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):



		Third Quarter 2014		Second Quarter 2014		First Quarter 2014		Fourth Quarter 2013

High Price		$	109.12	$	109.01	$	100.02	$	91.91
Low Price		$	99.26	$	96.93	$	87.82	$	82.73
Closing Price - end of quarter		$	99.96	$	106.73	$	98.56	$	88.79

Annualized Dividend per share		$	2.92	$	2.92	$	2.92	$	2.92

Annualized Dividend Yield - on Closing Price			2.9%		2.7%		3.0%		3.3%

Outstanding shares, Class A units and convertible preferred units
	as converted, excluding stock options (in thousands)		199,721		199,652		199,583		199,245

Closing market value of outstanding shares, Class A units and
	convertible preferred units as converted, excluding stock options	$	20.0 Billion	$	21.3 Billion	$	19.7 Billion	$	17.7 Billion

- 6 -

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

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

				Three Months Ended						Nine Months Ended
				September 30,				June 30,		September 30,
				2014		2013		2014		2014		2013
	Total revenues			$	670,909	$	668,989	$	666,418	$	1,997,702	$	2,058,525

	Net income attributable to common shareholders			$	131,159	$	83,005	$	76,642	$	270,150	$	460,921
		Per common share:
			Basic	$	0.70	$	0.44	$	0.41	$	1.44	$	2.47
			Diluted	$	0.69	$	0.44	$	0.41	$	1.43	$	2.46

	FFO as adjusted for comparability			$	248,186	$	231,897	$	271,674	$	750,408	$	683,341
		Per diluted share		$	1.31	$	1.23	$	1.44	$	3.98	$	3.64

	FFO			$	217,362	$	210,627	$	216,547	$	684,247	$	647,767
	FFO - Operating Partnership Basis ("OP Basis")			$	230,783	$	223,693	$	229,933	$	726,610	$	687,790
		Per diluted share		$	1.15	$	1.12	$	1.15	$	3.63	$	3.45

	FAD			$	164,078	$	166,177	$	195,663	$	515,008	$	476,860
		Per diluted share		$	0.87	$	0.88	$	1.04	$	2.73	$	2.54

	Dividends per common share			$	0.73	$	0.73	$	0.73	$	2.19	$	2.19

	FFO payout ratio (based on FFO as adjusted for comparability)				55.7%		59.4%		50.7%		55.0%		60.2%
	FAD payout ratio				83.9%		83.0%		70.2%		80.2%		86.2%

	Weighted average shares used in determining FFO per diluted share - REIT basis				188,812		187,771		188,659		188,592		187,679
	Convertible units:
		Class A			10,651		10,630		10,705		10,655		10,626
		D-13			446		556		453		471		567
		G1-G4			84		99		80		86		101
		Equity awards - unit equivalents			477		363		424		464		302
	Weighted average shares used in determining FFO per diluted share - OP Basis				200,470		199,419		200,321		200,268		199,275

- 7 -

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

				Three Months Ended						Nine Months Ended
				September 30,				June 30,		September 30,
				2014		2013		2014		2014		2013
Reconciliation of our net income to FFO:
	Net income attributable to Vornado			$	151,524	$	103,374	$	97,008	$	331,249	$	524,490
	Depreciation and amortization of real property				123,578		117,901		121,402		387,549		377,142
	Net gains on sale of real estate				(57,796)		(16,087)		-		(57,796)		(284,081)
	Real estate impairment losses				-		720		-		20,842		4,727
	Proportionate share of adjustments to equity in net income of
		Toys, to arrive at FFO:
			Depreciation and amortization of real property		1,350		16,430		8,814		21,579		53,235
			Net gains on sale of real estate		(760)		-		-		(760)		-
			Real estate impairment losses		-		1,826		-		-		6,096
			Income tax effect of above adjustments		(207)		(6,390)		(3,085)		(7,287)		(20,766)
	Proportionate share of adjustments to equity in net income of
		partially owned entities, excluding Toys, to arrive at FFO:
			Depreciation and amortization of real property		25,254		20,931		21,312		71,837		62,247
			Net gains on sale of real estate		-		-		-		-		(465)
	Noncontrolling interests' share of above adjustments				(5,240)		(7,736)		(8,561)		(21,916)		(11,343)
	FFO				237,703		230,969		236,890		745,297		711,282
	Preferred share dividends				(20,365)		(20,369)		(20,366)		(61,099)		(62,439)
	Preferred unit and share redemptions				-		-		-		-		(1,130)
	FFO attributable to common shareholders				217,338		210,600		216,524		684,198		647,713
	Convertible preferred share dividends				24		27		23		49		54
	FFO attributable to common shareholders plus assumed conversions				217,362		210,627		216,547		684,247		647,767
	Add back of income allocated to noncontrolling interests of the
		Operating Partnership			13,421		13,066		13,386		42,363		40,023
	FFO - OP Basis⁽¹⁾			$	230,783	$	223,693	$	229,933	$	726,610	$	687,790
	FFO per diluted share⁽¹⁾			$	1.15	$	1.12	$	1.15	$	3.63	$	3.45


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

- 8 -

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

				Three Months Ended						Nine Months Ended
				September 30,				June 30,		September 30,
				2014		2013		2014		2014		2013
FFO attributable to common shareholders plus assumed
	conversions		(A)	$	217,362	$	210,627	$	216,547	$	684,247	$	647,767
Per diluted share				$	1.15	$	1.12	$	1.15	$	3.63	$	3.45
Items that affect comparability income (expense):
	Toys Negative FFO (including impairment losses of $75,196,and $78,542
		in the nine months ended September 30, 2014 and 2013, respectively)			(18,035)		(22,343)		(51,862)		(60,630)		(30,747)
	Impairment loss and loan loss reserve on investment in Suffolk Downs				(10,263)		-		-		(10,263)		-
	Acquisition and transaction related costs				(7,105)		(2,818)		(4,083)		(12,972)		(6,769)
	Net gain on sale of residential condominiums, and a land parcel
		in the nine months ended September 30, 2014			2,665		134		905		13,205		1,139
	FFO from discontinued operations, including LNR in the nine months ended
		September 30, 2014			335		7,169		2,094		6,316		42,179
	Losses from the disposition of investment in J.C. Penney				-		(38,126)		-		-		(127,888)
	Net gain on sale of marketable securities				-		31,741		-		-		31,741
	Defeasance cost in connection with the refinancing of 909 Third Avenue				-		-		(5,589)		(5,589)		-
	Stop & Shop litigation settlement income				-		-		-		-		59,599
	The Mart reduction-in-force and severance costs				-		-		-		-		(4,154)
	Preferred unit and share redemptions				-		-		-		-		(1,130)
	Other, net				(324)		1,377		-		(324)		(1,742)
					(32,727)		(22,866)		(58,535)		(70,257)		(37,772)
Noncontrolling interests' share of above adjustments					1,903		1,596		3,408		4,096		2,198
Items that affect comparability, net			(B)	$	(30,824)	$	(21,270)	$	(55,127)	$	(66,161)	$	(35,574)
Per diluted share				$	(0.16)	$	(0.11)	$	(0.29)	$	(0.35)	$	(0.19)

FFO attributable to common shareholders plus assumed conversions,
	as adjusted for comparability		(A-B)	$	248,186	$	231,897	$	271,674	$	750,408	$	683,341
Per diluted share				$	1.31	$	1.23	$	1.44	$	3.98	$	3.64

- 9 -

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

				Three Months Ended						Nine Months Ended
				September 30,				June 30,		September 30,
				2014		2013		2014		2014		2013

FFO attributable to common shareholders plus assumed conversions			(A)	$	217,362	$	210,627	$	216,547	$	684,247	$	647,767

Adjustments to arrive at FAD:
	Items that affect comparability per page 9, excluding FFO attributable to
		discontinued operations			(33,062)		(30,035)		(60,629)		(76,573)		(80,142)
	Recurring tenant improvements, leasing commissions and other capital expenditures				73,405		63,523		55,921		201,826		200,136
	Straight-line rentals				23,554		15,777		20,109		56,726		46,888
	Amortization of acquired below-market leases, net				9,181		10,164		9,624		29,629		34,618
	Stock-based compensation expense				(8,315)		(9,201)		(9,051)		(28,389)		(25,796)
	Amortization of debt issuance costs				(7,292)		(4,952)		(8,127)		(20,231)		(15,084)
	Non real estate depreciation				(1,514)		(1,748)		(3,044)		(6,133)		(5,996)
	Carried interest and our share of net unrealized gains from Real Estate Fund				617		3,359		17,372		22,862		26,843
	Noncontrolling interests' share of above adjustments				(3,290)		(2,437)		(1,291)		(10,478)		(10,560)
			(B)		53,284		44,450		20,884		169,239		170,907

FAD⁽¹⁾			(A-B)	$	164,078	$	166,177	$	195,663	$	515,008	$	476,860

FAD per diluted share				$	0.87	$	0.88	$	1.04	$	2.73	$	2.54
FAD payout ratio⁽²⁾					83.9%		83.0%		70.2%		80.2%		86.2%


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

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

- 10 -

CONSOLIDATED NET INCOME / EBITDA⁽¹⁾
(unaudited and in thousands)
		Three Months Ended
		September 30,						June 30,
		2014		2013		Inc (Dec)		2014
Property rentals		$	504,575	$	494,511	$	10,064	$	509,404
Straight-line rent adjustments			23,554		15,777		7,777		20,109
Amortization of acquired below-market leases, net			10,039		11,145		(1,106)		10,480
Total rentals			538,168		521,433		16,735		539,993
Tenant expense reimbursements			86,330		81,814		4,516		76,145
Cleveland Medical Mart development project			-		4,893		(4,893)		-
Fee and other income:
	BMS cleaning fees		22,467		15,898		6,569		22,195
	Signage revenue		7,698		8,738		(1,040)		8,873
	Management and leasing fees		4,662		7,977		(3,315)		6,151
	Lease termination fees		3,764		20,344		(16,580)		4,545
	Other income		7,820		7,892		(72)		8,516
Total revenues			670,909		668,989		1,920		666,418
Operating expenses			268,450		261,776		6,674		261,159
Depreciation and amortization			130,208		122,119		8,089		129,017
General and administrative			44,547		44,186		361		44,568
Cleveland Medical Mart development project			-		3,239		(3,239)		-
Impairment losses, acquisition and transaction related costs			7,105		2,818		4,287		4,083
Total expenses			450,310		434,138		16,172		438,827
Operating income			220,599		234,851		(14,252)		227,591
Loss applicable to Toys			(18,418)		(34,209)		15,791		(57,591)
(Loss) income from partially owned entities			(7,245)		1,453		(8,698)		3,849
Income from Real Estate Fund			24,160		22,913		1,247		100,110
Interest and other investment income (loss), net			7,602		(10,275)		17,877		9,435
Interest and debt expense			(115,120)		(119,676)		4,556		(117,051)
Net gain on disposition of wholly owned and partially owned assets			2,665		15,138		(12,473)		905
Income before income taxes			114,243		110,195		4,048		167,248
Income tax expense			(3,177)		(2,222)		(955)		(3,599)
Income from continuing operations			111,066		107,973		3,093		163,649
Income from discontinued operations			58,131		24,278		33,853		2,038
Net income			169,197		132,251		36,946		165,687
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(9,685)		(23,833)		14,148		(63,975)
	Operating Partnership		(7,975)		(5,032)		(2,943)		(4,691)
	Preferred unit distributions of the Operating Partnership		(13)		(12)		(1)		(13)
Net income attributable to Vornado			151,524		103,374		48,150		97,008
Interest and debt expense			160,252		183,116		(22,864)		179,520
Depreciation and amortization			160,270		172,756		(12,486)		173,443
Income tax expense (benefit)			2,232		(20,292)		22,524		(574)
EBITDA		$	474,278	$	438,954	$	35,324	$	449,397

Capitalized leasing and development payroll		$	4,703	$	3,967	$	736	$	5,362
Capitalized interest		$	16,335	$	10,532	$	5,803	$	16,560


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

- 11 -

CONSOLIDATED NET INCOME / EBITDA
(unaudited and in thousands)
		Nine Months Ended September 30,
		2014		2013		Inc (Dec)
Property rentals		$	1,517,193	$	1,503,828	$	13,365
Straight-line rent adjustments			56,726		46,888		9,838
Amortization of acquired below-market leases, net			32,201		38,322		(6,121)
Total rentals			1,606,120		1,589,038		17,082
Tenant expense reimbursements			248,964		229,938		19,026
Cleveland Medical Mart development project			-		34,026		(34,026)
Fee and other income:
	BMS cleaning fees		63,618		49,071		14,547
	Signage revenue		25,889		23,566		2,323
	Management and leasing fees		17,027		19,661		(2,634)
	Lease termination fees		12,102		87,353		(75,251)
	Other income		23,982		25,872		(1,890)
Total revenues			1,997,702		2,058,525		(60,823)
Operating expenses			802,505		785,992		16,513
Depreciation and amortization			406,868		394,579		12,289
General and administrative			141,273		145,871		(4,598)
Cleveland Medical Mart development project			-		29,764		(29,764)
Impairment losses, acquisition and transaction related costs			32,972		6,769		26,203
Total expenses			1,383,618		1,362,975		20,643
Operating income			614,084		695,550		(81,466)
Loss applicable to Toys			(74,162)		(69,311)		(4,851)
(Loss) income from partially owned entities			(3,264)		23,691		(26,955)
Income from Real Estate Fund			142,418		73,947		68,471
Interest and other investment income (loss), net			28,930		(32,935)		61,865
Interest and debt expense			(341,613)		(360,679)		19,066
Net gain (loss) on disposition of wholly owned and partially owned assets			13,205		(20,581)		33,786
Income before income taxes			379,598		309,682		69,916
Income tax expense			(8,358)		(6,172)		(2,186)
Income from continuing operations			371,240		303,510		67,730
Income from discontinued operations			61,800		299,989		(238,189)
Net income			433,040		603,499		(170,459)
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(85,239)		(50,049)		(35,190)
	Operating Partnership		(16,514)		(27,814)		11,300
	Preferred unit distributions of the Operating Partnership		(38)		(1,146)		1,108
Net income attributable to Vornado			331,249		524,490		(193,241)
Interest and debt expense			510,724		551,357		(40,633)
Depreciation and amortization			530,052		549,072		(19,020)
Income tax expense			21,489		18,101		3,388
EBITDA		$	1,393,514	$	1,643,020	$	(249,506)

Capitalized leasing and development payroll		$	14,551	$	13,216	$	1,335
Capitalized interest		$	46,517	$	28,024	$	18,493

- 12 -

EBITDA BY SEGMENT
(unaudited and in thousands)

