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form8k.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

May 1, 2017

VORNADO REALTY TRUST

(Exact Name of Registrant as Specified in Charter)

Maryland	No. 001-11954	No. 22-1657560
(State or Other	(Commission	(IRS Employer
Jurisdiction of	File Number)	Identification No.)
Incorporation)

VORNADO REALTY L.P.
(Exact Name of Registrant as Specified in Charter)

Delaware	No. 001-34482	No. 13-3925979
(State or Other	(Commission	(IRS Employer
Jurisdiction of	File Number)	Identification No.)
Incorporation)

888 Seventh Avenue New York, New York		10019
(Address of Principal Executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 894-7000

Former name or former address, if changed since last report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On May 1, 2017, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the first quarter of 2017. That press release referred to certain supplemental financial information that is available on the Company’s website. That press release and the supplemental financial information are attached to this Current Report on Form 8-K as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

Exhibits 99.1 and 99.2 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company or Vornado Realty L.P. under the Securities Act of 1933 or the Exchange Act.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are being furnished as part of this Current Report on Form 8-K:

99.1	Vornado Realty Trust press release dated May 1, 2017.
99.2	Vornado Realty Trust supplemental operating and financial data for the quarter ended March 31, 2017.

SIGNATURE

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/ Matthew Iocco
	Name:	Matthew Iocco
	Title:	Chief Accounting Officer (duly authorized officer and principal accounting officer)

Date: May 2, 2017

SIGNATURE

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 L.P.
	(Registrant)
	By:	VORNADO REALTY TRUST,
		Sole General Partner

	By:	/s/ Matthew Iocco
	Name:	Matthew Iocco
	Title:	Chief Accounting Officer of Vornado Realty Trust, sole General Partner of Vornado Realty L.P. (duly authorized officer and principal accounting officer)

Date: May 2, 2017

Exhibit Index

99.1	Vornado Realty Trust press release dated May 1, 2017.
99.2	Vornado Realty Trust supplemental operating and financial data for the quarter ended March 31, 2017.

exhibit991.htm - Generated by SEC Publisher for SEC Filing

EXHIBIT 99.1

CONTACT:	JOSEPH MACNOW
	(201) 587-1000

		888 Seventh Avenue
		New York, NY 10019

FOR IMMEDIATE RELEASE – May 1, 2017

Vornado Announces First Quarter 2017 Financial Results

NEW YORK.......VORNADO REALTY TRUST (New York Stock Exchange: VNO) filed its Form 10-Q for the quarter ended March 31, 2017 today and reported:

Quarter Ended March 31, 2017 Financial Results

· NET INCOME attributable to common shareholders for the quarter ended March 31, 2017 was $47.8 million, or $0.25 per diluted share, compared to a net loss attributable to common shareholders of $114.2 million, or $0.61 per diluted share, for the quarter ended March 31, 2016. Adjusting net income (loss) attributable to common shareholders for the items listed in the table on the following page, net income attributable to common shareholders for the quarter ended March 31, 2017 was $56.7 million, or $0.30 per diluted share, and for the quarter ended March 31, 2016 was $40.6 million, or $0.21 per diluted share.

· FUNDS FROM OPERATIONS attributable to common shareholders plus assumed conversions (“FFO”) for the quarter ended March 31, 2017 was $205.7 million, or $1.08 per diluted share, compared to $203.1 million, or $1.07 per diluted share, for the quarter ended March 31, 2016. Adjusting FFO for the items listed in the table on the following page, FFO for the quarter ended March 31, 2017 was $215.6 million, or $1.13 per diluted share, and for the quarter ended March 31, 2016 was $198.6 million, or $1.05 per diluted share.

Supplemental Financial Information

Further details regarding results of operations, properties and tenants can be accessed at the Company’s website www.vno.com. 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. 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, as amended, for the year ended December 31, 2016. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.

(tables to follow)

The following table reconciles our net income (loss) to net income, as adjusted and FFO to FFO, as adjusted:

(Amounts in thousands, except per share amounts)			For the Three Months Ended March 31,
			2017		2016
Net income (loss) attributable to common shareholders			$	47,752	$	(114,163)
	Per diluted share		$	0.25	$	(0.61)

Certain items that impact net income (loss) attributable to common shareholders:
	Acquisition and transaction related costs		$	(8,005)	$	(4,607)
	(Loss) income from real estate fund investments, net			(3,235)		5,311
	Net income (loss) from discontinued operations and sold properties			2,428		(1,429)
	Net gains on sale of residential condominiums			501		714
	Skyline properties impairment loss			-		(160,700)
	Our share of partially owned entities:
		Real estate impairment losses		(3,051)		(4,353)
		Net gain on sale of real estate		1,853		-
				(9,509)		(165,064)
Noncontrolling interests' share of above adjustments				593		10,340
Total of certain items that impact net income (loss) attributable to common shareholders, net			$	(8,916)	$	(154,724)

Net income attributable to common shareholders, as adjusted			$	56,668	$	40,561
	Per diluted share		$	0.30	$	0.21

FFO (1)		$	205,729	$	203,137
	Per diluted share	$	1.08	$	1.07

Certain items that impact FFO:
	Acquisition and transaction related costs	$	(8,005)	$	(4,607)
	(Loss) income from real estate fund investments, net		(3,235)		5,311
	Net gains on sale of residential condominiums		501		714
	FFO from discontinued operations and sold properties		161		3,460
			(10,578)		4,878
Noncontrolling interests' share of above adjustments			660		(302)
Total of certain items that impact FFO, net		$	(9,918)	$	4,576

FFO, as adjusted		$	215,647	$	198,561
	Per diluted share	$	1.13	$	1.05

(1)

See page 4 for a reconciliation of our net income (loss) to FFO for the three months ended March 31, 2017 and 2016.

VORNADO REALTY TRUST
OPERATING RESULTS FOR THE THREE MONTHS ENDED
MARCH 31, 2017 AND 2016


(Amounts in thousands, except per share amounts)		For the Three Months Ended March 31,
		2017		2016
Revenues		$	620,848	$	613,037

Income (loss) from continuing operations		$	71,419	$	(92,324)
Income from discontinued operations			2,428		716
Net income (loss)			73,847		(91,608)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated subsidiaries		(6,737)		(9,678)
	Operating Partnership		(3,229)		7,487
Net income (loss) attributable to Vornado			63,881		(93,799)
Preferred share dividends			(16,129)		(20,364)
Net income (loss) attributable to common shareholders		$	47,752	$	(114,163)


Income (loss) per common share - Basic:
	Income (loss) from continuing operations, net	$	0.24	$	(0.61)
	Income from discontinued operations, net		0.01		-
	Net income (loss) per common share	$	0.25	$	(0.61)
	Weighted average shares outstanding		189,210		188,658

Income (loss) per common share - Diluted:
	Income (loss) from continuing operations, net	$	0.24	$	(0.61)
	Income from discontinued operations, net		0.01		-
	Net income (loss) per common share	$	0.25	$	(0.61)
	Weighted average shares outstanding		190,372		188,658


FFO		$	205,729	$	203,137
	Per diluted share	$	1.08	$	1.07

FFO, as adjusted		$	215,647	$	198,561
	Per diluted share	$	1.13	$	1.05

Weighted average shares used in determining FFO per diluted share			190,412		189,664

The following table reconciles our net income (loss) to FFO:

(Amounts in thousands, except per share amounts)			For the Three Months Ended March 31,
			2017		2016
Net income (loss) attributable to common shareholders			$	47,752	$	(114,163)
	Per diluted share		$	0.25	$	(0.61)

FFO adjustments:
Depreciation and amortization of real property			$	130,469	$	134,121
Net gain on sale of real estate				(2,267)		-
Real estate impairment loss				-		160,700
Proportionate share of adjustments to equity in net income (loss) of
	partially owned entities to arrive at FFO:
		Depreciation and amortization of real property		39,074		39,046
		Net gain on sale of real estate		(1,853)		-
		Real estate impairment losses		3,051		4,353
				168,474		338,220
Noncontrolling interests' share of above adjustments				(10,517)		(20,942)
FFO adjustments, net			$	157,957	$	317,278

FFO attributable to common shareholders			$	205,709	$	203,115
Convertible preferred share dividends				20		22
FFO attributable to common shareholders plus assumed conversions			$	205,729	$	203,137
	Per diluted share		$	1.08	$	1.07

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 (loss) to FFO is provided above. In addition to FFO, we also disclose FFO, 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 to FFO, as adjusted are provided on page 2 of this press release.

Conference Call and Audio Webcast

As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, May 2, 2017 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 800-708-4540 (domestic) or 847-619-6397 (international) and indicating to the operator the passcode 44748348. A telephonic replay of the conference call will be available from 1:00 p.m. ET on May 2, 2017 through June 1, 2017. To access the replay, please dial 888-843-7419 and enter the passcode 44748348#. 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.

#####

exhibit992.htm - Generated by SEC Publisher for SEC Filing

EXHIBIT 99.2

SUPPLEMENTAL OPERATING

AND FINANCIAL DATA

For the Quarter Ended March 31, 2017

INDEX

	Page
Investor Information	3
Common Shares Data	4
Financial Highlights	5
Trailing Twelve Months Pro Forma Cash Net Operating Income	6
Funds From Operations	7
Net Income, as Adjusted	8
Funds From Operations, as Adjusted	9
Funds Available for Distribution	10
Net Income/EBITDA (Consolidated and by Segment)	11 - 14
Reconciliation of Trailing Twelve Months Net Income to EBITDA, as Adjusted	15
EBITDA by Segment and Region	16
Consolidated Balance Sheets	17
Capital Structure	18
Debt Analysis	19 - 21
Unconsolidated Joint Ventures	22 - 23
Square Footage	24
Top 30 Tenants	25
Lease Expirations	26 - 27
Leasing Activity	28
Occupancy, Same Store EBITDA and Residential Statistics	29
Development/Redevelopment Summary	30
Capital Expenditures	31 - 34
Property Table	35 - 48

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost and cost to complete; and estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K, as amended, for the year ended December 31, 2016. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of our Annual Report on Form 10-K, or Quarterly Report on Form 10-Q, as applicable, and this supplemental package.

INVESTOR INFORMATION

Executive Officers:			Washington, DC Division:
Steven Roth	Chairman of the Board and Chief Executive Officer		To Become JBG SMITH Properties
David R. Greenbaum	President - New York Division
Michael J. Franco	Executive Vice President - Chief Investment Officer		Mitchell N. Schear		Current President
Joseph Macnow	Executive Vice President - Chief Financial Officer and		Stephen W. Theriot		Chief Financial Officer
	Chief Administrative Officer

RESEARCH COVERAGE - EQUITY

James Feldman/Scott Freitag		Jed Reagan/Daniel Ismail		Michael Lewis
Bank of America/Merrill Lynch		Green Street Advisors		SunTrust Robinson Humphrey
646-855-5808/646-855-3197		949-640-8780		212-319-5659

Ross Smotrich/Michael Weinstein		Anthony Paolone/Gene Nusinzon		Nick Yulico/Frank Lee
Barclays Capital		JP Morgan		UBS
212-526-2306/212-526-1979		212-622-6682/212-633-1041		212-713-3402/415-352-5679

Michael Bilerman/Emmanuel Korchman		Vikram Malhotra/Sumit Sharma
Citi		Morgan Stanley
212-816-1383/212-816-1382		212-761-7064/212-761-7567

Vincent Chao		Alexander Goldfarb/Daniel Santos
Deutsche Bank		Sandler O'Neill
212-250-6799		212-466-7937/212-466-7927

Steve Sakwa/Robert Simone		John W. Guinee/Erin T. Aslakson
Evercore ISI		Stifel Nicolaus & Company
212-446-9462/212-446-9459		443-224-1307/443-224-1350

RESEARCH COVERAGE - DEBT

Scott Frost		Robert Haines/Craig Guttenplan		Thierry Perrein
Bank of America/Merrill Lynch		CreditSights		Wells Fargo Securities
646-855-8078		212-340-3835/212-340-3859		704-715-8455

Peter Troisi		Ron Perrotta
Barclays Capital		Goldman Sachs
212-412-3695		212-902-7885

Thomas Cook		Mark Streeter
Citi		JP Morgan
212-723-1112		212-834-5086


This information is provided as a service to interested parties and not as an endorsement of any report, or representation as to the accuracy of any information contained therein. Opinions, forecasts and other forward-looking statements expressed in analysts' reports are subject to change without notice.

- 3 -

COMMON SHARES DATA (NYSE: VNO)
(unaudited)

Vornado Realty Trust common shares are traded on the New York Stock Exchange ("NYSE") under the symbol VNO. Below is a summary of performance and dividends for VNO common shares (based on NYSE prices):



		First Quarter 2017		Fourth Quarter 2016		Third Quarter 2016		Second Quarter 2016
High price		$	111.72	$	105.91	$	108.69	$	100.13
Low price		$	98.51	$	86.35	$	97.18	$	90.13
Closing price - end of quarter		$	100.31	$	104.37	$	101.21	$	100.12

Annualized dividend per share		$	2.84	$	2.52	$	2.52	$	2.52

Annualized dividend yield - on closing price			2.8%		2.4%		2.5%		2.5%

Outstanding shares, Class A units and convertible preferred units as converted,
	excluding stock options (in thousands)		202,453		201,823		201,816		201,760

Closing market value of outstanding shares, Class A units and convertible preferred
	units as converted, excluding stock options	$	20.3 Billion	$	21.1 Billion	$	20.4 Billion	$	20.2 Billion

- 4 -

FINANCIAL HIGHLIGHTS
(unaudited and in thousands, except per share amounts)

This section includes non-GAAP financial measures, including Earnings Before Interest Taxes Depreciation and Amortization ("EBITDA"), Funds From Operations attributable to common shares plus assumed conversions ("FFO"), net income attributable to common shareholders, as adjusted, FFO, as adjusted, and Funds Available for Distribution ("FAD"). A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measures are provided on the pages that follow.

