Exhibit



INDEX
	Page

BUSINESS DEVELOPMENTS	3	-	4

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

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

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

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

UNCONSOLIDATED JOINT VENTURES
Summary of Ownership and Share of Debt/Maturities	25	-	27

DEVELOPMENT ACTIVITY AND CAPITAL EXPENDITURES
Development/Redevelopment Summary	28
Capital Expenditures	29	-	33

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

EXECUTIVE OFFICERS AND RESEARCH COVERAGE	48

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

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost and cost to complete; and estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2017. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of our Annual Report on Form 10-K, or Quarterly Report on Form 10-Q, as applicable, and this supplemental package.



FINANCIAL HIGHLIGHTS
(unaudited and in thousands, except per share amounts)
	For the Three Months Ended											For the Six Months Ended June 30,
	June 30,							March 31, 2018				For the Six Months Ended June 30,
	2018				2017			March 31, 2018				2018				2017
Total revenues	$	541,818			$	511,087		$	536,437			$	1,078,255			$	1,019,145

Net income (loss) attributable to common shareholders	$	111,534			$	115,972		$	(17,841	)		$	93,693			$	163,724
Per common share:
Basic	$	0.59			$	0.61		$	(0.09	)		$	0.49			$	0.86
Diluted	$	0.58			$	0.61		$	(0.09	)		$	0.49			$	0.86

Net income attributable to common shareholders, as adjusted (non-GAAP)	$	69,653			$	67,372		$	56,424			$	126,077			$	113,512
Per diluted share (non-GAAP)	$	0.36			$	0.35		$	0.30			$	0.66			$	0.60

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	187,412			$	180,544		$	173,785			$	361,377			$	339,414
Per diluted share (non-GAAP)	$	0.98			$	0.95		$	0.91			$	1.89			$	1.78

FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	209,680			$	257,673		$	102,479			$	312,339			$	463,422
FFO - Operating Partnership Basis ("OP Basis") (non-GAAP)	$	223,851			$	274,735		$	109,418			$	333,270			$	494,230
Per diluted share (non-GAAP)	$	1.10			$	1.35		$	0.54			$	1.63			$	2.43

Dividends per common share	$	0.63		⁽¹⁾	$	0.71		$	0.63		⁽¹⁾	$	1.26		⁽¹⁾	$	1.42

FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)	64.3		%		74.7		%	69.2		%		66.7		%		79.8		%
FAD payout ratio	94.0		%		87.7		%	90.0		%		92.6		%		91.6		%

Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share (REIT basis)	191,168				190,444			191,057				191,228				190,450
Convertible units:
Class A	11,864				11,732			11,848				11,856				11,684
D-13	680				491			678				684				470
G1-G4	54				42			58				54				42
Equity awards - unit equivalents	322				446			353				221				542
Weighted average shares used in determining FFO attributable to Class A unitholders plus assumed conversions per diluted share (OP Basis)	204,088				203,155			203,994				204,043				203,188

______________



CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS
(unaudited and in thousands)
	Three Months Ended
	June 30,									March 31, 2018
	2018			2017			Inc (Dec)			March 31, 2018
Property rentals	$	431,377		$	406,025		$	25,352		$	422,099
Straight-lining of rents	2,692			10,030			(7,338		)	7,430
Amortization of acquired below-market leases, net	10,526			12,588			(2,062		)	10,581
Total property rentals	444,595			428,643			15,952			440,110
Tenant expense reimbursements	58,312			51,657			6,655			60,310
Fee and other income:
BMS cleaning fees	30,867			24,425			6,442			28,355
Management and leasing fees	2,707			2,777			(70		)	2,764
Lease termination fees	804			1,106			(302		)	345
Other income	4,533			2,479			2,054			4,553
Total revenues	541,818			511,087			30,731			536,437
Operating expenses	235,981			215,700			20,281			237,602
Depreciation and amortization	111,846			105,123			6,723			108,686
General and administrative	34,427			35,405			(978		)	42,533
Expense (income) from deferred compensation plan liability	2,077			789			1,288			(404		)
Transaction related costs and other	1,017			260			757			13,156
Total expenses	385,348			357,277			28,071			401,573
Operating income	156,470			153,810			2,660			134,864
Income (loss) from partially owned entities	8,757			46,021			(37,264		)	(9,904		)
(Loss) income from real estate fund investments	(28,976		)	4,391			(33,367		)	(8,807		)
Interest and other investment income (loss), net	30,892			8,541			22,351			(24,384		)
Income (loss) from deferred compensation plan assets	2,077			789			1,288			(404		)
Interest and debt expense	(87,657		)	(84,789		)	(2,868		)	(88,166		)
Net gains on disposition of wholly owned and partially owned assets	23,559			—			23,559			—
Income before income taxes	105,122			128,763			(23,641		)	3,199
Income tax (expense) benefit	(467		)	610			(1,077		)	(2,554		)
Income from continuing operations	104,655			129,373			(24,718		)	645
Income (loss) from discontinued operations	683			18,111			(17,428		)	(363		)
Net income	105,338			147,484			(42,146		)	282
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	26,175			(7,677		)	33,852			8,274
Operating Partnership	(7,445		)	(7,706		)	261			1,124
Net income attributable to Vornado	124,068			132,101			(8,033		)	9,680
Preferred share dividends	(12,534		)	(16,129		)	3,595			(13,035		)
Preferred share issuance costs	—			—			—			(14,486		)
Net income (loss) attributable to common shareholders	$	111,534		$	115,972		$	(4,438	)	$	(17,841	)

Capitalized expenditures:
Leasing payroll	$	1,358		$	1,241		$	117		$	1,348
Development payroll	$	3,249		$	1,667		$	1,582		$	1,709
Interest and debt expense	$	16,754		$	11,580		$	5,174		$	14,726



CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
(unaudited and in thousands)
	Six Months Ended June 30,
	2018			2017			Inc (Dec)
Property rentals	$	853,476		$	797,945		$	55,531
Straight-lining of rents	10,122			21,886			(11,764		)
Amortization of acquired below-market leases, net	21,107			23,704			(2,597		)
Total property rentals	884,705			843,535			41,170
Tenant expense reimbursements	118,622			110,690			7,932
Fee and other income:
BMS cleaning fees	59,222			49,496			9,726
Management and leasing fees	5,471			5,052			419
Lease termination fees	1,149			4,956			(3,807		)
Other income	9,086			5,416			3,670
Total revenues	1,078,255			1,019,145			59,110
Operating expenses	473,583			436,359			37,224
Depreciation and amortization	220,532			210,251			10,281
General and administrative	76,960			81,580			(4,620		)
Expense from deferred compensation plan liability	1,673			3,258			(1,585		)
Transaction related costs and other	14,173			1,012			13,161
Total expenses	786,921			732,460			54,461
Operating income	291,334			286,685			4,649
(Loss) income from partially owned entities	(1,147		)	47,379			(48,526		)
(Loss) income from real estate fund investments	(37,783		)	4,659			(42,442		)
Interest and other investment income, net	6,508			15,236			(8,728		)
Income from deferred compensation plan assets	1,673			3,258			(1,585		)
Interest and debt expense	(175,823		)	(167,513		)	(8,310		)
Net gains on disposition of wholly owned and partially owned assets	23,559			501			23,058
Income before income taxes	108,321			190,205			(81,884		)
Income tax expense	(3,021		)	(2,303		)	(718		)
Income from continuing operations	105,300			187,902			(82,602		)
Income from discontinued operations	320			33,429			(33,109		)
Net income	105,620			221,331			(115,711		)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	34,449			(14,414		)	48,863
Operating Partnership	(6,321		)	(10,935		)	4,614
Net income attributable to Vornado	133,748			195,982			(62,234		)
Preferred share dividends	(25,569		)	(32,258		)	6,689
Preferred share issuance costs	(14,486		)	—			(14,486		)
Net income attributable to common shareholders	$	93,693		$	163,724		$	(70,031	)

Capitalized expenditures:
Leasing payroll	$	2,706		$	2,214		$	492
Development payroll	$	4,958		$	2,839		$	2,119
Interest and debt expense	$	31,481		$	22,395		$	9,086



	Three Months Ended June 30, 2018
	Total			New York			Other
Property rentals	$	431,377		$	357,528		$	73,849
Straight-lining of rents	2,692			2,410			282
Amortization of acquired below-market leases, net	10,526			10,228			298
Total property rentals	444,595			370,166			74,429
Tenant expense reimbursements	58,312			50,750			7,562
Fee and other income:
BMS cleaning fees	30,867			33,407			(2,540		)
Management and leasing fees	2,707			2,464			243
Lease termination fees	804			400			404
Other income	4,533			1,365			3,168
Total revenues	541,818			458,552			83,266
Operating expenses	235,981			200,903			35,078
Depreciation and amortization	111,846			89,610			22,236
General and administrative	34,427			10,133			24,294
Expense from deferred compensation plan liability	2,077			—			2,077
Transaction related costs and other	1,017			—			1,017
Total expenses	385,348			300,646			84,702
Operating income (loss)	156,470			157,906			(1,436		)
Income from partially owned entities	8,757			8,231			526
Loss from real estate fund investments	(28,976		)	—			(28,976		)
Interest and other investment income, net	30,892			1,763			29,129
Income from deferred compensation plan assets	2,077			—			2,077
Interest and debt expense	(87,657		)	(61,413		)	(26,244		)
Net gains on disposition of wholly owned and partially owned assets	23,559			23,559			—
Income (loss) before income taxes	105,122			130,046			(24,924		)
Income tax (expense) benefit	(467		)	(973		)	506
Income (loss) from continuing operations	104,655			129,073			(24,418		)
Income from discontinued operations	683			—			683
Net income (loss)	105,338			129,073			(23,735		)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	26,175			(2,464		)	28,639
Operating Partnership	(7,445		)	—			(7,445		)
Net income (loss) attributable to Vornado	124,068			126,609			(2,541		)
Preferred share dividends	(12,534		)	—			(12,534		)
Net income (loss) attributable to common shareholders for the three months ended June 30, 2018	$	111,534		$	126,609		$	(15,075	)
Net income attributable to common shareholders for the three months ended June 30, 2017	$	115,972		$	104,032		$	11,940



	Six Months Ended June 30, 2018
	Total			New York			Other
Property rentals	$	853,476		$	700,573		$	152,903
Straight-lining of rents	10,122			8,429			1,693
Amortization of acquired below-market leases, net	21,107			20,510			597
Total property rentals	884,705			729,512			155,193
Tenant expense reimbursements	118,622			105,240			13,382
Fee and other income:
BMS cleaning fees	59,222			63,560			(4,338		)
Management and leasing fees	5,471			4,945			526
Lease termination fees	1,149			708			441
Other income	9,086			3,071			6,015
Total revenues	1,078,255			907,036			171,219
Operating expenses	473,583			398,819			74,764
Depreciation and amortization	220,532			176,760			43,772
General and administrative	76,960			21,249			55,711
Expense from deferred compensation plan liability	1,673			—			1,673
Transaction related costs and other	14,173			13,103			1,070
Total expenses	786,921			609,931			176,990
Operating income (loss)	291,334			297,105			(5,771		)
(Loss) income from partially owned entities	(1,147		)	1,293			(2,440		)
Loss from real estate fund investments	(37,783		)	—			(37,783		)
Interest and other investment income, net	6,508			3,021			3,487
Income from deferred compensation plan assets	1,673			—			1,673
Interest and debt expense	(175,823		)	(123,622		)	(52,201		)
Net gains on disposition of wholly owned and partially owned assets	23,559			23,559			—
Income (loss) before income taxes	108,321			201,356			(93,035		)
Income tax expense	(3,021		)	(2,014		)	(1,007		)
Income (loss) from continuing operations	105,300			199,342			(94,042		)
Income from discontinued operations	320			—			320
Net income (loss)	105,620			199,342			(93,722		)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	34,449			1,205			33,244
Operating Partnership	(6,321		)	—			(6,321		)
Net income (loss) attributable to Vornado	133,748			200,547			(66,799		)
Preferred share dividends	(25,569		)	—			(25,569		)
Preferred share issuance costs	(14,486		)	—			(14,486		)
Net income (loss) attributable to common shareholders for the six months ended June 30, 2018	$	93,693		$	200,547		$	(106,854	)
Net income (loss) attributable to common shareholders for the six months ended June 30, 2017	$	163,724		$	198,052		$	(34,328	)

NET OPERATING INCOME AT SHARE BY SEGMENT

(unaudited and in thousands)



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



	For the Three Months Ended June 30, 2017
	Total			New York			Other
Total revenues	$	511,087		$	436,862		$	74,225
Operating expenses	215,700			185,712			29,988
NOI - consolidated	295,387			251,150			44,237
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,269		)	(11,348		)	(4,921		)
Add: Our share of NOI from partially owned entities	67,016			46,386			20,630
NOI at share	346,134			286,188			59,946
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(22,475		)	(18,297		)	(4,178		)
NOI at share - cash basis	$	323,659		$	267,891		$	55,768



