VORNADO REALTY TRUST - FORM 8-K - EX-99 - EXHIBIT 99.2

Attached files

file	filename
8-K - FORM 8-K - VORNADO REALTY TRUST	form8k.htm
EX-99 - EXHIBIT 99.1 - VORNADO REALTY TRUST	exhibit991.htm

EXHIBIT 99.2

SUPPLEMENTAL OPERATING

AND FINANCIAL DATA

For the Quarter Ended June 30, 2015

INDEX

		Page
Investor Information		2
2015 Business Developments		3 - 4
Common Shares Data		5
Financial Highlights		6
Funds From Operations		7 - 8
Funds Available for Distribution		9
Net Income / EBITDA (Consolidated and by Segment)		10 - 13
EBITDA by Segment and Region		14 - 15
Consolidated Balance Sheets		16
Capital Structure		17
Debt Analysis		18 - 20
Unconsolidated Joint Ventures		21 - 23
Square Footage		24
Top 30 Tenants		25
Lease Expirations		26 - 27
Leasing Activity		28 - 29
Occupancy, Same Store EBITDA and Residential Statistics		30
Capital Expenditures		31 - 34
Development Costs and Construction in Progress		35
Property Table		36 - 48

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of 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 and cost to complete; and estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K, as amended, for the year ended December 31, 2014.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of our Annual Report on Form 10-K, as amended, or Quarterly Report on Form 10-Q, as applicable, and this supplemental package.

INVESTOR INFORMATION

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

RESEARCH COVERAGE - EQUITY

James Feldman / Scott Freitag		Steve Sakwa / Gabriel Hilmoe	Alexander Goldfarb / Ryan Peterson
Bank of America / Merrill Lynch		Evercore ISI	Sandler O'Neill
646-855-5808 / 646-855-3197		212-446-9462 / 212-446-9459	212-466-7937 / 212-466-7927

Ross Smotrich / Peter Siciliano		Brad K. Burke	John W. Guinee / Erin T. Aslakson
Barclays Capital		Goldman Sachs	Stifel Nicolaus & Company
212-526-2306 / 212-526-3098		917-343-2082	443-224-1307 / 443-224-1350

Michael Bilerman / Emmanuel Korchman		John Bejjani	Michael Lewis
Citi		Green Street Advisors	SunTrust Robinson Humphrey
212-816-1383 / 212-816-1382		949-640-8780	212-319-5659

Ian Weissman / Derek J.A. van Dijkum		Anthony Paolone / Gene Nusinzon	Ross T. Nussbaum / Nick Yulico
Credit Suisse		JP Morgan	UBS
212-538-6889 / 212-325-9752		212-622-6682 / 212-633-1041	212-713-2484 / 212-713-3402

Vincent Chao		Vance H. Edelson
Deutsche Bank		Morgan Stanley
212-250-6799		212-761-0078

RESEARCH COVERAGE - DEBT

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

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

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


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

- 2 -

2015 BUSINESS DEVELOPMENTS

Urban Edge Properties (“UE”) (NYSE: UE) spin-off

On January 15, 2015, we completed the spin-off of substantially all of our retail segment comprised of 79 strip shopping centers, three malls, a warehouse park and $225,000,000 of cash to Urban Edge Properties (“UE”) (NYSE: UE). As part of this transaction, we retained 5,717,184 UE operating partnership units (5.4% ownership interest). We are providing transition services to UE for an initial period of up to two years, including information technology, human resources, tax and financial reporting. UE is providing us with leasing and property management services for (i) the Monmouth Mall, (ii) certain small retail properties that we plan to sell, and (iii) our affiliate, Alexander’s, Inc. (NYSE: ALX), Rego Park retail assets. Steven Roth, our Chairman and Chief Executive Officer is a member of the Board of Trustees of UE. The spin-off distribution was effected by Vornado distributing one UE common share for every two Vornado common shares.

Acquisitions

Since January 1, 2015, we completed the following acquisitions:

· On January 20, we increased our aggregate ownership interest of the Crowne Plaza Times Square Hotel to 33% from 11% for $39,000,000 which valued the property at approximately $480,000,000.

· On March 18, we acquired the Center Building, a 437,000 square foot office building, located at 33-00 Northern Boulevard in Long Island City, New York, for $142,000,000, including the assumption of an existing $62,000,000, 4.43% mortgage maturing in October 2018.

· On June 2, we completed the acquisition of 150 West 34^th Street, a 78,000 square foot retail property leased to Old Navy through May 2019, and 226,000 square feet of additional zoning air rights, for approximately $355,000,000. At closing we completed a $205,000,000 financing of the property.

· On June 24, we entered into a joint venture, in which we own a 55% interest, to develop a 173,000 square foot Class-A office building, located along the western edge of the High Line at 510 West 22nd Street. The development cost of this project is approximately $225,000,000. The development is expected to commence during the third quarter of 2015 and be completed in 2017.

· On July 31, 2015, we acquired 260 Eleventh Avenue, a 235,000 square foot office property leased to the City of New York through 2021 with two five-year renewal options, a 10,000 square foot parking lot and additional air rights. The 44,000 square foot site is located on Eleventh Avenue from 26th to 27th Streets directly across from the Starrett Lehigh building. The transaction is structured as a 99-year ground lease with an option to purchase the land for $110,000,000. The $3,900,000 annual ground rent and the purchase option price escalate annually at the lesser of 1.5% or CPI. The buildings were purchased for 813,900 newly issued Vornado Operating Partnership units valued at approximately $80,000,000. We intend to redevelop and expand the property to serve the supply constrained West Chelsea office market.

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2015 BUSINESS DEVELOPMENTS

Dispositions

Since January 1, 2015, we completed the following dispositions:

· On March 13, we sold our Geary Street, CA lease for $34,189,000, which resulted in a net gain of $21,376,000.

· On March 25, the Fund completed the sale of 520 Broadway in Santa Monica, CA for $91,650,000. The Fund realized a $24,705,000 net gain over the holding period.

· On March 31, we transferred the redeveloped Springfield Town Center, a 1,350,000 square foot mall located in Springfield, Fairfax County, Virginia, to PREIT Associates, L.P., which is the operating partnership of Pennsylvania Real Estate Investment Trust (NYSE: PEI) (collectively, “PREIT”). The financial statement gain was $7,823,000, of which $7,192,000 was recognized in the first quarter of 2015 and the remaining $631,000 was deferred based on our ownership interest in PREIT. In the first quarter of 2014, we recorded a non-cash impairment loss of $20,000,000 on Springfield Town Center which is included in “(loss) income from discontinued operations” on our consolidated statements of income.

· During the first quarter of 2015, we sold five residual retail properties, in separate transactions, for an aggregate of $10,731,000, which resulted in net gains of $3,675,000.

Financing Activities

Since January 1, 2015, we completed the following financing transactions:

· On January 1, we redeemed all of the $500,000,000 principal amount of our outstanding 4.25% senior unsecured notes, which were scheduled to mature on April 1, 2015, at a redemption price of 100% of the principal amount plus accrued interest through December 31, 2014.

· On April 1, we completed a $308,000,000 refinancing of RiverHouse Apartments, a three building, 1,670 unit rental complex located in Arlington, VA. The loan is interest-only at LIBOR plus 1.28% and matures in 2025. We realized net proceeds of approximately $43,000,000. The property was previously encumbered by a 5.43%, $195,000,000 mortgage maturing in April 2015 and a $64,000,000 mortgage at LIBOR plus 1.53% maturing in 2018.

· On June 2, we completed a $205,000,000 financing in connection with the acquisition of 150 West 34^th Street. The loan bears interest at LIBOR plus 2.25% and matures in 2018 with two one-year extension options.

· On July 28, we completed a $580,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot property comprised of 851,000 square feet of office space and the 256,000 square foot Manhattan Mall. The loan is interest only at LIBOR plus 1.65%, and matures in July 2020. We realized net proceeds of approximately $242,000,000.

- 4 -

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 2015			First Quarter 2015			Fourth Quarter 2014			Third Quarter 2014
High Price				$	113.12		$	116.02		$	120.23		$	109.12
Low Price				$	94.55		$	104.11		$	93.09		$	99.26
Closing Price - end of quarter				$	94.93		$	112.00		$	117.71		$	99.96

Annualized Dividend per share				$	2.52	⁽¹⁾	$	2.52	⁽¹⁾	$	2.92	⁽¹⁾	$	2.92	⁽¹⁾

Annualized Dividend Yield - on Closing Price					2.7%			2.3%			2.5%			2.9%

Outstanding shares, Class A units and convertible preferred units
	as converted, excluding stock options (in thousands)				200,575			200,361			199,753			199,721

Closing market value of outstanding shares, Class A units and
	convertible preferred units as converted, excluding stock options			$	19.0 Billion		$	22.4 Billion		$	23.5 Billion		$	20.0 Billion


(1)	Post spin-off of Urban Edge Properties (NYSE: UE), the $2.52 annualized dividend, combined with the annualized dividend of UE is the same $2.92 annual dividend that was paid in 2014.



TIMING

Quarterly financial results and related earnings conference calls for the remainder of 2015 are expected to occur as follows:

		Filing Date	Earnings Call
Third Quarter 2015		Monday, November 2, 2015	Tuesday, November 3, 2015 10AM ET

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

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

				Three Months Ended						Six Months Ended
				June 30,				March 31,		June 30,
				2015		2014		2015		2015		2014
	Total revenues			$	616,288	$	574,411	$	606,802	$	1,223,090	$	1,136,792

	Net income attributable to common shareholders			$	165,651	$	76,642	$	84,593	$	250,244	$	138,991
		Per common share:
			Basic	$	0.88	$	0.41	$	0.45	$	1.33	$	0.74
			Diluted	$	0.87	$	0.41	$	0.45	$	1.32	$	0.74

	FFO as adjusted for comparability			$	246,522	$	231,559	$	209,262	$	456,580	$	419,298
		Per diluted share		$	1.30	$	1.23	$	1.10	$	2.41	$	2.22

	FFO			$	323,381	$	216,547	$	220,084	$	544,305	$	463,626
	FFO - Operating Partnership Basis ("OP Basis")			$	343,470	$	229,933	$	233,926	$	577,544	$	492,352
		Per diluted share		$	1.71	$	1.15	$	1.16	$	2.87	$	2.46

	FAD			$	139,674	$	188,865	$	154,345	$	295,636	$	341,151
		Per diluted share		$	0.74	$	1.00	$	0.81	$	1.56	$	1.81

	Dividends per common share			$	0.63	$	0.73	$	0.63	$	1.26	$	1.46

	FFO payout ratio (based on FFO as adjusted for comparability)				48.5%		59.3%		57.3%		52.3%		65.8%
	FAD payout ratio				85.1%		73.0%		77.8%		80.8%		80.7%

	Weighted average shares used in determining FFO per diluted share - REIT basis				189,600		188,659		189,381		189,775		188,475
	Convertible units:
		Class A			10,673		10,705		10,675		10,674		10,658
		D-13			458		453		423		443		478
		G1-G4			87		80		76		88		81
		Equity awards - unit equivalents			560		424		737		384		461
	Weighted average shares used in determining FFO per diluted share - OP Basis				201,378		200,321		201,292		201,364		200,153

- 6 -

RECONCILIATION OF NET INCOME TO FFO⁽¹⁾
(unaudited and in thousands, except per share amounts)
				Three Months Ended						Six Months Ended
				June 30,				March 31,		June 30,
				2015		2014		2015		2015		2014
Reconciliation of our net income to FFO:
	Net income attributable to Vornado			$	186,016	$	97,008	$	104,077	$	290,093	$	179,725
	Depreciation and amortization of real property				129,296		121,402		118,256		247,552		263,971
	Net gains on sale of real estate				-		-		(10,867)		(10,867)		-
	Real estate impairment losses				-		-		256		256		20,842
	Proportionate share of adjustments to equity in net loss of
		partially owned entities to arrive at FFO:
			Depreciation and amortization of real property		32,282		30,126		36,272		68,554		66,812
			Net gains on sale of real estate		(4,513)		-		-		(4,513)		-
			Real estate impairment losses		10,304		-		-		10,304		-
			Income tax effect of above adjustments		-		(3,085)		-		-		(7,080)
	Noncontrolling interests' share of above adjustments				(9,662)		(8,561)		(8,448)		(18,109)		(19,960)
	FFO attributable to Vornado				343,723		236,890		239,546		583,270		504,310
	Preferred share dividends				(20,365)		(20,366)		(19,484)		(39,849)		(40,734)
	FFO attributable to common shareholders				323,358		216,524		220,062		543,421		463,576
	Convertible preferred share dividends				23		23		22		46		50
	Earnings allocated to Out-Performance Plan units				-		-		-		838		-
	FFO attributable to common shareholders plus assumed conversions				323,381		216,547		220,084		544,305		463,626
	Add back of income allocated to noncontrolling interests of the
		Operating Partnership			20,089		13,386		13,842		33,239		28,726
	FFO - OP Basis⁽¹⁾			$	343,470	$	229,933	$	233,926	$	577,544	$	492,352
	FFO per diluted share⁽¹⁾			$	1.71	$	1.15	$	1.16	$	2.87	$	2.46


(1)	FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of depreciated real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets, extraordinary items and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flows as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies.

