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

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EX-99.1 - EXHIBIT 99.1 - VORNADO REALTY TRUST	vno-093018x8kxexhibit991xe.htm
8-K - FORM 8-K - VORNADO REALTY TRUST	vno-093018x8k.htm



INDEX
	Page

BUSINESS DEVELOPMENTS	3	-	4

FINANCIAL INFORMATION
Financial Highlights	5
Net Income (Loss) Attributable to Common Shareholders (Consolidated and by Segment)	6	-	9
Net Operating Income at Share (by Segment and by Subsegment)	10	-	12
Same Store NOI at Share and NOI at Share - Cash Basis	13
NOI at Share By Region	13
Consolidated Balance Sheets	14

LEASING ACTIVITY AND LEASE EXPIRATIONS
Leasing Activity	15	-	16
Leasing Expirations	17	-	19

NET ASSET VALUE/TRAILING TWELVE MONTHS NET OPERATING INCOME AT SHARE
Annual NAV Summary - provided in our year-end supplemental	N/A
Trailing Twelve Month Pro-Forma Cash Net Operating Income at share	20

DEBT AND CAPITALIZATION
Capital Structure	21
Common Shares Data	22
Debt Analysis	23
Debt Maturities	24

UNCONSOLIDATED JOINT VENTURES	25	-	27

DEVELOPMENT ACTIVITY AND CAPITAL EXPENDITURES
Development/Redevelopment Summary	28
Capital Expenditures, Tenant Improvements and Leasing Commissions	29	-	33

PROPERTY STATISTICS
Square Footage	34
Top 30 Tenants	35
Occupancy and Residential Statistics	36
Property Table	37	-	47

EXECUTIVE OFFICERS AND RESEARCH COVERAGE	48

APPENDIX: DEFINTIONS AND NON-GAAP RECONCILIATIONS
Definitions	i
Reconciliations	ii	-	xvi

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.

- 2 -



BUSINESS DEVELOPMENTS

Acquisition Activities

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.

1535 Broadway

On July 30, 2012, we entered into a lease with Host Hotels & Resorts, Inc. (NYSE: HST) (“Host”), under which we redeveloped the retail and signage components of the Marriott Times Square Hotel. We accounted for this lease as a “capital lease” and recorded a $240,000,000 capital lease asset and liability. On September 21, 2018, we acquired the retail condominium from Host for $442,000,000 (inclusive of the $240,000,000 capital lease liability). The original lease transaction provided that we would become the 100% owner through a put/call arrangement, based on a pre-negotiated formula. This transaction satisfies the put/call arrangement. Our 100% fee interest includes 45,000 square feet of retail, the 1,611 seat Marquis Theater and the largest digital sign in New York with a 330 linear foot, 25,000 square foot display.

Disposition Activities

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.

27 Washington Square North

On June 21, 2018, we completed the $45,000,000 sale of 27 Washington Square North, which resulted in a net gain of $23,559,000 which is included in “net gains on disposition of wholly owned and partially owned assets” on our consolidated statements of income. We acquired the property in December 2015 for $20,000,000.

666 Fifth Avenue Office Condominium

On August 3, 2018, we completed the sale of our 49.5% interests in the 666 Fifth Avenue Office Condominium. We received net proceeds of $120,000,000 and recognized a financial statement gain of $134,032,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income for the three and nine months ended September 30, 2018. The gain for tax purposes was approximately $244,000,000. We continue to own all of the 666 Fifth Avenue Retail Condominium encompassing the Uniqlo, Tissot and Hollister stores with 125 linear feet of frontage on Fifth Avenue between 52nd and 53rd Street.

Concurrently with the sale of our interests, the existing mortgage loan on the property was repaid and we received net proceeds of $55,244,000 for the participation we held in the mortgage loan. We recognized a financial statement gain of $7,308,000, which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income for the three and nine months ended September 30, 2018.

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BUSINESS DEVELOPMENTS

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.

On April 19, 2018, the joint venture between our Fund (25% owned) and our Crowne Plaza Joint Venture (57.1% owned) completed a $255,000,000 refinancing of the Crowne Plaza Times Square Hotel. The interest-only loan is at LIBOR plus 3.51% (5.66% at September 30, 2018) and matures in May 2020 with three one-year extension options. In connection therewith, the joint venture purchased an interest rate cap that caps LIBOR at a rate of 4.00%. The Crowne Plaza Times Square Hotel was previously encumbered by a $310,000,000 interest-only mortgage at LIBOR plus 2.80%, which was scheduled to mature in December 2018.

On June 11, 2018, the joint venture (50.1% owned) that owns Independence Plaza, a three-building 1,327 unit residential complex in the Tribeca submarket of Manhattan completed a $675,000,000 refinancing of Independence Plaza. The seven-year interest-only loan matures in July 2025 and has a fixed rate of 4.25%. Our share of net proceeds, after repayment of the existing 3.48% $550,000,000 mortgage and closing costs, was $55,618,000.

On August 9, 2018, we completed a $120,000,000 refinancing of 4 Union Square South, a 206,000 square foot Manhattan retail property. The interest-only loan carries a rate of LIBOR plus 1.40% (3.50% as of September 30, 2018) and matures in 2025, as extended. The property was previously encumbered by a $113,000,000 mortgage at LIBOR plus 2.15%, which was scheduled to mature in 2019.

On October 26, 2018, we extended our $750,000,000 unsecured term loan from October 2020 to February 2024. The interest rate on the extended unsecured term loan was lowered from LIBOR plus 1.15% to LIBOR plus 1.00% (3.30% as of October 26, 2018).

Third Quarter Leasing Activity

312,000 square feet of New York Office space (308,000 square feet at share) at an initial rent of $67.35 per square foot and a weighted average term of 9.5 years. The GAAP and cash mark-to-markets on the 203,000 square feet of second generation space were positive 26.5% and 11.8%, respectively. Tenant improvements and leasing commissions were $9.52 per square foot per annum, or 14.1% of initial rent.

104,000 square feet of New York Retail space (99,000 square feet at share) at an initial rent of $135.05 per square foot and a weighted average term of 5.7 years. The GAAP and cash mark-to-markets on the 95,000 square feet of second generation space were negative 40.0% (resulting from an accounting adjustment at acquisition of the property in 2015 under which we marked the rent up to market) and positive 36.3%, respectively. Tenant improvements and leasing commissions were $3.24 per square foot per annum, or 2.4% of initial rent.

28,000 square feet at theMART (all at share) at an initial rent of $57.92 per square foot and a weighted average term of 7.4 years. The GAAP and cash mark-to-markets on the 23,000 square feet of second generation space were positive 14.4% and 1.9%, respectively. Tenant improvements and leasing commissions were $2.91 per square foot per annum, or 5.0% of initial rent.

160,000 square feet at 555 California Street (112,000 square feet at share) at an initial rent of $91.16 per square foot and a weighted average term of 12.1 years. The GAAP and cash mark-to-markets on the 33,000 square feet of second generation space were positive 30.4% and 10.4%, respectively. Tenant improvements and leasing commissions were $8.41 per square foot per annum, or 9.2% of initial rent.

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FINANCIAL HIGHLIGHTS
(unaudited and in thousands, except per share amounts)
	For the Three Months Ended									For the Nine Months Ended September 30,
	September 30,						June 30, 2018			For the Nine Months Ended September 30,
	2018			2017			June 30, 2018			2018			2017
Total revenues	$	542,048		$	528,755		$	541,818		$	1,620,303		$	1,547,900

Net income (loss) attributable to common shareholders	$	190,645		$	(29,026	)	$	111,534		$	284,338		$	134,698
Per common share:
Basic	$	1.00		$	(0.15	)	$	0.59		$	1.50		$	0.71
Diluted	$	1.00		$	(0.15	)	$	0.58		$	1.49		$	0.71

Net income attributable to common shareholders, as adjusted (non-GAAP)	$	66,160		$	72,998		$	70,433		$	192,948		$	187,293
Per diluted share (non-GAAP)	$	0.35		$	0.38		$	0.37		$	1.01		$	0.98

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	185,635		$	185,126		$	187,678		$	547,547		$	525,478
Per diluted share (non-GAAP)	$	0.97		$	0.97		$	0.98		$	2.86		$	2.75

FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	182,516		$	100,178		$	209,680		$	494,941		$	564,431
FFO - Operating Partnership Basis ("OP Basis") (non-GAAP)	$	194,873		$	106,954		$	223,851		$	528,150		$	601,660
Per diluted share (non-GAAP)	$	0.95		$	0.52		$	1.10		$	2.59		$	2.95

Dividends per common share	$	0.63		$	0.60		$	0.63		$	1.89		$	2.02		⁽¹⁾

FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)	64.9		%	61.9		%	64.3		%	66.1		%	73.5		%
FAD payout ratio	80.8		%	87.0		%	92.6		%	87.5		%	88.2		%

Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share (REIT basis)	191,327			190,893			191,168			191,292			191,304
Convertible units:
Class A	11,858			11,707			11,864			11,857			11,692
D-13	635			594			680			673			510
G1-G4	52			52			54			54			53
Equity awards - unit equivalents	409			558			322			251			363
Weighted average shares used in determining FFO attributable to Class A unitholders plus assumed conversions per diluted share (OP Basis)	204,281			203,804			204,088			204,127			203,922

______________


(1)	Includes dividends related to the operations of properties included in the July 17, 2017 spin-off of JBG SMITH Properties (NYSE: JBGS).

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CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS
(unaudited and in thousands)
	For the Three Months Ended
	September 30,									June 30, 2018
	2018			2017			Inc (Dec)			June 30, 2018
Property rentals	$	427,030		$	411,838		$	15,192		$	431,377
Straight-lining of rents	157			9,170			(9,013		)	2,692
Amortization of acquired below-market leases, net	10,373			11,054			(681		)	10,526
Total property rentals	437,560			432,062			5,498			444,595
Tenant expense reimbursements	66,387			63,401			2,986			58,312
Fee and other income:
BMS cleaning fees	28,873			26,429			2,444			30,867
Management and leasing fees	4,734			2,330			2,404			2,707
Lease termination fees	356			991			(635		)	804
Other income	4,138			3,542			596			4,533
Total revenues	542,048			528,755			13,293			541,818
Operating expenses	235,575			225,226			10,349			235,981
Depreciation and amortization	113,169			104,972			8,197			111,846
General and administrative	31,977			34,286			(2,309		)	34,427
Expense from deferred compensation plan liability	1,861			1,975			(114		)	2,077
Transaction related costs and other	2,510			61			2,449			1,017
Total expenses	385,092			366,520			18,572			385,348
Operating income	156,956			162,235			(5,279		)	156,470
Income (loss) from partially owned entities	7,206			(41,801		)	49,007			8,757
(Loss) from real estate fund investments	(190		)	(6,308		)	6,118			(28,976		)
Interest and other investment income, net	2,893			7,331			(4,438		)	30,892
Income from deferred compensation plan assets	1,861			1,975			(114		)	2,077
Interest and debt expense	(88,951		)	(85,068		)	(3,883		)	(87,657		)
Net gains on disposition of wholly owned and partially owned assets	141,269			—			141,269			23,559
Income before income taxes	221,044			38,364			182,680			105,122
Income tax expense	(1,943		)	(1,188		)	(755		)	(467		)
Income from continuing operations	219,101			37,176			181,925			104,655
Income (loss) from discontinued operations	61			(47,930		)	47,991			683
Net income (loss)	219,162			(10,754		)	229,916			105,338
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	(3,312		)	(4,022		)	710			26,175
Operating Partnership	(12,671		)	1,878			(14,549		)	(7,445		)
Net income (loss) attributable to Vornado	203,179			(12,898		)	216,077			124,068
Preferred share dividends	(12,534		)	(16,128		)	3,594			(12,534		)
Net income (loss) attributable to common shareholders	$	190,645		$	(29,026	)	$	219,671		$	111,534

Capitalized expenditures:
Leasing payroll	$	1,444		$	1,280		$	164		$	1,358
Development payroll	$	2,771		$	1,495		$	1,276		$	3,249
Interest and debt expense	$	18,238		$	12,584		$	5,654		$	16,754

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CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
(unaudited and in thousands)
	For the Nine Months Ended September 30,
	2018			2017			Inc (Dec)
Property rentals	$	1,280,506		$	1,209,783		$	70,723
Straight-lining of rents	10,279			31,056			(20,777		)
Amortization of acquired below-market leases, net	31,480			34,758			(3,278		)
Total property rentals	1,322,265			1,275,597			46,668
Tenant expense reimbursements	185,009			174,091			10,918
Fee and other income:
BMS cleaning fees	88,095			75,925			12,170
Management and leasing fees	10,205			7,382			2,823
Lease termination fees	1,505			5,947			(4,442		)
Other income	13,224			8,958			4,266
Total revenues	1,620,303			1,547,900			72,403
Operating expenses	709,158			661,585			47,573
Depreciation and amortization	333,701			315,223			18,478
General and administrative	108,937			115,866			(6,929		)
Expense from deferred compensation plan liability	3,534			5,233			(1,699		)
Transaction related costs and other	16,683			1,073			15,610
Total expenses	1,172,013			1,098,980			73,033
Operating income	448,290			448,920			(630		)
Income from partially owned entities	6,059			5,578			481
Loss from real estate fund investments	(37,973		)	(1,649		)	(36,324		)
Interest and other investment income, net	9,401			22,567			(13,166		)
Income from deferred compensation plan assets	3,534			5,233			(1,699		)
Interest and debt expense	(264,774		)	(252,581		)	(12,193		)
Net gains on disposition of wholly owned and partially owned assets	164,828			501			164,327
Income before income taxes	329,365			228,569			100,796
Income tax expense	(4,964		)	(3,491		)	(1,473		)
Income from continuing operations	324,401			225,078			99,323
Income (loss) from discontinued operations	381			(14,501		)	14,882
Net income	324,782			210,577			114,205
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	31,137			(18,436		)	49,573
Operating Partnership	(18,992		)	(9,057		)	(9,935		)
Net income attributable to Vornado	336,927			183,084			153,843
Preferred share dividends	(38,103		)	(48,386		)	10,283
Preferred share issuance costs	(14,486		)	—			(14,486		)
Net income attributable to common shareholders	$	284,338		$	134,698		$	149,640

