Vornado Realty Trust (VNO) 8-K Vornado Announces Third Quarter 2017 Financial Results

EXHIBIT 99.2

SUPPLEMENTAL OPERATING

AND FINANCIAL DATA

For the Quarter Ended September 30, 2017

INDEX
	Page
Financial Supplement Definitions	3
Investor Information	4
2017 Business Developments	5	-	6
Common Shares Data	7
Financial Highlights	8
Trailing Twelve Months Pro Forma Cash Net Operating Income	9
Net Income/EBITDA/NOI (Consolidated and by Segment)	10	-	19
EBITDA by Region	20
Consolidated Balance Sheets	21
Capital Structure	22
Debt Analysis	23	-	24
Unconsolidated Joint Ventures	25	-	27
Square Footage	28
Top 30 Tenants	29
Lease Expirations	30	-	32
Leasing Activity	33	-	34
Occupancy, Same Store EBITDA, and NOI	35
Residential Statistics	36
Development/Redevelopment Summary	37
Capital Expenditures	38	-	42
Property Table	43	-	53
Non-GAAP Reconciliations:
Net Income to Net Income, as Adjusted	54
Net Income to Funds From Operations to Funds From Operations, as Adjusted	55	-	56
Funds From Operations to Funds Available for Distribution	57
EBITDA to EBITDA, as Adjusted	58	-	59
NOI to NOI, as Adjusted	60	-	61
EBITDA to Same Store EBITDA	62	-	64
NOI to Same Store NOI	65	-	67
Trailing Twelve Months Net Income to EBITDA, as Adjusted / Our Pro Rata Share of Annualized Revenues / Consolidated Debt to Contractual Debt	68

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, 2016. 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, or Quarterly Report on Form 10-Q, as applicable, and this supplemental package.

FINANCIAL SUPPLEMENT DEFINITIONS

The financial supplement includes various non-GAAP financial measures.  Descriptions of these non-GAAP measures are provided below. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided on pages 54 to 68.

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")and Net Operating Income ("NOI") - We calculate EBITDA and NOI on an Operating Partnership basis which is before allocation to the noncontrolling interest of the Operating Partnership.  We consider EBITDA the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. We also consider NOI a key non-GAAP financial measure. NOI is before general and administrative expenses, straight-line rental income and expense, amortization of acquired below and above market leases, net, acquisition and transaction related costs, our share of net realized and unrealized gains or losses from our real estate fund investments, impairment losses and gains on disposal of assets. As properties are bought and sold based on a multiple of NOI, we utilize this measure to make investment decisions as well as to compare the performance of our assets to those of our peers. EBITDA and NOI should not be considered substitutes for net income. EBITDA and NOI may not be comparable to similarly titled measures employed by other companies.

Funds From Operations ("FFO") - 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 flow as a liquidity measure.  FFO may not be comparable to similarly titled measures employed by other companies.

Funds Available For Distributions ("FAD") - 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.

- 3 -

INVESTOR INFORMATION
Executive Officers:
Steven Roth	Chairman of the Board and Chief Executive Officer
David R. Greenbaum	President - New York Division
Michael J. Franco	Executive Vice President - Chief Investment Officer
Joseph Macnow	Executive Vice President - Chief Financial Officer and Chief Administrative Officer
RESEARCH COVERAGE - EQUITY
James Feldman/Scott Freitag		Jed Reagan/Daniel Ismail	Michael Lewis
Bank of America/Merrill Lynch		Green Street Advisors	SunTrust Robinson Humphrey
646-855-5808/646-855-3197		949-640-8780	212-319-5659
Ross Smotrich/Trevor Young		Anthony Paolone	Nick Yulico/Frank Lee
Barclays Capital		JP Morgan	UBS
212-526-2306/212-526-3098		212-622-6682/212-633-1041	212-713-3402/415-352-5679
Michael Bilerman/Emmanuel Korchman		Vikram Malhotra/Nicholas Stelzner
Citi		Morgan Stanley
212-816-1383/212-816-1382		212-761-7064/212-761-6117
Vincent Chao		Alexander Goldfarb/Daniel Santos
Deutsche Bank		Sandler O'Neill
212-250-6799		212-466-7937/212-466-7927
Steve Sakwa/Robert Simone		John W. Guinee
Evercore ISI		Stifel Nicolaus & Company
212-446-9462/212-446-9459		443-224-1307/443-224-1350
RESEARCH COVERAGE - DEBT
Andrew Molloy		Jesse Rosenthal	Thierry Perrein
Bank of America/Merrill Lynch		CreditSights	Wells Fargo Securities
646-855-6435		212-340-3816	704-410-3262
Mark Streeter		Cristina Rosenberg
JP Morgan		Citi
212-834-5086		212-723-6199
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.

- 4 -

2017 BUSINESS DEVELOPMENTS

Washington, DC Spin-off

On July 17, 2017, we completed the spin-off of our Washington, DC segment comprised of (i) 37 office properties totaling over 11.1 million square feet, five multifamily properties with 3,133 units and five other assets totaling approximately 406,000 square feet and (ii) 18 future development assets totaling over 10.4 million square feet of estimated potential development density, and (iii) $412.5 million of cash ($275.0 million plus The Bartlett financing proceeds less transaction costs and other mortgage items) to JBG SMITH Properties (“JBGS”). On July 18, 2017, JBGS was combined with the management business and certain Washington, DC assets of The JBG Companies (“JBG”), a Washington, DC real estate company. Steven Roth, the Chairman of the Board of Trustees and Chief Executive Officer of Vornado, is the Chairman of the Board of Trustees of JBGS. Mitchell Schear, former President of our Washington, DC business, is a member of the Board of Trustees of JBGS. We are providing transition services to JBGS initially including information technology, financial reporting and payroll services. The spin-off was effected through a tax-free distribution by Vornado to the holders of Vornado common shares of all of the common shares of JBGS at the rate of one JBGS common share for every two common shares of Vornado and the distribution by the Operating Partnership to the holders of its common units of all of the outstanding common units of JBG SMITH Properties LP (“JBGSLP”) at the rate of one JBGSLP common unit for every two common units of VRLP held of record. See JBGS’ Amendment No. 3 on Form 10 (File No. 1-37994) filed with the Securities and Exchange Commission on June 9, 2017 for additional information. Beginning in the third quarter of 2017, the historical financial results of our Washington, DC segment are reflected in our consolidated financial statements as discontinued operations for all periods presented.

Financing Activities

On June 1, 2017, Alexander’s, Inc. (NYSE: ALX), in which we have a 32.4% ownership interest, completed a $500,000,000 refinancing of the office portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 0.90% (2.14% at September 30, 2017) and matures in June 2020 with four one-year extension options. In connection therewith, Alexander’s purchased an interest rate cap with a notional amount of $500,000,000 that caps LIBOR at a rate of 6.00%. The property was previously encumbered by a $300,000,000 interest-only mortgage at LIBOR plus 0.95% which was scheduled to mature in March 2021.

On June 15, 2017, the joint venture, in which we have a 50.1% interest, completed a $271,000,000 loan facility, with an initial advance of $202,299,000 for the Moynihan Office Building. The interest-only loan is at LIBOR plus a 3.25% (4.48% at September 30, 2017) and matures in June 2019 with two one-year extension options.

On June 20, 2017, we completed a $220,000,000 financing of The Bartlett residential building. The five-year interest-only loan is at LIBOR plus 1.70% (2.90% at September 30, 2017), and matures in June 2022. On July 17, 2017, the property, the loan and the $217,000,000 of net proceeds were transferred to JBGS in connection with the tax-free spin-off of our Washington, DC segment.

On July 17, 2017, prior to completion of the tax-free spin-off of our Washington, DC segment, we repaid the $43,581,000 LIBOR plus 1.25% mortgage encumbering 1700 and 1730 M Street which was scheduled to mature in August 2017. The unencumbered property was then transferred to JBGS in connection with the tax-free spin-off of our Washington, DC segment.

On July 19, 2017, the joint venture, in which we have a 25.0% interest, completed a $500,000,000 refinancing of 330 Madison Avenue, an 845,000 square foot Manhattan office building. The seven-year interest-only loan matures in August 2024 and has a fixed rate of 3.43%. Our share of net proceeds, after repayment of the existing $150,000,000 LIBOR plus 1.30% mortgage and closing costs, was approximately $85,000,000.

On August 23, 2017, the joint venture, in which we have a 50.0% interest, completed a $1.2 billion refinancing of 280 Park Avenue, a 1,250,000 square foot Manhattan office building. The loan is interest-only at LIBOR plus 1.73% (2.97% at September 30, 2017) and matures in September 2019 with five one-year extension options. Our share of net proceeds, after repayment of the existing $900,000,000 LIBOR plus 2.00% mortgage and closing costs, was approximately $140,000,000.

On October 17, 2017, we extended one of our two $1.25 billion unsecured revolving credit facilities from November 2019 to January 2022 with two six-month extension options. The interest rate on the extended facility was lowered from LIBOR plus 1.05% to LIBOR plus 1.00%. The facility fee remains at 20 basis points. The interest rate and facility fees are the same as our other $1.25 billion unsecured revolving credit facility, which matures in February 2021 with two six-month extension options.

- 5 -

2017 BUSINESS DEVELOPMENTS

Other Activities

Moynihan Office Building

In September 2016, our 50.1% joint venture with the Related Companies (Related) was designated by Empire State Development ("ESD"), an entity of New York State to redevelop the historic Farley Post Office building.  The building will include a new Moynihan Train Hall and approximately 850,000 rentable square feet of commercial space, comprised of approximately 730,000 square feet of office space and approximately 120,000 square feet of retail space.  On June 15, 2017, the joint venture closed a 99-year, triple-net lease with ESD for the commercial space at the Moynihan Office Building and made a $230,000,000 upfront contribution, of which our share is $115,230,000, towards the construction of the train hall. The lease calls for annual rent payments of $5,000,000 plus payments in lieu of real estate taxes. Simultaneously, the joint venture completed a $271,000,000 loan facility, with an initial advance of $202,299,000.  The interest-only loan is at LIBOR plus 3.25% (4.48% at September 30, 2017) and matures in June 2019 with two one-year extension options.

The joint venture has also entered into a development agreement with ESD and a design-build contract with Skanska Moynihan Train Hall Builders.  Under the development agreement with ESD, the joint venture is obligated to build the Moynihan Train Hall, with Vornado and Related each guaranteeing the joint venture's obligations.  Under the design-build agreement, Skanska Moynihan Train Hall Builders is obligated to fulfill all of the joint venture's obligations.  The obligations of Skanska Moynihan Train Hall Builders have been bonded by Skanska USA and bears a full guaranty from Skanska AB.

Mezzanine Loan – New York

On May 9, 2017, a $150,000,000 mezzanine loan owned by a joint venture in which we have a 33.3% ownership interest was repaid at its maturity and we received our $50,000,000 share. The mezzanine loan earned interest at LIBOR plus 9.42%.

Sterling Suffolk Racecourse, LLC ("Suffolk Downs JV")

On May 26, 2017, Suffolk Downs JV, a joint venture in which we have a 21.2% equity interest, sold the property comprising the Suffolk Downs racetrack in East Boston, Massachusetts (“Suffolk Downs”) for $155,000,000, which resulted in net proceeds and a net gain to us of $15,314,000.  In addition, we were repaid $29,318,000 of principal and $6,129,000 of accrued interest on our debt investments in Suffolk Downs JV, resulting in a net gain of $11,373,000.

Vornado Capital Partners Real Estate Fund

On September 29, 2017, Vornado Capital Partners Real Estate Fund (the "Fund") completed the sale of 800 Corporate Pointe in Culver City, CA for $148,000,000. From the inception of this investment through its disposition, the Fund realized a $35,620,000 net gain.

- 6 -

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):
	Third Quarter 2017				Second Quarter 2017			First Quarter 2017			Fourth Quarter 2016
High price	$	97.25		(1)	$	103.35		$	111.72		$	105.91
Low price	$	72.77			$	91.18		$	98.51		$	86.35
Closing price - end of quarter	$	76.88		(1)	$	93.90		$	100.31		$	104.37
Annualized dividend per share	$	2.40		(2)	$	2.84		$	2.84		$	2.52
JBGS expected annualized dividend		0.44				—			—			—
	$	2.84			$	2.84		$	2.84		$	2.52
Annualized dividend yield - on closing price		3.1	%			3.0	%		2.8	%		2.4	%
Outstanding shares, Class A units and convertible preferred units as converted, excluding stock options (in thousands)		203,138				202,518			202,453			201,823
Closing market value of outstanding shares, Class A units and convertible preferred units as converted, excluding stock options	$	15.6 Billion			$	19.0 Billion		$	20.3 Billion		$	21.1 Billion

____________________

(1) Prior to the July 17, 2017 spin-off of JBGS Properties (NYSE: JBGS), which had a September 29, 2017 quarter ended closing share price of $34.21 ($17.10 adjusted for the 1:2 distribution).

(2) The third quarter annualized 2017 dividend is after the July 17, 2017 spin-off of JBGS.

- 7 -

FINANCIAL HIGHLIGHTS
(unaudited and in thousands, except per share amounts)
	Three Months Ended									Nine Months Ended September 30,
	September 30,						June 30, 2017
	2017			2016						2017			2016
Total revenues	$	528,755		$	502,753		$	511,087		$	1,547,900		$	1,489,768
Net (loss) income attributable to common shareholders	$	(29,026	)	$	66,125		$	115,972		$	134,698		$	172,425
Per common share:
Basic	$	(0.15	)	$	0.35		$	0.61		$	0.71		$	0.91
Diluted	$	(0.15	)	$	0.35		$	0.61		$	0.71		$	0.91
Net income attributable to common shareholders, as adjusted (non-GAAP)	$	68,229		$	48,010		$	59,287		$	165,438		$	119,372
Per diluted share (non-GAAP)	$	0.36		$	0.25		$	0.31		$	0.87		$	0.63
FFO, as adjusted (non-GAAP)	$	188,989		$	176,219		$	184,068		$	537,345		$	499,089
Per diluted share (non-GAAP)	$	0.99		$	0.93		$	0.97		$	2.81		$	2.63
FFO (non-GAAP)	$	100,178		$	225,529		$	257,673		$	564,431		$	658,880
FFO - Operating Partnership Basis ("OP Basis") (non-GAAP)	$	106,954		$	240,466		$	274,735		$	601,660		$	701,786
Per diluted share (non-GAAP)	$	0.52		$	1.19		$	1.35		$	2.95		$	3.47
Dividends per common share	$	0.60		$	0.63		$	0.71		$	2.02		$	1.89
FFO payout ratio (based on FFO, as adjusted)	60.6		%	67.7		%	73.2		%	71.9		%	71.9		%
FAD payout ratio	80.0		%	94.0		%	84.5		%	84.5		%	112.5		%
Weighted average shares used in determining FFO per diluted share - REIT basis	190,893			190,090			190,444			191,304			190,129
Convertible units:
Class A	11,707			11,557			11,732			11,692			11,523
D-13	594			459			491			510			496
G1-G4	52			38			42			53			39
Equity awards - unit equivalents	558			536			446			363			323
Weighted average shares used in determining FFO per diluted share - OP Basis	203,804			202,680			203,155			203,922			202,510

- 8 -

TRAILING TWELVE MONTHS PRO FORMA CASH NET OPERATING INCOME ("NOI") (NON-GAAP)
(unaudited and in thousands)
	Trailing Twelve Months Ended September 30, 2017
	EBITDA, as Adjusted(1)		Non-cash Adjustments & Other(2)			Add-back: G&A		Cash NOI, as Adjusted		Incremental NOI from Signed       Leases(3) (4)		Pro Forma Cash NOI
New York - Office	$	697,227	$	(105,290	)	$	26,600	$	618,537	$	56,985	$	675,522
New York - Retail	363,099		(48,881		)	10,737		324,955		12,587		337,542
New York - Residential	24,609		(3,169		)	—		21,440		—		21,440
theMART	93,627		(4,333		)	7,228		96,522		13,474		109,996
555 California Street	46,560		(4,228		)	—		42,332		680		43,012
Total Vornado	$	1,225,122	$	(165,901	)	$	44,565	$	1,103,786	$	83,726	$	1,187,512

____________________

(1) See reconciliation of net income attributable to the Operating Partnership to EBITDA, as adjusted for the trailing twelve months ended September 30, 2017 on page 68.

(2) Trailing twelve months straight-line rent adjustments, acquired below market leases non-cash income (FAS 141) and amortization expense, inclusive of our share of unconsolidated joint ventures and elimination of non-cash EBITDA from 666 Fifth Avenue - Office.

(3) $89,000 of capital remains to be spent for the significant leases included in the incremental NOI.

