Vornado Realty Trust

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NET INCOME (LOSS) TO EBITDAre (unaudited)

(Amounts in thousands)

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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):

August 3, 2020

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 Incorporation)	File Number)		Identification No.)

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 Incorporation)	File Number)		Identification No.)



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.):



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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Securities registered pursuant to Section 12(b) of the Act:



Registrant	Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Vornado Realty Trust	Common Shares of beneficial interest, $.04 par value per share	VNO	New York Stock Exchange
	Cumulative Redeemable Preferred Shares of beneficial interest, liquidation preference $25.00 per share:
Vornado Realty Trust	5.70% Series K	VNO/PK	New York Stock Exchange
Vornado Realty Trust	5.40% Series L	VNO/PL	New York Stock Exchange
Vornado Realty Trust	5.25% Series M	VNO/PM	New York Stock Exchange

Item 2.02. Results of Operations and Financial Condition.

On August 3, 2020, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the second quarter of 2020. 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, as amended, 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 August 3, 2020
	99.2		Vornado Realty Trust supplemental operating and financial data for the quarter ended June 30, 2020

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: August 4, 2020

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: August 4, 2020

Exhibit

EXHIBIT 99.1

Vornado Announces Second Quarter 2020 Financial Results

August 3, 2020 04:30 PM Eastern Standard Time

NEW YORK.......VORNADO REALTY TRUST (NYSE: VNO) reported today:

Quarter Ended June 30, 2020 Financial Results

NET LOSS attributable to common shareholders for the quarter ended June 30, 2020 was $197,750,000, or $1.03 per diluted share, compared to net income attributable to common shareholders of $2.400 billion, or $12.56 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, net loss attributable to common shareholders, as adjusted (non-GAAP) for the quarter ended June 30, 2020 was $8,599,000, or $0.04 per share, and net income attributable to common shareholders, as adjusted for the quarter ended June 30, 2019 was $42,552,000, or $0.22 per diluted share.

FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended June 30, 2020 was $203,256,000, or $1.06 per diluted share, compared to $164,329,000, or $0.86 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on page 3, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarters ended June 30, 2020 and 2019 was $105,750,000 and $173,775,000, or $0.55 and $0.91 per diluted share, respectively.

Six Months Ended June 30, 2020 Financial Results

NET LOSS attributable to common shareholders for the six months ended June 30, 2020 was $192,787,000, or $1.01 per diluted share, compared to net income attributable to common shareholders of $2.582 billion, or $13.51 per diluted share, for the six months ended June 30, 2019. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, net income attributable to common shareholders, as adjusted (non-GAAP) for the six months ended June 30, 2020 and 2019 was $10,704,000 and $67,466,000, or $0.06 and $0.35 per diluted share, respectively.

FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the six months ended June 30, 2020 was $333,616,000, or $1.75 per diluted share, compared to $412,013,000, or $2.16 per diluted share, for the six months ended June 30, 2019. Adjusting for the items that impact period-to-period comparability listed in the table on page 3, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the six months ended June 30, 2020 and 2019 was $242,840,000 and $323,790,000, or $1.27 and $1.70 per diluted share, respectively.

The following table reconciles our net (loss) income attributable to common shareholders to net (loss) income attributable to common shareholders, as adjusted (non-GAAP):



(Amounts in thousands, except per share amounts)	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
Net (loss) income attributable to common shareholders	$	(197,750	)	$	2,400,195		$	(192,787	)	$	2,581,683
Per diluted share	$	(1.03	)	$	12.56		$	(1.01	)	$	13.51

Certain expense (income) items that impact net (loss) income attributable to common shareholders:
Non-cash impairment loss on our investment in Fifth Avenue and Times Square JV, reversing a portion of the $2.559 billion gain recognized on the April 2019 transfer to the joint venture attributable to the GAAP required write-up of the retained interest	$	305,859		$	—		$	305,859		$	—
608 Fifth Avenue non-cash (lease liability extinguishment gain) impairment loss and related write-offs	(70,260		)	101,092			(70,260		)	101,092
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units	(49,005		)	(88,921		)	(108,916		)	(219,875		)
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020	6,108			—			13,369			—
Our share of loss from real estate fund investments	6,089			20,758			62,247			23,662
Net gain on transfer to Fifth Avenue and Times Square retail JV, net of $11,945 attributable to noncontrolling interests	—			(2,559,154		)	—			(2,559,154		)
Real estate impairment losses	—			7,500			—			7,500
Mark-to-market (increase) decrease in Pennsylvania Real Estate Investment Trust ("PREIT") common shares (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020)	—			(1,313		)	4,938			14,336
Net gain from sale of Urban Edge Properties ("UE") common shares (sold on March 4, 2019)	—			—			—			(62,395		)
Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022	—			—			—			22,540
Mark-to-market increase in Lexington Realty Trust ("Lexington") common shares (sold on March 1, 2019)	—			—			—			(16,068		)
Other	2,019			2,802			9,915			3,954
	200,810			(2,517,236		)	217,152			(2,684,408		)
Noncontrolling interests' share of above adjustments	(11,659		)	159,593			(13,661		)	170,191
Total of certain expense (income) items that impact net (loss) income attributable to common shareholders	$	189,151		$	(2,357,643	)	$	203,491		$	(2,514,217	)

Net (loss) income attributable to common shareholders, as adjusted (non-GAAP)	$	(8,599	)	$	42,552		$	10,704		$	67,466
Per diluted share (non-GAAP)	$	(0.04	)	$	0.22		$	0.06		$	0.35

The following table reconciles our FFO attributable to common shareholders plus assumed conversions (non-GAAP) to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP):



(Amounts in thousands, except per share amounts)	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
FFO attributable to common shareholders plus assumed conversions (non-GAAP)⁽¹⁾	$	203,256		$	164,329		$	333,616		$	412,013
Per diluted share (non-GAAP)	$	1.06		$	0.86		$	1.75		$	2.16

Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
608 Fifth Avenue non-cash (lease liability extinguishment gain) impairment loss and related write-offs	$	(70,260	)	$	77,156		$	(70,260	)	$	77,156
After-tax net gain on sale of 220 CPS condominium units	(49,005		)	(88,921		)	(108,916		)	(219,875		)
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020	6,108			—			13,369			—
Our share of loss from real estate fund investments	6,089			20,758			62,247			23,662
Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022	—			—			—			22,540
Other	2,459			1,092			6,664			2,298
	(104,609		)	10,085			(96,896		)	(94,219		)
Noncontrolling interests' share of above adjustments	7,103			(639		)	6,120			5,996
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net	$	(97,506	)	$	9,446		$	(90,776	)	$	(88,223	)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	105,750		$	173,775		$	242,840		$	323,790
Per diluted share (non-GAAP)	$	0.55		$	0.91		$	1.27		$	1.70

____________________________________________________________


(1)	See page 13 for a reconciliation of our net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and six months ended June 30, 2020 and 2019.

COVID-19 Pandemic

In December 2019, a novel strain of coronavirus (“COVID-19”) was identified in Wuhan, China and by March 11, 2020, the World Health Organization had declared it a global pandemic. Many states in the U.S., including New York, New Jersey, Illinois and California implemented stay-at-home orders for all "non-essential" business and activity in an aggressive effort to curb the spread of the virus. In May 2020, certain states implemented phased re-opening plans for businesses and activities that were previously ordered to close, with limitations on occupancy and certain other restrictions. It is uncertain as to how long these restrictions will continue or if additional restrictions or closures will be imposed. As a result of the COVID-19 pandemic, the U.S. economy has suffered and there has been significant volatility in the financial markets. Many U.S. industries and businesses have been negatively affected and millions of people have filed for unemployment.

As our first priority, we are following strict protocols and taking all measures to protect our employees, tenants, and communities.

Our properties, which are concentrated in New York City, and in Chicago and San Francisco, have been adversely affected as a result of the COVID-19 pandemic and the preventive measures taken to curb the spread of the virus. Some of the effects on us include the following:


•	With the exception of grocery stores and other "essential" businesses, many of our retail tenants closed their stores in March 2020 and began reopening when New York City entered phase two of its state-mandated reopening plan on June 22, 2020.


•	While our buildings remain open, many of our office tenants are working remotely.


•	We have temporarily closed the Hotel Pennsylvania.


•	We have cancelled trade shows at theMART for the remainder of 2020.


•	Because certain of our development projects were deemed "non-essential," they were temporarily paused in March 2020 due to New York State executive orders and resumed once New York City entered phase one of its state mandated reopening plan on June 8, 2020.

•

As of April 30, 2020, we placed 1,803 employees on temporary furlough, which included 1,293 employees of Building Maintenance Services LLC ("BMS"), a wholly owned subsidiary, which provides cleaning, security and engineering services primarily to our New York properties, 414 employees at the Hotel Pennsylvania and 96 corporate staff employees. As of July 31, 2020, 542 employees have been taken off furlough and returned to work, which included 503 employees of BMS and 39 corporate staff employees.


•	Effective April 1, 2020, our executive officers waived portions of their annual base salary for the remainder of 2020.


•	Effective April 1, 2020, each non-management member of our Board of Trustees agreed to forgo his or her $75,000 annual cash retainer for the remainder of 2020.

While we believe our tenants are required to pay rent under their leases, in limited circumstances, we have agreed to and may continue to agree to rent deferrals and rent abatements for certain of our tenants. We have made a policy election in accordance with the Financial Accounting Standards Board (“FASB”) Staff Q&A which provides relief in accounting for leases during the COVID-19 pandemic, allowing us to continue recognizing rental revenue on a straight-line basis for rent deferrals, with no impact to revenue recognition, and to recognize rent abatements as a reduction to rental revenue in the period granted.

For the quarter ended June 30, 2020, we collected 88% (94% including rent deferrals) of rent due from our tenants, comprised of 93% (98% including rent deferrals) from our office tenants and 72% (78% including rent deferrals) from our retail tenants. Rent deferrals generally require repayment in monthly installments over a period not to exceed twelve months.

Based on our assessment of the probability of rent collection of our lease receivables, we have written off $36,297,000 of receivables arising from the straight-lining of rents, primarily for the JCPenney lease at Manhattan Mall and the New York & Company, Inc. lease at 330 West 34th Street, both tenants have filed for Chapter 11 bankruptcy, and $8,822,000 of tenant receivables deemed uncollectible, resulting in a reduction of lease revenues and our share of income from partially owned entities for the three and six months ended June 30, 2020. Prospectively, revenue recognition for these tenants will be based on actual amounts received.

COVID-19 Pandemic - continued

In light of the evolving health, social, economic, and business environment, governmental regulation or mandates, and business disruptions that have occurred and may continue to occur, the impact of the COVID-19 pandemic on our financial condition and operating results remains highly uncertain but the impact could be material. The impact on us includes lower rental income and potentially lower occupancy levels at our properties which will result in less cash flow available for operating costs, to pay our indebtedness and for distribution to our shareholders. During the second quarter of 2020, we experienced a decrease in cash flow from operations due to the COVID-19 pandemic, including reduced collections of rents billed to certain of our tenants, the temporary closure of Hotel Pennsylvania, the cancellation of trade shows at theMART through 2020, and lower revenues from BMS and signage. In addition, we have concluded that our investment in Fifth Avenue and Times Square JV is "other-than-temporarily" impaired and recorded a $306,326,000 non-cash impairment loss, before noncontrolling interests of $467,000, on our consolidated statements of income for the second quarter of 2020. The value of our real estate assets may continue to decline, which may result in additional non-cash impairment charges in future periods and that impact could be material.

FFO, as Adjusted Bridge - Q2 2020 vs. Q2 2019

The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2019 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2020:



	FFO, as Adjusted
	Amount			Per Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2019	$	173.8		$	0.91

(Decrease) increase in FFO, as adjusted due to:
Write-offs of straight-line rent receivables - non-cash ($36.3) and tenant receivables deemed uncollectible ($8.8)	(45.1		)
theMART (primarily $8.2 from the cancellation of trade shows)	(13.1		)
Hotel Pennsylvania temporary closure since April 1, 2020	(12.5		)
PENN District out of service for redevelopment	(8.7		)
Lower revenues from BMS ($4.0) and Signage ($2.2)	(6.2		)
Asset sales	(4.9		)
Interest expense decrease (partially offset by lower capitalized interest) and other, net	7.5
Other tenant related items (primarily lease termination income)	5.5
Lower general and administrative expense	4.4
	(73.1		)
Noncontrolling interests' share of above items	5.1
Net decrease	(68.0		)	(0.36		)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2020	$	105.8		$	0.55

See page 13 for a reconciliation of our net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and six months ended June 30, 2020 and 2019. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on page 3 of this press release.

Dispositions:

PREIT

On January 23, 2020, we sold all of our 6,250,000 common shares of PREIT, realizing net proceeds of $28,375,000. We recorded a $4,938,000 loss (mark-to-market decrease) for the six months ended June 30, 2020.

220 CPS

During the three months ended June 30, 2020, we closed on the sale of four condominium units at 220 CPS for net proceeds aggregating $156,972,000 resulting in a financial statement net gain of $55,695,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $6,690,000 of income tax expense was recognized on our consolidated statements of income. During the six months ended June 30, 2020, we closed on the sale of 11 condominium units at 220 CPS for net proceeds aggregating $348,188,000 resulting in a financial statement net gain of $124,284,000. In connection with these sales, $15,368,000 of income tax expense was recognized in our consolidated statements of income. From inception to June 30, 2020, we closed on the sale of 76 units for aggregate net proceeds of $2,168,320,000 resulting in financial statement net gains of $809,901,000.

Financings:

Unsecured Term Loan

On February 28, 2020, we increased our unsecured term loan balance to $800,000,000 (from $750,000,000) by exercising an accordion feature. Pursuant to an existing swap agreement, $750,000,000 of the loan bears interest at a fixed rate of 3.87% through October 2023, and the balance of $50,000,000 floats at a rate of LIBOR plus 1.00% (1.18% as of June 30, 2020). The entire $800,000,000 will float thereafter for the duration of the loan through February 2024.

Leasing Activity For The Three Months Ended June 30, 2020:

•

304,000 square feet of New York Office space (291,000 square feet at share) at an initial rent of $70.71 per square foot and a weighted average lease term of 5.2 years. The initial rent of $70.71 excludes the rent on 174,000 square feet as the starting rent will be determined in 2021 based on fair market value. The change in the GAAP and cash mark-to-market rent on the 82,000 square feet of second generation space were positive 12.1% and 14.1%, respectively. Tenant improvements and leasing commissions were $4.93 per square foot per annum, or 7.0% of initial rent.

•

23,000 square feet of New York Retail space (all at share) at an initial rent of $130.92 per square foot and a weighted average lease term of 3.8 years. The change in the GAAP and cash mark-to-market rent on the 22,000 square feet of second generation space were positive 0.2% and 0.1%, respectively. Tenant improvements and leasing commissions were $8.60 per square foot per annum, or 6.6% of initial rent.


•	42,000 square feet at theMART (all at share) at an initial rent of $56.03 per square foot and a weighted average lease term of 4.1 years. The change in the GAAP and cash mark-to-market rent on the 40,000 square feet of second generation space were negative 0.3% and 3.1%, respectively. Tenant improvements and leasing commissions were $3.34 per square foot per annum, or 6.0% of initial rent.

•

5,000 square feet at 555 California Street (3,000 square feet at share) at an initial rent of $91.00 per square foot and a weighted average lease term of 5.0 years. The change in the GAAP and cash mark-to-market rent on the 3,000 square feet of second generation space were positive 25.7% and 15.0%, respectively. Tenant improvements and leasing commissions were $2.88 per square foot per annum, or 3.2% of initial rent.

Leasing Activity For The Six Months Ended June 30, 2020:

•

615,000 square feet of New York Office space (588,000 square feet at share) at an initial rent of $84.88 per square foot and a weighted average lease term of 5.9 years. The initial rent of $84.88 excludes the rent on 174,000 square feet as the starting rent will be determined in 2021 based on fair market value. The change in the GAAP and cash mark-to-market rent on the 357,000 square feet of second generation space were negative 0.7% and positive 3.2%, respectively. Tenant improvements and leasing commissions were $8.75 per square foot per annum, or 10.3% of initial rent.

•

38,000 square feet of New York Retail space (36,000 square feet at share) at an initial rent of $236.93 per square foot and a weighted average lease term of 5.9 years. The change in the GAAP and cash mark-to-market rent on the 31,000 square feet of second generation space were positive 55.7% and 48.3%, respectively. Tenant improvements and leasing commissions were $32.88 per square foot per annum, or 13.9% of initial rent.

•

273,000 square feet at theMART (all at share) at an initial rent of $48.64 per square foot and a weighted average lease term of 9.3 years. The change in the GAAP and cash mark-to-market rent on the 268,000 square feet of second generation space were positive 2.0% and negative 1.5%, respectively. Tenant improvements and leasing commissions were $4.39 per square foot per annum, or 9.0% of initial rent.

•

11,000 square feet at 555 California Street (8,000 square feet at share) at an initial rent of $105.66 per square foot and a weighted average lease term of 3.0 years. The change in the GAAP and cash mark-to-market rent on the 8,000 square feet of second generation space were positive 36.7% and 23.7%, respectively. Tenant improvements and leasing commissions were $2.86 per square foot per annum, or 2.7% of initial rent.

Same Store Net Operating Income ("NOI") At Share:

The percentage (decrease) increase in same store NOI at share and same store NOI at share - cash basis of our New York segment, theMART and 555 California Street are summarized below.



		Total		New York		theMART⁽²⁾		555 California Street
Same store NOI at share % (decrease) increase⁽¹⁾:
	Three months ended June 30, 2020 compared to June 30, 2019	(24.5	)%	(23.4	)%	(42.5	)%	(5.0	)%
	Six months ended June 30, 2020 compared to June 30, 2019	(13.9	)%	(12.9	)%	(29.8	)%	0.1	%
	Three months ended June 30, 2020 compared to March 31, 2020	(20.3	)%	(22.0	)%	(14.0	)%	(4.0	)%

Same store NOI at share - cash basis % decrease⁽¹⁾:
	Three months ended June 30, 2020 compared to June 30, 2019	(10.8	)%	(6.4	)%	(44.5	)%	(4.3	)%
	Six months ended June 30, 2020 compared to June 30, 2019	(6.3	)%	(3.6	)%	(30.0	)%	(0.4	)%
	Three months ended June 30, 2020 compared to March 31, 2020	(7.8	)%	(7.0	)%	(20.3	)%	(2.1	)%

____________________


(1)	See pages 15 through 20 for same store NOI at share and same store NOI at share - cash basis reconciliations.


(2)	The decreases in same store NOI at share and same store NOI at share - cash basis were primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.

NOI At Share:

The elements of our New York and Other NOI at share for the three and six months ended June 30, 2020 and 2019 and the three months ended March 31, 2020 are summarized below.



(Amounts in thousands)	For the Three Months Ended								For the Six Months Ended June 30,
	June 30,					March 31, 2020			For the Six Months Ended June 30,
	2020			2019		March 31, 2020			2020			2019
New York:
Office⁽¹⁾⁽²⁾	$	161,444		$	179,592	$	183,205		$	344,649		$	363,132
Retail⁽¹⁾⁽³⁾	21,841			57,063		52,018			73,859			145,330
Residential	5,868			5,908		6,200			12,068			11,953
Alexander's Inc. ("Alexander's")	8,331			11,108		10,492			18,823			22,430
Hotel Pennsylvania⁽⁴⁾	(8,516		)	4,031		(9,356		)	(17,872		)	(1,785		)
Total New York	188,968			257,702		242,559			431,527			541,060

Other:
theMART⁽⁵⁾	17,803			30,974		21,113			38,916			54,497
555 California Street	14,837			15,358		15,231			30,068			29,859
Other investments⁽⁶⁾	1,032			4,875		2,010			3,042			21,265
Total Other	33,672			51,207		38,354			72,026			105,621

NOI at share	$	222,640		$	308,909	$	280,913		$	503,553		$	646,681

____________________


(1)	Reflects the transfer of 45.4% of common equity in the properties contributed to Fifth Avenue and Times Square JV on April 18, 2019.


(2)	The three and six months ended June 30, 2020 include $13,220 of non-cash write-offs of receivables arising from the straight-lining of rents, primarily for the New York & Company, Inc. lease at 330 West 34th Street and $940 of write-offs of tenant receivables deemed uncollectible.


(3)	The three and six months ended June 30, 2020 include $20,436 of non-cash write-offs of receivables arising from the straight-lining of rents, primarily for the JCPenney lease at Manhattan Mall and $6,731 of write-offs of tenant receivables deemed uncollectible. 2019 includes $13,199 of non-cash write-offs of receivables arising from the straight-lining of rents.


(4)	The decrease in NOI at share is primarily due to the effects of the COVID-19 pandemic. The Hotel Pennsylvania has been temporarily closed since April 1, 2020 as a result of the pandemic.


(5)	The decrease in NOI at share is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.


(6)	2019 includes our share of PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) and UE (sold on March 4, 2019).

NOI At Share - Cash Basis:

The elements of our New York and Other NOI at share - cash basis for the three and six months ended June 30, 2020 and 2019 and the three months ended March 31, 2020 are summarized below.



(Amounts in thousands)	For the Three Months Ended								For the Six Months Ended June 30,
	June 30,					March 31, 2020			For the Six Months Ended June 30,
	2020			2019		March 31, 2020			2020			2019
New York:
Office⁽¹⁾⁽²⁾	$	175,438		$	178,806	$	187,035		$	362,473		$	363,176
Retail⁽¹⁾⁽³⁾	38,913			66,726		49,041			87,954			147,662
Residential	5,504			5,303		5,859			11,363			11,074
Alexander's	10,581			11,322		11,094			21,675			22,849
Hotel Pennsylvania⁽⁴⁾	(8,525		)	3,982		(9,364		)	(17,889		)	(1,882		)
Total New York	221,911			266,139		243,665			465,576			542,879

Other:
theMART⁽⁵⁾	17,765			31,984		22,705			40,470			56,896
555 California Street	15,005			15,595		15,435			30,440			30,340
Other investments⁽⁶⁾	2,149			4,939		2,184			4,333			21,133
Total Other	34,919			52,518		40,324			75,243			108,369

NOI at share - cash basis	$	256,830		$	318,657	$	283,989		$	540,819		$	651,248

____________________


(1)	Reflects the transfer of 45.4% of common equity in the properties contributed to Fifth Avenue and Times Square JV on April 18, 2019.