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



	For the Six Months Ended June 30, 2018
	Total			New York			Other
Total revenues	$	1,078,255		$	907,036		$	171,219
Operating expenses	473,583			398,819			74,764
NOI - consolidated	604,672			508,217			96,455
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(34,472		)	(23,305		)	(11,167		)
Add: Our share of NOI from partially owned entities	133,265			99,551			33,714
NOI at share	703,465			584,463			119,002
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(30,429		)	(30,036		)	(393		)
NOI at share - cash basis	$	673,036		$	554,427		$	118,609



	For the Six Months Ended June 30, 2017
	Total			New York			Other
Total revenues	$	1,019,145		$	863,101		$	156,044
Operating expenses	436,359			368,819			67,540
NOI - consolidated	582,786			494,282			88,504
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(32,607		)	(22,787		)	(9,820		)
Add: Our share of NOI from partially owned entities	133,113			91,848			41,265
NOI at share	683,292			563,343			119,949
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(42,956		)	(36,669		)	(6,287		)
NOI at share - cash basis	$	640,336		$	526,674		$	113,662

NET OPERATING INCOME AT SHARE BY SUBSEGMENT

(unaudited and in thousands)



	For the Three Months Ended							For the Six Months Ended June 30,
	June 30,				March 31, 2018			For the Six Months Ended June 30,
	2018		2017		March 31, 2018			2018		2017
NOI at share:
New York:
Office	$	184,867	$	171,809	$	187,156		$	372,023	$	346,533
Retail	87,109		89,955		87,909			175,018		179,003
Residential	6,338		6,191		6,141			12,479		12,469
Alexander's	11,909		11,966		11,575			23,484		23,709
Hotel Pennsylvania	5,644		6,267		(4,185		)	1,459		1,629
Total New York	295,867		286,188		288,596			584,463		563,343

Other:
theMART	27,816		26,182		26,875			54,691		52,071
555 California Street	13,660		12,032		13,511			27,171		24,066
Other investments	17,086		21,732		20,054			37,140		43,812
Total Other	58,562		59,946		60,440			119,002		119,949

Total NOI at share	$	354,429	$	346,134	$	349,036		$	703,465	$	683,292



NOI at share - cash basis:
New York:
Office	$	180,710	$	163,972	$	178,199		$	358,909	$	330,311
Retail	79,139		79,967		79,589			158,728		159,386
Residential	5,463		5,342		5,599			11,062		10,884
Alexander's	12,098		12,311		12,039			24,137		24,399
Hotel Pennsylvania	5,744		6,299		(4,153		)	1,591		1,694
Total New York	283,154		267,891		271,273			554,427		526,674

Other:
theMART	27,999		24,897		27,079			55,078		49,429
555 California Street	13,808		11,151		12,826			26,634		22,476
Other investments	16,987		19,720		19,910			36,897		41,757
Total Other	58,794		55,768		59,815			118,609		113,662

Total NOI at share - cash basis	$	341,948	$	323,659	$	331,088		$	673,036	$	640,336



		Total		New York⁽²⁾		theMART		555 California Street
Same store NOI at share % increase⁽¹⁾:
	Three months ended June 30, 2018 compared to June 30, 2017	4.7	%	4.2	%	5.2	%	13.5	%
	Six months ended June 30, 2018 compared to June 30, 2017	4.5	%	4.1	%	4.3	%	12.9	%
	Three months ended June 30, 2018 compared to March 31, 2018	3.2	%	3.3	%	3.4	%	1.1	%

Same store NOI at share - cash basis % increase⁽¹⁾:
	Three months ended June 30, 2018 compared to June 30, 2017	7.0	%	5.9	%	10.8	%	23.8	%
	Six months ended June 30, 2018 compared to June 30, 2017	6.7	%	5.8	%	10.4	%	18.5	%
	Three months ended June 30, 2018 compared to March 31, 2018	4.6	%	4.6	%	2.9	%	7.7	%



(1)	See pages viii through xiii in the Appendix for same store NOI at share and same store NOI at share - cash basis reconciliations.
		Increase (Decrease)
(2)	Excluding Hotel Pennsylvania - New York same store NOI at share % increase (decrease):
	Three months ended June 30, 2018 compared to June 30, 2017	4.6	%
	Six months ended June 30, 2018 compared to June 30, 2017	4.2	%
	Three months ended June 30, 2018 compared to March 31, 2018	(0.3	)%

	Excluding Hotel Pennsylvania - New York same store NOI at share - cash basis % increase:
	Three months ended June 30, 2018 compared to June 30, 2017	6.3	%
	Six months ended June 30, 2018 compared to June 30, 2017	5.8	%
	Three months ended June 30, 2018 compared to March 31, 2018	0.7	%



CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands)
	As of						Increase (Decrease)
	June 30, 2018			December 31, 2017			Increase (Decrease)
ASSETS
Real estate, at cost:
Land	$	3,175,830		$	3,143,648		$	32,182
Buildings and improvements	9,969,190			9,898,605			70,585
Development costs and construction in progress	1,797,301			1,615,101			182,200
Leasehold improvements and equipment	105,625			98,941			6,684
Total	15,047,946			14,756,295			291,651
Less accumulated depreciation and amortization	(3,035,523		)	(2,885,283		)	(150,240		)
Real estate, net	12,012,423			11,871,012			141,411
Cash and cash equivalents	1,090,791			1,817,655			(726,864		)
Restricted cash	121,168			97,157			24,011
Marketable securities	165,650			182,752			(17,102		)
Tenant and other receivables, net	65,773			58,700			7,073
Investments in partially owned entities	959,801			1,056,829			(97,028		)
Real estate fund investments	373,039			354,804			18,235
Receivable arising from the straight-lining of rents, net	936,614			926,711			9,903
Deferred leasing costs, net	443,859			403,492			40,367
Identified intangible assets, net	146,370			159,260			(12,890		)
Assets related to discontinued operations	52			1,357			(1,305		)
Other assets	550,543			468,205			82,338
Total Assets	$	16,866,083		$	17,397,934		$	(531,851	)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	8,108,618		$	8,137,139		$	(28,521	)
Senior unsecured notes, net	843,417			843,614			(197		)
Unsecured term loan, net	749,494			748,734			760
Unsecured revolving credit facilities	80,000			—			80,000
Accounts payable and accrued expenses	394,079			415,794			(21,715		)
Deferred revenue	187,934			227,069			(39,135		)
Deferred compensation plan	100,368			109,177			(8,809		)
Liabilities related to discontinued operations	214			3,620			(3,406		)
Preferred shares redeemed on January 4 and 11, 2018	—			455,514			(455,514		)
Other liabilities	520,331			464,635			55,696
Total liabilities	10,984,455			11,405,296			(420,841		)
Redeemable noncontrolling interests	938,041			984,937			(46,896		)
Vornado shareholders' equity	4,281,875			4,337,652			(55,777		)
Noncontrolling interests in consolidated subsidiaries	661,712			670,049			(8,337		)
Total Liabilities, Redeemable Noncontrolling Interests and Equity	$	16,866,083		$	17,397,934		$	(531,851	)



(square feet in thousands)	New York									555 California Street
	Office			Retail			theMART			555 California Street
Three Months Ended June 30, 2018
Total square feet leased	611			49			50			—
Our share of square feet leased:	545			44			50			—
Initial rent⁽¹⁾	$	88.28		$	165.98		$	51.66		$	—
Weighted average lease term (years)	10.5			5.9			5.4			—
Second generation relet space:
Square feet	502			38			50			—
GAAP basis:
Straight-line rent⁽²⁾	$	94.89		$	153.04		$	51.26		$	—
Prior straight-line rent	$	67.17		$	137.19		$	46.86		$	—
Percentage increase	41.3		%	11.6		%	9.4		%	—		%
Cash basis (non-GAAP):
Initial rent⁽¹⁾	$	89.59		$	145.58		$	51.66		$	—
Prior escalated rent	$	69.80		$	133.90		$	50.83		$	—
Percentage increase	28.4		%	8.7		%	1.6		%	—		%
Tenant improvements and leasing commissions:
Per square foot	$	101.10		$	110.51		$	8.35		$	—
Per square foot per annum	$	9.63		$	18.73		$	1.55		$	—
Percentage of initial rent	10.9		%	11.3		%	3.0		%	—		%



(square feet in thousands)	New York											555 California Street
	Office				Retail				theMART			555 California Street
Six Months Ended June 30, 2018
Total square feet leased	1,036				126				169			89
Our share of square feet leased:	903				120				169			62
Initial rent⁽¹⁾	$	85.81			$	195.29			$	50.77		$	85.89
Weighted average lease term (years)	10.5				5.0				5.6			7.1
Second generation relet space:
Square feet	787				114				163			30
GAAP basis:
Straight-line rent⁽²⁾	$	91.34			$	199.25			$	51.14		$	99.34
Prior straight-line rent	$	61.81			$	214.76			$	40.30		$	71.29
Percentage increase (decrease)	47.8		%	⁽³⁾	(7.2		)%	⁽⁴⁾	26.9		%	39.3		%
Cash basis (non-GAAP):
Initial rent⁽¹⁾	$	87.55			$	190.03			$	50.73		$	96.68
Prior escalated rent	$	64.75			$	221.94			$	42.83		$	82.61
Percentage increase (decrease)	35.2		%	⁽³⁾	(14.4		)%	⁽⁴⁾	18.4		%	17.0		%
Tenant improvements and leasing commissions:
Per square foot	$	99.87			$	80.44			$	19.29		$	82.65
Per square foot per annum	$	9.51			$	16.09			$	3.44		$	11.64
Percentage of initial rent	11.1		%		8.2		%		6.8		%	13.6		%



LEASE EXPIRATIONS NEW YORK SEGMENT
(unaudited)
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases⁽¹⁾	Weighted Average Annual Rent of Expiring Leases				Percentage of Annualized Escalated Rent
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases⁽¹⁾	Total		Per Sq. Ft.		Percentage of Annualized Escalated Rent
Office:	Month to Month	10,000	$	313,000	$	31.30	—	%

	Third Quarter 2018	72,000	6,477,000		89.96		0.6	%
	Fourth Quarter 2018	325,000	26,086,000		80.26		2.3	%
	Total 2018	397,000	32,563,000		82.02		2.9	%
	First Quarter 2019	226,000	13,173,000		58.29		1.1	%
	Second Quarter 2019	182,000	11,964,000		65.74		1.0	%
	Remaining 2019	349,000	22,973,000		65.83		2.0	%
	2020	1,336,000	93,890,000		70.28		8.1	%
	2021	1,184,000	90,523,000		76.46		7.8	%
	2022	698,000	45,860,000		65.70		4.0	%
	2023	1,943,000	155,746,000		80.16		13.4	%
	2024	1,370,000	107,966,000		78.81		9.3	%
	2025	816,000	61,158,000		74.95		5.3	%
	2026	1,182,000	90,609,000		76.66		7.8	%
	2027	1,101,000	78,389,000		71.20		6.8	%
	2028	952,000	66,505,000		69.86		5.7	%
	Thereafter	4,372,000	287,229,000		65.70		24.8	%

Retail:	Month to Month	55,000	$	4,078,000	$	74.15	0.9	%

	Third Quarter 2018	26,000	11,185,000		430.19		2.5	%
	Fourth Quarter 2018	9,000	1,718,000		190.89		0.4	%
	Total 2018	35,000	12,903,000		368.66		2.9	%
	First Quarter 2019	48,000	14,200,000		295.83		3.1	%
	Second Quarter 2019	85,000	7,284,000		85.69		1.6	%
	Remaining 2019	65,000	16,983,000		261.28		3.7	%
	2020	82,000	12,214,000		148.95		2.7	%
	2021	58,000	9,670,000		166.72		2.1	%
	2022	32,000	7,427,000		232.09		1.6	%
	2023	107,000	43,623,000		407.69		9.6	%
	2024	210,000	74,501,000		354.77		16.3	%
	2025	41,000	18,094,000		441.32		4.0	%
	2026	129,000	43,472,000		336.99		9.5	%
	2027	31,000	21,831,000		704.23		4.8	%
	2028	43,000	17,455,000		405.93		3.8	%
	Thereafter	885,000	152,472,000		172.28		33.4	%



LEASE EXPIRATIONS theMART
(unaudited)
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases⁽¹⁾	Weighted Average Annual Rent of Expiring Leases				Percentage of Annualized Escalated Rent
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases⁽¹⁾	Total		Per Sq. Ft.		Percentage of Annualized Escalated Rent
Office / Showroom / Retail:	Month to Month	6,000	$	375,000	$	62.50	0.2	%

	Third Quarter 2018	154,000	5,194,000		33.73		3.4	%
	Fourth Quarter 2018	49,000	2,274,000		46.41		1.5	%
	Total 2018	203,000	7,468,000		36.79		4.9	%
	First Quarter 2019	56,000	2,980,000		53.21		1.9	%
	Second Quarter 2019	15,000	830,000		55.33		0.5	%
	Remaining 2019	73,000	3,581,000		49.05		2.3	%
	2020	290,000	12,937,000		44.61		8.5	%
	2021	350,000	14,971,000		42.77		9.7	%
	2022	666,000	28,759,000		43.18		18.7	%
	2023	289,000	13,264,000		45.90		8.6	%
	2024	224,000	9,251,000		41.30		6.0	%
	2025	337,000	15,534,000		46.09		10.1	%
	2026	189,000	8,456,000		44.74		5.5	%
	2027	108,000	4,829,000		44.71		3.1	%
	2028	631,000	24,066,000		38.14		15.6	%
	Thereafter	168,000	6,807,000		40.52		4.4	%