- 7 -

RECONCILIATION OF FFO TO FFO AS ADJUSTED FOR COMPARABILITY
(unaudited and in thousands, except per share amounts)
				Three Months Ended						Six Months Ended
				June 30,				March 31,		June 30,
				2015		2014		2015		2015		2014
FFO attributable to common shareholders plus assumed conversions			(A)	$	323,381	$	216,547	$	220,084	$	544,305	$	463,626
Per diluted share				$	1.71	$	1.15	$	1.16	$	2.87	$	2.46
Items that affect comparability income:
	Reversal of allowance for deferred tax assets (re: taxable REIT subsidiary's
		ability to utilize NOLs)			90,030		-		-		90,030		-
	Our share of impairment loss on India real estate ventures				(4,502)		-		-		(4,502)		-
	Acquisition and transaction related costs				(4,061)		(1,067)		(1,981)		(6,042)		(2,352)
	FFO from discontinued operations (including UE spin-off related costs
		of $327, $3,016, and $22,645 in the three months ended June 30,
		2015 and 2014 and March 31, 2015, respectively, and $22,972 and
		$3,515 in the six months ended June 30, 2015 and 2014, respectively)			(767)		41,673		7,396		6,628		87,071
	Toys "R" Us ("Toys") FFO (negative FFO)				500		(51,862)		1,454		1,954		(42,595)
	Defeasance cost in connection with the refinancing of 909 Third Avenue				-		(5,589)		-		-		(5,589)
	Net gain on sale of residential condominiums and a land parcel				-		-		1,860		1,860		10,540
	Other, net				433		905		2,721		3,154		-
					81,633		(15,940)		11,450		93,082		47,075
Noncontrolling interests' share of above adjustments					(4,774)		928		(628)		(5,357)		(2,747)
Items that affect comparability, net			(B)	$	76,859	$	(15,012)	$	10,822	$	87,725	$	44,328
Per diluted share				$	0.41	$	(0.08)	$	0.06	$	0.46	$	0.24

FFO attributable to common shareholders plus assumed conversions,
	as adjusted for comparability		(A-B)	$	246,522	$	231,559	$	209,262	$	456,580	$	419,298
Per diluted share				$	1.30	$	1.23	$	1.10	$	2.41	$	2.22

- 8 -

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

				Three Months Ended						Six Months Ended
				June 30,				March 31,		June 30,
				2015		2014		2015		2015		2014

FFO attributable to common shareholders plus assumed conversions			(A)	$	323,381	$	216,547	$	220,084	$	544,305	$	463,626

Adjustments to arrive at FAD:
	Recurring tenant improvements, leasing commissions and other capital expenditures				71,488		55,921		52,048		123,536		128,421
	Items that affect comparability per page 8, excluding FFO attributable to
		discontinued operations			82,400		(57,613)		4,054		86,454		(39,996)
	Straight-line rentals				34,662		19,892		29,296		63,958		32,882
	Amortization of acquired below-market leases, net				12,920		8,064		11,992		24,912		17,776
	Carried interest and our share of net unrealized gains from real estate fund investments				8,743		17,372		1,621		10,364		22,245
	Amortization of debt issuance costs				(7,497)		(2,148)		(7,456)		(14,953)		(6,570)
	Stock-based compensation expense				(6,685)		(9,051)		(20,142)		(26,827)		(20,075)
	Non real estate depreciation				(1,667)		(3,044)		(1,922)		(3,589)		(4,619)
	Noncontrolling interests' share of above adjustments				(10,657)		(1,711)		(3,752)		(15,186)		(7,589)
			(B)		183,707		27,682		65,739		248,669		122,475

FAD⁽¹⁾			(A-B)	$	139,674	$	188,865	$	154,345	$	295,636	$	341,151

FAD per diluted share				$	0.74	$	1.00	$	0.81	$	1.56	$	1.81
FAD payout ratio⁽²⁾					85.1%		73.0%		77.8%		80.8%		80.7%


(1)	FAD is defined as FFO less (i) recurring tenant improvements, leasing commissions and capital expenditures, (ii) straight-line rents and amortization of acquired below-market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. FAD is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure that management believes provides useful information regarding the Company's ability to fund its dividends.

(2)	FAD payout ratios on a quarterly basis are not necessarily indicative of amounts for the full year due to fluctuation in timing of cash based expenditures, the commencement of new leases and the seasonality of our operations.

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CONSOLIDATED NET INCOME / EBITDA⁽¹⁾
(unaudited and in thousands)
		Three Months Ended
		June 30,						March 31,
		2015		2014		Inc (Dec)		2015
Property rentals		$	466,803	$	450,076	$	16,727	$	458,528
Straight-line rent adjustments			34,662		19,892		14,770		29,296
Amortization of acquired below-market leases, net			13,378		8,522		4,856		12,450
Total rentals			514,843		478,490		36,353		500,274
Tenant expense reimbursements			62,215		55,110		7,105		66,921
Fee and other income:
	BMS cleaning fees		21,741		22,195		(454)		22,633
	Management and leasing fees		4,274		5,765		(1,491)		4,192
	Lease termination fees		2,893		4,545		(1,652)		3,747
	Other income		10,322		8,306		2,016		9,035
Total revenues			616,288		574,411		41,877		606,802
Operating expenses			242,690		230,398		12,292		254,493
Depreciation and amortization			136,957		113,200		23,757		124,122
General and administrative			39,189		40,478		(1,289)		58,492
Acquisition and transaction related costs			4,061		1,067		2,994		1,981
Total expenses			422,897		385,143		37,754		439,088
Operating income			193,391		189,268		4,123		167,714
Loss from partially owned entities			(5,231)		(53,742)		48,511		(2,405)
Income from real estate fund investments			26,368		100,110		(73,742)		24,089
Interest and other investment income, net			5,666		9,396		(3,730)		10,792
Interest and debt expense			(92,092)		(103,913)		11,821		(91,674)
Net gain on disposition of wholly owned and partially owned assets			-		905		(905)		1,860
Income before income taxes			128,102		142,024		(13,922)		110,376
Income tax benefit (expense)			88,072		(3,280)		91,352		(971)
Income from continuing operations			216,174		138,744		77,430		109,405
(Loss) income from discontinued operations			(774)		26,943		(27,717)		15,841
Net income			215,400		165,687		49,713		125,246
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(19,186)		(63,975)		44,789		(15,882)
	Operating Partnership		(10,198)		(4,704)		(5,494)		(5,287)
Net income attributable to Vornado			186,016		97,008		89,008		104,077
Interest and debt expense			115,073		179,520		(64,447)		114,675
Depreciation and amortization			163,245		173,443		(10,198)		156,450
Income tax benefit			(87,653)		(574)		(87,079)		(739)
EBITDA		$	376,681	$	449,397	$	(72,716)	$	374,463

Capitalized leasing and development payroll		$	5,444	$	4,038	$	1,406	$	4,941
Capitalized interest and debt expense		$	11,702	$	16,560	$	(4,858)	$	11,110


(1)	EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." Management considers EBITDA a supplemental measure for making decisions and assessing the unlevered performance of its segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on a multiple of EBITDA, management utilizes this measure to make investment decisions as well as to compare the performance of its assets to that of its peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies.

- 10 -

CONSOLIDATED NET INCOME / EBITDA
(unaudited and in thousands)
		Six Months Ended June 30,
		2015		2014		Inc (Dec)
Property rentals		$	925,331	$	894,514	$	30,817
Straight-line rent adjustments			63,958		32,882		31,076
Amortization of acquired below-market leases, net			25,828		18,234		7,594
Total rentals			1,015,117		945,630		69,487
Tenant expense reimbursements			129,136		114,411		14,725
Fee and other income:
	BMS cleaning fees		44,374		41,151		3,223
	Management and leasing fees		8,466		11,593		(3,127)
	Lease termination fees		6,640		8,122		(1,482)
	Other income		19,357		15,885		3,472
Total revenues			1,223,090		1,136,792		86,298
Operating expenses			497,183		466,959		30,224
Depreciation and amortization			261,079		244,992		16,087
General and administrative			97,681		87,980		9,701
Acquisition and transaction related costs			6,042		2,352		3,690
Total expenses			861,985		802,283		59,702
Operating income			361,105		334,509		26,596
Loss from partially owned entities			(7,636)		(51,763)		44,127
Income from real estate investments			50,457		118,258		(67,801)
Interest and other investment income, net			16,458		21,246		(4,788)
Interest and debt expense			(183,766)		(200,225)		16,459
Net gain on disposition of wholly owned and partially owned assets			1,860		10,540		(8,680)
Income before income taxes			238,478		232,565		5,913
Income tax benefit (expense)			87,101		(4,131)		91,232
Income from continuing operations			325,579		228,434		97,145
Income from discontinued operations			15,067		35,409		(20,342)
Net income			340,646		263,843		76,803
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(35,068)		(75,554)		40,486
	Operating Partnership		(15,485)		(8,564)		(6,921)
Net income attributable to Vornado			290,093		179,725		110,368
Interest and debt expense			229,748		350,472		(120,724)
Depreciation and amortization			319,695		369,782		(50,087)
Income tax (benefit) expense			(88,392)		19,257		(107,649)
EBITDA		$	751,144	$	919,236	$	(168,092)

Capitalized leasing and development payroll		$	10,385	$	7,607	$	2,778
Capitalized interest and debt expense		$	22,812	$	30,182	$	(7,370)

- 11 -

EBITDA BY SEGMENT
(unaudited and in thousands)
		Three Months Ended June 30, 2015

		Total		New York			Washington, DC			Other
Property rentals		$	466,803	$	299,181		$	107,362		$	60,260
Straight-line rent adjustments			34,662		24,938			6,059			3,665
Amortization of acquired below-market leases, net			13,378		12,008			378			992
Total rentals			514,843		336,127			113,799			64,917
Tenant expense reimbursements			62,215		45,373			10,587			6,255
Fee and other income:
	BMS cleaning fees		21,741		26,366			-			(4,625)
	Management and leasing fees		4,274		1,690			2,761			(177)
	Lease termination fees		2,893		2,277			125			491
	Other income		10,322		2,429			7,584			309
Total revenues			616,288		414,262			134,856			67,170
Operating expenses			242,690		169,169			48,418			25,103
Depreciation and amortization			136,957		73,240			43,732			19,985
General and administrative			39,189		7,889			6,511			24,789
Acquisition and transaction related costs			4,061		-			-			4,061
Total expenses			422,897		250,298			98,661			73,938
Operating income (loss)			193,391		163,964			36,195			(6,768)
(Loss) income from partially owned entities			(5,231)		3,176			(1,805)			(6,602)
Income from real estate fund investments			26,368		-			-			26,368
Interest and other investment income, net			5,666		1,892			13			3,761
Interest and debt expense			(92,092)		(47,173)			(17,483)			(27,436)
Income (loss) before income taxes			128,102		121,859			16,920			(10,677)
Income tax benefit (expense)			88,072		(1,095)			(466)			89,633
Income from continuing operations			216,174		120,764			16,454			78,956
Loss from discontinued operations			(774)		-			-			(774)
Net income			215,400		120,764			16,454			78,182
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(19,186)		(2,552)			-			(16,634)
	Operating Partnership		(10,198)		-			-			(10,198)
Net income attributable to Vornado			186,016		118,212			16,454			51,350
Interest and debt expense			115,073		61,057			20,891			33,125
Depreciation and amortization			163,245		95,567			47,803			19,875
Income tax (benefit) expense			(87,653)		1,152			486			(89,291)
EBITDA for the three months ended June 30, 2015		$	376,681	$	275,988		$	85,634		$	15,059

EBITDA for the three months ended June 30, 2014		$	449,397	$	251,329		$	84,894		$	113,174

EBITDA as adjusted for comparability - OP basis:
	For the three months ended June 30, 2015	$	400,191	$	274,688	⁽¹⁾	$	85,634	⁽²⁾	$	39,869	⁽³⁾
	For the three months ended June 30, 2014	$	394,312	$	245,239	⁽¹⁾	$	84,894	⁽²⁾	$	64,179	⁽³⁾


See notes on page 14.

