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):



				Second Quarter 2016		First Quarter 2016		Fourth Quarter 2015		Third Quarter 2015
High Price				$	100.13	$	99.97	$	103.41	$	98.96
Low Price				$	90.13	$	78.91	$	89.32	$	84.60
Closing Price - end of quarter				$	100.12	$	94.43	$	99.96	$	90.42

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

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

Outstanding shares, Class A units and convertible preferred units as converted,
	excluding stock options (in thousands)				201,760		201,763		201,367		201,431

Closing market value of outstanding shares, Class A units and convertible preferred
	units as converted, excluding stock options			$	20.2 Billion	$	19.1 Billion	$	20.1 Billion	$	18.2 Billion




TIMING

The quarterly financial results and related earnings conference call for the remainder of 2016 is expected to occur as follows:

		Filing Date	Earnings Call

Third Quarter 2016		Monday, October 31, 2016	Tuesday, November 1, 2016 10AM ET

- 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"), net income attributable to common shareholders, as adjusted, FFO, as adjusted, 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						Six Months Ended
				June 30,				March 31,		June 30,
				2016		2015		2016		2016		2015
	Total revenues			$	621,708	$	616,288	$	613,037	$	1,234,745	$	1,223,090

	Net income (loss) attributable to common shareholders			$	220,463	$	165,651	$	(114,163)	$	106,300	$	250,244
		Per common share:
			Basic	$	1.17	$	0.88	$	(0.61)	$	0.56	$	1.33
			Diluted	$	1.16	$	0.87	$	(0.61)	$	0.56	$	1.32

	Net income attributable to common shareholders, as adjusted			$	72,463	$	89,128	$	41,845	$	115,184	$	150,037
		Per diluted share		$	0.38	$	0.47	$	0.22	$	0.61	$	0.79

	FFO, as adjusted			$	233,015	$	238,550	$	204,759	$	438,316	$	441,299
		Per diluted share		$	1.23	$	1.26	$	1.08	$	2.31	$	2.33

	FFO			$	229,432	$	323,381	$	203,137	$	433,104	$	544,305
	FFO - Operating Partnership Basis ("OP Basis")			$	244,682	$	343,470	$	216,687	$	461,297	$	577,544
		Per diluted share		$	1.21	$	1.71	$	1.07	$	2.28	$	2.87

	FAD			$	100,557	$	140,417	$	102,862	$	203,636	$	297,477
		Per diluted share		$	0.53	$	0.74	$	0.54	$	1.07	$	1.57

	Dividends per common share			$	0.63	$	0.63	$	0.63	$	1.26	$	1.26

	FFO payout ratio (based on FFO, as adjusted)				51.2%		50.0%		58.3%		54.5%		54.1%
	FAD payout ratio				118.9%		85.1%		116.7%		117.8%		80.3%

	Weighted average shares used in determining FFO per diluted share - REIT basis				189,885		189,600		189,664		190,043		189,775
	Convertible units:
		Class A			11,596		10,673		11,414		11,505		10,674
		D-13			490		458		524		510		443
		G1-G4			41		87		43		40		88
		Equity awards - unit equivalents			494		560		670		316		384
	Weighted average shares used in determining FFO per diluted share - OP Basis				202,506		201,378		202,315		202,414		201,364

- 7 -

RECONCILIATION OF NET INCOME TO FFO⁽¹⁾
(unaudited and in thousands, except per share amounts)
				Three Months Ended						Six Months Ended
				June 30,				March 31,		June 30,
				2016		2015		2016		2016		2015
Reconciliation of our net income (loss) to FFO:
	Net income (loss) attributable to common shareholders			$	220,463	$	165,651	$	(114,163)	$	106,300	$	250,244
		Per diluted share		$	1.16	$	0.87	$	(0.61)	$	0.56	$	1.32

	FFO adjustments:
	Depreciation and amortization of real property			$	133,218	$	129,296	$	134,121	$	267,339	$	247,552
	Net gains on sale of real estate				(161,721)		-		-		(161,721)		(10,867)
	Real estate impairment losses				-		-		160,700		160,700		256
	Proportionate share of adjustments to equity in net income (loss) of
		partially owned entities to arrive at FFO:
			Depreciation and amortization of real property		38,308		32,282		39,046		77,354		68,554
			Net gains on sale of real estate		(319)		(4,513)		-		(319)		(4,513)
			Real estate impairment losses		49		10,304		4,353		4,402		10,304
					9,535		167,369		338,220		347,755		311,286
	Noncontrolling interests' share of above adjustments				(588)		(9,662)		(20,942)		(21,469)		(18,109)
	FFO adjustments, net			$	8,947	$	157,707	$	317,278	$	326,286	$	293,177

	FFO attributable to common shareholders			$	229,410	$	323,358	$	203,115	$	432,586	$	543,421
	Convertible preferred share dividends				22		23		22		43		46
	Earnings allocated to Out-Performance Plan units				-		-		-		475		838
	FFO attributable to common shareholders plus assumed conversions				229,432		323,381		203,137		433,104		544,305
	Add back of income allocated to noncontrolling interests of the
		Operating Partnership			15,250		20,089		13,550		28,193		33,239
	FFO - OP Basis⁽¹⁾			$	244,682	$	343,470	$	216,687	$	461,297	$	577,544
	FFO per diluted share⁽¹⁾			$	1.21	$	1.71	$	1.07	$	2.28	$	2.87


(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 net income and should not be considered an alternative to net income as a performance measure. FFO may not be comparable to similarly titled measures employed by other companies.

- 8 -

RECONCILIATION OF NET INCOME (LOSS) TO NET INCOME (LOSS), AS ADJUSTED
(unaudited and in thousands, except per share amounts)
				Three Months Ended						Six Months Ended
				June 30,				March 31,		June 30,
				2016		2015		2016		2016		2015
Net income (loss) attributable to common shareholders			(A)	$	220,463	$	165,651	$	(114,163)	$	106,300	$	250,244
	Per diluted share			$	1.16	$	0.87	$	(0.61)	$	0.56	$	1.32
Items that impact net income (loss) attributable to common shareholders:
	Net gains on sale of real estate and residential condominiums			$	159,830	$	4,513	$	714	$	160,544	$	17,240
	Net income from discontinued operations and sold properties				3,671		5,168		1,645		5,316		17,006
	Acquisition and transaction related costs				(2,904)		(4,061)		(4,607)		(7,511)		(6,042)
	Default interest on Skyline properties mortgage loan				(2,711)		-		-		(2,711)		-
	Real estate impairment losses				(49)		(14,806)		(165,053)		(165,102)		(15,062)
	Reversal of allowance for deferred tax assets (re: taxable REIT subsidiary's
		ability to utilize NOLs)			-		90,030		-		-		90,030
	Other, net				-		433		-		-		3,154
					157,837		81,277		(167,301)		(9,464)		106,326
Noncontrolling interests' share of above adjustments					(9,837)		(4,754)		11,293		580		(6,119)
Items that impact net income (loss) attributable to common shareholders, net			(B)	$	148,000	$	76,523	$	(156,008)	$	(8,884)	$	100,207
	Per diluted share			$	0.78	$	0.40	$	(0.83)	$	(0.05)	$	0.53

Net income attributable to common shareholders, as adjusted			(A-B)	$	72,463	$	89,128	$	41,845	$	115,184	$	150,037
	Per diluted share			$	0.38	$	0.47	$	0.22	$	0.61	$	0.79

- 9 -

RECONCILIATION OF FFO TO FFO, AS ADJUSTED
(unaudited and in thousands, except per share amounts)
				Three Months Ended						Six Months Ended
				June 30,				March 31,		June 30,
				2016		2015		2016		2016		2015
FFO attributable to common shareholders plus assumed conversions			(A)	$	229,432	$	323,381	$	203,137	$	433,104	$	544,305
	Per diluted share			$	1.21	$	1.71	$	1.07	$	2.28	$	2.87
Items that impact FFO:
	Acquisition and transaction related costs			$	(2,904)	$	(4,061)	$	(4,607)	$	(7,511)	$	(6,042)
	Default interest on Skyline properties mortgage loan				(2,711)		-		-		(2,711)		-
	FFO from discontinued operations and sold properties				1,794		8,201		2,163		3,957		24,796
	Reversal of allowance for deferred tax assets (re: taxable REIT subsidiary's
		ability to utilize NOLs)			-		90,030		-		-		90,030
	Our share of impairment loss on India real estate venture's
		non-depreciable real estate			-		(4,502)		-		-		(4,502)
	Net gain on sale of residential condominiums				-		-		714		714		1,860
	Other, net				-		433		-		-		3,154
					(3,821)		90,101		(1,730)		(5,551)		109,296
Noncontrolling interests' share of above adjustments					238		(5,270)		108		339		(6,290)
Items that impact FFO, net			(B)	$	(3,583)	$	84,831	$	(1,622)	$	(5,212)	$	103,006
	Per diluted share			$	(0.02)	$	0.45	$	(0.01)	$	(0.03)	$	0.54

FFO, as adjusted			(A-B)	$	233,015	$	238,550	$	204,759	$	438,316	$	441,299
	Per diluted share			$	1.23	$	1.26	$	1.08	$	2.31	$	2.33

- 10 -

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

				Three Months Ended						Six Months Ended
				June 30,				March 31,		June 30,
				2016		2015		2016		2016		2015

FFO attributable to common shareholders plus assumed conversions			(A)	$	229,432	$	323,381	$	203,137	$	433,104	$	544,305

Adjustments to arrive at FAD:
	Recurring tenant improvements, leasing commissions and other capital expenditures				101,060		71,488		74,569		175,629		123,536
	Straight-line rentals				42,284		34,662		41,761		84,045		63,958
	Amortization of acquired below-market leases, net				11,843		12,920		17,049		28,892		24,912
	Stock-based compensation expense				(7,215)		(6,685)		(14,571)		(21,786)		(26,827)
	Amortization of debt issuance costs				(8,508)		(7,497)		(9,265)		(17,773)		(14,953)
	Adjustments to FFO per page 10,
		excluding FFO attributable to discontinued operations and sold properties			(5,615)		81,900		(3,893)		(9,508)		84,500
	Carried interest and our share of net unrealized gain
		from real estate fund investments			5,598		8,743		3,138		8,736		10,364
	Non real estate depreciation				(2,006)		(1,667)		(1,824)		(3,830)		(3,589)
	Noncontrolling interests' share of above adjustments				(8,566)		(10,900)		(6,689)		(14,937)		(15,073)
			(B)		128,875		182,964		100,275		229,468		246,828

FAD⁽¹⁾			(A-B)	$	100,557	$	140,417	$	102,862	$	203,636	$	297,477

FAD per diluted share				$	0.53	$	0.74	$	0.54	$	1.07	$	1.57
FAD payout ratio⁽²⁾					118.9%		85.1%		116.7%		117.8%		80.3%


(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.

