Vornado Realty 8K Results of Operations and Financial Condition | VNOD 3 May 16

EXHIBIT 99.2

SUPPLEMENTAL OPERATING

AND FINANCIAL DATA

For the Quarter Ended March 31, 2016

INDEX

	Page
Investor Information	2
2016 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 - 11
EBITDA by Segment and Region	12
Consolidated Balance Sheets	13
Capital Structure	14
Debt Analysis	15 - 17
Unconsolidated Joint Ventures	18 - 19
Square Footage	20
Top 30 Tenants	21
Lease Expirations	22 - 23
Leasing Activity	24
Occupancy, Same Store EBITDA and Residential Statistics	25
Capital Expenditures	26 - 29
Development / Redevelopment Summary	30
Property Table	31 - 44

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. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost and cost to complete; and estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K, as amended, for the year ended December 31, 2015. 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

Executive Officers:
Steven Roth	Chairman of the Board and Chief Executive Officer
David R. Greenbaum	President - New York Division
Mitchell N. Schear	President - Washington, DC Division
Michael J. Franco	Executive Vice President - Chief Investment Officer
Joseph Macnow	Executive Vice President - Finance and Chief Administrative Officer
Stephen W. Theriot	Chief Financial Officer

RESEARCH COVERAGE - EQUITY

James Feldman / Scott Freitag		Steve Sakwa	Alexander Goldfarb / Daniel Santos
Bank of America / Merrill Lynch		Evercore ISI	Sandler O'Neill
646-855-5808 / 646-855-3197		212-446-9462	212-466-7937 / 212-466-7927

Ross Smotrich / Peter Siciliano		Brad K. Burke	John W. Guinee / Erin T. Aslakson
Barclays Capital		Goldman Sachs	Stifel Nicolaus & Company
212-526-2306 / 212-526-3098		917-343-2082	443-224-1307 / 443-224-1350

Michael Bilerman / Emmanuel Korchman		Jed Reagan / Chris Belosic	Michael Lewis
Citi		Green Street Advisors	SunTrust Robinson Humphrey
212-816-1383 / 212-816-1382		949-640-8780	212-319-5659

Ian Weissman / Derek J.A. van Dijkum		Anthony Paolone / Gene Nusinzon	Ross T. Nussbaum / Nick Yulico
Credit Suisse		JP Morgan	UBS
212-538-6889 / 212-325-9752		212-622-6682 / 212-633-1041	212-713-2484 / 212-713-3402

Vincent Chao		Vikram Malhotra / Sumit Sharma
Deutsche Bank		Morgan Stanley
212-250-6799		212-761-7064 / 212-761-7567

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

Peter Troisi		Ron Perrotta
Barclays Capital		Goldman Sachs
212-412-3695		212-902-7885

Thomas Cook		Mark Streeter
Citi		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 -

2016 BUSINESS DEVELOPMENTS

Investment Activities

Since January 1, 2016, we completed the following investment transactions:

· On March 17, we entered into a joint venture, in which we own a 33.3% interest, which owns a $138,240,000 mezzanine loan. The interest rate is LIBOR plus 8.875% (9.32% at March 31, 2016) and the debt matures in November 2016, with two three-month extension options. At March 31, 2016, the joint venture has an $11,760,000 remaining commitment, of which our share is $3,920,000. The joint venture’s investment is subordinate to $350,000,000 of third party debt. We account for our investment in the joint venture under the equity method.

Financing Activities

Since January 1, 2016, we completed the following financing transactions:

· On February 8, we completed a $700,000,000 refinancing of 770 Broadway, a 1,158,000 square foot Manhattan office building. The five-year loan is interest only at LIBOR plus 1.75%, (2.19% at March 31, 2016) which was swapped for four and a half years to a fixed rate of 2.56%. We realized net proceeds of approximately $330,000,000. The property was previously encumbered by a 5.65%, $353,000,000 mortgage which was to mature in March 2016.

· On March 7, we completed a $300,000,000 refinancing of our 55% owned joint venture, One Park Avenue, a 947,000 square foot Manhattan office building. The loan matures in March 2021 and is interest only at LIBOR plus 1.75% (2.19% at March 31, 2016). The property was previously encumbered by a 4.995%, $250,000,000 mortgage maturing in March 2016.

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



				First Quarter 2016		Fourth Quarter 2015		Third Quarter 2015		Second Quarter 2015
High Price				$	99.97	$	103.41	$	98.96	$	113.12
Low Price				$	78.91	$	89.32	$	84.60	$	94.55
Closing Price - end of quarter				$	94.43	$	99.96	$	90.42	$	94.93

Annualized Dividend per share				$	2.52	$	2.52	$	2.52	$	2.52

Annualized Dividend Yield - on Closing Price					2.7%		2.5%		2.8%		2.7%

Outstanding shares, Class A units and convertible preferred units as converted,
	excluding stock options (in thousands)				201,763		201,367		201,431		200,575

Closing market value of outstanding shares, Class A units and convertible preferred
	units as converted, excluding stock options			$	19.1 Billion	$	20.1 Billion	$	18.2 Billion	$	19.0 Billion




TIMING

Quarterly financial results and related earnings conference calls for the remainder of 2016 are expected to occur as follows:

		Filing Date	Earnings Call

Second Quarter 2016		Monday, August 1, 2016	Tuesday, August 2, 2016 10AM ET
Third Quarter 2016		Monday, October 31, 2016	Tuesday, November 1, 2016 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,
				2016		2015		2015
	Total revenues			$	613,037	$	606,802	$	651,581

	Net (loss) income attributable to common shareholders			$	(114,163)	$	84,593	$	230,742
		Per common share:
			Basic	$	(0.61)	$	0.45	$	1.22
			Diluted	$	(0.61)	$	0.45	$	1.22

	FFO as adjusted for comparability			$	205,642	$	202,921	$	240,110
		Per diluted share		$	1.08	$	1.07	$	1.27

	FFO			$	203,137	$	220,084	$	259,528
	FFO - Operating Partnership Basis ("OP Basis")			$	216,687	$	233,926	$	276,682
		Per diluted share		$	1.07	$	1.16	$	1.37

	FAD			$	102,393	$	154,345	$	89,757
		Per diluted share		$	0.54	$	0.81	$	0.47

	Dividends per common share			$	0.63	$	0.63	$	0.63

	FFO payout ratio (based on FFO as adjusted for comparability)				58.3%		58.9%		49.6%
	FAD payout ratio				116.7%		77.8%		134.0%

	Weighted average shares used in determining FFO per diluted share - REIT basis				189,664		189,381		189,688
	Convertible units:
		Class A			11,414		10,675		11,362
		D-13			524		423		482
		G1-G4			43		76		40
		Equity awards - unit equivalents			670		737		654
	Weighted average shares used in determining FFO per diluted share - OP Basis				202,315		201,292		202,226

- 5 -

RECONCILIATION OF NET (LOSS) INCOME TO FFO⁽¹⁾
(unaudited and in thousands, except per share amounts)
				Three Months Ended
				March 31,				December 31,
				2016		2015		2015
Reconciliation of our net (loss) income to FFO:
	Net (loss) income attributable to Vornado			$	(93,799)	$	104,077	$	251,107
	Depreciation and amortization of real property				134,121		118,256		131,910
	Net gains on sale of real estate				-		(10,867)		(142,693)
	Real estate impairment losses				160,700		256		-
	Proportionate share of adjustments to equity in net loss of
		partially owned entities to arrive at FFO:
			Depreciation and amortization of real property		39,046		36,272		37,275
			Real estate impairment losses		4,353		-		4,141
	Noncontrolling interests' share of above adjustments				(20,942)		(8,448)		(1,869)
	FFO attributable to Vornado				223,479		239,546		279,871
	Preferred share dividends				(20,364)		(19,484)		(20,365)
	FFO attributable to common shareholders				203,115		220,062		259,506
	Convertible preferred share dividends				22		22		22
	FFO attributable to common shareholders plus assumed conversions				203,137		220,084		259,528
	Add back of income allocated to noncontrolling interests of the
		Operating Partnership			13,550		13,842		17,154
	FFO - OP Basis⁽¹⁾			$	216,687	$	233,926	$	276,682
	FFO per diluted share⁽¹⁾			$	1.07	$	1.16	$	1.37


(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 gains from sales of depreciated real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures 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,
			2016		2015		2015
FFO attributable to common shareholders plus assumed conversions		(A)	$	203,137	$	220,084	$	259,528
Per diluted share			$	1.07	$	1.16	$	1.37
Items that affect comparability income:
	Acquisition and transaction related costs			(4,607)		(1,981)		(4,951)
	FFO from discontinued operations and sold properties			721		14,188		19,251
	Net gain on sale of residential condominiums			714		1,860		4,231
	Toys FFO			500		1,454		500
	Impairment loss and loan reserve on investment in Suffolk Downs			-		-		(956)
	Other, net			-		2,721		2,627
				(2,672)		18,242		20,702
Noncontrolling interests' share of above adjustments				167		(1,079)		(1,284)
Items that affect comparability, net		(B)	$	(2,505)	$	17,163	$	19,418
Per diluted share			$	(0.01)	$	0.09	$	0.10

FFO attributable to common shareholders plus assumed conversions,
	as adjusted for comparability	(A-B)	$	205,642	$	202,921	$	240,110
Per diluted share			$	1.08	$	1.07	$	1.27

- 7-

RECONCILIATION OF FFO TO FAD⁽¹⁾
(unaudited and in thousands, except per share amounts)

			Three Months Ended
			March 31,				December 31,
			2016		2015		2015

FFO attributable to common shareholders plus assumed conversions		(A)	$	203,137	$	220,084	$	259,528

Adjustments to arrive at FAD:
	Recurring tenant improvements, leasing commissions and other capital expenditures			74,569		52,048		109,889
	Straight-line rentals			41,761		29,296		45,158
	Amortization of acquired below-market leases, net			17,049		11,992		32,677
	Stock-based compensation expense			(14,571)		(20,142)		(6,518)
	Amortization of debt issuance costs			(9,265)		(7,456)		(9,344)
	Items that affect comparability per page 7, excluding FFO attributable to discontinued operations and sold properties			(3,393)		4,054		1,451
	Carried interest and our share of net unrealized gains from real estate fund investments			3,138		1,621		9,222
	Non real estate depreciation			(1,824)		(1,922)		(1,548)
	Noncontrolling interests' share of above adjustments			(6,720)		(3,752)		(11,216)
		(B)		100,744		65,739		169,771

FAD⁽¹⁾		(A-B)	$	102,393	$	154,345	$	89,757

FAD per diluted share			$	0.54	$	0.81	$	0.47
FAD payout ratio⁽²⁾				116.7%		77.8%		134.0%


(1)	FAD is defined as FFO less (i) cash basis 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.

