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
COMPONENTS OF NET ASSET VALUE	22	-	23
DEBT AND CAPITALIZATION
Capital Structure	24
Common Shares Data	25
Debt Analysis	26
Debt Maturities	27
UNCONSOLIDATED JOINT VENTURES	28	-	30
DEVELOPMENT ACTIVITY AND CAPITAL EXPENDITURES
Penn District Active Development/Redevelopment Summary	31
Other Development/Redevelopment Summary	32
Capital Expenditures, Tenant Improvements and Leasing Commissions	33	-	37
PROPERTY STATISTICS
Square Footage	38
Top 30 Tenants	39
Occupancy and Residential Statistics	40
Ground Leases	41
Property Table	42	-	52
EXECUTIVE OFFICERS AND RESEARCH COVERAGE	53
APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
Definitions	i
Reconciliations	ii	-	xvi

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; and estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part 1 of our Annual Report on Form 10-K for the year ended December 31, 2019. 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 December 31, 2019, we closed on the sale of 17 condominium units at 220 CPS for net proceeds of $565,863,000 resulting in a financial statement net gain of $203,893,000 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, $30,238,000 of income tax expense was recognized on our consolidated statements of income. During the year ended December 31, 2019, we closed on the sale of 54 condominium units at 220 CPS for net proceeds of $1,605,356,000 resulting in a financial statement net gain of $604,393,000 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,$101,828,000 of income tax expense was recognized on our consolidated statements of income. From inception to December 31, 2019, we closed on the sale of 65 units for aggregate net proceeds of $1,820,132,000. During the year ended December 31, 2019, we repaid the remaining $737,000,000 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 gain (mark-to-market increase), which is included in "interest and other investment income, net" on our consolidated statements of income for the year endedDecember 31, 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 partially owned assets" on our consolidated statements of income for the year ended December 31, 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 theater 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 $1.179 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 billion resulting in a financial statement net gain of $2.571 billion, 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 year ended December 31, 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 temporary preferred equity in 640 Fifth Avenue. The temporary 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

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 resulting in a financial statement net gain of $159,292,000. The net gain is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income for the year ended December 31, 2019. The gain for tax purposes was approximately $139,000,000.

3040 M Street

On September 18, 2019, we completed the $49,750,000 sale of 3040 M Street, a 44,000 square foot retail building in Washington, DC, which resulted in a net gain of $19,477,000 which is included in “net gains on disposition of wholly owned and partially owned assets” on our consolidated statements of income for year endedDecember 31, 2019. The gain for tax purposes was approximately $19,000,000.

Pennsylvania Real Estate Investment Trust ("PREIT")

On January 23, 2020, we sold all of our 6,250,000 common shares of PREIT, realizing net proceeds of $28,375,000. A $4,938,000loss (mark-to-market decrease) will be recorded in the first quarter of 2020.

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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 Manhattan office and retail property. The seven-year interest-only loan carries a rate of LIBOR plus 1.35% (3.07%as of December 31, 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 December 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% (3.00% as of December 31, 2019) and matures in February 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% (3.25% as of December 31, 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 year ended December 31, 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%. The facility fee remains unchanged at 20 basis points.

On May 24, 2019, we extended our $375,000,000 mortgage loan on 888 Seventh Avenue, a 885,000 square foot Manhattan office building, from December 2020 to December 2025. The interest rate on the new amortizing mortgage loan is LIBOR plus 1.70% (3.44% as of December 31, 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 22nd Street, a 173,000 square foot Manhattan office building, of which $109,565,000 was outstanding as of December 31, 2019. The four-year interest-only loan carries a rate of LIBOR plus 2.00% (3.72% as of December 31, 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 November 2019.

On July 25, 2019, a joint venture in which we have a 50% interest, completed a $60,000,000 refinancing of 825 Seventh Avenue, a 165,000 square foot Manhattan office building, of which $31,889,000was outstanding as of December 31, 2019. The interest-only loan carries a rate of LIBOR plus 1.65% (3.40% as of December 31, 2019) and matures in July 2022 with a one-year extension option. The loan replaces the previous $20,500,000 loan that bore interest at LIBOR plus 1.40% and was scheduled to mature in September 2019.

