TJ Maxx, Toys "R" Us

Flushing, Queens (4) (1.0 acre)			32.4%	100.0%		16.53	167,000	167,000	-		-	New World Mall LLC

New Jersey:
Paramus, New Jersey
	(30.3 acres ground leased to IKEA		32.4%	100.0%		-	-	-	-		68,000	IKEA (ground lessee)
	through 2041)

Property under Development:
Rego Park II Apartment Tower, Queens, NY			32.4%	-		-	255,000	-	255,000		-

Property to be Developed:
Rego Park III (adjacent to Rego Park II),			32.4%	-		-	-	-	-		-
	Queens, NY (3.4 acres)

	Total Alexander's			99.7%		73.71	2,433,000	2,178,000	255,000		1,032,004

Hotel Pennsylvania:
	-Hotel (1,700 Keys)		100.0%	-		-	1,400,000	1,400,000	-		-

Residential:
50-70 W 93rd Street (326 units)			49.9%	97.8%		-	283,000	283,000	-		65,000

Independence Plaza, Tribeca (1,328 units)
		-Residential	50.1%	95.6%		-	1,187,000	1,187,000	-
		-Retail	50.1%	80.3%		30.64	51,000	51,000	-			Duane Reade, Food Emporium
							1,238,000	1,238,000	-		550,000

	Total Residential			96.1%			1,521,000	1,521,000	-		615,000


Total New York				96.8%	$	77.20	29,238,000	28,268,000	970,000	$	9,441,202

Vornado's Ownership Interest				97.3%	$	76.68	23,053,000	22,431,000	621,000	$	6,551,991


(1)	Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential.

(2)	Excludes US Post Office leased through 2038 (including four five-year renewal options) for which the annual escalated rent is $11.27 PSF.

(3)	75,000 square feet is leased from the office condo.

(4)	Leased by Alexander's through January 2037.

- 38 -

WASHINGTON, DC SEGMENT
PROPERTY TABLE

				Weighted		Square Feet
				Average				Under Development
		%	%	Annual Rent		Total		or Not Available		Encumbrances
Property		Ownership	Occupancy	PSF (1)		Property	In Service	for Lease		(in thousands)		Major Tenants
WASHINGTON, DC:
Crystal City:
2011-2451 Crystal Drive - 5 buildings		100.0%	89.1%	$	43.63	2,321,000	2,321,000	-		$	223,099	General Services Administration, Lockheed Martin, Finmeccanica,
												Conservation International, Smithsonian Institution,
												Natl. Consumer Coop. Bank, Council on Foundations,
												Vornado / Charles E. Smith Headquarters, KBR, Scitor Corp.,
												Food Marketing Institute, American Diabetes Association

S. Clark Street / 12th Street - 5 buildings		100.0%	83.3%		37.59	1,540,000	1,540,000	-			58,498	General Services Administration, L-3 Communications,
												The Int'l Justice Mission, Management Systems International

1550-1750 Crystal Drive /		100.0%	81.5%		40.58	1,484,000	1,484,000	-			40,634	General Services Administration,
	241-251 18th Street - 4 buildings											Alion Science & Technologies, Booz Allen,
												Arete Associates, Battelle Memorial Institute

1800, 1851 and 1901 South Bell Street		100.0%	91.6%		40.32	869,000	506,000	363,000	*		-	General Services Administration, Lockheed Martin
	- 3 buildings

2100 / 2200 Crystal Drive - 2 buildings		100.0%	100.0%		33.52	529,000	529,000	-			-	General Services Administration,
												Public Broadcasting Service

223 23rd Street / 2221 South Clark Street		100.0%	-		-	316,000	-	316,000			-	WeWork
	- 2 buildings

2001 Jefferson Davis Highway		100.0%	63.6%		36.14	162,000	162,000	-			-	Institute for the Psychology Sciences, VT Aepco, Inc.