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

	Third Quarter 2018	2,000	148,000		74.00		0.2	%
	Fourth Quarter 2018	—	—		—		—	%
	Total 2018	2,000	148,000		74.00		0.2	%
	First Quarter 2019	—	—		—		—	%
	Second Quarter 2019	—	—		—		—	%
	Remaining 2019	40,000	3,343,000		83.58		3.9	%
	2020	101,000	6,350,000		62.87		7.3	%
	2021	76,000	5,255,000		69.14		6.1	%
	2022	37,000	2,817,000		76.14		3.3	%
	2023	132,000	9,078,000		68.77		10.5	%
	2024	59,000	5,086,000		86.20		5.9	%
	2025	343,000	23,493,000		68.49		27.2	%
	2026	138,000	10,381,000		75.22		12.0	%
	2027	65,000	5,298,000		81.51		6.1	%
	2028	20,000	1,432,000		71.60		1.7	%
	Thereafter	145,000	13,635,000		94.03		15.8	%



CAPITAL STRUCTURE
(unaudited and in thousands, except per share and unit amounts)
				June 30, 2018
Debt (contractual balances) (non-GAAP):
Consolidated debt ⁽¹⁾:
Mortgages payable				$	8,164,473
Senior unsecured notes				850,000
$750 Million unsecured term loan				750,000
$2.5 Billion unsecured revolving credit facilities				80,000
				9,844,473
Pro rata share of debt of non-consolidated entities⁽²⁾				3,503,667
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas, 555 California Street, and St. Regis - retail)				(603,619		)
				12,744,521

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

	Converted Shares	June 30, 2018 Common Share Price
Equity:
Common shares	190,238	$	73.92	14,062,393
Class A units	11,862	73.92		876,839
Convertible share equivalents:
Equity awards - unit equivalents	754	73.92		55,736
D-13 preferred units	632	73.92		46,717
G1-G4 units	53	73.92		3,918
Series A preferred shares	38	73.92		2,809
				15,048,412
Total Market Capitalization				$	28,717,861



COMMON SHARES DATA (NYSE: VNO)
(unaudited)

Vornado Realty Trust common shares are traded on the New York Stock Exchange ("NYSE") under the symbol VNO. Below is a summary of performance and dividends for VNO common shares (based on NYSE prices):

	Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017			Third Quarter 2017
High price	$	74.28		$	78.31		$	80.30		$	97.25
Low price	$	64.53		$	64.13		$	71.90		$	72.77
Closing price - end of quarter	$	73.92		$	67.30		$	78.18		$	76.88

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

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

Outstanding shares, Class A units and convertible preferred units as converted, excluding stock options (in thousands)		203,577			203,613			203,198			203,138

Closing market value of outstanding shares, Class A units and convertible preferred units as converted, excluding stock options	$	15.0 Billion		$	13.7 Billion		$	15.9 Billion		$	15.6 Billion



DEBT ANALYSIS
(unaudited and in thousands)
	As of June 30, 2018
	Total				Variable				Fixed
(Contractual debt balances) (non-GAAP)	Amount			Weighted Average Interest Rate	Amount			Weighted Average Interest Rate	Amount			Weighted Average Interest Rate
Consolidated debt⁽¹⁾	$	9,844,473		3.68%	$	3,985,262		3.75%	$	5,859,211		3.63%
Pro rata share of debt of non-consolidated entities⁽²⁾	3,503,667			4.48%	1,422,776			3.86%	2,080,891			4.90%
Total	13,348,140			3.89%	5,408,038			3.78%	7,940,102			3.96%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas, 555 California Street, and St. Regis - retail)	(603,619		)		(149,380		)		(454,239		)
Company's pro rata share of total debt	$	12,744,521		3.88%	$	5,258,658		3.77%	$	7,485,863		3.96%



Debt Covenant Ratios:⁽³⁾	Senior Unsecured Notes			Unsecured Revolving Credit Facilities and Unsecured Term Loan
		Actual
	Required	Due 2022	Due 2025	Required	Actual
Total outstanding debt/total assets⁽⁴⁾	Less than 65%	50%	47%	Less than 60%	39%
Secured debt/total assets	Less than 50%	40%	38%	Less than 50%	31%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50	2.67	2.67		N/A
Fixed charge coverage		N/A	N/A	Greater than 1.40	2.38
Unencumbered assets/unsecured debt	Greater than 150%	401%	423%		N/A
Unsecured debt/cap value of unencumbered assets		N/A	N/A	Less than 60%	20%
Unencumbered coverage ratio		N/A	N/A	Greater than 1.50	7.55



Unencumbered EBITDA (non-GAAP):	Q2 2018
	Annualized
New York	$	451,968
Other	34,384
Total	$	486,352



DEBT MATURITIES (CONTRACTUAL BALANCES) (NON-GAAP)
(unaudited and in thousands)
Property	Maturity Date ⁽¹⁾	Spread over LIBOR	Interest Rate		2018			2019			2020			2021			2022			Thereafter			Total
435 Seventh Avenue - retail	08/19	L+225	4.34%		$	—		$	96,291		$	—		$	—		$	—		$	—		$	96,291
4 Union Square South - retail	11/19	L+215	4.13%		—			112,971			—			—			—			—			112,971
150 West 34th Street	06/20	L+225	4.28%		—			—			205,000			—			—			—			205,000
100 West 33rd Street - office and retail	07/20	L+165	3.65%		—			—			580,000			—			—			—			580,000
220 Central Park South	09/20	L+200	4.09%		—			—			950,000			—			—			—			950,000
Unsecured Term Loan	10/20	L+115	3.24%		—			—			750,000			—			—			—			750,000
Eleven Penn Plaza	12/20		3.95%		—			—			450,000			—			—			—			450,000
888 Seventh Avenue	12/20		3.15%	⁽²⁾	—			—			375,000			—			—			—			375,000
Borgata Land	02/21		5.14%		—			—			—			55,081			—			—			55,081
770 Broadway	03/21		2.56%	⁽³⁾	—			—			—			700,000			—			—			700,000
909 Third Avenue	05/21		3.91%		—			—			—			350,000			—			—			350,000
606 Broadway	05/21	L+300	5.05%		—			—			—			46,000			—			—			46,000
555 California Street	09/21		5.10%		—			—			—			564,130			—			—			564,130
theMART	09/21		2.70%		—			—			—			675,000			—			—			675,000
655 Fifth Avenue	10/21	L+140	3.38%		—			—			—			140,000			—			—			140,000
Two Penn Plaza	12/21	L+165	3.63%		—			—			—			575,000			—			—			575,000
Senior unsecured notes due 2022	01/22		5.00%		—			—			—			—			400,000			—			400,000
$1.25 Billion unsecured revolving credit facility	02/22	L+100	—%		—			—			—			—			—			—			—
1290 Avenue of the Americas	11/22		3.34%		—			—			—			—			950,000			—			950,000
697-703 Fifth Avenue (St. Regis - retail)	12/22	L+180	3.78%		—			—			—			—			450,000			—			450,000
$1.25 Billion unsecured revolving credit facility	01/23	L+100	3.05%		—			—			—			—			—			80,000			80,000
666 Fifth Avenue Retail Condominium	03/23		3.61%		—			—			—			—			—			390,000			390,000
33-00 Northern Boulevard	01/25		4.14%	⁽⁴⁾	—			—			—			—			—			100,000			100,000
Senior unsecured notes due 2025	01/25		3.50%		—			—			—			—			—			450,000			450,000
350 Park Avenue	01/27		3.92%		—			—			—			—			—			400,000			400,000

Total consolidated debt (contractual)					$	—		$	209,262		$	3,310,000		$	3,105,211		$	1,800,000		$	1,420,000		$	9,844,473

Weighted average rate					—		%	4.23		%	3.71		%	3.52		%	3.82		%	3.67		%	3.68		%

Fixed rate debt					$	—		$	—		$	825,000		$	2,344,211		$	1,350,000		$	1,340,000		$	5,859,211
Fixed weighted average rate expiring					—		%	—		%	3.59		%	3.47		%	3.83		%	3.70		%	3.63		%
Floating rate debt					$	—		$	209,262		$	2,485,000		$	761,000		$	450,000		$	80,000		$	3,985,262
Floating weighted average rate expiring					—		%	4.23		%	3.75		%	3.67		%	3.78		%	3.05		%	3.75		%



SUMMARY OF OWNERSHIP AND SHARE OF DEBT/MATURITIES
(unaudited and in thousands)
Joint Venture Name	Asset Category	Percentage Ownership at June 30, 2018	Company's Carrying Amount				Company's Pro rata Share of Debt ⁽¹⁾		100% of Joint Venture Debt ⁽¹⁾		Maturity Date	Spread over LIBOR	Interest Rate
Alexander's Inc. ("Alexander's")	Office/Retail	32.4%	$	114,768			$	379,804	$	1,172,234	Various	Various	Various

Pennsylvania Real Estate Investment Trust ("PREIT")	Retail	8.0%	63,240				128,440		1,615,793		Various	Various	Various

Urban Edge Properties ("UE")	Retail	4.5%	43,960				70,621		1,565,829		Various	Various	Various

Partially owned office buildings/land:
One Park Avenue	Office/Retail	55.0%	130,034				165,000		300,000		03/21	L+175	3.77	%
280 Park Avenue	Office/Retail	50.0%	118,433				600,000		1,200,000		09/24	L+173	3.78	%
650 Madison Avenue	Office/Retail	20.1%	110,621				161,024		800,000		10/20	N/A	4.39	%
512 West 22nd Street	Office/Retail	55.0%	60,646				44,165		80,300		11/20	L+265	4.65	%
West 57th Street properties	Office/Retail/Land	50.0%	43,185				10,000		20,000		12/22	L+160	3.58	%
61 Ninth Avenue	Office/Retail	45.1%	29,797				30,716		68,107		12/21	L+305	5.03	%
825 Seventh Avenue	Office	50.0%	8,919				10,250		20,500		06/19	L+140	3.40	%
85 Tenth Avenue	Office/Retail	49.9%	(2,485		)		311,875		625,000		12/26	N/A	4.55	%
Other	Office/Retail	Various	4,090				17,465		50,150		Various	Various	Various

Other equity method investments:
Independence Plaza	Residential/Retail	50.1%	67,638				338,175		675,000		07/25	N/A	4.25	%
Moynihan Office Building	Office/Retail	50.1%	38,709				115,956		231,449		06/21	L+325	5.26	%
666 Fifth Avenue Office Condominium	Office/Retail	49.5%	34,483				701,310		1,416,788		02/19	N/A	6.35	%
Rosslyn Plaza	Office/Residential	43.7% to 50.4%	31,324				20,162		39,996		06/19	L+225	4.23	%
Other	Various	Various	62,439				114,704		674,532		Various	Various	Various
			$	959,801			$	3,219,667	$	10,555,678

330 Madison Avenue	Office	25.0%	$	(56,463	)	⁽²⁾	$	125,000	$	500,000	08/24	N/A	3.43	%
7 West 34th Street	Office/Retail	53.0%	(49,363		)	⁽³⁾	159,000		300,000		06/26	N/A	3.65	%
			$	(105,826	)		$	284,000	$	800,000



SUMMARY OF OWNERSHIP
(unaudited and in thousands)

	Percentage Ownership at June 30, 2018	Our Share of Net Income (Loss) for the Three Months Ended June 30,						Our Share of NOI (non-GAAP) for the Three Months Ended June 30,
	Percentage Ownership at June 30, 2018	2018			2017			2018			2017
Joint Venture Name
New York:
Alexander's	32.4%	$	6,146		$	6,690		$	11,909		$	11,966
One Park Avenue	55.0%	1,740			958			4,368			3,966
280 Park Avenue	50.0%	(1,485		)	(942		)	9,838			8,825
Independence Plaza	50.1%	1,024			1,084			6,967			6,806
7 West 34th Street	53.0%	859			952			3,266			3,354
330 Madison Avenue	25.0%	715			1,421			2,795			2,470
825 Seventh Avenue	50.0%	670			687			839			850
650 Madison Avenue	20.1%	(561		)	(1,250		)	3,026			2,257
85 Tenth Avenue	49.9%	(190		)	(1,644		)	4,830			4,519
West 57th Street properties	50.0%	(86		)	5			229			296
Moynihan Office Building	50.1%	(1		)	—			(1		)	—
Other, net	Various	(600		)	(381		)	1,712			1,077
		8,231			7,580			49,778			46,386

Other:
666 Fifth Avenue Office Condominium	49.5%	(1,269		)	(7,852		)	5,135			4,962
UE	4.5%	1,112			19,003			2,893			5,309
PREIT	8.0%	(1,068		)	(902		)	4,509			4,828
Alexander's corporate fee income	32.4%	1,021			1,507			547			1,509
Rosslyn Plaza	43.7% to 50.4%	286			(142		)	1,301			1,055
Suffolk Downs	21.2%	(25		)	26,655			(15		)	—
Other, net	Various	469			172			1,604			2,967
		526			38,441			15,974			20,630

