UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported):
May 5, 2014
 
VORNADO REALTY TRUST
(Exact Name of Registrant as Specified in Charter)
 
Maryland	 	No. 001-11954	 	No. 22-1657560	
(State or Other	 	(Commission	 	(IRS Employer	
Jurisdiction of	 	File Number)	 	Identification No.)	
Incorporation)	 	 	 	 	
 
VORNADO REALTY L.P.
(Exact Name of Registrant as Specified in Charter)

Delaware	 	No. 001-34482	 	No. 13-3925979	
(State or Other	 	(Commission	 	(IRS Employer	
Jurisdiction of	 	File Number)	 	Identification No.)	
Incorporation)	 	 	 	 	
 
888 Seventh Avenue
New York, New York	 	10019	
(Address of Principal Executive offices)	 	(Zip Code)	
 
Registrant’s telephone number, including area code: (212) 894-7000
Former name or former address, if changed since last report: N/A
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):

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

 
­

  
 
Item 2.02.        Results of Operations and Financial Condition.

            On May 5, 2014, Vornado Realty Trust (the “Company”), the general partner of Vornado Realty L.P., issued a press release announcing its financial results for the first quarter of 2014.  That press release referred to certain supplemental financial information that is available on the Company’s website.  That press release and the supplemental financial information are attached to this Current Report on Form 8-K as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.
 
Exhibits 99.1 and 99.2 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company or Vornado Realty L.P. under the Securities Act of 1933 or the Exchange Act.

             
            Item 9.01 . Financial Statements and Exhibits.
(d)          Exhibits.
               The following exhibits are being furnished as part of this Current Report on Form 8-K:
99.1     Vornado Realty Trust press release dated May 5, 2014.
99.2     Vornado Realty Trust supplemental operating and financial data for the quarter ended March 31, 2014.
 
1
 
­

   
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	VORNADO REALTY TRUST	
	(Registrant)	
	 	 	
	By:	/s/ Stephen Theriot	
	Name:	Stephen Theriot	
	Title:	Chief Financial Officer (duly authorized officer
and principal financial and accounting officer)	
 
Date: May 6, 2014
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	VORNADO REALTY L.P.	
	(Registrant)	
	By:	VORNADO REALTY TRUST,	
	 	Sole General Partner	
	 	 	
	By:	/s/ Stephen Theriot	
	Name:	Stephen Theriot	
	Title:	Chief Financial Officer of Vornado Realty Trust,
sole general partner of Vornado Realty L.P.
(duly authorized officer and principal financial
and accounting officer)	
 
Date: May 6, 2014
 
2
 
­

   
 
Exhibit Index

 
99.1     Vornado Realty Trust press release dated May 5, 2014.
99.2     Vornado Realty Trust supplemental operating and financial data for the quarter ended March 31, 2014.

 
 
3

 
 
CONTACT:	STEPHEN THERIOT	EXHIBIT 99.1	
 	(201) 587-1000	 	

 		210 Route 4 East	
 		Paramus , NJ	
 
FOR IMMEDIATE RELEASE – May 5, 2014
 
Vornado Announces First Quarter 2014 Financial Results
 
PARAMUS, NEW JERSEY.......VORNADO REALTY TRUST (New York Stock Exchange: VNO) filed its Form 10-Q for the quarter ended March 31, 2014 today and reported:
 
NET INCOME attributable to common shareholders for the quarter ended March 31, 2014 was $62.3 million, or $0.33 per diluted share, compared to $232.0 million, or $1.24 per diluted share for the quarter ended March 31, 2013.  Net income for the quarters ended March 31, 2014 and 2013 include $20.8 million and $5.2 million, respectively of real estate impairment losses. The quarter ended March 31, 2013 also includes $202.8 million of net gains on sale of real estate.  In addition, the quarters ended March 31, 2014 and 2013 include certain other items that affect comparability, which are listed in the table below.  Adjusting net income attributable to common shareholders for net gains on sale of real estate, real estate impairment losses and the items in the table below, net of amounts attributable to noncontrolling interests, net income attributable to common shareholders for the quarters ended March 31, 2014 and 2013 was $70.3 million and $74.1 million, or $0.37 and $0.40 per diluted share, respectively.
 
FUNDS FROM OPERATIONS attributable to common shareholders plus assumed conversions (“FFO”) for the quarter ended March 31, 2014 was $247.1 million, or $1.31 per diluted share, compared to $201.8 million, or $1.08 per diluted share for the prior year’s quarter.  Adjusting FFO for certain items that affect comparability which are listed in the table below, FFO for the quarters ended March 31, 2014 and 2013 was $226.9 million and $211.6 million, or $1.20 and $1.13 per diluted share, respectively.
 
(Amounts in thousands, except per share amounts)	For the Three Months Ended March 31,	
			2014 		2013 	
FFO (1)	$	247,079 		$	201,820 	
Per Share	$	1.31 		$	1.08 	
								
Items that affect comparability income (expense):						
	Toys "R" Us FFO (including impairment losses of $75,196 and $78,542 respectively)	$	9,267 		$	16,684 	
	Net gain on sale of a land parcel and residential condominiums		9,635 			-   	
	FFO from discontinued operations, including LNR in 2013		4,139 			27,951 	
	Losses from the mark-to-market, impairment and disposition of investment in J.C. Penney		-   			(98,827)	
	Stop & Shop litigation settlement income		-   			59,599 	
	Preferred share redemptions		-   			(9,230)	
	Merchandise Mart reduction-in-force and severance costs		-   			(2,612)	
	Other, net		(1,784)			(3,964)	
				21,257 			(10,399)	
Noncontrolling interests' share of above adjustments		(1,060)			579 	
Items that affect comparability, net	$	20,197 		$	(9,820)	
								
FFO as adjusted for comparability	$	226,882 		$	211,640 	
Per Share	$	1.20 		$	1.13 	

(1) See page 3 for a reconciliation of our net income to FFO for the three months ended March 31, 2014 and 2013.	
 
Supplemental Financial Information
 
Further details regarding results of operations, properties and tenants can be accessed at the Company’s website www.vno.com .  Vornado Realty Trust is a fully – integrated equity real estate investment trust.
 
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K, as amended, for the year ended December 31, 2013.  Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.
 
(tables to follow)
 
1

 

 
VORNADO REALTY TRUST	
OPERATING RESULTS FOR THE THREE MONTHS ENDED	
MARCH 31, 2014 AND 2013	

				For the Three Months	
	Ended March 31,	
(Amounts in thousands, except per share amounts)	2014 		2013 	
						
Revenues	$	660,618 		$	718,713 	
						
Income from continuing operations	$	96,265 		$	82,165 	
Income from discontinued operations		1,891 			206,762 	
Net income		98,156 			288,927 	
Less net income attributable to noncontrolling interests in:						
	Consolidated subsidiaries		(11,579)			(11,286)	
	Operating Partnership		(3,848)			(13,933)	
	Preferred unit distributions of the Operating Partnership		(12)			(786)	
Net income attributable to Vornado		82,717 			262,922 	
Preferred share dividends		(20,368)			(21,702)	
Preferred share redemptions		-   			(9,230)	
Net income attributable to common shareholders	$	62,349 		$	231,990 	

Income per common share - Basic:						
	Income from continuing operations, net	$	0.32 		$	0.20 	
	Income from discontinued operations, net		0.01 			1.04 	
	Net income per common share	$	0.33 		$	1.24 	
	Weighted average shares outstanding		187,307 			186,752 	
									
Income per common share - Diluted:						
	Income from continuing operations, net	$	0.32 		$	0.20 	
	Income from discontinued operations, net		0.01 			1.04 	
	Net income per common share	$	0.33 		$	1.24 	
	Weighted average shares outstanding		188,240 			187,529 	

FFO attributable to common shareholders plus assumed conversions	$	247,079 		$	201,820 	
Per diluted share	$	1.31 		$	1.08 	
									
FFO as adjusted for comparability	$	226,882 		$	211,640 	
Per diluted share	$	1.20 		$	1.13 	
									
Weighted average shares used in determining FFO per diluted share		188,287 			187,529 	

2

 

 
	The following table reconciles our net income to FFO:	
								
(Amounts in thousands)	For the Three Months	
			Ended March 31,	
Reconciliation of our net income to FFO:	2014 		2013 	
Net income attributable to Vornado	$	82,717 		$	262,922 	
Depreciation and amortization of real property		142,569 			132,513 	
Net gains on sale of real estate		-   			(202,329)	
Real estate impairment losses		20,842 			1,514 	
Proportionate share of adjustments to equity in net income of						
	Toys, to arrive at FFO:						
		Depreciation and amortization of real property		11,415 			19,325 	
		Real estate impairment losses		-   			3,650 	
		Income tax effect of above adjustments		(3,995)			(8,050)	
Proportionate share of adjustments to equity in net income of						
	partially owned entities, excluding Toys, to arrive at FFO:						
		Depreciation and amortization of real property		25,271 			21,830 	
		Net gains on sale of real estate		-   			(465)	
Noncontrolling interests' share of above adjustments		(11,399)			1,814 	
FFO		267,420 			232,724 	
Preferred share dividends		(20,368)			(21,702)	
Preferred share redemptions		-   			(9,230)	
FFO attributable to common shareholders		247,052 			201,792 	
Convertible preferred share dividends		27 			28 	
FFO attributable to common shareholders plus assumed conversions	$	247,079 		$	201,820 	

 
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 gain from sales of depreciated real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets, extraordinary items and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries.  FFO and FFO per diluted share are used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions.  FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure.  FFO may not be comparable to similarly titled measures employed by other companies.  A reconciliation of our net income to FFO is provided above.  In addition to FFO, we also disclose FFO before certain items that affect comparability.  Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, we believe it provides a meaningful presentation of operating performance.  Reconciliation of FFO to FFO as adjusted for comparability is provided on page 1 of this press release.

Conference Call and Audio Webcast
 
As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday May 6, 2014 at 10:00 a.m. Eastern Time (ET).  The conference call can be accessed by dialing 800-708-4539 (domestic) or 847-619-6396 (international) and indicating to the operator the passcode 37074976.  A telephonic replay of the conference call will be available from 1:00 p.m. ET on May 6, 2014 through June 5, 2014.  To access the replay, please dial 888-843-7419 and enter the passcode 37074976#.  A live webcast of the conference call will be available on the Company’s website at www.vno.com  and an online playback of the webcast will be available on the website for 90 days following the conference call.

#####
 
3

EXHIBIT 99.2

 

 	SUPPLEMENTAL OPERATING
AND FINANCIAL DATA
For the Quarter Ended March 31, 2014

 	 	

 

INDEX	
							
		Page					
Investor Information		2					
2014 Business Developments		3					
Common Shares Data		4					
Financial Highlights		5					
Funds From Operations		6 - 7					
Funds Available for Distribution		8					
Net Income / EBITDA (Consolidated and by Segment)		9 - 12					
EBITDA by Segment and Region		13					
Consolidated Balance Sheets		14					
Capital Structure		15					
Debt Analysis		16 - 18					
Unconsolidated Joint Ventures		19 - 20					
Square Footage		21					
Top 30 Tenants		22					
Lease Expirations		23 - 25					
Leasing Activity		26					
Occupancy, Same Store EBITDA and Residential Statistics	27					
Capital Expenditures		28 - 32					
Development Costs and Construction in Progress		33					
Property Table		34 - 51					
							
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. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K, as amended, for the year ended December 31, 2013.	
							
For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of our Annual Report on Form 10-K, as amended, or Quarterly Report on Form 10-Q, as applicable, and this supplemental package.	

 

   

INVESTOR INFORMATION	
						
Key Employees:						
Steven Roth	Chairman of the Board and Chief Executive Officer	
Michael J. Franco	Executive Vice President - Co-Head of Acquisitions and Capital Markets	
David R. Greenbaum	President - New York Division	
Joseph Macnow	Executive Vice President - Finance and Chief Administrative Officer	
Robert Minutoli	Executive Vice President - Retail Division			
Mitchell N. Schear	President - Vornado / Charles E. Smith Washington, DC Division	
Wendy Silverstein	Executive Vice President - Co-Head of Acquisitions and Capital Markets	
Stephen W. Theriot	Chief Financial Officer	
						
RESEARCH COVERAGE - EQUITY	
						
James Feldman / Stephen Sihelnik			Michael Knott / John Bejjani		Alexander Goldfarb / Andrew Schaffer	
Bank of America / Merrill Lynch			Green Street Advisors, Inc.		Sandler O'Neill & Partners	
646-855-5808 / 646-855-1829			949-640-8780 / 949-640-8780		212-466-7937 / 212-466-8062	
						
Ross Smotrich / Michael R. Lewis			David Harris		John W. Guinee / Erin T. Aslakson	
Barclays Capital			Imperial Capital		Stifel Nicolaus & Company	
212-526-2306 / 212-526-3098			212-351-9429		443-224-1307 / 443-224-1350	
						
Michael Bilerman / Emmanuel Korchman			Steve Sakwa / George Auerbach		Ross T. Nussbaum / Gabriel Hilmoe	
Citigroup Global Markets			ISI Group		UBS	
212-816-1383 / 212-816-1382			212-446-9462 / 212-446-9459		212-713-2484 / 212-713-3876	
						
Vincent Chao			Anthony Paolone			
Deutsche Bank			JP Morgan			
212-250-6799			212-622-6682			
						
Brad K. Burke			Vance H. Edelson			
Goldman Sachs			Morgan Stanley			
917-343-2082			212-761-0078			
						
RESEARCH COVERAGE - DEBT	
						
Scott Frost			Robert Haines / Craig Guttenplan		Thierry Perrein	
Bank of America / Merrill Lynch			Credit Sights		Wells Fargo Securities	
646-855-8078			212-340-3835 / 212-340-3859		704-715-8455	
						
Danish Agboatwala			Ron Perrotta			
Barclays Capital			Goldman Sachs			
212-412-2573			212-902-7885			
						
Thomas Cook			Mark Streeter			
Citigroup Global Markets			JP Morgan			
212-723-1112			212-834-5086			
						
This information is provided as a service to interested parties and not as an endorsement of any report, or representation as to the accuracy of any information contained therein. Opinions, forecasts and other forward-looking statements expressed in analysts' reports are subject to change without notice.

- 2 -

   

2014 BUSINESS DEVELOPMENTS		

 
Retail Spin-off
 
On April 11, 2014, we announced a plan to spin off our shopping center business consisting of 81 strip shopping centers and four malls into a new publicly traded REIT (“SpinCo”).  The spin-off is expected to be effectuated through a 1:2 distribution of SpinCo’s shares to Vornado common shareholders and Vornado Realty L.P. common unitholders, and is intended to be treated as tax-free for U.S. federal income tax purposes.  We intend to file the initial registration statement on Form 10 with the Securities and Exchange Commission (“SEC”) by the end of the second quarter of 2014 and expect the spin-off to be completed  by the end of 2014 .  The transaction is subject to certain conditions, including the SEC declaring that SpinCo’s registration statement is effective, filing and approval of SpinCo’s listing application, receipt of third party consents, and formal approval and declaration of the distribution by Vornado’s Board of Trustees.  Vornado may, at any time and for any reason until the proposed transaction is complete, abandon the separation or modify or change its terms. 
 
Vornado will retain, for disposition in the near term, 20 small retail assets which do not fit SpinCo’s strategy, and the Beverly Connection and Springfield Town Center, both of which are under contract for disposition.
 
Dispositions
 
Since January 1, 2014, we have sold or entered into agreements to sell the following:
 
·          On February 24, 2014, we completed the sale of Broadway Mall in Hicksville, Long Island, New York for $94,000,000.  The sale resulted in net proceeds of $92,174,000 after closing costs.
·          On March 2, 2014, we entered into an agreement to transfer upon completion, the redeveloped Springfield Town Center, a 1,350,000 square foot mall located in Springfield, Fairfax County, Virginia, to Pennsylvania Real Estate Investment Trust (NYSE: PEI) (“PREIT”) in exchange for $465,000,000 comprised of $340,000,000 of cash and $125,000,000 of PREIT operating partnership units.  The redevelopment is expected to be completed in the fourth quarter of 2014. The closing will be no later than March 31, 2015.
·          On March 17, 2014, we entered into an agreement to sell Beverly Connection, a 335,000 square foot power shopping center in Los Angeles, California, for $260,000,000.  The sale, which is subject to customary closing conditions, is expected to be completed in the third quarter of 2014.
 
Financing Activities
 
Since January 1, 2014, we have executed the following capital market transactions:
 
·          On January 31, 2014, we completed a $600,000,000 loan secured by our 220 Central Park South development site.  The loan bears interest at LIBOR plus 2.75% (2.90% at March 31, 2014) and matures in January 2016, with three one-year extension options.
·          On April 16, 2014, we completed a $350,000,000 refinancing of 909 Third Avenue, a 1.3 million square foot Manhattan office building.  The seven-year interest only loan bears interest at 3.91% and matures in May 2021.  We realized net proceeds of approximately $145,000,000 after repaying the existing 5.64%, $193,000,000 mortgage, defeasance costs and other closing costs.
 
- 3 -

   

	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 VNO common shares performance and dividends (based on NYSE prices):		

																			
							First Quarter
2014		Fourth Quarter
2013		Third Quarter
2013		Second Quarter
2013		
																			
	High Price					$	100.02 		$	91.91 		$	89.35 		$	88.73 		
	Low Price					$	87.82 		$	82.73 		$	79.56 		$	76.19 		
	Closing Price - end of quarter			$	98.56 		$	88.79 		$	84.06 		$	82.85 		
																			
	Annualized Dividend per share		$	2.92 		$	2.92 		$	2.92 		$	2.92 		
																			
	Annualized Dividend Yield - on Closing Price			3.0%			3.3%			3.5%			3.5%		
																			
	Outstanding shares, Class A units and convertible preferred units														
		as converted, excluding stock options (in thousands)			199,583 			199,245 			199,051 			199,051 		
																			
	Closing market value of outstanding shares, Class A units and														
		convertible preferred units as converted, excluding stock options		$	19.7 Billion		$	17.7 Billion		$	16.7 Billion		$	16.5 Billion		

																			

	TIMING											
																			
	Quarterly financial results and related earnings conference calls for the remainder of 2014 are expected to occur as follows:		
																			
			Filing Date		Earnings Call									
																			
	Second Quarter 2014	Monday, August 4, 2014	Tuesday, August 5, 2014 10AM ET					
	Third Quarter 2014	Monday, November 3, 2014	Tuesday, November 4, 2014 10AM ET					

 
- 4 -

   

	FINANCIAL HIGHLIGHTS		
	(unaudited and in thousands, except per share amounts)						
																		
	This section includes non-GAAP financial measures, including Earnings Before Interest Taxes Depreciation and Amortization ("EBITDA"), Funds From Operations attributable to common shares plus assumed conversions ("FFO"), FFO as adjusted for comparability, and Funds Available for Distribution ("FAD"). A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measures are provided on the pages that follow.		
																		
