EXHIBIT 99.2

INDEX
	Page
BUSINESS DEVELOPMENTS	3	-	6
FINANCIAL INFORMATION
Financial Highlights	7
Net Income Attributable to Common Shareholders (Consolidated and by Segment)	8	-	11
Net Operating Income at Share (by Segment and by Subsegment)	12	-	14
Same Store NOI at Share and NOI at Share - Cash Basis and NOI at Share By Region	15
Consolidated Balance Sheets	16
LEASING ACTIVITY AND LEASE EXPIRATIONS
Leasing Activity	17	-	18
Leasing Expirations	19	-	21
TRAILING TWELVE MONTH PRO-FORMA CASH NOI AT SHARE	22
DEBT AND CAPITALIZATION
Capital Structure	23
Common Shares Data	24
Debt Analysis	25
Debt Maturities	26
UNCONSOLIDATED JOINT VENTURES	27	-	29
DEVELOPMENT ACTIVITY AND CAPITAL EXPENDITURES
Penn District Active Development/Redevelopment Summary	30
Other Development/Redevelopment Summary	31
Capital Expenditures, Tenant Improvements and Leasing Commissions	32	-	36
PROPERTY STATISTICS
Square Footage	37
Top 30 Tenants	38
Occupancy and Residential Statistics	39
Property Table	40	-	50
EXECUTIVE OFFICERS AND RESEARCH COVERAGE	51
APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
Definitions	i
Reconciliations	ii	-	xvi

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of 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 for the year ended December 31, 2018. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. These include Funds From Operations ("FFO"), Funds Available for Distribution ("FAD"), Net Operating Income ("NOI") and Earnings Before Depreciation and Amortization for Real Estate Companies ("EBIDTAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this Supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this Supplemental package starting on page i.

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BUSINESS DEVELOPMENTS

Disposition Activity

220 Central Park South ("220 CPS")

During the three months ended June 30, 2019, we closed on the sale of 11 condominium units at 220 CPS for net proceeds aggregating $265,250,000 resulting in a financial statement net gain of $111,713,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $22,792,000 of income tax expense was recognized in our consolidated statements of income. During the six months ended June 30, 2019, we closed on the sale of 23 condominium units at 220 CPS for net proceeds of $690,734,000 resulting in a financial statement net gain of $269,612,000. In connection with these sales, $49,737,000 of income tax expense was recognized in our consolidated statements of income. From inception to June 30, 2019, we closed on the sale of 34 units for aggregate net proceeds of $905,510,000 which was used to pay $901,117,000 of the $950,000,000 220 CPS loan.

Lexington Realty Trust ("Lexington")

On March 1, 2019, we sold all of our 18,468,969 common shares of Lexington, realizing net proceeds of $167,698,000. We recorded a $16,068,000 mark-to-market increase in the fair value of our common shares for the period from January 1, 2019 through the date of sale, which is included in "interest and other investment income, net" on our consolidated statements of income for the six months ended June 30, 2019.

Urban Edge Properties (“UE”)

On March 4, 2019, we converted to common shares and sold all of our 5,717,184 partnership units of UE, realizing net proceeds of$108,512,000. The sale resulted in a net gain of $62,395,000 which is included in "net gains on disposition of wholly owned and partiallyowned assets" on our consolidated statements of income for the six months ended June 30, 2019.

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BUSINESS DEVELOPMENTS

Disposition Activity - continued

Fifth Avenue and Times Square JV

On April 18, 2019 (the “Closing Date”), we entered into a transaction agreement (the “Transaction Agreement”) with a group of institutional investors (the “Investors”). The Transaction Agreement provides for a series of transactions (collectively, the “Transaction”) pursuant to which (i) prior to the Closing Date, we contributed our interests in properties located at 640 Fifth Avenue, 655 Fifth Avenue, 666 Fifth Avenue, 689 Fifth Avenue, 697-703 Fifth Avenue, 1535 Broadway and 1540 Broadway (collectively, the “Properties”) to subsidiaries of a newly formed joint venture (“Fifth Avenue and Times Square JV”) and (ii) on the Closing Date, transferred a 48.5% common interest in Fifth Avenue and Times Square JV to the Investors. The 48.5% common interest in the joint venture represents an effective 47.2% interest in the Properties (of which 45.4% was transferred from Vornado). The Properties include approximately 489,000 square feet of retail space, 327,000 square feet of office space, signage associated with 1535 and 1540 Broadway, the parking garage at 1540 Broadway and the theatre at 1535 Broadway.

We retained the remaining 51.5% common interest in Fifth Avenue and Times Square JV which represents an effective 51.0% interest in the Properties and an aggregate $1.828 billion of preferred equity interests in certain of the properties. We also provided $500,000,000 of temporary preferred equity on 640 Fifth Avenue until May 23, 2019 when mortgage financing was completed. All of the preferred equity has an annual coupon of 4.25% for the first five years, increasing to 4.75% for the next five years and thereafter at a formulaic rate. It can be redeemed under certain conditions on a tax deferred basis.

Net cash proceeds from the Transaction were $1.186 billion, after (i) deductions for the defeasance of a $390,000,000 mortgage loan on 666 Fifth Avenue and the repayment of a $140,000,000 mortgage loan on 655 Fifth Avenue, (ii) proceeds from a $500,000,000 mortgage loan on 640 Fifth Avenue, described below, (iii) approximately $23,000,000 used to purchase noncontrolling investors' interests and (iv) approximately $53,000,000 of transaction costs (including $17,000,000 of costs related to the defeasance of the 666 Fifth Avenue mortgage loan).

We continue to manage and lease the Properties. We share control with the Investors over major decisions of the joint venture, including decisions regarding leasing, operating and capital budgets, and refinancings. Accordingly, we no longer hold a controlling financial interest in the Properties which has been transferred to the joint venture. As a result, our investment in Fifth Avenue and Times Square JV is accounted for under the equity method from the date of transfer. The Transaction valued the Properties at $5,556,000,000resulting in a financial statement net gain of $2,571,099,000, before noncontrolling interest of $11,945,000, including the related step-up in our basis of the retained portion of the assets to fair value. The net gain is included in "net gain on transfer to Fifth Avenue and Times Square JV" on our consolidated statements of income for the three and six months ended June 30, 2019. The gain for tax purposes was approximately $735,000,000.

On May 23, 2019, we received $500,000,000 from the redemption of our preferred equity in 640 Fifth Avenue. The preferred equity was redeemed from the proceeds of a $500,000,000 mortgage financing that was completed on the property. The five year loan, which is guaranteed by us, is interest only at LIBOR plus 1.01%. The interest rate was swapped for four years to a fixed rate of 3.07%.

330 Madison Avenue (Subsequent Event)

On July 11, 2019, we sold our 25% interest in 330 Madison Avenue to our joint venture partner. We received net proceeds of approximately$100,000,000 after deducting our share of the existing $500,000,000 mortgage loan. The third quarter financial statement gain will be approximately $159,000,000. The tax gain will be approximately $138,000,000.

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BUSINESS DEVELOPMENTS

Financing Activity

On January 28, 2019, a joint venture, in which we have a 45.1% interest, completed a $167,500,000 refinancing of 61 Ninth Avenue,a 166,000 square foot office and retail property in the Meatpacking district of Manhattan which is fully leased to Aetna and Starbucks. The seven-year interest only loan carries a rate of LIBOR plus 1.35% (3.77% as of June 30, 2019) and matures in January 2026. We realized net proceeds of approximately $31,000,000. The loan replaces the previous $90,000,000 construction loan that bore interest at LIBOR plus 3.05% and was scheduled to mature in 2021.

On February 4, 2019, we completed a $95,700,000 refinancing of 435 Seventh Avenue, a 43,000 square foot Manhattan retail property. The interest-only loan carries a rate of LIBOR plus 1.30% (3.73% as of June 30, 2019) and matures in 2024. The recourse loan replaces the previous $95,700,000 loan that bore interest at LIBOR plus 2.25% and was scheduled to mature in August 2019.

On February 12, 2019, we completed a $580,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot Manhattan property comprised of 859,000 square feet of office space and the 256,000 square foot Manhattan Mall. The interest-only loan carries a rate of LIBOR plus 1.55% (3.98% as of June 30, 2019) and matures in April 2024, with twoone-year extension options. The loan replaces the previous $580,000,000 loan that bore interest at LIBOR plus 1.65% and was scheduled to mature in July 2020.

On March 1, 2019, we called for redemption all of our $400,000,0005.00% senior unsecured notes. The notes, which were scheduled to mature in January 2022, were redeemed on April 1, 2019 at a redemption price of 105.51% of the principal amount plus accrued interest. In connection therewith, we expensed $22,540,000 relating to debt prepayment costs which is included in "interest and debt expense" on our consolidated statements of income for the six months ended June 30, 2019.

On March 26, 2019, we increased to $1.5 billion (from $1.25 billion) and extended to March 2024 (as fully extended) from February 2022 one of our two unsecured revolving credit facilities. The interest rate on the extended facility was lowered from LIBOR plus 1.00% to LIBOR plus 0.90%. Thefacility fee remains unchanged at 20 basis points.

On May 24, 2019, we extended our $375,000,000 mortgage loan on 888 Seventh Avenue, a 886,000 square foot Manhattan office building, from December 2020 to December 2025. The interest rate on the extended mortgage loan is LIBOR plus 1.70% (4.11% as of June 30, 2019). Pursuant to an existing swap agreement, the interest rate on the $375,000,000 mortgage loan has been swapped to 3.25% through December 2020.

On June 28, 2019, a joint venture, in which we have a 55% interest, completed a $145,700,000 refinancing of 512 West 22^nd Street, a 173,000 square foot office building in the West Chelsea submarket of Manhattan. The four-year interest only loan carries a rate of LIBOR plus 2.00% (4.40% as of June 30, 2019) and matures in June 2023 with a one-year extension option. The loan replaces the previous $126,000,000 construction loan that bore interest at LIBOR plus 2.65% and was scheduled to mature in 2019.

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BUSINESS DEVELOPMENTS

Second Quarter Leasing Activity

221,000 square feet of New York Office space (155,000 square feet at share) at an initial rent of $83.54 per square foot and a weighted average term of 7.2 years. The GAAP and cash mark-to-market rent on the 80,000 square feet of second generation space were positive 5.9% and 3.3%, respectively. Tenant improvements and leasing commissions were $9.83 per square foot per annum, or 11.8% of initial rent.

70,000 square feet of New York Retail space (67,000 square feet at share) at an initial rent of $162.44 per square foot and a weighted average term of 19.6 years. The GAAP and cash mark-to-market rent on the 64,000 square feet of second generation space were positive 44.4% and 18.7%, respectively. Tenant improvements and leasing commissions were $3.74 per square foot per annum, or 2.3% of initial rent.

30,000 square feet at theMART at an initial rent of $63.83 per square foot and a weighted average term of 4.1 years. The GAAP and cash mark-to-market rent on the 30,000 square feet of second generation space were positive 14.9% and 6.0%, respectively. Tenant improvements and leasing commissions were $1.52 per square foot per annum, or 2.4% of initial rent.

30,000 square feet at 555 California Street (21,000 square feet at share) at an initial rent of $86.00 per square foot and a weighted average term of 5.1 years. The GAAP and cash mark-to-market rent on the 21,000 square feet of second generation space were positive 32.2% and 12.8%, respectively. Tenant improvements and leasing commissions were $6.13 per square foot per annum, or 7.1% of initial rent.

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FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended									For the Six Months Ended June 30,
	June 30,						March 31, 2019
	2019			2018						2019			2018
Total revenues	$	463,103		$	541,818		$	534,668		$	997,771		$	1,078,255
Net income attributable to common shareholders	$	2,400,195		$	111,534		$	181,488		$	2,581,683		$	93,693
Per common share:
Basic	$	12.58		$	0.59		$	0.95		$	13.53		$	0.49
Diluted	$	12.56		$	0.58		$	0.95		$	13.51		$	0.49
Net income attributable to common shareholders, as adjusted (non-GAAP)	$	42,552		$	68,759		$	24,814		$	67,466		$	124,234
Per diluted share (non-GAAP)	$	0.22		$	0.36		$	0.13		$	0.35		$	0.65
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	173,775		$	186,405		$	149,939		$	323,790		$	359,276
Per diluted share (non-GAAP)	$	0.91		$	0.98		$	0.79		$	1.70		$	1.88
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	164,329		$	194,653		$	247,684		$	412,013		$	329,653
FFO - Operating Partnership Basis ("OP Basis") (non-GAAP)	$	175,013		$	207,061		$	263,697		$	438,682		$	350,683
Per diluted share (non-GAAP)	$	0.86		$	1.02		$	1.30		$	2.16		$	1.72
Dividends per common share	$	0.66		$	0.63		$	0.66		$	1.32		$	1.26
FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)	72.5		%	64.3		%	83.5		%	77.6		%	67.0		%
FAD payout ratio	95.7		%	94.0		%	86.8		%	91.0		%	92.6		%
Weighted average shares used in determining FFO attributable to common shareholders    plus assumed conversions per diluted share (REIT basis)	191,058			191,168			190,996			191,026			191,113
Convertible units:
Class A	12,143			11,864			12,083			12,113			11,856
Equity awards - unit equivalents	279			322			265			252			336
Weighted average shares used in determining FFO attributable to Class A unitholders    plus assumed conversions per diluted share (OP Basis)	203,480			203,354			203,344			203,391			203,305

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

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CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Three Months Ended
	June 30,									March 31, 2019
	2019			2018			Variance
Property rentals(1)	$	368,165		$	431,377		$	(63,212	)	$	428,380
Tenant expense reimbursements(1)	51,084			58,312			(7,228		)	66,112
Amortization of acquired below-market leases, net	4,643			10,526			(5,883		)	6,525
Straight-lining of rents	(2,593		)	2,692			(5,285		)	(1,140		)
Total rental revenues	421,299			502,907			(81,608		)	499,877
Fee and other income:
BMS cleaning fees	32,570			30,867			1,703			29,785
Management and leasing fees	4,500			2,707			1,793			2,237
Other income	4,734			5,337			(603		)	2,769
Total revenues	463,103			541,818			(78,715		)	534,668
Operating expenses	(220,752		)	(235,981		)	15,229			(246,895		)
Depreciation and amortization	(113,035		)	(111,846		)	(1,189		)	(116,709		)
General and administrative	(38,872		)	(34,427		)	(4,445		)	(58,020		)
Expense from deferred compensation plan liability	(1,315		)	(2,077		)	762			(5,433		)
Transaction related costs, impairment losses and other	(101,590		)	(1,017		)	(100,573		)	(149		)
Total expenses	(475,564		)	(385,348		)	(90,216		)	(427,206		)
Income from partially owned entities(2)	22,873			8,757			14,116			7,320
Loss from real estate fund investments	(15,803		)	(28,976		)	13,173			(167		)
Interest and other investment income, net	7,840			30,892			(23,052		)	5,045
Income from deferred compensation plan assets	1,315			2,077			(762		)	5,433
Interest and debt expense	(63,029		)	(87,657		)	24,628			(102,463		)
Net gain on transfer to Fifth Avenue and Times Square JV	2,571,099			—			2,571,099			—
Net gains on disposition of wholly owned and partially owned assets	111,713			23,559			88,154			220,294
Income before income taxes	2,623,547			105,122			2,518,425			242,924
Income tax expense	(26,914		)	(467		)	(26,447		)	(29,743		)
Income from continuing operations	2,596,633			104,655			2,491,978			213,181
Income (loss) from discontinued operations	60			683			(623		)	(137		)
Net income	2,596,693			105,338			2,491,355			213,044
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	(21,451		)	26,175			(47,626		)	(6,820		)
Operating Partnership	(162,515		)	(7,445		)	(155,070		)	(12,202		)
Net income attributable to Vornado	2,412,727			124,068			2,288,659			194,022
Preferred share dividends	(12,532		)	(12,534		)	2			(12,534		)
Net income attributable to common shareholders	$	2,400,195		$	111,534		$	2,288,661		$	181,488
Capitalized expenditures:
Leasing payroll(3)	$	—		$	1,358		$	(1,358	)	$	—
Development payroll	5,923			3,249			2,674			4,590
Interest and debt expense	19,812			16,754			3,058			23,325

_________________

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

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

(3) Beginning January 1, 2019, we no longer capitalize internal leasing costs in accordance with Accounting Standard Update 2016-02, Leases.

