exhibit992.htm - Generated by SEC Publisher for SEC Filing

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):



		Fourth Quarter 2015		Third Quarter 2015		Second Quarter 2015		First Quarter 2015
High Price		$	103.41	$	98.96	$	113.12	$	126.62
Low Price		$	89.32	$	84.60	$	94.55	$	104.11
Closing Price - end of quarter		$	99.96	$	90.42	$	94.93	$	112.00

Annualized Dividend per share		$	2.52	$	2.52	$	2.52	$	2.52

Annualized Dividend Yield - on Closing Price			2.5%		2.8%		2.7%		2.3%

Outstanding shares, Class A units and convertible preferred units as converted,
	excluding stock options (in thousands)		201,367		201,431		200,575		200,361

Closing market value of outstanding shares, Class A units and convertible preferred
	units as converted, excluding stock options	$	20.1 Billion	$	18.2 Billion	$	19.0 Billion	$	22.4 Billion

- 6 -

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

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

				Three Months Ended						Year Ended
				December 31,				September 30,		December 31,
				2015		2014		2015		2015		2014
	Total revenues			$	651,581	$	597,010	$	627,596	$	2,502,267	$	2,312,512

	Net income attributable to common shareholders			$	230,742	$	513,238	$	198,870	$	679,856	$	783,388
		Per common share:
			Basic	$	1.22	$	2.73	$	1.05	$	3.61	$	4.18
			Diluted	$	1.22	$	2.72	$	1.05	$	3.59	$	4.15

	FFO as adjusted for comparability			$	240,110	$	217,110	$	232,237	$	915,295	$	825,276
		Per diluted share		$	1.27	$	1.15	$	1.23	$	4.83	$	4.37

	FFO			$	259,528	$	230,143	$	236,039	$	1,039,035	$	911,130
	FFO - Operating Partnership Basis ("OP Basis")			$	276,682	$	244,315	$	251,331	$	1,105,604	$	967,447
		Per diluted share		$	1.37	$	1.22	$	1.25	$	5.48	$	4.83

	FAD			$	89,757	$	141,081	$	152,654	$	539,646	$	642,580
		Per diluted share		$	0.47	$	0.75	$	0.81	$	2.85	$	3.41

	Dividends per common share			$	0.63	$	0.73	$	0.63	$	2.52	$	2.92

	FFO payout ratio (based on FFO as adjusted for comparability)				49.6%		63.5%		51.2%		52.2%		66.8%
	FAD payout ratio				134.0%		97.3%		77.8%		88.4%		85.6%

	Weighted average shares used in determining FFO per diluted share - REIT basis				189,688		188,970		189,581		189,564		188,690
	Convertible units:
		Class A			11,362		10,599		11,105		10,956		10,641
		D-13			482		429		504		476		465
		G1-G4			40		73		86		75		76
		Equity awards - unit equivalents			654		536		587		638		481
	Weighted average shares used in determining FFO per diluted share - OP Basis				202,226		200,607		201,863		201,709		200,353

- 7 -

RECONCILIATION OF NET INCOME TO FFO⁽¹⁾
(unaudited and in thousands, except per share amounts)
				Three Months Ended						Year Ended
				December 31,				September 30,		December 31,
				2015		2014		2015		2015		2014
Reconciliation of our net income to FFO:
	Net income attributable to Vornado			$	251,107	$	533,603	$	219,234	$	760,434	$	864,852
	Depreciation and amortization of real property				131,910		129,944		134,623		514,085		517,493
	Net gains on sale of real estate				(142,693)		(449,396)		(135,557)		(289,117)		(507,192)
	Real estate impairment losses				-		5,676		-		256		26,518
	Proportionate share of adjustments to equity in net loss of
		partially owned entities to arrive at FFO:
			Depreciation and amortization of real property		37,275		24,350		38,131		143,960		117,766
			Net gains on sale of real estate		-		(10,820)		-		(4,513)		(11,580)
			Real estate impairment losses		4,141		-		2,313		16,758		-
			Income tax effect of above adjustments		-		-		-		-		(7,287)
	Noncontrolling interests' share of above adjustments				(1,869)		17,127		(2,364)		(22,342)		(8,073)
	FFO attributable to Vornado				279,871		250,484		256,380		1,119,521		992,497
	Preferred share dividends				(20,365)		(20,365)		(20,364)		(80,578)		(81,464)
	FFO attributable to common shareholders				259,506		230,119		236,016		1,038,943		911,033
	Convertible preferred share dividends				22		24		23		92		97
	FFO attributable to common shareholders plus assumed conversions				259,528		230,143		236,039		1,039,035		911,130
	Add back of income allocated to noncontrolling interests of the
		Operating Partnership			17,154		14,172		15,292		66,569		56,317
	FFO - OP Basis⁽¹⁾			$	276,682	$	244,315	$	251,331	$	1,105,604	$	967,447
	FFO per diluted share⁽¹⁾			$	1.37	$	1.22	$	1.25	$	5.48	$	4.83


(1)	FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of depreciated real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets 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 flows as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies.

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RECONCILIATION OF FFO TO FFO AS ADJUSTED FOR COMPARABILITY
(unaudited and in thousands, except per share amounts)
				Three Months Ended						Year Ended
				December 31,				September 30,		December 31,
				2015		2014		2015		2015		2014
FFO attributable to common shareholders plus assumed conversions			(A)	$	259,528	$	230,143	$	236,039	$	1,039,035	$	911,130
Per diluted share				$	1.37	$	1.22	$	1.25	$	5.48	$	4.83
Items that affect comparability income:
	FFO from discontinued operations and sold properties				19,251		44,474		7,108		46,423		188,932
	Acquisition and transaction related costs				(4,951)		(12,763)		(1,518)		(12,511)		(16,392)
	Net gain on sale of residential condominiums and a land parcel in 2014				4,231		363		633		6,724		13,568
	Impairment loss and loan reserve on investment in Suffolk Downs				(956)		-		(595)		(1,551)		(10,263)
	Toys "R" Us FFO (negative FFO) (including an impairment loss
		of $75,196 in 2014)			500		606		46		2,500		(60,024)
	Write-off of deferred financing costs and defeasance costs in connection
		with refinancings			-		(16,747)		-		-		(22,660)
	Reversal of allowance for deferred tax assets (re: taxable REIT subsidiary's
		ability to utilize NOLs)			-		-		-		90,030		-
	Our share of impairment loss on India real estate venture's non-depreciable
		real estate			-		-		-		(4,502)		-
	Other, net				2,627		(2,097)		(1,226)		4,555		(2,097)
					20,702		13,836		4,448		131,668		91,064
Noncontrolling interests' share of above adjustments					(1,284)		(803)		(646)		(7,928)		(5,210)
Items that affect comparability, net			(B)	$	19,418	$	13,033	$	3,802	$	123,740	$	85,854
Per diluted share				$	0.10	$	0.07	$	0.02	$	0.65	$	0.46

FFO attributable to common shareholders plus assumed conversions,
	as adjusted for comparability		(A-B)	$	240,110	$	217,110	$	232,237	$	915,295	$	825,276
Per diluted share				$	1.27	$	1.15	$	1.23	$	4.83	$	4.37

- 9 -

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

				Three Months Ended						Year Ended
				December 31,				September 30,		December 31,
				2015		2014		2015		2015		2014

FFO attributable to common shareholders plus assumed conversions			(A)	$	259,528	$	230,143	$	236,039	$	1,039,035	$	911,130

Adjustments to arrive at FAD:
	Recurring tenant improvements, leasing commissions and other capital expenditures				109,889		101,756		44,013		277,438		303,582
	Straight-line rentals				45,158		24,261		44,424		153,540		80,070
	Amortization of acquired below-market leases, net				32,677		10,725		19,328		76,917		35,684
	Carried interest and our share of net unrealized gains from real estate fund investments				9,222		7,725		(636)		18,950		30,587
	Amortization of debt issuance costs				(9,344)		(9,501)		(7,864)		(32,161)		(22,603)
	Stock-based compensation expense				(6,518)		(8,252)		(6,501)		(39,846)		(36,641)
	Non real estate depreciation				(1,548)		(1,529)		(1,317)		(8,699)		(7,662)
	Items that affect comparability per page 9, excluding FFO attributable to
		discontinued operations and sold properties			1,451		(30,638)		(2,660)		85,245		(97,868)
	Noncontrolling interests' share of above adjustments				(11,216)		(5,485)		(5,402)		(31,995)		(16,599)
			(B)		169,771		89,062		83,385		499,389		268,550

FAD⁽¹⁾			(A-B)	$	89,757	$	141,081	$	152,654	$	539,646	$	642,580

FAD per diluted share				$	0.47	$	0.75	$	0.81	$	2.85	$	3.41
FAD payout ratio⁽²⁾					134.0%		97.3%		77.8%		88.4%		85.6%


(1)	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.

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

- 10 -

CONSOLIDATED NET INCOME / EBITDA⁽¹⁾
(unaudited and in thousands)
		Three Months Ended
		December 31,						September 30,
		2015		2014		Inc (Dec)		2015
Property rentals		$	456,839	$	455,435	$	1,404	$	462,127
Straight-line rent adjustments			45,158		24,261		20,897		44,424
Amortization of acquired below-market leases, net			33,135		11,183		21,952		19,786
Total rentals			535,132		490,879		44,253		526,337
Tenant expense reimbursements			64,742		65,455		(713)		67,098
Fee and other income:
	BMS cleaning fees		19,176		22,040		(2,864)		18,563
	Management and leasing fees		4,320		4,046		274		4,045
	Lease termination fees		19,076		4,940		14,136		1,517
	Other income		9,135		9,650		(515)		10,036
Total revenues			651,581		597,010		54,571		627,596
Operating expenses			257,505		246,564		10,941		256,561
Depreciation and amortization			139,953		121,489		18,464		141,920
General and administrative			41,469		40,906		563		36,157
Acquisition and transaction related costs			4,951		14,806		(9,855)		1,518
Total expenses			443,878		423,765		20,113		436,156
Operating income			207,703		173,245		34,458		191,440
(Loss) income from partially owned entities			(3,921)		18,815		(22,736)		(325)
Income from real estate fund investments			21,959		20,616		1,343		1,665
Interest and other investment income, net			7,360		9,938		(2,578)		3,160
Interest and debt expense			(98,915)		(111,713)		12,798		(95,344)
Net gain on disposition of wholly owned and partially owned assets			146,924		363		146,561		103,037
Income before income taxes			281,110		111,264		169,846		203,633
Income tax benefit (expense)			450		(2,498)		2,948		(2,856)
Income from continuing operations			281,560		108,766		172,794		200,777
Income from discontinued operations			1,984		467,220		(465,236)		34,463
Net income			283,544		575,986		(292,442)		235,240
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(17,395)		(11,322)		(6,073)		(3,302)
	Operating Partnership		(15,042)		(31,061)		16,019		(12,704)
Net income attributable to Vornado			251,107		533,603		(282,496)		219,234
Interest and debt expense			121,118		143,674		(22,556)		118,977
Depreciation and amortization			170,733		155,921		14,812		174,209
Income tax (benefit) expense			(30)		2,759		(2,789)		3,043
EBITDA		$	542,928	$	835,957	$	(293,029)	$	515,463

Capitalized leasing and development payroll		$	5,148	$	5,245	$	(97)	$	4,835
Capitalized interest and debt expense		$	10,488	$	16,269	$	(5,781)	$	26,005


(1)	EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." Management considers EBITDA a non-GAAP financial measure for making decisions and assessing the unlevered performance of its segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on a multiple of EBITDA, management utilizes this measure to make investment decisions as well as to compare the performance of its assets to that of its peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies.

