Vornado Realty Trust

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1 As filed with the Securities and Exchange Commission on February 9, 1999 Exhibit Index on Page 5 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): November 12, 1998 Commission File Number: 1-11954 VORNADO REALTY TRUST (Exact name of registrant as specified in its charter) MARYLAND 22-1657560 (State or other jurisdiction of incorporation) (I.R.S. employer identification number) PARK 80 WEST, PLAZA II, SADDLEBROOK, NEW JERSEY 07663 (Address of principle executive offices) (Zip Code) (201) 587-1000 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report)

2 ITEMS 1 - 4. NOT APPLICABLE. ITEM 5. OTHER EVENTS. ISSUANCE OF ADDITIONAL SERIES D-1 PREFERRED UNITS BY VORNADO REALTY L.P. On December 22, 1998, Vornado Realty L.P., a Delaware limited partnership through which Vornado Realty Trust conducts its business (the "Operating Partnership"), sold $27.5 million of Series D-1 Preferred Units of limited partnership interest (the "Series D-1 Preferred Units") to an institutional investor in a private placement, resulting in net proceeds of approximately $26.8 million. As previously reported, on November 12, 1998, the Operating Partnership sold $60 million of Series D-1 Preferred Units to the same institutional investor in a private placement, resulting in net proceeds of approximately $58.5 million. The Series D-1 Preferred Units are perpetual and may be redeemed without penalty in whole or in part by the Operating Partnership at any time on or after November 12, 2003 for cash equal to $25 per Series D-1 Preferred Unit and any accumulated and unpaid distributions owing in respect of the Series D-1 Preferred Units being redeemed. At any time on or after the Series D-1 Effective Date (as defined below), holders of Series D-1 Preferred Units will have the right to have their Series D-1 Preferred Units redeemed by the Operating Partnership for (i) cash equal to $25 for each Series D-1 Preferred Unit and any accumulated and unpaid distributions owing in respect of the Series D-1 Preferred Units being redeemed or (ii) at the option of Vornado Realty Trust, one Series D-1 8.5% Cumulative Redeemable Preferred Share of Beneficial Interest, no par value (the "Series D-1 Preferred Shares"), of Vornado Realty Trust for each Series D-1 Preferred Unit redeemed. The "Series D-1 Effective Date" means the sooner of (i) November 12, 2008, (ii) the first business day following any period in which the Operating Partnership has failed to make full distributions in respect of the Series D-1 Preferred Units for six quarters, whether or not consecutive, (iii) the first business day following receipt by the holder of the Series D-1 Preferred Units of either notice from Vornado Realty Trust, or an opinion of counsel, that the Operating Partnership is or likely is a "publicly-traded partnership," as defined in the Internal Revenue Code of 1986, as amended, and (iv) the first business day following the date on which the institutional investor to which the Series D-1 Preferred Units were issued reasonably determines that there is an imminent and substantial risk that the Series D-1 Preferred Units held by it represent or will represent 19.5% or more of the total profits or capital interests in the Operating Partnership for a taxable year. The Series D-1 Preferred Shares will be perpetual and will be redeemable at the option of Vornado Realty Trust at any time on and after November 12, 2003 for cash equal to $25 per Series D-1 Preferred Share plus dividends accumulated and unpaid prior to the date of redemption. No Series D-1 Preferred Shares are now outstanding, Vornado Realty Trust and the purchaser of the Series D-1 Preferred Units have entered into a registration rights agreement, as amended, with respect to the Series D-1 Preferred Shares that may be issued upon redemption of Series D-1 Preferred Units. -2-

3 ITEM 6. NOT APPLICABLE. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. The following exhibits are furnished in accordance with the provisions of Item 601 of Regulation S-K: Exhibit No. Description - ----------- ----------- 3.1 Articles Supplementary to Declaration of Trust of Vornado Realty Trust with respect to the Series D-1 Preferred Shares, dated November 12, 1998, as filed with the State Department of Assessments and Taxation of Maryland on November 25, 1998 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Vornado Realty Trust, dated November 12, 1998) 3.2 Articles Supplementary to Declaration of Trust of Vornado Realty Trust with respect to the Series D-1 Preferred Shares, dated December 22, 1998, as filed with the State Department of Assessments and Taxation of Maryland on January 12, 1999 3.3 Third Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of November 12, 1998 (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K of Vornado Realty Trust, dated November 12, 1998) 3.4 Exhibit A, dated as of December 22, 1998, to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P. 99.1 Press release of Vornado Realty Trust, dated November 12, 1998 (incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K of Vornado Realty Trust, dated November 12, 1998) 99.2 Press release of Vornado Realty Trust, dated December 22, 1998 ITEM 8. NOT APPLICABLE. -3-

4 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VORNADO REALTY TRUST (Registrant) By: /s/ Irwin Goldberg ----------------------------- Name: Irwin Goldberg Title: Vice President, Chief Financial Officer Date: February 9, 1999 -4-

5 Index to Exhibits Exhibit Description No. 3.1 Articles Supplementary to Declaration of Trust of Vornado Realty Trust with respect to the Series D-1 Preferred Shares, dated as of November 12, 1998, as filed with the State Department of Assessments and Taxation of Maryland on November 25, 1998 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Vornado Realty Trust, dated November 12, 1998) 3.2 Articles Supplementary to Declaration of Trust of Vornado Realty Trust with respect to the Series D-1 Preferred Shares, dated as of December 22, 1998, as filed with the State Department of Assessments and Taxation of Maryland on January 12, 1999 3.3 Third Amendment to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P., dated as of November 12, 1998 (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K of Vornado Realty Trust, dated November 12, 1998) 3.4 Exhibit A, dated as of December 22, 1998, to Second Amended and Restated Agreement of Limited Partnership of Vornado Realty L.P. 99.1 Press release of Vornado Realty Trust, dated November 12, 1998 (incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K of Vornado Realty Trust, dated November 12, 1998) 99.2 Press release of Vornado Realty Trust, dated December 22, 1998 -5-