		Three Months Ended September 30, 2014
										Retail
		Total		New York			Washington, DC			Properties			Toys		Other
Property rentals		$	504,575	$	283,870		$	110,866		$	59,345		$	-	$	50,494
Straight-line rent adjustments			23,554		12,496			2,771			1,071			-		7,216
Amortization of acquired below-market leases, net			10,039		6,438			455			2,071			-		1,075
Total rentals			538,168		302,804			114,092			62,487			-		58,785
Tenant expense reimbursements			86,330		51,566			9,901			18,875			-		5,988
Fee and other income:
	BMS cleaning fees		22,467		27,266			-			-			-		(4,799)
	Signage revenue		7,698		7,698			-			-			-		-
	Management and leasing fees		4,662		1,407			3,064			396			-		(205)
	Lease termination fees		3,764		3,021			207			464			-		72
	Other income		7,820		817			6,277			220			-		506
Total revenues			670,909		394,579			133,541			82,442			-		60,347
Operating expenses			268,450		170,579			49,309			25,863			-		22,699
Depreciation and amortization			130,208		64,749			32,612			14,440			-		18,407
General and administrative			44,547		7,986			6,454			4,163			-		25,944
Impairment losses, acquisition and transaction related costs			7,105		-			-			-			-		7,105
Total expenses			450,310		243,314			88,375			44,466			-		74,155
Operating income (loss)			220,599		151,265			45,166			37,976			-		(13,808)
Loss applicable to Toys			(18,418)		-			-			-			(18,418)		-
(Loss) income from partially owned entities			(7,245)		5,810			(1,411)			371			-		(12,015)
Income from Real Estate Fund			24,160		-			-			-			-		24,160
Interest and other investment income, net			7,602		1,859			15			9			-		5,719
Interest and debt expense			(115,120)		(43,061)			(18,685)			(10,056)			-		(43,318)
Net gain on disposition of wholly owned and
	partially owned assets		2,665		-			-			-			-		2,665
Income (loss) before income taxes			114,243		115,873			25,085			28,300			(18,418)		(36,597)
Income tax expense			(3,177)		(802)			(130)			(525)			-		(1,720)
Income (loss) from continuing operations			111,066		115,071			24,955			27,775			(18,418)		(38,317)
Income from discontinued operations			58,131		-			-			57,499			-		632
Net income (loss)			169,197		115,071			24,955			85,274			(18,418)		(37,685)
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(9,685)		(2,690)			-			(76)			-		(6,919)
	Operating Partnership		(7,975)		-			-			-			-		(7,975)
	Preferred unit distributions of the Operating Partnership		(13)		-			-			-			-		(13)
Net income (loss) attributable to Vornado			151,524		112,381			24,955			85,198			(18,418)		(52,592)
Interest and debt expense			160,252		58,010			22,208			11,205			22,471		46,358
Depreciation and amortization			160,270		79,446			36,411			15,256			9,923		19,234
Income tax expense (benefit)			2,232		746			145			525			(1,536)		2,352
EBITDA for the three months ended September 30, 2014		$	474,278	$	250,583		$	83,719		$	112,184		$	12,440	$	15,352

EBITDA for the three months ended September 30, 2013		$	438,954	$	251,030		$	86,942		$	74,581		$	13,712	$	12,689

EBITDA as adjusted for comparability - OP basis:
	For the three months ended September 30, 2014	$	426,398	$	250,583	⁽¹⁾	$	83,719	⁽²⁾	$	54,685	⁽³⁾	$	-	$	37,411	⁽⁴⁾
	For the three months ended September 30, 2013	$	415,135	$	248,548	⁽¹⁾	$	86,942	⁽²⁾	$	53,089	⁽³⁾	$	-	$	26,556	⁽⁴⁾


See notes on pages 15 and 16.

- 13 -

EBITDA BY SEGMENT
(unaudited and in thousands)

		Nine Months Ended September 30, 2014
										Retail
		Total		New York			Washington, DC			Properties			Toys		Other
Property rentals		$	1,517,193	$	841,011		$	334,536		$	177,747		$	-	$	163,899
Straight-line rent adjustments			56,726		31,506			4,026			1,891			-		19,303
Amortization of acquired below-market leases, net			32,201		21,107			1,391			6,261			-		3,442
Total rentals			1,606,120		893,624			339,953			185,899			-		186,644
Tenant expense reimbursements			248,964		137,362			31,429			65,269			-		14,904
Fee and other income:
	BMS cleaning fees		63,618		78,148			-			-			-		(14,530)
	Signage revenue		25,889		25,889			-			-			-		-
	Management and leasing fees		17,027		7,283			9,079			1,168			-		(503)
	Lease termination fees		12,102		6,440			3,952			680			-		1,030
	Other income		23,982		2,649			19,232			607			-		1,494
Total revenues			1,997,702		1,151,395			403,645			253,623			-		189,039
Operating expenses			802,505		491,740			148,607			88,569			-		73,589
Depreciation and amortization			406,868		201,961			96,219			52,447			-		56,241
General and administrative			141,273		22,424			20,473			12,929			-		85,447
Impairment losses, acquisition and transaction related costs			32,972		-			-			20,000			-		12,972
Total expenses			1,383,618		716,125			265,299			173,945			-		228,249
Operating income (loss)			614,084		435,270			138,346			79,678			-		(39,210)
Loss applicable to Toys			(74,162)		-			-			-			(74,162)		-
(Loss) income from partially owned entities			(3,264)		16,372			(4,925)			1,250			-		(15,961)
Income from Real Estate Fund			142,418		-			-			-			-		142,418
Interest and other investment income, net			28,930		4,979			93			26			-		23,832
Interest and debt expense			(341,613)		(134,970)			(56,692)			(28,565)			-		(121,386)
Net gain on disposition of wholly owned and
	partially owned assets		13,205		-			-			-			-		13,205
Income (loss) before income taxes			379,598		321,651			76,822			52,389			(74,162)		2,898
Income tax expense			(8,358)		(2,997)			(46)			(1,575)			-		(3,740)
Income (loss) from continuing operations			371,240		318,654			76,776			50,814			(74,162)		(842)
Income from discontinued operations			61,800		-			-			60,993			-		807
Net income (loss)			433,040		318,654			76,776			111,807			(74,162)		(35)
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(85,239)		(7,203)			-			(114)			-		(77,922)
	Operating Partnership		(16,514)		-			-			-			-		(16,514)
	Preferred unit distributions of the Operating Partnership		(38)		-			-			-			-		(38)
Net income (loss) attributable to Vornado			331,249		311,451			76,776			111,693			(74,162)		(94,509)
Interest and debt expense			510,724		180,150			67,469			31,989			100,549		130,567
Depreciation and amortization			530,052		241,040			108,367			56,387			64,533		59,725
Income tax expense			21,489		3,069			88			1,575			12,106		4,651
EBITDA for the nine months ended September 30, 2014		$	1,393,514	$	735,710		$	252,700		$	201,644		$	103,026	$	100,434

EBITDA for the nine months ended September 30, 2013		$	1,643,020	$	704,290		$	257,964		$	515,313		$	164,727	$	726

EBITDA as adjusted for comparability - OP basis:
	For the nine months ended September 30, 2014	$	1,273,800	$	735,710	⁽¹⁾	$	252,700	⁽²⁾	$	159,181	⁽³⁾	$	-	$	126,209	⁽⁴⁾
	For the nine months ended September 30, 2013	$	1,223,420	$	696,768	⁽¹⁾	$	257,964	⁽²⁾	$	153,459	⁽³⁾	$	-	$	115,229	⁽⁴⁾


See notes on the following pages.

- 14 -

NOTES TO EBITDA BY SEGMENT
(unaudited and in thousands)



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

			Three Months Ended September 30,				Nine Months Ended September 30,
			2014		2013		2014		2013
		Office (including BMS EBITDA of $6,267, $5,292, $17,812 and $15,124, respectively)^(a)	$	159,568	$	169,999	$	480,280	$	469,642
		Retail		71,327		59,668		205,469		177,079
		Alexander's		10,387		10,387		31,088		31,141
		Hotel Pennsylvania		9,301		8,494		18,873		18,906
		Total New York	$	250,583	$	248,548	$	735,710	$	696,768


	(a)	The three months ended September 30, 2014 and 2013, includes $2,140 and $12,029, respectively, of lease termination income, net. The nine months ended September 30, 3014 and 2013, includes $4,543 and $17,373, respectivley, of lease termination income, net.



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

			Three Months Ended September 30,				Nine Months Ended September 30,
			2014		2013		2014		2013
		Office, excluding the Skyline Properties	$	65,904	$	69,220	$	200,218	$	202,463
		Skyline properties		7,698		6,841		21,270		22,546
		Total Office		73,602		76,061		221,488		225,009
		Residential		10,117		10,881		31,212		32,955
		Total Washington, DC	$	83,719	$	86,942	$	252,700	$	257,964



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

			Three Months Ended September 30,				Nine Months Ended September 30,
			2014		2013		2014		2013
		Strip shopping centers	$	39,446	$	39,823	$	116,020	$	111,543
		Regional malls		15,239		13,266		43,161		41,916
		Total Retail properties	$	54,685	$	53,089	$	159,181	$	153,459

- 15 -

NOTES TO EBITDA BY SEGMENT
(unaudited and in thousands)



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


			Three Months Ended September 30,				Nine Months Ended September 30,
			2014		2013		2014		2013
	Our share of Real Estate Fund:
		Income before net realized/unrealized gains	$	2,059	$	2,086	$	6,676	$	5,737
		Net realized gains on exited investments		12,896		2,046		31,663		2,046
		Previously recorded unrealized gains on exited investments		(12,397)		-		(12,579)		-
		Net unrealized gains on held investments		4,583		3,092		13,805		14,869
		Carried interest		8,431		267		21,636		11,974
	Total			15,572		7,491		61,201		34,626
	The Mart and trade shows			18,865		14,925		60,406		54,232
	555 California Street			11,994		10,720		35,566		32,371
	India real estate ventures			2,651		695		4,574		4,708
	Other investments			4,618		5,084		13,650		21,193
				53,700		38,915		175,397		147,130
	Corporate general and administrative expenses^(a)			(22,948)		(23,467)		(71,952)		(71,054)
	Investment income and other, net^(a)			6,659		11,108		22,764		39,153
		Total Other	$	37,411	$	26,556	$	126,209	$	115,229



	(a)	The amounts in these captions (for this table only) exclude income / expense from the mark-to-market of our deferred compensation plan of $1,352 and $269 for the three months ended September 30, 2014 and 2013, respectively, and $8,132 and $6,207 for the nine months ended September 30, 2014 and 2013, respectively.

- 16 -

CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands)

				September 30,		December 31,		(Decrease)
				2014		2013		Increase
ASSETS
	Real estate, at cost:
		Land		$	4,137,278	$	4,066,837	$	70,441
		Buildings and improvements			12,609,463		12,466,244		143,219
		Development costs and construction in progress			1,680,202		1,353,103		327,099
		Leasehold improvements and equipment			128,982		132,483		(3,501)
			Total		18,555,925		18,018,667		537,258
		Less accumulated depreciation and amortization			(3,613,098)		(3,372,207)		(240,891)
	Real estate, net				14,942,827		14,646,460		296,367
	Cash and cash equivalents				1,683,142		583,290		1,099,852
	Restricted cash				160,848		262,440		(101,592)
	Marketable securities				184,154		191,917		(7,763)
	Tenant and other receivables, net				118,636		115,862		2,774
	Investments in partially owned entities				1,268,066		1,166,443		101,623
	Investment in Toys				-		83,224		(83,224)
	Real Estate Fund investments				495,392		667,710		(172,318)
	Mortgage and mezzanine loans receivable, net				17,085		170,972		(153,887)
	Receivable arising from the straight-lining of rents, net				873,901		817,314		56,587
	Deferred leasing and financing costs, net				483,902		411,922		71,980
	Identified intangible assets, net				280,207		311,963		(31,756)
	Assets related to discontinued operations				-		316,219		(316,219)
	Other assets				492,355		351,488		140,867
		Total assets		$	21,000,515	$	20,097,224	$	903,291

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
	Mortgages payable			$	9,273,212	$	8,331,993	$	941,219
	Senior unsecured notes				1,791,987		1,350,855		441,132
	Revolving credit facility debt				88,138		295,870		(207,732)
	Accounts payable and accrued expenses				498,565		422,276		76,289
	Deferred revenue				489,250		529,048		(39,798)
	Deferred compensation plan				113,549		116,515		(2,966)
	Liabilities related to discontinued operations				-		13,950		(13,950)
	Other liabilities				380,843		438,353		(57,510)
		Total liabilities			12,635,544		11,498,860		1,136,684
Redeemable noncontrolling interests					1,140,052		1,003,620		136,432
Vornado shareholders' equity					6,516,506		6,765,232		(248,726)
Noncontrolling interests in consolidated subsidiaries					708,413		829,512		(121,099)
		Total liabilities, redeemable noncontrolling interests and equity		$	21,000,515	$	20,097,224	$	903,291

- 18 -

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


Debt:							September 30, 2014
	Consolidated debt:
		Mortgages payable					$	9,273,212
		Senior unsecured notes						1,791,987
		$2.5 billion revolving credit facilities						88,138
								11,153,337
	Pro rata share of non-consolidated debt:
		Toys						1,758,855
		All other partially owned entities						2,397,803
	Less: Noncontrolling interests' share of consolidated debt
			(primarily 1290 Avenue of the Americas and 555 California Street)					(465,000)
Total debt								14,844,995

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


					September 30, 2014
				Converted	Common
Equity:				Shares	Share Price
Common shares				187,735	$	99.96		18,765,991
Class A units				10,629		99.96		1,062,475
Convertible share equivalents:
	Equity awards - unit equivalents			766		99.96		76,570
	D-13 preferred units			467		99.96		46,681
	G1-G4 units			83		99.96		8,297
	Series A preferred shares			41		99.96		4,098
								19,964,112
Total Market Capitalization							$	36,126,357

- 19 -

DEBT ANALYSIS
(unaudited and in thousands)
					As of September 30, 2014
			Total				Variable				Fixed
					Weighted				Weighted				Weighted
					Average				Average				Average
			Amount		Interest Rate		Amount		Interest Rate		Amount		Interest Rate
Consolidated debt			$	11,153,337		4.21%	$	1,637,394		2.23%	$	9,515,943		4.55%
Pro rata share of non-consolidated debt:
	Toys			1,758,855		6.72%		1,075,239		5.56%		683,616		8.53%
	All other			2,397,803		5.28%		303,145		1.75%		2,094,658		5.79%
Total				15,309,995		4.66%		3,015,778		3.37%		12,294,217		4.98%
Less: Noncontrolling interests' share of consolidated debt
	(primarily 1290 Avenue of the Americas and 555 California Street)			(465,000)				-				(465,000)
Company's pro rata share of total debt			$	14,844,995		4.68%	$	3,015,778		3.50%	$	11,829,217		5.02%


			Senior Unsecured Notes									Unencumbered EBITDA
			Due 2015		Due 2019		Due 2022		Due 2039⁽¹⁾				3Q 2014
Settlement Date				3/26/2010		6/16/2014		12/7/2011		9/30/2009			Annualized
Principal Amount				$ 500,000		$ 450,000		$ 400,000		$ 445,000		New York	$	395,272
Issue Price				99.834%		99.619%		99.546%		100.000%		Washington, DC		161,096
Coupon				4.250%		2.500%		5.000%		7.875%		Retail Properties		60,792
Effective economic interest rate				4.287%		2.581%		5.057%		7.875%		Other		32,192
Ratings:												Total	$	649,352
	Moody's			Baa2		Baa2		Baa2		Baa2
	S&P			BBB		BBB		BBB		BBB
	Fitch			BBB		BBB		BBB		BBB
Maturity Date / Put Date				4/1/2015		6/30/2019		1/15/2022		10/1/2039


Debt Covenant Ratios:⁽²⁾		Senior Unsecured Notes									Revolving Credit Facilities
			Actual
		Required	Due 2015		Due 2019		Due 2022		Due 2039⁽¹⁾		Required		Actual
Total Outstanding Debt / Total Assets⁽³⁾		Less than 65%		43%		43%		43%		46%	Less than 60%			31%
Secured Debt / Total Assets		Less than 50%		36%		36%		36%		38%	Less than 50%			28%
Interest Coverage Ratio (Annualized Combined
	EBITDA to Annualized Interest Expense)	Greater than 1.50		2.73		2.73		2.73		2.73				N/A
Fixed Charge Coverage				N/A		N/A		N/A		N/A	Greater than 1.40			2.48
Unencumbered Assets / Unsecured Debt		Greater than 150%		638%		638%		638%		623%				N/A
Unsecured Debt / Cap Value of Unencumbered Assets				N/A		N/A		N/A		N/A	Less than 60%			10%
Unencumbered Coverage Ratio				N/A		N/A		N/A		N/A	Greater than 1.50			6.80



(1)	These notes were redeemed in full on October 1, 2014.