Total		$	8,757		$	46,021		$	65,752		$	67,016



SUMMARY OF OWNERSHIP
(unaudited and in thousands)

	Percentage Ownership at June 30, 2018	Our Share of Net (Loss) Income for the Six Months Ended June 30,							Our Share of NOI (non-GAAP) for the Six Months Ended June 30,
	Percentage Ownership at June 30, 2018	2018				2017			2018			2017
Joint Venture Name
New York:
One Park Avenue	55.0%	$	(3,158	)	⁽¹⁾	$	1,762		$	10,302		$	7,652
Alexander's	32.4%	2,937			⁽²⁾	13,582			23,484			23,709
Independence Plaza	50.1%	2,508				2,332			14,016			13,705
7 West 34th Street	53.0%	1,888				1,055			6,703			6,740
280 Park Avenue	50.0%	(1,749		)		(2,226		)	19,328			17,004
650 Madison Avenue	20.1%	(1,624		)		(2,718		)	5,531			4,439
330 Madison Avenue	25.0%	1,429				2,764			5,572			4,797
825 Seventh Avenue	50.0%	1,362				1,364			1,685			1,690
85 Tenth Avenue	49.9%	(743		)		(1,089		)	9,434			9,101
West 57th Street properties	50.0%	(167		)		(39		)	427			549
Moynihan Office Building	50.1%	(20		)		—			(20		)	—
Other, net	Various	(1,370		)		(1,103		)	3,089			2,462
		1,293				15,684			99,551			91,848

Other:
666 Fifth Avenue Office Condominium	49.5%	(4,761		)		(18,049		)	10,408			10,328
Alexander's corporate fee income	32.4%	2,229				3,016			1,755			3,016
PREIT	8.0%	(1,497		)		(3,732		)	10,230			10,990
UE	4.5%	471				20,303			5,765			8,599
Suffolk Downs	21.2%	273				26,419			(29		)	294
Rosslyn Plaza	43.7% to 50.4%	2				(197		)	2,334			2,227
Other, net	Various	843				3,935			3,251			5,811
		(2,440		)		31,695			33,714			41,265

Total		$	(1,147	)		$	47,379		$	133,265		$	133,113

DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF JUNE 30, 2018

(unaudited and in thousands, except square feet)

(At Share)

Full
Quarter
Stabilized
Operations

Property
Rentable
Sq. Ft.

Excluding Land Costs

Available for Occupancy

Current Projects:

Segment

Incremental
Budget

Amount
Expended

%
Complete

Start

220 Central Park South - residential condominiums

Other

397,000

1,400,000

1,054,000

⁽¹⁾

75.3%

Q3 2012

N/A

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

New York

850,000

400,000

42,503

10.6%

Q2 2017

Q3 2020

Q2 2022

One Penn Plaza - renovation⁽³⁾

New York

2,535,000

200,000

3,939

2.0%

Q4 2018

N/A

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

New York

170,000

69,000

55,134

79.9%

Q1 2016

Q2 2018

Q2 2019

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

New York

173,000

72,000

47,719

⁽⁵⁾

66.3%

Q4 2015

Q3 2018

Q1 2020

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

Other

64,000

32,000

6,399

⁽⁶⁾

20.0%

Q1 2018

Q3 2019

Q3 2020

606 Broadway - office/retail (50.0% interest)

New York

34,000

30,000

20,866

⁽⁷⁾

69.6%

Q2 2016

Q4 2018

Q2 2020

825 Seventh Avenue - office (50.0% interest)

New York

165,000

15,000

2,449

16.3%

Q2 2018

Q1 2020

Q1 2021

Total current projects

1,233,009

Future Opportunities:

Segment

Property
Zoning
Sq. Ft.

Penn Plaza - multiple opportunities - office/residential/retail

New York

TBD

Hotel Pennsylvania

New York

2,052,000

260 Eleventh Avenue - office⁽⁸⁾

New York

280,000

Undeveloped Land:

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

New York

150,000

527 West Kinzie, Chicago

Other

330,000

Total undeveloped land

480,000



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

	Six Months Ended June 30, 2018			Year Ended December 31,
	Six Months Ended June 30, 2018			2017				2016
Capital expenditures (accrual basis):
Expenditures to maintain assets	$	43,896		$	100,556			$	114,031
Tenant improvements	64,136			89,696				86,630
Leasing commissions	26,870			30,165				38,938
Non-recurring capital expenditures	17,679			80,461				55,636
Total capital expenditures and leasing commissions (accrual basis)	152,581			300,878				295,235
Adjustments to reconcile to cash basis:
Expenditures in the current period applicable to prior periods	58,701			153,511				268,101
Expenditures to be made in future periods for the current period	(74,233		)	(142,877		)		(117,910		)
Total capital expenditures and leasing commissions (cash basis)	$	137,049		$	311,512			$	445,426

Our share of square feet leased	1,254			2,111				2,307
Tenant improvements and leasing commissions per square foot per annum	$	9.44		$	9.51			$	7.79
Percentage of initial rent	10.3		%	11.1		%		10.0		%


	Six Months Ended June 30, 2018			Year Ended December 31,
	Six Months Ended June 30, 2018			2017				2016
Development and redevelopment expenditures:
220 Central Park South	$	152,178		$	265,791			$	303,974
606 Broadway	8,593			15,997				4,234
345 Montgomery Street (555 California Street)	7,575			5,950				434
Penn Plaza	3,576			7,107				11,904
theMART	3,037			5,682				24,788
Marriott Marquis Times Square - retail and signage	2,686			1,982				9,283
One Penn Plaza - renovation	2,565			1,462				413
90 Park Avenue	1,015			7,523				33,308
640 Fifth Avenue	196			1,648				46,282
304 Canal Street	178			3,973				5,941
Other	3,440			38,737			⁽¹⁾	166,004			⁽¹⁾
	$	185,039		$	355,852			$	606,565



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

	Six Months Ended June 30, 2018			Year Ended December 31,
	Six Months Ended June 30, 2018			2017			2016
Capital expenditures (accrual basis):
Expenditures to maintain assets	$	31,603		$	73,745		$	67,239
Tenant improvements	60,410			42,475			63,995
Leasing commissions	26,120			21,183			32,475
Non-recurring capital expenditures	13,579			68,977			41,322
Total capital expenditures and leasing commissions (accrual basis)	131,712			206,380			205,031
Adjustments to reconcile to cash basis:
Expenditures in the current period applicable to prior periods	49,179			101,500			159,144
Expenditures to be made in future periods for the current period	(77,279		)	(90,798		)	(100,151		)
Total capital expenditures and leasing commissions (cash basis)	$	103,612		$	217,082		$	264,024

Our share of square feet leased	1,023			1,566			1,932
Tenant improvements and leasing commissions per square foot per annum	$	9.90		$	10.21		$	7.98
Percentage of initial rent	10.0		%	10.9		%	9.7		%


	Six Months Ended June 30, 2018			Year Ended December 31,
	Six Months Ended June 30, 2018			2017			2016
Development and redevelopment expenditures:
606 Broadway	$	8,593		$	15,997		$	4,234
Penn Plaza	3,576			7,107			11,904
Marriott Marquis Times Square - retail and signage	2,686			1,982			9,283
One Penn Plaza - renovation	2,565			1,462			413
90 Park Avenue	1,015			7,523			33,308
640 Fifth Avenue	196			1,648			46,282
304 Canal Street	178			3,973			5,941
Other	3,015			3,682			6,838
	$	21,824		$	43,374		$	118,203



CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS
theMART
(unaudited and in thousands, except per square foot amounts)
	Six Months Ended June 30, 2018			Year Ended December 31,
	Six Months Ended June 30, 2018			2017			2016
Capital expenditures (accrual basis):
Expenditures to maintain assets	$	7,752		$	11,725		$	16,343
Tenant improvements	2,893			9,423			6,722
Leasing commissions	387			1,190			1,355
Non-recurring capital expenditures	156			1,092			1,518
Total capital expenditures and leasing commissions (accrual basis)	11,188			23,430			25,938
Adjustments to reconcile to cash basis:
Expenditures in the current period applicable to prior periods	8,516			8,784			24,314
Expenditures to be made in future periods for the current period	(3,387		)	(9,011		)	1,654
Total capital expenditures and leasing commissions (cash basis)	$	16,317		$	23,203		$	51,906

Our share of square feet leased	169			345			269
Tenant improvements and leasing commissions per square foot per annum	$	3.44		$	5.13		$	5.57
Percentage of initial rent	6.8		%	10.8		%	11.6		%


	Six Months Ended June 30, 2018			Year Ended December 31,
	Six Months Ended June 30, 2018			2017			2016
Development and redevelopment expenditures:
Art on theMART	$	2,672		$	340		$	—
Common area enhancements	50			5,342			24,788
Other	315			459			1,384
	$	3,037		$	6,141		$	26,172



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

	Six Months Ended June 30, 2018			Year Ended December 31,
	Six Months Ended June 30, 2018			2017			2016
Capital expenditures (accrual basis):
Expenditures to maintain assets	$	4,541		$	7,893		$	5,704
Tenant improvements	833			6,652			3,201
Leasing commissions	363			2,147			1,041
Non-recurring capital expenditures	3,944			6,208			3,900
Total capital expenditures and leasing commissions (accrual basis)	9,681			22,900			13,846
Adjustments to reconcile to cash basis:
Expenditures in the current period applicable to prior periods	1,006			17,906			12,708
Expenditures to be made in future periods for the current period	6,433			(3,301		)	(3,056		)
Total capital expenditures and leasing commissions (cash basis)	$	17,120		$	37,505		$	23,498

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


	Six Months Ended June 30, 2018			Year Ended December 31,
	Six Months Ended June 30, 2018			2017			2016
Development and redevelopment expenditures:
345 Montgomery Street	$	7,575		$	5,950		$	434
Other	190			6,465			8,716
	$	7,765		$	12,415		$	9,150



SQUARE FOOTAGE
(unaudited and square feet in thousands)
		At Vornado's Share
	At 100%		Under Development	In Service
	At 100%	Total	Under Development	Office	Retail	Showroom	Other
Segment:
New York:
Office	21,434	17,623	657	16,783	—	183	—
Retail	2,889	2,550	128	—	2,422	—	—
Residential - 1,682 units	1,533	800	—	—	—	—	800
Alexander's (32.4% interest), including 312 residential units	2,437	790	—	288	419	—	83
Hotel Pennsylvania	1,400	1,400	—	—	—	—	1,400
	29,693	23,163	785	17,071	2,841	183	2,283

Other:
theMART	3,694	3,685	—	2,044	109	1,532	—
555 California Street (70% interest)	1,805	1,264	45	1,188	31	—	—
Other	4,280	2,050	863	212	864	—	111
	9,779	6,999	908	3,444	1,004	1,532	111

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

Total square feet at March 31, 2018	39,457	30,148	1,682	20,513	3,844	1,715	2,394

Parking Garages (not included above):	Square Feet	Number of Garages	Number of Spaces
New York	1,686	11	4,970
theMART	558	4	1,651
555 California Street	168	1	453
Rosslyn Plaza	411	4	1,094
Total at June 30, 2018	2,823	20	8,168



Tenants	Square Footage At Share⁽¹⁾	Annualized Revenues At Share (non-GAAP)⁽¹⁾		% of Annualized Revenues At Share (non-GAAP)⁽²⁾
Facebook	758,292	$	75,749	3.0	%
IPG and affiliates	923,896	59,102		2.4	%
Swatch Group USA	25,634	41,962		1.7	%
Macy's	646,434	38,308		1.5	%
Victoria's Secret (guaranteed by L Brands, Inc.)	91,427	34,346		1.4	%
Bloomberg L.P.	287,898	33,413		1.3	%
AXA Equitable Life Insurance	336,646	32,647		1.3	%
Google/Motorola Mobility (guaranteed by Google)	728,483	32,111		1.3	%
Forever 21	170,374	31,063		1.2	%
Oath (Verizon)	327,138	30,830		1.2	%
Ziff Brothers Investments, Inc.	287,030	30,817		1.2	%
McGraw-Hill Companies, Inc.	479,557	30,422		1.2	%
AMC Networks, Inc.	404,920	27,612		1.1	%
The City of New York	565,846	25,518		1.0	%
Topshop	94,349	24,292		1.0	%
Fast Retailing (Uniqlo)	90,732	23,777		0.9	%
Amazon (including its Whole Foods subsidiary)	308,113	23,373		0.9	%
Madison Square Garden	344,355	22,869		0.9	%
Neuberger Berman Group LLC	288,325	22,799		0.9	%
New York University	347,948	20,335		0.8	%
Hollister	21,741	20,252		0.8	%
JCPenney	426,370	19,699		0.8	%
Bank of America	232,728	18,496		0.7	%
PwC	243,434	17,430		0.7	%
U.S. Government	576,485	13,859		0.6	%
Ferragamo	53,171	13,619		0.5	%
Integrated Holdings Group	131,565	12,849		0.5	%
Information Builders, Inc.	229,064	12,699		0.5	%
Cushman & Wakefield	127,314	11,783		0.5	%
WSP	206,589	11,680		0.5	%
				32.3	%



