SEC Info - Vornado Realty Trust, et al. - ‘8-K’ for 2/17/15

EXHIBIT 99.2

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SUPPLEMENTAL OPERATING

AND FINANCIAL DATA

For the Year Ended December 31, 2014

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INDEX

		Page
Investor Information		2
2014 Business Developments		3 - 4
Common Shares Data		5
Financial Highlights		6
Funds From Operations		7 - 8
Funds Available for Distribution		9
Net Income / EBITDA (Consolidated and by Segment)		10 - 15
EBITDA by Segment and Region		16
Consolidated Balance Sheets		17
Capital Structure		18
Debt Analysis		19 - 21
Unconsolidated Joint Ventures		22 - 24
Square Footage		25
Top 30 Tenants		26
Lease Expirations		27 - 29
Leasing Activity		30 - 31
Occupancy, Same Store EBITDA and Residential Statistics		32
Capital Expenditures		33 - 37
Development Costs and Construction in Progress		38
Property Table		39 - 56

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 future 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. 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 for the year ended December 31, 2014.

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.

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INVESTOR INFORMATION

Key Employees:
Steven Roth	Chairman of the Board and Chief Executive Officer
Michael J. Franco	Executive Vice President - Co-Head of Acquisitions and Capital Markets
David R. Greenbaum	President - New York Division
Joseph Macnow	Executive Vice President - Finance and Chief Administrative Officer
Robert Minutoli	Executive Vice President - Retail Division
Mitchell N. Schear	President - Vornado / Charles E. Smith Washington, DC Division
Wendy Silverstein	Executive Vice President - Co-Head of Acquisitions and Capital Markets
Stephen W. Theriot	Chief Financial Officer
Jeffrey S. Olson	Chief Executive Officer of Vornado's Retail Spinoff Urban Edge Properties

RESEARCH COVERAGE - EQUITY

James Feldman / Scott Freitag		Steve Sakwa / Gabriel Hilmoe	Alexander Goldfarb / Andrew Schaffer
Bank of America / Merrill Lynch		Evercore ISI	Sandler O'Neill
646-855-5808 / 646-855-3197		212-446-9462 / 212-446-9459	212-466-7937 / 212-466-8062

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

Michael Bilerman / Emmanuel Korchman		John Bejjani	Michael Lewis
Citi		Green Street Advisors	SunTrust Robinson Humphrey
212-816-1383 / 212-816-1382		949-640-8780	212-319-5659

Ian Weissman		Anthony Paolone	Ross T. Nussbaum / Nick Yulico
Credit Suisse		JP Morgan	UBS
212-538-6889		212-622-6682	212-713-2484 / 212-713-3402

Vincent Chao		Vance H. Edelson
Deutsche Bank		Morgan Stanley
212-250-6799		212-761-0078

RESEARCH COVERAGE - DEBT

Scott Frost		Robert Haines / Craig Guttenplan	Thierry Perrein
Bank of America / Merrill Lynch		Credit Sights	Wells Fargo Securities
646-855-8078		212-340-3835 / 212-340-3859	704-715-8455

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

Thomas Cook		Mark Streeter
Citi		JP Morgan
212-723-1112		212-834-5086

This information is provided as a service to interested parties and not as an endorsement of any report, or representation as to the accuracy of any information contained therein. Opinions, forecasts and other forward-looking statements expressed in analysts' reports are subject to change without notice.

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2014 BUSINESS DEVELOPMENTS

Urban Edge Properties (“UE”) (NYSE: UE) spin-off

On January 15, 2015, we completed the spin-off of substantially all of our retail segment comprised of 79 strip shopping centers, three malls, a warehouse park and $225 million of cash to Urban Edge Properties (“UE”) (NYSE: UE). As part of this transaction, we received 5,712,000 UE operating partnership units (5.4% ownership interest).

Acquisitions

Since January 1, 2014, we completed the following acquisitions:

· A 74.3% interest in the retail condominium of the St. Regis Hotel, located on the Southeast corner of 55th Street and Fifth Avenue, for $700 million

· The land under our 715 Lexington Avenue retail property, located on the Southeast corner of 58th Street and Lexington Avenue in Manhattan, for $63 million

· We increased our ownership in One Park to 55.0% from 46.5% through a joint venture with an institutional investor

· We increased our ownership in Crowne Plaza Times Square Hotel to 33% from 11% by co-investing with our 25% owned Real Estate Fund and one of the Fund’s limited partners to buy out the Fund’s joint venture partner’s 57% interest

Dispositions

Since January 1, 2014, we sold nine assets for an aggregate of $1.025 billion, with net proceeds of approximately $989 million. Below is a summary of these sales:

· 1740 Broadway for $605 million resulting in net proceeds of approximately $580 million

· Beverly Connection Shopping Center for $260 million resulting in net proceeds of $252 million

· Broadway Mall for $94 million resulting in net proceeds of $92.2 million

· Six retail assets for an aggregate of $66.4 million resulting in net proceeds of $64.8 million

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2014 BUSINESS DEVELOPMENTS

Financing Activities

Since January 1, 2014, we completed the following financing transactions:

· Extended one of two $1.25 billion unsecured revolving credit facilities to November 2018 with two six-month extension options, lowering the interest rate to LIBOR plus 1.05% from LIBOR plus 1.25% and reducing the facility fee to 20 basis points from 25 basis points

· Issued $450 million 2.50% senior unsecured notes due June 2019

· Redeemed $445 million 7.875% senior unsecured notes due October 2039

· Redeemed $500 million 4.25% senior unsecured notes due April 2015

· Obtained $2.0 billion of mortgage financings and repaid $519 million and defeased $193 million of existing mortgages for aggregate net proceeds of $1.3 billion