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

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

- 20 -

DEBT MATURITIES
(unaudited and in thousands)
			Spread
		Maturity	over	Interest
Property		Date⁽¹⁾	LIBOR	Rate	2014		2015		2016		2017		2018		Thereafter		Total
2200 / 2300 Clarendon Boulevard		01/15	L+75	0.90%	$	-	$	36,675	$	-	$	-	$	-	$	-	$	36,675
Senior unsecured notes due 2015		04/15		4.25%		-		499,917		-		-		-		-		499,917
River House Apartments		04/15		5.43%		-		195,546		-		-		-		-		195,546
888 Seventh Avenue		01/16		5.71%		-		-		318,554		-		-		-		318,554
510 5th Avenue		01/16		5.60%		-		-		30,338		-		-		-		30,338
770 Broadway		03/16		5.65%		-		-		353,000		-		-		-		353,000
Bowen Building		06/16		6.14%		-		-		115,022		-		-		-		115,022
1730 M and 1150 17th Street		06/16	L+125	1.41%		-		-		43,581		-		-		-		43,581
Montehiedra Town Center		07/16		6.04%		-		-		120,000		-		-		-		120,000
The Mart		12/16		5.57%		-		-		550,000		-		-		-		550,000
350 Park Avenue		01/17		3.75%		-		-		-		296,345		-		-		296,345
100 West 33rd Street - office and retail		03/17	L+150	1.65%		-		-		-		325,000		-		-		325,000
2011 Crystal Drive		08/17		7.30%		-		-		-		77,811		-		-		77,811
North Bergen (Tonnelle Avenue)		01/18		4.59%		-		-		-		-		75,000		-		75,000
220 20th Street		02/18		4.61%		-		-		-		-		71,700		-		71,700
Two Penn Plaza		03/18		5.13%		-		-		-		-		422,879		-		422,879
River House Apartments		04/18	L+153	1.69%		-		-		-		-		64,000		-		64,000
828-850 Madison Avenue Retail Condominium		06/18		5.29%		-		-		-		-		80,000		-		80,000
$1.25 Billion unsecured revolving credit facility		06/18	L+115	1.30%		-		-		-		-		88,138		-		88,138
220 Central Park South		01/19	L+275	2.90%		-		-		-		-		-		600,000		600,000
Senior unsecured notes due 2019		06/19		2.50%		-		-		-		-		-		448,371		448,371
435 Seventh Avenue - retail		08/19	L+225	2.40%		-		-		-		-		-		98,000		98,000
$1.25 Billion unsecured revolving credit facility		11/19	L+105	-		-		-		-		-		-		-		-
4 Union Square South - retail		11/19	L+215	2.31%		-		-		-		-		-		120,000		120,000
Cross-collateralized mortgages on 40
	strip shopping centers	09/20	⁽²⁾	4.10%		-		-		-		-		-		610,589		610,589
Eleven Penn Plaza		12/20		3.95%		-		-		-		-		-		450,000		450,000
Borgata Land		02/21		5.14%		-		-		-		-		-		58,673		58,673
909 Third Avenue		05/21		3.91%		-		-		-		-		-		350,000		350,000
West End 25		06/21		4.88%		-		-		-		-		-		101,671		101,671
Universal Buildings		08/21	L+190	2.06%		-		-		-		-		-		185,000		185,000
555 California Street		09/21		5.10%		-		-		-		-		-		600,000		600,000
Senior unsecured notes due 2022		01/22		5.00%		-		-		-		-		-		398,699		398,699
Skyline Properties		02/22		2.97%		-		-		-		-		-		678,000		678,000
1290 Avenue of the Americas		11/22		3.34%		-		-		-		-		-		950,000		950,000
2121 Crystal Drive		03/23		5.51%		-		-		-		-		-		146,931		146,931
666 Fifth Avenue Retail Condominium		03/23		3.61%		-		-		-		-		-		390,000		390,000
Bergen Town Center		04/23		3.56%		-		-		-		-		-		300,000		300,000
Las Catalinas		08/24		4.43%		-		-		-		-		-		130,000		130,000
2101 L Street		08/24		3.97%		-		-		-		-		-		149,584		149,584


See notes on the following page.

- 21 -

DEBT MATURITIES
(unaudited and in thousands)
			Spread
		Maturity	over	Interest
Property		Date⁽¹⁾	LIBOR	Rate	2014		2015		2016		2017		2018		Thereafter		Total
1215 Clark Street, 200 12th Street &
	251 18th Street	01/25		7.94%	$	-	$	-	$	-	$	-	$	-	$	98,581	$	98,581
Senior unsecured notes due 2039⁽³⁾		10/39		7.88%		-		-		-		-		-		445,000		445,000
Other properties		Various				-		12,170		-		-		28,630		39,051		79,851
Purchase accounting valuation adjustments		Various				-		(60)		-		-		-		941		881

Total					$	-	$	744,248	$	1,530,495	$	699,156	$	830,347	$	7,349,091	$	11,153,337

Weighted average rate						-		4.44%		5.58%		3.17%		4.32%		3.99%		4.21%

Fixed rate debt					$	-	$	707,573	$	1,486,914	$	374,156	$	661,209	$	6,286,091	$	9,515,943
Fixed weighted average rate expiring						-		4.63%		5.70%		4.49%		5.05%		4.22%		4.55%

Floating rate debt					$	-	$	36,675	$	43,581	$	325,000	$	169,138	$	1,063,000	$	1,637,394
Floating weighted average rate expiring						-		0.90%		1.41%		1.65%		1.46%		2.61%		2.23%


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

(2)	Comprised of (i) a $550,589 fixed rate loan with an interest rate of 4.28%, and a (ii) $60,000 variable rate loan at LIBOR plus 1.36% (2.36% at September 30, 2014), subject to a LIBOR floor of 1.00%.

(3)	These notes were redeemed in full on October 1, 2014.

- 22 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)
						As of September 30, 2014
								Debt
				Percentage		Company's		Company's
		Asset		Ownership at		Carrying		Pro rata		100% of
Joint Venture Name		Category		September 30, 2014		Amount		Share		Joint Venture

Toys			Retailer		32.7%	$	-	$	1,758,855	$	5,385,461

Alexander's, Inc.			Office/Retail		32.4%	$	166,723	$	334,867	$	1,033,541

India real estate ventures			Office/Land		4.1% to 36.5%		82,588		47,613		190,453

Partially owned office buildings:
	280 Park Avenue		Office		49.5%		278,305		362,184		731,928
	One Park Avenue		Office		55.0%		137,972		137,500		250,000
	650 Madison Avenue		Office/Retail		20.1%		114,909		161,024		800,000
	Rosslyn Plaza	Office/Residential			43.7% to 50.4%		54,223		16,881		33,488
	West 57th Street properties		Office		50.0%		46,219		10,000		20,000
	666 Fifth Avenue Office Condominium		Office		49.5%		45,599		598,740		1,209,576
	330 Madison Avenue		Office		25.0%		29,080		37,500		150,000
	Warner Building		Office		55.0%		15,551		160,985		292,700
	Fairfax Square		Office		20.0%		5,156		13,699		68,495
	1101 17th Street		Office		55.0%		-		17,050		31,000
	Other partially owned office buildings		Office		Various		6,890		27,715		70,650

Other investments:
	Independence Plaza		Residential		50.1%		156,000		275,550		550,000
	Monmouth Mall		Retail		50.0%		6,325		77,898		155,795
	Other investments		Various		Various		122,526		118,597		991,179
						$	1,268,066	$	2,397,803	$	6,578,805

- 23 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)

			Percentage		Our Share of Net Income (Loss) for the				Our Share of EBITDA for the
			Ownership at		Three Months Ended September 30,				Three Months Ended September 30,
Joint Venture Name			September 30, 2014		2014		2013		2014		2013

Toys				32.7%	$	(18,418)	$	(34,209)	$	12,440	$	13,712

New York:
		Alexander's, Inc.		32.4%	$	5,552	$	4,299	$	10,387	$	10,387
		West 57th Street properties (partially under development)		50.0%		(3,073)		47		386		496
		666 Fifth Avenue Office Condominium		49.5%		1,995		1,858		7,177		9,918
		330 Madison Avenue		25.0%		1,658		1,225		2,551		2,257
		Independence Plaza		50.1%		(1,288)		(2,081)		4,533		4,203
		825 Seventh Avenue		50.0%		733		335		859		641
		One Park Avenue		55.0%		631		680		4,449		2,050
		650 Madison Avenue (acquired in September 2013)		20.1%		(422)		-		3,107		-
		280 Park Avenue (partially under development)		49.5%		226		(1,890)		6,057		5,471
		Other		Various		(202)		(284)		815		695
						5,810		4,189		40,321		36,118

Washington, DC:
		Warner Building		55.0%		(1,411)		(2,004)		2,384		1,838
		Rosslyn Plaza		43.7% to 50.4%		(703)		(707)		1,040		1,462
		1101 17th Street		55.0%		315		376		634		700
		Fairfax Square		20.0%		(30)		(24)		542		539
		Other		Various		418		356		1,325		1,284
						(1,411)		(2,003)		5,925		5,823

Retail Properties:
		Monmouth Mall		50.0%		352		165		2,226		2,081
		Other		Various		19		23		112		118
						371		188		2,338		2,199

Other:
		Alexander's corporate fee income		32.4%		1,640		1,676		1,640		1,676
		India real estate ventures		4.1% to 36.5%		(262)		(1,449)		2,650		695
		Other⁽¹⁾		Various		(13,393)		(1,148)		(5,254)		7,320
						(12,015)		(921)		(964)		9,691

					$	(7,245)	$	1,453	$	47,620	$	53,831



(1)	In the third quarter of 2014, we recognized a $10,263 non-cash charge, comprised of a $5,959 impairment loss and a $4,304 loan loss reserve, on our equity and debt investments in Suffolk Downs.

- 24 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)

			Percentage		Our Share of Net Income (Loss) for the				Our Share of EBITDA for the
			Ownership at		Nine Months Ended September 30,				Nine Months Ended September 30,
Joint Venture Name			September 30, 2014		2014		2013		2014		2013

Toys				32.7%	$	(74,162)	$	(69,311)	$	103,026	$	164,727

New York:
		Alexander's, Inc.		32.4%	$	15,583	$	12,785	$	31,088	$	31,141
		West 57th Street properties (partially under development)		50.0%		(10,650)		415		1,249		1,918
		825 Seventh Avenue		50.0%		6,409		1,151		2,489		2,077
		666 Fifth Avenue Office Condominium		49.5%		5,934		5,776		22,218		20,402
		330 Madison Avenue		25.0%		4,677		3,714		7,218		6,461
		Independence Plaza		50.1%		(3,113)		(3,199)		14,443		6,825
		650 Madison Avenue (acquired in September 2013)		20.1%		(3,068)		-		9,300		-
		One Park Avenue		55.0%		910		1,054		8,398		6,124
		280 Park Avenue (partially under development)		49.5%		532		(6,480)		17,278		15,004
		Other		Various		(842)		(1,196)		2,171		1,948
						16,372		14,020		115,852		91,900

Washington, DC:
		Warner Building		55.0%		(4,359)		(6,346)		6,907		4,964
		Rosslyn Plaza		43.7% to 50.4%		(2,774)		(2,158)		3,519		4,792
		1101 17th Street		55.0%		879		996		1,835		1,973
		Fairfax Square		20.0%		86		(87)		1,789		1,594
		Other		Various		1,243		1,050		3,992		3,802
						(4,925)		(6,545)		18,042		17,125

Retail Properties:
		Monmouth Mall		50.0%		1,188		1,450		6,808		7,082
		Other		Various		62		62		339		350
						1,250		1,512		7,147		7,432

Other:
		Alexander's corporate fee income		32.4%		4,888		5,017		4,888		5,017
		India real estate ventures		4.1% to 36.5%		(2,440)		(2,630)		4,573		4,708
		LNR⁽¹⁾		n/a		-		18,731		-		20,443
		Downtown Crossing, Boston		n/a		-		(2,358)		-		(2,358)
		Other⁽²⁾		Various		(18,409)		(4,056)		6,118		28,184
						(15,961)		14,704		15,579		55,994

					$	(3,264)	$	23,691	$	156,620	$	172,451


(1)	On April 19, 2013, LNR was sold for $1.053 billion.

(2)	In the third quarter of 2014, we recognized a $10,263 non-cash charge, comprised of a $5,959 impairment loss and a $4,304 loan loss reserve, on our equity and debt investments in Suffolk Downs.