Capitalized expenditures:
Leasing payroll	$	3,883		$	3,494		$	389
Development payroll	$	7,996		$	4,334		$	3,662
Interest and debt expense	$	49,718		$	34,979		$	14,739

- 7 -

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT

(unaudited and in thousands)



	For the Three Months Ended September 30, 2018
	Total			New York			Other
Property rentals	$	427,030		$	356,128		$	70,902
Straight-lining of rents	157			(175		)	332
Amortization of acquired below-market leases, net	10,373			10,074			299
Total property rentals	437,560			366,027			71,533
Tenant expense reimbursements	66,387			59,057			7,330
Fee and other income:
BMS cleaning fees	28,873			31,328			(2,455		)
Management and leasing fees	4,734			4,439			295
Lease termination fees	356			58			298
Other income	4,138			1,537			2,601
Total revenues	542,048			462,446			79,602
Operating expenses	235,575			200,949			34,626
Depreciation and amortization	113,169			90,957			22,212
General and administrative	31,977			9,226			22,751
Expense from deferred compensation plan liability	1,861			—			1,861
Transaction related costs and other	2,510			—			2,510
Total expenses	385,092			301,132			83,960
Operating income (loss)	156,956			161,314			(4,358		)
Income from partially owned entities	7,206			3,889			3,317
Loss from real estate fund investments	(190		)	—			(190		)
Interest and other investment income, net	2,893			1,590			1,303
Income from deferred compensation plan assets	1,861			—			1,861
Interest and debt expense	(88,951		)	(63,048		)	(25,903		)
Net gains (losses) on disposition of wholly owned and partially owned assets	141,269			(71		)	141,340
Income before income taxes	221,044			103,674			117,370
Income tax (expense) benefit	(1,943		)	(1,997		)	54
Income from continuing operations	219,101			101,677			117,424
Income from discontinued operations	61			—			61
Net income	219,162			101,677			117,485
Less net income attributable to noncontrolling interests in:
Consolidated subsidiaries	(3,312		)	(1,844		)	(1,468		)
Operating Partnership	(12,671		)	—			(12,671		)
Net income attributable to Vornado	203,179			99,833			103,346
Preferred share dividends	(12,534		)	—			(12,534		)
Net income attributable to common shareholders for the three months ended September 30, 2018	$	190,645		$	99,833		$	90,812
Net (loss) income attributable to common shareholders for the three months ended September 30, 2017	$	(29,026	)	$	110,612		$	(139,638	)

- 8 -

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT

(unaudited and in thousands)



	For the Nine Months Ended September 30, 2018
	Total			New York			Other
Property rentals	$	1,280,506		$	1,056,701		$	223,805
Straight-lining of rents	10,279			8,254			2,025
Amortization of acquired below-market leases, net	31,480			30,584			896
Total property rentals	1,322,265			1,095,539			226,726
Tenant expense reimbursements	185,009			164,297			20,712
Fee and other income:
BMS cleaning fees	88,095			94,888			(6,793		)
Management and leasing fees	10,205			9,384			821
Lease termination fees	1,505			766			739
Other income	13,224			4,608			8,616
Total revenues	1,620,303			1,369,482			250,821
Operating expenses	709,158			599,768			109,390
Depreciation and amortization	333,701			267,717			65,984
General and administrative	108,937			30,475			78,462
Expense from deferred compensation plan liability	3,534			—			3,534
Transaction related costs and other	16,683			13,103			3,580
Total expenses	1,172,013			911,063			260,950
Operating income (loss)	448,290			458,419			(10,129		)
Income from partially owned entities	6,059			5,182			877
Loss from real estate fund investments	(37,973		)	—			(37,973		)
Interest and other investment income, net	9,401			4,611			4,790
Income from deferred compensation plan assets	3,534			—			3,534
Interest and debt expense	(264,774		)	(186,670		)	(78,104		)
Net gains on disposition of wholly owned and partially owned assets	164,828			23,488			141,340
Income before income taxes	329,365			305,030			24,335
Income tax expense	(4,964		)	(4,011		)	(953		)
Income from continuing operations	324,401			301,019			23,382
Income from discontinued operations	381			—			381
Net income	324,782			301,019			23,763
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	31,137			(639		)	31,776
Operating Partnership	(18,992		)	—			(18,992		)
Net income attributable to Vornado	336,927			300,380			36,547
Preferred share dividends	(38,103		)	—			(38,103		)
Preferred share issuance costs	(14,486		)	—			(14,486		)
Net income (loss) attributable to common shareholders for the nine months ended September 30, 2018	$	284,338		$	300,380		$	(16,042	)
Net income (loss) attributable to common shareholders for the nine months ended September 30, 2017	$	134,698		$	308,664		$	(173,966	)

- 9 -

NET OPERATING INCOME AT SHARE BY SEGMENT

(unaudited and in thousands)



	For the Three Months Ended September 30, 2018
	Total			New York			Other
Total revenues	$	542,048		$	462,446		$	79,602
Operating expenses	235,575			200,949			34,626
NOI - consolidated	306,473			261,497			44,976
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,943		)	(11,348		)	(5,595		)
Add: Our share of NOI from partially owned entities	60,094			47,179			12,915
NOI at share	349,624			297,328			52,296
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(8,743		)	(9,125		)	382
NOI at share - cash basis	$	340,881		$	288,203		$	52,678



	For the Three Months Ended September 30, 2017
	Total			New York			Other
Total revenues	$	528,755		$	453,609		$	75,146
Operating expenses	225,226			192,430			32,796
NOI - consolidated	303,529			261,179			42,350
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,171		)	(11,464		)	(4,707		)
Add: Our share of NOI from partially owned entities	66,876			48,779			18,097
NOI at share	354,234			298,494			55,740
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(22,307		)	(21,092		)	(1,215		)
NOI at share - cash basis	$	331,927		$	277,402		$	54,525



	For the Three Months Ended June 30, 2018
	Total			New York			Other
Total revenues	$	541,818		$	458,552		$	83,266
Operating expenses	235,981			200,903			35,078
NOI - consolidated	305,837			257,649			48,188
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,160		)	(11,560		)	(5,600		)
Add: Our share of NOI from partially owned entities	65,752			49,778			15,974
NOI at share	354,429			295,867			58,562
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(12,481		)	(12,713		)	232
NOI at share - cash basis	$	341,948		$	283,154		$	58,794

________________________________________

See Appendix page vii for details of NOI at share components.

- 10 -

NET OPERATING INCOME AT SHARE BY SEGMENT

(unaudited and in thousands)



	For the Nine Months Ended September 30, 2018
	Total			New York			Other
Total revenues	$	1,620,303		$	1,369,482		$	250,821
Operating expenses	709,158			599,768			109,390
NOI - consolidated	911,145			769,714			141,431
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(51,415		)	(34,653		)	(16,762		)
Add: Our share of NOI from partially owned entities	193,359			146,730			46,629
NOI at share	1,053,089			881,791			171,298
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(39,172		)	(39,161		)	(11		)
NOI at share - cash basis	$	1,013,917		$	842,630		$	171,287



	For the Nine Months Ended September 30, 2017
	Total			New York			Other
Total revenues	$	1,547,900		$	1,316,710		$	231,190
Operating expenses	661,585			561,249			100,336
NOI - consolidated	886,315			755,461			130,854
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(48,778		)	(34,251		)	(14,527		)
Add: Our share of NOI from partially owned entities	199,989			140,627			59,362
NOI at share	1,037,526			861,837			175,689
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(65,263		)	(57,761		)	(7,502		)
NOI at share - cash basis	$	972,263		$	804,076		$	168,187

________________________________________

See Appendix page vii for details of NOI at share components.

- 11 -

NET OPERATING INCOME AT SHARE BY SUBSEGMENT

(unaudited and in thousands)



	For the Three Months Ended						For the Nine Months Ended September 30,
	September 30,				June 30, 2018		For the Nine Months Ended September 30,
	2018		2017		June 30, 2018		2018		2017
NOI at share:
New York:
Office	$	184,146	$	185,169	$	184,867	$	556,169	$	531,702
Retail	92,858		90,088		87,109		267,876		269,091
Residential	5,202		5,981		6,338		17,681		18,450
Alexander's	10,626		11,937		11,909		34,110		35,646
Hotel Pennsylvania	4,496		5,319		5,644		5,955		6,948
Total New York	297,328		298,494		295,867		881,791		861,837

Other:
theMART	25,257		26,019		27,816		79,948		78,090
555 California Street	13,515		11,519		13,660		40,686		35,585
Other investments	13,524		18,202		17,086		50,664		62,014
Total Other	52,296		55,740		58,562		171,298		175,689

NOI at share	$	349,624	$	354,234	$	354,429	$	1,053,089	$	1,037,526



NOI at share - cash basis:
New York:
Office	$	181,575	$	172,741	$	180,710	$	540,484	$	503,052
Retail	84,976		81,612		79,139		243,704		240,998
Residential	5,358		5,417		5,463		16,420		16,301
Alexander's	11,774		12,280		12,098		35,911		36,679
Hotel Pennsylvania	4,520		5,352		5,744		6,111		7,046
Total New York	288,203		277,402		283,154		842,630		804,076

Other:
theMART	26,234		25,417		27,999		81,312		74,846
555 California Street	13,070		10,889		13,808		39,704		33,365
Other investments	13,374		18,219		16,987		50,271		59,976
Total Other	52,678		54,525		58,794		171,287		168,187

NOI at share - cash basis	$	340,881	$	331,927	$	341,948	$	1,013,917	$	972,263

- 12 -



		Total		New York⁽²⁾		theMART			555 California Street
Same store NOI at share % increase (decrease)⁽¹⁾:
	Three months ended September 30, 2018 compared to September 30, 2017	0.9	%	0.6	%	(3.8	)%		17.2	%
	Nine months ended September 30, 2018 compared to September 30, 2017	3.3	%	3.0	%	1.6	%		14.3	%
	Three months ended September 30, 2018 compared to June 30, 2018	(0.4	)%	0.6	%	(9.8	)%	⁽³⁾	(1.2	)%

Same store NOI at share - cash basis % increase (decrease):
	Three months ended September 30, 2018 compared to September 30, 2017	4.3	%	3.9	%	2.2	%		19.9	%
	Nine months ended September 30, 2018 compared to September 30, 2017	5.9	%	5.2	%	7.6	%		19.0	%
	Three months ended September 30, 2018 compared to June 30, 2018	0.9	%	2.0	%	(6.7	)%	⁽³⁾	(5.4	)%

____________________



(1)	See pages viii through xiii in the Appendix for same store NOI at share and same store NOI at share - cash basis reconciliations.
		Increase
(2)	Excluding Hotel Pennsylvania, same store NOI at share % increase:
	Three months ended September 30, 2018 compared to September 30, 2017	1.0	%
	Nine months ended September 30, 2018 compared to September 30, 2017	3.1	%
	Three months ended September 30, 2018 compared to June 30, 2018	1.0	%

	Excluding Hotel Pennsylvania, same store NOI at share - cash basis % increase:
	Three months ended September 30, 2018 compared to September 30, 2017	4.3	%
	Nine months ended September 30, 2018 compared to September 30, 2017	5.3	%
	Three months ended September 30, 2018 compared to June 30, 2018	2.5	%

(3)	Excluding tradeshows which are seasonal, same store NOI at share decreased by 4.4% and same store NOI at share - cash basis decreased by 0.3%.

NOI AT SHARE BY REGION

(unaudited)



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2018		2017		2018		2017
Region:
New York City metropolitan area	88	%	88	%	88	%	88	%
Chicago, IL	8	%	8	%	8	%	8	%
San Francisco, CA	4	%	4	%	4	%	4	%
	100	%	100	%	100	%	100	%

- 13 -



CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands)
	As of						Increase (Decrease)
	September 30, 2018			December 31, 2017			Increase (Decrease)
ASSETS
Real estate, at cost:
Land	$	3,306,264		$	3,143,648		$	162,616
Buildings and improvements	10,083,313			9,898,605			184,708
Development costs and construction in progress	1,579,628			1,615,101			(35,473		)
Leasehold improvements and equipment	106,945			98,941			8,004
Total	15,076,150			14,756,295			319,855
Less accumulated depreciation and amortization	(3,109,361		)	(2,885,283		)	(224,078		)
Real estate, net	11,966,789			11,871,012			95,777
Cash and cash equivalents	772,524			1,817,655			(1,045,131		)
Restricted cash	147,286			97,157			50,129
Marketable securities	157,951			182,752			(24,801		)
Tenant and other receivables, net	69,796			58,700			11,096
Investments in partially owned entities	909,440			1,056,829			(147,389		)
Real estate fund investments	369,767			354,804			14,963
220 Central Park South condominium units ready for sale	307,552			—			307,552
Receivable arising from the straight-lining of rents, net	937,294			926,711			10,583
Deferred leasing costs, net	443,350			403,492			39,858
Identified intangible assets, net	139,994			159,260			(19,266		)
Assets related to discontinued operations	74			1,357			(1,283		)
Other assets	456,203			468,205			(12,002		)
Total Assets	$	16,678,020		$	17,397,934		$	(719,914	)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	8,119,075		$	8,137,139		$	(18,064	)
Senior unsecured notes, net	843,710			843,614			96
Unsecured term loan, net	749,874			748,734			1,140
Unsecured revolving credit facilities	80,000			—			80,000
Accounts payable and accrued expenses	415,531			415,794			(263		)
Deferred revenue	176,211			227,069			(50,858		)
Deferred compensation plan	102,281			109,177			(6,896		)
Liabilities related to discontinued operations	205			3,620			(3,415		)
Preferred shares redeemed on January 4 and 11, 2018	—			455,514			(455,514		)
Other liabilities	229,042			464,635			(235,593		)
Total liabilities	10,715,929			11,405,296			(689,367		)
Redeemable noncontrolling interests	924,582			984,937			(60,355		)
Vornado shareholders' equity	4,377,917			4,337,652			40,265
Noncontrolling interests in consolidated subsidiaries	659,592			670,049			(10,457		)
Total liabilities, redeemable noncontrolling interests and equity	$	16,678,020		$	17,397,934		$	(719,914	)

- 14 -

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 September 30, 2018
Total square feet leased	312			104				28			160
Our share of square feet leased:	308			99				28			112
Initial rent⁽¹⁾	$	67.35		$	135.05			$	57.92		$	91.16
Weighted average lease term (years)	9.5			5.7				7.4			12.1
Second generation relet space:
Square feet	203			95				23			33
GAAP basis:
Straight-line rent⁽²⁾	$	68.30		$	153.36			$	60.71		$	108.36
Prior straight-line rent	$	53.99		$	255.72			$	53.06		$	83.08
Percentage increase (decrease)	26.5		%	(40.0		)%	⁽³⁾	14.4		%	30.4		%
Cash basis (non-GAAP):
Initial rent⁽¹⁾	$	68.00		$	130.39			$	58.53		$	97.84
Prior escalated rent	$	60.80		$	95.69			$	57.45		$	88.66
Percentage increase	11.8		%	36.3		%		1.9		%	10.4		%
Tenant improvements and leasing commissions:
Per square foot	$	90.48		$	18.48			$	21.55		$	101.81
Per square foot per annum	$	9.52		$	3.24			$	2.91		$	8.41
Percentage of initial rent	14.1		%	2.4		%		5.0		%	9.2		%

____________________


(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)	The decrease results from an accounting adjustment at acquisition of the property in 2015 under which we marked the rent up to market.