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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):



				Fourth Quarter 2014		Third Quarter 2014		Second Quarter 2014		First Quarter 2014

High Price				$	120.23	$	109.12	$	109.01	$	100.02
Low Price				$	93.09	$	99.26	$	96.93	$	87.82
Closing Price - end of quarter				$	117.71	$	99.96	$	106.73	$	98.56

Annualized Dividend per share				$	2.92	$	2.92	$	2.92	$	2.92

Annualized Dividend Yield - on Closing Price					2.5%		2.9%		2.7%		3.0%

Outstanding shares, Class A units and convertible preferred units
	as converted, excluding stock options (in thousands)				199,753		199,721		199,652		199,583

Closing market value of outstanding shares, Class A units and
	convertible preferred units as converted, excluding stock options			$	23.5 Billion	$	20.0 Billion	$	21.3 Billion	$	19.7 Billion





TIMING

Quarterly financial results and related earnings conference calls for the next three quarters are expected to occur as follows:

		Filing Date	Earnings Call

First Quarter 2015		Monday, May 4, 2015	Tuesday, May 5, 2015 10AM ET
Second Quarter 2015		Monday, August 3, 2015	Tuesday, August 4, 2015 10AM ET
Third Quarter 2015		Monday, November 2, 2015	Tuesday, November 3, 2015 10AM ET

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FINANCIAL HIGHLIGHTS
(unaudited and in thousands, except per share amounts)

This section includes non-GAAP financial measures, including Earnings Before Interest Taxes Depreciation and Amortization ("EBITDA"), Funds From Operations attributable to common shares plus assumed conversions ("FFO"), FFO as adjusted for comparability, and Funds Available for Distribution ("FAD"). A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measures are provided on the pages that follow.

				Three Months Ended						Year Ended
				December 31,				September 30,		December 31,
				2014		2013		2014		2014		2013
	Total revenues			$	679,101	$	649,403	$	657,209	$	2,635,940	$	2,669,269

	Net income (loss) attributable to common shareholders			$	513,238	$	(68,887)	$	131,159	$	783,388	$	392,034
		Per common share:
			Basic	$	2.73	$	(0.37)	$	0.70	$	4.18	$	2.10
			Diluted	$	2.72	$	(0.37)	$	0.69	$	4.15	$	2.09

	FFO as adjusted for comparability			$	256,137	$	234,821	$	240,039	$	980,252	$	896,539
		Per diluted share		$	1.36	$	1.25	$	1.27	$	5.20	$	4.77

	FFO (negative FFO)			$	230,143	$	(6,784)	$	217,362	$	911,130	$	641,037
	FFO (negative FFO) - Operating Partnership Basis ("OP Basis")			$	244,315	$	(7,206)	$	230,783	$	967,447	$	680,628
		Per diluted share		$	1.22	$	(0.04)	$	1.15	$	4.83	$	3.41

	FAD			$	143,681	$	135,654	$	163,669	$	649,370	$	613,026
		Per diluted share		$	0.76	$	0.72	$	0.87	$	3.44	$	3.26

	Dividends per common share			$	0.73	$	0.73	$	0.73	$	2.92	$	2.92

	FFO payout ratio (based on FFO as adjusted for comparability)				53.7%		58.4%		57.5%		56.2%		61.2%
	FAD payout ratio				96.1%		101.4%		83.9%		84.9%		89.6%

	Weighted average shares used in determining FFO per diluted share - REIT basis				188,970		187,109		188,812		188,690		187,757
	Convertible units:
		Class A			10,599		10,564		10,651		10,641		10,610
		D-13			429		531		446		465		564
		G1-G4			73		96		84		76		98
		Equity awards - unit equivalents			536		442		477		481		324
	Weighted average shares used in determining FFO per diluted share - OP Basis				200,607		198,742		200,470		200,353		199,353

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RECONCILIATION OF NET INCOME (LOSS) TO FFO (NEGATIVE FFO)⁽¹⁾
(unaudited and in thousands, except per share amounts)

				Three Months Ended						Year Ended
				December 31,				September 30,		December 31,
				2014		2013		2014		2014		2013
Reconciliation of our net income (loss) to FFO (negative FFO):
	Net income (loss) attributable to Vornado			$	533,603	$	(48,519)	$	151,524	$	864,852	$	475,971
	Depreciation and amortization of real property				129,944		124,611		123,578		517,493		501,753
	Net gains on sale of real estate				(449,396)		(127,512)		(57,796)		(507,192)		(411,593)
	Real estate impairment losses				5,676		32,443		-		26,518		37,170
	Proportionate share of adjustments to equity in net loss of
		Toys, to arrive at FFO:
			Depreciation and amortization of real property		-		16,506		1,350		21,579		69,741
			Net gains on sale of real estate		-		-		(760)		(760)		-
			Real estate impairment losses		-		456		-		-		6,552
			Income tax effect of above adjustments		-		(5,937)		(207)		(7,287)		(26,703)
	Proportionate share of adjustments to equity in net income of
		partially owned entities, excluding Toys, to arrive at FFO:
			Depreciation and amortization of real property		24,350		25,282		25,254		96,187		87,529
			Net gains on sale of real estate		(10,820)		-		-		(10,820)		(465)
	Noncontrolling interests' share of above adjustments				17,127		(3,746)		(5,240)		(8,073)		(15,089)
	FFO				250,484		13,584		237,703		992,497		724,866
	Preferred share dividends				(20,365)		(20,368)		(20,365)		(81,464)		(82,807)
	Preferred unit and share redemptions				-		-		-		-		(1,130)
	FFO (negative FFO) attributable to common shareholders				230,119		(6,784)		217,338		911,033		640,929
	Convertible preferred share dividends				24		-		24		97		108
	FFO (negative FFO) attributable to common shareholders plus assumed conversions				230,143		(6,784)		217,362		911,130		641,037
	Add back of income (loss) allocated to noncontrolling interests of the
		Operating Partnership			14,172		(422)		13,421		56,317		39,591
	FFO (negative FFO) - OP Basis⁽¹⁾			$	244,315	$	(7,206)	$	230,783	$	967,447	$	680,628
	FFO (negative FFO) per diluted share⁽¹⁾			$	1.22	$	(0.04)	$	1.15	$	4.83	$	3.41