- 25 -

SQUARE FOOTAGE in service
(unaudited and square feet in thousands)
				Owned by Company
			Total
			Portfolio	Total	Office		Retail	Showroom	Other
Segment:
	New York:
		Office	19,922	16,660	16,477		-	183	-
		Retail	2,370	2,186	-		2,186	-	-
		Alexander's (32.4% interest)	2,178	706	287		419	-	-
		Hotel Pennsylvania	1,400	1,400	-		-	-	1,400
		Residential (1,655 units)	1,523	762	-		-	-	762
			27,393	21,714	16,764		2,605	183	2,162

	Washington, DC:
		Office, excluding the Skyline Properties	13,340	11,021	10,201		820	-	-
		Skyline Properties	2,648	2,648	2,599		49	-	-
		Total Office	15,988	13,669	12,800		869	-	-
		Residential (2,414 units)	2,597	2,455	-		-	-	2,455
		Other	381	381	-		9	-	372
			18,966	16,505	12,800		878	-	2,827

	Retail Properties:
		Strip Shopping Centers	14,439	14,013	-		14,013	-	-
		Regional Malls	4,132	2,644	-		2,644	-	-
			18,571	16,657	-		16,657	-	-

	Other:
		The Mart	3,586	3,577	1,690		99	1,788	-
		555 California Street (70% interest)	1,799	1,259	1,166		93	-	-
		Primarily Warehouses	971	971	-		-	-	971
			6,356	5,807	2,856		192	1,788	971

Total square feet at September 30, 2014			71,286	60,683	32,420		20,332	1,971	5,960

Total square feet at June 30, 2014			71,159	60,605	32,371		20,305	1,969	5,960


					Number of		Number of
Parking Garages (not included above):				Square Feet	Garages		Spaces
	New York			1,668	10		4,909
	Washington, DC			8,928	56		29,628
	The Mart			558	4		1,681
	555 California Street			168	1		453
	Total at September 30, 2014			11,322	71		36,671


						Building Owned
Number of Toys stores (not included above):				Total	Owned	on Leased Ground		Leased
	Domestic			878	282		216	380
	International			713	78		26	609
	Total Owned and Leased			1,591	360		242	989
	Franchised Stores			196
	Total at September 30, 2014			1,787

- 26 -

TOP 30 TENANTS
(unaudited)

			2014
			Annualized		% of 2014
	Square		Revenues		Annualized
Tenants	Footage		(in thousands)		Revenues

U.S. Government		4,185,109	$	149,672		5.6%
IPG and affiliates		754,979		42,208		1.6%
Bank of America		756,595		42,100		1.6%
Macy's		942,678		37,876		1.4%
AXA Equitable Life Insurance		423,174		37,370		1.4%
L Brands		505,381		36,241		1.4%
McGraw-Hill Companies, Inc.		479,557		27,380		1.0%
Ziff Brothers Investments, Inc.		287,030		26,766		1.0%
J. Crew		396,215		24,877		0.9%
New York Stock Exchange		381,425		24,776		0.9%
Hennes & Mauritz		110,646		24,569		0.9%
Madison Square Garden		384,734		23,804		0.9%
Fast Retailing (Uniqlo)		92,577		20,776		0.8%
Forever 21		125,279		20,605		0.8%
Sears Holding Company (Kmart Corporation and Sears Corporation)		923,560		20,187		0.8%
Motorola Mobility (guaranteed by Google)		607,872		20,065		0.7%
Topshop		94,349		19,621		0.7%
AOL		230,365		19,466		0.7%
The Home Depot		993,541		19,427		0.7%
AMC Networks, Inc.		283,745		18,653		0.7%
Family Health International		398,237		17,875		0.7%
JCPenney		530,370		17,703		0.7%
Wal-Mart		1,438,730		17,490		0.7%
Hollister		21,741		17,269		0.6%
Bryan Cave LLP		213,946		15,888		0.6%
Lockheed Martin		328,919		14,904		0.6%
Cushman & Wakefield		166,287		13,787		0.5%
Lowe's		976,415		12,870		0.5%
Information Builders, Inc.		243,486		12,326		0.5%
Best Buy		488,544		12,037		0.4%

- 27 -

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			39,000	$	1,375,000	$	35.43		0.1%

		Fourth Quarter 2014			118,000		9,015,000		76.52		0.9%
		First Quarter 2015			91,000		4,863,000		53.36		0.5%
		Second Quarter 2015			578,000		34,677,000		60.01		3.5%
		Third Quarter 2015			122,000		9,531,000		78.44		1.0%
		Fourth Quarter 2015			247,000		15,382,000		62.25		1.3%
		Total 2015			1,038,000		64,453,000		62.12		6.4%
		2016			1,384,000		84,257,000		60.90		8.2%
		2017			900,000		57,000,000		63.37		5.6%
		2018			997,000		73,160,000		73.41		7.3%
		2019			976,000		64,657,000		66.22		6.5%
		2020			1,386,000		82,025,000		59.19		8.4%
		2021			1,130,000		72,958,000		64.56		7.3%
		2022			1,288,000		83,600,000		64.90		8.6%
		2023			1,583,000		109,450,000		69.16		11.3%

	Retail:	Month to Month			41,000	$	8,408,000	$	205.07		3.9%

		Fourth Quarter 2014			16,000		1,655,000		103.44		0.8%
		First Quarter 2015			75,000		18,918,000		252.24		8.7%
		Second Quarter 2015			3,000		1,044,000		348.00		0.5%
		Third Quarter 2015			45,000		4,114,000		91.42		1.9%
		Fourth Quarter 2015			2,000		533,000		266.50		0.2%
		Total 2015			125,000		24,609,000		195.32		11.4%
		2016			209,189		20,627,233		98.61		13.5%
		2017			34,000		4,758,000		139.94		2.2%
		2018			191,000		41,712,000		218.39		19.3%
		2019			124,000		27,490,000		221.69		12.7%
		2020			107,000		12,034,000		112.47		5.6%
		2021			179,000		13,466,000		75.23		6.2%
		2022			31,000		3,629,000		117.06		1.7%
		2023			93,000		19,104,000		205.42		8.8%

- 28 -

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			160,000	$	5,125,000	$	32.12		1.2%

		Fourth Quarter 2014			195,000		8,357,000		42.79		1.9%
		First Quarter 2015			647,000		27,132,000		41.92		6.2%
		Second Quarter 2015			252,000		12,567,000		49.87		2.9%
		Third Quarter 2015			463,000		17,113,000		36.98		3.9%
		Fourth Quarter 2015			586,000		23,087,000		39.42		5.3%
		Total 2015			1,948,000		79,899,000		41.02		18.2%
		2016			1,170,000		50,103,000		42.83		11.4%
		2017			637,000		25,975,000		40.77		5.9%
		2018			1,003,000		43,825,000		43.69		10.0%
		2019			1,439,000		60,986,000		42.38		13.9%
		2020			677,000		34,175,000		50.48		7.8%
		2021			564,000		25,749,000		45.66		5.9%
		2022			961,000		41,855,000		43.57		9.5%
		2023			178,000		8,110,000		45.52		1.8%

- 29 -

LEASE EXPIRATIONS
RETAIL PROPERTIES 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

	Strip Shopping Centers:	Month to Month			16,000	$	413,000	$	25.74		0.2%

		Fourth Quarter 2014			123,000		2,005,000		16.24		1.1%
		First Quarter 2015			130,000		2,111,000		16.21		1.1%
		Second Quarter 2015			67,000		825,000		12.29		0.4%
		Third Quarter 2015			54,000		1,805,000		33.66		1.0%
		Fourth Quarter 2015			124,000		2,703,000		21.76		1.5%
		Total 2015			375,000		7,444,000		19.84		4.0%
		2016			719,000		11,479,000		15.97		6.2%
		2017			515,000		7,720,000		14.99		4.2%
		2018			1,587,000		21,687,000		13.66		11.8%
		2019			1,383,000		20,182,000		14.59		11.0%
		2020			1,085,000		15,037,000		13.85		8.2%
		2021			594,000		8,830,000		14.86		4.8%
		2022			1,023,000		12,564,000		12.29		6.8%
		2023			1,163,000		18,735,000		16.10		10.2%

	Regional Malls:	Month to Month			7,000	$	374,000	$	54.72		0.7%

		Fourth Quarter 2014			37,000		1,241,000		33.71		2.4%
		First Quarter 2015			28,000		1,374,000		48.98		2.7%
		Second Quarter 2015			20,000		1,288,000		64.06		2.5%
		Third Quarter 2015			35,000		582,000		16.81		1.1%
		Fourth Quarter 2015			10,000		718,000		75.39		1.4%
		Total 2015			93,000		3,962,000		42.93		7.7%
		2016			89,000		3,891,000		43.73		7.6%
		2017			43,000		2,540,000		59.28		5.0%
		2018			70,000		3,619,000		51.82		7.1%
		2019			175,000		6,148,000		35.05		12.0%
		2020			98,000		4,299,000		43.87		8.4%
		2021			382,000		4,274,000		11.19		8.3%
		2022			37,000		1,362,000		37.05		2.7%
		2023			37,000		1,454,000		39.55		2.8%

- 30 -

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.


					New York				Washington, DC			Retail Properties
(square feet in thousands)					Office		Retail		Office			Strips			Malls

Quarter Ended September 30, 2014
	Total square feet leased					556		33		450			243			25
	Our share of square feet leased:					483		29		377			243			19
		Initial rent⁽¹⁾			$	68.44	$	168.22	$	38.32		$	17.66		$	42.03
		Weighted average lease term (years)				9.7		11.2		7.1			9.0			5.7
		Second generation relet space:
			Square feet			243		15		193			31			2
			Cash basis:
				Initial rent⁽¹⁾	$	70.88	$	238.45	$	39.30		$	27.19		$	86.42
				Prior escalated rent	$	60.13	$	168.14	$	42.41		$	25.22		$	70.11
				Percentage increase (decrease)		17.9%		41.8%		(7.3%)			7.8%			23.3%
			GAAP basis:
				Straight-line rent⁽²⁾	$	69.12	$	247.02	$	39.07		$	27.89		$	86.77
				Prior straight-line rent	$	61.40	$	161.01	$	40.15		$	24.74		$	65.89
				Percentage increase (decrease)		12.6%		53.4%		(2.7%)			12.7%			31.7%
		Tenant improvements and leasing commissions:
			Per square foot		$	82.95	$	18.90	$	34.33		$	28.31	⁽³⁾	$	31.04	⁽⁴⁾
			Per square foot per annum		$	8.55	$	1.69	$	4.84		$	3.15	⁽³⁾	$	5.45	⁽⁴⁾
				Percentage of initial rent		12.5%		1.0%		12.6%			17.8%	⁽³⁾		13.0%	⁽⁴⁾

Nine Months Ended September 30, 2014
	Total square feet leased					2,726		68		1,159	⁽⁵⁾		707			104
	Our share of square feet leased:					2,321		63		1,055	⁽⁵⁾		707			91
		Initial rent⁽¹⁾			$	66.78	$	259.92	$	39.57		$	18.86		$	28.70
		Weighted average lease term (years)				10.9		10.9		7.5			7.0			5.2
		Second generation relet space:
			Square feet			1,817		47		660			366			55
			Cash basis:
				Initial rent⁽¹⁾	$	68.14	$	318.17	$	39.93		$	21.38		$	24.30
				Prior escalated rent	$	60.47	$	236.71	$	42.56		$	20.19		$	22.66
				Percentage increase (decrease)		12.7%		34.4%		(6.2%)			5.9%			7.2%
			GAAP basis:
				Straight-line rent⁽²⁾	$	67.29	$	353.95	$	38.76		$	21.75		$	24.71
				Prior straight-line rent	$	57.12	$	233.53	$	39.20		$	19.50		$	22.46
				Percentage increase (decrease)		17.8%		51.6%		(1.1%)			11.5%			10.0%
		Tenant improvements and leasing commissions:
			Per square foot		$	74.65	$	56.44	$	38.14		$	11.53		$	9.32
			Per square foot per annum		$	6.85	$	5.18	$	5.09		$	1.65		$	1.79
				Percentage of initial rent		10.3%		2.0%		12.9%			8.7%			6.2%

- 31 -

LEASING ACTIVITY
(unaudited)



					New York				Washington, DC		Retail Properties
(square feet in thousands)					Office		Retail		Office		Strips		Malls

Year Ended December 31, 2013
	Total square feet leased					2,410		138		1,836		1,388		674
	Our share of square feet leased:					2,024		121		1,392		1,388		600
		Initial rent⁽¹⁾			$	60.78	$	268.52	$	39.91	$	17.27	$	26.39
		Weighted average lease term (years)				11.0		8.6		7.0		6.2		8.1
		Second generation relet space:
			Square feet			1,716		103		910		959		205
			Cash basis:
				Initial rent⁽¹⁾	$	60.04	$	262.67	$	40.91	$	16.57	$	23.59
				Prior escalated rent	$	56.84	$	117.45	$	41.16	$	15.18	$	22.76
				Percentage increase (decrease)		5.6%		123.7%		(0.6%)		9.2%		3.6%
			GAAP basis:
				Straight-line rent⁽²⁾	$	59.98	$	293.45	$	40.87	$	16.91	$	24.04
				Prior straight-line rent	$	52.61	$	152.34	$	39.36	$	14.76	$	21.87
				Percentage increase		14.0%		92.6%		3.8%		14.6%		9.9%
		Tenant improvements and leasing commissions:
			Per square foot		$	61.78	$	100.93	$	33.24	$	3.96	$	20.69
				Per square foot per annum	$	5.61	$	11.64	$	4.75	$	0.64	$	2.55
				Percentage of initial rent		9.2%		4.3%		11.9%		3.7%		9.7%


(1)	Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.

(2)	Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases, and includes the effect of free rent and periodic step-ups in rent.

(3)	Excluding tenant improvements and leasing commissions for a 58,652 square foot lease at our Kearny strip shopping center, the tenant improvements and leasing commissions per square foot were $3.12 instead of $28.31, $0.45 per square foot per annum instead of $3.15 per square foot per annum and 2.5% of initial rent instead of 17.8% of initial rent.

(4)	Represents tenant improvements and leasing commissions for a 6,914 square foot lease at our Las Catalinas shopping mall. There were no other tenant improvements and leasing commissions during the quarter ended September 30, 2014.

(5)	Excludes (i) 165 square feet leased to WeWork that will be redeveloped into rental residential apartments, and (ii) 71 square feet of retail space that was leased at an initial rent of $47.06 per square foot.

- 32 -

OCCUPANCY, SAME STORE EBITDA AND RESIDENTIAL STATISTICS
(unaudited)

Occupancy and Same Store EBITDA:
								Retail Properties
						New York	Washington, DC⁽¹⁾	UE	Total

Occupancy rate at:
	September 30, 2014					96.7%	83.4%	95.3%	94.6%
	June 30, 2014					97.3%	83.5%	94.8%	94.3%
	December 31, 2013					96.8%	83.4%	95.5%	94.9%
	September 30, 2013					96.1%	83.6%	95.6%	94.9%

Same store EBITDA % increase (decrease):
	Three months ended September 30, 2014 vs. September 30, 2013					4.6%	(2.7%)	1.3%	1.1%
	Nine Months Ended September 30, 2014 vs. September 30, 2013					5.3%	(2.4%)	1.7%	1.4%
	Three months ended September 30, 2014 vs. June 30, 2014					(0.9%)	(0.6%)	0.6%	0.3%

Cash basis same store EBITDA % increase (decrease):
	Three months ended September 30, 2014 vs. September 30, 2013					5.2%	(4.1%)	2.9%	1.8%
	Nine Months Ended September 30, 2014 vs. September 30, 2013					7.4%	(1.8%)	2.5%	2.1%
	Three months ended September 30, 2014 vs. June 30, 2014					(1.2%)	(0.9%)	0.3%	(0.2%)


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

		September 30, 2014	80.5%
		June 30, 2014	80.5%
		December 31, 2013	80.7%
		September 30, 2013	80.7%


Residential Statistics:
					Average Monthly
			Number of Units	Occupancy Rate	Rent Per Unit
	New York:
		September 30, 2014	1,655	94.7%	$	3,074
		June 30, 2014	1,655	97.1%	$	3,060
		December 31, 2013	1,655	94.8%	$	2,864
		September 30, 2013	1,655	94.4%	$	2,766

	Washington, DC:
		September 30, 2014	2,414	97.0%	$	2,102
		June 30, 2014	2,414	98.0%	$	2,122
		December 31, 2013	2,405	96.3%	$	2,101
		September 30, 2013	2,414	97.5%	$	2,131