Crystal City Shops at 2100		100.0%	96.0%		25.87	80,000	80,000	-			-	Various

Crystal Drive Retail		100.0%	100.0%		46.64	57,000	57,000	-			-	Various

Total Crystal City		100.0%	86.7%		40.09	7,358,000	6,679,000	679,000			322,231

Central Business District:
Universal Buildings		100.0%	95.1%		45.05	685,000	685,000	-			185,000	Family Health International, WeWork
	1825-1875 Connecticut Avenue, NW
	- 2 buildings

Warner Building - 1299 Pennsylvania		55.0%	78.6%		70.42	613,000	613,000	-			292,700	Baker Botts LLP, General Electric, Cooley LLP,
	Avenue, NW											Facebook, Live Nation, APCO Worldwide Inc

2101 L Street, NW		100.0%	99.0%		66.81	380,000	380,000	-			148,237	Greenberg Traurig, LLP, US Green Building Council,
												American Insurance Association, RTKL Associates, DTZ

1750 Pennsylvania Avenue, NW		100.0%	94.0%		48.35	277,000	277,000	-			-	General Services Administration, UN Foundation, AOL

1150 17th Street, NW		100.0%	91.7%		44.61	241,000	241,000	-			28,728	American Enterprise Institute

Bowen Building - 875 15th Street, NW		100.0%	100.0%		69.22	231,000	231,000	-			115,022	Paul Hastings LLP, Millennium Challenge Corporation

1101 17th Street, NW		55.0%	98.4%		47.83	214,000	214,000	-			31,000	AFSCME, Verto Solutions

1730 M Street, NW		100.0%	90.8%		46.72	203,000	203,000	-			14,853	General Services Administration
	(ground rent through 2061)

- 39 -

WASHINGTON, DC SEGMENT
PROPERTY TABLE

				Weighted		Square Feet
				Average				Under Development
	%		%	Annual Rent		Total		or Not Available		Encumbrances
Property	Ownership		Occupancy	PSF (1)		Property	In Service	for Lease		(in thousands)		Major Tenants
WASHINGTON, DC (Continued):
1726 M Street, NW	100.0%		98.0%	$	42.60	92,000	92,000	-		$	-	Aptima, Inc., Nelnet Corporation


Waterfront Station	2.5%		-		-	675,000	-	675,000	*		-

1501 K Street, NW	5.0%		100.0%		67.93	379,000	379,000	-			-	Sidley Austin LLP, UBS

1399 New York Avenue, NW	100.0%		92.9%		81.41	129,000	129,000	-			-	Bloomberg, Abbott Laboratories, Abbvie US LLC

Total Central Business District			93.4%		55.80	4,119,000	3,444,000	675,000			815,540

Skyline Properties:
Skyline Place - 7 buildings	100.0%		42.0%		33.76	2,130,000	2,130,000	-			559,789	General Services Administration, Analytic Services,
												Northrop Grumman, Axiom Resource Management,
												Booz Allen, Intellidyne, Inc.

One Skyline Tower	100.0%		100.0%		33.10	518,000	518,000	-			138,788	General Services Administration

Total Skyline Properties	100.0%		53.4%		33.51	2,648,000	2,648,000	-			698,577

Rosslyn / Ballston:
2200 / 2300 Clarendon Blvd	100.0%		94.8%		44.18	638,000	638,000	-			33,586	Arlington County, General Services Administration,
(Courthouse Plaza) - 2 buildings												AMC Theaters
(ground leased through 2062)

Rosslyn Plaza - 4 buildings	46.2%		55.7%		40.76	744,000	532,000	212,000			33,488	General Services Administration, Corporate Executive Board,
												Nathan Associates, Inc.

Total Rosslyn / Ballston			83.7%		43.49	1,382,000	1,170,000	212,000			67,074

Reston:
Commerce Executive - 3 buildings	100.0%	`	87.6%		32.91	419,000	400,000	19,000	*		-	L-3 Communications, Allworld Language Consultants,
												BT North America, Applied Information Sciences, Clarabridge Inc.

Rockville/Bethesda:
Democracy Plaza One	100.0%		94.9%		31.76	216,000	216,000	-			-	National Institutes of Health
(ground leased through 2084)

Tysons Corner:
Fairfax Square - 3 buildings	20.0%		72.5%		42.17	559,000	559,000	-			90,000	Dean & Company, Womble Carlyle

Pentagon City:
Fashion Centre Mall	7.5%		97.4%		41.61	819,000	819,000	-			410,000	Macy's, Nordstrom

Washington Tower	7.5%		100.0%		47.93	170,000	170,000	-			40,000	The Rand Corporation

Total Pentagon City			97.9%		42.72	989,000	989,000	-			450,000

Total Washington, DC office properties			82.2%	$	43.65	17,690,000	16,105,000	1,585,000		$	2,443,422

Vornado's Ownership Interest			81.5%	$	42.53	14,538,000	13,731,000	807,000		$	1,792,900