				Three Months Ended
				March 31,				December 31,
				2017		2016		2016
	Total revenues			$	620,848	$	613,037	$	638,260

	Net income (loss) attributable to common shareholders			$	47,752	$	(114,163)	$	651,181
		Per common share:
			Basic	$	0.25	$	(0.61)	$	3.44
			Diluted	$	0.25	$	(0.61)	$	3.43

	Net income attributable to common shareholders, as adjusted			$	56,668	$	40,561	$	90,302
		Per diluted share		$	0.30	$	0.21	$	0.48

	FFO, as adjusted			$	215,647	$	198,561	$	248,134
		Per diluted share		$	1.13	$	1.05	$	1.31

	FFO			$	205,729	$	203,137	$	797,734
	FFO - Operating Partnership Basis ("OP Basis")			$	219,513	$	216,687	$	850,493
		Per diluted share		$	1.08	$	1.07	$	4.20

	Dividends per common share			$	0.71	$	0.63	$	0.63

	FFO payout ratio (based on FFO, as adjusted)				62.8%		60.0%		48.1%
	FAD payout ratio				88.8%		121.2%		85.1%

	Weighted average shares used in determining FFO per diluted share - REIT basis				190,412		189,664		190,108
	Convertible units:
		Class A			11,634		11,414		11,485
		D-13			445		524		484
		G1-G4			39		43		38
		Equity awards - unit equivalents			640		670		566
	Weighted average shares used in determining FFO per diluted share - OP Basis				203,170		202,315		202,681

- 5 -

TRAILING TWELVE MONTHS PRO FORMA CASH NET OPERATING INCOME ("NOI")
(unaudited and in thousands)
			Trailing Twelve Months Ended March 31, 2017
				Non-cash						Incremental NOI
		EBITDA,		Adjustments		Add-back:		Cash NOI,		from Signed		Pro Forma
		as Adjusted⁽¹⁾		& Other⁽²⁾		G&A		as Adjusted		Leases		Cash NOI
New York - Office		$	674,463	$	(117,523)	$	25,201	$	582,141	$	89,755	$	671,896
New York - Retail			365,084		(67,255)		10,410		308,239		29,073		337,312
New York - Residential			24,988		(3,240)		-		21,748		-		21,748
theMART			93,001		(4,797)		6,650		94,854		16,748		111,602
555 California Street			46,295		(8,200)		51		38,146		2,326		40,472
Total Vornado		$	1,203,831	$	(201,015)	$	42,312	$	1,045,128	$	137,902	$	1,183,030


(1)	See reconciliation of net income attributable to the Operating Partnership to EBITDA, as adjusted for the trailing twelve months ended March 31, 2017 on page 15.
(2)	Trailing twelve months straight-line rent adjustments, acquired below market leases non-cash income (FAS 141) and amortization expense, inclusive of our share of unconsolidated joint ventures and elimination of non-cash EBITDA from 666 Fifth Avenue - Office.

- 6 -

RECONCILIATION OF NET INCOME TO FFO⁽¹⁾
(unaudited and in thousands, except per share amounts)
					Three Months Ended
					March 31,				December 31,
					2017		2016		2016
Reconciliation of our net income (loss) to FFO:
	Net income (loss) attributable to common shareholders			(A)	$	47,752	$	(114,163)	$	651,181
		Per diluted share			$	0.25	$	(0.61)	$	3.43

	FFO adjustments:
	Depreciation and amortization of real property				$	130,469	$	134,121	$	133,389
	Net gains on sale of real estate					(2,267)		-		(15,302)
	Real estate impairment losses					-		160,700		-
	Proportionate share of adjustments to equity in net income (loss) of
		partially owned entities to arrive at FFO:
			Depreciation and amortization of real property			39,074		39,046		37,160
			Net gains on sale of real estate			(1,853)		-		(12)
			Real estate impairment losses			3,051		4,353		792
						168,474		338,220		156,027
	Noncontrolling interests' share of above adjustments					(10,517)		(20,942)		(9,495)
	FFO adjustments, net			(B)	$	157,957	$	317,278	$	146,532

	FFO attributable to common shareholders			(A+B)	$	205,709	$	203,115	$	797,713
	Convertible preferred share dividends					20		22		21
	FFO attributable to common shareholders plus assumed conversions					205,729		203,137		797,734
	Add back of income allocated to noncontrolling interests of the
		Operating Partnership				13,784		13,550		52,759
	FFO - OP Basis⁽¹⁾				$	219,513	$	216,687	$	850,493
	FFO per diluted share⁽¹⁾				$	1.08	$	1.07	$	4.20


(1)	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.

- 7 -

RECONCILIATION OF NET INCOME TO NET INCOME, AS ADJUSTED
(unaudited and in thousands, except per share amounts)
				Three Months Ended
				March 31,				December 31,
				2017		2016		2016
Net income (loss) attributable to common shareholders			(A)	$	47,752	$	(114,163)	$	651,181
	Per diluted share			$	0.25	$	(0.61)	$	3.43
Certain items that impact net income (loss) attributable to common shareholders:
	Acquisition and transaction related costs				(8,005)		(4,607)		(14,743)
	(Loss) income from real estate fund investments, net				(3,235)		5,311		(34,704)
	Net income (loss) from discontinued operations and sold properties				2,428		(1,429)		(117)
	Net gains on sale of residential condominiums				501		714		-
	Skyline properties impairment loss				-		(160,700)		-
	Net gain on extinguishment of Skyline properties debt				-		-		487,877
	Income from the repayment of our investments in 85 Tenth Avenue loans and preferred equity				-		-		160,843
	Net gain on sale of our 20% interest in Fairfax Square				-		-		15,302
	Default interest on Skyline properties mortgage loan				-		-		(2,480)
	Our share of partially owned entities
		Real estate impairment losses			(3,051)		(4,353)		(14,754)
		Net gains on sale of real estate			1,853		-		13
	Other				-		-		208
					(9,509)		(165,064)		597,445
Noncontrolling interests' share of above adjustments					593		10,340		(36,566)
Total of certain items that impact net income (loss) attributable to common shareholders, net			(B)	$	(8,916)	$	(154,724)	$	560,879
	Per diluted share			$	(0.05)	$	(0.82)	$	2.95

Net income attributable to common shareholders, as adjusted			(A-B)	$	56,668	$	40,561	$	90,302
	Per diluted share			$	0.30	$	0.21	$	0.48

- 8 -

RECONCILIATION OF FFO TO FFO, AS ADJUSTED
(unaudited and in thousands, except per share amounts)
				Three Months Ended
				March 31,				December 31,
				2017		2016		2016
FFO attributable to common shareholders plus assumed conversions			(A)	$	205,729	$	203,137	$	797,734
	Per diluted share			$	1.08	$	1.07	$	4.20
Certain items that impact FFO:
	Acquisition and transaction related costs			$	(8,005)	$	(4,607)	$	(14,743)
	(Loss) income from real estate fund investments, net				(3,235)		5,311		(34,704)
	Net gains on sale of residential condominiums				501		714		-
	FFO from discontinued operations and sold properties				161		3,460		2,202
	Net gain on extinguishment of Skyline properties debt				-		-		487,877
	Income from the repayment of our investments in 85 Tenth Avenue loans and preferred equity				-		-		160,843
	Default interest on Skyline properties mortgage loan				-		-		(2,480)
	Our share of partially owned entities:
		Real estate impairment losses			-		-		(13,962)
	Other				-		-		208
					(10,578)		4,878		585,241
Noncontrolling interests' share of above adjustments					660		(302)		(35,641)
Total of certain items that impact FFO, net			(B)	$	(9,918)	$	4,576	$	549,600
	Per diluted share			$	(0.05)	$	0.02	$	2.89

FFO, as adjusted			(A-B)	$	215,647	$	198,561	$	248,134
	Per diluted share			$	1.13	$	1.05	$	1.31

- 9 -

RECONCILIATION OF FFO TO FAD⁽¹⁾
(unaudited and in thousands, except per share amounts)

				Three Months Ended
				March 31,				December 31,
				2017		2016		2016

FFO attributable to common shareholders plus assumed conversions			(A)	$	205,729	$	203,137	$	797,734

Adjustments to arrive at FAD:
	Recurring tenant improvements, leasing commissions and other capital expenditures				72,491		74,569		124,014
	Straight-lining of rents				15,522		41,761		27,827
	Stock-based compensation expense				(14,654)		(14,571)		(6,077)
	Amortization of acquired below-market leases, net				11,001		17,049		11,068
	Adjustments to FFO per page 9,
		excluding FFO attributable to discontinued operations and sold properties			(10,739)		1,418		583,039
	Amortization of debt issuance costs				(8,981)		(9,265)		(8,402)
	Carried interest and our share of net unrealized (loss) gain from real estate fund investments				(6,167)		3,138		(27,583)
	Non real estate depreciation				(1,994)		(1,824)		(2,522)
	Noncontrolling interests' share of above adjustments				(3,524)		(7,015)		(43,360)
			(B)		52,955		105,260		658,004

FAD⁽¹⁾			(A-B)	$	152,774	$	97,877	$	139,730

FAD payout ratio⁽²⁾					88.8%		121.2%		85.1%


(1)	FAD is defined as FFO less (i) cash basis recurring tenant improvements, leasing commissions and capital expenditures, (ii) straight-line rents and amortization of acquired below-market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. FAD is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure that management believes provides useful information regarding the Company's ability to fund its dividends.
(2)	FAD payout ratios on a quarterly basis are not necessarily indicative of amounts for the full year due to fluctuation in timing of cash based expenditures, the commencement of new leases and the seasonality of our operations.

- 10 -

CONSOLIDATED NET INCOME/EBITDA⁽¹⁾
(unaudited and in thousands)
		Three Months Ended
		March 31,						December 31,
		2017		2016		Inc (Dec)		2016
Property rentals		$	486,837	$	460,224	$	26,613	$	493,545
Straight-lining of rents			15,522		41,761		(26,239)		27,989
Amortization of acquired below-market leases, net			11,459		17,507		(6,048)		11,526
Total property rentals			513,818		519,492		(5,674)		533,060
Tenant expense reimbursements			67,670		59,575		8,095		68,826
Fee and other income:
	BMS cleaning fees		21,996		18,146		3,850		21,160
	Management and leasing fees		4,637		4,799		(162)		4,844
	Lease termination fees		4,166		2,405		1,761		1,794
	Other income		8,561		8,620		(59)		8,576
Total revenues			620,848		613,037		7,811		638,260
Operating expenses			260,907		256,349		4,558		262,023
Depreciation and amortization			138,811		142,957		(4,146)		141,821
General and administrative			56,658		48,704		7,954		44,569
Acquisition and transaction related costs			8,005		4,607		3,398		14,743
Skyline properties impairment loss			-		160,700		(160,700)		-
Total expenses			464,381		613,317		(148,936)		463,156
Operating income (loss)			156,467		(280)		156,747		175,104
Income (loss) from partially owned entities			1,445		(4,240)		5,685		164,860
Income (loss) from real estate fund investments			268		11,284		(11,016)		(52,352)
Interest and other investment income, net			9,228		3,518		5,710		9,284
Interest and debt expense			(94,285)		(100,489)		6,204		(98,244)
Net gain on extinguishment of Skyline properties debt			-		-		-		487,877
Net gains on disposition of wholly owned and partially owned assets			501		714		(213)		15,510
Income (loss) before income taxes			73,624		(89,493)		163,117		702,039
Income tax (expense) benefit			(2,205)		(2,831)		626		1,493
Income (loss) from continuing operations			71,419		(92,324)		163,743		703,532
Income from discontinued operations			2,428		716		1,712		1,012
Net income (loss)			73,847		(91,608)		165,455		704,544
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries			(6,737)		(9,678)		2,941		5,010
Net income (loss) attributable to the Operating Partnership			67,110		(101,286)		168,396		709,554
Interest and debt expense			116,327		126,120		(9,793)		130,464
Depreciation and amortization			171,537		174,811		(3,274)		173,071
Income tax expense (benefit)			2,429		3,261		(832)		(1,229)
EBITDA		$	357,403	$	202,906	$	154,497	$	1,011,860

Capitalized leasing and development payroll		$	3,611	$	6,142	$	(2,531)	$	5,072
Capitalized interest and debt expense		$	11,270	$	9,071	$	2,199	$	9,275


(1)	EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." We calculate EBITDA on an Operating Partnership basis which is before allocation to the noncontrolling interest of the Operating Partnership. We consider EBITDA a 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 a multiple of EBITDA, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies. Our 7.5% interest in Fashion Centre Mall/Washington Tower will not be included in the spin-off of our Washington, DC segment and have been reclassified to Other. The prior year's presentation has been conformed to the current year. In addition, on January 1, 2017 we reclassified our investment in 85 Tenth Avenue from Other to the New York segment as a result of the December 1, 2016 repayment of our loans receivable and the receipt of a 49.9% ownership interest in the property.