- 15 -

LEASING ACTIVITY

(unaudited)



(square feet in thousands)	New York									555 California Street
	Office			Retail			theMART			555 California Street
Nine Months Ended September 30, 2018
Total square feet leased	1,348			229			197			249
Our share of square feet leased:	1,212			219			197			174
Initial rent⁽¹⁾	$	81.11		$	168.10		$	51.78		$	89.28
Weighted average lease term (years)	10.3			5.3			5.9			10.3
Second generation relet space:
Square feet	990			209			186			62
GAAP basis:
Straight-line rent⁽²⁾	$	86.62		$	178.46		$	52.32		$	104.06
Prior straight-line rent	$	60.21		$	233.31		$	41.88		$	77.46
Percentage increase (decrease)	43.9		%	(23.5		)%	24.9		%	34.3		%
Cash basis (non-GAAP):
Initial rent⁽¹⁾	$	83.54		$	163.02		$	51.69		$	97.28
Prior escalated rent	$	63.94		$	164.76		$	44.65		$	85.77
Percentage increase (decrease)	30.7		%	(1.1		)%	15.8		%	13.4		%
Tenant improvements and leasing commissions:
Per square foot	$	97.49		$	52.48		$	19.61		$	94.98
Per square foot per annum	$	9.47		$	9.90		$	3.32		$	9.22
Percentage of initial rent	11.7		%	5.9		%	6.4		%	10.3		%

____________________


(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.

- 16 -



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	46,000	$	4,799,000	$	104.33	0.4	%

	Fourth Quarter 2018	318,000	25,625,000		80.58		2.2	%

	First Quarter 2019	229,000	14,278,000		62.35		1.2	%
	Second Quarter 2019	116,000	8,680,000		74.83		0.7	%
	Third Quarter 2019	69,000	4,450,000		64.49		0.4	%
	Fourth Quarter 2019	264,000	17,648,000		66.85		1.5	%
	Total 2019	678,000	45,056,000		66.45		3.9	%
	2020	1,279,000	89,848,000		70.25		7.7	%
	2021	1,193,000	91,144,000		76.40		7.8	%
	2022	700,000	46,041,000		65.77		3.9	%
	2023	1,956,000	157,587,000		80.57		13.5	%
	2024	1,375,000	108,457,000		78.88		9.3	%
	2025	813,000	61,215,000		75.30		5.2	%
	2026	1,208,000	92,406,000		76.50		7.9	%
	2027	1,085,000	78,689,000		72.52		6.7	%
	2028	1,031,000	71,858,000		69.70		6.1	%
	Thereafter	4,501,000	296,530,000		65.88		25.4	%

Retail:	Month to Month	74,000	$	14,493,000	$	195.85	3.1	%

	Fourth Quarter 2018	11,000	2,086,000		189.64		0.4	%

	First Quarter 2019	38,000	9,478,000		249.42		2.0	%
	Second Quarter 2019	8,000	1,495,000		186.88		0.3	%
	Third Quarter 2019	20,000	9,531,000		476.55		2.0	%
	Fourth Quarter 2019	31,000	4,833,000		155.90		1.1	%
	Total 2019	97,000	25,337,000		261.21		5.4	%
	2020	94,000	17,070,000		181.60		3.7	%
	2021	58,000	9,722,000		167.62		2.1	%
	2022	32,000	7,430,000		232.19		1.6	%
	2023	107,000	43,643,000		407.88		9.4	%
	2024	298,000	84,813,000		284.61		18.3	%
	2025	41,000	18,758,000		457.51		4.0	%
	2026	135,000	44,473,000		329.43		9.5	%
	2027	32,000	22,799,000		712.47		4.9	%
	2028	45,000	18,150,000		403.33		3.9	%
	Thereafter	897,000	156,939,000		174.96		33.7	%

____________________

(1) Excludes storage, vacancy and other.

- 17 -



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	$	187,000	$	46.75	0.1	%

	Fourth Quarter 2018	52,000	2,521,000		48.48		1.7	%

	First Quarter 2019	54,000	2,905,000		53.80		1.9	%
	Second Quarter 2019	15,000	833,000		55.53		0.6	%
	Third Quarter 2019	20,000	1,005,000		50.25		0.7	%
	Fourth Quarter 2019	50,000	2,497,000		49.94		1.7	%
	Total 2019	139,000	7,240,000		52.09		4.9	%
	2020	281,000	12,523,000		44.57		8.3	%
	2021	347,000	14,856,000		42.81		9.9	%
	2022	664,000	28,829,000		43.42		19.2	%
	2023	300,000	13,978,000		46.59		9.3	%
	2024	224,000	9,317,000		41.59		6.2	%
	2025	337,000	15,592,000		46.27		10.4	%
	2026	190,000	8,584,000		45.18		5.7	%
	2027	108,000	4,836,000		44.78		3.2	%
	2028	639,000	24,631,000		38.55		16.4	%
	Thereafter	173,000	7,094,000		41.01		4.7	%

____________________

(1) Excludes storage, vacancy and other.

- 18 -



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	—	$	—	$	—	—

	Fourth Quarter 2018	—	—		—		—	%

	First Quarter 2019	—	—		—		—	%
	Second Quarter 2019	—	—		—		—	%
	Third Quarter 2019	4,000	335,000		83.75		0.4	%
	Fourth Quarter 2019	—	—		—		—	%
	Total 2019	4,000	335,000		83.75		0.4	%
	2020	101,000	6,397,000		63.34		6.9	%
	2021	76,000	5,319,000		69.99		5.8	%
	2022	36,000	2,782,000		77.28		3.0	%
	2023	133,000	9,127,000		68.62		9.9	%
	2024	59,000	5,133,000		87.00		5.6	%
	2025	364,000	25,444,000		69.90		27.5	%
	2026	140,000	10,299,000		73.56		11.1	%
	2027	69,000	5,698,000		82.58		6.2	%
	2028	20,000	1,432,000		71.60		1.6	%
	Thereafter	235,000	20,402,000		86.82		22.0	%

____________________

(1) Excludes storage, vacancy and other.

- 19 -



TRAILING TWELVE MONTH PRO-FORMA CASH NET OPERATING INCOME AT SHARE
(unaudited and in thousands)
	For the Trailing Twelve Months Ended September 30, 2018							For the Trailing Twelve Months Ended June 30, 2018
	NOI at share- cash basis		Less: BMS			Pro-forma NOI at share - cash basis		Pro-forma NOI at share - cash basis
	NOI at share- cash basis		Less: BMS			Pro-forma NOI at share - cash basis		Pro-forma NOI at share - cash basis
New York - Office	$	716,271	$	(26,369	)	$	689,902	$	681,238
New York - Retail	327,024		—			327,024		323,660
New York - Residential	21,745		—			21,745		21,804
theMART	105,708		—			105,708		104,891
555 California Street⁽¹⁾	51,620		—			51,620		49,439
	$	1,222,368	$	(26,369	)	$	1,195,999	$	1,181,032

- 20 -



CAPITAL STRUCTURE
(unaudited and in thousands, except per share and unit amounts)
				As of September 30, 2018
Debt (contractual balances) (non-GAAP):
Consolidated debt ⁽¹⁾:
Mortgages payable				$	8,172,120
Senior unsecured notes				850,000
$750 Million unsecured term loan				750,000
$2.5 Billion unsecured revolving credit facilities				80,000
				9,852,120
Pro rata share of debt of non-consolidated entities⁽²⁾				2,799,783
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas, 555 California Street, and St. Regis - retail)				(604,701		)
				12,047,202

	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	September 30, 2018 Common Share Price
Equity:
Common shares	190,286	$	73.00	13,890,878
Class A units	11,848	73.00		864,904
Convertible share equivalents:
Equity awards - unit equivalents	743	73.00		54,239
D-13 preferred units	639	73.00		46,647
G1-G4 units	52	73.00		3,796
Series A preferred shares	36	73.00		2,628
				14,863,092
Total Market Capitalization				$	27,835,222

____________________


(1)	See reconciliation of consolidated debt, net (GAAP) to contractual debt (non-GAAP) on page xiv in the Appendix.


(2)	As a result of Toys "R" Us ("Toys") filing a voluntary petition under chapter 11 of the United States Bankruptcy Code, we determined the Company no longer has the ability to exercise significant influence over Toys. Accordingly, we have excluded our share of Toys debt.

- 21 -



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):

	Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
High price	$	77.59		$	74.28		$	78.31		$	80.30
Low price	$	69.50		$	64.53		$	64.13		$	71.90
Closing price - end of quarter	$	73.00		$	73.92		$	67.30		$	78.18

Annualized dividend per share	$	2.52		$	2.52		$	2.52		$	2.40

Annualized dividend yield - on closing price		3.5	%		3.4	%		3.7	%		3.1	%

Outstanding shares, Class A units and convertible preferred units as converted, excluding stock options (in thousands)		203,604			203,577			203,613			203,198

Closing market value of outstanding shares, Class A units and convertible preferred units as converted, excluding stock options	$	14.9 Billion		$	15.0 Billion		$	13.7 Billion		$	15.9 Billion

- 22 -



DEBT ANALYSIS
(unaudited and in thousands)
	As of September 30, 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⁾	$	9,852,120		3.72%	$	3,995,760		3.86%	$	5,856,360		3.62%
Pro rata share of debt of non-consolidated entities⁽²⁾	2,799,783			4.06%	1,416,974			3.95%	1,382,809			4.16%
Total	12,651,903			3.79%	5,412,734			3.88%	7,239,169			3.73%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas, 555 California Street, and St. Regis - retail)	(604,701		)		(151,240		)		(453,461		)
Company's pro rata share of total debt	$	12,047,202		3.78%	$	5,261,494		3.88%	$	6,785,708		3.71%



Debt Covenant Ratios:⁽³⁾	Senior Unsecured Notes			Unsecured Revolving Credit Facilities and Unsecured Term Loan
		Actual
	Required	Due 2022	Due 2025	Required	Actual
Total outstanding debt/total assets⁽⁴⁾	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	2.59	2.59		N/A
Fixed charge coverage		N/A	N/A	Greater than 1.40	2.38
Unencumbered assets/unsecured debt	Greater than 150%	400%	423%		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	7.66



Unencumbered EBITDA (non-GAAP):	Q3 2018
	Annualized
New York	$	469,052
Other	33,596
Total	$	502,648

____________________


(1)	See reconciliation of consolidated debt, net (GAAP) to contractual debt (non-GAAP) on page xiv in the Appendix.


(2)	As a result of Toys filing a voluntary petition under chapter 11 of the United States Bankruptcy Code, we determined the Company no longer has the ability to exercise significant influence over Toys. Accordingly, we have excluded our share of Toys debt.

(3)

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.


(4)	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.

- 23 -



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	4.41%		$	—		$	96,039		$	—		$	—		$	—		$	—		$	96,039
150 West 34th Street	06/20	L+225	4.37%		—			—			205,000			—			—			—			205,000
100 West 33rd Street - office and retail	07/20	L+165	3.76%		—			—			580,000			—			—			—			580,000
220 Central Park South	09/20	L+200	4.26%		—			—			950,000			—			—			—			950,000
Unsecured Term Loan	10/20 ⁽²⁾	L+115	3.39%		—			—			750,000			—			—			—			750,000
Eleven Penn Plaza	12/20		3.95%		—			—			450,000			—			—			—			450,000
888 Seventh Avenue	12/20		3.15%	(3)	—			—			375,000			—			—			—			375,000
Borgata Land	02/21		5.14%		—			—			—			54,822			—			—			54,822
770 Broadway	03/21		2.56%	(4)	—			—			—			700,000			—			—			700,000
909 Third Avenue	05/21		3.91%		—			—			—			350,000			—			—			350,000
606 Broadway	05/21	L+300	5.13%		—			—			—			49,721			—			—			49,721
555 California Street	09/21		5.10%		—			—			—			561,538			—			—			561,538
theMART	09/21		2.70%		—			—			—			675,000			—			—			675,000
655 Fifth Avenue	10/21	L+140	3.50%		—			—			—			140,000			—			—			140,000
Two Penn Plaza	12/21	L+165	3.75%		—			—			—			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	3.90%		—			—			—			—			450,000			—			450,000
$1.25 Billion unsecured revolving credit facility	01/23	L+100	3.15%		—			—			—			—			—			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%	(5)	—			—			—			—			—			100,000			100,000
Senior unsecured notes due 2025	01/25		3.50%		—			—			—			—			—			450,000			450,000
4 Union Square South - retail	08/25	L+140	3.50%		—			—			—			—			—			120,000			120,000
350 Park Avenue	01/27		3.92%		—			—			—			—			—			400,000			400,000
Total consolidated debt (contractual)					$	—		$	96,039		$	3,310,000		$	3,106,081		$	1,800,000		$	1,540,000		$	9,852,120

Weighted average rate					—		%	4.41		%	3.82		%	3.55		%	3.85		%	3.66		%	3.72		%

Fixed rate debt					$	—		$	—		$	825,000		$	2,341,360		$	1,350,000		$	1,340,000		$	5,856,360
Fixed weighted average rate expiring					—		%	—		%	3.59		%	3.47		%	3.83		%	3.70		%	3.62		%
Floating rate debt					$	—		$	96,039		$	2,485,000		$	764,721		$	450,000		$	200,000		$	3,995,760
Floating weighted average rate expiring					—		%	4.41		%	3.89		%	3.80		%	3.90		%	3.36		%	3.86		%

____________________


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


(2)	On October 26, 2018, we extended our $750,000 unsecured term loan from October 2020 to February 2024. The interest rate on the extended unsecured term loan was lowered from LIBOR plus 1.15% to LIBOR plus 1.00% (3.30% as of October 26, 2018).