1 Exhibit 3.2 VORNADO REALTY TRUST ARTICLES SUPPLEMENTARY SERIES D-1 8.5% CUMULATIVE REDEEMABLE PREFERRED SHARES (liquidation preference $25.00 per share) Vornado Realty Trust, a Maryland real estate investment trust (the "Trust"), hereby certifies to the State Department of Assessments and Taxation of Maryland (the "Department") that: FIRST: Under a power contained in Article VI of the Amended and Restated Declaration of Trust of the Trust, as amended (the "Declaration"), the Board of Trustees of the Trust (the "Board of Trustees"), by informal action in lieu of a special meeting, classified and designated 1,100,000 shares (the "Shares") of the Preferred Stock (as defined in the Declaration), as shares of Series D-1 8.5% Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share ("Series D-1 Preferred Shares"), with the same preferences and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption as are set forth in the Articles Supplementary of the Trust, relating to the Series D-1 8.5% Cumulative Redeemable Shares of Beneficial Interest, liquidation preference $25.00 per share, dated as of November 12, 1998 and filed with the Department on November 25, 1998, which upon any restatement of the Declaration, shall be deemed to be part of Article VI of the Declaration, with any necessary or appropriate changes in the enumeration or lettering of the sections or subsections thereof. SECOND: The Shares have been classified and designated by the Board of Trustees under the authority contained in the Declaration. THIRD: These Articles Supplementary have been approved by the Board of Trustees in the manner and by the vote required by law. FOURTH: Each of the undersigned acknowledges these Articles Supplementary to be the trust act of the Trust and, as to all matters or facts required to be verified under oath, the undersigned acknowledges that to the best of his or her knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

2 IN WITNESS WHEREOF, the Trust has caused these Articles Supplementary to be executed under seal in its name and on its behalf by its Vice President and Chief Financial Officer and attested to by one of its Assistant Secretaries on this 22nd day of December, 1998. VORNADO REALTY TRUST By: /s/ Irwin Goldberg ----------------------------- Irwin Goldberg Vice President and Chief Financial Officer [Seal] ATTEST: /s/ Larry Portal ----------------------------- Larry Portal Assistant Secretary -2-

1 Exhibit 3.4 EXHIBIT A (12/22/98) - ADDITIONAL UNITS ISSUED FOR GREENE STREET 1998 EXCHANGE FUND, LP VORNADO REALTY L.P. PARTNERS AND PARTNERSHIP INTERESTS CLASS OF UNITS -------------------------------------------------------------------- SERIES A VALUE PERCENTAGE SERIES B-1 VALUE PERCENTAGE PREFERRED OF OF PREFERRED OF OF UNITS SERIES A SERIES A UNITS SERIES B-1 SERIES B-1 --------------------------------- --------------------------------- Vornado Realty Trust 5,789,239 $297,508,992 100.0000% Vornado Realty Trust Vornado Finance Corp Vornado Investment Corporation 40 East 14 Realty Associates General Partnership 825 Seventh Avenue Holding Corporation Menands Holdings Corporation Two Guys From Harrison, N.Y., Inc. Washington Design Center, L.L.C. 200,000 $10,000,000 22.23% Merchandise Mart Owners, L.L.C. 699,566 $34,978,300 77.77% Merchandise Mart Enterprises, L.L.C. World Trade Center Chicago, L.L.C. Greene Street 1998 Exchange Fund, L.P. Jacob H. Froelich, Jr. S.D. Phillips George W. Lyles Canoe House Partners, LLC Roaring Gap Limited Partnership Phillips Property Company, LLC The Mendik Partnership, L.P. Mendik Realty Company, Inc. FW / Mendik REIT, L.L.C. (2) Mendik RELP Corp. 2750 Associates Abrams, Trust U/W/O Ralph Adler, Robert Alpert, Vicki Ambassador Construction Company, Inc. Aschendorf-Shasha, Ellen Ash, Herbert Aubert, Trust FBO Lysa UWO Barbara Schwartz Aubert, Trust FBO Lysa UWO Ellis Schwartz Barr, Thomas Barkin, Leonard Batkin, Nancy Batkin, Nancy 1998 Trust u/a/d 5/11/98 Berenson, David Berenson, Joan Berenson, Richard Berenson, Robert Berger, Alice C. Bianculli, Louis Bierman, Jacquin Blumenthal, Joel Marie Braverman, Madlyn Bonk, Chris Carb, Sally Carney, Thomas Chambers, Robert CHO Enterprises Dembner, Shirley Dembner, Shirley UGMA for Lindsey Dembner Doner, Max Downey, Michael Dryfoos, Jacqueline Dubrowski, Raymond Evans, Ben Field, Walter L. Jesse Fierstein & Co. Fischer, Alan A. Freedman, Robert Gershon, Estate of Murray Getz, Howard Getz, Sandra Getz, Sandra & Howard

2 CLASS OF UNITS -------------------------------------------------------------------- SERIES B-2 VALUE PERCENTAGE SERIES C-1 VALUE PERCENTAGE PREFERRED OF OF PREFERRED OF OF UNITS SERIES B-2 SERIES B-2 UNITS SERIES C-1 SERIES C-1 --------------------------------- --------------------------------- Vornado Realty Trust Vornado Realty Trust Vornado Finance Corp Vornado Investment Corporation 40 East 14 Realty Associates General Partnership 825 Seventh Avenue Holding Corporation Menands Holdings Corporation Two Guys From Harrison, N.Y., Inc. Washington Design Center, L.L.C. 100,000 $5,000,000 22.23% Merchandise Mart Owners, L.L.C. 349,783 $17,489,150 77.77% Merchandise Mart Enterprises, L.L.C. World Trade Center Chicago, L.L.C. Greene Street 1998 Exchange Fund, L.P. Jacob H. Froelich, Jr. 150,067 $ 5,352,890 20.0648% S.D. Phillips 9,976 $ 355,844 1.3338% George W. Lyles 70,044 $ 2,498,469 9.3653% Canoe House Partners, LLC 200,090 $ 7,137,210 26.7531% Roaring Gap Limited Partnership 290,158 $10,349,936 38.7957% Phillips Property Company, LLC 27,577 983,672 3.6872% The Mendik Partnership, L.P. Mendik Realty Company, Inc. FW / Mendik REIT, L.L.C. (2) Mendik RELP Corp. 2750 Associates Abrams, Trust U/W/O Ralph Adler, Robert Alpert, Vicki Ambassador Construction Company, Inc. Aschendorf-Shasha, Ellen Ash, Herbert Aubert, Trust FBO Lysa UWO Barbara Schwartz Aubert, Trust FBO Lysa UWO Ellis Schwartz Barr, Thomas Barkin, Leonard Batkin, Nancy Batkin, Nancy 1998 Trust u/a/d 5/11/98 Berenson, David Berenson, Joan Berenson, Richard Berenson, Robert Berger, Alica C. Bianculli, Louis Bierman, Jacquin Blumenthal, Joel Marie Braverman, Madlyn Bonk, Chris Carb, Sally Carney, Thomas Chambers, Robert CHO Enterprises Dembner, Shirley Dembner, Shirley UGMA for Lindsey Dembner Doner, Max Downey, Michael Dryfoos, Jacqueline Dubrowski, Raymond Evans, Ben Field, Walter L. Jesse Fierstein & Co. Fischer, Alan A. Freedman, Robert Gershon, Estate of Murray Getz, Howard Getz, Sandra Getz, Sandra & Howard