(1) FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of depreciated real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets, extraordinary items and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flows as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies.

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RECONCILIATION OF FFO (NEGATIVE FFO) TO FFO AS ADJUSTED FOR COMPARABILITY
(unaudited and in thousands, except per share amounts)

				Three Months Ended						Year Ended
				December 31,				September 30,		December 31,
				2014		2013		2014		2014		2013
FFO (negative FFO) attributable to common shareholders plus assumed
	conversions		(A)	$	230,143	$	(6,784)	$	217,362	$	911,130	$	641,037
Per diluted share				$	1.22	$	(0.04)	$	1.15	$	4.83	$	3.41
Items that affect comparability income (expense):
	Acquisition and transaction related costs				(18,376)		(18,088)		(7,105)		(31,348)		(24,857)
	Write-off of deferred financing costs and defeasance costs in connection
		with refinancings			(16,747)		(8,436)		(324)		(22,660)		(8,814)
	FFO from discontinued operations, including LNR in the year ended
		December 31, 2013			8,656		15,757		8,985		39,525		80,779
	Toys FFO (negative FFO) (including impairment losses of $162,215
		in the three months ended December 31, 2013, and $75,196 and
		$240,757 in the years ended December 31, 2014 and 2013, respectively)			606		(282,041)		(18,035)		(60,024)		(312,788)
	Net gain on sale of residential condominiums and land parcels				363		481		2,665		13,568		2,997
	Net gain on sale of Harlem Park property under development				-		23,507		-		-		23,507
	Deferred income tax reversal				-		16,055		-		-		16,055
	Impairment loss and loan reserve on investment in Suffolk Downs				-		-		(10,263)		(10,263)		-
	Losses from the disposition of investment in J.C. Penney				-		-		-		-		(127,888)
	Stop & Shop litigation settlement income				-		-		-		-		59,599
	Net gain on sale of marketable securities				-		-		-		-		31,741
	Other, net				(2,097)		(4,183)		-		(2,097)		(12,208)
					(27,595)		(256,948)		(24,077)		(73,299)		(271,877)
Noncontrolling interests' share of above adjustments					1,601		15,343		1,400		4,177		16,375
Items that affect comparability, net			(B)	$	(25,994)	$	(241,605)	$	(22,677)	$	(69,122)	$	(255,502)
Per diluted share				$	(0.14)	$	(1.29)	$	(0.12)	$	(0.37)	$	(1.36)

FFO attributable to common shareholders plus assumed conversions,
	as adjusted for comparability		(A-B)	$	256,137	$	234,821	$	240,039	$	980,252	$	896,539
Per diluted share				$	1.36	$	1.25	$	1.27	$	5.20	$	4.77

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

				Three Months Ended						Year Ended
				December 31,				September 30,		December 31,
				2014		2013		2014		2014		2013

FFO (negative FFO) attributable to common shareholders plus assumed conversions			(A)	$	230,143	$	(6,784)	$	217,362	$	911,130	$	641,037

Adjustments to arrive at FAD:
	Recurring tenant improvements, leasing commissions and other capital expenditures				101,756		98,371		73,405		303,582		298,507
	Items that affect comparability per page 8, excluding FFO attributable to
		discontinued operations			(36,251)		(272,705)		(33,062)		(112,824)		(352,847)
	Straight-line rentals				24,951		20,837		23,664		82,247		66,404
	Amortization of acquired below-market leases, net				13,331		11,303		9,181		42,914		45,838
	Amortization of debt issuance costs				(9,945)		(10,473)		(6,968)		(24,263)		(25,179)
	Stock-based compensation expense				(8,252)		(9,118)		(8,315)		(36,641)		(34,914)
	Carried interest and our share of net unrealized gains from Real Estate Fund				7,725		12,830		617		30,587		39,673
	Non real estate depreciation				(1,529)		(2,346)		(1,514)		(7,662)		(8,342)
	Noncontrolling interests' share of above adjustments				(5,324)		8,863		(3,315)		(16,180)		(1,129)
			(B)		86,462		(142,438)		53,693		261,760		28,011

FAD⁽¹⁾			(A-B)	$	143,681	$	135,654	$	163,669	$	649,370	$	613,026

FAD per diluted share				$	0.76	$	0.72	$	0.87	$	3.44	$	3.26
FAD payout ratio⁽²⁾					96.1%		101.4%		83.9%		84.9%		89.6%


(1) FAD is defined as FFO less (i) recurring tenant improvements, leasing commissions and capital expenditures, (ii) straight-line rents and amortization of acquired below-market leases, net, and (iii) other non-cash income, plus (iv) other non-cash charges. FAD is a non-GAAP financial measure that is not intended to represent cash flow and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure that management believes provides useful information regarding the Company's ability to fund its dividends.