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CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands)
	For the Six Months Ended June 30,
	2019			2018			Variance
Property rentals(1)	$	796,545		$	853,476		$	(56,931	)
Tenant expense reimbursements(1)	117,196			118,622			(1,426		)
Amortization of acquired below-market leases, net	11,168			21,107			(9,939		)
Straight-lining of rents	(3,733		)	10,122			(13,855		)
Total rental revenues	921,176			1,003,327			(82,151		)
Fee and other income:
BMS cleaning fees	62,355			59,222			3,133
Management and leasing fees	6,737			5,471			1,266
Other income	7,503			10,235			(2,732		)
Total revenues	997,771			1,078,255			(80,484		)
Operating expenses	(467,647		)	(473,583		)	5,936
Depreciation and amortization	(229,744		)	(220,532		)	(9,212		)
General and administrative	(96,892		)	(76,960		)	(19,932		)
Expense from deferred compensation plan liability	(6,748		)	(1,673		)	(5,075		)
Transaction related costs, impairment losses and other	(101,739		)	(14,173		)	(87,566		)
Total expenses	(902,770		)	(786,921		)	(115,849		)
Income (loss) from partially owned entities(2)	30,193			(1,147		)	31,340
Loss from real estate fund investments	(15,970		)	(37,783		)	21,813
Interest and other investment income, net	12,885			6,508			6,377
Income from deferred compensation plan assets	6,748			1,673			5,075
Interest and debt expense	(165,492		)	(175,823		)	10,331
Net gain on transfer to Fifth Avenue and Times Square JV	2,571,099			—			2,571,099
Net gains on disposition of wholly owned and partially owned assets	332,007			23,559			308,448
Income before income taxes	2,866,471			108,321			2,758,150
Income tax expense	(56,657		)	(3,021		)	(53,636		)
Income from continuing operations	2,809,814			105,300			2,704,514
(Loss) income from discontinued operations	(77		)	320			(397		)
Net income	2,809,737			105,620			2,704,117
Less net (income) loss attributable to noncontrolling interests in:
Consolidated subsidiaries	(28,271		)	34,449			(62,720		)
Operating Partnership	(174,717		)	(6,321		)	(168,396		)
Net income attributable to Vornado	2,606,749			133,748			2,473,001
Preferred share dividends	(25,066		)	(25,569		)	503
Preferred share issuance costs	—			(14,486		)	14,486
Net income attributable to common shareholders	$	2,581,683		$	93,693		$	2,487,990
Capitalized expenditures:
Leasing payroll(3)	$	—		$	2,706		$	(2,706	)
Development payroll	10,515			4,958			5,557
Interest and debt expense	43,137			31,481			11,656

_________________

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

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

(3) Beginning January 1, 2019, we no longer capitalize internal leasing costs in accordance with Accounting Standard Update 2016-02, Leases.

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NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)

(Amounts in thousands)

	For the Three Months Ended June 30, 2019
	Total			New York			Other
Property rentals(1)	$	368,165		$	290,970		$	77,195
Tenant expense reimbursements(1)	51,084			42,282			8,802
Amortization of acquired below-market leases, net	4,643			4,436			207
Straight-lining of rents	(2,593		)	(1,901		)	(692		)
Total rental revenues	421,299			335,787			85,512
Fee and other income:
BMS cleaning fees	32,570			34,944			(2,374		)
Management and leasing fees	4,500			4,472			28
Other income	4,734			1,178			3,556
Total revenues	463,103			376,381			86,722
Operating expenses	(220,752		)	(187,819		)	(32,933		)
Depreciation and amortization	(113,035		)	(89,479		)	(23,556		)
General and administrative	(38,872		)	(16,672		)	(22,200		)
Expense from deferred compensation plan liability	(1,315		)	—			(1,315		)
Transaction related costs, impairment losses and other	(101,590		)	(101,360		)	(230		)
Total expenses	(475,564		)	(395,330		)	(80,234		)
Income from partially owned entities	22,873			21,121			1,752
Loss from real estate fund investments	(15,803		)	—			(15,803		)
Interest and other investment income, net	7,840			1,229			6,611
Income from deferred compensation plan assets	1,315			—			1,315
Interest and debt expense	(63,029		)	(43,748		)	(19,281		)
Net gain on transfer to Fifth Avenue and Times Square JV	2,571,099			2,571,099			—
Net gains on disposition of wholly owned and partially owned assets	111,713			—			111,713
Income before income taxes	2,623,547			2,530,752			92,795
Income tax expense	(26,914		)	(1,267		)	(25,647		)
Income from continuing operations	2,596,633			2,529,485			67,148
Income from discontinued operations	60			—			60
Net income	2,596,693			2,529,485			67,208
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(21,451		)	(14,317		)	(7,134		)
Net income attributable to Vornado Realty L.P.	2,575,242			$	2,515,168		$	60,074
Less net income attributable to noncontrolling interests in the Operating Partnership	(162,474		)
Preferred unit distributions	(12,573		)
Net income attributable to common shareholders	$	2,400,195
For the three months ended June 30, 2018:
Net income attributable to Vornado Realty L.P.	$	131,513		$	126,609		$	4,904
Net income attributable to common shareholders	$	111,534

_________________

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

- 10 -

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)

(Amounts in thousands)

	For the Six Months Ended June 30, 2019
	Total			New York			Other
Property rentals(1)	$	796,545		$	638,065		$	158,480
Tenant expense reimbursements(1)	117,196			96,529			20,667
Amortization of acquired below-market leases, net	11,168			10,750			418
Straight-lining of rents	(3,733		)	(1,920		)	(1,813		)
Total rental revenues	921,176			743,424			177,752
Fee and other income:
BMS cleaning fees	62,355			66,701			(4,346		)
Management and leasing fees	6,737			6,723			14
Other income	7,503			2,818			4,685
Total revenues	997,771			819,666			178,105
Operating expenses	(467,647		)	(385,914		)	(81,733		)
Depreciation and amortization	(229,744		)	(184,290		)	(45,454		)
General and administrative	(96,892		)	(33,236		)	(63,656		)
Expense from deferred compensation plan liability	(6,748		)	—			(6,748		)
Transaction related costs, impairment losses and other	(101,739		)	(101,360		)	(379		)
Total expenses	(902,770		)	(704,800		)	(197,970		)
Income from partially owned entities	30,193			26,526			3,667
Loss from real estate fund investments	(15,970		)	—			(15,970		)
Interest and other investment income, net	12,885			2,796			10,089
Income from deferred compensation plan assets	6,748			—			6,748
Interest and debt expense	(165,492		)	(98,475		)	(67,017		)
Net gain on transfer to Fifth Avenue and Times Square JV	2,571,099			2,571,099			—
Net gains on disposition of wholly owned and partially owned assets	332,007			—			332,007
Income before income taxes	2,866,471			2,616,812			249,659
Income tax expense	(56,657		)	(2,712		)	(53,945		)
Income from continuing operations	2,809,814			2,614,100			195,714
Loss from discontinued operations	(77		)	—			(77		)
Net income	2,809,737			2,614,100			195,637
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(28,271		)	(16,142		)	(12,129		)
Net income attributable to Vornado Realty L.P.	2,781,466			$	2,597,958		$	183,508
Less net income attributable to noncontrolling interests in the Operating Partnership	(174,635		)
Preferred unit distributions	(25,148		)
Net income attributable to common shareholders	$	2,581,683
For the six months ended June 30, 2018:
Net income (loss) attributable to Vornado Realty L.P.	$	140,069		$	200,547		$	(60,478	)
Net income attributable to common shareholders	$	93,693

_________________

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

- 11 -

NET OPERATING INCOME AT SHARE BY SEGMENT (unaudited)

(Amounts in thousands)

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

________________________________________

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

	For the Three Months Ended June 30, 2018
	Total			New York			Other
Total revenues	$	541,818		$	458,552		$	83,266
Operating expenses	235,981			200,903			35,078
NOI - consolidated	305,837			257,649			48,188
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,160		)	(11,560		)	(5,600		)
Add: NOI from partially owned entities	65,752			49,778			15,974
NOI at share	354,429			295,867			58,562
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(12,481		)	(12,713		)	232
NOI at share - cash basis	$	341,948		$	283,154		$	58,794

	For the Three Months Ended March 31, 2019
	Total			New York			Other
Total revenues	$	534,668		$	443,285		$	91,383
Operating expenses	246,895			198,095			48,800
NOI - consolidated	287,773			245,190			42,583
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,403		)	(11,407		)	(5,996		)
Add: NOI from partially owned entities	67,402			49,575			17,827
NOI at share	337,772			283,358			54,414
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(5,181		)	(6,618		)	1,437
NOI at share - cash basis	$	332,591		$	276,740		$	55,851

________________________________________

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

- 12 -

NET OPERATING INCOME AT SHARE BY SEGMENT (unaudited)

(Amounts in thousands)

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

________________________________________

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

	For the Six Months Ended June 30, 2018
	Total			New York			Other
Total revenues	$	1,078,255		$	907,036		$	171,219
Operating expenses	473,583			398,819			74,764
NOI - consolidated	604,672			508,217			96,455
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(34,472		)	(23,305		)	(11,167		)
Add: NOI from partially owned entities	133,265			99,551			33,714
NOI at share	703,465			584,463			119,002
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(30,429		)	(30,036		)	(393		)
NOI at share - cash basis	$	673,036		$	554,427		$	118,609

________________________________________

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

- 13 -

NET OPERATING INCOME AT SHARE BY SUBSEGMENT (unaudited)

(Amounts in thousands)

	For the Three Months Ended							For the Six Months Ended June 30,
	June 30,				March 31, 2019
	2019		2018					2019			2018
NOI at share:
New York:
Office(1)	$	179,592	$	184,867	$	183,540		$	363,132		$	372,023
Retail(1)	57,063		87,109		88,267			145,330			175,018
Residential	5,908		6,338		6,045			11,953			12,479
Alexander's Inc ("Alexander's")	11,108		11,909		11,322			22,430			23,484
Hotel Pennsylvania	4,031		5,644		(5,816		)	(1,785		)	1,459
Total New York	257,702		295,867		283,358			541,060			584,463
Other:
theMART	30,974		27,816		23,523			54,497			54,691
555 California Street	15,358		13,660		14,501			29,859			27,171
Other investments	4,875		17,086		16,390			21,265			37,140
Total Other	51,207		58,562		54,414			105,621			119,002
NOI at share	$	308,909	$	354,429	$	337,772		$	646,681		$	703,465

________________________________________

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

NOI at share - cash basis:
New York:
Office(1)	$	178,806	$	180,710	$	184,370		$	363,176		$	358,909
Retail(1)	66,726		79,139		80,936			147,662			158,728
Residential	5,303		5,463		5,771			11,074			11,062
Alexander's	11,322		12,098		11,527			22,849			24,137
Hotel Pennsylvania	3,982		5,744		(5,864		)	(1,882		)	1,591
Total New York	266,139		283,154		276,740			542,879			554,427
Other:
theMART	31,984		27,999		24,912			56,896			55,078
555 California Street	15,595		13,808		14,745			30,340			26,634
Other investments	4,939		16,987		16,194			21,133			36,897
Total Other	52,518		58,794		55,851			108,369			118,609
NOI at share - cash basis	$	318,657	$	341,948	$	332,591		$	651,248		$	673,036

________________________________________

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

- 14 -

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

		Total		New York(2)		theMART		555 California Street
Same store NOI at share % increase (decrease)(1):
	Three months ended June 30, 2019 compared to June 30, 2018	1.2	%	(0.7	)%	12.1	%	13.0	%
	Six months ended June 30, 2019 compared to June 30, 2018	0.5	%	(0.4	)%	4.7	%	10.2	%
	Three months ended June 30, 2019 compared to March 31, 2019	7.2	%	4.1	%	42.3	%	6.4	%
Same store NOI at share - cash basis % increase(1):
	Three months ended June 30, 2019 compared to June 30, 2018	4.3	%	2.5	%	15.5	%	12.9	%
	Six months ended June 30, 2019 compared to June 30, 2018	3.7	%	2.6	%	8.9	%	13.9	%
	Three months ended June 30, 2019 compared to March 31, 2019	8.3	%	5.5	%	38.1	%	5.8	%

____________________

(1)	See pages viii through xiii in the Appendix for same store NOI at share and same store NOI at share - cash basis reconciliations.
		Increase
(2)	Excluding Hotel Pennsylvania, same store NOI at share % increase:
	Three months ended June 30, 2019 compared to June 30, 2018	0.0	%
	Six months ended June 30, 2019 compared to June 30, 2018	0.3	%
	Three months ended June 30, 2019 compared to March 31, 2019	0.0	%
	Excluding Hotel Pennsylvania, same store NOI at share - cash basis % increase:
	Three months ended June 30, 2019 compared to June 30, 2018	3.3	%
	Six months ended June 30, 2019 compared to June 30, 2018	3.3	%
	Three months ended June 30, 2019 compared to March 31, 2019	1.2	%

NOI AT SHARE BY REGION (unaudited)

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2019		2018		2019		2018
Region:
New York City metropolitan area	85	%	88	%	86	%	88	%
Chicago, IL	10	%	8	%	9	%	8	%
San Francisco, CA	5	%	4	%	5	%	4	%
	100	%	100	%	100	%	100	%

- 15 -

CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
	As of						Increase (Decrease)
	June 30, 2019			December 31, 2018
ASSETS
Real estate, at cost:
Land	$	2,609,869		$	3,306,280		$	(696,411	)
Buildings and improvements	7,813,812			10,110,992			(2,297,180		)
Development costs and construction in progress	1,835,054			2,266,491			(431,437		)
Moynihan Train Hall development expenditures	665,226			445,693			219,533
Leasehold improvements and equipment	118,428			108,427			10,001
Total	13,042,389			16,237,883			(3,195,494		)
Less accumulated depreciation and amortization	(2,894,202		)	(3,180,175		)	285,973
Real estate, net	10,148,187			13,057,708			(2,909,521		)
Right-of-use assets	380,214			—			380,214
Cash and cash equivalents	922,604			570,916			351,688
Restricted cash	154,306			145,989			8,317
Marketable securities	41,081			152,198			(111,117		)
Tenant and other receivables	85,153			73,322			11,831
Investments in partially owned entities	4,025,534			858,113			3,167,421
Real estate fund investments	306,596			318,758			(12,162		)
220 Central Park South condominium units ready for sale	328,786			99,627			229,159
Receivable arising from the straight-lining of rents	749,198			935,131			(185,933		)
Deferred leasing costs, net	357,511			400,313			(42,802		)
Identified intangible assets, net	32,478			136,781			(104,303		)
Other assets	382,209			431,938			(49,729		)
Total Assets	$	17,913,857		$	17,180,794		$	733,063
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	6,256,808		$	8,167,798		$	(1,910,990	)
Senior unsecured notes, net	445,465			844,002			(398,537		)
Unsecured term loan, net	745,331			744,821			510
Unsecured revolving credit facilities	80,000			80,000			—
Lease liabilities	483,011			—			483,011
Moynihan Train Hall obligation	665,226			445,693			219,533
Accounts payable and accrued expenses	392,581			430,976			(38,395		)
Deferred revenue	66,835			167,730			(100,895		)
Deferred compensation plan	99,879			96,523			3,356
Other liabilities	320,515			311,806			8,709
Total liabilities	9,555,651			11,289,349			(1,733,698		)
Redeemable noncontrolling interests	862,062			783,562			78,500
Shareholders' equity	6,860,554			4,465,231			2,395,323
Noncontrolling interests in consolidated subsidiaries	635,590			642,652			(7,062		)
Total liabilities, redeemable noncontrolling interests and equity	$	17,913,857		$	17,180,794		$	733,063

- 16 -

LEASING ACTIVITY (unaudited)

(Square feet in thousands)

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

	New York									555 California Street
	Office			Retail			theMART
Three Months Ended June 30, 2019
Total square feet leased	221			70			30			30
Our share of square feet leased:	155			67			30			21
Initial rent(1)	$	83.54		$	162.44		$	63.83		$	86.00
Weighted average lease term (years)	7.2			19.6			4.1			5.1
Second generation relet space:
Square feet	80			64			30			21
GAAP basis:
Straight-line rent(2)	$	73.75		$	173.54		$	65.58		$	87.22
Prior straight-line rent	$	69.67		$	120.22		$	57.09		$	65.98
Percentage increase	5.9		%	44.4		%	14.9		%	32.2		%
Cash basis (non-GAAP):
Initial rent(1)	$	76.02		$	152.10		$	63.83		$	86.00
Prior escalated rent	$	73.57		$	128.16		$	60.22		$	76.23
Percentage increase	3.3		%	18.7		%	6.0		%	12.8		%
Tenant improvements and leasing commissions:
Per square foot	$	70.76		$	73.23		$	6.23		$	31.28
Per square foot per annum	$	9.83		$	3.74		$	1.52		$	6.13
Percentage of initial rent	11.8		%	2.3		%	2.4		%	7.1		%

____________________

See notes on following page.