- 8 -

CONSOLIDATED NET INCOME / EBITDA⁽¹⁾
(unaudited and in thousands)
		Three Months Ended
		March 31,						December 31,
		2016		2015		Inc (Dec)		2015
Property rentals		$	460,224	$	458,528	$	1,696	$	456,839
Straight-line rent adjustments			41,761		29,296		12,465		45,158
Amortization of acquired below-market leases, net			17,507		12,450		5,057		33,135
Total rentals			519,492		500,274		19,218		535,132
Tenant expense reimbursements			59,575		66,921		(7,346)		64,742
Fee and other income:
	BMS cleaning fees		18,146		22,633		(4,487)		19,176
	Management and leasing fees		4,799		4,192		607		4,320
	Lease termination fees		2,405		3,747		(1,342)		19,076
	Other income		8,620		9,035		(415)		9,135
Total revenues			613,037		606,802		6,235		651,581
Operating expenses			256,349		254,493		1,856		257,505
Depreciation and amortization			142,957		124,122		18,835		139,953
General and administrative			48,704		58,492		(9,788)		41,469
Impairment loss and acquisition and transaction related costs			165,307		1,981		163,326		4,951
Total expenses			613,317		439,088		174,229		443,878
Operating (loss) income			(280)		167,714		(167,994)		207,703
Loss from partially owned entities			(4,240)		(2,743)		(1,497)		(3,921)
Income from real estate fund investments			11,284		24,089		(12,805)		21,959
Interest and other investment income, net			3,518		10,792		(7,274)		7,360
Interest and debt expense			(100,489)		(91,674)		(8,815)		(98,915)
Net gain on disposition of wholly owned and partially owned assets			714		1,860		(1,146)		146,924
(Loss) income before income taxes			(89,493)		110,038		(199,531)		281,110
Income tax (expense) benefit			(2,831)		(971)		(1,860)		450
(Loss) income from continuing operations			(92,324)		109,067		(201,391)		281,560
Income from discontinued operations			716		16,179		(15,463)		1,984
Net (loss) income			(91,608)		125,246		(216,854)		283,544
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated subsidiaries		(9,678)		(15,882)		6,204		(17,395)
	Operating Partnership		7,487		(5,287)		12,774		(15,042)
Net (loss) income attributable to Vornado			(93,799)		104,077		(197,876)		251,107
Interest and debt expense			126,120		114,675		11,445		121,118
Depreciation and amortization			174,811		156,450		18,361		170,733
Income tax expense (benefit)			3,261		(739)		4,000		(30)
EBITDA		$	210,393	$	374,463	$	(164,070)	$	542,928

Capitalized leasing and development payroll		$	6,142	$	4,941	$	1,201	$	5,148
Capitalized interest and debt expense		$	9,071	$	11,110	$	(2,039)	$	10,488


(1)	EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." Management considers EBITDA a non-GAAP financial 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, 2016
		Total		New York			Washington, DC			Other
Property rentals		$	460,224	$	294,802		$	102,706		$	62,716
Straight-line rent adjustments			41,761		26,311			5,732			9,718
Amortization of acquired below-market leases, net			17,507		16,194			337			976
Total rentals			519,492		337,307			108,775			73,410
Tenant expense reimbursements			59,575		44,997			9,641			4,937
Fee and other income:
	BMS cleaning fees		18,146		22,659			-			(4,513)
	Management and leasing fees		4,799		1,553			3,204			42
	Lease termination fees		2,405		2,190			165			50
	Other income		8,620		2,119			6,227			274
Total revenues			613,037		410,825			128,012			74,200
Operating expenses			256,349		175,307			49,319			31,723
Depreciation and amortization			142,957		84,321			38,582			20,054
General and administrative			48,704		9,967			7,964			30,773
Impairment loss and acquisition and transaction related costs			165,307		-			160,700			4,607
Total expenses			613,317		269,595			256,565			87,157
Operating (loss) income			(280)		141,230			(128,553)			(12,957)
(Loss) income from partially owned entities			(4,240)		(3,563)			(2,043)			1,366
Income from real estate fund investments			11,284		-			-			11,284
Interest and other investment income, net			3,518		1,115			58			2,345
Interest and debt expense			(100,489)		(54,586)			(15,935)			(29,968)
Net gain on disposition of wholly owned and partially owned assets			714		-			-			714
(Loss) income before income taxes			(89,493)		84,196			(146,473)			(27,216)
Income tax expense			(2,831)		(959)			(264)			(1,608)
(Loss) income from continuing operations			(92,324)		83,237			(146,737)			(28,824)
Income from discontinued operations			716		-			-			716
Net (loss) income			(91,608)		83,237			(146,737)			(28,108)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated subsidiaries		(9,678)		(3,429)			-			(6,249)
	Operating Partnership		7,487		-			-			7,487
Net (loss) income attributable to Vornado			(93,799)		79,808			(146,737)			(26,870)
Interest and debt expense			126,120		71,198			19,406			35,516
Depreciation and amortization			174,811		108,403			42,681			23,727
Income tax expense			3,261		1,090			265			1,906
EBITDA for the three months ended March 31, 2016		$	210,393	$	260,499		$	(84,385)		$	34,279

EBITDA for the three months ended March 31, 2015		$	374,463	$	248,945		$	83,257		$	42,261

EBITDA as adjusted for comparability - OP basis:
	For the three months ended March 31, 2016	$	370,631	$	260,499	⁽¹⁾	$	76,315	⁽²⁾	$	33,817	⁽³⁾
	For the three months ended March 31, 2015	$	350,697	$	245,405	⁽¹⁾	$	81,334	⁽²⁾	$	23,958	⁽³⁾


See notes on page 11.

- 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,
			2016		2015
	Office (including BMS EBITDA of $5,045 and $5,681, respectively)		$	152,729	$	150,769
	Retail			93,323		81,305
	Residential			6,350		5,050
	Alexander's			11,569		10,407
	Hotel Pennsylvania			(3,472)		(2,126)
		Total New York	$	260,499	$	245,405

(2)	The elements of "Washington, DC" EBITDA as adjusted for comparability are summarized below.
			Three Months Ended March 31,
			2016		2015
	Office, excluding the Skyline properties		$	61,988	$	65,462
	Skyline properties			5,092		6,055
		Total Office		67,080		71,517
	Residential			9,235		9,817
		Total Washington, DC	$	76,315	$	81,334


(3)	The elements of "Other" EBITDA as adjusted for comparability are summarized below.
			Three Months Ended March 31,
			2016		2015
	Our share of real estate fund investments:
		Income before net realized/unrealized gains	$	2,231	$	1,614
		Net realized/unrealized gains on investments		1,561		5,548
		Carried interest		1,519		3,388
	Total			5,311		10,550
	theMART (including trade shows)			23,028		21,041
	555 California Street			11,615		12,401
	India real estate ventures			1,319		1,841
	Other investments			16,175		5,305
				57,448		51,138
	Corporate general and administrative expenses^{(a) (b)}			(30,606)		(35,942)
	Investment income and other, net^(a)			6,975		8,762
		Total Other	$	33,817	$	23,958


	(a)	The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $1,938 loss for the three months ended March 31, 2016 and $2,859 income for the three months ended March 31, 2015.
	(b)	The three months ended March 31, 2015 includes a cumulative catch up of $4,542 from the acceleration of recognition of compensation expense related to the modification of the 2012-2014 Out-Performance Plans.

-11-

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 and other items that affect comparability.


		Three Months Ended March 31,
		2016	2015
Segment and Region
	New York	70%	68%
	Washington, DC	21%	23%
	theMART, Chicago (included in "Other" segment)	6%	6%
	555 California Street, San Francisco (included in "Other" segment)	3%	3%
		100%	100%

- 12 -

CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands)


			March 31, 2016		December 31, 2015		(Decrease) Increase
ASSETS
Real estate, at cost:
	Land		$	4,164,796	$	4,164,799	$	(3)
	Buildings and improvements			12,358,371		12,582,671		(224,300)
	Development costs and construction in progress			1,305,849		1,226,637		79,212
	Leasehold improvements and equipment			109,536		116,030		(6,494)
		Total		17,938,552		18,090,137		(151,585)
	Less accumulated depreciation and amortization			(3,352,986)		(3,418,267)		65,281
Real estate, net				14,585,566		14,671,870		(86,304)
Cash and cash equivalents				1,673,566		1,835,707		(162,141)
Restricted cash				109,147		107,799		1,348
Marketable securities				162,091		150,997		11,094
Tenant and other receivables, net				97,345		98,062		(717)
Investments in partially owned entities				1,553,250		1,550,422		2,828
Real estate fund investments				566,696		574,761		(8,065)
Receivable arising from the straight-lining of rents, net				973,709		931,245		42,464
Deferred leasing costs, net				485,283		480,421		4,862
Identified intangible assets, net				218,388		227,901		(9,513)
Assets related to discontinued operations				36,514		37,020		(506)
Other assets				411,819		477,088		(65,269)
	Total assets		$	20,873,374	$	21,143,293	$	(269,919)

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
	Mortgages payable, net		$	9,844,242	$	9,513,713	$	330,529
	Senior unsecured notes, net			844,514		844,159		355
	Unsecured revolving credit facilities			-		550,000		(550,000)
	Unsecured term loan, net			371,076		183,138		187,938
	Accounts payable and accrued expenses			447,700		443,955		3,745
	Deferred revenue			325,013		346,119		(21,106)
	Deferred compensation plan			116,824		117,475		(651)
	Liabilities related to discontinued operations			12,902		12,470		432
	Other liabilities			433,863		426,965		6,898
Total liabilities				12,396,134		12,437,994		(41,860)
Redeemable noncontrolling interests				1,177,684		1,229,221		(51,537)
Vornado shareholders' equity				6,524,924		6,697,595		(172,671)
Noncontrolling interests in consolidated subsidiaries				774,632		778,483		(3,851)
	Total liabilities, redeemable noncontrolling interests and equity		$	20,873,374	$	21,143,293	$	(269,919)

- 13 -

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

						March 31, 2016
Debt:
	Consolidated debt (contractual):
		Mortgages payable				$	9,954,468
		Senior unsecured notes					850,000
		Unsecured term loan					375,000
		$2.5 Billion unsecured revolving credit facilities					-
							11,179,468
	Pro rata share of debt of non-consolidated entities
		(excluding $1,533,309 of Toys' debt)					2,633,075
	Less: Noncontrolling interests' share of consolidated debt
		(primarily 1290 Avenue of the Americas, 555 California Street, and St. Regis - retail)					(587,418)
Total debt							13,225,125


			Shares/Units	Par Value
Perpetual Preferred:
5.00% Preferred Unit (D-16) (1 unit @ $1,000,000 per unit)							1,000
3.25% Preferred Units (D-17) (177,100 units @ $25 per unit)							4,428
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
							1,321,678