- 33 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

CONSOLIDATED
(unaudited and in thousands)
		Nine Months Ended		Year Ended
Capital expenditures (accrual basis):		September 30, 2014		2013		2012
Expenditures to maintain assets		$	61,235	$	73,130	$	69,912
Tenant improvements			135,999		152,319		177,743
Leasing commissions			59,322		56,638		57,961
Non-recurring capital expenditures			67,016		12,099		6,902
Total capital expenditures and leasing commissions (accrual basis)			323,572		294,186		312,518
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		110,934		155,035		105,350
	Expenditures to be made in future periods for the current period		(209,157)		(150,067)		(170,744)
Total capital expenditures and leasing commissions (cash basis)		$	225,349	$	299,154	$	247,124

Our share of square feet leased			4,237		5,525		5,217
Tenant improvements and leasing commissions per square foot per annum		$	5.75	$	4.33	$	4.16
Percentage of initial rent			10.6%		9.5%		9.6%



Development and redevelopment expenditures:
	Springfield Town Center	$	92,696	$	68,716	$	18,278
	Marriott Marquis Times Square - retail and signage		71,566		40,356		9,092
	220 Central Park South		54,543		243,687		12,191
	330 West 34th Street		32,014		6,832		8
	The Bartlett		20,300		6,289		3,008
	608 Fifth Avenue		18,127		3,492		-
	Wayne Towne Center		16,109		4,927		3,452
	7 West 34th Street		9,454		-		-
	90 Park Avenue		6,293		-		-
	Other		47,469		95,118		110,844
		$	368,571	$	469,417	$	156,873

- 34 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

NEW YORK SEGMENT
(unaudited and in thousands)
		Nine Months Ended		Year Ended
Capital expenditures (accrual basis):		September 30, 2014		2013		2012
Expenditures to maintain assets		$	33,464	$	34,553	$	27,434
Tenant improvements			102,411		87,275		71,572
Leasing commissions			50,173		39,348		27,573
Non-recurring capital expenditures			25,038		11,579		5,822
Total capital expenditures and leasing commissions (accrual basis)			211,086		172,755		132,401
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		40,117		56,345		41,975
	Expenditures to be made in future periods for the current period		(132,814)		(91,107)		(76,283)
Total capital expenditures and leasing commissions (cash basis)		$	118,389	$	137,993	$	98,093

Our share of square feet leased			2,384		2,145		1,939
Tenant improvements and leasing commissions per square foot per annum		$	6.80	$	5.89	$	5.48
Percentage of initial rent			9.5%		8.1%		8.8%



Development and redevelopment expenditures:
	Marriott Marquis Times Square - retail and signage	$	71,566	$	40,356	$	9,092
	330 West 34th Street		32,014		6,832		8
	608 Fifth Avenue		18,127		3,492		-
	7 West 34th Street		9,454		-		-
	90 Park Avenue		6,293		-		-
	Other		13,347		35,305		42,460
		$	150,801	$	85,985	$	51,560

- 35 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

WASHINGTON, DC SEGMENT
(unaudited and in thousands)
		Nine Months Ended		Year Ended
Capital expenditures (accrual basis):		September 30, 2014		2013		2012
Expenditures to maintain assets		$	9,815	$	22,165	$	20,582
Tenant improvements			16,280		6,976		41,846
Leasing commissions			3,555		4,389		11,393
Non-recurring capital expenditures			23,428		37,342		10,296
Total capital expenditures and leasing commissions (accrual basis)			53,078		70,872		84,117
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		48,294		26,075		24,370
	Expenditures to be made in future periods for the current period		(35,664)		(36,702)		(43,600)
Total capital expenditures and leasing commissions (cash basis)		$	65,708	$	60,245	$	64,887

Our share of square feet leased			1,055		1,392		1,901
Tenant improvements and leasing commissions per square foot per annum		$	5.09	$	4.75	$	4.86
Percentage of initial rent			12.9%		11.9%		12.0%



Development and redevelopment expenditures:
	The Bartlett	$	20,300	$	6,289	$	3,008
	Other		23,443		35,412		36,326
		$	43,743	$	41,701	$	39,334

- 36 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

RETAIL PROPERTIES SEGMENT
(unaudited and in thousands)
		Nine Months Ended		Year Ended
Capital expenditures (accrual basis):		September 30, 2014		2013		2012
Expenditures to maintain assets		$	4,848	$	5,664	$	4,676
Tenant improvements			390		12,431		9,052
Leasing commissions			145		2,113		2,368
Non-recurring capital expenditures			8,456		-		-
Total capital expenditures and leasing commissions (accrual basis)			13,839		20,208		16,096
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		3,873		5,562		10,353
	Expenditures to be made in future periods for the current period		(8,766)		(14,011)		(7,754)
Total capital expenditures and leasing commissions (cash basis)		$	8,946	$	11,759	$	18,695

Our share of square feet leased			798		1,988		1,377
Tenant improvements and leasing commissions per square foot per annum		$	1.66	$	1.33	$	1.04
Percentage of initial rent			8.3%		6.6%		5.2%



Development and redevelopment expenditures:
	Springfield Town Center	$	92,696	$	68,716	$	18,278
	Wayne Towne Center		16,109		4,927		3,452
	Other		5,856		20,283		31,816
		$	114,661	$	93,926	$	53,546

- 37 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

OTHER
(unaudited and in thousands)
		Nine Months Ended		Year Ended
Capital expenditures (accrual basis):		September 30, 2014		2013		2012
Expenditures to maintain assets		$	13,108	$	10,748	$	17,220
Tenant improvements			16,918		13,457		46,735
Leasing commissions			5,449		5,626		14,869
Non-recurring capital expenditures			10,094		520		1,080
Total capital expenditures and leasing commissions (accrual basis)			45,569		30,351		79,904
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		18,650		67,053		28,652
	Expenditures to be made in future periods for the current period		(31,913)		(8,247)		(43,107)
Total capital expenditures and leasing commissions (cash basis)		$	32,306	$	89,157	$	65,449



Development and redevelopment expenditures:
	220 Central Park South	$	54,543	$	243,687	$	12,191
	Other		4,823		4,118		242
		$	59,366	$	247,805	$	12,433

- 38 -

DEVELOPMENT COSTS AND CONSTRUCTION IN PROGRESS
(unaudited and in thousands, except square feet)
			Square Feet
					At September 30, 2014
	Development Projects				Total			Development Costs Expended		Land and Acquisition Costs
	New York:
		1535 Broadway - Marriott Marquis - Retail & Signage	103,000		$	376,130		$	136,130	$	240,000
		220 Central Park South - Residential Condominiums	472,000	⁽¹⁾		562,448			106,383		456,065
		Other				131,021			131,021		-
	Total New York					1,069,599			373,534		696,065

	Washington, DC:
		The Bartlett - Rental Residential / Retail	618,000			70,406			29,106		41,300
		Other				103,835			103,835		-
	Total Washington, DC					174,241			132,941		41,300

	Retail Properties:
		Springfield Town Center	690,000			412,655	⁽²⁾		172,655		240,000
		Other				21,784			21,784		-
	Total Retail Properties					434,439			194,439		240,000

	Other Projects					1,923			1,923		-

	Total Amount on the Balance Sheet				$	1,680,202		$	702,837	$	977,365




			Square Feet			Total

	Undeveloped Land

	Washington, DC:
	1900 Crystal Drive		712,000		$	34,959
	Metropolitan Park 6, 7 & 8:
		Retail	23,818
		Residential (1,403 Units)				82,898
	PenPlace:
		Office	553,000
		Hotel (300 Units)				61,970
	Square 649 - Office		675,000			11,597
	Total				$	191,424



	(1)	Zoning square feet.
	(2)	Net of $20,000 non-cash impairment loss booked in the quarter ended March 31, 2014.

- 39 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK:
Penn Plaza:
One Penn Plaza												Cisco, MWB Leasing, Parsons Brinkerhoff,
	(ground leased through 2098)											United Health Care, United States Customs Department,
		-Office	100.0%	94.5%	$	58.72	2,240,000	2,240,000	-			URS Corporation Group Consulting, Lion Resources
		-Retail	100.0%	98.7%		116.61	269,000	269,000	-			Bank of America, Kmart Corporation
			100.0%	95.0%		64.93	2,509,000	2,509,000	-	$	-

Two Penn Plaza												EMC, Forest Electric, Information Builders, Inc.,
		-Office	100.0%	99.4%		53.99	1,572,000	1,572,000	-			Madison Square Garden, McGraw-Hill Companies, Inc.
		-Retail	100.0%	38.2%		190.86	47,000	47,000	-			Chase Manhattan Bank
			100.0%	97.6%		57.96	1,619,000	1,619,000	-		422,879

Eleven Penn Plaza
		-Office	100.0%	99.5%		58.02	1,131,000	1,131,000	-			Macy's, Madison Square Garden, AMC Networks, Inc.
		-Retail	100.0%	74.4%		207.11	17,000	17,000	-			PNC Bank National Association
			100.0%	99.1%		60.23	1,148,000	1,148,000	-		450,000

100 West 33rd Street
		-Office	100.0%	99.6%		54.51	849,000	849,000	-		223,242	IPG and affiliates, Rocket Fuel

Manhattan Mall
		-Retail	100.0%	92.6%		126.42	256,000	256,000	-		101,758	JCPenney, Aeropostale, Express, Victoria's Secret

330 West 34th Street
	(ground leased through 2148 - 34.8%											Deutsche, Inc. (lease not commenced),
	ownership interest in the land)											New York & Co. (lease not commenced),
		-Office	100.0%	-		-	622,000	-	622,000			Yodle, Inc. (lease not commenced)
		-Retail	100.0%	-		-	13,000	-	13,000
			100.0%	-		-	635,000	-	635,000		50,150

435 Seventh Avenue
		-Retail	100.0%	100.0%		250.22	43,000	43,000	-		98,000	Hennes & Mauritz

7 West 34th Street
		-Office	100.0%	100.0%		38.16	416,000	108,000	308,000
		-Retail	100.0%	100.0%		232.24	23,000	23,000	-			Express
			100.0%	100.0%		72.23	439,000	131,000	308,000		-

484 Eighth Avenue
		-Retail	100.0%	80.2%		72.71	16,000	16,000	-		-	T.G.I. Friday's

431 Seventh Avenue
		-Retail	100.0%	100.0%		219.44	10,000	10,000	-		-

488 Eighth Avenue
		-Retail	100.0%	100.0%		71.98	6,000	6,000	-		-

267 West 34th Street
		-Retail	100.0%	100.0%		335.24	6,000	6,000	-		-

	Total Penn Plaza						7,536,000	6,593,000	943,000		1,346,029

- 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)		Major Tenants
NEW YORK (Continued):
Midtown East:
909 Third Avenue													IPG and affiliates, Forest Laboratories, Geller & Company,
	(ground leased through 2063)												Morrison Cohen LLP, Robeco USA Inc.,
		-Office	100.0%	100.0%	$	56.74	⁽²⁾	1,344,000	1,344,000	-	$	350,000	United States Post Office, The Procter & Gamble Distributing LLC

150 East 58th Street													Castle Harlan, Tournesol Realty LLC. (Peter Marino),
		-Office	100.0%	94.0%		66.67		541,000	541,000	-			Various showroom tenants
		-Retail	100.0%	100.0%		171.09		2,000	2,000	-
			100.0%	94.0%		67.06		543,000	543,000	-		-

715 Lexington
		-Retail	100.0%	100.0%		238.31		23,000	23,000	-		-	New York & Company, Zales

966 Third Avenue
		-Retail	100.0%	100.0%		87.54		7,000	7,000	-		-	McDonald's

968 Third Avenue
		-Retail	50.0%	100.0%		244.69		6,000	6,000	-		-	Capital One Financial Corporation

	Total Midtown East							1,923,000	1,923,000	-		350,000

Midtown West:
888 Seventh Avenue
	(ground leased through 2067)												Soros Fund, TPG-Axon Capital,
		-Office	100.0%	92.3%		87.29		862,000	862,000	-			Vornado Executive Headquarters
		-Retail	100.0%	100.0%		102.02		15,000	15,000	-			Redeye Grill L.P.
			100.0%	92.4%		87.54		877,000	877,000	-		318,554

1740 Broadway
		-Office	100.0%	100.0%		68.17		584,000	584,000	-			Davis & Gilbert, L Brands
		-Retail	100.0%	100.0%		139.33		20,000	20,000	-			Brasserie Cognac, Citibank
			100.0%	100.0%		70.52		604,000	604,000	-		-

57th Street - 5 buildings
		-Office	50.0%	95.3%		54.08		135,000	135,000	-			Various
		-Retail	50.0%	100.0%		117.34		53,000	26,000	27,000
			50.0%	96.6%		71.92		188,000	161,000	27,000		20,000

825 Seventh Avenue
		-Office	50.0%	100.0%		73.99		170,000	170,000	-		20,500	Young & Rubicam
		-Retail	100.0%	100.0%		240.46		4,000	4,000	-			Lindy's
				100.0%		77.82		174,000	174,000	-

	Total Midtown West							1,843,000	1,816,000	27,000		359,054

Park Avenue:
280 Park Avenue													Cohen & Steers Inc.
		-Office	49.5%	100.0%		96.07		1,223,000	781,000	442,000			Investcorp International Inc.
		-Retail	49.5%	100.0%		218.92		18,000	4,000	14,000			Scottrade Inc., Starbucks
			49.5%	100.0%		97.85		1,241,000	785,000	456,000		731,928

350 Park Avenue													Kissinger Associates Inc., Ziff Brothers Investment Inc.,
		-Office	100.0%	98.3%		90.15		552,000	552,000	-			MFA Financial Inc., M&T Bank
		-Retail	100.0%	100.0%		199.58		17,000	17,000	-			Fidelity Investment, AT&T Wireless, Valley National Bank
			100.0%	98.4%		93.42		569,000	569,000	-		296,345

	Total Park Avenue							1,810,000	1,354,000	456,000		1,028,273

- 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)		Major Tenants
NEW YORK (Continued):
Grand Central:
90 Park Avenue													Alston & Bird, Amster, Rothstein & Ebenstein,
		-Office	100.0%	97.1%	$	73.38	909,000		909,000	-			Capital One, First Manhattan Consulting
		-Retail	100.0%	100.0%		114.35	26,000		26,000	-			Citibank
			100.0%	97.2%		74.52	935,000		935,000	-	$	-

330 Madison Avenue													GPFT Holdco LLC, HSBC Bank AFS, Jones Lang LaSalle Inc.,
		-Office	25.0%	98.6%		66.89	805,000		805,000	-			Wells Fargo
		-Retail	25.0%	100.0%		280.10	32,000		32,000	-			Ann Taylor Retail Inc., Citibank
			25.0%	98.7%		75.05	837,000		837,000	-		150,000

510 Fifth Avenue
		-Retail	100.0%	90.8%		138.30	64,000		64,000	-		30,338	Joe Fresh

	Total Grand Central						1,836,000		1,836,000	-		180,338

Madison/Fifth:
640 Fifth Avenue													Fidelity Investments, Janus Capital Group Inc.,
													Scout Capital Management,
		-Office	100.0%	87.5%		84.47	263,000		263,000	-			Legg Mason Investment Counsel
		-Retail	100.0%	100.0%		244.67	62,000		62,000	-			Citibank, Hennes & Mauritz
			100.0%	89.9%		115.03	325,000		325,000	-		-