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK:
Penn Plaza:
One Penn Plaza
(ground leased through 2098)												Cisco, Lion Resources, WSP USA, Symantec Corporation,
-Office	100.0	%	88.6	%	$	64.95	2,264,000	2,264,000	—	$	—	United Health Care, Siemens Mobility*
												Bank of America, Kmart Corporation,
-Retail	100.0	%	97.4	%	135.83		271,000	271,000	—	—		Shake Shack, Starbucks
	100.0	%	89.5	%	72.52		2,535,000	2,535,000	—	—

Two Penn Plaza												EMC, Information Builders, Inc.,
-Office	100.0	%	100.0	%	60.13		1,589,000	1,471,000	118,000	575,000		Madison Square Garden, McGraw-Hill Companies, Inc.
-Retail	100.0	%	100.0	%	216.92		45,000	39,000	6,000	—		Chase Manhattan Bank
	100.0	%	100.0	%	64.45		1,634,000	1,510,000	124,000	575,000

Eleven Penn Plaza
-Office	100.0	%	99.7	%	62.36		1,114,000	1,114,000	—	450,000		Macy's, Madison Square Garden, AMC Networks, Inc.
												PNC Bank National Association, Starbucks,
-Retail	100.0	%	94.7	%	145.44		38,000	38,000	—	—		Madison Square Garden
	100.0	%	99.5	%	65.10		1,152,000	1,152,000	—	450,000

100 West 33rd Street
-Office	100.0	%	100.0	%	65.02		857,000	857,000	—	398,402		IPG and affiliates

Manhattan Mall
-Retail	100.0	%	94.9	%	133.25		256,000	256,000	—	181,598		JCPenney, Aeropostale, Express, Starbucks

330 West 34th Street
(ground leased through 2149 -
34.8% ownership interest in the land)												New York & Company, Inc., Structure Tone,
-Office	100.0	%	95.0	%	62.95		691,000	691,000	—	50,150		Deutsch, Inc., Web.com, Footlocker, Home Advisor, Inc.
-Retail	100.0	%	7.4	%	138.25		18,000	18,000	—	—
	100.0	%	92.8	%	62.95		709,000	709,000	—	50,150

435 Seventh Avenue
-Retail	100.0	%	100.0	%	187.82		43,000	43,000	—	96,291		Forever 21*

7 West 34th Street
-Office	53.0	%	100.0	%	64.34		458,000	458,000	—	300,000		Amazon
-Retail	53.0	%	76.8	%	314.50		21,000	21,000	—	—		Amazon, Lindt*
	53.0	%	99.0	%	75.31		479,000	479,000	—	300,000

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

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

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

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



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

150 West 34th Street
-Retail	100.0	%	100.0	%	74.45			78,000	78,000	—	205,000		Old Navy

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

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

131-135 West 33rd Street
-Retail	100.0	%	100.0	%	54.35			23,000	23,000	—	—

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

Total Penn Plaza								7,821,000	7,669,000	152,000	2,256,441
Midtown East:
909 Third Avenue													IPG and affiliates, Forest Laboratories,
(ground leased through 2063)													Geller & Company, Morrison Cohen LLP, Robeco USA Inc.,
-Office	100.0	%	98.6	%	61.19		⁽³⁾	1,349,000	1,349,000	—	350,000		United States Post Office, The Procter & Gamble Distributing LLC,
													Thompson Reuters LLC

150 East 58th Street
(ground leased through 2118)
-Office	100.0	%	95.2	%	76.00			540,000	540,000	—	—		Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail	100.0	%	13.1	%	17.86			3,000	3,000	—	—
	100.0	%	94.7	%	75.68			543,000	543,000	—	—

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

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

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

Total Midtown East								1,928,000	1,928,000	—	350,000



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Midtown West:
888 Seventh Avenue												TPG-Axon Capital, Lone Star US Acquisitions LLC,
(ground leased through 2067)												Pershing Square Capital Management,
-Office	100.0	%	99.3	%	$	93.88	874,000	874,000	—	$	375,000	Vornado Executive Headquarters
-Retail	100.0	%	100.0	%	262.61		15,000	15,000	—	—		Redeye Grill L.P.
	100.0	%	99.3	%	96.73		889,000	889,000	—	375,000

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

825 Seventh Avenue
-Office	50.0	%	100.0	%	80.60		165,000	165,000	—	20,500		Young & Rubicam
-Retail	100.0	%	—	%	—		4,000	—	4,000	—
	51.2	%	100.0	%	78.69		169,000	165,000	4,000	20,500

Total Midtown West							1,161,000	1,157,000	4,000	415,500
Park Avenue:
280 Park Avenue												Cohen & Steers Inc., Franklin Templeton Co. LLC,
-Office	50.0	%	95.0	%	101.79		1,233,000	1,233,000	—	1,200,000		PJT Partners, Investcorp International Inc., GIC Inc., Wells Fargo
-Retail	50.0	%	100.0	%	99.64		26,000	26,000	—	—		Scottrade Inc., Starbucks, The Four Seasons Restaurant
	50.0	%	95.1	%	101.74		1,259,000	1,259,000	—	1,200,000

350 Park Avenue												Kissinger Associates Inc., Ziff Brothers Investment Inc.,
-Office	100.0	%	100.0	%	109.13		554,000	554,000	—	400,000		MFA Financial Inc., M&T Bank
-Retail	100.0	%	100.0	%	270.50		17,000	17,000	—	—		Fidelity Investment, AT&T Wireless, Valley National Bank
	100.0	%	100.0	%	113.93		571,000	571,000	—	400,000

Total Park Avenue							1,830,000	1,830,000	—	1,600,000
Grand Central:
90 Park Avenue												Alston & Bird, Capital One, PwC,
-Office	100.0	%	91.8	%	78.17		937,000	937,000	—	—		Factset Research Systems Inc., Foley & Lardner
-Retail	100.0	%	100.0	%	133.44		24,000	24,000	—	—		Citibank, Starbucks
	100.0	%	92.0	%	79.55		961,000	961,000	—	—

330 Madison Avenue												Guggenheim Partners LLC, HSBC Bank AFS, Glencore Ltd.,
-Office	25.0	%	96.9	%	78.85		813,000	813,000	—	500,000		Jones Lang LaSalle Inc., Wells Fargo, American Century
-Retail	25.0	%	100.0	%	331.37		33,000	33,000	—	—		Ann Taylor Retail Inc., Citibank, Starbucks
	25.0	%	97.0	%	88.70		846,000	846,000	—	500,000

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

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



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Madison/Fifth:
640 Fifth Avenue												Fidelity Investments, Owl Creek Asset Management LP,
-Office	100.0%		100.0	%	$	93.41	246,000	246,000	—	$	—	Avolon Aerospace*, GCA Savvian Inc.
-Retail	100.0%		100.0	%	921.03		69,000	69,000	—	—		Victoria's Secret (guaranteed by L Brands, Inc.), Dyson
	100.0%		100.0	%	274.70		315,000	315,000	—	—

666 Fifth Avenue
-Retail (Retail Condo)	100.0%	⁽⁴⁾	100.0	%	469.95		114,000	114,000	—	390,000		Fast Retailing (Uniqlo), Hollister, Tissot
							114,000	114,000	—	390,000

595 Madison Avenue												Beauvais Carpets, Levin Capital Strategies LP,
-Office	100.0%		95.4	%	85.80		300,000	300,000	—	—		Cosmetech Mably Int'l LLC.
-Retail	100.0%		39.2	%	1,286.72		29,000	29,000	—	—		Coach
	100.0%		90.4	%	191.66		329,000	329,000	—	—

650 Madison Avenue												Memorial Sloan Kettering Cancer Center, Polo Ralph Lauren,
-Office	20.1%		99.0	%	116.03		526,000	526,000	—	800,000		Willett Advisors LLC (Bloomberg Philanthropies)
-Retail	20.1%		31.5	%	1,246.93		67,000	67,000	—	—		Moncler USA Inc., Tod's, Celine*
	20.1%		91.4	%	243.80		593,000	593,000	—	800,000

689 Fifth Avenue
-Office	100.0%		90.0	%	86.78		81,000	81,000	—	—		Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail	100.0%		100.0	%	836.61		17,000	17,000	—	—		MAC Cosmetics, Massimo Dutti
	100.0%		91.7	%	216.85		98,000	98,000	—	—

655 Fifth Avenue
-Retail	92.5%		100.0	%	255.33		57,000	57,000	—	140,000		Ferragamo

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

Total Madison/Fifth							1,532,000	1,532,000	—	1,780,000

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

One Park Avenue												New York University, Clarins USA Inc.,
												BMG Rights Management, Robert A.M. Stern Architect,
-Office	55.0%		99.0	%	58.65		865,000	865,000	—	300,000		automotiveMastermind
-Retail	55.0%		100.0	%	87.74		78,000	78,000	—	—		Bank of Baroda, Citibank, Equinox, Men's Wearhouse
	55.0%		99.1	%	61.06		943,000	943,000	—	300,000

4 Union Square South												Burlington, Whole Foods Market, DSW,
-Retail	100.0%		100.0	%	107.63		206,000	206,000	—	112,971		Forever 21
										.
692 Broadway
-Retail	100.0%		100.0	%	91.40		36,000	36,000	—	—		Equinox, Oath - formerly AOL (Verizon)

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

Total Midtown South							2,404,000	2,368,000	36,000	1,142,971



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Rockefeller Center:
1290 Avenue of the Americas												AXA Equitable Life Insurance, Hachette Book Group Inc.,
												Bryan Cave LLP, Neuberger Berman Group LLC, SSB Realty LLC,
												Cushman & Wakefield, Fitzpatrick,
-Office	70.0	%	100.0	%	$	81.88	2,037,000	2,037,000	—	$	950,000	Cella, Harper & Scinto, Columbia University
-Retail	70.0	%	100.0	%	180.00		76,000	76,000	—	—		Duane Reade, JPMorgan Chase Bank, Sovereign Bank, Starbucks
	70.0	%	100.0	%	85.41		2,113,000	2,113,000	—	950,000

608 Fifth Avenue
(ground leased through 2033)
-Office	100.0	%	99.8	%	71.63		93,000	93,000	—	—
-Retail	100.0	%	100.0	%	482.90		44,000	44,000	—	—		Topshop
	100.0	%	99.9	%	203.72		137,000	137,000	—	—

Total Rockefeller Center							2,250,000	2,250,000	—	950,000
Wall Street/Downtown:
40 Fulton Street
-Office	100.0	%	81.9	%	42.05		246,000	246,000	—	—		Market News International Inc., Sapient Corp.
-Retail	100.0	%	100.0	%	108.73		5,000	5,000	—	—		TD Bank
	100.0	%	82.2	%	43.38		251,000	251,000	—	—

Soho:
478-486 Broadway - 2 buildings
-Retail	100.0	%	100.0	%	251.82		65,000	65,000	—	—		Topshop, Madewell, J. Crew
-Residential (10 units)	100.0	%	100.0	%			20,000	20,000	—	—
	100.0	%	100.0	%			85,000	85,000	—	—

443 Broadway
Retail	100.0	%	100.0	%	99.57		16,000	16,000	—	—		Necessary Clothing

304 Canal Street
-Retail	100.0	%	—	%	—		4,000	4,000	—	—
-Residential (4 units)	100.0	%	100.0	%			9,000	9,000	—	—
	100.0	%	69.2	%			13,000	13,000	—	—

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

155 Spring Street
-Retail	100.0	%	93.6	%	139.50		50,000	50,000	—	—		Vera Bradley

148 Spring Street
-Retail	100.0	%	100.0	%	190.12		8,000	8,000	—	—		Dr. Martens

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


Total Soho							194,000	194,000	—	—



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Times Square:
1540 Broadway												Forever 21, Planet Hollywood, Disney, Sunglass Hut,
-Retail	100.0	%	100.0	%	$	269.11	161,000	161,000	—	$	—	MAC Cosmetics, U.S. Polo

1535 Broadway (Marriott Marquis - retail and signage)
(ground and building leased through 2032)
-Retail	100.0	%	95.3	%	1,026.14		44,000	44,000	—	—		T-Mobile, Invicta, Swatch Group USA, Levi's, Sephora
-Theatre	100.0	%	100.0	%	13.68		62,000	62,000	—	—		Nederlander-Marquis Theatre
	100.0	%	98.1	%	379.76		106,000	106,000	—	—

Total Times Square							267,000	267,000	—	—
Upper East Side:
828-850 Madison Avenue
-Retail	100.0	%	100.0	%	631.48		18,000	18,000	—	—		Gucci, Chloe, Cartier, Cho Cheng, Christofle Silver Inc.