				March 31, 2016
			Converted	Common
			Shares	Share Price
Equity:
Common shares			188,771	$	94.43		17,825,646
Class A units			11,593		94.43		1,094,727
Convertible share equivalents:
	Equity awards - unit equivalents		821		94.43		77,526
	D-13 preferred units		494		94.43		46,648
	G1-G4 units		42		94.43		3,966
	Series A preferred shares		42		94.43		3,966
							19,052,479
Total Market Capitalization						$	33,599,282

- 14 -

DEBT ANALYSIS
(unaudited and in thousands)
		As of March 31, 2016
		Total				Variable				Fixed
				Weighted				Weighted				Weighted
				Average				Average				Average
		Amount		Interest Rate		Amount		Interest Rate		Amount		Interest Rate
Consolidated debt (contractual)		$	11,179,468		3.41%	$	3,634,067		2.18%	$	7,545,401		4.00%
Pro rata share of debt of non-consolidated entities:
	Toys		1,533,309		8.21%		830,907		7.43%		702,402		9.12%
	All other		2,633,075		4.82%		673,469		2.13%		1,959,606		5.74%
Total			15,345,852		4.13%		5,138,443		3.02%		10,207,409		4.69%
Less: Noncontrolling interests' share of consolidated debt
	(primarily 1290 Avenue of the Americas,
	555 California Street, and St. Regis - retail)		(587,418)				(126,380)				(461,038)
Company's pro rata share of total debt		$	14,758,434		4.15%	$	5,012,063		3.04%	$	9,746,371		4.72%

		Senior Unsecured Notes
		Due 2019		Due 2022
Maturity Date / Put Date			6/30/2019		1/15/2022
Principal Amount		$	450,000	$	400,000
Coupon / Effective Economic Interest Rate			2.500% / 2.581%		5.000% / 5.057%
Ratings:
	Moody's / S&P / Fitch		Baa2 / BBB / BBB		Baa2 / BBB / BBB

Debt Covenant Ratios:⁽¹⁾		Senior Unsecured Notes						Unsecured Revolving Credit Facilities				Unsecured Term Loan
				Actual
		Required		Due 2019		Due 2022		Required		Actual		Required		Actual
Total Outstanding Debt / Total Assets⁽²⁾		Less than 65%			48%		48%	Less than 60%			34%	Less than 60%		34%
Secured Debt / Total Assets		Less than 50%			42%		42%	Less than 50%			29%	Less than 50%		29%
Interest Coverage Ratio (Annualized Combined
	EBITDA to Annualized Interest Expense)	Greater than 1.50			2.82		2.82				N/A			N/A
Fixed Charge Coverage					N/A		N/A	Greater than 1.40			2.59	Greater than 1.40		2.59
Unencumbered Assets / Unsecured Debt		Greater than 150%			776%		776%				N/A			N/A
Unsecured Debt / Cap Value of Unencumbered Assets					N/A		N/A	Less than 60%			10%	Less than 60%		10%
Unencumbered Coverage Ratio					N/A		N/A	Greater than 1.50			13.89	Greater than 1.50		13.89

Unencumbered EBITDA:		1Q 2016
		Annualized
New York		$	368,152
Washington, DC			159,460
Other			28,144
Total		$	555,756



(1)	Our debt covenant ratios are computed in accordance with the terms of our senior unsecured notes, unsecured revolving credit facilities, and unsecured term loan, 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 unsecured revolving credit facilities and unsecured term loan.

- 15 -

DEBT MATURITIES
(unaudited and in thousands)
		Spread
	Maturity	over	Interest
Property	Date⁽¹⁾	LIBOR	Rate	2016		2017		2018		2019		2020		Thereafter		Total
Bowen Building	06/16		6.14%	$	115,022	$	-	$	-	$	-	$	-	$	-	$	115,022
1730 M and 1150 17th Street	06/16	L+125	1.69%		43,581		-		-		-		-		-		43,581
theMART	12/16		5.57%		550,000		-		-		-		-		-		550,000
350 Park Avenue	01/17		3.75%		-		287,781		-		-		-		-		287,781
2011 Crystal Drive	08/17		7.30%		-		76,061		-		-		-		-		76,061
220 20th Street	02/18		4.61%		-		-		69,624		-		-		-		69,624
$1.25 Billion unsecured revolving credit facility	06/18	L+115	-		-		-		-		-		-		-		-
828-850 Madison Avenue Retail Condominium	06/18		5.29%		-		-		80,000		-		-		-		80,000
33-00 Northern Boulevard	10/18		4.43%		-		-		61,515		-		-		-		61,515
Senior unsecured notes due 2019	06/19		2.50%		-		-		-		450,000		-		-		450,000
435 Seventh Avenue - retail	08/19	L+225	2.69%		-		-		-		98,000		-		-		98,000
$1.25 Billion unsecured revolving credit facility	11/19	L+105	-		-		-		-		-		-		-		-
4 Union Square South - retail	11/19	L+215	2.59%		-		-		-		117,580		-		-		117,580
2200 / 2300 Clarendon Boulevard (Courthouse Plaza)	05/20	L+160	2.04%		-		-		-		-		23,250		-		23,250
150 West 34th Street	06/20	L+225	2.69%		-		-		-		-		205,000		-		205,000
100 West 33rd Street - office and retail	07/20	L+165	2.09%		-		-		-		-		580,000		-		580,000
220 Central Park South	09/20	L+200	2.43%		-		-		-		-		950,000		-		950,000
Unsecured Term Loan	10/20	L+115	1.58%		-		-		-		-		375,000		-		375,000
Eleven Penn Plaza	12/20		3.95%		-		-		-		-		450,000		-		450,000
888 Seventh Avenue	12/20		3.15%		-		-		-		-		375,000		-		375,000
Borgata Land	02/21		5.14%		-		-		-		-		-		57,314		57,314
770 Broadway	03/21		2.56%		-		-		-		-		-		700,000		700,000
909 Third Avenue	05/21		3.91%		-		-		-		-		-		350,000		350,000
West End 25	06/21		4.88%		-		-		-		-		-		101,671		101,671
Universal Buildings	08/21	L+190	2.34%		-		-		-		-		-		185,000		185,000
555 California Street	09/21		5.10%		-		-		-		-		-		586,791		586,791
655 Fifth Avenue	10/21	L+140	1.84%		-		-		-		-		-		140,000		140,000
Two Penn Plaza	12/21	⁽²⁾	4.04%		-		-		-		-		-		575,000		575,000
Senior unsecured notes due 2022	01/22		5.00%		-		-		-		-		-		400,000		400,000
Skyline properties	02/22		2.97%		-		-		-		-		-		678,000		678,000
1290 Avenue of the Americas	11/22		3.34%		-		-		-		-		-		950,000		950,000
697-703 Fifth Avenue (St. Regis - retail)	12/22	L+180	2.24%		-		-		-		-		-		450,000		450,000
2121 Crystal Drive	03/23		5.51%		-		-		-		-		-		143,599		143,599
666 Fifth Avenue Retail Condominium	03/23		3.61%		-		-		-		-		-		390,000		390,000
2101 L Street	08/24		3.97%		-		-		-		-		-		145,524		145,524


See notes on the following page.

- 16 -

DEBT MATURITIES
(unaudited and in thousands)
			Spread
		Maturity	over	Interest
Property		Date⁽¹⁾	LIBOR	Rate	2016		2017		2018		2019		2020		Thereafter		Total
1215 Clark Street, 200 12th Street &
	251 18th Street	01/25		7.94%	$	-	$	-	$	-	$	-	$	-	$	93,879	$	93,879
RiverHouse Apartments		04/25	L+128	1.72%		-		-		-		-		-		307,710		307,710
Other		Various		2.97%		-		-		-		-		-		17,566		17,566


Total consolidated debt (contractual)					$	708,603	$	363,842	$	211,139	$	665,580	$	2,958,250	$	6,272,054	$	11,179,468

Weighted average rate						5.43%		4.49%		4.82%		2.54%		2.60%		3.55%		3.41%

Fixed rate debt					$	665,022	$	363,842	$	211,139	$	450,000	$	825,000	$	5,030,398	$	7,545,401
Fixed weighted average rate expiring						5.67%		4.49%		4.82%		2.50%		3.59%		3.91%		4.00%

Floating rate debt					$	43,581	$	-	$	-	$	215,580	$	2,133,250	$	1,241,656	$	3,634,067
Floating weighted average rate expiring						1.69%		-		-		2.64%		2.21%		2.06%		2.18%


(1)	Represents the extended maturity for certain loans in which we have the unilateral right to extend.
(2)	Pursuant to an existing swap agreement, $416,000 of the loan bears interest at a fixed rate of 4.78% through March 2018, and the balance of $159,000 floats through March 2018. The entire $575,000 will float thereafter for the duration of the loan.

- 17 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)
						As of March 31, 2016
								Debt
				Percentage		Company's		Company's
		Asset		Ownership at		Carrying		Pro rata		100% of
Joint Venture Name		Category		March 31, 2016		Amount		Share		Joint Venture
Alexander's, Inc.			Office/Retail		32.4%	$	128,264	$	341,188	$	1,053,051

Pennsylvania Real Estate Investment Trust (“PREIT”)			REIT		8.1%		128,068		144,493		1,790,495

India real estate ventures			Office/Land		4.1% to 36.5%		48,037		48,099		192,394

Urban Edge Properties (“UE”)			REIT		5.4%		26,227		67,252		1,233,983


Partially owned office buildings:
	280 Park Avenue		Office		50.0%		334,849		360,525		721,048
	650 Madison Avenue		Office/Retail		20.1%		122,311		159,406		791,963
	One Park Avenue		Office		55.0%		120,107		162,806		296,010
	512 West 22nd Street		Office		55.0%		68,883		25,987		47,249
	666 Fifth Avenue Office Condominium		Office		49.5%		63,656		635,598		1,284,037
	Rosslyn Plaza	Office/Residential			43.7% to 50.4%		48,322		19,334		38,354
	West 57th Street properties		Office		50.0%		42,954		9,936		19,872
	330 Madison Avenue		Office		25.0%		28,352		37,490		149,962
	Warner Building		Office		55.0%		24,118		160,981		292,693
	825 Seventh Avenue		Office		50.0%		2,770		10,158		20,315
	1101 17th Street		Office		55.0%		(2,171)		16,972		30,858
	Fairfax Square		Office		20.0%		1,644		17,839		89,194
	Other		Office		Various		13,438		17,465		50,150

Other investments:
	Independence Plaza		Residential		50.1%		144,781		275,550		550,000
	Toys "R" Us, Inc.		Retailer		32.5%		-		1,533,309		4,717,874
	Other		Various		Various		208,640		121,996		764,692
						$	1,553,250	$	4,166,384	$	14,134,194

