Exhibit

NET INCOME attributable to common shareholders for the quarter ended June 30, 2018 was $111.5 million, or $0.58 per diluted share, compared to $116.0 million, or $0.61 per diluted share, for the prior year's quarter. Adjusting net income attributable to common shareholders for the items that impact the comparability of period to period net income listed in the table on the following page, net income attributable to common shareholders, as adjusted (non-GAAP) for the quarters ended June 30, 2018 and 2017 was $69.7 million and $67.4 million, or $0.36 and $0.35 per diluted share, respectively.

FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended June 30, 2018 was $209.7 million, or $1.10 per diluted share, compared to $257.7 million, or $1.35 per diluted share, for the prior year's quarter. Adjusting FFO attributable to common shareholders plus assumed conversions for the items that impact the comparability of period to period FFO listed in the table on page 3, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarters ended June 30, 2018 and 2017 was $187.4 million and $180.5 million, or $0.98 and $0.95 per diluted share, respectively.

NET INCOME attributable to common shareholders for the six months ended June 30, 2018 was $93.7 million, or $0.49 per diluted share, compared to $163.7 million, or $0.86 per diluted share, for the six months ended June 30, 2017. Adjusting net income attributable to common shareholders for the items that impact the comparability of period to period net income listed in the table on the following page, net income attributable to common shareholders, as adjusted (non-GAAP) for the six months ended June 30, 2018 and 2017 was $126.1 million and $113.5 million, or $0.66 and $0.60 per diluted share, respectively.

FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the six months ended June 30, 2018 was $312.3 million, or $1.63 per diluted share, compared to $463.4 million, or $2.43 per diluted share, for the six months ended June 30, 2017. Adjusting FFO attributable to common shareholders plus assumed conversions for the items that impact the comparability of period to period FFO listed in the table on page 3, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the six months ended June 30, 2018 and 2017 was $361.4 million and $339.4 million, or $1.89 and $1.78 per diluted share, respectively.



(Amounts in thousands, except per share amounts)	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2017			2018			2017
Net income attributable to common shareholders	$	111,534		$	115,972		$	93,693		$	163,724
Per diluted share	$	0.58		$	0.61		$	0.49		$	0.86

Certain (income) expense items that impact net income attributable to common shareholders:
Net gains on sale of real estate	$	(24,449	)	$	(15,339	)	$	(24,767	)	$	(19,459	)
(Increase) decrease in fair value of marketable securities (including our share of partially owned entities)	(16,024		)	—			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			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			(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		)	83			(31,246		)
Net gain resulting from Urban Edge Properties 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			—
Preferred unit issuance costs	—			—			14,486			—
Other	839			900			4,609			2,864
	(44,659		)	(51,807		)	34,489			(53,526		)
Noncontrolling interests' share of above adjustments	2,778			3,207			(2,105		)	3,314
Total of certain (income) expense items that impact net income attributable to common shareholders	$	(41,881	)	$	(48,600	)	$	32,384		$	(50,212	)

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



(Amounts in thousands, except per share amounts)	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2017			2018			2017
FFO attributable to common shareholders plus assumed conversions (non-GAAP)⁽¹⁾	$	209,680		$	257,673		$	312,339		$	463,422
Per diluted share (non-GAAP)	$	1.10		$	1.35		$	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	)	$	—		$	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		)	(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			(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		)	(104		)	(99,901		)
Net gain resulting from Urban Edge Properties 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			—
Preferred unit issuance costs	—			—			14,486			—
Other	839			379			4,592			(962		)
	(23,745		)	(82,311		)	52,250			(132,310		)
Noncontrolling interests' share of above adjustments	1,477			5,182			(3,212		)	8,302
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net	$	(22,268	)	$	(77,129	)	$	49,038		$	(124,008	)

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

On April 19, 2018, the joint venture between our Fund (25% owned) and our Crowne Plaza Joint Venture (57.1% owned) completed a $255,000,000 refinancing of the Crowne Plaza Times Square Hotel. The interest-only loan is at LIBOR plus 3.51% (5.56% at June 30, 2018) and matures in May 2020 with three one-year extension options. In connection therewith, the joint venture purchased an interest rate cap that caps LIBOR at a rate of 4.00%. The Crowne Plaza Times Square Hotel was previously encumbered by a $310,000,000 interest-only mortgage at LIBOR plus 2.80% which was scheduled to mature in December 2018.



		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 12 through 17 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	%



(Amounts 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
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

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



(Amounts 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
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

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

(Amounts 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

As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, July 31, 2018 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 888-771-4371 (domestic) or 847-585-4405 (international) and indicating to the operator the passcode 47136894. A telephonic replay of the conference call will be available from 1:30 p.m. ET on July 31, 2018 through August 30, 2018. To access the replay, please dial 888-843-7419 and enter the passcode 47136894#. A live webcast of the conference call will be available on the Company’s website at www.vno.com and an online playback of the webcast will be available on the website for 90 days following the conference call.

