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

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VORNADO REALTY TRUST Reports

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8-K - FORM 8-K - VORNADO REALTY TRUST	vno-033118x8k.htm
EX-99.1 - EXHIBIT 99.1 - VORNADO REALTY TRUST	vno-033118x8kxexhibit991xe.htm



INDEX

	Page
Financial Supplement Definitions	3
Investor Information	4
2018 Business Developments	5
Common Shares Data	6
Financial Highlights	7
Trailing Twelve Month Pro-Forma Cash Net Operating Income	8
Net (Loss) Income Attributable to Common Shareholders (Consolidated and by Segment)	9	-	10
Net Operating Income at Share (by Segment and by Subsegment)	11	-	12
Consolidated Balance Sheets	13
Capital Structure	14
Debt Analysis and Debt Maturities	15	-	16
Unconsolidated Joint Ventures	17	-	18
Square Footage	19
Top 30 Tenants	20
Lease Expirations	21	-	23
Leasing Activity	24
Occupancy, Same Store NOI at share and NOI at share - Cash Basis and Residential Statistics	25
Development/Redevelopment Summary	26
Capital Expenditures	27	-	31
Property Table	32	-	42
Appendix: Non-GAAP Reconciliations
Net (Loss) Income Attributable to Common Shareholders to Net Income Attributable to Common Shareholders, as Adjusted	i
Net (Loss) Income Attributable to Common Shareholders to FFO Attributable to Common Shareholders Plus Assumed Conversions	ii
FFO Attributable to Common Shareholders Plus Assumed Conversions to FFO Attributable to Common Shareholders Plus Assumed Conversions, as Adjusted	iii
FFO Attributable to Common Shareholders Plus Assumed Conversions to Funds Available for Distribution	iv
Net Income to NOI at Share and NOI at Share - Cash Basis	v
Components of NOI at Share and NOI at Share - Cash Basis / NOI at Share by Region	vi
NOI at Share to Same Store NOI at Share for the Three Months Ended March 31, 2018 compared to March 31, 2017	vii
NOI at Share to Same Store NOI at Share for the Three Months Ended March 31, 2018 compared to December 31, 2017	viii
NOI at Share - Cash Basis to Same Store NOI at Share - Cash Basis for the Three Months Ended March 31, 2018 compared to March 31, 2017	ix
NOI at Share - Cash Basis to Same Store NOI at Share - Cash Basis for the Three Months Ended March 31, 2018 compared to December 31, 2017	x
Consolidated Revenues to our Pro Rata Share of Revenues (Annualized) / Consolidated Debt to Contractual Debt	xi
Net Income to EBITDAre and EBITDAre, as adjusted	xii	-	xiii

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 performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost and cost to complete; and estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. 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 for the year ended December 31, 2017. 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, or Quarterly Report on Form 10-Q, as applicable, and this supplemental package.

FINANCIAL SUPPLEMENT DEFINITIONS

The financial supplement includes various non-GAAP financial measures. Descriptions of these non-GAAP measures are provided below. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided in Appendix: Non-GAAP Reconciliations.

Net Operating Income ("NOI") - NOI represents total revenues less operating expenses. We consider NOI to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI should not be considered a substitute for net income. NOI may not be comparable to similarly titled measures employed by other companies. We calculate NOI on an Operating Partnership basis which is before allocation to the noncontrolling interest of the Operating Partnership.

Funds From Operations ("FFO") - 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 and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies.

Funds Available For Distribution ("FAD") - FAD is defined as FFO less (i) cash basis 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.

- 3 -



INVESTOR INFORMATION

Executive Officers:
Steven Roth	Chairman of the Board and Chief Executive Officer
David R. Greenbaum	President - New York Division
Michael J. Franco	Executive Vice President - Chief Investment Officer
Joseph Macnow	Executive Vice President - Chief Financial Officer and Chief Administrative Officer

RESEARCH COVERAGE - EQUITY

James Feldman/Kimberly Hong		Steve Sakwa/Robert Simone	John W. Guinee/Aaron Wolf
Bank of America/Merrill Lynch		Evercore ISI	Stifel Nicolaus & Company
646-855-5808/646-556-3329		212-446-9462/212-446-9459	443-224-1307/443-224-1206

Ross Smotrich/Trevor Young		Jed Reagan/Daniel Ismail	Michael Lewis
Barclays Capital		Green Street Advisors	SunTrust Robinson Humphrey
212-526-2306/212-526-3098		949-640-8780	212-319-5659

John P. Kim/Alex Nelson		Anthony Paolone	Nick Yulico/Frank Lee
BMO Capital Markets		JP Morgan	UBS
212-885-4115/212-885-4144		212-622-6682	212-713-3402/415-352-5679

Michael Bilerman/Emmanuel Korchman		Vikram Malhotra/Adam J. Gabalski
Citi		Morgan Stanley
212-816-1383/212-816-1382		212-761-7064/212-761-8051

Vincent Chao/Mike Husseini		Alexander Goldfarb/Daniel Santos
Deutsche Bank		Sandler O'Neill
212-250-6799/212-250-7703		212-466-7937/212-466-7927

RESEARCH COVERAGE - DEBT

Andrew Molloy		Jesse Rosenthal	Thierry Perrein
Bank of America/Merrill Lynch		CreditSights	Wells Fargo Securities
646-855-6435		212-340-3816	704-410-3262

Cristina Rosenberg		Mark Streeter
Citi		JP Morgan
212-723-6199		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.

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2018 BUSINESS DEVELOPMENTS

Acquisition Activity

537 West 26th Street

On February 9, 2018, we acquired 537 West 26th Street, a 14,000 square foot commercial property adjacent to our 260 Eleventh Avenue office property and 55,000 square feet of additional zoning air rights, for $44,000,000.

Disposition Activity

11 East 68th Street

On January 17, 2018, Vornado Capital Partners Real Estate Fund (the "Fund") completed the sale of the retail condominium at 11 East 68th Street, a property located on Madison Avenue and 68th Street, for $82,000,000. From the inception of this investment through its disposition, the Fund realized a $46,259,000 net gain.

Financing Activities

On January 4 and 11, 2018, we redeemed all of the outstanding 6.625% Series G and Series I cumulative redeemable preferred shares at their redemption price of $25.00 per share, or $470,000,000 in the aggregate, plus accrued and unpaid dividends through the date of redemption, and expensed $14,486,000 of previously capitalized issuance costs.

On January 5, 2018, we completed a $100,000,000 refinancing of 33-00 Northern Boulevard (Center Building), a 471,000 square foot office building in Long Island City, New York. The seven-year loan is at LIBOR plus 1.80%, which was swapped to a fixed rate of 4.14%. We realized net proceeds of approximately $37,200,000 after repayment of the existing 4.43% $59,800,000 mortgage and closing costs.

First Quarter Leasing Activity

424,000 square feet of New York Office space (359,000 square feet at share) at an initial rent of $82.07 per square foot and a weighted average term of 10.5 years. The GAAP and cash mark-to-markets on the 285,000 square feet of second generation space were positive 62.5% and 50.3%, respectively. Excluding a 77,000 square foot lease at 770 Broadway, the GAAP and cash mark-to-markets were positive 20.2% and 12.5%, respectively. Tenant improvements and leasing commissions were $9.33 per square foot per annum, or 11.4% of initial rent.

77,000 square feet of New York Retail space (all at share and all second generation) at an initial rent of $212.03 per square foot and a weighted average term of 4.5 years. The GAAP and cash mark-to-markets were negative 12.3% and 20.1%, respectively. Excluding a 43,000 square foot lease at 435 Seventh Avenue, the GAAP and cash mark-to-markets were positive 19.2% and 4.9%, respectively. Tenant improvements and leasing commissions were $14.06 per square foot per annum, or 6.6% of initial rent.

119,000 square feet at theMART (all at share) at an initial rent of $50.39 per square foot and a weighted average term of 5.7 years. The GAAP and cash mark-to-markets on the 113,000 square feet of second generation space were positive 36.6% and 28.0%, respectively. Tenant improvements and leasing commissions were $4.19 per square foot per annum, or 8.3% of initial rent.

89,000 square feet at 555 California Street (62,000 square feet at share) at an initial rent of $85.89 per square foot and a weighted average term of 7.1 years. The GAAP and cash mark-to-markets on the 30,000 square feet of second generation space were positive 39.3% and 17.0%, respectively. Tenant improvements and leasing commissions were $11.64 per square foot per annum, or 13.6% of initial rent.

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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 2018				Fourth Quarter 2017				Third Quarter 2017				Second Quarter 2017
High price	$	78.31		⁽¹⁾	$	80.30		⁽¹⁾	$	97.25			$	103.35
Low price	$	64.13		⁽¹⁾	$	71.90		⁽¹⁾	$	72.77		⁽¹⁾	$	91.18
Closing price - end of quarter	$	67.30		⁽¹⁾	$	78.18		⁽¹⁾	$	76.88		⁽¹⁾	$	93.90

Annualized dividend per share	$	2.52		⁽¹⁾	$	2.40		⁽¹⁾	$	2.40		⁽¹⁾	$	2.84
JBGS annualized dividend per share		0.45		⁽²⁾		0.45		⁽²⁾		0.45		⁽²⁾		—
	$	2.97			$	2.85			$	2.85			$	2.84

Annualized dividend yield - on closing price		3.7	%			3.1	%			3.1	%			3.0	%

Outstanding shares, Class A units and convertible preferred units as converted, excluding stock options (in thousands)		203,613				203,198				203,138				202,518

Closing market value of outstanding shares, Class A units and convertible preferred units as converted, excluding stock options	$	13.7 Billion			$	15.9 Billion			$	15.6 Billion			$	19.0 Billion

____________________

(1) Reflects the July 17, 2017 spin-off of JBG SMITH Properties (NYSE: JBGS).

(2) JBGS annualized dividend of $0.90 per common share, adjusted for the 1:2 spin-off distribution.

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FINANCIAL HIGHLIGHTS
(unaudited and in thousands, except per share amounts)
	Three Months Ended
	March 31,						December 31, 2017
	2018			2017			December 31, 2017
Total revenues	$	536,437		$	508,058		$	536,226

Net (loss) income attributable to common shareholders	$	(17,841	)	$	47,752		$	27,319
Per common share:
Basic	$	(0.09	)	$	0.25		$	0.14
Diluted	$	(0.09	)	$	0.25		$	0.14

Net income attributable to common shareholders, as adjusted (non-GAAP)	$	56,388		$	46,873		$	65,479
Per diluted share (non-GAAP)	$	0.30		$	0.25		$	0.34

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	173,842		$	160,105		$	187,553
Per diluted share (non-GAAP)	$	0.91		$	0.84		$	0.98

FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	102,479		$	205,729		$	153,151
FFO - Operating Partnership Basis ("OP Basis") (non-GAAP)	$	109,418		$	219,513		$	163,523
Per diluted share (non-GAAP)	$	0.54		$	1.08		$	0.80

Dividends per common share	$	0.63		$	0.71		$	0.60

FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)	69.2		%	84.5		%	61.2		%
FAD payout ratio	90.0		%	94.7		%	90.9		%

Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share (REIT basis)	191,057			190,412			191,063
Convertible units:
Class A	11,848			11,634			11,677
D-13	678			445			615
G1-G4	58			39			50
Equity awards - unit equivalents	353			640			598
Weighted average shares used in determining FFO attributable to Class A unitholders plus assumed conversions per diluted share (OP Basis)	203,994			203,170			204,003

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TRAILING TWELVE MONTH PRO-FORMA CASH NET OPERATING INCOME
(unaudited and in thousands)
	Trailing Twelve Months Ended March 31, 2018								Year Ended December 31, 2017
	NOI - cash basis		Less: BMS			Pro-forma NOI - cash basis			Pro-forma NOI - cash basis
	NOI - cash basis		Less: BMS			Pro-forma NOI - cash basis			Pro-forma NOI - cash basis
New York - Office	$	690,699	$	(24,690	)	$	666,009		$	654,839
New York - Retail	324,488		—			324,488			324,318
New York - Residential	21,683		—			21,683			21,626
theMART	101,789		—			101,789			99,242
555 California Street	46,782		—			46,782		⁽¹⁾	45,281		⁽¹⁾
	$	1,185,441	$	(24,690	)	$	1,160,751		$	1,145,306

____________________


(1)	Excludes incremental NOI from the lease-up of 345 Montgomery Street.