- 11 -

CONSOLIDATED NET INCOME / EBITDA
(unaudited and in thousands)
		Year Ended December 31,
		2015		2014		Inc (Dec)
Property rentals		$	1,844,297	$	1,793,901	$	50,396
Straight-line rent adjustments			153,540		80,070		73,470
Amortization of acquired below-market leases, net			78,749		37,516		41,233
Total rentals			2,076,586		1,911,487		165,099
Tenant expense reimbursements			260,976		245,819		15,157
Fee and other income:
	BMS cleaning fees		82,113		85,658		(3,545)
	Management and leasing fees		16,831		19,905		(3,074)
	Lease termination fees		27,233		16,362		10,871
	Other income		38,528		33,281		5,247
Total revenues			2,502,267		2,312,512		189,755
Operating expenses			1,011,249		953,611		57,638
Depreciation and amortization			542,952		481,303		61,649
General and administrative			175,307		169,270		6,037
Acquisition and transaction related costs			12,511		18,435		(5,924)
Total expenses			1,742,019		1,622,619		119,400
Operating income			760,248		689,893		70,355
Loss from partially owned entities			(12,630)		(59,861)		47,231
Income from real estate fund investments			74,081		163,034		(88,953)
Interest and other investment income, net			26,978		38,752		(11,774)
Interest and debt expense			(378,025)		(412,755)		34,730
Net gain on disposition of wholly owned and partially owned assets			251,821		13,568		238,253
Income before income taxes			722,473		432,631		289,842
Income tax benefit (expense)			84,695		(9,281)		93,976
Income from continuing operations			807,168		423,350		383,818
Income from discontinued operations			52,262		585,676		(533,414)
Net income			859,430		1,009,026		(149,596)
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(55,765)		(96,561)		40,796
	Operating Partnership		(43,231)		(47,613)		4,382
Net income attributable to Vornado			760,434		864,852		(104,418)
Interest and debt expense			469,843		654,398		(184,555)
Depreciation and amortization			664,637		685,973		(21,336)
Income tax (benefit) expense			(85,379)		24,248		(109,627)
EBITDA		$	1,809,535	$	2,229,471	$	(419,936)

Capitalized leasing and development payroll		$	20,368	$	16,541	$	3,827
Capitalized interest and debt expense		$	59,305	$	62,786	$	(3,481)

- 12 -

EBITDA BY SEGMENT
(unaudited and in thousands)
		Three Months Ended December 31, 2015
		Total		New York			Washington, DC			Other
Property rentals		$	456,839	$	302,979		$	102,252		$	51,608
Straight-line rent adjustments			45,158		28,146			5,878			11,134
Amortization of acquired below-market leases, net			33,135		30,349			1,665			1,121
Total rentals			535,132		361,474			109,795			63,863
Tenant expense reimbursements			64,742		47,174			10,484			7,084
Fee and other income:
	BMS cleaning fees		19,176		23,910			-			(4,734)
	Management and leasing fees		4,320		1,653			2,814			(147)
	Lease termination fees		19,076		15,784			2,196			1,096
	Other income		9,135		2,722			5,995			418
Total revenues			651,581		452,717			131,284			67,580
Operating expenses			257,505		175,510			50,633			31,362
Depreciation and amortization			139,953		82,854			38,963			18,136
General and administrative			41,469		6,788			7,553			27,128
Acquisition and transaction related costs			4,951		-			-			4,951
Total expenses			443,878		265,152			97,149			81,577
Operating income (loss)			207,703		187,565			34,135			(13,997)
Loss from partially owned entities			(3,921)		(868)			(1,500)			(1,553)
Income from real estate fund investments			21,959		-			-			21,959
Interest and other investment income (loss), net			7,360		2,080			(322)			5,602
Interest and debt expense			(98,915)		(51,274)			(16,504)			(31,137)
Net gain on disposition of wholly owned and partially owned assets			146,924		142,693			-			4,231
Income (loss) before income taxes			281,110		280,196			15,809			(14,895)
Income tax benefit (expense)			450		(1,194)			(238)			1,882
Income (loss) from continuing operations			281,560		279,002			15,571			(13,013)
Income from discontinued operations			1,984		-			-			1,984
Net income (loss)			283,544		279,002			15,571			(11,029)
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(17,395)		(6,382)			-			(11,013)
	Operating Partnership		(15,042)		-			-			(15,042)
Net income (loss) attributable to Vornado			251,107		272,620			15,571			(37,084)
Interest and debt expense			121,118		64,347			19,973			36,798
Depreciation and amortization			170,733		105,131			43,101			22,501
Income tax (benefit) expense			(30)		1,398			246			(1,674)
EBITDA for the three months ended December 31, 2015		$	542,928	$	443,496		$	78,891		$	20,541

EBITDA for the three months ended December 31, 2014		$	835,957	$	703,479		$	82,890		$	49,588

EBITDA as adjusted for comparability - OP basis:
	For the three months ended December 31, 2015	$	400,733	$	283,538	⁽¹⁾	$	79,296	⁽²⁾	$	37,899	⁽³⁾
	For the three months ended December 31, 2014	$	365,744	$	254,352	⁽¹⁾	$	79,325	⁽²⁾	$	32,067	⁽³⁾


See notes on page 15.

- 13 -

EBITDA BY SEGMENT
(unaudited and in thousands)
		Year Ended December 31, 2015
		Total		New York			Washington, DC			Other
Property rentals		$	1,844,297	$	1,188,161		$	422,368		$	233,768
Straight-line rent adjustments			153,540		103,519			24,771			25,250
Amortization of acquired below-market leases, net			78,749		71,868			2,797			4,084
Total rentals			2,076,586		1,363,548			449,936			263,102
Tenant expense reimbursements			260,976		193,569			42,237			25,170
Fee and other income:
	BMS cleaning fees		82,113		100,845			-			(18,732)
	Management and leasing fees		16,831		6,426			11,217			(812)
	Lease termination fees		27,233		21,583			3,864			1,786
	Other income		38,528		9,954			25,558			3,016
Total revenues			2,502,267		1,695,925			532,812			273,530
Operating expenses			1,011,249		694,228			201,721			115,300
Depreciation and amortization			542,952		302,761			163,149			77,042
General and administrative			175,307		35,026			26,051			114,230
Acquisition and transaction related costs			12,511		-			-			12,511
Total expenses			1,742,019		1,032,015			390,921			319,083
Operating income (loss)			760,248		663,910			141,891			(45,553)
(Loss) income from partially owned entities			(12,630)		655			(5,083)			(8,202)
Income from real estate fund investments			74,081		-			-			74,081
Interest and other investment income (loss), net			26,978		7,722			(262)			19,518
Interest and debt expense			(378,025)		(194,278)			(68,727)			(115,020)
Net gain on disposition of wholly owned and partially owned assets			251,821		142,693			102,404			6,724
Income (loss) before income taxes			722,473		620,702			170,223			(68,452)
Income tax benefit (expense)			84,695		(4,379)			(317)			89,391
Income from continuing operations			807,168		616,323			169,906			20,939
Income from discontinued operations			52,262		-			-			52,262
Net income			859,430		616,323			169,906			73,201
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(55,765)		(13,022)			-			(42,743)
	Operating Partnership		(43,231)		-			-			(43,231)
Net income attributable to Vornado			760,434		603,301			169,906			(12,773)
Interest and debt expense			469,843		248,724			82,386			138,733
Depreciation and amortization			664,637		394,028			179,788			90,821
Income tax (benefit) expense			(85,379)		4,766			(1,610)			(88,535)
EBITDA for the year ended December 31, 2015		$	1,809,535	$	1,250,819		$	430,470		$	128,246

EBITDA for the year ended December 31, 2014		$	2,229,471	$	1,439,189		$	335,590		$	454,692

EBITDA as adjusted for comparability - OP basis:
	For the year ended December 31, 2015	$	1,532,755	$	1,079,280	⁽¹⁾	$	322,880	⁽²⁾	$	130,595	⁽³⁾
	For the year ended December 31, 2014	$	1,446,777	$	962,210	⁽¹⁾	$	326,347	⁽²⁾	$	158,220	⁽³⁾


See notes on following page.

- 14 -

NOTES TO EBITDA BY SEGMENT
(unaudited and in thousands)

(1)	The elements of "New York" EBITDA as adjusted for comparability are summarized below.
			Three Months Ended December 31,				Year Ended December 31,
			2015		2014		2015		2014
	Office (including BMS EBITDA of $6,026, $6,105, $23,935 and $23,918, respectively)		$	163,807	$	151,276	$	632,733	$	588,298
	Retail			93,319		75,495		358,379		279,677
	Residential			6,011		5,214		22,266		21,907
	Alexander's			11,708		10,487		42,858		41,575
	Hotel Pennsylvania			8,693		11,880		23,044		30,753
		Total New York	$	283,538	$	254,352	$	1,079,280	$	962,210

(2)	The elements of "Washington, DC" EBITDA as adjusted for comparability are summarized below.
			Three Months Ended December 31,				Year Ended December 31,
			2015		2014		2015		2014
	Office, excluding the Skyline properties		$	64,638	$	63,076	$	259,678	$	257,616
	Skyline properties			5,187		5,880		24,224		27,150
		Total Office		69,825		68,956		283,902		284,766
	Residential			9,471		10,369		38,978		41,581
		Total Washington, DC	$	79,296	$	79,325	$	322,880	$	326,347


(3)	The elements of "Other" EBITDA as adjusted for comparability are summarized below.
			Three Months Ended December 31,				Year Ended December 31,
			2015		2014		2015		2014
	Our share of real estate fund investments:
		Income before net realized/unrealized gains	$	1,732	$	1,388	$	8,611	$	8,056
		Net realized/unrealized gains on investments		5,115		4,645		14,657		37,535
		Carried interest		4,448		3,072		10,696		24,715
	Total			11,295		9,105		33,964		70,306
	Mart ("theMart") and trade shows			16,930		18,598		79,159		79,004
	555 California Street			11,738		13,278		49,975		48,844
	India real estate ventures			1,704		1,860		3,933		6,434
	Other investments			15,495		3,302		43,595		16,896
				57,162		46,143		210,626		221,484
	Corporate general and administrative expenses^{(a) (b)}			(24,373)		(22,977)		(106,416)		(94,929)
	Investment income and other, net^(a)			5,110		8,901		26,385		31,665
		Total Other	$	37,899	$	32,067	$	130,595	$	158,220


	(a)	The amounts in these captions (for this table only) exclude income/expense from the mark-to-market of our deferred compensation plan of $438 and $3,425 for the three months ended December 31, 2015 and 2014, respectively, and $111 and $11,557 for the years ended December 31, 2015 and 2014, respectively.
	(b)	The year ended December 31, 2015 includes $6,217 from the acceleration of the recognition of compensation expense related to 2013-2015 Out-Performance Plans due to the modification of the vesting criteria of awards such that they will fully vest at age 65. The accelerated expense will result in lower general and administrative expense for 2016 of $2,940 and $3,277 thereafter.

