Press Release

Contact:

Joseph Macnow
Work(201) 587-1000
July 28, 2017

Vornado Supplies Information Regarding Tax
Basis for the Distribution of JBG SMITH Properties

NEW YORK…...On July 18, 2017, Vornado Realty Trust (NYSE:VNO), (“Vornado”) completed the separation of our Washington, DC business from our New York business and combined it with the operating company and certain Washington, DC metropolitan area assets of The JBG Companies to create JBG SMITH Properties (NYSE: JBGS) and distributed one JBG SMITH Properties common share for every two Vornado common shares held on July 7, 2017 (the “Record Date”).

Vornado has provided supplemental information on its website at www.vno.com on IRS Form 8937 regarding how a Vornado common shareholder can allocate their tax basis between Vornado common shares, which they owned prior to the distribution, and JBG SMITH common shares.  Vornado common shareholders are encouraged to consult their financial advisors and tax advisors regarding the distribution and the applicability and effect of any U.S. federal, state and foreign tax laws.

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