- 8 -



CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
(unaudited and in thousands)
	Three Months Ended
	March 31,									December 31,
	2018			2017			Inc (Dec)			2017
Property rentals	$	422,099		$	391,920		$	30,179		$	419,970
Straight-lining of rents	7,430			11,856			(4,426		)	8,040
Amortization of acquired below-market leases, net	10,581			11,116			(535		)	11,345
Total property rentals	440,110			414,892			25,218			439,355
Tenant expense reimbursements	60,310			59,033			1,277			59,333
Fee and other income:
BMS cleaning fees	28,355			25,071			3,284			28,218
Management and leasing fees	2,764			2,275			489			2,705
Lease termination fees	345			3,850			(3,505		)	2,224
Other income	4,553			2,937			1,616			4,391
Total revenues	536,437			508,058			28,379			536,226
Operating expenses	237,602			220,659			16,943			225,011
Depreciation and amortization	108,686			105,128			3,558			114,166
General and administrative	43,633			47,237			(3,604		)	35,139
(Income) expense from deferred compensation plan liability	(404		)	2,469			(2,873		)	1,699
Transaction related costs and other	13,156			752			12,404			703
Total expenses	402,673			376,245			26,428			376,718
Operating income	133,764			131,813			1,951			159,508
(Loss) income from partially owned entities	(9,904		)	1,358			(11,262		)	9,622
(Loss) income from real estate fund investments	(8,807		)	268			(9,075		)	4,889
Interest and other investment (loss) income, net	(24,384		)	6,695			(31,079		)	8,294
(Loss) income from deferred compensation plan assets	(404		)	2,469			(2,873		)	1,699
Interest and debt expense	(88,166		)	(82,724		)	(5,442		)	(93,073		)
Net gains on disposition of wholly owned and partially owned assets	—			501			(501		)	—
Income before income taxes	2,099			60,380			(58,281		)	90,939
Income tax expense	(1,454		)	(1,851		)	397			(38,661		)
Income from continuing operations	645			58,529			(57,884		)	52,278
(Loss) income from discontinued operations	(363		)	15,318			(15,681		)	1,273
Net income	282			73,847			(73,565		)	53,551
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	8,274			(6,737		)	15,011			(7,366		)
Operating Partnership	1,124			(3,229		)	4,353			(1,853		)
Net income attributable to Vornado	9,680			63,881			(54,201		)	44,332
Preferred share dividends	(13,035		)	(16,129		)	3,094			(17,013		)
Preferred share issuance costs	(14,486		)	—			(14,486		)	—
Net (loss) income attributable to common shareholders	$	(17,841	)	$	47,752		$	(65,593	)	$	27,319

Capitalized expenditures:
Leasing payroll	$	1,348		$	974		$	374		$	1,749
Development payroll	1,709			1,173			536			1,710
Interest and debt expense	14,726			10,815			3,911			13,251

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NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT

(unaudited and in thousands)



	Three Months Ended March 31, 2018
	Total			New York			Other
Property rentals	$	422,099		$	343,045		$	79,054
Straight-lining of rents	7,430			6,019			1,411
Amortization of acquired below-market leases, net	10,581			10,282			299
Total property rentals	440,110			359,346			80,764
Tenant expense reimbursements	60,310			54,490			5,820
Fee and other income:
BMS cleaning fees	28,355			30,153			(1,798		)
Management and leasing fees	2,764			2,481			283
Lease termination fees	345			308			37
Other income	4,553			1,706			2,847
Total revenues	536,437			448,484			87,953
Operating expenses	237,602			197,916			39,686
Depreciation and amortization	108,686			87,150			21,536
General and administrative	43,633			11,116			32,517
Income from deferred compensation plan liability	(404		)	—			(404		)
Transaction related costs and other	13,156			13,103			53
Total expenses	402,673			309,285			93,388
Operating income (loss)	133,764			139,199			(5,435		)
Loss from partially owned entities	(9,904		)	(6,938		)	(2,966		)
Loss from real estate fund investments	(8,807		)	—			(8,807		)
Interest and other investment (loss) income, net	(24,384		)	1,258			(25,642		)
Loss from deferred compensation plan assets	(404		)	—			(404		)
Interest and debt expense	(88,166		)	(62,209		)	(25,957		)
Income (loss) before income taxes	2,099			71,310			(69,211		)
Income tax expense	(1,454		)	(1,041		)	(413		)
Income (loss) from continuing operations	645			70,269			(69,624		)
Loss from discontinued operations	(363		)	—			(363		)
Net income (loss)	282			70,269			(69,987		)
Less net loss attributable to noncontrolling interests in:
Consolidated subsidiaries	8,274			3,669			4,605
Operating Partnership	1,124			—			1,124
Net income (loss) attributable to Vornado	9,680			73,938			(64,258		)
Preferred share dividends	(13,035		)	—			(13,035		)
Preferred share issuance costs	(14,486		)	—			(14,486		)
Net (loss) income attributable to common shareholders for the three months ended March 31, 2018	$	(17,841	)	$	73,938		$	(91,779	)
Net income (loss) attributable to common shareholders for the three months ended March 31, 2017	$	47,752		$	94,020		$	(46,268	)

- 10 -

NET OPERATING INCOME AT SHARE BY SEGMENT

(unaudited and in thousands)



	For the Three Months Ended March 31, 2018
	Total			New York			Other
Total revenues	$	536,437		$	448,484		$	87,953
Operating expenses	237,602			197,916			39,686
NOI - consolidated	298,835			250,568			48,267
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,312		)	(11,745		)	(5,567		)
Add: Our share of NOI from partially owned entities	67,513			49,773			17,740
NOI at share	349,036			288,596			60,440
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(17,948		)	(17,323		)	(625		)
NOI at share - cash basis	$	331,088		$	271,273		$	59,815



	For the Three Months Ended March 31, 2017
	Total			New York			Other
Total revenues	$	508,058		$	426,239		$	81,819
Operating expenses	220,659			183,107			37,552
NOI - consolidated	287,399			243,132			44,267
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,338		)	(11,439		)	(4,899		)
Add: Our share of NOI from partially owned entities	66,097			45,462			20,635
NOI at share	337,158			277,155			60,003
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(20,481		)	(18,372		)	(2,109		)
NOI at share - cash basis	$	316,677		$	258,783		$	57,894



	For the Three Months Ended December 31, 2017
	Total			New York			Other
Total revenues	$	536,226		$	462,597		$	73,629
Operating expenses	225,011			195,421			29,590
NOI - consolidated	311,215			267,176			44,039
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,533		)	(11,648		)	(4,885		)
Add: Our share of NOI from partially owned entities	69,175			48,700			20,475
NOI at share	363,857			304,228			59,629
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(21,579		)	(21,441		)	(138		)
NOI at share - cash basis	$	342,278		$	282,787		$	59,491

________________________________________

See appendix page vi for details of NOI components.

- 11 -

NET OPERATING INCOME AT SHARE BY SUBSEGMENT

(unaudited and in thousands)



	For the Three Months Ended
	March 31,						December 31, 2017
	2018			2017
NOI at share:
New York:
Office	$	187,156		$	174,724		$	189,481
Retail	87,909			89,048			90,853
Residential	6,141			6,278			5,920
Alexander's	11,575			11,743			11,656
Hotel Pennsylvania	(4,185		)	(4,638		)	6,318
Total New York	288,596			277,155			304,228

Other:
theMART	26,875			25,889			24,249
555 California Street	13,511			12,034			12,003
Other investments	20,054			22,080			23,377
Total Other	60,440			60,003			59,629

Total NOI at share	$	349,036		$	337,158		$	363,857



NOI at share - cash basis:
New York:
Office	$	178,199		$	166,339		$	175,787
Retail	79,589			79,419			83,320
Residential	5,599			5,542			5,325
Alexander's	12,039			12,088			12,004
Hotel Pennsylvania	(4,153		)	(4,605		)	6,351
Total New York	271,273			258,783			282,787

Other:
theMART	27,079			24,532			24,396
555 California Street	12,826			11,325			11,916
Other investments	19,910			22,037			23,179
Total Other	59,815			57,894			59,491

Total NOI at share - cash basis	$	331,088		$	316,677		$	342,278

- 12 -



CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands)
	As of						Increase (Decrease)
	March 31, 2018			December 31, 2017			Increase (Decrease)
ASSETS
Real estate, at cost:
Land	$	3,170,158		$	3,143,648		$	26,510
Buildings and improvements	9,946,225			9,898,605			47,620
Development costs and construction in progress	1,705,244			1,615,101			90,143
Leasehold improvements and equipment	104,710			98,941			5,769
Total	14,926,337			14,756,295			170,042
Less accumulated depreciation and amortization	(2,962,983		)	(2,885,283		)	(77,700		)
Real estate, net	11,963,354			11,871,012			92,342
Cash and cash equivalents	1,327,384			1,817,655			(490,271		)
Restricted cash	90,684			97,157			(6,473		)
Marketable securities	149,766			182,752			(32,986		)
Tenant and other receivables, net	64,387			58,700			5,687
Investments in partially owned entities	1,033,228			1,056,829			(23,601		)
Real estate fund investments	336,552			354,804			(18,252		)
Receivable arising from the straight-lining of rents, net	934,535			926,711			7,824
Deferred leasing costs, net	405,209			403,492			1,717
Identified intangible assets, net	152,834			159,260			(6,426		)
Assets related to discontinued operations	275			1,357			(1,082		)
Other assets	406,275			468,205			(61,930		)
Total Assets	$	16,864,483		$	17,397,934		$	(533,451	)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	8,102,238		$	8,137,139		$	(34,901	)
Senior unsecured notes, net	843,125			843,614			(489		)
Unsecured term loan, net	749,114			748,734			380
Unsecured revolving credit facilities	80,000			—			80,000
Accounts payable and accrued expenses	431,094			415,794			15,300
Deferred revenue	200,648			227,069			(26,421		)
Deferred compensation plan	109,525			109,177			348
Liabilities related to discontinued operations	1,176			3,620			(2,444		)
Preferred shares redeemed on January 4 and 11, 2018	—			455,514			(455,514		)
Other liabilities	465,659			464,635			1,024
Total liabilities	10,982,579			11,405,296			(422,717		)
Redeemable noncontrolling interests	857,026			984,937			(127,911		)
Vornado shareholders' equity	4,360,092			4,337,652			22,440
Noncontrolling interests in consolidated subsidiaries	664,786			670,049			(5,263		)
Total Liabilities, Redeemable Noncontrolling Interests and Equity	$	16,864,483		$	17,397,934		$	(533,451	)

- 13 -



CAPITAL STRUCTURE
(unaudited and in thousands, except per share and unit amounts)
				March 31, 2018
Debt (contractual balances) (non-GAAP):
Consolidated debt ⁽¹⁾:
Mortgages payable				$	8,164,718
Senior unsecured notes				850,000
$750 Million unsecured term loan				750,000
$2.5 Billion unsecured revolving credit facilities				80,000
				9,844,718
Pro rata share of debt of non-consolidated entities (excluding $1,673,728 of Toys' debt)				3,459,655
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas, 555 California Street, and St. Regis - retail)				(602,715		)
				12,701,658

	Shares/Units	Par Value
Perpetual Preferred:
5.00% preferred unit (D-16) (1 unit @ $1,000,000 per unit)				1,000
3.25% preferred units (D-17) (177,100 units @ $25 per unit)				4,428
5.70% Series K preferred shares	12,000	$	25.00	300,000
5.40% Series L preferred shares	12,000	25.00		300,000
5.25% Series M preferred shares	12,780	25.00		319,500
				924,928

	Converted Shares	March 31, 2018 Common Share Price
Equity:
Common shares	190,169	$	67.30	12,798,374
Class A units	11,895	67.30		800,534
Convertible share equivalents:
Equity awards - unit equivalents	759	67.30		51,081
D-13 preferred units	694	67.30		46,706
G1-G4 units	58	67.30		3,903
Series A preferred shares	38	67.30		2,557
				13,703,155
Total Market Capitalization				$	27,329,741

____________________


(1)	See reconciliation of consolidated debt, net (GAAP) to contractual debt (non-GAAP) on page xi in Appendix: Non-GAAP Reconciliations.

- 14 -



DEBT ANALYSIS
(unaudited and in thousands)
	As of March 31, 2018
	Total				Variable				Fixed
(Contractual debt balances) (non-GAAP)	Amount			Weighted Average Interest Rate	Amount			Weighted Average Interest Rate	Amount			Weighted Average Interest Rate
Consolidated debt⁽¹⁾	$	9,844,718		3.56%	$	3,982,692		3.47%	$	5,862,026		3.63%
Pro rata share of debt of non-consolidated entities:
Toys	1,673,728			9.58%	1,077,782			9.29%	595,946			10.10%
All other	3,459,655			4.26%	1,415,799			3.54%	2,043,856			4.75%
Total	14,978,101			4.40%	6,476,273			4.46%	8,501,828			4.35%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas, 555 California Street, and St. Regis - retail)	(602,715		)		(147,709		)		(455,006		)
Company's pro rata share of total debt	$	14,375,386		4.42%	$	6,328,564		4.48%	$	8,046,822		4.37%



Debt Covenant Ratios:⁽²⁾	Senior Unsecured Notes			Unsecured Revolving Credit Facilities and Unsecured Term Loan
		Actual
	Required	Due 2022	Due 2025	Required	Actual
Total outstanding debt/total assets⁽³⁾	Less than 65%	51%	49%	Less than 60%	39%
Secured debt/total assets	Less than 50%	41%	39%	Less than 50%	31%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50	2.55	2.55		N/A
Fixed charge coverage		N/A	N/A	Greater than 1.40	2.44
Unencumbered assets/unsecured debt	Greater than 150%	389%	409%		N/A
Unsecured debt/cap value of unencumbered assets		N/A	N/A	Less than 60%	20%
Unencumbered coverage ratio		N/A	N/A	Greater than 1.50	7.87



Unencumbered EBITDA (non-GAAP):	Q1 2018
	Annualized
New York	$	413,684
Other	35,336
Total	$	449,020

____________________


(1)	See reconciliation of consolidated debt, net (GAAP) to contractual debt (non-GAAP) on page xi in Appendix: Non-GAAP Reconciliations.

(2)

Our debt covenant ratios are computed in accordance with the terms of our senior unsecured notes, unsecured revolving credit facilities, and unsecured term loan, 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.