(3)	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% (3.72% as of September 30, 2018).


(4)	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% (3.87% as of September 30, 2018).


(5)	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% (3.94% as of September 30, 2018).

- 24 -



UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)
Joint Venture Name	Asset Category	Percentage Ownership at September 30, 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%	$	111,842			$	379,477	$	1,171,226	Various	Various	Various

Pennsylvania Real Estate Investment Trust ("PREIT")	Retail	7.9%	61,514				127,836		1,610,192		Various	Various	Various

Urban Edge Properties ("UE")	Retail	4.5%	45,398				70,578		1,564,634		Various	Various	Various

Partially owned office buildings/land:
One Park Avenue	Office/Retail	55.0%	131,477				165,000		300,000		03/21	L+175	3.87%
280 Park Avenue	Office/Retail	50.0%	116,801				600,000		1,200,000		09/24	L+173	3.86%
650 Madison Avenue	Office/Retail	20.1%	109,120				161,024		800,000		10/20	N/A	4.39%
512 West 22nd Street	Office/Retail	55.0%	60,654				46,684		84,881		11/20	L+265	4.76%
West 57th Street properties	Office/Retail/Land	50.0%	43,859				10,000		20,000		12/22	L+160	3.70%
61 Ninth Avenue	Office/Retail	45.1%	30,420				34,207		75,846		12/21	L+305	5.15%
825 Seventh Avenue	Office	50.0%	9,605				10,250		20,500		06/19	L+140	3.50%
85 Tenth Avenue	Office/Retail	49.9%	(3,201		)		311,875		625,000		12/26	N/A	4.55%
Other	Office/Retail	Various	4,091				17,465		50,150		Various	Various	Various

Other equity method investments:
Independence Plaza	Residential/Retail	50.1%	66,499				338,175		675,000		07/25	N/A	4.25%
Moynihan Office Building	Office/Retail	50.1%	42,681				123,553		246,612		06/21	L+325	5.37%
Rosslyn Plaza	Office/Residential	43.7% to 50.4%	31,417				20,084		39,841		06/19	L+225	4.36%
Other	Various	Various	47,263				99,575		644,278		Various	Various	Various
			$	909,440			$	2,515,783	$	9,128,160

330 Madison Avenue	Office	25.0%	$	(57,935	)	⁽²⁾	$	125,000	$	500,000	08/24	N/A	3.43%
7 West 34th Street	Office/Retail	53.0%	(49,647		)	⁽³⁾	159,000		300,000		06/26	N/A	3.65%
			$	(107,582	)		$	284,000	$	800,000

____________________


(1)	Represents the contractual debt obligations.


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


(3)	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.

- 25 -



UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)

	Percentage Ownership at September 30, 2018	Our Share of Net Income (Loss) for the Three Months Ended September 30,								Our Share of NOI (non-GAAP) for the Three Months Ended September 30,
	Percentage Ownership at September 30, 2018	2018				2017				2018				2017
Joint Venture Name
New York:
Alexander's	32.4%	$	4,278		⁽¹⁾	$	6,510			$	10,626		⁽¹⁾	$	11,937
280 Park Avenue	50.0%	(1,632		)		(4,256		)		9,688				9,749
One Park Avenue	55.0%	1,426				1,595				4,877				4,604
650 Madison Avenue	20.1%	(1,268		)		(1,094		)		2,334				2,491
Independence Plaza	50.1%	(1,139		)		833				5,916				6,643
7 West 34th Street	53.0%	946				1,013				3,354				3,417
825 Seventh Avenue	50.0%	686				635				834				803
330 Madison Avenue	25.0%	652				646				2,765				2,506
85 Tenth Avenue	49.9%	(629		)		298				4,487				5,314
Moynihan Office Building	50.1%	(119		)		—				(167		)		—
West 57th Street properties	50.0%	(77		)		39				212				329
Other, net	Various	765				(485		)		2,253				986
		3,889				5,734				47,179				48,779

Other:
UE	4.5%	2,763				6,008			⁽²⁾	2,859				2,866
Alexander's corporate fee income	32.4%	1,149				1,335				541				1,335
PREIT	7.9%	(616		)		(49,748		)	⁽³⁾	5,119				5,035
666 Fifth Avenue Office Condominium⁽⁴⁾	49.5%	(112		)		(4,323		)		1,737				4,875
Rosslyn Plaza	43.7% to 50.4%	(58		)		(155		)		1,135				1,109
Suffolk Downs	21.2%	(16		)		(36		)		(4		)		(36		)
Other, net	Various	207				(616		)		1,528				2,913
		3,317				(47,535		)		12,915				18,097

Total		$	7,206			$	(41,801	)		$	60,094			$	66,876

____________________


(1)	Includes our $1,085 share of a non-cash straight-line rent write-off adjustment related to Sears Roebuck and Co. ("Sears") which filed for Chapter 11 bankruptcy relief. Our share of net income also includes our $518 share of Alexander’s litigation expense due to a settlement.


(2)	Includes a $5,200 net gain resulting from UE operating partnership unit issuances.


(3)	Includes a $44,465 non-cash impairment loss.


(4)	On August 3, 2018, we completed the sale of our 49.5% interests in the 666 Fifth Avenue Office Condominium and were repaid our interest in the 666 Fifth Avenue Office Condominium mortgage loan.

- 26 -



UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)

	Percentage Ownership at September 30, 2018	Our Share of Net Income for the Nine Months Ended September 30,								Our Share of NOI (non-GAAP) for the Nine Months Ended September 30,
	Percentage Ownership at September 30, 2018	2018				2017				2018				2017
Joint Venture Name
New York:
Alexander's	32.4%	$	7,215		⁽¹⁾	$	20,092			$	34,110		⁽¹⁾	$	35,646
280 Park Avenue	50.0%	(3,381		)		(6,482		)		29,016				26,753
650 Madison Avenue	20.1%	(2,892		)		(3,812		)		7,865				6,930
7 West 34th Street	53.0%	2,834				2,068				10,057				10,157
330 Madison Avenue	25.0%	2,081				3,410				8,337				7,303
825 Seventh Avenue	50.0%	2,048				1,999				2,519				2,493
One Park Avenue	55.0%	(1,732		)	⁽²⁾	3,357				15,179				12,256
85 Tenth Avenue	49.9%	(1,372		)		(791		)		13,921				14,415
Independence Plaza	50.1%	1,369				3,165				19,932				20,348
West 57th Street properties	50.0%	(244		)		—				639				878
Moynihan Office Building	50.1%	(139		)		—				(187		)		—
Other, net	Various	(605		)		(1,588		)		5,342				3,448
		5,182				21,418				146,730				140,627

Other:
666 Fifth Avenue Office Condominium⁽³⁾	49.5%	(4,873		)		(22,372		)		12,145				15,203
Alexander's corporate fee income	32.4%	3,378				4,351				2,296				4,351
UE	4.5%	3,234				26,311			⁽⁴⁾	8,624				11,465
PREIT	7.9%	(2,113		)		(53,480		)	⁽⁵⁾	15,349				16,025
Suffolk Downs	21.2%	257				26,383			⁽⁶⁾	(33		)		258
Rosslyn Plaza	43.7% to 50.4%	(56		)		(352		)		3,469				3,336
Other, net	Various	1,050				3,319				4,779				8,724
		877				(15,840		)		46,629				59,362

Total		$	6,059			$	5,578			$	193,359			$	199,989

____________________

(1)

Includes our $1,085 share of a non-cash straight-line rent write-off adjustment related to Sears which filed for Chapter 11 bankruptcy relief. Our share of net income also includes our $7,708 share of Alexander’s potential additional Transfer Tax, our $3,162 share of higher interest expense due to an increase in average LIBOR and higher average mortgage balances due to a refinancing, our $1,802 share of expense related to the change in fair value of marketable securities held by Alexander’s and our $518 share of Alexander’s litigation expense due to a settlement.


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


(3)	On August 3, 2018, we completed the sale of our 49.5% interests in the 666 Fifth Avenue Office Condominium and were repaid our interest in the 666 Fifth Avenue Office Condominium mortgage loan.


(4)	Includes a $21,100 net gain resulting from UE operating partner unit issuances.


(5)	Includes a $44,465 non-cash impairment loss.


(6)	In 2017, we recognized $26,687 of net gains comprised of $15,314 representing our share of a net gain on the sale of Suffolk Downs and $11,373 representing the net gain on repayment of our debt investments in Suffolk Downs JV.

- 27 -

DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF SEPTEMBER 30, 2018

(unaudited and in thousands, except square feet)

(At Share)

Full
Quarter
Stabilized
Operations

Property
Rentable
Sq. Ft.

Excluding Land Costs

Available for Occupancy

Current Projects

Segment

Incremental
Budget

Amount
Expended

%
Complete

Start

220 Central Park South - residential condominiums

Other

397,000

1,400,000

1,123,726

⁽¹⁾

80.3%

Q3 2012

N/A

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

New York

850,000

400,000

54,823

13.7%

Q2 2017

Q3 2020

Q2 2022

One Penn Plaza - renovation⁽³⁾

New York

2,535,000

200,000

6,253

3.1%

Q4 2018

N/A

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

New York

173,000

72,000

50,065

⁽⁴⁾

69.5%

Q4 2015

Q4 2018

Q1 2020

61 Ninth Avenue - office/retail (45.1% interest)⁽⁵⁾

New York

170,000

69,000

57,970

84.0%

Q1 2016

Q2 2018

Q2 2019

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

Other

64,000

32,000

9,523

⁽⁶⁾

29.8%

Q1 2018

Q3 2019

Q3 2020

606 Broadway - office/retail (50.0% interest)

New York

34,000

30,000

23,307

⁽⁷⁾

77.7%

Q2 2016

Q4 2018

Q2 2020

825 Seventh Avenue - office (50.0% interest)

New York

165,000

15,000

3,086

20.6%

Q2 2018

Q1 2020

Q1 2021

Total current projects

2,218,000

1,328,753

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

280,000

Undeveloped Land

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

New York

150,000

484, 486 Eighth Avenue and 265, 267 West 34th Street

New York

125,000

527 West Kinzie, Chicago

Other

330,000

Total undeveloped land

605,000

____________________


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


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


(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.

- 28 -



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

	Nine Months Ended September 30, 2018		Year Ended December 31,
Amounts paid for capital expenditures:	Nine Months Ended September 30, 2018		2017			2016
Expenditures to maintain assets	$	66,167	$	102,028		$	95,613
Tenant improvements	67,972		111,696			152,329
Leasing commissions	27,389		29,145			41,690
Recurring tenant improvements, leasing commissions and other capital expenditures	161,528		242,869			289,632
Non-recurring capital expenditures	28,882		34,921			49,796
Total capital expenditures and leasing commissions	$	190,410	$	277,790		$	339,428


	Nine Months Ended September 30, 2018		Year Ended December 31,
	Nine Months Ended September 30, 2018		2017			2016
Amounts paid for development and redevelopment expenditures:
220 Central Park South	$	204,727	$	265,791		$	303,974
606 Broadway	13,141		15,997			4,234
345 Montgomery Street (555 California Street)	10,497		5,950			434
1535 Broadway (Marriott Marquis - retail and signage)	7,558		1,982			9,283
One Penn Plaza - renovation	3,901		1,462			413
Penn Plaza	3,561		7,107			11,904
90 Park Avenue	1,015		7,523			33,308
640 Fifth Avenue	199		1,648			46,282
304 Canal Street	178		3,973			5,941
Other	29,370		44,419		⁽¹⁾	190,792		⁽¹⁾
	$	274,147	$	355,852		$	606,565

____________________


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

- 29 -



CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS
NEW YORK SEGMENT
(unaudited and in thousands)

	Nine Months Ended September 30, 2018		Year Ended December 31,
Amounts paid for capital expenditures:	Nine Months Ended September 30, 2018		2017		2016
Expenditures to maintain assets	$	48,227	$	79,567	$	65,561
Tenant improvements	49,423		83,639		112,687
Leasing commissions	24,683		26,114		38,134
Recurring tenant improvements, leasing commissions and other capital expenditures	122,333		189,320		216,382
Non-recurring capital expenditures	20,579		27,762		47,642
Total capital expenditures and leasing commissions	$	142,912	$	217,082	$	264,024


	Nine Months Ended September 30, 2018		Year Ended December 31,
	Nine Months Ended September 30, 2018		2017		2016
Amounts paid for development and redevelopment expenditures:
606 Broadway	$	13,141	$	15,997	$	4,234
1535 Broadway (Marriott Marquis - retail and signage)	7,558		1,982		9,283
One Penn Plaza - renovation	3,901		1,462		413
Penn Plaza	3,561		7,107		11,904
90 Park Avenue	1,015		7,523		33,308
640 Fifth Avenue	199		1,648		46,282
304 Canal Street	178		3,973		5,941
Other	18,279		3,682		6,838
	$	47,832	$	43,374	$	118,203

- 30 -



CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS
theMART
(unaudited and in thousands)
	Nine Months Ended September 30, 2018		Year Ended December 31,
Amounts paid for capital expenditures:	Nine Months Ended September 30, 2018		2017		2016
Expenditures to maintain assets	$	10,232	$	12,772	$	20,098
Tenant improvements	10,855		8,730		29,738
Leasing commissions	413		1,701		2,070
Recurring tenant improvements, leasing commissions and other capital expenditures	21,500		23,203		51,906
Non-recurring capital expenditures	82		—		—
Total capital expenditures and leasing commissions	$	21,582	$	23,203	$	51,906


	Nine Months Ended September 30, 2018		Year Ended December 31,
	Nine Months Ended September 30, 2018		2017		2016
Amounts paid for development and redevelopment expenditures:
Common area enhancements	$	51	$	5,342	$	24,788
Other	8,370		799		1,384
	$	8,421	$	6,141	$	26,172

- 31 -



CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS
555 CALIFORNIA STREET
(unaudited and in thousands)