- 17 -

LEASING ACTIVITY (unaudited)

(Square feet in thousands)

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

	New York									555 California Street
	Office			Retail			theMART
Six Months Ended June 30, 2019
Total square feet leased	617			118			189			92
Our share of square feet leased:	505			110			189			64
Initial rent(1)	$	78.25		$	143.18		$	49.41		$	82.69
Weighted average lease term (years)	8.4			13.2			6.5			5.1
Second generation relet space:
Square feet	391			102			187			64
GAAP basis:
Straight-line rent(2)	$	73.37		$	152.41		$	48.62		$	85.29
Prior straight-line rent	$	72.04		$	118.08		$	43.39		$	55.25
Percentage increase	1.8		%	29.1		%	12.1		%	54.4		%
Cash basis (non-GAAP):
Initial rent(1)	$	74.76		$	138.37		$	49.36		$	82.69
Prior escalated rent	$	73.22		$	127.39		$	46.48		$	64.66
Percentage increase	2.1		%	8.6		%	6.2		%	27.9		%
Tenant improvements and leasing commissions:
Per square foot	$	82.04		$	52.40		$	30.58		$	43.22
Per square foot per annum	$	9.77		$	3.97		$	4.70		$	8.47
Percentage of initial rent	12.5		%	2.8		%	9.5		%	10.2		%

____________________

(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.

- 18 -

LEASE EXPIRATIONS (unaudited) NEW YORK SEGMENT
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)	Weighted Average Annual Rent of Expiring Leases				Percentage of Annualized Escalated Rent
			Total		Per Sq. Ft.
Office:	Month to Month	17,000	$	1,001,000	$	58.88	0.1	%
	Third Quarter 2019	30,000	1,896,000		63.20		0.2	%
	Fourth Quarter 2019	102,000	7,500,000		73.53		0.7	%
	Total 2019	132,000	9,396,000		71.18		0.9	%
	First Quarter 2020	531,000	33,646,000		63.36		2.9	%
	Second Quarter 2020	258,000	18,639,000		72.24		1.6	%
	Remaining 2020	335,000	26,174,000		78.13		2.3	%
	2021	1,211,000	96,225,000		79.46		8.3	%
	2022	698,000	46,704,000		66.91		4.0	%
	2023	1,960,000	163,354,000		83.34		14.2	%
	2024	1,412,000	115,525,000		81.82		10.0	%
	2025	818,000	62,012,000		75.81		5.4	%
	2026	1,184,000	90,094,000		76.09		7.8	%
	2027	1,073,000	78,101,000		72.79		6.8	%
	2028	967,000	68,529,000		70.87		5.9	%
	2029	685,000	54,978,000		80.26		4.8	%
	Thereafter	4,332,000	288,940,000		66.70		25.0	%
Retail:	Month to Month	58,000	$	8,410,000	$	145.00	2.5	%
	Third Quarter 2019	13,000	5,709,000		439.15		1.8	%
	Fourth Quarter 2019	45,000	9,086,000		201.91		2.7	%
	Total 2019	58,000	14,795,000		255.09		4.5	%
	First Quarter 2020	17,000	4,613,000		271.35		1.4	%
	Second Quarter 2020	56,000	9,373,000		167.38		2.8	%
	Remaining 2020	17,000	2,897,000		170.41		0.9	%
	2021	88,000	10,617,000		120.65		3.2	%
	2022	29,000	7,073,000		243.90		2.1	%
	2023	91,000	32,411,000		356.16		9.7	%
	2024	230,000	52,220,000		227.04		15.7	%
	2025	41,000	14,044,000		342.54		4.2	%
	2026	78,000	27,406,000		351.36		8.2	%
	2027	24,000	17,993,000		749.71		5.4	%
	2028	36,000	13,909,000		386.36		4.2	%
	2029	203,000	38,759,000		190.93		11.6	%
	Thereafter	583,000	78,576,000		134.78		23.6	%

____________________

(1) Excludes storage, vacancy and other.

- 19 -

LEASE EXPIRATIONS (unaudited) theMART
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)	Weighted Average Annual Rent of Expiring Leases				Percentage of Annualized Escalated Rent
			Total		Per Sq. Ft.
Office / Showroom / Retail:	Month to Month	—	$	—	$	—	0.0	%
	Third Quarter 2019	18,000	917,000		50.94		0.5	%
	Fourth Quarter 2019	43,000	2,401,000		55.84		1.4	%
	Total 2019	61,000	3,318,000		54.39		1.9	%
	First Quarter 2020	139,000	6,369,000		45.82		3.8	%
	Second Quarter 2020	31,000	1,532,000		49.42		0.9	%
	Remaining 2020	124,000	6,364,000		51.32		3.8	%
	2021	322,000	15,732,000		48.86		9.4	%
	2022	606,000	29,329,000		48.40		17.6	%
	2023	302,000	15,522,000		51.40		9.3	%
	2024	307,000	15,072,000		49.09		9.1	%
	2025	310,000	16,394,000		52.88		9.8	%
	2026	265,000	12,920,000		48.75		7.8	%
	2027	108,000	5,480,000		50.74		3.3	%
	2028	642,000	28,281,000		44.05		17.0	%
	2029	61,000	2,829,000		46.38		1.7	%
	Thereafter	168,000	7,737,000		46.05		4.6	%

____________________

(1)    Excludes storage, vacancy and other.

- 20 -

LEASE EXPIRATIONS (unaudited) 555 California Street
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)	Weighted Average Annual Rent of Expiring Leases				Percentage of Annualized Escalated Rent
			Total		Per Sq. Ft.
Office / Retail:	Month to Month	—	$	—	$	—	0.0	%
	Third Quarter 2019	3,000	257,000		85.67		0.3	%
	Fourth Quarter 2019	—	—		—		0.0	%
	Total 2019	3,000	257,000		85.67		0.3	%
	First Quarter 2020	—	—		—		0.0	%
	Second Quarter 2020	9,000	897,000		99.67		0.9	%
	Remaining 2020	51,000	3,221,000		63.16		3.3	%
	2021	76,000	5,565,000		73.22		5.7	%
	2022	36,000	2,923,000		81.19		3.0	%
	2023	133,000	9,801,000		73.69		10.0	%
	2024	61,000	5,583,000		91.52		5.7	%
	2025	405,000	30,464,000		75.22		31.2	%
	2026	140,000	10,876,000		77.69		11.1	%
	2027	69,000	5,993,000		86.86		6.1	%
	2028	20,000	1,491,000		74.55		1.5	%
	2029	74,000	6,799,000		91.88		7.0	%
	Thereafter	165,000	13,829,000		83.81		14.2	%

____________________

(1)    Excludes storage, vacancy and other.

- 21 -

TRAILING TWELVE MONTH PRO-FORMA CASH NET OPERATING INCOME AT SHARE (unaudited)
(Amounts in thousands)
	For the Trailing Twelve Months Ended June 30, 2019											For the Trailing Twelve Months Ended March 31, 2019
			Adjustment for Transfer of 45.4% Interest in Fifth Avenue and Times Square JV(1)
	NOI at Share - Cash Basis					Adjustments				Pro Forma NOI at Share - Cash Basis		Pro Forma NOI at Share - Cash Basis
Office:
New York	$	730,375	$	(19,067	)	$	(38,632	)	(2)	$	672,676	$	705,862
theMART	95,888		—			8,997			(3)	104,885		104,021
555 California Street	57,194		—			—				57,194		55,407
Total Office	883,457		(19,067		)	(29,635		)		834,755		865,290
New York - Retail	313,153		(68,148		)	(10,738		)	(4)	234,267		325,566
New York - Residential	22,088		—			—				22,088		22,248
	$	1,218,698	$	(87,215	)	$	(40,373	)		$	1,091,110	$	1,213,104

____________________________

(1) Adjusts July 1, 2018 through April 18, 2019 to reflect new ownership interests in the properties contributed to Fifth Avenue and Times Square JV.

(2) Adjustment to deduct $27,052 of BMS NOI for the trailing twelve months ended June 30, 2019 and $11,580 of 330 Madison Avenue NOI (sold in July 2019).

(3) Adjustment to offset the accrual in Q4 2018 for the annual real estate tax increase which is billed to tenants throughout 2019.

(4) Adjustment for Topshop at 608 Fifth Avenue.

- 22 -

CAPITAL STRUCTURE (unaudited)
(Amounts in thousands, except per share and unit amounts)
				As of June 30, 2019
Debt (contractual balances) (non-GAAP):
Consolidated debt (1):
Mortgages payable				$	6,291,645
Senior unsecured notes				450,000
$750 Million unsecured term loan				750,000
$2.75 Billion unsecured revolving credit facilities				80,000
				7,571,645
Pro rata share of debt of non-consolidated entities(2)(3)				2,928,286
Less: Noncontrolling interests' share of consolidated debt         (primarily 1290 Avenue of the Americas and 555 California Street)				(480,640		)
				10,019,291			(A)
	Shares/Units	Liquidation Preference
Perpetual Preferred:
5.00% preferred unit (D-16) (1 unit @ $1,000,000 per unit)				1,000
3.25% preferred units (D-17) (141,400 units @ $25 per unit)				3,535
5.70% Series K preferred shares	12,000	$	25.00	300,000
5.40% Series L preferred shares	12,000	25.00		300,000
5.25% Series M preferred shares	12,780	25.00		319,500
				924,035			(B)
	Converted Shares	June 30, 2019 Common Share Price
Equity:
Common shares	190,813	$	64.10	12,231,113
Class A units	12,208	64.10		782,533
Convertible share equivalents:
Equity awards - unit equivalents	1,169	64.10		74,933
D-13 preferred units	728	64.10		46,665
G1-G4 units	59	64.10		3,782
Series A preferred shares	34	64.10		2,179
				13,141,205			(C)
Total Market Capitalization (A+B+C)				$	24,084,531

____________________

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

(2) As a result of the bankruptcy plan of reorganization for Toys "R" Us, Inc. ("Toys") being declared effective and our stock in Toys being canceled, we no longer hold an investment in Toys. Accordingly, no Toys debt is included in our pro rata share of debt of non-consolidated entities.

(3) Our pro rata share of debt of non-consolidated entities is net of our $63,409 share of Alexander's participation in its Rego Park II shopping center mortgage loan which is considered partially extinguished as the participation interest is a reacquisition of debt.

- 23 -

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 2019		First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018
High price	$	70.45		$	70.54		$	73.06		$	77.59
Low price	$	62.87		$	59.95		$	59.48		$	69.50
Closing price - end of quarter	$	64.10		$	67.44		$	62.03		$	73.00
Annualized dividend per share	$	2.64		$	2.64		$	2.52		$	2.52
Annualized dividend yield - on closing price		4.1	%		3.9	%		4.1	%		3.5	%
Outstanding shares, Class A units and convertible preferred units as converted (in thousands)		205,011			204,336			203,930			203,604
Closing market value of outstanding shares, Class A units and convertible preferred units as converted	$	13.1 Billion		$	13.8 Billion		$	12.6 Billion		$	14.9 Billion

- 24 -

DEBT ANALYSIS (unaudited)
(Amounts in thousands)
	As of June 30, 2019
	Total				Variable				Fixed
(Contractual debt balances) (non-GAAP)	Amount			Weighted Average Interest Rate	Amount			Weighted Average Interest Rate	Amount			Weighted Average Interest Rate
Consolidated debt(1)	$	7,571,645		3.68%	$	1,763,182		4.06%	$	5,808,463		3.57%
Pro rata share of debt of non-consolidated entities(2)(3)	2,928,286			4.03%	1,475,815			4.04%	1,452,471			4.02%
Total	10,499,931			3.78%	3,238,997			4.05%	7,260,934			3.66%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas and 555 California Street)	(480,640		)		(29,301		)		(451,339		)
Company's pro rata share of total debt	$	10,019,291		3.77%	$	3,209,696		4.04%	$	6,809,595		3.64%

Debt Covenant Ratios:(4)	Senior Unsecured Notes due 2025		Unsecured Revolving Credit Facilities and Unsecured Term Loan
	Required	Actual	Required	Actual
Total outstanding debt/total assets(5)	Less than 65%	41%	Less than 60%	33%
Secured debt/total assets	Less than 50%	31%	Less than 50%	27%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50	2.49		N/A
Fixed charge coverage		N/A	Greater than 1.40	2.54
Unencumbered assets/unsecured debt	Greater than 150%	478%		N/A
Unsecured debt/cap value of unencumbered assets		N/A	Less than 60%	11%
Unencumbered coverage ratio		N/A	Greater than 1.50	7.83

Unencumbered EBITDA (non-GAAP):(5)	Q2 2019
	Annualized
New York	$	287,516
Other	24,432
Total	$	311,948

____________________

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

(2) As a result of the bankruptcy plan of reorganization for Toys "R" Us, Inc. ("Toys") being declared effective and our stock in Toys being canceled, we no longer hold an investment in Toys. Accordingly, no Toys debt is included in our pro rata share of debt of non-consolidated entities.

(3) Our pro rata share of debt of non-consolidated entities is net of our $63,409 share of Alexander's participation in its Rego Park II shopping center mortgage loan which is considered partially extinguished as the participation interest is a reacquisition of debt.

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

(5) Total assets include EBITDA (as defined) capped at 7.0% under the senior unsecured notes due 2025 and 6.0% under the unsecured revolving credit facilities and unsecured term loan.

- 25 -

DEBT MATURITIES (CONTRACTUAL BALANCES) (NON-GAAP) (unaudited)
(Amounts in thousands)
Property	Maturity Date (1)	Spread over LIBOR	Interest Rate		2019			2020				2021			2022			2023			Thereafter			Total
220 Central Park South	09/20	L+200	4.40%		$	—		$	48,883		(2)	$	—		$	—		$	—		$	—		$	48,883
PENN11	12/20		3.95%		—			450,000				—			—			—			—			450,000
Borgata Land	02/21		5.14%		—			—				53,999			—			—			—			53,999
770 Broadway	03/21		2.56%	(3)	—			—				700,000			—			—			—			700,000
909 Third Avenue	05/21		3.91%		—			—				350,000			—			—			—			350,000
606 Broadway	05/21	L+300	5.41%		—			—				58,603			—			—			—			58,603
555 California Street	09/21		5.10%		—			—				554,464			—			—			—			554,464
theMART	09/21		2.70%		—			—				675,000			—			—			—			675,000
PENN2	12/21	L+165	4.09%		—			—				575,000			—			—			—			575,000
1290 Avenue of the Americas	11/22		3.34%		—			—				—			950,000			—			—			950,000
$1.25 Billion unsecured revolving credit facility	01/23	L+100	3.40%		—			—				—			—			80,000			—			80,000
Unsecured Term Loan	02/24		3.87%	(4)	—			—				—			—			—			750,000			750,000
435 Seventh Avenue - retail	02/24	L+130	3.73%		—			—				—			—			—			95,696			95,696
$1.5 Billion unsecured revolving credit facility	03/24	L+90	—%		—			—				—			—			—			—			—
150 West 34th Street	05/24	L+188	4.30%		—			—				—			—			—			205,000			205,000
33-00 Northern Boulevard	01/25		4.14%	(5)	—			—				—			—			—			100,000			100,000
Senior unsecured notes due 2025	01/25		3.50%		—			—				—			—			—			450,000			450,000
4 Union Square South - retail	08/25	L+140	3.84%		—			—				—			—			—			120,000			120,000
888 Seventh Avenue	12/25		3.25%	(6)	—			—				—			—			—			375,000			375,000
100 West 33rd Street - office and retail	04/26	L+155	3.98%		—			—				—			—			—			580,000			580,000
350 Park Avenue	01/27		3.92%		—			—				—			—			—			400,000			400,000
					$	—		$	498,883			$	2,967,066		$	950,000		$	80,000		$	3,075,696		$	7,571,645
Weighted average rate					—		%	4.00		%		3.62		%	3.34		%	3.40		%	3.80		%	3.68		%
Fixed rate debt					$	—		$	450,000			$	2,333,463		$	950,000		$	—		$	2,075,000		$	5,808,463
Fixed weighted average rate expiring					—		%	3.95		%		3.47		%	3.34		%	—		%	3.70		%	3.57		%
Floating rate debt					$	—		$	48,883			$	633,603		$	—		$	80,000		$	1,000,696		$	1,763,182
Floating weighted average rate expiring					—		%	4.40		%		4.21		%	—		%	3.40		%	4.00		%	4.06		%

____________________

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

(2) Repaid on July 16, 2019.