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WASHINGTON, DC SEGMENT
PROPERTY TABLE

			Weighted		Square Feet
			Average				Under Development
	%	%	Annual Rent		Total		or Not Available		Encumbrances
Property	Ownership	Occupancy	PSF (1)		Property	In Service	for Lease		(in thousands)		Major Tenants
WASHINGTON, DC (Continued):
Residential:
For rent residential:
Riverhouse - 3 buildings (1,670 units)	100.0%	96.6%	$	-	1,802,000	1,802,000	-		$	259,546

West End 25 (283 units)	100.0%	98.6%		-	273,000	273,000	-			101,671

220 20th Street (265 units)	100.0%	98.1%		-	269,000	269,000	-			71,012

Rosslyn Plaza - 2 buildings (196 units)	43.7%	98.5%		-	253,000	253,000	-			-

Total Residential		97.1%			2,597,000	2,597,000	-			432,229

Other:
Crystal City Hotel	100.0%	100.0%		-	266,000	266,000	-			-

Met Park / Warehouses - 1 building	100.0%	100.0%		-	129,000	109,000	20,000	*		-

The Bartlett - 1 building	100.0%	-		-	618,000	-	618,000			-	Whole Foods

Other - 3 buildings	100.0%	100.0%		-	11,000	9,000	2,000	*		-

Total Other		100.0%			1,024,000	384,000	640,000			-

Total Washington, DC		84.6%	$	43.65	21,311,000	19,086,000	2,225,000		$	2,875,651

Vornado's Ownership Interest		84.2%	$	42.53	18,016,000	16,570,000	1,446,000		$	2,225,129



* We do not capitalize interest or real estate taxes on this space.

(1) Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential.

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OTHER
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
		%		%	Annual Rent		Total		or Not Available	Encumbrances
Property		Ownership		Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)			Major Tenants
555 CALIFORNIA STREET:
555 California Street		70.0%		97.0%	$	66.36	1,507,000	1,507,000	-	$	595,708		Bank of America, Dodge & Cox, Goldman Sachs & Co.,
													Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,
													McKinsey & Company Inc., UBS Financial Services,
													KKR Financial, Microsoft Corporation,
													Fenwick & West LLP (lease not commenced)

315 Montgomery Street		70.0%		100.0%		47.58	231,000	231,000	-		-		Bank of America, Regus (lease not commenced)

345 Montgomery Street		70.0%		100.0%		96.83	64,000	64,000	-		-		Bank of America

Total 555 California Street				97.5%	$	65.03	1,802,000	1,802,000	-	$	595,708

Vornado's Ownership Interest				97.5%	$	65.03	1,261,000	1,261,000	-	$	416,996

The Mart:
Illinois:
The Mart, Chicago		100.0%		94.5%	$	36.88	3,568,000	3,568,000	-	$	550,000		American Intercontinental University (AIU), Steelcase,
													Baker, Knapp & Tubbs, Motorola Mobility (guaranteed by Google),
													CCC Information Services, Ogilvy Group (WPP),
													Chicago Teachers Union, Publicis Groupe,
													Office of the Special Deputy Receiver, Holly Hunt Ltd.,
													Razorfish, 1871, Chicago School of Professional Psychology,
													Yelp Inc., Paypal, Inc.

Other		50.0%		100.0%		32.82	19,000	19,000	-		22,682

	Total Illinois			94.5%		36.86	3,587,000	3,587,000	-		572,682

Total The Mart				94.5%	$	36.86	3,587,000	3,587,000	-	$	572,682

Vornado's Ownership Interest				94.5%	$	36.86	3,578,000	3,578,000	-	$	561,341

85 Tenth Avenue:
NEW YORK
85 Tenth Avenue, Manhattan													Google, General Services Administration,
													Telehouse International Corp., L-3 Communications,
- Office		49.9%	⁽²⁾	100.0%	$	62.70	576,000	576,000	-				Moet Hennessy USA, Inc.
- Retail		49.9%	⁽²⁾	100.0%		66.45	38,000	38,000	-				Craft Restaurants Inc., IL Posto LLC, Toro NYC Restaurant
		49.9%	⁽²⁾	100.0%		62.85	614,000	614,000	-	$	270,000	⁽³⁾