677-679 Madison Avenue
-Retail	100.0	%	100.0	%	501.12		8,000	8,000	—	—		Berluti
-Residential (8 units)	100.0	%	75.0	%			5,000	5,000	—	—
	100.0	%	90.4	%			13,000	13,000	—	—

759-771 Madison Avenue (40 East 66th)
-Residential (5 units)	100.0	%	100.0	%			12,000	12,000	—	—
-Retail	100.0	%	66.7	%	1,105.94		11,000	11,000	—	—		John Varvatos, J. Crew
	100.0	%	84.1	%			23,000	23,000	—	—

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

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

Long Island City:
33-00 Northern Boulevard (Center Building)
-Office	100.0	%	95.5	%	35.67		471,000	471,000	—	100,000		The City of New York, NYC Transit Authority

Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)
-Office	100.0	%	100.0	%	53.15		184,000	184,000	—	—		The City of New York

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

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

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

Upper West Side:
50-70 W 93rd Street
-Residential (325 units)	49.9	%	97.2	%			283,000	283,000	—	80,000



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Tribeca:
Independence Plaza, Tribeca
-Residential (1,327 units)	50.1	%	98.9	%			1,185,000	1,185,000	—	$	675,000
-Retail	50.1	%	100.0	%	$	53.50	72,000	60,000	12,000	—		Duane Reade, Food Emporium
	50.1	%	98.9	%			1,257,000	1,245,000	12,000	675,000

339 Greenwich Street
-Retail	100.0	%	100.0	%	109.16		8,000	8,000	—	—		Sarabeth's
Total Tribeca							1,265,000	1,253,000	12,000	675,000
New Jersey:
Paramus
-Office	100.0	%	94.7	%	22.92		129,000	129,000	—	—		Vornado's Administrative Headquarters

Washington D.C.:
3040 M Street
-Retail	100.0	%	100.0	%	70.57		44,000	44,000	—	—		Nike, Amazon

Properties to be Developed:
512 West 22nd Street
-Office	55.0	%	—		—		173,000	—	173,000	80,300

61 Ninth Avenue
(ground leased through 2115)
-Office	45.1	%	—		—		147,000	—	147,000	68,107		Aetna Life Insurance Company*
-Retail	45.1	%	100.0	%	287.61		23,000	23,000	—	—		Starbucks
	45.1	%	100.0	%	287.61		170,000	23,000	147,000	68,107

606 Broadway (19 East Houston Street)
-Office	50.0	%	—		—		23,000	—	23,000	—
-Retail	50.0	%	—		—		11,000	—	11,000	46,000
	50.0	%	—		—		34,000	—	34,000	46,000

Moynihan Office Building
(ground and building leased through 2116)
-Office	50.1	%	—		—		730,000	—	730,000	231,449
-Retail	50.1	%	—		—		120,000	—	120,000	—
	50.1	%	—		—		850,000	—	850,000	231,449

Total Properties to be Developed							1,227,000	23,000	1,204,000	425,856

New York Office:

Total			96.8	%	$	75.57	21,434,000	20,243,000	1,191,000	$	8,493,908

Vornado's Ownership Interest			96.6	%	$	73.54	17,623,000	16,966,000	657,000	$	5,763,853

New York Retail:

Total			95.2	%	$	232.57	2,889,000	2,672,000	217,000	$	1,651,860

Vornado's Ownership Interest			96.3	%	$	228.11	2,550,000	2,422,000	128,000	$	1,487,510

New York Residential:

Total			98.1	%			1,533,000	1,533,000	—	$	755,000

Vornado's Ownership Interest			98.3	%			800,000	800,000	—	$	378,095



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
ALEXANDER'S, INC.:
New York:
731 Lexington Avenue, Manhattan
-Office	32.4	%	100.0	%	$	116.06	889,000	889,000	—	$	500,000	Bloomberg
-Retail	32.4	%	99.4	%	192.88		174,000	174,000	—	350,000		Hennes & Mauritz, The Home Depot, The Container Store
	32.4	%	99.9	%	127.54		1,063,000	1,063,000	—	850,000

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

Rego Park II (adjacent to Rego Park I),
Queens (6.6 acres)	32.4	%	99.9	%	44.84		609,000	609,000	—	254,234		Century 21, Costco, Kohl's, TJ Maxx, Toys "R" Us

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

The Alexander Apartment Tower,
Rego Park, Queens, NY
Residential (312 units)	32.4	%	95.8	%	—		255,000	255,000	—	—

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

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

Total Alexander's	32.4	%	99.5	%	78.36		2,437,000	2,437,000	—	1,172,234

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

Total New York			96.9	%	$	90.92	29,693,000	28,285,000	1,408,000	$	12,073,002

Vornado's Ownership Interest			96.6	%	$	77.61	23,163,000	22,378,000	785,000	$	8,009,262



OTHER
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
theMART:
theMART, Chicago												Motorola Mobility (guaranteed by Google),
												CCC Information Services, Ogilvy Group (WPP),
												Publicis Groupe (MSL Group, Medicus Group, Razorfish),
												1871, Yelp Inc., Paypal, Inc., Allscripts Healthcare,
												Chicago School of Professional Psychology, Kellogg Company,
												Innovation Development Institute, Inc., Chicago Teachers Union,
-Office	100.0	%	99.5	%	$	38.07	2,044,000	2,044,000	—			ConAgra Foods Inc., Allstate Insurance Company
												Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.,
-Showroom/Trade show	100.0	%	99.1	%	48.70		1,532,000	1,532,000	—			Allsteel Inc., Herman Miller Inc., Knoll Inc., Teknion LLC
-Retail	100.0	%	98.1	%	50.03		99,000	99,000	—
	100.0	%	99.3	%	42.80		3,675,000	3,675,000	—	$	675,000

Other (2 properties)	50.0	%	100.0	%	41.64		19,000	19,000	—	32,604

Total theMART			99.3	%	$	42.79	3,694,000	3,694,000	—	$	707,604

Vornado's Ownership Interest			99.3	%	$	42.79	3,685,000	3,685,000	—	$	691,302

555 California Street:
555 California Street	70.0	%	96.9	%	$	75.77	1,506,000	1,506,000	—	$	564,130	Bank of America, Dodge & Cox, Goldman Sachs & Co.,
												Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,
												McKinsey & Company Inc., UBS Financial Services,
												KKR Financial, Microsoft Corporation,
												Fenwick & West LLP, Sidley Austin

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

Total 555 California Street			97.3	%	$	74.64	1,805,000	1,741,000	64,000	$	564,130

Vornado's Ownership Interest			97.3	%	$	74.64	1,264,000	1,219,000	45,000	$	394,891



REAL ESTATE FUND
PROPERTY TABLE
	Fund % Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	Fund % Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
VORNADO CAPITAL PARTNERS
REAL ESTATE FUND:
New York, NY:
Lucida, 86th Street and Lexington Avenue
(ground leased through 2082)												Barnes & Noble, Hennes & Mauritz,
- Retail	100.0	%	100.0	%	$	241.91	96,000	96,000	—			Sephora, Bank of America
- Residential (39 units)	100.0	%	89.7	%			59,000	59,000	—
	100.0	%					155,000	155,000	—	$	144,897

Crowne Plaza Times Square
- Hotel (795 Keys)
- Retail	75.3	%	97.4	%	101.68		44,000	44,000	—			New York Sports Club
- Office	75.3	%	85.8	%	46.53		197,000	197,000	—			American Management Association, Open Jar*
	75.3	%	87.9	%	56.60		241,000	241,000	—	310,000

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

Miami, FL:
1100 Lincoln Road
- Retail	100.0	%	73.0	%	170.98		51,000	51,000	—			Banana Republic
- Theatre	100.0	%	100.0	%	39.38		79,000	79,000	—			Regal Cinema
	100.0	%	89.4	%	80.00		130,000	130,000	—	82,750

Total Real Estate Fund	88.9	%	91.4	%			535,000	535,000	—	$	560,647

Vornado's Ownership Interest	28.6	%	90.5	%			153,000	153,000	—	$	121,019



OTHER
PROPERTY TABLE
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF⁽¹⁾		Square Feet				Encumbrances (non-GAAP) (in thousands)⁽³⁾		Major Tenants
							Total Property	In Service		Under Development or Not Available for Lease
							Total Property	Owned by Company	Owned by Tenant⁽²⁾	Under Development or Not Available for Lease
OTHER:
New York:
666 Fifth Avenue Office Condominium⁽⁴⁾	49.5	%	—		$	—	1,448,000	—	—	1,448,000	$	1,416,788	Colliers International NY LLC,
													Integrated Holding Group, Vinson & Elkins LLP
													HSBC Bank USA, Citibank
Virginia:
Rosslyn Plaza⁽⁵⁾
Office - 4 buildings	46.2	%	65.9	%	44.33		736,000	432,000	—	304,000			Gartner, Nathan Associates, Inc.
Residential - 2 buildings (197 units)	43.7	%	96.5	%			253,000	253,000	—	—
							989,000	685,000	—	304,000	39,996

Fashion Centre Mall⁽⁵⁾	7.5	%	98.9	%	48.79		868,000	868,000	—	—	410,000		Macy's, Nordstrom

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


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

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

Total Other			93.1	%	$	40.19	4,280,000	2,079,000	443,000	1,758,000	$	1,906,784

Vornado's Ownership Interest			93.6	%	$	31.14	2,050,000	744,000	443,000	863,000	$	755,222



INVESTOR INFORMATION

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

RESEARCH COVERAGE - EQUITY

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

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

John P. Kim/Alex Nelson		Anthony Paolone/Patrice Chen	Frank Lee
BMO Capital Markets		JP Morgan	UBS
212-885-4115/212-885-4144		212-622-6682/212-622-1893	415-352-5679

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

Derek Johnston/Mike Husseini		Alexander Goldfarb/Daniel Santos
Deutsche Bank		Sandler O'Neill
904-520-4973/212-250-7703		212-466-7937/212-466-7927

RESEARCH COVERAGE - DEBT

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

Cristina Rosenberg		Mark Streeter
Citi		JP Morgan
212-723-6199		212-834-5086






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

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

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

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



NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED
(unaudited and in thousands, except per share amounts)
		For the Three Months Ended									For the Six Months Ended June 30, 2018
		June 30,						March 31, 2018			For the Six Months Ended June 30, 2018
		2018			2017			March 31, 2018			2018			2017
Net income (loss) attributable to common shareholders	(A)	$	111,534		$	115,972		$	(17,841	)	$	93,693		$	163,724
Per diluted share		$	0.58		$	0.61		$	(0.09	)	$	0.49		$	0.86

Certain (income) expense items that impact net income (loss) attributable to common shareholders:
Net gains on sale of real estate		$	(24,449	)	$	(15,339	)	$	(318	)	$	(24,767	)	$	(19,459	)
(Increase) decrease in fair value of marketable securities (including our share of partially owned entities)		(16,024		)	—			34,660			18,636			—
Profit participation on the April 2018 sale of 701 Seventh Avenue		(5,457		)	—			—			(5,457		)	—
Our share of loss from 666 Fifth Avenue Office Condominium (49.5% interest)		1,269			7,852			3,492			4,761			18,049
Our share of (income) loss from real estate fund investments (excluding our $4,252 share of One Park Avenue potential additional transfer taxes and reduction in carried interest for the six months ended June 30, 2018)		(551		)	304			(814		)	(1,365		)	3,539
(Income) loss from discontinued operations and sold properties (primarily related to JBG SMITH Properties operating results and transaction costs through July 17, 2017 spin-off)		(286		)	(18,251		)	369			83			(31,246		)
Net gain resulting from Urban Edge Properties ("UE") operating partnership unit issuances		—			(15,900		)	—			—			(15,900		)
Net gain on repayment of our Suffolk Downs JV debt investments		—			(11,373		)	—			—			(11,373		)
Our share of potential additional New York City transfer taxes based on a Tax Tribunal interpretation which Vornado is appealing		—			—			23,503			23,503			—
Preferred share issuance costs		—			—			14,486			14,486			—
Other		839			900			3,770			4,609			2,864
		(44,659		)	(51,807		)	79,148			34,489			(53,526		)
Noncontrolling interests' share of above adjustments		2,778			3,207			(4,883		)	(2,105		)	3,314
Total of certain (income) expense items that impact net income (loss) attributable to common shareholders	(B)	$	(41,881	)	$	(48,600	)	$	74,265		$	32,384		$	(50,212	)
Per diluted share (non-GAAP)		$	(0.22	)	$	(0.26	)	$	0.39		$	0.17		$	(0.26	)

Net income attributable to common shareholders, as adjusted (non-GAAP)	(A+B)	$	69,653		$	67,372		$	56,424		$	126,077		$	113,512
Per diluted share (non-GAAP)		$	0.36		$	0.35		$	0.30		$	0.66		$	0.60



NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS
(unaudited and in thousands, except per share amounts)
		For the Three Months Ended									For the Six Months Ended June 30,
		June 30,						March 31, 2018			For the Six Months Ended June 30,
		2018			2017			March 31, 2018			2018			2017
Reconciliation of our net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):
Net income (loss) attributable to common shareholders	(A)	$	111,534		$	115,972		$	(17,841	)	$	93,693		$	163,724
Per diluted share		$	0.58		$	0.61		$	(0.09	)	$	0.49		$	0.86