- 11 -

CONSOLIDATED NET INCOME / EBITDA⁽¹⁾
(unaudited and in thousands)
		Three Months Ended
		June 30,						March 31,
		2016		2015		Inc (Dec)		2016
Property rentals		$	472,593	$	466,803	$	5,790	$	460,224
Straight-line rent adjustments			42,284		34,662		7,622		41,761
Amortization of acquired below-market leases, net			12,301		13,378		(1,077)		17,507
Total rentals			527,178		514,843		12,335		519,492
Tenant expense reimbursements			60,841		62,215		(1,374)		59,575
Fee and other income:
	BMS cleaning fees		18,794		21,741		(2,947)		18,146
	Management and leasing fees		4,604		4,274		330		4,799
	Lease termination fees		3,199		2,893		306		2,405
	Other income		7,092		10,322		(3,230)		8,620
Total revenues			621,708		616,288		5,420		613,037
Operating expenses			245,138		242,690		2,448		256,349
Depreciation and amortization			141,313		136,957		4,356		142,957
General and administrative			45,564		39,189		6,375		48,704
Impairment loss and acquisition and transaction related costs			2,879		4,061		(1,182)		165,307
Total expenses			434,894		422,897		11,997		613,317
Operating income (loss)			186,814		193,391		(6,577)		(280)
Income (loss) from partially owned entities			642		(5,641)		6,283		(4,240)
Income from real estate fund investments			16,389		26,368		(9,979)		11,284
Interest and other investment income, net			10,236		5,666		4,570		3,518
Interest and debt expense			(105,576)		(92,092)		(13,484)		(100,489)
Net gain on disposition of wholly owned and partially owned assets			159,511		-		159,511		714
Income (loss) before income taxes			268,016		127,692		140,324		(89,493)
Income tax (expense) benefit			(2,109)		88,072		(90,181)		(2,831)
Income (loss) from continuing operations			265,907		215,764		50,143		(92,324)
Income (loss) from discontinued operations			2,475		(364)		2,839		716
Net income (loss)			268,382		215,400		52,982		(91,608)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated subsidiaries		(13,025)		(19,186)		6,161		(9,678)
	Operating Partnership		(14,531)		(10,198)		(4,333)		7,487
Net income (loss) attributable to Vornado			240,826		186,016		54,810		(93,799)
Interest and debt expense			127,799		115,073		12,726		126,120
Depreciation and amortization			173,352		163,245		10,107		174,811
Income tax expense (benefit)			4,704		(87,653)		92,357		3,261
EBITDA		$	546,681	$	376,681	$	170,000	$	210,393

Capitalized leasing and development payroll		$	5,786	$	5,444	$	342	$	6,142
Capitalized interest and debt expense		$	7,367	$	11,702	$	(4,335)	$	9,071


(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.

- 12 -

CONSOLIDATED NET INCOME / EBITDA
(unaudited and in thousands)
		Six Months Ended June 30,
		2016		2015		Inc (Dec)
Property rentals		$	932,817	$	925,331	$	7,486
Straight-line rent adjustments			84,045		63,958		20,087
Amortization of acquired below-market leases, net			29,808		25,828		3,980
Total rentals			1,046,670		1,015,117		31,553
Tenant expense reimbursements			120,416		129,136		(8,720)
Fee and other income:
	BMS cleaning fees		36,940		44,374		(7,434)
	Management and leasing fees		9,403		8,466		937
	Lease termination fees		5,604		6,640		(1,036)
	Other income		15,712		19,357		(3,645)
Total revenues			1,234,745		1,223,090		11,655
Operating expenses			501,487		497,183		4,304
Depreciation and amortization			284,270		261,079		23,191
General and administrative			94,268		97,681		(3,413)
Impairment loss and acquisition and transaction related costs			168,186		6,042		162,144
Total expenses			1,048,211		861,985		186,226
Operating income			186,534		361,105		(174,571)
Loss from partially owned entities			(3,598)		(8,384)		4,786
Income from real estate fund investments			27,673		50,457		(22,784)
Interest and other investment income, net			13,754		16,458		(2,704)
Interest and debt expense			(206,065)		(183,766)		(22,299)
Net gain on disposition of wholly owned and partially owned assets			160,225		1,860		158,365
Income before income taxes			178,523		237,730		(59,207)
Income tax (expense) benefit			(4,940)		87,101		(92,041)
Income from continuing operations			173,583		324,831		(151,248)
Income from discontinued operations			3,191		15,815		(12,624)
Net income			176,774		340,646		(163,872)
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(22,703)		(35,068)		12,365
	Operating Partnership		(7,044)		(15,485)		8,441
Net income attributable to Vornado			147,027		290,093		(143,066)
Interest and debt expense			253,919		229,748		24,171
Depreciation and amortization			348,163		319,695		28,468
Income tax expense (benefit)			7,965		(88,392)		96,357
EBITDA		$	757,074	$	751,144	$	5,930

Capitalized leasing and development payroll		$	11,928	$	10,385	$	1,543
Capitalized interest and debt expense		$	16,438	$	22,812	$	(6,374)

- 13 -

EBITDA BY SEGMENT
(unaudited and in thousands)
		Three Months Ended June 30, 2016
		Total		New York			Washington, DC			Other
Property rentals		$	472,593	$	311,083		$	102,826		$	58,684
Straight-line rent adjustments			42,284		27,849			7,044			7,391
Amortization of acquired below-market leases, net			12,301		10,615			336			1,350
Total rentals			527,178		349,547			110,206			67,425
Tenant expense reimbursements			60,841		46,897			8,901			5,043
Fee and other income:
	BMS cleaning fees		18,794		23,407			-			(4,613)
	Management and leasing fees		4,604		1,840			2,723			41
	Lease termination fees		3,199		2,976			135			88
	Other income		7,092		1,103			5,503			486
Total revenues			621,708		425,770			127,468			68,470
Operating expenses			245,138		174,342			46,629			24,167
Depreciation and amortization			141,313		85,986			35,182			20,145
General and administrative			45,564		7,807			7,295			30,462
Acquisition and transaction related costs			2,879		-			-			2,879
Total expenses			434,894		268,135			89,106			77,653
Operating income (loss)			186,814		157,635			38,362			(9,183)
Income (loss) from partially owned entities			642		(1,001)			(2,958)			4,601
Income from real estate fund investments			16,389		-			-			16,389
Interest and other investment income, net			10,236		1,214			34			8,988
Interest and debt expense			(105,576)		(56,395)			(19,817)			(29,364)
Net gain on disposition of wholly owned and partially owned assets			159,511		159,511			-			-
Income (loss) before income taxes			268,016		260,964			15,621			(8,569)
Income tax expense			(2,109)		(816)			(318)			(975)
Income (loss) from continuing operations			265,907		260,148			15,303			(9,544)
Income from discontinued operations			2,475		-			-			2,475
Net income (loss)			268,382		260,148			15,303			(7,069)
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(13,025)		(3,397)			-			(9,628)
	Operating Partnership		(14,531)		-			-			(14,531)
Net income (loss) attributable to Vornado			240,826		256,751			15,303			(31,228)
Interest and debt expense			127,799		71,171			22,641			33,987
Depreciation and amortization			173,352		111,314			39,305			22,733
Income tax expense			4,704		889			2,205			1,610
EBITDA for the three months ended June 30, 2016		$	546,681	$	440,125		$	79,454		$	27,102

EBITDA for the three months ended June 30, 2015		$	376,681	$	275,988		$	85,634		$	15,059

EBITDA, as adjusted - OP basis:
	For the three months ended June 30, 2016	$	400,174	$	278,936	⁽¹⁾	$	79,454	⁽²⁾	$	41,784	⁽³⁾
	For the three months ended June 30, 2015	$	390,697	$	269,059	⁽¹⁾	$	83,567	⁽²⁾	$	38,071	⁽³⁾


See notes on page 16.

- 14 -

EBITDA BY SEGMENT
(unaudited and in thousands)
		Six Months Ended June 30, 2016
		Total		New York			Washington, DC			Other
Property rentals		$	932,817	$	605,885		$	205,532		$	121,400
Straight-line rent adjustments			84,045		54,160			12,776			17,109
Amortization of acquired below-market leases, net			29,808		26,809			673			2,326
Total rentals			1,046,670		686,854			218,981			140,835
Tenant expense reimbursements			120,416		91,894			18,542			9,980
Fee and other income:
	BMS cleaning fees		36,940		46,066			-			(9,126)
	Management and leasing fees		9,403		3,393			5,927			83
	Lease termination fees		5,604		5,166			300			138
	Other income		15,712		3,222			11,730			760
Total revenues			1,234,745		836,595			255,480			142,670
Operating expenses			501,487		349,649			95,948			55,890
Depreciation and amortization			284,270		170,307			73,764			40,199
General and administrative			94,268		17,774			15,259			61,235
Impairment loss ($160,700 for Skyline properties) and acquisition and transaction related costs			168,186		-			160,700			7,486
Total expenses			1,048,211		537,730			345,671			164,810
Operating income (loss)			186,534		298,865			(90,191)			(22,140)
(Loss) income from partially owned entities			(3,598)		(4,564)			(5,001)			5,967
Income from real estate fund investments			27,673		-			-			27,673
Interest and other investment income, net			13,754		2,329			92			11,333
Interest and debt expense			(206,065)		(110,981)			(35,752)			(59,332)
Net gain on disposition of wholly owned and partially owned assets			160,225		159,511			-			714
Income (loss) before income taxes			178,523		345,160			(130,852)			(35,785)
Income tax expense			(4,940)		(1,775)			(582)			(2,583)
Income (loss) from continuing operations			173,583		343,385			(131,434)			(38,368)
Income from discontinued operations			3,191		-			-			3,191
Net income (loss)			176,774		343,385			(131,434)			(35,177)
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(22,703)		(6,826)			-			(15,877)
	Operating Partnership		(7,044)		-			-			(7,044)
Net income (loss) attributable to Vornado			147,027		336,559			(131,434)			(58,098)
Interest and debt expense			253,919		142,369			42,047			69,503
Depreciation and amortization			348,163		219,717			81,986			46,460
Income tax expense			7,965		1,979			2,470			3,516
EBITDA for the six months ended June 30, 2016		$	757,074	$	700,624		$	(4,931)		$	61,381

EBITDA for the six months ended June 30, 2015		$	751,144	$	524,933		$	168,891		$	57,320

EBITDA, as adjusted - OP basis:
	For the six months ended June 30, 2016	$	769,863	$	537,993	⁽¹⁾	$	155,769	⁽²⁾	$	76,101	⁽³⁾
	For the six months ended June 30, 2015	$	740,441	$	512,057	⁽¹⁾	$	164,901	⁽²⁾	$	63,483	⁽³⁾


See notes on following page.

- 15 -

NOTES TO EBITDA BY SEGMENT
(unaudited and in thousands)

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

			Three Months Ended June 30,				Six Months Ended June 30,
			2016		2015		2016		2015
	Office (including BMS EBITDA of $6,428, $6,593, $11,473, and $12,274, respectively)		$	161,691	$	158,626	$	312,854	$	307,536
	Retail			95,306		85,627		188,753		166,384
	Residential			6,337		5,709		12,687		10,759
	Alexander's			11,805		10,241		23,374		20,648
	Hotel Pennsylvania			3,797		8,856		325		6,730
		Total New York	$	278,936	$	269,059	$	537,993	$	512,057

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

			Three Months Ended June 30,				Six Months Ended June 30,
			2016		2015		2016		2015
	Office, excluding the Skyline properties		$	63,757	$	66,442	$	124,573	$	131,888
	Skyline properties			4,863		6,984		9,955		13,039
		Total Office		68,620		73,426		134,528		144,927
	Residential			10,834		10,141		21,241		19,974
		Total Washington, DC	$	79,454	$	83,567	$	155,769	$	164,901


(3)	The elements of "Other" EBITDA, as adjusted, are summarized below.

			Three Months Ended June 30,				Six Months Ended June 30,
			2016		2015		2016		2015
	Our share of real estate fund investments:
		Income before net realized/unrealized gains	$	1,526	$	2,671	$	3,757	$	4,285
		Net realized/unrealized gains on investments		3,890		4,916		5,451		10,464
		Carried interest		2,128		2,909		3,647		6,297
	Total			7,544		10,496		12,855		21,046
	theMART (including trade shows)			25,965		22,144		48,993		43,185
	555 California Street			12,117		12,831		23,732		25,232
	India real estate ventures			430		375		1,749		2,216
	Other investments			14,496		9,424		31,171		16,183
				60,552		55,270		118,500		107,862
	Corporate general and administrative expenses^{(a) (b)}			(24,239)		(23,760)		(54,845)		(59,702)
	Investment income and other, net^(a)			5,471		6,561		12,446		15,323
		Total Other	$	41,784	$	38,071	$	76,101	$	63,483


	(a)	The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $4,359 of income and $609 of loss for the three months ended June 30, 2016 and 2015, respectively, and $2,421 and $2,250 of income for the six months ended June 30, 2016 and 2015, respectively.
	(b)	The six months ended June 30, 2015 includes a cumulative catch up of $4,542 from the acceleration of recognition of compensation expense related to the modification of the 2012-2014 Out-Performance Plans.