(3)	Total assets include EBITDA capped at 7.5% under the senior unsecured notes due 2022, 7.0% under the senior unsecured notes due 2025 and 6.0% under the unsecured revolving credit facilities and unsecured term loan.

- 15 -



DEBT MATURITIES (CONTRACTUAL BALANCES) (NON-GAAP)
(unaudited and in thousands)
Property	Maturity Date ⁽¹⁾	Spread over LIBOR	Interest Rate		2018			2019			2020			2021			2022			Thereafter			Total
435 Seventh Avenue - retail	08/19	L+225	4.06%		$	—		$	96,538		$	—		$	—		$	—		$	—		$	96,538
4 Union Square South - retail	11/19	L+215	3.82%		—			113,495			—			—			—			—			113,495
150 West 34th Street	06/20	L+225	3.95%		—			—			205,000			—			—			—			205,000
100 West 33rd Street - office and retail	07/20	L+165	3.34%		—			—			580,000			—			—			—			580,000
220 Central Park South	09/20	L+200	3.89%		—			—			950,000			—			—			—			950,000
Unsecured Term Loan	10/20	L+115	3.02%		—			—			750,000			—			—			—			750,000
Eleven Penn Plaza	12/20		3.95%		—			—			450,000			—			—			—			450,000
888 Seventh Avenue	12/20		3.15%	⁽²⁾	—			—			375,000			—			—			—			375,000
Borgata Land	02/21		5.14%		—			—			—			55,338			—			—			55,338
770 Broadway	03/21		2.56%	⁽³⁾	—			—			—			700,000			—			—			700,000
909 Third Avenue	05/21		3.91%		—			—			—			350,000			—			—			350,000
606 Broadway	05/21	L+300	4.74%		—			—			—			42,659			—			—			42,659
555 California Street	09/21		5.10%		—			—			—			566,688			—			—			566,688
theMART	09/21		2.70%		—			—			—			675,000			—			—			675,000
655 Fifth Avenue	10/21	L+140	3.06%		—			—			—			140,000			—			—			140,000
Two Penn Plaza	12/21	L+165	3.31%		—			—			—			575,000			—			—			575,000
Senior unsecured notes due 2022	01/22		5.00%		—			—			—			—			400,000			—			400,000
$1.25 Billion unsecured revolving credit facility	02/22	L+100	—%		—			—			—			—			—			—			—
1290 Avenue of the Americas	11/22		3.34%		—			—			—			—			950,000			—			950,000
697-703 Fifth Avenue (St. Regis - retail)	12/22	L+180	3.46%		—			—			—			—			450,000			—			450,000
$1.25 Billion unsecured revolving credit facility	01/23	L+100	2.72%		—			—			—			—			—			80,000			80,000
666 Fifth Avenue Retail Condominium	03/23		3.61%		—			—			—			—			—			390,000			390,000
33-00 Northern Boulevard	01/25		4.14%	⁽⁴⁾	—			—			—			—			—			100,000			100,000
Senior unsecured notes due 2025	01/25		3.50%		—			—			—			—			—			450,000			450,000
350 Park Avenue	01/27		3.92%		—			—			—			—			—			400,000			400,000

Total consolidated debt (contractual)					$	—		$	210,033		$	3,310,000		$	3,104,685		$	1,800,000		$	1,420,000		$	9,844,718

Weighted average rate					—		%	3.93		%	3.52		%	3.44		%	3.74		%	3.65		%	3.56		%

Fixed rate debt					$	—		$	—		$	825,000		$	2,347,026		$	1,350,000		$	1,340,000		$	5,862,026
Fixed weighted average rate expiring					—		%	—		%	3.59		%	3.47		%	3.83		%	3.70		%	3.63		%
Floating rate debt					$	—		$	210,033		$	2,485,000		$	757,659		$	450,000		$	80,000		$	3,982,692
Floating weighted average rate expiring					—		%	3.93		%	3.50		%	3.35		%	3.46		%	2.72		%	3.47		%

____________________________________________________________________________________________________________________________________


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


(2)	Pursuant to an existing swap agreement, the loan bears interest at 3.15% through December 2020. The rate was swapped from LIBOR plus 1.60% (3.26% as of March 31, 2018).


(3)	Pursuant to an existing swap agreement, the loan bears interest at 2.56% through September 2020. The rate was swapped from LIBOR plus 1.75% (3.45% as of March 31, 2018).


(4)	Pursuant to an existing swap agreement, the loan bears interest at 4.14% through January 2025. The rate was swapped from LIBOR plus 1.80% (3.52% as of March 31, 2018).

- 16 -



UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)
Joint Venture Name	Asset Category	Percentage Ownership at March 31, 2018	Company's Carrying Amount				Company's Pro rata Share of Debt ⁽¹⁾			100% of Joint Venture Debt ⁽¹⁾			Maturity Date	Spread over LIBOR	Interest Rate
Alexander's, Inc. ("Alexander's")	Office/Retail	32.4%	$	116,078			$	405,476		$	1,251,469		Various	Various	Various

Pennsylvania Real Estate Investment Trust ("PREIT")	Retail	8.0%	65,187				132,772			1,662,439			Various	Various	Various

Urban Edge Properties ("UE")	Retail	4.5%	44,176				71,252			1,578,317			Various	Various	Various

Partially owned office buildings/land:
One Park Avenue	Office/Retail	55.0%	123,315				165,000			300,000			03/21	L+175	3.45	%
280 Park Avenue	Office/Retail	50.0%	120,082				600,000			1,200,000			09/24	L+173	3.45	%
650 Madison Avenue	Office/Retail	20.1%	111,182				161,024			800,000			10/20	N/A	4.39	%
512 West 22nd Street	Office/Retail	55.0%	60,637				40,714			74,026			11/20	L+265	4.33	%
West 57th Street properties	Office/Retail/Land	50.0%	42,771				10,000			20,000			12/22	L+160	3.26	%
61 Ninth Avenue	Office/Retail	45.1%	29,583				28,721			63,684			12/21	L+305	4.73	%
825 Seventh Avenue	Office	50.0%	8,247				10,250			20,500			06/19	L+140	3.05	%
85 Tenth Avenue	Office/Retail	49.9%	(2,170		)		311,875			625,000			12/26	N/A	4.55	%
Other	Office/Retail	Various	4,088				17,465			50,150			Various	Various	Various

Other equity method investments:
Independence Plaza	Residential/Retail	50.1%	140,470				275,550			550,000			06/18	N/A	3.48	%
Rosslyn Plaza	Office/Residential	43.7% to 50.4%	42,931				20,239			40,148			06/19	L+225	4.10	%
Moynihan Office Building	Office/Retail	50.1%	35,769				110,112			219,784			06/21	L+325	4.94	%
666 Fifth Avenue Office Condominium	Office/Retail	49.5%	35,760				700,396			1,414,941			02/19	N/A	6.35	%
Other	Various	Various	55,122				1,788,537		⁽²⁾	5,824,788		⁽²⁾	Various	Various	Various
			$	1,033,228			$	4,849,383		$	15,695,246

330 Madison Avenue	Office	25.0%	$	(54,878	)	⁽³⁾	$	125,000		$	500,000		08/24	N/A	3.43	%
7 West 34th Street	Office/Retail	53.0%	(47,582		)	⁽⁴⁾	159,000			300,000			06/26	N/A	3.65	%
			$	(102,460	)		$	284,000		$	800,000

____________________


(1)	Represents the contractual debt obligations.


(2)	Primarily Toys "R" Us, Inc.


(3)	Our negative basis resulted from a refinancing distribution and is included in "other liabilities" on our consolidated balance sheets.


(4)	Our negative basis resulted from a deferred gain from the sale of a 47.0% ownership interest in the property on May 27, 2016 and is included in "other liabilities" on our consolidated balance sheets.

- 17 -



UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)

	Percentage Ownership at March 31, 2018	Our Share of Net (Loss) Income for the Three Months Ended March 31,							Our Share of NOI (non-GAAP) for the Three Months Ended March 31,
	Percentage Ownership at March 31, 2018	2018				2017			2018			2017
Joint Venture Name
New York:
One Park Avenue	55.0%	$	(4,898	)	⁽¹⁾	$	804		$	5,934		$	3,686
Alexander's	32.4%	(3,209		)	⁽²⁾	6,892			11,575			11,743
Independence Plaza	50.1%	1,484				1,248			5,650			5,530
650 Madison Avenue	20.1%	(1,063		)		(1,468		)	2,505			2,182
7 West 34th Street	53.0%	1,029				103			3,437			3,386
330 Madison Avenue	25.0%	714				1,343			2,777			2,327
825 Seventh Avenue	50.0%	692				677			846			840
85 Tenth Avenue	49.9%	(553		)		555			4,604			4,582
280 Park Avenue	50.0%	(264		)		(1,284		)	9,490			8,179
West 57th Street properties	50.0%	(81		)		(44		)	198			253
Moynihan Office Building	50.1%	(19		)		—			(19		)	—
Other, net	Various	(770		)		(722		)	1,377			1,385
		(6,938		)		8,104			48,374			44,093

Other:
666 Fifth Avenue Office Condominium	49.5%	(3,492		)		(10,197		)	5,273			5,366
Alexander's corporate fee income	32.4%	1,208				1,509			1,208			1,507
UE	4.5%	(641		)		1,300			2,872			3,290
PREIT	8.0%	(429		)		(2,830		)	5,721			6,162
Rosslyn Plaza	43.7% to 50.4%	(284		)		(55		)	1,033			1,172
Suffolk Downs	21.2%	298				(236		)	(14		)	294
Other, net	Various	374				3,763			1,647			2,844
		(2,966		)		(6,746		)	17,740			20,635

Total		$	(9,904	)		$	1,358		$	66,114		$	64,728

____________________

(1) 2018 includes our $4,978 share of potential additional Transfer Tax related to the March 2011 acquisition of One Park Avenue.

(2) 2018 includes our $7,708 share of Alexander's potential additional Transfer Tax.

- 18 -



SQUARE FOOTAGE
(unaudited and square feet in thousands)
		At Vornado's Share
	At 100%		Under Development	In Service
	At 100%	Total	Under Development	Office	Retail	Showroom	Other
Segment:
New York:
Office	21,421	17,611	646	16,782	—	183	—
Retail	2,888	2,549	128	—	2,421	—	—
Residential - 1,696 units	1,568	835	—	—	—	—	835
Alexander's (32.4% interest), including 312 residential units	2,437	790	—	288	419	—	83
Hotel Pennsylvania	1,400	1,400	—	—	—	—	1,400
	29,714	23,185	774	17,070	2,840	183	2,318

Other:
theMART	3,693	3,684	—	2,043	109	1,532	—
555 California Street (70% interest)	1,805	1,264	45	1,188	31	—	—
Other	4,280	2,050	863	212	864	—	111
	9,778	6,998	908	3,443	1,004	1,532	111

Total square feet at March 31, 2018	39,492	30,183	1,682	20,513	3,844	1,715	2,429

Total square feet at December 31, 2017	39,439	30,133	1,568	20,500	3,892	1,744	2,429

Parking Garages (not included above):	Square Feet	Number of Garages	Number of Spaces
New York	1,686	11	4,970
theMART	558	4	1,651
555 California Street	168	1	453
Rosslyn Plaza	411	4	1,094
Total at March 31, 2018	2,823	20	8,168

- 19 -



TOP 30 TENANTS
(unaudited and in thousands, except square feet)
Tenants	Square Footage At Share⁽¹⁾	Annualized Revenues At Share (non-GAAP)⁽¹⁾		% of Annualized Revenues At Share (non-GAAP)⁽²⁾
IPG and affiliates	923,896	$	58,798	2.4	%
Facebook	513,896	50,013		2.0	%
Swatch Group USA	25,633	40,571		1.6	%
Macy's	646,434	37,831		1.5	%
Victoria's Secret (guaranteed by L Brands, Inc.)	91,427	34,339		1.4	%
Bloomberg L.P.	287,898	33,469		1.4	%
AXA Equitable Life Insurance	336,646	32,267		1.3	%
Google/Motorola Mobility (guaranteed by Google)	728,483	32,111		1.3	%
Oath (Verizon)	327,138	30,685		1.2	%
Forever 21	170,374	30,445		1.2	%
Ziff Brothers Investments, Inc.	287,030	30,229		1.2	%
McGraw-Hill Companies, Inc.	479,557	29,897		1.2	%
AMC Networks, Inc.	404,920	26,423		1.1	%
The City of New York	565,846	25,053		1.0	%
Topshop	94,349	23,685		1.0	%
Amazon (including its Whole Foods subsidiary)	308,113	23,519		0.9	%
Fast Retailing (Uniqlo)	90,732	22,867		0.9	%
Madison Square Garden	344,355	22,500		0.9	%
Neuberger Berman Group LLC	288,325	22,475		0.9	%
J. Crew	250,635	21,841		0.9	%
Hollister	21,741	19,809		0.8	%
JCPenney	426,370	19,699		0.8	%
Bank of America	232,728	18,390		0.7	%
PwC	243,434	17,137		0.7	%
New York University	287,637	15,748		0.6	%
U.S. Government	578,711	13,469		0.5	%
Integrated Holdings Group	131,565	12,704		0.5	%
Information Builders, Inc.	229,064	12,505		0.5	%
Cushman & Wakefield	127,314	11,645		0.5	%
New York & Company, Inc.	207,585	11,520		0.5	%
				31.4	%

____________________

(1) Includes leases not yet commenced.