	Nine Months Ended September 30, 2018		Year Ended December 31,
Amounts paid for capital expenditures:	Nine Months Ended September 30, 2018		2017		2016
Expenditures to maintain assets	$	7,708	$	9,689	$	9,954
Tenant improvements	7,694		19,327		9,904
Leasing commissions	2,293		1,330		1,486
Recurring tenant improvements, leasing commissions and other capital expenditures	17,695		30,346		21,344
Non-recurring capital expenditures	8,221		7,159		2,154
Total capital expenditures and leasing commissions	$	25,916	$	37,505	$	23,498


	Nine Months Ended September 30, 2018		Year Ended December 31,
	Nine Months Ended September 30, 2018		2017		2016
Amounts paid for development and redevelopment expenditures:
345 Montgomery Street	$	10,497	$	5,950	$	434
Other	430		6,465		8,716
	$	10,927	$	12,415	$	9,150

- 32 -



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

	Nine Months Ended September 30, 2018		Year Ended December 31,
	Nine Months Ended September 30, 2018		2017			2016
Amounts paid for development and redevelopment expenditures:
220 Central Park South	$	204,727	$	265,791		$	303,974
Other	2,331		28,131		⁽¹⁾	149,066		⁽¹⁾
	$	207,058	$	293,922		$	453,040

____________________


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

- 33 -



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	21,448	17,637	739	16,715	—	183	—
Retail	2,824	2,505	82	—	2,423	—	—
Residential - 1,687 units	1,533	800	—	—	—	—	800
Alexander's (32.4% interest), including 312 residential units	2,437	790	—	288	419	—	83
Hotel Pennsylvania	1,400	1,400	—	—	—	—	1,400
	29,642	23,132	821	17,003	2,842	183	2,283

Other:
theMART	3,694	3,685	—	2,044	109	1,532	—
555 California Street (70% interest)	1,819	1,274	55	1,188	31	—	—
Other	2,832	1,333	146	212	864	—	111
	8,345	6,292	201	3,444	1,004	1,532	111

Total square feet at September 30, 2018	37,987	29,424	1,022	20,447	3,846	1,715	2,394

Total square feet at June 30, 2018	39,472	30,162	1,693	20,515	3,845	1,715	2,394

Parking Garages (not included above):	Square Feet	Number of Garages	Number of Spaces
New York	1,669	10	4,875
theMART	558	4	1,637
555 California Street	168	1	453
Rosslyn Plaza	411	4	1,094
Total at September 30, 2018	2,806	19	8,059

- 34 -



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⁾
Facebook	758,292	$	75,749	3.1	%
IPG and affiliates	923,896	59,820		2.4	%
Swatch Group USA	25,634	42,324		1.7	%
Macy's	646,434	38,308		1.6	%
Bloomberg L.P.	287,898	33,778		1.4	%
Victoria's Secret (guaranteed by L Brands, Inc.)	63,779	33,019		1.3	%
AXA Equitable Life Insurance	336,646	32,647		1.3	%
Google/Motorola Mobility (guaranteed by Google)	728,483	32,308		1.3	%
Forever 21	170,374	31,063		1.3	%
Oath (Verizon)	327,138	30,876		1.3	%
Ziff Brothers Investments, Inc.	287,030	30,838		1.3	%
McGraw-Hill Companies, Inc.	479,557	30,443		1.2	%
AMC Networks, Inc.	404,920	27,612		1.1	%
The City of New York	562,835	25,059		1.0	%
Topshop	94,349	24,744		1.0	%
Fast Retailing (Uniqlo)	90,732	23,782		1.0	%
Amazon (including its Whole Foods subsidiary)	308,113	23,461		1.0	%
Madison Square Garden	344,355	22,869		0.9	%
Neuberger Berman Group LLC	288,325	22,801		0.9	%
New York University	347,948	20,416		0.8	%
Bank of America	254,033	20,369		0.8	%
Hollister	21,741	20,252		0.8	%
JCPenney	426,370	19,945		0.8	%
PwC	243,434	17,430		0.7	%
U.S. Government	578,711	13,967		0.6	%
Ferragamo	53,171	13,619		0.6	%
Information Builders, Inc.	229,064	12,699		0.5	%
Sephora	16,146	12,155		0.5	%
New York & Company, Inc.	207,585	11,995		0.5	%
Cushman & Wakefield	127,314	11,780		0.5	%
				33.2	%

____________________


(1)	Includes leases not yet commenced.


(2)	See reconciliation of our annualized revenue at share on page xiv in the Appendix.

- 35 -



OCCUPANCY
(unaudited)
	New York		theMART		555 California Street
Occupancy rate at:
September 30, 2018	97.3	%	95.5	%	99.4	%
June 30, 2018	96.6	%	99.3	%	97.3	%
December 31, 2017	97.2	%	98.6	%	94.2	%
September 30, 2017	96.9	%	98.7	%	94.2	%



RESIDENTIAL STATISTICS in service
(unaudited)
		Vornado's Ownership Interest
	Number of Units	Number of Units	Occupancy Rate	Average Monthly Rent Per Unit
New York:
September 30, 2018	1,999	963	96.7%	$3,775
June 30, 2018	1,994	960	98.3%	$3,789
December 31, 2017	1,983	955	97.3%	$3,745
September 30, 2017	1,982	954	94.6%	$3,660

- 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:
Penn Plaza:
One Penn Plaza
(ground leased through 2098)												Cisco, Lion Resources, WSP USA, Symantec Corporation,
-Office	100.0	%	91.9	%	$	65.53	2,267,000	2,267,000				United Healthcare Services, Inc., Siemens Mobility
												Bank of America, Kmart Corporation,
-Retail	100.0	%	97.4	%	136.35		271,000	271,000				Shake Shack, Starbucks
	100.0	%	92.5	%	73.09		2,538,000	2,538,000	—	$	—

Two Penn Plaza												EMC, Information Builders, Inc.,
-Office	100.0	%	100.0	%	59.70		1,589,000	1,389,000	200,000			Madison Square Garden, McGraw-Hill Companies, Inc.
-Retail	100.0	%	100.0	%	217.35		45,000	39,000	6,000			Chase Manhattan Bank
	100.0	%	100.0	%	64.04		1,634,000	1,428,000	206,000	575,000

Eleven Penn Plaza
-Office	100.0	%	99.7	%	62.36		1,112,000	1,112,000	—			Macy's, Madison Square Garden, AMC Networks, Inc.
												PNC Bank National Association, Starbucks,
-Retail	100.0	%	100.0	%	145.72		39,000	39,000	—			Madison Square Garden
	100.0	%	99.7	%	65.19		1,151,000	1,151,000	—	450,000

100 West 33rd Street
-Office	100.0	%	100.0	%	66.18		857,000	857,000	—	398,402		IPG and affiliates

Manhattan Mall
-Retail	100.0	%	94.9	%	136.48		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	%	100.0	%	62.98		703,000	703,000	—			Deutsch, Inc., Web.com, Footlocker, Home Advisor, Inc.
-Retail	100.0	%	14.4	%	155.09		18,000	18,000	—			Starbucks*
	100.0	%	97.9	%	62.98		721,000	721,000	—	50,150 ⁽³⁾

435 Seventh Avenue
-Retail	100.0	%	100.0	%	187.82		43,000	43,000	—	96,039		Forever 21*

7 West 34th Street
-Office	53.0	%	100.0	%	64.34		458,000	458,000	—			Amazon
-Retail	53.0	%	89.3	%	336.38		19,000	19,000	—			Amazon, Lindt, Naturalizer (guaranteed by Caleres)
	53.0	%	99.6	%	75.18		477,000	477,000	—	300,000

431 Seventh Avenue
-Retail	100.0	%	100.0	%	268.79		10,000	10,000	—	—

488 Eighth Avenue
-Retail	100.0	%	100.0	%	88.90		6,000	6,000	—	—

138-142 West 32nd Street
-Retail	100.0	%	35.3	%	77.89		8,000	8,000	—	—

- 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):
Penn Plaza (Continued):
150 West 34th Street
-Retail	100.0	%	100.0	%	$	112.53		78,000	78,000	—	$	205,000	Old Navy

137 West 33rd Street
-Retail	100.0	%	100.0	%	95.48			3,000	3,000	—	—

131-135 West 33rd Street
-Retail	100.0	%	100.0	%	55.08			23,000	23,000	—	—

Total Penn Plaza								7,805,000	7,599,000	206,000	2,256,190
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	%	63.12		⁽⁴⁾	1,352,000	1,352,000	—	350,000		United States Post Office,
													Thomson Reuters LLC, Sard Verbinnen*

150 East 58th Street
(ground leased through 2118)
-Office	100.0	%	95.5	%	75.97			540,000	540,000	—			Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail	100.0	%	13.1	%	17.86			3,000	3,000	—
	100.0	%	95.1	%	75.64			543,000	543,000	—	—

715 Lexington Avenue
-Retail	100.0	%	92.5	%	103.36			23,000	23,000	—	—		New York & Company, Inc., Jonathan Adler

966 Third Avenue
-Retail	100.0	%	100.0	%	96.03			7,000	7,000	—	—		McDonald's

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

Total Midtown East								1,931,000	1,931,000	—	350,000

Midtown West:
888 Seventh Avenue													TPG-Axon Capital, Lone Star US Acquisitions LLC,
(ground leased through 2067)													Pershing Square Capital Management,
-Office	100.0	%	99.5	%	94.03			871,000	871,000	—			Vornado Executive Headquarters
-Retail	100.0	%	100.0	%	309.08			15,000	15,000	—			Redeye Grill L.P.
	100.0	%	99.5	%	97.67			886,000	886,000	—	375,000

57th Street - 2 buildings
-Office	50.0	%	84.6	%	48.79			81,000	81,000	—			Various
-Retail	50.0	%	100.0	%	136.71			22,000	22,000	—
	50.0	%	87.9	%	67.57			103,000	103,000	—	20,000

825 Seventh Avenue
-Office	50.0	%	100.0	%	80.60			165,000	165,000	—			Young & Rubicam
-Retail	100.0	%	—		—			4,000	—	4,000
	50.0	%	100.0	%	80.60			169,000	165,000	4,000	20,500

Total Midtown West								1,158,000	1,154,000	4,000	415,500

- 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):
Park Avenue:
280 Park Avenue													Cohen & Steers Inc., Franklin Templeton Co. LLC,
-Office	50.0	%		95.0	%	$	102.09	1,233,000	1,233,000	—			PJT Partners, Investcorp International Inc., GIC Inc., Wells Fargo
-Retail	50.0	%		100.0	%	101.67		26,000	26,000	—			Scottrade Inc., Starbucks, The Four Seasons Restaurant
	50.0	%		95.1	%	102.08		1,259,000	1,259,000	—	$	1,200,000

350 Park Avenue													Kissinger Associates Inc., Ziff Brothers Investment Inc.,
-Office	100.0	%		100.0	%	109.19		554,000	554,000	—			MFA Financial Inc., M&T Bank
-Retail	100.0	%		100.0	%	270.50		17,000	17,000	—			Fidelity Investment, AT&T Wireless, Valley National Bank
	100.0	%		100.0	%	114.00		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	%		93.9	%	78.32		938,000	938,000	—			Factset Research Systems Inc., Foley & Lardner
-Retail	100.0	%		100.0	%	133.49		24,000	24,000	—			Citibank, Starbucks
	100.0	%		94.0	%	79.69		962,000	962,000	—	—

330 Madison Avenue													Guggenheim Partners LLC, HSBC Bank AFS, Glencore Ltd.,
-Office	25.0	%		96.9	%	78.90		813,000	813,000	—			Jones Lang LaSalle Inc., Wells Fargo, American Century
-Retail	25.0	%		100.0	%	331.37		33,000	33,000	—			Ann Taylor Retail Inc., Citibank, Starbucks
	25.0	%		97.0	%	88.75		846,000	846,000	—	500,000

510 Fifth Avenue
-Retail	100.0	%		100.0	%	159.68		66,000	66,000	—	—		The North Face, Elie Tahari

Total Grand Central								1,874,000	1,874,000	—	500,000

Madison/Fifth:
640 Fifth Avenue													Fidelity Investments, Owl Creek Asset Management LP,
-Office	100.0	%		100.0	%	92.79		246,000	246,000	—			Avolon Aerospace*, GCA Savvian Inc.
-Retail	100.0	%		100.0	%	937.67		69,000	69,000	—			Victoria's Secret (guaranteed by L Brands, Inc.), Dyson
	100.0	%		100.0	%	277.86		315,000	315,000	—	—

666 Fifth Avenue
-Retail (Retail Condo)	100.0	%	⁽⁵⁾	100.0	%	470.00		114,000	114,000	—	390,000		Fast Retailing (Uniqlo), Hollister, Tissot

595 Madison Avenue													Beauvais Carpets, Levin Capital Strategies LP,
-Office	100.0	%		94.9	%	85.92		300,000	300,000	—			Cosmetech Mably Int'l LLC.
-Retail	100.0	%		39.2	%	1,286.72		29,000	29,000	—			Coach
	100.0	%		90.0	%	191.76		329,000	329,000	—	—

650 Madison Avenue													Memorial Sloan Kettering Cancer Center, Polo Ralph Lauren,
-Office	20.1	%		99.0	%	115.91		526,000	526,000	—			Willett Advisors LLC (Bloomberg Philanthropies)
-Retail	20.1	%		31.5	%	1,246.93		66,000	66,000	—			Moncler USA Inc., Tod's, Celine*
	20.1	%		91.5	%	242.01		592,000	592,000	—	800,000

689 Fifth Avenue
-Office	100.0	%		100.0	%	85.70		81,000	81,000	—			Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail	100.0	%		100.0	%	864.35		17,000	17,000	—			MAC Cosmetics, Massimo Dutti
	100.0	%		100.0	%	220.77		98,000	98,000	—	—

- 39 -



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 (Continued):
655 Fifth Avenue
-Retail	92.5	%	100.0	%	$	255.33	57,000	57,000	—	$	140,000	Ferragamo

697-703 Fifth Avenue (St. Regis - retail)
-Retail	74.3	%	100.0	%	2,759.02		26,000	26,000	—	450,000		Swatch Group USA, Harry Winston