3 CLASS OF UNITS ---------------------------------- SERIES D-1 VALUE PERCENTAGE PREFERRED OF OF UNITS SERIES D-1 SERIES D-1 ---------------------------------- Vornado Realty Trust Vornado Realty Trust Vornado Finance Corp Vornado Investment Corporation 40 East 14 Realty Associates General Partnership 825 Seventh Avenue Holding Corporation Menands Holdings Corporation Two Guys From Harrison, N.Y., Inc. Washington Design Center, L.L.C. Merchandise Mart Owners, L.L.C. Merchandise Mart Enterprises, L.L.C. World Trade Center Chicago, L.L.C. Greene Street 1998 Exchange Fund, L.P. 3,500,000 87,500,000 100.00% Jacob H. Froelich, Jr. S.D. Phillips George W. Lyles Canoe House Partners, LLC Roaring Gap Limited Partnership Phillips Property Company, LLC The Mendik Partnership, L.P. Mendik Realty Company, Inc. FW / Mendik REIT, L.L.C. (2) Mendik RELP Corp. 2750 Associates Abrams, Trust U/W/O Ralph Adler, Robert Alpert, Vicki Ambassador Construction Company, Inc. Aschendorf-Shasha, Ellen Ash, Herbert Aubert, Trust FBO Lysa UWO Barbara Schwartz Aubert, Trust FBO Lysa UWO Ellis Schwartz Barr, Thomas Barkin, Leonard Batkin, Nancy Batkin, Nancy 1998 Trust u/a/d 5/11/98 Berenson, David Berenson, Joan Berenson, Richard Berenson, Robert Berger, Alica C. Bianculli, Louis Bierman, Jacquin Blumenthal, Joel Marie Braverman, Madlyn Bonk, Chris Carb, Sally Carney, Thomas Chambers, Robert CHO Enterprises Dembner, Shirley Dembner, Shirley UGMA for Lindsey Dembner Doner, Max Downey, Michael Dryfoos, Jacqueline Dubrowski, Raymond Evans, Ben Field, Walter L. Jesse Fierstein & Co. Fischer, Alan A. Freedman, Robert Gershon, Estate of Murray Getz, Howard Getz, Sandra Getz, Sandra & Howard

