PRESS RELEASE

PARAMUS, N.J.--(BUSINESS WIRE)-- VORNADO REALTY TRUST (NYSE:VNO) announced today that its $0.95 common share dividend, payable on March 12, 2009 will consist of approximately $59 million in cash and approximately 2.8 million common shares priced at $32.0741 per share, as follows:

    --  Holders of 11.3 million shares elected to receive the dividend all in
        shares;
    --  Holders of 122.0 million shares elected to receive the dividend all in
        cash, and will receive $.415 per share in cash (43.7%) and $.535 per
        share in stock (56.3%);
    --  Holders of 22.1 million shares made no election, and will receive $.38
        per share in cash (40%) and $.57 per share in stock (60%).

Vornado Realty Trust is a fully-integrated equity real estate investment trust.

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. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.

    Source: Vornado Realty Trust