(2) See reconciliation of consolidated revenues to our pro rata share of total annualized revenues on page xi in Appendix: Non-GAAP Reconciliations.

- 20 -



LEASE EXPIRATIONS NEW YORK SEGMENT
(unaudited)
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases⁽¹⁾	Weighted Average Annual Rent of Expiring Leases				Percentage of Annualized Escalated Rent
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases⁽¹⁾	Total		Per Sq. Ft.		Percentage of Annualized Escalated Rent
Office:	Month to Month	86,000	$	3,558,000	$	41.37	0.3	%

	Second Quarter 2018	177,000	13,415,000		75.79		1.2	%
	Third Quarter 2018	74,000	6,382,000		86.24		0.6	%
	Fourth Quarter 2018	325,000	25,740,000		79.20		2.3	%
	Total 2018	576,000	45,537,000		79.06		4.1	%
	First Quarter 2019	171,000	11,135,000		65.12		1.0	%
	Remaining 2019	520,000	34,036,000		65.45		3.0	%
	2020	1,385,000	95,875,000		69.22		8.5	%
	2021	1,165,000	86,424,000		74.18		7.6	%
	2022	773,000	47,834,000		61.88		4.2	%
	2023	1,918,000	152,204,000		79.36		13.4	%
	2024	1,306,000	102,540,000		78.51		9.0	%
	2025	802,000	59,280,000		73.92		5.1	%
	2026	1,406,000	104,183,000		74.10		9.2	%
	2027	1,088,000	76,693,000		70.49		6.8	%
	2028	991,000	67,512,000		68.13		6.0	%
	Thereafter	3,975,000	246,927,000		62.12		21.8	%

Retail:	Month to Month	55,000	$	3,476,000	$	63.20	0.8	%

	Second Quarter 2018	9,000	1,887,000		209.67		0.4	%
	Third Quarter 2018	44,000	14,506,000		329.68		3.2	%
	Fourth Quarter 2018	9,000	1,708,000		189.78		0.4	%
	Total 2018	62,000	18,101,000		291.95		4.0	%
	First Quarter 2019	55,000	15,105,000		274.64		3.4	%
	Remaining 2019	161,000	22,865,000		142.02		5.1	%
	2020	82,000	12,094,000		147.49		2.7	%
	2021	66,000	11,069,000		167.71		2.5	%
	2022	32,000	7,388,000		230.88		1.7	%
	2023	90,000	39,190,000		435.44		8.8	%
	2024	193,000	71,783,000		371.93		16.1	%
	2025	41,000	17,776,000		433.56		4.0	%
	2026	129,000	42,091,000		326.29		9.4	%
	2027	31,000	21,472,000		692.65		4.8	%
	2028	43,000	16,082,000		374.00		3.6	%
	Thereafter	874,000	148,092,000		169.44		33.1	%

____________________

(1) Excludes storage, vacancy and other.

- 21 -



LEASE EXPIRATIONS theMART
(unaudited)
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases⁽¹⁾	Weighted Average Annual Rent of Expiring Leases				Percentage of Annualized Escalated Rent
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases⁽¹⁾	Total		Per Sq. Ft.		Percentage of Annualized Escalated Rent
Office / Showroom / Retail:	Month to Month	4,000	$	239,000	$	59.75	0.2	%

	Second Quarter 2018	17,000	760,000		44.71		0.5	%
	Third Quarter 2018	175,000	6,401,000		36.58		4.2	%
	Fourth Quarter 2018	49,000	2,274,000		46.41		1.5	%
	Total 2018	241,000	9,435,000		39.15		6.2	%
	First Quarter 2019	63,000	3,287,000		52.17		2.1	%
	Remaining 2019	90,000	4,525,000		50.28		2.9	%
	2020	294,000	13,111,000		44.60		8.5	%
	2021	344,000	14,595,000		42.43		9.5	%
	2022	654,000	28,180,000		43.09		18.3	%
	2023	277,000	12,666,000		45.73		8.2	%
	2024	219,000	8,959,000		40.91		5.9	%
	2025	332,000	15,311,000		46.12		9.9	%
	2026	181,000	8,090,000		44.70		5.3	%
	2027	108,000	4,828,000		44.70		3.1	%
	2028	631,000	24,066,000		38.14		15.6	%
	Thereafter	168,000	6,677,000		39.74		4.3	%

____________________

(1) Excludes storage, vacancy and other.

- 22 -



LEASE EXPIRATIONS 555 California Street
(unaudited)
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases⁽¹⁾	Weighted Average Annual Rent of Expiring Leases				Percentage of Annualized Escalated Rent
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases⁽¹⁾	Total		Per Sq. Ft.		Percentage of Annualized Escalated Rent
Office / Retail:	Month to Month	—	$	—	$	—	—

	Second Quarter 2018	6,000	364,000		60.67		0.4	%
	Third Quarter 2018	2,000	148,000		74.00		0.2	%
	Fourth Quarter 2018	—	—		—		—	%
	Total 2018	8,000	512,000		64.00		0.6	%
	First Quarter 2019	—	—		—		—	%
	Remaining 2019	40,000	3,313,000		82.83		3.8	%
	2020	101,000	6,289,000		62.27		7.3	%
	2021	76,000	5,234,000		68.87		6.1	%
	2022	37,000	2,801,000		75.70		3.3	%
	2023	132,000	9,012,000		68.27		10.5	%
	2024	59,000	5,033,000		85.31		5.8	%
	2025	343,000	23,318,000		67.98		27.1	%
	2026	138,000	10,324,000		74.81		12.0	%
	2027	65,000	5,164,000		79.45		6.0	%
	2028	—	—		—		—	%
	Thereafter	164,000	15,067,000		91.87		17.5	%

____________________

(1) Excludes storage, vacancy and other.

- 23 -

LEASING ACTIVITY

(unaudited)

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



(square feet in thousands)
	New York											555 California Street
	Office				Retail				theMART			555 California Street
Three Months Ended March 31, 2018
Total square feet leased	424				77				119			89
Our share of square feet leased:	359				77				119			62
Initial rent⁽¹⁾	$	82.07			$	212.03			$	50.39		$	85.89
Weighted average lease term (years)	10.5				4.5				5.7			7.1
Second generation relet space:
Square feet	285				77				113			30
GAAP basis:
Straight-line rent⁽²⁾	$	85.11			$	222.11			$	51.08		$	99.34
Prior straight-line rent	$	52.39			$	253.14			$	37.40		$	71.29
Percentage increase (decrease)	62.5		%	⁽³⁾	(12.3		)%	⁽⁴⁾	36.6		%	39.3		%
Cash basis (non-GAAP):
Initial rent⁽¹⁾	$	83.96			$	212.03			$	50.31		$	96.68
Prior escalated rent	$	55.87			$	265.50			$	39.31		$	82.61
Percentage increase (decrease)	50.3		%	⁽³⁾	(20.1		)%	⁽⁴⁾	28.0		%	17.0		%
Tenant improvements and leasing commissions:
Per square foot	$	97.99			$	63.26			$	23.89		$	82.65
Per square foot per annum	$	9.33			$	14.06			$	4.19		$	11.64
Percentage of initial rent	11.4		%		6.6		%		8.3		%	13.6		%

____________________


(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 a single lease at 770 Broadway for 77 square feet, the GAAP and cash basis mark-to-markets were positive 20.2% and 12.5%, respectively.


(4)	Excluding a single lease at 435 Seventh Avenue for 43 square feet, the GAAP and cash basis mark-to-markets were positive 19.2% and 4.9%, respectively.

- 24 -



OCCUPANCY, SAME STORE NOI AT SHARE AND NOI AT SHARE - CASH BASIS (NON-GAAP)
(unaudited)
	New York		theMART		555 California Street
Occupancy rate at:
March 31, 2018	96.9	%	99.1	%	97.8	%
December 31, 2017	97.2	%	98.6	%	94.2	%
March 31, 2017	96.6	%	98.9	%	93.1	%



Same store NOI at share % increase (decrease)⁽¹⁾:
Three months ended March 31, 2018 compared to March 31, 2017	4.0	%	⁽²⁾	3.4	%		12.3	%
Three months ended March 31, 2018 compared to December 31, 2017	(5.6	)%	⁽²⁾	10.7	%	⁽³⁾	12.6	%

Same store NOI at share - cash basis % increase (decrease)⁽¹⁾:
Three months ended March 31, 2018 compared to March 31, 2017	5.6	%	⁽²⁾	10.0	%		13.3	%
Three months ended March 31, 2018 compared to December 31, 2017	(4.5	)%	⁽²⁾	10.9	%	⁽³⁾	7.6	%

____________________



(1)	See pages vii through x in the Appendix: Non-GAAP reconciliations for same store NOI - at share reconciliations.

		Increase (Decrease)
(2)	Excluding Hotel Pennsylvania - same store NOI at share % increase (decrease):
	Three months ended March 31, 2018 compared to March 31, 2017	3.7	%
	Three months ended March 31, 2018 compared to December 31, 2017	(2.2	)%

	Excluding Hotel Pennsylvania - same store NOI at share - cash basis % increase (decrease):
	Three months ended March 31, 2018 compared to March 31, 2017	5.3	%
	Three months ended March 31, 2018 compared to December 31, 2017	(0.8	)%

(3)	Excluding tradeshows seasonality, same store NOI at share and same store NOI at share - cash basis decreased by 0.7% and 0.5%, respectively.



RESIDENTIAL STATISTICS in service
(unaudited)
		Vornado's Ownership Interest
	Number of Units	Number of Units	Occupancy Rate	Average Monthly Rent Per Unit
New York:
March 31, 2018	2,008	980	96.9%	$3,726
December 31, 2017	2,009	981	96.7%	$3,722
March 31, 2017	2,004	977	95.4%	$3,600

- 25 -

DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF MARCH 31, 2018

(unaudited and in thousands, except square feet)

(At Share)

Full
Quarter
Stabilized
Operations

Property
Rentable
Sq. Ft.

Excluding Land Costs

Initial
Occupancy

Current Projects:

Segment

Incremental
Budget

Amount
Expended

%
Complete

Start

220 Central Park South - residential condominiums

Other

397,000

1,400,000

970,000

⁽¹⁾

69.3%

Q3 2012

N/A

Moynihan Office Building - (50.1% interest)⁽²⁾

New York

850,000

400,000

30,375

7.6%

Q2 2017

Q3 2020

Q2 2022

One Penn Plaza - renovation⁽³⁾

New York

2,530,000

200,000

2,460

1.2%

Q4 2018

N/A

61 Ninth Avenue - office/retail (45.1% interest)⁽⁴⁾

New York

170,000

69,000

51,826

75.1%

Q1 2016

Q2 2018

Q2 2019

512 West 22nd Street - office/retail (55.0% interest)

New York

173,000

72,000

44,521

⁽⁵⁾

61.8%

Q4 2015

Q3 2018

Q1 2020

345 Montgomery Street (555 California Street) (70.0% interest)

Other

64,000

32,000

3,157

⁽⁶⁾

9.9%

Q1 2018

Q3 2019

Q3 2020

606 Broadway - office/retail (50.0% interest)

New York

34,000

30,000

19,195

⁽⁷⁾

64.0%

Q2 2016

Q4 2018

Q2 2020

825 Seventh Avenue - office (50.0% interest)

New York

165,000

15,000

1,103

7.4%

Q2 2018

Q1 2020

Q1 2021

Total current projects

1,122,637

Future Opportunities:

Segment

Property
Zoning
Sq. Ft.

Penn Plaza - multiple opportunities - office/residential/retail

New York

TBD

Hotel Pennsylvania

New York

2,052,000

260 Eleventh Avenue - office⁽⁸⁾

New York

300,000

Undeveloped Land:

29, 31, 33 West 57th Street (50.0% interest)

New York

150,000

527 West Kinzie, Chicago

Other

330,000

Total undeveloped land

480,000

____________________


(1)	Excludes land and acquisition costs of $515,426.


(2)	Excludes $115,230 for our share of the upfront contribution of $230,000. The building and land are subject to a lease which expires in 2116.


(3)	The building is subject to a ground lease which expires in 2098.


(4)	The building is subject to a ground lease which expires in 2115.


(5)	Excludes land and acquisition costs of $57,000.


(6)	Excludes land and building costs of $31,000.


(7)	Excludes land and acquisition costs of $22,703.


(8)	The building is subject to a ground lease which expires in 2114.

- 26 -



CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS
CONSOLIDATED
(unaudited and in thousands, except per square foot amounts)

	Three Months Ended March 31, 2018			Year Ended December 31,
	Three Months Ended March 31, 2018			2017				2016
Capital expenditures (accrual basis):
Expenditures to maintain assets	$	18,087		$	100,556			$	114,031
Tenant improvements	24,102			89,696				86,630
Leasing commissions	11,590			30,165				38,938
Non-recurring capital expenditures	12,283			80,461				55,636
Total capital expenditures and leasing commissions (accrual basis)	66,062			300,878				295,235
Adjustments to reconcile to cash basis:
Expenditures in the current period applicable to prior periods	23,534			153,511				268,101
Expenditures to be made in future periods for the current period	(30,352		)	(142,877		)		(117,910		)
Total capital expenditures and leasing commissions (cash basis)	$	59,244		$	311,512			$	445,426

Our share of square feet leased	617			2,111				2,307
Tenant improvements and leasing commissions per square foot per annum	$	8.66		$	9.51			$	7.79
Percentage of initial rent	9.4		%	11.1		%		10.0		%


	Three Months Ended March 31, 2018			Year Ended December 31,
	Three Months Ended March 31, 2018			2017				2016
Development and redevelopment expenditures:
220 Central Park South	$	75,239		$	265,791			$	303,974
606 Broadway	4,791			15,997				4,234
345 Montgomery Street (555 California Street)	2,196			5,950				434
Penn Plaza	1,218			7,107				11,904
90 Park Avenue	412			7,523				33,308
Marriott Marquis Times Square - retail and signage	352			1,982				9,283
640 Fifth Avenue	190			1,648				46,282
304 Canal Street	162			3,973				5,941
theMART	129			5,682				24,788
Other	2,119			40,199			⁽¹⁾	166,417			⁽¹⁾
	$	86,808		$	355,852			$	606,565

____________________


(1)	Primarily relates to our former Washington, DC segment which was spun-off on July 17, 2017.