4 CLASS OF UNITS ----------------------------------------------------------------------------------- COMMON UNITS TOTAL VALUE PERCENTAGE ------------------------------------------- COMMON COMMON COMMON A C D E UNITS UNITS UNITS ----------------------------------------------------------------------------------- Vornado Realty Trust Vornado Realty Trust 43,527,559 43,527,559 $1,552,628,030 47.3996% Vornado Finance Corp 35,282,694 35,282,694 $1,258,533,695 38.4213% Vornado Investment Corporation 3,666,666 3,666,666 $130,789,976 3.9928% 40 East 14 Realty Associates 0 $0 0.0000% General Partnership 1,639,278 1,639,278 $58,473,046 1.7851% 825 Seventh Avenue Holding Corporation 235,516 235,516 $8,400,856 0.2565% Menands Holdings Corporation 536,524 536,524 $19,137,811 0.5843% Two Guys From Harrison, N.Y., Inc. 180,890 180,890 $6,452,346 0.1970% Washington Design Center, L.L.C. 65,807 65,807 $2,347,336 0.0717% Merchandise Mart Owners, L.L.C. 0 $0 0.0000% Merchandise Mart Enterprises, L.L.C. 395,967 395,967 $14,124,143 0.4312% World Trade Center Chicago, L.L.C. 603,948 603,948 $21,542,825 0.6577% Greene Street 1998 Exchange Fund, L.P. 0 $0 0.0000% Jacob H Froelich, Jr. 202,411 202,411 $7,220,000 0.2204% S.D. Phillips 0 0 $0 0.0000% George W Lyles 0 0 $0 0.0000% Canoe House Partners, LLC 0 0 $0 0.0000% Roaring Gap Limited Partnership 0 0 $0 0.0000% Phillips Property Company, LLC 0 0 $0 0.0000% The Mendik Partnership, L.P. 2,512,023 2,512,023 $89,603,860 2.7355% Mendik Realty Company, Inc. 161 161 $5,743 0.0002% FW / Mendik REIT, L.L.C. (2) 486,540 486,540 $17,354,882 0.5298% Mendik RELP Corp. 846 846 $30,177 0.0009% 2750 Associates 2,704 2,704 $96,452 0.0029% Abrams, Trust U/W/O Ralph 7,244 7,244 $258,393 0.0079% Adler, Robert 2,496 2,496 $89,032 0.0027% Alpert, Vicki 5,228 5,228 $186,483 0.0057% Ambassador Construction Company, Inc. 37,178 37,178 $1,326,139 0.0405% Aschendorf-Shasha, Ellen 1,710 1,710 $60,996 0.0019% Ash, Herbert 154 154 $5,493 0.0002% Aubert, Trust FBO Lysa 0 $0 0.0000% UWO Barbara Schwartz 4,278 4,278 $152,596 0.0047% Aubert, Trust FBO Lysa 0 $0 0.0000% UWO Ellis Schwartz 256 256 $9,132 0.0003% Barr, Thomas 1,844 1,844 $65,775 0.0020% Barkin, Leonard 962 962 $34,315 0.0010% Batkin, Nancy 0 0 $0 0.0000% Batkin, Nancy 1998 Trust u/a/d 5/11/98 108 6,338 6,446 $229,929 0.0070% Berenson, David 1,034 1,034 $36,883 0.0011% Berenson, Joan 1,382 1,382 $49,296 0.0015% Berenson, Richard 842 842 $30,034 0.0009% Berenson, Robert 1,762 1,762 $62,851 0.0019% Berger, Alica C. 374 374 $13,341 0.0004% Bianculli, Louis 5,604 5,604 $199,895 0.0061% Bierman, Jacquin 5,376 5,376 $191,762 0.0059% Blumenthal, Joel Marie 154 154 $5,493 0.0002% Braverman, Madlyn 35,032 35,032 $1,249,591 0.0381% Bonk, Chris 75,344 75,344 $2,687,520 0.0820% Carb, Sally 1,793 1,793 $63,956 0.0020% Carney, Thomas 1,419 1,419 $50,616 0.0015% Chambers, Robert 145 7,961 8,106 $289,141 0.0088% CHO Enterprises 5,364 5,364 $191,334 0.0058% Dembner, Shirley 145 78 223 $7,954 0.0002% Dembner, Shirley UGMA 0 $0 0.0000% for Lindsey Dembner 3,462 3,462 $123,490 0.0038% Doner, Max 3,364 3,364 $119,994 0.0037% Downey, Michael 83,226 83,226 $2,968,671 0.0906% Dryfoos, Jacqueline 962 962 $34,315 0.0010% Dubrowski, Raymond 2,304 2,304 $82,184 0.0025% Evans, Ben 104 104 $3,710 0.0001% Field, Walter L. 1,680 1,680 $59,926 0.0018% Jesse Fierstein & Co. 4,045 4,045 $144,285 0.0044% Fischer, Alan A. 3,364 3,364 $119,994 0.0037% Freedman, Robert 5,770 5,770 $205,816 0.0063% Gershon, Estate of Murray 10,494 10,494 $374,321 0.0114% Getz, Howard 333 333 $11,878 0.0004% Getz, Sandra 7,328 7,328 $261,390 0.0080% Getz, Sandra & Howard 748 748 $26,681 0.0008%

5 TOTAL TOTAL PERCENTAGE UNITS VALUE INTEREST ---------- -------------- -------- Vornado Realty Trust 90,858,366(1) $3,331,924,752 88.7385% Vornado Realty Trust Vornado Finance Corp Vornado Investment Corporation 40 East 14 Realty Associates General Partnership 825 Seventh Avenue Holding Corporation Menands Holdings Corporation Two Guys From Harrison, N.Y., Inc. Washington Design Center, L.L.C. 365,807 $17,347,336 0.4620% Merchandise Mart Owners, L.L.C. 1,049,349 $52,467,450 1.3974% Merchandise Mart Enterprises, L.L.C. 395,967 $14,124,143 0.3762% World Trade Center Chicago, L.L.C. 603,948 $21,542,825 0.5737% Greene Street 1998 Exchange Fund, L.P. 3,500,000 $87,500,000 2.3304% Jacob H. Froelich, Jr. 352,478 $12,572,890 0.3349% S.D. Phillips 9,976 $355,844 0.0095% George W. Lyles 70,044 $2,498,469 0.0665% Canoe House Partners, LLC 200,090 $7,137,210 0.1901% Roaring Gap Limited Partnership 290,158 $10,349,936 0.2756% Phillips Property Company, LLC 27,577 $983,672 0.0262% The Mendik Partnership, L.P. 2,512,023 $89,603,860 2.3864% Mendik Realty Company, Inc. 161 $5,743 0.0002% FW / Mendik REIT, L.L.C. (2) 486,540 $17,354,882 0.4622% Mendik RELP Corp. 846 $30,177 0.0008% 2750 Associates 2,704 $96,452 0.0026% Abrams, Trust U/W/O Ralph 7,244 $258,393 0.0069% Adler, Robert 2,496 $89,032 0.0024% Alpert, Vicki 5,228 $186,483 0.0050% Ambassador Construction Company, Inc. 37,178 $1,326,139 0.0353% Aschendorf-Shasha, Ellen 1,710 $60,996 0.0016% Ash, Herbert 154 $5,493 0.0001% Aubert, Trust FBO Lysa 0 $0 0.0000% UWO Barbara Schwartz 4,278 $152,596 0.0041% Aubert, Trust FBO Lysa 0 $0 0.0000% UWO Ellis Schwartz 256 $9,132 0.0002% Barr, Thomas 1,844 $65,775 0.0018% Barkin, Leonard 962 $34,315 0.0009% Batkin, Nancy 0 $0 0.0000% Batkin, Nancy 1998 Trust u/a/d 5/11/98 6,446 $229,929 0.0061% Berenson, David 1,034 $36,883 0.0010% Berenson, Joan 1,382 $49,296 0.0013% Berenson, Richard 842 $30,034 0.0008% Berenson, Robert 1,762 $62,851 0.0017% Berger, Alice C. 374 $13,341 0.0004% Bianculli, Louis 5,604 $199,895 0.0053% Bierman, Jacquin 5,376 $191,762 0.0051% Blumenthal, Joel Marie 154 $5,493 0.0001% Braverman, Madlyn 35,032 $1,249,591 0.0333% Bonk, Chris 75,344 $2,687,520 0.0716% Carb, Sally 1,793 $63,956 0.0017% Carney, Thomas 1,419 $50,616 0.0013% Chambers, Robert 8,106 $289,141 0.0077% CHO Enterprises 5,364 $191,334 0.0051% Dembner, Shirley 223 $7,954 0.0002% Dembner, Shirley UGMA 0 $0 0.0000% for Lindsey Dembner 3,462 $123,490 0.0033% Doner, Max 3,364 $119,994 0.0032% Downey, Michael 83,226 $2,968,671 0.0791% Dryfoos, Jacqueline 962 $34,315 0.0009% Dubrowski, Raymond 2,304 $82,184 0.0022% Evans, Ben 104 $3,710 0.0001% Field, Walter L. 1,680 $59,926 0.0016% Jesse Fierstein & Co. 4,045 $144,285 0.0038% Fischer, Alan A. 3,364 $119,994 0.0032% Freedman, Robert 5,770 $205,816 0.0055% Gershon, Estate of Murray 10,494 $374,321 0.0100% Getz, Howard 333 $11,878 0.0003% Getz, Sandra 7,328 $261,390 0.0070% Getz, Sandra & Howard 748 $26,681 0.0007%