(2)	The three and six months ended June 30, 2020 include $940 of write-offs of tenant receivables deemed uncollectible.


(3)	The three and six months ended June 30, 2020 include $6,731 of write-offs of tenant receivables deemed uncollectible.


(4)	The decrease in NOI at share - cash basis is primarily due to the effects of the COVID-19 pandemic. The Hotel Pennsylvania has been temporarily closed since April 1, 2020 as a result of the pandemic.


(5)	The decrease in NOI at share - cash basis is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.


(6)	2019 includes our share of PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) and UE (sold on March 4, 2019).

Penn District - Active Development/Redevelopment Summary as of June 30, 2020



(Amounts in thousands of dollars, except square feet)
		Property Rentable Sq. Ft.								Projected Incremental Cash Yield
Active Penn District Projects	Segment	Property Rentable Sq. Ft.	Budget⁽¹⁾		Amount Expended		Remainder to be Expended		Stabilization Year	Projected Incremental Cash Yield
Farley (95% interest)	New York	844,000	1,030,000	⁽²⁾	622,844	⁽³⁾	407,156		2022	7.4%
PENN2 - as expanded⁽⁴⁾	New York	1,795,000	750,000		69,686		680,314		2024	8.4%
PENN1⁽⁵⁾	New York	2,545,000	325,000		112,089		212,911		N/A	13.5%⁽⁵⁾⁽⁶⁾
Districtwide Improvements	New York	N/A	100,000		8,735		91,265		N/A	N/A
Total Active Penn District Projects			2,205,000		813,354		1,391,646	⁽⁷⁾		8.3%

________________________________


(1)	Excluding debt and equity carry.


(2)	Net of 135,000 of historic tax credit investor contributions, of which 88,000 has been funded to date (at our 95% share).


(3)	The amount expended has been increased by 60,338 of expenditures and reduced by 88,000 of historic tax credit investor contributions for the three months ended June 30, 2020.


(4)	PENN2 (including signage) estimated impact on cash basis NOI and FFO of square feet taken out of service:



	2020		2021		2022
Square feet out of service at end of year	1,140,000		1,190,000		1,200,000
Year-over-year reduction in Cash Basis NOI⁽ⁱ⁾	(25,000	)	(14,000	)	—
Year-over-year reduction in FFO⁽ⁱⁱ⁾	(19,000	)	—		—

________________________________

(i) After capitalization of real estate taxes and operating expenses on space out of service.

(ii) Net of capitalized interest on space out of service under redevelopment.


(5)	Property is ground leased through 2098, as fully extended. Fair market value resets occur in 2023, 2048 and 2073. The 13.5% projected return is before the ground rent reset in 2023, which may be material.


(6)	Achieved as existing leases roll; average remaining lease term 4.9 years.


(7)	Expected to be funded from 220 CPS net sales proceeds and existing cash.

There can be no assurance that the above projects will be completed, completed on schedule or within budget. In addition, there can be no assurance that the Company will be successful in leasing the properties on the expected schedule or at the assumed rental rates.

Conference Call and Audio Webcast

As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, August 4, 2020 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 888-771-4371 (domestic) or 847-585-4405 (international) and indicating to the operator the passcode 49760489. A live webcast of the conference call will be available on Vornado’s website at www.vno.com in the Investor Relations section and an online playback of the webcast will be available on the website following the conference call.

Contact

Joseph Macnow

(212) 894-7000

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 for the year ended December 31, 2019 and "Item 1A. Risk Factors" in Part II of our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors. Currently, one of the most significant factors is the ongoing adverse effect of the COVID-19 pandemic on our business, financial condition, results of operations, cash flows, operating performance and the effect it will have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. The extent of the impact of the COVID-19 pandemic will depend on future developments, including the duration of the pandemic, which are highly uncertain at this time but that impact could be material. Moreover, you are cautioned that the COVID-19 pandemic will heighten many of the risks identified in "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2019, as well as the risks set forth in "Item 1A. Risk Factors" in Part II of our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020.

VORNADO REALTY TRUST

CONSOLIDATED BALANCE SHEETS



(Amounts in thousands, except unit, share, and per share amounts)	As of
	June 30, 2020			December 31, 2019
ASSETS
Real estate, at cost:
Land	$	2,588,200		$	2,591,261
Buildings and improvements	7,975,871			7,953,163
Development costs and construction in progress	1,541,432			1,490,614
Moynihan Train Hall development expenditures	1,087,669			914,960
Leasehold improvements and equipment	127,685			124,014
Total	13,320,857			13,074,012
Less accumulated depreciation and amortization	(3,106,393		)	(3,015,958		)
Real estate, net	10,214,464			10,058,054
Right-of-use assets	376,958			379,546
Cash and cash equivalents	1,768,459			1,515,012
Restricted cash	94,882			92,119
Marketable securities	—			33,313
Tenant and other receivables	118,273			95,733
Investments in partially owned entities	3,648,651			3,999,165
Real estate fund investments	17,453			222,649
220 Central Park South condominium units ready for sale	426,623			408,918
Receivable arising from the straight-lining of rents	692,931			742,206
Deferred leasing costs, net of accumulated amortization of $186,740 and $196,229	348,473			353,986
Identified intangible assets, net of accumulated amortization of $97,489 and $98,587	27,660			30,965
Other assets	307,620			355,347
	$	18,042,447		$	18,287,013
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net	$	5,638,352		$	5,639,897
Senior unsecured notes, net	446,279			445,872
Unsecured term loan, net	796,236			745,840
Unsecured revolving credit facilities	1,075,000			575,000
Lease liabilities	426,059			498,254
Moynihan Train Hall obligation	1,087,669			914,960
Special dividend/distribution payable	—			398,292
Accounts payable and accrued expenses	385,956			440,049
Deferred revenue	49,386			59,429
Deferred compensation plan	94,081			103,773
Other liabilities	395,604			265,754
Total liabilities	10,394,622			10,087,120
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 13,773,407 and 13,298,956 units outstanding	620,269			884,380
Series D cumulative redeemable preferred units - 141,401 units outstanding	4,535			4,535
Total redeemable noncontrolling partnership units	624,804			888,915
Redeemable noncontrolling interest in a consolidated subsidiary	94,112			—
Total redeemable noncontrolling interests	718,916			888,915
Shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 36,793,694 and 36,795,640 shares	891,164			891,214
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 191,151,142 and 190,985,677 shares	7,625			7,618
Additional capital	8,095,774			7,827,697
Earnings less than distributions	(2,415,500		)	(1,954,266		)
Accumulated other comprehensive loss	(82,646		)	(40,233		)
Total shareholders' equity	6,496,417			6,732,030
Noncontrolling interests in consolidated subsidiaries	432,492			578,948
Total equity	6,928,909			7,310,978
	$	18,042,447		$	18,287,013

VORNADO REALTY TRUST

OPERATING RESULTS



(Amounts in thousands, except per share amounts)	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
Revenues	$	343,026		$	463,103		$	787,558		$	997,771

(Loss) income from continuing operations	$	(217,352	)	$	2,596,633		$	(321,855	)	$	2,809,814
Income (loss) from discontinued operations	—			60			—			(77		)
Net (loss) income	(217,352		)	2,596,693			(321,855		)	2,809,737
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	17,768			(21,451		)	140,155			(28,271		)
Operating Partnership	14,364			(162,515		)	13,974			(174,717		)
Net (loss) income attributable to Vornado	(185,220		)	2,412,727			(167,726		)	2,606,749
Preferred share dividends	(12,530		)	(12,532		)	(25,061		)	(25,066		)
Net (loss) income attributable to common shareholders	$	(197,750	)	$	2,400,195		$	(192,787	)	$	2,581,683

(Loss) income per common share - basic:
Net (loss) income per common share	$	(1.03	)	$	12.58		$	(1.01	)	$	13.53
Weighted average shares outstanding	191,104			190,781			191,071			190,735

(Loss) income per common share - diluted:
Net (loss) income per common share	$	(1.03	)	$	12.56		$	(1.01	)	$	13.51
Weighted average shares outstanding	191,104			191,058			191,071			191,030

FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	203,256		$	164,329		$	333,616		$	412,013
Per diluted share (non-GAAP)	$	1.06		$	0.86		$	1.75		$	2.16

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	105,750		$	173,775		$	242,840		$	323,790
Per diluted share (non-GAAP)	$	0.55		$	0.91		$	1.27		$	1.70

Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share	191,132			191,058			191,107			191,026

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS

The following table reconciles net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions:



(Amounts in thousands, except per share amounts)	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
Reconciliation of our net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions:
Net (loss) income attributable to common shareholders	$	(197,750	)	$	2,400,195		$	(192,787	)	$	2,581,683
Per diluted share	$	(1.03	)	$	12.56		$	(1.01	)	$	13.51

FFO adjustments:
Depreciation and amortization of real property	$	85,179		$	105,453		$	170,315		$	213,936
Net gain on transfer to Fifth Avenue and Times Square JV on April 18, 2019, net of $11,945 attributable to noncontrolling interests	—			(2,559,154		)	—			(2,559,154		)
Real estate impairment losses	—			31,436			—			31,436
Net gain from sale of UE common shares (sold on March 4, 2019)	—			—			—			(62,395		)
(Increase) decrease in fair value of marketable securities:
PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020)	—			(1,313		)	4,938			14,336
Lexington (sold on March 1, 2019)	—			—			—			(16,068		)
Other	—			1			—			(41		)
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO:
Non-cash impairment loss on our investment in Fifth Avenue and Times Square JV, reversing a portion of the $2.559 billion gain recognized on the April 2019 transfer to the joint venture attributable to the GAAP required write-up of the retained interest	305,859			—			305,859			—
Depreciation and amortization of real property	39,736			34,631			80,159			59,621
(Increase) decrease in fair value of marketable securities	(565		)	1,709			3,126			1,697
	430,209			(2,387,237		)	564,397			(2,316,632		)
Noncontrolling interests' share of above adjustments	(29,215		)	151,357			(38,019		)	146,933
FFO adjustments, net	$	400,994		$	(2,235,880	)	$	526,378		$	(2,169,699	)

FFO attributable to common shareholders	203,244			164,315			333,591			411,984
Convertible preferred share dividends	12			14			25			29
FFO attributable to common shareholders plus assumed conversions	$	203,256		$	164,329		$	333,616		$	412,013
Per diluted share	$	1.06		$	0.86		$	1.75		$	2.16

Reconciliation of weighted average shares outstanding:
Weighted average common shares outstanding	191,104			190,781			191,071			190,735
Effect of dilutive securities:
Convertible preferred shares	28			34			29			35
Employee stock options and restricted share awards	—			243			2			256
AO LTIPs	—			—			5			—
Denominator for FFO per diluted share	191,132			191,058			191,107			191,026

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 depreciable real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets and other specified 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 attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions is provided above. In addition to FFO attributable to common shareholders plus assumed conversions, we also disclose FFO attributable to common shareholders plus assumed conversions, 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 attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on page 3 of this press release.

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below is a reconciliation of net (loss) income to NOI at share and NOI at share - cash basis for the three and six months ended June 30, 2020 and 2019 and the three months ended March 31, 2020.



	For the Three Months Ended									For the Six Months Ended June 30,
(Amounts in thousands)	June 30,						March 31, 2020			For the Six Months Ended June 30,
	2020			2019			March 31, 2020			2020			2019
Net (loss) income	$	(217,352	)	$	2,596,693		$	(104,503	)	$	(321,855	)	$	2,809,737
Depreciation and amortization expense	92,805			113,035			92,793			185,598			229,744
General and administrative expense	35,014			38,872			52,834			87,848			96,892
(Lease liability extinguishment gain) transaction related costs and impairment losses	(69,221		)	101,590			71			(69,150		)	101,739
Loss (income) from partially owned entities	291,873			(22,873		)	(19,103		)	272,770			(30,193		)
Loss from real estate fund investments	28,042			15,803			183,463			211,505			15,970
Interest and other investment loss (income), net	2,893			(7,840		)	5,904			8,797			(12,885		)
Interest and debt expense	58,405			63,029			58,842			117,247			165,492
Net gain on transfer to Fifth Avenue and Times Square JV	—			(2,571,099		)	—			—			(2,571,099		)
Net gains on disposition of wholly owned and partially owned assets	(55,695		)	(111,713		)	(68,589		)	(124,284		)	(332,007		)
Income tax expense	1,837			26,914			12,813			14,650			56,657
(Income) loss from discontinued operations	—			(60		)	—			—			77
NOI from partially owned entities	69,487			82,974			81,881			151,368			150,376
NOI attributable to noncontrolling interests in consolidated subsidiaries	(15,448		)	(16,416		)	(15,493		)	(30,941		)	(33,819		)
NOI at share	222,640			308,909			280,913			503,553			646,681
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	34,190			9,748			3,076			37,266			4,567
NOI at share - cash basis	$	256,830		$	318,657		$	283,989		$	540,819		$	651,248

NOI at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, net and other non-cash adjustments. We consider NOI at share - cash basis to be the primary 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 NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies. NOI at share - cash basis includes rent that has been deferred as a result of the COVID-19 pandemic. Rent deferrals generally require repayment in monthly installments over a period of time not to exceed twelve months.

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, theMART, 555 California Street and other investments for the three months ended June 30, 2020 compared to June 30, 2019.



(Amounts in thousands)	Total			New York			theMART				555 California Street			Other
NOI at share for the three months ended June 30, 2020	$	222,640		$	188,968		$	17,803			$	14,837		$	1,032
Less NOI at share from:
Development properties	(7,376		)	(7,372		)	—				(4		)	—
Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	8,516			8,516			—				—			—
Other non-same store income, net	(9,373		)	(8,283		)	—				(58		)	(1,032		)
Same store NOI at share for the three months ended June 30, 2020	$	214,407		$	181,829		$	17,803			$	14,775		$	—

NOI at share for the three months ended June 30, 2019	$	308,909		$	257,702		$	30,974			$	15,358		$	4,875
Less NOI at share from:
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(5,479		)	(5,479		)	—				—			—
Dispositions	(3,696		)	(3,696		)	—				—			—
Development properties	(14,538		)	(14,538		)	—				—			—
Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	(4,031		)	(4,031		)	—				—			—
Other non-same store expense (income), net	2,792			7,459			6				202			(4,875		)
Same store NOI at share for the three months ended June 30, 2019	$	283,957		$	237,417		$	30,980			$	15,560		$	—

Decrease in same store NOI at share for the three months ended June 30, 2020 compared to June 30, 2019	$	(69,550	)	$	(55,588	)	$	(13,177	)		$	(785	)	$	—

% decrease in same store NOI at share	(24.5		)%	(23.4		)%	(42.5		)%	⁽¹⁾	(5.0		)%	—		%

____________________


(1)	The decrease is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.

Same store NOI at share represents NOI at share from operations which are in service in both the current and prior year reporting periods. Same store NOI at share - cash basis is same store NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, net and other non-cash adjustments. We present these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store NOI at share and same store NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, theMART, 555 California Street and other investments for the three months ended June 30, 2020 compared to June 30, 2019.



(Amounts in thousands)		Total			New York			theMART				555 California Street			Other
NOI at share - cash basis for the three months ended June 30, 2020		$	256,830		$	221,911		$	17,765			$	15,005		$	2,149
	Less NOI at share - cash basis from:
	Development properties	(9,475		)	(9,471		)	—				(4		)	—
	Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	8,525			8,525			—				—			—
	Other non-same store (income) expense, net	(13,174		)	(11,072		)	—				47			(2,149		)
Same store NOI at share - cash basis for the three months ended June 30, 2020		$	242,706		$	209,893		$	17,765			$	15,048		$	—

NOI at share - cash basis for the three months ended June 30, 2019		$	318,657		$	266,139		$	31,984			$	15,595		$	4,939
	Less NOI at share - cash basis from:
	Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(5,183		)	(5,183		)	—				—			—
	Dispositions	(3,879		)	(3,879		)	—				—			—
	Development properties	(23,364		)	(23,364		)	—				—			—
	Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	(3,982		)	(3,982		)	—				—			—
	Other non-same store (income) expense, net	(10,214		)	(5,409		)	6				128			(4,939		)
Same store NOI at share - cash basis for the three months ended June 30, 2019		$	272,035		$	224,322		$	31,990			$	15,723		$	—

Decrease in same store NOI at share - cash basis for the three months ended June 30, 2020 compared to June 30, 2019		$	(29,329	)	$	(14,429	)	$	(14,225	)		$	(675	)	$	—

% decrease in same store NOI at share - cash basis		(10.8		)%	(6.4		)%	(44.5		)%	⁽¹⁾	(4.3		)%	—		%

____________________


(1)	The decrease is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED



(Amounts in thousands)		Total			New York			theMART				555 California Street			Other
NOI at share for the three months ended June 30, 2020		$	222,640		$	188,968		$	17,803			$	14,837		$	1,032
	Less NOI at share from:
	Development properties	(7,380		)	(7,376		)	—				(4		)	—
	Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	8,516			8,516			—				—			—
	Other non-same store income, net	(9,010		)	(7,920		)	—				(58		)	(1,032		)
Same store NOI at share for the three months ended June 30, 2020		$	214,766		$	182,188		$	17,803			$	14,775		$	—

NOI at share for the three months ended March 31, 2020		$	280,913		$	242,559		$	21,113			$	15,231		$	2,010
	Less NOI at share from:
	Development properties	(12,996		)	(12,996		)	—				—			—
	Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	9,356			9,356			—				—			—
	Other non-same store (income) expense, net	(7,705		)	(5,434		)	(422		)		161			(2,010		)
Same store NOI at share for the three months ended March 31, 2020		$	269,568		$	233,485		$	20,691			$	15,392		$	—

Decrease in same store NOI at share for the three months ended June 30, 2020 compared to March 31, 2020		$	(54,802	)	$	(51,297	)	$	(2,888	)		$	(617	)	$	—

% decrease in same store NOI at share		(20.3		)%	(22.0		)%	(14.0		)%	⁽¹⁾	(4.0		)%	—		%

____________________


(1)	The decrease is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED



(Amounts in thousands)		Total			New York			theMART				555 California Street			Other
NOI at share - cash basis for the three months ended June 30, 2020		$	256,830		$	221,911		$	17,765			$	15,005		$	2,149
	Less NOI at share - cash basis from:
	Development properties	(9,478		)	(9,474		)	—				(4		)	—
	Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	8,525			8,525			—				—			—
	Other non-same store (income) expense, net	(12,772		)	(10,670		)	—				47			(2,149		)
Same store NOI at share - cash basis for the three months ended June 30, 2020		$	243,105		$	210,292		$	17,765			$	15,048		$	—

NOI at share - cash basis for the three months ended March 31, 2020		$	283,989		$	243,665		$	22,705			$	15,435		$	2,184
	Less NOI at share - cash basis from:
	Development properties	(17,024		)	(17,024		)	—				—			—
	Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	9,364			9,364			—				—			—
	Other non-same store income, net	(12,521		)	(9,858		)	(422		)		(57		)	(2,184		)
Same store NOI at share - cash basis for the three months ended March 31, 2020		$	263,808		$	226,147		$	22,283			$	15,378		$	—

Decrease in same store NOI at share - cash basis for the three months ended June 30, 2020 compared to March 31, 2020		$	(20,703	)	$	(15,855	)	$	(4,518	)		$	(330	)	$	—

% decrease in same store NOI at share - cash basis		(7.8		)%	(7.0		)%	(20.3		)%	⁽¹⁾	(2.1		)%	—		%

____________________


(1)	The decrease is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, theMART, 555 California Street and other investments for the six months ended June 30, 2020 compared to June 30, 2019.



(Amounts in thousands)		Total			New York			theMART				555 California Street			Other
NOI at share for the six months ended June 30, 2020		$	503,553		$	431,527		$	38,916			$	30,068		$	3,042
	Less NOI at share from:
	Development properties	(21,642		)	(21,638		)	—				(4		)	—
	Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	8,516			8,516			—				—			—
	Other non-same store (income) expense, net	(17,533		)	(14,172		)	(422		)		103			(3,042		)
Same store NOI at share for the six months ended June 30, 2020		$	472,894		$	404,233		$	38,494			$	30,167		$	—

NOI at share for the six months ended June 30, 2019		$	646,681		$	541,060		$	54,497			$	29,859		$	21,265
	Less NOI at share from:
	Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(35,770		)	(35,770		)	—				—			—
	Dispositions	(7,096		)	(7,096		)	—				—			—
	Development properties	(35,131		)	(35,131		)	—				—			—
	Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	(4,031		)	(4,031		)	—				—			—
	Other non-same store (income) expense, net	(15,586		)	5,054			345				280			(21,265		)
Same store NOI at share for the six months ended June 30, 2019		$	549,067		$	464,086		$	54,842			$	30,139		$	—

(Decrease) increase in same store NOI at share for the six months ended June 30, 2020 compared to June 30, 2019		$	(76,173	)	$	(59,853	)	$	(16,348	)		$	28		$	—

% (decrease) increase in same store NOI at share		(13.9		)%	(12.9		)%	(29.8		)%	⁽¹⁾	0.1		%	—		%

____________________


(1)	The decrease is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS - CONTINUED

Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, theMART, 555 California Street and other investments for the six months ended June 30, 2020 compared to June 30, 2019.