(2) FAD payout ratios on a quarterly basis are not necessarily indicative of amounts for the full year due to fluctuation in timing of cash based expenditures, the commencement of new leases and the seasonality of our operations.

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CONSOLIDATED NET INCOME / EBITDA⁽¹⁾
(unaudited and in thousands)
		Three Months Ended
		December 31,						September 30,
		2014		2013		Inc (Dec)		2014
Property rentals		$	500,322	$	492,230	$	8,092	$	492,837
Straight-line rent adjustments			24,951		20,837		4,114		23,664
Amortization of acquired below-market leases, net			14,122		11,889		2,233		10,039
Total rentals			539,395		524,956		14,439		526,540
Tenant expense reimbursements			86,558		76,995		9,563		84,264
Cleveland Medical Mart development project			-		2,343		(2,343)		-
Fee and other income:
	BMS cleaning fees		22,040		17,434		4,606		22,467
	Signage revenue		12,040		9,300		2,740		7,698
	Management and leasing fees		4,355		4,976		(621)		4,662
	Lease termination fees		4,940		5,144		(204)		3,764
	Other income		9,773		8,255		1,518		7,814
Total revenues			679,101		649,403		29,698		657,209
Operating expenses			275,143		257,739		17,404		264,562
Depreciation and amortization			135,933		127,777		8,156		127,991
General and administrative			44,651		50,396		(5,745)		44,547
Cleveland Medical Mart development project			-		2,446		(2,446)		-
Acquisition and transaction related costs, and impairment losses			20,419		37,088		(16,669)		7,105
Total expenses			476,146		475,446		700		444,205
Operating income			202,955		173,957		28,998		213,004
Income from Real Estate Fund			20,616		28,951		(8,335)		24,160
Income (loss) applicable to Toys			606		(293,066)		293,672		(18,418)
Income (loss) from partially owned entities			18,689		(99)		18,788		(7,245)
Interest and debt expense			(126,102)		(120,625)		(5,477)		(115,120)
Interest and other investment income, net			9,947		8,196		1,751		7,577
Net gain on disposition of wholly owned and partially owned assets			363		23,988		(23,625)		2,665
Income (loss) before income taxes			127,074		(178,698)		305,772		106,623
Income tax (expense) benefit			(2,644)		12,578		(15,222)		(3,177)
Income (loss) from continuing operations			124,430		(166,120)		290,550		103,446
Income from discontinued operations			451,556		127,361		324,195		65,751
Net income (loss)			575,986		(38,759)		614,745		169,197
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated subsidiaries		(11,322)		(13,903)		2,581		(9,685)
	Operating Partnership		(31,049)		4,155		(35,204)		(7,975)
	Preferred unit distributions of the Operating Partnership		(12)		(12)		-		(13)
Net income (loss) attributable to Vornado			533,603		(48,519)		582,122		151,524
Interest and debt expense			143,674		207,424		(63,750)		160,252
Depreciation and amortization			155,921		183,685		(27,764)		160,270
Income tax expense			2,759		8,270		(5,511)		2,232
EBITDA		$	835,957	$	350,860	$	485,097	$	474,278

Capitalized leasing and development payroll		$	5,762	$	4,682	$	1,080	$	4,608
Capitalized interest and debt expense		$	16,269	$	14,279	$	1,990	$	16,335


(1) EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." Management considers EBITDA a supplemental measure for making decisions and assessing the unlevered performance of its segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on a multiple of EBITDA, management utilizes this measure to make investment decisions as well as to compare the performance of its assets to that of its peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies.

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CONSOLIDATED NET INCOME / EBITDA
(unaudited and in thousands)
		Year Ended December 31,
		2014		2013		Inc (Dec)
Property rentals		$	1,982,273	$	1,964,583	$	17,690
Straight-line rent adjustments			82,247		66,404		15,843
Amortization of acquired below-market leases, net			46,277		50,128		(3,851)
Total rentals			2,110,797		2,081,115		29,682
Tenant expense reimbursements			329,398		301,167		28,231
Cleveland Medical Mart development project			-		36,369		(36,369)
Fee and other income:
	BMS cleaning fees		85,658		66,505		19,153
	Signage revenue		37,929		32,866		5,063
	Management and leasing fees		21,382		24,637		(3,255)
	Lease termination fees		17,042		92,497		(75,455)
	Other income		33,734		34,113		(379)
Total revenues			2,635,940		2,669,269		(33,329)
Operating expenses			1,064,753		1,030,951		33,802
Depreciation and amortization			536,230		515,724		20,506
General and administrative			185,924		196,267		(10,343)
Cleveland Medical Mart development project			-		32,210		(32,210)
Acquisition and transaction related costs, and impairment losses			33,391		43,857		(10,466)
Total expenses			1,820,298		1,819,009		1,289
Operating income			815,642		850,260		(34,618)
Income from Real Estate Fund			163,034		102,898		60,136
Loss applicable to Toys			(73,556)		(362,377)		288,821
Income from partially owned entities			15,425		23,592		(8,167)
Interest and debt expense			(467,715)		(481,304)		13,589
Interest and other investment income (loss), net			38,787		(24,876)		63,663
Net gain on disposition of wholly owned and partially owned assets			13,568		3,407		10,161
Income before income taxes			505,185		111,600		393,585
Income tax (expense) benefit			(11,002)		6,406		(17,408)
Income from continuing operations			494,183		118,006		376,177
Income from discontinued operations			514,843		446,734		68,109
Net income			1,009,026		564,740		444,286
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(96,561)		(63,952)		(32,609)
	Operating Partnership		(47,563)		(23,659)		(23,904)
	Preferred unit distributions of the Operating Partnership		(50)		(1,158)		1,108
Net income attributable to Vornado			864,852		475,971		388,881
Interest and debt expense			654,398		758,781		(104,383)
Depreciation and amortization			685,973		732,757		(46,784)
Income tax expense			24,248		26,371		(2,123)
EBITDA		$	2,229,471	$	1,993,880	$	235,591

