PRESS RELEASE

Vornado Declares Quarterly Dividends On Preferred Shares

July 28, 2005

PARAMUS, N.J.--(BUSINESS WIRE)--July 28, 2005--VORNADO REALTY TRUST (NYSE:VNO) today announced that its Board of Trustees has declared quarterly dividends of $.8125 per share on the Company's Series A Convertible Preferred Shares, $.4375 per share on the Company's Series E Cumulative Redeemable Preferred Shares, $.421875 on the Company's Series F and Series H Cumulative Redeemable Preferred Shares and $.4140625 on the Company's Series G Cumulative Redeemable Preferred Shares. In addition, shareholders of record of the Series H Shares will receive a dividend of $.0609375 for the period from June 18, 2005 (day following initial settlement date) to June 30, 2005. In each case, dividends are payable on October 3, 2005 to shareholders of record on September 15, 2005.

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.

    CONTACT: Joseph Macnow, 201-587-1000

    SOURCE: Vornado Realty Trust