- 15 -

CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands)


			December 31, 2015		December 31, 2014		Increase (Decrease)
ASSETS
Real estate, at cost:
	Land		$	4,164,799	$	3,861,913	$	302,886
	Buildings and improvements			12,582,671		11,705,749		876,922
	Development costs and construction in progress			1,226,637		1,128,037		98,600
	Leasehold improvements and equipment			116,030		126,659		(10,629)
		Total		18,090,137		16,822,358		1,267,779
	Less accumulated depreciation and amortization			(3,418,267)		(3,161,633)		(256,634)
Real estate, net				14,671,870		13,660,725		1,011,145
Cash and cash equivalents				1,835,707		1,198,477		637,230
Restricted cash				107,799		176,204		(68,405)
Marketable securities				150,997		206,323		(55,326)
Tenant and other receivables, net				98,062		109,998		(11,936)
Investments in partially owned entities				1,550,422		1,240,489		309,933
Real estate fund investments				574,761		513,973		60,788
Receivable arising from the straight-lining of rents, net				931,245		787,271		143,974
Deferred leasing costs, net				480,421		382,433		97,988
Identified intangible assets, net				227,901		225,155		2,746
Assets related to discontinued operations				37,020		2,234,128		(2,197,108)
Other assets				477,088		422,804		54,284
	Total assets		$	21,143,293	$	21,157,980	$	(14,687)

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
	Mortgages payable, net		$	9,513,713	$	8,187,843	$	1,325,870
	Senior unsecured notes, net			844,159		1,342,494		(498,335)
	Unsecured revolving credit facilities			550,000		-		550,000
	Unsecured term loan, net			183,138		-		183,138
	Accounts payable and accrued expenses			443,955		447,745		(3,790)
	Deferred revenue			346,119		358,613		(12,494)
	Deferred compensation plan			117,475		117,284		191
	Liabilities related to discontinued operations			12,470		1,501,009		(1,488,539)
	Other liabilities			426,965		375,830		51,135
Total liabilities				12,437,994		12,330,818		107,176
Redeemable noncontrolling interests				1,229,221		1,337,780		(108,559)
Vornado shareholders' equity				6,697,595		6,745,426		(47,831)
Noncontrolling interests in consolidated subsidiaries				778,483		743,956		34,527
	Total liabilities, redeemable noncontrolling interests and equity		$	21,143,293	$	21,157,980	$	(14,687)

- 17 -

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

						December 31, 2015
Debt:
	Consolidated debt (contractual):
		Mortgages payable				$	9,614,838
		Senior unsecured notes					850,000
		$2.5 Billion unsecured revolving credit facilities					550,000
		Unsecured term loan					187,500
							11,202,338
	Pro rata share of debt of non-consolidated entities
		(excluding $1,826,406 of Toys' debt)					2,605,672
	Less: Noncontrolling interests' share of consolidated debt
		(primarily 1290 Avenue of the Americas, 555 California Street, and St. Regis - retail)					(588,099)
Total debt							13,219,911


			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
6.625% Series G Preferred Shares			8,000	$	25.00		200,000
6.625% Series I Preferred Shares			10,800		25.00		270,000
6.875% Series J Preferred Shares			9,850		25.00		246,250
5.70% Series K Preferred Shares			12,000		25.00		300,000
5.40% Series L Preferred Shares			12,000		25.00		300,000
							1,321,678


				December 31, 2015
			Converted	Common
			Shares	Share Price
Equity:
Common shares			188,577	$	99.96		18,850,157
Class A units			11,357		99.96		1,135,246
Convertible share equivalents:
	Equity awards - unit equivalents		885		99.96		88,464
	D-13 preferred units		467		99.96		46,681
	G1-G4 units		39		99.96		3,898
	Series A preferred shares		42		99.96		4,198
							20,128,644
Total Market Capitalization						$	34,670,233

- 18 -

DEBT ANALYSIS
(unaudited and in thousands)
		As of December 31, 2015
		Total				Variable				Fixed
				Weighted				Weighted				Weighted
				Average				Average				Average
		Amount		Interest Rate		Amount		Interest Rate		Amount		Interest Rate
Consolidated debt (contractual)		$	11,202,338		3.42%	$	3,995,704		2.00%	$	7,206,634		4.21%
Pro rata share of debt of non-consolidated entities:
	Toys		1,826,406		7.35%		1,164,893		6.61%		661,513		8.67%
	All other		2,605,672		4.97%		485,160		1.97%		2,120,512		5.66%
Total			15,634,416		4.14%		5,645,757		2.95%		9,988,659		4.82%
Less: Noncontrolling interests' share of consolidated debt
	(primarily 1290 Avenue of the Americas,
	555 California Street, and St. Regis - retail)		(588,099)				(126,380)				(461,719)
Company's pro rata share of total debt		$	15,046,317		4.16%	$	5,519,377		2.96%	$	9,526,940		4.85%

		Senior Unsecured Notes
		Due 2019		Due 2022
Maturity Date / Put Date			6/30/2019		1/15/2022
Principal Amount		$	450,000	$	400,000
Coupon / Effective Economic Interest Rate			2.500% / 2.581%		5.000% / 5.057%
Ratings:
	Moody's / S&P / Fitch		Baa2 / BBB / BBB		Baa2 / BBB / BBB

Debt Covenant Ratios:⁽¹⁾		Senior Unsecured Notes						Unsecured Revolving Credit Facilities				Unsecured Term Loan
				Actual
		Required		Due 2019		Due 2022		Required		Actual		Required		Actual
Total Outstanding Debt / Total Assets⁽²⁾		Less than 65%			45%		45%	Less than 60%			32%	Less than 60%		32%
Secured Debt / Total Assets		Less than 50%			38%		38%	Less than 50%			26%	Less than 50%		26%
Interest Coverage Ratio (Annualized Combined
	EBITDA to Annualized Interest Expense)	Greater than 1.50			3.05		3.05				N/A			N/A
Fixed Charge Coverage					N/A		N/A	Greater than 1.40			2.68	Greater than 1.40		2.68
Unencumbered Assets / Unsecured Debt		Greater than 150%			672%		672%				N/A			N/A
Unsecured Debt / Cap Value of Unencumbered Assets					N/A		N/A	Less than 60%			12%	Less than 60%		12%
Unencumbered Coverage Ratio					N/A		N/A	Greater than 1.50			13.71	Greater than 1.50		13.71

Unencumbered EBITDA:		4Q 2015
		Annualized
New York		$	422,208
Washington, DC			166,340
Other			34,040
Total		$	622,588



(1)	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.
(2)	Total assets includes EBITDA capped at 7.5% under the senior unsecured notes and 6.0% under the unsecured revolving credit facilities and unsecured term loan.

- 19 -

DEBT MATURITIES
(unaudited and in thousands)
		Spread
	Maturity	over	Interest
Property	Date⁽¹⁾	LIBOR	Rate	2016		2017		2018		2019		2020		Thereafter		Total
770 Broadway	03/16		5.65%	$	353,000	$	-	$	-	$	-	$	-	$	-	$	353,000
Bowen Building	06/16		6.14%		115,022		-		-		-		-		-		115,022
1730 M and 1150 17th Street	06/16	L+125	1.48%		43,581		-		-		-		-		-		43,581
theMart	12/16		5.57%		550,000		-		-		-		-		-		550,000
350 Park Avenue	01/17		3.75%		-		289,242		-		-		-		-		289,242
2011 Crystal Drive	08/17		7.30%		-		76,265		-		-		-		-		76,265
220 20th Street	02/18		4.61%		-		-		69,869		-		-		-		69,869
$1.25 Billion unsecured revolving credit facility	06/18	L+115	-		-		-		-		-		-		-		-
828-850 Madison Avenue Retail Condominium	06/18		5.29%		-		-		80,000		-		-		-		80,000
33-00 Northern Boulevard	10/18		4.43%		-		-		61,759		-		-		-		61,759
Senior unsecured notes due 2019	06/19		2.50%		-		-		-		450,000		-		-		450,000
435 Seventh Avenue - retail	08/19	L+225	2.60%		-		-		-		98,000		-		-		98,000
$1.25 Billion unsecured revolving credit facility	11/19	L+105	1.38%		-		-		-		550,000		-		-		550,000
4 Union Square South - retail	11/19	L+215	2.39%		-		-		-		117,904		-		-		117,904
2200 / 2300 Clarendon Boulevard (Courthouse Plaza)	05/20	L+160	1.89%		-		-		-		-		23,250		-		23,250
150 West 34th Street	06/20	L+225	2.52%		-		-		-		-		205,000		-		205,000
100 West 33rd Street - office and retail	07/20	L+165	1.92%		-		-		-		-		580,000		-		580,000
220 Central Park South	09/20	L+200	2.42%		-		-		-		-		950,000		-		950,000
Unsecured Term Loan	10/20	L+115	1.40%		-		-		-		-		187,500		-		187,500
Eleven Penn Plaza	12/20		3.95%		-		-		-		-		450,000		-		450,000
888 Seventh Avenue	12/20		3.15%		-		-		-		-		375,000		-		375,000
Borgata Land	02/21		5.14%		-		-		-		-		-		57,549		57,549
909 Third Avenue	05/21		3.91%		-		-		-		-		-		350,000		350,000
West End 25	06/21		4.88%		-		-		-		-		-		101,671		101,671
Universal Buildings	08/21	L+190	2.14%		-		-		-		-		-		185,000		185,000
555 California Street	09/21		5.10%		-		-		-		-		-		589,063		589,063
655 Fifth Avenue	10/21	L+140	1.64%		-		-		-		-		-		140,000		140,000
Two Penn Plaza	12/21	⁽²⁾	3.99%		-		-		-		-		-		575,000		575,000
Senior unsecured notes due 2022	01/22		5.00%		-		-		-		-		-		400,000		400,000
Skyline properties	02/22		2.97%		-		-		-		-		-		678,000		678,000
1290 Avenue of the Americas	11/22		3.34%		-		-		-		-		-		950,000		950,000
697-703 Fifth Avenue (St. Regis - retail)	12/22	L+180	2.19%		-		-		-		-		-		450,000		450,000
2121 Crystal Drive	03/23		5.51%		-		-		-		-		-		143,983		143,983
666 Fifth Avenue Retail Condominium	03/23		3.61%		-		-		-		-		-		390,000		390,000
2101 L Street	08/24		3.97%		-		-		-		-		-		146,222		146,222


See notes on the following page.

- 20 -

DEBT MATURITIES
(unaudited and in thousands)
			Spread
		Maturity	over	Interest
Property		Date⁽¹⁾	LIBOR	Rate	2016		2017		2018		2019		2020		Thereafter		Total
1215 Clark Street, 200 12th Street &
	251 18th Street	01/25		7.94%	$	-	$	-	$	-	$	-	$	-	$	94,429	$	94,429
RiverHouse Apartments		04/25	L+128	1.52%		-		-		-		-		-		307,710		307,710
Other		Various		2.97%		-		-		-		-		-		18,319		18,319


Total consolidated debt (contractual)					$	1,061,603	$	365,507	$	211,628	$	1,215,904	$	2,770,750	$	5,576,946	$	11,202,338

Weighted average rate						5.49%		4.49%		4.84%		1.99%		2.60%		3.63%		3.42%

Fixed rate debt					$	1,018,022	$	365,507	$	211,628	$	450,000	$	825,000	$	4,336,477	$	7,206,634
Fixed weighted average rate expiring						5.66%		4.49%		4.84%		2.50%		3.59%		4.12%		4.21%

Floating rate debt					$	43,581	$	-	$	-	$	765,904	$	1,945,750	$	1,240,469	$	3,995,704
Floating weighted average rate expiring						1.48%		-		-		1.69%		2.18%		1.92%		2.00%


(1)	Represents the extended maturity for certain loans in which we have the unilateral right to extend.
(2)	Pursuant to an existing swap agreement, $417,000 of the loan bears interest at a fixed rate of 4.78% through March 2018, and the balance of $158,000 floats through March 2018. The entire $575,000 will float thereafter for the duration of the loan.