Capitalized leasing and development payroll		$	20,154	$	16,209	$	3,945
Capitalized interest and debt expense		$	62,786	$	42,303	$	20,483

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EBITDA BY SEGMENT
(unaudited and in thousands)

		Three Months Ended December 31, 2014
										Retail
		Total		New York			Washington, DC			Properties			Toys		Other
Property rentals		$	500,322	$	282,362		$	109,326		$	57,679		$	-	$	50,955
Straight-line rent adjustments			24,951		12,642			2,359			793			-		9,157
Amortization of acquired below-market leases, net			14,122		9,680			426			3,070			-		946
Total rentals			539,395		304,684			112,111			61,542			-		61,058
Tenant expense reimbursements			86,558		47,774			11,369			21,369			-		6,046
Fee and other income:
	BMS cleaning fees		22,040		26,968			-			-			-		(4,928)
	Signage revenue		12,040		12,040			-			-			-		-
	Management and leasing fees		4,355		1,652			2,618			309			-		(224)
	Lease termination fees		4,940		2,935			1,812			-			-		193
	Other income		9,773		4,106			5,596			258			-		(187)
Total revenues			679,101		400,159			133,506			83,478			-		61,958
Operating expenses			275,143		169,324			52,353			30,097			-		23,369
Depreciation and amortization			135,933		68,360			33,501			15,475			-		18,597
General and administrative			44,651		6,055			6,866			3,757			-		27,973
Acquisition and transaction related costs, and impairment losses			20,419		-			-			-			-		20,419
Total expenses			476,146		243,739			92,720			49,329			-		90,358
Operating income (loss)			202,955		156,420			40,786			34,149			-		(28,400)
Income from Real Estate Fund			20,616		-			-			-			-		20,616
Income applicable to Toys			606		-			-			-			606		-
Income from partially owned entities			18,689		4,329			1,248			480			-		12,632
Interest and debt expense			(126,102)		(48,457)			(18,703)			(14,453)			-		(44,489)
Interest and other investment income, net			9,947		1,822			90			9			-		8,026
Net gain on disposition of wholly owned and
	partially owned assets		363		-			-			-			-		363
Income (loss) before income taxes			127,074		114,114			23,421			20,185			606		(31,252)
Income tax expense			(2,644)		(1,308)			(196)			(146)			-		(994)
Income (loss) from continuing operations			124,430		112,806			23,225			20,039			606		(32,246)
Income from discontinued operations			451,556		445,762			-			5,794			-		-
Net income (loss)			575,986		558,568			23,225			25,833			606		(32,246)
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(11,322)		(1,423)			-			(5)			-		(9,894)
	Operating Partnership		(31,049)		-			-			-			-		(31,049)
	Preferred unit distributions of the Operating Partnership		(12)		-			-			-			-		(12)
Net income (loss) attributable to Vornado			533,603		557,145			23,225			25,828			606		(73,201)
Interest and debt expense			143,674		61,809			21,979			15,597			-		44,289
Depreciation and amortization			155,921		83,199			37,486			17,046			-		18,190
Income tax expense			2,759		1,326			200			146			-		1,087
EBITDA for the three months ended December 31, 2014		$	835,957	$	703,479		$	82,890		$	58,617		$	606	$	(9,635)

EBITDA for the three months ended December 31, 2013		$	350,860	$	375,392		$	83,259		$	25,704		$	(176,808)	$	43,313

EBITDA as adjusted for comparability - OP basis:
	For the three months ended December 31, 2014	$	422,849	$	257,380	⁽¹⁾	$	81,090	⁽²⁾	$	52,169	⁽³⁾	$	-	$	32,210	⁽⁴⁾
	For the three months ended December 31, 2013	$	410,095	$	239,114	⁽¹⁾	$	83,259	⁽²⁾	$	50,451	⁽³⁾	$	-	$	37,271	⁽⁴⁾


See notes on pages 14 and 15.

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EBITDA BY SEGMENT
(unaudited and in thousands)