(Amounts in thousands)		Total			New York			theMART				555 California Street			Other
NOI at share - cash basis for the six months ended June 30, 2020		$	540,819		$	465,576		$	40,470			$	30,440		$	4,333
	Less NOI at share - cash basis from:
	Development properties	(27,591		)	(27,587		)	—				(4		)	—
	Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	8,525			8,525			—				—			—
	Other non-same store income, net	(26,130		)	(21,366		)	(422		)		(9		)	(4,333		)
Same store NOI at share - cash basis for the six months ended June 30, 2020		$	495,623		$	425,148		$	40,048			$	30,427		$	—

NOI at share - cash basis for the six months ended June 30, 2019		$	651,248		$	542,879		$	56,896			$	30,340		$	21,133
	Less NOI at share - cash basis from:
	Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(32,905		)	(32,905		)	—				—			—
	Dispositions	(7,460		)	(7,460		)	—				—			—
	Development properties	(47,703		)	(47,703		)	—				—			—
	Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	(3,982		)	(3,982		)	—				—			—
	Other non-same store (income) expense, net	(30,379		)	(9,797		)	345				206			(21,133		)
Same store NOI at share - cash basis for the six months ended June 30, 2019		$	528,819		$	441,032		$	57,241			$	30,546		$	—

Decrease in same store NOI at share - cash basis for the six months ended June 30, 2020 compared to June 30, 2019		$	(33,196	)	$	(15,884	)	$	(17,193	)		$	(119	)	$	—

% decrease in same store NOI at share - cash basis		(6.3		)%	(3.6		)%	(30.0		)%	⁽¹⁾	(0.4		)%	—		%

____________________


(1)	The decrease is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.

Exhibit

EXHIBIT 99.2

https://cdn.kscope.io/5712aab5b3dc4d0bd7c5d1958c88a3a6-supplementalcoversjune2020.jpg



INDEX
		Page
	COVID-19 PANDEMIC	3	-	4
	BUSINESS DEVELOPMENTS	5	-	6
	FINANCIAL INFORMATION
	Financial Highlights	7
	FFO, As Adjusted Bridge	8
	Net (Loss) Income Attributable to Common Shareholders (Consolidated and by Segment)	9	-	12
	Net Operating Income at Share (by Segment and by Subsegment)	13	-	16
	Same Store NOI at Share and NOI at Share - Cash Basis and NOI at Share By Region	17
	Consolidated Balance Sheets	18
	LEASING ACTIVITY AND LEASE EXPIRATIONS
	Leasing Activity	19	-	20
	Leasing Expirations	21	-	23
	TRAILING TWELVE MONTH PRO-FORMA CASH NOI AT SHARE	24
	DEBT AND CAPITALIZATION
	Capital Structure	25
	Common Shares Data	26
	Debt Analysis	27
	Debt Maturities	28
	UNCONSOLIDATED JOINT VENTURES	29	-	31
	DEVELOPMENT ACTIVITY AND CAPITAL EXPENDITURES
	Penn District Active Development/Redevelopment Summary	32
	Other Development/Redevelopment Summary	33
	Capital Expenditures, Tenant Improvements and Leasing Commissions	34	-	38
	PROPERTY STATISTICS
	Square Footage	39
	Top 30 Tenants	40
	Occupancy and Residential Statistics	41
	Ground Leases	42
	Property Table	43	-	53
	EXECUTIVE OFFICERS AND RESEARCH COVERAGE	54
	APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
	Definitions	i
	Reconciliations	ii	-	xvi

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 future 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, projected incremental cash yield, stabilization date 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 Part 1 of our Annual Report on Form 10-K for the year ended December 31, 2019 and "Item 1A. Risk Factors" in Part II of our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020. Currently, one of the most significant factors is the ongoing adverse effect of the novel strain of coronavirus ("COVID-19") pandemic on our business, financial condition, results of operations, cash flows, operating performance and the effect it will have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. The extent of the impact of the COVID-19 pandemic will depend on future developments, including the duration of the pandemic, which are highly uncertain at this time but that impact could be material. Moreover, you are cautioned that the COVID-19 pandemic will heighten many of the risks identified in "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2019, as well as the risks set forth in "Item 1A. Risk Factors" in Part II of our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020. 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 this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include Funds From Operations ("FFO"), Funds Available for Distribution ("FAD"), Net Operating Income ("NOI") and Earnings Before Depreciation and Amortization for Real Estate Companies ("EBIDTAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this Supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this Supplemental package starting on page i.

- 2 -

COVID-19 PANDEMIC

As our first priority, we are following strict protocols and taking all measures to protect our employees, tenants, and communities.


•	With the exception of grocery stores and other "essential" businesses, many of our retail tenants closed their stores in March 2020 and began reopening when New York City entered phase two of its state-mandated reopening plan on June 22, 2020.


•	While our buildings remain open, many of our office tenants are working remotely.


•	We have temporarily closed the Hotel Pennsylvania.


•	We have cancelled trade shows at theMART for the remainder of 2020.


•	Because certain of our development projects were deemed "non-essential," they were temporarily paused in March 2020 due to New York State executive orders and resumed once New York City entered phase one of its state mandated reopening plan on June 8, 2020.

•


•	Effective April 1, 2020, our executive officers waived portions of their annual base salary for the remainder of 2020.


•	Effective April 1, 2020, each non-management member of our Board of Trustees agreed to forgo his or her $75,000 annual cash retainer for the remainder of 2020.

- 3 -

COVID-19 PANDEMIC

- 4 -



BUSINESS DEVELOPMENTS

Disposition Activity

Pennsylvania Real Estate Investment Trust ("PREIT")

220 Central Park South ("220 CPS")

Financing Activity

Unsecured Term Loan

- 5 -



BUSINESS DEVELOPMENTS

Leasing Activity For The Three Months Ended June 30,2020:

42,000 square feet at theMART (all at share) at an initial rent of $56.03 per square foot and a weighted average lease term of 4.1 years. The change in the GAAP and cash mark-to-market rent on the 40,000 square feet of second generation space were negative 0.3% and 3.1%, respectively. Tenant improvements and leasing commissions were $3.34 per square foot per annum, or 6.0% of initial rent.

Leasing Activity For The Six Months Ended June 30, 2020:

- 6 -



FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended										For the Six Months Ended June 30,
	June 30,							March 31, 2020			For the Six Months Ended June 30,
	2020				2019			March 31, 2020			2020				2019
Total revenues	$	343,026			$	463,103		$	444,532		$	787,558			$	997,771

Net (loss) income attributable to common shareholders	$	(197,750	)		$	2,400,195		$	4,963		$	(192,787	)		$	2,581,683
Per common share:
Basic	$	(1.03	)		$	12.58		$	0.03		$	(1.01	)		$	13.53
Diluted	$	(1.03	)		$	12.56		$	0.03		$	(1.01	)		$	13.51

Net (loss) income attributable to common shareholders, as adjusted (non-GAAP)	$	(8,599	)		$	42,552		$	20,233		$	10,704			$	67,466
Per diluted share (non-GAAP)	$	(0.04	)		$	0.22		$	0.11		$	0.06			$	0.35

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	105,750			$	173,775		$	137,567		$	242,840			$	323,790
Per diluted share (non-GAAP)	$	0.55			$	0.91		$	0.72		$	1.27			$	1.70

FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	203,256			$	164,329		$	130,360		$	333,616			$	412,013
FFO - Operating Partnership Basis ("OP Basis") (non-GAAP)	$	216,539			$	175,013		$	138,819		$	355,210			$	438,682
Per diluted share (non-GAAP)	$	1.06			$	0.86		$	0.68		$	1.75			$	2.16

Dividends per common share	$	0.66			$	0.66		$	0.66		$	1.32			$	1.32

FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)	90.4		%	⁽¹⁾	72.5		%	91.7		%	91.0		%	⁽¹⁾	77.6		%
FAD payout ratio	106.5		%		93.0		%	106.5		%	105.6		%		89.2		%

Weighted average common shares outstanding (REIT basis)	191,104				190,781			191,038			191,071				190,735
Convertible units:
Class A	12,408				12,143			12,332			12,370				12,113
Equity awards - unit equivalents	111				556			176			36				543
Weighted average shares used in determining FFO attributable to Class A unitholders plus assumed conversions per diluted share (OP basis)	203,623				203,480			203,546			203,477				203,391

________________________________


(1)	Excludes the impact of $36,297 of non-cash write-offs of receivables arising from the straight-lining of rents primarily for the JCPenney lease at Manhattan Mall and the New York & Company, Inc. lease at 330 West 34th Street.

Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.

- 7 -



FFO, AS ADJUSTED BRIDGE - Q2 2020 VS. Q2 2019 (unaudited)
(Amounts in millions, except per share amounts)



	FFO, as Adjusted
	Amount			Per Share
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2019	$	173.8		$	0.91

(Decrease) increase in FFO, as adjusted due to:
Write-offs of straight-line rent receivables - non-cash ($36.3) and tenant receivables deemed uncollectible ($8.8)	(45.1		)
theMART (primarily $8.2 from the cancellation of trade shows)	(13.1		)
Hotel Pennsylvania temporary closure since April 1, 2020	(12.5		)
PENN District out of service for redevelopment	(8.7		)
Lower revenues from BMS ($4.0) and Signage ($2.2)	(6.2		)
Asset sales	(4.9		)
Interest expense decrease (partially offset by lower capitalized interest) and other, net	7.5
Other tenant related items (primarily lease termination income)	5.5
Lower general and administrative expense	4.4
	(73.1		)
Noncontrolling interests' share of above items	5.1
Net decrease	(68.0		)	(0.36		)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2020	$	105.8		$	0.55

Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.

- 8 -



CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Three Months Ended
	June 30,									March 31, 2020
	2020			2019			Variance			March 31, 2020
Property rentals⁽¹⁾⁽²⁾	$	282,660		$	368,165		$	(85,505	)	$	355,060
Tenant expense reimbursements⁽¹⁾	33,025			51,084			(18,059		)	52,173
Amortization of acquired below-market leases, net	5,200			4,643			557			4,206
Straight-lining of rents	(5,691		)	(2,593		)	(3,098		)	(10,165		)
Total rental revenues	315,194			421,299			(106,105		)	401,274
Fee and other income:
BMS cleaning fees	21,115			32,570			(11,455		)	32,466
Management and leasing fees	1,837			4,500			(2,663		)	2,867
Other income	4,880			4,734			146			7,925
Total revenues	343,026			463,103			(120,077		)	444,532
Operating expenses	(174,425		)	(220,752		)	46,327			(230,007		)
Depreciation and amortization	(92,805		)	(113,035		)	20,230			(92,793		)
General and administrative	(35,014		)	(38,872		)	3,858			(52,834		)
(Expense) benefit from deferred compensation plan liability	(6,356		)	(1,315		)	(5,041		)	11,245
Lease liability extinguishment gain (transaction related costs and impairment losses)	69,221			(101,590		)	170,811			(71		)
Total expenses	(239,379		)	(475,564		)	236,185			(364,460		)
(Loss) income from partially owned entities⁽³⁾	(291,873		)	22,873			(314,746		)	19,103
Loss from real estate fund investments	(28,042		)	(15,803		)	(12,239		)	(183,463		)
Interest and other investment (loss) income, net	(2,893		)	7,840			(10,733		)	(5,904		)
Income (loss) from deferred compensation plan assets	6,356			1,315			5,041			(11,245		)
Interest and debt expense	(58,405		)	(63,029		)	4,624			(58,842		)
Net gain on transfer to Fifth Avenue and Times Square JV	—			2,571,099			(2,571,099		)	—
Net gains on disposition of wholly owned and partially owned assets	55,695			111,713			(56,018		)	68,589
(Loss) income before income taxes	(215,515		)	2,623,547			(2,839,062		)	(91,690		)
Income tax expense	(1,837		)	(26,914		)	25,077			(12,813		)
(Loss) income from continuing operations	(217,352		)	2,596,633			(2,813,985		)	(104,503		)
Income from discontinued operations	—			60			(60		)	—
Net (loss) income	(217,352		)	2,596,693			(2,814,045		)	(104,503		)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	17,768			(21,451		)	39,219			122,387
Operating Partnership	14,364			(162,515		)	176,879			(390		)
Net (loss) income attributable to Vornado	(185,220		)	2,412,727			(2,597,947		)	17,494
Preferred share dividends	(12,530		)	(12,532		)	2			(12,531		)
Net (loss) income attributable to common shareholders	$	(197,750	)	$	2,400,195		$	(2,597,945	)	$	4,963

Capitalized expenditures:
Development payroll	$	3,569		$	5,923		$	(2,354	)	$	5,307
Interest and debt expense	9,446			19,812			(10,366		)	12,055

________________________________


(1)	"Property rentals" and "tenant expense reimbursements" represent non-GAAP financial measures which are reconciled above to "rental revenues" the most directly comparable financial measure calculated in accordance with GAAP.


(2)	Reduced by $37,587 and $14,492 for the three months ended June 30, 2020 and 2019, respectively, for the write-off of lease receivables deemed uncollectible (primarily write-offs of receivables arising from the straight-lining of rents).


(3)	Beginning April 18, 2019, "(loss) income from partially owned entities" includes the previously consolidated properties contributed to Fifth Avenue and Times Square JV.

- 9 -



CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Six Months Ended June 30,
	2020			2019			Variance
Property rentals⁽¹⁾⁽²⁾	$	637,720		$	796,545		$	(158,825	)
Tenant expense reimbursements⁽¹⁾	85,198			117,196			(31,998		)
Amortization of acquired below-market leases, net	9,406			11,168			(1,762		)
Straight-lining of rents	(15,856		)	(3,733		)	(12,123		)
Total rental revenues	716,468			921,176			(204,708		)
Fee and other income:
BMS cleaning fees	53,581			62,355			(8,774		)
Management and leasing fees	4,704			6,737			(2,033		)
Other income	12,805			7,503			5,302
Total revenues	787,558			997,771			(210,213		)
Operating expenses	(404,432		)	(467,647		)	63,215
Depreciation and amortization	(185,598		)	(229,744		)	44,146
General and administrative	(87,848		)	(96,892		)	9,044
Benefit (expense) from deferred compensation plan liability	4,889			(6,748		)	11,637
Lease liability extinguishment gain (transaction related costs and impairment losses)	69,150			(101,739		)	170,889
Total expenses	(603,839		)	(902,770		)	298,931
(Loss) income from partially owned entities⁽³⁾	(272,770		)	30,193			(302,963		)
Loss from real estate fund investments	(211,505		)	(15,970		)	(195,535		)
Interest and other investment (loss) income, net	(8,797		)	12,885			(21,682		)
(Loss) income from deferred compensation plan assets	(4,889		)	6,748			(11,637		)
Interest and debt expense	(117,247		)	(165,492		)	48,245
Net gain on transfer to Fifth Avenue and Times Square JV	—			2,571,099			(2,571,099		)
Net gains on disposition of wholly owned and partially owned assets	124,284			332,007			(207,723		)
(Loss) income before income taxes	(307,205		)	2,866,471			(3,173,676		)
Income tax expense	(14,650		)	(56,657		)	42,007
(Loss) income from continuing operations	(321,855		)	2,809,814			(3,131,669		)
Loss from discontinued operations	—			(77		)	77
Net (loss) income	(321,855		)	2,809,737			(3,131,592		)
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	140,155			(28,271		)	168,426
Operating Partnership	13,974			(174,717		)	188,691
Net (loss) income attributable to Vornado	(167,726		)	2,606,749			(2,774,475		)
Preferred share dividends	(25,061		)	(25,066		)	5
Net (loss) income attributable to common shareholders	$	(192,787	)	$	2,581,683		$	(2,774,470	)

Capitalized expenditures:
Development payroll	$	8,876		$	10,515		$	(1,639	)
Interest and debt expense	21,501			43,137			(21,636		)

________________________________


(1)	"Property rentals" and "tenant expense reimbursements" represent non-GAAP financial measures which are reconciled above to "rental revenues" the most directly comparable financial measure calculated in accordance with GAAP.


(2)	Reduced by $38,631 and $15,382 for the six months ended June 30, 2020 and 2019, respectively, for the write-off of lease receivables deemed uncollectible (primarily write-offs of receivables arising from the straight-lining of rents).


(3)	Beginning April 18, 2019, "(loss) income from partially owned entities" includes the previously consolidated properties contributed to Fifth Avenue and Times Square JV.

- 10 -

NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)

(Amounts in thousands)



	For the Three Months Ended June 30, 2020
	Total			New York			Other
Property rentals⁽¹⁾⁽²⁾	$	282,660		$	221,522		$	61,138
Tenant expense reimbursements⁽¹⁾	33,025			25,276			7,749
Amortization of acquired below-market leases, net	5,200			5,007			193
Straight-lining of rents	(5,691		)	(6,156		)	465
Total rental revenues	315,194			245,649			69,545
Fee and other income:
BMS cleaning fees	21,115			22,405			(1,290		)
Management and leasing fees	1,837			1,701			136
Other income	4,880			873			4,007
Total revenues	343,026			270,628			72,398
Operating expenses	(174,425		)	(140,207		)	(34,218		)
Depreciation and amortization	(92,805		)	(69,794		)	(23,011		)
General and administrative	(35,014		)	(12,174		)	(22,840		)
Expense from deferred compensation plan liability	(6,356		)	—			(6,356		)
Lease liability extinguishment gain (transaction related costs)	69,221			70,260			(1,039		)
Total expenses	(239,379		)	(151,915		)	(87,464		)
(Loss) income from partially owned entities	(291,873		)	(292,359		)	486
Loss from real estate fund investments	(28,042		)	—			(28,042		)
Interest and other investment (loss) income, net	(2,893		)	1,009			(3,902		)
Income from deferred compensation plan assets	6,356			—			6,356
Interest and debt expense	(58,405		)	(28,802		)	(29,603		)
Net gains on disposition of wholly owned and partially owned assets	55,695			—			55,695
Loss before income taxes	(215,515		)	(201,439		)	(14,076		)
Income tax (expense) benefit	(1,837		)	3,991			(5,828		)
Net loss	(217,352		)	(197,448		)	(19,904		)
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries	17,768			(2,136		)	19,904
Net loss attributable to Vornado Realty L.P.	(199,584		)	$	(199,584	)	$	—
Less net income attributable to noncontrolling interests in the Operating Partnership	14,405
Preferred unit distributions	(12,571		)
Net loss attributable to common shareholders	$	(197,750	)
For the three months ended June 30, 2019:
Net income attributable to Vornado Realty L.P.	$	2,575,242		$	2,515,168		$	60,074
Net income attributable to common shareholders	$	2,400,195

________________________________


(1)	"Property rentals" and "tenant expense reimbursements" represent non-GAAP financial measures which are reconciled above to "rental revenues" the most directly comparable financial measure calculated in accordance with GAAP.


(2)	Reduced by $37,587 and $14,492 for the three months ended June 30, 2020 and 2019, respectively, for the write-off of lease receivables deemed uncollectible (primarily write-offs of receivables arising from the straight-lining of rents).

- 11 -

NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)

(Amounts in thousands)



	For the Six Months Ended June 30, 2020
	Total			New York			Other
Property rentals⁽¹⁾⁽²⁾	$	637,720		$	499,210		$	138,510
Tenant expense reimbursements⁽¹⁾	85,198			67,132			18,066
Amortization of acquired below-market leases, net	9,406			9,020			386
Straight-lining of rents	(15,856		)	(14,980		)	(876		)
Total rental revenues	716,468			560,382			156,086
Fee and other income:
BMS cleaning fees	53,581			56,834			(3,253		)
Management and leasing fees	4,704			4,575			129
Other income	12,805			4,452			8,353
Total revenues	787,558			626,243			161,315
Operating expenses	(404,432		)	(323,238		)	(81,194		)
Depreciation and amortization	(185,598		)	(139,692		)	(45,906		)
General and administrative	(87,848		)	(29,631		)	(58,217		)
Benefit from deferred compensation plan liability	4,889			—			4,889
Lease liability extinguishment gain (transaction related costs)	69,150			70,260			(1,110		)
Total expenses	(603,839		)	(422,301		)	(181,538		)
(Loss) income from partially owned entities	(272,770		)	(275,055		)	2,285
Loss from real estate fund investments	(211,505		)	—			(211,505		)
Interest and other investment (loss) income, net	(8,797		)	1,160			(9,957		)
Loss from deferred compensation plan assets	(4,889		)	—			(4,889		)
Interest and debt expense	(117,247		)	(60,488		)	(56,759		)
Net gains on disposition of wholly owned and partially owned assets	124,284			—			124,284
Loss before income taxes	(307,205		)	(130,441		)	(176,764		)
Income tax (expense) benefit	(14,650		)	2,676			(17,326		)
Net loss	(321,855		)	(127,765		)	(194,090		)
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries	140,155			(4,593		)	144,748
Net loss attributable to Vornado Realty L.P.	(181,700		)	$	(132,358	)	$	(49,342	)
Less net income attributable to noncontrolling interests in the Operating Partnership	14,056
Preferred unit distributions	(25,143		)
Net loss attributable to common shareholders	$	(192,787	)
For the six months ended June 30, 2019:
Net income attributable to Vornado Realty L.P.	$	2,781,466		$	2,597,958		$	183,508
Net income attributable to common shareholders	$	2,581,683

________________________________


(1)	"Property rentals" and "tenant expense reimbursements" represent non-GAAP financial measures which are reconciled above to "rental revenues" the most directly comparable financial measure calculated in accordance with GAAP.


(2)	Reduced by $38,631 and $15,382 for the six months ended June 30, 2020 and 2019, respectively, for the write-off of lease receivables deemed uncollectible (primarily write-offs of receivables arising from the straight-lining of rents).

- 12 -

NET OPERATING INCOME AT SHARE BY SEGMENT (unaudited)

(Amounts in thousands)



	For the Three Months Ended June 30, 2020
	Total			New York			Other
Total revenues	$	343,026		$	270,628		$	72,398
Operating expenses	(174,425		)	(140,207		)	(34,218		)
NOI - consolidated	168,601			130,421			38,180
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(15,448		)	(8,504		)	(6,944		)
Add: NOI from partially owned entities	69,487			67,051			2,436
NOI at share	222,640			188,968			33,672
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	34,190			32,943			1,247
NOI at share - cash basis	$	256,830		$	221,911		$	34,919



	For the Three Months Ended June 30, 2019
	Total			New York			Other
Total revenues	$	463,103		$	376,381		$	86,722
Operating expenses	(220,752		)	(187,819		)	(32,933		)
NOI - consolidated	242,351			188,562			53,789
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,416		)	(10,030		)	(6,386		)
Add: NOI from partially owned entities	82,974			79,170			3,804
NOI at share	308,909			257,702			51,207
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	9,748			8,437			1,311
NOI at share - cash basis	$	318,657		$	266,139		$	52,518



	For the Three Months Ended March 31, 2020
	Total			New York			Other
Total revenues	$	444,532		$	355,615		$	88,917
Operating expenses	(230,007		)	(183,031		)	(46,976		)
NOI - consolidated	214,525			172,584			41,941
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(15,493		)	(8,433		)	(7,060		)
Add: NOI from partially owned entities	81,881			78,408			3,473
NOI at share	280,913			242,559			38,354
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	3,076			1,106			1,970
NOI at share - cash basis	$	283,989		$	243,665		$	40,324

________________________________

See Appendix page vii for details of NOI at share components.