- 21 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)
						As of December 31, 2015
								Debt
				Percentage		Company's		Company's
		Asset		Ownership at		Carrying		Pro rata		100% of
Joint Venture Name		Category		December 31, 2015		Amount		Share		Joint Venture
Alexander's, Inc.			Office/Retail		32.4%	$	133,568	$	341,257	$	1,053,262

PREIT			REIT		8.1%		133,375		149,479		1,852,270

India real estate ventures			Office/Land		4.1% to 36.5%		48,310		46,402		185,607

UE			REIT		5.4%		25,351		67,915		1,246,155

Toys			Retailer		32.5%		-		1,826,406		5,619,710

Partially owned office buildings:
	280 Park Avenue		Office		50.0%		338,164		361,482		722,963
	One Park Avenue		Office		55.0%		143,946		138,018		250,942
	650 Madison Avenue		Office/Retail		20.1%		124,578		159,318		791,525
	512 West 22nd Street		Office		55.0%		75,281		24,240		44,072
	666 Fifth Avenue Office Condominium		Office		49.5%		70,696		629,516		1,271,749
	Rosslyn Plaza	Office/Residential			43.7% to 50.4%		49,432		18,757		37,210
	West 57th Street properties		Office		50.0%		42,962		9,929		19,857
	330 Madison Avenue		Office		25.0%		29,576		37,476		149,904
	Warner Building		Office		55.0%		20,559		160,970		292,673
	1101 17th Street		Office		55.0%		(2,624)		16,961		30,837
	825 Seventh Avenue		Office		50.0%		2,114		10,150		20,300
	Fairfax Square		Office		20.0%		1,791		17,815		89,073
	Other		Office		Various		13,307		17,465		50,150

Other investments:
	Independence Plaza		Residential		50.1%		143,385		275,550		550,000
	Other		Various		Various		156,651		122,972		766,641
						$	1,550,422	$	4,432,078	$	15,044,900

- 22 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)

		Percentage		Our Share of Net (Loss) Income for the				Our Share of EBITDA for the
		Ownership at		Three Months Ended December 31,				Three Months Ended December 31,
		December 31, 2015		2015		2014		2015		2014
Joint Venture Name
New York:
	666 Fifth Avenue Office Condominium		49.5%	$	(10,125)	$	1,229	$	5,912	$	4,815
	Alexander's, Inc.		32.4%		7,452		5,704		11,706		10,657
	330 Madison Avenue		25.0%		1,772		1,756		2,701		2,677
	650 Madison Avenue (retail under development)		20.1%		(1,154)		(551)		2,321		2,983
	280 Park Avenue		50.0%		944		183		8,375		6,117
	Independence Plaza		50.1%		(772)		(1,716)		5,432		4,727
	825 Seventh Avenue		50.0%		635		686		792		811
	One Park Avenue		55.0%		588		461		3,558		4,252
	West 57th Street properties (partially under development)		50.0%		(80)		(3,262)		243		336
	Other		Various		(128)		(161)		1,191		864
					(868)		4,329		42,231		38,239

Washington, DC:
	Rosslyn Plaza		43.7% to 50.4%		(1,044)		(616)		830		935
	Warner Building		55.0%		(1,015)		(373)		2,884		3,461
	1101 17th Street		55.0%		446		323		841		651
	Fairfax Square		20.0%		(61)		(185)		397		394
	Other		Various		174		2,099		1,163		3,072
					(1,500)		1,248		6,115		8,513

Other:
	PREIT		8.1%		(3,605)		-		1,254		-
	UE		5.4%		1,506		-		3,010		-
	Alexander's corporate fee income		32.4%		1,068		3,834		1,068		3,834
	Toys		32.5%		500		606		500		606
	India real estate ventures		4.1% to 36.5%		(366)		(5,869)		1,704		(3,910)
	Green Courte		8.3%		37		12,467		74		13,000
	Other		Various		(693)		2,200		5,838		4,104
					(1,553)		13,238		13,448		17,634

				$	(3,921)	$	18,815	$	61,794	$	64,386

- 23 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)

		Percentage		Our Share of Net (Loss) Income for the				Our Share of EBITDA for the
		Ownership at		Year Ended December 31,				Year Ended December 31,
		December 31, 2015		2015		2014		2015		2014
Joint Venture Name
New York:
	666 Fifth Avenue Office Condominium		49.5%	$	(37,495)	$	7,163	$	24,726	$	27,033
	Alexander's, Inc.		32.4%		24,209		21,287		42,856		41,745
	650 Madison Avenue (retail under development)		20.1%		8,786		(3,619)		24,043		12,283
	330 Madison Avenue		25.0%		6,332		6,433		10,228		9,895
	Independence Plaza		50.1%		(5,354)		(4,829)		20,353		20,406
	One Park Avenue		55.0%		2,952		1,371		15,839		12,650
	825 Seventh Avenue		50.0%		2,723		7,095		3,307		3,300
	West 57th Street properties (partially under development)		50.0%		(2,459)		(13,912)		760		1,585
	280 Park Avenue		50.0%		1,444		715		28,717		23,395
	Other		Various		(483)		(1,003)		4,263		3,035
					655		20,701		175,092		155,327

Washington, DC:
	Warner Building		55.0%		(6,416)		(4,732)		9,307		10,368
	1101 17th Street		55.0%		3,522		1,202		3,149		2,486
	Rosslyn Plaza		43.7% to 50.4%		(3,337)		(3,390)		4,170		4,454
	Fairfax Square		20.0%		(122)		(99)		1,688		2,183
	Other		Various		1,270		3,342		4,974		7,064
					(5,083)		(3,677)		23,288		26,555

Other:
	India real estate ventures		4.1% to 36.5%		(18,746)		(8,309)		(10,873)		663
	PREIT		8.1%		(7,450)		-		2,799		-
	Alexander's corporate fee income		32.4%		6,869		8,722		6,869		8,722
	Green Courte		8.3%		4,552		12,467		5,200		14,606
	UE		5.4%		4,394		-		8,763		-
	Toys		32.5%		2,500		(73,556)		2,500		103,632
	Other		Various		(321)		(16,209)		24,914		8,616
					(8,202)		(76,885)		40,172		136,239

				$	(12,630)	$	(59,861)	$	238,552	$	318,121

- 24 -

SQUARE FOOTAGE in service
(unaudited and square feet in thousands)
				Owned by Company
			Total
			Portfolio	Total	Office	Retail	Showroom	Other
Segment:
	New York:
		Office	21,288	17,627	17,444	-	183	-
		Retail	2,641	2,418	-	2,418	-	-
		Residential - 1,711 units	1,561	827	-	-	-	827
		Alexander's (32.4% interest) - 296 units	2,419	784	287	420	-	77
		Hotel Pennsylvania	1,400	1,400	-	-	-	1,400
			29,309	23,056	17,731	2,838	183	2,304

	Washington, DC:
		Office, excluding the Skyline properties	13,136	10,781	10,001	780	-	-
		Skyline properties	2,648	2,648	2,593	55	-	-
		Total Office	15,784	13,429	12,594	835	-	-
		Residential - 2,414 units	2,597	2,455	-	-	-	2,455
		Other	597	597	-	9	-	588
			18,978	16,481	12,594	844	-	3,043

	Other:
		theMart	3,658	3,649	1,917	99	1,633	-
		555 California Street (70% interest)	1,736	1,215	1,122	93	-	-
		Other	763	763	-	763	-	-
			6,157	5,627	3,039	955	1,633	-

Total square feet at December 31, 2015			54,444	45,164	33,364	4,637	1,816	5,347

Total square feet at September 30, 2015			54,036	44,894	33,341	4,575	1,816	5,162


					Number of	Number of
Parking Garages (not included above):				Square Feet	Garages	Spaces
	New York			1,702	11	4,980
	Washington, DC			8,824	55	29,322
	theMart			558	4	1,664
	555 California Street			168	1	453
	Total at December 31, 2015			11,252	71	36,419

- 25 -

TOP 30 TENANTS
(unaudited)

			2015
			Annualized		% of 2015
	Square		Revenues		Annualized
Tenants	Footage		(in thousands)		Revenues
U.S. Government		4,604,164	$	160,673		6.2%
IPG and affiliates		829,707		48,786		1.9%
AXA Equitable Life Insurance		480,920		44,120		1.7%
Swatch/Harry Winston		23,737		41,928		1.6%
Macy's		646,434		37,282		1.4%
Amazon.com		470,143		32,173		1.2%
Neuberger Berman Group LLC		411,894		31,066		1.2%
J. Crew		389,968		28,077		1.1%
Ziff Brothers Investments, Inc.		287,030		27,681		1.1%
McGraw-Hill Companies, Inc.		479,557		27,395		1.1%
Madison Square Garden		393,299		24,437		0.9%
Facebook		275,635		22,825		0.9%
Bank of America		348,976		22,246		0.9%
Topshop		94,349		21,847		0.8%
Motorola Mobility (guaranteed by Google)		607,872		20,950		0.8%
Fast Retailing (Uniqlo)		90,732		20,905		0.8%
The City of New York		523,105		20,530		0.8%
AOL		234,515		20,135		0.8%
Forever 21		127,779		19,854		0.8%
AMC Networks, Inc.		290,030		19,037		0.7%
JCPenney		426,370		18,151		0.7%
Hollister		21,741		17,896		0.7%
Bryan Cave LLP		213,946		16,661		0.6%
Cushman & Wakefield		166,287		15,347		0.6%
Family Health International		320,791		14,812		0.6%
Lockheed Martin		312,754		14,415		0.6%
New York & Company, Inc.		197,154		12,854		0.5%
Sears Holding Company (Kmart Corporation and Sears Corporation)		286,705		12,537		0.5%
Information Builders, Inc.		243,486		11,916		0.5%
Hennes & Mauritz		42,769		11,824		0.5%

- 26 -

LEASE EXPIRATIONS
NEW YORK SEGMENT
(unaudited)
			Our share of
				Square Feet		Weighted Average Annual				Percentage of
		Year of Lease		of Expiring		Rent of Expiring Leases				Annualized
		Expiration		Leases		Total		Per Sq. Ft.		Escalated Rent
	Office:	Month to Month			17,000	$	908,000	$	53.41		0.1%

		First Quarter 2016			102,000		5,653,000		55.42		0.5%
		Second Quarter 2016			204,000		12,198,000		59.79		1.1%
		Third Quarter 2016			245,000		16,290,000		66.49		1.5%
		Fourth Quarter 2016			251,000		17,911,000		71.36		1.7%
		Total 2016			802,000		52,052,000		64.90		4.9%
		2017			980,000		57,581,000		58.76		5.4%
		2018			1,029,000		78,969,000		76.74		7.4%
		2019			970,000		67,005,000		69.08		6.3%
		2020			1,549,000		95,144,000		61.42		8.9%
		2021			1,180,000		77,595,000		65.76		7.3%
		2022			530,000		31,568,000		59.56		3.0%
		2023			1,717,000		127,969,000		74.53		12.0%
		2024			1,214,000		91,671,000		75.51		8.6%
		2025			805,000		55,706,000		69.20		5.2%

	Retail:	Month to Month			16,000	$	1,703,000	$	106.44		0.4%

		First Quarter 2016			37,000		8,016,000		216.65		2.0%
		Second Quarter 2016			10,000		1,953,000		195.30		0.5%
		Third Quarter 2016			8,000		816,000		102.00		0.2%
		Fourth Quarter 2016			23,000		9,033,000		392.74		2.2%
		Total 2016			78,000		19,818,000		254.08		4.8%
		2017			34,000		9,260,000		272.35		2.3%
		2018			170,000		42,406,000		249.45		10.3%
		2019			181,000		32,081,000		177.24		7.8%
		2020			63,000		9,987,000		158.52		2.4%
		2021			38,000		7,544,000		198.53		1.8%
		2022			35,000		4,261,000		121.74		1.0%
		2023			81,000		19,367,000		239.10		4.7%
		2024			161,000		58,724,000		364.75		14.3%
		2025			43,000		19,329,000		449.51		4.7%

- 27 -

LEASE EXPIRATIONS
WASHINGTON, DC SEGMENT
(unaudited)
			Our share of
				Square Feet		Weighted Average Annual				Percentage of
		Year of Lease		of Expiring		Rent of Expiring Leases				Annualized
		Expiration		Leases		Total		Per Sq. Ft.		Escalated Rent
	Office:	Month to Month			475,000	$	15,980,000	$	33.63		3.6%

		First Quarter 2016			615,000		23,993,000		39.00		5.4%
		Second Quarter 2016			236,000		10,304,000		43.58		2.3%
		Third Quarter 2016			211,000		9,075,000		43.08		2.1%
		Fourth Quarter 2016			242,000		11,946,000		49.42		2.7%
		Total 2016			1,304,000		55,318,000		42.42		12.5%
		2017			608,000		25,193,000		41.43		5.7%
		2018			1,050,000		47,036,000		44.78		10.6%
		2019			1,652,000		70,602,000		42.75		16.0%
		2020			943,000		44,517,000		47.19		10.1%
		2021			655,000		28,854,000		44.03		6.6%
		2022			941,000		41,906,000		44.51		9.5%
		2023			178,000		8,411,000		47.13		1.9%
		2024			462,000		18,545,000		40.17		4.2%
		2025			332,000		13,022,000		39.27		2.9%

- 28 -

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				Washington, DC
					Office		Retail		Office
Quarter Ended December 31, 2015
	Total square feet leased					610		3		407
	Our share of square feet leased:					555		3		355
		Initial rent⁽¹⁾			$	74.99	$	1,185.79	$	43.96
		Weighted average lease term (years)				10.1		1.5		6.8
		Second generation relet space:
			Square feet			444		3		284
			Cash basis:
				Initial rent⁽¹⁾	$	75.52	$	1,185.79	$	44.54
				Prior escalated rent	$	61.69	$	1,021.71	$	45.30
				Percentage increase (decrease)		22.4%		16.1%		(1.7%)
			GAAP basis:
				Straight-line rent⁽²⁾	$	74.06	$	1,189.25	$	50.99
				Prior straight-line rent	$	58.94	$	877.69	$	50.62
				Percentage increase		25.7%		35.5%		0.7%
		Tenant improvements and leasing commissions:
			Per square foot		$	70.05	$	47.69	$	34.39
			Per square foot per annum		$	6.94	$	31.79	$	5.06
				Percentage of initial rent		9.2%		2.7%		11.5%

Year Ended December 31, 2015
	Total square feet leased					2,276		91		1,987
	Our share of square feet leased:					1,838		82		1,847
		Initial rent⁽¹⁾			$	78.55	$	917.59	$	40.20
		Weighted average lease term (years)				9.2		13.7		8.6
		Second generation relet space:
			Square feet			1,297		74		1,322
			Cash basis:
				Initial rent⁽¹⁾	$	78.89	$	907.49	$	40.12	⁽³⁾
				Prior escalated rent	$	66.21	$	364.56	$	43.99	⁽³⁾
				Percentage increase (decrease)		19.1%		148.9%		(8.8%)	⁽³⁾
			GAAP basis:
				Straight-line rent⁽²⁾	$	77.03	$	1,056.66	$	39.57	⁽³⁾
				Prior straight-line rent	$	62.73	$	529.31	$	43.08	⁽³⁾
				Percentage increase (decrease)		22.8%		99.6%		(8.2%)	⁽³⁾
		Tenant improvements and leasing commissions:
			Per square foot		$	69.36	$	688.42	$	55.14
			Per square foot per annum		$	7.54	$	50.25	$	6.41
				Percentage of initial rent		9.6%		5.5%		15.9%


See notes on the following page.