		Year Ended December 31, 2014
										Retail
		Total		New York			Washington, DC			Properties			Toys		Other
Property rentals		$	1,982,273	$	1,095,689		$	443,862		$	227,868		$	-	$	214,854
Straight-line rent adjustments			82,247		44,757			6,385			2,645			-		28,460
Amortization of acquired below-market leases, net			46,277		30,787			1,817			9,285			-		4,388
Total rentals			2,110,797		1,171,233			452,064			239,798			-		247,702
Tenant expense reimbursements			329,398		181,521			42,798			84,129			-		20,950
Fee and other income:
	BMS cleaning fees		85,658		105,116			-			-			-		(19,458)
	Signage revenue		37,929		37,929			-			-			-		-
	Management and leasing fees		21,382		8,935			11,697			1,477			-		(727)
	Lease termination fees		17,042		9,375			5,764			680			-		1,223
	Other income		33,734		6,736			24,828			863			-		1,307
Total revenues			2,635,940		1,520,845			537,151			326,947			-		250,997
Operating expenses			1,064,753		651,832			200,960			115,003			-		96,958
Depreciation and amortization			536,230		266,155			129,720			65,517			-		74,838
General and administrative			185,924		28,479			27,339			16,686			-		113,420
Acquisition and transaction related costs, and impairment losses			33,391		-			-			-			-		33,391
Total expenses			1,820,298		946,466			358,019			197,206			-		318,607
Operating income (loss)			815,642		574,379			179,132			129,741			-		(67,610)
Income from Real Estate Fund			163,034		-			-			-			-		163,034
Loss applicable to Toys			(73,556)		-			-			-			(73,556)		-
Income (loss) from partially owned entities			15,425		20,701			(3,677)			1,730			-		(3,329)
Interest and debt expense			(467,715)		(183,427)			(75,395)			(54,754)			-		(154,139)
Interest and other investment income, net			38,787		6,711			183			35			-		31,858
Net gain on disposition of wholly owned and
	partially owned assets		13,568		-			-			-			-		13,568
Income (loss) before income taxes			505,185		418,364			100,243			76,752			(73,556)		(16,618)
Income tax expense			(11,002)		(4,305)			(242)			(1,721)			-		(4,734)
Income (loss) from continuing operations			494,183		414,059			100,001			75,031			(73,556)		(21,352)
Income from discontinued operations			514,843		463,163			-			50,873			-		807
Net income (loss)			1,009,026		877,222			100,001			125,904			(73,556)		(20,545)
Less net income attributable to noncontrolling interests in:
	Consolidated subsidiaries		(96,561)		(8,626)			-			(119)			-		(87,816)
	Operating Partnership		(47,563)		-			-			-			-		(47,563)
	Preferred unit distributions of the Operating Partnership		(50)		-			-			-			-		(50)
Net income (loss) attributable to Vornado			864,852		868,596			100,001			125,785			(73,556)		(155,974)
Interest and debt expense			654,398		241,959			89,448			59,322			100,549		163,120
Depreciation and amortization			685,973		324,239			145,853			73,433			64,533		77,915
Income tax expense			24,248		4,395			288			1,721			12,106		5,738
EBITDA for the year ended December 31, 2014		$	2,229,471	$	1,439,189		$	335,590		$	260,261		$	103,632	$	90,799

EBITDA for the year ended December 31, 2013		$	1,993,880	$	1,079,682		$	341,223		$	541,017		$	(12,081)	$	44,039

EBITDA as adjusted for comparability - OP basis:
	For the year ended December 31, 2014	$	1,672,096	$	975,028	⁽¹⁾	$	333,790	⁽²⁾	$	204,859	⁽³⁾	$	-	$	158,419	⁽⁴⁾
	For the year ended December 31, 2013	$	1,606,441	$	914,490	⁽¹⁾	$	341,223	⁽²⁾	$	198,228	⁽³⁾	$	-	$	152,500	⁽⁴⁾


See notes on pages 14 and 15.

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NOTES TO EBITDA BY SEGMENT
(unaudited and in thousands)



(1)	The elements of "New York" EBITDA as adjusted for comparability are summarized below.

			Three Months Ended December 31,				Year Ended December 31,
			2014		2013		2014		2013
		Office (including BMS EBITDA of $6,105, $5,457, $23,918 and $20,581, respectively)	$	159,518	$	148,028	$	623,023	$	596,413
		Retail		75,495		68,930		279,677		245,874
		Alexander's		10,487		10,339		41,575		41,480
		Hotel Pennsylvania		11,880		11,817		30,753		30,723
		Total New York	$	257,380	$	239,114	$	975,028	$	914,490





(2)	The elements of "Washington, DC" EBITDA as adjusted for comparability are summarized below.

			Three Months Ended December 31,				Year Ended December 31,
			2014		2013		2014		2013
		Office, excluding the Skyline Properties	$	64,841	$	65,910	$	265,059	$	268,373
		Skyline properties		5,880		6,953		27,150		29,499
		Total Office		70,721		72,863		292,209		297,872
		Residential		10,369		10,396		41,581		43,351
		Total Washington, DC	$	81,090	$	83,259	$	333,790	$	341,223



(3)	The elements of "Retail Properties" EBITDA as adjusted for comparability are summarized below.

			Three Months Ended December 31,				Year Ended December 31,
			2014		2013		2014		2013
		Strip shopping centers	$	36,490	$	36,110	$	147,112	$	142,108
		Regional malls		15,679		14,341		57,747		56,120
		Total Retail properties	$	52,169	$	50,451	$	204,859	$	198,228

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NOTES TO EBITDA BY SEGMENT
(unaudited and in thousands)



(4)	The elements of "other" EBITDA as adjusted for comparability are summarized below.


			Three Months Ended December 31,				Year Ended December 31,
			2014		2013		2014		2013
	Our share of Real Estate Fund:
		Income before net realized/unrealized gains	$	1,380	$	2,015	$	8,056	$	7,752
		Net realized/unrealized gains on investments		4,646		6,574		37,535		23,489
		Carried interest		3,079		6,256		24,715		18,230
	Total			9,105		14,845		70,306		49,471
	The Mart and trade shows			18,598		20,038		79,004		74,270
	555 California Street			13,278		10,296		48,844		42,667
	India real estate ventures			1,860		1,133		6,434		5,841
	Other investments			3,445		4,592		17,095		25,785
				46,286		50,904		221,683		198,034
	Corporate general and administrative expenses^(a)			(22,977)		(23,850)		(94,929)		(94,904)
	Investment income and other, net^(a)			8,901		10,217		31,665		49,370
		Total Other	$	32,210	$	37,271	$	158,419	$	152,500



	(a)	The amounts in these captions (for this table only) exclude income / expense from the mark-to-market of our deferred compensation plan of $3,425 and $4,429 for the three months ended December 31, 2014 and 2013, respectively, and $11,557 and $10,636 for the years ended December 31, 2014 and 2013, respectively.