									Three Months Ended		
									March 31,		December 31,		
								2014 		2013 		2013 		
		Total revenues		$	660,618 		$	718,713 		$	663,194 		
																		
		Net income (loss) attributable to common shareholders		$	62,349 		$	231,990 		$	(68,887)		
			Per common share:														
				Basic					$	0.33 		$	1.24 		$	(0.37)		
				Diluted					$	0.33 		$	1.24 		$	(0.37)		
																		
		FFO as adjusted for comparability					$	226,882 		$	211,640 		$	243,143 		
			Per diluted share					$	1.20 		$	1.13 		$	1.30 		
																		
		FFO (Negative FFO)					$	247,079 		$	201,820 		$	(6,784)		
		FFO (Negative FFO) - Operating Partnership Basis ("OP Basis")					$	262,431 		$	214,365 		$	(7,206)		
			Per diluted share					$	1.31 		$	1.08 		$	(0.04)		
																		
		FAD					$	151,200 		$	144,723 		$	134,303 		
			Per diluted share					$	0.80 		$	0.77 		$	0.72 		
																		
		Dividends per common share					$	0.73 		$	0.73 		$	0.73 		
																		
		FFO payout ratio (based on FFO as adjusted for comparability)	60.8%			64.6%			56.2%		
		FAD payout ratio	91.3%			94.8%			101.4%		
																		
		Weighted average shares used in determining FFO per diluted share - REIT basis	188,287 			187,529 			187,109 		
		Convertible units:														
			Class A						10,611 			10,608 			10,564 		
			D-13						498 			564 			531 		
			G1-G4						87 			103 			96 		
			Equity awards - unit equivalents						503 			382 			442 		
		Weighted average shares used in determining FFO per diluted share - OP Basis		199,986 			199,186 			198,742 		
 
- 5 -

   

	RECONCILIATION OF NET INCOME TO FFO (1)				
	(unaudited and in thousands, except per share amounts)						
																	
								Three Months Ended		
								March 31,		December 31,		
								2014 		2013 		2013 		
	Reconciliation of our net income (loss) to FFO (Negative FFO):												
		Net income (loss) attributable to Vornado		$	82,717 		$	262,922 		$	(48,519)		
		Depreciation and amortization of real property				142,569 			132,513 			124,611 		
		Net gains on sale of real estate				-   			(202,329)			(127,512)		
		Real estate impairment losses				20,842 			1,514 			32,443 		
		Proportionate share of adjustments to equity in net income of									
			Toys, to arrive at FFO:											
				Depreciation and amortization of real property				11,415 			19,325 			16,506 		
				Real estate impairment losses				-   			3,650 			456 		
				Income tax effect of above adjustments				(3,995)			(8,050)			(5,937)		
		Proportionate share of adjustments to equity in net income of									
			partially owned entities, excluding Toys, to arrive at FFO:											
				Depreciation and amortization of real property				25,271 			21,830 			25,282 		
				Net gains on sale of real estate		-   			(465)			-   		
		Noncontrolling interests' share of above adjustments			(11,399)			1,814 			(3,746)		
		FFO			267,420 			232,724 			13,584 		
		Preferred share dividends			(20,368)			(21,702)			(20,368)		
		Preferred share redemptions			-   			(9,230)			-   		
		FFO (Negative FFO) attributable to common shareholders				247,052 			201,792 			(6,784)		
		Convertible preferred share dividends				27 			28 			-   		
		FFO (Negative FFO) attributable to common shareholders plus assumed conversions		247,079 			201,820 			(6,784)		
		Add back of income allocated to noncontrolling interests of the										
			Operating Partnership				15,352 			12,545 			(422)		
		FFO (Negative FFO) - OP Basis (1)			$	262,431 		$	214,365 		$	(7,206)		
		FFO (Negative FFO) per diluted share (1)			$	1.31 		$	1.08 		$	(0.04)		

	(1) FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gain from sales of depreciated real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets, extraordinary items and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flows as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies.		
 
- 6 -

   

	RECONCILIATION OF FFO TO FFO AS ADJUSTED FOR COMPARABILITY		
	(unaudited and in thousands, except per share amounts)										
														
					Three Months Ended		
					March 31,		December 31,		
					2014 		2013 		2013 		
	FFO (Negative FFO) attributable to common shareholders plus assumed											
		conversions	(A)	$	247,079 		$	201,820 		$	(6,784)		
	Per diluted share		$	1.31 		$	1.08 		$	(0.04)		
	Items that affect comparability income (expense):											
		Toys "R" Us FFO (Negative FFO) (including impairment losses of $75,196, $78,542									
			and $162,215, respectively)	9,267 			16,684 			(282,041)		
		Net gain on sale of land parcels and residential condominiums	9,635 			- 			23,988 		
		FFO from discontinued operations, including LNR in the three months ended March 31, 2013	4,139 			27,951 			7,568 		
		Losses from the mark-to-market, impairment and disposition of investment in											
			J.C. Penney			- 			(98,827)			- 		
		Stop & Shop litigation settlement income			- 			59,599 			- 		
		Preferred share redemptions			- 			(9,230)			- 		
		Merchandise Mart reduction-in-force and severance costs			- 			(2,612)			- 		
		Acquisition related costs			(1,784)			(601)			(18,088)		
		Other, net			- 			(3,363)			3,436 		
						21,257 			(10,399)			(265,137)		
	Noncontrolling interests' share of above adjustments			(1,060)			579 			15,210 		
	Items that affect comparability, net	(B)	$	20,197 		$	(9,820)		$	(249,927)		
	Per diluted share		$	0.11 		$	(0.05)		$	(1.34)		
														
	FFO attributable to common shareholders plus assumed conversions,											
		as adjusted for comparability	(A-B)	$	226,882 		$	211,640 		$	243,143 		
	Per diluted share		$	1.20 		$	1.13 		$	1.30 		

- 7 -

   

	RECONCILIATION OF FFO TO FAD (1)											
	(unaudited and in thousands, except per share amounts)											
														
					Three Months Ended		
					March 31,		December 31,		
					2014 		2013 		2013 		
														
	FFO (Negative FFO) attributable to common shareholders plus assumed conversions	(A)	$	247,079 		$	201,820 		$	(6,784)		
														
	Adjustments to arrive at FAD:											
		Items that affect comparability per page 7, excluding FFO attributable to											
			discontinued operations			17,118 			(38,350)			(272,705)		
		Recurring tenant improvements, leasing commissions and other capital expenditures (3)	72,500 			75,312 			98,371 		
		Straight-line rentals			13,058 			17,701 			20,562 		
		Amortization of acquired below-market leases, net			10,824 			15,075 			11,263 		
		Carried interest and our share of net unrealized gains from Real Estate Fund			5,317 			5,562 			14,915 		
		Stock-based compensation expense			(11,024)			(7,466)			(9,118)		
		Amortization of debt issuance costs			(4,812)			(5,378)			(10,473)		
		Non real estate depreciation			(1,575)			(1,984)			(2,346)		
		Noncontrolling interests' share of above adjustments			(5,527)			(3,375)			8,444 		
				(B)		95,879 			57,097 			(141,087)		
														
	FAD (1)	(A-B)	$	151,200 		$	144,723 		$	134,303 		
														
	FAD per diluted share		$	0.80 		$	0.77 		$	0.72 		
	FAD payout ratio (2)			91.3%			94.8%			101.4%		

	(1) FAD is defined as FFO less (i) recurring tenant improvements, leasing commissions and capital expenditures, (ii) straight-line rents and amortization of acquired below-market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. FAD is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure that management believes provides useful information regarding the Company's ability to fund its dividends.		
			
	(2) FAD payout ratios on a quarterly basis are not necessarily indicative of amounts for the full year due to fluctuation in timing of cash based expenditures, the commencement of new leases and the seasonality of our operations.		
			
	(3) Includes expenditures of $4,462, $14,779, and $25,541 in the three months ended March 31, 2014 and 2013 and December 31, 2013, respectively, for the 608,000 square foot Motorola Mobility lease at the Merchandise Mart (whose cash rent has not commenced).		
 
- 8 -

   

CONSOLIDATED NET INCOME / EBITDA (1)												
(unaudited and in thousands)													
				Three Months Ended	
				March 31,		December 31,	
				2014 		2013 		Inc (Dec)		2013 	
Property rentals		$	503,360 		$	499,915 		$	3,445 		$	504,137 	
Straight-line rent adjustments			13,058 			17,701 			(4,643)			20,562 	
Amortization of acquired below-market leases, net			11,682 			16,177 			(4,495)			11,916 	
Total rentals			528,100 			533,793 			(5,693)			536,615 	
Tenant expense reimbursements			86,590 			75,964 			10,626 			79,114 	
Cleveland Medical Mart development project			-   			12,143 			(12,143)			2,343 	
Fee and other income:													
	BMS cleaning fees			18,956 			16,664 			2,292 			17,434 	
	Signage revenue			9,318 			6,481 			2,837 			9,300 	
	Management and leasing fees			6,214 			5,253 			961 			4,976 	
	Lease termination fees			3,793 			59,968 			(56,175)			5,144 	
	Other income			7,647 			8,447 			(800)			8,268 	
Total revenues			660,618 			718,713 			(58,095)			663,194 	
Operating expenses			273,391 			265,747 			7,644 			262,251 	
Depreciation and amortization			147,651 			139,317 			8,334 			130,210 	
General and administrative			52,158 			51,380 			778 			50,396 	
Cleveland Medical Mart development project			-   			11,374 			(11,374)			2,446 	
Impairment losses and acquisition related costs		21,784 			601 			21,183 			37,088 	
Total expenses			494,984 			468,419 			26,565 			482,391 	
Operating income			165,634 			250,294 			(84,660)			180,803 	
Income (loss) applicable to Toys		1,847 			1,759 			88 			(293,066)	
Income (loss) from partially owned entities			132 			20,766 			(20,634)			(99)	
Income from Real Estate Fund			18,148 			16,564 			1,584 			28,951 	
Interest and other investment income (loss), net			11,893 			(49,075)			60,968 			8,234 	
Interest and debt expense			(109,442)			(120,346)			10,904 			(120,625)	
Net gain (loss) on disposition of wholly owned and partially owned assets		9,635 			(36,724)			46,359 			23,988 	
Income (loss) before income taxes			97,847 			83,238 			14,609 			(171,814)	
Income tax (expense) benefit			(1,582)			(1,073)			(509)			12,578 	
Income (loss) from continuing operations			96,265 			82,165 			14,100 			(159,236)	
Income from discontinued operations			1,891 			206,762 			(204,871)			120,477 	
Net income (loss)			98,156 			288,927 			(190,771)			(38,759)	
Less net (income) loss attributable to noncontrolling interests in:												
	Consolidated subsidiaries		(11,579)			(11,286)			(293)			(13,903)	
	Operating Partnership		(3,848)			(13,933)			10,085 			4,155 	
	Preferred unit distributions of the Operating Partnership		(12)			(786)			774 			(12)	
Net income (loss) attributable to Vornado			82,717 			262,922 			(180,205)			(48,519)	
Interest and debt expense			170,952 			188,780 			(17,828)			207,424 	
Depreciation and amortization			196,339 			194,185 			2,154 			183,685 	
Income tax expense			19,831 			60,759 			(40,928)			8,270 	
EBITDA		$	469,839 		$	706,646 		$	(236,807)		$	350,860 	
															
Capitalized leasing and development payroll		$	4,486 		$	4,249 		$	237 		$	4,682 	
Capitalized interest		$	13,622 		$	8,260 		$	5,362 		$	14,279 	

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

- 9 -

   

EBITDA BY SEGMENT												
(unaudited and in thousands)																								
																										
			Three Months Ended March 31, 2014		
															Retail										
			Total			New York			Washington, DC			Properties			Toys			Other		
Property rentals	$	503,360 			$	272,886 			$	112,598 			$	59,274 			$	-   			$	58,602 		
Straight-line rent adjustments		13,058 				7,681 				(1,046)				482 				-   				5,941 		
Amortization of acquired below-market leases, net		11,682 				7,792 				480 				2,101 				-   				1,309 		
Total rentals		528,100 				288,359 				112,032 				61,857 				-   				65,852 		
Tenant expense reimbursements		86,590 				45,019 				11,535 				26,246 				-   				3,790 		
Fee and other income:																								
	BMS cleaning fees		18,956 				23,958 				-   				-   				-   				(5,002)		
	Signage revenue		9,318 				9,318 				-   				-   				-   				-   		
	Management and leasing fees		6,214 				3,061 				3,026 				386 				-   				(259)		
	Lease termination fees		3,793 				818 				2,496 				216 				-   				263 		
	Other income		7,647 				749 				6,189 				100 				-   				609 		
Total revenues		660,618 				371,282 				135,278 				88,805 				-   				65,253 		
Operating expenses		273,391 				160,421 				50,264 				34,485 				-   				28,221 		
Depreciation and amortization		147,651 				73,786 				31,861 				23,090 				-   				18,914 		
General and administrative		52,158 				7,792 				7,447 				4,656 				-   				32,263 		
Impairment losses and acquisition related costs		21,784 				-   				-   				20,000 				-   				1,784 		
Total expenses		494,984 				241,999 				89,572 				82,231 				-   				81,182 		
Operating income (loss)		165,634 				129,283 				45,706 				6,574 				-   				(15,929)		
Income applicable to Toys		1,847 				-   				-   				-   				1,847 				-   		
Income (loss) from partially owned entities		132 				1,566 				(1,266)				538 				-   				(706)		
Income from Real Estate Fund		18,148 				-   				-   				-   				-   				18,148 		
Interest and other investment income, net		11,893 				1,475 				36 				9 				-   				10,373 		
Interest and debt expense		(109,442)				(42,839)				(19,347)				(9,217)				-   				(38,039)		
Net gain on disposition of wholly owned and																								
	partially owned assets		9,635 				-   				-   				-   				-   				9,635 		
Income (loss) before income taxes		97,847 				89,485 				25,129 				(2,096)				1,847 				(16,518)		
Income tax (expense) benefit		(1,582)				(969)				199 				(731)				-   				(81)		
Income (loss) from continuing operations		96,265 				88,516 				25,328 				(2,827)				1,847 				(16,599)		
Income from discontinued operations		1,891 				-   				-   				1,714 				-   				177 		
Net income (loss)		98,156 				88,516 				25,328 				(1,113)				1,847 				(16,422)		
Less net (income) attributable to noncontrolling interests in:																						
	Consolidated subsidiaries		(11,579)				(1,405)				-   				(17)				-   				(10,157)		
	Operating Partnership		(3,848)				-   				-   				-   				-   				(3,848)		
	Preferred unit distributions of the Operating Partnership		(12)				-   				-   				-   				-   				(12)		
Net income (loss) attributable to Vornado		82,717 				87,111 				25,328 				(1,130)				1,847 				(30,439)		
Interest and debt expense		170,952 				58,068 				22,798 				10,351 				38,549 				41,186 		
Depreciation and amortization		196,339 				87,587 				36,150 				25,328 				26,924 				20,350 		
Income tax expense (benefit)		19,831 				1,032 				(189)				731 				18,077 				180 		
EBITDA for the three months ended March 31, 2014	$	469,839 			$	233,798 			$	84,087 			$	35,280 			$	85,397 			$	31,277 		
																										
EBITDA for the three months ended March 31, 2013	$	706,646 			$	217,537 			$	86,244 			$	322,326 			$	141,961 			$	(61,422)		
																										
EBITDA as adjusted for comparability - OP basis:																								
	For the three months ended March 31, 2014	$	397,154 			$	233,798 	(1)		$	84,087 	(2)		$	52,160 	(3)		$	-   			$	27,109 	(4)	
	For the three months ended March 31, 2013	$	387,602 			$	215,103 	(1)		$	86,244 	(2)		$	50,734 	(3)		$	-   			$	35,521 	(4)	

See notes on pages 11 and 12.	
 
- 10 -

   

	NOTES TO EBITDA BY SEGMENT		
	(unaudited and in thousands)												

															
	(1)	The elements of "New York" EBITDA as adjusted for comparability are summarized below.					
															
									Three Months Ended March 31,		
									2014 		2013 		
			Office					$	157,879 		$	143,950 		
			Retail						66,195 			60,294 		
			Alexander's						10,430 			10,541 		
			Hotel Pennsylvania						(706)			318 		
			Total New York					$	233,798 		$	215,103 		

															
	(2)	The elements of "Washington, DC" EBITDA as adjusted for comparability are summarized below.					
															
									Three Months Ended March 31,		
									2014 		2013 		
			Office, excluding the Skyline Properties					$	67,257 		$	67,107 		
			Skyline properties						6,499 			8,162 		
			Total Office						73,756 			75,269 		
			Residential						10,331 			10,975 		
			Total Washington, DC					$	84,087 		$	86,244 		

															
	(3)	The elements of "Retail Properties" EBITDA as adjusted for comparability are summarized below.		
															
									Three Months Ended March 31,		
									2014 		2013 		
			Strip shopping centers					$	38,435 		$	36,588 		
			Regional malls						13,725 			14,146 		
			Total Retail properties					$	52,160 		$	50,734 		

- 11 -

   

	NOTES TO EBITDA BY SEGMENT		
	(unaudited and in thousands)										

													
	(4)	The elements of "other" EBITDA as adjusted for comparability are summarized below.					
													