- 29 -

LEASING ACTIVITY
(unaudited)

(square feet in thousands)					New York				Washington, DC
					Office		Retail		Office
Year Ended December 31, 2014
	Total square feet leased					3,973		119		1,817
	Our share of square feet leased:					3,416		114		1,674
		Initial rent⁽¹⁾			$	66.78	$	327.38	$	38.57
		Weighted average lease term (years)				11.3		11.2		8.2
		Second generation relet space:
			Square feet			2,550		92		1,121
			Cash basis:
				Initial rent⁽¹⁾	$	68.18	$	289.74	$	38.57
				Prior escalated rent	$		$	206.62	$	41.37
				Percentage increase (decrease)		12.7%		40.2%		(6.8%)
			GAAP basis:
				Straight-line rent⁽²⁾	$	67.44	$	331.33	$	36.97
				Prior straight-line rent	$	56.76	$	204.15	$	38.25
				Percentage increase (decrease)		18.8%		62.3%		(3.3%)
		Tenant improvements and leasing commissions:
			Per square foot		$	75.89	$	110.60	$	46.77
				Per square foot per annum	$	6.72	$	9.88	$	5.70
				Percentage of initial rent		10.1%		3.0%		14.8%


(1)	Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.
(2)	Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases, and includes the effect of free rent and periodic step-ups in rent.
(3)	Excluding 371 square feet of leasing activity with the U.S. Marshals Service (of which 293 square feet are second generation relet space), the initial rent and prior escalated rent on a cash basis was $42.43 and $43.96 per square foot, respectively (3.5% decrease), and the initial rent and prior escalated rent on a GAAP basis was $42.30 and $43.89 per square foot, respectively (3.6% decrease).

- 30 -

OCCUPANCY, SAME STORE EBITDA AND RESIDENTIAL STATISTICS
(unaudited)

Occupancy and Same Store EBITDA:
								New York	Washington, DC
Occupancy rate at:
	December 31, 2015							96.4%	84.8%⁽¹⁾
	September 30, 2015							96.2%	84.7%⁽¹⁾
	December 31, 2014							96.9%	83.6%⁽¹⁾

Same store EBITDA % increase (decrease):
	Year ended December 31, 2015 vs. December 31, 2014							1.5%⁽²⁾	(1.1%)
	Three months ended December 31, 2015 vs. December 31, 2014							0.1%⁽³⁾	(0.4%)
	Three months ended December 31, 2015 vs. September 30, 2015							0.4%⁽⁴⁾	0.8%

Cash basis same store EBITDA % increase (decrease):
	Year ended December 31, 2015 vs. December 31, 2014							0.3%⁽²⁾	(6.3%)
	Three months ended December 31, 2015 vs. December 31, 2014							(5.6%)⁽³⁾	(4.9%)
	Three months ended December 31, 2015 vs. September 30, 2015							(0.9%)⁽⁴⁾	1.2%


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

		December 31, 2015	82.1%
		September 30, 2015	82.2%
		December 31, 2014	80.7%

(2)	Excluding Hotel Pennsylvania, same store EBITDA increased by 2.4% and by 1.3% on a cash basis.

(3)	Excluding Hotel Pennsylvania, same store EBITDA increased by 1.4% and decreased by 4.4% on a cash basis.

(4)	Excluding Hotel Pennsylvania, same store EBITDA was flat and decreased by 1.5% on a cash basis.



Residential Statistics:
			Number of Units				Average Monthly
			(in service)	Occupancy Rate			Rent Per Unit
	New York:
		December 31, 2015	1,711		94.1	%	$	3,491
		September 30, 2015	1,677		94.7	%	$	3,318
		December 31, 2014	1,678		95.2	%	$	3,163

	Washington, DC:
		December 31, 2015	2,414		96.1	%	$	2,068
		September 30, 2015	2,414		95.3	%	$	2,105
		December 31, 2014	2,414		97.4	%	$	2,078

- 31 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

CONSOLIDATED
(unaudited and in thousands)
		Year Ended December 31,
		2015		2014		2013
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	125,215	$	107,728	$	73,130
Tenant improvements			153,696		205,037		120,139
Leasing commissions			50,081		79,636		51,476
Non-recurring capital expenditures			116,875		122,330		49,441
Total capital expenditures and leasing commissions (accrual basis)			445,867		514,731		294,186
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		156,753		140,490		155,035
	Expenditures to be made in future periods for the current period		(222,469)		(313,746)		(150,067)
Total capital expenditures and leasing commissions (cash basis)		$	380,151	$	341,475	$	299,154

Our share of square feet leased			3,767		5,204		3,537
Tenant improvements and leasing commissions per square foot per annum		$	8.43	$	6.53	$	5.55
Percentage of initial rent			10.8%		10.3%		9.3%


Development and redevelopment expenditures:
	220 Central Park South	$	158,014	$	78,059	$	243,687
	The Bartlett		103,878		38,163		6,289
	330 West 34th Street		32,613		41,592		6,832
	90 Park Avenue		29,937		8,910		-
	2221 South Clark Street (residential conversion)		23,711		3,481		283
	Marriott Marquis Times Square - retail and signage		21,929		112,390		40,356
	Wayne Towne Center		20,633		19,740		4,927
	640 Fifth Avenue		17,899		440		-
	Penn Plaza		17,701		4,009		731
	251 18th Street		5,897		4,866		1,430
	S. Clark Street/12th Street		4,579		2,787		5,104
	1700 M Street		2,695		2,106		-
	608 Fifth Avenue		2,562		20,377		3,492
	7 West 34th Street		1,597		11,555		-
	Other		47,174		195,712		156,286
		$	490,819	$	544,187	$	469,417

- 32 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

NEW YORK SEGMENT
(unaudited and in thousands)
		Year Ended December 31,
		2015		2014		2013
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	57,752	$	48,518	$	34,553
Tenant improvements			68,869		143,007		87,275
Leasing commissions			35,099		66,369		39,348
Non-recurring capital expenditures			81,240		64,423		11,579
Total capital expenditures and leasing commissions (accrual basis)			242,960		322,317		172,755
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		93,105		67,577		56,345
	Expenditures to be made in future periods for the current period		(118,911)		(205,258)		(91,107)
Total capital expenditures and leasing commissions (cash basis)		$	217,154	$	184,636	$	137,993

Our share of square feet leased			1,920		3,530		2,145
Tenant improvements and leasing commissions per square foot per annum		$	10.20	$	6.82	$	5.89
Percentage of initial rent			8.9%		9.1%		8.1%


Development and redevelopment expenditures:
	330 West 34th Street	$	32,613	$	41,592	$	6,832
	90 Park Avenue		29,937		8,910		-
	Marriott Marquis Times Square - retail and signage		21,929		112,390		40,356
	640 Fifth Avenue		17,899		440		-
	Penn Plaza		17,701		4,009		731
	608 Fifth Avenue		2,562		20,377		3,492
	7 West 34th Street		1,597		11,555		-
	Other		3,941		14,533		34,574
		$	128,179	$	213,806	$	85,985

- 33 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

WASHINGTON, DC SEGMENT
(unaudited and in thousands)
		Year Ended December 31,
		2015		2014		2013
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	25,589	$	23,425	$	22,165
Tenant improvements			51,497		37,842		6,976
Leasing commissions			6,761		5,857		4,389
Non-recurring capital expenditures			34,428		37,798		37,342
Total capital expenditures and leasing commissions (accrual basis)			118,275		104,922		70,872
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		35,805		45,084		26,075
	Expenditures to be made in future periods for the current period		(73,227)		(63,283)		(36,702)
Total capital expenditures and leasing commissions (cash basis)		$	80,853	$	86,723	$	60,245

Our share of square feet leased			1,847		1,674		1,392
Tenant improvements and leasing commissions per square foot per annum		$	6.41	$	5.70	$	4.75
Percentage of initial rent			15.9%		14.8%		11.9%



Development and redevelopment expenditures:
	The Bartlett	$	103,878	$	38,163	$	6,289
	2221 South Clark Street (residential conversion)		23,711		3,481		283
	251 18th Street		5,897		4,866		1,430
	S. Clark Street/12th Street		4,579		2,787		5,104
	1700 M Street		2,695		2,106		-
	Other		27,525		32,242		28,595
		$	168,285	$	83,645	$	41,701

- 34 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

OTHER
(unaudited and in thousands)
		Year Ended December 31,
		2015		2014		2013
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	41,874	$	35,785	$	16,412
Tenant improvements			33,330		24,188		25,888
Leasing commissions			8,221		7,410		7,739
Non-recurring capital expenditures			1,207		20,109		520
Total capital expenditures and leasing commissions (accrual basis)			84,632		87,492		50,559
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		27,843		27,829		72,615
	Expenditures to be made in future periods for the current period		(30,331)		(45,205)		(22,258)
Total capital expenditures and leasing commissions (cash basis)		$	82,144	$	70,116	$	100,916


Development and redevelopment expenditures:
	220 Central Park South	$	158,014	$	78,059	$	243,687
	Wayne Towne Center		20,633		19,740		4,927
	Other		15,708		148,937		93,117
		$	194,355	$	246,736	$	341,731

- 35 -

DEVELOPMENT COSTS AND CONSTRUCTION IN PROGRESS
(unaudited and in thousands, except square feet)
		Zoning Square Feet
			At December 31, 2015
Development Projects			Total		Development Costs Expended		Land and Acquisition Costs
New York:
	220 Central Park South - Residential Condominiums	472,000	$	787,052	$	290,662	$	496,390
	Other			127,308		127,308		-
Total New York				914,360		417,970		496,390

Washington, DC:
	The Bartlett - Rental Residential / Retail	620,000		144,578		144,578		-
	Other			163,836		163,836		-
Total Washington, DC				308,414		308,414		-

Other projects				3,863		3,863		-

Total Amount on the Balance Sheet			$	1,226,637	$	730,247	$	496,390




		Zoning Square Feet		Total

Undeveloped Land
Metropolitan Park 6, 7 & 8 - Rental Residential (1,403 units) / Retail		1,144,000	$	85,439
PenPlace - Office / Hotel (300 units)		1,381,000		71,460
29, 31, 33 West 57th Street		150,000		37,872
1900 Crystal Drive		712,000		36,338
Square 649		675,000		19,829
223 23rd Street - Office / Rental Residential (353 units)		937,000		17,125
527 West Kinzie		330,000		5,191
Total			$	273,254