- 16 -

RECONCILIATION OF NET INCOME TO EBITDA TO EBITDA, AS ADJUSTED
(unaudited and in thousands)
		Three Months Ended June 30, 2016
		Total		New York		Washington, DC		Other
Net income (loss) attributable to Vornado		$	240,826	$	256,751	$	15,303	$	(31,228)
Interest and debt expense			127,799		71,171		22,641		33,987
Depreciation and amortization			173,352		111,314		39,305		22,733
Income tax expense			4,704		889		2,205		1,610
EBITDA			546,681		440,125		79,454		27,102
Items that impact EBITDA:
	Net gain on sale of 7 West 34th Street		(159,511)		(159,511)		-		-
	Acquisition and transaction related costs		2,879		-		-		2,879
	Net gain on sale of Queens Boulevard		(2,210)		-		-		(2,210)
	EBITDA from operations of sold property		(1,678)		(1,678)		-		-
	Other		(518)		-		-		(518)
Net income attributable to noncontrolling interests in the Operating Partnership			14,531		-		-		14,531
EBITDA, as adjusted - OP basis		$	400,174	$	278,936	$	79,454	$	41,784

		Three Months Ended June 30, 2015
		Total		New York		Washington, DC		Other
Net income attributable to Vornado		$	186,016	$	118,212	$	16,454	$	51,350
Interest and debt expense			115,073		61,057		20,891		33,125
Depreciation and amortization			163,245		95,567		47,803		19,875
Income tax (benefit) expense			(87,653)		1,152		486		(89,291)
EBITDA			376,681		275,988		85,634		15,059
Items that impact EBITDA:
	Our share of impairment loss on India real estate ventures		14,806		-		-		14,806
	EBITDA from operations of sold properties		(7,696)		(5,629)		(2,067)		-
	Our share of gains on sale of partially owned entities		(4,513)		-		-		(4,513)
	Acquisition and transaction related costs		4,061		-		-		4,061
	Other		(2,840)		(1,300)		-		(1,540)
Net income attributable to noncontrolling interests in the Operating Partnership			10,198		-		-		10,198
EBITDA, as adjusted - OP basis		$	390,697	$	269,059	$	83,567	$	38,071

- 17 -

RECONCILIATION OF NET INCOME TO EBITDA TO EBITDA, AS ADJUSTED
(unaudited and in thousands)
		Six Months Ended June 30, 2016
		Total		New York		Washington, DC		Other
Net income (loss) attributable to Vornado		$	147,027	$	336,559	$	(131,434)	$	(58,098)
Interest and debt expense			253,919		142,369		42,047		69,503
Depreciation and amortization			348,163		219,717		81,986		46,460
Income tax expense			7,965		1,979		2,470		3,516
EBITDA			757,074		700,624		(4,931)		61,381
Items that impact EBITDA:
	Skyline properties impairment loss		160,700		-		160,700		-
	Net gain on sale of 7 West 34th Street		(159,511)		(159,511)		-		-
	Acquisition and transaction related costs		7,486		-		-		7,486
	Our share of PREIT impairment loss		4,402		-		-		4,402
	EBITDA from operations of sold property		(3,120)		(3,120)		-		-
	Net gain on sale of Queens Boulevard		(2,210)		-		-		(2,210)
	Net gain on sale of residential condominiums		(714)		-		-		(714)
	Other		(1,288)		-		-		(1,288)
Net income attributable to noncontrolling interests in the Operating Partnership			7,044		-		-		7,044
EBITDA, as adjusted - OP basis		$	769,863	$	537,993	$	155,769	$	76,101

		Six Months Ended June 30, 2015
		Total		New York		Washington, DC		Other
Net income attributable to Vornado		$	290,093	$	213,364	$	40,083	$	36,646
Interest and debt expense			229,748		119,724		42,403		67,621
Depreciation and amortization			319,695		189,691		88,555		41,449
Income tax (benefit) expense			(88,392)		2,154		(2,150)		(88,396)
EBITDA			751,144		524,933		168,891		57,320
Items that impact EBITDA:
	UE and residual retail properties discontinued operations		(23,797)		-		-		(23,797)
	EBITDA from operations of sold properties		(15,566)		(11,576)		(3,990)		-
	Our share of impairment loss on India real estate ventures		14,806		-		-		14,806
	Acquisition and transaction related costs		6,042		-		-		6,042
	Our share of gains on sale of partially owned entities		(4,513)		-		-		(4,513)
	Net gain on sale of residential condominiums		(1,860)		-		-		(1,860)
	Other		(1,300)		(1,300)		-		-
Net income attributable to noncontrolling interests in the Operating Partnership			15,485		-		-		15,485
EBITDA, as adjusted - OP basis		$	740,441	$	512,057	$	164,901	$	63,483

- 18 -

CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands)


			June 30, 2016		December 31, 2015		(Decrease) Increase
ASSETS
Real estate, at cost:
	Land		$	4,154,201	$	4,164,799	$	(10,598)
	Buildings and improvements			12,541,161		12,582,671		(41,510)
	Development costs and construction in progress			1,302,108		1,226,637		75,471
	Leasehold improvements and equipment			112,096		116,030		(3,934)
		Total		18,109,566		18,090,137		19,429
	Less accumulated depreciation and amortization			(3,374,867)		(3,418,267)		43,400
Real estate, net				14,734,699		14,671,870		62,829
Cash and cash equivalents				1,644,067		1,835,707		(191,640)
Restricted cash				94,628		107,799		(13,171)
Marketable securities				194,489		150,997		43,492
Tenant and other receivables, net				95,623		98,062		(2,439)
Investments in partially owned entities				1,499,792		1,550,422		(50,630)
Real estate fund investments				524,150		574,761		(50,611)
Receivable arising from the straight-lining of rents, net				991,953		931,245		60,708
Deferred leasing costs, net				462,649		480,421		(17,772)
Identified intangible assets, net				210,010		227,901		(17,891)
Assets related to discontinued operations				8,678		37,020		(28,342)
Other assets				612,992		477,088		135,904
	Total assets		$	21,073,730	$	21,143,293	$	(69,563)

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
	Mortgages payable, net		$	9,746,818	$	9,513,713	$	233,105
	Senior unsecured notes, net			844,868		844,159		709
	Unsecured revolving credit facilities			115,630		550,000		(434,370)
	Unsecured term loan, net			371,455		183,138		188,317
	Accounts payable and accrued expenses			480,094		443,955		36,139
	Deferred revenue			314,367		346,119		(31,752)
	Deferred compensation plan			119,292		117,475		1,817
	Liabilities related to discontinued operations			8,104		12,470		(4,366)
	Other liabilities			480,030		426,965		53,065
Total liabilities				12,480,658		12,437,994		42,664
Redeemable noncontrolling interests				1,245,497		1,229,221		16,276
Vornado shareholders' equity				6,594,107		6,697,595		(103,488)
Noncontrolling interests in consolidated subsidiaries				753,468		778,483		(25,015)
	Total liabilities, redeemable noncontrolling interests and equity		$	21,073,730	$	21,143,293	$	(69,563)

- 20 -

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

						June 30, 2016
Debt (contractual balances):
	Consolidated debt:
		Mortgages payable				$	9,853,333
		Senior unsecured notes					850,000
		Unsecured term loan					375,000
		$2.5 Billion unsecured revolving credit facilities					115,630
							11,193,963
	Pro rata share of debt of non-consolidated entities
		(excluding $1,740,560 of Toys' debt)					2,908,936
	Less: Noncontrolling interests' share of consolidated debt
		(primarily 1290 Avenue of the Americas, 555 California Street, and St. Regis - retail)					(597,785)
							13,505,114


			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


				June 30, 2016
			Converted	Common
			Shares	Share Price
Equity:
Common shares			188,826	$	100.12		18,905,259
Class A units			11,590		100.12		1,160,391
Convertible share equivalents:
	Equity awards - unit equivalents		796		100.12		79,695
	D-13 preferred units		466		100.12		46,656
	G1-G4 units		40		100.12		4,005
	Series A preferred shares		42		100.12		4,205
							20,200,211

Total Market Capitalization						$	35,027,003

- 21 -

DEBT ANALYSIS
(unaudited and in thousands)
		As of June 30, 2016
		Total				Variable				Fixed
				Weighted				Weighted				Weighted
				Average				Average				Average
(Contractual debt balances)		Amount		Interest Rate		Amount		Interest Rate		Amount		Interest Rate
Consolidated debt		$	11,193,963		3.46%	$	3,772,565		2.19%	$	7,421,398		4.11%
Pro rata share of debt of non-consolidated entities:
	Toys		1,740,560		7.37%		1,026,139		6.46%		714,421		8.67%
	All other		2,908,936		4.04%		1,114,317		2.28%		1,794,619		5.13%
Total			15,843,459		4.00%		5,913,021		2.95%		9,930,438		4.63%
Less: Noncontrolling interests' share of consolidated debt
	(primarily 1290 Avenue of the Americas,
	555 California Street, and St. Regis - retail)		(597,785)				(137,438)				(460,347)
Company's pro rata share of total debt		$	15,245,674		4.01%	$	5,775,583		2.96%	$	9,470,091		4.66%

		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%			46%		46%	Less than 60%			32%	Less than 60%		32%
Secured Debt / Total Assets		Less than 50%			40%		40%	Less than 50%			27%	Less than 50%		27%
Interest Coverage Ratio (Annualized Combined
	EBITDA to Annualized Interest Expense)	Greater than 1.50			2.98		2.98				N/A			N/A
Fixed Charge Coverage					N/A		N/A	Greater than 1.40			2.69	Greater than 1.40		2.69
Unencumbered Assets / Unsecured Debt		Greater than 150%			680%		680%				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			14.59	Greater than 1.50		14.59

Unencumbered EBITDA:		2Q 2016
		Annualized
New York		$	436,284
Washington, DC			159,352
Other			25,324
Total		$	620,960



(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.

- 22 -

DEBT MATURITIES (CONTRACTUAL BALANCES)
(unaudited and in thousands)
		Spread
	Maturity	over	Interest
Property	Date⁽¹⁾	LIBOR	Rate	2016		2017		2018		2019		2020		Thereafter		Total
Skyline properties⁽²⁾	04/16		4.51%	$	678,000	$	-	$	-	$	-	$	-	$	-	$	678,000
1730 M and 1150 17th Street	09/16	L+125	1.70%		43,581		-		-		-		-		-		43,581
theMART	12/16		5.57%		550,000		-		-		-		-		-		550,000
350 Park Avenue	01/17		3.75%		-		286,307		-		-		-		-		286,307
2011 Crystal Drive	08/17		7.30%		-		75,751		-		-		-		-		75,751
220 20th Street	02/18		4.61%		-		-		69,272		-		-		-		69,272
$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%		-		-		61,276		-		-		-		61,276
Senior unsecured notes due 2019	06/19		2.50%		-		-		-		450,000		-		-		450,000
435 Seventh Avenue - retail	08/19	L+225	2.70%		-		-		-		98,000		-		-		98,000
$1.25 Billion unsecured revolving credit facility	11/19	L+105	1.51%		-		-		-		115,630		-		-		115,630
4 Union Square South - retail	11/19	L+215	2.61%		-		-		-		117,123		-		-		117,123
2200 / 2300 Clarendon Boulevard (Courthouse Plaza)	05/20	L+160	2.05%		-		-		-		-		23,250		-		23,250
150 West 34th Street	06/20	L+225	2.72%		-		-		-		-		205,000		-		205,000
100 West 33rd Street - office and retail	07/20	L+165	2.11%		-		-		-		-		580,000		-		580,000
220 Central Park South	09/20	L+200	2.46%		-		-		-		-		950,000		-		950,000
Unsecured Term Loan	10/20	L+115	1.61%		-		-		-		-		375,000		-		375,000
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%		-		-		-		-		-		57,085		57,085
770 Broadway	03/21		2.56%		-		-		-		-		-		700,000		700,000
909 Third Avenue	05/21		3.91%		-		-		-		-		-		350,000		350,000
606 Broadway	05/21	L+300	3.47%		-		-		-		-		-		22,116		22,116
West End 25	06/21		4.88%		-		-		-		-		-		101,671		101,671
Universal Buildings	08/21	L+190	2.36%		-		-		-		-		-		185,000		185,000
555 California Street	09/21		5.10%		-		-		-		-		-		584,490		584,490
655 Fifth Avenue	10/21	L+140	1.86%		-		-		-		-		-		140,000		140,000
Two Penn Plaza	12/21	⁽³⁾	4.04%		-		-		-		-		-		575,000		575,000
Senior unsecured notes due 2022	01/22		5.00%		-		-		-		-		-		400,000		400,000
1290 Avenue of the Americas	11/22		3.34%		-		-		-		-		-		950,000		950,000
697-703 Fifth Avenue (St. Regis - retail)	12/22	L+180	2.26%		-		-		-		-		-		450,000		450,000
2121 Crystal Drive	03/23		5.51%		-		-		-		-		-		143,016		143,016
666 Fifth Avenue Retail Condominium	03/23		3.61%		-		-		-		-		-		390,000		390,000
2101 L Street	08/24		3.97%		-		-		-		-		-		144,833		144,833


See notes on the following page.