							Three Months Ended March 31,		
							2014 		2013 		
		Our share of Real Estate Fund:									
			Income before net realized/unrealized gains			$	1,982 		$	1,462 		
			Net unrealized gains				3,542 			3,379 		
			Carried interest				1,775 			2,183 		
		Total				7,299 			7,024 		
		Merchandise Mart Building and trade shows				19,087 			16,854 		
		555 California Street				12,066 			10,629 		
		India real estate ventures				1,824 			1,759 		
		Lexington (a)				-   			2,770 		
		Other investments				4,742 			7,905 		
						45,018 			46,941 		
		Corporate general and administrative expenses (b)				(25,982)	(c)		(22,756)		
		Investment income and other, net (b)				8,073 			11,336 		
			Total Other			$	27,109 		$	35,521 		

													
		(a)	In the first quarter of 2013, we began accounting for our investment in Lexington as a marketable equity security - available for sale. The 2013 amount represents our share of Lexington's 2012 fourth quarter earnings which was recorded on a one-quarter lag basis.		
													
		(b)	The amounts in these captions (for this table only) exclude income (expense) from the mark-to-market of our deferred compensation plan.		
													
		(c)	Includes $1,117 of additional amortization due to the timing of the 2014 equity grants.		

- 12 -

   

	EBITDA BY SEGMENT AND REGION				
	(unaudited)						
								
	The following tables set forth the percentages of EBITDA, by operating segment and by geographic region (excluding discontinued operations, other gains and losses that affect comparability and our Toys and Other Segments).		

								
				Three Months Ended March 31,		
				2014 		2013 		
								
	Segment						
		New York		63%		61%		
		Washington, DC		23%		25%		
		Retail Properties		14%		14%		
				100%		100%		
								
	Region						
		New York City metropolitan area		74%		72%		
		Washington, DC / Northern Virginia metropolitan area		23%		25%		
		Puerto Rico		2%		2%		
		Other geographies		1%		1%		
				100%		100%		
 
- 13 -

   

	CONSOLIDATED BALANCE SHEETS										
	(unaudited and in thousands)										
															
						March 31,		December 31,		(Decrease)		
						2014 		2013 		Increase		
	ASSETS										
		Real estate, at cost:										
			Land	$	4,058,317 		$	4,068,306 		$	(9,989)		
			Buildings and improvements		12,477,661 			12,475,556 			2,105 		
			Development costs and construction in progress		1,410,465 			1,353,121 			57,344 		
			Leasehold improvements and equipment		133,699 			132,483 			1,216 		
				Total		18,080,142 			18,029,466 			50,676 		
			Less accumulated depreciation and amortization		(3,441,223)			(3,381,457)			(59,766)		
		Real estate, net		14,638,919 			14,648,009 			(9,090)		
		Cash and cash equivalents		1,156,727 			583,290 			573,437 		
		Restricted cash		210,184 			262,440 			(52,256)		
		Marketable securities		205,042 			191,917 			13,125 		
		Tenant and other receivables, net		123,486 			115,862 			7,624 		
		Investments in partially owned entities		1,168,996 			1,166,443 			2,553 		
		Investment in Toys		75,932 			83,224 			(7,292)		
		Real Estate Fund investments		682,002 			667,710 			14,292 		
		Mortgage and mezzanine loans receivable, net		42,749 			170,972 			(128,223)		
		Receivable arising from the straight-lining of rents, net		830,381 			817,357 			13,024 		
		Deferred leasing and financing costs, net		437,056 			411,927 			25,129 		
		Identified intangible assets, net		299,759 			311,963 			(12,204)		
		Assets related to discontinued operations		207,575 			314,622 			(107,047)		
		Other assets		290,544 			351,488 			(60,944)		
			Total assets	$	20,369,352 		$	20,097,224 		$	272,128 		
															
	LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY									
	Liabilities:										
		Mortgages payable	$	8,913,358 		$	8,331,993 		$	581,365 		
		Senior unsecured notes		1,343,442 			1,350,855 			(7,413)		
		Revolving credit facility debt		88,138 			295,870 			(207,732)		
		Accounts payable and accrued expenses		457,858 			422,276 			35,582 		
		Deferred revenue		514,605 			529,048 			(14,443)		
		Deferred compensation plan		121,970 			116,515 			5,455 		
		Deferred tax liabilities		1,272 			1,280 			(8)		
		Liabilities related to discontinued operations		-   			13,950 			(13,950)		
		Other liabilities		378,551 			437,073 			(58,522)		
			Total liabilities		11,819,194 			11,498,860 			320,334 		
	Redeemable noncontrolling interests		1,140,831 			1,003,620 			137,211 		
	Vornado shareholders' equity		6,570,327 			6,765,232 			(194,905)		
	Noncontrolling interests in consolidated subsidiaries		839,000 			829,512 			9,488 		
			Total liabilities, redeemable noncontrolling interests and equity	$	20,369,352 		$	20,097,224 		$	272,128 		
 
- 14 -

   

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

	Debt:								March 31, 2014		
		Consolidated debt:											
			Mortgages payable								$	8,913,358 		
			Senior unsecured notes									1,343,442 		
			$2.5 billion revolving credit facilities									88,138 		
													10,344,938 		
		Pro rata share of non-consolidated debt:											
			Toys									1,625,080 		
			All other partially owned entities									2,328,295 		
		Less: Noncontrolling interests' share of consolidated debt								
				(primarily 1290 Avenue of the Americas and 555 California Street)							(465,000)		
	Total debt									13,833,313 		
															
	Perpetual Preferred:			Shares/Units		Par Value					
	5.00% Preferred Unit (D-16) (1 unit @ $1,000)									1,000 		
	6.625% Series G Preferred Shares			8,000 			25.00 			200,000 		
	6.625% Series I Preferred Shares			10,800 			25.00 			270,000 		
	6.875% Series J Preferred Shares			9,850 			25.00 			246,250 		
	5.70% Series K Preferred Shares			12,000 			25.00 			300,000 		
	5.40% Series L Preferred Shares			12,000 			25.00 			300,000 		
													1,317,250 		

									March 31, 2014					
							Converted		Common					
	Equity:			Shares		Share Price					
	Common shares			187,412 		$	98.56 			18,471,327 		
	Class A units			10,779 			98.56 			1,062,378 		
	Convertible share equivalents:											
		Equity awards - unit equivalents			785 			98.56 			77,370 		
		D-13 preferred units			474 			98.56 			46,717 		
		G1-G4 units			86 			98.56 			8,476 		
		Series A preferred shares			47 			98.56 			4,632 		
													19,670,900 		
	Total Market Capitalization								$	34,821,463 		

 
- 15 -

   

DEBT ANALYSIS													
(unaudited and in thousands)																									
								As of March 31, 2014		
								Total		Variable		Fixed		
											Weighted					Weighted					Weighted		
										Average				Average				Average		
								Amount		Interest Rate		Amount		Interest Rate		Amount		Interest Rate		
Consolidated debt							$	10,344,938 			4.41%		$	1,455,466 			2.47%		$	8,889,472 			4.73%		
Pro rata share of non-consolidated debt:																									
	Toys								1,625,080 			7.14%			944,432 			6.14%			680,648 			8.52%		
	All other								2,328,295 			5.32%			293,418 			1.76%			2,034,877 			5.83%		
Total								14,298,313 			4.87%			2,693,316 			3.68%			11,604,997 			5.14%		
Less: Noncontrolling interests' share of consolidated debt														
	(primarily 1290 Avenue of the Americas and 555 California Street)			(465,000)						- 						(465,000)					
Company's pro rata share of total debt							$	13,833,313 			4.89%		$	2,693,316 			3.68%		$	11,139,997 			5.19%		

Debt Covenant Ratios: (1)	Senior Unsecured Notes		Revolving Credit Facilities		Unencumbered EBITDA		
					Actual											1Q 2014		
		Required		Due 2015		Due 2022		Due 2039		Required		Actual					Annualized		
Total Outstanding Debt / Total Assets (2)		Less than 65%			43%			43%			46%			Less than 60%			31%			New York		$	350,324 		
Secured Debt / Total Assets		Less than 50%			36%			36%			39%			Less than 50%			30%			Washington, DC	164,676 		
Interest Coverage Ratio (Annualized Combined																				Retail Properties			68,200 		
	EBITDA to Annualized Interest Expense)		Greater than 1.50	2.79 			2.79 			2.79 						N/A			Other			39,772 		
Fixed Charge Coverage					N/A			N/A			N/A			Greater than 1.40			2.55 			Total		$	622,972 		
Unencumbered Assets / Unsecured Debt		Greater than 150%	666%			666%			644%						N/A								
Unsecured Debt / Cap Value of Unencumbered Assets			N/A			N/A			N/A			Less than 60%			7%								
Unencumbered Coverage Ratio					N/A			N/A			N/A			Greater than 1.50			7.73 								

					Senior Unsecured Notes														
					Due 2015		Due 2022		Due 2039														
Settlement Date					3/26/2010			12/7/2011			9/30/2009														
Principal Amount					$ 500,000 			$ 400,000 			$ 452,500 														
Issue Price					99.834%			99.546%			100.000%														
Coupon					4.250%			5.000%			7.875%														
Effective economic interest rate					4.287%			5.057%			7.875%														
Ratings:																									
	Moody's					Baa2			Baa2			Baa2														
	S&P					BBB			BBB			BBB														
	Fitch					BBB			BBB			BBB														
Maturity Date / Put Date					4/1/2015			1/15/2022			10/1/2039	(3)													

(1)	Our debt covenant ratios are computed in accordance with the terms of our senior unsecured notes and revolving credit facilities, as applicable. The methodology used for these computations may differ significantly from similarly titled ratios of other companies. For additional information regarding the methodology used to compute these ratios, please see our filings with the SEC of our revolving credit facilities, senior debt indentures and applicable prospectuses and prospectus supplements.	
																										
(2)	Total assets includes EBITDA capped at 7.5% under the senior unsecured notes and 6.0% under the revolving credit facilities.	
																										
(3)	These notes may be redeemed at our option in whole or in part beginning October 1, 2014, at a price equal to the principal amount plus accrued interest.	
 
- 16 -

   

DEBT MATURITIES															
(unaudited and in thousands)																																		
					Spread																														
			Maturity		over		Interest																												
Property		Date (1)		LIBOR		Rate		2014 			2015 			2016 			2017 			2018 			Thereafter			Total	
1730 M and 1150 17th Street		06/14		L+140		1.55%		$	43,581 			$	-   			$	-   			$	-   			$	-   			$	-   			$	43,581 	
1550 and 1750 Crystal Drive		11/14				7.81%			70,147 				-   				-   				-   				-   				-   				70,147 	
2200 / 2300 Clarendon Boulevard		01/15		L+75		0.90%			-   				39,747 				-   				-   				-   				-   				39,747 	
Senior unsecured notes due 2015		04/15				4.25%			-   				499,834 				-   				-   				-   				-   				499,834 	
River House Apartments		04/15				5.43%			-   				195,546 				-   				-   				-   				-   				195,546 	
909 Third Avenue (2)		04/15				5.64%			-   				193,762 				-   				-   				-   				-   				193,762 	
888 Seventh Avenue		01/16				5.71%			-   				-   				318,554 				-   				-   				-   				318,554 	
510 5th Avenue		01/16				5.60%			-   				-   				30,601 				-   				-   				-   				30,601 	
770 Broadway		03/16				5.65%			-   				-   				353,000 				-   				-   				-   				353,000 	
Bowen Building		06/16				6.14%			-   				-   				115,022 				-   				-   				-   				115,022 	
Montehiedra Town Center		07/16				6.04%			-   				-   				120,000 				-   				-   				-   				120,000 	
$1.25 Billion unsecured revolving credit facility		11/16		L+125		-   			-   				-   				-   				-   				-   				-   				-   	
Merchandise Mart		12/16				5.57%			-   				-   				550,000 				-   				-   				-   				550,000 	
350 Park Avenue		01/17				3.75%			-   				-   				-   				299,095 				-   				-   				299,095 	
100 West 33rd Street - office and retail		03/17		L+250		2.66%			-   				-   				-   				325,000 				-   				-   				325,000 	
2011 Crystal Drive		08/17				7.30%			-   				-   				-   				78,353 				-   				-   				78,353 	
North Bergen (Tonnelle Avenue)		01/18				4.59%			-   				-   				-   				-   				75,000 				-   				75,000 	
220 20th Street		02/18				4.61%			-   				-   				-   				-   				72,346 				-   				72,346 	
Two Penn Plaza		03/18				5.13%			-   				-   				-   				-   				425,000 				-   				425,000 	
River House Apartments		04/18		(3)		1.55%			-   				-   				-   				-   				64,000 				-   				64,000 	
828-850 Madison Avenue Retail Condominium		06/18				5.29%			-   				-   				-   				-   				80,000 				-   				80,000 	
$1.25 Billion unsecured revolving credit facility		06/18		L+115		1.31%			-   				-   				-   				-   				88,138 				-   				88,138 	
220 Central Park South		01/19		L+275		2.90%			-   				-   				-   				-   				-   				600,000 				600,000 	
435 Seventh Avenue - retail		08/19		L+225		2.41%			-   				-   				-   				-   				-   				98,000 				98,000 	
4 Union Square South - retail		11/19		L+215		2.31%			-   				-   				-   				-   				-   				120,000 				120,000 	
Cross-collateralized mortgages on 40																																		
	strip shopping centers		09/20		(4)		4.08%			-   				-   				-   				-   				-   				617,206 				617,206 	
Eleven Penn Plaza		12/20				3.95%			-   				-   				-   				-   				-   				450,000 				450,000 	
Borgata Land		02/21				5.14%			-   				-   				-   				-   				-   				59,089 				59,089 	
West End 25		06/21				4.88%			-   				-   				-   				-   				-   				101,671 				101,671 	
555 California Street		09/21				5.10%			-   				-   				-   				-   				-   				600,000 				600,000 	
Senior unsecured notes due 2022		01/22				5.00%			-   				-   				-   				-   				-   				398,608 				398,608 	
Skyline Properties		02/22				2.97%			-   				-   				-   				-   				-   				678,000 				678,000 	
1290 Avenue of the Americas		11/22				3.34%			-   				-   				-   				-   				-   				950,000 				950,000 	
2121 Crystal Drive		03/23				5.51%			-   				-   				-   				-   				-   				147,982 				147,982 	
666 Fifth Avenue Retail Condominium		03/23				3.61%			-   				-   				-   				-   				-   				390,000 				390,000 	
Bergen Town Center		04/23				3.56%			-   				-   				-   				-   				-   				300,000 				300,000 	
2101 L Street		08/24				3.97%			-   				-   				-   				-   				-   				150,000 				150,000 	

See notes on the following page.																																		

- 17 -

   

DEBT MATURITIES												
(unaudited and in thousands)																												
					Spread																								
			Maturity		over		Interest																						
Property		Date (1)		LIBOR		Rate		2014 		2015 		2016 		2017 		2018 		Thereafter		Total	
1215 Clark Street, 200 12th Street &																												
	251 18th Street		01/25				7.94%		$	-   		$	-   		$	-   		$	-   		$	-   		$	100,029 		$	100,029 	
Senior unsecured notes due 2039		10/39				7.88%			-   			-   			-   			-   			-   			445,000 			445,000 	
Other properties		Various							19,872 			12,321 			-   			-   			28,714 			40,760 			101,667 	
Purchase accounting valuation adjustments		Various							95 			(151)			-   			-   			-   			1,016 			960 	
																													
Total								$	133,695 		$	941,059 		$	1,487,177 		$	702,448 		$	833,198 		$	6,247,361 		$	10,344,938 	
																													
Weighted average rate									5.25%			4.68%			5.70%			3.64%			4.31%			4.15%			4.41%	
																													
Fixed rate debt								$	90,114 		$	901,312 		$	1,487,177 		$	377,448 		$	664,060 		$	5,369,361 		$	8,889,472 	
Fixed weighted average rate expiring									7.04%			4.84%			5.70%			4.49%			5.05%			4.38%			4.73%	
																													
Floating rate debt								$	43,581 		$	39,747 		$	-   		$	325,000 		$	169,138 		$	878,000 		$	1,455,466 	
Floating weighted average rate expiring									1.56%			0.90%			-   			2.66%			1.41%			2.73%			2.47%	

(1)	Represents the extended maturity for certain loans in which we have the unilateral right to extend.	
																													
(2)	On April 16, 2014, we completed a $350 million refinancing of this property. The seven-year interest only loan bears interest at 3.91% and matures in May 2021.	
																													
(3)	Interest at the Freddie Mac Reference Note Rate plus 1.53%.	
																													
(4)	Comprised of (i) a $557,206 fixed rate loan with an interest rate of 4.27%, and a (ii) $60,000 variable rate loan at LIBOR plus 1.36% (2.36% at March 31, 2014), subject to a LIBOR floor of 1.00%.	