(4) Below is a table of incremental NOI/EBITDA by quarter:

	Incremental NOI											Incremental EBITDA
			New York						555 California					New York						555 California
	Total		Office		Retail		theMART		Street			Total		Office		Retail		theMART		Street
Q4 2017	$	28,761	$	20,925	$	4,322	$	3,210	$	304	Q4 2017	$	9,972	$	6,766	$	2,293	$	888	$	25
Q1 2018	20,667		15,393		2,000		3,152		122		Q1 2018	8,397		5,216		2,293		888		—
Q2 2018	14,216		9,617		2,000		2,500		99		Q2 2018	7,545		4,615		2,293		637		—
Q3 2018	6,388		2,160		2,066		2,064		98		Q3 2018	2,513		—		2,311		202		—
Q4 2018	3,716		2,093		733		846		44		Q4 2018	881		—		881		—		—
	44,987		29,263		6,799		8,562		363			19,336		9,831		7,778		1,727		—
Q1 2019	1,519		—		733		776		10		Q1 2019	2,561		1,680		881		—		—
Q2 2019	2,945		1,525		733		684		3		Q2 2019	2,561		1,680		881		—		—
Q3 2019	1,767		1,525		—		242		—		Q3 2019	1,680		1,680		—		—		—
Q4 2019	1,525		1,525		—		—		—		Q4 2019	1,680		1,680		—		—		—
	7,756		4,575		1,466		1,702		13			8,482		6,720		1,762		—		—
Q1 2020	2,222		2,222		—		—		—		Q1 2020	—		—		—		—		—
	$	83,726	$	56,985	$	12,587	$	13,474	$	680		$	37,790	$	23,317	$	11,833	$	2,615	$	25

- 9 -

CONSOLIDATED NET INCOME/EBITDA (NON-GAAP)/NOI (NON-GAAP)
(unaudited and in thousands)
	Three Months Ended
	September 30,									June 30,
	2017			2016			Inc (Dec)			2017
Property rentals	$	411,838		$	372,167		$	39,671		$	406,025
Straight-lining of rents	9,170			27,457			(18,287		)	10,030
Amortization of acquired below-market leases, net	11,054			11,529			(475		)	12,588
Total property rentals	432,062			411,153			20,909			428,643
Tenant expense reimbursements	63,401			60,957			2,444			51,657
Fee and other income:
BMS cleaning fees	26,429			24,532			1,897			24,425
Management and leasing fees	2,330			1,935			395			2,777
Lease termination fees	991			1,819			(828		)	1,106
Other income	3,542			2,357			1,185			2,479
Total revenues	528,755			502,753			26,002			511,087
Operating expenses	225,226			213,762			11,464			215,700
Depreciation and amortization	104,972			105,877			(905		)	105,123
General and administrative	36,261			33,584			2,677			36,194
Acquisition and transaction related costs	61			1,069			(1,008		)	260
Total expenses	366,520			354,292			12,228			357,277
Operating income	162,235			148,461			13,774			153,810
(Loss) income from partially owned entities	(41,801		)	3,811			(45,612		)	46,021
(Loss) income from real estate fund investments	(6,308		)	1,077			(7,385		)	4,391
Interest and other investment income, net	9,306			6,459			2,847			9,330
Interest and debt expense	(85,068		)	(79,721		)	(5,347		)	(84,789		)
Income before income taxes	38,364			80,087			(41,723		)	128,763
Income tax (expense) benefit	(1,188		)	(4,563		)	3,375			610
Income from continuing operations	37,176			75,524			(38,348		)	129,373
(Loss) income from discontinued operations	(47,930		)	25,080			(73,010		)	18,111
Net (loss) income	(10,754		)	100,604			(111,358		)	147,484
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(4,022		)	(3,658		)	(364		)	(7,677		)
Net (loss) income attributable to the Operating Partnership	(14,776		)	96,946			(111,722		)	139,807
Interest and debt expense	113,438			122,979			(9,541		)	118,585
Depreciation and amortization	136,621			172,980			(36,359		)	168,248
Income tax expense	1,462			5,102			(3,640		)	289
EBITDA (non-GAAP)	236,745			398,007			(161,262		)	426,929
NOI adjustments (see following page for details)	109,496			(14,130		)	123,626			(25,495		)
NOI (non-GAAP)	$	346,241		$	383,877		$	(37,636	)	$	401,434
Capitalized:
Leasing	$	1,280		$	1,730		$	(450	)	$	1,508
Development payroll	$	1,495		$	1,698		$	(203	)	$	2,476
Interest and debt expense	$	12,584		$	7,833		$	4,751		$	11,580

- 10 -

CONSOLIDATED NET INCOME/EBITDA (NON-GAAP)/NOI (NON-GAAP)
(unaudited and in thousands)
	Three Months Ended
	September 30,									June 30,
	2017			2016			Inc (Dec)			2017
NOI adjustments:
Acquisition and transaction related costs, including $53,581, $2,739 and $6,211, respectively, for the spin-off of JBGS	$	53,642		$	3,808		$	49,834		$	6,471
Impairment loss on investment in Pennsylvania Real Estate Investment Trust ("PREIT")	44,465			—			44,465			—
General and administrative expenses less the mark-to-market of our deferred compensation plan of $1,975, $204 and $789, respectively	35,495			40,238			(4,743		)	41,681
Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net	(23,304		)	(46,500		)	23,196			(23,244		)
Our share of net realized/unrealized losses from our real estate fund investments	10,394			99			10,295			2,299
Net gains resulting from Urban Edge Properties ("UE") operating partnership unit issuances	(5,200		)	—			(5,200		)	(15,900		)
Real estate impairment losses	4,354			1,599			2,755			167
Net gains on sale of real estate and other	(1,547		)	(5,386		)	3,839			(15,339		)
Net gain on repayment of our Suffolk Downs JV debt investments	—			—			—			(11,373		)
Our share of Alexander's EBITDA (excluding management, leasing and development fees)	(12,207		)	(11,506		)	(701		)	(11,742		)
Dividends received from Alexander's	7,030			6,617			413			7,029
Our share of PREIT EBITDA	(3,731		)	(3,070		)	(661		)	(3,645		)
Distributions received from PREIT	1,361			1,342			19			1,284
Our share of UE EBITDA (excluding management fees)	(2,513		)	(2,514		)	1			(4,441		)
Distributions received from UE	1,257			1,143			114			1,258
Total NOI adjustments (per previous page)	$	109,496		$	(14,130	)	$	123,626		$	(25,495	)

- 11 -

CONSOLIDATED NET INCOME/EBITDA (NON-GAAP)/NOI (NON-GAAP)
(unaudited and in thousands)
	Nine Months Ended September 30,
	2017			2016			Inc (Dec)
Property rentals	$	1,209,783		$	1,099,511		$	110,272
Straight-lining of rents	31,056			98,728			(67,672		)
Amortization of acquired below-market leases, net	34,758			40,664			(5,906		)
Total property rentals	1,275,597			1,238,903			36,694
Tenant expense reimbursements	174,091			162,831			11,260
Fee and other income:
BMS cleaning fees	75,925			68,656			7,269
Management and leasing fees	7,382			5,694			1,688
Lease termination fees	5,947			7,123			(1,176		)
Other income	8,958			6,561			2,397
Total revenues	1,547,900			1,489,768			58,132
Operating expenses	661,585			626,546			35,039
Depreciation and amortization	315,223			316,383			(1,160		)
General and administrative	122,161			112,593			9,568
Acquisition and transaction related costs	1,073			6,697			(5,624		)
Total expenses	1,100,042			1,062,219			37,823
Operating income	447,858			427,549			20,309
Income from partially owned entities	5,578			3,892			1,686
(Loss) income from real estate fund investments	(1,649		)	28,750			(30,399		)
Interest and other investment income, net	27,800			20,121			7,679
Interest and debt expense	(252,581		)	(250,034		)	(2,547		)
Net gains on disposition of wholly owned and partially owned assets	501			160,225			(159,724		)
Income before income taxes	227,507			390,503			(162,996		)
Income tax expense	(2,429		)	(8,921		)	6,492
Income from continuing operations	225,078			381,582			(156,504		)
Income from discontinued operations	(14,501		)	(104,204		)	89,703
Net income	210,577			277,378			(66,801		)
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(18,436		)	(26,361		)	7,925
Net income attributable to the Operating Partnership	192,141			251,017			(58,876		)
Interest and debt expense	348,350			376,898			(28,548		)
Depreciation and amortization	476,406			521,143			(44,737		)
Income tax expense	4,180			13,067			(8,887		)
EBITDA (non-GAAP)	1,021,077			1,162,125			(141,048		)
NOI adjustments (see following page for details)	111,365			(42,570		)	153,935
NOI (non-GAAP)	$	1,132,442		$	1,119,555		$	12,887
Capitalized:
Leasing	$	3,494		$	6,137		$	(2,643	)
Development payroll	$	4,334		$	5,349		$	(1,015	)
Interest and debt expense	$	34,979		$	21,510		$	13,469

- 12 -

CONSOLIDATED NET INCOME/EBITDA (NON-GAAP)/NOI (NON-GAAP)
(unaudited and in thousands)
	Nine Months Ended September 30,
	2017			2016			Inc (Dec)
NOI adjustments:
General and administrative expenses less the mark-to-market of our deferred compensation plan of $5,233 and $2,625, respectively	$	131,365		$	132,085		$	(720	)
Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net	(73,125		)	(152,023		)	78,898
Acquisition and transaction related costs, including $67,045 and $4,597, respectively, for the spin-off of JBGS	68,118			11,319			56,799
Impairment loss on investment in PREIT	44,465			—			44,465
Net gains on sale of real estate and other	(21,507		)	(168,140		)	146,633
Net gains resulting from UE operating partnership unit issuances	(21,100		)	—			(21,100		)
Our share of net realized/unrealized losses (gains) from our real estate fund investments	18,802			(8,741		)	27,543
Net gain on repayment of our Suffolk Downs JV debt investments	(11,373		)	—			(11,373		)
Real estate impairment losses	7,572			166,701			(159,129		)
Our share of Alexander's EBITDA (excluding management, leasing and development fees)	(35,511		)	(34,880		)	(631		)
Dividends received from Alexander's	21,090			19,849			1,241
Our share of PREIT EBITDA	(15,439		)	(8,537		)	(6,902		)
Distributions received from PREIT	3,929			3,906			23
Our share of UE EBITDA (excluding management fees)	(9,694		)	(7,539		)	(2,155		)
Distributions received from UE	3,773			3,430			343
Total NOI adjustments (per previous page)	$	111,365		$	(42,570	)	$	153,935

- 13 -

NET INCOME/EBITDA (NON-GAAP)/NOI (NON-GAAP) BY SEGMENT
(unaudited and in thousands)
	Three Months Ended September 30, 2017
	Total			New York				Other
Property rentals	$	411,838		$	347,283			$	64,555
Straight-lining of rents	9,170			7,099				2,071
Amortization of acquired below-market leases, net	11,054			10,756				298
Total property rentals	432,062			365,138				66,924
Tenant expense reimbursements	63,401			55,984				7,417
Fee and other income:
BMS cleaning fees	26,429			28,155				(1,726		)
Management and leasing fees	2,330			2,101				229
Lease termination fees	991			984				7
Other income	3,542			1,247				2,295
Total revenues	528,755			453,609				75,146
Operating expenses	225,226			192,430				32,796
Depreciation and amortization	104,972			83,067				21,905
General and administrative	36,261			9,479				26,782
Acquisition and transaction related costs	61			—				61
Total expenses	366,520			284,976				81,544
Operating income (loss)	162,235			168,633				(6,398		)
(Loss) income from partially owned entities	(41,801		)	1,411				(43,212		)
Loss from real estate fund investments	(6,308		)	—				(6,308		)
Interest and other investment income, net	9,306			1,413				7,893
Interest and debt expense	(85,068		)	(61,529		)		(23,539		)
Income (loss) before income taxes	38,364			109,928				(71,564		)
Income tax expense	(1,188		)	(1,087		)		(101		)
Income (loss) from continuing operations	37,176			108,841				(71,665		)
Loss from discontinued operations	(47,930		)	—				(47,930		)
Net (loss) income	(10,754		)	108,841				(119,595		)
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(4,022		)	(2,552		)		(1,470		)
Net (loss) income attributable to the Operating Partnership	(14,776		)	106,289				(121,065		)
Interest and debt expense	113,438			84,907				28,531
Depreciation and amortization	136,621			104,799				31,822
Income tax expense	1,462			1,182				280
EBITDA for the three months ended September 30, 2017 (non-GAAP) (1)	236,745			297,177				(60,432		)
NOI adjustments (see following page for details)	109,496			(17,133		)		126,629
NOI for the three months ended September 30, 2017 (non-GAAP) (1)	$	346,241		$	280,044			$	66,197
EBITDA for the three months ended September 30, 2016 (non-GAAP)	$	398,007		$	276,893			$	121,114
NOI for the three months ended September 30, 2016 (non-GAAP)	$	383,877		$	246,588			$	137,289
EBITDA, as adjusted (non-GAAP):
For the three months ended September 30, 2017	$	327,544		$	297,177		(2)	$	30,367		(3)
For the three months ended September 30, 2016	$	315,734		$	276,893		(2)	$	38,841		(3)
NOI, as adjusted (non-GAAP):
For the three months ended September 30, 2017	$	329,978		$	280,044		(2)	$	49,934		(3)
For the three months ended September 30, 2016	$	306,497		$	246,588		(2)	$	59,909		(3)

____________________

(1) See notes on pages 18 and 19.

- 14 -

NET INCOME/EBITDA (NON-GAAP)/NOI (NON-GAAP) BY SEGMENT
(unaudited and in thousands)
	Three Months Ended September 30, 2017
	Total			New York			Other
NOI adjustments:
Acquisition and transaction related costs, including $53,581 for the spin-off of JBGS	$	53,642		$	—		$	53,642
Impairment loss on investment in PREIT	44,465			—			44,465
General and administrative expenses less $1,975 mark-to-market of our deferred compensation plan	35,495			9,479			26,016
Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net	(23,304		)	(21,435		)	(1,869		)
Our share of net realized/unrealized losses on our real estate fund investments	10,394			—			10,394
Net gain resulting from UE operating partnership unit issuances	(5,200		)	—			(5,200		)
Real estate impairment losses	4,354			—			4,354
Net gains on sale of real estate and other	(1,547		)	—			(1,547		)
Our share of Alexander's EBITDA (excluding management, leasing and development fees)	(12,207		)	(12,207		)	—
Dividends received from Alexander's	7,030			7,030			—
Our share of PREIT EBITDA	(3,731		)	—			(3,731		)
Distributions received from PREIT	1,361			—			1,361
Our share of UE EBITDA (excluding management fees)	(2,513		)	—			(2,513		)
Distributions received from UE	1,257			—			1,257
Total NOI adjustments (per previous page)	$	109,496		$	(17,133	)	$	126,629

- 15 -

NET INCOME/EBITDA (NON-GAAP)/NOI (NON-GAAP) BY SEGMENT
(unaudited and in thousands)
	Nine Months Ended September 30, 2017
	Total			New York				Other
Property rentals	$	1,209,783		$	1,006,197			$	203,586
Straight-lining of rents	31,056			22,990				8,066
Amortization of acquired below-market leases, net	34,758			33,735				1,023
Total property rentals	1,275,597			1,062,922				212,675
Tenant expense reimbursements	174,091			155,064				19,027
Fee and other income:
BMS cleaning fees	75,925			80,895				(4,970		)
Management and leasing fees	7,382			6,593				789
Lease termination fees	5,947			5,773				174
Other income	8,958			5,463				3,495
Total revenues	1,547,900			1,316,710				231,190
Operating expenses	661,585			561,249				100,336
Depreciation and amortization	315,223			252,753				62,470
General and administrative	122,161			31,630				90,531
Acquisition and transaction related costs	1,073			—				1,073
Total expenses	1,100,042			845,632				254,410
Operating income (loss)	447,858			471,078				(23,220		)
Income (loss) from partially owned entities	5,578			(954		)		6,532
Loss from real estate fund investments	(1,649		)	—				(1,649		)
Interest and other investment income, net	27,800			4,384				23,416
Interest and debt expense	(252,581		)	(179,851		)		(72,730		)
Net gain on disposition of wholly owned and partially owned assets	501			—				501
Income (loss) before income taxes	227,507			294,657				(67,150		)
Income tax expense	(2,429		)	(324		)		(2,105		)
Income (loss) from continuing operations	225,078			294,333				(69,255		)
(Loss) from discontinued operations	(14,501		)	—				(14,501		)
Net income (loss)	210,577			294,333				(83,756		)
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(18,436		)	(8,041		)		(10,395		)
Net income (loss) attributable to the Operating Partnership	192,141			286,292				(94,151		)
Interest and debt expense	348,350			239,032				109,318
Depreciation and amortization	476,406			328,058				148,348
Income tax expense	4,180			540				3,640
EBITDA for the nine months ended September 30, 2017 (non-GAAP) (1)	1,021,077			853,922				167,155
NOI adjustments (see following page for details)	111,365			(41,588		)		152,953
NOI for the nine months ended September 30, 2017 (non-GAAP) (1)	$	1,132,442		$	812,334			$	320,108
EBITDA for the nine months ended September 30, 2016 (non-GAAP)	$	1,162,125		$	977,517			$	184,608
NOI for the nine months ended September 30, 2016 (non-GAAP)	$	1,119,555		$	716,315			$	403,240
EBITDA, as adjusted (non-GAAP):
For the nine months ended September 30, 2017	$	943,708		$	853,922		(2)	$	89,786		(3)
For the nine months ended September 30, 2016	$	920,757		$	814,886		(2)	$	105,871		(3)
NOI, as adjusted (non-GAAP):
For the nine months ended September 30, 2017	$	960,057		$	812,334		(2)	$	147,723		(3)
For the nine months ended September 30, 2016	$	872,806		$	714,083		(2)	$	158,723		(3)

____________________

See notes on pages 18 and 19.