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EBITDA BY SEGMENT AND REGION
(unaudited)

The following tables set forth the percentages of EBITDA, by operating segment and by geographic region (excluding discontinued operations, other gains and losses that affect comparability and our Toys and Other Segments).



		Three Months Ended December 31,		Year Ended December 31,
		2014	2013	2014	2013

Segment
	New York	66%	64%	64%	63%
	Washington, DC	21%	22%	22%	23%
	Retail Properties	13%	14%	14%	14%
		100%	100%	100%	100%

Region
	New York City metropolitan area	76%	74%	75%	73%
	Washington, DC / Northern Virginia area	22%	23%	23%	24%
	Puerto Rico	1%	2%	1%	2%
	Other geographies	1%	1%	1%	1%
		100%	100%	100%	100%

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CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands)

				December 31,		December 31,		(Decrease)
				2014		2013		Increase
ASSETS
	Real estate, at cost:
		Land		$	4,240,009	$	4,016,851	$	223,158
		Buildings and improvements			13,338,445		12,245,111		1,093,334
		Development costs and construction in progress			1,136,344		1,024,714		111,630
		Leasehold improvements and equipment			130,594		132,270		(1,676)
			Total		18,845,392		17,418,946		1,426,446
		Less accumulated depreciation and amortization			(3,629,135)		(3,296,717)		(332,418)
	Real estate, net				15,216,257		14,122,229		1,094,028
	Cash and cash equivalents				1,198,477		583,290		615,187
	Restricted cash				186,512		262,440		(75,928)
	Marketable securities				206,323		191,917		14,406
	Tenant and other receivables, net				124,144		115,862		8,282
	Investments in partially owned entities				1,246,496		1,166,443		80,053
	Investment in Toys				-		83,224		(83,224)
	Real Estate Fund investments				513,973		667,710		(153,737)
	Receivable arising from the straight-lining of rents, net				877,486		795,256		82,230
	Deferred leasing and financing costs, net				503,384		404,907		98,477
	Identified intangible assets, net				276,239		307,436		(31,197)
	Assets related to discontinued operations				477,620		874,050		(396,430)
	Other assets				421,409		522,460		(101,051)
		Total assets		$	21,248,320	$	20,097,224	$	1,151,096

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
	Mortgages payable			$	9,551,700	$	8,331,993	$	1,219,707
	Senior unsecured notes				1,347,159		1,350,855		(3,696)
	Revolving credit facility debt				-		295,870		(295,870)
	Accounts payable and accrued expenses				499,702		422,276		77,426
	Deferred revenue				519,280		529,002		(9,722)
	Deferred compensation plan				117,284		116,515		769
	Deferred tax liabilities				1,146		1,280		(134)
	Liabilities related to discontinued operations				211		14,709		(14,498)
	Other liabilities				384,676		436,360		(51,684)
		Total liabilities			12,421,158		11,498,860		922,298
Redeemable noncontrolling interests					1,337,780		1,003,620		334,160
Vornado shareholders' equity					6,745,426		6,765,232		(19,806)
Noncontrolling interests in consolidated subsidiaries					743,956		829,512		(85,556)
		Total liabilities, redeemable noncontrolling interests and equity		$	21,248,320	$	20,097,224	$	1,151,096

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


Debt:							December 31, 2014
	Consolidated debt:
		Mortgages payable					$	9,551,700
		Senior unsecured notes						1,347,159
		$2.5 billion revolving credit facilities						-
								10,898,859
	Pro rata share of non-consolidated debt in partially owned entities
		(excluding $1,874,278 of Toys' debt)						2,399,354
	Less: Noncontrolling interests' share of consolidated debt
			(primarily 1290 Avenue of the Americas and 555 California Street)					(474,860)
Total debt								12,823,353

Perpetual Preferred:				Shares/Units	Par Value
5.00% Preferred Unit (D-16) (1 unit @ $1,000)								1,000
6.625% Series G Preferred Shares				8,000		25.00		200,000
6.625% Series I Preferred Shares				10,800		25.00		270,000
6.875% Series J Preferred Shares				9,850		25.00		246,250
5.70% Series K Preferred Shares				12,000		25.00		300,000
5.40% Series L Preferred Shares				12,000		25.00		300,000
								1,317,250


					December 31, 2014
				Converted	Common
Equity:				Shares	Share Price
Common shares				187,887	$	117.71		22,116,179
Class A units				10,590		117.71		1,246,549
Convertible share equivalents:
	Equity awards - unit equivalents			766		117.71		90,166
	D-13 preferred units			397		117.71		46,731
	G1-G4 units			72		117.71		8,475
	Series A preferred shares			41		117.71		4,826
								23,512,926
Total Market Capitalization							$	37,653,529

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DEBT ANALYSIS
(unaudited and in thousands)
					As of December 31, 2014
			Total				Variable				Fixed
					Weighted				Weighted				Weighted
					Average				Average				Average
			Amount		Interest Rate		Amount		Interest Rate		Amount		Interest Rate
Consolidated debt			$	10,898,859		4.00%	$	1,840,769		2.20%	$	9,058,090		4.37%
Pro rata share of non-consolidated debt:
	Toys			1,874,278		7.23%		1,199,835		6.47%		674,443		8.57%
	All other			2,399,354		5.20%		319,387		1.74%		2,079,967		5.73%
Total				15,172,491		4.59%		3,359,991		3.68%		11,812,500		4.85%
Less: Noncontrolling interests' share of consolidated debt
	(primarily 1290 Avenue of the Americas and 555 California Street)			(474,860)				(10,500)				(464,360)
Company's pro rata share of total debt			$	14,697,631		4.61%	$	3,349,491		3.69%	$	11,348,140		4.88%