- 12 -

EBITDA BY SEGMENT
(unaudited and in thousands)
		Six Months Ended June 30, 2015
		Total		New York			Washington, DC			Other
Property rentals		$	925,331	$	585,975		$	214,728		$	124,628
Straight-line rent adjustments			63,958		42,412			11,370			10,176
Amortization of acquired below-market leases, net			25,828		23,118			755			1,955
Total rentals			1,015,117		651,505			226,853			136,759
Tenant expense reimbursements			129,136		94,874			22,056			12,206
Fee and other income:
	BMS cleaning fees		44,374		53,669			-			(9,295)
	Management and leasing fees		8,466		3,134			5,847			(515)
	Lease termination fees		6,640		5,799			254			587
	Other income		19,357		4,794			13,814			749
Total revenues			1,223,090		813,775			268,824			140,491
Operating expenses			497,183		339,830			99,221			58,132
Depreciation and amortization			261,079		143,295			80,222			37,562
General and administrative			97,681		19,933			12,215			65,533
Acquisition and transaction related costs			6,042		-			-			6,042
Total expenses			861,985		503,058			191,658			167,269
Operating income (loss)			361,105		310,717			77,166			(26,778)
Loss from partially owned entities			(7,636)		(2,487)			(1,674)			(3,475)
Income from real estate fund investments			50,457		-			-			50,457
Interest and other investment income, net			16,458		3,754			26			12,678
Interest and debt expense			(183,766)		(92,524)			(35,643)			(55,599)
Net gain on disposition of wholly owned and partially owned assets			1,860		-			-			1,860
Income (loss) before income taxes			238,478		219,460			39,875			(20,857)
Income tax benefit (expense)			87,101		(2,038)			208			88,931
Income from continuing operations			325,579		217,422			40,083			68,074
Income from discontinued operations			15,067		-			-			15,067
Net income			340,646		217,422			40,083			83,141
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(35,068)		(4,058)			-			(31,010)
	Operating Partnership		(15,485)		-			-			(15,485)
Net income attributable to Vornado			290,093		213,364			40,083			36,646
Interest and debt expense			229,748		119,724			42,403			67,621
Depreciation and amortization			319,695		189,691			88,555			41,449
Income tax (benefit) expense			(88,392)		2,154			(2,150)			(88,396)
EBITDA for the six months ended June 30, 2015		$	751,144	$	524,933		$	168,891		$	57,320

EBITDA for the six months ended June 30, 2014		$	919,236	$	485,127		$	168,981		$	265,128

EBITDA as adjusted for comparability - OP basis:
	For the six months ended June 30, 2015	$	758,790	$	523,633	⁽¹⁾	$	168,891	⁽²⁾	$	66,266	⁽³⁾
	For the six months ended June 30, 2014	$	736,042	$	472,915	⁽¹⁾	$	168,981	⁽²⁾	$	94,146	⁽³⁾


See notes on page 14.

- 13 -

NOTES TO EBITDA BY SEGMENT
(unaudited and in thousands)


(1)	The elements of "New York" EBITDA as adjusted for comparability are summarized below.

			Three Months Ended June 30,				Six Months Ended June 30,
			2015		2014		2015		2014
		Office (including BMS EBITDA of $6,593, $6,018, $12,274 and $11,545, respectively)	$	169,440	$	157,123	$	328,799	$	309,249
		Retail		86,151		67,567		167,456		133,393
		Alexander's		10,241		10,271		20,648		20,701
		Hotel Pennsylvania		8,856		10,278		6,730		9,572
		Total New York	$	274,688	$	245,239	$	523,633	$	472,915




(2)	The elements of "Washington, DC" EBITDA as adjusted for comparability are summarized below.

			Three Months Ended June 30,				Six Months Ended June 30,
			2015		2014		2015		2014
		Office, excluding the Skyline Properties	$	68,514	$	67,057	$	135,898	$	134,314
		Skyline properties		6,984		7,073		13,039		13,572
		Total Office		75,498		74,130		148,937		147,886
		Residential		10,136		10,764		19,954		21,095
		Total Washington, DC	$	85,634	$	84,894	$	168,891	$	168,981

(3)	The elements of "Other" EBITDA as adjusted for comparability are summarized below.

			Three Months Ended June 30,				Six Months Ended June 30,
			2015		2014		2015		2014
	Our share of real estate fund investments:
		Income before net realized/unrealized gains	$	1,533	$	2,191	$	4,285	$	4,617
		Net realized/unrealized gains on investments		6,054		24,265		10,464		27,807
		Carried interest		2,909		11,874		6,297		13,205
	Total			10,496		38,330		21,046		45,629
	The Mart and trade shows			22,144		22,454		43,185		41,541
	555 California Street			12,831		11,506		25,232		23,572
	India real estate ventures			375		99		2,216		1,923
	Other investments			11,222		6,780		18,966		14,380
				57,068		79,169		110,645		127,045
	Corporate general and administrative expenses^{(a) (b)}			(23,760)		(23,022)		(59,702)		(49,004)
	Investment income and other, net^(a)			6,561		8,032		15,323		16,105
		Total Other	$	39,869	$	64,179	$	66,266	$	94,146



	(a)	The amounts in these captions (for this table only) exclude income/expense from the mark-to-market of our deferred compensation plan of $609 and $2,380 for the three months ended June 30, 2015 and 2014, respectively, and $2,250 and $6,780 for the six months ended June 30, 2015 and 2014, respectively.
	(b)	The six months ended June 30, 2015 includes $8,817 from the acceleration of the recognition of compensation expense related to 2013-2015 Out-Performance Plans due to the modification of the vesting criteria of awards such that they will fully vest at age 65. The accelerated expense will result in lower general and administrative expense for the remainder of 2015 of $1,734 and $6,217 thereafter.

- 14 -

EBITDA BY SEGMENT AND REGION
(unaudited)

The following tables set forth the percentages of EBITDA, by operating segment and by geographic region, excluding discontinued operations and other items that affect comparability.



		Three Months Ended June 30,		Six Months Ended June 30,
		2015	2014	2015	2014
Segment
	New York	76%	74%	76%	74%
	Washington, DC	24%	26%	24%	26%
		100%	100%	100%	100%

Region
	New York City metropolitan area	69%	67%	69%	67%
	Washington, DC / Northern Virginia area	22%	24%	22%	24%
	Chicago, IL	6%	6%	6%	6%
	San Francisco, CA	3%	3%	3%	3%
		100%	100%	100%	100%

- 15 -

CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands)


			June 30, 2015		December 31, 2014		Increase (Decrease)
ASSETS
Real estate, at cost:
	Land		$	4,036,944	$	3,861,913	$	175,031
	Buildings and improvements			12,188,912		11,705,749		483,163
	Development costs and construction in progress			1,273,897		1,128,037		145,860
	Leasehold improvements and equipment			129,930		126,659		3,271
		Total		17,629,683		16,822,358		807,325
	Less accumulated depreciation and amortization			(3,303,014)		(3,161,633)		(141,381)
Real estate, net				14,326,669		13,660,725		665,944
Cash and cash equivalents				516,337		1,198,477		(682,140)
Restricted cash				127,857		176,204		(48,347)
Marketable securities				159,991		206,323		(46,332)
Tenant and other receivables, net				115,049		109,998		5,051
Investments in partially owned entities				1,477,090		1,246,496		230,594
Real estate fund investments				565,976		513,973		52,003
Receivable arising from the straight-lining of rents, net				851,894		787,271		64,623
Deferred leasing and financing costs, net				528,179		475,158		53,021
Identified intangible assets, net				245,846		225,155		20,691
Assets related to discontinued operations				34,891		2,238,474		(2,203,583)
Other assets				636,128		410,066		226,062
	Total assets		$	19,585,907	$	21,248,320	$	(1,662,413)

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
	Mortgages payable		$	8,562,314	$	8,263,165	$	299,149
	Senior unsecured notes			847,463		1,347,159		(499,696)
	Revolving credit facility debt			400,000		-		400,000
	Accounts payable and accrued expenses			437,813		447,745		(9,932)
	Deferred revenue			390,636		358,613		32,023
	Deferred compensation plan			118,931		117,284		1,647
	Liabilities related to discontinued operations			12,611		1,511,362		(1,498,751)
	Other liabilities			417,935		375,830		42,105
		Total liabilities		11,187,703		12,421,158		(1,233,455)
Redeemable noncontrolling interests				1,092,894		1,337,780		(244,886)
Vornado shareholders' equity				6,537,744		6,745,426		(207,682)
Noncontrolling interests in consolidated subsidiaries				767,566		743,956		23,610
	Total liabilities, redeemable noncontrolling interests and equity		$	19,585,907	$	21,248,320	$	(1,662,413)

- 16 -

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

						June 30, 2015
Debt:
	Consolidated debt:
		Mortgages payable				$	8,562,314
		Senior unsecured notes					847,463
		$2.5 billion revolving credit facilities					400,000
							9,809,777
	Pro rata share of non-consolidated debt in partially owned entities
		(excluding $1,686,465 of Toys' debt)					2,655,913
	Less: Noncontrolling interests' share of consolidated debt
		(primarily 1290 Avenue of the Americas and 555 California Street)					(473,556)
Total debt							11,992,134


			Shares/Units	Par Value
Perpetual Preferred:
5.00% Preferred Unit (D-16) (1 unit @ $1,000,000 per unit)							1,000
3.25% Preferred Units (D-17) (177,100 units @ $25 per unit)							4,428
6.625% Series G Preferred Shares			8,000	$	25.00		200,000
6.625% Series I Preferred Shares			10,800		25.00		270,000
6.875% Series J Preferred Shares			9,850		25.00		246,250
5.70% Series K Preferred Shares			12,000		25.00		300,000
5.40% Series L Preferred Shares			12,000		25.00		300,000
							1,321,678


				June 30, 2015
			Converted	Common
			Shares	Share Price
Equity:
Common shares			188,497	$	94.93		17,894,020
Class A units			10,589		94.93		1,005,214
Convertible share equivalents:
	Equity awards - unit equivalents		866		94.93		82,210
	D-13 preferred units		492		94.93		46,706
	G1-G4 units		86		94.93		8,164
	Series A preferred shares		45		94.93		4,272
							19,040,586
Total Market Capitalization						$	32,354,398

- 17 -

DEBT ANALYSIS
(unaudited and in thousands)
					As of June 30, 2015
		Total					Variable				Fixed
					Weighted				Weighted				Weighted
					Average				Average				Average
		Amount			Interest Rate		Amount		Interest Rate		Amount		Interest Rate
Consolidated debt		$	9,809,777			3.73%	$	2,612,436		2.02%	$	7,197,341		4.34%
Pro rata share of non-consolidated debt:
	Toys		1,686,465			7.76%		1,028,680		7.18%		657,785		8.67%
	All other		2,655,913			5.15%		364,355		1.96%		2,291,558		5.66%
Total			14,152,155			4.47%		4,005,471		3.34%		10,146,684		4.92%
Less: Noncontrolling interests' share of consolidated debt
	(primarily 1290 Avenue of the Americas and 555 California Street)		(473,556)					(10,500)				(463,056)
Company's pro rata share of total debt		$	13,678,599			4.49%	$	3,994,971		3.34%	$	9,683,628		4.96%


							Senior Unsecured Notes					Unencumbered EBITDA
							Due 2019		Due 2022				2Q 2015
Settlement Date								6/16/2014		12/7/2011			Annualized
Principal Amount								$ 450,000		$ 400,000		New York	$	445,260
Issue Price								99.619%		99.546%		Washington, DC		174,696
Coupon								2.500%		5.000%		Other		34,668
Effective economic interest rate								2.581%		5.057%		Total	$	654,624
Ratings:
	Moody's							Baa2		Baa2
	S&P							BBB		BBB
	Fitch							BBB		BBB
Maturity Date / Put Date								6/30/2019		1/15/2022


Debt Covenant Ratios:⁽¹⁾					Senior Unsecured Notes						Revolving Credit Facilities
					Actual
					Required		Due 2019		Due 2022		Required		Actual
Total Outstanding Debt / Total Assets⁽²⁾					Less than 65%			43%		43%	Less than 60%			31%
Secured Debt / Total Assets					Less than 50%			37%		37%	Less than 50%			26%
Interest Coverage Ratio (Annualized Combined
	EBITDA to Annualized Interest Expense)			Greater than 1.50				3.26		3.26				N/A
Fixed Charge Coverage								N/A		N/A	Greater than 1.40			2.80
Unencumbered Assets / Unsecured Debt				Greater than 150%				752%		752%				N/A
Unsecured Debt / Cap Value of Unencumbered Assets								N/A		N/A	Less than 60%			11%
Unencumbered Coverage Ratio								N/A		N/A	Greater than 1.50			16.97



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

(2)	Total assets includes EBITDA capped at 7.5% under the senior unsecured notes and 6.0% under the revolving credit facilities.