- 11 -

EBITDA BY SEGMENT
(unaudited and in thousands)
		Three Months Ended March 31, 2017
		Total		New York			Washington, DC			Other
Property rentals		$	486,837	$	318,643		$	94,947		$	73,247
Straight-lining of rents			15,522		8,962			3,666			2,894
Amortization of acquired below-market leases, net			11,459		10,717			343			399
Total property rentals			513,818		338,322			98,956			76,540
Tenant expense reimbursements			67,670		53,539			8,637			5,494
Fee and other income:
	BMS cleaning fees		21,996		26,123			-			(4,127)
	Management and leasing fees		4,637		2,027			2,530			80
	Lease termination fees		4,166		3,727			316			123
	Other income		8,561		2,501			5,768			292
Total revenues			620,848		426,239			116,207			78,402
Operating expenses			260,907		183,107			43,353			34,447
Depreciation and amortization			138,811		85,471			33,683			19,657
General and administrative			56,658		12,243			6,952			37,463
Acquisition and transaction related costs			8,005		-			-			8,005
Total expenses			464,381		280,821			83,988			99,572
Operating income (loss)			156,467		145,418			32,219			(21,170)
Income (loss) from partially owned entities			1,445		(2,093)			32			3,506
Income from real estate fund investments			268		-			-			268
Interest and other investment income, net			9,228		1,472			64			7,692
Interest and debt expense			(94,285)		(57,987)			(11,561)			(24,737)
Net gains on disposition of wholly owned and partially owned assets			501		-			-			501
Income (loss) before income taxes			73,624		86,810			20,754			(33,940)
Income tax expense			(2,205)		(143)			(354)			(1,708)
Income (loss) from continuing operations			71,419		86,667			20,400			(35,648)
Income from discontinued operations			2,428		-			-			2,428
Net income (loss)			73,847		86,667			20,400			(33,220)
Less net income attributable to noncontrolling interests in consolidated subsidiaries			(6,737)		(2,844)			-			(3,893)
Net income (loss) attributable to the Operating Partnership			67,110		83,823			20,400			(37,113)
Interest and debt expense			116,327		75,923			13,499			26,905
Depreciation and amortization			171,537		112,810			36,383			22,344
Income tax expense			2,429		227			367			1,835
EBITDA for the three months ended March 31, 2017		$	357,403	$	272,783		$	70,649		$	13,971

EBITDA for the three months ended March 31, 2016		$	202,906	$	260,499		$	(85,468)		$	27,875

EBITDA, as adjusted:
	For the three months ended March 31, 2017	$	366,912	$	272,783	⁽¹⁾	$	70,649	⁽²⁾	$	23,480	⁽³⁾
	For the three months ended March 31, 2016	$	358,433	$	259,057	⁽¹⁾	$	69,287	⁽²⁾	$	30,089	⁽³⁾


See notes on page 13.

- 12 -

NOTES TO EBITDA BY SEGMENT
(unaudited and in thousands)

(1)	The elements of "New York" EBITDA, as adjusted, are summarized below.
			Three Months Ended March 31,
			2017		2016
	Office (including BMS EBITDA of $5,599 and $5,045, respectively)		$	170,077	$	155,009	^(a)
	Retail			89,264		89,601	^(a)
	Residential			6,278		6,350
	Alexander's			11,562		11,569
	Hotel Pennsylvania			(4,398)		(3,472)
		Total New York	$	272,783	$	259,057


	(a)	Beginning in January 2017 for office buildings with retail at the base, we have adjusted the allocation of real estate taxes between the retail and office elements above. This has no effect on our consolidated financial statements, but resulted in a reallocation of $3,914 of income from retail to office for the three months ended March 31, 2016.

(2)	The elements of "Washington, DC" EBITDA, as adjusted, are summarized below.
			Three Months Ended March 31,
			2017		2016
	Office		$	57,032	$	58,880
	Residential			13,617		10,407
		Total Washington, DC	$	70,649	$	69,287

(3)	The elements of "Other" EBITDA, as adjusted, are summarized below.
			Three Months Ended March 31,
			2017		2016
	theMART (including trade shows)		$	24,184	$	23,028
	555 California Street			12,083		11,615
	Other investments			11,660		19,077
				47,927		53,720
	Corporate general and administrative expenses^(a)			(32,987)		(30,606)
	Investment income and other, net^(a)			8,540		6,975
		Total Other	$	23,480	$	30,089


	(a)	The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $2,469 of income for the three months ended March 31, 2017 and $1,938 of loss for the three months ended March 31, 2016.

- 13 -

RECONCILIATION OF EBITDA TO EBITDA, AS ADJUSTED
(unaudited and in thousands)
				Three Months Ended March 31, 2017
				Total		New York		Washington, DC		Other
EBITDA per page 12			(A)	$	357,403	$	272,783	$	70,649	$	13,971
Certain items that impact EBITDA:
	Acquisition and transaction related costs				(8,005)		-		-		(8,005)
	Loss from real estate fund investments, net				(3,235)		-		-		(3,235)
	EBITDA from discontinued operations				2,428		-		-		2,428
	Net gain on sale of residential condominium				501		-		-		501
	Our share of partially owned entities:
		Real estate impairment losses			(3,051)		-		-		(3,051)
		Net gains on sale of real estate			1,853		-		-		1,853
Total of certain items that impact EBITDA			(B)		(9,509)		-		-		(9,509)

EBITDA, as adjusted			(A-B)	$	366,912	$	272,783	$	70,649	$	23,480

				Three Months Ended March 31, 2016
				Total		New York		Washington, DC		Other
EBITDA per page 12			(A)	$	202,906	$	260,499	$	(85,468)	$	27,875
Certain items that impact EBITDA:
	Skyline properties impairment loss				(160,700)		-		(160,700)		-
	EBITDA from discontinued operations and sold properties				8,108		1,442		5,945		721
	Income from real estate fund investments, net				5,311		-		-		5,311
	Acquisition and transaction related costs				(4,607)		-		-		(4,607)
	Net gain on sale of residential condominium				714		-		-		714
	Our share of partially owned entities:
		Real estate impairment losses			(4,353)		-		-		(4,353)
Total of certain items that impact EBITDA			(B)		(155,527)		1,442		(154,755)		(2,214)

EBITDA, as adjusted			(A-B)	$	358,433	$	259,057	$	69,287	$	30,089

- 14 -

RECONCILIATION OF TRAILING TWELVE MONTHS NET INCOME TO EBITDA, AS ADJUSTED
(unaudited and in thousands)

		Trailing Twelve Months Ended March 31, 2017
					New York								555 California
		Total			Office		Retail		Residential		theMART		Street
Net income		$	551,178		$	313,999	$	203,951	$	3,500	$	26,713	$	3,015
Interest and debt expense			323,330			199,782		66,298		11,757		24,971		20,522
Depreciation and amortization			482,912			316,810		94,921		9,731		38,692		22,758
Income tax expense			7,600			4,798		177		-		2,625		-
EBITDA			1,365,020			835,389		365,347		24,988		93,001		46,295
Certain items that impact EBITDA			(161,189)	⁽¹⁾		(160,926)		(263)		-		-		-
EBITDA, as adjusted			1,203,831			674,463		365,084		24,988		93,001		46,295


(1)	Comprised of a net gain on sale of a 47% ownership interest in 7 West 34th Street of $159,511 and $1,678 of EBITDA from 7 West 34th Street.

- 15 -

EBITDA, AS ADJUSTED BY SEGMENT AND REGION
(unaudited)

The following tables set forth the percentages of EBITDA, as adjusted by geographic region.


		Three Months Ended March 31,
		2017	2016
Segment and Region:
	New York	72%	71%
	Washington, DC	19%	19%
	theMART, Chicago (included in "Other" segment)	6%	7%
	555 California Street, San Francisco (included in "Other" segment)	3%	3%
		100%	100%

- 16 -

CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands)


			March 31, 2017		December 31, 2016		(Decrease) Increase
ASSETS
Real estate, at cost:
	Land		$	4,056,666	$	4,065,142	$	(8,476)
	Buildings and improvements			12,727,776		12,727,980		(204)
	Development costs and construction in progress			1,564,647		1,430,276		134,371
	Leasehold improvements and equipment			117,246		116,560		686
		Total		18,466,335		18,339,958		126,377
	Less accumulated depreciation and amortization			(3,604,348)		(3,513,574)		(90,774)
Real estate, net				14,861,987		14,826,384		35,603
Cash and cash equivalents				1,484,814		1,501,027		(16,213)
Restricted cash				98,191		98,295		(104)
Marketable securities				188,695		203,704		(15,009)
Tenant and other receivables, net				86,753		94,467		(7,714)
Investments in partially owned entities				1,415,747		1,428,019		(12,272)
Real estate fund investments				454,946		462,132		(7,186)
Receivable arising from the straight-lining of rents, net				1,048,940		1,032,736		16,204
Deferred leasing costs, net				452,187		454,345		(2,158)
Identified intangible assets, net				184,009		192,731		(8,722)
Assets related to discontinued operations				4,416		5,570		(1,154)
Other assets				450,763		515,437		(64,674)
	Total Assets		$	20,731,448	$	20,814,847	$	(83,399)

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
	Mortgages payable, net		$	9,281,280	$	9,278,263	$	3,017
	Senior unsecured notes, net			845,932		845,577		355
	Unsecured term loan, net			372,595		372,215		380
	Unsecured revolving credit facilities			115,630		115,630		-
	Accounts payable and accrued expenses			451,156		458,694		(7,538)
	Deferred revenue			274,477		287,846		(13,369)
	Deferred compensation plan			124,933		121,374		3,559
	Liabilities related to discontinued operations			2,670		2,870		(200)
	Other liabilities			433,374		435,436		(2,062)
Total liabilities				11,902,047		11,917,905		(15,858)
Redeemable noncontrolling interests				1,266,074		1,278,446		(12,372)
Vornado shareholders' equity				6,841,707		6,898,519		(56,812)
Noncontrolling interests in consolidated subsidiaries				721,620		719,977		1,643
	Total Liabilities, Redeemable Noncontrolling Interests and Equity		$	20,731,448	$	20,814,847	$	(83,399)

- 17 -

CAPITAL STRUCTURE
(unaudited and in thousands, except per share and unit amounts)

						March 31, 2017
Debt (contractual balances):
	Consolidated debt:
		Mortgages payable				$	9,369,839
		Senior unsecured notes					850,000
		$750 Million unsecured term loan					375,000
		$2.5 Billion unsecured revolving credit facilities					115,630
							10,710,469
	Pro rata share of debt of non-consolidated entities
		(excluding $1,576,195 of Toys' debt)					3,232,642
	Less: Noncontrolling interests' share of consolidated debt
		(primarily 1290 Avenue of the Americas, 555 California Street, and St. Regis - retail)					(598,750)
							13,344,361


			Shares/Units	Par Value
Perpetual Preferred:
5.00% preferred unit (D-16) (1 unit @ $1,000,000 per unit)							1,000
3.25% preferred units (D-17) (177,100 units @ $25 per unit)							4,428
6.625% Series G preferred shares			8,000	$	25.00		200,000
6.625% Series I preferred shares			10,800		25.00		270,000
5.70% Series K preferred shares			12,000		25.00		300,000
5.40% Series L preferred shares			12,000		25.00		300,000
							1,075,428


				March 31, 2017
			Converted	Common
			Shares	Share Price
Equity:
Common shares			189,343	$	100.31		18,992,996
Class A units			11,787		100.31		1,182,354
Convertible share equivalents:
	Equity awards - unit equivalents		780		100.31		78,242
	D-13 preferred units		465		100.31		46,644
	G1-G4 units		38		100.31		3,812
	Series A preferred shares		40		100.31		4,012
							20,308,060

Total Market Capitalization						$	34,727,849

- 18 -

DEBT ANALYSIS
(unaudited and in thousands)
		As of March 31, 2017
		Total				Variable				Fixed
				Weighted				Weighted				Weighted
				Average				Average				Average
(Contractual debt balances)		Amount		Interest Rate		Amount		Interest Rate		Amount		Interest Rate
Consolidated debt		$	10,710,469		3.39%	$	3,768,123		2.60%	$	6,942,346		3.82%
Pro rata share of debt of non-consolidated entities:
	Toys		1,576,195		7.69%		1,111,001		6.69%		465,194		10.08%
	All other		3,232,642		4.23%		1,113,023		2.69%		2,119,619		5.04%
Total			15,519,306		4.00%		5,992,147		3.37%		9,527,159		4.40%
Less: Noncontrolling interests' share of consolidated debt
	(primarily 1290 Avenue of the Americas,
	555 California Street, and St. Regis - retail)		(598,750)				(140,528)				(458,222)
Company's pro rata share of total debt		$	14,920,556		4.01%	$	5,851,619		3.39%	$	9,068,937		4.42%

		Senior Unsecured Notes
		Due 2019		Due 2022
Maturity date/put date			6/30/2019		1/15/2022
Principal amount		$	450,000	$	400,000
Coupon/effective economic interest rate			2.500%/2.581%		5.000%/5.057%
Ratings:
	Moody's/S&P/Fitch		Baa2/BBB/BBB		Baa2/BBB/BBB

								Unsecured Revolving Credit Facilities
Debt Covenant Ratios:⁽¹⁾		Senior Unsecured Notes						and Unsecured Term Loan
				Actual
		Required		Due 2019		Due 2022		Required		Actual
Total outstanding debt/total assets⁽²⁾		Less than 65%			46%		46%	Less than 60%			35%
Secured debt/total assets		Less than 50%			39%		39%	Less than 50%			30%
Interest coverage ratio (annualized combined
	EBITDA to annualized interest expense)	Greater than 1.50			2.91		2.91				N/A
Fixed charge coverage					N/A		N/A	Greater than 1.40			2.85
Unencumbered assets/unsecured debt		Greater than 150%			600%		600%				N/A
Unsecured debt/cap value of unencumbered assets					N/A		N/A	Less than 60%			13%
Unencumbered coverage ratio					N/A		N/A	Greater than 1.50			12.99

Unencumbered EBITDA:		Q1 2017
		Annualized
New York		$	376,384
Washington, DC			146,848
Other			26,856
Total		$	550,088


(1)	Our debt covenant ratios are computed in accordance with the terms of our senior unsecured notes, unsecured revolving credit facilities, and unsecured term loan, as applicable. The methodology used for these computations may differ significantly from similarly titled ratios of other companies. For additional information regarding the methodology used to compute these ratios, please see our filings with the SEC of our revolving credit facilities, senior debt indentures and applicable prospectuses and prospectus supplements.
(2)	Total assets includes EBITDA capped at 7.5% under the senior unsecured notes and 6.0% under the unsecured revolving credit facilities and unsecured term loan.