Total Madison/Fifth							1,531,000	1,531,000		1,780,000

Midtown South:
770 Broadway
-Office	100.0	%	100.0	%	97.55		1,078,000	1,078,000	—			Facebook, Oath (Verizon)
-Retail	100.0	%	100.0	%	66.56		105,000	105,000	—			Ann Taylor Retail Inc., Bank of America, Kmart Corporation
	100.0	%	100.0	%	94.80		1,183,000	1,183,000	—	700,000

One Park Avenue												New York University, Clarins USA Inc.,
												BMG Rights Management, Robert A.M. Stern Architect,
-Office	55.0	%	100.0	%	58.89		865,000	865,000	—			automotiveMastermind
-Retail	55.0	%	100.0	%	87.74		78,000	78,000	—			Bank of Baroda, Citibank, Equinox, Men's Wearhouse
	55.0	%	100.0	%	61.28		943,000	943,000	—	300,000

4 Union Square South												Burlington, Whole Foods Market, DSW,
-Retail	100.0	%	100.0	%	107.81		206,000	206,000	—	120,000		Forever 21

692 Broadway
-Retail	100.0	%	100.0	%	92.79		36,000	36,000	—	—		Equinox, Oath (Verizon)

Total Midtown South							2,368,000	2,368,000	—	1,120,000

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	%	82.44		2,037,000	2,037,000	—			Cella, Harper & Scinto, Columbia University
-Retail	70.0	%	100.0	%	180.00		76,000	76,000	—			Duane Reade, JPMorgan Chase Bank, Sovereign Bank, Starbucks
	70.0	%	100.0	%	85.95		2,113,000	2,113,000	—	950,000

608 Fifth Avenue
(ground leased through 2033)
-Office	100.0	%	99.8	%	71.69		93,000	93,000	—
-Retail	100.0	%	100.0	%	496.73		44,000	44,000	—			Topshop
	100.0	%	99.9	%	208.20		137,000	137,000	—	—

Total Rockefeller Center							2,250,000	2,250,000	—	950,000
Wall Street/Downtown:
40 Fulton Street
-Office	100.0	%	73.8	%	43.98		246,000	246,000	—			Market News International Inc., Sapient Corp.
-Retail	100.0	%	100.0	%	108.73		5,000	5,000	—			TD Bank
	100.0	%	74.3	%	45.27		251,000	251,000	—	—

- 40 -



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):
Soho:
478-486 Broadway - 2 buildings
-Retail	100.0	%	100.0	%	$	251.91	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	%	99.57		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	%	69.2	%			13,000	13,000	—	—

334 Canal Street
-Retail	100.0	%	100.0	%	100.20		4,000	4,000	—
-Residential (4 units)	100.0	%	75.0	%	—		11,000	11,000	—
	100.0	%	81.7	%			15,000	15,000	—	—

155 Spring Street
-Retail	100.0	%	93.6	%	140.59		50,000	50,000	—	—		Vera Bradley

148 Spring Street
-Retail	100.0	%	100.0	%	191.17		8,000	8,000	—	—		Dr. Martens

150 Spring Street
-Retail	100.0	%	63.2	%	417.69		6,000	6,000	—			Sandro
-Residential (1 unit)	100.0	%	100.0	%			1,000	1,000	—
	100.0	%	68.5	%			7,000	7,000	—	—

Total Soho							194,000	194,000	—	—

Times Square:
1540 Broadway												Forever 21, Planet Hollywood, Disney, Sunglass Hut,
-Retail	100.0	%	100.0	%	269.09		161,000	161,000	—	—		MAC Cosmetics, U.S. Polo

1535 Broadway (Marriott Marquis - retail and signage)
-Retail	100.0	%	95.3	%	1,080.08		45,000	45,000	—			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	%	98.0	%	379.76		107,000	107,000	—	—

Total Times Square							268,000	268,000	—	—

Upper East Side:
828-850 Madison Avenue
-Retail	100.0	%	100.0	%	631.48		18,000	18,000	—	—		Gucci, Chloe, Cartier, Cho Cheng, Christofle Silver Inc.

677-679 Madison Avenue
-Retail	100.0	%	100.0	%	501.12		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	%	1,105.94		11,000	11,000	—			John Varvatos, J. Crew
	100.0	%	84.1	%			23,000	23,000	—	—

- 41 -



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):
Upper East Side (Continued):
1131 Third Avenue
Retail	100.0	%	100.0	%	$	161.80	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	%	87.5	%			7,000	7,000	—
	100.0	%	96.0	%			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	%	35.67		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	%	53.15		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	%	99.8	%	86.01		586,000	586,000	—			Moet Hennessy USA. Inc.
-Retail	49.9	%	96.4	%	76.33		43,000	43,000	—			IL Posto LLC, Toro NYC Restaurant, L'Atelier
	49.9	%	99.5	%	85.36		629,000	629,000	—	625,000

537 West 26th Street
-Retail	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	%	96.0	%			283,000	283,000	—	80,000

Tribeca:
Independence Plaza, Tribeca
-Residential (1,327 units)	50.1	%	97.5	%			1,185,000	1,185,000	—
-Retail	50.1	%	100.0	%	53.50		72,000	60,000	12,000			Duane Reade, Food Emporium
	50.1	%	97.7	%			1,257,000	1,245,000	12,000	675,000

339 Greenwich Street
-Retail	100.0	%	100.0	%	109.16		8,000	8,000	—	—		Sarabeth's
Total Tribeca							1,265,000	1,253,000	12,000	675,000
New Jersey:
Paramus
-Office	100.0	%	91.5	%	22.90		129,000	129,000	—	—		Vornado's Administrative Headquarters

Washington D.C.:
3040 M Street
-Retail	100.0	%	100.0	%	72.83		44,000	44,000	—	—		Nike, Amazon

- 42 -



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):
Property under Development:
512 West 22nd Street
-Office	55.0	%	—		$	—	173,000	—	173,000	$	84,881

61 Ninth Avenue
(ground leased through 2115)
-Office	45.1	%	—		—		147,000	—	147,000			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	75,846

606 Broadway (19 East Houston Street)
-Office	50.0	%	—		—		23,000	—	23,000
-Retail	50.0	%	—		—		11,000	—	11,000
	50.0	%	—		—		34,000	—	34,000	49,721

Moynihan Office Building
(ground and building leased through 2116)
-Office	50.1	%	—		—		730,000	—	730,000
-Retail	50.1	%	—		—		120,000	—	120,000
	50.1	%	—		—		850,000	—	850,000	246,612

Total Property under Development							1,227,000	23,000	1,204,000	457,060

Properties to be Developed:
57th Street (3 properties)
-Office	50.0	%	—		—		—	—	—
-Retail	50.0	%	—		—		—	—	—
	50.0	%	—		—		—	—	—	—

484 Eighth Avenue
-Retail	100.0	%	—		—		—	—	—	—

486 Eighth Avenue
-Retail	100.0	%	—		—		—	—	—	—

265 West 34th Street
-Retail	100.0	%	—		—		—	—	—	—

267 West 34th Street
-Retail	100.0	%	—		—		—	—	—	—

Total Properties to be Developed							—	—	—	—

New York Office:

Total			97.4	%	$	75.89	21,448,000	20,175,000	1,273,000

Vornado's Ownership Interest			97.3	%	$	73.89	17,637,000	16,898,000	739,000

New York Retail:

Total			95.5	%	$	235.51	2,824,000	2,671,000	153,000

Vornado's Ownership Interest			96.6	%	$	231.54	2,505,000	2,423,000	82,000

New York Residential:

Total			96.6	%			1,533,000	1,533,000	—

Vornado's Ownership Interest			96.7	%			800,000	800,000	—

- 43 -



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	%	$	117.33	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	%	128.62		1,063,000	1,063,000	—	850,000

												Sears⁽⁶⁾, Burlington,
Rego Park I, Queens (4.8 acres)	32.4	%	100.0	%	40.78		343,000	343,000	—	—		Bed Bath & Beyond, Marshalls

Rego Park II (adjacent to Rego Park I),
Queens (6.6 acres)	32.4	%	99.9	%	41.23		609,000	609,000	—	253,226		Century 21, Costco, Kohl's, TJ Maxx

Flushing, Queens (1.0 acre ground leased through 2037)	32.4	%	100.0	%	18.22		167,000	167,000	—	—		New World Mall LLC

The Alexander Apartment Tower,
Rego Park, Queens, NY
Residential (312 units)	32.4	%	93.9	%	—		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	%	99.3	%	78.04		2,437,000	2,437,000	—	1,171,226

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

Total New York			97.4	%	$	91.49	29,669,000	28,215,000	1,454,000	$	12,079,975

Vornado's Ownership Interest			97.3	%	$	78.06	23,159,000	22,310,000	849,000	$	8,016,150

____________________

* 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)	Amount represents debt on land which is owned 34.8% by Vornado.


(4)	Excludes US Post Office leased through 2038 (including four five-year renewal options) for which the annual escalated rent is $13.31 PSF.


(5)	75,000 square feet is leased from 666 Fifth Avenue Office Condominium.


(6)	On April 4, 2017, Sears closed its 195,000 square foot store. On October 15, 2018, Sears filed for Chapter 11 bankruptcy relief and announced its intention to reject this lease.

- 44 -



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
theMART:
theMART, Chicago												Motorola Mobility (guaranteed by Google),
												CCC Information Services, Ogilvy Group (WPP),
												Publicis Groupe (Razorfish),
												1871, Yelp Inc., Paypal, Inc., Allscripts Healthcare,
												Chicago School of Professional Psychology, Kellogg Company,
												Innovation Development Institute, Inc., Chicago Teachers Union,
-Office	100.0	%	93.0	%	$	38.75	2,044,000	2,044,000	—			ConAgra Foods Inc., Allstate Insurance Company
												Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.,
-Showroom/Trade show	100.0	%	98.7	%	48.84		1,532,000	1,532,000	—			Allsteel Inc., Herman Miller Inc., Knoll Inc., Teknion LLC
-Retail	100.0	%	98.1	%	50.54		99,000	99,000	—
	100.0	%	95.5	%	43.41		3,675,000	3,675,000	—	$	675,000

Other (2 properties)	50.0	%	94.1	%	42.12		19,000	19,000	—	32,416

Total theMART			95.5	%	$	43.40	3,694,000	3,694,000	—	$	707,416

Vornado's Ownership Interest			95.5	%	$	43.40	3,685,000	3,685,000	—	$	691,208

555 California Street:
555 California Street	70.0	%	99.3	%	$	76.67	1,506,000	1,506,000	—	$	561,538	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, Sidley Austin

315 Montgomery Street	70.0	%	100.0	%	66.26		235,000	235,000	—	—		Bank of America, Regus, Ripple Labs Inc., LendingHome Corporation
												Blue Shield
345 Montgomery Street	70.0	%	—		—		78,000	—	78,000	—		Regus*

Total 555 California Street			99.4	%	$	75.26	1,819,000	1,741,000	78,000	$	561,538

Vornado's Ownership Interest			99.4	%	$	75.26	1,274,000	1,219,000	55,000	$	393,077

____________________

* 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.

- 45 -



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	%	$	243.36	96,000	96,000	—			Sephora, Bank of America
- Residential (39 units)	100.0	%	97.4	%			59,000	59,000	—
	100.0	%					155,000	155,000	—	$	144,517

Crowne Plaza Times Square (0.64 acres owned in fee; 0.18 acres ground leased through 2187 and 0.05 acres ground leased through 2035)
- Hotel (795 Keys)
- Retail	75.3	%	92.0	%	101.68		47,000	47,000	—			New York Sports Club
- Office	75.3	%	86.9	%	46.53		196,000	196,000	—			American Management Association, Open Jar
	75.3	%	87.9	%	57.20		243,000	243,000	—	256,600

501 Broadway	100.0	%	100.0	%	264.63		9,000	9,000	—	23,000		Capital One Financial Corporation

Miami, FL:
1100 Lincoln Road
- Retail	100.0	%	73.0	%	180.86		51,000	51,000	—			Banana Republic
- Theatre	100.0	%	100.0	%	39.38		79,000	79,000	—			Regal Cinema
	100.0	%	89.4	%	94.88		130,000	130,000	—	82,750

Total Real Estate Fund	88.8	%	91.4	%			537,000	537,000	—	$	506,867

Vornado's Ownership Interest	28.6	%	90.5	%			154,000	154,000	—	$	110,872

____________________


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


(2)	Represents the contractual debt obligations.

- 46 -



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:
Virginia:
Rosslyn Plaza⁽⁴⁾
Office - 4 buildings	46.2	%	65.4	%	$	48.09	736,000	432,000	—	304,000			Gartner, Nathan Associates, Inc.
Residential - 2 buildings (197 units)	43.7	%	97.9	%			253,000	253,000	—	—
							989,000	685,000	—	304,000	$	39,841

Fashion Centre Mall⁽⁴⁾	7.5	%	98.9	%	48.71		868,000	868,000	—	—	410,000		Macy's, Nordstrom

Washington Tower⁽⁴⁾	7.5	%	100.0	%	51.16		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			93.0	%	$	40.69	2,832,000	2,079,000	443,000	310,000	$	489,841

Vornado's Ownership Interest			93.5	%	$	31.61	1,333,000	744,000	443,000	146,000	$	53,834

____________________


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

- 47 -



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		Steve Sakwa/Jason Green	Nicholas Yulico
Bank of America/Merrill Lynch		Evercore ISI	Scotia Capital (USA) Inc
646-855-5808		212-446-9462/212-446-9449	212-225-6904

Ross Smotrich/Trevor Young		Daniel Ismail	John W. Guinee/Aaron Wolf
Barclays Capital		Green Street Advisors	Stifel Nicolaus & Company
212-526-2306/212-526-3098		949-640-8780	443-224-1307/443-224-1206

John P. Kim/Alex Nelson		Anthony Paolone/Patrice Chen	Michael Lewis
BMO Capital Markets		JP Morgan	SunTrust Robinson Humphrey
212-885-4115/212-885-4144		212-622-6682/212-622-1893	212-319-5659

Michael Bilerman/Emmanuel Korchman		Vikram Malhotra/Adam J. Gabalski	Frank Lee
Citi		Morgan Stanley	UBS
212-816-1383/212-816-1382		212-761-7064/212-761-8051	415-352-5679

Derek Johnston/Mike Husseini		Alexander Goldfarb/Daniel Santos
Deutsche Bank		Sandler O'Neill
904-520-4973/212-250-7703		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.