- 16 -

NET INCOME/EBITDA (NON-GAAP)/NOI (NON-GAAP) BY SEGMENT
(unaudited and in thousands)
	Nine Months Ended September 30, 2017
	Total			New York			Other
NOI adjustments:
General and administrative expenses less $5,233 mark-to-market of our deferred compensation plan	$	131,365		$	31,630		$	99,735
Non-cash adjustments for straight-line rental income and expense and amortization of acquired below and above market leases, net	(73,125		)	(58,797		)	(14,328		)
Acquisition and transaction related costs, including $67,045 for the spin-off of JBGS	68,118			—			68,118
Impairment loss on investment in PREIT	44,465			—			44,465
Net gains on sale of real estate and other	(21,507		)	—			(21,507		)
Net gains resulting from UE operating partnership unit issuances	(21,100		)	—			(21,100		)
Our share of net realized/unrealized losses on our real estate fund investments	18,802			—			18,802
Net gain on repayment of our Suffolk Downs JV debt investments	(11,373		)	—			(11,373		)
Real estate impairment losses	7,572			—			7,572
Our share of Alexander's EBITDA (excluding management, leasing and development fees)	(35,511		)	(35,511		)	—
Dividends received from Alexander's	21,090			21,090			—
Our share of PREIT EBITDA	(15,439		)	—			(15,439		)
Distributions received from PREIT	3,929			—			3,929
Our share of UE EBITDA (excluding management fees)	(9,694		)	—			(9,694		)
Distributions received from UE	3,773			—			3,773
Total NOI adjustments (per previous page)	$	111,365		$	(41,588	)	$	152,953

- 17 -

NOTES TO NET INCOME/EBITDA (NON-GAAP)/NOI (NON-GAAP) BY SEGMENT

(unaudited and in thousands)

(1) Our 7.5% interest in Fashion Centre Mall/Washington Tower and our interest in Rosslyn Plaza (ranging from 43.7% to 50.4%) were not included in the spin-off of our Washington, DC segment and have been reclassified to Other. The prior year's presentation has been conformed to the current year.  In addition, on January 1, 2017, we reclassified our investment in 85 Tenth Avenue from Other to the New York segment as a result of the December 1, 2016 repayment of our loans receivable and the receipt of a 49.9% ownership interest in the property. 

(2) The elements of "New York" EBITDA, as adjusted, are summarized below.

	Three Months Ended September 30,					Nine Months Ended September 30,
	2017		2016			2017		2016
Office (including BMS EBITDA of $6,849 and $6,508, $18,401, and $17,981 respectively)	$	183,162	$	164,150	(a)	$	522,566	$	484,735	(a)
Retail	90,316		91,061		(a)	269,762		272,083		(a)
Residential	5,981		6,214			18,450		18,901
Alexander's	12,207		11,506			35,511		34,880
Hotel Pennsylvania	5,511		3,962			7,633		4,287
Total New York	$	297,177	$	276,893		$	853,922	$	814,886

The elements of "New York" NOI, as adjusted, are summarized below.

	Three Months Ended September 30,					Nine Months Ended September 30,
	2017		2016			2017		2016
Office	$	179,505	$	157,643	(a)	$	523,531	$	459,509	(a)
Retail	81,839		72,178		(a)	241,667		211,611		(a)
Residential	5,418		5,525			16,300		16,724
Alexander's	7,030		6,617			21,090		19,849
Hotel Pennsylvania	6,252		4,625			9,746		6,390
Total New York	$	280,044	$	246,588		$	812,334	$	714,083

____________________

(a) Beginning in January 2017 for office buildings with retail at the base, we have adjusted the allocation of real estate taxes between the retail and office elements above. This has no effect on our consolidated financial statements but resulted in a reallocation of $4,213 and $12,058 of income from retail to office for the three and nine months ended September 30, 2016, respectively.

- 18 -

NOTES TO NET INCOME/EBITDA (NON-GAAP)/NOI (NON-GAAP) BY SEGMENT

(unaudited and in thousands)

(3)The elements of "Other" EBITDA, as adjusted, are summarized below.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
theMART (including trade shows)	$	24,165		$	21,696		$	72,471		$	70,689
555 California Street	11,643			11,405			35,870			35,137
Other investments	11,379			20,388			36,318			57,092
	47,187			53,489			144,659			162,918
Corporate general and administrative expenses(a)	(22,730		)	(21,519		)	(78,952		)	(76,364		)
Investment income and other, net(a)	5,910			6,871			24,079			19,317
Total Other	$	30,367		$	38,841		$	89,786		$	105,871

     The elements of "Other" NOI, as adjusted, are summarized below

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
theMART (including trade shows)	$	25,422	$	21,758	$	74,859	$	70,914
555 California Street	11,013		9,899		33,647		24,010
Other investments	7,589		21,381		15,138		44,482
	44,024		53,038		123,644		139,406
Investment income and other, net(a)	5,910		6,871		24,079		19,317
Total Other	$	49,934	$	59,909	$	147,723	$	158,723

____________________

(a) The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $1,975 and $204 of income for the three months ended September 30, 2017 and 2016, respectively, and $5,233 and $2,625 of income for the nine months ended September 30, 2017 and 2016, respectively.

- 19 -

EBITDA, AS ADJUSTED BY REGION (NON-GAAP)

(unaudited)

The following tables set forth the percentages of EBITDA, as adjusted by geographic region.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Region:
New York	89	%	89	%	88	%	88	%
theMART, Chicago (included in "Other" segment)	7	%	7	%	8	%	8	%
555 California Street, San Francisco (included in "Other" segment)	4	%	4	%	4	%	4	%
	100	%	100	%	100	%	100	%

- 20 -

CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands)
	September 30, 2017			December 31, 2016			(Decrease) Increase
ASSETS
Real estate, at cost:
Land	$	3,124,971		$	3,130,825		$	(5,854	)
Buildings and improvements	9,824,618			9,684,144			140,474
Development costs and construction in progress	1,536,290			1,278,941			257,349
Leasehold improvements and equipment	96,820			93,910			2,910
Total	14,582,699			14,187,820			394,879
Less accumulated depreciation and amortization	(2,805,160		)	(2,581,514		)	(223,646		)
Real estate, net	11,777,539			11,606,306			171,233
Cash and cash equivalents	1,282,230			1,501,027			(218,797		)
Restricted cash	103,553			95,032			8,521
Marketable securities	193,145			203,704			(10,559		)
Tenant and other receivables, net	54,769			61,069			(6,300		)
Investments in partially owned entities	1,064,982			1,378,254			(313,272		)
Real estate fund investments	351,750			462,132			(110,382		)
Receivable arising from the straight-lining of rents, net	917,827			885,167			32,660
Deferred leasing costs, net	354,573			354,997			(424		)
Identified intangible assets, net	166,198			189,668			(23,470		)
Assets related to discontinued operations	1,774			3,568,613			(3,566,839		)
Other assets	573,780			508,878			64,902
Total Assets	$	16,842,120		$	20,814,847		$	(3,972,727	)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgages payable, net	$	8,131,606		$	8,113,248		$	18,358
Senior unsecured notes, net	846,641			845,577			1,064
Unsecured term loan, net	373,354			372,215			1,139
Unsecured revolving credit facilities	—			115,630			(115,630		)
Accounts payable and accrued expenses	412,100			397,134			14,966
Deferred revenue	240,377			276,276			(35,899		)
Deferred compensation plan	106,244			121,183			(14,939		)
Liabilities related to discontinued operations	3,602			1,259,443			(1,255,841		)
Other liabilities	469,919			417,199			52,720
Total liabilities	10,583,843			11,917,905			(1,334,062		)
Redeemable noncontrolling interests	970,704			1,278,446			(307,742		)
Vornado shareholders' equity	4,571,079			6,898,519			(2,327,440		)
Noncontrolling interests in consolidated subsidiaries	716,494			719,977			(3,483		)
Total Liabilities, Redeemable Noncontrolling Interests and Equity	$	16,842,120		$	20,814,847		$	(3,972,727	)

- 21 -

CAPITAL STRUCTURE
(unaudited and in thousands, except per share and unit amounts)
				September 30, 2017
Debt (contractual balances) (non-GAAP):
Consolidated debt (1):
Mortgages payable				$	8,204,763
Senior unsecured notes				850,000
$750 Million unsecured term loan				375,000
$2.5 Billion unsecured revolving credit facilities				—
				9,429,763
Pro rata share of debt of non-consolidated entities (excluding $1,715,283 of Toys' debt)				3,467,744
Less: Noncontrolling interests' share of consolidated debt         (primarily 1290 Avenue of the Americas, 555 California Street, and St. Regis - retail)				(600,545		)
				12,296,962
	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
5.70% Series K preferred shares	12,000	25.00		300,000
5.40% Series L preferred shares	12,000	25.00		300,000
				1,075,428
	Converted Shares	September 30, 2017 Common Share Price
Equity:
Common shares	189,878	$	76.88	14,597,821
Class A units	11,701	76.88		899,573
Convertible share equivalents:
Equity awards - unit equivalents	855	76.88		65,732
D-13 preferred units	607	76.88		46,666
G1-G4 units	51	76.88		3,921
Series A preferred shares	46	76.88		3,536
				15,617,249
Total Market Capitalization				$	28,989,639

____________________

(1) See reconciliation of consolidated debt, net (GAAP) to contractual debt (non-GAAP) on page 68.

- 22 -

DEBT ANALYSIS
(unaudited and in thousands)
	As of September 30, 2017
	Total				Variable				Fixed
(Contractual debt balances) (non-GAAP)	Amount			Weighted Average Interest Rate	Amount			Weighted Average Interest Rate	Amount			Weighted Average Interest Rate
Consolidated debt(1)	$	9,429,763		3.45%	$	3,112,877		3.03%	$	6,316,886		3.65%
Pro rata share of debt of non-consolidated entities:
Toys	1,715,283			7.87%	1,248,970			6.91%	466,313			10.45%
All other	3,467,744			4.23%	1,378,765			3.02%	2,088,979			5.03%
Total	14,612,790			4.15%	5,740,612			3.87%	8,872,178			4.33%
Less: Noncontrolling interests' share of consolidated debt (primarily 1290 Avenue of the Americas, 555 California Street, and St. Regis - retail)	(600,545		)		(143,785		)		(456,760		)
Company's pro rata share of total debt	$	14,012,245		4.17%	$	5,596,827		3.89%	$	8,415,418		4.35%

	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:(2)	Senior Unsecured Notes			Unsecured Revolving Credit Facilities and Unsecured Term Loan
		Actual
	Required	Due 2019	Due 2022	Required	Actual
Total outstanding debt/total assets(3)	Less than 65%	48%	48%	Less than 60%	36%
Secured debt/total assets	Less than 50%	40%	40%	Less than 50%	31%
Interest coverage ratio (annualized combined EBITDA to annualized interest expense)	Greater than 1.50	2.83	2.83		N/A
Fixed charge coverage		N/A	N/A	Greater than 1.40	2.55
Unencumbered assets/unsecured debt	Greater than 150%	521%	521%		N/A
Unsecured debt/cap value of unencumbered assets		N/A	N/A	Less than 60%	12%
Unencumbered coverage ratio		N/A	N/A	Greater than 1.50	10.40

Unencumbered EBITDA (non-GAAP):	Q3 2017
	Annualized
New York	$	459,748
Other	28,580
Total	$	488,328

____________________

(1) See reconciliation of consolidated debt, net (GAAP) to contractual debt (non-GAAP) on page 68.

(2) 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.

(3) Total assets include EBITDA capped at 7.5% under the senior unsecured notes and 6.0% under the unsecured revolving credit facilities and unsecured term loan.

- 23 -

DEBT MATURITIES (CONTRACTUAL BALANCES) (NON-GAAP)
(unaudited and in thousands)
Property	Maturity Date (1)	Spread over LIBOR	Interest Rate	2017			2018			2019			2020			2021			Thereafter			Total
828-850 Madison Avenue Retail Condominium	06/18		5.29%	$	—		$	80,000		$	—		$	—		$	—		$	—		$	80,000
33-00 Northern Boulevard	10/18		4.43%	—			60,015			—			—			—			—			60,015
Senior unsecured notes due 2019	06/19		2.50%	—			—			450,000			—			—			—			450,000
435 Seventh Avenue - retail	08/19	L+225	3.48%	—			—			97,018			—			—			—			97,018
$1.25 Billion unsecured revolving credit facility	11/19 (2)	L+105	—%	—			—			—			—			—			—			—
4 Union Square South - retail	11/19	L+215	3.39%	—			—			114,524			—			—			—			114,524
150 West 34th Street	06/20	L+225	3.48%	—			—			—			205,000			—			—			205,000
100 West 33rd Street - office and retail	07/20	L+165	2.88%	—			—			—			580,000			—			—			580,000
220 Central Park South	09/20	L+200	3.24%	—			—			—			950,000			—			—			950,000
Unsecured Term Loan	10/20	L+115	2.39%	—			—			—			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%	—			—			—			—			55,863			—			55,863
770 Broadway	03/21		2.56%	—			—			—			—			700,000			—			700,000
909 Third Avenue	05/21		3.91%	—			—			—			—			350,000			—			350,000
606 Broadway	05/21	L+300	4.24%	—			—			—			—			34,810			—			34,810
555 California Street	09/21		5.10%	—			—			—			—			572,533			—			572,533
theMART	09/21		2.70%	—			—			—			—			675,000			—			675,000
655 Fifth Avenue	10/21	L+140	2.64%	—			—			—			—			140,000			—			140,000
Two Penn Plaza	12/21	(3)	4.23%	—			—			—			—			575,000			—			575,000
Senior unsecured notes due 2022	01/22		5.00%	—			—			—			—			—			400,000			400,000
$1.25 Billion unsecured revolving credit facility	02/22	L+100	—%	—			—			—			—			—			—			—
1290 Avenue of the Americas	11/22		3.34%	—			—			—			—			—			950,000			950,000
697-703 Fifth Avenue (St. Regis - retail)	12/22	L+180	3.04%	—			—			—			—			—			450,000			450,000
666 Fifth Avenue Retail Condominium	03/23		3.61%	—			—			—			—			—			390,000			390,000
350 Park Avenue	01/27		3.92%	—			—			—			—			—			400,000			400,000
Total consolidated debt (contractual)				$	—		$	140,015		$	661,542		$	2,935,000		$	3,103,206		$	2,590,000		$	9,429,763
Weighted average rate				—		%	4.92		%	2.80		%	3.17		%	3.59		%	3.67		%	3.45		%
Fixed rate debt				$	—		$	140,015		$	450,000		$	825,000		$	2,761,871		$	2,140,000		$	6,316,886
Fixed weighted average rate expiring				—		%	4.92		%	2.50		%	3.59		%	3.67		%	3.81		%	3.65		%
Floating rate debt				$	—		$	—		$	211,542		$	2,110,000		$	341,335		$	450,000		$	3,112,877
Floating weighted average rate expiring				—		%	—		%	3.43		%	3.01		%	2.92		%	3.04		%	3.03		%

____________________________________________________________________________________________________________________________________

(1) Represents the extended maturity for certain loans in which we have the unilateral right to extend.

(2) On October 17, 2017, we extended one of our two $1.25 billion unsecured revolving credit facilities from November 2019 to January 2022 with two six-month extension options. The interest rate on the extended facility was lowered from LIBOR plus 1.05% to LIBOR plus 1.00%. The facility fee remains unchanged at 20 basis points. The interest rate and facility fees are the same as ourother $1.25 billion unsecured revolving credit facility, which matures in February 2021 with two six-month extension options.

(3) Pursuant to an existing swap agreement, $408,000 of the loan bears interest at a fixed rate of 4.78% through March 2018, and the balance of the $167,000 floats through March 2018. The entire $575,000 will float thereafter for the duration of the loan.