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2017. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.



(Amounts in thousands, except unit, share, and per share amounts)	As of
	June 30, 2018			December 31, 2017
ASSETS
Real estate, at cost:
Land	$	3,175,830		$	3,143,648
Buildings and improvements	9,969,190			9,898,605
Development costs and construction in progress	1,797,301			1,615,101
Leasehold improvements and equipment	105,625			98,941
Total	15,047,946			14,756,295
Less accumulated depreciation and amortization	(3,035,523		)	(2,885,283		)
Real estate, net	12,012,423			11,871,012
Cash and cash equivalents	1,090,791			1,817,655
Restricted cash	121,168			97,157
Marketable securities	165,650			182,752
Tenant and other receivables, net of allowance for doubtful accounts of $3,891 and $5,526	65,773			58,700
Investments in partially owned entities	959,801			1,056,829
Real estate fund investments	373,039			354,804
Receivable arising from the straight-lining of rents, net of allowance of $1,798 and $954	936,614			926,711
Deferred leasing costs, net of accumulated amortization of $198,100 and $191,827	443,859			403,492
Identified intangible assets, net of accumulated amortization of $163,406 and $150,837	146,370			159,260
Assets related to discontinued operations	52			1,357
Other assets	550,543			468,205
	$	16,866,083		$	17,397,934
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	$	8,108,618		$	8,137,139
Senior unsecured notes, net	843,417			843,614
Unsecured term loan, net	749,494			748,734
Unsecured revolving credit facilities	80,000			—
Accounts payable and accrued expenses	394,079			415,794
Deferred revenue	187,934			227,069
Deferred compensation plan	100,368			109,177
Liabilities related to discontinued operations	214			3,620
Preferred shares redeemed on January 4 and 11, 2018	—			455,514
Other liabilities	520,331			464,635
Total liabilities	10,984,455			11,405,296
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 12,616,515 and 12,528,899 units outstanding	932,613			979,509
Series D cumulative redeemable preferred units - 177,101 units outstanding	5,428			5,428
Total redeemable noncontrolling interests	938,041			984,937
Vornado's shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,799,573 shares	891,325			891,988
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,237,957 and 189,983,858 shares	7,587			7,577
Additional capital	7,555,993			7,492,658
Earnings less than distributions	(4,206,381		)	(4,183,253		)
Accumulated other comprehensive income	33,351			128,682
Total Vornado shareholders' equity	4,281,875			4,337,652
Noncontrolling interests in consolidated subsidiaries	661,712			670,049
Total equity	4,943,587			5,007,701
	$	16,866,083		$	17,397,934



(Amounts in thousands, except per share amounts)	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2017			2018			2017
Revenues	$	541,818		$	511,087		$	1,078,255		$	1,019,145

Income from continuing operations	$	104,655		$	129,373		$	105,300		$	187,902
Income from discontinued operations	683			18,111			320			33,429
Net income	105,338			147,484			105,620			221,331
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	26,175			(7,677		)	34,449			(14,414		)
Operating Partnership	(7,445		)	(7,706		)	(6,321		)	(10,935		)
Net income attributable to Vornado	124,068			132,101			133,748			195,982
Preferred share dividends	(12,534		)	(16,129		)	(25,569		)	(32,258		)
Preferred share issuance costs	—			—			(14,486		)	—
NET INCOME attributable to common shareholders	$	111,534		$	115,972		$	93,693		$	163,724

INCOME PER COMMON SHARE – BASIC:
Income from continuing operations, net	$	0.59		$	0.52		$	0.49		$	0.70
Income from discontinued operations, net	—			0.09			—			0.16
Net income per common share	$	0.59		$	0.61		$	0.49		$	0.86
Weighted average shares outstanding	190,200			189,395			190,141			189,304

INCOME PER COMMON SHARE – DILUTED:
Income from continuing operations, net	$	0.58		$	0.52		$	0.49		$	0.70
Income from discontinued operations, net	—			0.09			—			0.16
Net income per common share	$	0.58		$	0.61		$	0.49		$	0.86
Weighted average shares outstanding	191,168			190,444			191,190			190,674

FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	209,680		$	257,673		$	312,339		$	463,422
Per diluted share (non-GAAP)	$	1.10		$	1.35		$	1.63		$	2.43

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

Weighted average shares used in determining FFO per diluted share	191,168			190,444			191,228			190,450



