Summary of Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results (Unaudited)

Summary of Quarterly Results (Unaudited)

Vornado Realty Trust

The following summary represents the results of operations for each quarter in 2019 and 2018:

(Amounts in thousands, except per share amounts)	For the Three Months Ended
	March 31, 2019			June 30, 2019		September 30, 2019		December 31, 2019
Revenues	$	534,668		$	463,103	$	465,961	$	460,968
Net income attributable to common shareholders(1)	181,488			2,400,195		322,906		193,217
Per share - basic(2)	0.95			12.58		1.69		1.01
Per share - diluted(2)	0.95			12.56		1.69		1.01
(Amounts in thousands, except per share amounts)	For the Three Months Ended
	March 31, 2018			June 30, 2018		September 30, 2018		December 31, 2018
Revenues	$	536,437		$	541,818	$	542,048	$	543,417
Net (loss) income attributable to common shareholders(1)	(17,841		)	111,534		190,645		100,494
Per share - basic(2)	(0.09		)	0.59		1.00		0.53
Per share - diluted(2)	(0.09		)	0.58		1.00		0.53

____________________

(1) Fluctuations among quarters resulted primarily from non-cash impairment losses, net gain on transfer to Fifth Avenue and Times Square JV, net gains on sale of real estate and other items and from seasonality of business operations.

(2) The total for the year may differ from the sum of the quarters as a result of weighting.

Vornado Realty L.P.

The following summary represents the results of operations for each quarter in 2019 and 2018:

(Amounts in thousands, except per share amounts)	For the Three Months Ended
	March 31, 2019			June 30, 2019		September 30, 2019		December 31, 2019
Revenues	$	534,668		$	463,103	$	465,961	$	460,968
Net income attributable to Class A unitholders(1)	193,649			2,562,669		345,501		206,694
Per unit - basic(2)	0.95			12.58		1.69		1.01
Per unit - diluted(2)	0.95			12.54		1.69		1.01
(Amounts in thousands, except per share amounts)	For the Three Months Ended
	March 31, 2018			June 30, 2018		September 30, 2018		December 31, 2018
Revenues	$	536,437		$	541,818	$	542,048	$	543,417
Net (loss) income attributable to Class A unitholders(1)	(19,014		)	118,931		203,268		107,125
Per unit - basic(2)	(0.10		)	0.58		1.00		0.53
Per unit - diluted(2)	(0.10		)	0.58		0.99		0.52

____________________

(1) Fluctuations among quarters resulted primarily from non-cash impairment losses, net gain on transfer to Fifth Avenue and Times Square JV, net gains on sale of real estate and other items and from seasonality of business operations.

(2)

The total for the year may differ from the sum of the quarters as a result of weighting.