- 18 -

DEBT MATURITIES
(unaudited and in thousands)
		Spread
	Maturity	over	Interest
Property	Date⁽¹⁾	LIBOR	Rate	2015		2016		2017		2018		2019		Thereafter		Total
888 Seventh Avenue	01/16		5.71%	$	-	$	318,554	$	-	$	-	$	-	$	-	$	318,554
510 5th Avenue	01/16		5.60%		-		29,913		-		-		-		-		29,913
770 Broadway	03/16		5.65%		-		353,000		-		-		-		-		353,000
Bowen Building	06/16		6.14%		-		115,022		-		-		-		-		115,022
1730 M and 1150 17th Street	06/16	L+125	1.43%		-		43,581		-		-		-		-		43,581
The Mart	12/16		5.57%		-		550,000		-		-		-		-		550,000
350 Park Avenue	01/17		3.75%		-		-		292,124		-		-		-		292,124
100 West 33rd Street - office and retail	03/17	L+150	1.69%		-		-		325,000		-		-		-		325,000
2011 Crystal Drive	08/17		7.30%		-		-		76,960		-		-		-		76,960
220 20th Street	02/18		4.61%		-		-		-		70,676		-		-		70,676
828-850 Madison Avenue Retail Condominium	06/18		5.29%		-		-		-		80,000		-		-		80,000
$1.25 Billion unsecured revolving credit facility	06/18	L+115	0.00%		-		-		-		-		-		-		-
33-00 Northern Blvd	10/18		4.43%		-		-		-		62,000		-		-		62,000
220 Central Park South	01/19	L+275	2.94%		-		-		-		-		600,000		-		600,000
Senior unsecured notes due 2019	06/19		2.50%		-		-		-		-		448,628		-		448,628
435 Seventh Avenue - retail	08/19	L+225	2.44%		-		-		-		-		98,000		-		98,000
$1.25 Billion unsecured revolving credit facility	11/19	L+105	1.24%		-		-		-		-		400,000		-		400,000
4 Union Square South - retail	11/19	L+215	2.33%		-		-		-		-		118,951		-		118,951
2200 / 2300 Clarendon Boulevard (Courthouse Plaza)	05/20	L+160	1.79%		-		-		-		-		-		33,750		33,750
150 West 34th Street	06/20	L+225	2.44%		-		-		-		-		-		205,000		205,000
Eleven Penn Plaza	12/20		3.95%		-		-		-		-		-		450,000		450,000
Borgata Land	02/21		5.14%		-		-		-		-		-		58,002		58,002
909 Third Avenue	05/21		3.91%		-		-		-		-		-		350,000		350,000
West End 25	06/21		4.88%		-		-		-		-		-		101,671		101,671
Universal Buildings	08/21	L+190	2.08%		-		-		-		-		-		185,000		185,000
555 California Street	09/21		5.10%		-		-		-		-		-		593,521		593,521
655 Fifth Avenue	10/21	L+140	1.57%		-		-		-		-		-		140,000		140,000
Two Penn Plaza	12/21	⁽²⁾	3.98%		-		-		-		-		-		575,000		575,000
Senior unsecured notes due 2022	01/22		5.00%		-		-		-		-		-		398,835		398,835
Skyline Properties	02/22		2.97%		-		-		-		-		-		678,000		678,000
1290 Avenue of the Americas	11/22		3.34%		-		-		-		-		-		950,000		950,000
2121 Crystal Drive	03/23		5.51%		-		-		-		-		-		145,299		145,299
666 Fifth Avenue Retail Condominium	03/23		3.61%		-		-		-		-		-		390,000		390,000
2101 L Street	08/24		3.97%		-		-		-		-		-		147,577		147,577


See notes on the following page.

- 19 -

DEBT MATURITIES
(unaudited and in thousands)
			Spread
		Maturity	over	Interest
Property		Date⁽¹⁾	LIBOR	Rate	2015		2016		2017		2018		2019		Thereafter		Total
1215 Clark Street, 200 12th Street &
	251 18th Street	01/25		7.94%	$	-	$	-	$	-	$	-	$	-	$	96,300	$	96,300
River House Apartments		04/25	L+128	1.46%		-		-		-		-		-		307,710		307,710
Other properties		Various		2.97%		-		-		-		-		-		19,825		19,825
Purchase accounting valuation adjustments		Various				-		-		-		(126)		-		2,004		1,878

Total					$	-	$	1,410,070	$	694,084	$	212,550	$	1,665,579	$	5,827,494	$	9,809,777

Weighted average rate						0.00%		5.54%		3.18%		4.83%		2.34%		3.71%		3.73%

Fixed rate debt					$	-	$	1,366,489	$	369,084	$	212,550	$	448,628	$	4,800,590	$	7,197,341
Fixed weighted average rate expiring						0.00%		5.67%		4.49%		4.83%		2.50%		4.10%		4.34%

Floating rate debt					$	-	$	43,581	$	325,000	$	-	$	1,216,951	$	1,026,904	$	2,612,436
Floating weighted average rate expiring						0.00%		1.43%		1.69%		0.00%		2.28%		1.85%		2.02%


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

(2)	Pursuant to an existing swap agreement, $420,000 of the loan bears interest at a fixed rate of 4.78% through March 2018, and the balance of $155,000 floats through March 2018. The entire $575,000 will float thereafter for the duration of the loan.

- 20 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)
						As of June 30, 2015
								Debt
				Percentage		Company's		Company's
		Asset		Ownership at		Carrying		Pro rata		100% of
Joint Venture Name		Category		June 30, 2015		Amount		Share		Joint Venture
PREIT Associates			REIT		8.1%	$	143,031	$	150,832	$	1,869,049

Alexander's, Inc.			Office/Retail		32.4%		130,639		334,113		1,031,213

India real estate ventures			Office/Land		4.1% to 36.5%		50,542		47,803		191,213

Urban Edge			REIT		5.4%		25,610		68,337		1,253,889

Toys			Retailer		32.5%		-		1,686,465		5,189,125

Partially owned office buildings:
	280 Park Avenue		Office		50.0%		319,443		363,281		726,563
	One Park Avenue		Office		55.0%		139,845		139,436		253,519
	650 Madison Avenue		Office/Retail		20.1%		119,543		161,024		800,000
	510 West 22nd Street		Office		55.0%		75,281		19,305		35,100
	Rosslyn Plaza	Office/Residential			43.7% to 50.4%		51,638		16,881		33,488
	666 Fifth Avenue Office Condominium		Office		49.5%		45,648		619,278		1,251,067
	West 57th Street properties		Office		50.0%		40,942		10,000		20,000
	330 Madison Avenue		Office		25.0%		30,938		37,500		150,000
	Warner Building		Office		55.0%		19,532		160,985		292,700
	Fairfax Square		Office		20.0%		5,869		18,000		90,000
	1101 17th Street		Office		55.0%		(3,355)		17,050		31,000
	825 Seventh Avenue		Office		50.0%		810		10,250		20,500
	Other partially owned office buildings		Office		Various		13,410		17,465		50,150

Other investments:
	Independence Plaza		Residential		50.1%		146,698		275,550		550,000
	Monmouth Mall		Retail		50.0%		5,778		76,905		153,810
	Other investments		Various		Various		115,248		111,918		748,468
						$	1,477,090	$	4,342,378	$	14,740,854

- 21 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)

		Percentage		Our Share of Net (Loss) Income for the				Our Share of EBITDA for the
		Ownership at		Three Months Ended June 30,				Three Months Ended June 30,
		June 30, 2015		2015		2014		2015		2014
Joint Venture Name
New York:
	666 Fifth Avenue Office Condominium		49.5%	$	(9,320)	$	1,934	$	6,866	$	7,646
	Alexander's, Inc.		32.4%		5,447		5,272		10,241		10,271
	650 Madison Avenue		20.1%		4,517		(556)		8,557		3,276
	330 Madison Avenue		25.0%		1,554		1,674		2,557		2,400
	Independence Plaza		50.1%		(1,042)		239		5,267		6,298
	One Park Avenue		55.0%		839		181		3,500		2,079
	825 Seventh Avenue		50.0%		712		5,201		857		862
	280 Park Avenue (partially under development)		50.0%		339		357		7,090		5,959
	West 57th Street properties (partially under development)		50.0%		(97)		(4,978)		167		373
	Other		Various		227		(328)		1,136		676
					3,176		8,996		46,238		39,840

Washington, DC:
	Warner Building		55.0%		(1,818)		(1,462)		1,986		2,264
	Rosslyn Plaza		43.7% to 50.4%		(778)		(1,499)		1,172		823
	1101 17th Street		55.0%		460		278		845		604
	Fairfax Square		20.0%		(32)		83		420		649
	Other		Various		363		352		1,271		1,292
					(1,805)		(2,248)		5,694		5,632

Other:
	India real estate ventures		4.1% to 36.5%		(16,567)		(2,041)		(14,431)		99
	Green Courte		8.3%		4,516		-		5,088		528
	Alexander's corporate fee income		32.4%		1,876		1,622		1,876		1,622
	Urban Edge		5.4%		904		-		2,246		-
	Toys		32.5%		500		(57,591)		500		5,189
	Monmouth Mall		50.0%		391		319		2,278		2,191
	Other		Various		1,778		(2,799)		6,516		4,750
					(6,602)		(60,490)		4,073		14,379

				$	(5,231)	$	(53,742)	$	56,005	$	59,851

- 22 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)

		Percentage		Our Share of Net (Loss) Income for the				Our Share of EBITDA for the
		Ownership at		Six Months Ended June 30,				Six Months Ended June 30,
		June 30, 2015		2015		2014		2015		2014
Joint Venture Name
New York:
	666 Fifth Avenue Office Condominium		49.5%	$	(17,894)	$	3,939	$	12,652	$	15,041
	Alexander's, Inc.		32.4%		11,041		10,031		20,648		20,701
	650 Madison Avenue		20.1%		3,973		(2,646)		11,526		6,193
	Independence Plaza		50.1%		(3,091)		(1,825)		9,925		10,634
	330 Madison Avenue		25.0%		3,018		3,019		5,079		4,667
	West 57th Street properties (partially under development)		50.0%		(2,316)		(7,577)		251		863
	825 Seventh Avenue		50.0%		1,419		5,676		1,690		1,630
	One Park Avenue		55.0%		1,412		279		8,370		3,949
	280 Park Avenue (partially under development)		50.0%		(227)		306		12,679		11,221
	Other		Various		178		(640)		2,177		1,356
					(2,487)		10,562		84,997		76,255

Washington, DC:
	Warner Building		55.0%		(3,689)		(2,948)		4,201		4,523
	1101 17th Street		55.0%		2,777		564		1,560		1,201
	Rosslyn Plaza		43.7% to 50.4%		(1,515)		(2,071)		2,252		2,479
	Fairfax Square		20.0%		(16)		116		880		1,247
	Other		Various		769		825		2,584		2,667
					(1,674)		(3,514)		11,477		12,117

Other:
	India real estate ventures		4.1% to 36.5%		(16,676)		(2,178)		(12,590)		1,923
	Green Courte		8.3%		4,516		-		5,088		1,068
	Alexander's corporate fee income		32.4%		3,973		3,248		3,973		3,248
	Toys		32.5%		1,954		(55,744)		1,954		90,586
	Urban Edge		5.4%		1,488		-		2,830		-
	Monmouth Mall		50.0%		709		836		4,517		4,582
	Other		Various		561		(4,973)		12,717		10,531
					(3,475)		(58,811)		18,489		111,938

				$	(7,636)	$	(51,763)	$	114,963	$	200,310

- 23 -

SQUARE FOOTAGE in service
(unaudited and square feet in thousands)
				Owned by Company
			Total
			Portfolio	Total	Office	Retail	Showroom	Other
Segment:
	New York:
		Office	20,928	17,555	17,372	-	183	-
		Retail	2,538	2,347	-	2,347	-	-
		Alexander's (32.4% interest)	2,178	706	287	419	-	-
		Hotel Pennsylvania	1,400	1,400	-	-	-	1,400
		Residential (1,654 units)	1,521	761	-	-	-	761
			28,565	22,769	17,659	2,766	183	2,161

	Washington, DC:
		Office, excluding the Skyline Properties	13,431	11,059	10,270	789	-	-
		Skyline Properties	2,646	2,646	2,597	49	-	-
		Total Office	16,077	13,705	12,867	838	-	-
		Residential (2,414 units)	2,597	2,455	-	-	-	2,455
		Other	384	384	-	9	-	375
			19,058	16,544	12,867	847	-	2,830

	Other:
		The Mart	3,578	3,569	1,667	99	1,803	-
		555 California Street (70% interest)	1,802	1,261	1,168	93	-	-
		85 Tenth Avenue (49.9% effective interest)	612	305	286	19	-	-
		Other Properties	2,171	1,210	-	1,210	-	-
			8,163	6,345	3,121	1,421	1,803	-

Total square feet at June 30, 2015			55,786	45,658	33,647	5,034	1,986	4,991

Total square feet at March 31, 2015			55,492	45,401	33,475	4,960	1,975	4,991


					Number of	Number of
Parking Garages (not included above):				Square Feet	Garages	Spaces
	New York			1,702	11	4,980
	Washington, DC			8,928	56	29,628
	The Mart			558	4	1,664
	555 California Street			168	1	453
	Total at June 30, 2015			11,356	72	36,725

- 24 -

TOP 30 TENANTS
(unaudited)