- 18 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)

		Percentage		Our Share of Net (Loss) Income for the				Our Share of EBITDA for the
		Ownership at		Three Months Ended March 31,				Three Months Ended March 31,
		March 31, 2016		2016		2015		2016		2015
Joint Venture Name
New York:
	666 Fifth Avenue Office Condominium		49.5%	$	(10,725)	$	(8,574)	$	7,166	$	5,786
	Alexander's, Inc.		32.4%		6,937		5,594		11,569		10,407
	280 Park Avenue		50.0%		(3,315)		(566)		7,417		5,589
	330 Madison Avenue		25.0%		1,644		1,464		2,579		2,522
	Independence Plaza		50.1%		1,396		(2,049)		5,504		4,659
	650 Madison Avenue (retail under development)		20.1%		(1,296)		(544)		2,247		2,969
	One Park Avenue		55.0%		829		573		3,666		4,870
	825 Seventh Avenue		50.0%		656		707		816		833
	West 57th Street properties (partially under development)		50.0%		(8)		(2,219)		317		84
	Other		Various		319		(49)		3,585		1,041
					(3,563)		(5,663)		44,866		38,760

Washington, DC:
	Warner Building		55.0%		(1,753)		(1,871)		2,104		2,215
	Rosslyn Plaza		43.7% to 50.4%		(956)		(737)		960		1,080
	1101 17th Street		55.0%		464		2,317		859		715
	Fairfax Square		20.0%		(129)		16		328		460
	Other		Various		331		406		1,278		1,313
					(2,043)		131		5,529		5,783

Other:
	PREIT		8.1%		(4,288)		-		1,126		-
	Alexander's corporate fee income		32.4%		1,725		2,097		1,725		2,097
	UE		5.4%		1,085		584		2,662		584
	India real estate ventures		4.1% to 36.5%		(686)		(109)		1,319		1,841
	Toys "R" Us, Inc.		32.5%		500		1,454		500		1,454
	Other		Various		3,030		(1,237)		8,058		6,090
					1,366		2,789		15,390		12,066

				$	(4,240)	$	(2,743)	$	65,785	$	56,609

- 19 -

SQUARE FOOTAGEin service
(unaudited and square feet in thousands)
				Owned by Company
			Total
			Portfolio	Total	Office	Retail	Showroom	Other
Segment:
	New York:
		Office	20,187	17,141	16,958	-	183	-
		Retail	2,675	2,463	-	2,463	-	-
		Residential - 1,711 units	1,561	827	-	-	-	827
		Alexander's (32.4% interest),
		including 312 residential units	2,419	784	287	420	-	77
		Hotel Pennsylvania	1,400	1,400	-	-	-	1,400
			28,242	22,615	17,245	2,883	183	2,304

	Washington, DC:
		Office, excluding the Skyline properties	12,978	10,620	9,839	781	-	-
		Skyline properties	2,648	2,648	2,593	55	-	-
		Total Office	15,626	13,268	12,432	836	-	-
		Residential - 2,414 units	2,597	2,455	-	-	-	2,455
		Other	598	598	-	9	-	589
			18,821	16,321	12,432	845	-	3,044

	Other:
		theMART	3,662	3,653	1,925	98	1,630	-
		555 California Street (70% interest)	1,736	1,215	1,122	93	-	-
		Other	763	763	-	763	-	-
			6,161	5,631	3,047	954	1,630	-

Total square feet at March 31, 2016			53,224	44,567	32,724	4,682	1,813	5,348

Total square feet at December 31, 2015			54,444	45,164	33,364	4,637	1,816	5,347


					Number of	Number of
Parking Garages (not included above):				Square Feet	Garages	Spaces
	New York			1,702	11	4,977
	Washington, DC			8,824	55	29,322
	theMART			558	4	1,664
	555 California Street			168	1	453
	Total at March 31, 2016			11,252	71	36,416

- 20 -

TOP 30 TENANTS
(unaudited)


			Annualized
	Square		Revenues (1)		% of Annualized
Tenants	Footage (1)		(in thousands)		Revenues
U.S. Government		4,544,205	$	158,466		6.5%
IPG and affiliates		923,896		54,455		2.2%
Swatch Group USA		32,374		47,107		1.9%
AXA Equitable Life Insurance		480,920		44,103		1.8%
Macy's		646,434		37,282		1.5%
Amazon.com		470,143		32,173		1.3%
Victoria's Secret		63,779		32,000		1.3%
Facebook		355,370		31,353		1.3%
Neuberger Berman Group LLC		411,894		31,066		1.3%
Madison Square Garden		393,299		29,200		1.2%
AOL		313,726		28,453		1.2%
J. Crew		310,233		28,389		1.2%
Ziff Brothers Investments, Inc.		287,030		27,620		1.1%
McGraw-Hill Companies, Inc.		479,557		27,395		1.1%
Bank of America		348,976		22,494		0.9%
AMC Networks, Inc.		393,470		22,275		0.9%
Topshop		94,349		21,877		0.9%
Motorola Mobility (guaranteed by Google)		609,071		21,739		0.9%
Fast Retailing (Uniqlo)		90,732		20,905		0.9%
The City of New York		523,105		20,563		0.8%
Forever 21		127,779		19,879		0.8%
JCPenney		426,370		18,916		0.8%
Hollister		21,741		18,142		0.7%
PricewaterhouseCoopers		241,196		16,892		0.7%
Bryan Cave LLP		213,946		16,661		0.7%
Cushman & Wakefield		166,287		15,347		0.6%
Family Health International		320,791		15,105		0.6%
Lockheed Martin		312,754		14,462		0.6%
Sears Holding Company (Kmart Corporation and Sears Corporation)		286,705		13,107		0.5%
New York & Company, Inc.		197,154		12,909		0.5%


(1) Includes leases not yet commenced.

- 21 -

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			29,000	$	2,067,000	$	71.28		0.2%

		Second Quarter 2016			67,000		4,440,000		66.27		0.4%
		Third Quarter 2016			220,000		14,773,000		67.15		1.4%
		Fourth Quarter 2016			178,000		12,323,000		69.23		1.2%
		Total 2016			465,000		31,536,000		67.82		3.0%
		First Quarter 2017			356,000		18,249,000		51.26		1.7%
		Remaining 2017			616,000		37,704,000		61.21		3.6%
		2018			1,106,000		85,988,000		77.75		8.1%
		2019			852,000		56,283,000		66.06		5.3%
		2020			1,540,000		94,777,000		61.54		9.0%
		2021			1,194,000		79,323,000		66.43		7.5%
		2022			524,000		32,576,000		62.17		3.1%
		2023			1,700,000		126,497,000		74.41		12.0%
		2024			1,186,000		89,800,000		75.72		8.5%
		2025			734,000		50,606,000		68.95		4.8%
		2026			1,105,000		82,689,000		74.83		7.8%

	Retail:	Month to Month			33,000	$	2,437,000	$	73.85		0.6%

		Second Quarter 2016			4,000		884,000		221.00		0.2%
		Third Quarter 2016			8,000		827,000		103.38		0.2%
		Fourth Quarter 2016			15,000		7,627,000		508.47		1.9%
		Total 2016			27,000		9,338,000		345.85		2.3%
		First Quarter 2017			13,000		2,228,000		171.38		0.5%
		Remaining 2017			34,000		9,259,000		272.32		2.3%
		2018			167,000		41,926,000		251.05		10.3%
		2019			180,000		31,776,000		176.53		7.8%
		2020			58,000		8,917,000		153.74		2.2%
		2021			42,000		8,537,000		203.26		2.1%
		2022			35,000		4,335,000		123.86		1.1%
		2023			81,000		19,873,000		245.35		4.9%
		2024			166,000		59,120,000		356.14		14.5%
		2025			39,000		18,909,000		484.85		4.6%
		2026			135,000		39,473,000		292.39		9.7%

- 22 -

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			350,000	$	10,856,000	$	31.04		2.5%

		Second Quarter 2016			365,000		16,291,000		44.63		3.8%
		Third Quarter 2016			210,000		8,821,000		42.02		2.0%
		Fourth Quarter 2016			264,000		12,760,000		48.25		2.9%
		Total 2016			839,000		37,872,000		45.12		8.7%
		First Quarter 2017			110,000		4,194,000		38.30		1.0%
		Remaining 2017			764,000		30,454,000		39.87		7.0%
		2018			1,076,000		46,627,000		43.35		10.7%
		2019			1,658,000		70,857,000		42.73		16.3%
		2020			941,000		44,893,000		47.71		10.3%
		2021			753,000		33,002,000		43.80		7.6%
		2022			942,000		41,987,000		44.57		9.7%
		2023			214,000		10,130,000		47.27		2.3%
		2024			462,000		18,643,000		40.38		4.3%
		2025			328,000		12,923,000		39.45		3.0%
		2026			182,000		8,739,000		47.90		2.0%

- 23 -

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.

(square feet in thousands)					New York				Washington, DC
					Office		Retail		Office
Three Months Ended March 31, 2016
	Total square feet leased					737		38		569
	Our share of square feet leased:					552		29		563
		Initial rent⁽¹⁾			$	84.32	$	272.01	$	38.36
		Weighted average lease term (years)				12.1		11.9		3.3
		Second generation relet space:
			Square feet			525		21		451
			Cash basis:
				Initial rent⁽¹⁾	$	84.15	$	229.26	$	38.62
				Prior escalated rent	$	65.63	$	218.35	$	39.59
				Percentage increase (decrease)		28.2%		5.0%		(2.5%)
			GAAP basis:
				Straight-line rent⁽²⁾	$	85.49	$	239.55	$	36.25
				Prior straight-line rent	$	64.46	$	206.78	$	37.74
				Percentage increase (decrease)		32.6%		15.8%		(3.9%)
		Tenant improvements and leasing commissions:
			Per square foot		$	82.59	$	122.08	$	9.93
			Per square foot per annum		$	6.83	$	10.26	$	3.01
				Percentage of initial rent		8.1%		3.8%		7.8%


(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.