- 19 -

DEBT MATURITIES (CONTRACTUAL BALANCES)
(unaudited and in thousands)
		Spread
	Maturity	over	Interest
Property	Date⁽¹⁾	LIBOR	Rate	2017		2018		2019		2020		2021		Thereafter		Total
1700 & 1730 M Street	05/17	L+125	2.03%	$	43,581	$	-	$	-	$	-	$	-	$	-	$	43,581
2011 Crystal Drive	08/17		7.30%		74,674		-		-		-		-		-		74,674
220 20th Street	02/18		4.61%		-		68,041		-		-		-		-		68,041
828-850 Madison Avenue Retail Condominium	06/18		5.29%		-		80,000		-		-		-		-		80,000
33-00 Northern Boulevard	10/18		4.43%		-		60,519		-		-		-		-		60,519
Senior unsecured notes due 2019	06/19		2.50%		-		-		450,000		-		-		-		450,000
435 Seventh Avenue - retail	08/19	L+225	3.19%		-		-		97,482		-		-		-		97,482
$1.25 Billion unsecured revolving credit facility	11/19	L+105	1.88%		-		-		115,630		-		-		-		115,630
4 Union Square South - retail	11/19	L+215	2.94%		-		-		115,513		-		-		-		115,513
2200/2300 Clarendon Boulevard (Courthouse Plaza)	05/20	L+160	2.45%		-		-		-		11,000		-		-		11,000
150 West 34th Street	06/20	L+225	3.09%		-		-		-		205,000		-		-		205,000
100 West 33rd Street - office and retail	07/20	L+165	2.48%		-		-		-		580,000		-		-		580,000
220 Central Park South	09/20	L+200	2.98%		-		-		-		950,000		-		-		950,000
$750 Million unsecured term loan	10/20	L+115	2.11%		-		-		-		375,000		-		-		375,000
Eleven Penn Plaza	12/20		3.95%		-		-		-		450,000		-		-		450,000
888 Seventh Avenue	12/20		3.15%		-		-		-		375,000		-		-		375,000
Borgata Land	02/21		5.14%		-		-		-		-		56,351		-		56,351
770 Broadway	03/21		2.56%		-		-		-		-		700,000		-		700,000
909 Third Avenue	05/21		3.91%		-		-		-		-		350,000		-		350,000
606 Broadway	05/21	L+300	3.86%		-		-		-		-		28,297		-		28,297
WestEnd25	06/21		4.88%		-		-		-		-		100,455		-		100,455
Universal Buildings	08/21	L+190	2.69%		-		-		-		-		185,000		-		185,000
555 California Street	09/21		5.10%		-		-		-		-		577,407		-		577,407
theMART	09/21		2.70%		-		-		-		-		675,000		-		675,000
655 Fifth Avenue	10/21	L+140	2.18%		-		-		-		-		140,000		-		140,000
Two Penn Plaza	12/21	⁽²⁾	4.11%		-		-		-		-		575,000		-		575,000
Senior unsecured notes due 2022	01/22		5.00%		-		-		-		-		-		400,000		400,000
$1.25 Billion unsecured revolving credit facility	02/22	L+100	-		-		-		-		-		-		-		-
1290 Avenue of the Americas	11/22		3.34%		-		-		-		-		-		950,000		950,000
697-703 Fifth Avenue (St. Regis - retail)	12/22	L+180	2.58%		-		-		-		-		-		450,000		450,000
2121 Crystal Drive	03/23		5.51%		-		-		-		-		-		141,015		141,015
666 Fifth Avenue Retail Condominium	03/23		3.61%		-		-		-		-		-		390,000		390,000
2101 L Street	08/24		3.97%		-		-		-		-		-		142,676		142,676


See notes on the following page.

- 20 -

DEBT MATURITIES (CONTRACTUAL BALANCES)
(unaudited and in thousands)
			Spread
		Maturity	over	Interest
Property		Date⁽¹⁾	LIBOR	Rate	2017		2018		2019		2020		2021		Thereafter		Total
1215 Clark Street, 200 12th Street &
	251 18th Street	01/25		7.94%	$	-	$	-	$	-	$	-	$	-	$	90,118	$	90,118
RiverHouse Apartments		04/25	L+128	2.07%		-		-		-		-		-		307,710		307,710
350 Park Avenue		01/27		3.92%		-		-		-		-		-		400,000		400,000


Total consolidated debt (contractual)					$	118,255	$	208,560	$	778,625	$	2,946,000	$	3,387,510	$	3,271,519	$	10,710,469

Weighted average rate						5.36%		4.82%		2.56%		2.95%		3.54%		3.67%		3.39%

Fixed rate debt					$	74,674	$	208,560	$	450,000	$	825,000	$	2,870,303	$	2,513,809	$	6,942,346
Fixed weighted average rate expiring						7.30%		4.82%		2.50%		3.59%		3.72%		4.06%		3.82%

Floating rate debt					$	43,581	$	-	$	328,625	$	2,121,000	$	517,207	$	757,710	$	3,768,123
Floating weighted average rate expiring						2.03%		-		2.64%		2.70%		2.53%		2.38%		2.60%


(1)	Represents the extended maturity for certain loans in which we have the unilateral right to extend.
(2)	Pursuant to an existing swap agreement, $411,000 of the loan bears interest at a fixed rate of 4.78% through March 2018, and the balance of $164,000 floats through March 2018. The entire $575,000 will float thereafter for the duration of the loan.

- 21 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)
							As of March 31, 2017
									Contractual Debt Balances
					Percentage		Company's		Company's
			Asset		Ownership at		Carrying		Pro rata		100% of
Joint Venture Name			Category		March 31, 2017		Amount		Share		Joint Venture
Alexander's, Inc.				Office/Retail		32.4%	$	127,908	$	341,900	$	1,055,246

Pennsylvania Real Estate Investment Trust (“PREIT”)				REIT		8.0%		119,643		142,423		1,774,385

India real estate ventures				Office/Land		4.1% to 36.5%		31,519		45,219		180,876

Urban Edge Properties (“UE”)				REIT		5.4%		24,358		64,941		1,205,560

Partially owned office buildings:
		280 Park Avenue		Office		50.0%		268,904		450,000		900,000
		One Park Avenue		Office		55.0%		123,452		165,000		300,000
		650 Madison Avenue		Office/Retail		20.1%		116,833		161,024		800,000
		512 West 22nd Street		Office		55.0%		60,604		34,297		62,359
		666 Fifth Avenue Office Condominium		Office		49.5%		45,405		693,400		1,400,809
		Rosslyn Plaza	Office/Residential			43.7% to 50.4%		44,315		19,337		38,359
		West 57th Street properties		Office		50.0%		43,002		9,813		19,625
		Warner Building		Office		55.0%		39,205		150,150		273,000
		330 Madison Avenue		Office		25.0%		27,719		37,500		150,000
		825 Seventh Avenue		Office		50.0%		5,561		10,250		20,500
		85 Tenth Avenue		Office		49.9%		555		311,875		625,000
		Other		Office		Various		10,832		34,515		81,150

Other investments:
		Independence Plaza		Residential		50.1%		143,889		275,550		550,000
		Toys "R" Us, Inc.		Retailer		32.5%		-		1,576,195		4,849,832
		Other		Various		Various		182,043		126,448		728,573
							$	1,415,747	$	4,649,837	$	15,015,274

7 West 34th Street⁽¹⁾				Office/Retail		53.0%	$	(44,291)	$	159,000	$	300,000


(1)	Our negative basis results from a deferred gain from the sale of a 47.0% ownership interest in the property and is included in "other liabilities" on our consolidated balance sheet.

- 22 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)

			Percentage		Our Share of Net Income (Loss) for the				Our Share of EBITDA for the
			Ownership at		Three Months Ended March 31,				Three Months Ended March 31,
			March 31, 2017		2017		2016		2017		2016
Joint Venture Name
New York:
		666 Fifth Avenue Office Condominium		49.5%	$	(10,197)	$	(10,725)	$	6,149	$	7,166
		Alexander's, Inc.		32.4%		6,892		6,937		11,562		11,569
		650 Madison Avenue (retail under development)		20.1%		(1,468)		(1,296)		2,092		2,247
		330 Madison Avenue		25.0%		1,343		1,644		2,328		2,579
		280 Park Avenue		50.0%		(1,284)		(3,315)		8,142		7,417
		Independence Plaza		50.1%		1,248		1,396		5,529		5,504
		One Park Avenue		55.0%		804		829		3,691		3,666
		825 Seventh Avenue		50.0%		677		656		842		816
		85 Tenth Avenue⁽¹⁾		49.9%		555		-		4,582		-
		7 West 34th Street		53.0%		103		-		3,386		-
		West 57th Street properties (partially under development)		50.0%		(44)		(8)		254		317
		Other		Various		(722)		319		2,015		3,585
						(2,093)		(3,563)		50,572		44,866

Washington, DC:
		1101 17th Street		55.0%		270		464		866		859
		Warner Building		55.0%		(183)		(1,753)		2,573		2,104
		Rosslyn Plaza		43.7% to 50.4%		(55)		(956)		1,153		960
		Other		Various		-		(20)		91		523
						32		(2,265)		4,683		4,446

Other:
		PREIT		8.0%		(2,830)		(4,288)		2,094		1,126
		India real estate ventures		4.1% to 36.5%		1,654		(686)		3,072		1,319
		Alexander's corporate fee income		32.4%		1,509		1,725		1,509		1,725
		UE		5.4%		1,300		1,085		2,785		2,662
		85 Tenth Avenue⁽¹⁾		49.9%		-		2,027		-		6,795
		Other		Various		1,873		1,725		3,551		2,846
						3,506		1,588		13,011		16,473

					$	1,445	$	(4,240)	$	68,266	$	65,785


(1)	The prior year's presentation has been conformed to the current year. In addition, on January 1, 2017 we reclassified our investment in 85 Tenth Avenue from Other to the New York segment as a result of the December 1, 2016 repayment of our loans receivable and the receipt of a 49.9% ownership interest in the property.

- 23 -

SQUARE FOOTAGE in service
(unaudited and square feet in thousands)
				Owned by Company
			Total
			Portfolio	Total	Office	Retail	Showroom	Other
Segment:
	New York:
		Office	20,236	16,965	16,782	-	183	-
		Retail	2,668	2,463	-	2,463	-	-
		Residential - 1,692 units	1,559	826	-	-	-	826
		Alexander's (32.4% interest),
		including 312 residential units	2,437	790	288	419	-	83
		Hotel Pennsylvania	1,400	1,400	-	-	-	1,400
			28,300	22,444	17,070	2,882	183	2,309

	Washington, DC:
		Office	10,837	9,846	9,169	677	-	-
		Residential - 3,234 units	3,310	3,168	-	43	-	3,125
		Other	330	330	-	9	-	321
			14,477	13,344	9,169	729	-	3,446

	Other:
		theMART	3,682	3,673	2,003	116	1,554	-
		555 California Street (70% interest)	1,737	1,216	1,123	93	-	-
		Other	1,832	871	13	858	-	-
			7,251	5,760	3,139	1,067	1,554	-

Total square feet at March 31, 2017			50,028	41,548	29,378	4,678	1,737	5,755

Total square feet at December 31, 2016			50,231	41,727	29,602	4,643	1,792	5,690


					Number of	Number of
Parking Garages (not included above):				Square Feet	Garages	Spaces
	New York			1,686	11	4,970
	Washington, DC			6,974	45	22,110
	theMART			558	4	1,651
	555 California Street			168	1	453
	Total at March 31, 2017			9,386	61	29,184

- 24 -

TOP 30 TENANTS
(unaudited)
	Our		Our Pro Rata Share of
	Share of		Annualized
	Square		Revenues⁽¹⁾		% of Pro Rata
Tenants	Footage⁽¹⁾		(in thousands)		Annualized Revenues
U.S. Government		3,015,378	$	107,906		3.8%
IPG and affiliates		923,896		56,330		2.0%
Swatch Group USA		25,633		38,923		1.4%
Macy's		646,434		37,646		1.3%
Victoria's Secret (guaranteed by L Brands, Inc.)		91,427		33,870		1.2%
Facebook		370,534		33,201		1.2%
Bloomberg L.P.		287,898		33,010		1.2%
AXA Equitable Life Insurance		336,646		32,252		1.1%
Alphabet Inc.: Google/ Motorola Mobility (guaranteed by Google)		728,483		31,837		1.1%
AOL (Verizon)		327,138		29,860		1.1%
McGraw-Hill Companies, Inc.		479,557		28,813		1.0%
Ziff Brothers Investments, Inc.		287,030		28,695		1.0%
The City of New York		565,846		24,267		0.9%
AMC Networks, Inc.		404,920		23,739		0.8%
J. Crew		310,233		23,015		0.8%
Topshop		94,349		23,009		0.8%
Neuberger Berman Group LLC		288,684		21,949		0.8%
Fast Retailing (Uniqlo)		90,732		21,939		0.8%
Madison Square Garden		353,134		21,662		0.8%
Forever 21		127,779		21,641		0.8%
JCPenney		426,370		19,608		0.7%
Hollister		21,741		19,127		0.7%
Bank of America		232,728		18,136		0.6%
Amazon		249,175		17,095		0.6%
PricewaterhouseCoopers LLP		243,434		16,884		0.6%
Family Health International		320,791		15,608		0.6%
Hennes & Mauritz (H&M)		51,363		15,406		0.5%
Cushman & Wakefield		175,042		14,576		0.5%
Alston & Bird		163,883		13,896		0.5%
Sears Holding Company (Kmart Corporation and Sears Corporation)		286,705		13,646		0.5%
						29.7%


(1) Includes leases not yet commenced.

