PRESS RELEASE

PARAMUS, N.J.--(BUSINESS WIRE)--May 10, 2006--Vornado Realty L.P. (the "Operating Partnership"), a majority-owned subsidiary of Vornado Realty Trust (NYSE: VNO), announced today that on May 9, 2006 the Operating Partnership and The Bank of New York, as trustee, executed supplemental indentures with respect to the Operating Partnership's 5.625% Notes due 2007, its 4.50% Notes due 2009 and its 4.75% Notes due 2010 (collectively, the "Securities") pursuant to the Operating Partnership's consent solicitation statement, dated April 18, 2006 (as amended, the "consent solicitation statement"). As set forth in the consent solicitation statement, the date of the execution of such supplemental indentures is the "Effective Time."

The supplemental indentures follow the successful solicitation of consents by the Operating Partnership, with approximately 96.7% of the aggregate principal amount of the Securities giving their consent in the solicitation. The supplemental indentures contain modifications of certain covenants and related defined terms governing the terms of the Securities to make them consistent with corresponding provisions of the covenants and defined terms included in the 5.60% Notes due 2011 that the Operating Partnership issued on February 16, 2006. The supplemental indentures include a new covenant that provides for an increase in the interest rate of the above referenced Securities upon certain decreases in the ratings assigned by rating agencies to the Securities, as described in the consent solicitation statement.

The Operating Partnership retained Citigroup Global Markets Inc. and J.P. Morgan Securities Inc., to serve as the solicitation agents for the consent solicitation, and Global Bondholder Services Corporation to serve as the information agent. Questions regarding the consent solicitation may be directed to: Citigroup Global Markets Inc. at (800) 558-3745 (toll-free), or J.P. Morgan Securities Inc. at (866) 834-4666 (toll-free).

This announcement is not a solicitation of consents with respect to any Securities. The consent solicitation was made solely by the consent solicitation statement. In any jurisdiction where the laws require solicitations to be made by a licensed broker or dealer, the consent solicitation will be deemed to have been made on behalf of the Operating Partnership by the solicitation agents, or one or more registered broker dealers under the laws of such jurisdiction.

About the Operating Partnership

Vornado Realty L.P. is the operating partnership through which Vornado Realty Trust, a fully integrated real estate investment trust, conducts its business and owns substantially all of its interests in properties. Vornado Realty Trust is the sole general partner of, and owned approximately 89.6% of the common limited partnership interest in, Vornado Realty L.P. as of March 31, 2006.

    CONTACT: For Vornado Realty Trust
             Joseph Macnow, 201-587-1000

    SOURCE: Vornado Realty Trust