(3) Pursuant to an existing swap agreement, the loan bears interest at 2.56% through September 2020. The rate was swapped from LIBOR plus 1.75% (4.17% as of June 30, 2019).

(4) Pursuant to an existing swap agreement, the loan bears interest at 3.87% through October 2023. The rate was swapped from LIBOR plus 1.00% (3.40% as of June 30, 2019).

(5) Pursuant to an existing swap agreement, the loan bears interest at 4.14% through January 2025. The rate was swapped from LIBOR plus 1.80% (4.22% as of June 30, 2019).

(6) Pursuant to an existing swap agreement, the loan bears interest at 3.25% through December 2020. The rate was swapped from LIBOR plus 1.70% (4.11% as of June 30, 2019).

- 26 -

UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
Joint Venture Name	Asset Category	Percentage Ownership at June 30, 2019	Company's Carrying Amount				Company's Pro rata Share of Debt(1)		100% of Joint Venture Debt(1)		Maturity Date(2)	Spread over LIBOR	Interest Rate
Fifth Avenue and Times Square JV	Retail/Office	51.5%	$	3,306,389			$	461,461	$	950,000	Various	Various	Various
Alexander's(3)	Office/Retail	32.4%	103,005				315,847		974,836		Various	Various	Various
Partially owned office buildings/land:
One Park Avenue	Office/Retail	55.0%	136,351				165,000		300,000		03/21	L+175	4.17%
650 Madison Avenue	Office/Retail	20.1%	104,947				161,024		800,000		10/20	N/A	4.39%
280 Park Avenue	Office/Retail	50.0%	104,140				600,000		1,200,000		09/24	L+173	4.14%
512 West 22nd Street	Office	55.0%	60,078				58,533		106,425		06/24	L+200	4.40%
West 57th Street properties	Office/Retail/Land	50.0%	43,434				10,000		20,000		12/22	L+160	4.04%
825 Seventh Avenue	Office/Retail	50.0%	9,826				10,250		20,500		09/19	L+140	3.81%
61 Ninth Avenue	Office/Retail	45.1%	6,389				75,543		167,500		01/26	L+135	3.77%
Other	Office/Retail	Various	4,099				17,465		50,150		Various	Various	Various
Other equity method investments:
Independence Plaza	Residential/Retail	50.1%	66,113				338,175		675,000		07/25	N/A	4.25%
Rosslyn Plaza	Office/Residential	43.7% to 50.4%	31,662				19,842		39,360		06/22	L+195	4.35%
Other	Various	Various	49,101				99,271		643,499		Various	Various	Various
			$	4,025,534			$	2,332,411	$	5,947,270
330 Madison Avenue(4)	Office/Retail	25.0%	$	(60,097	)	(5)	$	125,000	$	500,000	08/24	N/A	3.43%
7 West 34th Street	Office/Retail	53.0%	(53,143		)	(5)	159,000		300,000		06/26	N/A	3.65%
85 Tenth Avenue	Office/Retail	49.9%	(5,098		)	(5)	311,875		625,000		12/26	N/A	4.55%
			$	(118,338	)		$	595,875	$	1,425,000

____________________

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

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

(3) Our pro rata share of debt of non-consolidated entities is net of our $63,409 share of Alexander's participation in its Rego Park II shopping center mortgage loan which is considered partially extinguished as the participation interest is a reacquisition of debt.

(4) Sold on July 11, 2019.

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

- 27 -

UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	Percentage Ownership at June 30, 2019	Our Share of Net Income (Loss) for the Three Months Ended June 30,							Our Share of NOI (non-GAAP) for the Three Months Ended June 30,
		2019				2018			2019			2018
Joint Venture Name
New York:
Fifth Avenue and Times Square JV(1):
Equity in net income	51.5%	$	11,217			$	—		$	31,186		$	—
Return on preferred equity, net of our share of the expense		8,586				—			—			—
		19,803				—			31,186			—
280 Park Avenue	50.0%	(4,647		)	(2)	(1,485		)	7,542		(2)	9,838
Alexander's	32.4%	3,597				6,146			11,108			11,909
One Park Avenue	55.0%	1,490				1,740			5,203			4,368
7 West 34th Street	53.0%	771				859			3,281			3,266
650 Madison Avenue	20.1%	(747		)		(561		)	2,952			3,026
85 Tenth Avenue	49.9%	742				(190		)	4,821			4,830
330 Madison Avenue(3)	25.0%	707				715			2,762			2,795
Independence Plaza	50.1%	(342		)		1,024			6,818			6,967
West 57th Street properties	50.0%	(92		)		(86		)	252			229
825 Seventh Avenue	50.0%	21				670			12			839
Other, net	Various	(182		)		(601		)	3,233			1,711
		21,121				8,231			79,170			49,778
Other:
Alexander's corporate fee income	32.4%	1,122				1,021			540			547
UE(4)	N/A	—				1,112			—			2,893
Rosslyn Plaza	43.7% to 50.4%	268				286			1,449			1,301
PREIT(5)	N/A	—				(1,068		)	—			4,509
666 Fifth Avenue Office Condominium(6)	N/A	—				(1,269		)	—			5,135
Other, net	Various	362				444			1,815			1,589
		1,752				526			3,804			15,974
Total		$	22,873			$	8,757		$	82,974		$	65,752

____________________

(1) Completed on April 18, 2019.

(2) Includes a $1,079 reduction in income from the non-cash write-off of straight-line rent receivable (The Four Seasons Restaurant).

(3) Sold on July 11, 2019.

(4) Sold on March 4, 2019.

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

(6) Sold on August 3, 2018.

- 28 -

UNCONSOLIDATED JOINT VENTURES (unaudited)
(Amounts in thousands)
	Percentage Ownership at June 30, 2019	Our Share of Net Income (Loss) for the Six Months Ended June 30,								Our Share of NOI (non-GAAP) for the Six Months Ended June 30,
		2019				2018				2019			2018
Joint Venture Name
New York:
Fifth Avenue and Times Square JV(1):
Equity in net income	51.5%	$	11,217			$	—			$	31,186		$	—
Return on preferred equity, net of our share of the expense		8,586				—				—			—
		19,803				—				31,186			—
Alexander's	32.4%	9,314				2,937			(2)	22,430			23,484
280 Park Avenue	50.0%	(6,485		)	(3)	(1,749		)		17,090		(3)	19,328
One Park Avenue	55.0%	3,147				(3,158		)	(4)	10,496			10,302
650 Madison Avenue	20.1%	(1,901		)		(1,624		)		5,410			5,531
7 West 34th Street	53.0%	1,798				1,888				6,807			6,703
330 Madison Avenue(5)	25.0%	1,288				1,429				5,401			5,572
85 Tenth Avenue	49.9%	563				(743		)		9,968			9,434
Independence Plaza	50.1%	(228		)		2,508				13,717			14,016
West 57th Street properties	50.0%	(192		)		(167		)		510			427
825 Seventh Avenue	50.0%	47				1,362				12			1,685
Other, net	Various	(628		)		(1,390		)		5,718			3,069
		26,526				1,293				128,745			99,551
Other:
666 Fifth Avenue Office Condominium (6)	N/A	—				(4,761		)		—			10,408
Alexander's corporate fee income	32.4%	2,179				2,229				1,016			1,755
UE(7)	N/A	773				471				4,902			5,765
Rosslyn Plaza	43.7% to 50.4%	402				2				2,785			2,334
PREIT(8)	N/A	51				(1,497		)		9,824			10,230
Other, net	Various	262				1,116				3,104			3,222
		3,667				(2,440		)		21,631			33,714
Total		$	30,193			$	(1,147	)		$	150,376		$	133,265

____________________

(1) Completed on April 18, 2019.

(2) Includes our $7,708 share of Alexander's disputed transfer tax related to the November 2012 sale of Kings Plaza Regional Shopping Center based on the precedent established by the New York City Tax Appeals Tribunal (the "Tax Tribunal") decision regarding One Park Avenue. See note below.

(3) Includes a $1,079 reduction in income from the non-cash write-off of straight-line rent receivable (The Four Seasons Restaurant).

(4) Includes our $4,978 share of disputed transfer tax recorded in the first quarter of 2018 related to the March 2011 acquisition of One Park Avenue as a result of the Tax Tribunal's decision. We appealed the Tax Tribunal's decision to the New York State Supreme Court, Appellate Division, First Department ("Appellate Division"). Our appeal was heard on April 2, 2019, and on April 25, 2019 the Appellate Division entered a unanimous decision and order that confirmed the decision of the Tax Tribunal and dismissed our appeal. On June 20, 2019, we filed a motion to reargue the Appellate Division's decision with the appellate court.

(5) Sold on July 11, 2019.

(6) Sold on August 3, 2018.

(7) Sold on March 4, 2019.

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

- 29 -

PENN DISTRICT
ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF JUNE 30, 2019 (unaudited)
(Amounts in thousands, except square feet)
		Property Rentable Sq. Ft.							Projected Incremental Cash Yield
Active Penn District Projects	Segment		Incremental Budget(1)		Amount Expended	Remainder to be Expended		Stabilization Year
Farley (95% interest)	New York	845,000	1,030,000	(2)	438,581	591,419		2022	7.4%
PENN2 - as expanded	New York	1,795,000	750,000		26,713	723,287		2024	8.4%
PENN1(3)	New York	2,543,000	325,000		48,832	276,168		N/A	13.5%(3)(4)
Districtwide Improvements	New York	N/A	100,000		—	100,000		N/A	N/A
Total Active Penn District Projects			2,205,000		514,126	1,690,874	(5)		8.3%

___________________

(1) Excluding debt and equity carry.

(2) Net of anticipated historic tax credits.

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

(4) Achieved as existing leases roll; average remaining lease term 5.4 years.

(5) Expected to be funded from our balance sheet, principally from 220 CPS net sales proceeds.

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

- 30 -

OTHER DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF JUNE 30, 2019 (unaudited)
(Amounts in thousands, except square feet)
		Property Rentable Sq. Ft.					Stabilization Year
Other Active Projects	Segment		Incremental Budget	Amount Expended		Remainder to be Expended
220 CPS - residential condominiums	Other	397,000	1,400,000	1,293,632	(1)	106,368	N/A
345 Montgomery Street (555 California Street) (70% interest)	Other	78,000	32,000	21,865		10,135	2020
825 Seventh Avenue - office (50% interest)	New York	165,000	15,000	9,526		5,474	2021
Total Other Projects			1,447,000	1,325,023		121,977
Future Opportunities	Segment	Property Zoning Sq. Ft.
Penn District - multiple opportunities - office/residential/retail	New York
Hotel Pennsylvania	New York	2,052,000
260 Eleventh Avenue - office(2)	New York	280,000
Undeveloped Land
29, 31, 33 West 57th Street (50% interest)	New York	150,000
484, 486 Eighth Avenue and 265, 267 West 34th Street	New York	125,000
527 West Kinzie, Chicago	Other	330,000
Rego Park III (32.4% interest)	New York
Total undeveloped land		605,000

____________________

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

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

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

- 31 -

CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
CONSOLIDATED
(Amounts in thousands)
	Six Months Ended June 30, 2019		Year Ended December 31,
Amounts paid for capital expenditures:			2018		2017
Expenditures to maintain assets	$	53,457	$	92,386	$	111,629
Tenant improvements	36,080		100,191		128,287
Leasing commissions	13,009		33,254		36,447
Recurring tenant improvements, leasing commissions and other capital expenditures	102,546		225,831		276,363
Non-recurring capital expenditures	21,505		43,135		35,149
Total capital expenditures and leasing commissions	$	124,051	$	268,966	$	311,512
	Six Months Ended June 30, 2019		Year Ended December 31,
			2018		2017
Amounts paid for development and redevelopment expenditures:
Farley Office and Retail Building	$	106,980	$	295,827	$	265,791
220 Central Park South	102,926		18,995		—
PENN1	24,584		15,959		15,997
345 Montgomery Street	9,736		8,856		1,462
606 Broadway	7,464		18,187		5,950
1535 Broadway	1,031		8,645		1,982
Other	36,811		51,717		64,670		(1)
	$	289,532	$	418,186	$	355,852

____________________

(1) Primarily relates to our former Washington, DC segment which was spun-off on July 17, 2017.

- 32 -

CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
NEW YORK SEGMENT
(Amounts in thousands)
	Six Months Ended June 30, 2019		Year Ended December 31,
Amounts paid for capital expenditures:			2018		2017
Expenditures to maintain assets	$	46,850	$	70,954	$	79,567
Tenant improvements	31,068		76,187		83,639
Leasing commissions	12,289		29,435		26,114
Recurring tenant improvements, leasing commissions and other capital expenditures	90,207		176,576		189,320
Non-recurring capital expenditures	19,780		31,381		27,762
Total capital expenditures and leasing commissions	$	109,987	$	207,957	$	217,082
	Six Months Ended June 30, 2019		Year Ended December 31,
			2018		2017
Amounts paid for development and redevelopment expenditures:
Farley Office and Retail Building	$	106,980	$	18,995	$	—
PENN1	24,584		15,959		15,997
606 Broadway	7,464		8,856		1,462
1535 Broadway	1,031		8,645		1,982
Other	32,387		36,660		23,933
	$	172,446	$	89,115	$	43,374

- 33 -

CAPITAL EXPENDITURES,TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
theMART
(Amounts in thousands)
	Six Months Ended June 30, 2019		Year Ended December 31,
Amounts paid for capital expenditures:			2018		2017
Expenditures to maintain assets	$	4,822	$	13,282	$	12,772
Tenant improvements	1,806		15,106		8,730
Leasing commissions	376		459		1,701
Recurring tenant improvements, leasing commissions and other capital expenditures	7,004		28,847		23,203
Non-recurring capital expenditures	86		260		—
Total capital expenditures and leasing commissions	$	7,090	$	29,107	$	23,203
	Six Months Ended June 30, 2019		Year Ended December 31,
			2018		2017
Amounts paid for development and redevelopment expenditures:
Common area enhancements	$	40	$	51	$	5,342
Other	1,191		10,739		799
	$	1,231	$	10,790	$	6,141

- 34 -

CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
555 CALIFORNIA STREET
(Amounts in thousands)
	Six Months Ended June 30, 2019		Year Ended December 31,
Amounts paid for capital expenditures:			2018		2017
Expenditures to maintain assets	$	1,785	$	8,150	$	9,689
Tenant improvements	3,206		8,898		19,327
Leasing commissions	344		3,360		1,330
Recurring tenant improvements, leasing commissions and other capital expenditures	5,335		20,408		30,346
Non-recurring capital expenditures	1,639		11,494		7,159
Total capital expenditures and leasing commissions	$	6,974	$	31,902	$	37,505
	Six Months Ended June 30, 2019		Year Ended December 31,
			2018		2017
Amounts paid for development and redevelopment expenditures:
345 Montgomery Street	$	9,736	$	18,187	$	5,950
Other	3,193		445		6,465
	$	12,929	$	18,632	$	12,415

- 35 -

CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited)
OTHER
(Amounts in thousands)
	Six Months Ended June 30, 2019		Year Ended December 31,
			2018		2017
Amounts paid for development and redevelopment expenditures:
220 CPS	$	102,926	$	295,827	$	265,791
Other	—		3,822		28,131		(1)
	$	102,926	$	299,649	$	293,922

____________________

(1) Primarily relates to our former Washington, DC segment which was spun-off on July 17, 2017.