			2015
			Annualized		% of 2015
	Square		Revenues		Annualized
Tenants	Footage		(in thousands)		Revenues
U.S. Government		4,612,338	$	162,823		6.6%
IPG and affiliates		829,325		47,198		1.9%
Bank of America		642,570		41,350		1.7%
AXA Equitable Life Insurance		480,920		40,933		1.7%
Macy's		665,433		35,641		1.4%
Amazon.com		470,143		32,157		1.3%
Neuberger Berman Group LLC		411,894		31,041		1.3%
Forever 21		167,106		28,348		1.1%
J. Crew		389,968		27,528		1.1%
McGraw-Hill Companies, Inc.		479,557		27,505		1.1%
Ziff Brothers Investments, Inc.		287,030		26,931		1.1%
New York Stock Exchange		381,425		25,178		1.0%
Madison Square Garden		393,299		24,683		1.0%
Topshop		94,349		21,159		0.9%
Fast Retailing (Uniqlo)		90,732		20,510		0.8%
Motorola Mobility (guaranteed by Google)		607,872		20,440		0.8%
AOL		233,264		19,670		0.8%
AMC Networks, Inc.		283,745		18,842		0.8%
Hollister		21,741		17,566		0.7%
JCPenney		154,038		17,052		0.7%
Bryan Cave LLP		213,946		16,117		0.7%
Family Health International		340,605		15,738		0.6%
Cushman & Wakefield		166,287		15,077		0.6%
Lockheed Martin		328,919		14,783		0.6%
New York & Co		197,154		12,930		0.5%
Sears Holding Company (Kmart Corporation and Sears Corporation)		286,705		12,184		0.5%
Information Builders, Inc.		243,486		12,100		0.5%
Hennes & Mauritz		42,769		11,500		0.5%
Fitzpatrick Cella Harper		130,424		11,444		0.5%
Alston & Bird LLP		148,705		11,281		0.5%

- 25 -

LEASE EXPIRATIONS
NEW YORK SEGMENT
(unaudited)
			Our share of
				Square Feet		Weighted Average Annual				Percentage of
		Year of Lease		of Expiring		Rent of Expiring Leases				Annualized
		Expiration		Leases		Total		Per Sq. Ft.		Escalated Rent
	Office:	Month to Month			43,000	$	2,308,000	$	53.67		0.2%

		Third Quarter 2015			154,000		11,055,000		71.79		1.0%
		Fourth Quarter 2015			134,000		9,194,000		68.61		0.9%
		Total 2015			288,000		20,249,000		70.31		1.9%
		First Quarter 2016			162,000		8,916,000		55.04		0.8%
		Second Quarter 2016			547,000		34,675,000		63.39		3.3%
		Remaining 2016			563,000		38,265,000		67.97		3.6%
		2017			994,000		57,380,000		57.73		5.4%
		2018			1,041,000		78,492,000		75.40		7.4%
		2019			953,000		64,984,000		68.19		6.2%
		2020			1,545,000		90,732,000		58.73		8.6%
		2021			1,045,000		68,050,000		65.12		6.4%
		2022			510,000		29,647,000		58.13		2.8%
		2023			1,613,000		112,588,000		69.80		10.7%
		2024			1,214,000		90,161,000		74.27		8.5%

	Retail:	Month to Month			12,000	$	1,431,000	$	119.25		0.4%

		Third Quarter 2015			36,000		3,403,000		94.53		1.0%
		Fourth Quarter 2015			12,000		1,658,000		138.17		0.5%
		Total 2015			48,000		5,061,000		105.44		1.4%
		First Quarter 2016			54,000		12,593,000		233.20		3.6%
		Second Quarter 2016			7,000		3,154,000		450.57		0.9%
		Remaining 2016			32,000		9,844,000		307.63		2.8%
		2017			15,000		3,348,000		223.20		0.9%
		2018			158,000		38,254,000		242.11		10.9%
		2019			183,000		31,462,000		171.92		8.9%
		2020			63,000		9,823,000		155.92		2.8%
		2021			38,000		7,437,000		195.71		2.1%
		2022			34,000		4,088,000		120.24		1.2%
		2023			81,000		18,863,000		232.88		5.4%
		2024			171,000		57,300,000		335.09		16.3%

- 26 -

LEASE EXPIRATIONS
WASHINGTON, DC SEGMENT
(unaudited)
			Our share of
				Square Feet		Weighted Average Annual				Percentage of
		Year of Lease		of Expiring		Rent of Expiring Leases				Annualized
		Expiration		Leases		Total		Per Sq. Ft.		Escalated Rent
	Office:	Month to Month			225,000	$	7,076,000	$	31.49		1.6%

		Third Quarter 2015			299,000		12,216,000		40.82		2.7%
		Fourth Quarter 2015			647,000		25,459,000		39.36		5.6%
		Total 2015			946,000		37,675,000		39.82		8.3%
		First Quarter 2016			592,000		23,361,000		39.46		5.2%
		Second Quarter 2016			229,000		11,077,000		48.43		2.4%
		Remaining 2016			449,000		21,903,000		48.81		4.8%
		2017			624,000		25,793,000		41.31		5.7%
		2018			1,007,000		44,828,000		44.52		9.9%
		2019			1,530,000		64,734,000		42.31		14.3%
		2020			906,000		42,975,000		47.43		9.5%
		2021			618,000		28,023,000		45.31		6.2%
		2022			994,000		43,522,000		43.77		9.6%
		2023			178,000		8,332,000		46.77		1.8%
		2024			437,000		17,320,000		39.65		3.8%

- 27 -

LEASING ACTIVITY
(unaudited)

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 accounting principles generally accepted in the United States of America (“GAAP”). Second generation relet space represents square footage that has not been vacant for more than nine months and tenant improvements and leasing commissions are based on our share of square feet leased during the period.


(square feet in thousands)					New York				Washington, DC
					Office		Street Retail		Office
Quarter Ended June 30, 2015
	Total square feet leased					605		36		411
	Our share of square feet leased:					494		27		391
		Initial rent⁽¹⁾			$	82.21	$	1,381.81	$	40.50
		Weighted average lease term (years)				11.0		12.9		8.3
		Second generation relet space:
			Square feet			257		24		202
			Cash basis:
				Initial rent⁽¹⁾	$	89.39	$	1,297.54	$	40.79
				Prior escalated rent	$	80.63	$	376.12	$	43.64
				Percentage increase (decrease)		10.9%		245.0%		(6.5%)
			GAAP basis:
				Straight-line rent⁽²⁾	$	87.28	$	1,642.75	$	38.98
				Prior straight-line rent	$	72.87	$	993.62	$	40.71
				Percentage increase (decrease)		19.8%		65.3%		(4.2%)
		Tenant improvements and leasing commissions:
			Per square foot		$	84.56	$	714.48	$	41.66
			Per square foot per annum		$	7.69	$	55.39	$	5.02
				Percentage of initial rent		9.4%		4.0%		12.4%

Six Months Ended June 30, 2015
	Total square feet leased					1,158		43		1,165
	Our share of square feet leased:					911		34		1,087
		Initial rent⁽¹⁾			$	80.21	$	1,169.82	$	37.01
		Weighted average lease term (years)				10.0		12.7		10.1
		Second generation relet space:
			Square feet			520		27		707
			Cash basis:
				Initial rent⁽¹⁾	$	81.94	$	1,173.47	$	35.44	⁽³⁾
				Prior escalated rent	$	72.10	$	361.48	$	41.32	⁽³⁾
				Percentage increase (decrease)		13.6%		224.6%		(14.2%)	⁽³⁾
			GAAP basis:
				Straight-line rent⁽²⁾	$	79.11	$	1,479.21	$	33.37	⁽³⁾
				Prior straight-line rent	$	66.44	$	899.84	$	38.43	⁽³⁾
				Percentage increase (decrease)		19.1%		64.4%		(13.2%)	⁽³⁾
		Tenant improvements and leasing commissions:
			Per square foot		$	80.06	$	627.55	$	69.01
			Per square foot per annum		$	8.01	$	49.41	$	6.83
				Percentage of initial rent		10.0%		4.2%		18.5%


See notes on the following page.

- 28 -

LEASING ACTIVITY
(unaudited)



(square feet in thousands)					New York				Washington, DC
					Office		Retail		Office
Year Ended December 31, 2014
	Total square feet leased					3,973		119		1,817
	Our share of square feet leased:					3,416		114		1,674
		Initial rent⁽¹⁾			$	66.78	$	327.38	$	38.57
		Weighted average lease term (years)				11.3		11.2		8.2
		Second generation relet space:
			Square feet			2,550		92		1,121
			Cash basis:
				Initial rent⁽¹⁾	$	68.18	$	289.74	$	38.57
				Prior escalated rent	$	60.50	$	206.62	$	41.37
				Percentage increase (decrease)		12.7%		40.2%		(6.8%)
			GAAP basis:
				Straight-line rent⁽²⁾	$	67.44	$	331.33	$	36.97
				Prior straight-line rent	$	56.76	$	204.15	$	38.25
				Percentage increase (decrease)		18.8%		62.3%		(3.3%)
		Tenant improvements and leasing commissions:
			Per square foot		$	75.89	$	110.60	$	46.77
				Per square foot per annum	$	6.72	$	9.88	$	5.70
				Percentage of initial rent		10.1%		3.0%		14.8%


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

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

(3)	Excluding 371 square feet of leasing activity with the U.S. Marshals Service (of which 293 square feet are second generation relet space), the initial rent and prior escalated rent on a cash basis was $37.88 and $39.35 per square foot, respectively (3.7% decrease), and the initial rent and prior escalated rent on a GAAP basis was $34.33 and $35.77 per square foot, respectively (3.7% decrease).

- 29 -

OCCUPANCY, SAME STORE EBITDA AND RESIDENTIAL STATISTICS
(unaudited)

Occupancy and Same Store EBITDA:
						New York	Washington, DC⁽¹⁾
Occupancy rate at:
	June 30, 2015					96.5%	85.0%
	March 31, 2015					97.3%	84.2%
	December 31, 2014					96.9%	83.8%
	June 30, 2014					97.0%	83.5%

Same store EBITDA % increase:
	Three months ended June 30, 2015 vs. June 30, 2014					1.5% ⁽²⁾	0.8%
	Six months ended June 30, 2015 vs. June 30, 2014					2.3% ⁽³⁾	0.4%
	Three months ended June 30, 2015 vs. March 31, 2015					4.6% ⁽⁴⁾	1.9%

Cash basis same store EBITDA % increase (decrease):
	Three months ended June 30, 2015 vs. June 30, 2014					2.4% ⁽²⁾	(3.3%)
	Six months ended June 30, 2015 vs. June 30, 2014					3.9% ⁽³⁾	(4.3%)
	Three months ended June 30, 2015 vs. March 31, 2015					3.1% ⁽⁴⁾	1.8%


(1)	The total office occupancy rates for the Washington, DC segment were as follows:

		June 30, 2015	82.7%
		March 31, 2015	81.5%
		December 31, 2014	80.9%
		June 30, 2014	80.5%

(2)	Excluding Hotel Pennsylvania, same store EBITDA increased by 2.2% and by 3.2% on a cash basis.

(3)	Excluding Hotel Pennsylvania, same store EBITDA increased by 3.0% and by 4.7% on a cash basis.

(4)	Excluding Hotel Pennsylvania, same store EBITDA increased by 0.1% and decreased by 2.0% on a cash basis.