- 48 -

APPENDIX

DEFINITIONS AND NON-GAAP RECONCILIATIONS

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 on the following pages.

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.

- i -



NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED
(unaudited and in thousands, except per share amounts)
		For the Three Months Ended									For the Nine Months Ended September 30,
		September 30,						June 30, 2018			For the Nine Months Ended September 30,
		2018			2017			June 30, 2018			2018			2017
Net income (loss) attributable to common shareholders	(A)	$	190,645		$	(29,026	)	$	111,534		$	284,338		$	134,698
Per diluted share		$	1.00		$	(0.15	)	$	0.58		$	1.49		$	0.71

Certain (income) expense items that impact net income (loss) attributable to common shareholders:
Net gain on sale of our ownership interests in 666 Fifth Avenue Office Condominium		$	(134,032	)	$	—		$	—		$	(134,032	)	$	—
Net gain on the repayment of our loan investment in 666 Fifth Avenue Office Condominium		(7,308		)	—			—			(7,308		)	—
Decrease (increase) in fair value of marketable securities (including our share of partially owned entities)		7,966			—			(16,024		)	26,602			—
Net gains on sale of real estate (including our share of partially owned entities)		(3,350		)	(1,522		)	(24,449		)	(28,104		)	(20,981		)
Our share of loss (income) from real estate fund investments (excluding our $4,252 share of One Park Avenue potential additional transfer taxes and reduction in carried interest for the nine months ended September 30, 2018)		748			7,794			(551		)	(617		)	11,333
Loss from discontinued operations and sold properties (primarily related to JBG SMITH Properties operating results and transaction costs through July 17, 2017 spin-off)		42			53,739			983			4,886			40,542
Impairment loss on investment in PREIT		—			44,465			—			—			44,465
Net gain resulting from UE operating partnership unit issuances		—			(5,200		)	—			—			(21,100		)
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			—
Net gain on repayment of our Suffolk Downs JV debt investments		—			—			—			—			(11,373		)
Other		3,207			9,515			(4,213		)	3,133			13,333
		(132,727		)	108,791			(44,254		)	(97,451		)	56,219
Noncontrolling interests' share of above adjustments		8,242			(6,767		)	3,153			6,061			(3,624		)
Total of certain (income) expense items that impact net income (loss) attributable to common shareholders	(B)	$	(124,485	)	$	102,024		$	(41,101	)	$	(91,390	)	$	52,595
Per diluted share (non-GAAP)		$	(0.65	)	$	0.53		$	(0.21	)	$	(0.48	)	$	0.27

Net income attributable to common shareholders, as adjusted (non-GAAP)	(A+B)	$	66,160		$	72,998		$	70,433		$	192,948		$	187,293
Per diluted share (non-GAAP)		$	0.35		$	0.38		$	0.37		$	1.01		$	0.98

- ii -



NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS
(unaudited and in thousands, except per share amounts)
		For the Three Months Ended									For the Nine Months Ended September 30,
		September 30,						June 30, 2018			For the Nine Months Ended September 30,
		2018			2017			June 30, 2018			2018			2017
Reconciliation of our net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):
Net income (loss) attributable to common shareholders	(A)	$	190,645		$	(29,026	)	$	111,534		$	284,338		$	134,698
Per diluted share		$	1.00		$	(0.15	)	$	0.58		$	1.49		$	0.71

FFO adjustments:
Depreciation and amortization of real property		$	105,015		$	102,953		$	103,599		$	309,024		$	361,949
Net gains on sale of real estate		(133,961		)	(1,530		)	(24,177		)	(158,138		)	(3,797		)
Proportionate share of adjustments to equity in net income (loss) of partially owned entities to arrive at FFO:
Depreciation and amortization of real property		23,688			31,997			25,488			77,282			108,753
Net gains on sale of real estate		(3,421		)	8			(272		)	(3,998		)	(17,184		)
Real estate impairment losses		—			4,329			—			4			7,547
		(8,679		)	137,757			104,638			224,174			457,268
Noncontrolling interests' share of above adjustments		535			(8,572		)	(6,508		)	(13,884		)	(28,444		)
FFO adjustments, net	(B)	$	(8,144	)	$	129,185		$	98,130		$	210,290		$	428,824

FFO attributable to common shareholders (non-GAAP)	(A+B)	$	182,501		$	100,159		$	209,664		$	494,628		$	563,522
Convertible preferred share dividends		15			19			16			47			59
Earnings allocated to Out-Performance Plan units		—			—			—			266			850
FFO attributable to common shareholders plus assumed conversions (non-GAAP)		182,516			100,178			209,680			494,941			564,431
Add back of FFO allocated to noncontrolling interests of the Operating Partnership		12,357			6,776			14,171			33,209			37,229
FFO - OP Basis (non-GAAP)		$	194,873		$	106,954		$	223,851		$	528,150		$	601,660
FFO per diluted share (non-GAAP)		$	0.95		$	0.52		$	1.10		$	2.59		$	2.95

- iii -



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)
		For the Three Months Ended									For the Nine Months Ended September 30,
		September 30,						June 30, 2018			For the Nine Months Ended September 30,
		2018			2017			June 30, 2018			2018			2017
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	(A)	$	182,516		$	100,178		$	209,680		$	494,941		$	564,431
Per diluted share (non-GAAP)		$	0.95		$	0.52		$	1.10		$	2.59		$	2.95

Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions:
Decrease (increase) in fair value of marketable securities (including our share of partially owned entities)		$	7,966		$	—		$	(16,024	)	$	26,602		$	—
Net gain on the repayment of our loan investment in 666 Fifth Avenue Office Condominium		(7,308		)	—			—			(7,308		)	—
FFO from discontinued operations and sold properties (primarily related to JBG SMITH Properties operating results and transaction costs through July 17, 2017 spin-off)		(1,152		)	38,771			(2,552		)	(3,297		)	(68,843		)
Our share of FFO from real estate fund investments (excluding our $4,252 share of One Park Avenue potential additional transfer taxes and reduction in carried interest for the nine months ended September 30, 2018)		748			7,794			(551		)	(617		)	11,333
Impairment loss on investment in PREIT		—			44,465			—			—			44,465
Net gain resulting from UE operating partnership unit issuances		—			(5,200		)	—			—			(21,100		)
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			—
Net gain on repayment of our Suffolk Downs JV debt investments		—			—			—			—			(11,373		)
Other		3,071			4,701			(4,334		)	2,751			3,986
		3,325			90,531			(23,461		)	56,120			(41,532		)
Noncontrolling interests' share of above adjustments		(206		)	(5,583		)	1,459			(3,514		)	2,579
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net	(B)	$	3,119		$	84,948		$	(22,002	)	$	52,606		$	(38,953	)
Per diluted share (non-GAAP)		$	0.02		$	0.45		$	(0.12	)	$	0.27		$	(0.20	)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	(A+B)	$	185,635		$	185,126		$	187,678		$	547,547		$	525,478
Per diluted share (non-GAAP)		$	0.97		$	0.97		$	0.98		$	2.86		$	2.75

- iv -



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

		For the Three Months Ended									For the Nine Months Ended September 30,
		September 30,						June 30, 2018			For the Nine Months Ended September 30,
		2018			2017			June 30, 2018			2018			2017
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	(A)	$	182,516		$	100,178		$	209,680		$	494,941		$	564,431

Adjustments to arrive at FAD (non-GAAP):
Recurring tenant improvements, leasing commissions and other capital expenditures		(44,918		)	(64,520		)	(68,065		)	(161,528		)	(214,361		)
Adjustments to FFO excluding FFO attributable to discontinued operations and sold properties		4,310			105,341			(20,909		)	59,250			94,356
Amortization of acquired below-market leases, net		(9,937		)	(10,660		)	(10,089		)	(30,170		)	(34,135		)
Amortization of debt issuance costs		8,348			6,220			8,034			24,486			23,554
Stock-based compensation expense		5,546			5,693			6,975			26,190			27,319
Straight-line rentals		(157		)	(9,170		)	(2,692		)	(10,279		)	(37,752		)
Non real estate depreciation		1,463			1,672			1,464			4,562			5,704
Noncontrolling interests' share of above adjustments		2,195			(2,151		)	5,401			5,442			8,403
FAD adjustments, net	(B)	(33,150		)	32,425			(79,881		)	(82,047		)	(126,912		)

FAD (non-GAAP)	(A+B)	$	149,366		$	132,603		$	129,799		$	412,894		$	437,519

FAD payout ratio⁽¹⁾		80.8		%	87.0		%	92.6		%	87.5		%	88.2		%

_____________________________________________


(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.

- v -

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									For the Nine Months Ended September 30,
	September 30,						June 30, 2018
	2018			2017						2018			2017
Net income (loss)	$	219,162		$	(10,754	)	$	105,338		$	324,782		$	210,577

Deduct:
(Income) loss from partially owned entities	(7,206		)	41,801			(8,757		)	(6,059		)	(5,578		)
Loss from real estate fund investments	190			6,308			28,976			37,973			1,649
Interest and other investment income, net	(2,893		)	(7,331		)	(30,892		)	(9,401		)	(22,567		)
Net gains on disposition of wholly owned and partially owned assets	(141,269		)	—			(23,559		)	(164,828		)	(501		)
(Income) loss from discontinued operations	(61		)	47,930			(683		)	(381		)	14,501
NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,943		)	(16,171		)	(17,160		)	(51,415		)	(48,778		)

Add:
Depreciation and amortization expense	113,169			104,972			111,846			333,701			315,223
General and administrative expense	31,977			34,286			34,427			108,937			115,866
Transaction related costs and other	2,510			61			1,017			16,683			1,073
NOI from partially owned entities	60,094			66,876			65,752			193,359			199,989
Interest and debt expense	88,951			85,068			87,657			264,774			252,581
Income tax expense	1,943			1,188			467			4,964			3,491
NOI at share	349,624			354,234			354,429			1,053,089			1,037,526
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(8,743		)	(22,307		)	(12,481		)	(39,172		)	(65,263		)
NOI at share - cash basis	$	340,881		$	331,927		$	341,948		$	1,013,917		$	972,263

- vi -

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 September 30,
	Total Revenues						Operating Expenses						NOI						Non-cash Adjustments⁽¹⁾						NOI - cash basis
	2018			2017			2018			2017			2018			2017			2018			2017			2018			2017
New York	$	462,446		$	453,609		$	200,949		$	192,430		$	261,497		$	261,179		$	(8,937	)	$	(16,621	)	$	252,560		$	244,558
Other	79,602			75,146			34,626			32,796			44,976			42,350			429			(1,360		)	45,405			40,990
Consolidated total	542,048			528,755			235,575			225,226			306,473			303,529			(8,508		)	(17,981		)	297,965			285,548
Noncontrolling interests' share in consolidated subsidiaries	(27,403		)	(26,300		)	(10,460		)	(10,129		)	(16,943		)	(16,171		)	112			416			(16,831		)	(15,755		)
Our share of partially owned entities	97,960			110,300			37,866			43,424			60,094			66,876			(347		)	(4,742		)	59,747			62,134
Vornado's share	$	612,605		$	612,755		$	262,981		$	258,521		$	349,624		$	354,234		$	(8,743	)	$	(22,307	)	$	340,881		$	331,927



	For the Three Months Ended June 30, 2018
	Total Revenues			Operating Expenses			NOI			Non-cash Adjustments⁽¹⁾			NOI - cash basis
New York	$	458,552		$	200,903		$	257,649		$	(10,533	)	$	247,116
Other	83,266			35,078			48,188			487			48,675
Consolidated total	541,818			235,981			305,837			(10,046		)	295,791
Noncontrolling interests' share in consolidated subsidiaries	(27,093		)	(9,933		)	(17,160		)	150			(17,010		)
Our share of partially owned entities	112,196			46,444			65,752			(2,585		)	63,167
Vornado's share	$	626,921		$	272,492		$	354,429		$	(12,481	)	$	341,948



	For the Nine Months Ended September 30,
	Total Revenues						Operating Expenses						NOI						Non-cash Adjustments⁽¹⁾						NOI - cash basis
	2018			2017			2018			2017			2018			2017			2018			2017			2018			2017
New York	$	1,369,482		$	1,316,710		$	599,768		$	561,249		$	769,714		$	755,461		$	(34,637	)	$	(53,468	)	$	735,077		$	701,993
Other	250,821			231,190			109,390			100,336			141,431			130,854			251			(5,960		)	141,682			124,894
Consolidated total	1,620,303			1,547,900			709,158			661,585			911,145			886,315			(34,386		)	(59,428		)	876,759			826,887
Noncontrolling interests' share in consolidated subsidiaries	(81,546		)	(77,974		)	(30,131		)	(29,196		)	(51,415		)	(48,778		)	806			5,802			(50,609		)	(42,976		)
Our share of partially owned entities	320,456			329,366			127,097			129,377			193,359			199,989			(5,592		)	(11,637		)	187,767			188,352
Vornado's share	$	1,859,213		$	1,799,292		$	806,124		$	761,766		$	1,053,089		$	1,037,526		$	(39,172	)	$	(65,263	)	$	1,013,917		$	972,263

________________________________________


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

- vii -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018 COMPARED TO SEPTEMBER 30, 2017
(unaudited and in thousands)

	Total			New York				theMART			555 California Street			Other
NOI at share (non-GAAP) for the three months ended September 30, 2018	$	349,624		$	297,328			$	25,257		$	13,515		$	13,524
Less NOI at share from:
Acquisitions	(260		)	(260		)		—			—			—
Development properties	(12,655		)	(12,641		)		—			(14		)	—
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net	1,581			1,800				(219		)	—			—
Other non-operating income, net	(14,102		)	(578		)		—			—			(13,524		)
Same store NOI at share (non-GAAP) for the three months ended September 30, 2018	$	324,188		$	285,649			$	25,038		$	13,501		$	—

NOI at share (non-GAAP) for the three months ended September 30, 2017	$	354,234		$	298,494			$	26,019		$	11,519		$	18,202
Less NOI at share from:
Dispositions	(232		)	(232		)		—			—			—
Development properties	(12,598		)	(12,598		)		—			—			—
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net	(1,169		)	(1,169		)		—			—			—
Other non-operating income, net	(18,874		)	(672		)		—			—			(18,202		)
Same store NOI at share (non-GAAP) for the three months ended September 30, 2017	$	321,361		$	283,823			$	26,019		$	11,519		$	—

Increase (decrease) in same store NOI at share for the three months ended September 30, 2018 compared to September 30, 2017	$	2,827		$	1,826			$	(981	)	$	1,982		$	—

% increase (decrease) in same store NOI at share	0.9		%	0.6		%	⁽¹⁾	(3.8		)%	17.2		%	—		%

____________________


(1)	Excluding Hotel Pennsylvania, same store NOI at share increased by 1.0% .