- 27 -



CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS
NEW YORK SEGMENT
(unaudited and in thousands, except per square foot amounts)

	Three Months Ended March 31, 2018			Year Ended December 31,
	Three Months Ended March 31, 2018			2017			2016
Capital expenditures (accrual basis):
Expenditures to maintain assets	$	11,965		$	73,745		$	67,239
Tenant improvements	20,836			42,475			63,995
Leasing commissions	10,973			21,183			32,475
Non-recurring capital expenditures	8,182			68,977			41,322
Total capital expenditures and leasing commissions (accrual basis)	51,956			206,380			205,031
Adjustments to reconcile to cash basis:
Expenditures in the current period applicable to prior periods	20,524			101,500			159,144
Expenditures to be made in future periods for the current period	(27,227		)	(90,798		)	(100,151		)
Total capital expenditures and leasing commissions (cash basis)	$	45,253		$	217,082		$	264,024

Our share of square feet leased	436			1,566			1,932
Tenant improvements and leasing commissions per square foot per annum	$	9.73		$	10.21		$	7.98
Percentage of initial rent	9.3		%	10.9		%	9.7		%


	Three Months Ended March 31, 2018			Year Ended December 31,
	Three Months Ended March 31, 2018			2017			2016
Development and redevelopment expenditures:
606 Broadway	$	4,791		$	15,997		$	4,234
Penn Plaza	1,218			7,107			11,904
90 Park Avenue	412			7,523			33,308
Marriott Marquis Times Square - retail and signage	352			1,982			9,283
640 Fifth Avenue	190			1,648			46,282
304 Canal Street	162			3,973			5,941
Other	1,690			5,144			7,251
	$	8,815		$	43,374		$	118,203

- 28 -



CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS
theMART
(unaudited and in thousands, except per square foot amounts)
	Three Months Ended March 31, 2018			Year Ended December 31,
	Three Months Ended March 31, 2018			2017			2016
Capital expenditures (accrual basis):
Expenditures to maintain assets	$	2,651		$	11,725		$	16,343
Tenant improvements	2,433			9,423			6,722
Leasing commissions	254			1,190			1,355
Non-recurring capital expenditures	156			1,092			1,518
Total capital expenditures and leasing commissions (accrual basis)	5,494			23,430			25,938
Adjustments to reconcile to cash basis:
Expenditures in the current period applicable to prior periods	2,044			8,784			24,314
Expenditures to be made in future periods for the current period	(2,977		)	(9,011		)	1,654
Total capital expenditures and leasing commissions (cash basis)	$	4,561		$	23,203		$	51,906

Our share of square feet leased	119			345			269
Tenant improvements and leasing commissions per square foot per annum	$	4.19		$	5.13		$	5.57
Percentage of initial rent	8.3		%	10.8		%	11.6		%


	Three Months Ended March 31, 2018			Year Ended December 31,
	Three Months Ended March 31, 2018			2017			2016
Development and redevelopment expenditures:
Common area enhancements	$	129		$	5,682		$	24,788
Other	136			459			1,384
	$	265		$	6,141		$	26,172

- 29 -



CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS
555 CALIFORNIA STREET
(unaudited and in thousands, except per square foot amounts)

	Three Months Ended March 31, 2018			Year Ended December 31,
	Three Months Ended March 31, 2018			2017			2016
Capital expenditures (accrual basis):
Expenditures to maintain assets	$	3,471		$	7,893		$	5,704
Tenant improvements	833			6,652			3,201
Leasing commissions	363			2,147			1,041
Non-recurring capital expenditures	3,945			6,208			3,900
Total capital expenditures and leasing commissions (accrual basis)	8,612			22,900			13,846
Adjustments to reconcile to cash basis:
Expenditures in the current period applicable to prior periods	966			17,906			12,708
Expenditures to be made in future periods for the current period	(148		)	(3,301		)	(3,056		)
Total capital expenditures and leasing commissions (cash basis)	$	9,430		$	37,505		$	23,498

Our share of square feet leased	62			200			106
Tenant improvements and leasing commissions per square foot per annum	$	11.64		$	10.33		$	9.08
Percentage of initial rent	13.6		%	11.7		%	11.8		%


	Three Months Ended March 31, 2018			Year Ended December 31,
	Three Months Ended March 31, 2018			2017			2016
Development and redevelopment expenditures:
345 Montgomery Street	$	2,196		$	5,950		$	434
Other	134			6,465			8,716
	$	2,330		$	12,415		$	9,150

- 30 -



CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS
OTHER
(unaudited and in thousands)

	Three Months Ended March 31, 2018		Year Ended December 31,
	Three Months Ended March 31, 2018		2017			2016
Development and redevelopment expenditures:
220 Central Park South	$	75,239	$	265,791		$	303,974
Other	159		28,131		⁽¹⁾	149,066		⁽¹⁾
	$	75,398	$	293,922		$	453,040

____________________


(1)	Primarily relates to our former Washington, DC segment which was spun-off on July 17, 2017.

- 31 -



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK:
Penn Plaza:
One Penn Plaza
(ground leased through 2098)												Cisco, Lion Resources, WSP USA, Symantec Corporation,
-Office	100.0	%	88.2	%	$	63.20	2,264,000	2,264,000	—	$	—	United Health Care, Siemens Mobility*
												Bank of America, Kmart Corporation,
-Retail	100.0	%	99.2	%	136.72		271,000	271,000	—	—		Shake Shack, Starbucks
	100.0	%	89.3	%	71.06		2,535,000	2,535,000	—	—

Two Penn Plaza												EMC, Information Builders, Inc.,
-Office	100.0	%	100.0	%	58.80		1,589,000	1,482,000	107,000	575,000		Madison Square Garden, McGraw-Hill Companies, Inc.
-Retail	100.0	%	100.0	%	214.86		45,000	39,000	6,000	—		Chase Manhattan Bank
	100.0	%	100.0	%	63.10		1,634,000	1,521,000	113,000	575,000

Eleven Penn Plaza
-Office	100.0	%	99.7	%	61.39		1,114,000	1,114,000	—	450,000		Macy's, Madison Square Garden, AMC Networks, Inc.
												PNC Bank National Association, Starbucks,
-Retail	100.0	%	85.2	%	147.25		38,000	38,000	—	—		Madison Square Garden
	100.0	%	99.2	%	64.22		1,152,000	1,152,000	—	450,000

100 West 33rd Street
-Office	100.0	%	100.0	%	65.60		857,000	857,000	—	398,402		IPG and affiliates

Manhattan Mall
-Retail	100.0	%	97.0	%	131.36		256,000	256,000	—	181,598		JCPenney, Aeropostale, Express, Starbucks

330 West 34th Street
(ground leased through 2149 -
34.8% ownership interest in the land)												New York & Company, Inc., Structure Tone,
-Office	100.0	%	95.0	%	62.71		691,000	691,000	—	50,150		Deutsch, Inc., Web.com, Footlocker, Home Advisor, Inc.
-Retail	100.0	%	—		—		18,000	18,000	—	—
	100.0	%	92.6	%	62.71		709,000	709,000	—	50,150

435 Seventh Avenue
-Retail	100.0	%	100.0	%	187.82		43,000	43,000	—	96,538		Forever 21*

7 West 34th Street
-Office	53.0	%	100.0	%	65.06		458,000	458,000	—	300,000		Amazon
-Retail	53.0	%	71.8	%	293.50		21,000	21,000	—	—		Amazon
	53.0	%	98.8	%	75.07		479,000	479,000	—	300,000

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

431 Seventh Avenue
-Retail	100.0	%	100.0	%	263.93		10,000	10,000	—	—

488 Eighth Avenue
-Retail	100.0	%	100.0	%	88.25		6,000	6,000	—	—

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

- 32 -



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾			Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾			Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Penn Plaza (Continued):
138-142 West 32nd Street
-Retail	100.0	%	35.3	%	$	77.89		8,000	8,000	—	$	—

150 West 34th Street
-Retail	100.0	%	100.0	%	71.89			78,000	78,000	—	205,000		Old Navy

137 West 33rd Street
-Retail	100.0	%	100.0	%	93.76			3,000	3,000	—	—

265 West 34th Street
-Retail	100.0	%	—		—			3,000	—	3,000	—

131-135 West 33rd Street
-Retail	100.0	%	100.0	%	41.90			23,000	23,000	—	—

486 Eighth Avenue
-Retail	100.0	%	—		—			3,000	—	3,000	—

Total Penn Plaza								7,821,000	7,680,000	141,000	2,256,688
Midtown East:
909 Third Avenue													IPG and affiliates, Forest Laboratories,
(ground leased through 2063)													Geller & Company, Morrison Cohen LLP, Robeco USA Inc.,
-Office	100.0	%	98.6	%	59.88		⁽³⁾	1,347,000	1,347,000	—	350,000		United States Post Office, The Procter & Gamble Distributing LLC

150 East 58th Street
(ground leased through 2118)
-Office	100.0	%	94.2	%	74.83			539,000	539,000	—	—		Castle Harlan, Tournesol Realty LLC (Peter Marino),
-Retail	100.0	%	13.1	%	17.86			3,000	3,000	—	—
	100.0	%	93.8	%	74.52			542,000	542,000	—	—

715 Lexington Avenue
-Retail	100.0	%	92.5	%	100.39			23,000	23,000	—	—		New York & Company, Inc., Jonathan Adler

966 Third Avenue
-Retail	100.0	%	100.0	%	93.12			7,000	7,000	—	—		McDonald's

968 Third Avenue
-Retail	50.0	%	—		—			6,000	6,000	—	—

Total Midtown East								1,925,000	1,925,000	—	350,000

- 33 -



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Midtown West:
888 Seventh Avenue												TPG-Axon Capital, Lone Star US Acquisitions LLC,
(ground leased through 2067)												Pershing Square Capital Management,
-Office	100.0	%	98.7	%	$	92.71	875,000	875,000	—	$	375,000	Vornado Executive Headquarters
-Retail	100.0	%	100.0	%	260.93		15,000	15,000	—	—		Redeye Grill L.P.
	100.0	%	98.7	%	95.55		890,000	890,000	—	375,000

57th Street - 2 buildings
-Office	50.0	%	84.6	%	47.67		81,000	81,000	—	20,000
-Retail	50.0	%	100.0	%	134.19		22,000	22,000	—	—
	50.0	%	87.9	%	66.15		103,000	103,000	—	20,000

825 Seventh Avenue
-Office	50.0	%	100.0	%	78.70		165,000	165,000	—	20,500		Young & Rubicam
-Retail	100.0	%	100.0	%	221.00		4,000	4,000	—	—		Lindy's
	51.2	%	100.0	%	82.07		169,000	169,000	—	20,500

Total Midtown West							1,162,000	1,162,000	—	415,500
Park Avenue:
280 Park Avenue												Cohen & Steers Inc., GIC Inc., Franklin Templeton Co. LLC,
-Office	50.0	%	95.0	%	101.48		1,233,000	1,233,000	—	1,200,000		PJT Partners, Investcorp International Inc., Wells Fargo
-Retail	50.0	%	100.0	%	99.64		26,000	26,000	—	—		Scottrade Inc., Starbucks, The Four Seasons Restaurant
	50.0	%	95.1	%	101.44		1,259,000	1,259,000	—	1,200,000

350 Park Avenue												Kissinger Associates Inc., Ziff Brothers Investment Inc.,
-Office	100.0	%	100.0	%	107.13		554,000	554,000	—	400,000		MFA Financial Inc., M&T Bank
-Retail	100.0	%	100.0	%	269.39		17,000	17,000	—	—		Fidelity Investment, AT&T Wireless, Valley National Bank
	100.0	%	100.0	%	111.96		571,000	571,000	—	400,000

Total Park Avenue							1,830,000	1,830,000	—	1,600,000
Grand Central:
90 Park Avenue												Alston & Bird, Capital One, PwC,
-Office	100.0	%	97.4	%	77.89		937,000	937,000	—	—		Factset Research Systems Inc., Foley & Lardner
-Retail	100.0	%	100.0	%	131.53		24,000	24,000	—	—		Citibank, Starbucks
	100.0	%	97.5	%	79.23		961,000	961,000	—	—

330 Madison Avenue												Guggenheim Partners LLC, HSBC Bank AFS, Glencore Ltd.,
-Office	25.0	%	96.9	%	77.54		813,000	813,000	—	500,000		Jones Lang LaSalle Inc., Wells Fargo, American Century
-Retail	25.0	%	100.0	%	327.47		33,000	33,000	—	—		Ann Taylor Retail Inc., Citibank, Starbucks
	25.0	%	97.0	%	87.29		846,000	846,000	—	500,000