- 23 -

DEBT MATURITIES (CONTRACTUAL BALANCES)
(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%	$	-	$	-	$	-	$	-	$	-	$	93,039	$	93,039
RiverHouse Apartments		04/25	L+128	1.75%		-		-		-		-		-		307,710		307,710
Other		Various		4.51%		16,813		-		-		-		-		-		16,813


Total consolidated debt (contractual)					$	1,288,394	$	362,058	$	210,548	$	780,753	$	2,958,250	$	5,593,960	$	11,193,963

Weighted average rate						4.87%		4.49%		4.82%		2.39%		2.61%		3.62%		3.46%

Fixed rate debt					$	1,244,813	$	362,058	$	210,548	$	450,000	$	825,000	$	4,328,979	$	7,421,398
Fixed weighted average rate expiring						4.98%		4.49%		4.82%		2.50%		3.59%		4.06%		4.11%

Floating rate debt					$	43,581	$	-	$	-	$	330,753	$	2,133,250	$	1,264,981	$	3,772,565
Floating weighted average rate expiring						1.70%		-		-		2.25%		2.24%		2.11%		2.19%


(1)	Represents the extended maturity for certain loans in which we have the unilateral right to extend.
(2)	On March 15, 2016, we notified the servicer of the $678,000 mortgage loan on the Skyline properties in Virginia that cash flow will be insufficient to service the debt and pay other property related costs and expenses and that we were not willing to fund additional cash shortfalls. Accordingly, at our request, the loan has been transferred to the special servicer. Consequently, based on our shortened estimated holding period for the underlying assets, we concluded that the excess of carrying amount over our estimate of fair value was not recoverable and recognized a $160,700 non-cash impairment loss in the first quarter of 2016. The Company’s estimate of fair value was derived from a discounted cash flow model based upon market conditions and expectations of growth and utilized unobservable quantitative inputs including a capitalization rate of 8.0% and a discount rate of 8.2%. In the second quarter of 2016, cash flow became insufficient to service the debt and we ceased making debt service payments. Pursuant to the loan agreement, the loan is in default, causing the loan to be immediately due and payable, and is subject to incremental default interest which increased the weighted average interest rate from 2.97% to 4.51% while the outstanding balance remains unpaid. For the three and six months ended June 30, 2016, we accrued $2,711 of default interest expense. We continue to negotiate with the special servicer. There can be no assurance as to the timing or ultimate resolution of this matter.
(3)	Pursuant to an existing swap agreement, $415,000 of the loan bears interest at a fixed rate of 4.78% through March 2018, and the balance of $160,000 floats through March 2018. The entire $575,000 will float thereafter for the duration of the loan.

- 24 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)
							As of June 30, 2016
									Contractual Debt Balances
					Percentage		Company's		Company's
			Asset		Ownership at		Carrying		Pro rata		100% of
Joint Venture Name			Category		June 30, 2016		Amount		Share		Joint Venture
Alexander's, Inc.				Office/Retail		32.4%	$	129,795	$	342,760	$	1,057,900

Pennsylvania Real Estate Investment Trust (“PREIT”)				REIT		8.0%		125,822		141,848		1,766,474

India real estate ventures				Office/Land		4.1% to 36.5%		45,139		47,531		190,122

Urban Edge Properties (“UE”)				REIT		5.4%		23,868		67,571		1,239,842

Partially owned office buildings:
		280 Park Avenue		Office		50.0%		273,224		450,000		900,000
		650 Madison Avenue		Office/Retail		20.1%		121,116		161,024		800,000
		One Park Avenue		Office		55.0%		120,963		165,000		300,000
		512 West 22nd Street		Office		55.0%		67,075		27,584		50,153
		666 Fifth Avenue Office Condominium		Office		49.5%		58,265		674,063		1,361,743
		Rosslyn Plaza	Office/Residential			43.7% to 50.4%		47,353		19,544		38,770
		West 57th Street properties		Office		50.0%		43,006		10,000		20,000
		Warner Building		Office		55.0%		37,109		150,150		273,000
		330 Madison Avenue		Office		25.0%		28,912		37,500		150,000
		1101 17th Street		Office		55.0%		(3,646)		17,050		31,000
		825 Seventh Avenue		Office		50.0%		3,505		10,250		20,500
		Fairfax Square		Office		20.0%		1,537		18,000		90,000
		Other		Office		Various		13,565		17,465		50,150

Other investments:
		Independence Plaza		Residential		50.1%		146,280		275,550		550,000
		Toys "R" Us, Inc.		Retailer		32.5%		-		1,740,560		5,355,568
		Other		Various		Various		216,904		117,046		709,380
							$	1,499,792	$	4,490,496	$	14,954,602

7 West 34th Street⁽¹⁾				Office/Retail		53.0%	$	(43,160)	$	159,000	$	300,000


(1)	Our negative basis results from a $43,813 deferred gain from the sale of a 47.0% ownership interest in the property and is included in "other liabilities" on our consolidated balance sheet.

- 25 -

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 June 30,				Three Months Ended June 30,
		June 30, 2016		2016		2015		2016		2015
Joint Venture Name
New York:
	666 Fifth Avenue Office Condominium		49.5%	$	(11,232)	$	(9,320)	$	7,475	$	6,866
	Alexander's, Inc.		32.4%		6,812		5,447		11,805		10,241
	330 Madison Avenue		25.0%		1,509		1,554		2,440		2,557
	Independence Plaza		50.1%		1,499		(1,042)		5,616		5,267
	650 Madison Avenue (retail under development)		20.1%		(1,195)		4,517		2,303		8,557
	One Park Avenue		55.0%		856		839		3,594		3,500
	825 Seventh Avenue		50.0%		735		712		896		857
	280 Park Avenue		50.0%		(710)		339		8,400		7,090
	7 West 34th Street		53.0%		471		-		1,336		-
	West 57th Street properties (partially under development)		50.0%		52		(97)		342		167
	Other		Various		202		227		1,983		1,136
					(1,001)		3,176		46,190		46,238

Washington, DC:
	1101 17th Street		55.0%		(1,467)		460		813		845
	Warner Building		55.0%		(904)		(1,818)		2,278		1,986
	Rosslyn Plaza		43.7% to 50.4%		(809)		(778)		1,143		1,172
	Fairfax Square		20.0%		(104)		(32)		355		420
	Other		Various		326		363		1,286		1,271
					(2,958)		(1,805)		5,875		5,694

Other:
	India real estate ventures		4.1% to 36.5%		(1,934)		(16,567)		430		(14,431)
	Alexander's corporate fee income		32.4%		1,688		1,876		1,688		1,876
	UE		5.4%		1,280		904		2,781		2,246
	PREIT		8.0%		(527)		(364)		4,504		-
	Other		Various		4,094		7,139		7,279		11,995
					4,601		(7,012)		16,682		1,686

				$	642	$	(5,641)	$	68,747	$	53,618

- 26 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)

		Percentage		Our Share of Net (Loss) Income for the				Our Share of EBITDA for the
		Ownership at		Six Months Ended June 30,				Six Months Ended June 30,
		June 30, 2016		2016		2015		2016		2015
Joint Venture Name
New York:
	666 Fifth Avenue Office Condominium		49.5%	$	(21,957)	$	(17,894)	$	14,641	$	12,652
	Alexander's, Inc.		32.4%		13,749		11,041		23,374		20,648
	280 Park Avenue		50.0%		(4,025)		(227)		15,817		12,679
	330 Madison Avenue		25.0%		3,153		3,018		5,019		5,079
	Independence Plaza		50.1%		2,895		(3,091)		11,120		9,925
	650 Madison Avenue (retail under development)		20.1%		(2,491)		3,973		4,550		11,526
	One Park Avenue		55.0%		1,685		1,412		7,260		8,370
	825 Seventh Avenue		50.0%		1,391		1,419		1,712		1,690
	7 West 34th Street		53.0%		471		-		1,336		-
	West 57th Street properties (partially under development)		50.0%		44		(2,316)		659		251
	Other		Various		521		178		5,567		2,177
					(4,564)		(2,487)		91,055		84,997

Washington, DC:
	Warner Building		55.0%		(2,657)		(3,689)		4,382		4,201
	Rosslyn Plaza		43.7% to 50.4%		(1,765)		(1,515)		2,103		2,252
	1101 17th Street		55.0%		(1,003)		2,777		1,672		1,560
	Fairfax Square		20.0%		(233)		(16)		683		880
	Other		Various		657		769		2,564		2,584
					(5,001)		(1,674)		11,404		11,477

Other:
	India real estate ventures		4.1% to 36.5%		(2,620)		(16,676)		1,749		(12,590)
	PREIT		8.0%		(4,815)		(364)		5,630		-
	Alexander's corporate fee income		32.4%		3,413		3,973		3,413		3,973
	UE		5.4%		2,365		1,488		5,443		2,830
	Other		Various		7,624		7,356		15,837		19,539
					5,967		(4,223)		32,072		13,752

				$	(3,598)	$	(8,384)	$	134,531	$	110,226

- 27 -

SQUARE FOOTAGE in service
(unaudited and square feet in thousands)
				Owned by Company
			Total
			Portfolio	Total	Office	Retail	Showroom	Other
Segment:
	New York:
		Office	20,212	16,951	16,768	-	183	-
		Retail	2,696	2,476	-	2,476	-	-
		Residential - 1,711 units	1,559	826	-	-	-	826
		Alexander's (32.4% interest),
		including 312 residential units	2,437	790	288	419	-	83
		Hotel Pennsylvania	1,400	1,400	-	-	-	1,400
			28,304	22,443	17,056	2,895	183	2,309

	Washington, DC:
		Office, excluding the Skyline properties	12,926	10,522	9,745	777	-	-
		Skyline properties	2,648	2,648	2,593	55	-	-
		Total Office	15,574	13,170	12,338	832	-	-
		Residential - 2,889 units	3,023	2,881	-	-	-	2,881
		Other	330	330	-	9	-	321
			18,927	16,381	12,338	841	-	3,202

	Other:
		theMART	3,663	3,654	1,924	98	1,632	-
		555 California Street (70% interest)	1,737	1,216	1,123	93	-	-
		Other	779	779	-	779	-	-
			6,179	5,649	3,047	970	1,632	-

Total square feet at June 30, 2016			53,410	44,473	32,441	4,706	1,815	5,511

Total square feet at March 31, 2016			53,224	44,343	32,510	4,672	1,813	5,348


					Number of	Number of
Parking Garages (not included above):				Square Feet	Garages	Spaces
	New York			1,686	11	4,970
	Washington, DC			8,824	55	29,322
	theMART			558	4	1,664
	555 California Street			168	1	453
	Total at June 30, 2016			11,236	71	36,409