- viii -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 COMPARED TO SEPTEMBER 30, 2017
(unaudited and in thousands)

	Total			New York				theMART			555 California Street			Other
NOI at share (non-GAAP) for the nine months ended September 30, 2018	$	1,053,089		$	881,791			$	79,948		$	40,686		$	50,664
Less NOI at share from:
Acquisitions	(1,198		)	(1,049		)		(149		)	—			—
Dispositions	(370		)	(370		)		—			—			—
Development properties	(25,854		)	(25,840		)		—			(14		)	—
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net	2,396			2,657				(261		)	—			—
Other non-operating income, net	(52,319		)	(1,655		)		—			—			(50,664		)
Same store NOI at share (non-GAAP) for the nine months ended September 30, 2018	$	975,744		$	855,534			$	79,538		$	40,672		$	—

NOI at share (non-GAAP) for the nine months ended September 30, 2017	$	1,037,526		$	861,837			$	78,090		$	35,585		$	62,014
Less NOI at share from:
Acquisitions	36			(164		)		200			—			—
Dispositions	(1,509		)	(1,509		)		—			—			—
Development properties	(24,518		)	(24,518		)		—			—			—
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net	(1,993		)	(1,973		)		(20		)	—			—
Other non-operating income, net	(64,715		)	(2,701		)		—			—			(62,014		)
Same store NOI at share (non-GAAP) for the nine months ended September 30, 2017	$	944,827		$	830,972			$	78,270		$	35,585		$	—

Increase in same store NOI at share for the nine months ended September 30, 2018 compared to September 30, 2017	$	30,917		$	24,562			$	1,268		$	5,087		$	—

% increase in same store NOI at share	3.3		%	3.0		%	⁽¹⁾	1.6		%	14.3		%	—		%

____________________


(1)	Excluding Hotel Pennsylvania, same store NOI at share increased by 3.1% .

- ix -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018 COMPARED TO JUNE 30, 2018
(unaudited and in thousands)

	Total			New York				theMART				555 California Street			Other
NOI at share (non-GAAP) for the three months ended September 30, 2018	$	349,624		$	297,328			$	25,257			$	13,515		$	13,524
Less NOI at share from:
Acquisitions	(63		)	(63		)		—				—			—
Development properties	(12,655		)	(12,641		)		—				(14		)	—
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net	1,582			1,800				(218		)		—			—
Other non-operating income, net	(14,103		)	(579		)		—				—			(13,524		)
Same store NOI at share (non-GAAP) for the three months ended September 30, 2018	$	324,385		$	285,845			$	25,039			$	13,501		$	—

NOI at share (non-GAAP) for the three months ended June 30, 2018	$	354,429		$	295,867			$	27,816			$	13,660		$	17,086
Less NOI at share from:
Acquisitions	(3		)	(3		)		—				—			—
Dispositions	(309		)	(309		)		—				—			—
Development properties	(12,795		)	(12,795		)		—				—			—
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net	1,941			1,984				(43		)		—			—
Other non-operating income, net	(17,583		)	(497		)		—				—			(17,086		)
Same store NOI at share (non-GAAP) for the three months ended June 30, 2018	$	325,680		$	284,247			$	27,773			$	13,660		$	—

(Decrease) increase in same store NOI at share for the three months ended September 30, 2018 compared to June 30, 2018	$	(1,295	)	$	1,598			$	(2,734	)		$	(159	)	$	—

% (decrease) increase in same store NOI at share	(0.4		)%	0.6		%	⁽¹⁾	(9.8		)%	⁽²⁾	(1.2		)%	—		%

____________________


(1)	Excluding Hotel Pennsylvania, same store NOI at share increased by 1.0%.


(2)	Excluding tradeshows which are seasonal, same store NOI at share decreased by 4.4%.

- x -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018 COMPARED TO SEPTEMBER 30, 2017
(unaudited and in thousands)

	Total			New York				theMART			555 California Street			Other
NOI at share - cash basis (non-GAAP) for the three months ended September 30, 2018	$	340,881		$	288,203			$	26,234		$	13,070		$	13,374
Less NOI at share - cash basis from:
Acquisitions	(259		)	(259		)		—			—			—
Development properties	(13,433		)	(13,419		)		—			(14		)	—
Lease termination income	(318		)	(58		)		(260		)	—			—
Other non-operating income, net	(13,954		)	(580		)		—			—			(13,374		)
Same store NOI at share - cash basis (non-GAAP) for the three months ended September 30, 2018	$	312,917		$	273,887			$	25,974		$	13,056		$	—

NOI at share - cash basis (non-GAAP) for the three months ended September 30, 2017	$	331,927		$	277,402			$	25,417		$	10,889		$	18,219
Less NOI at share - cash basis from:
Dispositions	(115		)	(115		)		—			—			—
Development properties	(12,674		)	(12,674		)		—			—			—
Lease termination income	(285		)	(285		)		—			—			—
Other non-operating income, net	(18,936		)	(717		)		—			—			(18,219		)
Same store NOI at share - cash basis (non-GAAP) for the three months ended September 30, 2017	$	299,917		$	263,611			$	25,417		$	10,889		$	—

Increase in same store NOI at share - cash basis for the three months ended September 30, 2018 compared to September 30, 2017	$	13,000		$	10,276			$	557		$	2,167		$	—

% increase in same store NOI at share - cash basis	4.3		%	3.9		%	⁽¹⁾	2.2		%	19.9		%	—		%

____________________


(1)	Excluding Hotel Pennsylvania, same store NOI at share - cash basis increased by 4.3%.

- xi -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 COMPARED TO SEPTEMBER 30, 2017
(unaudited and in thousands)

	Total			New York				theMART			555 California Street			Other
NOI at share - cash basis (non-GAAP) for the nine months ended September 30, 2018	$	1,013,917		$	842,630			$	81,312		$	39,704		$	50,271
Less NOI at share - cash basis from:
Acquisitions	(899		)	(750		)		(149		)	—			—
Dispositions	(306		)	(306		)		—			—			—
Development properties	(27,636		)	(27,622		)		—			(14		)	—
Lease termination income	(1,541		)	(1,119		)		(422		)	—			—
Other non-operating income, net	(51,925		)	(1,654		)		—			—			(50,271		)
Same store NOI at share - cash basis (non-GAAP) for the nine months ended September 30, 2018	$	931,610		$	811,179			$	80,741		$	39,690		$	—

NOI at share - cash basis (non-GAAP) for the nine months ended September 30, 2017	$	972,263		$	804,076			$	74,846		$	33,365		$	59,976
Less NOI at share - cash basis from:
Acquisitions	137			(63		)		200			—			—
Dispositions	(1,154		)	(1,154		)		—			—			—
Development properties	(24,534		)	(24,534		)		—			—			—
Lease termination income	(3,564		)	(3,533		)		(31		)	—			—
Other non-operating income, net	(63,394		)	(3,418		)		—			—			(59,976		)
Same store NOI at share - cash basis (non-GAAP) for the nine months ended September 30, 2017	$	879,754		$	771,374			$	75,015		$	33,365		$	—

Increase in same store NOI at share - cash basis for the nine months ended September 30, 2018 compared to September 30, 2017	$	51,856		$	39,805			$	5,726		$	6,325		$	—

% increase in same store NOI at share - cash basis	5.9		%	5.2		%	⁽¹⁾	7.6		%	19.0		%	—		%

____________________


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

- xii -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018 COMPARED TO JUNE 30, 2018
(unaudited and in thousands)

	Total			New York				theMART				555 California Street			Other
NOI at share - cash basis (non-GAAP) for the three months ended September 30, 2018	$	340,881		$	288,203			$	26,234			$	13,070		$	13,374
Less NOI at share - cash basis from:
Acquisitions	(63		)	(63		)		—				—			—
Development properties	(13,433		)	(13,419		)		—				(14		)	—
Lease termination income	(318		)	(58		)		(260		)		—			—
Other non-operating income, net	(13,953		)	(579		)		—				—			(13,374		)
Same store NOI at share - cash basis (non-GAAP) for the three months ended September 30, 2018	$	313,114		$	274,084			$	25,974			$	13,056		$	—

NOI at share - cash basis (non-GAAP) for the three months ended June 30, 2018	$	341,948		$	283,154			$	27,999			$	13,808		$	16,987
Less NOI at share - cash basis from:
Acquisitions	(3		)	(3		)		—				—			—
Dispositions	(241		)	(241		)		—				—			—
Development properties	(13,688		)	(13,688		)		—				—			—
Lease termination income	(162		)	—				(162		)		—			—
Other non-operating income, net	(17,481		)	(494		)		—				—			(16,987		)
Same store NOI at share - cash basis (non-GAAP) for the three months ended June 30, 2018	$	310,373		$	268,728			$	27,837			$	13,808		$	—

Increase (decrease) in same store NOI at share - cash basis for the three months ended September 30, 2018 compared to June 30, 2018	$	2,741		$	5,356			$	(1,863	)		$	(752	)	$	—

% increase (decrease) in same store NOI at share - cash basis	0.9		%	2.0		%	⁽¹⁾	(6.7		)%	⁽²⁾	(5.4		)%	—		%

____________________


(1)	Excluding Hotel Pennsylvania, same store NOI at share - cash basis increased by 2.5%.


(2)	Excluding tradeshows which are seasonal, same store NOI at share - cash basis decreased by 0.3%.

- xiii -



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

	For the Three Months Ended September 30, 2018
Consolidated revenues	$	542,048
Noncontrolling interest adjustments	(27,403		)
Consolidated revenues at our share (non-GAAP)	514,645
Unconsolidated revenues at our share	97,960
Our pro rata share of revenues (non-GAAP)	$	612,605
Our pro rata share of revenues (annualized) (non-GAAP)	$	2,450,420



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

	As of September 30, 2018
	Consolidated Debt, net		Deferred Financing Costs, Net and Other		Contractual Debt (non-GAAP)
Mortgages payable	$	8,119,075	$	53,045	$	8,172,120
Senior unsecured notes	843,710		6,290		850,000
$750 Million unsecured term loan	749,874		126		750,000
$2.5 Billion unsecured revolving credit facilities	80,000		—		80,000
	$	9,792,659	$	59,461	$	9,852,120

- xiv -

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.



	For the Three Months Ended									For the Nine Months Ended September 30,
	September 30,						June 30, 2018			For the Nine Months Ended September 30,
	2018			2017			June 30, 2018			2018			2017
Reconciliation of net income (loss) to EBITDAre (non-GAAP):
Net income (loss)	$	219,162		$	(10,754	)	$	105,338		$	324,782		$	210,577
Less net income (loss) attributable to noncontrolling interests in consolidated subsidiaries	(3,312		)	(4,022		)	26,175			31,137			(18,436		)
Net income (loss) attributable to the Operating Partnership	215,850			(14,776		)	131,513			355,919			192,141
EBITDAre adjustments at share:
Depreciation and amortization (includes $6,272 and $75,413 of discontinued operations for the three months and nine months ended September 30, 2017, respectively)	130,166			136,622			130,551			390,921			476,406
Interest and debt expense (includes $2,804 and $29,552 of discontinued operations for the three months and nine months ended September 30, 2017, respectively)	112,917			113,437			112,874			342,023			348,350
Income tax expense (includes $12 and $732 of discontinued operations for the three months and nine months ended September 30, 2017, respectively)	2,072			1,462			573			5,206			5,242
Net gains on sale of depreciable real estate	(137,382		)	(1,522		)	(24,449		)	(162,136		)	(20,981		)
Real estate impairment losses	—			4,329			—			4			7,547
EBITDAre at share (non-GAAP)	323,623			239,552			351,062			931,937			1,008,705
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	16,192			16,562			(13,431		)	7,075			55,322
EBITDAre (non-GAAP)	$	339,815		$	256,114		$	337,631		$	939,012		$	1,064,027

- xv -



NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED
	For the Three Months Ended									For the Nine Months Ended September 30,
	September 30,						June 30, 2018			For the Nine Months Ended September 30,
	2018			2017			June 30, 2018			2018			2017
EBITDAre (non-GAAP)	$	339,815		$	256,114		$	337,631		$	939,012		$	1,064,027

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	$	(16,192	)	$	(16,562	)	$	13,431		$	(7,075	)	$	(55,322	)

Certain expense (income) items that impact EBITDAre:
Decrease (increase) in fair value of marketable securities (including our share of partially owned entities)	7,966			—			(16,024		)	26,602			—
Net gain on the repayment of our loan investment in the 666 Fifth Avenue Office Condominium	(7,308		)	—			—			(7,308		)	—
EBITDAre from discontinued operations and sold properties (primarily related to JBG SMITH Properties operating results and transaction costs through July 17, 2017 spin-off)	(2,282		)	33,014			(7,082		)	(15,740		)	(109,580		)
Our share of EBITDAre from real estate fund investments (excluding our $4,252 share of One Park Avenue potential additional transfer taxes and reduction in carried interest for the nine months ended September 30, 2018)	748			7,794			(551		)	(617		)	11,333
Impairment loss on investment in PREIT	—			44,465			—			—			44,465
Net gain resulting from Urban Edge Properties ("UE") operating partnership unit issuances	—			(5,200		)	—			—			(21,100		)
Our share of potential additional New York City transfer taxes based on a Tax Tribunal interpretation which Vornado is appealing	—			—			—			23,503			—
Net gain on repayment of our Suffolk Downs JV debt investments	—			—			—			—			(11,373		)
Other	2,233			665			(4,449		)	(935		)	558
Total of certain expense (income) items that impact EBITDAre	1,357			80,738			(28,106		)	25,505			(85,697		)
EBITDAre, as adjusted (non-GAAP)	$	324,980		$	320,290		$	322,956		$	957,442		$	923,008

- xvi -

- xvii -

SAME STORE NOI AT SHARE AND NOI AT SHARE - CASH BASIS (NON-GAAP)

(unaudited)