510 Fifth Avenue
-Retail	100.0	%	100.0	%	149.15		66,000	66,000	—	—		The North Face, Elie Tahari

Total Grand Central							1,873,000	1,873,000	—	500,000

- 34 -



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Madison/Fifth:
640 Fifth Avenue												Fidelity Investments, Owl Creek Asset Management LP,
-Office	100.0%		100.0	%	$	90.60	246,000	246,000	—	$	—	Avolon Aerospace*, GCA Savvian Inc.
-Retail	100.0%		100.0	%	918.68		68,000	68,000	—	—		Victoria's Secret (guaranteed by L Brands, Inc.), Dyson
	100.0%		100.0	%	269.93		314,000	314,000	—	—

666 Fifth Avenue
-Retail (Retail Condo)	100.0%	⁽⁴⁾	100.0	%	455.94		114,000	114,000	—	390,000		Fast Retailing (Uniqlo), Hollister, Tissot
							114,000	114,000	—	390,000

595 Madison Avenue												Beauvais Carpets, Levin Capital Strategies LP,
-Office	100.0%		95.4	%	81.63		299,000	299,000	—	—		Cosmetech Mably Int'l LLC.
-Retail	100.0%		47.3	%	1,259.45		26,000	26,000	—	—		Coach
	100.0%		91.5	%	175.85		325,000	325,000	—	—

650 Madison Avenue												Memorial Sloan Kettering Cancer Center, Polo Ralph Lauren,
-Office	20.1%		99.0	%	113.28		526,000	526,000	—	800,000		Willett Advisors LLC (Bloomberg Philanthropies)
-Retail	20.1%		18.3	%	1,250.54		67,000	67,000	—	—		Moncler USA Inc., Tod's
	20.1%		89.9	%	241.78		593,000	593,000	—	800,000

689 Fifth Avenue
-Office	100.0%		90.0	%	84.52		81,000	81,000	—	—		Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail	100.0%		100.0	%	819.90		17,000	17,000	—	—		MAC Cosmetics, Massimo Dutti
	100.0%		91.7	%	212.08		98,000	98,000	—	—

655 Fifth Avenue
-Retail	92.5%		100.0	%	235.62		57,000	57,000	—	140,000		Ferragamo

697-703 Fifth Avenue (St. Regis - retail)
-Retail	74.3%		100.0	%	2,618.98		26,000	26,000	—	450,000		Swatch Group USA, Harry Winston

Total Madison/Fifth							1,527,000	1,527,000	—	1,780,000

Midtown South:
770 Broadway
-Office	100.0%		100.0	%	88.95		1,070,000	1,070,000	—	700,000		Facebook, Oath (Verizon), J. Crew
-Retail	100.0%		100.0	%	64.92		109,000	109,000	—	—		Ann Taylor Retail Inc., Bank of America, Kmart Corporation
	100.0%		100.0	%	86.73		1,179,000	1,179,000	—	700,000

One Park Avenue												New York University, Clarins USA Inc.,
												BMG Rights Management, Robert A.M. Stern Architect,
-Office	55.0%		99.0	%	55.21		862,000	862,000	—	300,000		automotiveMastermind
-Retail	55.0%		100.0	%	84.99		77,000	77,000	—	—		Bank of Baroda, Citibank, Equinox, Men's Wearhouse
	55.0%		99.1	%	57.65		939,000	939,000	—	300,000

4 Union Square South												Burlington Coat Factory, Whole Foods Market, DSW,
-Retail	100.0%		100.0	%	105.92		206,000	206,000	—	113,495		Forever 21
										.
692 Broadway
-Retail	100.0%		100.0	%	90.25		36,000	36,000	—	—		Equinox, Oath - formerly AOL (Verizon)

Other
-Retail	50.0%		—		—		36,000	—	36,000	30,000

Total Midtown South							2,396,000	2,360,000	36,000	1,143,495

- 35 -



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Rockefeller Center:
1290 Avenue of the Americas												AXA Equitable Life Insurance, Hachette Book Group Inc.,
												Bryan Cave LLP, Neuberger Berman Group LLC, SSB Realty LLC,
												Cushman & Wakefield, Fitzpatrick,
-Office	70.0	%	100.0	%	$	80.90	2,038,000	2,038,000	—	$	950,000	Cella, Harper & Scinto, Columbia University
-Retail	70.0	%	100.0	%	177.87		76,000	76,000	—	—		Duane Reade, JPMorgan Chase Bank, Sovereign Bank, Starbucks
	70.0	%	100.0	%	84.39		2,114,000	2,114,000	—	950,000

608 Fifth Avenue
(ground leased through 2033)
-Office	100.0	%	99.8	%	65.20		93,000	93,000	—	—
-Retail	100.0	%	100.0	%	471.33		44,000	44,000	—	—		Topshop
	100.0	%	99.9	%	195.64		137,000	137,000	—	—

Total Rockefeller Center							2,251,000	2,251,000	—	950,000
Wall Street/Downtown:
40 Fulton Street
-Office	100.0	%	87.7	%	41.33		246,000	246,000	—	—		Market News International Inc., Sapient Corp.
-Retail	100.0	%	100.0	%	108.26		5,000	5,000	—	—		TD Bank
	100.0	%	88.0	%	42.67		251,000	251,000	—	—

Soho:
478-486 Broadway - 2 buildings
-Retail	100.0	%	100.0	%	246.23		65,000	65,000	—	—		Topshop, Madewell, J. Crew
-Residential (10 units)	100.0	%	100.0	%			20,000	20,000	—	—
	100.0	%	100.0	%			85,000	85,000	—	—

443 Broadway
Retail	100.0	%	100.0	%	95.90		16,000	16,000	—	—		Necessary Clothing

304 Canal Street
-Retail	100.0	%	—		—		4,000	—	4,000	—
-Residential (4 units)	100.0	%	100.0	%			9,000	9,000	—	—
	100.0	%	100.0	%			13,000	9,000	4,000	—

334 Canal Street
-Retail	100.0	%	—		—		4,000	4,000	—	—
-Residential (4 units)	100.0	%	100.0	%			11,000	11,000	—	—
	100.0	%	73.3	%			15,000	15,000	—	—

155 Spring Street
-Retail	100.0	%	93.6	%	134.32		50,000	50,000	—	—		Vera Bradley

148 Spring Street
-Retail	100.0	%	100.0	%	186.12		8,000	8,000	—	—		Dr. Martens

150 Spring Street
-Retail	100.0	%	100.0	%	288.56		6,000	6,000	—	—		Sandro
-Residential (1 unit)	100.0	%	100.0	%			1,000	1,000	—	—
	100.0	%	100.0	%			7,000	7,000	—	—

Other
-Residential (26 units)	100.0	%	76.9	%			35,000	35,000	—	—

Total Soho							229,000	225,000	4,000	—

- 36 -



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Times Square:
1540 Broadway												Forever 21, Planet Hollywood, Disney, Sunglass Hut,
-Retail	100.0	%	100.0	%	$	260.16	161,000	161,000	—	$	—	MAC Cosmetics, U.S. Polo

1535 Broadway (Marriott Marquis - retail and signage)
(ground and building leased through 2032)
-Retail	100.0	%	95.3	%	1,017.97		44,000	44,000	—	—		T-Mobile, Invicta, Swatch Group USA, Levi's, Sephora
-Theatre	100.0	%	100.0	%	13.68		62,000	62,000	—	—		Nederlander-Marquis Theatre
	100.0	%	98.1	%	379.76		106,000	106,000	—	—

Total Times Square							267,000	267,000	—	—
Upper East Side:
828-850 Madison Avenue
-Retail	100.0	%	100.0	%	620.68		18,000	18,000	—	—		Gucci, Chloe, Cartier, Cho Cheng, Christofle Silver Inc.

677-679 Madison Avenue
-Retail	100.0	%	100.0	%	500.48		8,000	8,000	—	—		Berluti
-Residential (8 units)	100.0	%	75.0	%			5,000	5,000	—	—
	100.0	%	90.4	%			13,000	13,000	—	—

759-771 Madison Avenue (40 East 66th)
-Residential (5 units)	100.0	%	100.0	%			12,000	12,000	—	—
-Retail	100.0	%	66.7	%	1,074.62		11,000	11,000	—	—		John Varvatos, J. Crew
	100.0	%	84.1	%			23,000	23,000	—	—

1131 Third Avenue
Retail	100.0	%	100.0	%	160.23		23,000	23,000	—	—		Nike, Crunch LLC, J.Jill
Other
-Retail - 2 buildings	100.0	%	100.0	%	—		15,000	15,000	—	—
-Residential (8 units)	100.0	%	100.0	%			7,000	7,000	—	—
	100.0	%	100.0	%			22,000	22,000	—	—

Total Upper East Side							99,000	99,000	—	—

Long Island City:
33-00 Northern Boulevard (Center Building)
-Office	100.0	%	95.5	%	34.78		471,000	471,000	—	100,000		The City of New York, NYC Transit Authority

Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)
-Office	100.0	%	100.0	%	52.08		184,000	184,000	—	—		The City of New York

85 Tenth Avenue												Google, General Services Administration,
												Telehouse International Corp., L-3 Communications,
-Office	49.9	%	100.0	%	85.93		586,000	586,000	—	625,000		Moet Hennessy USA. Inc.
-Retail	49.9	%	100.0	%	78.68		43,000	43,000	—	—		IL Posto LLC, Toro NYC Restaurant, L'Atelier
	49.9	%	100.0	%	85.44		629,000	629,000	—	625,000

537 West 26th Street
-Retail	100	%	100	%			14,000	14,000	—	—

Total Chelsea/Meatpacking District							827,000	827,000	—	625,000

Upper West Side:
50-70 W 93rd Street
-Residential (325 units)	49.9	%	94.8	%			283,000	283,000	—	80,000

- 37 -



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Tribeca:
Independence Plaza, Tribeca
-Residential (1,327 units)	50.1	%	98.9	%			1,185,000	1,185,000	—	$	550,000
-Retail	50.1	%	100.0	%	$	54.62	72,000	60,000	12,000	—		Duane Reade, Food Emporium
	50.1	%	98.9	%			1,257,000	1,245,000	12,000	550,000

339 Greenwich Street
-Retail	100.0	%	100.0	%	105.00		8,000	8,000	—	—		Sarabeth's
Total Tribeca							1,265,000	1,253,000	12,000	550,000
New Jersey:
Paramus
-Office	100.0	%	94.7	%	22.89		129,000	129,000	—	—		Vornado's Administrative Headquarters

Washington D.C.:
3040 M Street
-Retail	100.0	%	100.0	%	71.99		44,000	44,000	—	—		Nike, Amazon

Properties to be Developed:
512 West 22nd Street
-Office	55.0	%	—		—		173,000	—	173,000	74,026

61 Ninth Avenue
(ground leased through 2115)
-Office	45.1	%	—		—		147,000	—	147,000	63,684		Aetna Life Insurance Company*
-Retail	45.1	%	100.0	%	287.61		23,000	23,000	—	—		Starbucks
	45.1	%	100.0	%	287.61		170,000	23,000	147,000	63,684

606 Broadway (19 East Houston Street)
-Office	50.0	%	—		—		23,000	—	23,000	—
-Retail	50.0	%	—		—		11,000	—	11,000	42,659
	50.0	%	—		—		34,000	—	34,000	42,659

Moynihan Office Building
(ground and building leased through 2116)
-Office	50.1	%	—		—		730,000	—	730,000	219,784
-Retail	50.1	%	—		—		120,000	—	120,000	—
	50.1	%	—		—		850,000	—	850,000	219,784

Total Properties to be Developed							1,227,000	23,000	1,204,000	400,153

New York Office:

Total			97.0	%	$	73.93	21,421,000	20,241,000	1,180,000	$	8,471,546

Vornado's Ownership Interest			96.8	%	$	71.83	17,611,000	16,965,000	646,000	$	5,752,563

New York Retail:

Total			95.4	%	$	224.28	2,888,000	2,671,000	217,000	$	1,649,290

Vornado's Ownership Interest			96.7	%	$	222.14	2,549,000	2,421,000	128,000	$	1,486,611

New York Residential:

Total			96.9	%			1,568,000	1,568,000	—	$	630,000

Vornado's Ownership Interest			96.9	%			835,000	835,000	—	$	315,470

- 38 -



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
ALEXANDER'S, INC.:
New York:
731 Lexington Avenue, Manhattan
-Office	32.4	%	100.0	%	$	116.25	889,000	889,000	—	$	500,000	Bloomberg
-Retail	32.4	%	99.4	%	192.88		174,000	174,000	—	350,000		Hennes & Mauritz, The Home Depot, The Container Store
	32.4	%	99.9	%	127.71		1,063,000	1,063,000	—	850,000

												Sears, Burlington Coat Factory,
Rego Park I, Queens (4.8 acres)	32.4	%	100.0	%	40.78		343,000	343,000	—	78,246		Bed Bath & Beyond, Marshalls

Rego Park II (adjacent to Rego Park I),
Queens (6.6 acres)	32.4	%	99.9	%	44.84		609,000	609,000	—	255,223		Century 21, Costco, Kohl's, TJ Maxx, Toys "R" Us

Flushing, Queens (5) (1.0 acre)	32.4	%	100.0	%	17.36		167,000	167,000	—	—		New World Mall LLC

The Alexander Apartment Tower,
Rego Park, Queens, NY
Residential (312 units)	32.4	%	92.6	%	—		255,000	255,000	—	—

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

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

Total Alexander's	32.4	%	99.1	%	78.57		2,437,000	2,437,000	—	1,251,469

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

Total New York			97.1	%	$	88.83	29,714,000	28,317,000	1,397,000	$	12,002,305

Vornado's Ownership Interest			96.9	%	$	75.88	23,185,000	22,411,000	774,000	$	7,960,120

____________________

* Lease not yet commenced.