- 24 -

OCCUPANCY, SAME STORE EBITDA AND RESIDENTIAL STATISTICS
(unaudited)

Occupancy and Same Store EBITDA:
								New York	Washington, DC
Occupancy rate at:
	March 31, 2016							96.2%	84.8%⁽¹⁾
	December 31, 2015							96.4%	84.8%⁽¹⁾
	March 31, 2015							97.3%	84.1%⁽¹⁾

Same store EBITDA % increase (decrease):
	Three months ended March 31, 2016 vs. March 31, 2015							5.5%⁽²⁾	(2.9%)
	Three months ended March 31, 2016 vs. December 31, 2015							(2.9%)⁽³⁾	(0.1%)

Cash basis same store EBITDA % increase (decrease):
	Three months ended March 31, 2016 vs. March 31, 2015							1.1%⁽²⁾	(3.1%)
	Three months ended March 31, 2016 vs. December 31, 2015							(1.3%)⁽³⁾	1.2%


(1)	Office occupancy rates for the Washington, DC segment including and excluding the Skyline properties were as follows:

			Including	Excluding
			Skyline Properties	Skyline Properties
		March 31, 2016	81.9%	90.6%
		December 31, 2015	82.1%	90.0%
		March 31, 2015	81.2%	88.1%

(2)	Excluding Hotel Pennsylvania, same store EBITDA increased by 6.0% and by 1.7% on a cash basis.

(3)	Excluding Hotel Pennsylvania, same store EBITDA increased by 1.6% and by 4.4% on a cash basis.



Residential Statistics:
			Number of Units				Average Monthly
			(in service)	Occupancy Rate			Rent Per Unit
	New York:
		March 31, 2016	1,711		94.5	%	$	3,488
		December 31, 2015	1,711		94.1	%	$	3,491
		March 31, 2015	1,677		96.1	%	$	3,251

	Washington, DC:
		March 31, 2016	2,414		96.8	%	$	2,058
		December 31, 2015	2,414		96.1	%	$	2,068
		March 31, 2015	2,414		97.1	%	$	2,060

- 25 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

CONSOLIDATED
(unaudited and in thousands)
		Three Months Ended		Year Ended December 31,
		March 31, 2016		2015		2014
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	14,046	$	125,215	$	107,728
Tenant improvements			29,792		153,696		205,037
Leasing commissions			15,023		50,081		79,636
Non-recurring capital expenditures			8,004		116,875		122,330
Total capital expenditures and leasing commissions (accrual basis)			66,865		445,867		514,731
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		50,564		156,753		140,490
	Expenditures to be made in future periods for the current period		(23,182)		(222,469)		(313,746)
Total capital expenditures and leasing commissions (cash basis)		$	94,247	$	380,151	$	341,475

Our share of square feet leased			1,144		3,767		5,204
Tenant improvements and leasing commissions per square foot per annum		$	6.16	$	8.43	$	6.53
Percentage of initial rent			9.3%		10.8%		10.3%


Development and redevelopment expenditures:
	220 Central Park South	$	55,291	$	158,014	$	78,059
	The Bartlett		25,911		103,878		38,163
	640 Fifth Avenue		9,755		17,899		440
	2221 South Clark Street (residential conversion)		9,310		23,711		3,481
	90 Park Avenue		6,635		29,937		8,910
	Wayne Towne Center		3,777		20,633		19,740
	Penn Plaza		2,744		17,701		4,009
	330 West 34th Street		1,790		32,613		41,592
	Marriott Marquis Times Square - retail and signage		1,633		21,929		112,390
	Other		10,437		64,504		237,403
		$	127,283	$	490,819	$	544,187

- 26 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

NEW YORK SEGMENT
(unaudited and in thousands)
		Three Months Ended		Year Ended December 31,
		March 31, 2016		2015		2014
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	9,443	$	57,752	$	48,518
Tenant improvements			27,216		68,869		143,007
Leasing commissions			13,962		35,099		66,369
Non-recurring capital expenditures			5,498		81,240		64,423
Total capital expenditures and leasing commissions (accrual basis)			56,119		242,960		322,317
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		39,550		93,105		67,577
	Expenditures to be made in future periods for the current period		(24,146)		(118,911)		(205,258)
Total capital expenditures and leasing commissions (cash basis)		$	71,523	$	217,154	$	184,636

Our share of square feet leased			581		1,920		3,530
Tenant improvements and leasing commissions per square foot per annum		$	6.99	$	10.20	$	6.82
Percentage of initial rent			7.5%		8.9%		9.1%


Development and redevelopment expenditures:
	640 Fifth Avenue	$	9,755	$	17,899	$	440
	90 Park Avenue		6,635		29,937		8,910
	Penn Plaza		2,744		17,701		4,009
	330 West 34th Street		1,790		32,613		41,592
	Marriott Marquis Times Square - retail and signage		1,633		21,929		112,390
	Other		773		8,100		46,465
		$	23,330	$	128,179	$	213,806

- 27 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

WASHINGTON, DC SEGMENT
(unaudited and in thousands)
		Three Months Ended		Year Ended December 31,
		March 31, 2016		2015		2014
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	2,255	$	25,589	$	23,425
Tenant improvements			2,219		51,497		37,842
Leasing commissions			1,061		6,761		5,857
Non-recurring capital expenditures			2,241		34,428		37,798
Total capital expenditures and leasing commissions (accrual basis)			7,776		118,275		104,922
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		9,533		35,805		45,084
	Expenditures to be made in future periods for the current period		(5,323)		(73,227)		(63,283)
Total capital expenditures and leasing commissions (cash basis)		$	11,986	$	80,853	$	86,723

Our share of square feet leased			563		1,847		1,674
Tenant improvements and leasing commissions per square foot per annum		$	3.01	$	6.41	$	5.70
Percentage of initial rent			7.8%		15.9%		14.8%



Development and redevelopment expenditures:
	The Bartlett	$	25,911	$	103,878	$	38,163
	2221 South Clark Street (residential conversion)		9,310		23,711		3,481
	Other		4,829		40,696		42,001
		$	40,050	$	168,285	$	83,645

- 28 -

CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

OTHER
(unaudited and in thousands)
		Three Months Ended		Year Ended December 31,
		March 31, 2016		2015		2014
Capital expenditures (accrual basis):
Expenditures to maintain assets		$	2,348	$	41,874	$	35,785
Tenant improvements			357		33,330		24,188
Leasing commissions			-		8,221		7,410
Non-recurring capital expenditures			265		1,207		20,109
Total capital expenditures and leasing commissions (accrual basis)			2,970		84,632		87,492
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		1,481		27,843		27,829
	Expenditures to be made in future periods for the current period		6,287		(30,331)		(45,205)
Total capital expenditures and leasing commissions (cash basis)		$	10,738	$	82,144	$	70,116


Development and redevelopment expenditures:
	220 Central Park South	$	55,291	$	158,014	$	78,059
	Wayne Towne Center		3,777		20,633		19,740
	Other		4,835		15,708		148,937
		$	63,903	$	194,355	$	246,736

- 29 -

DEVELOPMENT / REDEVELOPMENT SUMMARY

(unaudited and in thousands, except square feet)

At March 31, 2016

Rentable

Construction in

Full Quarter

Square

Incremental

Progress and

Initial

Stabilized

Current Projects:

Segment

Feet

Budget

Land Costs

% Complete

Start

Occupancy

Operations

220 Central Park South - residential condominiums

New York

397,000

1,300,000

852,700

26.3%

Q3 2012

N/A

90 Park Avenue - substantial renovation

New York

956,000

70,000

29,200

69.0%

Q3 2014

N/A

512 W 22nd Street (55.0% interest)

New York

173,000

72,000

8,000

11.0%

Q4 2015

Q1 2018

Q1 2020

61 Ninth Avenue (45.1% interest)

New York

167,000

68,000

6,100

8.8%

Q1 2016

Q1 2018

Q1 2020

The Bartlett - rental residential / retail

Washington, DC

621,000

250,000

170,200

76.7%

Q3 2013

Q2 2016

Q3 2017

Other

92,900

Total Current Projects

1,159,100

Zoning

Square

Future Opportunities:

Segment

Feet

Penn Plaza District - multiple opportunities - office / residential / retail

New York

TBD

Hotel Pennsylvania - mixed use

New York

2,052,000

260 Eleventh Avenue - office

New York

300,000

1770 Crystal Drive - office

Washington, DC

270,000

Square Block - retail

Washington, DC

300,000

2121 Crystal Drive - retail

Washington, DC

25,000

1150 17th Street and 1726 M Street (1700 M Street) - office

Washington, DC

335,000

1851 South Bell St (1900 Crystal Drive) - office / rental residential (515 units) / retail

Washington, DC

815,000

223 23rd Street - rental residential (1,000 units) / retail

Washington, DC

937,000

RiverHouse - rental residential (934 units)

Washington, DC

800,000

Commerce Metro - office / rental residential (500 units)

Washington, DC

825,000

Rosslyn Plaza (46.0% interest) - office / rental residential (333 units) / retail

Washington, DC

1,050,000

Undeveloped Land:

29, 31, 33 West 57th Street (50.0% interest)

New York

75,000

Metropolitan Park 6, 7 & 8 - rental residential (1,403 units) / retail

Washington, DC

1,144,000

PenPlace - office / hotel / rental residential (300 units)

Washington, DC

1,381,000

Square 649

Washington, DC

675,000

527 West Kinzie, Chicago

Other

330,000

- 30 -

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) (7)		Major Tenants
NEW YORK:
Penn Plaza:
One Penn Plaza												Cisco, Parsons Brinkerhoff, Symantec Corporation,
	(ground leased through 2098)											United Health Care, United States Customs Department,
		-Office	100.0%	95.1%	$	59.94	2,262,000	2,262,000	-			URS Corporation Group Consulting, Lion Resources
												Bank of America, Kmart Corporation,
		-Retail	100.0%	95.8%		122.52	271,000	271,000	-			Shake Shack (lease not yet commenced)
			100.0%	95.2%		66.63	2,533,000	2,533,000	-	$	-

Two Penn Plaza												EMC, Information Builders, Inc.,
		-Office	100.0%	99.8%		55.91	1,582,000	1,582,000	-			Madison Square Garden, McGraw-Hill Companies, Inc.
		-Retail	100.0%	64.9%		231.28	50,000	50,000	-			Chase Manhattan Bank, Madison Square Garden
			100.0%	98.7%		61.28	1,632,000	1,632,000	-		575,000

Eleven Penn Plaza
		-Office	100.0%	99.5%		57.81	1,115,000	1,115,000	-			Macy's, Madison Square Garden, AMC Networks, Inc.
		-Retail	100.0%	84.2%		161.13	36,000	36,000	-			PNC Bank National Association
			100.0%	99.1%		61.04	1,151,000	1,151,000	-		450,000

100 West 33rd Street
		-Office	100.0%	100.0%		59.30	855,000	855,000	-		398,402	IPG and affiliates

Manhattan Mall
		-Retail	100.0%	93.7%		133.32	256,000	256,000	-		181,598	JCPenney, Aeropostale, Express

330 West 34th Street
	(ground leased through 2149 -											New York & Company, Inc.,
	34.8% ownership interest in the land)											Structure Tone (lease not yet commenced),
		-Office	100.0%	87.4%		58.99	699,000	699,000	-			Deutsch, Inc., Yodle, Inc., Footlocker
		-Retail	100.0%	81.4%		100.00	18,000	18,000	-
			100.0%	87.2%		58.99	717,000	717,000	-		50,150