- 18 -

   

UNCONSOLIDATED JOINT VENTURES								
(unaudited and in thousands)																	
										As of March 31, 2014	
													Debt	
							Percentage		Company's		Company's				
				Asset		Ownership at		Carrying		Pro rata			100% of	
Joint Venture Name		Category		March 31, 2014		Amount		Share			Joint Venture	
																			
Toys			Retailer			32.6%		$	75,932 		$	1,625,080 			$	4,977,482 	
																			
Alexander's, Inc.			Office/Retail			32.4%		$	167,124 		$	335,347 			$	1,035,022 	
																			
India real estate ventures			Office/Land			4.1% to 36.5%			88,563 			50,624 				202,496 	
																			
Partially owned office buildings:																	
		280 Park Avenue			Office			49.5%			251,099 			363,744 				735,082 	
		650 Madison Avenue			Office/Retail			20.1%			115,895 			161,024 				800,000 	
		Rosslyn Plaza		Office/Residential		43.7% to 50.4%			56,879 			16,515 				32,761 	
		One Park Avenue			Office			30.3%			56,242 			75,740 				250,000 	
		West 57th Street properties			Office			50.0%			54,270 			10,000 				20,000 	
		666 Fifth Avenue Office Condominium			Office			49.5%			42,324 			585,624 				1,183,079 	
		330 Madison Avenue			Office			25.0%			28,999 			37,500 				150,000 	
		Warner Building			Office			55.0%			15,237 			160,985 				292,700 	
		Fairfax Square			Office			20.0%			5,114 			13,797 				68,982 	
		1101 17th Street			Office			55.0%			-   			17,050 				31,000 	
		Other partially owned office buildings			Office			Various			2,822 			26,882 				68,984 	
																			
Other investments:																	
		Independence Plaza			Residential			50.1%			158,174 			275,550 				550,000 	
		Monmouth Mall			Retail			50.0%			6,734 			78,514 				157,027 	
		Other investments			Various			Various			119,520 			119,399 				998,676 	
										$	1,168,996 		$	2,328,295 			$	6,575,809 	

- 19 -

   

UNCONSOLIDATED JOINT VENTURES									
(unaudited and in thousands)																		
																				
				Percentage		Our Share of Net Income (Loss) for the		Our Share of EBITDA for the		
				Ownership at		Three Months Ended March 31,		Three Months Ended March 31,		
Joint Venture Name		March 31, 2014		2014 		2013 		2014 			2013 		
																				
Toys			32.6%		$	1,847 		$	1,759 		$	85,397 			$	141,961 		
																				
New York:																		
		Alexander's, Inc.	32.4%		$	4,759 		$	4,409 		$	10,430 			$	10,541 		
		West 57th Street properties			50.0%			(2,599)			172 			490 				729 		
		650 Madison Avenue			20.1%			(2,090)			-   			2,917 				-   		
		Independence Plaza			50.1%			(2,064)			-   			4,336 				-   		
		666 Fifth Avenue Office Condominium			49.5%			2,005 			2,019 			7,395 				5,172 		
		330 Madison Avenue			25.0%			1,345 			1,304 			2,267 				2,127 		
		One Park Avenue			30.3%			98 			457 			1,870 				2,104 		
		280 Park Avenue			49.5%			(51)			(2,569)			5,262 				4,449 		
		Other			Various			163 			(187)			1,448 				1,331 		
								1,566 			5,605 			36,415 				26,453 		
																				
Washington, DC:																		
		Warner Building			55.0%			(1,486)			(2,346)			2,259 				1,369 		
		Rosslyn Plaza			43.7% to 50.4%			(572)			(446)			1,656 				1,798 		
		1101 17th Street			55.0%			286 			384 			597 				725 		
		Fairfax Square			20.0%			33 			(45)			598 				521 		
		Other			Various			473 			360 			1,375 				1,272 		
								(1,266)			(2,093)			6,485 				5,685 		
																				
Retail Properties:																		
		Monmouth Mall			50.0%			517 			859 			2,391 				2,701 		
		Other			Various			21 			42 			113 				142 		
								538 			901 			2,504 				2,843 		
																				
Other:																		
		Alexander's corporate fee income			32.4%			1,626 			1,667 			1,626 				1,667 		
		India real estate ventures			4.1% to 36.5%			(137)			(767)			1,824 				1,759 		
		Downtown Crossing, Boston			n/a			-   			(2,374)			-   				(2,374)		
		LNR (1)			n/a			-   			18,731 			-   				20,443 		
		Lexington (2)			n/a			-   			(979)			-   				6,931 		
		Other			Various			(2,195)			75 			6,208 				7,375 		
								(706)			16,353 			9,658 				35,801 		
																				
							$	132 		$	20,766 		$	55,062 			$	70,782 		

(1)	On April 19, 2013, LNR was sold for $1.053 billion.	
																				
(2)	In the first quarter of 2013, we began accounting for our investment in Lexington as a marketable equity security - available for sale. The 2013 amount represents our share of Lexington's 2012 fourth quarter earnings which was recorded on a one-quarter lag basis.	

- 20 -

   

SQUARE FOOTAGE in service					
(unaudited and square feet in thousands)								
						Owned by Company		
				Total												
				Portfolio		Total		Office		Retail		Showroom		Other		
Segment:														
	New York:														
		Office		19,841 		16,396 		16,213 		-   		183 		-   		
		Retail		2,379 		2,164 		-   		2,164 		-   		-   		
		Alexander's (32.4% interest)		2,178 		706 		287 		419 		-   		-   		
		Hotel Pennsylvania		1,400 		1,400 		-   		-   		-   		1,400 		
		Residential (1,655 units)		1,523 		762 		-   		-   		-   		762 		
				27,321 		21,428 		16,500 		2,583 		183 		2,162 		
																
	Washington, DC:														
		Office, excluding the Skyline Properties		13,406 		11,035 		10,218 		817 		-   		-   		
		Skyline Properties		2,652 		2,652 		2,613 		39 		-   		-   		
		Total Office		16,058 		13,687 		12,831 		856 		-   		-   		
		Residential (2,414 units)		2,597 		2,454 		-   		-   		-   		2,454 		
		Other		379 		379 		-   		9 		-   		370 		
				19,034 		16,520 		12,831 		865 		-   		2,824 		
																
	Retail Properties:														
		Strip Shopping Centers		14,519 		14,140 		-   		14,140 		-   		-   		
		Regional Malls		4,134 		2,646 		-   		2,646 		-   		-   		
				18,653 		16,786 		-   		16,786 		-   		-   		
																
	Other:														
		Merchandise Mart		3,578 		3,569 		1,628 		99 		1,842 		-   		
		555 California Street (70% interest)		1,795 		1,257 		1,164 		93 		-   		-   		
		Primarily Warehouses		971 		971 		-   		-   		-   		971 		
				6,344 		5,797 		2,792 		192 		1,842 		971 		
																
Total square feet at March 31, 2014		71,352 		60,531 		32,123 		20,426 		2,025 		5,957 		
																
Total square feet at December 31, 2013		71,709 		60,825 		32,193 		20,533 		2,150 		5,949 		

								Number of		Number of						
Parking Garages (not included above):	Square Feet		Garages		Spaces						
	New York				1,668 		10 		4,909 						
	Washington, DC				8,935 		56 		29,611 						
	Merchandise Mart				558 		4 		1,681 						
	555 California Street				168 		1 		453 						
	Total at March 31, 2014				11,329 		71 		36,654 						

									Building Owned					
Number of Toys stores (not included above):		Total		Owned	on Leased Ground	Leased				
	Domestic				873 		283 		219 		371 				
	International				704 		78 		26 		600 				
	Total Owned and Leased				1,577 		361 		245 		971 				
	Franchised Stores				185 										
	Total at March 31, 2014				1,762 										

- 21 -

   

TOP 30 TENANTS									
(unaudited)										
										
					2014 				
					Annualized		% of 2014	
		Square		Revenues		Annualized	
Tenants		Footage		(in thousands)		Revenues	
										
U.S. Government			4,221,675 		$	148,479 			5.6%	
Bank of America			789,763 			44,638 			1.7%	
Draftfcb			744,174 			40,686 			1.5%	
AXA Equitable Life Insurance			423,174 			37,235 			1.4%	
Limited Brands			516,848 			37,213 			1.4%	
Macy's			942,678 			36,936 			1.4%	
McGraw-Hill Companies, Inc.			479,557 			26,873 			1.0%	
Ziff Brothers Investments, Inc.			287,030 			25,891 			1.0%	
New York Stock Exchange			381,425 			24,137 			0.9%	
J. Crew			396,215 			24,070 			0.9%	
Hennes & Mauritz			110,646 			24,063 			0.9%	
Madison Square Garden			383,037 			22,105 			0.8%	
Motorola Mobility (owned by Google)			607,872 			20,065 			0.8%	
Sears Holding Company (Kmart Corporation and Sears Corporation)			923,560 			19,879 			0.8%	
Forever 21			125,279 			19,533 			0.7%	
The Home Depot			993,541 			19,386 			0.7%	
Fast Retailing (Uniqlo)			90,732 			19,354 			0.7%	
AOL			230,365 			19,155 			0.7%	
Rainbow Media Holdings			277,530 			17,882 			0.7%	
Family Health International			398,701 			17,818 			0.7%	
Wal-Mart			1,438,730 			16,973 			0.6%	
Hollister			21,741 			16,972 			0.6%	
JCPenney			530,370 			16,148 			0.6%	
Bryan Cave LLP			213,946 			15,825 			0.6%	
Lockheed Martin			331,857 			14,743 			0.6%	
Morrison & Foerster LLP			167,004 			14,426 			0.5%	
Cushman & Wakefield			166,287 			13,734 			0.5%	
Lowe's			976,415 			12,808 			0.5%	
Best Buy			529,812 			12,668 			0.5%	
The TJX Companies, Inc.			592,231 			12,083 			0.5%	

- 22 -

   

	LEASE EXPIRATIONS								
	NEW YORK SEGMENT								
	(unaudited)																
							Our share of										
								Square Feet		Weighted Average Annual		Percentage of		
					Year of Lease		of Expiring		Rent of Expiring Leases		Annualized		
			Expiration		Leases		Total		Per Sq. Ft.		Escalated Rent		
																				
		Office:		Month to Month			19,000 		$	758,000 		$	39.89 			0.1%		
																				
					Second Quarter 2014			200,000 			13,653,000 			68.27 			1.5%		
					Third Quarter 2014			172,000 			12,849,000 			74.70 			1.3%		
					Fourth Quarter 2014			216,000 			14,978,000 			69.34 			1.6%		
					Total 2014			588,000 			41,480,000 			70.54 			4.4%		
					First Quarter 2015			88,000 			4,522,000 			51.39 			0.5%		
					Remaining 2015			1,175,000 			70,214,000 			59.76 			7.4%		
					2016 			1,375,000 			83,711,000 			60.88 			8.8%		
					2017 			1,183,000 			70,554,000 			59.64 			7.4%		
					2018 			1,009,000 			72,685,000 			72.04 			7.6%		
					2019 			1,003,000 			63,101,000 			62.91 			6.7%		
					2020 			1,291,000 			75,445,000 			58.44 			8.1%		
					2021 			1,142,000 			71,120,000 			62.28 			7.5%		
					2022 			1,197,000 			74,960,000 			62.62 			8.1%		
					2023 			1,575,000 			107,223,000 			68.08 			11.5%		
																				
		Retail:	Month to Month			41,000 		$	8,608,000 		$	209.95 			4.4%		
																				
					Second Quarter 2014			33,000 			2,883,000 			87.36 			1.5%		
					Third Quarter 2014			4,000 			455,000 			113.75 			0.2%		
					Fourth Quarter 2014			3,000 			593,000 			197.67 			0.3%		
					Total 2014			40,000 			3,931,000 			98.28 			2.0%		
					First Quarter 2015			94,000 			25,904,000 			275.57 			13.2%		
					Remaining 2015			43,000 			5,619,000 			130.67 			2.9%		
					2016 			222,000 			21,201,000 			95.50 			10.8%		
					2017 			20,000 			1,964,000 			98.20 			1.0%		
					2018 			213,000 			41,695,000 			195.75 			21.3%		
					2019 			103,000 			24,317,000 			236.09 			12.4%		
					2020 			106,000 			11,881,000 			112.08 			6.1%		
					2021 			179,000 			13,243,000 			73.98 			6.8%		
					2022 			23,000 			3,605,000 			156.74 			1.8%		
					2023 			93,000 			18,805,000 			202.20 			9.6%		

- 23 -

   

	LEASE EXPIRATIONS											
	WASHINGTON, DC SEGMENT											
	(unaudited)																	
							Our share of										
								Square Feet		Weighted Average Annual		Percentage of		
					Year of Lease		of Expiring		Rent of Expiring Leases		Annualized		
			Expiration		Leases		Total		Per Sq. Ft.		Escalated Rent		
																				
		Office:		Month to Month			205,000 		$	8,149,000 		$	39.68 			1.9%		
																				
					Second Quarter 2014			173,000 			7,425,000 			42.74 			1.7%		
					Third Quarter 2014			538,000 			18,963,000 			35.26 			4.3%		
					Fourth Quarter 2014			211,000 			9,004,000 			42.71 			2.1%		
					Total 2014			922,000 			35,392,000 			38.37 			8.1%		
					First Quarter 2015			571,000 			25,241,000 			44.18 			5.8%		
					Remaining 2015			1,168,000 			47,218,000 			40.41 			10.8%		
					2016 			1,190,000 			51,314,000 			43.12 			11.7%		
					2017 			666,000 			26,772,000 			40.18 			6.1%		
					2018 			1,022,000 			44,217,000 			43.28 			10.1%		
					2019 			1,314,000 			55,496,000 			42.23 			12.7%		
					2020 			631,000 			32,480,000 			51.46 			7.4%		
					2021 			551,000 			24,964,000 			45.28 			5.7%		
					2022 			866,000 			38,218,000 			44.15 			8.7%		
					2023 			178,000 			7,921,000 			44.46 			1.8%		

- 24 -

   

	LEASE EXPIRATIONS														
	RETAIL PROPERTIES SEGMENT														
	(unaudited)																	
							Our share of										
								Square Feet		Weighted Average Annual		Percentage of		
					Year of Lease		of Expiring		Rent of Expiring Leases		Annualized		
			Expiration		Leases		Total		Per Sq. Ft.		Escalated Rent		
																				
		Strip Shopping Centers:		Month to Month			30,000 		$	808,000 		$	27.26 			0.4%		
																				
					Second Quarter 2014			120,000 			2,594,000 			21.66 			1.4%		
					Third Quarter 2014			51,000 			1,418,000 			27.75 			0.8%		
					Fourth Quarter 2014			254,000 			3,883,000 			15.29 			2.1%		
					Total 2014			425,000 			7,895,000 			18.59 			4.3%		
					First Quarter 2015			208,000 			3,804,000 			18.25 			2.1%		
					Remaining 2015			258,000 			5,486,000 			21.30 			3.0%		
					2016 			795,000 			11,931,000 			15.00 			6.5%		
					2017 			513,000 			7,771,000 			15.14 			4.2%		
					2018 			1,589,000 			21,696,000 			13.66 			11.8%		
					2019 			1,370,000 			19,332,000 			14.11 			10.5%		
					2020 			997,000 			12,976,000 			13.02 			7.0%		
					2021 			595,000 			8,891,000 			14.93 			4.8%		
					2022 			996,000 			12,363,000 			12.41 			6.7%		
					2023 			1,168,000 			18,825,000 			16.12 			10.2%		
																				
		Regional Malls:		Month to Month			2,000 		$	79,000 		$	50.77 			0.2%		
																				
					Second Quarter 2014			21,000 			1,073,000 			50.66 			2.1%		
					Third Quarter 2014			2,000 			109,000 			56.93 			0.2%		
					Fourth Quarter 2014			79,000 			2,016,000 			25.47 			4.0%		
					Total 2014			102,000 			3,198,000 			31.28 			6.3%		
					First Quarter 2015			33,000 			1,635,000 			49.47 			3.2%		
					Remaining 2015			65,000 			2,358,000 			36.28 			4.6%		
					2016 			88,000 			3,825,000 			43.40 			7.5%		
					2017 			41,000 			2,491,000 			60.25 			4.9%		
					2018 			70,000 			3,602,000 			51.57 			7.1%		
					2019 			119,000 			4,791,000 			40.14 			9.4%		
					2020 			96,000 			4,126,000 			42.91 			8.1%		
					2021 			384,000 			4,386,000 			11.43 			8.6%		
					2022 			37,000 			1,356,000 			36.89 			2.7%		
					2023 			37,000 			1,446,000 			39.32 			2.8%		
 
- 25 -

   

	LEASING ACTIVITY																	
	(unaudited)																	
																						
	The leasing activity and related statistics in the table below are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Second generation relet space represents square footage that has not been vacant for more than nine months and tenant improvements and leasing commissions are based on our share of square feet leased during the period.		

						New York		Washington, DC			Retail Properties		
	(square feet in thousands)	Office		Retail		Office			Strips		Malls		
																						
	Quarter Ended March 31, 2014																	
		Total square feet leased		947 			11 			357 	(3)			233 			25 		
		Our share of square feet leased:		806 			11 			342 	(3)			233 			21 		
			Initial rent (1)	$	62.39 		$	121.16 		$	42.49 			$	18.15 		$	33.18 		
			Weighted average lease term (years)		10.7 			14.9 			8.7 				6.1 			5.7 		
			Second generation relet space:																	
				Square feet		565 			10 			211 				207 			6 		
				Cash basis:																	
					Initial rent (1)	$	65.33 		$	120.47 		$	41.97 			$	18.46 		$	46.67 		
					Prior escalated rent	$	56.91 		$	83.46 		$	43.30 			$	17.91 		$	44.34 		
					Percentage increase (decrease)		14.8% 			44.3% 			(3.1%) 				3.1% 			5.3% 		
				GAAP basis:																	
					Straight-line rent (2)	$	63.23 		$	130.67 		$	39.83 			$	18.94 		$	50.18 		
					Prior straight-line rent	$	53.49 		$	122.17 		$	38.33 			$	17.32 		$	43.74 		
					Percentage increase		18.2% 			7.0% 			3.9% 				9.4% 			14.7% 		
			Tenant improvements and leasing commissions:																	
				Per square foot	$	67.53 		$	-   		$	45.48 			$	2.77 		$	12.48 		
				Per square foot per annum	$	6.31 		$	-   		$	5.23 			$	0.45 		$	2.19 		
					Percentage of initial rent		10.1%			-   			12.3%				2.5%			6.6%		

	(1)	Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.		
	(2)	Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases, and includes the effect of free rent and periodic step-ups in rent.		
	(3)	Excludes (i) 165 square feet leased to WeWork for a 20-year term at an initial rent of $24.77 per square foot, that will be redeveloped into rental residential apartments. The incremental redevelopment cost is approximately $40,000 and the project is expected to be completed in the second half of 2015, and (ii) 8 square feet of retail space that was leased at an initial rent of $40.74 per square foot.		
 
- 26 -

   

	OCCUPANCY, SAME STORE EBITDA AND RESIDENTIAL STATISTICS	
	(unaudited)		
																
	Occupancy and Same Store EBITDA:	
										New York		Washington, DC (1)		Retail Properties		
																
	Occupancy rate at:													
		March 31, 2014							97.0% 		83.3% 		94.2% 		
		December 31, 2013							96.8% 		83.4% 		94.6% 		
		March 31, 2013							96.1% 		83.8% 		94.3% 		
																
	GAAP basis same store EBITDA % increase (decrease):									
		Three months ended March 31, 2014 vs. March 31, 2013			6.2% (2)		(2.5%) 		2.2% 		
		Three months ended March 31, 2014 vs. December 31, 2013			(4.1%) (3)		0.1% 		0.2% 		
																
	Cash basis same store EBITDA % increase (decrease):									
		Three months ended March 31, 2014 vs. March 31, 2013			10.1% (2)		0.5% 		2.4% 		
		Three months ended March 31, 2014 vs. December 31, 2013			(2.7%) (3)		0.9% 		1.3% 		

																
	(1)	The total office occupancy rates for the Washington, DC segment were as follows:		
																
			March 31, 2014		80.5%											
			December 31, 2013		80.7%											
			March 31, 2013		80.9%											
																
	(2)	Excluding the Hotel Pennsylvania, same store EBITDA increased by 6.7% and 10.7% on a GAAP basis and cash basis, respectively.		
																