- 36 -

SQUARE FOOTAGE (unaudited)
(Square feet in thousands)
		At Vornado's Share
	At 100%		Under Development	In Service
		Total		Office	Retail	Showroom	Other
Segment:
New York:
Office	21,497	17,821	1,337	16,301	—	183	—
Retail	2,791	2,294	190	—	2,104	—	—
Residential - 1,683 units	1,533	800	4	—	—	—	796
Alexander's (32.4% interest), including 312 residential units	2,449	793	63	288	356	—	86
Hotel Pennsylvania	1,400	1,400	—	—	—	—	1,400
	29,670	23,108	1,594	16,589	2,460	183	2,282
Other:
theMART	3,693	3,684	—	2,045	106	1,533	—
555 California Street (70% interest)	1,819	1,273	55	1,185	33	—	—
Other	2,831	1,332	140	212	869	—	111
	8,343	6,289	195	3,442	1,008	1,533	111
Total square feet at June 30, 2019	38,013	29,397	1,789	20,031	3,468	1,716	2,393
Total square feet at March 31, 2019	38,007	29,812	1,747	20,192	3,768	1,715	2,390
Parking Garages (not included above):	Square Feet	Number of Garages	Number of Spaces
New York	1,669	10	4,875
theMART	558	4	1,637
555 California Street	168	1	453
Rosslyn Plaza	411	4	1,094
Total at June 30, 2019	2,806	19	8,059

- 37 -

TOP 30 TENANTS (unaudited)

(Amounts in thousands, except square feet)

Tenants	Square Footage   At Share(1)	Annualized Revenues At Share (non-GAAP)(1)		% of Annualized Revenues At Share   (non-GAAP)(2)
Facebook	757,653	$	77,126	3.4	%
IPG and affiliates	967,552	65,232		2.9	%
Macy's	646,434	38,404		1.7	%
Bloomberg L.P.	303,147	35,898		1.6	%
Google/Motorola Mobility (guaranteed by Google)	728,483	35,849		1.6	%
AXA Equitable Life Insurance	336,646	33,250		1.5	%
Oath (Verizon)	327,138	31,881		1.4	%
Ziff Brothers Investments, Inc.	287,030	31,535		1.4	%
McGraw-Hill Companies, Inc.	479,557	30,812		1.4	%
Swatch Group USA(3)	14,950	29,051		1.3	%
Amazon (including its Whole Foods subsidiary)	320,204	28,469		1.3	%
AMC Networks, Inc.	404,920	28,207		1.3	%
The City of New York	563,545	25,194		1.1	%
Neuberger Berman Group LLC	288,325	23,290		1.0	%
Forever 21(3)	112,468	22,998		1.0	%
Madison Square Garden	342,822	22,940		1.0	%
Bank of America	254,033	22,079		1.0	%
JCPenney	426,370	21,244		0.9	%
New York University	347,948	20,523		0.9	%
PwC	241,196	17,731		0.8	%
Victoria's Secret (guaranteed by L Brands, Inc.)(3)	33,164	17,399		0.8	%
U.S. Government	578,711	14,303		0.6	%
Information Builders, Inc.	210,978	13,360		0.6	%
Fast Retailing (Uniqlo)(3)	47,181	12,815		0.6	%
New York & Company, Inc.	207,269	12,220		0.5	%
Cushman & Wakefield	127,314	12,028		0.5	%
Kmart Corporation	223,741	11,459		0.5	%
Hollister(3)	11,306	10,923		0.5	%
Foot Locker	149,987	10,668		0.5	%
Forest Laboratories	168,673	10,651		0.5	%
				34.1	%

____________________

(1) Includes leases not yet commenced.

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

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

- 38 -

OCCUPANCY (unaudited)
	New York		theMART		555 California Street
Occupancy rate at:
June 30, 2019	96.5	%	94.8	%	99.5	%
March 31, 2019	97.0	%	94.9	%	99.4	%
December 31, 2018	97.0	%	94.7	%	99.4	%
June 30, 2018	96.6	%	99.3	%	97.3	%

RESIDENTIAL STATISTICSin service (unaudited)
		Vornado's Ownership Interest
	Number of Units	Number of Units	Occupancy Rate	Average Monthly Rent Per Unit
New York:
June 30, 2019	1,995	959	95.9%	$3,837
March 31, 2019	1,995	959	96.7%	$3,821
December 31, 2018	1,999	963	96.6%	$3,803
June 30, 2018	1,994	960	98.3%	$3,789

- 39 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK:
Penn District:
PENN1
(ground leased through 2098)**												Cisco, WSP USA, Symantec Corporation,
-Office	100.0	%	92.6	%	$	68.66	2,273,000	2,104,000	169,000			United Healthcare Services, Inc., Siemens Mobility
												Bank of America, Kmart Corporation,
-Retail	100.0	%	95.0	%	137.70		270,000	270,000	—			Shake Shack, Starbucks
	100.0	%	92.9	%	75.99		2,543,000	2,374,000	169,000	$	—
PENN2												EMC, Information Builders, Inc.,
-Office	100.0	%	100.0	%	63.08		1,591,000	1,304,000	287,000			Madison Square Garden, McGraw-Hill Companies, Inc.
-Retail	100.0	%	100.0	%	218.19		45,000	39,000	6,000			Chase Manhattan Bank
	100.0	%	100.0	%	67.35		1,636,000	1,343,000	293,000	575,000
PENN11
-Office	100.0	%	100.0	%	62.59		1,111,000	1,111,000	—			Macy's, Madison Square Garden, AMC Networks, Inc.
												PNC Bank National Association, Starbucks,
-Retail	100.0	%	95.2	%	133.55		41,000	41,000	—			Madison Square Garden
	100.0	%	99.8	%	65.11		1,152,000	1,152,000	—	450,000
100 West 33rd Street
-Office	100.0	%	100.0	%	67.20		859,000	859,000	—	398,402		IPG and affiliates
Manhattan Mall
-Retail	100.0	%	99.0	%	125.91		256,000	256,000	—	181,598		JCPenney, Aeropostale, Express, Starbucks, Rose Mansion
330 West 34th Street
(ground leased through 2149 -
34.8% ownership interest in the land)**												New York & Company, Inc., Structure Tone,
-Office	100.0	%	100.0	%	63.08		701,000	701,000	—			Deutsch, Inc., Web.com, Footlocker, Home Advisor, Inc.
-Retail	100.0	%	54.3	%	124.38		21,000	21,000	—			Starbucks, Ballast Point*
	100.0	%	98.7	%	63.08		722,000	722,000	—	50,150 (3)
435 Seventh Avenue
-Retail	100.0	%	100.0	%	187.82		43,000	43,000	—	95,696		Forever 21*
7 West 34th Street
-Office	53.0	%	100.0	%	70.98		458,000	458,000	—			Amazon
-Retail	53.0	%	89.3	%	342.89		19,000	19,000	—			Amazon, Lindt, Naturalizer* (guaranteed by Caleres)
	53.0	%	99.6	%	81.81		477,000	477,000	—	300,000
431 Seventh Avenue
-Retail	100.0	%	100.0	%	269.45		10,000	10,000	—	—
488 Eighth Avenue
-Retail	100.0	%	100.0	%	90.32		6,000	6,000	—	—
138-142 West 32nd Street
-Retail	100.0	%	100.0	%	113.14		8,000	8,000	—	—
150 West 34th Street
-Retail	100.0	%	100.0	%	112.53		78,000	78,000	—	205,000		Old Navy

- 40 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF(1)			Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property								Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Penn District (Continued):
137 West 33rd Street
-Retail	100.0	%	100.0	%	$	99.01		3,000	3,000	—	$	—
131-135 West 33rd Street
-Retail	100.0	%	100.0	%	55.08			23,000	23,000	—	—
Total Penn District								7,816,000	7,354,000	462,000	2,255,846
Midtown East:
909 Third Avenue
(ground leased through 2063)**													IPG and affiliates, Forest Laboratories,
-Office	100.0	%	98.6	%	65.82		(4)	1,352,000	1,352,000	—	350,000		Geller & Company, Morrison Cohen LLP,
													United States Post Office, Thomson Reuters LLC, Sard Verbinnen*
150 East 58th Street
(ground leased through 2118)**
-Office	100.0	%	96.8	%	77.67			540,000	540,000	—			Castle Harlan, Tournesol Realty LLC (Peter Marino)
-Retail	100.0	%	13.1	%	17.86			3,000	3,000	—
	100.0	%	96.3	%	77.34			543,000	543,000	—	—
715 Lexington Avenue
-Retail	100.0	%	100.0	%	124.80			23,000	23,000	—	—		New York & Company, Inc., Jonathan Adler, Casper*
966 Third Avenue
-Retail	100.0	%	100.0	%	107.88			7,000	7,000	—	—		McDonald's
968 Third Avenue
-Retail	50.0	%	100.0	%	165.23			7,000	7,000	—	—		Wells Fargo
Total Midtown East								1,932,000	1,932,000	—	350,000
Midtown West:
888 Seventh Avenue
(ground leased through 2067)**													Axon Capital LP, Lone Star US Acquisitions LLC,
-Office	100.0	%	89.7	%	92.13			870,000	870,000	—			Vornado Executive Headquarters, United Talent Agency
-Retail	100.0	%	100.0	%	309.08			15,000	15,000	—			Redeye Grill L.P.
	100.0	%	89.9	%	95.80			885,000	885,000	—	375,000
57th Street - 2 buildings
-Office	50.0	%	84.6	%	49.18			81,000	81,000	—			Various
-Retail	50.0	%	100.0	%	140.39			22,000	22,000	—
	50.0	%	87.9	%	68.67			103,000	103,000	—	20,000
Total Midtown West								988,000	988,000	—	395,000
Park Avenue:
280 Park Avenue													Cohen & Steers Inc., Franklin Templeton Co. LLC,
-Office	50.0	%	93.5	%	101.93			1,234,000	1,234,000	—			PJT Partners, Investcorp International Inc., GIC Inc., Wells Fargo
-Retail	50.0	%	16.8	%	258.91			26,000	26,000	—			Scottrade Inc., Starbucks
	50.0	%	91.9	%	105.17			1,260,000	1,260,000	—	1,200,000

- 41 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership			% Occupancy		Weighted Average Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property								Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Park Avenue (Continued):
350 Park Avenue													Kissinger Associates Inc., Ziff Brothers Investment Inc.,
-Office	100.0	%		97.7	%	$	110.80	553,000	553,000	—			MFA Financial Inc., M&T Bank
-Retail	100.0	%		100.0	%	273.75		18,000	18,000	—			Fidelity Investments, AT&T Wireless, Valley National Bank
	100.0	%		97.8	%	115.94		571,000	571,000	—	$	400,000
Total Park Avenue								1,831,000	1,831,000	—	1,600,000
Grand Central:
90 Park Avenue													Alston & Bird, Capital One, PwC, MassMutual*,
-Office	100.0	%		99.3	%	78.95		938,000	938,000	—			Factset Research Systems Inc., Foley & Lardner
-Retail	100.0	%		100.0	%	138.03		18,000	18,000	—			Citibank, Starbucks
	100.0	%		99.3	%	80.06		956,000	956,000	—	—
330 Madison Avenue													Guggenheim Partners LLC, HSBC Bank AFS, Glencore Ltd.,
-Office	25.0	%		94.9	%	80.28		813,000	813,000	—			Jones Lang LaSalle Inc., Wells Fargo, American Century
-Retail	25.0	%		100.0	%	333.71		33,000	33,000	—			Ann Taylor Retail Inc., Citibank, Starbucks
	25.0	%		95.1	%	90.17		846,000	846,000	—	500,000
510 Fifth Avenue
-Retail	100.0	%		100.0	%	162.01		66,000	66,000	—	—		The North Face, Elie Tahari
Total Grand Central								1,868,000	1,868,000	—	500,000
Madison/Fifth:
640 Fifth Avenue													Fidelity Investments, Owl Creek Asset Management LP,
-Office	52.0	%		95.6	%	95.91		246,000	246,000	—			Avolon Aerospace, GCA Savvian Inc.
-Retail	52.0	%		100.0	%	921.12		69,000	69,000	—			Victoria's Secret (guaranteed by L Brands, Inc.), Dyson
	52.0	%		96.5	%	276.67		315,000	315,000	—	500,000
666 Fifth Avenue
-Retail	52.0	%	(5)	100.0	%	486.66		114,000	114,000	—	—		Fast Retailing (Uniqlo), Hollister, Tissot
595 Madison Avenue													Beauvais Carpets, Levin Capital Strategies LP,
-Office	100.0	%		90.3	%	86.97		302,000	302,000	—			Cosmetech Mably Int'l LLC.
-Retail	100.0	%		39.2	%	1,315.73		29,000	29,000	—			Coach
	100.0	%		85.8	%	194.63		331,000	331,000	—	—
650 Madison Avenue													Memorial Sloan Kettering Cancer Center, Polo Ralph Lauren,
-Office	20.1	%		97.9	%	114.68		564,000	564,000	—			Willett Advisors LLC (Bloomberg Philanthropies), Sotheby's International Realty, Inc.*
-Retail	20.1	%		82.0	%	1,114.58		39,000	39,000	—			Moncler USA Inc., Tod's, Celine
	20.1	%		96.9	%	179.35		603,000	603,000	—	800,000
689 Fifth Avenue
-Office	52.0	%		100.0	%	90.26		81,000	81,000	—			Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail	52.0	%		100.0	%	883.01		17,000	17,000	—			MAC Cosmetics, Massimo Dutti
	52.0	%		100.0	%	227.78		98,000	98,000	—	—
655 Fifth Avenue
-Retail	50.0	%		100.0	%	272.52		57,000	57,000	—	—		Ferragamo

- 42 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Madison/Fifth (Continued):
697-703 Fifth Avenue
-Retail	44.8	%	100.0	%	$	2,979.07	26,000	26,000	—	$	450,000	Swatch Group USA, Harry Winston
Total Madison/Fifth							1,544,000	1,544,000		1,750,000
Midtown South:
770 Broadway
-Office	100.0	%	100.0	%	99.67		1,078,000	1,078,000	—			Facebook, Oath (Verizon)
-Retail	100.0	%	92.5	%	62.79		105,000	105,000	—			Bank of America, Kmart Corporation
	100.0	%	99.3	%	96.39		1,183,000	1,183,000	—	700,000
One Park Avenue												New York University, Clarins USA Inc.,
												BMG Rights Management, Robert A.M. Stern Architect,
-Office	55.0	%	100.0	%	59.37		865,000	865,000	—			automotiveMastermind
-Retail	55.0	%	100.0	%	87.40		78,000	78,000	—			Bank of Baroda, Citibank, Equinox, Men's Wearhouse
	55.0	%	100.0	%	61.69		943,000	943,000	—	300,000
4 Union Square South												Burlington, Whole Foods Market, DSW,
-Retail	100.0	%	100.0	%	118.14		206,000	206,000	—	120,000		Forever 21
692 Broadway
-Retail	100.0	%	100.0	%	95.04		36,000	36,000	—	—		Equinox, Oath (Verizon)
Total Midtown South							2,368,000	2,368,000	—	1,120,000
Rockefeller Center:
1290 Avenue of the Americas												AXA Equitable Life Insurance, Hachette Book Group Inc.,
												Bryan Cave LLP, Neuberger Berman Group LLC, SSB Realty LLC,
												Cushman & Wakefield, Fitzpatrick, Cella, Harper & Scinto,
-Office	70.0	%	98.0	%	84.31		2,042,000	2,042,000	—			Columbia University, LinkLaters*
-Retail	70.0	%	100.0	%	189.96		76,000	76,000	—			Duane Reade, JPMorgan Chase Bank, Sovereign Bank, Starbucks
	70.0	%	98.1	%	88.11		2,118,000	2,118,000	—	950,000
608 Fifth Avenue
(ground leased through 2033)**
-Office	100.0	%	94.6	%	78.48		93,000	93,000	—
-Retail	100.0	%	—		—		44,000	—	44,000
	100.0	%	94.6	%	78.48		137,000	93,000	44,000	—
Total Rockefeller Center							2,255,000	2,211,000	44,000	950,000
Wall Street/Downtown:
40 Fulton Street
-Office	100.0	%	73.6	%	51.81		246,000	246,000	—			Market News International Inc., Fortune Media Group*
-Retail	100.0	%	100.0	%	108.70		5,000	5,000	—			TD Bank
	100.0	%	74.1	%	52.94		251,000	251,000	—	—
Soho:
478-486 Broadway - 2 buildings
-Retail	100.0	%	33.1	%	121.63		65,000	65,000	—			Madewell, J. Crew
-Residential (10 units)	100.0	%	100.0	%			20,000	20,000	—
	100.0	%	48.8	%			85,000	85,000	—	—