- 13 -

NET OPERATING INCOME AT SHARE BY SEGMENT (unaudited)

(Amounts in thousands)



	For the Six Months Ended June 30, 2020
	Total			New York			Other
Total revenues	$	787,558		$	626,243		$	161,315
Operating expenses	(404,432		)	(323,238		)	(81,194		)
NOI - consolidated	383,126			303,005			80,121
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(30,941		)	(16,937		)	(14,004		)
Add: NOI from partially owned entities	151,368			145,459			5,909
NOI at share	503,553			431,527			72,026
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	37,266			34,049			3,217
NOI at share - cash basis	$	540,819		$	465,576		$	75,243



	For the Six Months Ended June 30, 2019
	Total			New York			Other
Total revenues	$	997,771		$	819,666		$	178,105
Operating expenses	(467,647		)	(385,914		)	(81,733		)
NOI - consolidated	530,124			433,752			96,372
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(33,819		)	(21,437		)	(12,382		)
Add: NOI from partially owned entities	150,376			128,745			21,631
NOI at share	646,681			541,060			105,621
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	4,567			1,819			2,748
NOI at share - cash basis	$	651,248		$	542,879		$	108,369

________________________________________

See Appendix page vii for details of NOI at share components.

- 14 -

NET OPERATING INCOME AT SHARE BY SUBSEGMENT (unaudited)

(Amounts in thousands)



	For the Three Months Ended								For the Six Months Ended June 30,
	June 30,					March 31, 2020			For the Six Months Ended June 30,
	2020			2019		March 31, 2020			2020			2019
NOI at share:
New York:
Office⁽¹⁾⁽²⁾	$	161,444		$	179,592	$	183,205		$	344,649		$	363,132
Retail⁽¹⁾⁽³⁾	21,841			57,063		52,018			73,859			145,330
Residential	5,868			5,908		6,200			12,068			11,953
Alexander's Inc. ("Alexander's")	8,331			11,108		10,492			18,823			22,430
Hotel Pennsylvania⁽⁴⁾	(8,516		)	4,031		(9,356		)	(17,872		)	(1,785		)
Total New York	188,968			257,702		242,559			431,527			541,060

Other:
theMART⁽⁵⁾	17,803			30,974		21,113			38,916			54,497
555 California Street	14,837			15,358		15,231			30,068			29,859
Other investments⁽⁶⁾	1,032			4,875		2,010			3,042			21,265
Total Other	33,672			51,207		38,354			72,026			105,621

NOI at share	$	222,640		$	308,909	$	280,913		$	503,553		$	646,681

____________________


(1)	Reflects the transfer of 45.4% of common equity in the properties contributed to Fifth Avenue and Times Square JV on April 18, 2019.


(2)	The three and six months ended June 30, 2020 include $13,220 of non-cash write-offs of receivables arising from the straight-lining of rents, primarily for the New York & Company, Inc. lease at 330 West 34th Street and $940 of write-offs of tenant receivables deemed uncollectible.


(3)	The three and six months ended June 30, 2020 include $20,436 of non-cash write-offs of receivables arising from the straight-lining of rents, primarily for the JCPenney lease at Manhattan Mall and $6,731 of write-offs of tenant receivables deemed uncollectible. 2019 includes $13,199 of non-cash write-offs of receivables arising from the straight-lining of rents.


(4)	The decrease in NOI at share is primarily due to the effects of the COVID-19 pandemic. The Hotel Pennsylvania has been temporarily closed since April 1, 2020 as a result of the pandemic.


(5)	The decrease in NOI at share is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.


(6)	2019 includes our share of PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) and Urban Edge Properties ("UE") (sold on March 4, 2019).

- 15 -

NET OPERATING INCOME AT SHARE BY SUBSEGMENT (unaudited)

(Amounts in thousands)



	For the Three Months Ended								For the Six Months Ended June 30,
	June 30,					March 31, 2020			For the Six Months Ended June 30,
	2020			2019		March 31, 2020			2020			2019
NOI at share - cash basis:
New York:
Office⁽¹⁾⁽²⁾	$	175,438		$	178,806	$	187,035		$	362,473		$	363,176
Retail⁽¹⁾⁽³⁾	38,913			66,726		49,041			87,954			147,662
Residential	5,504			5,303		5,859			11,363			11,074
Alexander's	10,581			11,322		11,094			21,675			22,849
Hotel Pennsylvania⁽⁴⁾	(8,525		)	3,982		(9,364		)	(17,889		)	(1,882		)
Total New York	221,911			266,139		243,665			465,576			542,879

Other:
theMART⁽⁵⁾	17,765			31,984		22,705			40,470			56,896
555 California Street	15,005			15,595		15,435			30,440			30,340
Other investments⁽⁶⁾	2,149			4,939		2,184			4,333			21,133
Total Other	34,919			52,518		40,324			75,243			108,369

NOI at share - cash basis	$	256,830		$	318,657	$	283,989		$	540,819		$	651,248

____________________


(1)	Reflects the transfer of 45.4% of common equity in the properties contributed to Fifth Avenue and Times Square JV on April 18, 2019.


(2)	The three and six months ended June 30, 2020 include $940 of write-offs of tenant receivables deemed uncollectible.


(3)	The three and six months ended June 30, 2020 include $6,731 of write-offs of tenant receivables deemed uncollectible.


(4)	The decrease in NOI at share - cash basis is primarily due to the effects of the COVID-19 pandemic. The Hotel Pennsylvania has been temporarily closed since April 1, 2020 as a result of the pandemic.


(5)	The decrease in NOI at share - cash basis is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.


(6)	2019 includes our share of PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020) and UE (sold on March 4, 2019).

- 16 -



SAME STORE NOI AT SHARE AND NOI AT SHARE - CASH BASIS (NON-GAAP) (unaudited)



		Total		New York		theMART⁽²⁾		555 California Street
Same store NOI at share % (decrease) increase⁽¹⁾:
	Three months ended June 30, 2020 compared to June 30, 2019	(24.5	)%	(23.4	)%	(42.5	)%	(5.0	)%
	Six months ended June 30, 2020 compared to June 30, 2019	(13.9	)%	(12.9	)%	(29.8	)%	0.1	%
	Three months ended June 30, 2020 compared to March 31, 2020	(20.3	)%	(22.0	)%	(14.0	)%	(4.0	)%

Same store NOI at share - cash basis % decrease⁽¹⁾:
	Three months ended June 30, 2020 compared to June 30, 2019	(10.8	)%	(6.4	)%	(44.5	)%	(4.3	)%
	Six months ended June 30, 2020 compared to June 30, 2019	(6.3	)%	(3.6	)%	(30.0	)%	(0.4	)%
	Three months ended June 30, 2020 compared to March 31, 2020	(7.8	)%	(7.0	)%	(20.3	)%	(2.1	)%

________________________________


(1)	See pages viii through xiii in the Appendix for same store NOI at share and same store NOI at share - cash basis reconciliations.


(2)	The decreases in same store NOI at share and same store NOI at share - cash basis were primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.

NOI AT SHARE BY REGION (unaudited)



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2020		2019		2020		2019
Region:
New York City metropolitan area	85	%	85	%	86	%	86	%
Chicago, IL	8	%	10	%	8	%	9	%
San Francisco, CA	7	%	5	%	6	%	5	%
	100	%	100	%	100	%	100	%

- 17 -



CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
	As of						Increase (Decrease)
	June 30, 2020			December 31, 2019
ASSETS
Real estate, at cost:
Land	$	2,588,200		$	2,591,261		$	(3,061	)
Buildings and improvements	7,975,871			7,953,163			22,708
Development costs and construction in progress	1,541,432			1,490,614			50,818
Moynihan Train Hall development expenditures	1,087,669			914,960			172,709
Leasehold improvements and equipment	127,685			124,014			3,671
Total	13,320,857			13,074,012			246,845
Less accumulated depreciation and amortization	(3,106,393		)	(3,015,958		)	(90,435		)
Real estate, net	10,214,464			10,058,054			156,410
Right-of-use assets	376,958			379,546			(2,588		)
Cash and cash equivalents	1,768,459			1,515,012			253,447
Restricted cash	94,882			92,119			2,763
Marketable securities	—			33,313			(33,313		)
Tenant and other receivables	118,273			95,733			22,540
Investments in partially owned entities	3,648,651			3,999,165			(350,514		)
Real estate fund investments	17,453			222,649			(205,196		)
220 Central Park South condominium units ready for sale	426,623			408,918			17,705
Receivable arising from the straight-lining of rents	692,931			742,206			(49,275		)
Deferred leasing costs, net	348,473			353,986			(5,513		)
Identified intangible assets, net	27,660			30,965			(3,305		)
Other assets	307,620			355,347			(47,727		)
Total Assets	$	18,042,447		$	18,287,013		$	(244,566	)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	5,638,352		$	5,639,897		$	(1,545	)
Senior unsecured notes, net	446,279			445,872			407
Unsecured term loan, net	796,236			745,840			50,396
Unsecured revolving credit facilities	1,075,000			575,000			500,000
Lease liabilities	426,059			498,254			(72,195		)
Moynihan Train Hall obligation	1,087,669			914,960			172,709
Special dividend/distribution payable	—			398,292			(398,292		)
Accounts payable and accrued expenses	385,956			440,049			(54,093		)
Deferred revenue	49,386			59,429			(10,043		)
Deferred compensation plan	94,081			103,773			(9,692		)
Other liabilities	395,604			265,754			129,850
Total liabilities	10,394,622			10,087,120			307,502
Redeemable noncontrolling interests	718,916			888,915			(169,999		)
Shareholders' equity	6,496,417			6,732,030			(235,613		)
Noncontrolling interests in consolidated subsidiaries	432,492			578,948			(146,456		)
Total liabilities, redeemable noncontrolling interests and equity	$	18,042,447		$	18,287,013		$	(244,566	)

- 18 -

LEASING ACTIVITY (unaudited)

(Square feet in thousands)

The leasing activity and related statistics in the table below are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with 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.



	New York										555 California Street
	Office				Retail			theMART			555 California Street
Three Months Ended June 30, 2020
Total square feet leased	304				23			42			5
Our share of square feet leased:	291				23			42			3
Initial rent⁽¹⁾	$	70.71		⁽²⁾	$	130.92		$	56.03		$	91.00
Weighted average lease term (years)	5.2				3.8			4.1			5.0
Second generation relet space:
Square feet	82				22			40			3
GAAP basis:
Straight-line rent⁽³⁾	$	69.04		⁽²⁾	$	115.35		$	53.62		$	93.59
Prior straight-line rent	$	61.61			$	115.16		$	53.80		$	74.44
Percentage increase (decrease)	12.1		%		0.2		%	(0.3		)%	25.7		%
Cash basis (non-GAAP):
Initial rent⁽¹⁾	$	73.95		⁽²⁾	$	115.33		$	56.25		$	91.00
Prior escalated rent	$	64.83			$	115.25		$	58.03		$	79.12
Percentage increase (decrease)	14.1		%		0.1		%	(3.1		)%	15.0		%
Tenant improvements and leasing commissions:
Per square foot	$	25.63			$	32.67		$	13.69		$	14.38
Per square foot per annum	$	4.93			$	8.60		$	3.34		$	2.88
Percentage of initial rent	7.0		%		6.6		%	6.0		%	3.2		%

________________________________

See notes on following page.

- 19 -

LEASING ACTIVITY (unaudited)

(Square feet in thousands)



	New York										555 California Street
	Office				Retail			theMART			555 California Street
Six Months Ended June 30, 2020
Total square feet leased	615				38			273			11
Our share of square feet leased:	588				36			273			8
Initial rent⁽¹⁾	$	84.88		⁽²⁾	$	236.93		$	48.64		$	105.66
Weighted average lease term (years)	5.9				5.9			9.3			3.0
Second generation relet space:
Square feet	357				31			268			8
GAAP basis:
Straight-line rent⁽³⁾	$	84.38		⁽²⁾	$	223.95		$	45.87		$	107.37
Prior straight-line rent	$	85.00			$	143.79		$	44.95		$	78.53
Percentage (decrease) increase	(0.7		)%		55.7		%	2.0		%	36.7		%
Cash basis (non-GAAP):
Initial rent⁽¹⁾	$	85.71		⁽²⁾	$	221.86		$	48.42		$	105.66
Prior escalated rent	$	83.09			$	149.61		$	49.16		$	85.39
Percentage increase (decrease)	3.2		%		48.3		%	(1.5		)%	23.7		%
Tenant improvements and leasing commissions:
Per square foot	$	51.62			$	193.98		$	40.84		$	8.57
Per square foot per annum	$	8.75			$	32.88		$	4.39		$	2.86
Percentage of initial rent	10.3		%		13.9		%	9.0		%	2.7		%

________________________________


(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)	Excludes the rent on 174,000 square feet as the starting rent will be determined in 2021 based on fair market value.


(3)	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.

- 20 -



LEASE EXPIRATIONS (unaudited) NEW YORK SEGMENT

	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases⁽¹⁾		Weighted Average Annual Rent of Expiring Leases				Percentage of Annualized Escalated Rent
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases⁽¹⁾		Total		Per Sq. Ft.		Percentage of Annualized Escalated Rent
Office:	Month to Month	63,000		$	4,315,000	$	68.49	0.4	%

	Third Quarter 2020	213,000		18,158,000		85.25		1.6	%
	Fourth Quarter 2020	146,000		11,373,000		77.90		1.0	%
	Total 2020	359,000		29,531,000		82.26		2.6	%
	First Quarter 2021	280,000		19,721,000		70.43		1.8	%
	Second Quarter 2021	363,000		33,812,000		93.15		3.0	%
	Remaining 2021	311,000		21,794,000		70.08		1.9	%
	2022	655,000		43,925,000		67.06		3.9	%
	2023	1,869,000	⁽²⁾	165,839,000		88.73		14.7	%
	2024	1,462,000		119,773,000		81.92		10.6	%
	2025	839,000		67,986,000		81.03		6.0	%
	2026	1,398,000		103,150,000		73.78		9.2	%
	2027	1,131,000		82,349,000		72.81		7.3	%
	2028	916,000		64,899,000		70.85		5.8	%
	2029	683,000		55,190,000		80.81		4.9	%
	2030	768,000		54,866,000		71.44		4.9	%
	Thereafter	3,709,000		258,570,000		69.71		23.0	%

Retail:	Month to Month	29,000		$	3,294,000	$	113.59	1.2	%

	Third Quarter 2020	1,000		287,000		287.00		0.1	%
	Fourth Quarter 2020	32,000		7,966,000		248.94		2.9	%
	Total 2020	33,000		8,253,000		250.09		3.0	%
	First Quarter 2021	125,000		12,808,000		102.46		4.6	%
	Second Quarter 2021	20,000		1,921,000		96.05		0.7	%
	Remaining 2021	55,000		5,794,000		105.35		2.1	%
	2022	15,000		4,772,000		318.13		1.7	%
	2023	49,000		25,022,000		510.65		9.0	%
	2024	203,000		42,791,000		210.79		15.4	%
	2025	37,000		12,623,000		341.16		4.6	%
	2026	70,000		25,390,000		362.71		9.2	%
	2027	30,000		22,060,000		735.33		7.9	%
	2028	23,000		12,198,000		530.35		4.4	%
	2029	46,000		19,867,000		431.89		7.2	%
	2030	159,000		20,388,000		128.23		7.4	%
	Thereafter	299,000		59,929,000		200.43		21.6	%

________________________________


(1)	Excludes storage, vacancy and other.


(2)	Assumes U.S. Post Office exercises lease renewal options at 909 Third Avenue for which the annual escalated rent is $13.89 per square foot on their 492,000 square feet space.

- 21 -



LEASE EXPIRATIONS (unaudited) theMART

	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases⁽¹⁾	Weighted Average Annual Rent of Expiring Leases				Percentage of Annualized Escalated Rent
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases⁽¹⁾	Total		Per Sq. Ft.		Percentage of Annualized Escalated Rent
Office / Showroom / Retail:	Month to Month	12,000	$	700,000	$	58.33	0.4	%

	Third Quarter 2020	44,000	2,436,000		55.36		1.5	%
	Fourth Quarter 2020	33,000	1,690,000		51.21		1.0	%
	Total 2020	77,000	4,126,000		53.58		2.5	%
	First Quarter 2021	60,000	2,682,000		44.70		1.7	%
	Second Quarter 2021	22,000	1,262,000		57.36		0.8	%
	Remaining 2021	221,000	10,687,000		48.36		6.6	%
	2022	451,000	22,582,000		50.07		13.9	%
	2023	294,000	15,278,000		51.97		9.4	%
	2024	343,000	17,271,000		50.35		10.7	%
	2025	339,000	18,445,000		54.41		11.4	%
	2026	303,000	15,087,000		49.79		9.3	%
	2027	147,000	7,296,000		49.63		4.5	%
	2028	642,000	28,337,000		44.14		17.6	%
	2029	73,000	3,466,000		47.48		2.1	%
	2030	5,000	313,000		62.60		0.2	%
	Thereafter	317,000	14,400,000		45.43		8.9	%

________________________________

(1) Excludes storage, vacancy and other.

- 22 -



LEASE EXPIRATIONS (unaudited) 555 California Street

	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases⁽¹⁾	Weighted Average Annual Rent of Expiring Leases				Percentage of Annualized Escalated Rent
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases⁽¹⁾	Total		Per Sq. Ft.		Percentage of Annualized Escalated Rent
Office / Retail:	Month to Month	—	$	—	$	—	0.0	%

	Third Quarter 2020	—	—		—		0.0	%
	Fourth Quarter 2020	7,000	673,000		96.14		0.7	%
	Total 2020	7,000	673,000		96.14		0.7	%
	First Quarter 2021	1,000	95,000		95.00		0.1	%
	Second Quarter 2021	19,000	1,088,000		57.26		1.1	%
	Remaining 2021	79,000	6,155,000		77.91		6.1	%
	2022	36,000	2,978,000		82.72		3.0	%
	2023	133,000	10,094,000		75.89		10.0	%
	2024	61,000	5,746,000		94.20		5.7	%
	2025	436,000	34,355,000		78.80		34.1	%
	2026	140,000	11,243,000		80.31		11.2	%
	2027	65,000	5,735,000		88.23		5.7	%
	2028	20,000	1,548,000		77.40		1.5	%
	2029	74,000	7,052,000		95.30		7.0	%
	2030	110,000	10,491,000		95.37		10.4	%
	Thereafter	55,000	3,385,000		61.55		3.4	%

________________________________

(1) Excludes storage, vacancy and other.

- 23 -



TRAILING TWELVE MONTH PRO-FORMA CASH NET OPERATING INCOME AT SHARE (unaudited)
(Amounts in thousands)
	For the Trailing Twelve Months Ended June 30, 2020								For the Trailing Twelve Months Ended March 31, 2020
	NOI at Share - Cash Basis		Adjustments				Pro Forma NOI at Share - Cash Basis		Pro Forma NOI at Share - Cash Basis
Office:
New York	$	718,031	$	(24,163	)	⁽¹⁾	$	693,868	$	689,236
theMART	91,704		—				91,704		105,923
555 California Street	60,256		—				60,256		60,846
Total Office	869,991		(24,163		)		845,828		856,005
New York - Retail	207,947		(9,084		)	⁽²⁾	198,863		216,106
New York - Residential	22,183		—				22,183		21,982
	$	1,100,121	$	(33,247	)		$	1,066,874	$	1,094,093

________________________________


(1)	Adjustment to deduct $23,874 of BMS NOI and $289 of 330 Madison Avenue NOI (sold on July 11, 2019).


(2)	Adjusting for Topshop at 608 Fifth Avenue and 478-486 Broadway and the sale of 3040 M Street.

- 24 -



CAPITAL STRUCTURE (unaudited)
(Amounts in thousands, except per share and per unit amounts)
				As of June 30, 2020
Debt (contractual balances) (non-GAAP):
Consolidated debt ⁽¹⁾:
Mortgages payable				$	5,662,657
Senior unsecured notes				450,000
$800 Million unsecured term loan				800,000
$2.75 Billion unsecured revolving credit facilities				1,075,000
				7,987,657
Pro rata share of debt of non-consolidated entities⁽²⁾				2,854,867
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)				(484,068		)
				10,358,456			(A)

	Shares/Units	Liquidation Preference
Perpetual Preferred:
5.00% preferred unit (D-16) (1 unit @ $1,000,000 per unit)				1,000
3.25% preferred units (D-17) (141,400 units @ $25 per unit)				3,535
5.70% Series K preferred shares	12,000	$	25.00	300,000
5.40% Series L preferred shares	12,000	25.00		300,000
5.25% Series M preferred shares	12,780	25.00		319,500
				924,035			(B)

	Converted Shares	June 30, 2020 Common Share Price
Equity:
Common shares	191,151	$	38.21	7,303,880
Class A units	12,423	38.21		474,683
Convertible share equivalents:
Equity awards - unit equivalents	1,350	38.21		51,584
D-13 preferred units	1,222	38.21		46,693
G1-G4 units	87	38.21		3,324
Series A preferred shares	27	38.21		1,032
				7,881,196			(C)
Total Market Capitalization (A+B+C)				$	19,163,687

________________________________


(1)	See reconciliation of consolidated debt, net (GAAP) to contractual debt (non-GAAP) on page xiv in the Appendix.