(Amounts in thousands, except per share amounts)	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2017			2018			2017
Net income attributable to common shareholders	$	111,534		$	115,972		$	93,693		$	163,724
Per diluted share	$	0.58		$	0.61		$	0.49		$	0.86

FFO adjustments:
Depreciation and amortization of real property	$	103,599		$	128,527		$	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			53,594			76,756
Net gains on sale of real estate	(272		)	(15,339		)	(577		)	(17,192		)
Real estate impairment losses	—			167			4			3,218
	104,638			151,037			232,853			319,511
Noncontrolling interests' share of above adjustments	(6,508		)	(9,356		)	(14,419		)	(19,873		)
FFO adjustments, net	$	98,130		$	141,681		$	218,434		$	299,638

FFO attributable to common shareholders (non-GAAP)	$	209,664		$	257,653		$	312,127		$	463,362
Convertible preferred share dividends	16			20			32			60
Earnings allocated to Out-Performance Plan units	—			—			180			—
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	209,680		$	257,673		$	312,339		$	463,422
Per diluted share (non-GAAP)	$	1.10		$	1.35		$	1.63		$	2.43

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. A reconciliation of our net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions is provided above. In addition to FFO attributable to common shareholders plus assumed conversions, we also disclose FFO attributable to common shareholders plus assumed conversions, as adjusted. Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, we believe it provides a meaningful presentation of operating performance. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on page 3 of this press release.



	For the Three Months Ended									For the Six Months Ended June 30,
(Amounts in thousands)	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) loss, 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) loss 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

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.



(Amounts in thousands)		Total			New York				theMART			555 California Street			Other
NOI at share 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 for the three months ended June 30, 2018		$	325,180		$	283,811			$	27,709		$	13,660		$	—

NOI at share 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 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		%	—		%

Same store NOI represents NOI from operations which are owned by us and in service in both the current and prior year reporting periods. Same store NOI - cash basis is NOI from operations before straight-line rental income and expense, amortization of acquired below and above market leases, net and other non-cash adjustments which are owned by us and in service in both the current and prior year reporting periods. We present these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store NOI and same store NOI - cash basis should not be considered as an alternative to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.



(Amounts in thousands)		Total			New York				theMART			555 California Street			Other
NOI at share - cash basis 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 for the three months ended June 30, 2018		$	310,020		$	268,439			$	27,773		$	13,808		$	—

NOI at share - cash basis 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 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		%	—		%



(Amounts in thousands)		Total			New York				theMART			555 California Street			Other
NOI at share 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 for the three months ended June 30, 2018		$	325,395		$	284,026			$	27,709		$	13,660		$	—

NOI at share 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 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		%	—		%



(Amounts in thousands)		Total			New York				theMART			555 California Street			Other
NOI at share - cash basis 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 for the three months ended June 30, 2018		$	310,086		$	268,505			$	27,773		$	13,808		$	—

NOI at share - cash basis 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 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		%	—		%



(Amounts in thousands)		Total			New York				theMART			555 California Street			Other
NOI at share 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 for the six months ended June 30, 2018		$	651,555		$	569,885			$	54,499		$	27,171		$	—

NOI at share 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 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		%	—		%



(Amounts in thousands)		Total			New York				theMART			555 California Street			Other
NOI at share - cash basis 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 for the six months ended June 30, 2018		$	618,692		$	537,291			$	54,767		$	26,634		$	—

NOI at share - cash basis 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 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		%	—		%



CONTACT:	JOSEPH MACNOW
	(212) 894-7000


		888 Seventh Avenue New York, NY 10019


(1)	See page 10 for a reconciliation of our net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and six months ended June 30, 2018 and 2017.


•	611,000 square feet of New York Office space (545,000 square feet at share) at an initial rent of $88.28 per square foot and a weighted average term of 10.5 years. The GAAP and cash mark-to-markets on the 502,000 square feet of second generation space were 41.3% and 28.4%, respectively. Tenant improvements and leasing commissions were $9.63 per square foot per annum, or 10.9% of initial rent.


•	49,000 square feet of New York Retail space (44,000 square feet at share) at an initial rent of $165.98 per square foot and a weighted average term of 5.9 years. The GAAP and cash mark-to-markets on the 38,000 square feet of second generation space were 11.6% and 8.7%, respectively. Tenant improvements and leasing commissions were $18.73 per square foot per annum, or 11.3% of initial rent.


•	50,000 square feet at theMART (all at share and all second generation) at an initial rent of $51.66 per square foot and a weighted average term of 5.4 years. The GAAP and cash mark-to-markets were 9.4% and 1.6%, respectively. Tenant improvements and leasing commissions were $1.55 per square foot per annum, or 3.0% of initial rent.


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