666 Fifth Avenue													Fulbright & Jaworski, Colliers International NY LLC,
		-Office (Office Condo)	49.5%	76.0%		74.05	1,371,000		1,371,000	-		1,209,576	Integrated Holding Group, Vinson & Elkins LLP
		-Retail (Office Condo)	49.5%	100.0%		164.42	45,000		45,000	-		-	HSBC Bank USA
		-Retail (Retail Condo)	100.0%	100.0%		365.71	114,000	⁽³⁾	114,000	-		390,000	Uniqlo, Hollister, Swatch
				78.5%		98.44	1,530,000		1,530,000	-		1,599,576

595 Madison Avenue													Beauvais Carpets, Levin Capital Strategies LP,
		-Office	100.0%	100.0%		71.33	292,000		292,000	-			Cosmetech Mably Int'l LLC.
		-Retail	100.0%	100.0%		778.06	30,000		30,000	-			Coach, Prada
			100.0%	100.0%		137.18	322,000		322,000	-		-

650 Madison Avenue
		-Office	20.1%	87.9%		101.39	524,000		524,000	-			Polo Ralph Lauren, Memorial Sloan Kettering Cancer Center
		-Retail	20.1%	100.0%		265.22	71,000		71,000	-			Crate & Barrel
			20.1%	89.4%		120.94	595,000		595,000	-		800,000

689 Fifth Avenue
		-Office	100.0%	100.0%		68.69	82,000		82,000	-			Yamaha Artist Services Inc.
		-Retail	100.0%	100.0%		720.42	17,000		17,000	-			MAC Cosmetics, Massimo Dutti
			100.0%	100.0%		180.60	99,000		99,000	-		-

655 Fifth Avenue
		-Retail	92.5%	100.0%		187.76	57,000		57,000	-		-	Ferragamo

	Total Madison/Fifth						2,928,000		2,928,000	-		2,399,576

- 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)		Major Tenants
NEW YORK (Continued):
Midtown South:
770 Broadway
		-Office	100.0%	100.0%	$	66.65	982,000	982,000	-			AOL, J. Crew, Facebook, Structure Tone
		-Retail	100.0%	100.0%		49.37	166,000	166,000	-			Ann Taylor Retail Inc., Bank of America, Kmart Corporation
			100.0%	100.0%		64.15	1,148,000	1,148,000	-	$	353,000

One Park Avenue												Coty Inc., New York University,
		-Office	55.0%	96.5%		44.99	864,000	864,000	-			Public Service Mutual Insurance
		-Retail	55.0%	100.0%		61.12	79,000	79,000	-			Bank of Baroda, Citibank, Equinox,
												Men's Wearhouse
			55.0%	96.8%		46.34	943,000	943,000	-		250,000

4 Union Square South
		-Retail	100.0%	100.0%		87.82	206,000	206,000	-		120,000	Burlington Coat Factory, Whole Foods Market, DSW, Forever 21

692 Broadway
		-Retail	100.0%	100.0%		84.82	35,000	35,000	-		-	Equinox, Major League Baseball

	Total Midtown South						2,332,000	2,332,000	-		723,000

Rockefeller Center:
1290 Avenue of the Americas												AXA Equitable Life Insurance, Hachette Book Group Inc.,
												Bryan Cave LLP, Neuberger Berman (lease not commenced),
												Warner Music Group, Cushman & Wakefield, Fitzpatrick,
		-Office	70.0%	99.5%		74.20	2,035,000	2,035,000	-			Cella, Harper & Scinto, Columbia University, SSB Realty LLC
		-Retail	70.0%	100.0%		158.56	73,000	73,000	-			Duane Reade, JPMorgan Chase Bank, Sovereign Bank
			70.0%	99.5%		77.12	2,108,000	2,108,000	-		950,000

608 Fifth Avenue (ground leased through 2033)
		-Office	100.0%	88.1%		54.94	81,000	81,000	-
		-Retail	100.0%	100.0%		365.75	44,000	44,000	-			Topshop
			100.0%	92.3%		164.35	125,000	125,000	-		-

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

Wall Street/Downtown:
20 Broad Street (ground leased through 2081)
		-Office	100.0%	99.3%		58.09	472,000	472,000	-		-	New York Stock Exchange

40 Fulton Street
		-Office	100.0%	99.0%		37.12	244,000	244,000	-			Market News International Inc., Sapient Corp.
		-Retail	100.0%	100.0%		93.60	5,000	5,000	-			TD Bank
			100.0%	99.0%		38.26	249,000	249,000	-		-

	Total Wall Street/Downtown						721,000	721,000	-		-

Times Square:
1540 Broadway												Forever 21, Planet Hollywood, Disney, Sunglass Hut,
		-Retail	100.0%	100.0%		212.22	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%	-		-	64,000	-	64,000		-

	Total Times Square						224,000	160,000	64,000		-

- 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)		Major Tenants
NEW YORK (Continued):
Soho:
478-486 Broadway - 2 buildings
		-Retail	100.0%	100.0%	$	150.49	85,000	85,000	-	$	-	Topshop, Madewell, J. Crew

443 Broadway
		-Retail	100.0%	100.0%		123.71	16,000	16,000	-		-	Necessary Clothing

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

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

155 Spring Street
		-Retail	100.0%	98.5%		88.69	49,000	49,000	-		-	Sigrid Olsen

148 Spring Street
		-Retail	100.0%	100.0%		108.25	7,000	7,000	-		-

150 Spring Street
		-Retail	100.0%	100.0%		232.85	7,000	7,000	-		-	Sandro

	Total Soho						193,000	164,000	29,000		-

Upper East Side:
828-850 Madison Avenue
		-Retail	100.0%	100.0%		568.26	18,000	18,000	-		80,000	Gucci, Chloe, Cartier

677-679 Madison Avenue
		-Retail	100.0%	100.0%		440.37	8,000	8,000	-		-	Anne Fontaine

40 East 66th Street
		-Retail	100.0%	100.0%		797.29	11,000	11,000	-		-	John Varvatos, Nespresso USA, J. Crew

1131 Third Avenue
		-Retail	100.0%	100.0%		121.89	22,000	22,000	-		-	Nike, Carlo Pazolini, Boom Fitness

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

New Jersey:
Paramus
		-Office	100.0%	97.6%		21.28	129,000	129,000	-		-	Vornado's Administrative Headquarters

Washington D.C.:
3040 M Street
		-Retail	100.0%	100.0%		61.52	44,000	44,000	-		-	Nike, Barneys

New York Office:

	Total			96.0%	$	66.46	21,294,000	19,922,000	1,372,000	$	6,596,175

	Vornado's Ownership Interest			96.6%	$	65.11	17,809,000	16,660,000	1,149,000	$	4,712,102

New York Retail:

	Total			97.1%	$	173.90	2,517,000	2,370,000	147,000	$	820,095

	Vornado's Ownership Interest			96.9%	$	172.39	2,313,000	2,186,000	127,000	$	820,095

- 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)		Major Tenants
NEW YORK (Continued):
ALEXANDER'S, INC.:
New York:
731 Lexington Avenue, Manhattan
		-Office	32.4%	100.0%	$	97.63	885,000	885,000	-	$	300,000	Bloomberg
		-Retail	32.4%	100.0%		170.13	174,000	174,000	-		320,000	Hennes & Mauritz, The Home Depot, The Container Store
			32.4%	100.0%		108.59	1,059,000	1,059,000	-		620,000

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

Rego Park II (adjacent to Rego Park I),
	Queens (6.6 acres)		32.4%	99.0%		40.71	609,000	609,000	-		267,295	Century 21, Costco, Kohl's, TJ Maxx, Toys "R" Us

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

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

Property under Development:
Rego Park II Apartment Tower, Queens, NY			32.4%	-		-	250,000	-	250,000		-

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

	Total Alexander's			99.7%		71.25	2,428,000	2,178,000	250,000		1,033,541

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

Residential:
50-70 W 93rd Street (327 units)			49.9%	94.8%		-	283,000	283,000	-		45,825

Independence Plaza, Tribeca (1,328 units)
		-Residential	50.1%	94.7%		-	1,190,000	1,190,000	-
		-Retail	50.1%	100.0%		72.05	50,000	50,000	-
							1,240,000	1,240,000	-		550,000

	Total Residential			94.7%			1,523,000	1,523,000	-		595,825


Total New York				96.3%	$	76.90	29,162,000	27,393,000	1,769,000	$	9,045,636

Vornado's Ownership Interest				96.7%	$	76.79	23,071,000	21,714,000	1,356,500	$	6,165,482


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

(2)	Excludes US Post Office leased through 2038 (including four five-year renewal options) for which the annual escalated rent is $10.93 PSF.

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

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

- 45 -

WASHINGTON, DC SEGMENT
PROPERTY TABLE

				Weighted		Square Feet
				Average				Under Development
		%	%	Annual Rent		Total		or Not Available	Encumbrances
Property		Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
WASHINGTON, DC:
Crystal City:
2011-2451 Crystal Drive - 5 buildings		100.0%	86.1%	$	43.74	2,320,000	2,320,000	-	$	224,742	General Services Administration, Lockheed Martin,
											Conservation International, Smithsonian Institution,
											Natl. Consumer Coop. Bank, Council on Foundations,
											Vornado / Charles E. Smith Headquarters, KBR, Scitor Corp.,
											Food Marketing Institute, Finmeccanica

S. Clark Street / 12th Street - 5 buildings		100.0%	78.0%		41.40	1,538,000	1,538,000	-		59,449	General Services Administration,
											SAIC, Inc., Boeing, L-3 Communications,
											The Int'l Justice Mission, Management Systems International

1550-1750 Crystal Drive /		100.0%	80.0%		41.31	1,486,000	1,486,000	-		41,295	General Services Administration,
	241-251 18th Street - 4 buildings										Alion Science & Technologies, Booz Allen,
											Arete Associates, Battelle Memorial Institute

1800, 1851 and 1901 South Bell Street		100.0%	92.2%		40.08	869,000	506,000	363,000		-	General Services Administration,
	- 3 buildings										Lockheed Martin

2100 / 2200 Crystal Drive - 2 buildings		100.0%	100.0%		33.41	529,000	529,000	-		-	General Services Administration,
											Public Broadcasting Service

223 23rd Street / 2221 South Clark Street		100.0%	-		-	312,000	-	312,000		-	WeWork
	- 2 buildings

2001 Jefferson Davis Highway		100.0%	63.5%		33.16	162,000	162,000	-		-	Institute for the Psychology Sciences, VT Aepco, Inc.,
											National Crime Prevention

Crystal City Shops at 2100		100.0%	96.0%		25.40	80,000	80,000	-		-	Various

Crystal Drive Retail		100.0%	100.0%		46.13	57,000	57,000	-		-	Various

Total Crystal City		100.0%	84.1%		41.04	7,353,000	6,678,000	675,000		325,486

Central Business District:
Universal Buildings		100.0%	98.5%		43.93	685,000	685,000	-		185,000	Family Health International, WeWork
	1825-1875 Connecticut Avenue, NW
	- 2 buildings

Warner Building - 1299 Pennsylvania		55.0%	72.7%		69.11	615,000	615,000	-		292,700	Baker Botts LLP, General Electric, Cooley LLP,
	Avenue, NW										Facebook, Live Nation

2101 L Street, NW		100.0%	99.0%		64.84	380,000	380,000	-		149,584	Greenberg Traurig, LLP, US Green Building Council,
											American Insurance Association, RTKL Associates,
											Cassidy Turley

1750 Pennsylvania Avenue, NW		100.0%	93.2%		47.48	278,000	278,000	-		-	General Services Administration, UN Foundation, AOL

1150 17th Street, NW		100.0%	91.0%		44.88	241,000	241,000	-		28,728	American Enterprise Institute

Bowen Building - 875 15th Street, NW		100.0%	100.0%		66.41	231,000	231,000	-		115,022	Paul Hastings LLP, Millennium Challenge Corporation

1101 17th Street, NW		55.0%	94.4%		46.59	214,000	214,000	-		31,000	AFSCME, Verto Solutions

1730 M Street, NW		100.0%	88.0%		45.73	202,000	202,000	-		14,853	General Services Administration
	(ground rent through 2061)

- 46 -

WASHINGTON, DC SEGMENT
PROPERTY TABLE

				Weighted		Square Feet
				Average				Under Development
	%		%	Annual Rent		Total		or Not Available		Encumbrances
Property	Ownership		Occupancy	PSF (1)		Property	In Service	for Lease		(in thousands)		Major Tenants
WASHINGTON, DC (Continued):
1726 M Street, NW	100.0%		100.0%	$	41.30	91,000	91,000	-		$	-	Aptima, Inc., Nelnet Corporation


Waterfront Station	2.5%		-		-	1,058,000	-	1,058,000	*		-

1501 K Street, NW	5.0%		100.0%		66.21	380,000	380,000	-			-	Sidley Austin LLP, UBS

1399 New York Avenue, NW	100.0%		90.4%		74.66	129,000	129,000	-			-	Bloomberg

Total Central Business District			93.3%		54.07	4,504,000	3,446,000	1,058,000			816,887

Skyline Properties:
Skyline Place - 7 buildings	100.0%		41.8%		34.56	2,130,000	2,130,000	-			560,996	General Services Administration, SAIC, Inc., Analytic Services,
												Northrop Grumman, Axiom Resource Management,
												Booz Allen, Intellidyne, Inc.

One Skyline Tower	100.0%		100.0%		33.10	518,000	518,000	-			139,087	General Services Administration

Total Skyline Properties	100.0%		53.2%		34.01	2,648,000	2,648,000	-			700,083

Rosslyn / Ballston:
2200 / 2300 Clarendon Blvd	100.0%		94.7%		43.37	638,000	638,000	-			36,675	Arlington County, General Services Administration,
(Courthouse Plaza) - 2 buildings												AMC Theaters
(ground leased through 2062)

Rosslyn Plaza - 4 buildings	46.2%		76.3%		39.88	736,000	412,000	324,000			33,488	General Services Administration, Corporate Executive Board
												Nathan Associates, Inc.