- 28 -

TOP 30 TENANTS
(unaudited)


			Annualized
	Square		Revenues⁽¹⁾		% of Annualized
Tenants	Footage⁽¹⁾		(in thousands)		Revenues
U.S. Government		4,405,851	$	152,865		6.1%
IPG and affiliates		923,896		54,910		2.2%
Swatch Group USA		32,374		47,760		1.9%
AXA Equitable Life Insurance		480,920		45,112		1.8%
Macy's		646,434		37,797		1.5%
Victoria's Secret		63,779		32,000		1.3%
Facebook		355,370		31,603		1.3%
Neuberger Berman Group LLC		411,894		31,066		1.2%
Ziff Brothers Investments, Inc.		287,030		28,732		1.2%
AOL (Verizon)		313,726		28,397		1.1%
McGraw-Hill Companies, Inc.		479,557		27,920		1.1%
Bank of America		347,297		24,190		1.0%
J. Crew		310,233		23,062		0.9%
The City of New York		549,088		22,458		0.9%
AMC Networks, Inc.		393,470		22,300		0.9%
Topshop		94,349		22,283		0.9%
Fast Retailing (Uniqlo)		90,732		21,944		0.9%
Motorola Mobility (guaranteed by Google)		609,071		21,739		0.9%
Madison Square Garden		353,134		21,725		0.9%
Forever 21		127,779		21,624		0.9%
JCPenney		426,370		18,916		0.8%
Hollister		21,741		18,705		0.8%
Bryan Cave LLP		213,946		17,139		0.7%
PricewaterhouseCoopers		241,196		16,884		0.7%
Cushman & Wakefield		166,287		15,724		0.6%
Family Health International		320,791		15,105		0.6%
Lockheed Martin		312,754		14,462		0.6%
Sears Holding Company (Kmart Corporation and Sears Corporation)		286,705		13,390		0.5%
New York & Company, Inc.		197,154		13,167		0.5%
Hennes & Mauritz		42,769		12,176		0.5%


(1) Includes leases not yet commenced.

- 29 -

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			13,000	$	573,000	$	44.08		0.1%

		Third Quarter 2016			174,000		12,002,000		68.98		1.1%
		Fourth Quarter 2016			180,000		13,364,000		74.24		1.3%
		Total 2016			354,000		25,366,000		71.66		2.4%
		First Quarter 2017			137,000		10,348,000		75.53		1.0%
		Second Quarter 2017			327,000		19,179,000		58.65		1.8%
		Remaining 2017			337,000		20,148,000		59.79		1.9%
		Total 2017			801,000		49,675,000		62.63		4.7%
		2018			1,056,000		83,619,000		79.18		7.9%
		2019			857,000		57,735,000		67.37		5.4%
		2020			1,337,000		87,950,000		65.78		8.3%
		2021			1,184,000		81,548,000		68.88		7.7%
		2022			666,000		38,122,000		57.24		3.6%
		2023			1,700,000		128,049,000		75.32		12.0%
		2024			1,188,000		91,260,000		76.82		8.6%
		2025			734,000		51,898,000		70.71		4.9%
		2026			1,274,000		90,478,000		71.02		8.5%

	Retail:	Month to Month			48,000	$	4,002,000	$	83.38		1.0%

		Third Quarter 2016			8,000		1,002,000		125.25		0.2%
		Fourth Quarter 2016			17,000		8,237,000		484.53		2.0%
		Total 2016			25,000		9,239,000		369.56		2.2%
		First Quarter 2017			15,000		2,490,000		166.00		0.6%
		Second Quarter 2017			7,000		4,968,000		709.71		1.2%
		Remaining 2017			12,000		2,694,000		224.50		0.6%
		Total 2017			34,000		10,152,000		447.59		2.4%
		2018			157,000		41,788,000		266.17		10.0%
		2019			205,000		34,007,000		165.89		8.1%
		2020			72,000		10,699,000		148.60		2.6%
		2021			55,000		10,501,000		190.93		2.5%
		2022			35,000		4,470,000		127.71		1.1%
		2023			81,000		20,584,000		254.12		4.9%
		2024			150,000		59,655,000		397.70		14.2%
		2025			38,000		19,014,000		500.37		4.5%
		2026			136,000		42,106,000		309.60		10.0%

- 30 -

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			87,000	$	2,280,000	$	26.25		0.5%

		Third Quarter 2016			258,000		11,375,000		44.04		2.7%
		Fourth Quarter 2016			439,000		18,411,000		41.95		4.4%
		Total 2016			697,000		29,786,000		42.72		7.0%
		First Quarter 2017			107,000		3,706,000		34.68		0.9%
		Second Quarter 2017			168,000		6,979,000		41.63		1.6%
		Remaining 2017			620,000		24,637,000		39.72		5.8%
		Total 2017			895,000		35,322,000		39.57		8.3%
		2018			1,085,000		46,933,000		43.24		11.1%
		2019			1,529,000		64,845,000		42.42		15.3%
		2020			951,000		45,234,000		47.58		10.7%
		2021			767,000		33,824,000		44.09		8.0%
		2022			1,108,000		49,812,000		44.98		11.8%
		2023			218,000		10,454,000		47.88		2.5%
		2024			452,000		18,235,000		40.38		4.3%
		2025			328,000		12,988,000		39.65		3.1%
		2026			215,000		9,767,000		45.41		2.3%

- 31 -

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 Office
							Long Island City		New York		Washington, DC
					Manhattan		(Center Building)		Retail		Office
Three Months Ended June 30, 2016
	Total square feet leased					259		285		55		352
	Our share of square feet leased:					249		285		43		338
		Initial rent⁽¹⁾			$	81.67	$	40.10	$	140.26	$	42.63
		Weighted average lease term (years)				9.3		5.8		8.8		5.0
		Second generation relet space:
			Square feet			221		285		34		258
			GAAP basis:
				Straight-line rent⁽²⁾	$	78.81	$	38.68	$	164.95	$	38.78
				Prior straight-line rent	$	66.66	$	28.69	$	136.00	$	40.80
				Percentage increase (decrease)		18.2%		34.8%		21.3%		(5.0%)
			Cash basis:
				Initial rent⁽¹⁾	$	80.54	$	40.10	$	158.84	$	43.55
				Prior escalated rent	$	72.49	$	30.53	$	142.41	$	46.70
				Percentage increase (decrease)		11.1%		31.4%		11.5%		(6.7%)
		Tenant improvements and leasing commissions:
			Per square foot		$	78.47	$	18.47	$	94.53	$	25.06
			Per square foot per annum		$	8.44	$	3.18	$	10.74	$	5.01
				Percentage of initial rent		10.3%		7.9%		7.7%		11.8%

Six Months Ended June 30, 2016
	Total square feet leased					996		285		93		921
	Our share of square feet leased:					801		285		73		901
		Initial rent⁽¹⁾			$	83.50	$	40.10	$	193.45	$	39.96
		Weighted average lease term (years)				11.2		5.8		10.0		3.9
		Second generation relet space:
			Square feet			745		285		55		709
			GAAP basis:
				Straight-line rent⁽²⁾	$	83.51	$	38.68	$	192.96	$	37.17
				Prior straight-line rent	$	65.11	$	28.69	$	162.57	$	38.85
				Percentage increase (decrease)		28.3%		34.8%		18.7%		(4.3%)
			Cash basis:
				Initial rent⁽¹⁾	$	83.08	$	40.10	$	185.28	$	40.41
				Prior escalated rent	$	67.66	$	30.53	$	170.92	$	42.17
				Percentage increase (decrease)		22.8%		31.4%		8.4%		(4.2%)
		Tenant improvements and leasing commissions:
			Per square foot		$	81.31	$	18.47	$	105.65	$	15.60
			Per square foot per annum		$	7.26	$	3.18	$	10.57	$	4.00
				Percentage of initial rent		8.7%		7.9%		5.5%		10.0%


See notes on the following page.

- 32 -

LEASING ACTIVITY
(unaudited)

(square feet in thousands)					New York				Washington, DC
					Office		Retail		Office
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
			GAAP basis:
				Straight-line rent⁽²⁾	$	77.03	$	1,056.66	$	39.57
				Prior straight-line rent	$	62.73	$	529.31	$	43.08
				Percentage increase (decrease)		22.8%		99.6%		(8.2%)
			Cash basis:
				Initial rent⁽¹⁾	$	78.89	$	907.49	$	40.12
				Prior escalated rent	$	66.21	$	364.56	$	43.99
				Percentage increase (decrease)		19.1%		148.9%		(8.8%)
		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%


(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.

- 33 -

OCCUPANCY, SAME STORE EBITDA AND RESIDENTIAL STATISTICS
(unaudited)

Occupancy and Same Store EBITDA:
								New York	Washington, DC
Occupancy rate at:
	June 30, 2016							96.0%	84.0%
	March 31, 2016							96.2%	84.8%
	December 31, 2015							96.4%	84.8%
	June 30, 2015							96.5%	84.8%

Same store EBITDA % increase (decrease):
	Three months ended June 30, 2016 vs. June 30, 2015							6.9% ⁽²⁾	(1.3%)
	Six months ended June 30, 2016 vs. June 30, 2015							6.2% ⁽³⁾	(1.4%)
	Three months ended June 30, 2016 vs. March 31, 2016							8.1% ⁽⁴⁾	2.5%

Cash basis same store EBITDA % increase (decrease):
	Three months ended June 30, 2016 vs. June 30, 2015							5.9% ⁽²⁾	(2.5%)
	Six months ended June 30, 2016 vs. June 30, 2015							3.6% ⁽³⁾	(2.0%)
	Three months ended June 30, 2016 vs. March 31, 2016							9.2% ⁽⁴⁾	0.9%


(1)	Office occupancy rates for the Washington, DC segment, including and excluding the Skyline properties, were as follows:

			Including	Excluding
			Skyline Properties	Skyline Properties
		June 30, 2016	80.7%	89.2%
		March 31, 2016	81.9%	90.6%
		December 31, 2015	82.1%	90.0%
		June 30, 2015	82.4%	89.5%

(2)	Excluding Hotel Pennsylvania, same store EBITDA increased by 9.2% and by 8.5% on a cash basis.
(3)	Excluding Hotel Pennsylvania, same store EBITDA increased by 7.5% and by 5.1% on a cash basis.
(4)	Excluding Hotel Pennsylvania, same store EBITDA increased by 5.3% and by 5.7% on a cash basis.

Residential Statistics:
			Number of Units				Average Monthly
			(in service)	Occupancy Rate			Rent Per Unit
	New York:
		June 30, 2016	1,711		93.3	%	$	3,490
		March 31, 2016	1,711		94.5	%	$	3,488
		December 31, 2015	1,711		94.1	%	$	3,491
		June 30, 2015	1,677		96.1	%	$	3,289

	Washington, DC:
		June 30, 2016	2,889		98.2	%	$	2,086
		March 31, 2016	2,630		97.0	%	$	2,058
		December 31, 2015	2,630		96.4	%	$	2,068
		June 30, 2015	2,414		95.4	%	$	2,107

- 34 -

DEVELOPMENT / REDEVELOPMENT SUMMARY

(unaudited and in thousands, except square feet)

As of June 30, 2016

(At Vornado's Ownership Interest)

Full

Property

Excluding Land Costs

Quarter

Rentable

Incremental

Amount

Initial

Stabilized

Current Projects:

Segment

Sq. Ft.

Budget

Expended

Complete

Start

Occupancy

Operations

220 Central Park South - residential condominiums

Other

397,000

1,300,000

446,000

⁽¹⁾

34.3%

Q3 2012

N/A

90 Park Avenue - substantial renovation

New York

956,000

70,000

64,000

91.4%

Q3 2014

N/A

⁽²⁾

512 W 22nd Street (55.0% interest)

New York

173,000

72,000

11,000

⁽³⁾

15.3%

Q4 2015

Q1 2018

Q1 2020

61 Ninth Avenue (45.1% interest)

New York

167,000

68,000

8,000

⁽⁴⁾

11.8%

Q1 2016

Q1 2018

Q1 2020

606 Broadway (50.0% interest)

New York

33,000

30,000

8,000

26.7%

Q2 2016

Q1 2019

Q2 2020

The Bartlett - rental residential / retail

Washington, DC

621,000

250,000

210,000

⁽⁵⁾

84.0%

Q3 2013

Q2 2016

Q3 2017

Total current projects

747,000

Property

Zoning

Future Opportunities:

Segment

Sq. Ft.