	(3)	Excluding the Hotel Pennsylvania, same store EBITDA increased by 1.1% and 3.4% on a GAAP basis and cash basis, respectively.		

																
	Residential Statistics:	
									Average Monthly						
					Number of Units		Occupancy Rate		Rent Per Unit						
		New York:													
			March 31, 2014		1,655 		96.2%		$	2,858 						
			December 31, 2013		1,655 		94.8%		$	2,864 						
			March 31, 2013		1,655 		96.8%		$	2,659 						
																
		Washington, DC:													
			March 31, 2014		2,414 		96.8%		$	2,063 						
			December 31, 2013		2,405 		96.3%		$	2,083 						
			March 31, 2013		2,414 		97.7%		$	2,119 						
 
- 27 -

   

	CAPITAL EXPENDITURES,											
	TENANT IMPROVEMENTS AND LEASING COMMISSIONS								
													
	CONSOLIDATED											
	(unaudited and in thousands)											
				Three Months Ended		Year Ended		
	Capital expenditures (accrual basis):		March 31, 2014		2013 		2012 		
	Expenditures to maintain assets		$	12,208 		$	73,130 		$	69,912 		
	Tenant improvements			57,964 			152,319 			177,743 		
	Leasing commissions			18,095 			56,638 			57,961 		
	Non-recurring capital expenditures			84 			12,099 			6,902 		
	Total capital expenditures and leasing commissions (accrual basis)			88,351 			294,186 			312,518 		
	Adjustments to reconcile to cash basis:											
		Expenditures in the current year applicable to prior periods			40,186 			155,035 			105,350 		
		Expenditures to be made in future periods for the current period			(56,023)			(150,067)			(170,744)		
	Total capital expenditures and leasing commissions (cash basis)		$	72,514 		$	299,154 		$	247,124 		
												
	Our share of square feet leased			1,413 			5,525 			5,217 		
	Tenant improvements and leasing commissions per square foot per annum		$	5.33 		$	4.33 		$	4.16 		
	Percentage of initial rent			10.6%			9.5%			9.6%		

													
	Development and redevelopment expenditures:											
		Springfield Town Center		$	25,172 		$	68,716 		$	18,278 		
		Marriott Marquis Times Square - retail and signage			12,822 			40,356 			9,092 		
		330 West 34th Street			9,541 			6,832 			8 		
		220 Central Park South			9,034 			243,687 			12,191 		
		608 Fifth Avenue			7,248 			3,492 			-   		
		Metropolitan Park 4 & 5			4,517 			6,289 			3,008 		
		7 West 34th Street			3,044 			-   			-   		
		Wayne Towne Center			2,419 			4,927 			3,452 		
		Other			16,856 			95,118 			110,844 		
				$	90,653 		$	469,417 		$	156,873 		

- 28 -

   

	CAPITAL EXPENDITURES,											
	TENANT IMPROVEMENTS AND LEASING COMMISSIONS					
													
	NEW YORK SEGMENT										
	(unaudited and in thousands)										
				Three Months Ended		Year Ended		
	Capital expenditures (accrual basis):		March 31, 2014		2013 		2012 		
	Expenditures to maintain assets		$	8,931 		$	34,553 		$	27,434 		
	Tenant improvements			40,311 			87,275 			71,572 		
	Leasing commissions			14,018 			39,348 			27,573 		
	Non-recurring capital expenditures			84 			11,579 			5,822 		
	Total capital expenditures and leasing commissions (accrual basis)			63,344 			172,755 			132,401 		
	Adjustments to reconcile to cash basis:											
		Expenditures in the current year applicable to prior periods			18,716 			56,345 			41,975 		
		Expenditures to be made in future periods for the current period			(40,184)			(91,107)			(76,283)		
	Total capital expenditures and leasing commissions (cash basis)		$	41,876 		$	137,993 		$	98,093 		
												
	Our share of square feet leased			817 			2,145 			1,939 		
	Tenant improvements and leasing commissions per square foot per annum		$	6.19 		$	5.89 		$	5.48 		
	Percentage of initial rent			9.8%			8.1%			8.8%		

													
	Development and redevelopment expenditures:											
		Marriott Marquis Times Square - retail and signage		$	12,822 		$	40,356 		$	9,092 		
		330 West 34th Street			9,541 			6,832 			8 		
		608 Fifth Avenue			7,248 			3,492 			-   		
		7 West 34th Street			3,044 			-   			-   		
		Other			6,526 			35,305 			42,460 		
				$	39,181 		$	85,985 		$	51,560 		

- 29 -

   

	CAPITAL EXPENDITURES,											
	TENANT IMPROVEMENTS AND LEASING COMMISSIONS				
													
	WASHINGTON, DC SEGMENT											
	(unaudited and in thousands)											
				Three Months Ended		Year Ended		
	Capital expenditures (accrual basis):		March 31, 2014		2013 		2012 		
	Expenditures to maintain assets		$	1,521 		$	22,165 		$	20,582 		
	Tenant improvements			11,680 			39,156 			50,384 		
	Leasing commissions			2,322 			9,551 			13,151 		
	Non-recurring capital expenditures			-   			-   			-   		
	Total capital expenditures and leasing commissions (accrual basis)			15,523 			70,872 			84,117 		
	Adjustments to reconcile to cash basis:											
		Expenditures in the current year applicable to prior periods			12,186 			26,075 			24,370 		
		Expenditures to be made in future periods for the current period			(12,807)			(36,702)			(43,600)		
	Total capital expenditures and leasing commissions (cash basis)		$	14,902 		$	60,245 		$	64,887 		
												
	Our share of square feet leased			342 			1,392 			1,901 		
	Tenant improvements and leasing commissions per square foot per annum		$	5.23 		$	4.75 		$	4.86 		
	Percentage of initial rent			12.3%			11.9%			12.0%		

													
	Development and redevelopment expenditures:											
		Metropolitan Park 4 & 5		$	4,517 		$	6,289 		$	3,008 		
		Other			7,068 			35,412 			36,326 		
				$	11,585 		$	41,701 		$	39,334 		

 
 
- 30 -

   

	CAPITAL EXPENDITURES,											
	TENANT IMPROVEMENTS AND LEASING COMMISSIONS								
													
	RETAIL PROPERTIES SEGMENT											
	(unaudited and in thousands)											
				Three Months Ended		Year Ended		
	Capital expenditures (accrual basis):		March 31, 2014		2013 		2012 		
	Expenditures to maintain assets		$	88 		$	5,664 		$	4,676 		
	Tenant improvements			815 			12,431 			9,052 		
	Leasing commissions			95 			2,113 			2,368 		
	Non-recurring capital expenditures			-   			-   			-   		
	Total capital expenditures and leasing commissions (accrual basis)			998 			20,208 			16,096 		
	Adjustments to reconcile to cash basis:											
		Expenditures in the current year applicable to prior periods			2,566 			5,562 			10,353 		
		Expenditures to be made in future periods for the current period			(910)			(14,011)			(7,754)		
	Total capital expenditures and leasing commissions (cash basis)		$	2,654 		$	11,759 		$	18,695 		
												
	Our share of square feet leased			254 			1,988 			1,377 		
	Tenant improvements and leasing commissions per square foot per annum		$	0.59 		$	1.33 		$	1.04 		
	Percentage of initial rent			3.0%			6.6%			5.2%		

													
	Development and redevelopment expenditures:											
		Springfield Town Center		$	25,172 		$	68,716 		$	18,278 		
		Wayne Towne Center			2,419 			4,927 			3,452 		
		Other			2,303 			20,283 			31,816 		
				$	29,894 		$	93,926 		$	53,546 		
 
- 31 -

   

	CAPITAL EXPENDITURES,														
	TENANT IMPROVEMENTS AND LEASING COMMISSIONS											
																
	OTHER														
	(unaudited and in thousands)														
				Three Months Ended			Year Ended			
	Capital expenditures (accrual basis):		March 31, 2014			2013 			2012 			
	Expenditures to maintain assets		$	1,668 			$	10,748 			$	17,220 			
	Tenant improvements			5,158 				13,457 				46,735 			
	Leasing commissions			1,660 				5,626 				14,869 			
	Non-recurring capital expenditures			-   				520 				1,080 			
	Total capital expenditures and leasing commissions (accrual basis)			8,486 				30,351 				79,904 			
	Adjustments to reconcile to cash basis:														
		Expenditures in the current year applicable to prior periods			6,718 				67,053 				28,652 			
		Expenditures to be made in future periods for the current period			(2,122)				(8,247)				(43,107)			
	Total capital expenditures and leasing commissions (cash basis)		$	13,082 	(1)		$	89,157 	(1)		$	65,449 	(1)		

																
	Development and redevelopment expenditures:														
		220 Central Park South		$	9,034 			$	243,687 			$	12,191 			
		Other			959 				4,118 				242 			
				$	9,993 			$	247,805 			$	12,433 			

	(1)	Includes tenant improvements and leasing commissions aggregating $4,462 in the three months ended March 31, 2014, and $61,895 and $24,354 in the years ended December 31, 2013 and 2012, respectively, in connection with the 608,000 square foot Motorola Mobility lease at the Merchandise Mart.		

- 32 -

   

DEVELOPMENT COSTS AND CONSTRUCTION IN PROGRESS	
(unaudited and in thousands, except square feet)	
						Square Feet														
										At March 31, 2014	
	Development Projects							Total			Development Costs Expended			Land and
Acquisition Costs	
	New York:																	
		1535 Broadway - Marriott Marquis - Retail & Signage			103,000 				$	307,708 			$	67,708 			$	240,000 	
		220 Central Park South - Residential Condominiums		472,000 	(1)				510,027 				58,137 				451,890 	
		Other								103,438 				103,438 				- 	
	Total New York								921,173 				229,283 				691,890 	
																				
	Washington, DC:																	
		Metropolitan Park 4 & 5 - Residential Rental / Retail		618,000 					54,535 				14,535 				40,000 	
		Other								75,032 				75,032 				- 	
	Total Washington, DC								129,567 				89,567 				40,000 	
																				
	Retail Properties:																	
		Springfield Town Center			690,000 					337,252 	(2)			97,252 				240,000 	
		Other								20,725 				20,725 				- 	
	Total Retail Properties								357,977 				117,977 				240,000 	
																				
	Other Projects								1,748 				1,748 				- 	
																				
	Total Amount on the Balance Sheet							$	1,410,465 			$	438,575 			$	971,890 	

																				
																				
						Square Feet					Total									
																				
	Undeveloped Land																	
																				
	Washington, DC:																	
	1851 South Bell Street - Office			748,000 				$	33,732 									
	Metropolitan Park 6, 7 & 8:																	
		Retail			23,818 														
		Residential (1,403 Units)								82,898 									
	PenPlace:																	
		Office			553,000 														
		Hotel (300 Units)								46,866 									
	Square 649 - Office			675,000 					11,597 									
	Total							$	175,093 									

																				
	(1)	Zoning square feet.																	
	(2)	Net of $20,000 non-cash impairment loss booked in the quarter ended March 31, 2014.												

 
- 33 -

   

NEW YORK SEGMENT	
PROPERTY TABLE	
								Weighted		Square Feet						
								Average						Under Development						
				%		%		Annual Rent		Total				or Not Available		Encumbrances			
Property		Ownership		Occupancy		PSF (1)		Property		In Service		for Lease		(in thousands)		Major Tenants	
NEW YORK:																			
Penn Plaza:																				
One Penn Plaza																			Cisco, MWB Leasing, Parsons Brinkerhoff,	
	(ground leased through 2098)																		United Health Care, United States Customs Department,	
		-Office		100.0%		95.6%		$	55.74 		2,240,000 		2,240,000 		-   					URS Corporation Group Consulting, Lion Resources	
		-Retail		100.0%		98.4%			117.56 		269,000 		269,000 		-   					Bank of America, Kmart Corporation	
				100.0%		95.9%			62.37 		2,509,000 		2,509,000 		-   		$	-   			
																					
Two Penn Plaza																			EMC, Forest Electric, Information Builders, Inc.,	
		-Office		100.0%		96.8%			52.89 		1,572,000 		1,572,000 		-   					Madison Square Garden, McGraw-Hill Companies, Inc.	
		-Retail		100.0%		43.7%			157.19 		47,000 		47,000 		-   					Chase Manhattan Bank	
				100.0%		95.3%			55.92 		1,619,000 		1,619,000 		-   			425,000 			
																					
Eleven Penn Plaza																				
		-Office		100.0%		99.5%			56.18 		1,131,000 		1,131,000 		-   					Macy's, Madison Square Garden, Rainbow Media Holdings	
		-Retail		100.0%		74.4%			189.32 		17,000 		17,000 		-   					PNC Bank National Association	
				100.0%		99.1%			58.15 		1,148,000 		1,148,000 		-   			450,000 			
																					
100 West 33rd Street																			
		-Office		100.0%		99.7%			53.34 		848,000 		848,000 		-   			223,242 		Draftfcb, Rocket Fuel	
																					
Manhattan Mall																				
		-Retail		100.0%		96.1%			118.56 		256,000 		256,000 		-   			101,758 		JCPenney, Aeropostale, Express, Victoria's Secret	
																					
330 West 34th Street																			
	(ground leased through 2148 - 34.8%																			
	ownership interest in the land)																			
		-Office		100.0%		- 			-   		622,000 		-   		622,000 					New York & Co. (lease not commenced)	
		-Retail		100.0%		- 			-   		13,000 		-   		13,000 						
				100.0%		- 			-   		635,000 		-   		635,000 			50,150 			
																					
435 Seventh Avenue																			
		-Retail		100.0%		100.0%			244.24 		43,000 		43,000 		-   			98,000 		Hennes & Mauritz	
																					
7 West 34th Street																			
		-Office		100.0%		100.0%			38.71 		417,000 		113,000 		304,000 						
		-Retail		100.0%		100.0%			225.20 		23,000 		23,000 		-   					Express	
				100.0%		100.0%			70.25 		440,000 		136,000 		304,000 			-   			
																					
484 Eighth Avenue																			
		-Retail		100.0%		80.6%			70.09 		16,000 		16,000 		-   			-   		T.G.I. Friday's	
																					
431 Seventh Avenue																			
		-Retail		100.0%		100.0%			217.74 		10,000 		10,000 		-   			-   			
																					
488 Eighth Avenue																			
		-Retail		100.0%		100.0%			71.17 		6,000 		6,000 		-   			-   			
																					
267 West 34th Street																			
		-Retail		100.0%		100.0%			333.93 		6,000 		6,000 		-   			-   			
																					
	Total Penn Plaza									7,536,000 		6,597,000 		939,000 			1,348,150 			

- 34 -

   

NEW YORK SEGMENT	
PROPERTY TABLE	
								Weighted		Square Feet						
								Average						Under Development						
				%		%		Annual Rent		Total				or Not Available		Encumbrances			
Property		Ownership		Occupancy		PSF (1)		Property		In Service		for Lease		(in thousands)		Major Tenants	
NEW YORK (Continued):																			
Midtown East:																				
909 Third Avenue																			CMGRP Inc., Forest Laboratories, Geller & Company,	
	(ground leased through 2063)																		Morrison Cohen LLP, Robeco USA Inc.,	
		-Office		100.0%		100.0%		$	55.56 	(2)	1,343,000 		1,343,000 		-   		$	193,762 		United States Post Office, The Procter & Gamble Distributing LLC	
																					
150 East 58th Street																			Castle Harlan, Tournesol Realty LLC. (Peter Marino),	
		-Office		100.0%		95.6%			60.94 		539,000 		539,000 		-   					Various showroom tenants	
		-Retail		100.0%		100.0%			170.01 		2,000 		2,000 		-   						
				100.0%		95.6%			61.34 		541,000 		541,000 		-   			-   			
																					
715 Lexington																				
	(ground leased through 2041)																			
		-Retail		100.0%		100.0%			228.64 		23,000 		23,000 		-   			-   		New York & Company, Zales	
																					
966 Third Avenue																				
		-Retail		100.0%		100.0%			70.18 		7,000 		7,000 		-   			-   		McDonald's	
																					
968 Third Avenue																				
		-Retail		50.0%		100.0%			233.22 		6,000 		6,000 		-   			-   		Capital One Financial Corporation	
																					
	Total Midtown East									1,920,000 		1,920,000 		-   			193,762 			
																					
Midtown West:																				
888 Seventh Avenue																			
	(ground leased through 2067)																		Soros Fund, TPG-Axon Capital,	
		-Office		100.0%		94.1%			82.50 		862,000 		862,000 		-   					Vornado Executive Headquarters	
		-Retail		100.0%		100.0%			101.02 		15,000 		15,000 		-   					Redeye Grill L.P.	
				100.0%		94.2%			82.82 		877,000 		877,000 		-   			318,554 			
																					
1740 Broadway																			
		-Office		100.0%		100.0%			66.43 		582,000 		582,000 		-   					Davis & Gilbert, Limited Brands	
		-Retail		100.0%		100.0%			102.40 		19,000 		19,000 		-   					Brasserie Cognac, Citibank	
				100.0%		100.0%			67.56 		601,000 		601,000 		-   			-   			
																					
57th Street - 5 buildings																			
		-Office		50.0%		93.1%			53.65 		135,000 		135,000 		-   					Various	
		-Retail		50.0%		79.8%			57.21 		53,000 		53,000 		-   						
				50.0%		89.4%			54.65 		188,000 		188,000 		-   			20,000 			
																					
825 Seventh Avenue																			
		-Office		50.0%		100.0%			45.44 		165,000 		165,000 		-   			18,834 		Young & Rubicam	
		-Retail		100.0%		100.0%			238.97 		4,000 		4,000 		-   					Lindy's	
						100.0%			50.02 		169,000 		169,000 		-   						
																					
	Total Midtown West									1,835,000 		1,835,000 		-   			357,388 			
																					
Park Avenue:																				
280 Park Avenue																		Cohen & Steers Inc., Credit Suisse (USA) Inc.,	
		-Office		49.5%		100.0%			91.83 		1,218,000 		729,000 		489,000 					Investcorp International Inc.	
		-Retail		49.5%		100.0%			216.21 		18,000 		4,000 		14,000 					Scottrade Inc.	
				49.5%		100.0%			93.64 		1,236,000 		733,000 		503,000 			735,082 			
																					