- 24 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands, except square feet)
			As of September 30, 2017
						Contractual Debt Balances (non-GAAP)
Joint Venture Name	Asset Category	Percentage Ownership at September 30, 2017	Company's Carrying Amount			Company's Pro rata Share		100% of Joint Venture
Alexander's, Inc.	Office/Retail	32.4%	$	125,632		$	406,099	$	1,253,393
PREIT	Retail	8.0%	66,477			131,396		1,642,374
UE	Retail	4.5%	46,542			64,130		1,420,605
Partially owned office buildings/land:
One Park Avenue	Office/Retail	55.0%	126,005			165,000		300,000
280 Park Avenue	Office/Retail	50.0%	121,310			600,000		1,200,000
650 Madison Avenue	Office/Retail	20.1%	113,837			161,024		800,000
512 West 22nd Street	Office/Retail	55.0%	60,621			34,297		62,359
West 57th Street properties	Office/Retail	50.0%	43,046			9,687		19,374
666 Fifth Avenue Office Condominium	Office/Retail	49.5%	38,372			697,600		1,409,292
61 Ninth Avenue	Office/Retail	45.1%	29,640			17,826		39,526
825 Seventh Avenue	Office	50.0%	6,883			10,250		20,500
85 Tenth Avenue	Office/Retail	49.9%	(1,020		)	311,875		625,000
Other	Office/Retail	Various	4,084			17,465		50,150
Other investments:
Independence Plaza	Residential	50.1%	141,306			275,550		550,000
Rosslyn Plaza	Office/Residential	43.7% to 50.4%	43,881			19,193		38,072
Moynihan Office Building	Office/Retail	50.1%	32,027			102,762		205,114
Toys "R" Us, Inc.	Retailer	32.5%	—			1,715,283		5,277,794
Other	Various	Various	66,339			159,590		853,651
			$	1,064,982		$	4,899,027	$	15,767,204
330 Madison Avenue(1)	Office	25.0%	$	(53,237	)	$	125,000	$	500,000
7 West 34th Street(2)	Office/Retail	53.0%	(46,013		)	159,000		300,000
			$	(99,250	)	$	284,000	$	800,000

____________________

(1) Our negative basis resulted from a refinancing distribution and is included in "other liabilities" on our consolidated balance sheets.

(2) Our negative basis results from a deferred gain from the sale of a 47.0% ownership interest in the property and is included in "other liabilities" on our consolidated balance sheets.

- 25 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)
	Percentage Ownership at September 30, 2017	Our Share of Net (Loss) Income for the Three Months Ended September 30,						Our Share of EBITDA (non-GAAP) for the Three Months Ended September 30,
		2017			2016			2017			2016
Joint Venture Name
New York:
Alexander's	32.4%	$	6,510		$	6,891		$	12,207		$	11,506
666 Fifth Avenue	49.5%	(4,323		)	(11,706		)	5,916			6,864
280 Park Avenue	50.0%	(4,256		)	(102		)	9,715			7,917
One Park Avenue	55.0%	1,595			829			4,613			3,564
650 Madison Avenue	20.1%	(1,094		)	(1,319		)	2,476			2,231
7 West 34th Street	53.0%	1,013			1,252			3,416			3,447
Independence Plaza	50.1%	833			1,184			5,326			5,439
330 Madison Avenue	25.0%	646			1,440			2,509			2,385
825 Seventh Avenue	50.0%	635			694			814			855
85 Tenth Avenue(1)	49.9%	298			—			5,283			—
West 57th Street Properties	50.0%	39			12			332			307
Other, net	Various	(485		)	246			1,631			2,529
		1,411			(579		)	54,238			47,044
Other:
PREIT(2)	8.0%	(49,748		)	52			(45,058		)	4,748
UE(3)	4.5%	6,008			2,158			7,798			3,567
Alexander's corporate fee income	32.4%	1,335			1,894			1,335			1,894
Rosslyn Plaza(4)	43.7% to 50.4%	(155		)	(1,002		)	1,110			943
Suffolk Downs	21.2%	(36		)	(114		)	(37		)	(114		)
85 Tenth Avenue(1)	49.9%	—			2			—			8,179
Other, net(4)	Various	(616		)	1,400			2,393			4,352
		(43,212		)	4,390			(32,459		)	23,569
		$	(41,801	)	$	3,811		$	21,779		$	70,613

____________________

(1) On January 1, 2017, we reclassified our investment in 85 Tenth Avenue from Other to the New York segment as a result of the December 1, 2016 repayment of our loans receivable and the receipt of a 49.9% ownership interest in the property.

(2) Based on PREIT’s September 29, 2017 quarter ended closing share price of $10.49, the market value (“fair value” pursuant to ASC Topic 323, Investments - Equity Method and Joint Ventures) of our investment in PREIT was $65,563 or $44,465 below the carrying amount on our consolidated balance sheet. We have concluded that our investment in PREIT is “other-than-temporarily” impaired and recorded a $44,465 non-cash impairment loss on our consolidated statements of income. Our conclusion was based on a sustained trading value of PREIT stock below our carrying amount and our inability to forecast a recovery in the near-term.

(3) 2017 includes a $5,200 net gain resulting from UE operating partnership unit issuances.

(4) Our 7.5% interest in Fashion Centre Mall/Washington Tower and our interest in Rosslyn Plaza were not included in the spin-off of our Washington, DC segment and have been reclassified to Other. The prior year's presentation has been conformed to the current year.

- 26 -

UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)
	Percentage Ownership at September 30, 2017	Our Share of Net (Loss) Income for the Nine Months Ended September 30,						Our Share of EBITDA (non-GAAP) for the Nine Months Ended September 30,
		2017			2016			2017			2016
Joint Venture Name
New York:
666 Fifth Avenue	49.5%	$	(22,372	)	$	(33,663	)	$	18,019		$	21,505
Alexander's	32.4%	20,092			20,640			35,511			34,880
280 Park Avenue	50.0%	(6,482		)	(4,127		)	26,634			23,734
650 Madison Avenue	20.1%	(3,812		)	(3,810		)	6,814			6,781
330 Madison Avenue	25.0%	3,410			4,593			7,307			7,404
One Park Avenue	55.0%	3,357			2,514			12,280			10,824
Independence Plaza	50.1%	3,165			4,079			16,311			16,559
7 West 34th Street	53.0%	2,068			1,723			10,156			4,783
825 Seventh Avenue	50.0%	1,999			2,085			2,518			2,567
85 Tenth Avenue(1)	49.9%	(791		)	—			14,323			—
West 57th Street Properties	50.0%	—			56			881			966
Other, net	Various	(1,588		)	767			5,362			8,096
		(954		)	(5,143		)	156,116			138,099
Other:
PREIT(2)	8.0%	(53,480		)	(4,763		)	(39,320		)	10,378
Suffolk Downs(3)	21.2%	26,383			(938		)	26,913			(938		)
UE(4)	4.5%	26,311			4,523			31,130			9,010
Alexander's corporate fee income	32.4%	4,351			5,307			4,351			5,307
Rosslyn Plaza(5)	43.7% to 50.4%	(352		)	(2,767		)	3,337			3,046
85 Tenth Avenue(1)	49.9%	—			5,519			—			21,519
Other, net(5)	Various	3,319			2,154			12,315			11,598
		6,532			9,035			38,726			59,920
		$	5,578		$	3,892		$	194,842		$	198,019

____________________

(1) On January 1, 2017, we reclassified our investment in 85 Tenth Avenue from Other to the New York segment as a result of the December 1, 2016 repayment of our loans receivable and the receipt of a 49.9% ownership interest in the property.

(2) Based on PREIT’s September 29, 2017 quarter ended closing share price of $10.49, the market value of our investment in PREIT was $65,563 or $44,465 below the carrying amount on our consolidated balance sheet. We have concluded that our investment in PREIT is “other-than-temporarily” impaired and recorded a $44,465 non-cash impairment loss on our consolidated statements of income. Our conclusion was based on a sustained trading value of PREIT stock below our carrying amount and our inability to forecast a recovery in the near-term.

(3) In the second quarter of 2017, we recognized $26,687 of net gains, comprised of $15,314 representing our share of a net gain on the sale of Suffolk Downs and $11,373 representing the net gain on repayment of our debt investments in Suffolk Downs JV.

(4) 2017 includes a $21,100 net gain resulting from UE operating partnership unit issuances.

(5) Our 7.5% interest in Fashion Centre Mall/Washington Tower and our interest in Rosslyn Plaza were not included in the spin-off of our Washington, DC segment and have been reclassified to Other. The prior year's presentation has been conformed to the current year.

- 27 -

SQUARE FOOTAGEin service
(unaudited and square feet in thousands)
		Owned by Company (at share)
	Total Portfolio	Total	Office	Retail	Showroom	Other
Segment:
New York:
Office	20,242	16,968	16,785	—	183	—
Retail	2,709	2,473	—	2,473	—	—
Residential - 1,696 units	1,568	835	—	—	—	835
Alexander's (32.4% interest), including 312 residential units	2,437	790	288	419	—	83
Hotel Pennsylvania	1,400	1,400	—	—	—	1,400
	28,356	22,466	17,073	2,892	183	2,318
Other:
theMART	3,689	3,680	2,010	116	1,554	—
555 California Street (70% interest)	1,740	1,218	1,188	30	—	—
Rosslyn Plaza Office and Residential - 197 units	690	313	202	—	—	111
Other	1,836	877	13	864	—	—
	7,955	6,088	3,413	1,010	1,554	111
Total square feet at September 30, 2017	36,311	28,554	20,486	3,902	1,737	2,429
Total square feet at June 30, 2017	36,271	28,538	20,475	3,901	1,737	2,425
Parking Garages (not included above):		Square Feet	Number of Garages	Number of Spaces
New York		1,686	11	4,970
theMART		558	4	1,651
555 California Street		168	1	453
Rosslyn Plaza		508	4	1,094
Total at September 30, 2017		2,920	20	8,168

- 28 -

TOP 30 TENANTS
(unaudited)
Tenants	Square Footage   At Share(1)	Annualized Revenues At Share (non-GAAP)   (in thousands(1)		% of Annualized Revenues At Share   (non-GAAP)(2)
IPG and affiliates	923,896	$	57,412	2.2	%
Facebook	434,658	40,769		1.5	%
Swatch Group USA	25,633	39,612		1.5	%
Macy's	646,434	37,954		1.4	%
Victoria's Secret (guaranteed by L Brands, Inc.)	91,427	34,340		1.3	%
Bloomberg L.P.	287,898	33,139		1.3	%
AXA Equitable Life Insurance	336,646	32,615		1.2	%
Google/Motorola Mobility (guaranteed by Google)	728,483	31,910		1.2	%
Ziff Brothers Investments, Inc.	287,030	29,988		1.1	%
McGraw-Hill Companies, Inc.	479,557	29,924		1.1	%
Oath - formerly AOL (Verizon)	327,138	29,873		1.1	%
The City of New York	565,846	24,842		0.9	%
AMC Networks, Inc.	404,920	23,884		0.9	%
Topshop	94,349	23,344		0.9	%
Amazon (including its Whole Foods subsidiary)	308,113	23,227		0.9	%
Fast Retailing (Uniqlo)	90,732	22,873		0.9	%
Madison Square Garden	344,355	22,587		0.9	%
Forever 21	127,779	22,367		0.8	%
Neuberger Berman Group LLC	288,325	22,260		0.8	%
J. Crew	250,635	21,100		0.8	%
JCPenney	426,370	19,823		0.8	%
Hollister	21,741	19,592		0.7	%
Bank of America	232,728	18,585		0.7	%
PricewaterhouseCoopers LLP	243,434	17,129		0.7	%
Hennes & Mauritz (H&M)	51,363	15,803		0.6	%
New York & Company, Inc.	207,585	14,133		0.5	%
Alston & Bird LLP	163,883	13,954		0.5	%
Sears Holding Company (Kmart Corporation and Sears Corporation)	286,705	13,878		0.5	%
New York University	258,395	13,705		0.5	%
U.S. Government	578,711	13,460		0.5	%
				28.7	%

____________________

(1) Includes leases not yet commenced.

(2) See reconciliation of consolidated revenues to our pro rata share of total annualized revenues on page 68.

- 29 -

LEASE EXPIRATIONS NEW YORK SEGMENT
(unaudited)
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)	Weighted Average Annual Rent of Expiring Leases				Percentage of Annualized Escalated Rent
			Total		Per Sq. Ft.
Office:	Month to Month	9,000	$	243,000	$	27.00	—	%
	Fourth Quarter 2017	74,000	4,924,000		66.54		0.4	%
	First Quarter 2018	321,000	21,223,000		66.12		1.9	%
	Second Quarter 2018	208,000	15,775,000		75.84		1.4	%
	Third Quarter 2018	84,000	6,699,000		79.75		0.6	%
	Fourth Quarter 2018	337,000	26,892,000		79.80		2.4	%
	Total 2018	950,000	70,589,000		74.30		6.3	%
	2019	773,000	52,693,000		68.17		4.7	%
	2020	1,421,000	98,768,000		69.51		8.8	%
	2021	1,202,000	88,531,000		73.65		7.9	%
	2022	777,000	47,200,000		60.75		4.2	%
	2023	1,938,000	148,609,000		76.68		13.2	%
	2024	1,285,000	100,653,000		78.33		9.0	%
	2025	793,000	58,393,000		73.64		5.2	%
	2026	1,316,000	97,054,000		73.75		8.6	%
	2027	978,000	66,816,000		68.32		5.9	%
	Thereafter	4,688,000	289,230,000		61.70		25.7	%
Retail:	Month to Month	39,000	$	2,224,000	$	57.03	0.5	%
	Fourth Quarter 2017	3,000	304,000		101.33		0.1	%
	First Quarter 2018	67,000	19,574,000		292.15		4.4	%
	Second Quarter 2018	21,000	3,160,000		150.48		0.7	%
	Third Quarter 2018	42,000	15,969,000		380.21		1.4	%
	Fourth Quarter 2018	26,000	6,360,000		244.62		0.6	%
	Total 2018	156,000	45,063,000		288.87		7.1	%
	2019	213,000	35,755,000		167.86		8.1	%
	2020	69,000	10,375,000		150.36		2.3	%
	2021	67,000	11,617,000		173.39		2.6	%
	2022	19,000	4,912,000		258.53		1.1	%
	2023	87,000	37,820,000		434.71		8.5	%
	2024	156,000	63,800,000		408.97		14.4	%
	2025	43,000	19,556,000		454.79		4.4	%
	2026	136,000	43,911,000		322.88		9.9	%
	2027	31,000	21,162,000		682.65		4.8	%
	Thereafter	944,000	147,355,000		156.10		33.2	%

____________________

(1) Excludes storage, vacancy and other.

- 30 -

LEASE EXPIRATIONS theMART
(unaudited)
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)	Weighted Average Annual Rent of Expiring Leases				Percentage of Annualized Escalated Rent
			Total		Per Sq. Ft.
Office / Showroom / Retail:	Month to Month	14,000	$	582,000	$	41.57	0.4	%
	Fourth Quarter 2017	99,000	3,690,000		37.27		2.5	%
	First Quarter 2018	50,000	2,495,000		49.90		1.7	%
	Second Quarter 2018	16,000	781,000		48.81		0.5	%
	Third Quarter 2018	182,000	6,645,000		36.51		4.5	%
	Fourth Quarter 2018	50,000	2,247,000		44.94		1.5	%
	Total 2018	298,000	12,168,000		40.83		8.2	%
	2019	164,000	8,154,000		49.72		5.5	%
	2020	287,000	12,490,000		43.52		8.4	%
	2021	350,000	14,741,000		42.12		9.9	%
	2022	566,000	23,647,000		41.78		15.9	%
	2023	235,000	9,811,000		41.75		6.6	%
	2024	216,000	8,601,000		39.82		5.8	%
	2025	307,000	13,534,000		44.08		9.1	%
	2026	172,000	7,443,000		43.27		5.0	%
	2027	97,000	3,985,000		41.08		2.7	%
	Thereafter	778,000	29,494,000		37.91		19.9	%

____________________

(1) Excludes storage, vacancy and other.

- 31 -

LEASE EXPIRATIONS 555 California Street
(unaudited)
	Period of Lease Expiration	Our Share of Square Feet of Expiring Leases(1)	Weighted Average Annual Rent of Expiring Leases				Percentage of Annualized Escalated Rent
			Total		Per Sq. Ft.
Office / Retail:	Month to Month	—	$	—	$	—	—
	Fourth Quarter 2017	—	—		—		—
	First Quarter 2018	—	—		—		—
	Second Quarter 2018	6,000	363,000		60.50		0.5	%
	Third Quarter 2018	2,000	147,000		73.50		0.2	%
	Fourth Quarter 2018	—	—		—		—	%
	Total 2018	8,000	510,000		63.75		0.7	%
	2019	68,000	4,748,000		69.82		6.1	%
	2020	101,000	6,228,000		61.66		7.9	%
	2021	68,000	4,575,000		67.28		5.8	%
	2022	36,000	2,669,000		74.14		3.4	%
	2023	132,000	8,817,000		66.80		11.2	%
	2024	79,000	6,393,000		80.92		8.1	%
	2025	343,000	23,177,000		67.57		29.5	%
	2026	180,000	12,477,000		69.32		15.9	%
	2027	65,000	5,165,000		79.46		6.6	%
	Thereafter	38,000	3,222,000		84.79		4.1	%

____________________

(1) Excludes storage, vacancy and other.