Residential Statistics:
					Average Monthly
			Number of Units	Occupancy Rate	Rent Per Unit
	New York:
		June 30, 2015	1,654	96.1%	$	3,289
		March 31, 2015	1,654	96.1%	$	3,251
		December 31, 2014	1,654	95.7%	$	3,163
		June 30, 2014	1,655	97.1%	$	3,060

	Washington, DC:
		June 30, 2015	2,414	95.4%	$	2,107
		March 31, 2015	2,414	97.1%	$	2,060
		December 31, 2014	2,414	97.4%	$	2,078
		June 30, 2014	2,414	98.0%	$	2,122

- 30 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

CONSOLIDATED
(unaudited and in thousands)
		Six Months Ended		Year Ended December 31,
		June 30, 2015		2014		2013
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	46,080	$	107,728	$	73,130
Tenant improvements			62,363		205,037		120,139
Leasing commissions			15,610		79,636		51,476
Non-recurring capital expenditures			90,592		122,330		49,441
Total capital expenditures and leasing commissions (accrual basis)			214,645		514,731		294,186
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		77,839		140,490		155,035
	Expenditures to be made in future periods for the current period		(122,715)		(313,746)		(150,067)
Total capital expenditures and leasing commissions (cash basis)		$	169,769	$	341,475	$	299,154

Our share of square feet leased			2,032		5,204		3,537
Tenant improvements and leasing commissions per square foot per annum		$	8.25	$	6.53	$	5.55
Percentage of initial rent			11.0%		10.3%		9.3%



Development and redevelopment expenditures:
	220 Central Park South	$	57,554	$	78,059	$	243,687
	The Bartlett		41,889		38,163		6,289
	330 West 34th Street		18,324		41,592		6,832
	Marriott Marquis Times Square - retail and signage		15,294		112,390		40,356
	Springfield Town Center		14,478		127,467		68,716
	90 Park Avenue		12,868		8,910		-
	Wayne Towne Center		10,959		19,740		4,927
	2221 South Clark Street		6,939		3,481		283
	251 18th Street		3,891		4,866		1,430
	Penn Plaza		2,011		4,009		731
	608 Fifth Avenue		1,811		20,377		3,492
	7 West 34th Street		1,533		11,555		-
	Other		13,419		73,578		92,674
		$	200,970	$	544,187	$	469,417

- 31 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

NEW YORK SEGMENT
(unaudited and in thousands)
		Six Months Ended		Year Ended December 31,
		June 30, 2015		2014		2013
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	25,985	$	48,518	$	34,553
Tenant improvements			19,798		143,007		87,275
Leasing commissions			10,144		66,369		39,348
Non-recurring capital expenditures			63,633		64,423		11,579
Total capital expenditures and leasing commissions (accrual basis)			119,560		322,317		172,755
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		41,085		67,577		56,345
	Expenditures to be made in future periods for the current period		(60,309)		(205,258)		(91,107)
Total capital expenditures and leasing commissions (cash basis)		$	100,336	$	184,636	$	137,993

Our share of square feet leased			945		3,530		2,145
Tenant improvements and leasing commissions per square foot per annum		$	9.88	$	6.82	$	5.89
Percentage of initial rent			8.3%		9.1%		8.1%



Development and redevelopment expenditures:
	330 West 34th Street	$	18,324	$	41,592	$	6,832
	Marriott Marquis Times Square - retail and signage		15,294		112,390		40,356
	90 Park Avenue		12,868		8,910		-
	Penn Plaza		2,011		4,009		731
	608 Fifth Avenue		1,811		20,377		3,492
	7 West 34th Street		1,533		11,555		-
	Other		2,504		14,973		34,574
		$	54,345	$	213,806	$	85,985

- 32 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

WASHINGTON, DC SEGMENT
(unaudited and in thousands)
		Six Months Ended		Year Ended December 31,
		June 30, 2015		2014		2013
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	6,009	$	23,425	$	22,165
Tenant improvements			36,913		37,842		6,976
Leasing commissions			4,677		5,857		4,389
Non-recurring capital expenditures			26,638		37,798		37,342
Total capital expenditures and leasing commissions (accrual basis)			74,237		104,922		70,872
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		20,826		45,084		26,075
	Expenditures to be made in future periods for the current period		(58,408)		(63,283)		(36,702)
Total capital expenditures and leasing commissions (cash basis)		$	36,655	$	86,723	$	60,245

Our share of square feet leased			1,087		1,674		1,392
Tenant improvements and leasing commissions per square foot per annum		$	6.83	$	5.70	$	4.75
Percentage of initial rent			18.5%		14.8%		11.9%



Development and redevelopment expenditures:
	The Bartlett	$	41,889	$	38,163	$	6,289
	2221 South Clark Street		6,939		3,481		283
	251 18th Street		3,891		4,866		1,430
	Other		10,628		37,135		33,699
		$	63,347	$	83,645	$	41,701

- 33 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

OTHER
(unaudited and in thousands)
		Six Months Ended		Year Ended December 31,
		June 30, 2015		2014		2013
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	14,086	$	35,785	$	16,412
Tenant improvements			5,652		24,188		25,888
Leasing commissions			789		7,410		7,739
Non-recurring capital expenditures			321		20,109		520
Total capital expenditures and leasing commissions (accrual basis)			20,848		87,492		50,559
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		15,928		27,829		72,615
	Expenditures to be made in future periods for the current period		(3,998)		(45,205)		(22,258)
Total capital expenditures and leasing commissions (cash basis)		$	32,778	$	70,116	$	100,916



Development and redevelopment expenditures:
	220 Central Park South	$	57,554	$	78,059	$	243,687
	Springfield Town Center		14,478		127,467		68,716
	Wayne Towne Center		10,959		19,740		4,927
	Other		287		21,470		24,401
		$	83,278	$	246,736	$	341,731

- 34 -

DEVELOPMENT COSTS AND CONSTRUCTION IN PROGRESS
(unaudited and in thousands, except square feet)
			Zoning Square Feet
				At June 30, 2015
	Development Projects			Total		Development Costs Expended		Land and Acquisition Costs
	New York:
		220 Central Park South - Residential Condominiums	472,000	$	672,496	$	176,106	$	496,390
		1535 Broadway - Marriott Marquis - Retail	109,000		219,386		82,474		136,912
		Other			109,025		109,025		-
	Total New York				1,000,907		367,605		633,302

	Washington, DC:
		The Bartlett - Rental Residential / Retail	618,000		144,920		103,620		41,300
		Other			122,432		122,432		-
	Total Washington, DC				267,352		226,052		41,300

	Other Projects				5,638		5,638		-

	Total Amount on the Balance Sheet			$	1,273,897	$	599,295	$	674,602




			Zoning Square Feet		Total

	Undeveloped Land

	Washington, DC:
	1900 Crystal Drive		712,000	$	35,658
	Metropolitan Park 6,7 & 8 - Rental Residential (1,403 Units) / Retail		1,144,000		84,669
	PenPlace - Office / Hotel (300 Units)		1,381,000		71,227
	223 23rd Street - Office / Rental Residential (353 Units)		937,000		16,230
	Square 649		675,000		19,823
	Total			$	227,607

- 35 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK:
Penn Plaza:
One Penn Plaza												Cisco, MWB Leasing, Parsons Brinkerhoff, Symantec Corporation,
	(ground leased through 2098)											United Health Care, United States Customs Department,
		-Office	100.0%	97.5%	$	58.50	2,251,000	2,251,000	-			URS Corporation Group Consulting, Lion Resources
		-Retail	100.0%	99.0%		120.57	270,000	270,000	-			Bank of America, Kmart Corporation
			100.0%	97.6%		65.15	2,521,000	2,521,000	-	$	-

Two Penn Plaza												EMC, Forest Electric, Information Builders, Inc.,
		-Office	100.0%	99.9%		54.34	1,579,000	1,579,000	-			Madison Square Garden, McGraw-Hill Companies, Inc.
		-Retail	100.0%	38.3%		191.30	50,000	50,000	-			Chase Manhattan Bank
			100.0%	98.0%		58.54	1,629,000	1,629,000	-

Eleven Penn Plaza
		-Office	100.0%	99.6%		58.18	1,133,000	1,133,000	-			Macy's, Madison Square Garden, AMC Networks, Inc.
		-Retail	100.0%	86.0%		177.36	18,000	18,000	-			PNC Bank National Association
			100.0%	99.3%		60.04	1,151,000	1,151,000	-		450,000

100 West 33rd Street
		-Office	100.0%	99.5%		55.35	851,000	851,000	-		223,242	IPG and affiliates, Rocket Fuel

Manhattan Mall
		-Retail	100.0%	87.9%		135.30	256,000	256,000	-		101,758	JCPenney, Aeropostale, Express

330 West 34th Street
	(ground leased through 2148 -
	34.8% ownership interest in the land)											New York & Co.,
		-Office	100.0%	100.0%		57.92	705,000	520,000	185,000			Deutsch, Inc., Yodle, Inc., Footlocker (lease not yet commenced)
		-Retail	100.0%	-		-	13,000	-	13,000
			100.0%	100.0%		57.92	718,000	520,000	198,000		50,150

435 Seventh Avenue
		-Retail	100.0%	100.0%		268.88	43,000	43,000	-		98,000	Hennes & Mauritz

7 West 34th Street
		-Office	100.0%	100.0%		62.80	456,000	456,000	-			Amazon
		-Retail	100.0%	100.0%		306.71	21,000	21,000	-			Mango NY Inc., Amazon (lease not yet commenced)
			100.0%	100.0%		73.54	477,000	477,000	-		-

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

431 Seventh Avenue
		-Retail	100.0%	100.0%		244.62	10,000	10,000	-		-

488 Eighth Avenue
		-Retail	100.0%	100.0%		73.20	6,000	6,000	-		-

267 West 34th Street
		-Retail	100.0%	100.0%		165.31	6,000	6,000	-		-



150 West 34th Street
		-Retail	100.0%	100.0%		68.08	78,000	78,000	-		205,000	Old Navy

- 36 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted			Square Feet
					Average					Under Development
			%	%	Annual Rent			Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)			Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK (Continued):
Penn Plaza (Continued):
137 West 33rd Street
		-Retail	100.0%	100.0%	$	66.40		3,000	3,000	-	$	-

138-142 West 32nd Street
		-Retail	100.0%	83.8%		106.00		5,000	5,000	-		-

	Total Penn Plaza							7,770,000	7,556,000	214,000		1,128,150

Midtown East:
909 Third Avenue													IPG and affiliates, Forest Laboratories, Geller & Company,
	(ground leased through 2063)												Morrison Cohen LLP, Robeco USA Inc.,
		-Office	100.0%	100.0%		58.23	⁽²⁾	1,343,000	1,343,000	-		350,000	United States Post Office, The Procter & Gamble Distributing LLC

150 East 58th Street													Castle Harlan, Tournesol Realty LLC. (Peter Marino),
		-Office	100.0%	98.2%		67.25		541,000	541,000	-			Various showroom tenants
		-Retail	100.0%	100.0%		171.69		2,000	2,000	-
			100.0%	98.2%		67.63		543,000	543,000	-		-

715 Lexington
		-Retail	100.0%	100.0%		252.72		23,000	23,000	-		-	New York & Company, Zales

966 Third Avenue
		-Retail	100.0%	100.0%		88.30		7,000	7,000	-		-	McDonald's

968 Third Avenue
		-Retail	50.0%	100.0%		246.47		6,000	6,000	-		-	Capital One Financial Corporation

	Total Midtown East							1,922,000	1,922,000	-		350,000

Midtown West:
888 Seventh Avenue													Soros Fund, TPG-Axon Capital, Lone Star US Acquisitions LLC,
	(ground leased through 2067)												Pershing Square Capital Management,
		-Office	100.0%	93.4%		88.34		866,000	866,000	-			Vornado Executive Headquarters
		-Retail	100.0%	100.0%		203.17		15,000	15,000	-			Redeye Grill L.P.
			100.0%	93.5%		90.30		881,000	881,000	-		318,554

57th Street - 5 buildings
		-Office	50.0%	99.2%		54.96		133,000	81,000	52,000			Various
		-Retail	50.0%	100.0%		121.09		22,000	22,000	-
			50.0%	99.3%		64.34		155,000	103,000	52,000		20,000

825 Seventh Avenue
		-Office	50.0%	100.0%		74.64		165,000	165,000	-			Young & Rubicam
		-Retail	100.0%	100.0%		261.97		4,000	4,000	-			Lindy's
				100.0%		79.07		169,000	169,000	-		20,500

	Total Midtown West							1,205,000	1,153,000	52,000		359,054

- 37 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK (Continued):
Park Avenue:
280 Park Avenue												Cohen & Steers Inc., GIC Inc,
												Franklin Templeton Co. LLC (lease not commenced),
		-Office	50.0%	100.0%	$	96.69	1,226,000	1,066,000	160,000			New Advisory L.P., Investcorp International Inc.
		-Retail	50.0%	100.0%		218.22	31,000	7,000	24,000			Scottrade Inc., Starbucks
			50.0%	100.0%		99.69	1,257,000	1,073,000	184,000	$	726,563

350 Park Avenue												Kissinger Associates Inc., Ziff Brothers Investment Inc.,
		-Office	100.0%	100.0%		92.56	553,000	553,000	-			MFA Financial Inc., M&T Bank
		-Retail	100.0%	100.0%		205.57	17,000	17,000	-			Fidelity Investment, AT&T Wireless, Valley National Bank
			100.0%	100.0%		95.93	570,000	570,000	-		292,124

	Total Park Avenue						1,827,000	1,643,000	184,000		1,018,687

Grand Central:
90 Park Avenue												Alston & Bird, Amster, Rothstein & Ebenstein,
		-Office	100.0%	81.5%		64.78	920,000	920,000	-			Capital One, Factset Research Systems Inc., Foley & Lardner
		-Retail	100.0%	100.0%		116.00	25,000	25,000	-			Citibank
				82.0%		66.13	945,000	945,000	-		-

330 Madison Avenue												Guggenheim Partners LLC, HSBC Bank AFS,
												Jones Lang LaSalle Inc., Wells Fargo,
		-Office	25.0%	98.2%		69.88	809,000	809,000	-			American Century (lease not yet commenced)
		-Retail	25.0%	100.0%		283.46	33,000	33,000	-			Ann Taylor Retail Inc., Citibank
			25.0%	98.3%		78.25	842,000	842,000	-		150,000