(1)	Weighted average annual rent per square foot for office properties excludes garages and de minimis amounts of storage space. Weighted average annual rent per square foot for retail excludes non-selling space.


(2)	Represents the contractual debt obligations.


(3)	Excludes US Post Office leased through 2038 (including four five-year renewal options) for which the annual escalated rent is $12.30 PSF.


(4)	We have reclassified our 49.5% interest in 666 Fifth Avenue Office Condominium from "New York" to "Other" in all periods presented because we do not intend to hold this asset on a long-term basis. 75,000 square feet is leased from 666

Fifth Avenue Office Condominium.


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

- 39 -



OTHER
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
555 California Street:
555 California Street	70.0	%	97.4	%	$	75.36	1,506,000	1,506,000	—	$	566,688	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

315 Montgomery Street	70.0	%	100.0	%	67.59		235,000	235,000	—	—		Bank of America, Regus, Ripple Labs Inc., LendingHome Corporation
												Blue Shield*
345 Montgomery Street	70.0	%	—		—		64,000	—	64,000	—

Total 555 California Street			97.8	%	$	74.29	1,805,000	1,741,000	64,000	$	566,688

Vornado's Ownership Interest			97.8	%	$	74.29	1,264,000	1,219,000	45,000	$	396,682


theMART:
theMART, Chicago												Motorola Mobility (guaranteed by Google),
												CCC Information Services, Ogilvy Group (WPP),
												Publicis Groupe (MSL Group, Medicus Group, Razorfish),
												1871, Yelp Inc., Paypal, Inc., Allscripts Healthcare,
												Chicago School of Professional Psychology,
												Innovation Development Institute, Inc., Chicago Teachers Union,
-Office	100.0	%	99.5	%	$	37.95	2,043,000	2,043,000	—			ConAgra Foods Inc., Allstate Insurance Company,
												Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.,
-Showroom/Trade show	100.0	%	98.7	%	48.51		1,532,000	1,532,000	—			Allsteel Inc., Herman Miller Inc., Knoll Inc., Teknion LLC
-Retail	100.0	%	98.1	%	52.10		99,000	99,000	—
	100.0	%	99.1	%	42.69		3,674,000	3,674,000	—	$	675,000

Other (2 properties)	50.0	%	100.0	%	38.94		19,000	19,000	—	32,791

Total theMART			99.1	%	$	42.67	3,693,000	3,693,000	—	$	707,791

Vornado's Ownership Interest			99.1	%	$	42.67	3,684,000	3,684,000	—	$	691,396

____________________

* Lease not yet commenced.


(1)	Weighted average annual rent per square foot excludes ground rent, storage rent and garages.


(2)	Represents the contractual debt obligations.

- 40 -



REAL ESTATE FUND
PROPERTY TABLE
	Fund % Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	Fund % Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		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	%	$	232.54	96,000	96,000	—			Sephora, Bank of America
- Residential (39 units)	100.0	%	92.3	%			59,000	59,000	—
	100.0	%					155,000	155,000	—	$	145,271

Crowne Plaza Times Square
- Hotel (795 Keys)
- Retail	75.3	%	97.4	%	102.60		44,000	44,000	—
- Office	75.3	%	60.6	%	44.93		197,000	197,000	—			American Management Association
	75.3	%	67.3	%	55.46		241,000	241,000	—	310,000

501 Broadway	100.0	%	100.0	%	264.03		9,000	9,000	—	23,000		Capital One Financial Corporation

Miami, FL:
1100 Lincoln Road
- Retail	100.0	%	71.7	%	175.93		51,000	49,000	2,000			Banana Republic
- Theatre	100.0	%	100.0	%	39.38		79,000	79,000	—			Regal Cinema
	100.0	%	89.2	%	81.53		130,000	128,000	2,000	82,750

Total Real Estate Fund	88.8	%	82.4	%			535,000	533,000	2,000	$	561,021

Vornado's Ownership Interest	28.6	%	78.6	%			154,000	154,000	1,000	$	136,205

____________________


(1)	Weighted average annual rent per square foot excludes ground rent, storage rent and garages.

- 41 -



OTHER
PROPERTY TABLE
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet				Encumbrances (non-GAAP) (in thousands)⁽³⁾		Major Tenants
							Total Property	In Service		Under Development or Not Available for Lease
							Total Property	Owned by Company	Owned by Tenant⁽²⁾	Under Development or Not Available for Lease
OTHER:
New York:
666 Fifth Avenue Office Condominium⁽⁴⁾	49.5	%	—		$	—	1,448,000	—	—	1,448,000	$	1,414,941	Colliers International NY LLC,
													Integrated Holding Group, Vinson & Elkins LLP
													HSBC Bank USA, Citibank
Virginia:
Rosslyn Plaza⁽⁵⁾													General Services Administration,
Office - 4 buildings	46.2	%	65.9	%	44.33		736,000	432,000	—	304,000			Corporate Executive Board, Nathan Associates, Inc.
Residential - 2 buildings (197 units)	43.7	%	93.4	%			253,000	253,000	—	—
							989,000	685,000	—	304,000	40,148

Fashion Centre Mall⁽⁵⁾	7.5	%	98.1	%	48.79		868,000	868,000	—	—	410,000		Macy's, Nordstrom

Washington Tower⁽⁵⁾	7.5	%	100.0	%	50.8		170,000	170,000	—	—	40,000		Computer Science Corp.


New Jersey:
Wayne Town Center, Wayne	100.0	%	100.0	%	30.71		677,000	228,000	443,000	6,000	—		JCPenney, Costco, Dick's Sporting Goods,
(ground leased through 2064)													Nordstrom Rack, 24 Hour Fitness

Maryland:
Annapolis
(ground and building leased through 2042)	100.0	%	100.0	%	8.99		128,000	128,000	—	—	—		The Home Depot

Total Other			92.8	%	$	40.17	4,280,000	2,079,000	443,000	1,758,000	$	1,905,089

Vornado's Ownership Interest			93.6	%	$	31.13	2,050,000	744,000	443,000	863,000	$	754,385

____________________


(1)	Weighted average annual rent per square foot excludes ground rent, storage rent, garages and residential.


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


(3)	Represents the contractual debt obligations.


(4)	We have reclassified our 49.5% interest in 666 Fifth Avenue Office Condominium from "New York" to "Other" in all periods presented because we do not intend to hold this asset on a long-term basis.


(5)	Reclassified to Other from our former Washington, DC segment.

- 42 -

APPENDIX

NON-GAAP RECONCILIATIONS

- 43 -



NON-GAAP RECONCILIATIONS RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED
(unaudited and in thousands, except per share amounts)
		Three Months Ended
		March 31,						December 31, 2017
		2018			2017			December 31, 2017
Net (loss) income attributable to common shareholders	(A)	$	(17,841	)	$	47,752		$	27,319
Per diluted share		$	(0.09	)	$	0.25		$	0.14

Certain expense (income) items that impact net (loss) income attributable to common shareholders:
Decrease in fair value of marketable securities resulting from a new GAAP accounting standard effective January 1, 2018		$	34,660		$	—		$	—
Our share of potential additional New York City transfer taxes based on a Tax Tribunal interpretation which Vornado is appealing		23,503			—			—
Preferred share issuance costs		14,486			—			—
666 Fifth Avenue Office Condominium (49.5% interest)		3,492			10,197			3,042
Our share of real estate fund investments (excluding our $4,252 share of One Park Avenue potential additional transfer taxes and reduction in carried interest)		(814		)	3,235			(529		)
Loss (income) from discontinued operations (primarily related to JBG SMITH Properties operating results and transaction costs through July 17, 2017 spin-off)		363			(15,318		)	1,535
220 Central Park South deferred tax benefit adjustment		—			—			34,800
Write-off of unsecured notes issuance		—			—			4,836
Other		3,420			949			(3,002		)
		79,110			(937		)	40,682
Noncontrolling interests' share of above adjustments		(4,881		)	58			(2,522		)
Total of certain expense (income) items that impact net (loss) income attributable to common shareholders	(B)	$	74,229		$	(879	)	$	38,160
Per diluted share (non-GAAP)		$	0.39		$	—		$	0.20

Net income attributable to common shareholders, as adjusted (non-GAAP)	(A+B)	$	56,388		$	46,873		$	65,479
Per diluted share (non-GAAP)		$	0.30		$	0.25		$	0.34

- i -



NON-GAAP RECONCILIATIONS RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS
(unaudited and in thousands, except per share amounts)
		Three Months Ended
		March 31,						December 31, 2017
		2018			2017			December 31, 2017
Reconciliation of our net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):
Net (loss) income attributable to common shareholders	(A)	$	(17,841	)	$	47,752		$	27,319
Per diluted share		$	(0.09	)	$	0.25		$	0.14

FFO adjustments:
Depreciation and amortization of real property		$	100,410		$	130,469		$	106,017
Net gains on sale of real estate		—			(2,267		)	308
Proportionate share of adjustments to equity in net (loss) income of partially owned entities to arrive at FFO:
Depreciation and amortization of real property		28,106			39,074			28,247
Net gains on sale of real estate		(305		)	(1,853		)	(593		)
Real estate impairment losses		4			3,051			145
		128,215			168,474			134,124
Noncontrolling interests' share of above adjustments		(7,911		)	(10,517		)	(8,310		)
FFO adjustments, net	(B)	$	120,304		$	157,957		$	125,814

FFO attributable to common shareholders (non-GAAP)	(A+B)	$	102,463		$	205,709		$	153,133
Convertible preferred share dividends		16			20			18
FFO attributable to common shareholders plus assumed conversions (non-GAAP)		102,479			205,729			153,151
Add back of income allocated to noncontrolling interests of the Operating Partnership		6,939			13,784			10,372
FFO - OP Basis (non-GAAP)		$	109,418		$	219,513		$	163,523
FFO per diluted share (non-GAAP)		$	0.54		$	1.08		$	0.80

- ii -



NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED
(unaudited and in thousands, except per share amounts)
		Three Months Ended
		March 31,						December 31, 2017
		2018			2017			December 31, 2017
FFO attributable to common shareholders plus assumed conversions (non-GAAP) ⁽¹⁾	(A)	$	102,479		$	205,729		$	153,151
Per diluted share (non-GAAP)		$	0.54		$	1.08		$	0.80

Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions:
Decrease in fair value of marketable securities resulting from a new GAAP accounting standard effective January 1, 2018		$	34,660		$	—		$	—
Our share of potential additional New York City transfer taxes based on a Tax Tribunal interpretation which Vornado is appealing		23,503			—			—
Preferred share issuance costs		14,486			—			—
Our share of real estate fund investments (excluding our $4,252 share of One Park Avenue potential additional transfer taxes and reduction in carried interest)		(814		)	3,235			(529		)
FFO from discontinued operations (primarily related to JBG SMITH Properties operating results and transaction costs through July 17, 2017 spin-off)		363			(48,093		)	1,535
666 Fifth Avenue Office Condominium (49.5% interest)		137			(3,553		)	(1,103		)
Tax expense related to the reduction of our taxable REIT subsidiaries deferred tax assets		—			—			34,800
Expense related to the prepayment of our 2.50% senior unsecured notes due 2019		—			—			4,836
Other		3,721			(249		)	(2,863		)
		76,056			(48,660		)	36,676
Noncontrolling interests' share of above adjustments		(4,693		)	3,036			(2,274		)
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions	(B)	$	71,363		$	(45,624	)	$	34,402
Per diluted share		$	0.37		$	(0.24	)	$	0.18

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	(A+B)	$	173,842		$	160,105		$	187,553
Per diluted share (non-GAAP)		$	0.91		$	0.84		$	0.98

- iii -



NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD
(unaudited and in thousands)

		Three Months Ended
		March 31,						December 31, 2017
		2018			2017			December 31, 2017
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	(A)	$	102,479		$	205,729		$	153,151

Adjustments to arrive at FAD (non-GAAP):
Adjustments to FFO excluding FFO attributable to discontinued operations and sold properties		75,693			6,686			36,758
Recurring tenant improvements, leasing commissions and other capital expenditures		(48,545		)	(72,491		)	(62,636		)
Stock-based compensation expense		13,669			14,276			5,510
Amortization of acquired below-market leases, net		(10,144		)	(11,001		)	(10,908		)
Amortization of debt issuance costs		8,104			8,981			9,236
Straight-line rentals		(7,430		)	(15,522		)	(8,041		)
Non real estate depreciation		1,635			1,994			1,629
Noncontrolling interests' share of above adjustments		(2,035		)	4,186			1,764
	(B)	30,947			(62,891		)	(26,688		)

FAD (non-GAAP)	(A+B)	$	133,426		$	142,838		$	126,463

FAD payout ratio⁽¹⁾		90.0		%	94.7		%	90.9		%

_____________________________________________


(1)	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.