- 43 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Soho (Continued):
443 Broadway
-Retail	100.0	%	100.0	%	$	105.96	16,000	16,000	—	$	—	Necessary Clothing
304 Canal Street
-Retail	100.0	%	—		—		4,000	4,000	—
-Residential (4 units)	100.0	%	100.0	%			9,000	9,000	—
	100.0	%	69.2	%			13,000	13,000	—	—
334 Canal Street
-Retail	100.0	%	100.0	%	100.20		4,000	4,000	—
-Residential (4 units)	100.0	%	100.0	%	—		11,000	11,000	—
	100.0	%	100.0	%			15,000	15,000	—	—
155 Spring Street
-Retail	100.0	%	98.7	%	130.00		50,000	50,000	—	—		Vera Bradley
148 Spring Street
-Retail	100.0	%	100.0	%	195.53		8,000	8,000	—	—		Dr. Martens
150 Spring Street
-Retail	100.0	%	100.0	%	294.27		6,000	6,000	—			Sandro
-Residential (1 unit)	100.0	%	100.0	%			1,000	1,000	—
	100.0	%	100.0	%			7,000	7,000	—	—
Total Soho							194,000	194,000	—	—
Times Square:
1540 Broadway												Forever 21, Planet Hollywood, Disney, Sunglass Hut,
-Retail	52.0	%	100.0	%	287.64		161,000	161,000	—	—		MAC Cosmetics, U.S. Polo
1535 Broadway
-Retail	52.0	%	95.3	%	1,052.11		45,000	45,000	—			T-Mobile, Invicta, Swatch Group USA, Levi's, Sephora
-Theatre	52.0	%	100.0	%	13.90		62,000	62,000	—			Nederlander-Marquis Theatre
	52.0	%	98.0	%	392.34		107,000	107,000	—	—
Total Times Square							268,000	268,000	—	—
Upper East Side:
828-850 Madison Avenue
-Retail	100.0	%	89.8	%	422.98		18,000	14,000	4,000	—		Gucci, Christofle Silver Inc.
677-679 Madison Avenue
-Retail	100.0	%	100.0	%	522.29		8,000	8,000	—			Berluti
-Residential (8 units)	100.0	%	75.0	%			5,000	5,000	—
	100.0	%	90.4	%			13,000	13,000	—	—
759-771 Madison Avenue (40 East 66th)
-Retail	100.0	%	42.8	%	1,352.60		11,000	11,000	—			John Varvatos
-Residential (5 units)	100.0	%	100.0	%			12,000	12,000	—
	100.0	%	72.7	%			23,000	23,000	—	—
1131 Third Avenue
-Retail	100.0	%	100.0	%	176.99		23,000	23,000	—	—		Nike, Crunch LLC, J.Jill

- 44 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Upper East Side (Continued):
Other
-Retail - 2 buildings	100.0	%	100.0	%	$	—	15,000	15,000	—
-Residential (8 units)	100.0	%	100.0	%			7,000	3,000	4,000
	100.0	%	100.0	%			22,000	18,000	4,000	$	—
Total Upper East Side							99,000	91,000	8,000	—
Long Island City:
33-00 Northern Boulevard (Center Building)
-Office	100.0	%	95.5	%	36.28		471,000	471,000	—	100,000		The City of New York, NYC Transit Authority
Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)**
-Office	100.0	%	100.0	%	52.84		184,000	184,000	—	—		The City of New York
85 Tenth Avenue												Google, General Services Administration,
												Telehouse International Corp., L-3 Communications,
-Office	49.9	%	99.8	%	88.84		586,000	586,000	—			Moet Hennessy USA. Inc.
-Retail	49.9	%	96.4	%	79.50		43,000	43,000	—			IL Posto LLC, Toro NYC Restaurant, L'Atelier
	49.9	%	99.5	%	88.21		629,000	629,000	—	625,000
537 West 26th Street
-Retail	100	%	—		—		14,000	14,000	—	—
61 Ninth Avenue
(ground leased through 2115)**
-Office	45.1	%	100.0	%	107.69		143,000	143,000	—			Aetna Life Insurance Company
-Retail	45.1	%	100.0	%	292,04		23,000	23,000	—			Starbucks
	45.1	%	100.0	%	133.23		166,000	166,000	—	167,500
Total Chelsea/Meatpacking District							993,000	993,000	—	792,500
Upper West Side:
50-70 W 93rd Street
-Residential (325 units)	49.9	%	96.6	%			283,000	283,000	—	80,000
Tribeca:
Independence Plaza
-Residential (1,327 units)	50.1	%	95.7	%			1,185,000	1,185,000	—
-Retail	50.1	%	100.0	%	64.54		72,000	38,000	34,000			Duane Reade
	50.1	%	95.9	%	64.54		1,257,000	1,223,000	34,000	675,000
339 Greenwich Street
-Retail	100.0	%	100.0	%	112.42		8,000	8,000	—	—		Sarabeth's
Total Tribeca							1,265,000	1,231,000	34,000	675,000
New Jersey:
Paramus
-Office	100.0	%	88.6	%	25.70		129,000	129,000	—	—		Vornado's Administrative Headquarters
Washington D.C.:
3040 M Street
-Retail	100.0	%	100.0	%	80.10		44,000	44,000	—	—		Nike, Amazon

- 45 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Property under Development:
512 West 22nd Street
-Office	55.0	%	—		$	—	173,000	—	173,000	$	106,424
606 Broadway (19 East Houston Street)
-Office	50.0	%	—		—		30,000	—	30,000			WeWork*
-Retail	50.0	%	100.0	%	669.29		5,000	3,000	2,000			HSBC*
	50.0	%	100.0	%	669.29		35,000	3,000	32,000	58,603
Farley Office and Retail Building (ground and building leased through 2116)**
-Office	95.0	%	—		—		725,000	—	725,000
-Retail	95.0	%	—		—		120,000	—	120,000
	95.0	%	—		—		845,000	—	845,000	—
825 Seventh Avenue
-Office	50.0	%	—		—		165,000	—	165,000
-Retail	100.0	%	—		—		4,000	—	4,000
	51.2	%	—		—		169,000	—	169,000	20,500
Total Property under Development							1,222,000	3,000	1,219,000	185,527
Properties to be Developed:
57th Street (3 properties)
-Office	50.0	%	—		—		—	—	—	—
-Retail	50.0	%	—		—		—	—	—	—
Eighth Avenue and 34th Street (4 properties)
-Retail	100.0	%	—		—		—	—	—	—
Total Properties to be Developed							—	—	—	—
New York Office:
Total			96.7	%	$	77.77	21,497,000	19,948,000	1,549,000	$	8,887,976
Vornado's Ownership Interest			96.7	%	$	75.52	17,821,000	16,484,000	1,337,000	$	5,967,017
New York Retail:
Total			95.0	%	$	237.08	2,791,000	2,577,000	214,000	$	1,110,897
Vornado's Ownership Interest			94.7	%	$	197.78	2,294,000	2,104,000	190,000	$	833,131
New York Residential:
Total			95.9	%			1,533,000	1,529,000	4,000	$	755,000
Vornado's Ownership Interest			95.9	%			800,000	796,000	4,000	$	378,095

- 46 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)			Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
ALEXANDER'S, INC.:
New York:
731 Lexington Avenue, Manhattan
-Office	32.4	%	100.0	%	$	118.42	936,000	936,000	—	$	500,000		Bloomberg
-Retail	32.4	%	100.0	%	212.75		139,000	139,000	—	350,000			Hennes & Mauritz, The Home Depot, The Container Store, Hutong
	32.4	%	100.0	%	129.98		1,075,000	1,075,000	—	850,000
Rego Park I, Queens (4.8 acres)	32.4	%	100.0	%	46.93		343,000	148,000	195,000	—			Burlington, Bed Bath & Beyond, Marshalls
Rego Park II (adjacent to Rego Park I),
Queens (6.6 acres)	32.4	%	91.5	%	44.50		609,000	609,000	—	56,836		(6)	Century 21, Costco, Kohl's, TJ Maxx
Flushing, Queens (1.0 acre ground leased through 2037)**	32.4	%	100.0	%	18.22		167,000	167,000	—	—			New World Mall LLC
The Alexander Apartment Tower,
Rego Park, Queens, NY
Residential (312 units)	32.4	%	96.2	%	—		255,000	255,000	—	—
New Jersey:
Paramus, New Jersey
(30.3 acres ground leased to IKEA through 2041)**	32.4	%	100.0	%	—		—	—	—	68,000			IKEA (ground lessee)
Property to be Developed:
Rego Park III (adjacent to Rego Park II),
Queens, NY (3.4 acres)	32.4	%	—		—		—	—	—	—
Total Alexander's	32.4	%	97.3	%	84.17		2,449,000	2,254,000	195,000	974,836
Hotel Pennsylvania:
-Hotel (1,700 Rooms)	100.0	%					1,400,000	1,400,000	—	—
Total New York			96.6	%	$	93.49	29,670,000	27,708,000	1,962,000	$	11,728,709
Vornado's Ownership Interest			96.5	%	$	78.34	23,108,000	21,514,000	1,594,000	$	7,494,090

____________________

*    Lease not yet commenced.

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

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

(2) Represents the contractual debt obligations.

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

(4) Excludes US Post Office leased through 2038 (including three five-year renewal options) for which the annual escalated rent is $13.48 PSF.

(5) 75,000 square feet is leased from 666 Fifth Avenue Office Condominium.

(6) Net of $195,708 of Alexander's participation in its Rego Park II shopping center mortgage loan which is considered partially extinguished as the participation interest is a reacquisition of debt.

- 47 -

OTHER
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
theMART:
theMART, Chicago												Motorola Mobility (guaranteed by Google),
												CCC Information Services, Ogilvy Group (WPP),
												Publicis Groupe (Razorfish), ANGI Home Services, Inc,
												1871, Yelp Inc., Paypal, Inc., Allscripts Healthcare,
												Chicago School of Professional Psychology, Kellogg Company,
												Innovation Development Institute, Inc., Chicago Teachers Union,
-Office	100.0	%	93.9	%	$	44.02	2,045,000	2,045,000	—			ConAgra Foods Inc., Allstate Insurance Company
												Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.,
-Showroom/Trade show	100.0	%	96.0	%	53.83		1,533,000	1,533,000	—			Allsteel Inc., Herman Miller Inc., Teknion LLC
-Retail	100.0	%	95.1	%	55.73		96,000	96,000	—
	100.0	%	94.8	%	48.45		3,674,000	3,674,000	—	$	675,000
Other (2 properties)	50.0	%	100.0	%	44.19		19,000	19,000	—	31,843
Total theMART			94.8	%	$	48.43	3,693,000	3,693,000	—	$	706,843
Vornado's Ownership Interest			94.8	%	$	48.43	3,684,000	3,684,000	—	$	690,921
555 California Street:
555 California Street	70.0	%	99.4	%	$	80.08	1,506,000	1,506,000	—	$	554,464	Bank of America, N.A., Dodge & Cox, Goldman Sachs & Co.,
												Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,
												McKinsey & Company Inc., UBS Financial Services,
												KKR Financial, Microsoft Corporation,
												Fenwick & West LLP, Sidley Austin
315 Montgomery Street	70.0	%	100.0	%	76.07		235,000	235,000	—	—		Bank of America, N.A., Regus, Ripple Labs Inc., Lending Home Corporation, Blue Shield
345 Montgomery Street	70.0	%	—		—		78,000	—	78,000	—		Regus*
Total 555 California Street			99.5	%	$	79.54	1,819,000	1,741,000	78,000	$	554,464
Vornado's Ownership Interest			99.5	%	$	79.54	1,273,000	1,218,000	55,000	$	388,125

____________________

*    Lease not yet commenced.

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

(2) Represents the contractual debt obligations.

- 48 -

REAL ESTATE FUND
PROPERTY TABLE
	Fund % Ownership		% Occupancy		Weighted Average Annual Rent PSF(1)		Square Feet			Encumbrances (non-GAAP) (in thousands)(2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
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	%	$	248.07	96,000	96,000	—			Sephora, Bank of America
-Residential (39 units)	100.0	%	97.4	%			59,000	59,000	—
	100.0	%					155,000	155,000	—	$	143,335
Crowne Plaza Times Square (0.64 acres owned in       fee; 0.18 acres ground leased through 2187 and       0.05 acres ground leased through 2035)**
-Hotel (795 Rooms)
-Retail	75.3	%	99.4	%	156.72		50,000	50,000	—			New York Sports Club, Krispy Kreme, BHT Broadway
-Office	75.3	%	100.0	%	50.37		196,000	196,000	—			American Management Association, Open Jar, Association for Computing Machinery*
	75.3	%	99.9	%	71.99		246,000	246,000	—	266,003
501 Broadway	100.0	%	100.0	%	265.75		9,000	9,000	—	22,872		Capital One Financial Corporation
Miami, FL:
1100 Lincoln Road
-Retail	100.0	%	65.4	%	166.10		51,000	51,000	—			Banana Republic
-Theatre	100.0	%	100.0	%	42.78		79,000	79,000	—			Regal Cinema
	100.0	%	86.4	%	77.13		130,000	130,000	—	82,750
Total Real Estate Fund	88.7	%	95.7	%			540,000	540,000	—	$	514,960
Vornado's Ownership Interest	28.6	%	96.8	%			155,000	155,000	—	$	112,314

____________________

*    Lease not yet commenced.

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

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

(2) Represents the contractual debt obligations.

- 49 -

OTHER
PROPERTY TABLE
Property	% Ownership		% Occupancy		Weighted Average Annual Rent PSF(1)		Square Feet				Encumbrances (non-GAAP) (in thousands)(3)		Major Tenants
							Total Property	In Service		Under Development or Not Available for Lease
								Owned by Company	Owned by Tenant(2)
OTHER:
Virginia:
Rosslyn Plaza
-Office - 4 buildings	46.2	%	62.8	%	$	44.98	736,000	432,000	—	304,000			Gartner, Nathan Associates, Inc.
-Residential - 2 buildings (197 units)	43.7	%	98.0	%			253,000	253,000	—	—
							989,000	685,000	—	304,000	$	39,360
Fashion Centre Mall	7.5	%	98.3	%	49.48		868,000	868,000	—	—	410,000		Macy's, Nordstrom
Washington Tower	7.5	%	100.0	%	50.47		170,000	170,000	—	—	40,000		Computer Science Corp.
New Jersey:
Wayne Town Center, Wayne     (ground leased through 2064)**	100.0	%	100.0	%	31.92		676,000	233,000	443,000	—	.		JCPenney, Costco, Dick's Sporting Goods,
													Nordstrom Rack, 24 Hour Fitness
Maryland:
Annapolis   (ground and building leased through 2042)**	100.0	%	100.0	%	8.99		128,000	128,000	—	—	—		The Home Depot
Total Other			92.3	%	$	40.85	2,831,000	2,084,000	443,000	304,000	$	489,360
Vornado's Ownership Interest			93.0	%	$	31.98	1,332,000	749,000	443,000	140,000	$	53,591

____________________

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

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

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

(3) Represents the contractual debt obligations.