510 Fifth Avenue
		-Retail	100.0%	90.6%		148.39	65,000	65,000	-		29,913	Joe Fresh

	Total Grand Central						1,852,000	1,852,000	-		179,913

- 38 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average					Under Development
			%	%	Annual Rent		Total			or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property		In Service	for Lease	(in thousands)		Major Tenants
NEW YORK (Continued):
Madison/Fifth:
640 Fifth Avenue													Fidelity Investments, Owl Creek Asset Management LP,
		-Office	100.0%	92.5%	$	86.82	264,000		264,000	-			Stifel Financial Corp., GCA Savvian Inc
		-Retail	100.0%	100.0%		187.38	63,000		63,000	-			Citibank, Forever 21
			100.0%	93.9%		106.20	327,000		327,000	-	$	-

666 Fifth Avenue													Fulbright & Jaworski, Colliers International NY LLC,
		-Office (Office Condo)	49.5%	75.4%		75.26	1,370,000		1,370,000	-		1,251,067	Integrated Holding Group, Vinson & Elkins LLP
		-Retail (Office Condo)	49.5%	100.0%		169.19	45,000		45,000	-		-	HSBC Bank USA, Citibank
		-Retail (Retail Condo)	100.0%	100.0%		373.50	114,000	⁽³⁾	114,000	-		390,000	Uniqlo, Hollister, Swatch
				78.0%		100.26	1,529,000		1,529,000	-		1,641,067

595 Madison Avenue													Beauvais Carpets, Levin Capital Strategies LP,
		-Office	100.0%	98.6%		73.34	292,000		292,000	-			Cosmetech Mably Int'l LLC.
		-Retail	100.0%	100.0%		778.99	30,000		30,000	-			Coach, Prada
			100.0%	98.7%		139.08	322,000		322,000	-		-

650 Madison Avenue													Memorial Sloan Kettering Cancer Center, Polo Ralph Lauren,
		-Office	20.1%	87.2%		105.19	524,000		524,000	-			Willett Advisors LLC
		-Retail	20.1%	100.0%		310.26	71,000		71,000	-			Crate & Barrel, Moncler USA Inc. (lease not yet commenced)
			20.1%	88.7%		129.66	595,000		595,000	-		800,000

689 Fifth Avenue
		-Office	100.0%	100.0%		71.06	82,000		82,000	-			Yamaha Artist Services Inc., Brunello Cucinelli USA, Inc.
		-Retail	100.0%	100.0%		724.58	18,000		18,000	-			MAC Cosmetics, Massimo Dutti
			100.0%	100.0%		188.69	100,000		100,000	-		-

655 Fifth Avenue
		-Retail	92.5%	100.0%		195.40	57,000		57,000	-		140,000	Ferragamo

697-703 5th Avenue (St. Regis)
		-Retail	74.3%	100.0%		356.29	25,000		25,000	-		-	Bottega Veneta, DeBeers Diamond Jewelers

	Total Madison/Fifth						2,955,000		2,955,000	-		2,581,067

Midtown South:
770 Broadway
		-Office	100.0%	100.0%		70.93	988,000		988,000	-			AOL, J. Crew, Facebook, Structure Tone
		-Retail	100.0%	100.0%		49.80	168,000		168,000	-			Ann Taylor Retail Inc., Bank of America, Kmart Corporation
			100.0%	100.0%		67.86	1,156,000		1,156,000	-		353,000

One Park Avenue													New York University, Clarins USA Inc,
		-Office	55.0%	96.5%		45.32	868,000		868,000	-			Public Service Mutual Insurance
		-Retail	55.0%	100.0%		61.67	79,000		79,000	-			Bank of Baroda, Citibank, Equinox, Men's Wearhouse
			55.0%	96.8%		46.68	947,000		947,000	-		253,519

4 Union Square South
		-Retail	100.0%	100.0%		95.01	206,000		206,000	-		118,951	Burlington Coat Factory, Whole Foods Market, DSW, Forever 21

692 Broadway
		-Retail	100.0%	100.0%		71.36	35,000		35,000	-		-	Equinox, Major League Baseball

	Total Midtown South						2,344,000		2,344,000	-		725,470

- 39 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK (Continued):
Rockefeller Center:
1290 Avenue of the Americas												AXA Equitable Life Insurance, Hachette Book Group Inc.,
												Bryan Cave LLP, Neuberger Berman, SSB Realty LLC,
												Cushman & Wakefield, Fitzpatrick,
		-Office	70.0%	97.8%	$	75.91	2,029,000	2,029,000	-			Cella, Harper & Scinto, Columbia University
		-Retail	70.0%	100.0%		164.84	78,000	78,000	-			Duane Reade, JPMorgan Chase Bank, Sovereign Bank
			70.0%	97.8%		79.20	2,107,000	2,107,000	-	$	950,000

608 Fifth Avenue (ground leased through 2033)
		-Office	100.0%	92.5%		57.64	84,000	84,000	-
		-Retail	100.0%	100.0%		419.77	44,000	44,000	-			Topshop
			100.0%	95.1%		182.12	128,000	128,000	-		-

	Total Rockefeller Center						2,235,000	2,235,000	-		950,000

Wall Street/Downtown:
20 Broad Street (ground leased through 2081)
		-Office	100.0%	97.3%		59.31	473,000	473,000	-		-	New York Stock Exchange

40 Fulton Street
		-Office	100.0%	92.8%		37.19	245,000	245,000	-			Market News International Inc., Sapient Corp.
		-Retail	100.0%	100.0%		97.78	5,000	5,000	-			TD Bank
			100.0%	93.0%		38.40	250,000	250,000	-		-

	Total Wall Street/Downtown						723,000	723,000	-		-

Soho:
478-486 Broadway - 2 buildings
		-Retail	100.0%	100.0%		157.85	85,000	85,000	-		-	Topshop, Madewell, J. Crew

443 Broadway
		-Retail	100.0%	100.0%		128.40	16,000	16,000	-		-	Necessary Clothing

304 Canal Street
		-Retail	100.0%	-		-	14,000	-	14,000		-

334 Canal Street
		-Retail	100.0%	-		-	15,000	11,000	4,000		-

155 Spring Street
		-Retail	100.0%	98.5%		80.24	49,000	49,000	-		-	Sigrid Olsen

148 Spring Street
		-Retail	100.0%	100.0%		130.00	7,000	7,000	-		-

150 Spring Street
		-Retail	100.0%	100.0%		242.15	7,000	7,000	-		-	Sandro

	Total Soho						193,000	175,000	18,000		-

- 40 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK (Continued):
Times Square:
1540 Broadway												Forever 21, Planet Hollywood, Disney, Sunglass Hut,
		-Retail	100.0%	100.0%	$	217.75	160,000	160,000	-	$	-	MAC Cosmetics, U.S. Polo

1535 Broadway (Marriott Marquis - retail and signage)
	(ground and building leased through 2032)
		-Retail	100.0%	100.0%		2,102.51	46,000	8,000	38,000			T-Mobile, Invicta, Swatch
		-Theatre	100.0%	100.0%		13.05	62,000	62,000	-			Nederlander-Marquis Theatre
				100.0%		244.30	108,000	70,000	38,000		-

	Total Times Square						268,000	230,000	38,000		-

Upper East Side:
828-850 Madison Avenue
		-Retail	100.0%	100.0%		576.73	18,000	18,000	-		80,000	Gucci, Chloe, Cartier, Cho Cheng, Christofle Silver Inc.

677-679 Madison Avenue
		-Retail	100.0%	100.0%		452.65	8,000	8,000	-		-	Berluti

40 East 66th Street
		-Retail	100.0%	100.0%		912.96	11,000	11,000	-		-	John Varvatos, Nespresso USA, J. Crew

1131 Third Avenue
		-Retail	100.0%	85.9%		109.09	22,000	22,000	-		-	Nike, Crunch LLC

	Total Upper East Side						59,000	59,000	-		80,000

Long Island City:
33-00 Northern Boulevard
		-Office	100.0%	95.5%		29.19	446,000	446,000	-		61,874	City of New York (HRA), NYC Transit Authority


New Jersey:
Paramus
		-Office	100.0%	94.7%		21.45	129,000	129,000	-		-	Vornado's Administrative Headquarters

Washington D.C.:
3040 M Street
		-Retail	100.0%	100.0%		62.16	44,000	44,000	-		-	Nike, Barneys
Property to be Developed:
510 West 22nd Street			55.0%	-		-	-	-	-		35,100

New York Office:

	Total			95.7%	$	66.83	21,325,000	20,928,000	397,000	$	6,305,694

	Vornado's Ownership Interest			96.4%	$	64.77	17,846,000	17,555,000	291,000	$	4,974,006

New York Retail:

	Total			96.8%	$	178.45	2,647,000	2,538,000	109,000	$	1,163,621

	Vornado's Ownership Interest			96.6%	$	176.47	2,444,000	2,347,000	97,000	$	1,163,621

- 41 -

NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK (Continued):
ALEXANDER'S, INC.:
New York:
731 Lexington Avenue, Manhattan
		-Office	32.4%	100.0%	$	99.62	885,000	885,000	-	$	300,000	Bloomberg
		-Retail	32.4%	100.0%		177.42	174,000	174,000	-		320,000	Hennes & Mauritz, The Home Depot, The Container Store
			32.4%	100.0%		111.38	1,059,000	1,059,000	-		620,000

Rego Park I, Queens (4.8 acres)			32.4%	100.0%		37.97	343,000	343,000	-		78,246	Sears, Burlington Coat Factory, Bed Bath & Beyond, Marshalls

Rego Park II (adjacent to Rego Park I),
	Queens (6.6 acres)		32.4%	98.9%		43.39	609,000	609,000	-		264,967	Century 21, Costco, Kohl's, TJ Maxx, Toys "R" Us

Flushing, Queens (4) (1.0 acre)			32.4%	100.0%		16.53	167,000	167,000	-		-	New World Mall LLC

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

Property under Development:
Rego Park II Apartment Tower, Queens, NY			32.4%	-		-	255,000	-	255,000		-

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

	Total Alexander's			99.7%		73.36	2,433,000	2,178,000	255,000		1,031,213

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

Residential:
50-70 W 93rd Street (326 units)			49.9%	98.5%		-	283,000	283,000	-		64,372

Independence Plaza, Tribeca (1,328 units)
		-Residential	50.1%	94.2%		-	1,187,000	1,187,000	-
		-Retail	50.1%	80.3%		30.64	51,000	51,000	-			Duane Reade, Food Emporium
							1,238,000	1,238,000	-		550,000

	Total Residential			96.1%			1,521,000	1,521,000	-		614,372


Total New York				96.2%	$	77.93	29,326,000	28,565,000	761,000	$	9,114,900

Vornado's Ownership Interest				96.5%	$	77.29	23,240,000	22,769,000	471,000	$	6,779,412


(1)	Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential.
(2)	Excludes US Post Office leased through 2038 (including four five-year renewal options) for which the annual escalated rent is $11.27 PSF.
(3)	75,000 square feet is leased from the office condo.
(4)	Leased by Alexander's through January 2037.

- 42 -

WASHINGTON, DC SEGMENT
PROPERTY TABLE

				Weighted		Square Feet
				Average				Under Development
		%	%	Annual Rent		Total		or Not Available		Encumbrances
Property		Ownership	Occupancy	PSF (1)		Property	In Service	for Lease		(in thousands)		Major Tenants
WASHINGTON, DC:
Crystal City:
2011-2451 Crystal Drive - 5 buildings		100.0%	91.8%	$	43.73	2,322,000	2,322,000	-		$	222,259	General Services Administration, Lockheed Martin, Finmeccanica,
												Conservation International, Smithsonian Institution,
												Natl. Consumer Coop. Bank, Council on Foundations,
												Vornado / Charles E. Smith Headquarters, KBR, Scitor Corp.,
												Food Marketing Institute, American Diabetes Association

S. Clark Street / 12th Street - 5 buildings		100.0%	84.4%		37.48	1,545,000	1,545,000	-			58,009	General Services Administration, L-3 Communications,
												The Int'l Justice Mission, Management Systems International

1550-1750 Crystal Drive /		100.0%	86.0%		40.42	1,477,000	1,457,000	20,000	*		40,295	General Services Administration,
	241-251 18th Street - 4 buildings											Alion Science & Technologies, Booz Allen,
												Arete Associates, Battelle Memorial Institute

1800, 1851 and 1901 South Bell Street		100.0%	91.9%		40.27	869,000	506,000	363,000	*		-	General Services Administration, Lockheed Martin
	- 3 buildings

2100 / 2200 Crystal Drive - 2 buildings		100.0%	100.0%		33.88	529,000	529,000	-			-	General Services Administration,
												Public Broadcasting Service

223 23rd Street / 2221 South Clark Street		100.0%	-		-	318,000	-	318,000			-	WeWork
	- 2 buildings

2001 Jefferson Davis Highway		100.0%	70.7%		34.44	162,000	162,000	-			-	Institute for the Psychology Sciences, VT Aepco, Inc.