Reconciliation of our Pro Rata Share of Total Annualized Revenues:
Consolidated revenues at 100%	$	620,848
Minority interest adjustments		(24,993)
Consolidated revenues at our share		595,855
Unconsolidated revenues at our share, excluding Toys "R" Us, Inc.		112,961
Our pro rata share of revenues	$	708,816

Our pro rata share of revenues (annualized)	$	2,835,264

- 25 -

LEASE EXPIRATIONS
NEW YORK SEGMENT
(unaudited)
			Our Share of
			Square Feet		Weighted Average Annual				Percentage of
		Year of Lease	of Expiring		Rent of Expiring Leases				Annualized
		Expiration	Leases⁽¹⁾		Total		Per Sq. Ft.		Escalated Rent
	Office:	Month to Month		22,000	$	888,000	$	40.36		0.1%

		Second Quarter 2017		94,000		5,469,000		58.18		0.5%
		Third Quarter 2017		73,000		4,972,000		68.11		0.5%
		Fourth Quarter 2017		72,000		4,728,000		65.67		0.4%
		Total 2017		239,000		15,169,000		63.47		1.4%
		First Quarter 2018		383,000		24,202,000		63.19		2.2%
		Remaining 2018		803,000		61,545,000		76.64		5.6%
		2019		829,000		56,599,000		68.27		5.2%
		2020		1,479,000		99,991,000		67.61		9.2%
		2021		1,221,000		87,141,000		71.37		8.0%
		2022		739,000		42,207,000		57.11		3.9%
		2023		1,734,000		132,352,000		76.33		12.1%
		2024		1,268,000		96,207,000		75.87		8.8%
		2025		765,000		55,283,000		72.27		5.1%
		2026		1,373,000		97,710,000		71.17		9.0%
		2027		958,000		64,751,000		67.59		5.9%
		Thereafter		4,355,000		256,566,000		58.91		23.5%

	Retail:	Month to Month		40,000	$	2,437,000	$	60.93		0.6%

		Second Quarter 2017		7,000		5,475,000		782.14		1.3%
		Third Quarter 2017		1,000		512,000		512.00		0.1%
		Fourth Quarter 2017		5,000		1,185,000		237.00		0.3%
		Total 2017		13,000		7,172,000		551.69		1.7%
		First Quarter 2018		95,000		24,325,000		256.05		5.7%
		Remaining 2018		87,000		20,846,000		239.61		4.9%
		2019		198,000		32,417,000		163.72		7.6%
		2020		72,000		10,976,000		152.44		2.6%
		2021		52,000		10,323,000		198.52		2.4%
		2022		35,000		4,973,000		142.09		1.2%
		2023		87,000		36,970,000		424.94		8.7%
		2024		156,000		62,808,000		402.62		14.8%
		2025		38,000		18,635,000		490.39		4.4%
		2026		136,000		42,385,000		311.65		10.0%
		2027		31,000		20,882,000		673.61		4.9%
		Thereafter		898,000		129,825,000		144.57		30.5%


(1)	Excludes storage, vacancy and other.

- 26 -

LEASE EXPIRATIONS
WASHINGTON, DC SEGMENT
(unaudited)
			Our Share of
			Square Feet		Weighted Average Annual				Percentage of
		Year of Lease	of Expiring		Rent of Expiring Leases				Annualized
		Expiration	Leases⁽¹⁾		Total		Per Sq. Ft.		Escalated Rent
	Office:	Month to Month		58,000	$	837,000	$	14.43		0.2%

		Second Quarter 2017		108,000		3,882,000		35.94		1.1%
		Third Quarter 2017		227,000		9,633,000		42.44		2.7%
		Fourth Quarter 2017		126,000		4,169,000		33.09		1.2%
		Total 2017		461,000		17,684,000		38.36		5.0%
		First Quarter 2018		155,000		6,564,000		42.35		1.8%
		Remaining 2018		527,000		24,796,000		47.05		6.9%
		2019		1,170,000		53,001,000		45.30		14.7%
		2020		919,000		46,215,000		50.29		12.8%
		2021		810,000		36,453,000		45.00		10.1%
		2022		1,225,000		55,824,000		45.57		15.5%
		2023		254,000		11,359,000		44.72		3.1%
		2024		377,000		15,866,000		42.08		4.4%
		2025		319,000		12,748,000		39.96		3.5%
		2026		208,000		9,871,000		47.46		2.7%
		2027		237,000		10,435,000		44.03		2.9%
		Thereafter		1,322,000		59,173,000		44.76		16.4%


(1)	Excludes storage, vacancy and other.

- 27 -

LEASING ACTIVITY
(unaudited)

The leasing activity and related statistics in the table below is based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Second generation relet space represents square footage that has not been vacant for more than nine months and tenant improvements and leasing commissions are based on our share of square feet leased during the period.

(square feet in thousands)
					New York						555 California		Washington, DC
					Office		Retail		theMART		Street		Office
Three Months Ended March 31, 2017
	Total square feet leased					553		12		100		66		545
	Our share of square feet leased:					380		11		100		46		525
		Initial rent⁽¹⁾			$	75.20	$	241.38	$	47.62	$	86.88	$	43.04
		Weighted average lease term (years)				7.3		2.3		8.1		11.1		8.8
		Second generation relet space:
			Square feet			204		4		96		46		482
			GAAP basis:
				Straight-line rent⁽²⁾	$	72.34	$	568.95	$	47.67	$	95.09	$	43.96
				Prior straight-line rent	$	66.23	$	422.44	$	31.75	$	80.31	$	41.58
				Percentage increase		9.2%		34.7%		50.1%		18.4%		5.7%
			Cash basis:
				Initial rent⁽¹⁾	$	74.32	$	532.53	$	47.06	$	86.49	$	42.67
				Prior escalated rent	$	70.01	$	454.54	$	32.86	$	78.67	$	45.68
				Percentage increase (decrease)		6.2%		17.2%		43.2%		9.9%		(6.6%)
		Tenant improvements and leasing commissions:
			Per square foot		$	81.72	$	43.04	$	56.65	$	92.17	$	67.07
			Per square foot per annum		$	11.19	$	18.71	$	6.99	$	8.30	$	7.62
				Percentage of initial rent		14.9%		7.8%		14.7%		9.6%		17.7%

(1)

Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.

(2)

Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases, and includes the effect of free rent and periodic step-ups in rent.

- 28 -

OCCUPANCY AND SAME STORE EBITDA

(unaudited)

New York

Washington, DC

Occupancy rate at:

March 31, 2017

96.6%

90.2%

December 31, 2016

96.5%

90.5%

March 31, 2016

96.2%

92.2%

Same store EBITDA % increase (decrease):

Three months ended March 31, 2017 compared to March 31, 2016

3.7% ⁽¹⁾

0.7%

Three months ended March 31, 2017 compared to December 31, 2016

(6.9%)⁽²⁾

(1.2%)

Cash basis same store EBITDA % increase (decrease):

Three months ended March 31, 2017 compared to March 31, 2016

15.5% ⁽¹⁾

0.3%

Three months ended March 31, 2017 compared to December 31, 2016

(4.0%)⁽²⁾

(2.1%)

(1)

Excluding Hotel Pennsylvania, same store EBITDA increased by 4.0% and by 15.7% on a cash basis.

(2)

Excluding Hotel Pennsylvania, same store EBITDA decreased by 3.5% and by 0.1% on a cash basis.


RESIDENTIAL STATISTICS in service
(unaudited)

				Vornado's Ownership Interest
								Average Monthly
			Number of Units	Number of Units	Occupancy Rate			Rent Per Unit
	New York:
		March 31, 2017⁽¹⁾	2,004	977		95.4	%	$	3,600
		December 31, 2016⁽¹⁾	2,004	977		96.0	%	$	3,576
		March 31, 2016	1,711	883		94.0	%	$	3,511

	Washington, DC:
		March 31, 2017	3,234	3,124		97.9	%	$	2,133
		December 31, 2016	3,156	3,046		97.8	%	$	2,121
		March 31, 2016	2,512	2,408		97.0	%	$	2,039


	(1)	Includes The Alexander (32.4% ownership) from the date of stabilization in the third quarter of 2016.

- 29 -

DEVELOPMENT/REDEVELOPMENT SUMMARY

(unaudited and in thousands, except square feet)

As of March 31, 2017

(At Vornado's Ownership Interest)

Full

Property

Excluding Land Costs

Quarter

Rentable

Incremental

Amount

Initial

Stabilized

Current Projects:

Segment

Sq. Ft.

Budget

Expended

Complete

Start

Occupancy

Operations

220 Central Park South - residential condominiums

Other

397,000

1,300,000

680,737

⁽¹⁾

52.4%

Q3 2012

N/A

512 West 22nd Street - office (55.0% interest)

New York

173,000

72,000

22,452

⁽²⁾

31.2%

Q4 2015

Q1 2018

Q1 2020

61 Ninth Avenue - office (45.1% interest)

New York

170,000

68,000

22,020

⁽³⁾

32.4%

Q1 2016

Q1 2018

Q1 2020

606 Broadway - office/retail (50.0% interest)

New York

34,000

30,000

11,977

⁽⁴⁾

39.9%

Q2 2016

Q3 2018

Q2 2020

Total current projects

737,186

Property

Zoning

Future Opportunities:

Segment

Sq. Ft.

Penn Plaza - multiple opportunities - office/residential/retail

New York

TBD

Hotel Pennsylvania - mixed use

New York

2,052,000

260 Eleventh Avenue - office

New York

300,000

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

(1)

Excludes land and acquisition costs of $515,426.

(2)

Excludes land and acquisition costs of $57,000.

(3)

The building is subject to a ground lease which expires in 2115.

(4)

Excludes land and acquisition costs of $22,703.

- 30 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

CONSOLIDATED
(unaudited and in thousands, except per square foot amounts)
		Three Months Ended		Year Ended December 31,
		March 31, 2017		2016		2015
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	23,867	$	114,031	$	125,215
Tenant improvements			45,801		86,630		153,696
Leasing commissions			10,267		38,938		50,081
Non-recurring capital expenditures			22,327		55,636		116,875
Total capital expenditures and leasing commissions (accrual basis)			102,262		295,235		445,867
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		33,810		268,101		156,753
	Expenditures to be made in future periods for the current period		(58,120)		(117,910)		(222,469)
Total capital expenditures and leasing commissions (cash basis)		$	77,952	$	445,426	$	380,151

Our share of square feet leased			916		3,283		3,767
Tenant improvements and leasing commissions per square foot per annum		$	9.00	$	7.15	$	8.43
Percentage of initial rent			15.3%		11.0%		10.8%


		Three Months Ended		Year Ended December 31,
		March 31, 2017		2016		2015

Development and redevelopment expenditures:
	220 Central Park South	$	66,284	$	303,974	$	158,014
	The Bartlett		6,315		67,580		103,878
	90 Park Avenue		3,447		33,308		29,937
	315/345 Montgomery Street (555 California Street)		3,294		9,150		-
	606 Broadway		2,765		4,234		-
	1700 M Street		2,503		5,299		2,695
	304 Canal Street		2,128		5,941		1,405
	Penn Plaza		1,274		11,904		17,701
	Marriott Marquis Times Square - retail and signage		1,266		9,283		21,929
	640 Fifth Avenue		1,090		46,282		17,899
	theMART		1,034		24,788		588
	Wayne Towne Center		481		8,461		20,633
	330 West 34th Street		228		5,492		32,613
	2221 South Clark Street (residential conversion)		8		15,939		23,711
	Other		6,110		54,930		59,816
		$	98,227	$	606,565	$	490,819

- 31 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

NEW YORK SEGMENT
(unaudited and in thousands, except per square foot amounts)
		Three Months Ended		Year Ended December 31,
		March 31, 2017		2016		2015
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	17,830	$	67,239	$	57,752
Tenant improvements			9,041		63,995		68,869
Leasing commissions			3,889		32,475		35,099
Non-recurring capital expenditures			20,916		41,322		81,240
Total capital expenditures and leasing commissions (accrual basis)			51,676		205,031		242,960
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		13,940		159,144		93,105
	Expenditures to be made in future periods for the current period		(27,379)		(100,151)		(118,911)
Total capital expenditures and leasing commissions (cash basis)		$	38,237	$	264,024	$	217,154