350 Park Avenue																		Kissinger Associates Inc., Ziff Brothers Investment Inc.,	
		-Office		100.0%		99.0%			87.92 		552,000 		552,000 		-   					MFA Financial Inc., M&T Bank	
		-Retail		100.0%		100.0%			190.34 		17,000 		17,000 		-   					Fidelity Investment, AT&T Wireless, Valley National Bank	
				100.0%		99.0%			90.98 		569,000 		569,000 		-   			299,095 			
																					
	Total Park Avenue									1,805,000 		1,302,000 		503,000 			1,034,177 			

- 35 -

   

NEW YORK SEGMENT	
PROPERTY TABLE	
								Weighted		Square Feet						
								Average						Under Development						
				%		%		Annual Rent		Total				or Not Available		Encumbrances			
Property		Ownership		Occupancy		PSF (1)		Property		In Service		for Lease		(in thousands)		Major Tenants	
NEW YORK (Continued):																			
Grand Central:																				
90 Park Avenue																			Alston & Bird, Amster, Rothstein & Ebenstein,	
		-Office		100.0%		97.0%		$	68.12 		903,000 		903,000 		-   					Capital One, First Manhattan Consulting	
		-Retail		100.0%		100.0%			88.11 		26,000 		26,000 		-   					Citibank	
				100.0%		97.1%			68.68 		929,000 		929,000 		-   		$	-   			
																					
330 Madison Avenue																		GPFT Holdco LLC, HSBC Bank AFS, Jones Lang LaSalle Inc.,	
		-Office		25.0%		93.4%			66.48 		801,000 		801,000 		-   					Wells Fargo	
		-Retail		25.0%		100.0%			287.37 		32,000 		32,000 		-   					Ann Taylor Retail Inc., Citibank	
				25.0%		93.7%			74.96 		833,000 		833,000 		-   			150,000 			
																					
510 Fifth Avenue																				
		-Retail		100.0%		90.6%			135.50 		64,000 		64,000 		-   			30,602 		Joe Fresh	
																					
	Total Grand Central									1,826,000 		1,826,000 		-   			180,602 			
																					
Madison/Fifth:																				
640 Fifth Avenue																		Fidelity Investments, Janus Capital Group Inc., Citibank,	
																				GSL Enterprises Inc., Scout Capital Management,	
		-Office		100.0%		95.1%			76.99 		262,000 		262,000 		-   					Legg Mason Investment Counsel	
		-Retail		100.0%		100.0%			259.51 		62,000 		62,000 		-   					Citibank, Hennes & Mauritz	
				100.0%		96.0%			111.91 		324,000 		324,000 		-   			-   			
																					
666 Fifth Avenue																		Citibank, Fulbright & Jaworski, Colliers International NY LLC,	
		-Office (Office Condo)		49.5%		89.3%			73.86 		1,372,000 		1,372,000 		-   			1,183,079 		Integrated Holding Group, Vinson & Elkins LLP	
		-Retail (Office Condo)		49.5%		88.2%			169.67 		46,000 		46,000 		-   			-   		HSBC Bank USA	
		-Retail (Retail Condo)		100.0%		100.0%			355.20 		114,000 	(3)	114,000 		-   			390,000 		Uniqlo, Hollister, Swatch	
						90.1%			97.67 		1,532,000 		1,532,000 		-   			1,573,079 			
																					
595 Madison Avenue																		Beauvais Carpets, Levin Capital Strategies LP,	
		-Office		100.0%		100.0%			70.35 		292,000 		292,000 		-   					Cosmetech Mably Int'l LLC.	
		-Retail		100.0%		100.0%			478.76 		30,000 		30,000 		-   					Coach, Prada	
				100.0%		100.0%			108.40 		322,000 		322,000 		-   			-   			
																					
650 Madison Avenue																			
		-Office		20.1%		91.8%			99.67 		524,000 		524,000 		-   					Polo Ralph Lauren	
		-Retail		20.1%		100.0%			261.96 		71,000 		71,000 		-   					Crate & Barrel	
				20.1%		92.8%			119.04 		595,000 		595,000 		-   			800,000 			
																					
689 Fifth Avenue																			
		-Office		100.0%		100.0%			70.33 		82,000 		82,000 		-   					Yamaha Artist Services Inc.	
		-Retail		100.0%		100.0%			712.41 		17,000 		17,000 		-   					MAC Cosmetics, Massimo Dutti	
				100.0%		100.0%			180.59 		99,000 		99,000 		-   			-   			
																					
655 Fifth Avenue																				
		-Retail		92.5%		100.0%			154.03 		57,000 		57,000 		-   			-   		Ferragamo	
																					
	Total Madison/Fifth									2,929,000 		2,929,000 		-   			2,373,079 			

- 36 -

   

NEW YORK SEGMENT	
PROPERTY TABLE	
								Weighted		Square Feet						
								Average						Under Development						
				%		%		Annual Rent		Total				or Not Available		Encumbrances			
Property		Ownership		Occupancy		PSF (1)		Property		In Service		for Lease		(in thousands)		Major Tenants	
NEW YORK (Continued):																			
Midtown South:																				
770 Broadway																				
		-Office		100.0%		100.0%		$	58.03 		960,000 		960,000 		-   					AOL, J. Crew, Facebook, Structure Tone	
		-Retail		100.0%		100.0%			53.53 		166,000 		166,000 		-   					Ann Taylor Retail Inc., Bank of America, Kmart Corporation	
				100.0%		100.0%			57.36 		1,126,000 		1,126,000 		-   		$	353,000 			
																					
One Park Avenue																			Coty Inc., New York University,	
		-Office		30.3%		96.4%			44.85 		864,000 		864,000 		-   					Public Service Mutual Insurance	
		-Retail		30.3%		100.0%			64.02 		79,000 		79,000 		-   					Bank of Baroda, Citibank, Equinox,	
																				Men's Wearhouse (lease not commenced)	
				30.3%		96.7%			46.45 		943,000 		943,000 		-   			250,000 			
																					
4 Union Square South																			
		-Retail		100.0%		100.0%			84.79 		206,000 		206,000 		-   			120,000 		Burlington Coat Factory, Whole Foods Market, DSW, Forever 21	
																					
692 Broadway																			
		-Retail		100.0%		100.0%			83.64 		35,000 		35,000 		-   			-   		Equinox, Major League Baseball	
																					
	Total Midtown South									2,310,000 		2,310,000 		-   			723,000 			
																					
Rockefeller Center:																			
1290 Avenue of the Americas																		AXA Equitable Life Insurance, Morrison & Foerster LLP,	
																				Hachette Book Group Inc., Bryan Cave LLP,	
																				Warner Music Group, Cushman & Wakefield, Fitzpatrick,	
		-Office		70.0%		94.5%			72.21 		2,042,000 		2,042,000 		-   					Cella, Harper & Scinto, Columbia University, SSB Realty LLC	
		-Retail		70.0%		100.0%			140.94 		66,000 		66,000 		-   					Duane Reade, JPMorgan Chase Bank, Sovereign Bank	
				70.0%		94.7%			74.36 		2,108,000 		2,108,000 		-   			950,000 			
																					
608 Fifth Avenue (ground leased through 2026)																			
		-Office		100.0%		85.9%			53.21 		83,000 		83,000 		-   						
		-Retail		100.0%		100.0%			365.75 		44,000 		44,000 		-   					Topshop (lease not commenced)	
				100.0%		90.8%			161.49 		127,000 		127,000 		-   			-   			
																					
	Total Rockefeller Center									2,235,000 		2,235,000 		-   			950,000 			
																					
Wall Street/Downtown:																			
20 Broad Street (ground leased through 2081)																			
		-Office		100.0%		99.0%			56.43 		472,000 		472,000 		-   			-   		New York Stock Exchange	
																					
40 Fulton Street																			
		-Office		100.0%		99.0%			36.52 		244,000 		244,000 		-   					Market News International Inc., Sapient Corp.	
		-Retail		100.0%		100.0%			93.60 		5,000 		5,000 		-   					TD Bank	
				100.0%		99.0%			37.67 		249,000 		249,000 		-   			-   			
																					
	Total Wall Street/Downtown									721,000 		721,000 		-   			-   			
																					
Times Square:																			
1540 Broadway																		Forever 21, Planet Hollywood, Disney, Sunglass Hut,	
		-Retail		100.0%		100.0%			202.31 		160,000 		160,000 		-   			-   		MAC Cosmetics, U.S. Polo	
																					
1535 Broadway (Marriott Marquis - retail and signage)															
	(ground and building leased through 2032)															
		-Retail		100.0%		-   			-   		64,000 		-   		64,000 			-   			
																					
	Total Times Square									224,000 		160,000 		64,000 			-   			

- 37 -

   

NEW YORK SEGMENT	
PROPERTY TABLE	
								Weighted		Square Feet						
								Average						Under Development						
				%		%		Annual Rent		Total				or Not Available		Encumbrances			
Property		Ownership		Occupancy		PSF (1)		Property		In Service		for Lease		(in thousands)		Major Tenants	
NEW YORK (Continued):																			
Soho:																				
478-486 Broadway - 2 buildings																			
		-Retail		100.0%		100.0%		$	133.67 		85,000 		85,000 		-   		$	-   		Topshop, Madewell, J. Crew	
																					
443 Broadway																			
		-Retail		100.0%		100.0%			123.30 		16,000 		16,000 		-   			-   		Necessary Clothing	
																					
334 Canal Street																			
		-Retail		100.0%		- 			-   		15,000 		-   		15,000 			-   			
																					
155 Spring Street																			
		-Retail		100.0%		100.0%			92.36 		49,000 		49,000 		-   			-   		Sigrid Olsen	
																					
148 Spring Street																			
		-Retail		100.0%		100.0%			104.23 		7,000 		7,000 		-   			-   			
																					
150 Spring Street																			
		-Retail		100.0%		100.0%			225.56 		7,000 		7,000 		-   			-   		Sandro	
																					
	Total Soho									179,000 		164,000 		15,000 			-   			
																					
Upper East Side:																			
828-850 Madison Avenue																			
		-Retail		100.0%		100.0%			563.89 		18,000 		18,000 		-   			80,000 		Gucci, Chloe, Cartier	
																					
677-679 Madison Avenue																			
		-Retail		100.0%		100.0%			440.60 		8,000 		8,000 		-   			-   		Anne Fontaine	
																					
40 East 66th Street																			
		-Retail		100.0%		100.0%			768.78 		11,000 		11,000 		-   			-   		John Varvatos, Nespresso USA, J. Crew	
																					
1131 Third Avenue																			
		-Retail		100.0%		100.0%			164.55 		22,000 		11,000 		11,000 			-   		Nike, Carlo Pazolini	
																					
	Total Upper East Side									59,000 		48,000 		11,000 			80,000 			
																					
New Jersey:																			
Paramus																			
		-Office		100.0%		97.6%			22.29 		129,000 		129,000 		-   			-   		Vornado's Administrative Headquarters	
																					
Washington D.C.:																			
3040 M Street																			
		-Retail		100.0%		100.0%			61.52 		44,000 		44,000 		-   			-   		Nike, Barneys	
																					
New York Office:																			
																					
	Total					96.4%		$	64.13 		21,256,000 		19,841,000 		1,415,000 		$	6,419,798 			
																					
	Vornado's Ownership Interest				96.9%		$	62.64 		17,563,000 		16,396,000 		1,167,000 		$	4,486,585 			
																					
New York Retail:																			
																					
	Total					97.2%		$	163.51 		2,496,000 		2,379,000 		117,000 		$	820,360 			
																					
	Vornado's Ownership Interest				97.1%		$	163.35 		2,274,000 		2,164,000 		110,000 		$	820,360 			

- 38 -

   

NEW YORK SEGMENT	
PROPERTY TABLE	
								Weighted		Square Feet						
								Average						Under Development						
				%		%		Annual Rent		Total				or Not Available		Encumbrances			
Property		Ownership		Occupancy		PSF (1)		Property		In Service		for Lease		(in thousands)		Major Tenants	
NEW YORK (Continued):																			
ALEXANDER'S, INC.:																			
New York:																			
731 Lexington Avenue, Manhattan																			
		-Office		32.4%		100.0%		$	96.03 		885,000 		885,000 		-   		$	300,000 		Bloomberg	
		-Retail		32.4%		100.0%			170.27 		174,000 		174,000 		-   			320,000 		Hennes & Mauritz, The Home Depot, The Container Store	
				32.4%		100.0%			107.25 		1,059,000 		1,059,000 		-   			620,000 			
																					
Rego Park I, Queens (4.8 acres)		32.4%		100.0%			37.97 		343,000 		343,000 		-   			78,246 		Sears, Burlington Coat Factory, Bed Bath & Beyond, Marshalls	
																					
Rego Park II (adjacent to Rego Park I),																			
	Queens (6.6 acres)		32.4%		97.8%			40.22 		609,000 		609,000 		-   			268,776 		Century 21, Costco, Kohl's, TJ Maxx, Toys "R" Us	
																					
Flushing, Queens (4) (1.0 acre)		32.4%		100.0%			15.74 		167,000 		167,000 		-   			-   		New World Mall LLC	
																					
New Jersey:																			
Paramus, New Jersey																			
	(30.3 acres ground leased to IKEA		32.4%		100.0%			-   		-   		-   		-   			68,000 		IKEA (ground lessee)	
	through 2041)																			
																					
Property under Development:																			
Rego Park II Apartment Tower, Queens, NY		32.4%		-   			-   		250,000 		-   		250,000 			-   			
																					
Property to be Developed:																			
Rego Park III (adjacent to Rego Park II),		32.4%		-   			-   		-   		-   		-   			-   			
	Queens, NY (3.4 acres)																			
																					
	Total Alexander's				99.4%			70.56 		2,428,000 		2,178,000 		250,000 			1,035,022 			
																					
Hotel Pennsylvania:																			
	-Hotel (1,700 Keys)		100.0%		-   			-   		1,400,000 		1,400,000 		-   			-   			
																					
Residential:																			
50-70 W 93rd Street (327 units)		49.9%		94.8%			-   		283,000 		283,000 		-   			45,825 			
																					
Independence Plaza, Tribeca (1,328 units)																			
		-Residential		50.1%		96.5%			-   		1,190,000 		1,190,000 		-   						
		-Retail		50.1%		100.0%			72.05 		50,000 		50,000 		-   						
											1,240,000 		1,240,000 		-   			550,000 			
																					
	Total Residential				96.2%					1,523,000 		1,523,000 		-   			595,825 			

Total New York					96.7%		$	74.67 		29,103,000 		27,321,000 		1,782,000 		$	8,871,005 			
																					
Vornado's Ownership Interest				97.0%		$	74.38 		22,787,000 		21,428,000 		1,359,000 		$	5,940,708 			

(1)	Weighted Average Annual Rent PSF excludes ground rent, storage rent and garages.	
																					
(2)	Excludes US Post Office leased through 2038 (including four five-year renewal options) for which the annual escalated rent is $9.81 PSF.	
																					
(3)	75,000 square feet is leased from the office condo.	
																					
(4)	Leased by Alexander's through January 2037.	

 
- 39 -

   

WASHINGTON, DC SEGMENT		
PROPERTY TABLE		
																					
							Weighted		Square Feet							
							Average						Under Development							
			%		%		Annual Rent		Total				or Not Available		Encumbrances				
Property		Ownership		Occupancy		PSF (1)		Property		In Service		for Lease		(in thousands)		Major Tenants		
WASHINGTON, DC:																				
Crystal City:																				
2011-2451 Crystal Drive - 5 buildings		100.0%		86.1%		$	43.87 		2,317,000 		2,317,000 		-   		$	226,335 		General Services Administration, Lockheed Martin,		
																			Conservation International, Smithsonian Institution,		
																			Natl. Consumer Coop. Bank, Council on Foundations,		
																			Vornado / Charles E. Smith Headquarters, KBR, Scitor Corp.,		
																			Food Marketing Institute, DRS Technologies		
																					
S. Clark Street / 12th Street - 5 buildings		100.0%		71.8%			42.92 		1,528,000 		1,528,000 		-   			60,365 		General Services Administration,		
																			SAIC, Inc., Boeing, L-3 Communications,		
																			The Int'l Justice Mission, Management Systems International		
																					
1550-1750 Crystal Drive /		100.0%		76.0%			41.46 		1,486,000 		1,486,000 		-   			112,231 		General Services Administration,		
	241-251 18th Street - 4 buildings																		Alion Science & Technologies, Booz Allen,		
																			Arete Associates, Battelle Memorial Institute		
																					
1800, 1851 and 1901 South Bell Street		100.0%		95.4%			39.40 		869,000 		506,000 		363,000 			-   		General Services Administration,		
	- 3 buildings																		Lockheed Martin		
																					
2100 / 2200 Crystal Drive - 2 buildings		100.0%		100.0%			33.90 		529,000 		529,000 		-   			-   		General Services Administration,		
																			Public Broadcasting Service		
																					
223 23rd Street / 2221 South Clark Street		100.0%		- 			-		309,000 		-   		309,000 			-   		WeWork		
	- 2 buildings																				
																					
2001 Jefferson Davis Highway		100.0%		65.7%			36.05 		162,000 		162,000 		-   			-   		Institute for the Psychology Sciences, VT Aepco, Inc.,		
																			National Crime Prevention		
																					
Crystal City Shops at 2100		100.0%		99.0%			22.73 		80,000 		80,000 		-   			-   		Various		
																					
Crystal Drive Retail		100.0%		100.0%			44.43 		57,000 		57,000 		-   			-   		Various		
																					
Total Crystal City		100.0%		82.2%			41.32 		7,337,000 		6,665,000 		672,000 			398,931 				
																					
Central Business District:																				
Universal Buildings		100.0%		96.5%			44.56 		678,000 		678,000 		-   			-   		Family Health International, WeWork		
	1825-1875 Connecticut Avenue, NW																				
	- 2 buildings																				
																					
Warner Building - 1299 Pennsylvania		55.0%		75.5%			69.13 		614,000 		614,000 		-   			292,700 		Baker Botts LLP, General Electric, Cooley LLP,		
	Avenue, NW																		Facebook, Live Nation		
																					
2101 L Street, NW		100.0%		99.0%			64.70 		380,000 		380,000 		-   			150,000 		Greenberg Traurig, LLP, US Green Building Council,		
																			American Insurance Association, RTKL Associates,		
																			Cassidy & Turley		
																					
1750 Pennsylvania Avenue, NW		100.0%		88.2%			47.26 		278,000 		278,000 		-   			-   		General Services Administration, UN Foundation, AOL		
																					
1150 17th Street, NW		100.0%		90.1%			45.56 		241,000 		241,000 		-   			28,728 		American Enterprise Institute		
																					
Bowen Building - 875 15th Street, NW		100.0%		96.7%			66.79 		231,000 		231,000 		-   			115,022 		Paul, Hastings, Janofsky & Walker LLP,		
																			Millennium Challenge Corporation		
																					
1101 17th Street, NW		55.0%		88.1%			47.14 		213,000 		213,000 		-   			31,000 		AFSCME, Verto Solutions		
																					
1730 M Street, NW		100.0%		89.9%			46.44 		202,000 		202,000 		-   			14,853 		General Services Administration		
	(ground rent through 2061)																				

- 40 -

   

WASHINGTON, DC SEGMENT		
PROPERTY TABLE		
																				
						Weighted		Square Feet							
						Average						Under Development							
		%		%		Annual Rent		Total				or Not Available		Encumbrances				
Property		Ownership		Occupancy		PSF (1)		Property		In Service		for Lease		(in thousands)		Major Tenants		
WASHINGTON, DC (Continued):																				
1726 M Street, NW		100.0%		97.8%		$	41.73 		91,000 		91,000 		-   		$	-   		Aptima, Inc., Nelnet Corporation		

Waterfront Station		2.5%		-   			-   		1,058,000 		-   		1,058,000 	*		-   				
																				
1501 K Street, NW		5.0%		97.9%			68.47 		380,000 		380,000 		-   			-   		Sidley Austin LLP, UBS		
																				
1399 New York Avenue, NW		100.0%		93.0%			73.98 		128,000 		128,000 		-   			-   		Bloomberg		
																				
Total Central Business District				91.8%			54.50 		4,494,000 		3,436,000 		1,058,000 			632,303 				
																				
Skyline Properties:																				
Skyline Place - 7 buildings		100.0%		48.6%			32.94 		2,134,000 		2,134,000 		-   			562,202 		General Services Administration, SAIC, Inc., Analytic Services,		
																		Northrop Grumman, Axiom Resource Management,		
																		Booz Allen, Intellidyne, Inc.		
																				