On September 5, 2019, a consolidated joint venture, in which we have a 50% interest, completed a $75,000,000 refinancing of 606 Broadway, a 36,000 square foot Manhattan office and retail building, of which $67,804,000 was outstanding as of December 31, 2019. The interest-only loan carries a rate of LIBOR plus 1.80% (3.52% as of December 31, 2019) and matures in September 2024. In connection therewith, the joint venture purchased an interest rate cap that caps LIBOR at a rate of 4.00%. The loan replaces the previous $65,000,000 construction loan. The construction loan bore interest at LIBOR plus 3.00% and was scheduled to mature in May 2021.

On September 27, 2019, we repaid the $575,000,000mortgage loan on PENN2 with proceeds from our unsecured revolving credit facilities. The mortgage loan was scheduled to mature in December 2019. PENN2 is a 1,795,000 square foot (as expanded) Manhattan office building currently under redevelopment.

On November 6, 2019, Vornado Capital Partners Real Estate Fund completed a $145,075,000 refinancing of Lucida, a 155,000 square foot Manhattan retail and residential property. The three-year interest-only loan carries a rate of LIBOR plus 1.85% (3.54% as of December 31, 2019) with two one-year extension options. The loan replaces the previous $146,000,000 loan that bore interest at LIBOR plus 1.55% and was scheduled to mature in December 2019.

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BUSINESS DEVELOPMENTS

Financing Activity - continued

On November 26, 2019, a joint venture in which we have a 20.1% interest, completed a $800,000,000 refinancing of 650 Madison Avenue, a 601,000 square foot Manhattan office and retail property. The ten-year interest-only loan carries a fixed rate of 3.49% and matures in December 2029. The loan replaces the previous $800,000,000 loan that bore interest at a fixed rate of 4.39% and was scheduled to mature in October 2020.

On December 23, 2019, a joint venture in which we have a 49.9% interest, completed a $85,500,000 refinancing, of which $82,500,000 was outstanding as of December 31, 2019, of 50-70 West 93rd Street, a 325-unit Manhattan residential complex. The five-year interest-only loan carries an interest rate of LIBOR plus 1.53%, which was swapped to a fixed rate of 3.14%, and matures in December 2024. The loan replaces the previous $80,000,000 loan that bore interest at LIBOR plus 1.70% and was scheduled to mature in August 2021, as extended.

Other Activity

On December 19, 2019, we paid Kmart Corporation $34,000,000, of which $10,000,000 is expected to be reimbursed, to early terminate their 141,000 square foot retail space lease at PENN1 which was scheduled to expire in January 2036.

Leasing Activity For The Three Months Ended December 31, 2019:

173,000 square feet of New York Office space (117,000 square feet at share) at an initial rent of $101.67 per square foot and a weighted average lease term of 6.6 years. The GAAP and cash mark-to-market rent on the 54,000 square feet of second generation space were negative 3.5% and 5.2%, respectively. Tenant improvements and leasing commissions were $13.53 per square foot per annum, or 13.3% of initial rent.

94,000 square feet of New York Retail space (73,000 square feet at share) at an initial rent of $233.55 per square foot and a weighted average lease term of 9.4 years. The GAAP and cash mark-to-market rent on the 52,000 square feet of second generation space were positive 0.3% and 11.3%, respectively. Tenant improvements and leasing commissions were $10.72 per square foot per annum, or 4.6% of initial rent.

52,000 square feet at theMART at an initial rent of $50.26 per square foot and a weighted average lease term of 5.0 years. The GAAP and cash mark-to-market rent on the 50,000 square feet of second generation space were positive 3.1% and negative 2.3%, respectively. Tenant improvements and leasing commissions were $5.38 per square foot per annum, or 10.7% of initial rent.

30,000 square feet at 555 California Street (21,000 square feet at share) at an initial rent of $94.00 per square foot and a weighted average lease term of 5.0 years. The GAAP and cash mark-to-market rent on the 21,000 square feet of second generation space were positive 100.5% and 72.5%, respectively. Tenant improvements and leasing commissions were $7.28 per square foot per annum, or 7.7% of initial rent.