(2)	Our pro rata share of debt of non-consolidated entities is net of our $16,200 share of Alexander's participation in its Rego Park II shopping center mortgage loan which is considered partially extinguished as the participation interest is a reacquisition of debt.

- 25 -



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):

		Second Quarter 2020		First Quarter 2020			Fourth Quarter 2019				Third Quarter 2019
High price	$	45.96		$	68.68		$	67.95			$	66.72
Low price	$	30.31		$	27.64		$	61.78			$	58.60
Closing price - end of quarter	$	38.21		$	36.21		$	66.50			$	63.67

Annualized quarterly dividend per share	$	2.64		$	2.64		$	2.64			$	2.64
Special dividend		—			—			1.95		⁽¹⁾		—
Total	$	2.64		$	2.64		$	4.59			$	2.64

Annualized dividend yield - on closing price:
Quarterly dividends		6.9	%		7.3	%		4.0	%			4.1	%
Total		6.9	%		7.3	%		6.9	%			4.1	%

Outstanding shares, Class A units and convertible preferred units as converted (in thousands)		206,260			206,280			205,076				205,024

Closing market value of outstanding shares, Class A units and convertible preferred units as converted	$	7.9 Billion		$	7.5 Billion		$	13.6 Billion			$	13.1 Billion

________________________________


(1)	On December 18, 2019, Vornado's Board of Trustees declared a special dividend of $1.95 per share to common shareholders of record on December 30, 2019.

- 26 -



DEBT ANALYSIS (unaudited)
(Amounts in thousands)
	As of June 30, 2020
	Total				Variable				Fixed
(Contractual debt balances) (non-GAAP)	Amount			Weighted Average Interest Rate	Amount			Weighted Average Interest Rate	Amount			Weighted Average Interest Rate
Consolidated debt⁽¹⁾	$	7,987,657		2.97%	$	2,197,797		1.42%	$	5,789,860		3.56%
Pro rata share of debt of non-consolidated entities⁽²⁾	2,854,867			2.81%	1,493,887			1.80%	1,360,980			3.93%
Total	10,842,524			2.93%	3,691,684			1.57%	7,150,840			3.63%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)	(484,068		)		(36,050		)		(448,018		)
Company's pro rata share of total debt	$	10,358,456		2.89%	$	3,655,634		1.57%	$	6,702,822		3.61%



Debt Covenant Ratios:⁽³⁾	Senior Unsecured Notes due 2025		Unsecured Revolving Credit Facilities and Unsecured Term Loan
	Senior Unsecured Notes due 2025
	Required	Actual	Required	Actual
Total outstanding debt/total assets⁽⁴⁾	Less than 65%	44%	Less than 60%	32%
Secured debt/total assets	Less than 50%	30%	Less than 50%	23%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50	2.60		N/A
Fixed charge coverage		N/A	Greater than 1.40	2.73
Unencumbered assets/unsecured debt	Greater than 150%	394%		N/A
Unsecured debt/cap value of unencumbered assets		N/A	Less than 60%	16%
Unencumbered coverage ratio		N/A	Greater than 1.50	5.55



Unencumbered EBITDA (non-GAAP):⁽⁴⁾	Q2 2020
	Annualized
New York	$	225,400
Other	7,304
Total	$	232,704

________________________________


(1)	See reconciliation of consolidated debt, net (GAAP) to contractual debt (non-GAAP) on page xiv in the Appendix.


(2)	Our pro rata share of debt of non-consolidated entities is net of our $16,200 share of Alexander's participation in its Rego Park II shopping center mortgage loan which is considered partially extinguished as the participation interest is a reacquisition of debt.

(3)

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.


(4)	Total assets include EBITDA capped at 7.5% under the senior unsecured notes due 2022, 7.0% under the senior unsecured notes due 2025 and 6.0% under the unsecured revolving credit facilities and

unsecured term loan.

- 27 -



DEBT MATURITIES (CONTRACTUAL BALANCES) (NON-GAAP) (unaudited)
(Amounts in thousands)
Property	Maturity Date ⁽¹⁾	Spread over LIBOR	Interest Rate		2020			2021			2022			2023			2024			Thereafter			Total
PENN11	12/20		3.95%		$	443,600		$	—		$	—		$	—		$	—		$	—		$	443,600
Borgata Land	02/21		5.14%		—			52,867			—			—			—			—			52,867
770 Broadway	03/21		2.56%	₍₂₎	—			700,000			—			—			—			—			700,000
909 Third Avenue	05/21		3.91%		—			350,000			—			—			—			—			350,000
555 California Street	09/21		5.10%		—			543,393			—			—			—			—			543,393
theMART	09/21		2.70%		—			675,000			—			—			—			—			675,000
1290 Avenue of the Americas	11/22		3.34%		—			—			950,000			—			—			—			950,000
$1.25 Billion unsecured revolving credit facility	01/23	L+100	—%		—			—			—			—			—			—			—
$800 Million unsecured term loan	02/24		3.70%	(3)	—			—			—			—			800,000			—			800,000
435 Seventh Avenue - retail	02/24	L+130	1.47%		—			—			—			—			95,696			—			95,696
$1.5 Billion unsecured revolving credit facility	03/24	L+90	1.09%		—			—			—			—			1,075,000			—			1,075,000
150 West 34th Street	05/24	L+188	2.05%		—			—			—			—			205,000			—			205,000
606 Broadway	09/24	L+180	1.98%		—			—			—			—			72,101			—			72,101
33-00 Northern Boulevard	01/25		4.14%	(4)	—			—			—			—			—			100,000			100,000
Senior unsecured notes due 2025	01/25		3.50%		—			—			—			—			—			450,000			450,000
4 Union Square South - retail	08/25	L+140	1.57%		—			—			—			—			—			120,000			120,000
888 Seventh Avenue	12/25		3.25%	(5)	—			—			—			—			—			375,000			375,000
100 West 33rd Street - office and retail	04/26	L+155	1.72%		—			—			—			—			—			580,000			580,000
350 Park Avenue	01/27		3.92%		—			—			—			—			—			400,000			400,000
					$	443,600		$	2,321,260		$	950,000		$	—		$	2,247,797		$	2,025,000		$	7,987,657

Weighted average rate					3.95		%	3.46		%	3.34		%	—		%	2.15		%	2.95		%	2.97		%

Fixed rate debt					$	443,600		$	2,321,260		$	950,000		$	—		$	750,000		$	1,325,000		$	5,789,860
Fixed weighted average rate expiring					3.95		%	3.46		%	3.34		%	—		%	3.87		%	3.60		%	3.56		%
Floating rate debt					$	—		$	—		$	—		$	—		$	1,497,797		$	700,000		$	2,197,797
Floating weighted average rate expiring					—		%	—		%	—		%	—		%	1.29		%	1.70		%	1.42		%

________________________________


(1)	Represents the extended maturity for certain loans in which we have the unilateral right to extend.


(2)	Pursuant to an existing swap agreement, the loan bears interest at 2.56% through September 2020. The rate was swapped from LIBOR plus 1.75% (1.93% as of June 30, 2020).


(3)	Pursuant to an existing swap agreement, $750,000 of the loan bears interest at a fixed rate of 3.87% through October 2023, and the balance of $50,000 floats at a rate of LIBOR plus 1.00% (1.18% as of June 30, 2020). The entire $800,000 will float thereafter for the duration of the loan.


(4)	Pursuant to an existing swap agreement, the loan bears interest at 4.14% through January 2025. The rate was swapped from LIBOR plus 1.80% (1.99% as of June 30, 2020).


(5)	Pursuant to an existing swap agreement, the loan bears interest at 3.25% through December 2020. The rate was swapped from LIBOR plus 1.70% (1.88% as of June 30, 2020).

- 28 -



UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
Joint Venture Name	Asset Category	Percentage Ownership at June 30, 2020	Company's Carrying Amount				Company's Pro rata Share of Debt⁽¹⁾			100% of Joint Venture Debt⁽¹⁾		Maturity Date⁽²⁾	Spread over LIBOR	Interest Rate
Fifth Avenue and Times Square JV	Retail/Office	51.5%	$	2,955,957			$	461,461		$	950,000	Various	Various	Various

Alexander's	Office/Retail	32.4%	89,499				363,056		⁽³⁾	1,120,544		Various	Various	Various

Partially owned office buildings/land:
One Park Avenue	Office/Retail	55.0%	140,833				165,000			300,000		03/21	L+175	1.93%
280 Park Avenue	Office/Retail	50.0%	100,307				600,000			1,200,000		09/24	L+173	1.91%
650 Madison Avenue	Office/Retail	20.1%	99,495				161,024			800,000		12/29	N/A	3.49%
512 West 22nd Street	Office/Retail	55.0%	59,415				63,225			114,954		06/24	L+200	2.18%
West 57th Street properties	Office/Retail/Land	50.0%	42,851				10,000			20,000		12/22	L+160	1.77%
825 Seventh Avenue	Office	50.0%	9,855				18,219			36,438		07/23	L+165	1.84%
61 Ninth Avenue	Office/Retail	45.1%	3,909				75,543			167,500		01/26	L+135	1.53%
Other	Office/Retail	Various	4,102				17,465			50,150		Various	Various	Various

Other equity method investments:
Independence Plaza	Residential/Retail	50.1%	65,120				338,175			675,000		07/25	N/A	4.25%
Rosslyn Plaza	Office/Residential	43.7% to 50.4%	32,009				19,340			38,364		06/22	L+195	2.12%
Other	Various	Various	45,299				91,484			575,865		Various	Various	Various
			$	3,648,651			$	2,383,992		$	6,048,815

7 West 34th Street	Office/Retail	53.0%	(52,549		)	⁽⁴⁾	159,000			300,000		06/26	N/A	3.65%
85 Tenth Avenue	Office/Retail	49.9%	(9,188		)	⁽⁴⁾	311,875			625,000		12/26	N/A	4.55%
			$	(61,737	)		$	470,875		$	925,000

________________________________


(1)	Represents the contractual debt obligations. All amounts are non-recourse to us except the $300,000 mortgage loan on 7 West 34th Street and the $500,000 mortgage loan on 640 Fifth Avenue, included in Fifth Avenue and Times Square JV.


(2)	Represents the extended maturity for certain loans in which we have the unilateral right to extend.


(3)	Net of our $16,200 share of Alexander's participation in its Rego Park II shopping center mortgage loan which is considered partially extinguished as the participation interest is a reacquisition of debt.


(4)	Our negative basis results from distributions in excess of our investment.

- 29 -



UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)

	Percentage Ownership at June 30, 2020	Our Share of Net Income (Loss) for the Three Months Ended June 30,							Our Share of NOI (non-GAAP) for the Three Months Ended June 30,
	Percentage Ownership at June 30, 2020	2020				2019			2020			2019
Joint Venture Name
New York:
Fifth Avenue and Times Square JV⁽¹⁾:
Non-cash impairment loss		$	(306,326	)		$	—		$	—		$	—
Return on preferred equity, net of our share of the expense		9,330				8,586			—			—
Equity in net income	51.5%	441			⁽²⁾	11,217			26,481			31,186
		(296,555		)		19,803			26,481			31,186
Alexander's	32.4%	3,929				3,597			8,331			11,108
85 Tenth Avenue	49.9%	(1,821		)		742			3,503			4,821
One Park Avenue	55.0%	1,596				1,490			4,273			5,203
7 West 34th Street	53.0%	1,081				771			3,591			3,281
280 Park Avenue	50.0%	1,074				(4,647		)	9,381			7,542
512 West 22nd Street	55.0%	(911		)		(36		)	772			698
61 Ninth Avenue	45.1%	659				338			1,644			1,697
650 Madison Avenue	20.1%	(524		)		(747		)	2,759			2,952
West 57th Street properties	50.0%	(349		)		(92		)	(81		)	252
Independence Plaza	50.1%	(329		)		(342		)	5,323			6,818
330 Madison Avenue⁽³⁾	N/A	—				707			—			2,762
Other, net	Various	(209		)		(463		)	1,074			850
		(292,359		)		21,121			67,051			79,170

Other:
Alexander's corporate fee income	32.4%	1,222				1,122			636			540
Rosslyn Plaza	43.7% to 50.4%	74				268			1,194			1,449
Other, net	Various	(810		)		362			606			1,815
		486				1,752			2,436			3,804

Total		$	(291,873	)		$	22,873		$	69,487		$	82,974

________________________________


(1)	Entered into on April 18, 2019.


(2)	The decrease in our share of net income was primarily due to (i) $4,737 of write-offs of lease receivables deemed uncollectible during the second quarter of 2020 and (ii) a $4,360 reduction in income related to a Forever 21 lease modification at 1540 Broadway.


(3)	Sold on July 11, 2019.

- 30 -



UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)

	Percentage Ownership at June 30, 2020	Our Share of Net Income (Loss) for the Six Months Ended June 30,							Our Share of NOI (non-GAAP) for the Six Months Ended June 30,
	Percentage Ownership at June 30, 2020	2020				2019			2020		2019
Joint Venture Name
New York:
Fifth Avenue and Times Square JV⁽¹⁾:
Non-cash impairment loss		$	(306,326	)		$	—		$	—	$	—
Return on preferred equity, net of our share of the expense		18,496				8,586			—		—
Equity in net income	51.5%	5,937			⁽²⁾	11,217			59,695		31,186
		(281,893		)		19,803			59,695		31,186
Alexander's	32.4%	5,345				9,314			18,823		22,430
One Park Avenue	55.0%	3,448				3,147			9,249		10,496
85 Tenth Avenue	49.9%	(2,811		)		563			8,316		9,968
7 West 34th Street	53.0%	2,104				1,798			7,144		6,807
61 Ninth Avenue	45.1%	1,459				460			3,613		2,710
650 Madison Avenue	20.1%	(896		)		(1,901		)	5,593		5,410
512 West 22nd Street	55.0%	(849		)		(78		)	1,757		1,424
West 57th Street properties	50.0%	(584		)		(192		)	8		510
280 Park Avenue	50.0%	247				(6,485		)	18,137		17,090
Independence Plaza	50.1%	(164		)		(228		)	11,062		13,717
330 Madison Avenue⁽³⁾	N/A	—				1,288			—		5,401
Other, net	Various	(461		)		(963		)	2,062		1,596
		(275,055		)		26,526			145,459		128,745

Other:
Alexander's corporate fee income	32.4%	2,482				2,179			1,306		1,016
Rosslyn Plaza	43.7% to 50.4%	238				402			2,478		2,785
UE⁽⁴⁾	N/A	—				773			—		4,902
PREIT⁽⁵⁾	N/A	—				51			—		9,824
Other, net	Various	(435		)		262			2,125		3,104
		2,285				3,667			5,909		21,631

Total		$	(272,770	)		$	30,193		$	151,368	$	150,376

____________________


(1)	Entered into on April 18, 2019.


(2)	The decrease in our share of net income was primarily due to (i) $4,737 of write-offs of lease receivables deemed uncollectible during the second quarter of 2020 and (ii) a $4,360 reduction in income related to a Forever 21 lease modification at 1540 Broadway.


(3)	Sold on July 11, 2019.


(4)	Sold on March 4, 2019.


(5)	On March 12, 2019, we converted all of our PREIT operating partnership units into common shares and began accounting for our investment as a marketable security and on January 23, 2020, we sold all of our common shares.

- 31 -



PENN DISTRICT
ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF JUNE 30, 2020 (unaudited)
(Amounts in thousands of dollars, except square feet)
		Property Rentable Sq. Ft.								Projected Incremental Cash Yield
Active Penn District Projects	Segment	Property Rentable Sq. Ft.	Budget⁽¹⁾		Amount Expended		Remainder to be Expended		Stabilization Year	Projected Incremental Cash Yield
Farley (95% interest)	New York	844,000	1,030,000	⁽²⁾	622,844	⁽³⁾	407,156		2022	7.4%
PENN2 - as expanded⁽⁴⁾	New York	1,795,000	750,000		69,686		680,314		2024	8.4%
PENN1⁽⁵⁾	New York	2,545,000	325,000		112,089		212,911		N/A	13.5%⁽⁵⁾⁽⁶⁾
Districtwide Improvements	New York	N/A	100,000		8,735		91,265		N/A	N/A
Total Active Penn District Projects			2,205,000		813,354		1,391,646	⁽⁷⁾		8.3%

________________________________


(1)	Excluding debt and equity carry.


(2)	Net of 135,000 of historic tax credit investor contributions, of which 88,000 has been funded to date (at our 95% share).


(3)	The amount expended has been increased by 60,338 of expenditures and reduced by 88,000 of historic tax credit investor contributions for the three months ended June 30, 2020.


(4)	PENN2 (including signage) estimated impact on cash basis NOI and FFO of square feet taken out of service:



	2020		2021		2022
Square feet out of service at end of year	1,140,000		1,190,000		1,200,000
Year-over-year reduction in Cash Basis NOI⁽ⁱ⁾	(25,000	)	(14,000	)	—
Year-over-year reduction in FFO⁽ⁱⁱ⁾	(19,000	)	—		—

________________________________

(i) After capitalization of real estate taxes and operating expenses on space out of service.

(ii) Net of capitalized interest on space out of service under redevelopment.


(5)	Property is ground leased through 2098, as fully extended. Fair market value resets occur in 2023, 2048 and 2073. The 13.5% projected return is before the ground rent reset in 2023, which may be material.


(6)	Achieved as existing leases roll; average remaining lease term 4.9 years.


(7)	Expected to be funded from 220 CPS net sales proceeds and existing cash.

- 32 -

OTHER DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF JUNE 30, 2020 (unaudited)

(Amounts in thousands of dollars, except square feet)

Property
Rentable
Sq. Ft.

Stabilization Year

Other Active Projects

Segment

Budget

Amount
Expended

Remainder to be Expended

220 CPS - residential condominiums

Other

397,000

1,450,000

1,419,000

⁽¹⁾

31,000

N/A

345 Montgomery Street (555 California Street) (70% interest)

Other

78,000

46,000

37,969

8,031

2021

825 Seventh Avenue - office (50% interest)

New York

165,000

15,000

12,602

2,398

2021

Total Other Projects

1,511,000

1,469,571

41,429

Future Opportunities

Segment

Property
Zoning
Sq. Ft.

Penn District - multiple opportunities - office/residential/retail

New York

Hotel Pennsylvania

New York

2,052,000

260 Eleventh Avenue - office⁽²⁾

New York

280,000

Undeveloped Land

29, 31, 33 West 57th Street (50% interest)

New York

150,000

484, 486 Eighth Avenue and 265, 267 West 34th Street

New York

125,000

527 West Kinzie, Chicago

Other

330,000

Rego Park III (32.4% interest)

New York

Total undeveloped land

605,000

____________________


(1)	Excludes land and acquisition costs of 515,426.


(2)	The building is subject to a ground lease which expires in 2114.

There can be no assurance that the above projects will be completed, completed on schedule or within budget.

- 33 -



CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
CONSOLIDATED
(Amounts in thousands)
	Six Months Ended		Year Ended December 31,
	June 30, 2020		2019		2018
Amounts paid for capital expenditures:
Expenditures to maintain assets	$	34,335	$	93,226	$	92,386
Tenant improvements	35,756		98,261		100,191
Leasing commissions	15,360		18,229		33,254
Recurring tenant improvements, leasing commissions and other capital expenditures	85,451		209,716		225,831
Non-recurring capital expenditures	11,772		30,374		43,135
Total capital expenditures and leasing commissions	$	97,223	$	240,090	$	268,966


	Six Months Ended		Year Ended December 31,
	June 30, 2020		2019		2018
Amounts paid for development and redevelopment expenditures:
Farley Office and Retail	$	127,998	$	265,455	$	18,995	⁽¹⁾
220 CPS	62,450		181,177		295,827
PENN1	48,565		51,168		8,856
PENN2	44,810		28,719		16,288
345 Montgomery Street	9,775		29,441		18,187
Other	25,696		93,096		60,033
	$	319,294	$	649,056	$	418,186

________________________________


(1)	Includes amounts paid for development from October 30, 2018, the date of consolidation of Farley Office and Retail.

- 34 -



CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
NEW YORK SEGMENT
(Amounts in thousands)

	Six Months Ended		Year Ended December 31,
	June 30, 2020		2019		2018
Amounts paid for capital expenditures:
Expenditures to maintain assets	$	28,900	$	80,416	$	70,954
Tenant improvements	30,001		84,870		76,187
Leasing commissions	11,415		16,316		29,435
Recurring tenant improvements, leasing commissions and other capital expenditures	70,316		181,602		176,576
Non-recurring capital expenditures	11,767		28,269		31,381
Total capital expenditures and leasing commissions	$	82,083	$	209,871	$	207,957


	Six Months Ended		Year Ended December 31,
	June 30, 2020		2019		2018
Amounts paid for development and redevelopment expenditures:
Farley Office and Retail	$	127,998	$	265,455	$	18,995	⁽¹⁾
PENN1	48,565		51,168		8,856
PENN2	44,810		28,719		16,288
Other	23,877		86,593		44,976
	$	245,250	$	431,935	$	89,115

________________________________


(1)	Includes amounts paid for development from October 30, 2018, the date of consolidation of Farley Office and Retail.