- 32 -

LEASING ACTIVITY

(unaudited)

The leasing activity and related statistics in the table below is 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										555 California Street
	Office			Retail				theMART
Three Months Ended September 30, 2017
Total square feet leased	452			51				36			61
Our share of square feet leased:	405			38				36			43
Initial rent (1)	$	83.09		$	346.34			$	54.11		$	71.77
Weighted average lease term (years)	9.9			6.1				5.4			7.8
Second generation relet space:
Square feet	322			22				22			—
GAAP basis:
Straight-line rent (2)	$	81.46		$	89.13			$	62.79		$	—
Prior straight-line rent	$	72.79		$	112.10			$	46.03		$	—
Percentage increase (decrease)	11.9		%	(20.5		)%	(3)	36.4		%	—		%
Cash basis (non-GAAP):
Initial rent (1)	$	83.64		$	87.36			$	61.02		$	—
Prior escalated rent	$	75.21		$	85.19			$	49.56		$	—
Percentage increase	11.2		%	2.5		%		23.1		%	—		%
Tenant improvements and leasing commissions:
Per square foot	$	84.69		$	232.54			$	30.18		$	131.32
Per square foot per annum	$	8.55		$	38.12			$	5.59		$	16.83
Percentage of initial rent	10.2		%	11.0		%		10.3		%	23.5		%

____________________

(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) Attributable to a single lease for 20,800 square feet at share at 1290 Avenue of the Americas that was the subject of a FAS 141 below market lease upward adjustment when we acquired the property in 2007. Excluding the FAS 141 adjustment the GAAP basis increase in rent would have been 8.0%.

- 33 -

LEASING ACTIVITY

(unaudited)

The leasing activity and related statistics in the table below is based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with 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									555 California Street
	Office			Retail			theMART
Nine Months Ended September 30, 2017
Total square feet leased	1,548			87			227			132
Our share of square feet leased:	1,188			68			227			93
Initial rent (1)	$	79.35		$	278.05		$	48.37		$	79.98
Weighted average lease term (years)	8.4			6.0			6.9			9.4
Second generation relet space:
Square feet	813			44			207			46
GAAP basis:
Straight-line rent (2)	$	73.89		$	158.51		$	48.53		$	95.09
Prior straight-line rent	$	64.62		$	140.76		$	37.45		$	80.30
Percentage increase	14.3		%	12.6		%	29.6		%	18.4		%
Cash basis (non-GAAP):
Initial rent (1)	$	75.52		$	150.88		$	48.27		$	86.49
Prior escalated rent	$	68.23		$	131.03		$	39.83		$	78.67
Percentage increase	10.7		%	15.1		%	21.2		%	9.9		%
Tenant improvements and leasing commissions:
Per square foot	$	74.59		$	156.88		$	42.22		$	111.81
Per square foot per annum	$	8.88		$	26.15		$	6.12		$	11.89
Percentage of initial rent	11.1		%	9.4		%	12.7		%	14.9		%

____________________

(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.

- 34 -

OCCUPANCY, SAME STORE EBITDA AND NOI (NON-GAAP)
(unaudited)
	New York		theMART		555 California Street
Occupancy rate at:
September 30, 2017	96.9	%	98.7	%	94.2	%
June 30, 2017	96.6	%	98.9	%	90.7	%
December 31, 2016	96.5	%	98.9	%	92.4	%
September 30, 2016	95.8	%	98.2	%	90.3	%

Same store EBITDA % increase (decrease):(1)
Three months ended September 30, 2017 compared to September 30, 2016	5.0	%	(2)	11.3	%		1.7	%
Nine months ended September 30, 2017 compared to September 30, 2016	2.7	%	(2)	3.4	%	(3)	(0.2	)%
Three months ended September 30, 2017 compared to June 30, 2017	4.8	%	(2)	(1.1	)%		(4.1	)%
Same store NOI % increase (decrease):(1)
Three months ended September 30, 2017 compared to September 30, 2016	13.8	%	(2)	17.0	%		13.2	%
Nine months ended September 30, 2017 compared to September 30, 2016	13.2	%	(2)	5.8	%	(3)	37.9	%
Three months ended September 30, 2017 compared to June 30, 2017	3.9	%	(2)	1.6	%		(2.2	)%

____________________

(1)	See pages 62 through 67 for same store EBITDA and NOI reconciliations.
		EBITDA		NOI
(2)	Excluding Hotel Pennsylvania - same store % increase:
	Three months ended September 30, 2017 compared to September 30, 2016	4.5	%	13.4	%
	Nine months ended September 30, 2017 compared to September 30, 2016	2.3	%	12.8	%
	Three months ended September 30, 2017 compared to June 30, 2017	5.3	%	4.4	%
(3)	The nine months ended September 30, 2017 includes a $2,000,000 reversal of an expense accrued in 2015. Excluding this amount, same store EBITDA increased by 6.2% and same store NOI increased by 8.9%.

- 35 -

RESIDENTIAL STATISTICSin service
(unaudited)
		At Vornado's Ownership Interest
	Number of Units	Number of Units	Occupancy Rate	Average Monthly Rent Per Unit
New York(1):
September 30, 2017	2,008	980	94.4%	$3,642
June 30, 2017	2,011	981	94.8%	$3,644
December 31, 2016	2,004	977	96.0%	$3,576
September 30, 2016	2,002	976	96.1%	$3,535
Rosslyn Plaza:
September 30, 2017	197	86	95.9%	$2,619
June 30, 2017	196	86	98.0%	$2,615
December 31, 2016	196	86	96.9%	$2,604
September 30, 2016	196	86	97.5%	$2,613

____________________

(1) Includes The Alexander (32.4% ownership) from the date of stabilization in the third quarter of 2016.

- 36 -

DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF SEPTEMBER 30, 2017
(unaudited and in thousands, except square feet)
			(At Share)								Full Quarter Stabilized Operations
		Property Rentable Sq. Ft.	Excluding Land Costs							Initial Occupancy
Current Projects:	Segment		Incremental Budget		Amount Expended			% Complete	Start
220 Central Park South - residential condominiums	Other	397,000	$	1,300,000	$	811,386	(1)	62.4%	Q3 2012	N/A	N/A
Moynihan Office Building - (50.1% interest)(2)	New York	850,000	400,000		15,188			3.8%	Q2 2017	(3)	(3)
61 Ninth Avenue - office/retail (45.1% interest)(4)	New York	170,000	69,000		42,158			61.1%	Q1 2016	Q1 2018	Q2 2019
512 West 22nd Street - office/retail (55.0% interest)	New York	173,000	72,000		34,947		(5)	48.5%	Q4 2015	Q2 2018	Q1 2020
606 Broadway - office/retail (50.0% interest)	New York	34,000	30,000		15,672		(6)	52.2%	Q2 2016	Q3 2018	Q2 2020
Total current projects					$	919,351
Future Opportunities:	Segment	Property Zoning Sq. Ft.
Penn Plaza - 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
Undeveloped Land:
29, 31, 33 West 57th Street (50.0% interest)	New York	150,000
527 West Kinzie, Chicago	Other	330,000
Total undeveloped land		480,000

____________________

(1) Excludes land and acquisition costs of $515,426.

(2) Excludes $115,230 for our share of the upfront contribution of $230,000. The building is subject to a ground lease which expires in 2116.

(3) To be provided in 2018.

(4) The building is subject to a ground lease which expires in 2115.

(5) Excludes land and acquisition costs of $57,000.

(6) Excludes land and acquisition costs of $22,703.

- 37 -

CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS
CONSOLIDATED
(unaudited and in thousands, except per square foot amounts)
	Nine Months Ended September 30, 2017			Year Ended December 31,
				2016			2015
Capital expenditures (accrual basis):
Expenditures to maintain assets	$	80,195		$	114,031		$	125,215
Tenant improvements	75,367			86,630			153,696
Leasing commissions	24,199			38,938			50,081
Non-recurring capital expenditures	62,292			55,636			116,875
Total capital expenditures and leasing commissions (accrual basis)	242,053			295,235			445,867
Adjustments to reconcile to cash basis:
Expenditures in the current period applicable to prior periods	106,038			268,101			156,753
Expenditures to be made in future periods for the current period	(113,704		)	(117,910		)	(222,469		)
Total capital expenditures and leasing commissions (cash basis)	$	234,387		$	445,426		$	380,151
Our share of square feet leased	1,576			2,307			2,751
Tenant improvements and leasing commissions per square foot per annum	$	9.30		$	7.79		$	9.10
Percentage of initial rent	11.1		%	10.0		%	9.8		%
	Nine Months Ended September 30, 2017			Year Ended December 31,
				2016			2015
Development and redevelopment expenditures:
220 Central Park South	$	196,063		$	303,974		$	158,014
606 Broadway	11,796			4,234			—
315/345 Montgomery Street (555 California Street)	9,603			9,150			—
90 Park Avenue	6,831			33,308			29,937
Penn Plaza	6,303			11,904			17,701
theMART	6,163			24,788			—
304 Canal Street	3,627			5,941			1,405
Marriott Marquis Times Square - retail and signage	1,498			9,283			21,929
Wayne Towne Center	1,486			8,461			20,633
640 Fifth Avenue	1,029			46,282			17,899
330 West 34th Street	305			5,492			32,613
Other	30,012			143,748			190,688
	$	274,716		$	606,565		$	490,819

- 38 -

CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS
NEW YORK SEGMENT
(unaudited and in thousands, except per square foot amounts)
	Nine Months Ended September 30, 2017			Year Ended December 31,
				2016			2015
Capital expenditures (accrual basis):
Expenditures to maintain assets	$	62,199		$	67,239		$	57,752
Tenant improvements	33,251			63,995			68,869
Leasing commissions	16,690			32,475			35,099
Non-recurring capital expenditures	50,717			41,322			81,240
Total capital expenditures and leasing commissions (accrual basis)	162,857			205,031			242,960
Adjustments to reconcile to cash basis:
Expenditures in the current period applicable to prior periods	62,948			159,144			93,105
Expenditures to be made in future periods for the current period	(71,138		)	(100,151		)	(118,911		)
Total capital expenditures and leasing commissions (cash basis)	$	154,667		$	264,024		$	217,154
Our share of square feet leased	1,256			1,933			1,920
Tenant improvements and leasing commissions per square foot per annum	$	9.56		$	7.98		$	10.20
Percentage of initial rent	10.6		%	9.7		%	8.9		%
	Nine Months Ended September 30, 2017			Year Ended December 31,
				2016			2015
Development and redevelopment expenditures:
606 Broadway	$	11,796		$	4,234		$	—
90 Park Avenue	6,831			33,308			29,937
Penn Plaza	6,303			11,904			17,701
304 Canal Street	3,627			5,941			1,405
Marriott Marquis Times Square - retail and signage	1,498			9,283			21,929
640 Fifth Avenue	1,029			46,282			17,899
330 West 34th Street	305			5,492			32,613
Other	2,877			1,759			6,695
	$	34,266		$	118,203		$	128,179

- 39 -

CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS
theMART
(unaudited and in thousands)
	Nine Months Ended September 30, 2017			Year Ended December 31,
				2016			2015
Capital expenditures (accrual basis):
Expenditures to maintain assets	$	6,202		$	16,343		$	33,958
Tenant improvements	7,516			6,722			30,246
Leasing commissions	1,094			1,355			7,175
Non-recurring capital expenditures	988			1,518			411
Total capital expenditures and leasing commissions (accrual basis)	15,800			25,938			71,790
Adjustments to reconcile to cash basis:
Expenditures in the current period applicable to prior periods	7,992			24,314			16,849
Expenditures to be made in future periods for the current period	(7,172		)	1,654			(37,949		)
Total capital expenditures and leasing commissions (cash basis)	$	16,620		$	51,906		$	50,690
Our share of square feet leased	227			269			762
Tenant improvements and leasing commissions per square foot per annum	$	6.12		$	5.58		$	6.02
Percentage of initial rent	12.7		%	11.6		%	15.6		%
	Nine Months Ended September 30, 2017			Year Ended December 31,
				2016			2015
Development and redevelopment expenditures:
Common area enhancements	$	6,163		$	24,788		$	—
Other	509			1,384			588
	$	6,672		$	26,172		$	588

- 40 -

CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS
555 CALIFORNIA STREET
(unaudited and in thousands)
	Nine Months Ended September 30, 2017			Year Ended December 31,
				2016			2015
Capital expenditures (accrual basis):
Expenditures to maintain assets	$	4,601		$	5,704		$	7,916
Tenant improvements	3,454			3,201			3,084
Leasing commissions	770			1,041			1,046
Non-recurring capital expenditures	6,403			3,900			796
Total capital expenditures and leasing commissions (accrual basis)	15,228			13,846			12,842
Adjustments to reconcile to cash basis:
Expenditures in the current period applicable to prior periods	9,777			12,708			10,994
Expenditures to be made in future periods for the current period	4,373			(3,056		)	7,618
Total capital expenditures and leasing commissions (cash basis)	$	29,378		$	23,498		$	31,454
Our share of square feet leased	93			106			69
Tenant improvements and leasing commissions per square foot per annum	$	11.89		$	9.15		$	8.13
Percentage of initial rent	14.9		%	11.8		%	9.7		%
	Nine Months Ended September 30, 2017			Year Ended December 31,
				2016			2015
Development and redevelopment expenditures:
315/345 Montgomery Street	$	9,603		$	9,150		$	—
Other	—			—			260
	$	9,603		$	9,150		$	260

- 41 -

CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS
OTHER
(unaudited and in thousands)
	Nine Months Ended September 30, 2017			Year Ended December 31,
				2016			2015
Capital expenditures (accrual basis)(1):
Expenditures to maintain assets	$	7,193		$	24,745		$	25,589
Tenant improvements	31,146			12,712			51,497
Leasing commissions	5,645			4,067			6,761
Non-recurring capital expenditures	4,184			8,896			34,428
Total capital expenditures and leasing commissions (accrual basis)	48,168			50,420			118,275
Adjustments to reconcile to cash basis:
Expenditures in the current period applicable to prior periods	25,321			71,935			35,805
Expenditures to be made in future periods for the current period	(39,767		)	(16,357		)	(73,227		)
Total capital expenditures and leasing commissions (cash basis)	$	33,722		$	105,998		$	80,853
	Nine Months Ended September 30, 2017			Year Ended December 31,
				2016			2015
Development and redevelopment expenditures:
220 Central Park South	$	196,063		$	303,974		$	158,014
Wayne Towne Center	1,486			8,461			20,633
Other	26,626			140,605			183,145
	$	224,175		$	453,040		$	361,792

____________________

(1) Effective July 17, 2017, the date of the spin-off of our Washington, DC segment, capital expenditures and leasing commissions by our former Washington, DC segment have been reclassified to the Other segment. We have reclassified the prior period capital expenditures and leasing commissions to conform to the current prior period presentation.