Leasing Activity For The Year Ended December 31, 2019:

987,000 square feet of New York Office space (793,000 square feet at share) at an initial rent of $82.17 per square foot and a weighted average lease term of 7.7 years. The GAAP and cash mark-to-market rent on the 553,000 square feet of second generation space were positive 5.5% and 4.6%, respectively. Tenant improvements and leasing commissions were $10.89 per square foot per annum, or 13.3% of initial rent.

238,000 square feet of New York Retail space (207,000 square feet at share) at an initial rent of $175.35 per square foot and a weighted average lease term of 10.9 years. The GAAP and cash mark-to-market rent on the 171,000 square feet of second generation space were positive 12.9% and 9.8%, respectively. Tenant improvements and leasing commissions were $6.29 per square foot per annum, or 3.6% of initial rent.

286,000 square feet at theMART at an initial rent of $49.43 per square foot and a weighted average lease term of 6.1 years. The GAAP and cash mark-to-market rent on the 280,000 square feet of second generation space were positive 10.7% and 4.6%, respectively. Tenant improvements and leasing commissions were $5.55 per square foot per annum, or 11.2% of initial rent.

172,000 square feet at 555 California Street (120,000 square feet at share) at an initial rent of $88.70 per square foot and a weighted average lease term of 6.1 years. The GAAP and cash mark-to-market rent on the 115,000 square feet of second generation space were positive 64.9% and 38.1%, respectively. Tenant improvements and leasing commissions were $8.84 per square foot per annum, or 10.0% of initial rent.

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FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts)
	For the Three Months Ended									For the Year Ended December 31,
	December 31,						September 30, 2019
	2019			2018						2019			2018
Total revenues	$	460,968		$	543,417		$	465,961		$	1,924,700		$	2,163,720
Net income attributable to common shareholders	$	193,217		$	100,494		$	322,906		$	3,097,806		$	384,832
Per common share:
Basic	$	1.01		$	0.53		$	1.69		$	16.23		$	2.02
Diluted	$	1.01		$	0.53		$	1.69		$	16.21		$	2.01
Net income attributable to common shareholders, as adjusted (non-GAAP)	$	56,381		$	49,436		$	52,624		$	176,716		$	238,700
Per diluted share (non-GAAP)	$	0.29		$	0.26		$	0.28		$	0.92		$	1.25
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP)	$	171,030		$	169,874		$	170,966		$	666,207		$	713,488
Per diluted share (non-GAAP)	$	0.89		$	0.89		$	0.89		$	3.49		$	3.73
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	$	311,876		$	210,100		$	279,509		$	1,003,398		$	729,740
FFO - Operating Partnership Basis ("OP Basis") (non-GAAP)	$	332,029		$	223,583		$	297,837		$	1,067,457		$	776,393
Per diluted share (non-GAAP)	$	1.63		$	1.10		$	1.46		$	5.25		$	3.82
Dividends per common share:
Aggregate quarterly dividends	$	0.66		$	0.63		$	0.66		$	2.64		$	2.52
Special dividend	1.95			—			—			1.95			—
Total	$	2.61		$	0.63		$	0.66		$	4.59		$	2.52
FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)	74.2		%	70.8		%	74.2		%	75.6		%	67.6		%
FAD payout ratio	93.0		%	100.0		%	113.8		%	95.3		%	91.6		%
Weighted average shares used in determining FFO attributable to common shareholders    plus assumed conversions per diluted share (REIT basis)	191,140			191,199			191,024			191,051			191,189
Convertible units:
Class A	12,162			11,827			12,195			12,146			11,849
Equity awards - unit equivalents	189			443			331			51			374
Weighted average shares used in determining FFO attributable to Class A unitholders    plus assumed conversions per diluted share (OP Basis)	203,491			203,469			203,550			203,248			203,412