435 Seventh Avenue
		-Retail	100.0%	100.0%		276.46	43,000	43,000	-		98,000	Hennes & Mauritz

7 West 34th Street
		-Office	100.0%	100.0%		62.84	456,000	456,000	-			Amazon
		-Retail	100.0%	71.4%		292.00	21,000	21,000	-			Amazon
			100.0%	98.7%		72.93	477,000	477,000	-		-

484 Eighth Avenue
		-Retail	100.0%	-		-	16,000	-	16,000		-

431 Seventh Avenue
		-Retail	100.0%	100.0%		248.43	10,000	10,000	-		-

488 Eighth Avenue
		-Retail	100.0%	100.0%		75.76	6,000	6,000	-		-

267 West 34th Street
		-Retail	100.0%	100.0%		170.50	6,000	6,000	-		-

150 West 34th Street
		-Retail	100.0%	100.0%		68.61	78,000	78,000	-		205,000	Old Navy

- 31 -

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) (7)		Major Tenants
NEW YORK (Continued):
Penn Plaza (Continued):
137 West 33rd Street
		-Retail	100.0%	100.0%	$	91.22		3,000	3,000	-	$	-

138-142 West 32nd Street
		-Retail	100.0%	82.4%		116.20		8,000	8,000	-		-

265 West 34th Street
		-Retail	100.0%	100.0%		473.53		3,000	3,000	-		-

	Total Penn Plaza							7,794,000	7,778,000	16,000		1,958,150

Midtown East:
909 Third Avenue													IPG and affiliates, Forest Laboratories, Geller & Company,
	(ground leased through 2063)												Morrison Cohen LLP, Robeco USA Inc.,
		-Office	100.0%	100.0%		58.29	⁽²⁾	1,346,000	1,346,000	-		350,000	United States Post Office, The Procter & Gamble Distributing LLC

150 East 58th Street													Castle Harlan, Tournesol Realty LLC. (Peter Marino),
		-Office	100.0%	98.2%		69.87		541,000	541,000	-			Various showroom tenants
		-Retail	100.0%	100.0%		172.66		2,000	2,000	-
			100.0%	98.2%		70.25		543,000	543,000	-		-

715 Lexington Avenue
		-Retail	100.0%	100.0%		241.07		23,000	23,000	-		-	New York & Company, Inc., Zales, Jonathan Adler

966 Third Avenue
		-Retail	100.0%	100.0%		89.11		7,000	7,000	-		-	McDonald's

968 Third Avenue
		-Retail	50.0%	100.0%		257.98		6,000	6,000	-		-	Capital One Financial Corporation

	Total Midtown East							1,925,000	1,925,000	-		350,000

Midtown West:
888 Seventh Avenue													TPG-Axon Capital, Lone Star US Acquisitions LLC,
	(ground leased through 2067)												Pershing Square Capital Management,
		-Office	100.0%	92.0%		90.92		870,000	870,000	-			Vornado Executive Headquarters
		-Retail	100.0%	100.0%		244.02		15,000	15,000	-			Redeye Grill L.P.
			100.0%	92.2%		93.52		885,000	885,000	-		375,000

57th Street - 2 buildings
		-Office	50.0%	100.0%		56.08		81,000	81,000	-		20,000	Various
		-Retail	50.0%	100.0%		124.30		22,000	22,000	-		-
			50.0%	100.0%		70.65		103,000	103,000	-		20,000

825 Seventh Avenue
		-Office	50.0%	100.0%		74.64		165,000	165,000	-		20,500	Young & Rubicam
		-Retail	100.0%	100.0%		267.59		4,000	4,000	-		-	Lindy's
			51.2%	100.0%		79.21		169,000	169,000	-		20,500

	Total Midtown West							1,157,000	1,157,000	-		415,500

- 32 -

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) (7)		Major Tenants
NEW YORK (Continued):
Park Avenue:
280 Park Avenue													Cohen & Steers Inc., GIC Inc, Franklin Templeton Co. LLC,
		-Office	50.0%	87.8%	$	97.55	1,217,000		1,217,000	-			PJT Partners, Investcorp International Inc.
		-Retail	50.0%	16.1%		217.43	26,000		26,000	-			Scottrade Inc., Starbucks
			50.0%	86.3%		100.06	1,243,000		1,243,000	-	$	721,048

350 Park Avenue													Kissinger Associates Inc., Ziff Brothers Investment Inc.,
		-Office	100.0%	100.0%		96.20	554,000		554,000	-			MFA Financial Inc., M&T Bank
		-Retail	100.0%	100.0%		209.21	17,000		17,000	-			Fidelity Investment, AT&T Wireless, Valley National Bank
			100.0%	100.0%		99.57	571,000		571,000	-		287,781

	Total Park Avenue						1,814,000		1,814,000	-		1,008,829

Grand Central:
90 Park Avenue													Alston & Bird, Amster, Rothstein & Ebenstein,
													Capital One, Factset Research Systems Inc., Foley & Lardner,
		-Office	100.0%	93.4%		71.76	932,000		932,000	-			PricewaterhouseCoopers (lease note yet commenced)
		-Retail	100.0%	90.2%		122.22	24,000		24,000	-			Citibank
				93.3%		73.03	956,000		956,000	-		-

330 Madison Avenue													Guggenheim Partners LLC, HSBC Bank AFS,
		-Office	25.0%	88.6%		71.23	809,000		809,000	-			Jones Lang LaSalle Inc., Wells Fargo, American Century
		-Retail	25.0%	100.0%		283.54	33,000		33,000	-			Ann Taylor Retail Inc., Citibank
			25.0%	89.1%		79.55	842,000		842,000	-		150,000

510 Fifth Avenue
		-Retail	100.0%	73.7%		175.69	65,000		65,000	-		-	The North Face

	Total Grand Central						1,863,000		1,863,000	-		150,000

Madison/Fifth:
640 Fifth Avenue													Fidelity Investments, Owl Creek Asset Management LP,
		-Office	100.0%	93.6%		87.25	246,000		246,000	-			Stifel Financial Corp., GCA Savvian Inc
		-Retail	100.0%	88.8%		769.59	69,000		69,000	-			Victoria's Secret
			100.0%	92.5%		236.71	315,000		315,000	-		-

666 Fifth Avenue													Fulbright & Jaworski, Colliers International NY LLC,
		-Office (Office Condo)	49.5%	-		-	1,403,000		-	1,403,000		1,290,553	Integrated Holding Group, Vinson & Elkins LLP
		-Retail (Office Condo)	49.5%	-		-	45,000		-	45,000		-	HSBC Bank USA, Citibank
		-Retail (Retail Condo)	100.0%	100.0%		417.89	114,000	⁽³⁾	114,000	-		390,000	Fast Retailing (Uniqlo), Hollister, Tissot
				100.0%		417.89	1,562,000		114,000	1,448,000		1,680,553

595 Madison Avenue													Beauvais Carpets, Levin Capital Strategies LP,
		-Office	100.0%	98.4%		77.39	292,000		292,000	-			Cosmetech Mably Int'l LLC.
		-Retail	100.0%	100.0%		796.80	30,000		30,000	-			Coach, Prada
			100.0%	98.6%		144.41	322,000		322,000	-		-

- 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) (7)		Major Tenants
NEW YORK (Continued):
Madison/Fifth (Continued):
650 Madison Avenue												Memorial Sloan Kettering Cancer Center, Polo Ralph Lauren,
		-Office	20.1%	93.0%	$	108.03	525,000	525,000	-			Willett Advisors LLC
		-Retail	20.1%	91.4%		1,024.19	70,000	31,000	39,000			Bottega Veneta Inc., Moncler USA Inc.
			20.1%	92.8%		215.81	595,000	556,000	39,000	$	800,000

689 Fifth Avenue
		-Office	100.0%	100.0%		75.25	82,000	82,000	-			Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
		-Retail	100.0%	100.0%		761.99	18,000	18,000	-			MAC Cosmetics, Massimo Dutti
			100.0%	100.0%		198.86	100,000	100,000	-		-

655 Fifth Avenue
		-Retail	92.5%	100.0%		209.58	57,000	57,000	-		140,000	Ferragamo

697-703 Fifth Avenue (St. Regis - retail)
		-Retail	74.3%	100.0%		2,428.27	26,000	26,000	-		450,000	Swatch Group USA

	Total Madison/Fifth						2,977,000	1,490,000	1,487,000		3,070,553

Midtown South:
770 Broadway
		-Office	100.0%	100.0%		79.46	990,000	990,000	-			Facebook Inc., AOL, J. Crew
		-Retail	100.0%	100.0%		52.96	168,000	168,000	-			Ann Taylor Retail Inc., Bank of America, Kmart Corporation
			100.0%	100.0%		75.62	1,158,000	1,158,000	-		700,000

One Park Avenue												New York University, Clarins USA Inc.,
		-Office	55.0%	85.5%		46.27	868,000	868,000	-			Public Service Mutual Insurance
		-Retail	55.0%	100.0%		64.43	78,000	78,000	-			Bank of Baroda, Citibank, Equinox, Men's Wearhouse
			55.0%	86.7%		47.77	946,000	946,000	-		300,000

4 Union Square South
		-Retail	100.0%	100.0%		97.68	206,000	206,000	-		117,580	Burlington Coat Factory, Whole Foods Market, DSW, Forever 21

692 Broadway
		-Retail	100.0%	100.0%		74.03	35,000	35,000	-		-	Equinox, Major League Baseball

Other
		-Retail	50.0%	-		-	32,000	32,000	-		30,000

	Total Midtown South						2,377,000	2,377,000	-		1,147,580

Rockefeller Center:
1290 Avenue of the Americas												AXA Equitable Life Insurance, Hachette Book Group Inc.,
												Bryan Cave LLP, Neuberger Berman Group LLC, SSB Realty LLC,
												Cushman & Wakefield, Fitzpatrick,
		-Office	70.0%	99.1%		78.33	2,029,000	2,029,000	-			Cella, Harper & Scinto, Columbia University
		-Retail	70.0%	100.0%		167.40	78,000	78,000	-			Duane Reade, JPMorgan Chase Bank, Sovereign Bank
			70.0%	99.2%		81.62	2,107,000	2,107,000	-		950,000

608 Fifth Avenue (ground leased through 2033)
		-Office	100.0%	95.4%		58.98	89,000	89,000	-
		-Retail	100.0%	100.0%		437.38	44,000	44,000	-			Topshop
			100.0%	96.9%		184.17	133,000	133,000	-		-