Penn Plaza District - multiple opportunities - office / residential / retail

New York

TBD

Hotel Pennsylvania - mixed use

New York

2,052,000

260 Eleventh Avenue - office

New York

300,000

1770 Crystal Drive - office

Washington, DC

270,000

Square Block - retail

Washington, DC

300,000

2121 Crystal Drive - retail

Washington, DC

25,000

1150 17th Street and 1726 M Street (1700 M Street) - office

Washington, DC

335,000

1851 South Bell St (1900 Crystal Drive) - office / rental residential (515 units) / retail

Washington, DC

815,000

223 23rd Street - rental residential (1,000 units) / retail

Washington, DC

937,000

RiverHouse - rental residential (934 units)

Washington, DC

800,000

Commerce Metro - office / rental residential (500 units)

Washington, DC

825,000

Rosslyn Plaza (46.0% interest) - office / rental residential (333 units) / retail

Washington, DC

1,050,000

Undeveloped Land:

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

New York

150,000

Metropolitan Park 6, 7 & 8 - rental residential (1,403 units) / retail

Washington, DC

1,144,000

PenPlace - office / hotel / rental residential (300 units)

Washington, DC

1,381,000

Square 649

Washington, DC

675,000

527 West Kinzie, Chicago

Other

330,000

Total undeveloped land

3,680,000

(1)

The GAAP carrying amount of land and acquisition costs of $496,390 ($589,500 on an economic basis) are not included. Delivery of condo units is expected to commence in mid-2018.

(2)

Substantial renovation of 90 Park Avenue was completed in Q2 2016.

(3)

Carrying amount of land and acquisition costs of $57,000 are not included.

(4)

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

(5)

$41,687 of land costs are not included. Includes the 40,000 square foot Whole Foods Market at the base of the building which was placed into service in the fourth quarter of 2015.

- 35 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

CONSOLIDATED
(unaudited and in thousands)
		Six Months Ended		Year Ended December 31,
		June 30, 2016		2015		2014
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	37,688	$	125,215	$	107,728
Tenant improvements			46,270		153,696		205,037
Leasing commissions			24,939		50,081		79,636
Non-recurring capital expenditures			22,971		116,875		122,330
Total capital expenditures and leasing commissions (accrual basis)			131,868		445,867		514,731
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		118,340		156,753		140,490
	Expenditures to be made in future periods for the current period		(44,768)		(222,469)		(313,746)
Total capital expenditures and leasing commissions (cash basis)		$	205,440	$	380,151	$	341,475

Our share of square feet leased			2,060		3,767		5,204
Tenant improvements and leasing commissions per square foot per annum		$	6.20	$	8.43	$	6.53
Percentage of initial rent			9.9%		10.8%		10.3%


Development and redevelopment expenditures:
	220 Central Park South	$	130,696	$	158,014	$	78,059
	The Bartlett		48,700		103,878		38,163
	640 Fifth Avenue		17,368		17,899		440
	90 Park Avenue		16,243		29,937		8,910
	2221 South Clark Street (residential conversion)		12,589		23,711		3,481
	theMART		11,031		588		3,066
	Wayne Towne Center		7,055		20,633		19,740
	Penn Plaza		6,766		17,701		4,009
	330 West 34th Street		2,812		32,613		41,592
	Marriott Marquis Times Square - retail and signage		2,451		21,929		112,390
	Other		21,503		63,916		234,337
		$	277,214	$	490,819	$	544,187

- 36 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

NEW YORK SEGMENT
(unaudited and in thousands)
		Six Months Ended		Year Ended December 31,
		June 30, 2016		2015		2014
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	22,201	$	57,752	$	48,518
Tenant improvements			38,490		68,869		143,007
Leasing commissions			22,499		35,099		66,369
Non-recurring capital expenditures			17,104		81,240		64,423
Total capital expenditures and leasing commissions (accrual basis)			100,294		242,960		322,317
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		60,696		93,105		67,577
	Expenditures to be made in future periods for the current period		(38,368)		(118,911)		(205,258)
Total capital expenditures and leasing commissions (cash basis)		$	122,622	$	217,154	$	184,636

Our share of square feet leased			1,159		1,920		3,530
Tenant improvements and leasing commissions per square foot per annum		$	6.88	$	10.20	$	6.82
Percentage of initial rent			8.6%		8.9%		9.1%


Development and redevelopment expenditures:
	640 Fifth Avenue	$	17,368	$	17,899	$	440
	90 Park Avenue		16,243		29,937		8,910
	Penn Plaza		6,766		17,701		4,009
	330 West 34th Street		2,812		32,613		41,592
	Marriott Marquis Times Square - retail and signage		2,451		21,929		112,390
	Other		2,940		8,100		46,465
		$	48,580	$	128,179	$	213,806

- 37 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

WASHINGTON, DC SEGMENT
(unaudited and in thousands)
		Six Months Ended		Year Ended December 31,
		June 30, 2016		2015		2014
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	6,434	$	25,589	$	23,425
Tenant improvements			6,397		51,497		37,842
Leasing commissions			2,294		6,761		5,857
Non-recurring capital expenditures			4,861		34,428		37,798
Total capital expenditures and leasing commissions (accrual basis)			19,986		118,275		104,922
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		37,685		35,805		45,084
	Expenditures to be made in future periods for the current period		(11,707)		(73,227)		(63,283)
Total capital expenditures and leasing commissions (cash basis)		$	45,964	$	80,853	$	86,723

Our share of square feet leased			901		1,847		1,674
Tenant improvements and leasing commissions per square foot per annum		$	4.00	$	6.41	$	5.70
Percentage of initial rent			10.0%		15.9%		14.8%


Development and redevelopment expenditures:
	The Bartlett	$	48,700	$	103,878	$	38,163
	2221 South Clark Street (residential conversion)		12,589		23,711		3,481
	Other		17,713		40,696		42,001
		$	79,002	$	168,285	$	83,645

- 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:
Penn Plaza:
One Penn Plaza												Cisco, Parsons Brinckerhoff, Symantec Corporation,
	(ground leased through 2098)											United Health Care, United States Customs Department,
		-Office	100.0%	95.1%	$	61.27	2,251,000	2,251,000	-			URS Corporation Group Counseling, Lion Resources
												Bank of America, Kmart Corporation,
		-Retail	100.0%	96.2%		126.27	271,000	271,000	-			Shake Shack (lease not yet commenced), Starbucks
			100.0%	95.3%		68.25	2,522,000	2,522,000	-	$	-

Two Penn Plaza												EMC, Information Builders, Inc.,
		-Office	100.0%	99.8%		56.80	1,582,000	1,582,000	-			Madison Square Garden, McGraw-Hill Companies, Inc.
		-Retail	100.0%	69.7%		234.37	49,000	49,000	-			Chase Manhattan Bank, Madison Square Garden
			100.0%	98.9%		62.13	1,631,000	1,631,000	-		575,000

Eleven Penn Plaza
		-Office	100.0%	99.5%		58.43	1,115,000	1,115,000	-			Macy's, Madison Square Garden, AMC Networks, Inc.
		-Retail	100.0%	85.5%		144.92	36,000	36,000	-			PNC Bank National Association, Starbucks
			100.0%	99.1%		61.13	1,151,000	1,151,000	-		450,000

100 West 33rd Street
		-Office	100.0%	98.2%		59.81	855,000	855,000	-		398,402	IPG and affiliates

Manhattan Mall
		-Retail	100.0%	93.7%		133.35	256,000	256,000	-		181,598	JCPenney, Aeropostale, Express, Starbucks

330 West 34th Street
	(ground leased through 2149 -
	34.8% ownership interest in the land)											New York & Company, Inc., Structure Tone
		-Office	100.0%	87.4%		59.21	700,000	700,000	-			Deutsch, Inc., Yodle, Inc., Footlocker
		-Retail	100.0%	81.4%		100.00	18,000	18,000	-
			100.0%	87.3%		59.21	718,000	718,000	-		50,150

435 Seventh Avenue
		-Retail	100.0%	100.0%		284.70	43,000	43,000	-		98,000	Hennes & Mauritz

7 West 34th Street
		-Office	53.0%	100.0%		62.80	458,000	458,000	-			Amazon
		-Retail	53.0%	71.8%		292.02	21,000	21,000	-			Amazon
			53.0%	98.8%		72.85	479,000	479,000	-		300,000

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

431 Seventh Avenue
		-Retail	100.0%	100.0%		255.02	10,000	10,000	-		-

488 Eighth Avenue
		-Retail	100.0%	100.0%		77.59	6,000	6,000	-		-

267 West 34th Street
		-Retail	100.0%	100.0%		171.15	6,000	6,000	-		-

150 West 34th Street
		-Retail	100.0%	100.0%		70.19	78,000	78,000	-		205,000	Old Navy

- 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):
Penn Plaza (Continued):
137 West 33rd Street
		-Retail	100.0%	100.0%	$	93.20		3,000	3,000	-	$	-

138-142 West 32nd Street
		-Retail	100.0%	67.4%		94.25		8,000	8,000	-		-

265 West 34th Street
		-Retail	100.0%	100.0%		491.00		3,000	3,000	-		-

131-135 West 33rd Street
		-Retail	100.0%	100.0%		33.78		23,000	23,000	-		-

486 8th Avenue
		-Retail	100.0%	-		-		3,000	-	3,000		-

	Total Penn Plaza							7,811,000	7,792,000	19,000		2,258,150

Midtown East:
909 Third Avenue													IPG and affiliates, Forest Laboratories,
	(ground leased through 2063)												Geller & Company, Morrison Cohen LLP, Robeco USA Inc.,
		-Office	100.0%	100.0%		60.18	⁽²⁾	1,346,000	1,346,000	-		350,000	United States Post Office, The Procter & Gamble Distributing LLC

150 East 58th Street
		-Office	100.0%	98.2%		71.59		542,000	542,000	-			Castle Harlan, Tournesol Realty LLC. (Peter Marino),
		-Retail	100.0%	100.0%		174.38		2,000	2,000	-			Various showroom tenants
			100.0%	98.2%		71.97		544,000	544,000	-		-

715 Lexington Avenue
		-Retail	100.0%	100.0%		250.55		23,000	23,000	-		-	New York & Company, Inc., Zales, Jonathan Adler

966 Third Avenue
		-Retail	100.0%	100.0%		90.92		7,000	7,000	-		-	McDonald's

968 Third Avenue
		-Retail	50.0%	100.0%		262.96		6,000	6,000	-		-	Capital One Financial Corporation

	Total Midtown East							1,926,000	1,926,000	-		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%	90.4%		93.07		870,000	870,000	-			Vornado Executive Headquarters
		-Retail	100.0%	100.0%		245.75		15,000	15,000	-			Redeye Grill L.P.
			100.0%	90.5%		95.66		885,000	885,000	-		375,000

57th Street - 2 buildings
		-Office	50.0%	100.0%		56.96		81,000	81,000	-		20,000	Various
		-Retail	50.0%	100.0%		126.41		22,000	22,000	-		-
			50.0%	100.0%		71.80		103,000	103,000	-		20,000

- 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):
Midtown West (Continued):
825 Seventh Avenue
		-Office	50.0%	100.0%	$	78.70	165,000	165,000	-	$	20,500	Young & Rubicam
		-Retail	100.0%	100.0%		269.02	4,000	4,000	-		-	Lindy's
			51.2%	100.0%		83.20	169,000	169,000	-		20,500