- 35 -



CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
theMART
(Amounts in thousands)
	Six Months Ended		Year Ended December 31,
	June 30, 2020		2019		2018
Amounts paid for capital expenditures:
Expenditures to maintain assets	$	4,443	$	9,566	$	13,282
Tenant improvements	3,624		9,244		15,106
Leasing commissions	3,173		827		459
Recurring tenant improvements, leasing commissions and other capital expenditures	11,240		19,637		28,847
Non-recurring capital expenditures	5		332		260
Total capital expenditures and leasing commissions	$	11,245	$	19,969	$	29,107


	Six Months Ended		Year Ended December 31,
	June 30, 2020		2019		2018
Amounts paid for development and redevelopment expenditures:
Common area enhancements	$	1,135	$	476	$	51
Other	673		1,846		10,739
	$	1,808	$	2,322	$	10,790

- 36 -



CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
555 CALIFORNIA STREET
(Amounts in thousands)

	Six Months Ended		Year Ended December 31,
	June 30, 2020		2019		2018
Amounts paid for capital expenditures:
Expenditures to maintain assets	$	992	$	3,244	$	8,150
Tenant improvements	2,131		4,147		8,898
Leasing commissions	772		1,086		3,360
Recurring tenant improvements, leasing commissions and other capital expenditures	3,895		8,477		20,408
Non-recurring capital expenditures	—		1,773		11,494
Total capital expenditures and leasing commissions	$	3,895	$	10,250	$	31,902


	Six Months Ended		Year Ended December 31,
	June 30, 2020		2019		2018
Amounts paid for development and redevelopment expenditures:
345 Montgomery Street	$	9,775	$	29,441	$	18,187
Other	—		3,896		445
	$	9,775	$	33,337	$	18,632

- 37 -



CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
OTHER
(Amounts in thousands)

	Six Months Ended		Year Ended December 31,
	June 30, 2020		2019		2018
Amounts paid for development and redevelopment expenditures:
220 CPS	$	62,450	$	181,177	$	295,827
Other	11		285		3,822
	$	62,461	$	181,462	$	299,649

- 38 -



SQUARE FOOTAGE (unaudited)
(Square feet in thousands)
		At Vornado's Share
	At 100%		Under Development or Not Available for Lease	In Service
	At 100%	Total	Under Development or Not Available for Lease	Office	Retail	Showroom	Other
Segment:
New York:
Office	20,581	17,515	1,891	15,441	—	183	—
Retail	2,690	2,208	407	—	1,801	—	—
Residential - 1,677 units	1,526	793	—	—	—	—	793
Alexander's (32.4% interest), including 312 residential units	2,449	793	63	298	350	—	82
Hotel Pennsylvania (temporarily closed since April 1, 2020)	1,400	1,400	1,400	—	—	—	—
	28,646	22,709	3,761	15,739	2,151	183	875

Other:
theMART	3,900	3,891	75	2,045	105	1,317	349
555 California Street (70% interest)	1,819	1,273	55	1,185	33	—	—
Other	2,837	1,339	184	212	832	—	111
	8,556	6,503	314	3,442	970	1,317	460

Total square feet at June 30, 2020	37,202	29,212	4,075	19,181	3,121	1,500	1,335

Total square feet at March 31, 2020	37,311	29,333	2,227	19,677	3,193	1,500	2,736

Parking Garages (not included above):	Square Feet	Number of Garages	Number of Spaces
New York	1,669	10	4,875
theMART	558	4	1,637
555 California Street	168	1	453
Rosslyn Plaza	411	4	1,094
Total at June 30, 2020	2,806	19	8,059

- 39 -



TOP 30 TENANTS (unaudited)
(Amounts in thousands, except square feet)



Tenants	Square Footage At Share⁽¹⁾	Annualized Revenues At Share (non-GAAP)⁽¹⁾		% of Annualized Revenues At Share (non-GAAP)⁽²⁾
Facebook	757,653	$	78,330	4.6	%
IPG and affiliates	967,552	65,822		3.9	%
Bloomberg L.P.	303,147	39,139		2.3	%
Google/Motorola Mobility (guaranteed by Google)	728,483	36,033		2.1	%
Equitable	336,646	35,389		2.1	%
Verizon Media Group	327,138	32,544		1.9	%
Swatch Group USA⁽³⁾	14,950	30,835		1.8	%
Amazon (including its Whole Foods subsidiary)	310,272	29,839		1.8	%
LVMH Brands	77,585	26,669		1.6	%
The City of New York	582,545	25,781		1.5	%
Neuberger Berman Group LLC	306,611	25,207		1.5	%
Madison Square Garden & Affiliates	409,215	24,768		1.5	%
Macy's	366,876	24,339		1.4	%
AMC Networks, Inc.	326,061	23,885		1.4	%
Bank of America	247,460	22,768		1.3	%
New York University	347,948	20,885		1.3	%
Victoria's Secret (guaranteed by L Brands, Inc.)⁽³⁾	33,164	18,101		1.2	%
PwC	241,196	17,937		1.1	%
Ziff Brothers Investments, Inc.	147,476	16,501		1.1	%
U.S. Government	578,711	14,668		1.0	%
Fast Retailing (Uniqlo)⁽³⁾	47,181	13,510		0.9	%
Apple	220,229	13,214		0.8	%
Cushman & Wakefield	127,314	13,041		0.8	%
Citadel	119,421	11,942		0.8	%
New York & Company, Inc.⁽⁴⁾	193,140	11,274		0.7	%
Hollister⁽³⁾	11,306	11,170		0.7	%
Foot Locker	149,987	10,884		0.7	%
Manufacturers & Traders Trust	102,622	10,776		0.6	%
Forest Laboratories	168,673	10,594		0.6	%
Kirkland & Ellis LLP	106,752	10,527		0.6	%
				43.6	%

________________________________


(1)	Includes leases not yet commenced.


(2)	See reconciliation of our annualized revenue at share on page xiv in the Appendix.


(3)	Tenant annualized revenues adjusted to reflect the transfer of the 45.4% interest in Fifth Avenue and Times Square JV.


(4)	Filed for Chapter 11 bankruptcy on July 13, 2020.

- 40 -



OCCUPANCY (unaudited)

	New York			theMART		555 California Street
Occupancy rate at:
June 30, 2020	95.2	%	⁽¹⁾	91.4	%	99.0	%
March 31, 2020	96.7	%		91.9	%	99.8	%
December 31, 2019	96.7	%		94.6	%	99.8	%
June 30, 2019	96.5	%		94.8	%	99.5	%

_______________________________

(1) Excludes the JCPenney lease at Manhattan Mall for 154,000 square feet which was rejected effective July 31, 2020 as part of its Chapter 11 bankruptcy filing.



RESIDENTIAL STATISTICS in service (unaudited)

		Vornado's Ownership Interest
	Number of Units	Number of Units	Occupancy Rate	Average Monthly Rent Per Unit
New York:
June 30, 2020	1,989	953	89.9%	$3,858
March 31, 2020	1,990	954	96.1%	$3,919
December 31, 2019	1,991	955	97.0%	$3,889
June 30, 2019	1,995	959	95.9%	$3,837

- 41 -



GROUND LEASES (unaudited)
(Amounts in thousands)

Property	Current Annual Rent at Share			Next Option Renewal Date	Fully Extended Lease Expiration	Rent Increases and Other Information
Consolidated:
New York:
Farley (95% interest)		$	4,750	None	2116	None
PENN1:
Land		2,500		2023	2098	Three 25-year renewal options at fair market value ("FMV").
Long Island Railroad Concourse		1,824		2023	2098	Three 25-year renewal options. Rent increases at a rate based on the increase in gross income reduced by the increase in real estate taxes and operating expenses. The next rent increase occurs in 2028 and every ten years thereafter.
260 Eleventh Avenue		4,191		None	2114	Rent increases annually by the lesser of CPI or 1.5% compounded. We have a purchase option exercisable at a future date for $110,000 increased annually by the lesser of CPI or 1.5% compounded.
888 Seventh Avenue		3,350		2028	2067	Two 20-year renewal options at FMV.
Piers 92 & 94		2,000		2060	2110	Five 10-year renewal options. FMV resets upon exercise of first and fourth renewal options. Fixed rent increases every 5 years through initial term.
330 West 34th Street - 65.2% ground leased		1,906		2021	2149	Three 30-year and one 39-year renewal option at FMV.
909 Third Avenue		1,600		2041	2063	One 22-year renewal option at current annual rent.
962 Third Avenue (the Annex building to 150 East 58th Street) - 50.0% ground leased		666		None	2118	Rent resets every ten years to FMV.
Other:
Wayne Town Center		4,466		2035	2064	Two 10-year renewal options and one 9-year renewal option. Rent increases annually by the greater of CPI or 6%.
Annapolis		328		None	2042	Fixed rent increases to $650 per annum in 2022 and to $750 per annum in 2032.
Unconsolidated:
61 Ninth Avenue (45.1% interest)		3,240		None	2115	Rent increases in April 2021 and every three-years thereafter based on CPI, subject to a cap. In 2051, 2071 and 2096, rent resets based on the increase in the property's gross revenue net of real estate taxes, if greater than the CPI reset.
Flushing (Alexander's) (32.4% interest)		259		2027	2037	One 10-year renewal option at 90% of FMV.

- 42 -



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy			Weighted Average Escalated Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy			Weighted Average Escalated Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK:
Penn District:
PENN1
(ground leased through 2098)**													Cisco, WSP USA, Hartford Fire Insurance,
-Office	100.0	%	90.2	%		$	70.29	2,274,000	2,105,000	169,000			United Healthcare Services, Inc., Siemens Mobility
-Retail	100.0	%	68.6	%		303.52		271,000	97,000	174,000			Bank of America, Shake Shack, Starbucks
	100.0	%	89.4	%		76.56		2,545,000	2,202,000	343,000	$	—

PENN2
-Office	100.0	%	100.0	%		61.50		1,576,000	631,000	945,000			Madison Square Garden, EMC
-Retail	100.0	%	100.0	%		217.02		44,000	18,000	26,000			Chase Manhattan Bank
	100.0	%	100.0	%		65.90		1,620,000	649,000	971,000	575,000 ⁽³⁾

PENN11
													Madison Square Garden, AMC Networks, Inc., Information Builders, Inc.*,
-Office	100.0	%	100.0	%		66.84		1,113,000	1,113,000	—			Apple, Macy's
-Retail	100.0	%	95.2	%		138.42		40,000	40,000	—			PNC Bank National Association, Starbucks
	100.0	%	99.8	%		69.22		1,153,000	1,153,000	—	443,600

100 West 33rd Street
-Office	100.0	%	100.0	%		68.61		859,000	859,000	—	398,402		IPG and affiliates

Manhattan Mall
-Retail	100.0	%	32.3	%	⁽⁴⁾	113.91		256,000	256,000	—	181,598		Aeropostale, Express, Starbucks

330 West 34th Street
(65.2% ground leased through 2149)**													New York & Company, Inc., Structure Tone,
-Office	100.0	%	100.0	%		67.22		703,000	703,000	—			Deutsch, Inc., Web.com, Footlocker, Home Advisor, Inc.
-Retail	100.0	%	34.5	%		147.72		21,000	21,000	—			Starbucks
	100.0	%	98.6	%		67.81		724,000	724,000	—	50,150 ⁽⁵⁾

435 Seventh Avenue
-Retail	100.0	%	100.0	%		35.22		43,000	43,000	—	95,696		Forever 21

7 West 34th Street
-Office	53.0	%	100.0	%		73.38		458,000	458,000	—			Amazon
-Retail	53.0	%	89.3	%		369.29		19,000	19,000	—			Amazon, Lindt, Naturalizer (guaranteed by Caleres)
	53.0	%	99.6	%		84.20		477,000	477,000	—	300,000

431 Seventh Avenue
-Retail	100.0	%	100.0	%		296.31		10,000	10,000	—	—

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

138-142 West 32nd Street
-Retail	100.0	%	100.0	%		114.93		8,000	8,000	—	—

150 West 34th Street
-Retail	100.0	%	100.0	%		112.53		78,000	78,000	—	205,000		Old Navy

- 43 -



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾			Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾			Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Penn District (Continued):
137 West 33rd Street
-Retail	100.0	%	100.0	%	$	102.22		3,000	3,000	—	$	—

131-135 West 33rd Street
-Retail	100.0	%	100.0	%	55.71			23,000	23,000	—	—

Other (3 buildings)
-Retail	100.0	%	84.8	%	192.30			16,000	16,000	—	—

Total Penn District								7,821,000	6,501,000	1,320,000	2,249,446

Midtown East:
909 Third Avenue
(ground leased through 2063)**													IPG and affiliates, Forest Laboratories,
-Office	100.0	%	98.6	%	64.09		⁽⁶⁾	1,350,000	1,350,000	—	350,000		Geller & Company, Morrison Cohen LLP,
													United States Post Office, Thomson Reuters LLC, Sard Verbinnen

150 East 58th Street⁽⁷⁾
-Office	100.0	%	94.2	%	78.56			540,000	540,000	—			Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail	100.0	%	13.1	%	17.86			3,000	3,000	—
	100.0	%	93.9	%	78.51			543,000	543,000	—	—

715 Lexington Avenue
-Retail	100.0	%	100.0	%	256.44			22,000	10,000	12,000	—		Orangetheory Fitness*, Casper, Santander Bank

966 Third Avenue
-Retail	100.0	%	100.0	%	109.85			7,000	7,000	—	—		McDonald's

968 Third Avenue
-Retail	50.0	%	100.0	%	167.91			7,000	7,000	—	—		Wells Fargo

Total Midtown East								1,929,000	1,917,000	12,000	350,000

Midtown West:
888 Seventh Avenue
(ground leased through 2067)**													Axon Capital LP, Lone Star US Acquisitions LLC,
-Office	100.0	%	93.6	%	94.24			870,000	870,000	—			Vornado Executive Headquarters, United Talent Agency
-Retail	100.0	%	100.0	%	310.92			15,000	15,000	—			Redeye Grill L.P.
	100.0	%	93.6	%	96.31			885,000	885,000	—	375,000

57th Street - 2 buildings
-Office	50.0	%	77.4	%	59.69			81,000	81,000	—
-Retail	50.0	%	100.0	%	150.51			22,000	22,000	—
	50.0	%	81.2	%	78.33			103,000	103,000	—	20,000

Total Midtown West								988,000	988,000	—	395,000

- 44 -



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Square Feet				Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Total Property		In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Park Avenue:
280 Park Avenue													Cohen & Steers Inc., Franklin Templeton Co. LLC,
-Office	50.0	%	97.9	%	$	104.10	1,234,000		1,234,000	—			PJT Partners, Investcorp International Inc., GIC Inc., Wells Fargo
-Retail	50.0	%	100.0	%	79.14		28,000		28,000	—			Scottrade Inc., Starbucks, Fasano Restaurant
	50.0	%	98.0	%	103.54		1,262,000		1,262,000	—	$	1,200,000

350 Park Avenue													Kissinger Associates Inc., Ziff Brothers Investment Inc., Citadel*,
-Office	100.0	%	96.6	%	110.90		554,000		554,000	—			MFA Financial Inc., M&T Bank, Square Mile Capital Management*
-Retail	100.0	%	100.0	%	280.74		18,000		18,000	—			Fidelity Investments, AT&T Wireless, Valley National Bank
	100.0	%	96.7	%	116.29		572,000		572,000	—	400,000

Total Park Avenue							1,834,000		1,834,000	—	1,600,000
Grand Central:
90 Park Avenue													Alston & Bird, Capital One, PwC, MassMutual,
-Office	100.0	%	99.3	%	79.40		938,000		938,000	—			Factset Research Systems Inc., Foley & Lardner
-Retail	100.0	%	72.8	%	154.74		18,000		18,000	—			Citibank, Starbucks
	100.0	%	98.8	%	80.41		956,000		956,000	—	—


510 Fifth Avenue
-Retail	100.0	%	100.0	%	165.11		66,000		66,000	—	—		The North Face, Elie Tahari

Total Grand Central							1,022,000		1,022,000	—	—

Madison/Fifth:
640 Fifth Avenue													Fidelity Investments, Owl Creek Asset Management LP,
-Office	52.0	%	95.6	%	102.34		246,000		246,000	—			Avolon Aerospace, GCA Savvian Inc.
-Retail	52.0	%	96.1	%	983.25		69,000		69,000	—			Victoria's Secret (guaranteed by L Brands, Inc.), Dyson
	52.0	%	95.7	%	236.75		315,000		315,000	—	500,000

666 Fifth Avenue
-Retail	52.0	%	100.0	%	499.55		114,000	⁽⁸⁾	114,000	—	—		Fast Retailing (Uniqlo), Hollister, Tissot

595 Madison Avenue													Beauvais Carpets, Levin Capital Strategies LP,
-Office	100.0	%	86.8	%	84.75		297,000		297,000	—			Albea Beauty Solutions, Aerin LLC
-Retail	100.0	%	83.9	%	749.09		32,000		32,000	—			Fendi, Berluti
	100.0	%	86.6	%	126.09		329,000		329,000	—	—

650 Madison Avenue													Memorial Sloan Kettering Cancer Center, Sotheby's International Realty, Inc.,
-Office	20.1	%	98.8	%	117.01		564,000		564,000	—			Polo Ralph Lauren, Willett Advisors LLC (Bloomberg Philanthropies)
-Retail	20.1	%	100.0	%	992.83		37,000		37,000	—			Moncler USA Inc., Tod's, Celine, Domenico Vacca, Balmain*
	20.1	%	98.9	%	151.85		601,000		601,000	—	800,000

689 Fifth Avenue
-Office	52.0	%	100.0	%	99.13		81,000		81,000	—			Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail	52.0	%	9.3	%	3,636.19		17,000		17,000	—			MAC Cosmetics
	52.0	%	85.3	%	161.80		98,000		98,000	—	—

655 Fifth Avenue
-Retail	50.0	%	100.0	%	282.45		57,000		57,000	—	—		Ferragamo

697-703 Fifth Avenue
-Retail	44.8	%	100.0	%	3,204.72		26,000		26,000	—	450,000		Swatch Group USA, Harry Winston

Total Madison/Fifth							1,540,000		1,540,000	—	1,750,000

- 45 -



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Midtown South:
770 Broadway
-Office	100.0	%	100.0	%	$	101.33	1,077,000	1,077,000	—			Facebook, Verizon Media Group
-Retail	100.0	%	92.0	%	69.58		105,000	105,000	—			Bank of America N.A., Kmart Corporation
	100.0	%	99.3	%	98.89		1,182,000	1,182,000	—	$	700,000

One Park Avenue												New York University, Clarins USA Inc.,
												BMG Rights Management, Robert A.M. Stern Architect,
-Office	55.0	%	100.0	%	60.75		865,000	865,000	—			automotiveMastermind
-Retail	55.0	%	100.0	%	86.11		78,000	78,000	—			Bank of Baroda, Citibank, Equinox, Men's Wearhouse
	55.0	%	100.0	%	62.81		943,000	943,000	—	300,000

4 Union Square South
-Retail	100.0	%	94.5	%	136.98		204,000	204,000	—	120,000		Burlington, Whole Foods Market, DSW, Sephora*

692 Broadway
-Retail	100.0	%	100.0	%	98.07		36,000	36,000	—	—		Equinox, Verizon Media Group

Total Midtown South							2,365,000	2,365,000	—	1,120,000

Rockefeller Center:
1290 Avenue of the Americas												Equitable, Hachette Book Group Inc., Venable LLP,
												Bryan Cave LLP, Neuberger Berman Group LLC, SSB Realty LLC,
-Office	70.0	%	99.7	%	88.41		2,043,000	2,043,000	—			Cushman & Wakefield, Columbia University, LinkLaters
-Retail	70.0	%	100.0	%	197.67		75,000	75,000	—			Duane Reade, JPMorgan Chase Bank, Sovereign Bank, Starbucks
	70.0	%	99.7	%	91.35		2,118,000	2,118,000	—	950,000

Wall Street/Downtown:
40 Fulton Street
-Office	100.0	%	76.0	%	53.61		246,000	246,000	—			Safety National Casualty Corp*, Fortune Media Corp.
-Retail	100.0	%	100.0	%	120.87		5,000	5,000	—			TD Bank
	100.0	%	76.4	%	55.25		251,000	251,000	—	—

Soho:
478-486 Broadway - 2 buildings
-Retail	100.0	%	100.0	%	381.11		65,000	15,000	50,000			Madewell, J. Crew
-Residential (10 units)	100.0	%	100.0	%			20,000	20,000	—
	100.0	%					85,000	35,000	50,000	—

606 Broadway (19 East Houston Street)
-Office	50.0	%	100.0	%	115.99		30,000	30,000	—			WeWork
-Retail	50.0	%	100.0	%	641.00		6,000	6,000	—			HSBC, Harman International
	50.0	%	100.0	%	185.05		36,000	36,000	—	72,101

- 46 -



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Soho (Continued):
443 Broadway
-Retail	100.0	%	100.0	%	$	109.21	16,000	16,000	—	$	—	Necessary Clothing

304 Canal Street
-Retail	100.0	%	—		—		4,000	4,000	—
-Residential (4 units)	100.0	%	75.0	%			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	%	97.3	%	124.89		50,000	50,000	—	—		Vera Bradley

148 Spring Street
-Retail	100.0	%	100.0	%	200.00		8,000	8,000	—	—		Dr. Martens

150 Spring Street
-Retail	100.0	%	100.0	%	308.30		6,000	6,000	—			Sandro
-Residential (1 unit)	100.0	%	100.0	%			1,000	1,000	—
	100.0	%					7,000	7,000	—	—

Total Soho							230,000	180,000	50,000	72,101

Times Square:
1540 Broadway												Forever 21, Planet Hollywood, Disney, Sunglass Hut,
-Retail	52.0	%	100.0	%	197.17		161,000	161,000	—	—		MAC Cosmetics, U.S. Polo

1535 Broadway
-Retail	52.0	%	95.3	%	1,082.93		45,000	45,000	—			T-Mobile, Invicta, Swatch Group USA, Levi's, Sephora
-Theatre	52.0	%	100.0	%	14.25		62,000	62,000	—			Nederlander-Marquis Theatre
	52.0	%	98.2	%	403.79		107,000	107,000	—	—

Total Times Square							268,000	268,000	—	—

Upper East Side:
828-850 Madison Avenue
-Retail	100.0	%	89.3	%	239.57		18,000	13,000	5,000	—		Christofle Silver Inc.