FFO adjustments:
Depreciation and amortization of real property		$	103,599		$	128,527		$	100,410		$	204,009		$	258,996
Net gains on sale of real estate		(24,177		)	—			—			(24,177		)	(2,267		)
Proportionate share of adjustments to equity in net income (loss) of partially owned entities to arrive at FFO:
Depreciation and amortization of real property		25,488			37,682			28,106			53,594			76,756
Net gains on sale of real estate		(272		)	(15,339		)	(305		)	(577		)	(17,192		)
Real estate impairment losses		—			167			4			4			3,218
		104,638			151,037			128,215			232,853			319,511
Noncontrolling interests' share of above adjustments		(6,508		)	(9,356		)	(7,911		)	(14,419		)	(19,873		)
FFO adjustments, net	(B)	$	98,130		$	141,681		$	120,304		$	218,434		$	299,638

FFO attributable to common shareholders (non-GAAP)	(A+B)	$	209,664		$	257,653		$	102,463		$	312,127		$	463,362
Convertible preferred share dividends		16			20			16			32			60
Earnings allocated to Out-Performance Plan units		—			—			—			180			—
FFO attributable to common shareholders plus assumed conversions (non-GAAP)		209,680			257,673			102,479			312,339			463,422
Add back of FFO allocated to noncontrolling interests of the Operating Partnership		14,171			17,062			6,939			20,931			30,808
FFO - OP Basis (non-GAAP)		$	223,851		$	274,735		$	109,418		$	333,270		$	494,230
FFO per diluted share (non-GAAP)		$	1.10		$	1.35		$	0.54		$	1.63		$	2.43



NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED
(unaudited and in thousands, except per share amounts)
		For the Three Months Ended									For the Six Months Ended
		June 30,						March 31, 2018			June 30,
		2018			2017			March 31, 2018			2018			2017
FFO attributable to common shareholders plus assumed conversions (non-GAAP) ⁽¹⁾	(A)	$	209,680		$	257,673		$	102,479		$	312,339		$	463,422
Per diluted share (non-GAAP)		$	1.10		$	1.35		$	0.54		$	1.63		$	2.43

Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
(Increase) decrease in fair value of marketable securities (including our share of partially owned entities)		$	(16,024	)	$	—		$	34,660		$	18,636		$	—
Profit participation on the April 2018 sale of 701 Seventh Avenue		(5,457		)	—			—			(5,457		)	—
Our share of FFO from 666 Fifth Avenue Office Condominium (49.5% interest)		(2,178		)	(4,160		)	137			(2,041		)	(7,713		)
Our share of FFO from real estate fund investments (excluding our $4,252 share of One Park Avenue potential additional transfer taxes and reduction in carried interest for the six months ended June 30, 2018)		(551		)	304			(814		)	(1,365		)	3,539
FFO from discontinued operations and sold properties (primarily related to JBG SMITH Properties operating results and transaction costs through July 17, 2017 spin-off)		(374		)	(51,561		)	270			(104		)	(99,901		)
Net gain resulting from Urban Edge Properties ("UE") operating partnership unit issuances		—			(15,900		)	—			—			(15,900		)
Net gain on repayment of our Suffolk Downs JV debt investments		—			(11,373		)	—			—			(11,373		)
Our share of potential additional New York City transfer taxes based on a Tax Tribunal interpretation which Vornado is appealing		—			—			23,503			23,503			—
Preferred share issuance costs		—			—			14,486			14,486			—
Other		839			379			3,753			4,592			(962		)
		(23,745		)	(82,311		)	75,995			52,250			(132,310		)
Noncontrolling interests' share of above adjustments		1,477			5,182			(4,689		)	(3,212		)	8,302
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net	(B)	$	(22,268	)	$	(77,129	)	$	71,306		$	49,038		$	(124,008	)
Per diluted share		$	(0.12	)	$	(0.40	)	$	0.37		$	0.26		$	(0.65	)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	(A+B)	$	187,412		$	180,544		$	173,785		$	361,377		$	339,414
Per diluted share (non-GAAP)		$	0.98		$	0.95		$	0.91		$	1.89		$	1.78



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

		For the Three Months Ended									For the Six Months Ended June 30,
		June 30,						March 31, 2018			For the Six Months Ended June 30,
		2018			2017			March 31, 2018			2018			2017
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	(A)	$	209,680		$	257,673		$	102,479		$	312,339		$	463,422

Adjustments to arrive at FAD (non-GAAP):
Recurring tenant improvements, leasing commissions and other capital expenditures		(68,065		)	(77,350		)	(48,545		)	(116,610		)	(149,841		)
Adjustments to FFO excluding FFO attributable to discontinued operations and sold properties		(23,371		)	(24,539		)	75,725			52,354			(18,945		)
Amortization of acquired below-market leases, net		(10,089		)	(12,474		)	(10,144		)	(20,233		)	(23,475		)
Amortization of debt issuance costs		8,034			8,353			8,104			16,138			17,334
Stock-based compensation expense		6,975			7,350			13,669			20,644			21,626
Straight-line rentals		(2,692		)	(13,059		)	(7,430		)	(10,122		)	(28,581		)
Non real estate depreciation		1,464			2,039			1,635			3,099			4,033
Noncontrolling interests' share of above adjustments		5,458			6,789			(2,037		)	3,410			11,044
	(B)	(82,286		)	(102,891		)	30,977			(51,320		)	(166,805		)

FAD (non-GAAP)	(A+B)	$	127,394		$	154,782		$	133,456		$	261,019		$	296,617

FAD payout ratio⁽¹⁾		94.0		%	87.7		%	90.0		%	92.6		%	91.6		%



	For the Three Months Ended									For the Six Months Ended June 30,
	June 30,						March 31, 2018
	2018			2017						2018			2017
Net income	$	105,338		$	147,484		$	282		$	105,620		$	221,331

Deduct:
(Income) loss from partially owned entities	(8,757		)	(46,021		)	9,904			1,147			(47,379		)
Loss (income) from real estate fund investments	28,976			(4,391		)	8,807			37,783			(4,659		)
Interest and other investment income, net	(30,892		)	(8,541		)	24,384			(6,508		)	(15,236		)
Net gains on disposition of wholly owned and partially owned assets	(23,559		)	—			—			(23,559		)	(501		)
Income from discontinued operations	(683		)	(18,111		)	363			(320		)	(33,429		)
NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,160		)	(16,269		)	(17,312		)	(34,472		)	(32,607		)

Add:
Depreciation and amortization expense	111,846			105,123			108,686			220,532			210,251
General and administrative expense	34,427			35,405			42,533			76,960			81,580
Transaction related costs and other	1,017			260			13,156			14,173			1,012
NOI from partially owned entities	65,752			67,016			67,513			133,265			133,113
Interest and debt expense	87,657			84,789			88,166			175,823			167,513
Income tax expense (benefit)	467			(610		)	2,554			3,021			2,303
NOI at share	354,429			346,134			349,036			703,465			683,292
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	(12,481		)	(22,475		)	(17,948		)	(30,429		)	(42,956		)
NOI at share - cash basis	$	341,948		$	323,659		$	331,088		$	673,036		$	640,336



	For the Three Months Ended June 30,
	Total Revenues						Operating Expenses						NOI						Non-cash Adjustments⁽¹⁾						NOI - cash basis
	2018			2017			2018			2017			2018			2017			2018			2017			2018			2017
New York	$	458,552		$	436,862		$	200,903		$	185,712		$	257,649		$	251,150		$	(10,533	)	$	(17,937	)	$	247,116		$	233,213
Other	83,266			74,225			35,078			29,988			48,188			44,237			487			(2,347		)	48,675			41,890
Consolidated total	541,818			511,087			235,981			215,700			305,837			295,387			(10,046		)	(20,284		)	295,791			275,103
Noncontrolling interests' share in consolidated subsidiaries	(27,093		)	(25,805		)	(9,933		)	(9,536		)	(17,160		)	(16,269		)	150			1,934			(17,010		)	(14,335		)
Our share of partially owned entities	112,196			109,585			46,444			42,569			65,752			67,016			(2,585		)	(4,125		)	63,167			62,891
Vornado's share	$	626,921		$	594,867		$	272,492		$	248,733		$	354,429		$	346,134		$	(12,481	)	$	(22,475	)	$	341,948		$	323,659



	For the Six Months Ended June 30,
	Total Revenues						Operating Expenses						NOI						Non-cash Adjustments⁽¹⁾						NOI - cash basis
	2018			2017			2018			2017			2018			2017			2018			2017			2018			2017
New York	$	907,036		$	863,101		$	398,819		$	368,819		$	508,217		$	494,282		$	(25,700	)	$	(36,847	)	$	482,517		$	457,435
Other	171,219			156,044			74,764			67,540			96,455			88,504			(178		)	(4,600		)	96,277			83,904
Consolidated total	1,078,255			1,019,145			473,583			436,359			604,672			582,786			(25,878		)	(41,447		)	578,794			541,339
Noncontrolling interests' share in consolidated subsidiaries	(54,143		)	(51,674		)	(19,671		)	(19,067		)	(34,472		)	(32,607		)	694			5,386			(33,778		)	(27,221		)
Our share of partially owned entities	222,496			219,066			89,231			85,953			133,265			133,113			(5,245		)	(6,895		)	128,020			126,218
Vornado's share	$	1,246,608		$	1,186,537		$	543,143		$	503,245		$	703,465		$	683,292		$	(30,429	)	$	(42,956	)	$	673,036		$	640,336



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

	Total			New York				theMART			555 California Street			Other
NOI at share (non-GAAP) for the three months ended June 30, 2018	$	354,429		$	295,867			$	27,816		$	13,660		$	17,086
Less NOI at share from:
Acquisitions	(503		)	(439		)		(64		)	—			—
Dispositions	(310		)	(310		)		—			—			—
Development properties placed into and out of service	(12,794		)	(12,794		)		—			—			—
Lease termination income, net of straight-line and FAS 141 write-offs	1,941			1,984				(43		)	—			—
Other non-operating income, net	(17,583		)	(497		)		—			—			(17,086		)
Same store NOI at share (non-GAAP) for the three months ended June 30, 2018	$	325,180		$	283,811			$	27,709		$	13,660		$	—

NOI at share (non-GAAP) for the three months ended June 30, 2017	$	346,134		$	286,188			$	26,182		$	12,032		$	21,732
Less NOI at share from:
Acquisitions	5			(164		)		169			—			—
Dispositions	(406		)	(406		)		—			—			—
Development properties placed into and out of service	(12,329		)	(12,329		)		—			—			—
Lease termination income, net of straight-line and FAS 141 write-offs	(166		)	(166		)		—			—			—
Other non-operating income, net	(22,573		)	(841		)		—			—			(21,732		)
Same store NOI at share (non-GAAP) for the three months ended June 30, 2017	$	310,665		$	272,282			$	26,351		$	12,032		$	—

Increase in same store NOI at share for the three months ended June 30, 2018 compared to June 30, 2017	$	14,515		$	11,529			$	1,358		$	1,628		$	—

% increase in same store NOI at share	4.7		%	4.2		%	⁽¹⁾	5.2		%	13.5		%	—		%



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

	Total			New York				theMART			555 California Street			Other
NOI at share (non-GAAP) for the six months ended June 30, 2018	$	703,465		$	584,463			$	54,691		$	27,171		$	37,140
Less NOI at share from:
Acquisitions	(938		)	(789		)		(149		)	—			—
Dispositions	(364		)	(364		)		—			—			—
Development properties placed into and out of service	(13,205		)	(13,205		)		—			—			—
Lease termination income, net of straight-line and FAS 141 write-offs	814			857				(43		)	—			—
Other non-operating income, net	(38,217		)	(1,077		)		—			—			(37,140		)
Same store NOI at share (non-GAAP) for the six months ended June 30, 2018	$	651,555		$	569,885			$	54,499		$	27,171		$	—

NOI at share (non-GAAP) for the six months ended June 30, 2017	$	683,292		$	563,343			$	52,071		$	24,066		$	43,812
Less NOI at share from:
Acquisitions	36			(164		)		200			—			—
Dispositions	(883		)	(883		)		—			—			—
Development properties placed into and out of service	(12,313		)	(12,313		)		—			—			—
Lease termination income, net of straight-line and FAS 141 write-offs	(825		)	(804		)		(21		)	—			—
Other non-operating income, net	(45,738		)	(1,926		)		—			—			(43,812		)
Same store NOI at share (non-GAAP) for the six months ended June 30, 2017	$	623,569		$	547,253			$	52,250		$	24,066		$	—

Increase in same store NOI at share for the six months ended June 30, 2018 compared to June 30, 2017	$	27,986		$	22,632			$	2,249		$	3,105		$	—

% increase in same store NOI at share	4.5		%	4.1		%	⁽¹⁾	4.3		%	12.9		%	—		%



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED JUNE 30, 2018 COMPARED TO MARCH 31, 2018
(unaudited and in thousands)