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
	December 31,									September 30, 2019
	2019			2018			Variance
Property rentals(1)	$	360,139		$	433,521		$	(73,382	)	$	372,186
Tenant expense reimbursements(1)	55,233			62,119			(6,886		)	55,772
Amortization of acquired below-market leases, net	4,269			7,093			(2,824		)	4,393
Straight-lining of rents	(1,233		)	(2,674		)	1,441			(4,713		)
Total rental revenues	418,408			500,059			(81,651		)	427,638
Fee and other income:
BMS cleaning fees	31,642			32,262			(620		)	30,677
Management and leasing fees	3,479			3,119			360			3,326
Other income	7,439			7,977			(538		)	4,320
Total revenues	460,968			543,417			(82,449		)	465,961
Operating expenses	(223,975		)	(254,320		)	30,345			(226,359		)
Depreciation and amortization	(92,926		)	(112,869		)	19,943			(96,437		)
General and administrative	(39,791		)	(32,934		)	(6,857		)	(33,237		)
(Expense) benefit from deferred compensation plan liability	(3,887		)	6,014			(9,901		)	(974		)
Transaction related costs, impairment losses and other	(3,223		)	(14,637		)	11,414			(1,576		)
Total expenses	(363,802		)	(408,746		)	44,944			(358,583		)
Income from partially owned entities(2)	22,726			3,090			19,636			25,946
(Loss) income from real estate fund investments	(90,302		)	(51,258		)	(39,044		)	2,190
Interest and other investment income, net	5,889			7,656			(1,767		)	3,045
Income (loss) from deferred compensation plan assets	3,887			(6,014		)	9,901			974
Interest and debt expense	(59,683		)	(83,175		)	23,492			(61,448		)
Purchase price fair value adjustment	—			44,060			(44,060		)	—
Net gains on disposition of wholly owned and partially owned assets	203,835			81,203			122,632			309,657
Income before income taxes	183,518			130,233			53,285			387,742
Income tax expense	(22,897		)	(32,669		)	9,772			(23,885		)
Income from continuing operations	160,621			97,564			63,057			363,857
Income (loss) from discontinued operations	55			257			(202		)	(8		)
Net income	160,676			97,821			62,855			363,849
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	58,592			21,886			36,706			(5,774		)
Operating Partnership	(13,518		)	(6,680		)	(6,838		)	(22,637		)
Net income attributable to Vornado	205,750			113,027			92,723			335,438
Preferred share dividends	(12,533		)	(12,533		)	—			(12,532		)
Net income attributable to common shareholders	$	193,217		$	100,494		$	92,723		$	322,906
Capitalized expenditures:
Leasing payroll(3)	$	—		$	1,655		$	(1,655	)	$	—
Development payroll	3,341			4,124			(783		)	2,158
Interest and debt expense	13,016			23,448			(10,432		)	16,047

________________________________

(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 Year Ended December 31,
	2019			2018			Variance
Property rentals(1)	$	1,528,870		$	1,714,027		$	(185,157	)
Tenant expense reimbursements(1)	228,201			247,128			(18,927		)
Amortization of acquired below-market leases, net	19,830			38,573			(18,743		)
Straight-lining of rents	(9,679		)	7,605			(17,284		)
Total rental revenues	1,767,222			2,007,333			(240,111		)
Fee and other income:
BMS cleaning fees	124,674			120,357			4,317
Management and leasing fees	13,542			13,324			218
Other income	19,262			22,706			(3,444		)
Total revenues	1,924,700			2,163,720			(239,020		)
Operating expenses	(917,981		)	(963,478		)	45,497
Depreciation and amortization	(419,107		)	(446,570		)	27,463
General and administrative	(169,920		)	(141,871		)	(28,049		)
(Expense) benefit from deferred compensation plan liability	(11,609		)	2,480			(14,089		)
Transaction related costs, impairment losses and other	(106,538		)	(31,320		)	(75,218		)
Total expenses	(1,625,155		)	(1,580,759		)	(44,396		)
Income from partially owned entities(2)	78,865			9,149			69,716
Loss from real estate fund investments	(104,082		)	(89,231		)	(14,851		)
Interest and other investment income, net	21,819			17,057			4,762
Income (loss) from deferred compensation plan assets	11,609			(2,480		)	14,089
Interest and debt expense	(286,623		)	(347,949		)	61,326
Net gain on transfer to Fifth Avenue and Times Square JV	2,571,099			—			2,571,099
Purchase price fair value adjustment	—			44,060			(44,060		)
Net gains on disposition of wholly owned and partially owned assets	845,499			246,031			599,468
Income before income taxes	3,437,731			459,598			2,978,133
Income tax expense	(103,439		)	(37,633		)	(65,806		)
Income from continuing operations	3,334,292			421,965			2,912,327
(Loss) income from discontinued operations	(30		)	638			(668		)
Net income	3,334,262			422,603			2,911,659
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries	24,547			53,023			(28,476		)
Operating Partnership	(210,872		)	(25,672		)	(185,200		)
Net income attributable to Vornado	3,147,937			449,954			2,697,983
Preferred share dividends	(50,131		)	(50,636		)	505
Preferred share issuance costs	—			(14,486		)	14,486
Net income attributable to common shareholders	$	3,097,806		$	384,832		$	2,712,974
Capitalized expenditures:
Leasing payroll(3)	$	—		$	5,538		$	(5,538	)
Development payroll	16,014			12,120			3,894
Interest and debt expense	72,200			73,166			(966		)