677-679 Madison Avenue
-Retail	100.0	%	100.0	%	534.70		8,000	8,000	—			Berluti
-Residential (8 units)	100.0	%	75.0	%			5,000	5,000	—
	100.0	%					13,000	13,000	—	—

1131 Third Avenue
-Retail	100.0	%	100.0	%	184.09		23,000	23,000	—	—		Nike, Crunch LLC, J.Jill

- 47 -



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Upper East Side (Continued):
759-771 Madison Avenue (40 East 66th)
-Retail	100.0	%	8.9	%	$	723.76	14,000	14,000	—
-Residential (5 units)	100.0	%	100.0	%			12,000	12,000	—
	100.0	%					26,000	26,000	—	$	—

Total Upper East Side							80,000	75,000	5,000	—

Long Island City:
33-00 Northern Boulevard (Center Building)
-Office	100.0	%	99.6	%	35.84		471,000	471,000	—	100,000		The City of New York, NYC Transit Authority

Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)**
-Office	100.0	%	100.0	%	54.57		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	%	90.49		584,000	584,000	—			Moet Hennessy USA. Inc.
-Retail	49.9	%	100.0	%	86.78		43,000	43,000	—			IL Posto LLC, L'Atelier
	49.9	%	100.0	%	90.26		627,000	627,000	—	625,000

537 West 26th Street
-Other (event space)	100	%	—		—		14,000	—	14,000	—

61 Ninth Avenue (2 buildings)
(ground leased through 2115)**
-Office	45.1	%	100.0	%	129.91		155,000	155,000	—			Aetna Life Insurance Company
-Retail	45.1	%	44.8	%	355.90		37,000	37,000	—			Starbucks
	45.1	%	91.9	%	146.16		192,000	192,000	—	167,500

512 West 22nd Street
-Office	55.0	%	37.6	%	133.77		164,000	164,000	—			Warner Media, Next Jump
-Retail	55.0	%	46.7	%	108.00		9,000	9,000	—			Galeria Nara Roesler*
			38.0	%	132.17		173,000	173,000		114,954

Total Chelsea/Meatpacking District							1,190,000	1,176,000	14,000	907,454

Upper West Side:
50-70 W 93rd Street
-Residential (325 units)	49.9	%	91.0	%			283,000	283,000	—	82,500

Tribeca:
Independence Plaza
-Residential (1,327 units)	50.1	%	89.2	%			1,185,000	1,185,000	—
-Retail	50.1	%	100.0	%	65.80		72,000	56,000	16,000			Duane Reade
	50.1	%					1,257,000	1,241,000	16,000	675,000

339 Greenwich Street
-Retail	100.0	%	100.0	%	117.76		8,000	8,000	—	—		Sarabeth's

Total Tribeca							1,265,000	1,249,000	16,000	675,000
New Jersey:
Paramus
-Office	100.0	%	87.2	%	24.37		129,000	129,000	—	—		Vornado's Administrative Headquarters

- 48 -



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
NEW YORK (Continued):
Properties under Development:
Farley Office and Retail (ground and building leased through 2116)**
-Office	95.0	%	—		$	—	730,000	—	730,000
-Retail	95.0	%	—		—		114,000	—	114,000
	95.0	%	—		—		844,000	—	844,000	$	—

825 Seventh Avenue
-Office	50.0	%	—		—		165,000	—	165,000	—
-Retail	100.0	%	—		—		4,000	—	4,000	—
	51.2	%	—		—		169,000	—	169,000	36,438

Total Property under Development							1,013,000	—	1,013,000	36,438

Properties to be Developed:
57th Street (3 properties)
-Land	50.0	%	—		—		—	—	—	—


Eighth Avenue and 34th Street (4 properties)
-Land	100.0	%	—		—		—	—	—	—



New York Office:

Total			96.5	%	$	80.60	20,581,000	18,572,000	2,009,000	$	8,406,044

Vornado's Ownership Interest			96.4	%	$	77.99	17,515,000	15,624,000	1,891,000	$	5,848,278

New York Retail:

Total			86.0	%	$	257.38	2,690,000	2,269,000	421,000	$	1,124,395

Vornado's Ownership Interest			83.6	%	$	217.30	2,208,000	1,801,000	407,000	$	839,881

New York Residential:

Total			90.1	%			1,526,000	1,526,000	—	$	757,500

Vornado's Ownership Interest			89.9	%			793,000	793,000	—	$	379,342

- 49 -



NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾			Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾			Major Tenants
NEW YORK (Continued):
ALEXANDER'S, INC.:
New York:
731 Lexington Avenue, Manhattan
-Office	32.4	%	100.0	%	$	129.46	920,000	920,000	—	$	500,000		Bloomberg
-Retail	32.4	%	93.4	%	276.35		155,000	155,000	—	350,000			The Home Depot, The Container Store, Hutong
	32.4	%	99.0	%	147.62		1,075,000	1,075,000	—	850,000


Rego Park I, Queens (4.8 acres)	32.4	%	100.0	%	53.97		343,000	148,000	195,000	—			Burlington, Bed Bath & Beyond, Marshalls, IKEA*

Rego Park II (adjacent to Rego Park I),
Queens (6.6 acres)	32.4	%	92.0	%	60.54		609,000	609,000	—	202,544		⁽⁹⁾	Century 21, Costco, Kohl's, TJ Maxx

Flushing, Queens (1.0 acre ground leased through 2037)**	32.4	%	100.0	%	29.18		167,000	167,000	—	—			New World Mall LLC

The Alexander Apartment Tower,
Rego Park, Queens, NY
Residential (312 units)	32.4	%	93.6	%	—		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	%	96.7	%	96.27		2,449,000	2,254,000	195,000	1,120,544

Hotel Pennsylvania⁽¹⁰⁾ :
-Hotel (1,700 Rooms)	100.0	%					1,400,000	—	1,400,000	—

Total New York			95.6	%	$	96.71	28,646,000	24,621,000	4,025,000	$	11,408,483

Vornado's Ownership Interest			95.2	%	$	90.16	22,709,000	18,948,000	3,761,000	$	7,430,557

________________________________

* Lease not yet commenced.

** Term assumes all renewal options exercised, if applicable.


(1)	Weighted average annual rent per square foot and average occupancy percentage for office properties excludes garages and de minimis amounts of storage space. Weighted average annual rent per square foot for retail excludes non-selling space.


(2)	Represents contractual debt obligations.


(3)	Secured amount outstanding on revolving credit facilities.


(4)	Excludes the JCPenney lease at Manhattan Mall for 154,000 square feet which was rejected effective July 31, 2020 as part of its Chapter 11 bankruptcy filing.


(5)	Amount represents debt on land which is owned 34.8% by Vornado.


(6)	Excludes US Post Office lease for which the annual escalated rent is $13.89 PSF.


(7)	Includes 962 Third Avenue (the Annex building to 150 East 58th Street) 50.0% ground leased through 2118**.


(8)	75,000 square feet is leased from 666 Fifth Avenue Office Condominium.


(9)	Net of $50,000 of Alexander's participation in its Rego Park II shopping center mortgage loan which is considered partially extinguished as the participation interest is a reacquisition of debt.

(10) Temporarily closed beginning April 1, 2020 and therefore square footage was taken out of service.

- 50 -



OTHER
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
theMART:
theMART, Chicago												Motorola Mobility (guaranteed by Google),
												CCC Information Services, Publicis Groupe (Razorfish),
												1871, ANGI Home Services, Inc, Yelp Inc., Paypal, Inc.,
												Allscripts Healthcare, Kellogg Company,
												Chicago School of Professional Psychology,
												Innovation Development Institute, Inc., Chicago Teachers Union,
-Office	100.0	%	89.4	%	$	44.45	2,045,000	2,045,000	—			ConAgra Foods Inc., Allstate Insurance Company
												Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.,
-Showroom/Trade show	100.0	%	94.0	%	54.49		1,533,000	1,533,000	—			Allsteel Inc., Teknion LLC
-Retail	100.0	%	93.3	%	55.91		95,000	95,000	—
	100.0	%	91.4	%	49.03		3,673,000	3,673,000	—	$	675,000

Other (2 properties)	50.0	%	100.0	%	45.57		19,000	19,000	—	31,097
Total theMART, Chicago							3,692,000	3,692,000	—	706,097

Piers 92 and 94 (New York) (ground and building leased through 2110)**	100.0	%	—		—		208,000	133,000	75,000	—


Total theMART			91.5	%	$	49.01	3,900,000	3,825,000	75,000	$	706,097

Vornado's Ownership Interest			91.4	%	$	49.02	3,891,000	3,816,000	75,000	$	690,549

555 California Street:
555 California Street	70.0	%	98.9	%	$	83.16	1,506,000	1,506,000	—	$	543,393	Bank of America, N.A., 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, Sidley Austin

315 Montgomery Street	70.0	%	100.0	%	77.49		235,000	235,000	—	—		Bank of America, N.A., Regus, Ripple Labs Inc., Blue Shield, Lending Home Corporation

345 Montgomery Street	70.0	%	—		—		78,000	—	78,000	—		Regus*

Total 555 California Street			99.0	%	$	82.39	1,819,000	1,741,000	78,000	$	543,393

Vornado's Ownership Interest			99.0	%	$	82.39	1,273,000	1,218,000	55,000	$	380,375

________________________________

* Lease not yet commenced.

** Term assumes all renewal options exercised, if applicable.


(1)	Weighted average annual rent per square foot excludes ground rent, storage rent and garages.


(2)	Represents the contractual debt obligations.

- 51 -



REAL ESTATE FUND
PROPERTY TABLE
	Fund % Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Square Feet			Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
Property	Fund % Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Total Property	In Service	Under Development or Not Available for Lease	Encumbrances (non-GAAP) (in thousands)⁽²⁾		Major Tenants
VORNADO CAPITAL PARTNERS
REAL ESTATE FUND:
New York, NY:
Lucida, 86th Street and Lexington Avenue
(ground leased through 2082)**												Target*, Hennes & Mauritz,
-Retail	100.0	%	100.0	%	$	252.09	98,000	98,000	—			Sephora, Bank of America
-Residential (39 units)	100.0	%	87.2	%			59,000	59,000	—
	100.0	%	95.2	%			157,000	157,000	—	$	145,075

Crowne Plaza Times Square (0.64 acres owned in fee; 0.18 acres ground leased through 2187 and 0.05 acres ground leased through 2035)**
-Hotel (795 Rooms)
-Retail	75.3	%	99.3	%	178.10		50,000	50,000	—			New York Sports Club, Krispy Kreme, BHT Broadway
-Office	75.3	%	100.0	%	51.32		196,000	196,000	—			American Management Association, Open Jar, Association for Computing Machinery
	75.3	%	99.9	%	74.63		246,000	246,000	—	274,355

501 Broadway	100.0	%	100.0	%	292.58		9,000	9,000	—	22,872		Capital One Financial Corporation

Miami, FL:
1100 Lincoln Road
-Retail	100.0	%	61.9	%	177.80		51,000	51,000	—			Banana Republic
-Theatre	100.0	%	100.0	%	43.75		79,000	79,000	—			Regal Cinema
	100.0	%	85.1	%	79.50		130,000	130,000	—	82,750

Total Real Estate Fund	88.8	%	95.3	%			542,000	542,000	—	$	525,052

Vornado's Ownership Interest	28.6	%	96.5	%			155,000	155,000	—	$	153,212

________________________________

* Lease not yet commenced.

** Term assumes all renewal options exercised, if applicable.


(1)	Weighted average annual rent per square foot excludes ground rent, storage rent and garages.


(2)	Represents the contractual debt obligations.

- 52 -



OTHER
PROPERTY TABLE
Property	% Ownership		% Occupancy		Weighted Average Escalated Annual Rent PSF⁽¹⁾		Square Feet				Encumbrances (non-GAAP) (in thousands)⁽³⁾		Major Tenants
							Total Property	In Service		Under Development or Not Available for Lease
							Total Property	Owned by Company	Owned by Tenant⁽²⁾	Under Development or Not Available for Lease
OTHER:
Virginia:
Rosslyn Plaza
-Office - 4 buildings	46.2	%	67.8	%	$	47.10	736,000	432,000	—	304,000			Corporate Executive Board, Nathan Associates, Inc.
-Residential - 2 buildings (197 units)	43.7	%	96.5	%			253,000	253,000	—	—
							989,000	685,000	—	304,000	$	38,364

Fashion Centre Mall	7.5	%	92.5	%	45.72		868,000	868,000	—	—	410,000		Macy's, Nordstrom

Washington Tower	7.5	%	75.0	%	54.20		170,000	170,000	—	—	40,000		The Rand Corporation


New Jersey:
Wayne Town Center, Wayne (ground leased through 2064)**	100.0	%	100.0	%	34.98		682,000	196,000	443,000	43,000	—		JCPenney, Costco, Dick's Sporting Goods,
													Nordstrom Rack

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

Total Other			89.0	%	$	40.66	2,837,000	2,047,000	443,000	347,000	$	488,364

Vornado's Ownership Interest			93.1	%	$	34.10	1,339,000	712,000	443,000	184,000	$	53,090

________________________________

** Term assumes all renewal options exercised, if applicable.


(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.

- 53 -



INVESTOR INFORMATION

Executive Officers:
Steven Roth	Chairman of the Board and Chief Executive Officer
David R. Greenbaum	Vice Chairman
Michael J. Franco	President
Joseph Macnow	Executive Vice President - Chief Financial Officer and Chief Administrative Officer
Haim Chera	Executive Vice President - Head of Retail
Barry S. Langer	Executive Vice President - Development - Co-Head of Real Estate
Glen J. Weiss	Executive Vice President - Office Leasing - Co-Head of Real Estate

RESEARCH COVERAGE - EQUITY

James Feldman/Elvis Rodriguez		Richard Skidmore/Melissa Funk	Nicholas Yulico/Joshua Burr
Bank of America/BofA Securities		Goldman Sachs	Scotia Capital (USA) Inc
646-855-5808/646-855-1589		801-741-5459/801-884-4127	212-225-6904/212-225-5415

John P. Kim/Frank Lee		Daniel Ismail/Dylan Burzinski	John W. Guinee/Aaron Wolf
BMO Capital Markets		Green Street Advisors	Stifel Nicolaus & Company
212-885-4115/415-591-2129		949-640-8780	443-224-1307/443-224-1206

Michael Bilerman/Emmanuel Korchman		Anthony Paolone/Ray Zhong	Michael Lewis/Alexei Siniakov
Citi		JP Morgan	SunTrust Robinson Humphrey
212-816-1383/212-816-1382		212-622-6682/212-622-5411	212-319-5659/212-590-0986

Derek Johnston/Tom Hennessy		Vikram Malhotra/Adam J. Gabalski
Deutsche Bank		Morgan Stanley
212-250-5683/212-250-4063		212-761-7064/212-761-8051

Steve Sakwa/Delia Whyte		Alexander Goldfarb/Daniel Santos
Evercore ISI		Piper Sandler
212-446-9462/212-446-9459		212-466-7937/212-466-7927

RESEARCH COVERAGE - DEBT

Andrew Molloy		Jesse Rosenthal
Bank of America/Merrill Lynch		CreditSights
646-855-6435		212-340-3816

Thierry Perrein		Mark Streeter
Wells Fargo Securities		JP Morgan
704-410-3262		212-834-5086




Research Coverage - Equity and Debt 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.

- 54 -

APPENDIX

DEFINITIONS AND NON-GAAP RECONCILIATIONS

FINANCIAL SUPPLEMENT DEFINITIONS

The financial supplement includes various non-GAAP financial measures. Descriptions of these non-GAAP measures are provided below. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided on the following pages.

Net Operating Income ("NOI") at Share and NOI at Share - Cash Basis - NOI at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, net and other non-cash adjustments. We consider NOI at share - cash basis to be the primary 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 NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies. NOI at share - cash basis includes rent that has been deferred as a result of the COVID-19 pandemic. Rent deferrals generally require repayment in monthly installments over a period of time not to exceed twelve months.

Same Store NOI at Share and Same Store NOI at Share - Cash Basis - Same store NOI at share represents NOI at share from operations which are in service in both the current and prior year reporting periods. Same store NOI at share - cash basis is same store NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, net and other non-cash adjustments. We present these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store NOI at share and same store NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

Funds From Operations ("FFO") - 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 depreciable real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets and other specified 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.

Funds Available For Distribution ("FAD") - 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.

- i -



NON-GAAP RECONCILIATIONS RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited)
(Amounts in thousands, except per share amounts)
		For the Three Months Ended									For the Six Months Ended June 30,
		June 30,						March 31, 2020			For the Six Months Ended June 30,
		2020			2019			March 31, 2020			2020			2019
Net (loss) income attributable to common shareholders	(A)	$	(197,750	)	$	2,400,195		$	4,963		$	(192,787	)	$	2,581,683
Per diluted share		$	(1.03	)	$	12.56		$	0.03		$	(1.01	)	$	13.51

Certain expense (income) items that impact net (loss) income attributable to common shareholders:
Non-cash impairment loss on our investment in Fifth Avenue and Times Square JV, reversing a portion of the $2.559 billion gain recognized on the April 2019 transfer to the joint venture attributable to the GAAP required write-up of the retained interest		$	305,859		$	—		$	—		$	305,859		$	—
608 Fifth Avenue non-cash (lease liability extinguishment gain) impairment loss and related write-offs		(70,260		)	101,092			—			(70,260		)	101,092
After-tax net gain on sale of 220 CPS condominium units		(49,005		)	(88,921		)	(59,911		)	(108,916		)	(219,875		)
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020		6,108			—			7,261			13,369			—
Our share of loss from real estate fund investments		6,089			20,758			56,158			62,247			23,662
Net gain on transfer to Fifth Avenue and Times Square retail JV, net of $11,945 attributable to noncontrolling interests		—			(2,559,154		)	—			—			(2,559,154		)
Real estate impairment losses		—			7,500			—			—			7,500
Mark-to-market (increase) decrease in PREIT common shares (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020)		—			(1,313		)	4,938			4,938			14,336
Net gain from sale of UE common shares (sold on March 4, 2019)		—			—			—			—			(62,395		)
Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022		—			—			—			—			22,540
Mark-to-market increase in Lexington Realty Trust common shares (sold on March 1, 2019)		—			—			—			—			(16,068		)
Other		2,019			2,802			7,896			9,915			3,954
		200,810			(2,517,236		)	16,342			217,152			(2,684,408		)
Noncontrolling interests' share of above adjustments		(11,659		)	159,593			(1,072		)	(13,661		)	170,191
Total of certain expense (income) items that impact net (loss) income attributable to common shareholders	(B)	$	189,151		$	(2,357,643	)	$	15,270		$	203,491		$	(2,514,217	)
Per diluted share (non-GAAP)		$	0.99		$	(12.34	)	$	0.08		$	1.07		$	(13.16	)

Net (loss) income attributable to common shareholders, as adjusted (non-GAAP)	(A+B)	$	(8,599	)	$	42,552		$	20,233		$	10,704		$	67,466
Per diluted share (non-GAAP)		$	(0.04	)	$	0.22		$	0.11		$	0.06		$	0.35

- ii -



NON-GAAP RECONCILIATIONS RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited)
(Amounts in thousands, except per share amounts)
		For the Three Months Ended									For the Six Months Ended June 30,
		June 30,						March 31, 2020			For the Six Months Ended June 30,
		2020			2019			March 31, 2020			2020			2019
Reconciliation of our net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):
Net (loss) income attributable to common shareholders	(A)	$	(197,750	)	$	2,400,195		$	4,963		$	(192,787	)	$	2,581,683
Per diluted share		$	(1.03	)	$	12.56		$	0.03		$	(1.01	)	$	13.51

FFO adjustments:
Depreciation and amortization of real property		$	85,179		$	105,453		$	85,136		$	170,315		$	213,936
Net gain on transfer to Fifth Avenue and Times Square JV on April 18, 2019, net of $11,945 attributable to noncontrolling interests		—			(2,559,154		)	—			—			(2,559,154		)
Real estate impairment losses		—			31,436			—			—			31,436
Net gain from sale of UE common shares (sold on March 4, 2019)		—			—			—			—			(62,395		)
(Increase) decrease in fair value of marketable securities:
PREIT (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020)		—			(1,313		)	4,938			4,938			14,336
Lexington (sold on March 1, 2019)		—			—			—			—			(16,068		)
Other		—			1			—			—			(41		)
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO:
Non-cash impairment loss on our investment in Fifth Avenue and Times Square JV, reversing a portion of the $2.559 billion gain recognized on the April 2019 transfer to the joint venture attributable to the GAAP required write-up of the retained interest		305,859			—			—			305,859			—
Depreciation and amortization of real property		39,736			34,631			40,423			80,159			59,621
(Increase) decrease in fair value of marketable securities		(565		)	1,709			3,691			3,126			1,697
		430,209			(2,387,237		)	134,188			564,397			(2,316,632		)
Noncontrolling interests' share of above adjustments		(29,215		)	151,357			(8,804		)	(38,019		)	146,933
FFO adjustments, net	(B)	$	400,994		$	(2,235,880	)	$	125,384		$	526,378		$	(2,169,699	)

FFO attributable to common shareholders (non-GAAP)	(A+B)	$	203,244		$	164,315		$	130,347		$	333,591		$	411,984
Convertible preferred share dividends		12			14			13			25			29
FFO attributable to common shareholders plus assumed conversions (non-GAAP)		203,256			164,329			130,360			333,616			412,013
Add back of FFO allocated to noncontrolling interests of the Operating Partnership		13,283			10,684			8,459			21,594			26,669
FFO - OP Basis (non-GAAP)		$	216,539		$	175,013		$	138,819		$	355,210		$	438,682
FFO per diluted share (non-GAAP)		$	1.06		$	0.86		$	0.68		$	1.75		$	2.16

- iii -



NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited)
(Amounts in thousands, except per share amounts)
		For the Three Months Ended									For the Six Months Ended June 30,
		June 30,						March 31, 2020			For the Six Months Ended June 30,
		2020			2019			March 31, 2020			2020			2019
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	(A)	$	203,256		$	164,329		$	130,360		$	333,616		$	412,013
Per diluted share (non-GAAP)		$	1.06		$	0.86		$	0.68		$	1.75		$	2.16

Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
608 Fifth Avenue non-cash (lease liability extinguishment gain) impairment loss and related write-offs		$	(70,260	)	$	77,156		$	—		$	(70,260	)	$	77,156
After-tax net gain on sale of 220 CPS condominium units		(49,005		)	(88,921		)	(59,911		)	(108,916		)	(219,875		)
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020		6,108			—			7,261			13,369			—
Our share of loss from real estate fund investments		6,089			20,758			56,158			62,247			23,662
Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022		—			—			—			—			22,540
Other		2,459			1,092			4,205			6,664			2,298
		(104,609		)	10,085			7,713			(96,896		)	(94,219		)
Noncontrolling interests' share of above adjustments	(B)	$	7,103		$	(639	)	$	(506	)	$	6,120		$	5,996
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net		$	(97,506	)	$	9,446		$	7,207		$	(90,776	)	$	(88,223	)
Per diluted share (non-GAAP)		$	(0.51	)	$	0.05		$	0.04		$	(0.48	)	$	(0.46	)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	(A+B)	$	105,750		$	173,775		$	137,567		$	242,840		$	323,790
Per diluted share (non-GAAP)		$	0.55		$	0.91		$	0.72		$	1.27		$	1.70

- iv -



NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited)
(Amounts in thousands)
		For the Three Months Ended									For the Six Months Ended June 30,
		June 30,						March 31, 2020			For the Six Months Ended June 30,
		2020			2019			March 31, 2020			2020			2019
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	(A)	$	203,256		$	164,329		$	130,360		$	333,616		$	412,013

Adjustments to arrive at FAD (non-GAAP):
Certain items that impact FAD		(105,228		)	2,913			5,630			(99,598		)	(102,564		)
Recurring tenant improvements, leasing commissions and other capital expenditures		(35,030		)	(63,456		)	(53,479		)	(88,509		)	(104,577		)
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other		34,190			9,748			3,076			37,266			4,567
Stock-based compensation expense		7,703			10,520			25,765			33,468			42,174
Amortization of debt issuance costs		6,032			7,828			5,276			11,308			18,653
Personal property depreciation		1,749			1,571			1,825			3,574			3,084
Noncontrolling interests in the Operating Partnership's share of above adjustments		6,151			1,958			781			6,969			8,791
FAD adjustments, net⁽¹⁾	(B)	(84,433		)	(28,918		)	(11,126		)	(95,522		)	(129,872		)

FAD (non-GAAP)	(A+B)	$	118,823		$	135,411		$	119,234		$	238,094		$	282,141

FAD payout ratio⁽²⁾		106.5		%	93.0		%	106.5		%	105.6		%	89.2		%

________________________________


(1)	Certain prior year adjustments have been restated in order to conform to the current period presentation which includes our share of partially owned entities.