	Total			New York				theMART			555 California Street			Other
NOI at share (non-GAAP) for the three months ended June 30, 2018	$	354,429		$	295,867			$	27,816		$	13,660		$	17,086
Less NOI at share from:
Acquisitions	(288		)	(224		)		(64		)	—			—
Dispositions	(310		)	(310		)		—			—			—
Development properties placed into and out of service	(12,794		)	(12,794		)		—			—			—
Lease termination income, net of straight-line and FAS 141 write-offs	1,941			1,984				(43		)	—			—
Other non-operating income, net	(17,583		)	(497		)		—			—			(17,086		)
Same store NOI at share (non-GAAP) for the three months ended June 30, 2018	$	325,395		$	284,026			$	27,709		$	13,660		$	—

NOI at share (non-GAAP) for the three months ended March 31, 2018	$	349,036		$	288,596			$	26,875		$	13,511		$	20,054
Less NOI at share from:
Acquisitions	(206		)	(121		)		(85		)	—			—
Dispositions	(54		)	(54		)		—			—			—
Development properties placed into and out of service	(11,654		)	(11,654		)		—			—			—
Lease termination income, net of straight-line and FAS 141 write-offs	(1,127		)	(1,127		)		—			—			—
Other non-operating income, net	(20,633		)	(579		)		—			—			(20,054		)
Same store NOI at share (non-GAAP) for the three months ended March 31, 2018	$	315,362		$	275,061			$	26,790		$	13,511		$	—

Increase in same store NOI at share for the three months ended June 30, 2018 compared to March 31, 2018	$	10,033		$	8,965			$	919		$	149		$	—

% increase in same store NOI at share	3.2		%	3.3		%	⁽¹⁾	3.4		%	1.1		%	—		%



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

	Total			New York				theMART			555 California Street			Other
NOI at share - cash basis (non-GAAP) for the three months ended June 30, 2018	$	341,948		$	283,154			$	27,999		$	13,808		$	16,987
Less NOI at share - cash basis from:
Acquisitions	(355		)	(291		)		(64		)	—			—
Dispositions	(242		)	(242		)		—			—			—
Development properties placed into and out of service	(13,686		)	(13,686		)		—			—			—
Lease termination income	(162		)	—				(162		)	—			—
Other non-operating income, net	(17,483		)	(496		)		—			—			(16,987		)
Same store NOI at share - cash basis (non-GAAP) for the three months ended June 30, 2018	$	310,020		$	268,439			$	27,773		$	13,808		$	—

NOI at share - cash basis (non-GAAP) for the three months ended June 30, 2017	$	323,659		$	267,891			$	24,897		$	11,151		$	19,720
Less NOI at share - cash basis from:
Acquisitions	106			(63		)		169			—			—
Dispositions	(297		)	(297		)		—			—			—
Development properties placed into and out of service	(12,340		)	(12,340		)		—			—			—
Lease termination income	(218		)	(218		)		—			—			—
Other non-operating income, net	(21,287		)	(1,567		)		—			—			(19,720		)
Same store NOI at share - cash basis (non-GAAP) for the three months ended June 30, 2017	$	289,623		$	253,406			$	25,066		$	11,151		$	—

Increase in same store NOI at share - cash basis for the three months ended June 30, 2018 compared to June 30, 2017	$	20,397		$	15,033			$	2,707		$	2,657		$	—

% increase in same store NOI at share - cash basis	7.0		%	5.9		%	⁽¹⁾	10.8		%	23.8		%	—		%



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

	Total			New York				theMART			555 California Street			Other
NOI at share - cash basis (non-GAAP) for the six months ended June 30, 2018	$	673,036		$	554,427			$	55,078		$	26,634		$	36,897
Less NOI at share - cash basis from:
Acquisitions	(639		)	(490		)		(149		)	—			—
Dispositions	(220		)	(220		)		—			—			—
Development properties placed into and out of service	(14,290		)	(14,290		)		—			—			—
Lease termination income	(1,223		)	(1,061		)		(162		)	—			—
Other non-operating income, net	(37,972		)	(1,075		)		—			—			(36,897		)
Same store NOI at share - cash basis (non-GAAP) for the six months ended June 30, 2018	$	618,692		$	537,291			$	54,767		$	26,634		$	—

NOI at share - cash basis (non-GAAP) for the six months ended June 30, 2017	$	640,336		$	526,674			$	49,429		$	22,476		$	41,757
Less NOI at share - cash basis from:
Acquisitions	137			(63		)		200			—			—
Dispositions	(665		)	(665		)		—			—			—
Development properties placed into and out of service	(12,234		)	(12,234		)		—			—			—
Lease termination income	(3,279		)	(3,248		)		(31		)	—			—
Other non-operating income, net	(44,356		)	(2,599		)		—			—			(41,757		)
Same store NOI at share - cash basis (non-GAAP) for the six months ended June 30, 2017	$	579,939		$	507,865			$	49,598		$	22,476		$	—

Increase in same store NOI at share - cash basis for the six months ended June 30, 2018 compared to June 30, 2017	$	38,753		$	29,426			$	5,169		$	4,158		$	—

% increase in same store NOI at share - cash basis	6.7		%	5.8		%	⁽¹⁾	10.4		%	18.5		%	—		%



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED JUNE 30, 2018 COMPARED TO MARCH 31, 2018
(unaudited and in thousands)

	Total			New York				theMART			555 California Street			Other
NOI at share - cash basis (non-GAAP) for the three months ended June 30, 2018	$	341,948		$	283,154			$	27,999		$	13,808		$	16,987
Less NOI at share - cash basis from:
Acquisitions	(288		)	(224		)		(64		)	—			—
Dispositions	(242		)	(242		)		—			—			—
Development properties placed into and out of service	(13,686		)	(13,686		)		—			—			—
Lease termination income	(162		)	—				(162		)	—			—
Other non-operating income, net	(17,484		)	(497		)		—			—			(16,987		)
Same store NOI at share - cash basis (non-GAAP) for the three months ended June 30, 2018	$	310,086		$	268,505			$	27,773		$	13,808		$	—

NOI at share - cash basis (non-GAAP) for the three months ended March 31, 2018	$	331,088		$	271,273			$	27,079		$	12,826		$	19,910
Less NOI at share - cash basis from:
Acquisitions	(206		)	(121		)		(85		)	—			—
Dispositions	22			22				—			—			—
Development properties placed into and out of service	(12,808		)	(12,808		)		—			—			—
Lease termination income	(1,061		)	(1,061		)		—			—			—
Other non-operating income, net	(20,488		)	(578		)		—			—			(19,910		)
Same store NOI at share - cash basis (non-GAAP) for the three months ended March 31, 2018	$	296,547		$	256,727			$	26,994		$	12,826		$	—

Increase in same store NOI at share - cash basis for the three months ended June 30, 2018 compared to March 31, 2018	$	13,539		$	11,778			$	779		$	982		$	—

% increase in same store NOI at share - cash basis	4.6		%	4.6		%	⁽¹⁾	2.9		%	7.7		%	—		%

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



	For the Three Months Ended									For the Six Months Ended June 30,
	June 30,						March 31, 2018			For the Six Months Ended June 30,
	2018			2017			March 31, 2018			2018			2017
Reconciliation of net income to EBITDAre (non-GAAP):
Net income	$	105,338		$	147,484		$	282		$	105,620		$	221,331
Less net loss attributable to noncontrolling interests in consolidated subsidiaries	26,175			(7,677		)	8,274			34,449			(14,414		)
Net income attributable to the Operating Partnership	131,513			139,807			8,556			140,069			206,917
EBITDAre adjustments at share:
Depreciation and amortization (Includes $31,892 and $65,575 of discontinued operations for the three and six months ended June 30, 2017, respectively)	130,551			168,247			130,204			260,755			339,784
Interest and debt expense (Includes $12,008 and $23,569 of discontinued operations for the three and six months ended June 30, 2017, respectively)	112,874			118,586			116,232			229,106			234,913
Income tax expense (Includes $366 and $720 of discontinued operations for the three and six months ended June 30, 2017, respectively)	573			289			2,561			3,134			3,780
Net gains on sale of depreciable real estate	(24,449		)	(15,339		)	(305		)	(24,754		)	(19,459		)
Real estate impairment losses	—			167			4			4			3,218
EBITDAre at share (non-GAAP)	351,062			411,757			257,252			608,314			769,153
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(13,431		)	19,947			4,314			(9,117		)	38,760
EBITDAre (non-GAAP)	$	337,631		$	431,704		$	261,566		$	599,197		$	807,913



NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED
(unaudited and in thousands)
	For the Three Months Ended									For the Six Months Ended
	June 30,						March 31, 2018			June 30,
	2018			2017			March 31, 2018			2018			2017
EBITDAre (non-GAAP)	$	337,631		$	431,704		$	261,566		$	599,197		$	807,913

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	$	13,431		$	(19,947	)	$	(4,314	)	$	9,117		$	(38,760	)

Certain expense (income) items that impact EBITDAre:
(Increase) decrease in fair value of marketable securities (including our share of partially owned entities)	(16,024		)	—			34,660			18,636			—
666 Fifth Avenue Office Condominium (49.5% interest)	(6,538		)	(5,954		)	(6,648		)	(13,186		)	(12,103		)
Profit participation on the April 2018 sale of 701 Seventh Avenue	(5,457		)	—			—			(5,457		)	—
Our share of (income) loss from real estate fund investments (excluding our $4,252 share of One Park Avenue potential additional transfer taxes and reduction in carried interest)	(551		)	304			(814		)	(1,365		)	3,539
EBITDAre from discontinued operations (primarily related to JBG SMITH Properties operating results and transaction costs through July 17, 2017 spin-off)	(374		)	(65,921		)	269			(105		)	(128,262		)
Net gain resulting from UE operating partnership unit issuances	—			(15,900		)	—			—			(15,900		)
Net gain on repayment of our Suffolk Downs JV debt investments	—			(11,373		)	—			—			(11,373		)
Our share of potential additional New York City transfer taxes based on a Tax Tribunal interpretation which Vornado is appealing	—			—			23,503			23,503			—
Other	837			379			1,228			2,065			349
	(28,107		)	(98,465		)	52,198			24,091			(163,750		)
EBITDAre, as adjusted (non-GAAP)	$	322,955		$	313,292		$	309,450		$	632,405		$	605,403



TRAILING TWELVE MONTH PRO-FORMA CASH NET OPERATING INCOME
(unaudited and in thousands)
	Trailing Twelve Months Ended June 30, 2018								Trailing Twelve Months Ended March 31, 2018
	NOI - cash basis		Less: BMS			Pro-forma NOI - cash basis			Pro-forma NOI - cash basis
	NOI - cash basis		Less: BMS			Pro-forma NOI - cash basis			Pro-forma NOI - cash basis
New York - Office	$	707,437	$	(26,199	)	$	681,238		$	666,009
New York - Retail	323,660		—			323,660			324,488
New York - Residential	21,804		—			21,804			21,683
theMART	104,891		—			104,891			101,789
555 California Street	49,439		—			49,439		⁽¹⁾	46,782		⁽¹⁾
	$	1,207,231	$	(26,199	)	$	1,181,032		$	1,160,751



RESIDENTIAL STATISTICS in service
(unaudited)
		Vornado's Ownership Interest
	Number of Units	Number of Units	Occupancy Rate	Average Monthly Rent Per Unit
New York:
June 30, 2018	1,994	960	98.3%	$3,789
March 31, 2018	1,982	954	97.4%	$3,750
December 31, 2017	1,983	955	97.3%	$3,745
June 30, 2017	1,985	955	94.9%	$3,655


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


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


(3)	Excluding a single lease at 770 Broadway for 77 square feet, the GAAP and cash basis mark-to-markets were 35.6% and 24.0%, respectively.


(4)	Excluding a single lease at 435 Seventh Avenue for 43 square feet, the GAAP and cash basis mark-to-markets were 16.0% and 6.4%, respectively.


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


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


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


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


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


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


(2)	Pursuant to an existing swap agreement, the loan bears interest at 3.15% through December 2020. The rate was swapped from LIBOR plus 1.60% (3.60% as of June 30, 2018).


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


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


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


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


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



OCCUPANCY
(unaudited)
	New York		theMART		555 California Street
Occupancy rate at:
June 30, 2018	96.6	%	99.3	%	97.3	%
March 31, 2018	96.9	%	99.1	%	97.8	%
December 31, 2017	97.2	%	98.6	%	94.2	%
June 30, 2017	96.6	%	98.9	%	90.7	%


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


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


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


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


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


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


(1)	Excluding Hotel Pennsylvania, same store NOI at share increased by 4.6% .



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

	Three Months Ended June 30, 2018
Consolidated revenues	$	541,818
Noncontrolling interest adjustments	(27,093		)
Consolidated revenues at our share (non-GAAP)	514,725
Unconsolidated revenues at our share	112,196
Our pro rata share of revenues (non-GAAP)	$	626,921
Our pro rata share of revenues (annualized) (non-GAAP)	$	2,507,684



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

	June 30, 2018
	Consolidated Debt, net		Deferred Financing Costs, Net and Other		Contractual Debt (non-GAAP)
Mortgages payable	$	8,108,618	$	55,855	$	8,164,473
Senior unsecured notes	843,417		6,583		850,000
$750 Million unsecured term loan	749,494		506		750,000
$2.5 Billion unsecured revolving credit facilities	80,000		—		80,000
	$	9,781,529	$	62,944	$	9,844,473