________________________________

(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.

- 9 -

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)

(Amounts in thousands)

	For the Three Months Ended December 31, 2019
	Total			New York			Other
Property rentals(1)	$	360,139		$	291,139		$	69,000
Tenant expense reimbursements(1)	55,233			43,654			11,579
Amortization of acquired below-market leases, net	4,269			4,077			192
Straight-lining of rents	(1,233		)	(78		)	(1,155		)
Total rental revenues	418,408			338,792			79,616
Fee and other income:
BMS cleaning fees	31,642			33,870			(2,228		)
Management and leasing fees	3,479			3,225			254
Other income	7,439			1,739			5,700
Total revenues	460,968			377,626			83,342
Operating expenses	(223,975		)	(184,231		)	(39,744		)
Depreciation and amortization	(92,926		)	(70,051		)	(22,875		)
General and administrative	(39,791		)	(14,077		)	(25,714		)
Expense from deferred compensation plan liability	(3,887		)	—			(3,887		)
Transaction related costs, impairment losses and other	(3,223		)	411			(3,634		)
Total expenses	(363,802		)	(267,948		)	(95,854		)
Income from partially owned entities	22,726			21,370			1,356
Loss from real estate fund investments	(90,302		)	—			(90,302		)
Interest and other investment income, net	5,889			1,529			4,360
Income from deferred compensation plan assets	3,887			—			3,887
Interest and debt expense	(59,683		)	(33,624		)	(26,059		)
Net gains (losses) on disposition of wholly owned and partially owned assets	203,835			(58		)	203,893
Income before income taxes	183,518			98,895			84,623
Income tax expense	(22,897		)	(982		)	(21,915		)
Income from continuing operations	160,621			97,913			62,708
Income from discontinued operations	55			—			55
Net income	160,676			97,913			62,763
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries	58,592			(2,227		)	60,819
Net income attributable to Vornado Realty L.P.	219,268			$	95,686		$	123,582
Less net income attributable to noncontrolling interests in the Operating Partnership	(13,477		)
Preferred unit distributions	(12,574		)
Net income attributable to common shareholders	$	193,217
For the three months ended December 31, 2018:
Net income (loss) attributable to Vornado Realty L.P.	$	119,707		$	131,564		$	(11,857	)
Net income attributable to common shareholders	$	100,494