Crystal City Shops at 2100		100.0%	96.0%		25.94	80,000	80,000	-			-	Various

Crystal Drive Retail		100.0%	94.4%		47.43	57,000	57,000	-			-	Various

Total Crystal City		100.0%	89.1%		40.10	7,359,000	6,658,000	701,000			320,563

Central Business District:
Universal Buildings		100.0%	93.1%		45.59	686,000	686,000	-			185,000	Family Health International, WeWork
	1825-1875 Connecticut Avenue, NW
	- 2 buildings

Warner Building - 1299 Pennsylvania		55.0%	84.0%		68.67	616,000	616,000	-			292,700	Baker Botts LLP, General Electric, Cooley LLP,
	Avenue, NW											Facebook, Live Nation, APCO Worldwide Inc

2101 L Street, NW		100.0%	99.0%		66.81	380,000	380,000	-			147,577	Greenberg Traurig, LLP, US Green Building Council,
												American Insurance Association, RTKL Associates, DTZ

1750 Pennsylvania Avenue, NW		100.0%	97.4%		48.54	278,000	278,000	-			-	General Services Administration, UN Foundation, AOL

1150 17th Street, NW		100.0%	91.7%		42.96	241,000	241,000	-			28,728	American Enterprise Institute

Bowen Building - 875 15th Street, NW		100.0%	100.0%		67.56	231,000	231,000	-			115,022	Paul Hastings LLP, Millennium Challenge Corporation

1101 17th Street, NW		55.0%	100.0%		47.81	215,000	215,000	-			31,000	AFSCME, Verto Solutions

1730 M Street, NW		100.0%	82.7%		46.77	203,000	203,000	-			14,853	General Services Administration
	(ground leased through 2061)

- 43 -

WASHINGTON, DC SEGMENT
PROPERTY TABLE

				Weighted		Square Feet
				Average				Under Development
	%		%	Annual Rent		Total		or Not Available		Encumbrances
Property	Ownership		Occupancy	PSF (1)		Property	In Service	for Lease		(in thousands)		Major Tenants
WASHINGTON, DC (Continued):
1726 M Street, NW	100.0%		84.9%	$	41.08	92,000	92,000	-		$	-	Aptima, Inc., Nelnet Corporation


Waterfront Station	2.5%		-		-	675,000	-	675,000	*		-

1501 K Street, NW	5.0%		100.0%		67.93	379,000	379,000	-			-	Sidley Austin LLP, UBS

1399 New York Avenue, NW	100.0%		92.9%		83.64	129,000	129,000	-			-	Bloomberg, Abbott Laboratories, Abbvie US LLC

Total Central Business District			93.0%		55.77	4,125,000	3,450,000	675,000			814,880

Skyline Properties:
Skyline Place - 7 buildings	100.0%		42.2%		34.22	2,128,000	2,128,000	-			559,186	General Services Administration, Analytic Services,
												Northrop Grumman, Axiom Resource Management,
												Booz Allen, Intellidyne, Inc.

One Skyline Tower	100.0%		100.0%		33.16	518,000	518,000	-			138,639	General Services Administration

Total Skyline Properties	100.0%		53.5%		33.82	2,646,000	2,646,000	-			697,825

Rosslyn / Ballston:
2200 / 2300 Clarendon Blvd	100.0%		93.9%		44.27	638,000	638,000	-			33,750	Arlington County, General Services Administration,
(Courthouse Plaza) - 2 buildings												AMC Theaters
(ground leased through 2062)

Rosslyn Plaza - 4 buildings	46.2%		56.1%		41.88	736,000	524,000	212,000			33,488	General Services Administration, Corporate Executive Board,
												Nathan Associates, Inc.

Total Rosslyn / Ballston			83.3%		43.79	1,374,000	1,162,000	212,000			67,238

Reston:
Commerce Executive - 3 buildings	100.0%	`	92.5%		33.32	419,000	400,000	19,000	*		-	L-3 Communications, Allworld Language Consultants,
												BT North America, Applied Information Sciences, Clarabridge Inc.

Rockville/Bethesda:
Democracy Plaza One	100.0%		95.9%		31.68	214,000	214,000	-			-	National Institutes of Health
(ground leased through 2084)

Tysons Corner:
Fairfax Square - 3 buildings	20.0%		71.7%		42.06	559,000	559,000	-			90,000	Dean & Company, Womble Carlyle

Pentagon City:
Fashion Centre Mall	7.5%		97.0%		41.91	818,000	818,000	-			410,000	Macy's, Nordstrom

Washington Tower	7.5%		100.0%		47.47	170,000	170,000	-			40,000	The Rand Corporation

Total Pentagon City			97.5%		42.89	988,000	988,000	-			450,000

Total Washington, DC office properties			83.3%	$	43.68	17,684,000	16,077,000	1,607,000		$	2,440,506

Vornado's Ownership Interest			82.7%	$	42.53	14,535,000	13,705,000	830,000		$	1,789,984

- 44 -

WASHINGTON, DC SEGMENT
PROPERTY TABLE

			Weighted		Square Feet
			Average				Under Development
	%	%	Annual Rent		Total		or Not Available		Encumbrances
Property	Ownership	Occupancy	PSF (1)		Property	In Service	for Lease		(in thousands)		Major Tenants
WASHINGTON, DC (Continued):
Residential:
For rent residential:
Riverhouse - 3 buildings (1,670 units)	100.0%	95.0%	$	-	1,802,000	1,802,000	-		$	307,710

West End 25 (283 units)	100.0%	96.5%		-	273,000	273,000	-			101,671

220 20th Street (265 units)	100.0%	95.5%		-	269,000	269,000	-			70,676

Rosslyn Plaza - 2 buildings (196 units)	43.7%	100.0%		-	253,000	253,000	-			-

Total Residential		95.4%			2,597,000	2,597,000	-			480,057

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

Met Park / Warehouses - 1 building	100.0%	100.0%		-	129,000	109,000	20,000	*		-

The Bartlett - 1 building	100.0%	-		-	618,000	-	618,000			-	Whole Foods

Other - 3 buildings	100.0%	100.0%		-	11,000	9,000	2,000	*		-

Total Other		100.0%			1,024,000	384,000	640,000			-

Total Washington, DC		85.3%	$	43.68	21,305,000	19,058,000	2,247,000		$	2,920,563

Vornado's Ownership Interest		85.0%	$	42.53	18,014,000	16,544,000	1,470,000		$	2,270,041


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

(1) Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential.

- 45 -

OTHER
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
		%		%	Annual Rent		Total		or Not Available	Encumbrances
Property		Ownership		Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)			Major Tenants
555 California Street:
555 California Street		70.0%		97.0%	$	66.43	1,507,000	1,507,000	-	$	593,521		Bank of America, Dodge & Cox, Goldman Sachs & Co.,
													Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,
													McKinsey & Company Inc., UBS Financial Services,
													KKR Financial, Microsoft Corporation,
													Fenwick & West LLP (lease not yet commenced)

315 Montgomery Street		70.0%		100.0%		48.64	231,000	231,000	-		-		Bank of America, Regus (lease not commenced)

345 Montgomery Street		70.0%		100.0%		96.83	64,000	64,000	-		-		Bank of America

Total 555 California Street				97.5%	$	65.24	1,802,000	1,802,000	-	$	593,521

Vornado's Ownership Interest				97.5%	$	65.24	1,261,000	1,261,000	-	$	415,465

The Mart:
The Mart, Chicago		100.0%		93.9%	$	37.19	3,559,000	3,559,000	-	$	550,000		American Intercontinental University (AIU), Steelcase,
													Baker, Knapp & Tubbs, Motorola Mobility (guaranteed by Google),
													CCC Information Services, Ogilvy Group (WPP),
													Chicago Teachers Union, Publicis Groupe,
													Office of the Special Deputy Receiver, Holly Hunt Ltd.,
													Razorfish, 1871, Chicago School of Professional Psychology,
													Yelp Inc., Paypal, Inc.

Other		50.0%		95.4%		31.99	19,000	19,000	-		34,744

Total The Mart				93.9%	$	37.16	3,578,000	3,578,000	-	$	584,744

Vornado's Ownership Interest				93.9%	$	37.16	3,569,000	3,569,000	-	$	567,372

85 Tenth Avenue:
85 Tenth Avenue, Manhattan													Google, General Services Administration,
													Telehouse International Corp., L-3 Communications,
- Office		49.9%	⁽²⁾	100.0%	$	71.48	573,000	573,000	-				Moet Hennessy USA, Inc.
- Retail		49.9%	⁽²⁾	100.0%		65.10	39,000	39,000	-				Craft Restaurants Inc., IL Posto LLC, Toro NYC Restaurant
		49.9%	⁽²⁾	100.0%		71.08	612,000	612,000	-	$	270,000	⁽³⁾

Total 85 Tenth Avenue				100.0%	$	71.08	612,000	612,000	-	$	270,000

Vornado's Ownership Interest				100.0%	$	71.08	305,000	305,000	-	$	134,730


(1)	Weighted Average Annual Rent PSF excludes ground rent, storage rent and garages.
(2)	As of June 30, 2015, we own junior and senior mezzanine loans of 85 Tenth Avenue with an accreted balance of $155.6 million. The junior and senior mezzanine loans bear paid-in-kind interest of 12% and 9%, respectively, and mature in May 2017. We account for our investment in 85 Tenth Avenue using the equity method of accounting because we will receive a 49.9% interest in the property after repayment of the junior mezzanine loan. As a result of recording our share of the GAAP losses of the property, the net carrying amount of these loans is $25.6 million on our consolidated balance sheets.
(3)	Excludes the Company's junior and senior mezzanine loans which are accounted for as equity.

- 46 -

REAL ESTATE FUND
PROPERTY TABLE
				Weighted		Square Feet
				Average				Under Development
	Fund		%	Annual Rent		Total		or Not Available	Encumbrances
Property	Ownership %		Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
VORNADO CAPITAL PARTNERS
REAL ESTATE FUND:
New York, NY:
Lucida, 86th Street and Lexington Avenue
(ground leased through 2082)											Barnes & Noble, Hennes & Mauritz,
- Retail	100.0%		100.0%	$	190.84	95,000	95,000	-			Sephora, Bank of America
- Residential	100.0%		83.3%		-	51,000	51,000	-
						146,000	146,000	-	$	146,000

11 East 68th Street Retail	100.0%		100.0%		793.75	11,000	8,000	3,000		-	Belstaff, Kent & Curwen

Crowne Plaza Times Square
- Hotel (795 Keys)
- Retail	75.3%	⁽²⁾	92.5%		333.78	15,000	15,000	-			Hershey's
- Office	75.3%	⁽²⁾	100.0%		38.88	220,000	220,000	-			American Management Association
					57.70	235,000	235,000	-		310,000

501 Broadway	100.0%		100.0%		238.25	9,000	9,000	-		20,000	Capital One

Culver City, CA:
800 Corporate Pointe - 2 buildings	100.0%		57.0%		36.62	243,000	243,000	-		60,094	Meredith Corp., West Publishing Corp., Symantec Corp.,
											Syska Hennessy Group, X Prize Foundation

Miami, FL:
1100 Lincoln Road
- Retail	100.0%		100.0%		144.63	48,000	48,000	-			Anthropologie, Banana Republic
- Theatre					36.45	79,000	79,000	-			Regal Cinema
					77.63	127,000	127,000	-		66,000


Total Real Estate Fund	92.4%		84.0%			771,000	768,000	3,000	$	602,094

Vornado's Ownership Interest	23.1%		84.0%			178,239	177,489	750	$	102,628


(1) Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential.
(2) Vornado's effective ownership through its Real Estate Fund and its co-investment is 33%.

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OTHER

PROPERTY TABLE

Weighted

Square Feet

Average

In Service

Under Development

Annual Rent

Total

Owned by

Owned By

or Not Available

Encumbrances

Property

Ownership

Occupancy

PSF (1)

Property

Company

Tenant (2)

for Lease

(in thousands)

Major Tenants

Other Properties:

New Jersey:

Wayne Town Center, Wayne

100.0%

26.97

644,000

137,000

443,000

64,000

JCPenney, Costco, Dick's Sporting Goods, Nordstrom Rack

(ground leased through 2064)

Monmouth Mall, Eatontown

50.0%

89.9%

36.26

⁽³⁾

1,463,000

⁽⁴⁾

851,000

612,000

⁽⁴⁾

165,862

Boscov's, Macy's (4), JCPenney (4), Lord & Taylor,

Loews Theatre, Barnes & Noble, Forever 21

Total New Jersey

2,107,000

988,000

1,055,000

64,000

165,862

Maryland:

Annapolis

(ground and building leased through 2042)

100.0%

8.99

128,000

The Home Depot

Total Other Properties

93.2%

31.87

2,235,000

1,116,000

1,055,000

64,000

165,862

Vornado's Ownership Interest

95.8%

28.60

1,274,000

690,000

520,000

64,000

82,931

(1) Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential.

(2) Owned by tenant on land leased from the company.

(3) Weighted Average Annual Rent PSF shown is for in-line tenants only.

(4) Includes square footage of anchors who own their land and building.

- 48 -

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