	Total Rockefeller Center						2,240,000	2,240,000	-		950,000

- 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) (7)		Major Tenants
NEW YORK (Continued):
Wall Street/Downtown:
40 Fulton Street
		-Office	100.0%	91.4%	$	38.67	245,000	245,000	-			Market News International Inc., Sapient Corp.
		-Retail	100.0%	100.0%		101.45	5,000	5,000	-			TD Bank
			100.0%	91.6%		39.93	250,000	250,000	-	$	-

Soho:
478-486 Broadway - 2 buildings
		-Retail	100.0%	100.0%		161.26	65,000	65,000	-			Topshop, Madewell, J. Crew
		-Residential (10 units)	100.0%	90.0%			20,000	20,000	-
			100.0%				85,000	85,000	-		-

443 Broadway
		-Retail	100.0%	100.0%		106.64	16,000	16,000	-		-	Necessary Clothing

304 Canal Street
		-Retail	100.0%	-		-	4,000	-	4,000
		-Residential (4 units)	100.0%	-			11,000	-	11,000
			100.0%				15,000	-	15,000		-

334 Canal Street
		-Retail	100.0%	-		-	3,000	3,000	-
		-Residential (4 units)	100.0%	100.0%			11,000	11,000	-
			100.0%				14,000	14,000	-		-

155 Spring Street
		-Retail	100.0%	97.0%		98.70	50,000	50,000	-		-	Vera Bradley (lease not commenced)

148 Spring Street
		-Retail	100.0%	100.0%		140.77	7,000	7,000	-		-

150 Spring Street
		-Retail	100.0%	100.0%		261.52	6,000	6,000	-			Sandro
		-Residential (1 unit)	100.0%	100.0%			1,000	1,000	-
			100.0%				7,000	7,000	-		-

Other
		-Residential (26 units)	100.0%	92.3%			35,000	35,000	-		-

	Total Soho						229,000	214,000	15,000		-

- 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) (7)		Major Tenants
NEW YORK (Continued):
Times Square:
1540 Broadway												Forever 21, Planet Hollywood, Disney, Sunglass Hut,
		-Retail	100.0%	100.0%	$	228.19	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%	65.7%		2,102.11	46,000	46,000	-		-	T-Mobile, Invicta, Swatch, Laline
		-Theatre	100.0%	100.0%		13.05	62,000	62,000	-		-	Nederlander-Marquis Theatre
			100.0%	85.4%		244.26	108,000	108,000	-		-

	Total Times Square						268,000	268,000	-		-

Upper East Side:
828-850 Madison Avenue
		-Retail	100.0%	100.0%		591.41	18,000	18,000	-		80,000	Gucci, Chloe, Cartier, Cho Cheng, Christofle Silver Inc.

677-679 Madison Avenue
		-Retail	100.0%	100.0%		470.81	8,000	8,000	-			Berluti
		-Residential (8 units)	100.0%	100.0%			5,000	5,000	-
			100.0%				13,000	13,000	-		-

40 East 66th Street
		-Residential (5 units)	100.0%	100.0%			12,000	12,000	-
		-Retail	100.0%	100.0%		1,095.41	11,000	11,000	-			John Varvatos, Nespresso USA, J. Crew
			100.0%				23,000	23,000	-		-

1131 Third Avenue
		-Retail	100.0%	100.0%		144.18	23,000	23,000	-		-	Nike, Crunch LLC, J.Jill

Other
		-Retail - 2 buildings	100.0%	-		-	12,000	12,000	-
		-Residential (8 units)	100.0%	100.0%			7,000	7,000	-
			100.0%				19,000	19,000	-		-

	Total Upper East Side						96,000	96,000	-		80,000

Upper West Side:
50-70 W 93rd Street
		-Residential (326 units)	49.9%	94.1%			283,000	283,000	-		63,462

Tribeca:
Independence Plaza, Tribeca
		-Residential (1,327 units)	50.1%	94.6%			1,187,000	1,187,000	-		550,000
		-Retail	50.1%	100.0%		44.25	72,000	60,000	12,000		-	Duane Reade, Food Emporium
			50.1%				1,259,000	1,247,000	12,000		550,000

Long Island City:
33-00 Northern Boulevard (Center Building)
		-Office	100.0%	95.5%		30.79	446,000	446,000	-		61,515	The City of New York, NYC Transit Authority

- 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) (7)			Major Tenants
NEW YORK (Continued):
Chelsea/Meatpacking District:
260 Eleventh Avenue - 2 buildings
	(ground leased through 2114)
		-Office	100.0%		100.0%	$	46.06	184,000	184,000	-	$	-		The City of New York

85 Tenth Avenue														Google, General Services Administration,
														Telehouse International Corp., L-3 Communications,
		-Office	49.9%	⁽⁴⁾	100.0%		80.06	578,000	578,000	-		270,000		Moet Hennessy USA. Inc.
		-Retail	49.9%	⁽⁴⁾	100.0%		53.80	40,000	40,000	-		-		Craft Restaurants Inc., IL Posto LLC, Toro NYC Restaurant
			49.9%	⁽⁴⁾	100.0%		78.37	618,000	618,000	-		270,000	⁽⁵⁾

	Total Chelsea/Meatpacking District							802,000	802,000	-		270,000

New Jersey:
Paramus
		-Office	100.0%		94.7%		22.33	129,000	129,000	-		-		Vornado's Administrative Headquarters

Washington D.C.:
3040 M Street
		-Retail	100.0%		100.0%		62.50	44,000	44,000	-		-		Nike, Barneys


Properties to be Developed:
512 West 22nd Street
		-Office	55.0%		-		-	173,000	-	173,000		47,249

61 Ninth Avenue
	(ground leased through 2115)
		-Office	45.1%		-		-	147,000	-	147,000		-
		-Retail	45.1%		-		-	20,000	-	20,000		-		Starbucks (lease not commenced)
			45.1%		-		-	167,000	-	167,000		-

	Total Properties to be Developed							340,000	-	340,000		47,249

New York Office:

	Total				95.7%	$	69.07	21,910,000	20,187,000	1,723,000	$	7,817,198

	Vornado's Ownership Interest				96.4%	$	67.00	17,997,000	17,141,000	856,000	$	5,333,285

New York Retail:

	Total				94.0%	$	204.48	2,811,000	2,675,000	136,000	$	1,692,178

	Vornado's Ownership Interest				94.2%	$	201.73	2,528,000	2,463,000	65,000	$	1,551,058

New York Residential:

	Total				94.5%			1,572,000	1,561,000	11,000	$	613,462

	Vornado's Ownership Interest				94.5%			838,000	827,000	11,000	$	307,217

- 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) (7)		Major Tenants
NEW YORK (Continued):
ALEXANDER'S, INC.:
New York:
731 Lexington Avenue, Manhattan
		-Office	32.4%	100.0%	$	113.94	889,000	889,000	-	$	300,000	Bloomberg
		-Retail	32.4%	100.0%		175.94	174,000	174,000	-		350,000	Hennes & Mauritz, The Home Depot, The Container Store
			32.4%	100.0%		123.28	1,063,000	1,063,000	-		650,000

Rego Park I, Queens (4.8 acres)			32.4%	100.0%		39.86	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%	98.8%		44.01	608,000	608,000	-		262,505	Century 21, Costco, Kohl's, TJ Maxx, Toys "R" Us

Flushing, Queens (6) (1.0 acre)			32.4%	100.0%		16.53	167,000	167,000	-		-	New World Mall LLC

The Alexander Apartment Tower,
	Rego Park, Queens, NY (312 units)		32.4%	42.1%			255,000	238,000	17,000		-

New Jersey:
Paramus, New Jersey
	(30.3 acres ground leased to IKEA		32.4%	100.0%		-	-	-	-		68,000	IKEA (ground lessee)
	through 2041)

Property to be Developed:
Rego Park III (adjacent to Rego Park II),			32.4%	-		-	-	-	-		-
	Queens, NY (3.4 acres)

	Total Alexander's			93.6%		79.76	2,436,000	2,419,000	17,000		1,058,751

Hotel Pennsylvania:
	-Hotel (1,700 Keys)			-		-	1,400,000	1,400,000	-		-

Total New York				95.9%	$	83.25	30,129,000	28,242,000	1,887,000	$	11,181,590

Vornado's Ownership Interest				96.2%	$	82.63	23,553,000	22,615,000	938,000	$	7,534,596


(1)	Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential.
(2)	Excludes US Post Office leased through 2038 (including four five-year renewal options) for which the annual escalated rent is $11.42 PSF.
(3)	75,000 square feet is leased from the office condo.
(4)	As of March 31, 2016, we own junior and senior mezzanine loans of 85 Tenth Avenue with an accreted balance of $169.6 million. The junior and senior mezzanine loans bear paid-in-kind interest of 12% and 9%, respectively, and mature in May 2017. We account for our investment in 85 Tenth Avenue using the equity method of accounting because we will receive a 49.9% equity interest in the property after repayment of the junior mezzanine loan. As a result of recording our share of the GAAP losses of the property, the net carrying amount of these loans is $26.2 million on our consolidated balance sheets.
(5)	Excludes the Company's junior and senior mezzanine loans which are accounted for as equity.
(6)	Leased by Alexander's through January 2037.
(7)	Represents the contractual debt obligations.

- 38 -

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) (2)		Major Tenants
WASHINGTON, DC:
Crystal City:
2011-2451 Crystal Drive - 5 buildings		100.0%	93.3%	$	43.19	2,326,000	2,326,000	-		$	219,660	General Services Administration, Lockheed Martin, Finmeccanica,
												Conservation International, Smithsonian Institution,
												Natl. Consumer Coop. Bank, Council on Foundations,
												Vornado / Charles E. Smith Headquarters, KBR,
												Food Marketing Institute, American Diabetes Association

S. Clark Street / 12th Street - 5 buildings		100.0%	83.6%		37.28	1,547,000	1,547,000	-			55,398	General Services Administration, L-3 Communications,
												The Int'l Justice Mission, Management Systems International

1550-1750 Crystal Drive /		100.0%	86.5%		39.39	1,481,000	1,461,000	20,000	*		38,481	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%	89.8%		39.98	869,000	506,000	363,000	*		-	General Services Administration, Lockheed Martin,
	- 3 buildings											University of Phoenix, Inc.

2100 / 2200 Crystal Drive - 2 buildings		100.0%	100.0%		34.46	529,000	529,000	-			-	General Services Administration,
												Public Broadcasting Service

223 23rd Street		100.0%	-		-	147,000	-	147,000	*		-

2001 Jefferson Davis Highway		100.0%	60.9%		33.83	162,000	162,000	-			-	Institute for the Psychology Sciences, VT Aepco, Inc.