- iv -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET INCOME TO NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS

(unaudited and in thousands)



	For the Three Months Ended
	March 31,						December 31, 2017
	2018			2017
Net income	$	282		$	73,847		$	53,551

Deduct:
Loss (income) from partially owned entities	9,904			(1,358		)	(9,622		)
Loss (income) from real estate fund investments	8,807			(268		)	(4,889		)
Interest and other investment loss (income), net	24,384			(6,695		)	(8,294		)
Net gains on disposition of wholly owned and partially owned assets	—			(501		)	—
Loss (income) from discontinued operations	363			(15,318		)	(1,273		)
NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,312		)	(16,338		)	(16,533		)

Add:
Depreciation and amortization expense	108,686			105,128			114,166
General and administrative expense	43,633			47,237			35,139
Transaction related costs and other	13,156			752			703
NOI from partially owned entities	67,513			66,097			69,175
Interest and debt expense	88,166			82,724			93,073
Income tax expense	1,454			1,851			38,661
NOI at share	349,036			337,158			363,857
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(17,948		)	(20,481		)	(21,579		)
NOI at share - cash basis	$	331,088		$	316,677		$	342,278

- v -

NON-GAAP RECONCILIATIONS

COMPONENTS OF NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS

(unaudited and in thousands)



	For the Three Months Ended March 31,
	Total Revenues						Operating Expenses						NOI						Non-cash Adjustments⁽¹⁾						NOI - cash basis
	2018			2017			2018			2017			2018			2017			2018			2017			2018			2017
New York	$	448,484		$	426,239		$	197,916		$	183,107		$	250,568		$	243,132		$	(15,167	)	$	(18,910	)	$	235,401		$	224,222
Other	87,953			81,819			39,686			37,552			48,267			44,267			(665		)	(2,253		)	47,602			42,014
Consolidated total	536,437			508,058			237,602			220,659			298,835			287,399			(15,832		)	(21,163		)	283,003			266,236
Noncontrolling interests' share in consolidated subsidiaries	(27,050		)	(25,869		)	(9,738		)	(9,531		)	(17,312		)	(16,338		)	544			3,452			(16,768		)	(12,886		)
Our share of partially owned entities	110,300			109,481			42,787			43,384			67,513			66,097			(2,660		)	(2,770		)	64,853			63,327
Vornado's share	$	619,687		$	591,670		$	270,651		$	254,512		$	349,036		$	337,158		$	(17,948	)	$	(20,481	)	$	331,088		$	316,677



	For the Three Months Ended December 31, 2017
	Total Revenues			Operating Expenses			NOI			Non-cash Adjustments⁽¹⁾			NOI - cash basis
New York	$	462,597		$	195,421		$	267,176		$	(17,761	)	$	249,415
Other	73,629			29,590			44,039			160			44,199
Consolidated total	536,226			225,011			311,215			(17,601		)	293,614
Noncontrolling interests' share in consolidated subsidiaries	(26,594		)	(10,061		)	(16,533		)	315			(16,218		)
Our share of partially owned entities	114,677			45,502			69,175			(4,293		)	64,882
Vornado's share	$	624,309		$	260,452		$	363,857		$	(21,579	)	$	342,278

________________________________________


(1)	Includes adjustments for straight-line rents, amortization of acquired below-market leases, net and other.

NET OPERATING INCOME AT SHARE BY REGION

(unaudited)



	Three Months Ended March 31,
	2018		2017
Region:
New York City metropolitan area	88	%	88	%
Chicago, IL	8	%	8	%
San Francisco, CA	4	%	4	%
	100	%	100	%

- vi -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2018 COMPARED TO MARCH 31, 2017
(unaudited and in thousands)

	New York				theMART			555 California Street
NOI at share (non-GAAP) for the three months ended March 31, 2018	$	288,596			$	26,875		$	13,511
Less NOI at share from:
Acquisitions	(350		)		(85		)	—
Dispositions	40				—			—
Development properties placed into and out of service	(412		)		—			—
Lease termination income, net of straight-line and FAS 141 adjustments	(1,127		)		—			—
Other non-operating income, net	(579		)		—			—
Same store NOI at share (non-GAAP) for the three months ended March 31, 2018	$	286,168			$	26,790		$	13,511

NOI at share (non-GAAP) for the three months ended March 31, 2017	$	277,155			$	25,889		$	12,034
Less NOI at share from:
Acquisitions	—				31			—
Dispositions	(228		)		—			—
Development properties placed into and out of service	16				—			—
Lease termination income, net of straight-line and FAS 141 adjustments	(638		)		(20		)	—
Other non-operating income, net	(1,084		)		—			—
Same store NOI at share (non-GAAP) for the three months ended March 31, 2017	$	275,221			$	25,900		$	12,034

Increase in same store NOI at share for the three months ended March 31, 2018 compared to March 31, 2017	$	10,947			$	890		$	1,477

% increase in same store NOI at share	4.0		%	⁽¹⁾	3.4		%	12.3		%

____________________


(1)	Excluding Hotel Pennsylvania, same store NOI at share increased by 3.7% .

- vii -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2018 COMPARED TO DECEMBER 31, 2017
(unaudited and in thousands)

	New York				theMART				555 California Street
NOI at share (non-GAAP) for the three months ended March 31, 2018	$	288,596			$	26,875			$	13,511
Less NOI at share from:
Acquisitions	(109		)		(85		)		—
Dispositions	40				—				—
Development properties placed into and out of service	(412		)		—				—
Lease termination income, net of straight-line and FAS 141 adjustments	(1,127		)		—				—
Other non-operating income, net	(579		)		—				—
Same store NOI at share (non-GAAP) for the three months ended March 31, 2018	$	286,409			$	26,790			$	13,511

NOI at share (non-GAAP) for the three months ended December 31, 2017	$	304,228			$	24,249			$	12,003
Less NOI at share from:
Acquisitions	2				(46		)		—
Dispositions	(8		)		—				—
Development properties placed into and out of service	309				—				—
Lease termination income, net of straight-line and FAS 141 adjustments	(984		)		—				—
Other non-operating income, net	(16		)		—				—
Same store NOI at share (non-GAAP) for the three months ended December 31, 2017	$	303,531			$	24,203			$	12,003

(Decrease) increase in same store NOI at share for the three months ended March 31, 2018 compared to December 31, 2017	$	(17,122	)		$	2,587			$	1,508

% (decrease) increase in same store NOI at share	(5.6		)%	⁽¹⁾	10.7		%	⁽²⁾	12.6		%

____________________


(1)	Excluding Hotel Pennsylvania, same store NOI at share decreased by 2.2%.


(2)	Excluding tradeshows seasonality, same store NOI at share decreased by 0.7%.

- viii -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED MARCH 31, 2018 COMPARED TO MARCH 31, 2017
(unaudited and in thousands)

	New York				theMART			555 California Street
NOI at share - cash basis (non-GAAP) for the three months ended March 31, 2018	$	271,273			$	27,079		$	12,826
Less NOI at share - cash basis from:
Acquisitions	(200		)		(85		)	—
Dispositions	40				—			—
Development properties placed into and out of service	(603		)		—			—
Lease termination income	(1,061		)		—			—
Other non-operating income, net	(579		)		—			—
Same store NOI at share - cash basis (non-GAAP) for the three months ended March 31, 2018	$	268,870			$	26,994		$	12,826

NOI at share - cash basis (non-GAAP) for the three months ended March 31, 2017	$	258,783			$	24,532		$	11,325
Less NOI at share - cash basis from:
Acquisitions	—				31			—
Dispositions	(228		)		—			—
Development properties placed into and out of service	106				—			—
Lease termination income	(3,030		)		(31		)	—
Other non-operating income, net	(1,029		)		—			—
Same store NOI at share - cash basis (non-GAAP) for the three months ended March 31, 2017	$	254,602			$	24,532		$	11,325

Increase in same store NOI at share - cash basis for the three months ended March 31, 2018 compared to March 31, 2017	$	14,268			$	2,462		$	1,501

% increase in same store NOI at share - cash basis	5.6		%	⁽¹⁾	10.0		%	13.3		%

____________________


(1)	Excluding Hotel Pennsylvania, same store NOI at share - cash basis increased by 5.3%.

- ix -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED MARCH 31, 2018 COMPARED TO DECEMBER 31, 2017
(unaudited and in thousands)

	New York				theMART				555 California Street
NOI at share - cash basis (non-GAAP) for the three months ended March 31, 2018	$	271,273			$	27,079			$	12,826
Less NOI at share - cash basis from:
Acquisitions	(109		)		(85		)		—
Dispositions	40				—				—
Development properties placed into and out of service	(603		)		—				—
Lease termination income	(1,061		)		—				—
Other non-operating income, net	(579		)		—				—
Same store NOI at share - cash basis (non-GAAP) for the three months ended March 31, 2018	$	268,961			$	26,994			$	12,826

NOI at share - cash basis (non-GAAP) for the three months ended December 31, 2017	$	282,787			$	24,396			$	11,916
Less NOI at share - cash basis from:
Acquisitions	2				(46		)		—
Dispositions	(8		)		—				—
Development properties placed into and out of service	253				—				—
Lease termination income	(1,393		)		—				—
Other non-operating income, net	(16		)		—				—
Same store NOI at share - cash basis (non-GAAP) for the three months ended December 31, 2017	$	281,625			$	24,350			$	11,916

(Decrease) increase in same store NOI at share - cash basis for the three months ended March 31, 2018 compared to December 31, 2017	$	(12,664	)		$	2,644			$	910

% (decrease) increase in same store NOI at share - cash basis	(4.5		)%	⁽¹⁾	10.9		%	⁽²⁾	7.6		%

____________________


(1)	Excluding Hotel Pennsylvania, same store NOI at share - cash basis decreased by 0.8%.


(2)	Excluding tradeshows seasonality, same store NOI at share - cash basis decreased by 0.5%.

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NON-GAAP RECONCILIATIONS
RECONCILIATION OF CONSOLIDATED REVENUES TO OUR PRO RATA SHARE OF REVENUES (ANNUALIZED)
(unaudited and in thousands)

	Three Months Ended March 31, 2018
Consolidated revenues	$	536,437
Noncontrolling interest adjustments	(27,050		)
Consolidated revenues at our share (non-GAAP)	509,387
Unconsolidated revenues at our share, excluding Toys "R" Us, Inc.	110,300
Our pro rata share of revenues (non-GAAP)	$	619,687
Our pro rata share of revenues (annualized) (non-GAAP)	$	2,478,748



RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONTRACTUAL DEBT (NON-GAAP)
(unaudited and in thousands)

	Three Months Ended March 31, 2018
	Consolidated Debt, net		Deferred Financing Costs, Net and Other		Contractual Debt (non-GAAP)
Mortgages payable	$	8,102,238	$	62,480	$	8,164,718
Senior unsecured notes	843,125		6,875		850,000
$750 Million unsecured term loan	749,114		886		750,000
$2.5 Billion unsecured revolving credit facilities	80,000		—		80,000
	$	9,774,477	$	70,241	$	9,844,718

- xi -

EBITDAre (i.e., EBITDA for real estate companies) is a non-GAAP financial measure established by NAREIT, which may not be comparable to EBITDA reported by other REITs that do not compute EBITDA in accordance with the NAREIT definition. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as GAAP net income (loss), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property including losses and gains on change of control, plus impairment write-downs of depreciated property and of investments in unconsolidated joint ventures caused by a decrease in value of depreciated property in the joint venture, plus adjustments to reflect the entity's share of EBITDA of unconsolidated joint ventures.



		Three Months Ended
		March 31,					December 31, 2017
		2018		2017			December 31, 2017
Reconciliation of net income to EBITDAre (non-GAAP):
Net income	(A)	$	282	$	73,847		$	53,551

EBITDAre adjustments:
Depreciation and amortization (March 31, 2017 includes $33,683 of discontinued operations)		108,687		138,811			114,166
Interest and debt expense (March 31, 2017 includes $11,561 of discontinued operations)		88,166		94,285			93,073
Income tax expense (March 31, 2017 includes $354 of discontinued operations)		1,454		2,205			38,453
Net (gains) losses on sale of depreciable assets		—		(2,267		)	308
Adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures		61,877		68,266			61,844
	(B)	260,184		301,300			307,844

EBITDAre (non-GAAP)	(A+B)	$	260,466	$	375,147		$	361,395

- xii -



NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED
(unaudited and in thousands)
		Three Months Ended
		March 31,						December 31, 2017
		2018			2017			December 31, 2017
EBITDAre (non-GAAP)	(A)	$	260,466		$	375,147		$	361,395

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(B)	(4,314		)	(18,813		)	(20,352		)

Certain expense (income) items that impact EBITDAre:
Decrease in fair value of marketable securities resulting from a new GAAP accounting standard effective January 1, 2018		34,660			—			—
Our share of potential additional New York City transfer taxes based on a Tax Tribunal interpretation which Vornado is appealing		23,503			—			—
666 Fifth Avenue Office Condominium (49.5% interest)		(6,648		)	(6,149		)	(6,553		)
Our share of real estate fund investments (excluding our $4,252 share of One Park Avenue potential additional transfer taxes and reduction in carried interest)		(814		)	3,235			(529		)
EBITDAre from discontinued operations (primarily related to JBG SMITH Properties operating results and transaction costs through July 17, 2017 spin-off)		363			(62,092		)	(758		)
Other		1,192			(249		)	(560		)
	(C)	52,256			(65,255		)	(8,400		)

EBITDAre, as adjusted (non-GAAP)	(A+B+C)	$	308,408		$	291,079		$	332,643

- xiii -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET INCOME TO EBITDAre

(unaudited and in thousands)