- 50 -

INVESTOR INFORMATION
Executive Officers:
Steven Roth	Chairman of the Board and Chief Executive Officer
David R. Greenbaum	Vice Chairman
Michael J. Franco	President
Joseph Macnow	Executive Vice President - Chief Financial Officer and Chief Administrative Officer
Haim Chera	Executive Vice President - Head of Retail
Barry S. Langer	Executive Vice President - Development - Co-Head of Real Estate
Glen J. Weiss	Executive Vice President - Office Leasing - Co-Head of Real Estate
RESEARCH COVERAGE - EQUITY
James Feldman/Alexander Pernokas		Steve Sakwa/Jason Green	Nicholas Yulico/Joshua Burr
Bank of America/Merrill Lynch		Evercore ISI	Scotia Capital (USA) Inc
646-855-5808/646-556-3329		212-446-9462/212-446-9449	212-225-6904/212-225-5415
Ross Smotrich/Dan Occhionero		Daniel Ismail/Dylan Burzinski	John W. Guinee/Aaron Wolf
Barclays Capital		Green Street Advisors	Stifel Nicolaus & Company
212-526-2306/212-526-7164		949-640-8780	443-224-1307/443-224-1206
John P. Kim/Frank Lee		Anthony Paolone/Patrice Chen	Michael Lewis/Alexei Siniakov
BMO Capital Markets		JP Morgan	SunTrust Robinson Humphrey
212-885-4115/415-591-2129		212-622-6682/212-622-1893	212-319-5659/212-590-0986
Michael Bilerman/Emmanuel Korchman		Vikram Malhotra/Adam J. Gabalski
Citi		Morgan Stanley
212-816-1383/212-816-1382		212-761-7064/212-761-8051
Derek Johnston/Tom Hennessy		Alexander Goldfarb/Daniel Santos
Deutsche Bank		Sandler O'Neill
904-520-4973/212-250-4063		212-466-7937/212-466-7927
RESEARCH COVERAGE - DEBT
Andrew Molloy		Jesse Rosenthal
Bank of America/Merrill Lynch		CreditSights
646-855-6435		212-340-3816
Thierry Perrein		Mark Streeter
Wells Fargo Securities		JP Morgan
704-410-3262		212-834-5086
Research Coverage - Equity and Debt is provided as a service to interested parties and not as an endorsement of any report, or representation as to the accuracy of any information contained therein. Opinions, forecasts and other forward-looking statements expressed in analysts' reports are subject to change without notice.

- 51 -

APPENDIX

DEFINITIONS AND NON-GAAP RECONCILIATIONS

FINANCIAL SUPPLEMENT DEFINITIONS

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

Net Operating Income ("NOI") - NOI represents total revenues less operating expenses. We consider NOI to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI should not be considered a substitute for net income. NOI may not be comparable to similarly titled measures employed by other companies. We calculate NOI on an Operating Partnership basis which is before allocation to the noncontrolling interest of the Operating Partnership.

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

In accordance with the NAREIT December 2018 restated definition of FFO, we have elected to exclude the mark-to-market adjustments of marketable equity securities from the calculation of FFO. FFO for the three months ended June 30, 2018 has been adjusted to exclude the $16,024,000, or $0.08 per share, increase in fair value of marketable equity securities previously reported. FFO for the six months ended June 30, 2018 has been adjusted to exclude the $18,636,000, or $0.09 per share, decrease in fair value of marketable equity securities previously reported.

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

- i -

NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited)
(Amounts in thousands, except per share amounts)
		For the Three Months Ended									For the Six Months Ended June 30,
		June 30,						March 31, 2019
		2019			2018						2019			2018
Net income attributable to common shareholders	(A)	$	2,400,195		$	111,534		$	181,488		$	2,581,683		$	93,693
Per diluted share		$	12.56		$	0.58		$	0.95		$	13.51		$	0.49
Certain (income) expense items that impact net income attributable to common shareholders:
Net gain on transfer to Fifth Avenue and Times Square retail JV, net of $11,945 attributable to noncontrolling interests		$	(2,559,154	)	$	—		$	—		$	(2,559,154	)	$	—
Non-cash impairment losses and related write-offs, substantially 608 Fifth Avenue		108,592			—			—			108,592			—
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units		(88,921		)	—			(130,954		)	(219,875		)	—
Our share of loss (income) from real estate fund investments		20,758			(551		)	2,904			23,662			(1,365		)
Mark-to-market (increase) decrease in PREIT common shares (accounted for as a marketable security from March 12, 2019)		(1,313		)	—			15,649			14,336			—
Net gains on sale of real estate		—			(24,449		)	—			—			(24,436		)
Mark-to-market (increase) decrease in Lexington common shares (sold on March 1, 2019)		—			(15,883		)	(16,068		)	(16,068		)	16,992
Profit participation on the April 2018 sale of 701 Seventh Avenue		—			(5,457		)	—			—			(5,457		)
Previously capitalized internal leasing costs(1)		—			(1,358		)	—			—			(2,706		)
Our share of loss from 666 Fifth Avenue Office Condominium (49.5% interest)		—			1,269			—			—			4,761
Net gain from sale of UE common shares (sold on March 4, 2019)		—			—			(62,395		)	(62,395		)	—
Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022		—			—			22,540			22,540			—
Our share of disputed additional New York City transfer taxes		—			—			—			—			23,503
Preferred share issuance costs		—			—			—			—			14,486
Other		2,802			817			1,152			3,954			6,792
		(2,517,236		)	(45,612		)	(167,172		)	(2,684,408		)	32,570
Noncontrolling interests' share of above adjustments		159,593			2,837			10,498			170,191			(2,029		)
Total of certain (income) expense items that impact net income attributable to common shareholders	(B)	$	(2,357,643	)	$	(42,775	)	$	(156,674	)	$	(2,514,217	)	$	30,541
Per diluted share (non-GAAP)		$	(12.34	)	$	(0.22	)	$	(0.82	)	$	(13.16	)	$	0.16
Net income attributable to common shareholders, as adjusted (non-GAAP)	(A+B)	$	42,552		$	68,759		$	24,814		$	67,466		$	124,234
Per diluted share (non-GAAP)		$	0.22		$	0.36		$	0.13		$	0.35		$	0.65

____________________________________________________________

(1) "Net income, as adjusted" for the three and six months endedJune 30, 2018 have been reduced by $1,358 and $2,706, or $0.01 and $0.01 per diluted share, respectively, for previously capitalized internal leasing costs to present 2018 “as adjusted” financial results on a comparable basis with the current year as a result of the January 1, 2019 adoption of a new GAAP accounting standard under which internal leasing costs can no longer be capitalized.

- ii -

NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited)
(Amounts in thousands, except per share amounts)
		For the Three Months Ended									For the Six Months Ended June 30,
		June 30,						March 31, 2019
		2019			2018						2019			2018
Reconciliation of our net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP):
Net income attributable to common shareholders	(A)	$	2,400,195		$	111,534		$	181,488		$	2,581,683		$	93,693
Per diluted share		$	12.56		$	0.58		$	0.95		$	13.51		$	0.49
FFO adjustments:
Depreciation and amortization of real property		$	105,453		$	103,599		$	108,483		$	213,936		$	204,009
Net gains on sale of real estate		—			(24,177		)	—			—			(24,177		)
Real estate impairment losses		31,436			—			—			31,436			—
Net gain on transfer to Fifth Avenue and Times Square JV, net of $11,945 attributable to noncontrolling interests		(2,559,154		)	—			—			(2,559,154		)	—
Net gain from sale of UE common shares (sold on March 4, 2019)		—			—			(62,395		)	(62,395		)	—
(Increase) decrease in fair value of marketable securities:
PREIT		(1,313		)	—			15,649			14,336			—
Lexington (sold on March 1, 2019)		—			(15,883		)	(16,068		)	(16,068		)	16,992
Other		1			(1		)	(42		)	(41		)	110
Proportionate share of adjustments to equity in net income (loss) of partially owned entities to arrive at FFO:
Depreciation and amortization of real property		34,631			25,488			24,990			59,621			53,594
Net gains on sale of real estate		—			(272		)	—			—			(577		)
Decrease (increase) in fair value of marketable securities		1,709			(140		)	(12		)	1,697			1,534
		(2,387,237		)	88,614			70,605			(2,316,632		)	251,485
Noncontrolling interests' share of above adjustments		151,357			(5,511		)	(4,424		)	146,933			(15,557		)
FFO adjustments, net	(B)	$	(2,235,880	)	$	83,103		$	66,181		$	(2,169,699	)	$	235,928
FFO attributable to common shareholders (non-GAAP)	(A+B)	$	164,315		$	194,637		$	247,669		$	411,984		$	329,621
Convertible preferred share dividends		14			16			15			29			32
FFO attributable to common shareholders plus assumed conversions (non-GAAP)		164,329			194,653			247,684			412,013			329,653
Add back of FFO allocated to noncontrolling interests of the Operating Partnership		10,684			12,408			16,013			26,669			21,030
FFO - OP Basis (non-GAAP)		$	175,013		$	207,061		$	263,697		$	438,682		$	350,683
FFO per diluted share (non-GAAP)		$	0.86		$	1.02		$	1.30		$	2.16		$	1.72

- iii -

NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited)
(Amounts in thousands, except per share amounts)
		For the Three Months Ended									For the Six Months Ended June 30,
		June 30,						March 31, 2019
		2019			2018						2019			2018
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	(A)	$	164,329		$	194,653		$	247,684		$	412,013		$	329,653
Per diluted share (non-GAAP)		$	0.86		$	1.02		$	1.30		$	2.16		$	1.72
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
After-tax net gain on sale of 220 Central Park South condominium units		$	(88,921	)	$	—		$	(130,954	)	$	(219,875	)	$	—
Non-cash impairment loss and related write-offs on 608 Fifth Avenue		77,156			—			—			77,156			—
Our share of loss (income) from real estate fund investments		20,758			(551		)	2,904			23,662			(1,365		)
Profit participation on the April 2018 sale of 701 Seventh Avenue		—			(5,457		)	—			—			(5,457		)
Our share of FFO from 666 Fifth Avenue Office Condominium (49.5% interest)		—			(2,178		)	—			—			(2,041		)
Previously capitalized internal leasing costs(1)		—			(1,358		)	—			—			(2,706		)
Prepayment penalty in connection with redemption of $400 million 5.00% senior unsecured notes due January 2022		—			—			22,540			22,540			—
Our share of disputed additional New York City transfer taxes		—			—			—			—			23,503
Preferred share issuance costs		—			—			—			—			14,486
Other		1,092			749			1,206			2,298			5,033
		10,085			(8,795		)	(104,304		)	(94,219		)	31,453
Noncontrolling interests' share of above adjustments		(639		)	547			6,559			5,996			(1,830		)
Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net	(B)	$	9,446		$	(8,248	)	$	(97,745	)	$	(88,223	)	$	29,623
Per diluted share (non-GAAP)		$	0.05		$	(0.04	)	$	(0.51	)	$	(0.46	)	$	0.16
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	(A+B)	$	173,775		$	186,405		$	149,939		$	323,790		$	359,276
Per diluted share (non-GAAP)		$	0.91		$	0.98		$	0.79		$	1.70		$	1.88

____________________________________________________________

(1) "FFO, as adjusted" for the three and six months endedJune 30, 2018 have been reduced by $1,358 and $2,706, or $0.01 and $0.01 per diluted share, respectively for previously capitalized internal leasing costs to present 2018 “as adjusted” financial results on a comparable basis with the current year as a result of the January 1, 2019 adoption of a new GAAP accounting standard under which internal leasing costs can no longer be capitalized.

- iv -

NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited)
(Amounts in thousands)
		For the Three Months Ended									For the Six Months Ended June 30,
		June 30,						March 31, 2019
		2019			2018						2019			2018
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	(A)	$	164,329		$	194,653		$	247,684		$	412,013		$	329,653
Adjustments to arrive at FAD (non-GAAP):
Recurring tenant improvements, leasing commissions and other capital expenditures		(61,568		)	(68,065		)	(40,978		)	(102,546		)	(116,610		)
Adjustments to FFO excluding FFO attributable to discontinued operations and sold properties		10,145			(6,357		)	(104,441		)	(94,296		)	33,227
Amortization of acquired below-market leases, net		(4,504		)	(10,089		)	(6,088		)	(10,592		)	(20,233		)
Amortization of debt issuance costs		6,236			8,034			7,547			13,783			16,138
Stock-based compensation expense		10,520			6,975			31,654			42,174			20,644
Straight-line rentals		2,593			(2,692		)	1,140			3,733			(10,122		)
Non real estate depreciation		1,571			1,464			1,513			3,084			3,099
Noncontrolling interests' share of above adjustments		2,219			4,495			6,886			9,171			4,601
FAD adjustments, net	(B)	(32,788		)	(66,235		)	(102,767		)	(135,489		)	(69,256		)
FAD (non-GAAP)	(A+B)	$	131,541		$	128,418		$	144,917		$	276,524		$	260,397
FAD payout ratio (1)		95.7		%	94.0		%	86.8		%	91.0		%	92.6		%

_____________________________________________

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

- v -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)

	For the Three Months Ended									For the Six Months Ended June 30,
	June 30,						March 31, 2019
	2019			2018						2019			2018
Net income	$	2,596,693		$	105,338		$	213,044		$	2,809,737		$	105,620
Deduct:
Net gain on transfer to Fifth Avenue and Times Square JV	(2,571,099		)	—			—			(2,571,099		)	—
(Income) loss from partially owned entities	(22,873		)	(8,757		)	(7,320		)	(30,193		)	1,147
Interest and other investment income, net	(7,840		)	(30,892		)	(5,045		)	(12,885		)	(6,508		)
Net gains on disposition of wholly owned and partially owned assets	(111,713		)	(23,559		)	(220,294		)	(332,007		)	(23,559		)
NOI attributable to noncontrolling interests in consolidated subsidiaries	(16,416		)	(17,160		)	(17,403		)	(33,819		)	(34,472		)
(Income) loss from discontinued operations	(60		)	(683		)	137			77			(320		)
Add:
Loss from real estate fund investments	15,803			28,976			167			15,970			37,783
Depreciation and amortization expense	113,035			111,846			116,709			229,744			220,532
General and administrative expense	38,872			34,427			58,020			96,892			76,960
Transaction related costs, impairment losses and other	101,590			1,017			149			101,739			14,173
NOI from partially owned entities	82,974			65,752			67,402			150,376			133,265
Interest and debt expense	63,029			87,657			102,463			165,492			175,823
Income tax expense	26,914			467			29,743			56,657			3,021
NOI at share	308,909			354,429			337,772			646,681			703,465
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other	9,748			(12,481		)	(5,181		)	4,567			(30,429		)
NOI at share - cash basis	$	318,657		$	341,948		$	332,591		$	651,248		$	673,036

- vi -

NON-GAAP RECONCILIATIONS

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

(Amounts in thousands)

	For the Three Months Ended June 30,
	Total Revenues						Operating Expenses						NOI						Non-cash Adjustments(1)						NOI - cash basis
	2019			2018			2019			2018			2019			2018			2019			2018			2019			2018
New York	$	376,381		$	458,552		$	187,819		$	200,903		$	188,562		$	257,649		$	13,308		$	(10,533	)	$	201,870		$	247,116
Other	86,722			83,266			32,933			35,078			53,789			48,188			1,492			487			55,281			48,675
Consolidated total	463,103			541,818			220,752			235,981			242,351			305,837			14,800			(10,046		)	257,151			295,791
Noncontrolling interests' share in consolidated subsidiaries	(26,334		)	(27,093		)	(9,918		)	(9,933		)	(16,416		)	(17,160		)	218			150			(16,198		)	(17,010		)
Our share of partially owned entities	124,214			112,196			41,240			46,444			82,974			65,752			(5,270		)	(2,585		)	77,704			63,167
Vornado's share	$	560,983		$	626,921		$	252,074		$	272,492		$	308,909		$	354,429		$	9,748		$	(12,481	)	$	318,657		$	341,948

	For the Three Months Ended March 31, 2019
	Total Revenues			Operating Expenses			NOI			Non-cash Adjustments(1)			NOI - cash basis
New York	$	443,285		$	198,095		$	245,190		$	(5,083	)	$	240,107
Other	91,383			48,800			42,583			1,907			44,490
Consolidated total	534,668			246,895			287,773			(3,176		)	284,597
Noncontrolling interests' share in consolidated subsidiaries	(28,232		)	(10,829		)	(17,403		)	(60		)	(17,463		)
Our share of partially owned entities	107,515			40,113			67,402			(1,945		)	65,457
Vornado's share	$	613,951		$	276,179		$	337,772		$	(5,181	)	$	332,591

	For the Six Months Ended June 30,
	Total Revenues						Operating Expenses						NOI						Non-cash Adjustments(1)						NOI - cash basis
	2019			2018			2019			2018			2019			2018			2019			2018			2019			2018
New York	$	819,666		$	907,036		$	385,914		$	398,819		$	433,752		$	508,217		$	8,225		$	(25,700	)	$	441,977		$	482,517
Other	178,105			171,219			81,733			74,764			96,372			96,455			3,399			(178		)	99,771			96,277
Consolidated total	997,771			1,078,255			467,647			473,583			530,124			604,672			11,624			(25,878		)	541,748			578,794
Noncontrolling interests' share in consolidated subsidiaries	(54,566		)	(54,143		)	(20,747		)	(19,671		)	(33,819		)	(34,472		)	158			694			(33,661		)	(33,778		)
Our share of partially owned entities	231,729			222,496			81,353			89,231			150,376			133,265			(7,215		)	(5,245		)	143,161			128,020
Vornado's share	$	1,174,934		$	1,246,608		$	528,253		$	543,143		$	646,681		$	703,465		$	4,567		$	(30,429	)	$	651,248		$	673,036

___________________________________

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

- vii -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED JUNE 30, 2019 COMPARED TO JUNE 30, 2018 (unaudited)
(Amounts in thousands)
	Total			New York				theMART			555 California Street			Other
NOI at share for the three months ended June 30, 2019	$	308,909		$	257,702			$	30,974		$	15,358		$	4,875
Less NOI at share from:
Acquisitions	8			8				—			—			—
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(5,479		)	(5,479		)		—			—			—
Dispositions	(50		)	(50		)		—			—			—
Development properties	(11,392		)	(11,392		)		—			—			—
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net	2,979			2,979				—			—			—
Other non-same store expense (income), net	85			4,984				(98		)	74			(4,875		)
Same store NOI at share for the three months ended June 30, 2019	$	295,060		$	248,752			$	30,876		$	15,432		$	—
NOI at share for the three months ended June 30, 2018	$	354,429		$	295,867			$	27,816		$	13,660		$	17,086
Less NOI at share from:
Acquisitions	(3		)	(3		)		—			—			—
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(26,365		)	(26,365		)		—			—			—
Dispositions	(309		)	(309		)		—			—			—
Development properties	(16,451		)	(16,451		)		—			—			—
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net	1,984			1,984				—			—			—
Other non-same store income, net	(21,689		)	(4,323		)		(280		)	—			(17,086		)
Same store NOI at share for the three months ended June 30, 2018	$	291,596		$	250,400			$	27,536		$	13,660		$	—
Increase (decrease) in same store NOI at share for the three months ended June 30, 2019 compared to June 30, 2018	$	3,464		$	(1,648	)		$	3,340		$	1,772		$	—
% increase (decrease) in same store NOI at share	1.2		%	(0.7		)%	(1)	12.1		%	13.0		%	—		%

____________________

(1) Excluding Hotel Pennsylvania, same store NOI at share was flat.