Crystal City Shops at 2100		100.0%	96.0%		24.08	80,000	80,000	-			-	Various

Crystal Drive Retail		100.0%	100.0%		50.89	57,000	57,000	-			-	Various

Total Crystal City		100.0%	89.1%		39.73	7,198,000	6,668,000	530,000			313,539

Central Business District:
1825-1875 Connecticut Avenue, NW		100.0%	99.0%		45.68	686,000	686,000	-			185,000	Family Health International, WeWork
	Universal Buildings - 2 buildings

1299 Pennsylvania Avenue, NW		55.0%	87.8%		71.04	621,000	621,000	-			292,700	Baker Botts LLP, General Electric, Cooley LLP,
	Warner Building											Facebook, Live Nation, APCO Worldwide Inc

2101 L Street, NW		100.0%	99.0%		66.80	380,000	380,000	-			145,524	Greenberg Traurig, LLP, US Green Building Council,
												American Insurance Association, RTKL Associates, DTZ

1150 17th Street, NW		100.0%	100.0%		49.72	241,000	139,000	102,000			28,728	American Enterprise Institute

875 15th Street, NW - Bowen Building		100.0%	100.0%		67.95	231,000	231,000	-			115,022	Paul Hastings LLP, Millennium Challenge Corporation

1101 17th Street, NW		55.0%	99.5%		49.34	215,000	215,000	-			31,000	AFSCME, Verto Solutions

1730 M Street, NW		100.0%	93.8%		46.63	204,000	204,000	-			14,853	General Services Administration
	(ground leased through 2061)

- 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) (2)		Major Tenants
WASHINGTON, DC (Continued):
Central Business District (Continued):
1726 M Street, NW	100.0%		100.0%	$	40.74		92,000	32,000	60,000		$	-	Aptima, Inc.


1501 K Street, NW	5.0%		100.0%		71.23		379,000	379,000	-			-	Sidley Austin LLP, UBS

1399 New York Avenue, NW	100.0%		95.1%		84.02		129,000	129,000	-			-	Bloomberg, Abbott Laboratories, Abbvie US LLC

Total Central Business District			96.8%		58.31		3,178,000	3,016,000	162,000			812,827

Skyline Properties:
Skyline Properties - 8 buildings	100.0%		47.4%		33.19		2,648,000	2,648,000	-			695,566	General Services Administration, Analytic Services,
													Axiom Resource Management,
													Booz Allen, Deloitte LLP

Rosslyn / Ballston:
2200 / 2300 Clarendon Blvd	100.0%		93.4%		45.80		638,000	638,000	-			23,250	Arlington County, General Services Administration,
(Courthouse Plaza) - 2 buildings													AMC Theaters
(ground leased through 2062)

Rosslyn Plaza - 4 buildings	46.2%		56.1%		42.91		741,000	495,000	246,000	*		38,770	General Services Administration, Corporate Executive Board,
													Nathan Associates, Inc.

Total Rosslyn / Ballston			83.4%		45.26		1,379,000	1,133,000	246,000			62,020

Reston:
Commerce Executive - 3 buildings	100.0%	`	96.0%		34.12		419,000	400,000	19,000	*		-	L-3 Communications, Allworld Language Consultants,
													BT North America, Applied Information Sciences, Clarabridge Inc.

Rockville/Bethesda:
Democracy Plaza One	100.0%		96.6%		31.88		214,000	214,000	-			-	National Institutes of Health
(ground leased through 2084)

Tysons Corner:
Fairfax Square - 3 buildings	20.0%		66.8%		41.22		561,000	561,000	-			90,000	Dean & Company, Womble Carlyle
						^��
Pentagon City:
Fashion Centre Mall	7.5%		97.1%		47.67		816,000	816,000	-			410,000	Macy's, Nordstrom

Washington Tower	7.5%		100.0%		45.68		170,000	170,000	-			40,000	The Rand Corporation

Total Pentagon City			97.6%		47.29		986,000	986,000	-			450,000

Total Washington, DC office properties			82.9%	$	44.31		16,583,000	15,626,000	957,000		$	2,423,952

Vornado's Ownership Interest			81.9%	$	42.65		14,087,000	13,268,000	819,000		$	1,770,810

- 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) (2)		Major Tenants
WASHINGTON, DC (Continued):
Residential:
For rent residential:
RiverHouse Apartments - 3 buildings
	(1,670 units)		100.0%	96.6%	$	-	1,802,000	1,802,000	-		$	307,710

West End 25 (283 units)			100.0%	97.2%		-	273,000	273,000	-			101,671

220 20th Street (265 units)			100.0%	98.1%		-	269,000	269,000	-			69,624

Rosslyn Plaza - 2 buildings (196 units)			43.7%	95.9%		-	253,000	253,000	-			-

Total Residential				96.8%		-	2,597,000	2,597,000	-			479,005

Other:
Crystal City Hotel			100.0%	100.0%		-	266,000	266,000	-			-

2221 South Clark Street			100.0%	100.0%		-	171,000	171,000	-			-	WeWork (residential and office)

Met Park / Warehouses - 1 building			100.0%	100.0%		-	129,000	109,000	20,000	*		-

The Bartlett - 1 building
		-Residential	100.0%	-		-	580,000	-	580,000
		-Retail	100.0%	100.0%		-	41,000	41,000	-				Whole Foods
							621,000	41,000	580,000			-

Other - 3 buildings			100.0%	100.0%		-	11,000	11,000	-			-

Total Other				100.0%			1,198,000	598,000	600,000			-

Total Washington, DC				85.4%	$	44.31	20,378,000	18,821,000	1,557,000		$	2,902,957

Vornado's Ownership Interest				84.8%	$	42.65	17,740,000	16,321,000	1,419,000		$	2,249,815


* We do not capitalize interest or real estate taxes on this space.

(1)	Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential.
(2)	Represents the contractual debt obligations.

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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) (2)		Major Tenants
555 California Street:
555 California Street		70.0%	98.4%	$	67.15	1,504,000	1,504,000	-	$	586,791	Bank of America, Dodge & Cox, Goldman Sachs & Co.,
											Jones Day, Kirkland & Ellis LLP, Morgan Stanley & Co. Inc.,
											McKinsey & Company Inc., UBS Financial Services,
											KKR Financial, Microsoft Corporation,
											Fenwick & West LLP

315 Montgomery Street		70.0%	60.4%		50.97	232,000	232,000	-		-	Bank of America, Regus

345 Montgomery Street		70.0%	-		-	64,000	-	64,000		-

Total 555 California Street			93.3%	$	65.76	1,800,000	1,736,000	64,000	$	586,791

Vornado's Ownership Interest			93.3%	$	65.76	1,260,000	1,215,000	45,000	$	410,753

theMART:
theMART, Chicago											Motorola Mobility (guaranteed by Google),
											CCC Information Services, Ogilvy Group (WPP),
											Publicis Groupe (MSL Group, Medicus Group, Razorfish),
											1871, Yelp Inc., Paypal, Inc., Allscripts Healthcare,
											Chicago School of Professional Psychology,
											Innovation Development Institute, Inc., Chicago Teachers Union,
	-Office	100.0%	96.8%	$	34.79	1,925,000	1,925,000	-			ConAgra Foods Inc., Allstate Insurance Company
											Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.,
	-Showroom/Trade show	100.0%	98.8%		44.66	1,630,000	1,630,000	-			Allsteel Inc., Herman Miller Inc., Knoll Inc., Teknion LLC
	-Retail	100.0%	97.9%		44.76	88,000	88,000	-
		100.0%	97.8%		39.35	3,643,000	3,643,000	-	$	550,000

Other		50.0%	100.0%		36.14	19,000	19,000	-		34,229

Total theMART			97.8%	$	39.34	3,662,000	3,662,000	-	$	584,229

Vornado's Ownership Interest			97.8%	$	39.34	3,653,000	3,653,000	-	$	567,114


(1)	'Weighted Average Annual Rent PSF excludes ground rent, storage rent and garages.
(2)	Represents the contractual debt obligations.

- 42 -

REAL ESTATE FUND
PROPERTY TABLE
				Weighted		Square Feet
	Fund			Average				Under Development
	%		%	Annual Rent		Total		or Not Available	Encumbrances
Property	Ownership		Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands) (3)		Major Tenants
VORNADO CAPITAL PARTNERS
REAL ESTATE FUND:
New York, NY:
Lucida, 86th Street and Lexington Avenue
(ground leased through 2082)											Barnes & Noble, Hennes & Mauritz,
- Retail	100.0%		100.0%	$	205.07	95,000	95,000	-			Sephora, Bank of America
- Residential (39 units)	100.0%		92.3%			59,000	59,000	-
						154,000	154,000	-	$	146,000

11 East 68th Street Retail	100.0%		100.0%		654.91	11,000	11,000	-		-	Belstaff, Kent & Curwen, Rag & Bone

Crowne Plaza Times Square
- Hotel (795 Keys)
- Retail	75.3%	⁽²⁾	100.0%		393.53	15,000	15,000	-			Hershey's, MAC Cosmetics
- Office	75.3%	⁽²⁾	87.1%		39.78	220,000	220,000	-			American Management Association
			87.9%		62.36	235,000	235,000	-		310,000

501 Broadway	100.0%		100.0%		240.00	9,000	9,000	-		23,000	Capital One

Culver City, CA:
800 Corporate Pointe - 2 buildings	100.0%		57.0%		36.92	243,000	243,000	-		60,094	Meredith Corp., West Publishing Corp., Symantec Corp.,
											Syska Hennessy Group, X Prize Foundation

Miami, FL:
1100 Lincoln Road
- Retail	100.0%		100.0%		187.92	49,000	49,000	-			Anthropologie, Banana Republic
- Theatre	100.0%		100.0%		36.33	79,000	79,000	-			Regal Cinema
					94.51	128,000	128,000	-		66,000


Total Real Estate Fund	92.6%		81.0%			780,000	780,000	-	$	605,094

Vornado's Ownership Interest	27.4%		82.2%			214,000	214,000	-	$	132,131


(1) Weighted Average Annual Rent PSF excludes ground rent, storage rent, garages and residential.
(2) Vornado's effective ownership through its Real Estate Fund and its co-investment is 33%.
(3) Represents the contractual debt obligations.

- 43 -

OTHER

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) (3)

Major Tenants

Other Properties:

New Jersey:

Wayne Town Center, Wayne

100.0%

27.53

655,000

192,000

443,000

20,000

JCPenney, Costco, Dick's Sporting Goods,

(ground leased through 2064)

Nordstrom Rack, 24 Hour Fitness

Maryland:

Annapolis

(ground and building leased through 2042)

100.0%

8.99

128,000

The Home Depot

Total Other Properties

100.0%

24.42

783,000

320,000

443,000

20,000

Vornado's Ownership Interest

100.0%

24.42

783,000

320,000

443,000

20,000

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

(2) Owned by tenant on land leased from the company.

(3) Represents the contractual debt obligations.

- 44 -

Vornado Realty (VNOD) 8-KResults of Operations and Financial Condition