________________________________

(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 Year Ended December 31, 2019
	Total			New York			Other
Property rentals(1)	$	1,528,870		$	1,227,300		$	301,570
Tenant expense reimbursements(1)	228,201			184,288			43,913
Amortization of acquired below-market leases, net	19,830			18,910			920
Straight-lining of rents	(9,679		)	(5,508		)	(4,171		)
Total rental revenues	1,767,222			1,424,990			342,232
Fee and other income:
BMS cleaning fees	124,674			133,358			(8,684		)
Management and leasing fees	13,542			13,694			(152		)
Other income	19,262			5,818			13,444
Total revenues	1,924,700			1,577,860			346,840
Operating expenses	(917,981		)	(758,304		)	(159,677		)
Depreciation and amortization	(419,107		)	(328,313		)	(90,794		)
General and administrative	(169,920		)	(59,668		)	(110,252		)
Expense from deferred compensation plan liability	(11,609		)	—			(11,609		)
Transaction related costs, impairment losses and other	(106,538		)	(100,949		)	(5,589		)
Total expenses	(1,625,155		)	(1,247,234		)	(377,921		)
Income from partially owned entities	78,865			71,622			7,243
Loss from real estate fund investments	(104,082		)	—			(104,082		)
Interest and other investment income, net	21,819			5,617			16,202
Income from deferred compensation plan assets	11,609			—			11,609
Interest and debt expense	(286,623		)	(174,368		)	(112,255		)
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	845,499			178,711			666,788
Income before income taxes	3,437,731			2,983,307			454,424
Income tax expense	(103,439		)	(5,167		)	(98,272		)
Income from continuing operations	3,334,292			2,978,140			356,152
Loss from discontinued operations	(30		)	—			(30		)
Net income	3,334,262			2,978,140			356,122
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries	24,547			(20,937		)	45,484
Net income attributable to Vornado Realty L.P.	3,358,809			$	2,957,203		$	401,606
Less net income attributable to noncontrolling interests in the Operating Partnership	(210,707		)
Preferred unit distributions	(50,296		)
Net income attributable to common shareholders	$	3,097,806
For the year ended December 31, 2018:
Net income attributable to Vornado Realty L.P.	$	475,626		$	431,944		$	43,682
Net income attributable to common shareholders	$	384,832

________________________________

(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 December 31, 2019
	Total			New York(1)			Other
Total revenues	$	460,968		$	377,626		$	83,342
Operating expenses	(223,975		)	(184,231		)	(39,744		)
NOI - consolidated	236,993			193,395			43,598
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(17,417		)	(9,885		)	(7,532		)
Add: NOI from partially owned entities	85,990			82,774			3,216
NOI at share	305,566			266,284			39,282
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(6,590		)	(8,577		)	1,987
NOI at share - cash basis	$	298,976		$	257,707		$	41,269

	For the Three Months Ended December 31, 2018
	Total			New York			Other
Total revenues	$	543,417		$	466,554		$	76,863
Operating expenses	(254,320		)	(206,696		)	(47,624		)
NOI - consolidated	289,097			259,858			29,239
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(19,771		)	(13,837		)	(5,934		)
Add: NOI from partially owned entities	60,205			49,178			11,027
NOI at share	329,531			295,199			34,332
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(5,532		)	(6,266		)	734
NOI at share - cash basis	$	323,999		$	288,933		$	35,066

	For the Three Months Ended September 30, 2019
	Total			New York(1)			Other
Total revenues	$	465,961		$	380,568		$	85,393
Operating expenses	(226,359		)	(188,159		)	(38,200		)
NOI - consolidated	239,602			192,409			47,193
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(18,096		)	(9,574		)	(8,522		)
Add: NOI from partially owned entities	86,024			82,649			3,375
NOI at share	307,530			265,484			42,046
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(4,037		)	(5,560		)	1,523
NOI at share - cash basis	$	303,493		$	259,924		$	43,569

________________________________

(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.

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 Year Ended December 31, 2019
	Total			New York(1)			Other
Total revenues	$	1,924,700		$	1,577,860		$	346,840
Operating expenses	(917,981		)	(758,304		)	(159,677		)
NOI - consolidated	1,006,719			819,556			187,163
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(69,332		)	(40,896		)	(28,436		)
Add: NOI from partially owned entities	322,390			294,168			28,222
NOI at share	1,259,777			1,072,828			186,949
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(6,060		)	(12,318		)	6,258
NOI at share - cash basis	$	1,253,717		$	1,060,510		$	193,207

	For the Year Ended December 31, 2018
	Total			New York			Other
Total revenues	$	2,163,720		$	1,836,036		$	327,684
Operating expenses	(963,478		)	(806,464		)	(157,014		)
NOI - consolidated	1,200,242			1,029,572			170,670
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries	(71,186		)	(48,490		)	(22,696		)
Add: NOI from partially owned entities	253,564			195,908			57,656
NOI at share	1,382,620			1,176,990			205,630
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other	(44,704		)	(45,427		)	723
NOI at share - cash basis	$	1,337,916		$	1,131,563		$	206,353

________________________________

(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.