Total Rosslyn / Ballston			90.5%		42.65	1,374,000	1,050,000	324,000			70,163

Reston:
Commerce Executive - 3 buildings	100.0%	`	81.5%		32.90	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%		92.6%		32.14	216,000	216,000	-			-	National Institutes of Health
(ground leased through 2084)

Tysons Corner:
Fairfax Square - 3 buildings	20.0%		86.2%		40.82	559,000	559,000	-			68,495	Dean & Company, Womble Carlyle

Pentagon City:
Fashion Centre Mall	7.5%		97.2%		41.23	821,000	821,000	-			410,000	Macy's, Nordstrom

Washington Tower	7.5%		100.0%		41.68	170,000	170,000	-			40,000	The Rand Corporation

Total Pentagon City			97.7%		41.31	991,000	991,000	-			450,000

Total Washington, DC office properties			82.0%	$	43.57	18,064,000	15,988,000	2,076,000		$	2,431,114

Vornado's Ownership Interest			80.5%	$	42.70	14,539,000	13,669,000	870,000		$	1,797,796

- 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)		Major Tenants
WASHINGTON, DC (Continued):
Residential:
For rent residential:
Riverhouse - 3 buildings (1,670 units)	100.0%	97.0%	$	-	1,802,000	1,802,000	-		$	259,546

West End 25 (283 units)	100.0%	95.8%		-	273,000	273,000	-			101,671

220 20th Street (265 units)	100.0%	97.7%		-	269,000	269,000	-			71,700

Rosslyn Plaza - 2 buildings (196 units)	43.7%	97.5%		-	253,000	253,000	-			-

Total Residential		97.0%			2,597,000	2,597,000	-			432,917

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

Met Park / Warehouses - 1 building	100.0%	100.0%		-	129,000	106,000	23,000	*		-

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

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

Total Other		100.0%			1,024,000	381,000	643,000			-

Total Washington, DC		84.4%	$	43.57	21,685,000	18,966,000	2,719,000		$	2,864,031

Vornado's Ownership Interest		83.4%	$	42.70	18,017,000	16,505,000	1,513,000		$	2,230,713



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

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

- 48 -

RETAIL PROPERTIES SEGMENT
PROPERTY TABLE
			Weighted		Square Feet
			Average			In Service		Under Development
	%	%	Annual Rent		Total	Owned by	Owned By	or Not Available	Encumbrances
Property	Ownership	Occupancy	PSF (1)		Property	Company	Tenant (2)	for Lease	(in thousands)			Major Tenants
RETAIL PROPERTIES:
STRIP SHOPPING CENTERS:
New Jersey:
Wayne Town Center, Wayne	100.0%	100.0%	$	39.39	663,000	33,000	287,000	343,000	$	-		JCPenney, Costco (under development)
(ground leased through 2064)												Dick's Sporting Goods (under development)

East Brunswick	100.0%	100.0%		17.10	427,000	254,000	173,000	-		35,991	⁽³⁾	Lowe's, Kohl's, Dick's Sporting Goods, P.C. Richard & Son,
												T.J. Maxx, LA Fitness

North Bergen (Tonnelle Avenue)	100.0%	98.9%		25.63	410,000	204,000	206,000	-		75,000		Wal-Mart, BJ's Wholesale Club, PetSmart, Staples

East Hanover (200 - 240 Route 10 West)	100.0%	86.3%		19.45	343,000	337,000	6,000	-		37,552	⁽³⁾	The Home Depot, Dick's Sporting Goods, Marshalls

Bricktown	100.0%	92.3%		18.23	279,000	276,000	3,000	-		31,365	⁽³⁾	Kohl's , ShopRite, Marshalls

Union (Route 22 and Morris Avenue)	100.0%	99.4%		25.59	276,000	113,000	163,000	-		31,741	⁽³⁾	Lowe's, Toys "R" Us, Office Depot

Hackensack	100.0%	74.5%		23.44	275,000	269,000	6,000	-		39,810	⁽³⁾	The Home Depot, Staples, Petco

Totowa	100.0%	100.0%		19.28	271,000	177,000	94,000	-		24,317	⁽³⁾	The Home Depot, Bed Bath & Beyond,
												buy buy Baby, Marshalls, Staples

Cherry Hill	100.0%	97.3%		15.41	261,000	68,000	193,000	-		13,611	⁽³⁾	Wal-Mart, Toys "R" Us

Jersey City	100.0%	100.0%		21.79	236,000	66,000	170,000	-		19,906	⁽³⁾	Lowe's, P.C. Richard & Son

Union (2445 Springfield Avenue)	100.0%	100.0%		17.85	232,000	232,000	-	-		27,974	⁽³⁾	The Home Depot

Middletown	100.0%	94.9%		14.79	231,000	179,000	52,000	-		17,054	⁽³⁾	Kohl's, Stop & Shop

Woodbridge	100.0%	100.0%		22.42	226,000	86,000	140,000	-		20,282	⁽³⁾	Wal-Mart

Marlton	100.0%	100.0%		13.94	213,000	209,000	4,000	-		16,947	⁽³⁾	Kohl's (4), ShopRite, PetSmart

North Plainfield	100.0%	88.3%		17.62	212,000	60,000	152,000	-		-		Costco, The Tile Shop

Bergen Town Center - East, Paramus	100.0%	93.6%		38.04	211,000	44,000	167,000	-		-		Lowe's, REI

Manalapan	100.0%	100.0%		16.58	208,000	206,000	2,000	-		20,659	⁽³⁾	Best Buy, Bed Bath & Beyond, Babies "R" Us,
												Modell's Sporting Goods, PetSmart

East Rutherford	100.0%	100.0%		34.43	197,000	42,000	155,000	-		13,342	⁽³⁾	Lowe's

Garfield	100.0%	100.0%		21.47	195,000	46,000	149,000	-		-		Wal-Mart, Marshalls

Morris Plains	100.0%	95.9%		20.71	177,000	176,000	1,000	-		20,982	⁽³⁾	Kohl's, ShopRite (7)

Dover	100.0%	94.0%		11.84	173,000	167,000	6,000	-		12,912	⁽³⁾	ShopRite, T.J. Maxx

Lodi (Route 17 North)	100.0%	100.0%		11.92	171,000	171,000	-	-		11,136	⁽³⁾	National Wholesale Liquidators

Watchung	100.0%	96.6%		25.93	170,000	54,000	116,000	-		14,795	⁽³⁾	BJ's Wholesale Club

Lawnside	100.0%	100.0%		14.11	145,000	142,000	3,000	-		10,491	⁽³⁾	The Home Depot, PetSmart

Hazlet	100.0%	100.0%		2.64	123,000	123,000	-	-		-		Stop & Shop (7)

Kearny	100.0%	100.0%		16.31	104,000	91,000	13,000	-		-		Marshalls, LA Fitness (lease not commenced)

- 49 -

RETAIL PROPERTIES SEGMENT
PROPERTY TABLE
			Weighted		Square Feet
			Average				In Service			Under Development
	%	%	Annual Rent		Total		Owned by	Owned By		or Not Available	Encumbrances
Property	Ownership	Occupancy	PSF (1)		Property		Company	Tenant (2)		for Lease	(in thousands)			Major Tenants
RETAIL PROPERTIES (Continued):
Turnersville	100.0%	96.3%	$	6.40	96,000		93,000	3,000		-	$	-		Haynes Furniture

Lodi (Washington Street)	100.0%	94.1%		19.82	85,000		85,000	-		-		-		Blink Fitness, Aldi

Carlstadt (ground leased through 2050)	100.0%	100.0%		21.63	78,000		78,000	-		-		-		Stop & Shop

Paramus (ground leased through 2033)	100.0%	100.0%		42.23	63,000		63,000	-		-		-		24 Hour Fitness

North Bergen (Kennedy Boulevard)	100.0%	100.0%		26.76	62,000		6,000	56,000		-		5,003	⁽³⁾	Food Basics

South Plainfield (ground leased through 2039)	100.0%	85.9%		22.04	56,000		56,000	-		-		5,030	⁽³⁾	Staples, Party City

Englewood	100.0%	73.6%		20.16	41,000		41,000	-		-		11,630		New York Sports Club

Eatontown	100.0%	73.7%		29.09	30,000		30,000	-		-		-		Petco

East Hanover (280 Route 10 West)	100.0%	94.0%		35.20	26,000		26,000	-		-		4,465	⁽³⁾	REI

Montclair	100.0%	100.0%		23.34	18,000		18,000	-		-		2,582	⁽³⁾	Whole Foods Market

Total New Jersey					6,984,000		4,321,000	2,320,000		343,000		524,577

New York:
Poughkeepsie	100.0%	86.2%		9.12	516,000		516,000	-		-		-		Kmart, Burlington Coat Factory, ShopRite, Hobby Lobby,
														Christmas Tree Shops, Bob's Discount Furniture

Bronx (Bruckner Boulevard)	100.0%	90.4%		21.18	501,000		387,000	114,000		-		-		Kmart, Toys "R" Us, Marshalls, Old Navy, Gap

Buffalo (Amherst)	100.0%	100.0%		9.84	311,000		242,000	69,000		-		-		BJ's Wholesale Club, T.J. Maxx, Home Goods,
														Toys "R" Us, LA Fitness

Huntington	100.0%	97.9%		14.80	328,000	⁽⁵⁾	209,000	119,000	⁽⁵⁾	-		16,355	⁽³⁾	The Home Depot (5), Kmart, Marshalls, Old Navy, Petco

Rochester	100.0%	100.0%		-	205,000		-	205,000		-		4,304	⁽³⁾	Wal-Mart

Mt. Kisco	100.0%	100.0%		22.56	189,000		72,000	117,000		-		27,856		Target, A&P

Freeport (437 East Sunrise Highway)	100.0%	100.0%		18.61	173,000		173,000	-		-		20,982	⁽³⁾	The Home Depot, Staples

Rochester (Henrietta)	100.0%	96.2%		3.81	165,000		158,000	7,000		-		-		Kohl's
(ground leased through 2056)

Staten Island	100.0%	88.2%		23.73	165,000		165,000	-		-		17,000		Western Beef, Planet Fitness

Albany (Menands)	100.0%	74.0%		9.00	140,000		140,000	-		-		-		Bank of America

New Hyde Park (ground and building	100.0%	100.0%		18.73	101,000		101,000	-		-		-		Stop & Shop
leased through 2029)

Inwood	100.0%	76.9%		18.91	100,000		100,000	-		-		-		Stop & Shop

West Babylon	100.0%	80.1%		17.28	79,000		79,000	-		-		-		Best Market, Rite Aid

- 50 -

RETAIL PROPERTIES SEGMENT
PROPERTY TABLE
			Weighted		Square Feet
			Average				In Service			Under Development
	%	%	Annual Rent		Total		Owned by	Owned By		or Not Available		Encumbrances
Property	Ownership	Occupancy	PSF (1)		Property		Company	Tenant (2)		for Lease		(in thousands)			Major Tenants
RETAIL PROPERTIES (Continued):
Bronx (1750-1780 Gun Hill Road)	100.0%	90.7%	$	32.63	77,000		77,000	-		-		$	-		Aldi, Planet Fitness

Queens	100.0%	83.5%		32.85	56,000		56,000	-		-			-		New York Sports Club, Devry

Commack	100.0%	100.0%		21.45	47,000		47,000	-		-			-		PetSmart, Ace Hardware
(ground and building leased through 2021)

Dewitt	100.0%	100.0%		20.46	46,000		46,000	-		-			-		Best Buy
(ground leased through 2041)

Freeport (240 West Sunrise Highway)	100.0%	100.0%		20.28	44,000		44,000	-		-			-		Bob's Discount Furniture
(ground and building leased through 2040)

Oceanside	100.0%	100.0%		27.83	16,000		16,000	-		-			-		Party City

Total New York					3,259,000		2,628,000	631,000		-			86,497

Pennsylvania:
Allentown	100.0%	90.3%		15.23	554,000	⁽⁵⁾	270,000	284,000	⁽⁵⁾	-			29,428	⁽³⁾	Wal-Mart (5), Burlington Coat Factory, Giant Food,
															Dick's Sporting Goods, T.J. Maxx, Petco

Wilkes-Barre (461 - 499 Mundy Street)	100.0%	91.7%		12.74	329,000	⁽⁵⁾	204,000	125,000	⁽⁵⁾	-			-		Target (5), Bob's Discount Furniture, Babies "R" Us,
															Ross Dress for Less, Marshalls, Petco

Lancaster	100.0%	82.1%		15.68	228,000		58,000	170,000		-			5,299	⁽³⁾	Lowe's, Sleepy's

Bensalem	100.0%	98.9%		11.57	185,000		177,000	8,000		-			14,606	⁽³⁾	Kohl's, Ross Dress for Less, Staples, Petco

Broomall	100.0%	100.0%		11.09	169,000		147,000	22,000		-			10,491	⁽³⁾	Giant Food (4), Planet Fitness, A.C. Moore, PetSmart

Bethlehem	100.0%	95.3%		7.30	167,000		164,000	3,000		-			5,487	⁽³⁾	Giant Food, Petco

York	100.0%	100.0%		9.49	111,000		111,000	-		-			5,111	⁽³⁾	Ashley Furniture, Tractor Supply Company, Petco, Aldi

Glenolden	100.0%	100.0%		25.84	102,000		10,000	92,000		-			6,725	⁽³⁾	Wal-Mart

Wilkes-Barre (645 Kidder Street)	100.0%	100.0%		6.53	81,000		41,000	-		40,000	*		-		Ollie's Bargain Outlet
(ground and building leased through 2014)

Wyomissing	100.0%	93.2%		15.56	76,000		76,000	-		-			-		LA Fitness, PetSmart
(ground and building leased through 2065)

Springfield	100.0%	100.0%		20.90	41,000		41,000	-		-			-		PetSmart
(ground and building leased through 2025)

Total Pennsylvania					2,043,000		1,299,000	704,000		40,000			77,147

- 51 -

RETAIL PROPERTIES SEGMENT
PROPERTY TABLE
			Weighted		Square Feet
			Average			In Service		Under Development
	%	%	Annual Rent		Total	Owned by	Owned By	or Not Available	Encumbrances
Property	Ownership	Occupancy	PSF (1)		Property	Company	Tenant (2)	for Lease	(in thousands)			Major Tenants
RETAIL PROPERTIES (Continued):
California:
Colton (1904 North Rancho Avenue)	100.0%	100.0%	$	4.44	73,000	73,000	-	-	$	-		Stater Brothers

San Francisco (2675 Geary Street)	100.0%	100.0%		50.34	55,000	55,000	-	-		-		Best Buy
(ground and building leased through 2043)

Signal Hill	100.0%	100.0%		24.08	45,000	45,000	-	-		-		Best Buy

Vallejo	100.0%	100.0%		17.51	45,000	45,000	-	-		-		Best Buy
(ground leased through 2043)

Riverside (5571 Mission Boulevard)	100.0%	100.0%		4.97	39,000	39,000	-	-		-		Stater Brothers

Walnut Creek (1149 South Main Street)	100.0%	100.0%		45.11	29,000	29,000	-	-		-		Barnes & Noble

Walnut Creek (Mt. Diablo)	95.0%	100.0%		70.00	7,000	7,000	-	-		-		Anthropologie

Total California					293,000	293,000	-	-		-

Massachusetts:
Chicopee	100.0%	100.0%		-	224,000	-	224,000	-		8,151	⁽³⁾	Wal-Mart

Springfield	100.0%	97.8%		16.39	182,000	33,000	149,000	-		5,622	⁽³⁾	Wal-Mart

Milford	100.0%	100.0%		9.01	83,000	83,000	-	-		-		Kohl's
(ground and building leased through 2019)

Cambridge	100.0%	100.0%		21.83	48,000	48,000	-	-		-		PetSmart, Modell's Sporting Goods
(ground and building leased through 2033)

Total Massachusetts					537,000	164,000	373,000	-		13,773

Maryland:
Baltimore (Towson)	100.0%	100.0%		16.28	155,000	155,000	-	-		15,333	⁽³⁾	Shoppers Food Warehouse, h.h.gregg, Staples,
												Home Goods, Golf Galaxy

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

Glen Burnie	100.0%	90.5%		10.56	121,000	65,000	56,000	-		-		Gavigan's Home Furnishings, Pep Boys

Rockville	100.0%	98.1%		23.92	94,000	94,000	-	-		-		Regal Cinemas

Wheaton	100.0%	100.0%		14.94	66,000	66,000	-	-		-		Best Buy
(ground leased through 2060)