6 Class of Units --------------------------------------------------------------------------------------------- Common Units ------------------------------------------------------------ A C D E Total Value Percentage Total Total Percentage Common Common Common Units Value Interest Units Units Units -------------------------------------------------------------------------------------------- Gold, Frederica 414 414 $14,767 0.0005% 414 $14,767 0.0004% Ginsberg, Benedict 932 932 $33,244 0.0010% 932 $33,244 0.0009% Goldberg, Clarence 916 916 $32,674 0.0010% 916 $32,674 0.0009% Goldring, Stanley 10,833 10,833 $386,413 0.0118% 10,833 $386,413 0.0103% Goldschmidt, Beatrice 22,045 22,045 $786,345 0.0240% 22,045 $786,345 0.0209% Goldschmidt, Charles 10,752 10,752 $383,524 0.0117% 10,752 $383,524 0.0102% Goldschmidt, Edward 12,842 12,842 $458,074 0.0140% 12,842 $458,074 0.0122% Goldschmidt, C. Trust U/A/D 7/11/90 8,389 8,389 $299,236 0.0091% 8,389 $299,236 0.0080% Goldschmidt, Lawrence 92,454 92,454 $3,297,834 0.1007% 92,454 $3,297,834 0.0878% Gorfinkle, Alaine 664 664 $23,685 0.0007% 664 $23,685 0.0006% Gorfinkle, Lawrence 3,830 3,830 $136,616 0.0042% 3,830 $136,616 0.0036% Gould Investors, L.P. 458,964 458,964 $16,371,246 0.4998% 458,964 $16,371,246 0.4360% Green, Bernard 14,152 14,152 $504,802 0.0154% 14,152 $504,802 0.0134% Green, Barbara 8,546 8,546 $304,836 0.0093% 8,546 $304,836 0.0081% Greenbaum, David R. 701 701 $25,005 0.0008% 701 $25,005 0.0007% Greif, Goldie 6,724 6,724 $239,845 0.0073% 6,724 $239,845 0.0064% Gutenberg, Bernice 688 688 $24,541 0.0007% 688 $24,541 0.0007% H L Silbert trustee U/W 19,976 19,976 $712,544 0.0218% 19,976 $712,544 0.0190% of H A Goldman Hagler, Philip 14,631 14,631 $521,888 0.0159% 14,631 $521,888 0.0139% Harteveldt, Robert L. 5,128 5,128 $182,916 0.0056% 5,128 $182,916 0.0049% Hirsch, Phillip J. 338 338 $12,056 0.0004% 338 $12,056 0.0003% Hirsch, Judith 338 338 $12,056 0.0004% 338 $12,056 0.0003% Hrusha, Alan 1,844 1,844 $65,775 0.0020% 1,844 $65,775 0.0018% Hutner, Anne Trust F/B/O 4,610 4,610 $164,439 0.0050% 4,610 $164,439 0.0044% Hutner, Estate of Irwin 11,334 11,334 $404,284 0.0123% 11,334 $404,284 0.0108% INS Realty Associates 269,516 269,516 $9,613,636 0.2935% 269,516 $9,613,636 0.2560% Fierstein Co. 28,415 28,415 $1,013,563 0.0309% 28,415 $1,013,563 0.0270% Jaffe, Elizabeth 76 76 $2,711 0.0001% 76 $2,711 0.0001% Jones, Hazel 2,496 2,496 $89,032 0.0027% 2,496 $89,032 0.0024% Kaufman, Robert M. 338 338 $12,056 0.0004% 338 $12,056 0.0003% Klein, Robin 3,364 3,364 $119,994 0.0037% 3,364 $119,994 0.0032% Knatten Inc. 141,998 141,998 $5,065,069 0.1546% 141,998 $5,065,069 0.1349% Knight, Laureine 10,242 10,242 $365,332 0.0112% 10,242 $365,332 0.0097% Komaroff, Stanley 576 576 $20,546 0.0006% 576 $20,546 0.0005% Kosloff, Andrea 78 78 $2,782 0.0001% 78 $2,782 0.0001% Kosloff, Andrea UGMA 0 $0 0.0000% 0 $0 0.0000% for Adam Kosloff 2,116 2,116 $75,478 0.0023% 2,116 $75,478 0.0020% Kosloff, Andrea UGMA 0 $0 0.0000% 0 $0 0.0000% for Justin Kosloff 2,116 2,116 $75,478 0.0023% 2,116 $75,478 0.0020% Koven, Irving 0 0 $0 0.0000% 0 $0 0.0000% Koven, Esther 11,208 11,208 $399,789 0.0122% 11,208 $399,789 0.0106% Kowal, Myron as Custodian 0 $0 0.0000% 0 $0 0.0000% for Andrew Kowal 748 748 $26,681 0.0008% 748 $26,681 0.0007% Kramer, Saul 652 652 $23,257 0.0007% 652 $23,257 0.0006% Kuhn, James D. 1,606 151,046 152,652 $5,445,097 0.1662% 152,652 $5,445,097 0.1450% Kuhn, Leo 902 902 $32,174 0.0010% 902 $32,174 0.0009% Kurshan, Herbert 2,496 2,496 $89,032 0.0027% 2,496 $89,032 0.0024% Lauder, Leonard 4,660 4,660 $166,222 0.0051% 4,660 $166,222 0.0044% Lauder, Ronald 4,660 4,660 $166,222 0.0051% 4,660 $166,222 0.0044% Leff, Joseph 3,364 3,364 $119,994 0.0037% 3,364 $119,994 0.0032% Leff, Valerie 3,364 3,364 $119,994 0.0037% 3,364 $119,994 0.0032% Lefkowitz, Howard 414 414 $14,767 0.0005% 414 $14,767 0.0004% LeRoy Partners 0 0 $0 0.0000% 0 $0 0.0000% Liroff, Harriett 12,166 12,166 $433,961 0.0132% 12,166 $433,961 0.0116% Liroff, Richard 1,532 1,532 $54,646 0.0017% 1,532 $54,646 0.0015% Loewengart, Irene 1,664 1,664 $59,355 0.0018% 1,664 $59,355 0.0016% Lovitz, David 2,244 2,244 $80,043 0.0024% 2,244 $80,043 0.0021% M. Westport Associates 3,412 3,412 $121,706 0.0037% 3,412 $121,706 0.0032% Maayan Partners 9,616 9,616 $343,003 0.0105% 9,616 $343,003 0.0091% Marvin, Morton 914 914 $32,602 0.0010% 914 $32,602 0.0009% Marvin, Suzanne 76 76 $2,711 0.0001% 76 $2,711 0.0001% Maynard, Jean 2,304 2,304 $82,184 0.0025% 2,304 $82,184 0.0022% Mazer, David 6,724 6,724 $239,845 0.0073% 6,724 $239,845 0.0064% Mazer, Richard 6,724 6,724 $239,845 0.0073% 6,724 $239,845 0.0064% Mendik, Bernard 13,162 13,162 $469,489 0.0143% 13,162 $469,489 0.0125% Mendik, Susan 976 930 1,906 $67,987 0.0021% 1,906 $67,987 0.0018% Mendik, Susan Trust 36 4,474 4,510 $160,872 0.0049% 4,510 $160,872 0.0043% u/w/o Jean A. Batkin L.C. Migdal & Ellin Kalmus, 0 $0 0.0000% 0 $0 0.0000% Trustees of Trust "B" u/w/o of Murray Silberstein 10,256 10,256 $365,832 0.0112% 10,256 $365,832 0.0097% Mil Equities 13,334 13,334 $475,624 0.0145% 13,334 $475,624 0.0127% Myers Group III, Inc. 17,641 17,641 $629,254 0.0192% 17,641 $629,254 0.0168% Myers Group IV, Inc. 126,979 126,979 $4,529,341 0.1383% 126,979 $4,529,341 0.1206% Nevas, Alan 1,636 1,636 $58,356 0.0018% 1,636 $58,356 0.0016% Nevas, Leo 3,271 3,271 $116,677 0.0036% 3,271 $116,677 0.0031% Nicardo Corporation 0 0 $0 0.0000% 0 $0 0.0000% Novick, Lawrence 154 154 $5,493 0.0002% 154 $5,493 0.0001% Oestreich, David A. 38,808 38,808 $1,384,281 0.0423% 38,808 $1,384,281 0.0369% Oestreich, Joan E. 38,802 38,802 $1,384,067 0.0423% 38,802 $1,384,067 0.0369%