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 Year Ended December 31,
	December 31,				September 30, 2019
	2019		2018				2019		2018
NOI at share:
New York:
Office(1)	$	183,925	$	186,832	$	177,469	$	724,526	$	743,001
Retail(1)	59,728		85,549		68,159		273,217		353,425
Residential	5,835		5,834		5,575		23,363		23,515
Alexander's Inc ("Alexander's")	10,626		11,023		11,269		44,325		45,133
Hotel Pennsylvania	6,170		5,961		3,012		7,397		11,916
Total New York	266,284		295,199		265,484		1,072,828		1,176,990
Other:
theMART	22,712		10,981		24,862		102,071		90,929
555 California Street	14,533		14,005		15,265		59,657		54,691
Other investments	2,037		9,346		1,919		25,221		60,010
Total Other	39,282		34,332		42,046		186,949		205,630
NOI at share	$	305,566	$	329,531	$	307,530	$	1,259,777	$	1,382,620

NOI at share - cash basis:
New York:
Office(1)	$	180,762	$	185,624	$	174,796	$	718,734	$	726,108
Retail(1)	54,357		80,515		65,636		267,655		324,219
Residential	5,763		5,656		5,057		21,894		22,076
Alexander's	10,773		11,129		11,471		45,093		47,040
Hotel Pennsylvania	6,052		6,009		2,964		7,134		12,120
Total New York	257,707		288,933		259,924		1,060,510		1,131,563
Other:
theMART	24,646		12,758		26,588		108,130		94,070
555 California Street	14,491		13,784		15,325		60,156		53,488
Other investments	2,132		8,524		1,656		24,921		58,795
Total Other	41,269		35,066		43,569		193,207		206,353
NOI at share - cash basis	$	298,976	$	323,999	$	303,493	$	1,253,717	$	1,337,916

________________________________

(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 December 31, 2019 compared to December 31, 2018	7.1	%	2.6	%	114.3	%	(3)	3.3	%
	Year ended December 31, 2019 compared to December 31, 2018	2.1	%	0.5	%	15.9	%	(4)	9.7	%
	Three months ended December 31, 2019 compared to September 30, 2019	1.7	%	3.0	%	(7.4	)%		(4.8	)%
Same store NOI at share - cash basis % increase (decrease)(1):
	Three months ended December 31, 2019 compared to December 31, 2018	6.6	%	1.7	%	100.0	%	(3)	4.1	%
	Year ended December 31, 2019 compared to December 31, 2018	3.6	%	1.6	%	18.6	%	(4)	12.7	%
	Three months ended December 31, 2019 compared to September 30, 2019	2.6	%	3.9	%	(4.8	)%		(5.4	)%

________________________________

(1)	See pages viii through xiii in the Appendix for same store NOI at share and same store NOI at share - cash basis reconciliations.
(2)	Excluding Hotel Pennsylvania, same store NOI at share % increase:
	Three months ended December 31, 2019 compared to December 31, 2018	2.6	%
	Year ended December 31, 2019 compared to December 31, 2018	0.9	%
	Three months ended December 31, 2019 compared to September 30, 2019	1.7	%
	Excluding Hotel Pennsylvania, same store NOI at share - cash basis % increase:
	Three months ended December 31, 2019 compared to December 31, 2018	1.8	%
	Year ended December 31, 2019 compared to December 31, 2018	2.2	%
	Three months ended December 31, 2019 compared to September 30, 2019	2.6	%
(3)	The three months ended December 31, 2018 includes an additional $12,124,000 real estate tax expense accrual due to an increase in the tax-assessed value of theMART.
(4)	Primarily due to $11,131,000 of tenant reimbursement revenue received in 2019 related to real estate tax expense accrued in 2018.