- 42 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rest PSF (1)		Square Feet			Encumbrances (non-GAAP) (in thousands) (2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK:
Penn Plaza:
One Penn Plaza												Cisco, Lion Resources,
(ground leased through 2098)												Parsons Brinckerhoff, Symantec Corporation,
-Office	100.0	%	92.2	%	$	63.65	2,256,000	2,256,000	—			United Health Care, URS Corporation Group Consulting
												Bank of America, Kmart Corporation,
-Retail	100.0	%	99.2	%	132.74		271,000	271,000	—			Shake Shack, Starbucks
	100.0	%	92.9	%	71.06		2,527,000	2,527,000	—	$	—
Two Penn Plaza												EMC, Information Builders, Inc.,
-Office	100.0	%	98.7	%	59.53		1,585,000	1,585,000	—	575,000		Madison Square Garden, McGraw-Hill Companies, Inc.
-Retail	100.0	%	86.4	%	214.70		49,000	49,000	—	—		Chase Manhattan Bank
	100.0	%	98.4	%	64.18		1,634,000	1,634,000	—	575,000
Eleven Penn Plaza
-Office	100.0	%	99.7	%	58.99		1,114,000	1,114,000	—	450,000		Macy's, Madison Square Garden, AMC Networks, Inc.
												PNC Bank National Association, Starbucks,
-Retail	100.0	%	85.2	%	147.48		38,000	38,000	—	—		Madison Square Garden
	100.0	%	99.2	%	61.91		1,152,000	1,152,000	—	450,000
100 West 33rd Street
-Office	100.0	%	98.2	%	62.91		855,000	855,000	—	398,402		IPG and affiliates
Manhattan Mall
-Retail	100.0	%	97.5	%	129.47		256,000	256,000	—	181,598		JCPenney, Aeropostale, Express, Starbucks
330 West 34th Street
(ground leased through 2149 -
34.8% ownership interest in the land)												New York & Company, Inc., Structure Tone,
-Office	100.0	%	95.0	%	62.27		691,000	691,000	—	50,150		Deutsch, Inc., Yodle, Inc., Footlocker, Home Advisor, Inc.
-Retail	100.0	%	—		—		18,000	18,000	—	—
	100.0	%	92.6	%	62.27		709,000	709,000	—	50,150
435 Seventh Avenue
-Retail	100.0	%	100.0	%	292.37		43,000	43,000	—	97,019		Hennes & Mauritz
7 West 34th Street
-Office	53.0	%	100.0	%	63.68		458,000	458,000	—	300,000		Amazon
-Retail	53.0	%	71.8	%	293.32		21,000	21,000	—	—		Amazon
	53.0	%	98.8	%	73.75		479,000	479,000	—	300,000
484 Eighth Avenue
-Retail	100.0	%	—		—		16,000	—	16,000	—
431 Seventh Avenue
-Retail	100.0	%	100.0	%	262.23		10,000	10,000	—	—
488 Eighth Avenue
-Retail	100.0	%	100.0	%	87.57		6,000	6,000	—	—
267 West 34th Street
-Retail	100.0	%	—		—		6,000	—	6,000	—

- 43 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rest PSF (1)		Square Feet			Encumbrances (non-GAAP) (in thousands) (2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Penn Plaza (Continued):
138-142 West 32nd Street
-Retail	100.0	%	35.3	%	$	66.03	8,000	8,000	—	$	—
150 West 34th Street
-Retail	100.0	%	100.0	%	71.73		78,000	78,000	—	205,000		Old Navy
137 West 33rd Street
-Retail	100.0	%	100.0	%	93.89		3,000	3,000	—	—
265 West 34th Street
-Retail	100.0	%	100.0	%	503.75		3,000	3,000	—	—
131-135 West 33rd Street
-Retail	100.0	%	100.0	%	41.28		23,000	23,000	—	—
486 Eighth Avenue
-Retail	100.0	%	—		—		3,000	—	3,000	—
Total Penn Plaza							7,811,000	7,786,000	25,000	2,257,169
Midtown East:
909 Third Avenue												IPG and affiliates, Forest Laboratories,
(ground leased through 2063)												Geller & Company, Morrison Cohen LLP, Robeco USA Inc.,
-Office	100.0	%	96.5	%	59.59 (3)		1,346,000	1,346,000	—	350,000		United States Post Office, The Procter & Gamble Distributing LLC
150 East 58th Street
-Office	100.0	%	95.7	%	74.14		539,000	539,000	—			Castle Harlan, Tournesol Realty LLC (Peter Marino),
-Retail	100.0	%	13.1	%	17.86		3,000	3,000	—
	100.0	%	95.2	%	73.83		542,000	542,000	—	—
715 Lexington Avenue
-Retail	100.0	%	100.0	%	260.06		23,000	23,000	—	—		New York & Company, Inc., Zales, Jonathan Adler
966 Third Avenue
-Retail	100.0	%	100.0	%	93.59		7,000	7,000	—	—		McDonald's
968 Third Avenue
-Retail	50.0	%	—		—		6,000	6,000	—	—
Total Midtown East							1,924,000	1,924,000	—	350,000

- 44 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rest PSF (1)		Square Feet			Encumbrances (non-GAAP) (in thousands) (2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Midtown West:
888 Seventh Avenue												TPG-Axon Capital, Lone Star US Acquisitions LLC,
(ground leased through 2067)												Pershing Square Capital Management, Hutchin Hill
-Office	100.0	%	96.2	%	$	93.73	873,000	873,000	—	$	375,000	Vornado Executive Headquarters
-Retail	100.0	%	100.0	%	261.35		15,000	15,000	—	—		Redeye Grill L.P.
	100.0	%	96.3	%	96.56		888,000	888,000	—	375,000
57th Street - 2 buildings
-Office	50.0	%	84.6	%	47.78		81,000	81,000	—	19,374
-Retail	50.0	%	100.0	%	134.94		22,000	22,000	—	—
	50.0	%	87.9	%	66.40		103,000	103,000	—	19,374
825 Seventh Avenue
-Office	50.0	%	100.0	%	78.70		165,000	165,000	—	20,500		Young & Rubicam
-Retail	100.0	%	100.0	%	271.95		4,000	4,000	—	—		Lindy's
	51.2	%	100.0	%	83.27		169,000	169,000	—	20,500
Total Midtown West							1,160,000	1,160,000	—	414,874
Park Avenue:
280 Park Avenue												Cohen & Steers Inc., GIC Inc., Franklin Templeton Co. LLC,
-Office	50.0	%	97.3	%	100.65		1,228,000	1,228,000	—	1,200,000		PJT Partners, Investcorp International Inc., Wells Fargo
-Retail	50.0	%	100.0	%	96.69		26,000	26,000	—	—		Scottrade Inc., Starbucks, The Four Seasons Restaurant
	50.0	%	97.4	%	100.57		1,254,000	1,254,000	—	1,200,000
350 Park Avenue												Kissinger Associates Inc., Ziff Brothers Investment Inc.,
-Office	100.0	%	100.0	%	104.33		554,000	554,000	—	400,000		MFA Financial Inc., M&T Bank
-Retail	100.0	%	100.0	%	216.69		17,000	17,000	—	—		Fidelity Investment, AT&T Wireless, Valley National Bank
	100.0	%	100.0	%	107.67		571,000	571,000	—	400,000
Total Park Avenue							1,825,000	1,825,000	—	1,600,000
Grand Central:
90 Park Avenue												Alston & Bird, Amster, Rothstein & Ebenstein,
												Capital One, Factset Research Systems Inc., Foley & Lardner,
-Office	100.0	%	98.3	%	77.86		937,000	937,000	—			PricewaterhouseCoopers LLP
-Retail	100.0	%	100.0	%	131.38		24,000	24,000	—			Citibank, Starbucks
	100.0	%	98.3	%	79.19		961,000	961,000	—	—
330 Madison Avenue												Guggenheim Partners LLC, HSBC Bank AFS, Glencore Ltd.,
-Office	25.0	%	98.1	%	75.60		813,000	813,000	—	500,000		Jones Lang LaSalle Inc., Wells Fargo, American Century
-Retail	25.0	%	100.0	%	318.54		33,000	33,000	—	—		Ann Taylor Retail Inc., Citibank, Starbucks
	25.0	%	98.1	%	85.08		846,000	846,000	—	500,000
510 Fifth Avenue
-Retail	100.0	%	100.0	%	147.17		66,000	66,000	—	—		The North Face, Elie Tahari
Total Grand Central							1,873,000	1,873,000	—	500,000

- 45 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rest PSF (1)		Square Feet			Encumbrances (non-GAAP) (in thousands) (2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Madison/Fifth:
640 Fifth Avenue												Fidelity Investments, Owl Creek Asset Management LP,
-Office	100.0%		90.6	%	$	90.53	246,000	246,000	—			Stifel Financial Corp., GCA Savvian Inc.
-Retail	100.0%		96.1	%	918.65		68,000	68,000	—			Victoria's Secret (guaranteed by L Brands, Inc.), Dyson
	100.0%		91.8	%	269.87		314,000	314,000	—	$	—
666 Fifth Avenue												Colliers International NY LLC,
-Office (Office Condo)	49.5%		—		—		1,403,000	—	1,403,000	1,409,292		Integrated Holding Group, Vinson & Elkins LLP
-Retail (Office Condo)	49.5%		—		—		45,000	—	45,000	—		HSBC Bank USA, Citibank
-Retail (Retail Condo)	100.0%	(4)	100.0	%	452.46		114,000	114,000	—	390,000		Fast Retailing (Uniqlo), Hollister, Tissot
			100.0	%	452.46		1,562,000	114,000	1,448,000	1,799,292
595 Madison Avenue												Beauvais Carpets, Levin Capital Strategies LP,
-Office	100.0%		95.3	%	81.07		294,000	294,000	—			Cosmetech Mably Int'l LLC.
-Retail	100.0%		36.0	%	1,225.30		30,000	30,000	—			Coach
	100.0%		89.8	%	187.02		324,000	324,000	—	—
650 Madison Avenue												Memorial Sloan Kettering Cancer Center, Polo Ralph Lauren,
-Office	20.1%		96.5	%	113.55		526,000	526,000	—	800,000		Willett Advisors LLC
-Retail	20.1%		28.5	%	1,227.08		67,000	67,000	—	—		Bottega Veneta Inc., Moncler USA Inc.
	20.1%		88.8	%	239.36		593,000	593,000	—	800,000
689 Fifth Avenue
-Office	100.0%		90.0	%	80.33		81,000	81,000	—			Yamaha Artist Services Inc., Brunello Cucinelli USA Inc.
-Retail	100.0%		100.0	%	820.61		17,000	17,000	—			MAC Cosmetics, Massimo Dutti
	100.0%		91.7	%	208.75		98,000	98,000	—	—
655 Fifth Avenue
-Retail	92.5%		100.0	%	240.42		57,000	57,000	—	140,000		Ferragamo
697-703 Fifth Avenue (St. Regis - retail)
-Retail	74.3%		100.0	%	2,564.54		26,000	26,000	—	450,000		Swatch Group USA, Harry Winston
Total Madison/Fifth							2,974,000	1,526,000	1,448,000	3,189,292
Midtown South:
770 Broadway
-Office	100.0%		100.0	%	85.81		991,000	991,000	—	700,000		Facebook, Oath - formerly AOL (Verizon), J. Crew
-Retail	100.0%		100.0	%	57.17		168,000	168,000	—	—		Ann Taylor Retail Inc., Bank of America, Kmart Corporation
	100.0%		100.0	%	81.65		1,159,000	1,159,000	—	700,000
One Park Avenue												New York University, Clarins USA Inc.,
												Public Service Mutual Insurance, Robert A.M. Stern Architect,
-Office	55.0%		96.3	%	54.14		862,000	862,000	—	300,000		automotiveMastermind
-Retail	55.0%		100.0	%	85.53		77,000	77,000	—	—		Bank of Baroda, Citibank, Equinox, Men's Wearhouse
	55.0%		96.6	%	56.71		939,000	939,000	—	300,000
4 Union Square South												Burlington Coat Factory, Whole Foods Market, DSW,
-Retail	100.0%		100.0	%	105.84		206,000	206,000	—	114,524		Forever 21
692 Broadway
-Retail	100.0%		100.0	%	89.86		36,000	36,000	—	—		Equinox, Oath - formerly AOL (Verizon)
Other
-Retail	50.0%		—		—		36,000	—	36,000	30,000
Total Midtown South							2,376,000	2,340,000	36,000	1,144,524

- 46 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rest PSF (1)		Square Feet			Encumbrances (non-GAAP) (in thousands) (2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
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	%	100.0	%	$	81.58	2,038,000	2,038,000	—	$	950,000	Cella, Harper & Scinto, Columbia University
-Retail	70.0	%	100.0	%	174.45		76,000	76,000	—	—		Duane Reade, JPMorgan Chase Bank, Sovereign Bank, Starbucks
	70.0	%	100.0	%	84.92		2,114,000	2,114,000	—	950,000
608 Fifth Avenue
(ground leased through 2033)
-Office	100.0	%	99.8	%	64.72		93,000	93,000	—
-Retail	100.0	%	100.0	%	459.44		44,000	44,000	—			Topshop
	100.0	%	99.9	%	191.49		137,000	137,000	—	—
Total Rockefeller Center							2,251,000	2,251,000	—	950,000
Wall Street/Downtown:
40 Fulton Street
-Office	100.0	%	87.9	%	40.80		246,000	246,000	—			Market News International Inc., Sapient Corp.
-Retail	100.0	%	100.0	%	101.28		5,000	5,000	—			TD Bank
	100.0	%	88.1	%	42.01		251,000	251,000	—	—
Soho:
478-486 Broadway - 2 buildings
-Retail	100.0	%	100.0	%	243.53		65,000	65,000	—			Topshop, Madewell, J. Crew
-Residential (10 units)	100.0	%	100.0	%			20,000	20,000	—
	100.0	%					85,000	85,000	—	—
443 Broadway
Retail	100.0	%	100.0	%	95.63		16,000	16,000	—	—		Necessary Clothing
304 Canal Street
-Retail	100.0	%	—		—		4,000	—	4,000
-Residential (4 units)	100.0	%	100.0	%			9,000	9,000	—
	100.0	%					13,000	9,000	4,000	—
334 Canal Street
-Retail	100.0	%	—		—		4,000	4,000	—
-Residential (4 units)	100.0	%	75.0	%			11,000	11,000	—
	100.0	%	55.0	%			15,000	15,000	—	—
155 Spring Street
-Retail	100.0	%	93.6	%	132.89		50,000	50,000	—	—		Vera Bradley
148 Spring Street
-Retail	100.0	%	100.0	%	185.48		8,000	8,000	—	—		Dr. Martens
150 Spring Street
-Retail	100.0	%	100.0	%	281.72		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	%	84.6	%			35,000	35,000	—	—
Total Soho							229,000	225,000	4,000	—

- 47 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rest PSF (1)		Square Feet			Encumbrances (non-GAAP) (in thousands) (2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Times Square:
1540 Broadway												Forever 21, Planet Hollywood, Disney, Sunglass Hut,
-Retail	100.0	%	100.0	%	$	256.85	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	%	56.0	%	1,183.49		46,000	46,000	—			T-Mobile, Invicta, Swatch Group USA, Laline, Sephora*
-Theatre	100.0	%	100.0	%	13.48		62,000	62,000	—			Nederlander-Marquis Theatre
	100.0	%	81.2	%	339.46		108,000	108,000	—	—
Total Times Square							268,000	268,000	—	—
Upper East Side:
828-850 Madison Avenue
-Retail	100.0	%	100.0	%	622.02		18,000	18,000	—	80,000		Gucci, Chloe, Cartier, Cho Cheng, Christofle Silver Inc.
677-679 Madison Avenue
-Retail	100.0	%	100.0	%	489.21		8,000	8,000	—			Berluti
-Residential (8 units)	100.0	%	75.0	%			5,000	5,000	—
	100.0	%	90.4	%			13,000	13,000	—	—
759-771 Madison Avenue (40 East 66th)
-Residential (5 units)	100.0	%	100.0	%			12,000	12,000	—
-Retail	100.0	%	66.7	%	1,041.89		11,000	11,000	—			John Varvatos, J. Crew
	100.0	%	84.1	%			23,000	23,000	—	—
1131 Third Avenue
Retail	100.0	%	100.0	%	156.59		23,000	23,000	—	—		Nike, Crunch LLC, J.Jill
Other
-Retail - 2 buildings	100.0	%	100.0	%	—		15,000	15,000	—
-Residential (8 units)	100.0	%	100.0	%			7,000	7,000	—
	100.0	%					22,000	22,000	—	—
Total Upper East Side							99,000	99,000	—	80,000
Long Island City:
33-00 Northern Boulevard (Center Building)
-Office	100.0	%	99.1	%	34.22		471,000	471,000	—	60,015		The City of New York, NYC Transit Authority
Chelsea/Meatpacking District:
260 Eleventh Avenue
(ground leased through 2114)
-Office	100.0	%	100.0	%	52.10		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	%	100.0	%	85.45		586,000	586,000	—	625,000		Moet Hennessy USA. Inc.
-Retail	49.9	%	100.0	%	83.93		41,000	41,000	—	—		IL Posto LLC, Toro NYC Restaurant, L'Atelier
	49.9	%	100.0	%	85.36		627,000	627,000	—	625,000
Total Chelsea/Meatpacking District							811,000	811,000	—	625,000
Upper West Side:
50-70 W 93rd Street
-Residential (326 units)	49.9	%	90.8	%			283,000	283,000	—	80,000

