Press Release

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Joseph Macnow
Work(201) 587-1000
February 13, 2017

Stephen W. Theriot to Become JBG SMITH's Chief Financial Officer
Joseph Macnow to Become Vornado's Interim Chief Financial Officer
Matthew Iocco to Become Vornado's Principal Accounting Officer

      NEW YORK, NEW YORK — Vornado Realty Trust (NYSE: VNO) announced today that Stephen W. Theriot, 57, Vornado's Chief Financial Officer since 2013, will transfer to Washington DC to become Chief Financial Officer of JBG SMITH Properties, effective February 15, 2017. JBG SMITH will be a new publicly-traded company following the spin-off of Vornado's Washington, DC business and its combination with the JBG Companies. Vornado shareholders will own approximately 74% of JBG SMITH. Mr. Theriot's appointment was also announced in a separate press release issued by the JBG Companies today.

      Joseph Macnow, 71, Vornado's Executive Vice President – Finance and Chief Administrative Officer and its long-time Chief Financial Officer prior to Mr. Theriot, will return as Chief Financial Officer on an interim basis, also effective February 15, 2017. Mr. Macnow will serve in this role while Vornado conducts a search for a Chief Financial Officer.

      Matthew Iocco, 46, Executive Vice President – Chief Accounting Officer, will also now serve as Vornado's Principal Accounting Officer for SEC reporting purposes. Mr. Iocco, who has been at Vornado since 1999, will also assume additional responsibilities.

      Vornado Realty Trust is a fully-integrated equity real estate investment trust.