Total Maryland					564,000	508,000	56,000	-		15,333

- 52 -

RETAIL PROPERTIES SEGMENT
PROPERTY TABLE
			Weighted		Square Feet
			Average			In Service		Under Development
	%	%	Annual Rent		Total	Owned by	Owned By	or Not Available	Encumbrances
Property	Ownership	Occupancy	PSF (1)		Property	Company	Tenant (2)	for Lease	(in thousands)			Major Tenants
RETAIL PROPERTIES (Continued):
Connecticut:
Newington	100.0%	100.0%	$	18.61	188,000	29,000	159,000	-	$	11,029	⁽³⁾	Wal-Mart, Staples

Waterbury	100.0%	68.8%		16.58	148,000	143,000	5,000	-		13,719	⁽³⁾	ShopRite

Total Connecticut					336,000	172,000	164,000	-		24,748

Michigan:
Roseville	100.0%	100.0%		5.56	119,000	119,000	-	-		-		JCPenney

Battle Creek	100.0%	-		-	47,000	47,000	-	-		-

Midland (ground leased through 2043)	100.0%	84.4%		9.21	31,000	31,000	-	-		-		PetSmart

Total Michigan					197,000	197,000	-	-		-

Virginia:
Norfolk	100.0%	100.0%		6.44	114,000	114,000	-	-		-		BJ's Wholesale Club
(ground and building leased through 2069)

Tyson's Corner	100.0%	100.0%		39.13	38,000	38,000	-	-		-		Best Buy
(ground and building leased through 2035)

Total Virginia					152,000	152,000	-	-		-

Illinois:
Lansing	100.0%	100.0%		10.00	47,000	47,000	-	-		-		Forman Mills

Arlington Heights	100.0%	100.0%		9.00	46,000	46,000	-	-		-		Value City Furniture
(ground and building leased through 2043)

Chicago	100.0%	100.0%		8.95	41,000	41,000	-	-		-
(ground and building leased through 2051)

Total Illinois					134,000	134,000	-	-		-

Texas:
San Antonio	100.0%	100.0%		10.63	43,000	43,000	-	-		-		Best Buy
(ground and building leased through 2041)

Ohio:
Springdale	100.0%	-		-	47,000	47,000	-	-		-
(ground and building leased through 2016)

Tennessee:
Antioch	100.0%	100.0%		7.66	45,000	45,000	-	-		-		Best Buy (7)

- 53 -

RETAIL PROPERTIES SEGMENT
PROPERTY TABLE
			Weighted		Square Feet
			Average			In Service		Under Development
	%	%	Annual Rent		Total	Owned by	Owned By	or Not Available	Encumbrances
Property	Ownership	Occupancy	PSF (1)		Property	Company	Tenant (2)	for Lease	(in thousands)		Major Tenants
RETAIL PROPERTIES (Continued):
South Carolina:
Charleston	100.0%	100.0%	$	14.19	45,000	45,000	-	-	$	-	Best Buy
(ground leased through 2063)

Wisconsin:
Fond Du Lac	100.0%	100.0%		7.83	43,000	43,000	-	-		-	PetSmart
(ground leased through 2073)

New Hampshire:
Salem	100.0%	100.0%		-	37,000	-	37,000	-		-	Babies "R" Us
(ground leased through 2102)

Kentucky:
Owensboro	100.0%	100.0%		7.66	32,000	32,000	-	-		-	Best Buy
(ground and building leased through 2046)

Iowa:
Dubuque	100.0%	100.0%		9.90	31,000	31,000	-	-		-	PetSmart
(ground leased through 2043)

Total Strip Shopping Centers		94.5%	$	16.42	14,822,000	10,154,000	4,285,000	383,000	$	742,075

Vornado's Ownership Interest		94.5%	$	16.42	14,396,000	10,154,000	3,859,000	383,000	$	742,075

REGIONAL MALLS:
Monmouth Mall, Eatontown, NJ	50.0%	92.5%	$	35.57	⁽⁶⁾	1,463,000	⁽⁵⁾	851,000	612,000	⁽⁵⁾	-	$	167,398	Macy's (5), JCPenney (5), Lord & Taylor, Boscov's,
														Loews Theatre, Barnes & Noble, Forever 21


Springfield Town Center, Springfield, VA	100.0%	100.0%		16.53	⁽⁶⁾	1,374,000	⁽⁵⁾	291,000	390,000	⁽⁵⁾	693,000		-	Macy's, JCPenney (5), Target (5)
														Dick's Sporting Goods (under development),
														Regal Cinema (under development),
														LA Fitness (under development),
														Hennes & Mauritz (under development),
														Forever 21 (under development)

Bergen Town Center - West, Paramus, NJ	100.0%	99.4%		43.68	⁽⁶⁾	952,000		921,000	31,000		-		300,000	Target, Century 21, Whole Foods Market, Marshalls,
														Nordstrom Rack, Saks Off 5th, Home Goods, Old Navy,
														Hennes & Mauritz, Neiman Marcus Last Call Studio,
														Bloomingdale's Outlet, Nike Factory Store

Montehiedra, Puerto Rico	100.0%	91.7%		36.04	⁽⁶⁾	542,000		542,000	-		-		120,000	The Home Depot, Kmart, Marshalls, Caribbean Theatres,
														Tiendas Capri, Nike Factory Store

Las Catalinas, Puerto Rico	100.0%	91.9%		55.59	⁽⁶⁾	494,000	⁽⁵⁾	355,000	139,000	⁽⁵⁾	-		130,000	Kmart, Sears (5)


Total Regional Malls		95.1%	$	41.34		4,825,000		2,960,000	1,172,000		693,000	$	717,398

Vornado's Ownership Interest		95.5%	$	42.66		3,337,000		2,535,000	109,000		693,000	$	633,699

- 54 -

RETAIL PROPERTIES SEGMENT

PROPERTY TABLE

Weighted

Square Feet

Average

In Service

Under Development

Annual Rent

Total

Owned by

Owned By

or Not Available

Encumbrances

Property

Ownership

Occupancy

PSF (1)

Property

Company

Tenant (2)

for Lease

(in thousands)

Major Tenants

Total Retail Properties

94.6%

19,647,000

13,114,000

5,457,000

1,076,000

1,459,473

Vornado's Ownership Interest

94.6%

17,733,000

12,689,000

3,968,000

1,076,000

1,375,774

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

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

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

(3) These encumbrances are cross-collateralized under a blanket mortgage in the amount of $610,589 as of September 30, 2014.

(4) The lease for these former Bradlees locations is guaranteed by Stop & Shop.

(5) Includes square footage of anchors who own the land and building.

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

(7) The tenant has ceased operations at these locations but continues to pay rent.

- 55 -

OTHER
PROPERTY TABLE
						Weighted		Square Feet
						Average				Under Development
		%		%		Annual Rent		Total		or Not Available	Encumbrances
Property		Ownership		Occupancy		PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
555 CALIFORNIA STREET:
555 California Street	70.0%		97.0%		$		63.35	1,504,000	1,504,000	-	$	600,000		Bank of America, Dodge & Cox, Goldman Sachs & Co.,
														Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,
														McKinsey & Company Inc., UBS Financial Services,
														KKR Financial, Microsoft Corporation,
														Fenwick & West LLP (lease not commenced)

315 Montgomery Street	70.0%		94.0%				48.53	231,000	231,000	-		-		Bank of America, Regus (lease not commenced)

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


Total 555 California Street			96.8%		$		62.64	1,799,000	1,799,000	-	$	600,000

Vornado's Ownership Interest			96.8%		$		62.64	1,259,000	1,259,000	-	$	420,000

The MART:
Illinois:
The Mart, Chicago		100.0%	96.6%	$	35.11	3,567,000	3,567,000	-	$	550,000	American Intercontinental University (AIU), Steelcase,
											Baker, Knapp & Tubbs, Motorola Mobility (guaranteed by Google),
											CCC Information Services, Ogilvy Group (WPP),
											Chicago Teachers Union, Publicis Groupe,
											Office of the Special Deputy Receiver, Holly Hunt Ltd.,
											Razorfish, 1871, The Mart Headquarters,
											Chicago School of Professional Psychology,
											Yelp Inc. (lease not commenced), Paypal, Inc.

Other		50.0%	100.0%		31.78	19,000	19,000	-		22,929

	Total Illinois		96.7%		35.10	3,586,000	3,586,000	-		572,929

Total The Mart			96.7%	$	35.10	3,586,000	3,586,000	-	$	572,929

Vornado's Ownership Interest			96.7%	$	35.10	3,577,000	3,577,000	-	$	561,464

WAREHOUSES:
NEW JERSEY
East Hanover - 5 Buildings	100.0%	45.6%	$	4.37	942,000	942,000	-	$	-	Foremost Groups Inc., Fidelity Paper & Supply Inc.,
										Consolidated Simon Distributors Inc., Givaudan Flavors Corp.,
										Meyer Distributing Inc.

Total Warehouses		45.6%	$	4.37	942,000	942,000	-	$	-

Vornado's Ownership Interest		45.6%	$	4.37	942,000	942,000	-	$	-


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

- 56 -

REAL ESTATE FUND
PROPERTY TABLE
			Weighted		Square Feet
			Average				Under Development
	Fund	%	Annual Rent		Total		or Not Available	Encumbrances
Property	Ownership %	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
VORNADO CAPITAL PARTNERS
REAL ESTATE FUND:
New York, NY:
Lucida, 86th Street and Lexington Avenue
(ground leased through 2082)										Barnes & Noble, Hennes & Mauritz,
- Retail	100.0%	100.0%	$	134.47	95,000	95,000	-			Sephora, Bank of America
- Residential	100.0%	100.0%		-	51,000	51,000	-
	100.0%	100.0%		-	146,000	146,000	-	$	146,000

11 East 68th Street Retail	100.0%	100.0%		750.29	11,000	8,000	3,000		-	Belstaff, Kent & Curwen

Crowne Plaza Times Square
- Hotel (795 Keys)
- Retail	38.2%	100.0%		348.52	14,000	14,000	-			Hershey
- Office	38.2%	100.0%		37.85	220,000	220,000	-			American Management Association
	38.2%	100.0%		56.44	234,000	234,000	-		250,450

501 Broadway	100.0%	100.0%		232.43	9,000	9,000	-		20,000	Capital One

Santa Monica, CA:
										Premier Office Centers LLC, Diversified Mercury Comm,
520 Broadway	100.0%	73.2%		51.92	112,000	112,000	-		30,000	Microsoft Corporation

Culver City, CA:
										Meredith Corp., West Publishing Corp., Symantec Corp.,
800 Corporate Pointe	100.0%	57.0%		33.98	243,000	243,000	-		60,094	Syska Hennessy Group, X Prize Foundation

Miami, FL:
1100 Lincoln Road	100.0%	99.6%		104.46	127,000	127,000	-		66,000	Regal Cinema, Anthropologie, Banana Republic


Total Real Estate Fund	83.6%	81.7%			882,000	879,000	3,000	$	572,544

Vornado's Ownership Interest	20.9%	81.7%			184,000	183,000	1,000	$	104,441



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

INDEX

		Page
Investor Information		2
2014 Business Developments		3 - 5
Common Shares Data		6
Financial Highlights		7
Funds From Operations		8 - 9
Funds Available for Distribution		10
Net Income / EBITDA (Consolidated and by Segment)		11 - 16
EBITDA by Segment and Region		17
Consolidated Balance Sheets		18
Capital Structure		19
Debt Analysis		20 - 22
Unconsolidated Joint Ventures		23 - 25
Square Footage		26
Top 30 Tenants		27
Lease Expirations		28 - 30
Leasing Activity		31 - 32
Occupancy, Same Store EBITDA and Residential Statistics		33
Capital Expenditures		34 - 38
Development Costs and Construction in Progress		39
Property Table		40 - 57

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this supplemental package. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K, as amended, for the year ended December 31, 2013.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of our Annual Report on Form 10-K, as amended, or Quarterly Report on Form 10-Q, as applicable, and this supplemental package.

INVESTOR INFORMATION

Key Employees:
Steven Roth	Chairman of the Board and Chief Executive Officer
Michael J. Franco	Executive Vice President - Co-Head of Acquisitions and Capital Markets
David R. Greenbaum	President - New York Division
Joseph Macnow	Executive Vice President - Finance and Chief Administrative Officer
Robert Minutoli	Executive Vice President - Retail Division
Mitchell N. Schear	President - Vornado / Charles E. Smith Washington, DC Division
Wendy Silverstein	Executive Vice President - Co-Head of Acquisitions and Capital Markets
Stephen W. Theriot	Chief Financial Officer
Jeffrey S. Olson	Chief Executive Officer of Vornado's Retail Spinoff Urban Edge Properties

RESEARCH COVERAGE - EQUITY

James Feldman / Scott Freitag		Michael Knott / John Bejjani	John W. Guinee / Erin T. Aslakson
Bank of America / Merrill Lynch		Green Street Advisors, Inc.	Stifel Nicolaus & Company
646-855-5808 / 646-855-3197		949-640-8780 / 949-640-8780	443-224-1307 / 443-224-1350

Ross Smotrich / Charles Croson		Steve Sakwa / Gabriel Hilmoe	Michael Lewis
Barclays Capital		ISI Group	SunTrust Robinson Humphrey
212-526-2306 / 212-526-7146		212-446-9462 / 212-446-9459	212-319-5659

Michael Bilerman / Emmanuel Korchman		Anthony Paolone	Ross T. Nussbaum / Nick Yulico
Citigroup Global Markets		JP Morgan	UBS
212-816-1383 / 212-816-1382		212-622-6682	212-713-2484 / 212-713-3402

Vincent Chao / Venkat Kommineni		Vance H. Edelson
Deutsche Bank		Morgan Stanley
212-250-6799 / 212-250-6090		212-761-0078

Brad K. Burke		Alexander Goldfarb / Andrew Schaffer
Goldman Sachs		Sandler O'Neill & Partners
917-343-2082		212-466-7937 / 212-466-8062

RESEARCH COVERAGE - DEBT

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

Danish Agboatwala		Ron Perrotta
Barclays Capital		Goldman Sachs
212-412-2573		212-902-7885

Thomas Cook		Mark Streeter
Citigroup Global Markets		JP Morgan
212-723-1112		212-834-5086

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

EBITDA BY SEGMENT AND REGION
(unaudited)

The following tables set forth the percentages of EBITDA, by operating segment and by geographic region (excluding discontinued operations, other gains and losses that affect comparability and our Toys and Other Segments).



		Three Months Ended September 30,		Nine Months Ended September 30,
		2014	2013	2014	2013

Segment
	New York	64%	64%	64%	63%
	Washington, DC	22%	22%	22%	23%
	Retail Properties	14%	14%	14%	14%
		100%	100%	100%	100%

Region
	New York City metropolitan area	75%	74%	74%	73%
	Washington, DC / Northern Virginia metropolitan area	22%	23%	23%	24%
	Puerto Rico	1%	1%	2%	2%
	Other geographies	2%	2%	1%	1%
		100%	100%	100%	100%

2014 BUSINESS DEVELOPMENTS

2014 BUSINESS DEVELOPMENTS

2014 BUSINESS DEVELOPMENTS