One Skyline Tower		100.0%		100.0%			33.17 		518,000 		518,000 		-   			139,386 		General Services Administration		
																				
Total Skyline Properties		100.0%		58.7%			33.02 		2,652,000 		2,652,000 		-   			701,588 				
																				
Rosslyn / Ballston:																				
2200 / 2300 Clarendon Blvd		100.0%		95.2%			43.21 		638,000 		638,000 		-   			39,748 		Arlington County, General Services Administration,		
(Courthouse Plaza) - 2 buildings																		AMC Theaters		
(ground leased through 2062)																				
																				
Rosslyn Plaza - 4 buildings		46.2%		80.4%			38.74 		734,000 		501,000 		233,000 			32,761 		General Services Administration, Corporate Executive Board		
																				
Total Rosslyn / Ballston				91.3%			42.12 		1,372,000 		1,139,000 		233,000 			72,509 				
																				
Reston:																				
Commerce Executive - 3 buildings		100.0%	`	86.6%			31.58 		419,000 		400,000 		19,000 	*		-   		L-3 Communications, Allworld Language Consultants,		
																		BT North America		
																				
Rockville/Bethesda:																				
Democracy Plaza One		100.0%		89.4%			31.97 		216,000 		216,000 		-   			-   		National Institutes of Health		
(ground leased through 2084)																				
																				
Tysons Corner:																				
Fairfax Square - 3 buildings		20.0%		87.6%			40.28 		558,000 		558,000 		-   			68,982 		Dean & Company, Womble Carlyle		
																				
Pentagon City:																				
Fashion Centre Mall		7.5%		98.2%			42.33 		822,000 		822,000 		-   			410,000 		Macy's, Nordstrom		
																				
Washington Tower		7.5%		100.0%			41.18 		170,000 		170,000 		-   			40,000 		The Rand Corporation		
																				
Total Pentagon City				98.5%			42.13 		992,000 		992,000 		-   			450,000 				
																				
Total Washington, DC office properties				82.0%		$	43.52 		18,040,000 		16,058,000 		1,982,000 		$	2,324,313 				
																				
Vornado's Ownership Interest				80.5%		$	42.54 		14,516,000 		13,687,000 		829,000 		$	1,690,966 				

- 41 -

   

WASHINGTON, DC SEGMENT		
PROPERTY TABLE		
																				
						Weighted		Square Feet							
						Average						Under Development							
		%		%		Annual Rent		Total				or Not Available		Encumbrances				
Property		Ownership		Occupancy		PSF (1)		Property		In Service		for Lease		(in thousands)		Major Tenants		
WASHINGTON, DC (Continued):																				
Residential:																				
For rent residential:																				
Riverhouse - 3 buildings (1,670 units)		100.0%		96.9%		$	-   		1,802,000 		1,802,000 		-   		$	259,546 				
																				
West End 25 (283 units)		100.0%		95.1%			-   		273,000 		273,000 		-   			101,671 				
																				
220 20th Street (265 units)		100.0%		98.5%			-   		269,000 		269,000 		-   			72,346 				
																				
Rosslyn Plaza - 2 buildings (196 units)		43.7%		94.9%			-   		253,000 		253,000 		-   			-   				
																				
Total Residential				96.8%					2,597,000 		2,597,000 		-   			433,563 				
																				
Other:																				
Crystal City Hotel		100.0%		-   			-   		266,000 		266,000 		-   			-   				
																				
Met Park / Warehouses - 1 building		100.0%		100.0%			-   		231,000 		104,000 		127,000 	*		-   				
																				
Other - 3 buildings		100.0%		100.0%			-   		11,000 		9,000 		2,000 	*		-   				
																				
Total Other				100.0%					508,000 		379,000 		129,000 			-   				
																				
Total Washington, DC				84.4%		$	43.52 		21,145,000 		19,034,000 		2,111,000 		$	2,757,876 				
																				
Vornado's Ownership Interest				83.3%		$	42.54 		17,479,000 		16,520,000 		959,000 		$	2,124,529 				

																				
* We do not capitalize interest or real estate taxes on this space.										
																				
(1) Weighted Average Annual Rent PSF excludes ground rent, storage rent and garages.										

 
- 42 -

   

RETAIL PROPERTIES SEGMENT	
PROPERTY TABLE	
						Weighted		Square Feet							
						Average				In Service		Under Development							
		%		%		Annual Rent		Total		Owned by		Owned By		or Not Available		Encumbrances			
Property		Ownership		Occupancy		PSF (1)		Property		Company		Tenant (2)		for Lease		(in thousands)		Major Tenants	
RETAIL PROPERTIES:																						
STRIP SHOPPING CENTERS:																						
New Jersey:																						
Wayne Town Center, Wayne		100.0%		100.0%		$	39.29 		663,000 		29,000 		287,000 		347,000 		$	-   			JCPenney, Dick's Sporting Goods (lease not commenced),	
(ground leased through 2064)																					Costco (lease not commenced)	
																						
North Bergen (Tonnelle Avenue)		100.0%		98.9%			24.45 		410,000 		204,000 		206,000 		-   			75,000 			Wal-Mart, BJ's Wholesale Club	
																						
Totowa		100.0%		100.0%			19.28 		271,000 		177,000 		94,000 		-   			24,581 	(3)		The Home Depot, Bed Bath & Beyond, Marshalls	
																						
Bricktown		100.0%		94.7%			18.48 		279,000 		276,000 		3,000 		-   			31,704 	(3)		Kohl's , ShopRite, Marshalls	
																						
Union (Route 22 and Morris Avenue)		100.0%		99.4%			25.36 		276,000 		113,000 		163,000 		-   			32,084 	(3)		Lowe's, Toys "R" Us	
																						
Hackensack		100.0%		75.4%			23.44 		275,000 		269,000 		6,000 		-   			40,242 	(3)		The Home Depot	
																						
Bergen Town Center - East, Paramus		100.0%		93.6%			36.42 		211,000 		44,000 		167,000 		-   			-   			Lowe's, REI	
																						
East Hanover (240 Route 10 West)		100.0%		95.9%			18.65 		267,000 		261,000 		6,000 		-   			28,279 	(3)		The Home Depot, Dick's Sporting Goods, Marshalls	
																						
Cherry Hill		100.0%		96.7%			13.60 		263,000 		70,000 		193,000 		-   			13,759 	(3)		Wal-Mart, Toys "R" Us	
																						
Jersey City		100.0%		100.0%			21.79 		236,000 		66,000 		170,000 		-   			20,121 	(3)		Lowe's, P.C. Richard & Son	
																						
East Brunswick (325 - 333 Route 18 South)		100.0%		100.0%			16.67 		232,000 		222,000 		10,000 		-   			24,689 	(3)		Kohl's, Dick's Sporting Goods, P.C. Richard & Son,	
																					T.J. Maxx	
																						
Union (2445 Springfield Avenue)		100.0%		100.0%			17.85 		232,000 		232,000 		-   		-   			28,279 	(3)		The Home Depot	
																						
Middletown		100.0%		94.9%			14.75 		231,000 		179,000 		52,000 		-   			17,239 	(3)		Kohl's, Stop & Shop	
																						
Woodbridge		100.0%		84.1%			22.35 		226,000 		86,000 		140,000 		-   			20,502 	(3)		Wal-Mart	
																						
North Plainfield		100.0%		85.0%			17.75 		212,000 		60,000 		152,000 		-   			-   			Costco	
(ground leased through 2060)																						
																						
Marlton		100.0%		100.0%			13.94 		213,000 		209,000 		4,000 		-   			17,130 	(3)		Kohl's (4), ShopRite, PetSmart	
																						
Manalapan		100.0%		99.3%			16.58 		208,000 		206,000 		2,000 		-   			20,883 	(3)		Best Buy, Bed Bath & Beyond, Babies "R" Us	
																						
East Rutherford		100.0%		100.0%			34.34 		197,000 		42,000 		155,000 		-   			13,487 	(3)		Lowe's	
																						
East Brunswick (339-341 Route 18 South)		100.0%		100.0%			-   		196,000 		33,000 		163,000 		-   			11,692 	(3)		Lowe's, LA Fitness (lease not commenced)	
																						
Garfield		100.0%		100.0%			21.47 		195,000 		46,000 		149,000 		-   			-   			Wal-Mart, Marshalls	
																						
Bordentown		100.0%		80.4%			7.25 		179,000 		83,000 		-   		96,000 	*		-   			ShopRite	
																						
Morris Plains		100.0%		95.9%			20.71 		177,000 		176,000 		1,000 		-   			21,209 	(3)		Kohl's, ShopRite	
																						
Dover		100.0%		96.3%			12.02 		173,000 		167,000 		6,000 		-   			13,052 	(3)		ShopRite, T.J. Maxx	
																						
Delran		100.0%		7.2%			-   		171,000 		40,000 		3,000 		128,000 	*		-   				
																						
Lodi (Route 17 North)		100.0%		100.0%			11.92 		171,000 		171,000 		-   		-   			11,257 	(3)		National Wholesale Liquidators	
																						
Watchung		100.0%		96.6%			25.40 		170,000 		54,000 		116,000 		-   			14,955 	(3)		BJ's Wholesale Club	
																						
Lawnside		100.0%		100.0%			14.11 		145,000 		142,000 		3,000 		-   			10,604 	(3)		The Home Depot, PetSmart	

- 43 -

   
RETAIL PROPERTIES SEGMENT	
PROPERTY TABLE	
						Weighted		Square Feet							
						Average				In Service		Under Development							
		%		%		Annual Rent		Total		Owned by		Owned By		or Not Available		Encumbrances			
Property		Ownership		Occupancy		PSF (1)		Property		Company		Tenant (2)		for Lease		(in thousands)		Major Tenants	
RETAIL PROPERTIES (Continued):																						
Hazlet		100.0%		100.0%		$	2.64 		123,000 		123,000 		- 		-   		$	-   			Stop & Shop	
																						
Kearny		100.0%		43.5%			16.11 		104,000 		91,000 		13,000 		-   			-   			Marshalls	
																						
Turnersville		100.0%		100.0%			6.40 		96,000 		89,000 		7,000 		-   			-   			Haynes Furniture	
																						
Lodi (Washington Street)		100.0%		94.1%			19.99 		85,000 		85,000 		-   		-   			-   			Blink Fitness, Aldi	
																						
Carlstadt (ground leased through 2050)		100.0%		95.2%			21.69 		78,000 		78,000 		-   		-   			-   			Stop & Shop	
																						
East Hanover (200 Route 10 West)		100.0%		53.8%			24.37 		76,000 		76,000 		-   		-   			9,680 	(3)			
																						
Paramus (ground leased through 2033)		100.0%		100.0%			42.23 		63,000 		63,000 		-   		-   			-   			24 Hour Fitness	
																						
North Bergen (Kennedy Boulevard)		100.0%		100.0%			26.76 		62,000 		6,000 		56,000 		-   			5,058 	(3)		Food Basics	
																						
South Plainfield (ground leased through 2039)		100.0%		85.9%			22.04 		56,000 		56,000 		-   		-   			5,085 	(3)		Staples	
																						
Englewood		100.0%		79.7%			25.13 		41,000 		41,000 		-   		-   			11,715 			New York Sports Club	
																						
Eatontown		100.0%		100.0%			28.09 		30,000 		30,000 		-   		-   			-   			Petco	
																						
East Hanover (280 Route 10 West)		100.0%		94.0%			32.00 		26,000 		26,000 		-   		-   			4,514 	(3)		REI	
																						
Montclair		100.0%		100.0%			23.34 		18,000 		18,000 		-   		-   			2,610 	(3)		Whole Foods Market	
																						
Total New Jersey									7,337,000 		4,439,000 		2,327,000 		571,000 			529,410 				
																						
New York:																						
Poughkeepsie		100.0%		85.9%			8.95 		517,000 		517,000 		-   		-   			-   			Kmart, Burlington Coat Factory, ShopRite, Hobby Lobby,	
																					Christmas Tree Shops, Bob's Discount Furniture	
																						
Bronx (Bruckner Boulevard)		100.0%		91.3%			21.22 		501,000 		387,000 		114,000 		-   			-   			Kmart, Toys "R" Us, Key Food	
																						
Buffalo (Amherst)		100.0%		100.0%			8.94 		311,000 		242,000 		69,000 		-   			-   			BJ's Wholesale Club, T.J. Maxx, Toys "R" Us,	
																					LA Fitness (lease not commenced)	
																						
Huntington		100.0%		97.9%			14.80 		209,000 		209,000 		-   		-   			16,532 	(3)		Kmart, Marshalls, Old Navy, Petco	
																						
Rochester		100.0%		100.0%			-   		205,000 		- 		205,000 		-   			4,351 	(3)		Wal-Mart	
																						
Mt. Kisco		100.0%		100.0%			22.20 		189,000 		72,000 		117,000 		-   			28,089 			Target, A&P	
																						
Freeport (437 East Sunrise Highway)		100.0%		100.0%			18.61 		173,000 		173,000 		-   		-   			21,209 	(3)		The Home Depot, Staples	
																						
Rochester (Henrietta)		100.0%		96.2%			3.81 		165,000 		158,000 		7,000 		-   			-   			Kohl's, Ollie's Bargain Outlet	
(ground leased through 2056)																						
																						
Staten Island		100.0%		92.7%			22.71 		165,000 		165,000 		-   		-   			17,000 			Western Beef	
																						
Albany (Menands)		100.0%		74.0%			9.00 		140,000 		140,000 		-   		-   			-   			Bank of America	
																						
New Hyde Park (ground and building		100.0%		100.0%			18.73 		101,000 		101,000 		-   		-   			-   			Stop & Shop	
leased through 2029)																						
																						
Inwood		100.0%		76.9%			18.90 		100,000 		100,000 		-   		-   			-   			Stop & Shop	

- 44 -

   

RETAIL PROPERTIES SEGMENT	
PROPERTY TABLE	
						Weighted		Square Feet							
						Average				In Service		Under Development							
		%		%		Annual Rent		Total		Owned by		Owned By		or Not Available		Encumbrances				
Property		Ownership		Occupancy		PSF (1)		Property		Company		Tenant (2)		for Lease		(in thousands)			Major Tenants	
RETAIL PROPERTIES (Continued):																						
West Babylon		100.0%		82.1%		$	17.39 		79,000 		79,000 		-   		-   		$	-   			Best Market	
																						
Bronx (1750-1780 Gun Hill Road)		100.0%		90.7%			32.22 		77,000 		77,000 		-   		-   			-   			Aldi, Planet Fitness, T.G.I. Friday's	
																						
Queens		100.0%		100.0%			37.31 		56,000 		56,000 		-   		-   			-   			New York Sports Club, Devry	
																						
Commack		100.0%		100.0%			21.45 		47,000 		47,000 		-   		-   			-   			PetSmart	
(ground and building leased through 2021)																						
																						
Dewitt		100.0%		100.0%			20.46 		46,000 		46,000 		-   		-   			-   			Best Buy	
(ground leased through 2041)																						
																						
Freeport (240 West Sunrise Highway)		100.0%		100.0%			20.28 		44,000 		44,000 		-   		-   			-   			Bob's Discount Furniture	
(ground and building leased through 2040)																						
																						
Oceanside		100.0%		100.0%			27.83 		16,000 		16,000 		-   		-   			-   			Party City	
																						
Total New York									3,141,000 		2,629,000 		512,000 		-   			87,181 				
																						
Pennsylvania:																						
Allentown		100.0%		90.3%			15.23 		627,000 	(5)	270,000 		357,000 	(5)	-   			29,756 	(3)		Wal-Mart (5), ShopRite, Burlington Coat Factory,	
																					T.J. Maxx, Dick's Sporting Goods	
																						
Wilkes-Barre		100.0%		83.2%			13.55 		329,000 	(5)	205,000 		125,000 	(5)	-   			19,815 			Target (5), Babies "R" Us, Ross Dress for Less	
																						
Lancaster		100.0%		82.1%			15.33 		228,000 		58,000 		170,000 		-   			5,357 	(3)		Lowe's	
																						
Bensalem		100.0%		98.9%			11.50 		185,000 		177,000 		8,000 		-   			14,765 	(3)		Kohl's, Ross Dress for Less, Staples	
																						