Total 85 Tenth Avenue				100.0%	$	62.85	614,000	614,000	-	$	270,000

Vornado's Ownership Interest				100.0%	$	62.85	306,000	306,000	-	$	134,730


(1)	Weighted Average Annual Rent PSF excludes ground rent, storage rent and garages.
(2)	As of March 31, 2015, we own junior and senior mezzanine loans of 85 Tenth Avenue with an accreted balance of $151.4 million. The junior and senior mezzanine loans bear paid-in-kind interest of 12% and 9%, respectively and mature in May 2017. We account for our investment in 85 Tenth Avenue using the equity method of accounting because we will receive a 49.9% interest in the property after repayment of the junior mezzanine loan. As a result of recording our share of the GAAP losses of the property, the net carrying amount of these loans is $26.2 million on our consolidated balance sheets.
(3)	Excludes the Company's junior and senior mezzanine loans which are accounted for as equity.

- 42 -

REAL ESTATE FUND
PROPERTY TABLE
				Weighted		Square Feet
				Average				Under Development
	Fund		%	Annual Rent		Total		or Not Available	Encumbrances
Property	Ownership %		Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
VORNADO CAPITAL PARTNERS
REAL ESTATE FUND:
New York, NY:
Lucida, 86th Street and Lexington Avenue
(ground leased through 2082)											Barnes & Noble, Hennes & Mauritz,
- Retail	100.0%		100.0%	$	190.84	95,000	95,000	-			Sephora, Bank of America
- Residential	100.0%		91.7%		-	51,000	51,000	-
	100.0%		97.1%		-	146,000	146,000	-	$	146,000

11 East 68th Street Retail	100.0%		100.0%		793.75	11,000	8,000	3,000		-	Belstaff, Kent & Curwen

Crowne Plaza Times Square
- Hotel (795 Keys)
- Retail	75.3%	⁽²⁾	100.0%		353.24	15,000	15,000	-			Hershey
- Office	75.3%	⁽²⁾	100.0%		38.09	220,000	220,000	-			American Management Association
	75.3%	⁽²⁾	100.0%		58.21	235,000	235,000	-		310,000

501 Broadway	100.0%		100.0%		238.25	9,000	9,000	-		20,000	Capital One

Culver City, CA:
											Meredith Corp., West Publishing Corp., Symantec Corp.,
800 Corporate Pointe - 2 buildings	100.0%		57.0%		35.22	243,000	243,000	-		60,094	Syska Hennessy Group, X Prize Foundation

Miami, FL:
1100 Lincoln Road
- Retail	100.0%		100.0%		133.21	48,000	48,000	-			Anthropologie, Banana Republic
- Theatre	100.0%		100.0%		36.45	79,000	79,000	-			Regal Cinema
	100.0%		100.0%		73.28	127,000	127,000	-		66,000


Total Real Estate Fund	92.4%		84.7%			771,000	768,000	3,000	$	602,094

Vornado's Ownership Interest	23.1%		84.7%			178,000	177,000	1,000	$	102,628



(1) Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential.
(2) Vornado's effective ownership through its Real Estate Fund and its co-investment is 33%.

- 43 -

OTHER

PROPERTY TABLE

Weighted

Square Feet

Average

In Service

Under Development

Annual Rent

Total

Owned by

Owned By

or Not Available

Encumbrances

Property

Ownership

Occupancy

PSF (1)

Property

Company

Tenant (2)

for Lease

(in thousands)

Major Tenants

Other Properties:

NEW JERSEY

Wayne Town Center, Wayne

100.0%

26.25

663,000

101,000

443,000

119,000

JCPenney, Costco, Dick's Sporting Goods

(ground leased through 2064)

Monmouth Mall, Eatontown

50.0%

92.0%

35.30

⁽³⁾

1,463,000

⁽⁴⁾

851,000

612,000

⁽⁴⁾

165,862

Boscov's, Macy's (4), JCPenney (4), Lord & Taylor,

Loews Theatre, Barnes & Noble, Forever 21

Total New Jersey

2,126,000

952,000

1,055,000

119,000

165,862

MARYLAND

Annapolis

(ground and building leased through 2042)

100.0%

8.99

128,000

The Home Depot

Total Other Properties

94.5%

31.19

2,254,000

1,080,000

1,055,000

119,000

165,862

Vornado's Ownership Interest

96.6%

27.99

1,293,000

654,000

520,000

119,000

82,931

(1) Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential.

(2) Owned by tenant on land leased from the company.

(3) Weighted Average Annual Rent PSF shown is for in-line tenants only.

(4) Includes square footage of anchors who own their land and building.

- 44 -

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