(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.

- v -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET (LOSS) INCOME TO NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS (unaudited)

(Amounts in thousands)



	For the Three Months Ended									For the Six Months Ended June 30,
	June 30,						March 31, 2020			For the Six Months Ended June 30,
	2020			2019			March 31, 2020			2020			2019
Net (loss) income	$	(217,352	)	$	2,596,693		$	(104,503	)	$	(321,855	)	$	2,809,737
Depreciation and amortization expense	92,805			113,035			92,793			185,598			229,744
General and administrative expense	35,014			38,872			52,834			87,848			96,892
(Lease liability extinguishment gain) transaction related costs and impairment losses	(69,221		)	101,590			71			(69,150		)	101,739
Loss (income) from partially owned entities	291,873			(22,873		)	(19,103		)	272,770			(30,193		)
Loss from real estate fund investments	28,042			15,803			183,463			211,505			15,970
Interest and other investment loss (income), net	2,893			(7,840		)	5,904			8,797			(12,885		)
Interest and debt expense	58,405			63,029			58,842			117,247			165,492
Net gain on transfer to Fifth Avenue and Times Square JV	—			(2,571,099		)	—			—			(2,571,099		)
Net gains on disposition of wholly owned and partially owned assets	(55,695		)	(111,713		)	(68,589		)	(124,284		)	(332,007		)
Income tax expense	1,837			26,914			12,813			14,650			56,657
(Income) loss from discontinued operations	—			(60		)	—			—			77
NOI from partially owned entities	69,487			82,974			81,881			151,368			150,376
NOI attributable to noncontrolling interests in consolidated subsidiaries	(15,448		)	(16,416		)	(15,493		)	(30,941		)	(33,819		)
NOI at share	222,640			308,909			280,913			503,553			646,681
Non cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	34,190			9,748			3,076			37,266			4,567
NOI at share - cash basis	$	256,830		$	318,657		$	283,989		$	540,819		$	651,248

- vi -

NON-GAAP RECONCILIATIONS

COMPONENTS OF NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS (unaudited)

(Amounts in thousands)



	For the Three Months Ended June 30,
	Total Revenues						Operating Expenses						NOI						Non-cash Adjustments⁽¹⁾						NOI - cash basis
	2020			2019			2020			2019			2020			2019			2020			2019			2020			2019
New York	$	270,628		$	376,381		$	(140,207	)	$	(187,819	)	$	130,421		$	188,562		$	34,216		$	13,308		$	164,637		$	201,870
Other	72,398			86,722			(34,218		)	(32,933		)	38,180			53,789			1,165			1,492			39,345			55,281
Consolidated total	343,026			463,103			(174,425		)	(220,752		)	168,601			242,351			35,381			14,800			203,982			257,151
Noncontrolling interests' share in consolidated subsidiaries	(26,180		)	(26,334		)	10,732			9,918			(15,448		)	(16,416		)	(528		)	218			(15,976		)	(16,198		)
Our share of partially owned entities	108,966			124,214			(39,479		)	(41,240		)	69,487			82,974			(663		)	(5,270		)	68,824			77,704
Vornado's share	$	425,812		$	560,983		$	(203,172	)	$	(252,074	)	$	222,640		$	308,909		$	34,190		$	9,748		$	256,830		$	318,657



	For the Three Months Ended March 31, 2020
	Total Revenues			Operating Expenses			NOI			Non-cash Adjustments⁽¹⁾			NOI - cash basis
New York	$	355,615		$	(183,031	)	$	172,584		$	5,423		$	178,007
Other	88,917			(46,976		)	41,941			1,965			43,906
Consolidated total	444,532			(230,007		)	214,525			7,388			221,913
Noncontrolling interests' share in consolidated subsidiaries	(26,909		)	11,416			(15,493		)	197			(15,296		)
Our share of partially owned entities	124,101			(42,220		)	81,881			(4,509		)	77,372
Vornado's share	$	541,724		$	(260,811	)	$	280,913		$	3,076		$	283,989



	For the Six Months Ended June 30,
	Total Revenues						Operating Expenses						NOI						Non-cash Adjustments⁽¹⁾						NOI - cash basis
	2020			2019			2020			2019			2020			2019			2020			2019			2020			2019
New York	$	626,243		$	819,666		$	(323,238	)	$	(385,914	)	$	303,005		$	433,752		$	39,639		$	8,225		$	342,644		$	441,977
Other	161,315			178,105			(81,194		)	(81,733		)	80,121			96,372			3,130			3,399			83,251			99,771
Consolidated total	787,558			997,771			(404,432		)	(467,647		)	383,126			530,124			42,769			11,624			425,895			541,748
Noncontrolling interests' share in consolidated subsidiaries	(53,089		)	(54,566		)	22,148			20,747			(30,941		)	(33,819		)	(331		)	158			(31,272		)	(33,661		)
Our share of partially owned entities	233,067			231,729			(81,699		)	(81,353		)	151,368			150,376			(5,172		)	(7,215		)	146,196			143,161
Vornado's share	$	967,536		$	1,174,934		$	(463,983	)	$	(528,253	)	$	503,553		$	646,681		$	37,266		$	4,567		$	540,819		$	651,248

________________________________


(1)	Includes adjustments for straight-line rents, amortization of acquired below-market leases, net and other.

- vii -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED JUNE 30, 2020 COMPARED TO JUNE 30, 2019 (unaudited)
(Amounts in thousands)

	Total			New York			theMART				555 California Street			Other
NOI at share for the three months ended June 30, 2020	$	222,640		$	188,968		$	17,803			$	14,837		$	1,032
Less NOI at share from:
Development properties	(7,376		)	(7,372		)	—				(4		)	—
Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	8,516			8,516			—				—			—
Other non-same store income, net	(9,373		)	(8,283		)	—				(58		)	(1,032		)
Same store NOI at share for the three months ended June 30, 2020	$	214,407		$	181,829		$	17,803			$	14,775		$	—

NOI at share for the three months ended June 30, 2019	$	308,909		$	257,702		$	30,974			$	15,358		$	4,875
Less NOI at share from:
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(5,479		)	(5,479		)	—				—			—
Dispositions	(3,696		)	(3,696		)	—				—			—
Development properties	(14,538		)	(14,538		)	—				—			—
Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	(4,031		)	(4,031		)	—				—			—
Other non-same store expense (income), net	2,792			7,459			6				202			(4,875		)
Same store NOI at share for the three months ended June 30, 2019	$	283,957		$	237,417		$	30,980			$	15,560		$	—

Decrease in same store NOI at share for the three months ended June 30, 2020 compared to June 30, 2019	$	(69,550	)	$	(55,588	)	$	(13,177	)		$	(785	)	$	—

% decrease in same store NOI at share	(24.5		)%	(23.4		)%	(42.5		)%	⁽¹⁾	(5.0		)%	—		%

________________________________


(1)	The decrease is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.

- viii -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE SIX MONTHS ENDED JUNE 30, 2020 COMPARED TO JUNE 30, 2019 (unaudited)
(Amounts in thousands)

	Total			New York			theMART				555 California Street			Other
NOI at share for the six months ended June 30, 2020	$	503,553		$	431,527		$	38,916			$	30,068		$	3,042
Less NOI at share from:
Development properties	(21,642		)	(21,638		)	—				(4		)	—
Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	8,516			8,516			—				—			—
Other non-same store (income) expense, net	(17,533		)	(14,172		)	(422		)		103			(3,042		)
Same store NOI at share for the six months ended June 30, 2020	$	472,894		$	404,233		$	38,494			$	30,167		$	—

NOI at share for the six months ended June 30, 2019	$	646,681		$	541,060		$	54,497			$	29,859		$	21,265
Less NOI at share from:
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(35,770		)	(35,770		)	—				—			—
Dispositions	(7,096		)	(7,096		)	—				—			—
Development properties	(35,131		)	(35,131		)	—				—			—
Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	(4,031		)	(4,031		)	—				—			—
Other non-same store (income) expense, net	(15,586		)	5,054			345				280			(21,265		)
Same store NOI at share for the six months ended June 30, 2019	$	549,067		$	464,086		$	54,842			$	30,139		$	—

(Decrease) increase in same store NOI at share for the six months ended June 30, 2020 compared to June 30, 2019	$	(76,173	)	$	(59,853	)	$	(16,348	)		$	28		$	—

% (decrease) increase in same store NOI at share	(13.9		)%	(12.9		)%	(29.8		)%	⁽¹⁾	0.1		%	—		%

________________________________


(1)	The decrease is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.

- ix -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED JUNE 30, 2020 COMPARED TO MARCH 31, 2020 (unaudited)
(Amounts in thousands)

	Total			New York			theMART				555 California Street			Other
NOI at share for the three months ended June 30, 2020	$	222,640		$	188,968		$	17,803			$	14,837		$	1,032
Less NOI at share from:
Development properties	(7,380		)	(7,376		)	—				(4		)	—
Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	8,516			8,516			—				—			—
Other non-same store income, net	(9,010		)	(7,920		)	—				(58		)	(1,032		)
Same store NOI at share for the three months ended June 30, 2020	$	214,766		$	182,188		$	17,803			$	14,775		$	—

NOI at share for the three months ended March 31, 2020	$	280,913		$	242,559		$	21,113			$	15,231		$	2,010
Less NOI at share from:
Development properties	(12,996		)	(12,996		)	—				—			—
Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	9,356			9,356			—				—			—
Other non-same store (income) expense, net	(7,705		)	(5,434		)	(422		)		161			(2,010		)
Same store NOI at share for the three months ended March 31, 2020	$	269,568		$	233,485		$	20,691			$	15,392		$	—

Decrease in same store NOI at share for the three months ended June 30, 2020 compared to March 31, 2020	$	(54,802	)	$	(51,297	)	$	(2,888	)		$	(617	)	$	—

% decrease in same store NOI at share	(20.3		)%	(22.0		)%	(14.0		)%	⁽¹⁾	(4.0		)%	—		%

________________________________


(1)	The decrease is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.

- x -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED JUNE 30, 2020 COMPARED TO JUNE 30, 2019 (unaudited)
(Amounts in thousands)

	Total			New York			theMART				555 California Street			Other
NOI at share - cash basis for the three months ended June 30, 2020	$	256,830		$	221,911		$	17,765			$	15,005		$	2,149
Less NOI at share - cash basis from:
Development properties	(9,475		)	(9,471		)	—				(4		)	—
Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	8,525			8,525			—				—			—
Other non-same store (income) expense, net	(13,174		)	(11,072		)	—				47			(2,149		)
Same store NOI at share - cash basis for the three months ended June 30, 2020	$	242,706		$	209,893		$	17,765			$	15,048		$	—

NOI at share - cash basis for the three months ended June 30, 2019	$	318,657		$	266,139		$	31,984			$	15,595		$	4,939
Less NOI at share - cash basis from:
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(5,183		)	(5,183		)	—				—			—
Dispositions	(3,879		)	(3,879		)	—				—			—
Development properties	(23,364		)	(23,364		)	—				—			—
Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	(3,982		)	(3,982		)	—				—			—
Other non-same store (income) expense, net	(10,214		)	(5,409		)	6				128			(4,939		)
Same store NOI at share - cash basis for the three months ended June 30, 2019	$	272,035		$	224,322		$	31,990			$	15,723		$	—

Decrease in same store NOI at share - cash basis for the three months ended June 30, 2020 compared to June 30, 2019	$	(29,329	)	$	(14,429	)	$	(14,225	)		$	(675	)	$	—

% decrease in same store NOI at share - cash basis	(10.8		)%	(6.4		)%	(44.5		)%	⁽¹⁾	(4.3		)%	—		%

________________________________


(1)	The decrease is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.

- xi -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE SIX MONTHS ENDED JUNE 30, 2020 COMPARED TO JUNE 30, 2019 (unaudited)
(Amounts in thousands)

	Total			New York			theMART				555 California Street			Other
NOI at share - cash basis for the six months ended June 30, 2020	$	540,819		$	465,576		$	40,470			$	30,440		$	4,333
Less NOI at share - cash basis from:
Development properties	(27,591		)	(27,587		)	—				(4		)	—
Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	8,525			8,525			—				—			—
Other non-same store income, net	(26,130		)	(21,366		)	(422		)		(9		)	(4,333		)
Same store NOI at share - cash basis for the six months ended June 30, 2020	$	495,623		$	425,148		$	40,048			$	30,427		$	—

NOI at share - cash basis for the six months ended June 30, 2019	$	651,248		$	542,879		$	56,896			$	30,340		$	21,133
Less NOI at share - cash basis from:
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(32,905		)	(32,905		)	—				—			—
Dispositions	(7,460		)	(7,460		)	—				—			—
Development properties	(47,703		)	(47,703		)	—				—			—
Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	(3,982		)	(3,982		)	—				—			—
Other non-same store (income) expense, net	(30,379		)	(9,797		)	345				206			(21,133		)
Same store NOI at share - cash basis for the six months ended June 30, 2019	$	528,819		$	441,032		$	57,241			$	30,546		$	—

Decrease in same store NOI at share - cash basis for the six months ended June 30, 2020 compared to June 30, 2019	$	(33,196	)	$	(15,884	)	$	(17,193	)		$	(119	)	$	—

% decrease in same store NOI at share - cash basis	(6.3		)%	(3.6		)%	(30.0		)%	⁽¹⁾	(0.4		)%	—		%

________________________________


(1)	The decrease is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.

- xii -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED JUNE 30, 2020 COMPARED TO MARCH 31, 2020 (unaudited)
(Amounts in thousands)

	Total			New York			theMART				555 California Street			Other
NOI at share - cash basis for the three months ended June 30, 2020	$	256,830		$	221,911		$	17,765			$	15,005		$	2,149
Less NOI at share - cash basis from:
Development properties	(9,478		)	(9,474		)	—				(4		)	—
Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	8,525			8,525			—				—			—
Other non-same store (income) expense, net	(12,772		)	(10,670		)	—				47			(2,149		)
Same store NOI at share - cash basis for the three months ended June 30, 2020	$	243,105		$	210,292		$	17,765			$	15,048		$	—

NOI at share - cash basis for the three months ended March 31, 2020	$	283,989		$	243,665		$	22,705			$	15,435		$	2,184
Less NOI at share - cash basis from:
Development properties	(17,024		)	(17,024		)	—				—			—
Hotel Pennsylvania (temporarily closed beginning April 1, 2020)	9,364			9,364			—				—			—
Other non-same store income, net	(12,521		)	(9,858		)	(422		)		(57		)	(2,184		)
Same store NOI at share - cash basis for the three months ended March 31, 2020	$	263,808		$	226,147		$	22,283			$	15,378		$	—

Decrease in same store NOI at share - cash basis for the three months ended June 30, 2020 compared to March 31, 2020	$	(20,703	)	$	(15,855	)	$	(4,518	)		$	(330	)	$	—

% decrease in same store NOI at share - cash basis	(7.8		)%	(7.0		)%	(20.3		)%	⁽¹⁾	(2.1		)%	—		%

________________________________


(1)	The decrease is primarily due to the effects of the COVID-19 pandemic, causing trade shows to be cancelled from late March 2020 through the remainder of the year.

- xiii -



NON-GAAP RECONCILIATIONS
RECONCILIATION OF CONSOLIDATED REVENUES TO OUR PRO RATA SHARE OF REVENUES (ANNUALIZED) (unaudited)
(Amounts in thousands)

	For the Three Months Ended June 30, 2020
Consolidated revenues	$	343,026
Noncontrolling interest adjustments	(26,180		)
Consolidated revenues at our share (non-GAAP)	316,846
Unconsolidated revenues at our share (non-GAAP)	108,966
Our pro rata share of revenues (non-GAAP)	$	425,812
Our pro rata share of revenues (annualized) (non-GAAP)	$	1,703,248



RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONTRACTUAL DEBT (NON-GAAP) (unaudited)
(Amounts in thousands)

	As of June 30, 2020
	Consolidated Debt, net		Deferred Financing Costs, Net and Other		Contractual Debt (non-GAAP)
Mortgages payable	$	5,638,352	$	24,305	$	5,662,657
Senior unsecured notes	446,279		3,721		450,000
$800 Million unsecured term loan	796,236		3,764		800,000
$2.75 Billion unsecured revolving credit facilities	1,075,000		—		1,075,000
	$	7,955,867	$	31,790	$	7,987,657

- xiv -

EBITDAre (i.e., EBITDA for real estate companies) is a non-GAAP financial measure established by NAREIT, which may not be comparable to EBITDA reported by other REITs that do not compute EBITDA in accordance with the NAREIT definition. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as GAAP net income (loss), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property including losses and gains on change of control, plus impairment write-downs of depreciated property and of investments in unconsolidated joint ventures caused by a decrease in value of depreciated property in the joint venture, plus adjustments to reflect the entity's share of EBITDA of unconsolidated joint ventures. The Company has included EBITDAre because it is a performance measure used by other REITs and therefore may provide useful information to investors in comparing Vornado's performance to that of other REITs.



	For the Three Months Ended									For the Six Months Ended June 30,
	June 30,						March 31, 2020			For the Six Months Ended June 30,
	2020			2019			March 31, 2020			2020			2019
Reconciliation of net (loss) income to EBITDAre (non-GAAP):
Net (loss) income	$	(217,352	)	$	2,596,693		$	(104,503	)	$	(321,855	)	$	2,809,737
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries	17,768			(21,451		)	122,387			140,155			(28,271		)
Net income attributable to the Operating Partnership	(199,584		)	2,575,242			17,884			(181,700		)	2,781,466
EBITDAre adjustments at share:
Non-cash impairment loss on our investment in Fifth Avenue and Times Square JV, reversing a portion of the $2.559 billion gain recognized on the April 2019 transfer to the joint venture attributable to the GAAP required write-up of the retained interest	305,859			—			—			305,859			—
Depreciation and amortization expense	126,664			141,655			127,384			254,048			276,641
Interest and debt expense	78,029			87,987			81,816			159,845			216,055
Net gain on transfer to Fifth Avenue and Times Square JV on April 18, 2019, net of $11,945 attributable to noncontrolling interests	—			(2,559,154		)	—			—			(2,559,154		)
Real estate impairment losses	—			31,436			—			—			31,436
Income tax expense	1,752			27,006			12,892			14,644			56,930
EBITDAre at share	312,720			304,172			239,976			552,696			803,374
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(6,484		)	20,563			(111,737		)	(118,221		)	40,372
EBITDAre (non-GAAP)	$	306,236		$	324,735		$	128,239		$	434,475		$	843,746

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NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	For the Three Months Ended									For the Six Months Ended June 30,
	June 30,						March 31, 2020
	2020			2019						2020			2019
EBITDAre (non-GAAP)	$	306,236		$	324,735		$	128,239		$	434,475		$	843,746

EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	6,484			(20,563		)	111,737			118,221			(40,372		)

Certain (income) expense items that impact EBITDAre:
608 Fifth Avenue non-cash (lease liability extinguishment gain) impairment loss and related write-offs	(70,260		)	77,156			—			(70,260		)	77,156
Gain on sale of 220 CPS condominium units	(55,695		)	(111,713		)	(68,589		)	(124,284		)	(269,612		)
Our share of loss from real estate fund investments	6,089			20,758			56,158			62,247			23,662
Credit losses on loans receivable resulting from a new GAAP accounting standard effective January 1, 2020	6,108			—			7,261			13,369			—
Mark-to-market decrease in PREIT common shares (accounted for as a marketable security from March 12, 2019 and sold on January 23, 2020)	—			(1,313		)	4,938			4,938			14,336
Net gain from sale of UE common shares (sold on March 4, 2019)	—			—			—			—			(62,395		)
Mark-to-market increase in Lexington common shares (sold on March 1, 2019)	—			—			—			—			(16,068		)
Other	2,203			2,802			7,662			9,865			2,825
Total of certain (income) expense items that impact EBITDAre	(111,555		)	(12,310		)	7,430			(104,125		)	(230,096		)

EBITDAre, as adjusted (non-GAAP)	$	201,165		$	291,862		$	247,406		$	448,571		$	573,278

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