- 36 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (7)		Major Tenants
NEW YORK:
Penn Plaza:
One Penn Plaza												Cisco, Parsons Brinkerhoff, Symantec Corporation,
	(ground leased through 2098)											United Health Care, United States Customs Department,
		-Office	100.0%	97.4%	$	59.46	2,255,000	2,255,000	-			URS Corporation Group Consulting, Lion Resources
		-Retail	100.0%	98.6%		122.74	271,000	271,000	-			Bank of America, Kmart Corporation
			100.0%	97.5%		66.24	2,526,000	2,526,000	-	$	-

Two Penn Plaza												EMC, Information Builders, Inc.,
		-Office	100.0%	99.8%		55.89	1,582,000	1,582,000	-			Madison Square Garden, McGraw-Hill Companies, Inc.
		-Retail	100.0%	64.9%		225.70	50,000	50,000	-			Chase Manhattan Bank, Madison Square Garden
			100.0%	98.7%		61.09	1,632,000	1,632,000	-		575,000

Eleven Penn Plaza
		-Office	100.0%	99.5%		57.80	1,115,000	1,115,000	-			Macy's, Madison Square Garden, AMC Networks, Inc.
		-Retail	100.0%	84.2%		161.13	36,000	36,000	-			PNC Bank National Association
			100.0%	99.1%		61.04	1,151,000	1,151,000	-		450,000

100 West 33rd Street
		-Office	100.0%	100.0%		59.25	855,000	855,000	-		398,402	IPG and affiliates

Manhattan Mall
		-Retail	100.0%	87.9%		137.93	256,000	256,000	-		181,598	JCPenney, Aeropostale, Express

330 West 34th Street
	(ground leased through 2149 -											New York & Company, Inc.,
	34.8% ownership interest in the land)											Structure Tone (lease not yet commenced),
		-Office	100.0%	100.0%		58.90	711,000	602,000	109,000			Deutsch, Inc., Yodle, Inc., Footlocker (lease not yet commenced)
		-Retail	100.0%	-		-	19,000	-	19,000
			100.0%	100.0%		58.90	730,000	602,000	128,000		50,150

435 Seventh Avenue
		-Retail	100.0%	100.0%		276.46	43,000	43,000	-		98,000	Hennes & Mauritz

7 West 34th Street
		-Office	100.0%	100.0%		62.84	457,000	457,000	-			Amazon
		-Retail	100.0%	100.0%		306.71	21,000	21,000	-			Mango NY Inc., Amazon (lease not yet commenced)
			100.0%	100.0%		73.55	478,000	478,000	-		-

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

431 Seventh Avenue
		-Retail	100.0%	100.0%		248.43	10,000	10,000	-		-

488 Eighth Avenue
		-Retail	100.0%	100.0%		75.64	6,000	6,000	-		-

267 West 34th Street
		-Retail	100.0%	100.0%		170.50	6,000	6,000	-		-

150 West 34th Street
		-Retail	100.0%	100.0%		68.61	78,000	78,000	-		205,000	Old Navy

- 37 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted			Square Feet
					Average					Under Development
			%	%	Annual Rent			Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)			Property	In Service	for Lease	(in thousands) (7)		Major Tenants
NEW YORK (Continued):
Penn Plaza (Continued):
137 West 33rd Street
		-Retail	100.0%	100.0%	$	91.22		3,000	3,000	-	$	-

138-142 West 32nd Street
		-Retail	100.0%	82.4%		114.47		8,000	8,000	-		-

265 West 34th Street
		-Retail	100.0%	100.0%		473.53		3,000	3,000	-		-

	Total Penn Plaza							7,801,000	7,657,000	144,000		1,958,150

Midtown East:
909 Third Avenue													IPG and affiliates, Forest Laboratories, Geller & Company,
	(ground leased through 2063)												Morrison Cohen LLP, Robeco USA Inc.,
		-Office	100.0%	100.0%		58.28	⁽²⁾	1,346,000	1,346,000	-		350,000	United States Post Office, The Procter & Gamble Distributing LLC

150 East 58th Street													Castle Harlan, Tournesol Realty LLC. (Peter Marino),
		-Office	100.0%	98.2%		69.67		543,000	543,000	-			Various showroom tenants
		-Retail	100.0%	100.0%		172.66		2,000	2,000	-
			100.0%	98.2%		70.04		545,000	545,000	-		-

715 Lexington Avenue
		-Retail	100.0%	100.0%		264.52		23,000	23,000	-		-	New York & Company, Inc., Zales

966 Third Avenue
		-Retail	100.0%	100.0%		89.11		7,000	7,000	-		-	McDonald's

968 Third Avenue
		-Retail	50.0%	100.0%		258.46		6,000	6,000	-		-	Capital One Financial Corporation

	Total Midtown East							1,927,000	1,927,000	-		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%	91.2%		90.79		869,000	869,000	-			Vornado Executive Headquarters
		-Retail	100.0%	100.0%		244.02		15,000	15,000	-			Redeye Grill L.P.
			100.0%	91.3%		93.39		884,000	884,000	-		375,000

57th Street - 2 buildings
		-Office	50.0%	100.0%		55.35		81,000	81,000	-		20,000	Various
		-Retail	50.0%	100.0%		122.12		22,000	22,000	-		-
			50.0%	100.0%		69.61		103,000	103,000	-		20,000

825 Seventh Avenue
		-Office	50.0%	100.0%		74.64		165,000	165,000	-		20,500	Young & Rubicam
		-Retail	100.0%	100.0%		267.59		4,000	4,000	-		-	Lindy's
			51.2%	100.0%		79.21		169,000	169,000	-		20,500

	Total Midtown West							1,156,000	1,156,000	-		415,500

- 38 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average					Under Development
			%	%	Annual Rent		Total			or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property		In Service	for Lease	(in thousands) (7)		Major Tenants
NEW YORK (Continued):
Park Avenue:
280 Park Avenue													Cohen & Steers Inc., GIC Inc, Franklin Templeton Co. LLC,
		-Office	50.0%	100.0%	$	97.59	1,217,000		1,063,000	154,000			PJT Partners, Investcorp International Inc.
		-Retail	50.0%	100.0%		217.43	26,000		4,000	22,000			Scottrade Inc., Starbucks
			50.0%	100.0%		100.10	1,243,000		1,067,000	176,000	$	722,963

350 Park Avenue													Kissinger Associates Inc., Ziff Brothers Investment Inc.,
		-Office	100.0%	100.0%		96.11	553,000		553,000	-			MFA Financial Inc., M&T Bank
		-Retail	100.0%	100.0%		207.11	17,000		17,000	-			Fidelity Investment, AT&T Wireless, Valley National Bank
			100.0%	100.0%		99.42	570,000		570,000	-		289,242

	Total Park Avenue						1,813,000		1,637,000	176,000		1,012,205

Grand Central:
90 Park Avenue													Alston & Bird, Amster, Rothstein & Ebenstein,
		-Office	100.0%	76.0%		70.43	921,000		921,000	-			Capital One, Factset Research Systems Inc., Foley & Lardner
		-Retail	100.0%	100.0%		118.29	25,000		25,000	-			Citibank
				76.6%		71.70	946,000		946,000	-		-

330 Madison Avenue													Guggenheim Partners LLC, HSBC Bank AFS,
		-Office	25.0%	97.0%		69.80	809,000		809,000	-			Jones Lang LaSalle Inc., Wells Fargo, American Century
		-Retail	25.0%	100.0%		283.46	33,000		33,000	-			Ann Taylor Retail Inc., Citibank
			25.0%	97.1%		78.18	842,000		842,000	-		150,000

510 Fifth Avenue
		-Retail	100.0%	64.4%		190.13	65,000		65,000	-		-	Joe Fresh

	Total Grand Central						1,853,000		1,853,000	-		150,000

Madison/Fifth:
640 Fifth Avenue													Fidelity Investments, Owl Creek Asset Management LP,
		-Office	100.0%	94.9%		86.90	246,000		246,000	-			Stifel Financial Corp., GCA Savvian Inc
		-Retail	100.0%	88.8%		769.59	69,000		69,000	-			Victoria's Secret (lease not yet commenced)
			100.0%	93.5%		236.44	315,000		315,000	-		-

666 Fifth Avenue													Fulbright & Jaworski, Colliers International NY LLC,
		-Office (Office Condo)	49.5%	77.1%		74.41	1,370,000		1,370,000	-		1,278,765	Integrated Holding Group, Vinson & Elkins LLP
		-Retail (Office Condo)	49.5%	100.0%		171.10	45,000		45,000	-		-	HSBC Bank USA, Citibank
		-Retail (Retail Condo)	100.0%	100.0%		414.32	114,000	⁽³⁾	114,000	-		390,000	Fast Retailing (Uniqlo), Hollister, Tissot
				79.4%		102.60	1,529,000		1,529,000	-		1,668,765

595 Madison Avenue													Beauvais Carpets, Levin Capital Strategies LP,
		-Office	100.0%	98.6%		77.26	292,000		292,000	-			Cosmetech Mably Int'l LLC.
		-Retail	100.0%	100.0%		784.82	30,000		30,000	-			Coach, Prada
			100.0%	98.7%		143.18	322,000		322,000	-		-

- 39 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (7)		Major Tenants
NEW YORK (Continued):
Madison/Fifth (Continued):
650 Madison Avenue												Memorial Sloan Kettering Cancer Center, Polo Ralph Lauren,
		-Office	20.1%	93.0%	$	108.53	525,000	525,000	-			Willett Advisors LLC
		-Retail	20.1%	100.0%		952.80	70,000	31,000	39,000			Bottega Veneta Inc., Moncler USA Inc. (lease not yet commenced)
			20.1%	93.8%		207.85	595,000	556,000	39,000	$	800,000

689 Fifth Avenue
		-Office	100.0%	100.0%		74.74	82,000	82,000	-			Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
		-Retail	100.0%	100.0%		761.93	18,000	18,000	-			MAC Cosmetics, Massimo Dutti
			100.0%	100.0%		198.43	100,000	100,000	-		-

655 Fifth Avenue
		-Retail	92.5%	100.0%		209.57	57,000	57,000	-		140,000	Ferragamo

697-703 Fifth Avenue (St. Regis - retail)
		-Retail	74.3%	100.0%		2,428.11	26,000	26,000	-		450,000	Swatch/Harry Winston

	Total Madison/Fifth						2,944,000	2,905,000	39,000		3,058,765

Midtown South:
770 Broadway
		-Office	100.0%	100.0%		76.46	990,000	990,000	-			Facebook Inc., AOL, J. Crew
		-Retail	100.0%	100.0%		51.35	168,000	168,000	-			Ann Taylor Retail Inc., Bank of America, Kmart Corporation
			100.0%	100.0%		72.82	1,158,000	1,158,000	-		353,000

One Park Avenue												New York University, Clarins USA Inc.,
		-Office	55.0%	96.5%		46.58	868,000	868,000	-			Public Service Mutual Insurance
		-Retail	55.0%	99.5%		64.38	79,000	79,000	-			Bank of Baroda, Citibank, Equinox, Men's Wearhouse
			55.0%	96.7%		48.06	947,000	947,000	-		250,000

4 Union Square South
		-Retail	100.0%	100.0%		97.12	206,000	206,000	-		117,904	Burlington Coat Factory, Whole Foods Market, DSW, Forever 21

692 Broadway
		-Retail	100.0%	100.0%		72.09	35,000	35,000	-		-	Equinox, Major League Baseball

Other
		-Retail	50.0%	-		-	32,000	32,000	-		30,000

	Total Midtown South						2,378,000	2,378,000	-		750,904

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%	99.3%		78.24	2,029,000	2,029,000	-			Cella, Harper & Scinto, Columbia University
		-Retail	70.0%	100.0%		166.92	78,000	78,000	-			Duane Reade, JPMorgan Chase Bank, Sovereign Bank
			70.0%	99.3%		81.52	2,107,000	2,107,000	-		950,000

608 Fifth Avenue (ground leased through 2033)
		-Office	100.0%	95.3%		58.86	88,000	88,000	-
		-Retail	100.0%	100.0%		436.10	44,000	44,000	-			Topshop
			100.0%	96.9%		184.61	132,000	132,000	-		-