Our share of square feet leased			391		1,933		1,920
Tenant improvements and leasing commissions per square foot per annum		$	11.26	$	7.98	$	10.20
Percentage of initial rent			14.1%		9.7%		8.9%


		Three Months Ended		Year Ended December 31,
		March 31, 2017		2016		2015

Development and redevelopment expenditures:
	90 Park Avenue	$	3,447	$	33,308	$	29,937
	606 Broadway		2,765		4,234		-
	304 Canal Street		2,128		5,941		1,405
	Penn Plaza		1,274		11,904		17,701
	Marriott Marquis Times Square - retail and signage		1,266		9,283		21,929
	640 Fifth Avenue		1,090		46,282		17,899
	330 West 34th Street		228		5,492		32,613
	Other		619		1,759		6,695
		$	12,817	$	118,203	$	128,179

- 32 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

WASHINGTON, DC SEGMENT
(unaudited and in thousands, except per square foot amounts)
		Three Months Ended		Year Ended December 31,
		March 31, 2017		2016		2015
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	4,485	$	24,745	$	25,589
Tenant improvements			28,544		12,712		51,497
Leasing commissions			4,776		4,067		6,761
Non-recurring capital expenditures			1,265		8,725		34,428
Total capital expenditures and leasing commissions (accrual basis)			39,070		50,249		118,275
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		10,649		71,935		35,805
	Expenditures to be made in future periods for the current period		(30,002)		(16,357)		(73,227)
Total capital expenditures and leasing commissions (cash basis)		$	19,717	$	105,827	$	80,853

Our share of square feet leased			525		1,350		1,847
Tenant improvements and leasing commissions per square foot per annum		$	7.62	$	4.67	$	6.41
Percentage of initial rent			17.7%		11.6%		15.9%


		Three Months Ended		Year Ended December 31,
		March 31, 2017		2016		2015
Development and redevelopment expenditures:
	The Bartlett	$	6,315	$	67,580	$	103,878
	1700 M Street		2,503		5,299		2,695
	2221 South Clark Street (residential conversion)		8		15,939		23,711
	Other		5,252		51,564		38,001
		$	14,078	$	140,382	$	168,285

- 33 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

OTHER
(unaudited and in thousands)
		Three Months Ended		Year Ended December 31,
		March 31, 2017		2016		2015
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	1,552	$	22,047	$	41,874
Tenant improvements			8,216		9,923		33,330
Leasing commissions			1,602		2,396		8,221
Non-recurring capital expenditures			146		5,589		1,207
Total capital expenditures and leasing commissions (accrual basis)			11,516		39,955		84,632
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		9,221		37,022		27,843
	Expenditures to be made in future periods for the current period		(739)		(1,402)		(30,331)
Total capital expenditures and leasing commissions (cash basis)		$	19,998	$	75,575	$	82,144


		Three Months Ended		Year Ended December 31,
		March 31, 2017		2016		2015
Development and redevelopment expenditures:
	220 Central Park South	$	66,284	$	303,974	$	158,014
	315/345 Montgomery Street (555 California Street)		3,294		9,150		-
	theMART		1,034		24,788		588
	Wayne Towne Center		481		8,461		20,633
	Other		239		1,607		15,120
		$	71,332	$	347,980	$	194,355

- 34 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (2)		Major Tenants
NEW YORK:
Penn Plaza:
One Penn Plaza												Cisco, Lion Resources,
	(ground leased through 2098)											Parsons Brinckerhoff, Symantec Corporation,
		-Office	100.0 %	91.6 %	$	62.14	2,254,000	2,254,000	-			United Health Care, URS Corporation Group Counseling
												Bank of America, Kmart Corporation,
		-Retail	100.0 %	98.8 %		129.87	271,000	271,000	-			Shake Shack, Starbucks
			100.0 %	92.3 %		69.41	2,525,000	2,525,000	-	$	-

Two Penn Plaza												EMC, Information Builders, Inc.,
		-Office	100.0 %	99.3 %		57.08	1,582,000	1,582,000	-		575,000	Madison Square Garden, McGraw-Hill Companies, Inc.
		-Retail	100.0 %	86.4 %		205.85	49,000	49,000	-		-	Chase Manhattan Bank
			100.0 %	98.9 %		61.55	1,631,000	1,631,000	-		575,000

Eleven Penn Plaza
		-Office	100.0 %	99.5 %		58.43	1,115,000	1,115,000	-		450,000	Macy's, Madison Square Garden, AMC Networks, Inc.
												PNC Bank National Association, Starbucks,
		-Retail	100.0 %	85.2 %		145.89	36,000	36,000	-		-	Madison Square Garden
			100.0 %	99.1 %		61.16	1,151,000	1,151,000	-		450,000

100 West 33rd Street
		-Office	100.0 %	98.2 %		61.59	855,000	855,000	-		398,402	IPG and affiliates

Manhattan Mall
		-Retail	100.0 %	93.2 %		133.84	256,000	256,000	-		181,598	JCPenney, Aeropostale, Express, Starbucks

330 West 34th Street
	(ground leased through 2149 -
	34.8% ownership interest in the land)											New York & Company, Inc., Structure Tone,
		-Office	100.0 %	95.0 %		59.72	691,000	691,000	-		50,150	Deutsch, Inc., Yodle, Inc., Footlocker, Home Advisor, Inc.*
		-Retail	100.0 %	-		-	18,000	18,000	-		-
			100.0 %	92.6 %		59.72	709,000	709,000	-		50,150

435 Seventh Avenue
		-Retail	100.0 %	100.0 %		284.02	43,000	43,000	-		97,482	Hennes & Mauritz

7 West 34th Street
		-Office	53.0 %	100.0 %		63.01	458,000	458,000	-		300,000	Amazon
		-Retail	53.0 %	71.8 %		292.19	21,000	21,000	-		-	Amazon
			53.0 %	98.8 %		73.06	479,000	479,000	-		300,000

484 Eighth Avenue
		-Retail	100.0 %	-		-	16,000	-	16,000		-

431 Seventh Avenue
		-Retail	100.0 %	100.0 %		256.49	10,000	10,000	-		-

488 Eighth Avenue
		-Retail	100.0 %	100.0 %		85.23	6,000	6,000	-		-

267 West 34th Street
		-Retail	100.0 %	100.0 %		175.79	6,000	6,000	-		-

- 35 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted			Square Feet
					Average					Under Development
			%	%	Annual Rent			Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)			Property	In Service	for Lease	(in thousands) (2)		Major Tenants
NEW YORK (Continued):
Penn Plaza (Continued):
138-142 West 32nd Street
		-Retail	100.0 %	67.4 %	$	96.80		8,000	8,000	-	$	-

150 West 34th Street
		-Retail	100.0 %	100.0 %		70.28		78,000	78,000	-		205,000	Old Navy

137 West 33rd Street
		-Retail	100.0 %	100.0 %		94.67		3,000	3,000	-		-

265 West 34th Street
		-Retail	100.0 %	100.0 %		493.49		3,000	3,000	-		-

131-135 West 33rd Street
		-Retail	100.0 %	100.0 %		39.62		23,000	23,000	-		-

486 Eighth Avenue
		-Retail	100.0 %	-		-		3,000	-	3,000		-

	Total Penn Plaza							7,805,000	7,786,000	19,000		2,257,632

Midtown East:
909 Third Avenue													IPG and affiliates, Forest Laboratories,
	(ground leased through 2063)												Geller & Company, Morrison Cohen LLP, Robeco USA Inc.,
		-Office	100.0 %	96.5 %		58.91	⁽³⁾	1,346,000	1,346,000	-		350,000	United States Post Office, The Procter & Gamble Distributing LLC

150 East 58th Street
		-Office	100.0 %	96.7 %		71.61		544,000	544,000	-			Castle Harlan, Tournesol Realty LLC (Peter Marino),
		-Retail	100.0 %	13.9 %		17.86		2,000	2,000	-
			100.0 %	96.4 %		71.41		546,000	546,000	-		-

715 Lexington Avenue
		-Retail	100.0 %	100.0 %		249.41		23,000	23,000	-		-	New York & Company, Inc., Zales, Jonathan Adler

966 Third Avenue
		-Retail	100.0 %	100.0 %		90.93		7,000	7,000	-		-	McDonald's

968 Third Avenue
		-Retail	50.0 %	100.0 %		263.80		6,000	6,000	-		-	Capital One Financial Corporation

	Total Midtown East							1,928,000	1,928,000	-		350,000

- 36 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (2)		Major Tenants
NEW YORK (Continued):
Midtown West:
888 Seventh Avenue												TPG-Axon Capital, Lone Star US Acquisitions LLC,
	(ground leased through 2067)											Pershing Square Capital Management, Hutchin Hill*,
		-Office	100.0 %	95.5 %	$	92.91	872,000	872,000	-	$	375,000	Vornado Executive Headquarters
		-Retail	100.0 %	100.0 %		252.83	15,000	15,000	-		-	Redeye Grill L.P.
			100.0 %	95.6 %		95.61	887,000	887,000	-		375,000

57th Street - 2 buildings
		-Office	50.0 %	88.5 %		56.23	81,000	81,000	-		19,625	Various
		-Retail	50.0 %	100.0 %		125.74	22,000	22,000	-		-
			50.0 %	90.9 %		71.07	103,000	103,000	-		19,625

825 Seventh Avenue
		-Office	50.0 %	100.0 %		78.70	165,000	165,000	-		20,500	Young & Rubicam
		-Retail	100.0 %	100.0 %		269.72	4,000	4,000	-		-	Lindy's
			51.2 %	100.0 %		83.22	169,000	169,000	-		20,500

	Total Midtown West						1,159,000	1,159,000	-		415,125

Park Avenue:
280 Park Avenue												Cohen & Steers Inc., GIC Inc., Franklin Templeton Co. LLC,
		-Office	50.0 %	96.5 %		98.05	1,228,000	1,228,000	-		900,000	PJT Partners, Investcorp International Inc., Wells Fargo
		-Retail	50.0 %	100.0 %		96.50	26,000	26,000	-		-	Scottrade Inc., Starbucks, The Four Seasons Restaurant
			50.0 %	96.6 %		98.02	1,254,000	1,254,000	-		900,000

350 Park Avenue												Kissinger Associates Inc., Ziff Brothers Investment Inc.,
		-Office	100.0 %	100.0 %		100.25	554,000	554,000	-		400,000	MFA Financial Inc., M&T Bank
		-Retail	100.0 %	100.0 %		213.80	17,000	17,000	-		-	Fidelity Investment, AT&T Wireless, Valley National Bank
			100.0 %	100.0 %		103.63	571,000	571,000	-		400,000

	Total Park Avenue						1,825,000	1,825,000	-		1,300,000

Grand Central:
90 Park Avenue												Alston & Bird, Amster, Rothstein & Ebenstein,
												Capital One, Factset Research Systems Inc., Foley & Lardner,
		-Office	100.0 %	96.3 %		76.25	937,000	937,000	-			PricewaterhouseCoopers LLP*
		-Retail	100.0 %	100.0 %		130.42	24,000	24,000	-			Citibank, Starbucks
			100.0 %	96.4 %		77.60	961,000	961,000	-		-

330 Madison Avenue												Guggenheim Partners LLC, HSBC Bank AFS, Glencore Ltd.*,
		-Office	25.0 %	97.4 %		73.54	809,000	809,000	-		150,000	Jones Lang LaSalle Inc., Wells Fargo, American Century
		-Retail	25.0 %	100.0 %		312.18	33,000	33,000	-		-	Ann Taylor Retail Inc., Citibank, Starbucks
			25.0 %	97.5 %		82.89	842,000	842,000	-		150,000

510 Fifth Avenue
		-Retail	100.0 %	100.0 %		145.85	66,000	66,000	-		-	The North Face, Elie Tahari

	Total Grand Central						1,869,000	1,869,000	-		150,000

- 37 -

NEW YORK SEGMENT
PROPERTY TABLE
						Weighted		Square Feet
						Average				Under Development
			%		%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership		Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (2)		Major Tenants
NEW YORK (Continued):
Madison/Fifth:
640 Fifth Avenue													Fidelity Investments, Owl Creek Asset Management LP,
		-Office	100.0 %		90.6 %	$	89.46	245,000	245,000	-			Stifel Financial Corp., GCA Savvian Inc.
		-Retail	100.0 %		96.1 %		906.66	68,000	68,000	-			Victoria's Secret (guaranteed by L Brands, Inc.), Dyson*
			100.0 %		91.8 %		266.99	313,000	313,000	-	$	-

666 Fifth Avenue													Colliers International NY LLC,
		-Office (Office Condo)	49.5 %		-		-	1,403,000	-	1,403,000		1,400,809	Integrated Holding Group, Vinson & Elkins LLP
		-Retail (Office Condo)	49.5 %		-		-	45,000	-	45,000		-	HSBC Bank USA, Citibank
		-Retail (Retail Condo)	100.0 %	⁽⁴⁾	100.0 %		437.96	114,000	114,000	-		390,000	Fast Retailing (Uniqlo), Hollister, Tissot
					100.0 %		437.96	1,562,000	114,000	1,448,000		1,790,809

595 Madison Avenue													Beauvais Carpets, Levin Capital Strategies LP,
		-Office	100.0 %		92.9 %		79.42	294,000	294,000	-			Cosmetech Mably Int'l LLC.
		-Retail	100.0 %		36.0 %		1,205.96	30,000	30,000	-			Coach
			100.0 %		87.6 %		183.73	324,000	324,000	-		-