	Total Midtown West						1,157,000	1,157,000	-		415,500

Park Avenue:
280 Park Avenue												Cohen & Steers Inc., GIC Inc, Franklin Templeton Co. LLC,
		-Office	50.0%	87.1%		98.34	1,218,000	1,218,000	-			PJT Partners, Investcorp International Inc.
		-Retail	50.0%	95.5%		94.24	27,000	27,000	-			Scottrade Inc., Starbucks, The Four Seasons Restaurant
			50.0%	87.3%		98.25	1,245,000	1,245,000	-		900,000

350 Park Avenue												Kissinger Associates Inc., Ziff Brothers Investment Inc.,
		-Office	100.0%	100.0%		99.62	554,000	554,000	-			MFA Financial Inc., M&T Bank
		-Retail	100.0%	100.0%		211.54	17,000	17,000	-			Fidelity Investment, AT&T Wireless, Valley National Bank
			100.0%	100.0%		102.95	571,000	571,000	-		286,307

	Total Park Avenue						1,816,000	1,816,000	-		1,186,307

Grand Central:
90 Park Avenue												Alston & Bird, Amster, Rothstein & Ebenstein,
												Capital One, Factset Research Systems Inc., Foley & Lardner,
		-Office	100.0%	94.8%		74.60	936,000	936,000	-			PricewaterhouseCoopers
		-Retail	100.0%	90.2%		125.41	24,000	24,000	-			Citibank, Starbucks
				94.7%		75.87	960,000	960,000	-		-

330 Madison Avenue												Guggenheim Partners LLC, HSBC Bank AFS,
		-Office	25.0%	87.1%		72.71	809,000	809,000	-			Jones Lang LaSalle Inc., Wells Fargo, American Century
		-Retail	25.0%	100.0%		286.73	33,000	33,000	-			Ann Taylor Retail Inc., Citibank, Starbucks
			25.0%	87.6%		81.10	842,000	842,000	-		150,000

510 Fifth Avenue
		-Retail	100.0%	73.7%		177.49	65,000	65,000	-		-	The North Face

	Total Grand Central						1,867,000	1,867,000	-		150,000

- 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):
Madison/Fifth:
640 Fifth Avenue													Fidelity Investments, Owl Creek Asset Management LP,
		-Office	100.0%		93.6%	$	89.78	245,000	245,000	-			Stifel Financial Corp., GCA Savvian Inc
		-Retail	100.0%		88.9%		769.58	69,000	69,000	-			Victoria's Secret
			100.0%		92.5%		239.16	314,000	314,000	-	$	-

666 Fifth Avenue													Fulbright & Jaworski, Colliers International NY LLC,
		-Office (Office Condo)	49.5%		-		-	1,403,000	-	1,403,000		1,361,743	Integrated Holding Group, Vinson & Elkins LLP
		-Retail (Office Condo)	49.5%		-		-	45,000	-	45,000		-	HSBC Bank USA, Citibank
		-Retail (Retail Condo)	100.0%	⁽³⁾	100.0%		434.57	114,000	114,000	-		390,000	Fast Retailing (Uniqlo), Hollister, Tissot
								1,562,000	114,000	1,448,000		1,751,743

595 Madison Avenue													Beauvais Carpets, Levin Capital Strategies LP,
		-Office	100.0%		98.9%		80.97	293,000	293,000	-			Cosmetech Mably Int'l LLC.
		-Retail	100.0%		100.0%		807.40	30,000	30,000	-			Coach, Prada
			100.0%		99.0%		148.44	323,000	323,000	-		-

650 Madison Avenue													Memorial Sloan Kettering Cancer Center, Polo Ralph Lauren,
		-Office	20.1%		94.3%		111.33	525,000	525,000	-			Willett Advisors LLC
		-Retail	20.1%		91.4%		1,031.28	69,000	27,000	42,000			Bottega Veneta Inc., Moncler USA Inc.
			20.1%		93.9%		218.20	594,000	552,000	42,000		800,000

689 Fifth Avenue
		-Office	100.0%		100.0%		78.38	82,000	82,000	-			Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
		-Retail	100.0%		100.0%		812.49	18,000	18,000	-			MAC Cosmetics, Massimo Dutti
			100.0%		100.0%		210.52	100,000	100,000	-		-

655 Fifth Avenue
		-Retail	92.5%		100.0%		222.15	57,000	57,000	-		140,000	Ferragamo

697-703 Fifth Avenue
		-Retail	74.3%		100.0%		2,461.24	26,000	26,000	-		450,000	Swatch Group USA, Harry Winston

	Total Madison/Fifth							2,976,000	1,486,000	1,490,000		3,141,743

Midtown South:
770 Broadway
		-Office	100.0%		98.0%		80.56	990,000	990,000	-			Facebook, AOL (Verizon), J. Crew
		-Retail	100.0%		100.0%		54.17	168,000	168,000	-			Ann Taylor Retail Inc., Bank of America, Kmart Corporation
			100.0%		98.3%		76.73	1,158,000	1,158,000	-		700,000

One Park Avenue													New York University, Clarins USA Inc.,
		-Office	55.0%		85.5%		46.95	868,000	868,000	-			Public Service Mutual Insurance
		-Retail	55.0%		100.0%		64.64	78,000	78,000	-			Bank of Baroda, Citibank, Equinox, Men's Wearhouse
			55.0%		86.7%		48.41	946,000	946,000	-		300,000

4 Union Square South
		-Retail	100.0%		100.0%		100.79	206,000	206,000	-		117,123	Burlington Coat Factory, Whole Foods Market, DSW, Forever 21

692 Broadway
		-Retail	100.0%		100.0%		88.20	36,000	36,000	-		-	Equinox, AOL

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

	Total Midtown South							2,378,000	2,378,000	-		1,147,123

- 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):
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%	99.1%	$	79.91	2,027,000	2,027,000	-			Cella, Harper & Scinto, Columbia University
		-Retail	70.0%	100.0%		169.61	79,000	79,000	-			Duane Reade, JPMorgan Chase Bank, Sovereign Bank, Starbucks
			70.0%	99.2%		83.28	2,106,000	2,106,000	-	$	950,000

608 Fifth Avenue
	(ground leased through 2033)
		-Office	100.0%	91.5%		60.16	92,000	92,000	-
		-Retail	100.0%	100.0%		443.04	44,000	44,000	-			Topshop
				94.2%		184.03	136,000	136,000	-		-

	Total Rockefeller Center						2,242,000	2,242,000	-		950,000
Wall Street/Downtown:
40 Fulton Street
		-Office	100.0%	89.1%		38.46	245,000	245,000	-			Market News International Inc., Sapient Corp.
		-Retail	100.0%	100.0%		101.96	5,000	5,000	-			TD Bank
			100.0%	89.3%		39.73	250,000	250,000	-		-

Soho:
478-486 Broadway - 2 buildings
		-Retail	100.0%	100.0%		238.59	65,000	65,000	-			Topshop, Madewell, J. Crew
		-Residential (10 units)	100.0%	90.0%			20,000	20,000	-
			100.0%				85,000	85,000	-		-

443 Broadway
		-Retail	100.0%	100.0%		109.30	16,000	16,000	-		-	Necessary Clothing

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

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

155 Spring Street
		-Retail	100.0%	98.5%		108.51	50,000	50,000	-		-	Vera Bradley

148 Spring Street
		-Retail	100.0%	100.0%		145.26	7,000	7,000	-		-

150 Spring Street
		-Retail	100.0%	100.0%		267.65	6,000	6,000	-			Sandro
		-Residential (1 unit)	100.0%	100.0%			1,000	1,000	-
			100.0%				7,000	7,000	-		-

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

	Total Soho						229,000	214,000	15,000		-

- 44 -

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%	$	244.64	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%	17.5%		2,134.29	46,000	46,000	-		-	T-Mobile, Invicta, Swatch, Laline
		-Theatre	100.0%	100.0%		13.05	62,000	62,000	-		-	Nederlander-Marquis Theatre
			100.0%	64.9%		247.91	108,000	108,000	-		-

	Total Times Square						268,000	268,000	-		-

Upper East Side:
828-850 Madison Avenue
		-Retail	100.0%	100.0%		603.37	18,000	18,000	-		80,000	Gucci, Chloe, Cartier, Cho Cheng, Christofle Silver Inc.

677-679 Madison Avenue
		-Retail	100.0%	100.0%		473.49	8,000	8,000	-			Berluti
		-Residential (8 units)	100.0%	100.0%			5,000	5,000	-
			100.0%				13,000	13,000	-		-

40 East 66th Street
		-Residential (5 units)	100.0%	100.0%			12,000	12,000	-
		-Retail	100.0%	100.0%		1,124.08	11,000	11,000	-			John Varvatos, Nespresso USA, J. Crew
			100.0%				23,000	23,000	-		-

1131 Third Avenue
		-Retail	100.0%	100.0%		144.18	23,000	23,000	-		-	Nike, Crunch LLC, J.Jill

Other
		-Retail - 2 buildings	100.0%	100.0%		-	12,000	12,000	-
		-Residential (8 units)	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
		-Residential (326 units)	49.9%	94.4%			283,000	283,000	-		63,462

Tribeca:
Independence Plaza, Tribeca
		-Residential (1,327 units)	50.1%	92.9%			1,185,000	1,185,000	-		550,000
		-Retail	50.1%	100.0%		49.13	72,000	60,000	12,000		-	Duane Reade, Food Emporium
			50.1%				1,257,000	1,245,000	12,000		550,000

Long Island City:
33-00 Northern Boulevard (Center Building)
		-Office	100.0%	95.7%		32.94	472,000	472,000	-		61,276	The City of New York, NYC Transit Authority

- 45 -

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%	$	46.96	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%		80.92	578,000	578,000	-		270,000	⁽⁵⁾	Moet Hennessy USA. Inc.
		-Retail	49.9%	⁽⁴⁾	100.0%		53.80	40,000	40,000	-		-		Craft Restaurants Inc., IL Posto LLC, Toro NYC Restaurant
					100.0%		79.18	618,000	618,000	-		270,000

	Total Chelsea/Meatpacking District							802,000	802,000	-		270,000

New Jersey:
Paramus
		-Office	100.0%		94.7%		22.35	129,000	129,000	-		-		Vornado's Administrative Headquarters

Washington D.C.:
3040 M Street
		-Retail	100.0%		100.0%		63.44	44,000	44,000	-		-		Nike, Barneys

Properties to be Developed:
512 West 22nd Street
		-Office	55.0%		-		-	173,000	-	173,000		50,153

61 Ninth Avenue
	(ground leased through 2115)
		-Office	45.1%		-		-	147,000	-	147,000		-
		-Retail	45.1%		-		-	20,000	-	20,000		-		Starbucks (lease not commenced)
			45.1%		-		-	167,000	-	167,000		-

606 Broadway
		-Office	50.0%		-		-	23,000	-	23,000		-
		-Retail	50.0%		-		-	11,000	-	11,000		22,116
			50.0%		-		-	34,000	-	34,000		22,116

	Total Properties to be Developed							374,000	-	374,000		72,269


New York Office:

	Total				95.4%	$	70.43	21,958,000	20,212,000	1,746,000	$	8,368,531

	Vornado's Ownership Interest				96.0%	$	68.40	17,818,000	16,951,000	867,000	$	5,707,600

New York Retail:

	Total				95.1%	$	207.94	2,849,000	2,696,000	153,000	$	1,713,837

	Vornado's Ownership Interest				94.9%	$	205.54	2,550,000	2,476,000	74,000	$	1,561,429

New York Residential:

	Total				93.3%			1,570,000	1,559,000	11,000	$	613,462

	Vornado's Ownership Interest				93.3%			837,000	826,000	11,000	$	307,217

- 46 -

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%	$	113.28	889,000	889,000	-	$	300,000	Bloomberg
		-Retail	32.4%	100.0%		175.24	174,000	174,000	-		350,000	Hennes & Mauritz, The Home Depot, The Container Store
			32.4%	100.0%		122.62	1,063,000	1,063,000	-		650,000

Rego Park I, Queens (4.8 acres)			32.4%	100.0%		39.86	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%	96.4%		43.93	609,000	609,000	-		261,654	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
		-Residential (312 units)	32.4%	77.2%		-	255,000	255,000	-		-

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			99.0%		79.63	2,437,000	2,437,000	-		1,057,900

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


Total New York				95.7%	$	84.94	30,214,000	28,304,000	1,910,000	$	11,753,730

Vornado's Ownership Interest				96.0%	$	72.70	23,395,000	22,443,000	952,000	$	7,919,006


(1)		Weighted Average Annual Rent PSF for office properties excludes garages and diminimous amounts of storage space. Weighted Average Annual Rent PSF for retail excludes non-selling space.
(2)		Excludes US Post Office leased through 2038 (including four five-year renewal options) for which the annual escalated rent is $11.78 PSF.
(3)		75,000 square feet is leased from the office condo.
(4)		As of June 30, 2016, we own junior and senior mezzanine loans of 85 Tenth Avenue with an accreted balance of $174.3 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 $29.1 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.