	Total Rockefeller Center						2,239,000	2,239,000	-		950,000

- 40 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (7)		Major Tenants
NEW YORK (Continued):
Wall Street/Downtown:
40 Fulton Street
		-Office	100.0%	94.5%	$	39.12	245,000	245,000	-			Market News International Inc., Sapient Corp.
		-Retail	100.0%	100.0%		111.60	5,000	5,000	-			TD Bank
			100.0%	94.6%		40.57	250,000	250,000	-	$	-

	Total Wall Street/Downtown						250,000	250,000	-		-

Soho:
478-486 Broadway - 2 buildings (10 units)
		-Retail	100.0%	100.0%		161.21	65,000	65,000	-			Topshop, Madewell, J. Crew
		-Residential	100.0%	90.0%			20,000	20,000	-
			100.0%				85,000	85,000	-		-

443 Broadway
		-Retail	100.0%	100.0%		106.64	16,000	16,000	-		-	Necessary Clothing

304 Canal Street (4 units)
		-Retail	100.0%	-		-	4,000	-	4,000
		-Residential	100.0%	-			11,000	-	11,000
			100.0%				15,000	-	15,000		-

334 Canal Street (4 units)
		-Retail	100.0%	-		-	3,000	3,000	-
		-Residential	100.0%	100.0%			11,000	11,000	-
			100.0%				14,000	14,000	-		-

155 Spring Street
		-Retail	100.0%	100.0%		95.56	49,000	49,000	-		-	Sigrid Olsen

148 Spring Street
		-Retail	100.0%	100.0%		140.76	7,000	7,000	-		-

150 Spring Street (1 unit)
		-Retail	100.0%	100.0%		259.53	6,000	6,000	-			Sandro
		-Residential	100.0%	100.0%			1,000	1,000	-
			100.0%				7,000	7,000	-		-

Other (26 units)
		-Residential	100.0%	96.2%			35,000	35,000	-		-

	Total Soho						228,000	213,000	15,000		-

- 41 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (7)		Major Tenants
NEW YORK (Continued):
Times Square:
1540 Broadway												Forever 21, Planet Hollywood, Disney, Sunglass Hut,
		-Retail	100.0%	100.0%	$	227.14	160,000	160,000	-	$	-	MAC Cosmetics, U.S. Polo

1535 Broadway (Marriott Marquis - retail and signage)
	(ground and building leased through 2032)
		-Retail	100.0%	100.0%		2,107.45	46,000	10,000	36,000		-	T-Mobile, Invicta, Swatch, Laline
		-Theatre	100.0%	100.0%		13.05	62,000	62,000	-		-	Nederlander-Marquis Theatre
			100.0%	100.0%		244.89	108,000	72,000	36,000		-

	Total Times Square						268,000	232,000	36,000		-

Upper East Side:
828-850 Madison Avenue
		-Retail	100.0%	100.0%		589.30	18,000	18,000	-		80,000	Gucci, Chloe, Cartier, Cho Cheng, Christofle Silver Inc.

677-679 Madison Avenue (8 units)
		-Retail	100.0%	100.0%		455.30	8,000	8,000	-			Berluti
		-Residential	100.0%	100.0%			5,000	5,000	-
			100.0%				13,000	13,000	-		-

40 East 66th Street (5 units)
		-Residential	100.0%	100.0%			12,000	12,000	-
		-Retail	100.0%	100.0%		1,048.60	11,000	11,000	-			John Varvatos, Nespresso USA, J. Crew
			100.0%				23,000	23,000	-		-

1131 Third Avenue
		-Retail	100.0%	100.0%		143.01	23,000	23,000	-		-	Nike, Crunch LLC, J.Jill

Other (8 units)
		-Retail	100.0%	-		-	12,000	12,000	-
		-Residential	100.0%	100.0%			7,000	7,000	-
			100.0%				19,000	19,000	-		-

	Total Upper East Side						96,000	96,000	-		80,000

Upper West Side:
50-70 W 93rd Street (326 units)
		-Residential	49.9%	97.5%			283,000	283,000	-		63,683

Tribeca:
Independence Plaza, Tribeca - 3 buildings
	(1,327 units)
		-Residential	50.1%	93.1%			1,187,000	1,187,000	-
		-Retail	50.1%	100.0%		56.29	69,000	57,000	12,000			Duane Reade, Food Emporium
			50.1%				1,256,000	1,244,000	12,000		550,000

Long Island City:
33-00 Northern Boulevard (Center Building)
		-Office	100.0%	95.5%		30.65	446,000	446,000	-		61,759	The City of New York, NYC Transit Authority

- 42 -

NEW YORK SEGMENT
PROPERTY TABLE
						Weighted		Square Feet
						Average				Under Development
			%		%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership		Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (7)			Major Tenants
NEW YORK (Continued):
Chelsea/Meatpacking District:
260 Eleventh Avenue - 2 buildings
	(ground leased through 2114)
		-Office	100.0%		100.0%	$	46.06	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%	⁽⁴⁾	100.0%		71.48	578,000	578,000	-				Moet Hennessy USA. Inc.
		-Retail	49.9%	⁽⁴⁾	100.0%		65.10	39,000	39,000	-				Craft Restaurants Inc., IL Posto LLC, Toro NYC Restaurant
			49.9%	⁽⁴⁾	100.0%		71.09	617,000	617,000	-		270,000	⁽⁵⁾

	Total Chelsea/Meatpacking District							801,000	801,000	-		270,000

New Jersey:
Paramus
		-Office	100.0%		94.7%		21.94	129,000	129,000	-		-		Vornado's Administrative Headquarters

Washington D.C.:
3040 M Street
		-Retail	100.0%		100.0%		62.16	44,000	44,000	-		-		Nike, Barneys


Properties to be Developed:
512 West 22nd Street
		-Office	55.0%		-		-	173,000	-	173,000		44,072

61 Ninth Avenue
	(ground leased through 2114)
		-Office	50.1%		-		-	167,000	-	167,000		-

57th Street (3 buildings)
		-Office	50.0%		-		-	-	-	-
		-Retail	50.0%		-		-	-	-	-
			50.0%		-		-	-	-	-		-

	Total Properties to be Developed							340,000	-	340,000		44,072

New York Office:

	Total				95.9%	$	68.68	21,891,000	21,288,000	603,000	$	7,408,853

	Vornado's Ownership Interest				96.3%	$	66.62	17,992,000	17,627,000	365,000	$	5,044,473

New York Retail:

	Total				96.5%	$	205.53	2,789,000	2,641,000	148,000	$	1,692,502

	Vornado's Ownership Interest				96.2%	$	202.85	2,518,000	2,418,000	100,000	$	1,551,382

New York Residential:

	Total				94.1%			1,572,000	1,561,000	11,000	$	613,683

	Vornado's Ownership Interest				94.1%			838,000	827,000	11,000	$	307,328

- 43 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted			Square Feet
					Average					Under Development
			%	%	Annual Rent			Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)			Property	In Service	for Lease	(in thousands) (7)		Major Tenants
NEW YORK (Continued):
ALEXANDER'S, INC.:
New York:
731 Lexington Avenue, Manhattan
		-Office	32.4%	100.0%	$	107.10	⁽⁸⁾	889,000	889,000	-	$	300,000	Bloomberg
		-Retail	32.4%	100.0%		178.09		174,000	174,000	-		350,000	Hennes & Mauritz, The Home Depot, The Container Store
			32.4%	100.0%		117.80		1,063,000	1,063,000	-		650,000

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

Rego Park II (adjacent to Rego Park I),
	Queens (6.6 acres)		32.4%	99.0%		44.01		608,000	608,000	-		263,341	Century 21, Costco, Kohl's, TJ Maxx, Toys "R" Us

Flushing, Queens (6) (1.0 acre)			32.4%	100.0%		16.53		167,000	167,000	-		-	New World Mall LLC

The Alexander Apartment Tower,
	Rego Park, Queens, NY (312 units)		32.4%	25.6%				255,000	238,000	17,000		-

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

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

	Total Alexander's			99.7%		76.77		2,436,000	2,419,000	17,000		1,059,587

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


Total New York				96.3%	$	82.70		30,088,000	29,309,000	779,000	$	10,774,625

Vornado's Ownership Interest				96.4%	$	82.41		23,538,000	23,056,000	482,000	$	7,246,489


(1)	Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential.
(2)	Excludes US Post Office leased through 2038 (including four five-year renewal options) for which the annual escalated rent is $11.42 PSF.
(3)	75,000 square feet is leased from the office condo.
(4)	As of December 31, 2015, we own junior and senior mezzanine loans of 85 Tenth Avenue with an accreted balance of $164.6 million. The junior and senior mezzanine loans bear paid-in-kind interest of 12% and 9%, respectively, and mature in May 2017. We account for our investment in 85 Tenth Avenue using the equity method of accounting because we will receive a 49.9% equity interest in the property after repayment of the junior mezzanine loan. As a result of recording our share of the GAAP losses of the property, the net carrying amount of these loans is $24.8 million on our consolidated balance sheets.
(5)	Excludes the Company's junior and senior mezzanine loans which are accounted for as equity.
(6)	Leased by Alexander's through January 2037.
(7)	Represents the contractual debt obligations.
(8)	Reflects building square feet and average annualized rent per square foot resulting from a lease amendment signed with Bloomberg, L.P. in January 2016.

- 44 -

WASHINGTON, DC SEGMENT
PROPERTY TABLE

				Weighted		Square Feet
				Average				Under Development
		%	%	Annual Rent		Total		or Not Available		Encumbrances
Property		Ownership	Occupancy	PSF (1)		Property	In Service	for Lease		(in thousands) (2)		Major Tenants
WASHINGTON, DC:
Crystal City:
2011-2451 Crystal Drive - 5 buildings		100.0%	92.1%	$	43.88	2,326,000	2,326,000	-		$	220,248	General Services Administration, Lockheed Martin, Finmeccanica,
												Conservation International, Smithsonian Institution,
												Natl. Consumer Coop. Bank, Council on Foundations,
												Vornado / Charles E. Smith Headquarters, KBR, Scitor Corp.,
												Food Marketing Institute, American Diabetes Association

S. Clark Street / 12th Street - 5 buildings		100.0%	85.1%		37.48	1,547,000	1,547,000	-			55,722	General Services Administration, L-3 Communications,
												The Int'l Justice Mission, Management Systems International

1550-1750 Crystal Drive /		100.0%	89.1%		39.87	1,480,000	1,460,000	20,000	*		38,707	General Services Administration,
	241-251 18th Street - 4 buildings											Alion Science & Technologies, Booz Allen,
												Arete Associates, Battelle Memorial Institute,

1800, 1851 and 1901 South Bell Street		100.0%	88.7%		39.97	869,000	506,000	363,000	*		-	General Services Administration, Lockheed Martin,
	- 3 buildings											University of Phoenix, Inc.

2100 / 2200 Crystal Drive - 2 buildings		100.0%	100.0%		34.22	529,000	529,000	-			-	General Services Administration,
												Public Broadcasting Service

223 23rd Street		100.0%	-		-	147,000	-	147,000	*		-

2001 Jefferson Davis Highway		100.0%	59.8%		34.89	162,000	162,000	-			-	Institute for the Psychology Sciences, VT Aepco, Inc.