7 - ------------------------------------------------------------------------------------------------------------------------------------ Series A Value Percentage Series B-1 Value Percentage Series B-2 Value Percentage Preferred of of Preferred of of Preferred of of Units Series A Series A Units Series B-1 Series B-1 Units Series B-2 Series B-2 - ------------------------------------------------------------------------------------------------------------------------------------ Oestreich, Sophy Oppenheimer, Martin J. Oppenheimer, Suzanne Oshatz, Michael P. Phillips, Family Trust UWO Edith Phillips, Jonathan Phillips, Lynn Phillips, Estate of John D. Plum Partners L.P. Prentice Revocable Trust, 12/12/75 RCAY S.A. Reichler, Richard Reingold, Suzy Roberts, H. Richard Roche, Sara Rolfe, Ronald Rosenberg, Ilse Rosenheim, Revocable Living Trust of Edna Rosenzveig, Abraham Rubashkin, Martin Rubin, Murray M. Sahid, Joseph Saunders, Paul Saul, Andrew Schacht, Ronald Schwartz, Trust FBO Samuel UWO Barbara Schwartz Schwartz, Trust FBO Samuel UWO Ellis Schwartz Schwartz, Trust FBO Carolynn UWO Barbara Schwartz Schwartz, Trust FBO Carolynn UWO Ellis Schwartz Shapiro, Howard Shapiro, Howard A. Shapiro, Robert I. Shasha, Alfred Shasha, Alfred A. & Hanina Shasha, Alfred & Hanina Trustees UTA 6/8/94 Shasha, Robert Y. Shasha-Kupchick, Leslie Sheridan Family Partners, L.P. Shine, William Silberstein, John J. Silbert, Harvey I. Simons, Robert Sims, David Slaner, Estate of Alfred P. Steiner, Phillip Harry Steiner, Richard Harris Tannenbaum, Bernard Tannenbaum, Bernice Tartikoff Living Trust Winik, Trust U/W/O Carolyn Watt, Emily Wang, Kevin Weissman, Sheila Williams, John ---------------------------------- ----------------------------- ----------------------------- TOTAL 5,789,239 $297,508,992 100.0000% 899,566 $44,978,300 100.00% 449,783 $22,489,150 100.00% ---------------------------------- ----------------------------- -----------------------------