Broomall		100.0%		100.0%			11.09 		169,000 		147,000 		22,000 		-   			10,604 	(3)		Giant Food (4), A.C. Moore, PetSmart	
																						
Bethlehem		100.0%		95.3%			7.30 		167,000 		164,000 		3,000 		-   			5,547 	(3)		Giant Food, Petco	
																						
York		100.0%		100.0%			9.35 		111,000 		111,000 		-   		-   			5,166 	(3)		Ashley Furniture, Aldi	
																						
Glenolden		100.0%		100.0%			25.84 		102,000 		10,000 		92,000 		-   			6,798 	(3)		Wal-Mart	
																						
Wilkes-Barre		100.0%		100.0%			6.53 		81,000 		41,000 		-   		40,000 	*		-   			Ollie's Bargain Outlet	
(ground and building leased through 2014)																						
																						
Wyomissing		100.0%		93.2%			15.56 		76,000 		76,000 		-   		-   			-   			LA Fitness, PetSmart	
(ground and building leased through 2065)																						
																						
Springfield		100.0%		100.0%			20.90 		41,000 		41,000 		-   		-   			-   			PetSmart	
(ground and building leased through 2025)																						
																						
Total Pennsylvania									2,116,000 		1,299,000 		777,000 		40,000 			97,797 				

- 45 -

   

RETAIL PROPERTIES SEGMENT	
PROPERTY TABLE	
						Weighted		Square Feet							
						Average				In Service		Under Development							
		%		%		Annual Rent		Total		Owned by		Owned By		or Not Available		Encumbrances				
Property		Ownership		Occupancy		PSF (1)		Property		Company		Tenant (2)		for Lease		(in thousands)			Major Tenants	
RETAIL PROPERTIES (Continued):																						
California:																						
Colton (1904 North Rancho Avenue)		100.0%		100.0%		$	4.44 		73,000 		73,000 		-   		-   		$	-   			Stater Brothers	
																						
San Francisco (2675 Geary Street)		100.0%		100.0%			50.34 		55,000 		55,000 		-   		-   			-   			Best Buy	
(ground and building leased through 2043)																						
																						
Signal Hill		100.0%		100.0%			24.08 		45,000 		45,000 		-   		-   			-   			Best Buy	
																						
Vallejo		100.0%		100.0%			17.51 		45,000 		45,000 		-   		-   			-   			Best Buy	
(ground leased through 2043)																						
																						
Riverside (5571 Mission Boulevard)		100.0%		100.0%			4.97 		39,000 		39,000 		-   		-   			-   			Stater Brothers	
																						
Walnut Creek (1149 South Main Street)		100.0%		100.0%			45.11 		29,000 		29,000 		-   		-   			-   			Barnes & Noble	
																						
Walnut Creek (Mt. Diablo)		95.0%		100.0%			70.00 		7,000 		7,000 		-   		-   			-   			Anthropologie	
																						
Total California									293,000 		293,000 		-   		-   			-   				
																						
Massachusetts:																						
Chicopee		100.0%		100.0%			-   		224,000 		- 		224,000 		-   			8,239 	(3)		Wal-Mart	
																						
Springfield		100.0%		97.8%			16.39 		182,000 		33,000 		149,000 		-   			5,683 	(3)		Wal-Mart	
																						
Milford		100.0%		100.0%			8.01 		83,000 		83,000 		-   		-   			-   			Kohl's	
(ground and building leased through 2019)																						
																						
Cambridge		100.0%		100.0%			21.83 		48,000 		48,000 		-   		-   			-   			PetSmart	
(ground and building leased through 2033)																						
																						
Total Massachusetts									537,000 		164,000 		373,000 		-   			13,922 				
																						
Maryland:																						
Baltimore (Towson)		100.0%		100.0%			16.28 		155,000 		155,000 		-   		-   			15,499 	(3)		Shoppers Food Warehouse, h.h.gregg, Staples,	
																					Home Goods, Golf Galaxy	
																						
Annapolis		100.0%		100.0%			8.99 		128,000 		128,000 		-   		-   			-   			The Home Depot	
(ground and building leased through 2042)																						
																						
Glen Burnie		100.0%		90.5%			11.67 		121,000 		65,000 		56,000 		-   			-   			Gavigan's Home Furnishings	
																						
Rockville		100.0%		100.0%			24.06 		94,000 		94,000 		-   		-   			-   			Regal Cinemas	
																						
Wheaton		100.0%		100.0%			14.94 		66,000 		66,000 		-   		-   			-   			Best Buy	
(ground leased through 2060)																						
																						
Total Maryland									564,000 		508,000 		56,000 		-   			15,499 				

 
 
- 46 -

   

RETAIL PROPERTIES SEGMENT	
PROPERTY TABLE	
						Weighted		Square Feet							
						Average				In Service		Under Development							
		%		%		Annual Rent		Total		Owned by		Owned By		or Not Available		Encumbrances				
Property		Ownership		Occupancy		PSF (1)		Property		Company		Tenant (2)		for Lease		(in thousands)			Major Tenants	
RETAIL PROPERTIES (Continued):																						
Connecticut:																						
Newington		100.0%		100.0%		$	18.61 		188,000 		29,000 		159,000 		-   		$	11,148 	(3)		Wal-Mart, Staples	
																						
Waterbury		100.0%		97.6%			15.19 		148,000 		143,000 		5,000 		-   			13,867 	(3)		ShopRite	
																						
Total Connecticut									336,000 		172,000 		164,000 		-   			25,015 				
																						
Michigan:																						
Roseville		100.0%		100.0%			5.51 		119,000 		119,000 		-   		-   			-   			JCPenney	
																						
Battle Creek		100.0%		-   			-   		47,000 		47,000 		-   		-   			-   				
																						
Midland (ground leased through 2043)		100.0%		83.6%			9.21 		31,000 		31,000 		-   		-   			-   			PetSmart	
																						
Total Michigan									197,000 		197,000 		-   		-   			-   				
																						
Virginia:																						
Norfolk		100.0%		100.0%			6.44 		114,000 		114,000 		-   		-   			-   			BJ's Wholesale Club	
(ground and building leased through 2069)																						
																						
Tyson's Corner		100.0%		100.0%			39.13 		38,000 		38,000 		-   		-   			-   			Best Buy	
(ground and building leased through 2035)																						
																						
Total Virginia									152,000 		152,000 		-   		-   			-   				
																						
Illinois:																						
Lansing		100.0%		100.0%			10.00 		47,000 		47,000 		-   		-   			-   			Forman Mills	
																						
Arlington Heights		100.0%		100.0%			9.00 		46,000 		46,000 		-   		-   			-   			Value City Furniture	
(ground and building leased through 2043)																						
																						
Chicago		100.0%		100.0%			12.03 		41,000 		41,000 		-   		-   			-   			Best Buy	
(ground and building leased through 2051)																						
																						
Total Illinois									134,000 		134,000 		-   		-   			-   				
																						
Texas:																						
San Antonio		100.0%		100.0%			10.63 		43,000 		43,000 		-   		-   			-   			Best Buy	
(ground and building leased through 2041)																						
																						
Ohio:																						
Springdale		100.0%		-   			-   		47,000 		47,000 		-   		-   			-   				
(ground and building leased through 2046)																						
																						
Tennessee:																						
Antioch		100.0%		100.0%			7.66 		45,000 		45,000 		-   		-   			-   			Best Buy	

- 47 -

   

RETAIL PROPERTIES SEGMENT	
PROPERTY TABLE	
						Weighted		Square Feet							
						Average				In Service		Under Development							
		%		%		Annual Rent		Total		Owned by		Owned By		or Not Available		Encumbrances				
Property		Ownership		Occupancy		PSF (1)		Property		Company		Tenant (2)		for Lease		(in thousands)			Major Tenants	
RETAIL PROPERTIES (Continued):																						
South Carolina:																						
Charleston		100.0%		100.0%		$	14.19 		45,000 		45,000 		-   		-   		$	-   			Best Buy	
(ground leased through 2063)																						
																						
Wisconsin:																						
Fond Du Lac		100.0%		100.0%			7.83 		43,000 		43,000 		-   		-   			-   			PetSmart	
(ground leased through 2073)																						
																						
New Hampshire:																						
Salem		100.0%		100.0%			-   		37,000 		- 		37,000 		-   			-   			Babies "R" Us	
(ground leased through 2102)																						
																						
Kentucky:																						
Owensboro		100.0%		100.0%			7.66 		32,000 		32,000 		-   		-   			-   			Best Buy	
(ground and building leased through 2046)																						
																						
Iowa:																						
Dubuque		100.0%		100.0%			9.90 		31,000 		31,000 		-   		-   			-   			PetSmart	
(ground leased through 2043)																						
																						
Total Strip Shopping Centers				93.9%		$	16.36 		15,130,000 		10,273,000 		4,246,000 		611,000 		$	768,824 				
																						
Vornado's Ownership Interest				93.9%		$	16.36 		14,751,000 		10,273,000 		3,867,000 		611,000 		$	768,824 				
 
REGIONAL MALLS:																						
Monmouth Mall, Eatontown, NJ		50.0%		93.9%		$	35.39 	(6)	1,463,000 	(5)	851,000 		612,000 	(5)	-   		$	168,828 			Macy's (5), JCPenney (5), Lord & Taylor, Boscov's,	
																					Loews Theatre, Barnes & Noble, Forever 21	

Springfield Town Center, Springfield, VA		100.0%		100.0%			16.24 	(6)	1,374,000 	(5)	294,000 		390,000 	(5)	690,000 			-   			Macy's, JCPenney (5), Target (5)	
																					Dick's Sporting Goods (lease not commenced),	
																					Regal Cinema (lease not commenced),	
																					LA Fitness (lease not commenced),	
																					Hennes & Mauritz (lease not commenced),	
																					Forever 21 (lease not commenced)	
																						
Bergen Town Center - West, Paramus, NJ		100.0%		99.2%			42.56 	(6)	951,000 		920,000 		31,000 		-   			300,000 			Target, Century 21, Whole Foods Market, Marshalls,	
																					Nordstrom Rack, Saks Off 5th, Home Goods, Old Navy,	
																					Hennes & Mauritz, Neiman Marcus Last Call Studio,	
																					Bloomingdale's Outlet, Nike Factory Store, Blink Fitness	
																						
Montehiedra, Puerto Rico		100.0%		91.0%			37.57 	(6)	542,000 		542,000 		-   		-   			120,000 			The Home Depot, Kmart, Marshalls, Caribbean Theatres,	
																					Tiendas Capri, Nike Factory Store	
																						
Las Catalinas, Puerto Rico		100.0%		92.6%			58.03 	(6)	494,000 	(5)	355,000 		139,000 	(5)	-   			-   			Kmart, Sears (5)	

Total Regional Malls				95.4%		$	41.21 		4,824,000 		2,962,000 		1,172,000 		690,000 		$	588,828 				
																						
Vornado's Ownership Interest				95.7%		$	42.59 		3,336,000 		2,537,000 		109,000 		690,000 		$	504,414 				

 
- 48 -

   

RETAIL PROPERTIES SEGMENT	
PROPERTY TABLE	
						Weighted		Square Feet							
						Average				In Service		Under Development							
		%		%		Annual Rent		Total		Owned by		Owned By		or Not Available		Encumbrances				
Property		Ownership		Occupancy		PSF (1)		Property		Company		Tenant (2)		for Lease		(in thousands)			Major Tenants	

																						
Total Retail Properties				94.2%					19,954,000 		13,235,000 		5,418,000 		1,301,000 		$	1,357,652 				
																						
Vornado's Ownership Interest				94.2%					18,087,000 		12,810,000 		3,976,000 		1,301,000 		$	1,273,238 				

																						
* We do not capitalize interest or real estate taxes on this space.													
																						
(1) Weighted Average Annual Rent PSF excludes ground rent, storage rent and garages.													
																						
(2) Owned by tenant on land leased from the company.	
																						
(3) These encumbrances are cross-collateralized under a blanket mortgage in the amount of $617,206 as of March 31, 2014.	
																						
(4) The lease for these former Bradlees locations is guaranteed by Stop & Shop.	
																						
(5) Includes square footage of anchors who own the land and building.	
																						
(6) Weighted Average Annual Rent PSF shown is for mall tenants only.	

 
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OTHER	 	
PROPERTY TABLE	 	
								Weighted		Square Feet							 	
								Average						Under Development							 	
				%		%		Annual Rent		Total				or Not Available		Encumbrances				 	
Property		Ownership		Occupancy		 	PSF (1)		Property		In Service		for Lease		(in thousands)		Major Tenants		 	
555 CALIFORNIA STREET:																					
555 California Street		70.0%		96.2%		  $	 	58.48 		1,503,000 		1,503,000 		-   		$	600,000 		
Bank of America, Dodge & Cox, Goldman Sachs & Co.,		
																		
Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,		
																		
McKinsey & Company Inc., UBS Financial Services,		
																		
KKR Finanacial, Microsoft Corporation (lease not commenced)		
																					
315 Montgomery Street		70.0%		94.1%			43.39 		228,000 		228,000 		-   			-   		
Bank of America, Regus		
																					
345 Montgomery Street		70.0%		100.0%			96.90 		64,000 		64,000 		-   			-   		
Bank of America		

Total 555 California Street				96.1%		  $	 	58.14 		1,795,000 		1,795,000 		-   		$	600,000 					
																					
Vornado's Ownership Interest				96.1%		
    $	 	58.14 		1,257,000 		1,257,000 		-   		$	420,000 					

MERCHANDISE MART:																				
Illinois:																				
Merchandise Mart, Chicago		100.0%		95.6%		$	34.56 		3,559,000 		3,559,000 		-   		$	550,000 		American Intercontinental University (AIU), Steelcase,		
																		Baker, Knapp & Tubbs, Motorola Mobility (owned by Google),		
																		CCC Information Services, Ogilvy Group (WPP),		
																		Chicago Teachers Union, Publicis Groupe,		
																		Office of the Special Deputy Receiver, Holly Hunt Ltd.,		
																		Razorfish, TNDP, Merchandise Mart Headquarters,		
																		Chicago School of Professional Psychology		
																				
Other		50.0%		100.0%			30.45 		19,000 		19,000 		-   			23,161 				
																				
		Total Illinois				95.6%			34.53 		3,578,000 		3,578,000 		-   			573,161 				
																				
Total Merchandise Mart 				95.6%		$	34.53 		3,578,000 		3,578,000 		-   		$	573,161 				
																				
Vornado's Ownership Interest				95.6%		$	34.53 		3,569,000 		3,569,000 		-   		$	561,580 				

WAREHOUSES:																				
NEW JERSEY																				
East Hanover - 5 Buildings 		100.0%		45.6%		$	4.35 		942,000 		942,000 		-   		$	-   		Foremost Groups Inc., Fidelity Paper & Supply Inc.,		
																		Consolidated Simon Distributors Inc., Givaudan Flavors Corp.,		
																		Meyer Distributing Inc.		
																				
Total Warehouses 				45.6%		$	4.35 		942,000 		942,000 		-   		$	-   				
																				
Vornado's Ownership Interest 				45.6%		$	4.35 		942,000 		942,000 		-   		$	-   				

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

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REAL ESTATE FUND	
PROPERTY TABLE	
						Weighted		Square Feet							
						Average						Under Development							
		Fund		%		Annual Rent		Total				or Not Available		Encumbrances				
Property		Ownership %		Occupancy		PSF (1)		Property		In Service		for Lease		(in thousands)		Major Tenants		
VORNADO CAPITAL PARTNERS																				
REAL ESTATE FUND:																				
New York, NY:																				
One Park Avenue 																		Coty Inc., New York University,		
- Office 		64.7%		96.4%		$	44.85 		864,000 		864,000 		-   					Public Service Mutual Insurance		
- Retail  		64.7%		100.0%			64.02 		79,000 		79,000 		-   					Bank of Baroda, Citibank, Equinox,		
																		Men's Wearhouse (lease not commenced)		
		64.7%		96.7%			46.45 		943,000 		943,000 		-   		$	250,000 				
																				
Lucida, 86th Street and Lexington Avenue 																				
(ground leased through 2082) 																		Barnes & Noble, Hennes & Mauritz,		
- Retail 		100.0%		100.0%			133.90 		95,000 		95,000 		-   					Sephora, Bank of America		
- Residential 		100.0%		100.0%			-   		51,000 		51,000 		-   							
		100.0%		100.0%			-   		146,000 		146,000 		-   			100,000 				
																				
11 East 68th Street Retail 		100.0%		100.0%			737.85 		9,000 		9,000 		-   			-   		Belstaff, Kent & Curwen		
																				
Crowne Plaza Times Square 																				
- Hotel (795 Keys) 																				
- Retail  		38.2%		100.0%			345.57 		14,000 		14,000 		-   					Hershey		
- Office 		38.2%		100.0%			37.50 		220,000 		220,000 		-   					American Management Association		
		38.2%		100.0%			55.93 		234,000 		234,000 		-   			252,000 				
																				
501 Broadway 		100.0%		100.0%			232.43 		9,000 		9,000 		-   			20,000 		Capital One		
																				
Washington, DC:																				
																		Washington Sports, Dean & Deluca, Anthropologie,		
																		Pinstripes, DSW, Hennes & Mauritz,		
Georgetown Park Retail Shopping Center 		50.0%		100.0%			37.30 		313,000 		258,000 		55,000 			95,899 		J. Crew, TJ Maxx, Forever 21 (lease not commenced)		
																				
Santa Monica, CA:																				
																		Premier Office Centers LLC, Diversified Mercury Comm,		
520 Broadway 		100.0%		81.6%			50.42 		112,000 		112,000 		-   			30,000 		Microsoft Corporation		
																				
Culver City, CA:																				
																		Meredith Corp., West Publishing Corp., Symantec Corp.,		
800 Corporate Pointe 		100.0%		57.0%			33.62 		243,000 		243,000 		-   			59,922 		Syska Hennessy Group, X Prize Foundation		
																				
Miami, FL:																				
1100 Lincoln Road 		100.0%		99.6%			104.17 		127,000 		127,000 		-   			66,000 		Regal Cinema, Anthropologie, Banana Republic		

Total Real Estate Fund 		70.9%		90.1%					2,136,000 		2,081,000 		55,000 		$	873,821 				
																				
Vornado's Ownership Interest 		17.7%		90.1%					376,000 		369,000 		7,000 		$	145,471 				

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