Crystal City Shops at 2100		100.0%	96.0%		24.00	80,000	80,000	-			-	Various

Crystal Drive Retail		100.0%	100.0%		50.87	57,000	57,000	-			-	Various

Total Crystal City		100.0%	89.5%		40.09	7,197,000	6,667,000	530,000			314,677

Central Business District:
1825-1875 Connecticut Avenue, NW		100.0%	99.0%		45.21	686,000	686,000	-			185,000	Family Health International, WeWork
	Universal Buildings - 2 buildings

1299 Pennsylvania Avenue, NW		55.0%	88.4%		70.79	620,000	620,000	-			292,700	Baker Botts LLP, General Electric, Cooley LLP,
	Warner Building											Facebook, Live Nation, APCO Worldwide Inc

2101 L Street, NW		100.0%	99.0%		66.70	380,000	380,000	-			146,222	Greenberg Traurig, LLP, US Green Building Council,
												American Insurance Association, RTKL Associates, DTZ

1150 17th Street, NW		100.0%	68.6%		45.26	241,000	241,000	-			28,728	American Enterprise Institute

875 15th Street, NW - Bowen Building		100.0%	100.0%		67.62	231,000	231,000	-			115,022	Paul Hastings LLP, Millennium Challenge Corporation

1101 17th Street, NW		55.0%	100.0%		48.81	215,000	215,000	-			31,000	AFSCME, Verto Solutions

1730 M Street, NW		100.0%	91.7%		46.67	204,000	204,000	-			14,853	General Services Administration
	(ground leased through 2061)

- 45 -

WASHINGTON, DC SEGMENT
PROPERTY TABLE

				Weighted		Square Feet
				Average				Under Development
	%		%	Annual Rent		Total		or Not Available		Encumbrances
Property	Ownership		Occupancy	PSF (1)		Property	In Service	for Lease		(in thousands) (2)		Major Tenants
WASHINGTON, DC (Continued):
Central Business District (Continued):
1726 M Street, NW	100.0%		68.0%	$	43.69	92,000	92,000	-		$	-	Aptima, Inc.


1501 K Street, NW	5.0%		100.0%		71.23	379,000	379,000	-			-	Sidley Austin LLP, UBS

1399 New York Avenue, NW	100.0%		95.1%		82.80	129,000	129,000	-			-	Bloomberg, Abbott Laboratories, Abbvie US LLC

Total Central Business District			92.7%		57.40	3,177,000	3,177,000	-			813,525

Skyline Properties:
Skyline Properties - 8 buildings	100.0%		50.1%		33.38	2,648,000	2,648,000	-			696,319	General Services Administration, Analytic Services,
												Axiom Resource Management,
												Booz Allen, Deloitte LLP

Rosslyn / Ballston:
2200 / 2300 Clarendon Blvd	100.0%		93.3%		45.65	638,000	638,000	-			23,250	Arlington County, General Services Administration,
(Courthouse Plaza) - 2 buildings												AMC Theaters
(ground leased through 2062)

Rosslyn Plaza - 4 buildings	46.2%		56.9%		42.09	738,000	495,000	243,000	*		37,635	General Services Administration, Corporate Executive Board,
												Nathan Associates, Inc.

Total Rosslyn / Ballston			83.5%		44.95	1,376,000	1,133,000	243,000			60,885

Reston:
Commerce Executive - 3 buildings	100.0%	`	96.0%		34.06	419,000	400,000	19,000	*		-	L-3 Communications, Allworld Language Consultants,
												BT North America, Applied Information Sciences, Clarabridge Inc.

Rockville/Bethesda:
Democracy Plaza One	100.0%		95.9%		31.81	214,000	214,000	-			-	National Institutes of Health
(ground leased through 2084)

Tysons Corner:
Fairfax Square - 3 buildings	20.0%		66.4%		41.15	559,000	559,000	-			90,000	Dean & Company, Womble Carlyle

Pentagon City:
Fashion Centre Mall	7.5%		97.8%		41.83	816,000	816,000	-			410,000	Macy's, Nordstrom

Washington Tower	7.5%		100.0%		45.68	170,000	170,000	-			40,000	The Rand Corporation

Total Pentagon City			98.2%		42.50	986,000	986,000	-			450,000

Total Washington, DC office properties			83.1%	$	43.93	16,576,000	15,784,000	792,000		$	2,425,406

Vornado's Ownership Interest			82.1%	$	42.65	14,084,000	13,429,000	655,000		$	1,772,828

- 46 -

WASHINGTON, DC SEGMENT
PROPERTY TABLE

			Weighted		Square Feet
			Average				Under Development
	%	%	Annual Rent		Total		or Not Available		Encumbrances
Property	Ownership	Occupancy	PSF (1)		Property	In Service	for Lease		(in thousands) (2)		Major Tenants
WASHINGTON, DC (Continued):
Residential:
For rent residential:
RiverHouse Apartments - 3 buildings (1,670 units)	100.0%	96.2%	$	-	1,802,000	1,802,000	-		$	307,710

West End 25 (283 units)	100.0%	96.1%		-	273,000	273,000	-			101,671

220 20th Street (265 units)	100.0%	96.6%		-	269,000	269,000	-			69,869

Rosslyn Plaza - 2 buildings (196 units)	43.7%	94.9%		-	253,000	253,000	-			-

Total Residential		96.1%		-	2,597,000	2,597,000	-			479,250

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

2221 South Clark Street	100.0%	100.0%		-	171,000	171,000	-			-	WeWork (residential and office)

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

The Bartlett - 1 building	100.0%	100.0%		-	620,000	40,000	580,000			-	Whole Foods

Other - 3 buildings	100.0%	100.0%		-	11,000	11,000	-			-

Total Other		100.0%			1,197,000	597,000	600,000			-

Total Washington, DC		85.4%	$	43.93	20,370,000	18,978,000	1,392,000		$	2,904,656

Vornado's Ownership Interest		84.8%	$	42.65	17,736,000	16,481,000	1,255,000		$	2,252,078


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

(1) Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential.
(2) Represents the contractual debt obligations.

- 47 -

OTHER
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (2)		Major Tenants
555 California Street:
555 California Street			70.0%	98.4%	$	66.93	1,504,000	1,504,000	-	$	589,063	Bank of America, Dodge & Cox, Goldman Sachs & Co.,
												Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,
												McKinsey & Company Inc., UBS Financial Services,
												KKR Financial, Microsoft Corporation,
												Fenwick & West LLP

315 Montgomery Street			70.0%	60.4%		51.10	232,000	232,000	-		-	Bank of America, Regus

345 Montgomery Street			70.0%	-		-	64,000	-	64,000		-

Total 555 California Street				93.3%	$	65.57	1,800,000	1,736,000	64,000	$	589,063

Vornado's Ownership Interest				93.3%	$	65.57	1,260,000	1,215,000	45,000	$	412,344

theMart:
theMart, Chicago												Motorola Mobility (guaranteed by Google),
												CCC Information Services, Ogilvy Group (WPP),
												Publicis Groupe (MSL Group, Medicus Group, Razorfish),
												1871, Yelp Inc., Paypal, Inc., Allscripts Healthcare,
												Chicago School of Professional Psychology,
												Innovation Development Institute, Inc., Chicago Teachers Union,
												ConAgra Foods Inc. (lease not yet commenced),
		-Office	100.0%	99.4%	$	34.16	1,917,000	1,917,000	-			Allstate Insurance Company (lease not yet commenced)
												Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.,
		-Showroom/Trade show	100.0%	97.6%		44.22	1,633,000	1,633,000	-			Allsteel Inc., Herman Miller Inc., Knoll Inc., Teknion LLC
		-Retail	100.0%	96.9%		44.55	89,000	89,000	-
			100.0%	98.6%		38.72	3,639,000	3,639,000	-	$	550,000

Other			50.0%	95.4%		32.40	19,000	19,000	-		34,402

Total theMart				98.5%	$	38.69	3,658,000	3,658,000	-	$	584,402

Vornado's Ownership Interest				98.5%	$	38.69	3,649,000	3,649,000	-	$	567,201


(1)	Weighted Average Annual Rent PSF excludes ground rent, storage rent and garages.
(2)	Represents the contractual debt obligations.

- 48 -

REAL ESTATE FUND
PROPERTY TABLE
				Weighted		Square Feet
				Average				Under Development
	Fund		%	Annual Rent		Total		or Not Available	Encumbrances
Property	Ownership %		Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (3)		Major Tenants
VORNADO CAPITAL PARTNERS
REAL ESTATE FUND:
New York, NY:
Lucida, 86th Street and Lexington Avenue
(ground leased through 2082) (39 units)											Barnes & Noble, Hennes & Mauritz,
- Retail	100.0%		100.0%	$	204.58	95,000	95,000	-			Sephora, Bank of America
- Residential	100.0%		92.3%		-	59,000	59,000	-
						154,000	154,000	-	$	146,000

11 East 68th Street Retail	100.0%		100.0%		804.81	11,000	8,000	3,000		-	Belstaff, Kent & Curwen

Crowne Plaza Times Square
- Hotel (795 Keys)
- Retail	75.3%	⁽²⁾	100.0%		392.46	15,000	15,000	-			Hershey's, MAC Cosmetics
- Office	75.3%	⁽²⁾	87.1%		40.00	220,000	220,000	-			American Management Association
			87.9%		62.50	235,000	235,000	-		310,000

501 Broadway	100.0%		100.0%		239.24	9,000	9,000	-		23,000	Capital One

Culver City, CA:
800 Corporate Pointe - 2 buildings	100.0%		57.0%		37.33	243,000	243,000	-		60,094	Meredith Corp., West Publishing Corp., Symantec Corp.,
											Syska Hennessy Group, X Prize Foundation

Miami, FL:
1100 Lincoln Road
- Retail	100.0%		100.0%		186.23	49,000	49,000	-			Anthropologie, Banana Republic
- Theatre	100.0%		100.0%		36.45	79,000	79,000	-			Regal Cinema
					93.94	128,000	128,000	-		66,000


Total Real Estate Fund	92.5%		80.9%			780,000	777,000	3,000	$	605,094

Vornado's Ownership Interest	27.4%		82.1%			214,000	213,000	1,000	$	132,131


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

- 49 -

OTHER

PROPERTY TABLE

Weighted

Square Feet

Average

In Service

Under Development

Annual Rent

Total

Owned by

Owned By

or Not Available

Encumbrances

Property

Ownership

Occupancy

PSF (1)

Property

Company

Tenant (2)

for Lease

(in thousands) (3)

Major Tenants

Other Properties:

New Jersey:

Wayne Town Center, Wayne

100.0%

27.53

655,000

192,000

443,000

20,000

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%

8.99

128,000

The Home Depot

Total Other Properties

100.0%

24.42

783,000

320,000

443,000

20,000

Vornado's Ownership Interest

100.0%

24.42

783,000

320,000

443,000

20,000

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

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

(3) Represents the contractual debt obligations.

- 50 -

INDEX

		Page
Investor Information		2
2015 Business Developments		3 - 5
Common Shares Data		6
Financial Highlights		7
Funds From Operations		8 - 9
Funds Available for Distribution		10
Net Income / EBITDA (Consolidated and by Segment)		11 - 15
EBITDA by Segment and Region		16
Consolidated Balance Sheets		17
Capital Structure		18
Debt Analysis		19 - 21
Unconsolidated Joint Ventures		22 - 24
Square Footage		25
Top 30 Tenants		26
Lease Expirations		27 - 28
Leasing Activity		29 - 30
Occupancy, Same Store EBITDA and Residential Statistics		31
Capital Expenditures		32 - 35
Development Costs and Construction in Progress		36
Property Table		37 - 50

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, 2015. 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.

INVESTOR INFORMATION

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

RESEARCH COVERAGE - EQUITY

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

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

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

Ian Weissman / Derek J.A. van Dijkum		Anthony Paolone / Gene Nusinzon	Ross T. Nussbaum / Nick Yulico
Credit Suisse		JP Morgan	UBS
212-538-6889 / 212-325-9752		212-622-6682 / 212-633-1041	212-713-2484 / 212-713-3402

Vincent Chao		Vikram Malhotra / Sumit Sharma
Deutsche Bank		Morgan Stanley
212-250-6799		212-761-7064 / 212-761-7567

RESEARCH COVERAGE - DEBT

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

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

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


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

EBITDA BY SEGMENT AND REGION
(unaudited)

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


		Three Months Ended December 31,		Year Ended December 31,
		2015	2014	2015	2014
Segment
	New York	73%	70%	71%	68%
	Washington, DC	20%	22%	21%	23%
	theMart	4%	5%	5%	6%
	555 California	3%	3%	3%	3%
		100%	100%	100%	100%

Region
	New York City metropolitan area	72%	69%	71%	68%
	Washington, DC / Northern Virginia area	21%	22%	21%	23%
	Chicago, IL	4%	5%	5%	6%
	San Francisco, CA	3%	4%	3%	3%
		100%	100%	100%	100%

2015 BUSINESS DEVELOPMENTS

2015 BUSINESS DEVELOPMENTS

2015 BUSINESS DEVELOPMENTS