- 48 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rest PSF (1)		Square Feet			Encumbrances (non-GAAP) (in thousands) (2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
Tribeca:
Independence Plaza, Tribeca
-Residential (1,327 units)	50.1	%	95.7	%			1,185,000	1,185,000	—	$	550,000
-Retail	50.1	%	100.0	%	$	45.99	72,000	60,000	12,000	—		Duane Reade, Food Emporium
	50.1	%	95.9	%			1,257,000	1,245,000	12,000	550,000
339 Greenwich Street
-Retail	100.0	%	100.0	%	105.34		8,000	8,000	—	—		Sarabeth's
Total Tribeca							1,265,000	1,253,000	12,000	550,000
New Jersey:
Paramus
-Office	100.0	%	94.7	%	21.93		129,000	129,000	—	—		Vornado's Administrative Headquarters
Washington D.C.:
3040 M Street
-Retail	100.0	%	100.0	%	71.06		44,000	44,000	—	—		Nike, Amazon*
Properties to be Developed:
512 West 22nd Street
-Office	55.0	%	—		—		173,000	—	173,000	62,359
61 Ninth Avenue
(ground leased through 2115)
-Office	45.1	%	—		—		147,000	—	147,000	39,526		Aetna Life Insurance Company*
-Retail	45.1	%	—		—		23,000	—	23,000	—		Starbucks*
	45.1	%	—		—		170,000	—	170,000	39,526
606 Broadway (19 East Houston Street)
-Office	50.0	%	—		—		23,000	—	23,000	—
-Retail	50.0	%	—		—		11,000	—	11,000	34,810
	50.0	%	—		—		34,000	—	34,000	34,810
Moynihan Office Building
(ground and building leased through 2116)
-Office	50.1	%	—		—		730,000	—	730,000	205,114
-Retail	50.1	%	—		—		120,000	—	120,000	—
	50.1	%	—		—		850,000	—	850,000	205,114
Total Properties to be Developed							1,240,000	—	1,240,000	341,809
New York Office:
Total			97.2	%	$	73.14	22,718,000	20,242,000	2,476,000	$	9,789,733
Vornado's Ownership Interest			97.0	%	$	71.00	18,201,000	16,968,000	1,233,000	$	5,948,329
New York Retail:
Total			94.7	%	$	218.99	2,985,000	2,709,000	276,000	$	1,722,950
Vornado's Ownership Interest			95.7	%	$	215.46	2,624,000	2,473,000	151,000	$	1,564,195
New York Residential:
Total			94.5	%			1,568,000	1,568,000	—	$	630,000
Vornado's Ownership Interest			94.4	%			835,000	835,000	—	$	315,470

- 49 -

NEW YORK SEGMENT
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rest PSF (1)		Square Feet			Encumbrances (non-GAAP) (in thousands) (2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
NEW YORK (Continued):
ALEXANDER'S, INC.:
New York:
731 Lexington Avenue, Manhattan
-Office	32.4	%	100.0	%	$	115.11	889,000	889,000	—	$	500,000	Bloomberg
-Retail	32.4	%	99.4	%	180.90		174,000	174,000	—	350,000		Hennes & Mauritz, The Home Depot, The Container Store
	32.4	%	99.9	%	124.96		1,063,000	1,063,000	—	850,000
												Sears, Burlington Coat Factory,
Rego Park I, Queens (4.8 acres)	32.4	%	100.0	%	40.78		343,000	343,000	—	78,246		Bed Bath & Beyond, Marshalls
Rego Park II (adjacent to Rego Park I),
Queens (6.6 acres)	32.4	%	99.9	%	44.72		609,000	609,000	—	257,147		Century 21, Costco, Kohl's, TJ Maxx, Toys "R" Us
Flushing, Queens (5) (1.0 acre)	32.4	%	100.0	%	17.36		167,000	167,000	—	—		New World Mall LLC
The Alexander Apartment Tower,
Rego Park, Queens, NY
Residential (312 units)	32.4	%	94.2	%	—		255,000	255,000	—	—
New Jersey:
Paramus, New Jersey
(30.3 acres ground leased to IKEA through 2041)	32.4	%	100.0	%	—		—	—	—	68,000		IKEA (ground lessee)
Property to be Developed:
Rego Park III (adjacent to Rego Park II),
Queens, NY (3.4 acres)	32.4	%	—		—		—	—	—	—
Total Alexander's	32.4	%	99.3	%	77.29		2,437,000	2,437,000	—	1,253,393
Hotel Pennsylvania:
-Hotel (1,700 Keys)	100.0	%					1,400,000	1,400,000	—	—
Total New York			97.1	%	$	87.29	31,121,000	28,356,000	2,765,000	$	13,396,076
Vornado's Ownership Interest			96.9	%	$	75.05	23,857,000	22,466,000	1,391,000	$	8,234,093

____________________

*    Lease not yet commenced.

(1) Weighted average annual rent per square foot for office properties excludes garages and diminimous amounts of storage space.  Weighted average annual rent per square foot for retail excludes non-selling space.

(2) Represents the contractual debt obligations.

(3) Excludes US Post Office leased through 2038 (including four five-year renewal options) for which the annual escalated rent is $12.31 PSF.

(4) 75,000 square feet is leased from the office condo.

(5) Leased by Alexander's through January 2037.

- 50 -

OTHER
PROPERTY TABLE
	% Ownership		% Occupancy		Weighted Average Annual Rest PSF (1)		Square Feet			Encumbrances (non-GAAP) (in thousands) (2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
555 California Street:
555 California Street	70.0	%	96.2	%	$	71.45	1,505,000	1,505,000	—	$	572,533	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	%	81.4	%	63.17		235,000	235,000	—	—		Bank of America, Regus, Ripple Labs Inc., LendingHome Corporation*
345 Montgomery Street	70.0	%	—		—		64,000	—	64,000	—
Total 555 California Street			94.2	%	$	70.49	1,804,000	1,740,000	64,000	$	572,533
Vornado's Ownership Interest			94.2	%	$	70.49	1,263,000	1,218,000	45,000	$	400,773
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	%	99.2	%	$	37.07	2,010,000	2,010,000	—			ConAgra Foods Inc., Allstate Insurance Company,
												Steelcase, Baker, Knapp & Tubbs, Holly Hunt Ltd.,
-Showroom/Trade show	100.0	%	98.5	%	46.58		1,554,000	1,554,000	—			Allsteel Inc., Herman Miller Inc., Knoll Inc., Teknion LLC
-Retail	100.0	%	91.0	%	50.26		106,000	106,000	—
	100.0	%	98.7	%	41.41		3,670,000	3,670,000	—	$	675,000
Other (2 properties)	50.0	%	100.0	%	37.82		19,000	19,000	—	33,160
Total theMART			98.7	%	$	41.39	3,689,000	3,689,000	—	$	708,160
Vornado's Ownership Interest			98.7	%	$	41.39	3,680,000	3,680,000	—	$	691,850

____________________

*    Lease not yet commenced.

(1) Weighted average annual rent per square foot excludes ground rent, storage rent and garages.

(2) Represents the contractual debt obligations.

- 51 -

REAL ESTATE FUND
PROPERTY TABLE
	Fund % Ownership		% Occupancy		Weighted Average Annual Rest PSF (1)		Square Feet			Encumbrances (non-GAAP) (in thousands) (2)		Major Tenants
Property							Total Property	In Service	Under Development or Not Available for Lease
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	%	99.2	%	$	232.46	95,000	95,000	—			Sephora, Bank of America
- Residential (39 units)	100.0	%	92.3	%			59,000	59,000	—
	100.0	%					154,000	154,000	—	$	146,000
11 East 68th Street Retail	100.0	%	100.0	%	711.46		11,000	11,000	—	60,000		Belstaff, Kent & Curwen, Rag & Bone
Crowne Plaza Times Square
- Hotel (795 Keys)
- Retail	75.3	%	17.0	%	141.05		46,000	46,000	—
- Office	75.3	%	33.0	%	44.33		194,000	194,000	—			American Management Association
	75.3	%	29.9	%	62.87		240,000	240,000	—	310,000
501 Broadway	100.0	%	100.0	%	262.98		9,000	9,000	—	23,000		Capital One Financial Corporation
Miami, FL:
1100 Lincoln Road
- Retail	100.0	%	74.5	%	178.88		51,000	49,000	2,000			Banana Republic
- Theatre	100.0	%	100.0	%	38.56		79,000	79,000	—			Regal Cinema
	100.0	%	90.2	%	83.05		130,000	128,000	2,000	82,750
Total Real Estate Fund	89.1	%	67.0	%			544,000	542,000	2,000	$	621,750
Vornado's Ownership Interest	28.5	%	58.0	%			156,000	155,000	1,000	$	136,295

____________________

(1) Weighted average annual rent per square foot excludes ground rent, storage rent, garages and residential.

- 52 -

OTHER
PROPERTY TABLE
Property	% Ownership		% Occupancy		Weighted Average Annual Rest PSF (1)		Square Feet				Encumbrances (non-GAAP) (in thousands) (2)		Major Tenants
							Total Property	In Service		Under Development or Not Available for Lease
								Owned by Company	Owned by Tenant (2)
ROSSLYN PLAZA:
Virginia (Rosslyn):
Rosslyn Plaza(4)													General Services Administration,
Office - 4 buildings	46.2	%	65.9	%	$	43.84	736,000	437,000	—	299,000	$	38,072	Corporate Executive Board, Nathan Associates, Inc.
Residential - 2 buildings (197 units)	43.7	%	95.9	%			253,000	253,000	—	-	-
							989,000	690,000	—	299,000	38,072
Total Rosslyn Plaza			65.9	%	$	43.84	989,000	690,000	—	299,000	$	38,072
Vornado's Ownership Interest			65.9	%	$	43.84	450,000	313,000	—	138,000	$	17,590
OTHER:
New Jersey:
Wayne Town Center, Wayne	100.0	%	100.0	%	$	30.71	677,000	228,000	443,000	5,500	$	—	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	%	100.0	%	8.99		128,000	128,000	—	—	—		The Home Depot
Virginia (Pentagon City):
Fashion Centre Mall(4)	7.5	%	97.2	%	49.03		868,000	868,000	—	—	410,000		Macy's, Nordstrom
Washington Tower(4)	7.5	%	100.0	%	51.06		170,000	170,000	—	—	40,000		Computer Science Corp.
Total Other			98.7	%	$	39.79	1,843,000	1,394,000	443,000	5,500	$	450,000
Vornado's Ownership Interest			99.8	%	$	29.17	883,000	434,000	443,000	6,000	$	34,000

____________________

(1) Weighted average annual rent per square foot excludes ground rent, storage rent, garages and residential.

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

(3) Represents the contractual debt obligations.

(4) Reclassified to Other from the Washington, DC segment.

- 53 -

NON-GAAP RECONCILIATIONS RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME, AS ADJUSTED
(unaudited and in thousands, except per share amounts)
		Three Months Ended									Nine Months Ended September 30,
		September 30,						June 30, 2017
		2017			2016						2017			2016
Net (loss) income attributable to common shareholders	(A)	$	(29,026	)	$	66,125		$	115,972		$	134,698		$	172,425
Per diluted share		$	(0.15	)	$	0.35		$	0.61		$	0.71		$	0.91
Certain items that impact net (loss) income attributable to common shareholders:
JBG SMITH Properties which is treated as a discontinued operation:
Transaction costs		$	(53,581	)	$	(2,739	)	$	(6,211	)	$	(67,045	)	$	(4,597	)
Operating results through July 17, 2017 spin-off		3,950			29,489			23,659			47,752			66,714
		(49,631		)	26,750			17,448			(19,293		)	62,117
Impairment loss on investment in PREIT		(44,465		)	—			—			(44,465		)	—
(Loss) income from real estate fund investments, net		(7,794		)	807			(304		)	(11,333		)	13,662
Net gain resulting from UE operating partnership unit issuances		5,200			—			15,900			21,100			—
Our share of write-off of deferred financing costs		(3,819		)	—			—			(3,819		)	—
Preferred share issuance costs (Series J redemption)		—			(7,408		)	—			—			(7,408		)
Our share of net gain on sale of property of Suffolk Downs JV		—			—			15,314			15,314			—
Net gain on repayment of Suffolk Downs JV debt investments		—			—			11,373			11,373			—
Skyline properties impairment loss		—			—			—			—			(160,700		)
Net gain on sale of 47% ownership interest in 7 West 34th Street		—			—			—			—			159,511
Other		(3,197		)	(851		)	694			(1,024		)	(10,699		)
		(103,706		)	19,298			60,425			(32,147		)	56,483
Noncontrolling interests' share of above adjustments		6,451			(1,183		)	(3,740		)	1,407			(3,430		)
Total of certain items that impact net (loss) income attributable to       common shareholders, net	(B)	$	(97,255	)	$	18,115		$	56,685		$	(30,740	)	$	53,053
Per diluted share (non-GAAP)		$	(0.51	)	$	0.1		$	0.3		$	(0.16	)	$	0.28
Net income attributable to common shareholders, as adjusted (non-GAAP)	(A-B)	$	68,229		$	48,010		$	59,287		$	165,438		$	119,372
Per diluted share (non-GAAP)		$	0.36		$	0.25		$	0.31		$	0.87		$	0.63

- 54 -

NON-GAAP RECONCILIATIONS RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO
(unaudited and in thousands, except per share amounts)
		Three Months Ended									Nine Months Ended September 30,
		September 30,						June 30, 2017
		2017			2016						2017			2016
Reconciliation of our net (loss) income attributable to common shareholders to FFO      (non-GAAP):
Net (loss) income attributable to common shareholders	(A)	$	(29,026	)	$	66,125		$	115,972		$	134,698		$	172,425
Per diluted share		$	(0.15	)	$	0.35		$	0.61		$	0.71		$	0.91
FFO adjustments:
Depreciation and amortization of real property		$	102,953		$	130,892		$	128,527		$	361,949		$	398,231
Net gains on sale of real estate		(1,530		)	—			—			(3,797		)	(161,721		)
Real estate impairment losses		—			—			—			—			160,700
Proportionate share of adjustments to equity in net (loss) income of partially owned entities to arrive at FFO:
Depreciation and amortization of real property		31,997			40,281			37,682			108,753			117,635
Net gains on sale of real estate		8			(2,522		)	(15,339		)	(17,184		)	(2,841		)
Real estate impairment losses		4,329			1,134			167			7,547			5,536
		137,757			169,785			151,037			457,268			517,540
Noncontrolling interests' share of above adjustments		(8,572		)	(10,403		)	(9,356		)	(28,444		)	(31,872		)
FFO adjustments, net	(B)	$	129,185		$	159,382		$	141,681		$	428,824		$	485,668
FFO attributable to common shareholders (non-GAAP)	(A+B)	$	100,159		$	225,507		$	257,653		$	563,522		$	658,093
Convertible preferred share dividends		19			22			20			59			65
Earnings allocated to Out-Performance Plan units		—			—			—			850			722
FFO attributable to common shareholders plus assumed conversions (non-GAAP)		100,178			225,529			257,673			564,431			658,880
Add back of income allocated to noncontrolling interests of the Operating Partnership		6,776			14,937			17,062			37,229			42,906
FFO - OP Basis (non-GAAP)		$	106,954		$	240,466		$	274,735		$	601,660		$	701,786
FFO per diluted share (non-GAAP)		$	0.52		$	1.19		$	1.35		$	2.95		$	3.47

- 55 -

NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO TO FFO, AS ADJUSTED
(unaudited and in thousands, except per share amounts)
		Three Months Ended									Nine Months Ended September 30,
		September 30,						June 30, 2017
		2017			2016						2017			2016
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	(A)	$	100,178		$	225,529		$	257,673		$	564,431		$	658,880
Per diluted share (non-GAAP)		$	0.52		$	1.19		$	1.35		$	2.95		$	3.47
Certain items that impact FFO:
JBG SMITH Properties which is treated as a discontinued operation:
Transaction costs		$	(53,581	)	$	(2,739	)	$	(6,211	)	$	(67,045	)	$	(4,597	)
Operating results through July 17, 2017 spin-off		10,148			61,699			56,868			122,201			169,141
		(43,433		)	58,960			50,657			55,156			164,544
Impairment loss on investment in PREIT		(44,465		)	—			—			(44,465		)	—
(Loss) income from real estate fund investments, net		(7,794		)	807			(304		)	(11,333		)	13,662
Net gain resulting from UE Properties operating partnership unit issuances		5,200			—			15,900			21,100			—
Our share of write-off of deferred financing costs		(3,819		)	—			—			(3,819		)	—
Preferred share issuance costs (Series J redemption)		—			(7,408		)	—			—			(7,408		)
Net gain on repayment of our Suffolk Downs JV debt instruments		—			—			11,373			11,373			—
Other		(390		)	171			836			856			(130		)
		(94,701		)	52,530			78,462			28,868			170,668
Noncontrolling interests' share of above adjustments		5,890			(3,220		)	(4,857		)	(1,782		)	(10,877		)
Total of certain items that impact FFO, net	(B)	(88,811		)	49,310			73,605			27,086			159,791
Per diluted share		$	(0.47	)	$	0.26		$	0.39		$	0.14		$	0.84
FFO, as adjusted (non-GAAP)	(A-B)	$	188,989		$	176,219		$	184,068		$	537,345		$	499,089
Per diluted share (non-GAAP)		$	0.99		$	0.93		$	0.97		$	2.81		$	2.63

- 56 -

NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO TO FAD
(unaudited and in thousands, except per share amounts)
		Three Months Ended									Nine Months Ended September 30,
		September 30,						June 30, 2017
		2017			2016						2017			2016
FFO attributable to common shareholders plus assumed conversions (non-GAAP)	(A)	$	100,178		$	225,529		$	257,673		$	564,431		$	658,880
Adjustments to arrive at FAD (non-GAAP):
Adjustments to FFO per page 56, excluding FFO from discontinued operations and sold properties		(105,020		)	(12,541		)	20,931			(94,328		)	(8,194		)
Recurring tenant improvements, leasing commissions and other capital expenditures		64,520			87,090			77,350			214,361			262,719
Carried interest and our share of net unrealized (loss) gain from real estate fund investments		(12,908		)	(97		)	(2,300		)	(21,375		)	8,639
Amortization of acquired below-market leases, net		10,660			11,410			12,474			34,135			40,302
Straight-lining of rents		9,170			34,915			13,059			37,751			118,960
Amortization of debt issuance costs		(6,220		)	(8,539		)	(8,353		)	(23,554		)	(26,312		)
Stock-based compensation expense		(5,693		)	(6,117		)	(7,350		)	(27,319		)	(27,903		)
Non real estate depreciation		(1,671		)	(1,447		)	(2,039		)	(5,704		)	(5,277		)
Noncontrolling interests' share of above adjustments		3,216			(6,417		)	(6,423		)	(6,758		)	(22,521		)
	(B)	(43,946		)	98,257			97,349			107,209			340,413
FAD (non-GAAP)	(A-B)	$	144,124		$	127,272		$	160,324		$	457,222		$	318,467
FAD payout ratio (1)		80.0		%	94.0		%	84.5		%	84.5		%	112.5		%

_____________________________________________

(1) 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.