NOI AT SHARE BY REGION (unaudited)

	For the Three Months Ended December 31,				For the Year Ended December 31,
	2019		2018		2019		2018
Region:
New York City metropolitan area	88	%	92	%	87	%	89	%
Chicago, IL	7	%	3	%	8	%	7	%
San Francisco, CA	5	%	5	%	5	%	4	%
	100	%	100	%	100	%	100	%

- 15 -

CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
	As of						Increase (Decrease)
	December 31, 2019			December 31, 2018
ASSETS
Real estate, at cost:
Land	$	2,591,261		$	3,306,280		$	(715,019	)
Buildings and improvements	7,953,163			10,110,992			(2,157,829		)
Development costs and construction in progress	1,490,614			2,266,491			(775,877		)
Moynihan Train Hall development expenditures	914,960			445,693			469,267
Leasehold improvements and equipment	124,014			108,427			15,587
Total	13,074,012			16,237,883			(3,163,871		)
Less accumulated depreciation and amortization	(3,015,958		)	(3,180,175		)	164,217
Real estate, net	10,058,054			13,057,708			(2,999,654		)
Right-of-use assets	379,546			—			379,546
Cash and cash equivalents	1,515,012			570,916			944,096
Restricted cash	92,119			145,989			(53,870		)
Marketable securities	33,313			152,198			(118,885		)
Tenant and other receivables	95,733			73,322			22,411
Investments in partially owned entities	3,999,165			858,113			3,141,052
Real estate fund investments	222,649			318,758			(96,109		)
220 Central Park South condominium units ready for sale	408,918			99,627			309,291
Receivable arising from the straight-lining of rents	742,206			935,131			(192,925		)
Deferred leasing costs, net	353,986			400,313			(46,327		)
Identified intangible assets, net	30,965			136,781			(105,816		)
Other assets	355,347			431,938			(76,591		)
Total Assets	$	18,287,013		$	17,180,794		$	1,106,219
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	5,639,897		$	8,167,798		$	(2,527,901	)
Senior unsecured notes, net	445,872			844,002			(398,130		)
Unsecured term loan, net	745,840			744,821			1,019
Unsecured revolving credit facilities	575,000			80,000			495,000
Lease liabilities	498,254			—			498,254
Moynihan Train Hall obligation	914,960			445,693			469,267
Special dividend/distribution payable on January 15, 2020	398,292			—			398,292
Accounts payable and accrued expenses	440,049			430,976			9,073
Deferred revenue	59,429			167,730			(108,301		)
Deferred compensation plan	103,773			96,523			7,250
Other liabilities	265,754			311,806			(46,052		)
Total liabilities	10,087,120			11,289,349			(1,202,229		)
Redeemable noncontrolling interests	888,915			783,562			105,353
Shareholders' equity	6,732,030			4,465,231			2,266,799
Noncontrolling interests in consolidated subsidiaries	578,948			642,652			(63,704		)
Total liabilities, redeemable noncontrolling interests and equity	$	18,287,013		$	17,180,794		$	1,106,219

- 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 December 31, 2019
Total square feet leased	173			94			52			30
Our share of square feet leased:	117			73			52			21
Initial rent(1)	$	101.67		$	233.55		$	50.26		$	94.00
Weighted average lease term (years)	6.6			9.4			5.0			5.0
Second generation relet space:
Square feet	54			52			50			21
GAAP basis:
Straight-line rent(2)	$	93.62		$	309.06		$	50.96		$	99.81
Prior straight-line rent	$	97.06		$	308.17		$	49.41		$	49.77
Percentage (decrease) increase	(3.5		)%	0.3		%	3.1		%	100.5		%
Cash basis (non-GAAP):
Initial rent(1)	$	94.90		$	335.00		$	50.02		$	94.00
Prior escalated rent	$	100.06		$	300.90		$	51.21		$	54.49
Percentage (decrease) increase	(5.2		)%	11.3		%	(2.3		)%	72.5		%
Tenant improvements and leasing commissions:
Per square foot	$	89.30		$	100.79		$