650 Madison Avenue													Memorial Sloan Kettering Cancer Center, Polo Ralph Lauren,
		-Office	20.1 %		94.9 %		111.42	525,000	525,000	-		800,000	Willett Advisors LLC
		-Retail	20.1 %		92.0 %		1,219.46	67,000	27,000	40,000		-	Bottega Veneta Inc., Moncler USA Inc.
			20.1 %		94.6 %		236.82	592,000	552,000	40,000		800,000

689 Fifth Avenue
		-Office	100.0 %		90.0 %		78.24	82,000	82,000	-			Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
		-Retail	100.0 %		100.0 %		811.42	17,000	17,000	-			MAC Cosmetics, Massimo Dutti
			100.0 %		91.7 %		204.14	99,000	99,000	-		-

655 Fifth Avenue
		-Retail	92.5 %		100.0 %		222.18	57,000	57,000	-		140,000	Ferragamo

697-703 Fifth Avenue (St. Regis - retail)
		-Retail	74.3 %		100.0 %		2,513.33	26,000	26,000	-		450,000	Swatch Group USA, Harry Winston

	Total Madison/Fifth							2,973,000	1,485,000	1,488,000		3,180,809

Midtown South:
770 Broadway
		-Office	100.0 %		98.0 %		80.72	990,000	990,000	-		700,000	Facebook, AOL (Verizon), J. Crew
		-Retail	100.0 %		100.0 %		56.17	168,000	168,000	-		-	Ann Taylor Retail Inc., Bank of America, Kmart Corporation
			100.0 %		98.3 %		77.16	1,158,000	1,158,000	-		700,000

One Park Avenue													New York University, Clarins USA Inc.,
													Public Service Mutual Insurance, Robert A.M. Stern Architect*
		-Office	55.0 %		96.3 %		52.69	870,000	870,000	-		300,000	automotiveMastermind*
		-Retail	55.0 %		100.0 %		64.58	79,000	79,000	-		-	Bank of Baroda, Citibank, Equinox, Men's Wearhouse
			55.0 %		96.7 %		53.68	949,000	949,000	-		300,000

4 Union Square South													Burlington Coat Factory, Whole Foods Market, DSW,
		-Retail	100.0 %		100.0 %		100.70	206,000	206,000	-		115,513	Forever 21

692 Broadway
		-Retail	100.0 %		100.0 %		88.05	36,000	36,000	-		-	Equinox, AOL

Other
		-Retail	50.0 %		-		-	36,000	-	36,000		30,000

	Total Midtown South							2,385,000	2,349,000	36,000		1,145,513

- 38 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (2)		Major Tenants
NEW YORK (Continued):
Rockefeller Center:
1290 Avenue of the Americas												AXA Equitable Life Insurance, Hachette Book Group Inc.,
												Bryan Cave LLP, Neuberger Berman Group LLC, SSB Realty LLC,
												Cushman & Wakefield, Fitzpatrick,
		-Office	70.0 %	99.5 %	$	80.32	2,031,000	2,031,000	-	$	950,000	Cella, Harper & Scinto, Columbia University
		-Retail	70.0 %	100.0 %		170.83	79,000	79,000	-		-	Duane Reade, JPMorgan Chase Bank, Sovereign Bank, Starbucks
			70.0 %	99.5 %		83.71	2,110,000	2,110,000	-		950,000

608 Fifth Avenue
	(ground leased through 2033)
		-Office	100.0 %	96.2 %		61.49	93,000	93,000	-
		-Retail	100.0 %	100.0 %		453.98	44,000	44,000	-			Topshop
			100.0 %	97.4 %		187.55	137,000	137,000	-		-

	Total Rockefeller Center						2,247,000	2,247,000	-		950,000
Wall Street/Downtown:
40 Fulton Street
		-Office	100.0 %	93.5 %		39.78	245,000	245,000	-			Market News International Inc., Sapient Corp.
		-Retail	100.0 %	100.0 %		101.90	5,000	5,000	-			TD Bank
			100.0 %	93.7 %		41.02	250,000	250,000	-		-

Soho:
478-486 Broadway - 2 buildings
		-Retail	100.0 %	100.0 %		239.17	65,000	65,000	-			Topshop, Madewell, J. Crew
		-Residential (10 units)	100.0 %	100.0 %			20,000	20,000	-
			100.0 %				85,000	85,000	-		-

443 Broadway
		-Retail	100.0 %	100.0 %		112.57	16,000	16,000	-		-	Necessary Clothing

304 Canal Street
		-Retail	100.0 %	-		-	4,000	-	4,000
		-Residential (4 units)	100.0 %	-			9,000	-	9,000
			100.0 %				13,000	-	13,000		-

334 Canal Street
		-Retail	100.0 %	-		-	4,000	4,000	-
		-Residential (4 units)	100.0 %	75.0 %			11,000	11,000	-
			100.0 %				15,000	15,000	-		-

155 Spring Street
		-Retail	100.0 %	100.0 %		124.54	50,000	50,000	-		-	Vera Bradley

148 Spring Street
		-Retail	100.0 %	100.0 %		183.13	8,000	8,000	-		-	Dr. Martens

150 Spring Street
		-Retail	100.0 %	100.0 %		274.25	6,000	6,000	-			Sandro
		-Residential (1 unit)	100.0 %	100.0 %			1,000	1,000	-
			100.0 %				7,000	7,000	-		-

Other
		-Residential (26 units)	100.0 %	96.2 %			35,000	35,000	-		-

	Total Soho						229,000	216,000	13,000		-

- 39 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (2)		Major Tenants
NEW YORK (Continued):
Times Square:
1540 Broadway												Forever 21, Planet Hollywood, Disney, Sunglass Hut,
		-Retail	100.0 %	100.0 %	$	247.16	160,000	160,000	-	$	-	MAC Cosmetics, U.S. Polo

1535 Broadway (Marriott Marquis - retail and signage)
	(ground and building leased through 2032)
		-Retail	100.0 %	31.6 %		2,171.27	46,000	46,000	-			T-Mobile, Invicta, Swatch Group USA, Laline
		-Theatre	100.0 %	100.0 %		13.15	62,000	62,000	-			Nederlander-Marquis Theatre
			100.0 %	70.9 %		399.88	108,000	108,000	-		-

	Total Times Square						268,000	268,000	-		-

Upper East Side:
828-850 Madison Avenue
		-Retail	100.0 %	100.0 %		606.39	18,000	18,000	-		80,000	Gucci, Chloe, Cartier, Cho Cheng, Christofle Silver Inc.

677-679 Madison Avenue
		-Retail	100.0 %	100.0 %		486.83	8,000	8,000	-			Berluti
		-Residential (8 units)	100.0 %	50.0 %			5,000	5,000	-
			100.0 %				13,000	13,000	-		-

759-771 Madison Avenue (40 East 66th)
		-Residential (5 units)	100.0 %	100.0 %			12,000	12,000	-
		-Retail	100.0 %	100.0 %		1,110.84	11,000	11,000	-			John Varvatos, Nespresso USA, J. Crew
			100.0 %				23,000	23,000	-		-

1131 Third Avenue
		-Retail	100.0 %	100.0 %		149.59	23,000	23,000	-		-	Nike, Crunch LLC, J.Jill

Other
		-Retail - 2 buildings	100.0 %	100.0 %		-	15,000	15,000	-
		-Residential (8 units)	100.0 %	87.5 %			7,000	7,000	-
			100.0 %				22,000	22,000	-		-

	Total Upper East Side						99,000	99,000	-		80,000

Long Island City:
33-00 Northern Boulevard (Center Building)
		-Office	100.0 %	99.5 %		33.10	471,000	471,000	-		60,519	The City of New York, NYC Transit Authority

Chelsea/Meatpacking District:
260 Eleventh Avenue
	(ground leased through 2114)
		-Office	100.0 %	100.0 %		51.02	184,000	184,000	-		-	The City of New York

85 Tenth Avenue												Google, General Services Administration,
												Telehouse International Corp., L-3 Communications,
		-Office	49.9 %	100.0 %		85.18	586,000	586,000	-		625,000	Moet Hennessy USA. Inc.
		-Retail	49.9 %	100.0 %		76.41	40,000	40,000	-		-	IL Posto LLC, Toro NYC Restaurant, L'Atelier
			49.9 %	100.0 %		84.63	626,000	626,000	-		625,000

	Total Chelsea/Meatpacking District						810,000	810,000	-		625,000

- 40 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (2)		Major Tenants
NEW YORK (Continued):
Upper West Side:
50-70 W 93rd Street
		-Residential (326 units)	49.9 %	95.4 %			283,000	283,000	-	$	80,000

Tribeca:
Independence Plaza, Tribeca
		-Residential (1,327 units)	50.1 %	95.9 %			1,185,000	1,185,000	-		550,000
		-Retail	50.1 %	100.0 %	$	44.45	72,000	60,000	12,000		-	Duane Reade, Food Emporium
			50.1 %				1,257,000	1,245,000	12,000		550,000

New Jersey:
Paramus
		-Office	100.0 %	94.7 %		21.89	129,000	129,000	-		-	Vornado's Administrative Headquarters

Washington D.C.:
3040 M Street
		-Retail	100.0 %	86.7 %		58.11	44,000	44,000	-		-	Nike

Properties to be Developed:
512 West 22nd Street
		-Office	55.0 %	-		-	173,000	-	173,000		62,359

61 Ninth Avenue
	(ground leased through 2115)
		-Office	45.1 %	-		-	147,000	-	147,000
		-Retail	45.1 %	-		-	23,000	-	23,000			Starbucks*
			45.1 %	-		-	170,000	-	170,000		-

606 Broadway (19 East Houston Street)
		-Office	50.0 %	-		-	23,000	-	23,000		-
		-Retail	50.0 %	-		-	11,000	-	11,000		28,297
			50.0 %	-		-	34,000	-	34,000		28,297

	Total Properties to be Developed						377,000	-	377,000		90,656


New York Office:

	Total			96.8%	$	71.28	21,982,000	20,236,000	1,746,000	$	8,887,364

	Vornado's Ownership Interest			96.7%	$	69.11	17,832,000	16,965,000	867,000	$	6,023,545

New York Retail:

	Total			95.5%	$	217.55	2,858,000	2,668,000	190,000	$	1,717,890

	Vornado's Ownership Interest			95.3%	$	214.54	2,556,000	2,463,000	93,000	$	1,562,391

New York Residential:

	Total			95.6%			1,568,000	1,559,000	9,000	$	630,000

	Vornado's Ownership Interest			95.4%			835,000	826,000	9,000	$	315,470

- 41 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (2)		Major Tenants
NEW YORK (Continued):
ALEXANDER'S, INC.:
New York:
731 Lexington Avenue, Manhattan
		-Office	32.4 %	100.0 %	$	114.66	889,000	889,000	-	$	300,000	Bloomberg
		-Retail	32.4 %	99.4 %		182.01	174,000	174,000	-		350,000	Hennes & Mauritz, The Home Depot, The Container Store
			32.4 %	99.9 %		124.75	1,063,000	1,063,000	-		650,000

												Sears, Burlington Coat Factory,
Rego Park I, Queens (4.8 acres)			32.4 %	100.0 %		40.78	343,000	343,000	-		78,246	Bed Bath & Beyond, Marshalls

Rego Park II (adjacent to Rego Park I),
	Queens (6.6 acres)		32.4 %	99.9 %		44.83	609,000	609,000	-		259,000	Century 21, Costco, Kohl's, TJ Maxx, Toys "R" Us

Flushing, Queens (5) (1.0 acre)			32.4 %	100.0 %		17.36	167,000	167,000	-		-	New World Mall LLC

The Alexander Apartment Tower,
	Rego Park, Queens, NY
		-Residential (312 units)	32.4 %	96.5 %		-	255,000	255,000	-		-

New Jersey:
Paramus, New Jersey
	(30.3 acres ground leased to IKEA
	through 2041)		32.4 %	100.0 %		-	-	-	-		68,000	IKEA (ground lessee)

Property to be Developed:
Rego Park III (adjacent to Rego Park II),
	Queens, NY (3.4 acres)		32.4 %	-		-	-	-	-		-

	Total Alexander's		32.4 %	99.6 %		77.16	2,437,000	2,437,000	-		1,055,246

Hotel Pennsylvania:
	-Hotel (1,700 Keys)		100.0 %				1,400,000	1,400,000	-		-


Total New York				96.9%	$	85.56	30,245,000	28,300,000	1,945,000	$	12,290,500

Vornado's Ownership Interest				96.6%	$	73.28	23,413,000	22,444,000	969,000	$	8,243,306


*		Lease not yet commenced.

(1)		Weighted average annual rent per square foot for office properties excludes garages and diminimous amounts of storage space. Weighted average annual rent per square foot for retail excludes non-selling space.
(2)		Represents the contractual debt obligations.
(3)		Excludes US Post Office leased through 2038 (including four five-year renewal options) for which the annual escalated rent is $11.70 PSF.
(4)		75,000 square feet is leased from the office condo.
(5)		Leased by Alexander's through January 2037.