- 47 -

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%	92.4%	$	43.47	2,326,000	2,326,000	-		$	218,767	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%	82.0%		37.20	1,547,000	1,547,000	-			54,902	General Services Administration, L-3 Communications,
												The Int'l Justice Mission, Management Systems International

1550-1750 Crystal Drive /		100.0%	87.5%		39.32	1,482,000	1,462,000	20,000	*		38,137	General Services Administration,
	241-251 18th Street - 4 buildings											Chemonics, Dominion Dental, Booz Allen,
												Arete Associates, Battelle Memorial Institute

1800, 1851 and 1901 South Bell Street		100.0%	93.7%		39.95	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%	82.8%		35.31	529,000	529,000	-			-	General Services Administration, Deloitte LLP,
												Public Broadcasting Service

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

2001 Jefferson Davis Highway		100.0%	64.1%		34.36	162,000	162,000	-			-	Institute for the Psychology Sciences, VT Aepco, Inc.

Crystal City Shops at 2100		100.0%	97.4%		23.30	80,000	80,000	-			-	Various

Crystal Drive Retail		100.0%	100.0%		49.54	57,000	57,000	-			-	Various

Total Crystal City		100.0%	87.7%		39.93	7,199,000	6,669,000	530,000			311,806

Central Business District:
1825-1875 Connecticut Avenue, NW		100.0%	99.0%		45.72	686,000	686,000	-			185,000	Family Health International, WeWork
	Universal Buildings - 2 buildings

1299 Pennsylvania Avenue, NW		55.0%	91.1%		70.53	621,000	621,000	-			273,000	Baker Botts LLP, General Electric, Cooley LLP,
	Warner Building											Facebook, Live Nation, APCO Worldwide Inc

2101 L Street, NW		100.0%	99.0%		66.91	380,000	380,000	-			144,833	Greenberg Traurig, LLP, US Green Building Council,
												American Insurance Association, RTKL Associates, DTZ

1150 17th Street, NW		100.0%	100.0%		55.29	241,000	65,000	176,000			28,728	American Enterprise Institute

875 15th Street, NW - Bowen Building		100.0%	84.5%		69.81	231,000	231,000	-			-	Paul Hastings LLP, General Services Administration

1101 17th Street, NW		55.0%	100.0%		49.36	215,000	215,000	-			31,000	AFSCME, Verto Solutions

1730 M Street, NW		100.0%	92.7%		47.05	205,000	205,000	-			14,853	General Services Administration
	(ground leased through 2061)

- 48 -

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%		-	$	-	92,000	-	92,000		$	-


1501 K Street, NW	5.0%		100.0%		68.72	379,000	379,000	-			-	Sidley Austin LLP, UBS

1399 New York Avenue, NW	100.0%		92.9%		85.54	129,000	129,000	-			-	Bloomberg, Abbott Laboratories, Abbvie US LLC

Total Central Business District			95.3%		59.21	3,179,000	2,911,000	268,000			677,414

Skyline Properties:
Skyline Properties - 8 buildings	100.0%		46.9%		32.18	2,648,000	2,648,000	-			694,813	General Services Administration, Analytic Services,
												Axiom Resource Management,
												Booz Allen, Deloitte LLP

Rosslyn / Ballston:
2200 / 2300 Clarendon Blvd	100.0%		93.8%		45.27	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%		56.6%		42.98	736,000	494,000	242,000	*		38,770	General Services Administration, Corporate Executive Board,
												Nathan Associates, Inc.

Total Rosslyn / Ballston			83.8%		44.84	1,374,000	1,132,000	242,000			62,020

Reston:
Commerce Executive - 3 buildings	100.0%	`	95.9%		34.33	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%		95.2%		32.00	214,000	214,000	-			-	National Institutes of Health
(ground leased through 2084)

Tysons Corner:
Fairfax Square - 3 buildings	20.0%		65.5%		41.17	561,000	561,000	-			90,000	Dean & Company, Womble Carlyle

Pentagon City:
Fashion Centre Mall	7.5%		94.3%		48.96	869,000	869,000	-			410,000	Macy's, Nordstrom

Washington Tower	7.5%		100.0%		45.40	170,000	170,000	-			40,000	The Rand Corporation

Total Pentagon City			95.2%		48.29	1,039,000	1,039,000	-			450,000

Total Washington, DC office properties			81.9%	$	44.36	16,633,000	15,574,000	1,059,000		$	2,286,053

Vornado's Ownership Interest			80.7%	$	42.65	14,093,000	13,170,000	923,000		$	1,641,777

- 49 -

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%	97.8%		$	-	1,802,000	1,802,000	-		$	307,710

West End 25 (283 units)		100.0%	99.7%			-	273,000	273,000	-			101,671

2221 South Clark Street (216 units)		100.0%	100.0%			-	171,000	171,000	-			-	WeWork (residential and office)

220 20th Street (265 units)		100.0%	97.7%			-	269,000	269,000	-			69,272

The Bartlett - 1 building
	-Residential (699 units)	100.0%	37.1 %	⁽³⁾		-	577,000	214,000	363,000
	-Retail	100.0%	100.0%			-	43,000	41,000	2,000				Whole Foods
							620,000	255,000	365,000			-

Rosslyn Plaza - 2 buildings (196 units)		43.7%	99.5%			-	253,000	253,000	-			-

Total Residential			98.2%			-	3,388,000	3,023,000	365,000			478,653

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

Met Park / Warehouses - 1 building		100.0%	100.0%			-	129,000	53,000	76,000	*		-

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

Total Other			100.0%				406,000	330,000	76,000			-

Total Washington, DC			84.6%		$	44.36	20,427,000	18,927,000	1,500,000		$	2,764,706

Vornado's Ownership Interest			84.0%		$	42.65	17,745,000	16,381,000	1,364,000		$	2,120,429


* 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.
(3)	During lease-up, the residential portion of the Bartlett is excluded from total occupancy statistics for the Washington, DC segment.

- 50 -

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%	97.8%	$	67.37	1,505,000	1,505,000	-	$	584,489	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%	55.0%		60.62	232,000	232,000	-		-	Bank of America, Regus

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

Total 555 California Street			92.1%	$	66.83	1,801,000	1,737,000	64,000	$	584,489

Vornado's Ownership Interest			92.1%	$	66.83	1,261,000	1,216,000	45,000	$	409,143

theMART:
theMART, Chicago											Motorola Mobility (guaranteed by Google),
											CCC Information Services, Ogilvy Group (WPP),
											Publicis Groupe (MSL Group, Medicus Group, Razorfish),
											1871, Yelp Inc., Paypal, Inc., Allscripts Healthcare,
											Chicago School of Professional Psychology,
											Innovation Development Institute, Inc., Chicago Teachers Union,
	-Office	100.0%	97.3%	$	34.88	1,924,000	1,924,000	-			ConAgra Foods Inc., Allstate Insurance Company
											Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.,
	-Showroom/Trade show	100.0%	98.4%		44.60	1,632,000	1,632,000	-			Allsteel Inc., Herman Miller Inc., Knoll Inc., Teknion LLC
	-Retail	100.0%	97.1%		44.66	88,000	88,000	-
		100.0%	97.8%		39.35	3,644,000	3,644,000	-	$	550,000

Other		50.0%	100.0%		36.14	19,000	19,000	-		34,054

Total theMART			97.8%	$	39.33	3,663,000	3,663,000	-	$	584,054

Vornado's Ownership Interest			97.8%	$	39.33	3,654,000	3,654,000	-	$	567,027


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

- 51 -

REAL ESTATE FUND
PROPERTY TABLE
				Weighted		Square Feet
	Fund			Average				Under Development
	%		%	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)											Barnes & Noble, Hennes & Mauritz,
- Retail	100.0%		100.0%	$	218.08	95,000	95,000	-			Sephora, Bank of America
- Residential (39 units)	100.0%		89.7%		-	59,000	59,000	-
						154,000	154,000	-	$	146,000

11 East 68th Street Retail	100.0%		100.0%		669.53	11,000	11,000	-		60,000	Belstaff, Kent & Curwen, Rag & Bone

Crowne Plaza Times Square
- Hotel (795 Keys)
- Retail	75.3%	⁽²⁾	100.0%		146.81	46,000	46,000	-			Hershey's, MAC Cosmetics
- Office	75.3%	⁽²⁾	74.7%		44.47	194,000	194,000	-			American Management Association
			79.5%		64.09	240,000	240,000	-		310,000

501 Broadway	100.0%		100.0%		239.83	9,000	9,000	-		23,000	Capital One

Culver City, CA:
800 Corporate Pointe - 2 buildings	100.0%		96.0%		38.13	246,000	246,000	-		60,490	Ares Management LLC, Meredith Corp., West Publishing Corp.,
											Syska Hennessy Group, Symantec Corp., X Prize Foundation

Miami, FL:
1100 Lincoln Road
- Retail	100.0%		96.3%		186.76	49,000	49,000	-			Regal Cinema, Anthropologie, Banana Republic
- Theatre	100.0%		100.0%		39.35	79,000	79,000	-
					94.63	128,000	128,000	-		66,000


Total Real Estate Fund	92.5%		92.7%			788,000	788,000	-	$	665,490

Vornado's Ownership Interest	27.4%		90.5%			216,000	216,000	-	$	147,230


(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.

- 52 -

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%

28.89

656,000

208,000

443,000

5,000

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%

25.62

784,000

336,000

443,000

5,000

Vornado's Ownership Interest

100.0%

25.62

784,000

326,000

443,000

5,000

(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.

- 53 -

INDEX

	Page
Investor Information	3
2016 Business Developments	4 - 5
Common Shares Data	6
Financial Highlights	7
Funds From Operations	8
Net Income, as Adjusted	9
Funds From Operations, as Adjusted	10
Funds Available for Distribution	11
Net Income / EBITDA (Consolidated and by Segment)	12 - 18
EBITDA by Segment and Region	19
Consolidated Balance Sheets	20
Capital Structure	21
Debt Analysis	22 - 24
Unconsolidated Joint Ventures	25 - 27
Square Footage	28
Top 30 Tenants	29
Lease Expirations	30 - 31
Occupancy, Same Store EBITDA and Residential Statistics	34
Development / Redevelopment Summary	35
Capital Expenditures	36 - 39
Property Table	40 - 53

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 / Robert Simone	Alexander Goldfarb / Daniel Santos
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		Jed Reagan / Chris Belosic	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	Nick Yulico
Credit Suisse		JP Morgan	UBS
212-538-6889 / 212-325-9752		212-622-6682 / 212-633-1041	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		CreditSights	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, AS ADJUSTED BY SEGMENT AND REGION
(unaudited)

The following tables set forth the percentages of EBITDA, as adjusted by geographic region.


		Three Months Ended June 30,		Six Months Ended June 30,
		2016	2015	2016	2015
Segment and Region
	New York	70%	69%	70%	69%
	Washington, DC	20%	22%	21%	22%
	theMART, Chicago (included in "Other" segment)	7%	6%	6%	6%
	555 California Street, San Francisco (included in "Other" segment)	3%	3%	3%	3%
		100%	100%	100%	100%