- viii -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE SIX MONTHS ENDED JUNE 30, 2019 COMPARED TO JUNE 30, 2018 (unaudited)
(Amounts in thousands)
	Total			New York				theMART			555 California Street			Other
NOI at share for the six months ended June 30, 2019	$	646,681		$	541,060			$	54,497		$	29,859		$	21,265
Less NOI at share from:
Acquisitions	(219		)	(219		)		—			—			—
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(5,479		)	(5,479		)		—			—			—
Dispositions	(47		)	(47		)		—			—			—
Development properties	(23,101		)	(23,101		)		—			—			—
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net	4,881			4,881				—			—			—
Other non-same store (income) expense, net	(18,697		)	4,424				(1,930		)	74			(21,265		)
Same store NOI at share for the six months ended June 30, 2019	$	604,019		$	521,519			$	52,567		$	29,933		$	—
NOI at share for the six months ended June 30, 2018	$	703,465		$	584,463			$	54,691		$	27,171		$	37,140
Less NOI at share from:
Acquisitions	(124		)	(124		)		—			—			—
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(26,365		)	(26,365		)		—			—			—
Dispositions	(371		)	(371		)		—			—			—
Development properties	(30,138		)	(30,138		)		—			—			—
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net	857			857				—			—			—
Other non-same store income, net	(46,492		)	(4,873		)		(4,479		)	—			(37,140		)
Same store NOI at share for the six months ended June 30, 2018	$	600,832		$	523,449			$	50,212		$	27,171		$	—
Increase (decrease) in same store NOI at share for the six months ended June 30, 2019 compared to June 30, 2018	$	3,187		$	(1,930	)		$	2,355		$	2,762		$	—
% increase (decrease) in same store NOI at share	0.5		%	(0.4		)%	(1)	4.7		%	10.2		%	—		%

____________________

(1) Excluding Hotel Pennsylvania, same store NOI at share increased by 0.3%.

- ix -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED JUNE 30, 2019 COMPARED TO MARCH 31, 2019 (unaudited)
(Amounts in thousands)
	Total			New York				theMART			555 California Street			Other
NOI at share for the three months ended June 30, 2019	$	308,909		$	257,702			$	30,974		$	15,358		$	4,875
Less NOI at share from:
Acquisitions	(5		)	(5		)		—			—			—
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(5,479		)	(5,479		)		—			—			—
Dispositions	(50		)	(50		)		—			—			—
Development properties	(11,392		)	(11,392		)		—			—			—
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net	2,979			2,979				—			—			—
Other non-same store expense (income), net	85			4,984				(98		)	74			(4,875		)
Same store NOI at share for the three months ended June 30, 2019	$	295,047		$	248,739			$	30,876		$	15,432		$	—
NOI at share for the three months ended March 31, 2019	$	337,772		$	283,358			$	23,523		$	14,501		$	16,390
Less NOI at share from:
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(30,292		)	(30,292		)		—			—			—
Dispositions	3			3				—			—			—
Development properties	(11,460		)	(11,460		)		—			—			—
Lease termination income, net of write-offs of straight-line receivables and acquired below-market leases, net	1,902			1,902				—			—			—
Other non-same store income, net	(22,743		)	(4,522		)		(1,831		)	—			(16,390		)
Same store NOI at share for the three months ended March 31, 2019	$	275,182		$	238,989			$	21,692		$	14,501		$	—
Increase in same store NOI at share for the three months ended June 30, 2019 compared to March 31, 2019	$	19,865		$	9,750			$	9,184		$	931		$	—
% increase in same store NOI at share	7.2		%	4.1		%	(1)	42.3		%	6.4		%	—		%

____________________

(1) Excluding Hotel Pennsylvania, same store NOI at share was flat.

- x -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED JUNE 30, 2019 COMPARED TO JUNE 30, 2018 (unaudited)
(Amounts in thousands)
	Total			New York				theMART			555 California Street			Other
NOI at share - cash basis for the three months ended June 30, 2019	$	318,657		$	266,139			$	31,984		$	15,595		$	4,939
Less NOI at share - cash basis from:
Acquisitions	8			8				—			—			—
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(5,183		)	(5,183		)		—			—			—
Dispositions	(50		)	(50		)		—			—			—
Development properties	(13,005		)	(13,005		)		—			—			—
Lease termination income	(1,606		)	(1,606		)		—			—			—
Other non-same store income, net	(9,740		)	(4,703		)		(98		)	—			(4,939		)
Same store NOI at share - cash basis for the three months ended June 30, 2019	$	289,081		$	241,600			$	31,886		$	15,595		$	—
NOI at share - cash basis for the three months ended June 30, 2018	$	341,948		$	283,154			$	27,999		$	13,808		$	16,987
Less NOI at share - cash basis from:
Acquisitions	(3		)	(3		)		—			—			—
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(24,732		)	(24,732		)		—			—			—
Dispositions	(240		)	(240		)		—			—			—
Development properties	(17,489		)	(17,489		)		—			—			—
Other non-same store income, net	(22,345		)	(4,960		)		(398		)	—			(16,987		)
Same store NOI at share - cash basis for the three months ended June 30, 2018	$	277,139		$	235,730			$	27,601		$	13,808		$	—
Increase in same store NOI at share - cash basis for the three months ended June 30, 2019 compared to June 30, 2018	$	11,942		$	5,870			$	4,285		$	1,787		$	—
% increase in same store NOI at share - cash basis	4.3		%	2.5		%	(1)	15.5		%	12.9		%	—		%

____________________

(1) Excluding Hotel Pennsylvania, same store NOI at share - cash basis increased by 3.3%.

- xi -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE SIX MONTHS ENDED JUNE 30, 2019 COMPARED TO JUNE 30, 2018 (unaudited)
(Amounts in thousands)
	Total			New York				theMART			555 California Street			Other
NOI at share - cash basis for the six months ended June 30, 2019	$	651,248		$	542,879			$	56,896		$	30,340		$	21,133
Less NOI at share - cash basis from:
Acquisitions	(220		)	(220		)		—			—			—
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(5,183		)	(5,183		)		—			—			—
Dispositions	(47		)	(47		)		—			—			—
Development properties	(27,291		)	(27,291		)		—			—			—
Lease termination income	(2,035		)	(2,035		)		—			—			—
Other non-same store income, net	(28,326		)	(5,264		)		(1,929		)	—			(21,133		)
Same store NOI at share - cash basis for the six months ended June 30, 2019	$	588,146		$	502,839			$	54,967		$	30,340		$	—
NOI at share - cash basis for the six months ended June 30, 2018	$	673,036		$	554,427			$	55,078		$	26,634		$	36,897
Less NOI at share - cash basis from:
Acquisitions	(124		)	(124		)		—			—			—
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(24,732		)	(24,732		)		—			—			—
Dispositions	(306		)	(306		)		—			—			—
Development properties	(32,434		)	(32,434		)		—			—			—
Lease termination income	(1,061		)	(1,061		)		—			—			—
Other non-same store income, net	(47,004		)	(5,509		)		(4,598		)	—			(36,897		)
Same store NOI at share - cash basis for the six months ended June 30, 2018	$	567,375		$	490,261			$	50,480		$	26,634		$	—
Increase in same store NOI at share - cash basis for the six months ended June 30, 2019 compared to June 30, 2018	$	20,771		$	12,578			$	4,487		$	3,706		$	—
% increase in same store NOI at share - cash basis	3.7		%	2.6		%	(1)	8.9		%	13.9		%	—		%

____________________

(1) Excluding Hotel Pennsylvania, same store NOI at share - cash basis increased by 3.3%.

- xii -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED JUNE 30, 2019 COMPARED TO MARCH 31, 2019 (unaudited)
(Amounts in thousands)
	Total			New York				theMART			555 California Street			Other
NOI at share - cash basis for the three months ended June 30, 2019	$	318,657		$	266,139			$	31,984		$	15,595		$	4,939
Less NOI at share - cash basis from:
Acquisitions	(5		)	(5		)		—			—			—
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(5,183		)	(5,183		)		—			—			—
Dispositions	(50		)	(50		)		—			—			—
Development properties	(13,005		)	(13,005		)		—			—			—
Lease termination income	(1,606		)	(1,606		)		—			—			—
Other non-same store income, net	(9,740		)	(4,703		)		(98		)	—			(4,939		)
Same store NOI at share - cash basis for the three months ended June 30, 2019	$	289,068		$	241,587			$	31,886		$	15,595		$	—
NOI at share - cash basis for the three months ended March 31, 2019	$	332,591		$	276,740			$	24,912		$	14,745		$	16,194
Less NOI at share - cash basis from:
Change in ownership interests in properties contributed to Fifth Avenue and Times Square JV	(27,722		)	(27,722		)		—			—			—
Dispositions	2			2				—			—			—
Development properties	(14,184		)	(14,184		)		—			—			—
Lease termination income	(429		)	(429		)		—			—			—
Other non-same store income, net	(23,406		)	(5,381		)		(1,831		)	—			(16,194		)
Same store NOI at share - cash basis for the three months ended March 31, 2019	$	266,852		$	229,026			$	23,081		$	14,745		$	—
Increase in same store NOI at share - cash basis for the three months ended June 30, 2019 compared to March 31, 2019	$	22,216		$	12,561			$	8,805		$	850		$	—
% increase in same store NOI at share - cash basis	8.3		%	5.5		%	(1)	38.1		%	5.8		%	—		%

____________________

(1) Excluding Hotel Pennsylvania, same store NOI at share - cash basis increased by 1.2%.

- xiii -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF CONSOLIDATED REVENUES TO OUR PRO RATA SHARE OF REVENUES (ANNUALIZED) (unaudited)
(Amounts in thousands)
	For the Three Months Ended June 30, 2019
Consolidated revenues	$	463,103
Noncontrolling interest adjustments	(26,334		)
Consolidated revenues at our share (non-GAAP)	436,769
Unconsolidated revenues at our share (non-GAAP)	124,214
Our pro rata share of revenues (non-GAAP)	$	560,983
Our pro rata share of revenues (annualized) (non-GAAP)	$	2,243,932

RECONCILIATION OF CONSOLIDATED DEBT, NET TO CONTRACTUAL DEBT (NON-GAAP) (unaudited)
(Amounts in thousands)
	As of June 30, 2019
	Consolidated Debt, net		Deferred Financing Costs, Net and Other		Contractual Debt (non-GAAP)
Mortgages payable	$	6,256,808	$	34,837	$	6,291,645
Senior unsecured notes	445,465		4,535		450,000
$750 Million unsecured term loan	745,331		4,669		750,000
$2.75 Billion unsecured revolving credit facilities	80,000		—		80,000
	$	7,527,604	$	44,041	$	7,571,645

- xiv -

NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET INCOME TO EBITDAre (unaudited)

(Amounts in thousands)

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

	For the Three Months Ended									For the Six Months Ended June 30,
	June 30,						March 31, 2019
	2019			2018						2019			2018
Reconciliation of net income to EBITDAre (non-GAAP):
Net income	$	2,596,693		$	105,338		$	213,044		$	2,809,737		$	105,620
Less net (income) loss attributable to noncontrolling interests in consolidated subsidiaries	(21,451		)	26,175			(6,820		)	(28,271		)	34,449
Net income attributable to the Operating Partnership	2,575,242			131,513			206,224			2,781,466			140,069
EBITDAre adjustments at share:
Net gain on transfer to Fifth Avenue and Times Square JV, net of $11,945 attributable to noncontrolling interests	(2,559,154		)	—			—			(2,559,154		)	—
Depreciation and amortization expense	141,655			130,551			134,986			276,641			260,759
Interest and debt expense	87,987			112,874			128,068			216,055			229,106
Income tax expense	27,006			573			29,924			56,930			3,134
Net gains on sale of depreciable real estate	—			(24,449		)	—			—			(24,754		)
Real estate impairment losses	31,436			—			—			31,436			—
EBITDAre at share	304,172			351,062			499,202			803,374			608,314
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	20,563			(13,431		)	19,809			40,372			(9,113		)
EBITDAre (non-GAAP)	$	324,735		$	337,631		$	519,011		$	843,746		$	599,201

- xv -

NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited)
(Amounts in thousands)
	For the Three Months Ended									For the Six Months Ended June 30,
	June 30,						March 31, 2019
	2019			2018						2019			2018
EBITDAre (non-GAAP)	$	324,735		$	337,631		$	519,011		$	843,746		$	599,201
EBITDAre attributable to noncontrolling interests in consolidated subsidiaries	(20,563		)	13,431			(19,809		)	(40,372		)	9,113
Certain (income) expense items that impact EBITDAre:
Gain on sale of 220 CPS condominium units	(111,713		)	—			(157,899		)	(269,612		)	—
Non-cash impairment loss and related write-offs on 608 Fifth Avenue	77,156			—			—			77,156			—
Our share of loss (income) from real estate fund investments	20,758			(551		)	2,904			23,662			(1,365		)
Mark-to-market (increase) decrease in PREIT common shares (accounted for as a marketable security from March 12, 2019)	(1,313		)	—			15,649			14,336			—
Net gain from sale of UE common shares (sold on March 4, 2019)	—			—			(62,395		)	(62,395		)	—
Mark-to-market (increase) decrease in Lexington common shares (sold on March 1, 2019)	—			(15,883		)	(16,068		)	(16,068		)	16,992
Previously capitalized internal leasing costs(1)	—			(1,358		)	—			—			(2,706		)
Our share of disputed additional New York City transfer taxes	—			—			—			—			23,503
Other	2,802			(11,672		)	23			2,825			(14,982		)
Total of certain (income) expense items that impact EBITDAre	(12,310		)	(29,464		)	(217,786		)	(230,096		)	21,442
EBITDAre, as adjusted (non-GAAP)	$	291,862		$	321,598		$	281,416		$	573,278		$	629,756

____________________________________________________________

(1) "EBITDAre, as adjusted" for the three and six months ended June 30, 2018 have been reduced by $1,358 and $2,706, respectively for previously capitalized internal leasing costs to present 2018 “as adjusted” financial results on a comparable basis with the current year as a result of the January 1, 2019 adoption of a new GAAP accounting standard under which internal leasing costs can no longer be capitalized.

- xvi -