- 42 -

WASHINGTON, DC SEGMENT
PROPERTY TABLE
				Weighted		Square Feet
				Average				Under Development
		%	%	Annual Rent		Total		or Not Available		Encumbrances
Property		Ownership	Occupancy	PSF (1)		Property	In Service	for Lease		(in thousands) (2)		Major Tenants
WASHINGTON, DC:
Crystal City:
2011-2451 Crystal Drive - 5 buildings		100.0%	87.8%	$	44.27	2,325,000	2,325,000	-		$	215,689	General Services Administration, Lockheed Martin, Finmeccanica,
												Conservation International, Smithsonian Institution,
												Natl. Consumer Coop. Bank, Council on Foundations,
												Vornado/Charles E. Smith Headquarters
												Food Marketing Institute, American Diabetes Association

S. Clark Street/12th Street - 5 buildings		100.0%	82.7%		36.96	1,541,000	1,541,000	-			53,179	General Services Administration, L-3 Communications,
												The Int'l Justice Mission, Management Systems International

1550-1750 Crystal Drive/		100.0%	85.7%		38.85	1,474,000	1,204,000	270,000	*		36,939	General Services Administration,
	241-251 18th Street - 4 buildings											Chemonics, Dominion Dental, Booz Allen,
												Arete Associates, Battelle Memorial Institute

1800, 1851 and 1901 South Bell Street		100.0%	100.0%		41.87	869,000	377,000	492,000	*		-	General Services Administration, Leidos Innovation Corp.
	- 3 buildings											University of Phoenix, Inc.

2100/2200 Crystal Drive - 2 buildings		100.0%	71.1%		39.58	532,000	532,000	-			-	General Services Administration, Deloitte LLP,
												Public Broadcasting Service

223 23rd Street		100.0%	-		-	147,000	-	147,000	*		-

2001 Jefferson Davis Highway		100.0%	53.1%		33.19	161,000	161,000	-			-	Institute for the Psychology Sciences

Crystal City Shops at 2100		100.0%	94.6%		23.91	80,000	80,000	-			-	Various

Crystal Drive Retail		100.0%	100.0%		51.51	57,000	57,000	-			-	Various

Total Crystal City		100.0%	84.8%		40.60	7,186,000	6,277,000	909,000			305,807

Central Business District:
1825-1875 Connecticut Avenue, NW		100.0%	99.0%		46.98	686,000	686,000	-			185,000	Family Health International, WeWork
	Universal Buildings - 2 buildings

1299 Pennsylvania Avenue, NW		55.0%	99.6%		72.88	593,000	593,000	-			273,000	Baker Botts LLP, General Electric, Cooley LLP,
	Warner Building											Facebook, Live Nation, APCO Worldwide Inc.

2101 L Street, NW		100.0%	99.0%		68.33	380,000	380,000	-			142,676	Greenberg Traurig, LLP, US Green Building Council,
												American Insurance Association, RTKL Associates, DTZ

875 15th Street, NW - Bowen Building		100.0%	84.5%		70.72	231,000	231,000	-			-	Paul Hastings LLP, General Services Administration

1101 17th Street, NW		55.0%	97.9%		49.40	216,000	216,000	-			31,000	AFSCME, Verto Solutions

1730 M Street, NW		100.0%	91.3%		45.54	205,000	205,000	-			14,853	General Services Administration, IMA World Health,
	(ground leased through 2061)											Equal Justice

1700 M Street		100.0%	-		-	333,000	-	333,000			28,728

- 43 -

WASHINGTON, DC SEGMENT
PROPERTY TABLE
				Weighted		Square Feet
				Average				Under Development
	%		%	Annual Rent		Total		or Not Available		Encumbrances
Property	Ownership		Occupancy	PSF (1)		Property	In Service	for Lease		(in thousands) (2)		Major Tenants
WASHINGTON, DC (Continued):
Central Business District (Continued):
1501 K Street, NW	5.0%		91.5%	$	68.70	402,000	402,000	-		$	-	Sidley Austin LLP, UBS

1399 New York Avenue, NW	100.0%		79.1%		76.53	129,000	129,000	-			-	Abbott Laboratories, Abbvie US LLC, Chertoff Group LLC,
												SAP America Inc., Leland Stanford Jr. University, Genentech Inc.
Total Central Business District			95.4%		59.71	3,175,000	2,842,000	333,000			675,257

Rosslyn/Ballston:
2200/2300 Clarendon Blvd	100.0%		93.4%		46.71	639,000	639,000	-			11,000	Arlington County, General Services Administration,
(Courthouse Plaza) - 2 buildings												AMC Theaters, Social Impact
(ground leased through 2062)

Rosslyn Plaza - 4 buildings	46.2%		66.6%		42.95	736,000	472,000	264,000	*		38,359	General Services Administration, Corporate Executive Board,
												Nathan Associates, Inc.

Total Rosslyn/Ballston			86.4%		45.91	1,375,000	1,111,000	264,000			49,359

Reston:
Commerce Executive - 3 buildings	100.0%	`	93.6%		34.93	407,000	393,000	14,000	*		-	Allworld Language Consultants, Kroll Associates Inc.,
												BT North America, Applied Information Sciences, Clarabridge Inc.

Rockville/Bethesda:
Democracy Plaza One	100.0%		99.0%		32.43	214,000	214,000	-			-	National Institutes of Health
(ground leased through 2084)

Total Washington, DC office properties⁽³⁾			87.9%	$	46.49	12,357,000	10,837,000	1,520,000		$	1,030,423

Vornado's Ownership Interest			87.8%	$	44.86	11,217,000	9,846,000	1,371,000		$	874,600

- 44 -

WASHINGTON, DC SEGMENT
PROPERTY TABLE
				Weighted		Square Feet
				Average				Under Development
		%	%	Annual Rent		Total		or Not Available		Encumbrances
Property		Ownership	Occupancy	PSF (1)		Property	In Service	for Lease		(in thousands) (2)		Major Tenants
WASHINGTON, DC (Continued):
Residential:
For rent residential:
RiverHouse Apartments - 3 buildings
	(1,670 units)	100.0%	97.5%	$	-	1,802,000	1,802,000	-		$	307,710

WestEnd25 (283 units)		100.0%	97.9%		-	273,000	273,000	-			100,455

220 20th Street (265 units)		100.0%	98.5%		-	269,000	269,000	-			68,041

2221 South Clark Street (216 units)		100.0%	100.0%		-	171,000	171,000	-			-	WeWork (residential and office)

The Bartlett - 1 building
	-Residential (699 units)	100.0%	86.4%		-	577,000	499,000	78,000
	-Retail	100.0%	100.0%		-	43,000	43,000	-			-	Whole Foods
		100.0%				620,000	542,000	78,000			-

Rosslyn Plaza - 2 buildings (196 units)		43.7%	99.0%		-	253,000	253,000	-			-

Total Residential			97.9%		-	3,388,000	3,310,000	78,000			476,206

Other:
Crystal City Hotel		100.0%	100.0%		-	266,000	266,000	-			-

Met Park/Warehouses - 1 building		100.0%	100.0%		-	129,000	53,000	76,000	*		-

Other - 3 buildings		100.0%	100.0%		-	11,000	11,000	-			-

Total Other			100.0%			406,000	330,000	76,000			-

Total Washington, DC			90.2%	$	46.49	16,151,000	14,477,000	1,674,000		$	1,506,629

Vornado's Ownership Interest			90.2%	$	44.86	14,869,000	13,344,000	1,525,000		$	1,350,806


* We do not capitalize interest or real estate taxes on this space.

(1)	Weighted average annual rent per square foot excludes ground rent, storage rent, garages and residential.
(2)	Represents the contractual debt obligations.
(3)	Reclassified Fashion Centre Mall/Washington Tower from the Washington, DC segment to Other.

- 45 -

OTHER
PROPERTY TABLE
				Weighted		Square Feet
				Average				Under Development
		%	%	Annual Rent		Total		or Not Available	Encumbrances
Property		Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (2)		Major Tenants
555 California Street:
555 California Street		70.0%	98.9%	$	70.12	1,504,000	1,504,000	-	$	577,407	Bank of America, Dodge & Cox, Goldman Sachs & Co.,
											Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,
											McKinsey & Company Inc., UBS Financial Services,
											KKR Financial, Microsoft Corporation,
											Fenwick & West LLP

315 Montgomery Street		70.0%	55.6%		58.00	233,000	233,000	-		-	Bank of America, Regus, Ripple Labs Inc.

345 Montgomery Street		70.0%	-		-	64,000	-	64,000		-

Total 555 California Street			93.1%	$	69.15	1,801,000	1,737,000	64,000	$	577,407

Vornado's Ownership Interest			93.1%	$	69.15	1,261,000	1,216,000	45,000	$	404,185


theMART:
theMART, Chicago											Motorola Mobility (guaranteed by Google),
											CCC Information Services, Ogilvy Group (WPP),
											Publicis Groupe (MSL Group, Medicus Group, Razorfish),
											1871, Yelp Inc., Paypal, Inc., Allscripts Healthcare,
											Chicago School of Professional Psychology,
											Innovation Development Institute, Inc., Chicago Teachers Union,
	-Office	100.0%	99.2%	$	36.60	2,003,000	2,003,000	-			ConAgra Foods Inc., Allstate Insurance Company,
											Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.,
	-Showroom/Trade show	100.0%	98.5%		46.25	1,554,000	1,554,000	-			Allsteel Inc., Herman Miller Inc., Knoll Inc., Teknion LLC
	-Retail	100.0%	98.3%		46.57	106,000	106,000	-
		100.0%	98.9%		40.94	3,663,000	3,663,000	-	$	675,000

Other (2 properties)		50.0%	100.0%		37.35	19,000	19,000	-		33,522

Total theMART			98.9%	$	40.92	3,682,000	3,682,000	-	$	708,522

Vornado's Ownership Interest			98.9%	$	40.92	3,673,000	3,673,000	-	$	691,761


(1)	Weighted average annual rent per square foot excludes ground rent, storage rent and garages.
(2)	Represents the contractual debt obligations.

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REAL ESTATE FUND
PROPERTY TABLE
				Weighted		Square Feet
	Fund			Average				Under Development
	%		%	Annual Rent		Total		or Not Available	Encumbrances
Property	Ownership		Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (3)		Major Tenants
VORNADO CAPITAL PARTNERS
REAL ESTATE FUND:
New York, NY:
Lucida, 86th Street and Lexington Avenue
(ground leased through 2082)											Barnes & Noble, Hennes & Mauritz,
- Retail	100.0%		100.0%	$	222.09	95,000	95,000	-			Sephora, Bank of America
- Residential (39 units)	100.0%		94.9%			59,000	59,000	-
	100.0%					154,000	154,000	-	$	146,000

11 East 68th Street Retail	100.0%		100.0%		685.97	11,000	11,000	-		60,000	Belstaff, Kent & Curwen, Rag & Bone

Crowne Plaza Times Square
- Hotel (795 Keys)
- Retail	75.3%	⁽²⁾	100.0%		147.57	46,000	46,000	-			Hershey's, MAC Cosmetics
- Office	75.3%	⁽²⁾	61.4%		44.33	194,000	194,000	-			American Management Association
	75.3%	⁽²⁾	68.8%		64.12	240,000	240,000	-		310,000

501 Broadway	100.0%		100.0%		263.57	9,000	9,000	-		23,000	Capital One

Culver City, CA:
800 Corporate Pointe - 2 buildings	100.0%		98.0%		39.16	246,000	246,000	-		61,735	Ares Management LLC, Meredith Corp., West Publishing Corp.,
											Syska Hennessy Group, Symantec Corp., X Prize Foundation

Miami, FL:
1100 Lincoln Road
- Retail	100.0%		96.3%		209.37	49,000	49,000	-			Anthropologie, Banana Republic
- Theatre	100.0%		100.0%		38.56	79,000	79,000	-			Regal Cinema
	100.0%		98.6%		102.68	128,000	128,000	-		66,000


Total Real Estate Fund	92.5%		90.6%			788,000	788,000	-	$	666,735

Vornado's Ownership Interest	27.4%		86.9%			216,000	216,000	-	$	147,541


(1) Weighted average annual rent per square foot excludes ground rent, storage rent, garages and residential.
(2) Vornado's effective ownership through its Real Estate Fund and its co-investment is 33%.
(3) Represents the contractual debt obligations.

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OTHER
PROPERTY TABLE
			Weighted		Square Feet
			Average			In Service		Under Development
	%	%	Annual Rent		Total	Owned by	Owned By	or Not Available	Encumbrances
Property	Ownership	Occupancy	PSF (1)		Property	Company	Tenant (2)	for Lease	(in thousands) (3)		Major Tenants
OTHER:
New Jersey:
Wayne Town Center, Wayne	100.0%	100.0%	$	29.98	670,000	222,000	443,000	5,000	$	-	JCPenney, Costco, Dick's Sporting Goods,
(ground leased through 2064)											Nordstrom Rack, 24 Hour Fitness

Maryland:
Annapolis
(ground and building leased through 2042)	100.0%	100.0%		8.99	128,000	128,000	-	-		-	The Home Depot

Virginia (Pentagon City):
Fashion Centre Mall⁽⁴⁾	7.5%	97.1%		49.47	869,000	869,000	-	-		410,000	Macy's, Nordstrom

Washington Tower⁽⁴⁾	7.5%	100.0%		50.48	170,000	170,000	-	-		40,000	Computer Science Corp.


Total Other		98.6%	$	39.52	1,837,000	1,389,000	443,000	5,000	$	450,000

Vornado's Ownership Interest		99.8%	$	28.61	876,000	428,000	443,000	5,000	$	34,000


(1) Weighted average annual rent per square foot excludes ground rent, storage rent, garages and residential.
(2) Owned by tenant on land leased from the company.
(3) Represents the contractual debt obligations.
(4) Reclassified to Other from the Washington, DC segment.

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