- 57 -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF EBITDA TO EBITDA, AS ADJUSTED
(unaudited and in thousands)
		Three Months Ended September 30, 2017
		Total			New York		Other
EBITDA (non-GAAP) per page 14	(A)	$	236,745		$	297,177	$	(60,432	)
Certain items that impact EBITDA:
JBG SMITH Properties which is treated as a discontinued operation:
Transaction costs		(53,581		)	—		(53,581		)
Operating results through July 17, 2017 spin-off		13,038			—		13,038
		(40,543		)	—		(40,543		)
Impairment loss on investment in PREIT		(44,465		)	—		(44,465		)
Loss from real estate fund investments, net		(7,794		)	—		(7,794		)
Net gain result from UE operating partnership unit issuance		5,200			—		5,200
Other		(3,197		)	—		(3,197		)
Total of certain items that impact EBITDA	(B)	(90,799		)	—		(90,799		)
EBITDA, as adjusted (non-GAAP)	(A-B)	$	327,544		$	297,177	$	30,367

		Three Months Ended September 30, 2016
		Total			New York		Other
EBITDA (non-GAAP) per page 14	(A)	$	398,007		$	276,893	$	121,114
Certain items that impact EBITDA:
JBG SMITH Properties which is treated as a discontinued operation:
Operating results		75,307			—		75,307
Transaction costs		(2,739		)	—		(2,739		)
		72,568			—		72,568
Income from real estate fund investments, net		807			—		807
Other		8,898			—		8,898
Total of certain items that impact EBITDA	(B)	82,273			—		82,273
EBITDA, as adjusted (non-GAAP)	(A-B)	$	315,734		$	276,893	$	38,841

- 58 -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF EBITDA TO EBITDA, AS ADJUSTED
(unaudited and in thousands)
		Nine Months Ended September 30, 2017
		Total			New York		Other
EBITDA (non-GAAP) per page 16	(A)	$	1,021,077		$	853,922	$	167,155
Certain items that impact EBITDA:
JBG SMITH Properties which is treated as a discontinued operation:
Operating results through July 17, 2017 spin-off		153,449			—		153,449
Transaction costs		(67,045		)	—		(67,045		)
		86,404			—		86,404
Impairment loss on investment in PREIT		(44,465		)	—		(44,465		)
Net gain result from UE operating partnership unit issuance		21,100			—		21,100
Our share of net gain on sale of property of Suffolk Downs JV		15,314			—		15,314
Net gain on sale of repayment of Suffolk Downs JV debt investments		11,373			—		11,373
Loss from real estate fund investments, net		(11,333		)	—		(11,333		)
Other		(1,024		)	—		(1,024		)
Total of certain items that impact EBITDA	(B)	77,369			—		77,369
EBITDA, as adjusted (non-GAAP)	(A-B)	$	943,708		$	853,922	$	89,786

		Nine Months Ended September 30, 2016
		Total			New York		Other
EBITDA (non-GAAP) per page 16	(A)	$	1,162,125		$	977,517	$	184,608
Certain items that impact EBITDA:
JBG SMITH Properties which is treated as a discontinued operation:
Operating results		214,604			—		214,604
Transaction costs		(4,597		)	—		(4,597		)
		210,007			—		210,007
Skyline properties impairment loss		(160,700		)	—		(160,700		)
Net gain on sale of 47% ownership interest in 7 West 34th Street		159,511			159,511		—
Income from real estate fund investments, net		13,662			—		13,662
Other		18,888			3,120		15,768
Total of certain items that impact EBITDA	(B)	241,368			162,631		78,737
EBITDA, as adjusted (non-GAAP)	(A-B)	$	920,757		$	814,886	$	105,871

- 59 -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI TO NOI, AS ADJUSTED
(unaudited and in thousands)
		Three Months Ended September 30, 2017
		Total		New York		Other
NOI (non-GAAP) per page 14	(A)	$	346,241	$	280,044	$	66,197
Certain items that impact NOI:
JBG SMITH Properties spin-off operating results through July 17, 2017 spin-off		12,971		—		12,971
NOI from real estate fund investments, net		2,600		—		2,600
Other		692		—		692
Total of certain items that impact NOI	(B)	16,263		—		16,263
NOI, as adjusted (non-GAAP)	(A-B)	$	329,978	$	280,044	$	49,934

		Three Months Ended September 30, 2016
		Total		New York		Other
NOI (non-GAAP) per page 14	(A)	$	383,877	$	246,588	$	137,289
Certain items that impact NOI:
JBG SMITH Properties operating results		72,919		—		72,919
NOI from real estate fund investments, net		2,555		—		2,555
Other		1,906		—		1,906
Total of certain items that impact NOI	(B)	77,380		—		77,380
NOI, as adjusted (non-GAAP)	(A-B)	$	306,497	$	246,588	$	59,909

- 60 -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI TO NOI, AS ADJUSTED
(unaudited and in thousands)
		Nine Months Ended September 30, 2017
		Total		New York		Other
NOI (non-GAAP) per page 16	(A)	$	1,132,442	$	812,334	$	320,108
Certain items that impact NOI:
JBG SMITH Properties operating results through July 17, 2017 spin-off		160,634		—		160,634
NOI from real estate fund investments, net		7,469		—		7,469
Other		4,282		—		4,282
Total of certain items that impact NOI	(B)	172,385		—		172,385
NOI, as adjusted (non-GAAP)	(A-B)	$	960,057	$	812,334	$	147,723

		Nine Months Ended September 30, 2016
		Total		New York		Other
NOI (non-GAAP) per page 16	(A)	$	1,119,555	$	716,315	$	403,240
Certain items that impact NOI:
JBG SMITH Properties operating results		233,310		—		233,310
NOI from real estate fund investments, net		6,313		—		6,313
Other		7,126		2,232		4,894
Total of certain items that impact NOI	(B)	246,749		2,232		244,517
NOI, as adjusted (non-GAAP)	(A-B)	$	872,806	$	714,083	$	158,723

- 61 -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF EBITDA TO SAME STORE EBITDA
(unaudited and in thousands)
	New York			theMART			555 California Street
EBITDA (non-GAAP) for the three months ended September 30, 2017	$	297,177		$	24,165		$	11,643
Add-back:
Non-property level overhead expenses included above	9,479			1,859			—
Less EBITDA from:
Acquisitions	(5,454		)	42			—
Dispositions	(15		)	—			—
Development properties placed into and out of service	(6,228		)	—			—
Other non-operating income, net	(1,076		)	—			—
Same store EBITDA (non-GAAP) for the three months ended September 30, 2017	$	293,883		$	26,066		$	11,643
EBITDA (non-GAAP) for the three months ended September 30, 2016	$	276,893		$	21,696		$	11,405
Add-back:
Non-property level overhead expenses included above	9,783			1,720			55
Less EBITDA from:
Acquisitions	(205		)	—			—
Dispositions	19			—			—
Development properties placed into and out of service	(7,967		)	—			226
Other non-operating loss (income), net	1,285			—			(239		)
Same store EBITDA (non-GAAP) for the three months ended September 30, 2016	$	279,808		$	23,416		$	11,447
Increase in same store EBITDA for the three months ended September 30, 2017 compared to September 30, 2016	$	14,075		$	2,650		$	196
% increase in same store EBITDA	5.0		%	11.3		%	1.7		%

- 62 -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF EBITDA TO SAME STORE EBITDA
(unaudited and in thousands)
	New York			theMART			555 California Street
EBITDA (non-GAAP) for the nine months ended September 30, 2017	$	853,922		$	72,471		$	35,870
Add-back:
Non-property level overhead expenses included above	31,630			5,632			—
Less EBITDA from:
Acquisitions	(15,211		)	210			—
Dispositions	(619		)	—			—
Development properties placed into and out of service	(18,966		)	—			—
Other non-operating income, net	(3,963		)	(19		)	—
Same store EBITDA (non-GAAP) for the nine months ended September 30, 2017	$	846,793		$	78,294		$	35,870
EBITDA (non-GAAP) for the nine months ended September 30, 2016	$	977,517		$	70,689		$	35,137
Add-back:
Non-property level overhead expenses included above	27,557			5,064			244
Less EBITDA from:
Acquisitions	(60		)	—			—
Dispositions, including net gains on sale	(162,512		)	—			—
Development properties placed into and out of service	(24,343		)	—			782
Other non-operating loss (income), net	6,424			—			(238		)
Same store EBITDA (non-GAAP) for the nine months ended September 30, 2016	$	824,583		$	75,753		$	35,925
Increase (decrease) in same store EBITDA for the nine months ended September 30, 2017 compared to September 30, 2016	$	22,210		$	2,541		$	(55	)
% increase (decrease) in same store EBITDA	2.7		%	3.4		%	(0.2		)%

- 63 -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF EBITDA TO SAME STORE EBITDA
(unaudited and in thousands)
	New York			theMART			555 California Street
EBITDA (non-GAAP) for the three months ended September 30, 2017	$	297,177		$	24,165		$	11,643
Add-back:
Non-property level overhead expenses included above	9,479			1,859			—
Less EBITDA from:
Acquisitions	(226		)	42			—
Dispositions	(15		)	—			—
Development properties placed into and out of service	(6,228		)	—			—
Other non-operating income, net	(1,308		)	—			—
Same store EBITDA (non-GAAP) for the three months ended September 30, 2017	$	298,879		$	26,066		$	11,643
EBITDA (non-GAAP) for the three months ended June 30, 2017	$	283,962		$	24,122		$	12,144
Add-back:
Non-property level overhead expenses included above	9,908			2,063			—
Less EBITDA from:
Acquisitions	(164		)	169			—
Dispositions	(164		)	—			—
Development properties placed into and out of service	(7,571		)	—			—
Other non-operating income, net	(900		)	—			—
Same store EBITDA (non-GAAP) for the three months ended June 30, 2017	$	285,071		$	26,354		$	12,144
Increase (decrease) in same store EBITDA for the three months ended September 30, 2017 compared to June 30, 2017	$	13,808		$	(288	)	$	(501	)
% increase (decrease) in cash basis same store EBITDA	4.8		%	(1.1		)%	(4.1		)%

- 64 -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI TO SAME STORE NOI
(unaudited and in thousands)
	New York			theMART			555 California Street
NOI (non-GAAP) for the three months ended September 30, 2017	$	280,044		$	25,422		$	11,013
Less NOI from:
Acquisitions	(3,682		)	42			—
Dispositions	(15		)	—			—
Development properties placed into and out of service	(1,779		)	—			—
Other non-operating income, net	(6,022		)	—			—
Same store NOI (non-GAAP) for the three months ended September 30, 2017	$	268,546		$	25,464		$	11,013
NOI (non-GAAP) for the three months ended September 30, 2016	$	246,588		$	21,758		$	9,899
Less NOI from:
Dispositions	19			—			—
Development properties placed into and out of service	(1,950		)	—			226
Other non-operating income, net	(8,769		)	—			(397		)
Same store NOI (non-GAAP) for the three months ended September 30, 2016	$	235,888		$	21,758		$	9,728
Increase in same store NOI for the three months ended September 30, 2017 compared to September 30, 2016	$	32,658		$	3,706		$	1,285
% increase in same store NOI	13.8		%	17.0		%	13.2		%

- 65 -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI TO SAME STORE NOI
(unaudited and in thousands)
	New York			theMART			555 California Street
NOI (non-GAAP) for the nine months ended September 30, 2017	$	812,334		$	74,859		$	33,647
Less NOI from:
Acquisitions	(13,230		)	210			—
Dispositions	(619		)	—			—
Development properties placed into and out of service	(5,022		)	—			—
Other non-operating income, net	(22,492		)	(31		)	—
Same store NOI (non-GAAP) for the nine months ended September 30, 2017	$	770,971		$	75,038		$	33,647
NOI (non-GAAP) for the nine months ended September 30, 2016	$	716,315		$	70,914		$	24,010
Less NOI from:
Acquisitions	(13		)	—			—
Dispositions	(2,113		)	—			—
Development properties placed into and out of service	(5,947		)	—			782
Other non-operating income, net	(27,428		)	—			(396		)
Same store NOI (non-GAAP) for the nine months ended September 30, 2016	$	680,814		$	70,914		$	24,396
Increase in same store NOI for the nine months ended September 30, 2017 compared to September 30, 2016	$	90,157		$	4,124		$	9,251
% increase in same store NOI	13.2		%	5.8		%	37.9		%

- 66 -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF NOI TO SAME STORE NOI
(unaudited and in thousands)
	New York			theMART			555 California Street
NOI (non-GAAP) for the three months ended September 30, 2017	$	280,044		$	25,422		$	11,013
Less NOI from:
Acquisitions	(76		)	42			—
Dispositions	(15		)	—			—
Development properties placed into and out of service	(1,779		)	—			—
Other non-operating income, net	(6,247		)	—			—
Same store NOI (non-GAAP) for the three months ended September 30, 2017	$	271,927		$	25,464		$	11,013
NOI (non-GAAP) for the three months ended June 30, 2017	$	270,515		$	24,901		$	11,259
Less NOI from:
Acquisitions	(63		)	170			—
Dispositions	(164		)	—			—
Development properties placed into and out of service	(1,774		)	—			—
Other non-operating income, net	(6,773		)	—			—
Same store NOI (non-GAAP) for the three months ended June 30, 2017	$	261,741		$	25,071		$	11,259
Increase (decrease) in same store NOI for the three months ended September 30, 2017 compared to June 30, 2017	$	10,186		$	393		$	(246	)
% increase (decrease) in same store NOI	3.9		%	1.6		%	(2.2		)%

- 67 -

NON-GAAP RECONCILIATIONS
RECONCILIATION OF TRAILING TWELVE MONTHS NET INCOME TO EBITDA, AS ADJUSTED
(unaudited and in thousands)
	Trailing Twelve Months Ended September 30, 2017
			New York
	Total		Office		Retail		Residential		theMART		555 California Street
Net income	$	402,549	$	170,615	$	194,306	$	2,417	$	32,159	$	3,052
Interest and debt expense	340,640		216,476		73,398		11,926		19,382		19,458
Depreciation and amortization	478,363		308,454		95,129		10,266		40,670		23,844
Income tax expense	3,570		1,682		266		—		1,416		206
EBITDA (non-GAAP)	1,225,122		697,227		363,099		24,609		93,627		46,560
Certain items that impact EBITDA	—		—		—		—		—		—
EBITDA, as adjusted (non-GAAP)	$	1,225,122	$	697,227	$	363,099	$	24,609	$	93,627	$	46,560

RECONCILIATION OF CONSOLIDATED REVENUES TO OUR PRO RATA SHARE OF TOTAL ANNUALIZED REVENUES
(unaudited and in thousands)
	Three Months Ended September 30, 2017
Consolidated revenues	$	528,755
Noncontrolling interest adjustments	(24,847		)
Consolidated revenues at our share (non-GAAP)	503,908
Unconsolidated revenues at our share, excluding Toys "R" Us, Inc.	154,416
Our pro rata share of revenues (non-GAAP)	$	658,324
Our pro rata share of revenues (annualized) (non-GAAP)	$	2,633,296

RECONCILIATION OF CONSOLIDATED DEBT, NET (GAAP) TO CONTRACTUAL DEBT (NON-GAAP)
(unaudited and in thousands)
	September 30, 2017
	Consolidated Debt, net		Deferred Financing Costs, Net and Other		Contractual Debt (non-GAAP)
Mortgages payable	$	8,131,606	$	73,157	$	8,204,763
Senior unsecured notes	846,641		3,359		850,000
$750 Million unsecured term loan	373,354		1,646		375,000
	$	9,351,601	$	78,162	$	9,429,763

- 68 -