8 Class of Units - ------------------------------------------------------------------------------------------------------------------ Series C-1 Value Percentage Series D-1 Value Percentage Preferred of of Preferred of of Units Series C-1 Series C-1 Units Series D-1 Series D-1 - ------------------------------------------------------------------------------------------------------------------ Oestreich, Sophy Oppenheimer, Martin J. Oppenheimer, Suzanne Oshatz, Michael P. Phillips, Family Trust UWO Edith Phillips, Jonathan Phillips, Lynn Phillips, Estate of John D. Plum Partners L.P. Prentice Revocable Trust, 12/12/75 RCAY S.A. Reichler, Richard Reingold, Suzy Roberts, H. Richard Roche, Sara Rolfe, Ronald Rosenberg, Ilse Rosenheim, Revocable Living Trust of Edna Rosenzveig, Abraham Rubashkin, Martin Rubin, Murray M. Sahid, Joseph Saunders, Paul Saul, Andrew Schacht, Ronald Schwartz, Trust FBO Samuel UWO Barbara Schwartz Schwartz, Trust FBO Samuel UWO Ellis Schwartz Schwartz, Trust FBO Carolynn UWO Barbara Schwartz Schwartz, Trust FBO Carolynn UWO Ellis Schwartz Shapiro, Howard Shapiro, Howard A. Shapiro, Robert I. Shasha, Alfred Shasha, Alfred A. & Hanina Shasha, Alfred & Hanina Trustees UTA 6/8/94 Shasha, Robert Y. Shasha-Kupchick, Leslie Sheridan Family Partners, L.P. Shine, William Silberstein, John J. Silbert, Harvey I. Simons, Robert Sims, David Slaner, Estate of Alfred P. Steiner, Phillip Harry Steiner, Richard Harris Tannenbaum, Bernard Tannenbaum, Bernice Tartikoff Living Trust Winik, Trust U/W/O Carolyn Watt, Emily Wang, Kevin Weissman, Sheila Williams, John ---------------------------------- ---------------------------------- TOTAL 747,912 $26,678,021 100.00% 3,500,000 $87,500,000 100.00% ---------------------------------- ----------------------------------

9 Class of Units - ----------------------------------------------------------------------- Common Units --------------------------------- A C D - ----------------------------------------------------------------------- Oestreich, Sophy 4,610 Oppenheimer, Martin J. 338 Oppenheimer, Suzanne 338 Oshatz, Michael P. 30,180 Phillips, Family Trust UWO Edith 0 Phillips, Jonathan 3,364 Phillips, Lynn 3,364 Phillips, Estate of John D. 0 Plum Partners L.P. 0 Prentice Revocable Trust, 12/12/75 2,601 RCAY S.A. Reichler, Richard 5,400 Reingold, Suzy 4,888 Roberts, H. Richard 39,426 Roche, Sara 3,364 Rolfe, Ronald 1,844 Rosenberg, Ilse 576 Rosenheim, Revocable Living Trust of Edna 1,124 Rosenzveig, Abraham 3,744 Rubashkin, Martin 460 Rubin, Murray M. 3,364 Sahid, Joseph 1,844 Saunders, Paul 1,844 Saul, Andrew 20,196 Schacht, Ronald 988 Schwartz, Trust FBO Samuel UWO Barbara Schwartz 4,278 Schwartz, Trust FBO Samuel UWO Ellis Schwartz 256 Schwartz, Trust FBO Carolynn UWO Barbara Schwartz 4,278 Schwartz, Trust FBO Carolynn UWO Ellis Schwartz 256 Shapiro, Howard 932 Shapiro, Howard A. 336 Shapiro, Robert I. 3,364 Shasha, Alfred 5,770 Shasha, Alfred A. & Hanina 7,484 Shasha, Alfred & Hanina Trustees UTA 6/8/94 13,676 Shasha, Robert Y. 1,710 Shasha-Kupchick, Leslie 3,418 Sheridan Family Partners, L.P. 15,944 Shine, William 2,766 Silberstein, John J. 75,140 Silbert, Harvey I. 19,976 Simons, Robert 3,364 Sims, David 52,938 Slaner, Estate of Alfred P. 34,958 Steiner, Phillip Harry 1,124 Steiner, Richard Harris 1,124 Tannenbaum, Bernard 912 Tannenbaum, Bernice 76 Tartikoff Living Trust 3,364 Winik, Trust U/W/O Carolyn 3,364 Watt, Emily 1,332 Wang, Kevin 77,458 Weissman, Sheila 664 Williams, John 2,244 --------------------------------- TOTAL 86,956,908 3,534,098 1,340,011 ---------------------------------

