Press Release

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Joseph Macnow
(201) 587-1000
October 31, 2008
Vornado Declares an Increased Quarterly Common Dividend of $.95 per Share (a New Indicated Annual Rate of $3.80)

PARAMUS, NEW JERSEY......VORNADO REALTY TRUST (NYSE:VNO), today announced that its Board of Trustees has declared an increased quarterly cash dividend of $.95 per share (a new indicated annual rate of $3.80). The former quarterly rate was $.90 per share. The increased dividend will be payable on November 21, 2008 to shareholders of record on November 12, 2008.

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. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.