10 Total Value Percentage Common Common Common Total Total Percentage E Units Units Units Units Value Interest - -------------------------------------------------------------------------------------------------------------------------------- Oestreich, Sophy 4,610 $164,439 0.0050% 4,610 $164,439 0.0044% Oppenheimer, Martin J. 338 $12,056 0.0004% 338 $12,056 0.0003% Oppenheimer, Suzanne 338 $12,056 0.0004% 338 $12,056 0.0003% Oshatz, Michael P. 30,180 $1,076,521 0.0329% 30,180 $1,076,521 0.0287% Phillips, Family Trust UWO Edith 0 $0 0.0000% 0 $0 0.0000% Phillips, Jonathan 3,364 $119,994 0.0037% 3,364 $119,994 0.0032% Phillips, Lynn 3,364 $119,994 0.0037% 3,364 $119,994 0.0032% Phillips, Estate of John D. 0 $0 0.0000% 0 $0 0.0000% Plum Partners L.P. 0 $0 0.0000% 0 $0 0.0000% Prentice Revocable Trust, 12/12/75 2,601 $92,778 0.0028% 2,601 $92,778 0.0025% RCAY S.A. 0 0 $0 0.0000% 0 $0 0.0000% Reichler, Richard 5,400 $192,618 0.0059% 5,400 $192,618 0.0051% Reingold, Suzy 4,888 $174,355 0.0053% 4,888 $174,355 0.0046% Roberts, H. Richard 39,426 $1,406,325 0.0429% 39,426 $1,406,325 0.0375% Roche, Sara 3,364 $119,994 0.0037% 3,364 $119,994 0.0032% Rolfe, Ronald 1,844 $65,775 0.0020% 1,844 $65,775 0.0018% Rosenberg, Ilse 576 $20,546 0.0006% 576 $20,546 0.0005% Rosenheim, Revocable Living 0 $0 0.0000% 0 $0 0.0000% Trust of Edna 1,124 $40,093 0.0012% 1,124 $40,093 0.0011% Rosenzveig, Abraham 3,744 $133,548 0.0041% 3,744 $133,548 0.0036% Rubashkin, Martin 460 $16,408 0.0005% 460 $16,408 0.0004% Rubin, Murray M. 3,364 $119,994 0.0037% 3,364 $119,994 0.0032% Sahid, Joseph 1,844 $65,775 0.0020% 1,844 $65,775 0.0018% Saunders, Paul 1,844 $65,775 0.0020% 1,844 $65,775 0.0018% Saul, Andrew 20,196 $720,391 0.0220% 20,196 $720,391 0.0192% Schacht, Ronald 988 $35,242 0.0011% 988 $35,242 0.0009% Schwartz, Trust FBO Samuel 0 $0 0.0000% 0 $0 0.0000% UWO Barbara Schwartz 4,278 $152,596 0.0047% 4,278 $152,596 0.0041% Schwartz, Trust FBO Samuel 0 $0 0.0000% 0 $0 0.0000% UWO Ellis Schwartz 256 $9,132 0.0003% 256 $9,132 0.0002% Schwartz, Trust FBO Carolynn 0 $0 0.0000% 0 $0 0.0000% UWO Barbara Schwartz 4,278 $152,596 0.0047% 4,278 $152,596 0.0041% Schwartz, Trust FBO Carolynn 0 $0 0.0000% 0 $0 0.0000% UWO Ellis Schwartz 256 $9,132 0.0003% 256 $9,132 0.0002% Shapiro, Howard 932 $33,244 0.0010% 932 $33,244 0.0009% Shapiro, Howard A. 336 $11,985 0.0004% 336 $11,985 0.0003% Shapiro, Robert I. 3,364 $119,994 0.0037% 3,364 $119,994 0.0032% Shasha, Alfred 5,770 $205,816 0.0063% 5,770 $205,816 0.0055% Shasha, Alfred A. & Hanina 7,484 $266,954 0.0081% 7,484 $266,954 0.0071% Shasha, Alfred & Hanina 0 $0 0.0000% 0 $0 0.0000% Trustees UTA 6/8/94 13,676 $487,823 0.0149% 13,676 $487,823 0.0130% Shasha, Robert Y. 1,710 $60,996 0.0019% 1,710 $60,996 0.0016% Shasha-Kupchick, Leslie 3,418 $121,920 0.0037% 3,418 $121,920 0.0032% Sheridan Family Partners, L.P. 15,944 $568,722 0.0174% 15,944 $568,722 0.0151% Shine, William 2,766 $98,663 0.0030% 2,766 $98,663 0.0026% Silberstein, John J. 75,140 $2,680,244 0.0818% 75,140 $2,680,244 0.0714% Silbert, Harvey I. 19,976 $712,544 0.0218% 19,976 $712,544 0.0190% Simons, Robert 3,364 $119,994 0.0037% 3,364 $119,994 0.0032% Sims, David 52,938 $1,888,298 0.0576% 52,938 $1,888,298 0.0503% Slaner, Estate of Alfred P. 34,958 $1,246,952 0.0381% 34,958 $1,246,952 0.0332% Steiner, Phillip Harry 1,124 $40,093 0.0012% 1,124 $40,093 0.0011% Steiner, Richard Harris 1,124 $40,093 0.0012% 1,124 $40,093 0.0011% Tannenbaum, Bernard 912 $32,531 0.0010% 912 $32,531 0.0009% Tannenbaum, Bernice 76 $2,711 0.0001% 76 $2,711 0.0001% Tartikoff Living Trust 3,364 $119,994 0.0037% 3,364 $119,994 0.0032% Winik, Trust U/W/O Carolyn 3,364 $119,994 0.0037% 3,364 $119,994 0.0032% Watt, Emily 1,332 $47,512 0.0015% 1,332 $47,512 0.0013% Wang, Kevin 77,458 $2,762,927 0.0843% 77,458 $2,762,927 0.0736% Weissman, Sheila 664 $23,685 0.0007% 664 $23,685 0.0006% Williams, John 2,244 $80,043 0.0024% 2,244 $80,043 0.0021% ------------------------------------------------ ----------- -------------- --------- TOTAL 0 91,831,017 3,275,612,376 100.0000% 103,217,517 $3,754,766,840 100.0000% ----------------------------------------------- ----------- -------------- --------- (1) Directly and through the following subsidiaries: Vornado Finance Corp., Vornado Investments Corporation, 40 East 14 Realty Associates General Partnership, 825 Seventh Avenue Holding Corporation, Menands Holding Corporation, and Two Guys From Harrison, N.Y., Inc. (2) Pledged. (See Section 11.3. F of the Operating Partnership Agreement.) Common Units - ------------ Vornado 85,069,127 Original Mendik Partners 4,865,790 Kennedy Partners 1,065,722 Freezer Services Partners 144,620 Westport Partners 8,319 770 Broadway Partner 458,964 20 Broad Partners 16,064 High Point Partners 202,411 ---------- 91,831,017 ==========

   1
                                                                    Exhibit 99.2

CONTACT: JOSEPH MACNOW
         (201) 587-1000

                                                     [Vornado Realty Trust logo]
                                                          Park 80 West, Plaza II
                                                          Saddle Brook, NJ 07663


FOR IMMEDIATE RELEASE - December 23, 1998

     SADDLE BROOK, NEW JERSEY ...... VORNADO REALTY TRUST (NYSE: VNO) today
announced that Vornado Realty L.P., the operating partnership through which
Vornado Realty Trust conducts its business, has sold an additional $27.5 million
of 8.5% Series D-1 Cumulative Redeemable Preferred Units to an institutional
investor in a private placement, resulting in net proceeds of approximately
$26.8 million, or $85.3 million when combined with the proceeds from the $60
million private placement on November 12, 1998 to the same institutional
investor. The perpetual Preferred Units may be called without penalty at the
option of Vornado Realty L.P. commencing in 2003.

     The securities have not been and will not be registered under the
Securities Act of 1933, as amended, or any state securities laws and may not be
offered or sold except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state securities laws.

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


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