					Senior Unsecured Notes							Unencumbered EBITDA
					Due 2015⁽¹⁾		Due 2019		Due 2022				4Q 2014
Settlement Date						3/26/2010		6/16/2014		12/7/2011			Annualized
Principal Amount						$ 500,000		$ 450,000		$ 400,000		New York	$	412,428
Issue Price						99.834%		99.619%		99.546%		Washington, DC		153,320
Coupon						4.250%		2.500%		5.000%		Retail Properties		49,116
Effective economic interest rate						4.287%		2.581%		5.057%		Other		36,516
Ratings:												Total	$	651,380
	Moody's					Baa2		Baa2		Baa2
	S&P					BBB		BBB		BBB
	Fitch					BBB		BBB		BBB
Maturity Date / Put Date						4/1/2015		6/30/2019		1/15/2022


Debt Covenant Ratios:⁽²⁾		Senior Unsecured Notes									Revolving Credit Facilities
		Actual
		Required			Due 2015⁽¹⁾		Due 2019		Due 2022		Required		Actual
Total Outstanding Debt / Total Assets⁽³⁾		Less than 65%				43%		43%		43%	Less than 60%			31%
Secured Debt / Total Assets		Less than 50%				37%		37%		37%	Less than 50%			27%
Interest Coverage Ratio (Annualized Combined
	EBITDA to Annualized Interest Expense)	Greater than 1.50				2.72		2.72		2.72				N/A
Fixed Charge Coverage						N/A		N/A		N/A	Greater than 1.40			2.65
Unencumbered Assets / Unsecured Debt		Greater than 150%				779%		779%		779%				N/A
Unsecured Debt / Cap Value of Unencumbered Assets						N/A		N/A		N/A	Less than 60%			7%
Unencumbered Coverage Ratio						N/A		N/A		N/A	Greater than 1.50			10.60



(1)	These notes were redeemed in full on January 1, 2015.

(2)	Our debt covenant ratios are computed in accordance with the terms of our senior unsecured notes and revolving credit facilities, 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 includes EBITDA capped at 7.5% under the senior unsecured notes and 6.0% under the revolving credit facilities.

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DEBT MATURITIES
(unaudited and in thousands)
			Spread
		Maturity	over	Interest
Property		Date⁽¹⁾	LIBOR	Rate	2015		2016		2017		2018		2019		Thereafter		Total
2200 / 2300 Clarendon Boulevard		03/15	L+75	0.91%	$	35,132	$	-	$	-	$	-	$	-	$	-	$	35,132
Senior unsecured notes due 2015 ⁽²⁾		04/15		4.25%		499,958		-		-		-		-		-		499,958
River House Apartments		04/15		5.43%		195,546		-		-		-		-		-		195,546
888 Seventh Avenue		01/16		5.71%		-		318,554		-		-		-		-		318,554
510 5th Avenue		01/16		5.60%		-		30,154		-		-		-		-		30,154
770 Broadway		03/16		5.65%		-		353,000		-		-		-		-		353,000
Bowen Building		06/16		6.14%		-		115,022		-		-		-		-		115,022
1730 M and 1150 17th Street		06/16	L+125	1.41%		-		43,581		-		-		-		-		43,581
Montehiedra Town Center		07/16		6.04%		-		120,000		-		-		-		-		120,000
The Mart		12/16		5.57%		-		550,000		-		-		-		-		550,000
350 Park Avenue		01/17		3.75%		-		-		294,484		-		-		-		294,484
100 West 33rd Street - office and retail		03/17	L+150	1.67%		-		-		325,000		-		-		-		325,000
2011 Crystal Drive		08/17		7.30%		-		-		77,438		-		-		-		77,438
North Bergen (Tonnelle Avenue)		01/18		4.59%		-		-		-		75,000		-		-		75,000
220 20th Street		02/18		4.61%		-		-		-		71,256		-		-		71,256
River House Apartments		04/18	L+153	1.68%		-		-		-		64,000		-		-		64,000
828-850 Madison Avenue Retail Condominium		06/18		5.29%		-		-		-		80,000		-		-		80,000
$1.25 Billion unsecured revolving credit facility		06/18	L+115	-		-		-		-		-		-		-		-
220 Central Park South		01/19	L+275	2.92%		-		-		-		-		600,000		-		600,000
Senior unsecured notes due 2019		06/19		2.50%		-		-		-		-		448,457		-		448,457
435 Seventh Avenue - retail		08/19	L+225	2.41%		-		-		-		-		98,000		-		98,000
$1.25 Billion unsecured revolving credit facility		11/19	L+105	-		-		-		-		-		-		-		-
4 Union Square South - retail		11/19	L+215	2.31%		-		-		-		-		119,847		-		119,847
Cross-collateralized mortgages on 40
	strip shopping centers	09/20	⁽³⁾	4.10%		-		-		-		-		-		607,231		607,231
Eleven Penn Plaza		12/20		3.95%		-		-		-		-		-		450,000		450,000
Borgata Land		02/21		5.14%		-		-		-		-		-		58,452		58,452
909 Third Avenue		05/21		3.91%		-		-		-		-		-		350,000		350,000
West End 25		06/21		4.88%		-		-		-		-		-		101,671		101,671
Universal Buildings		08/21	L+190	2.06%		-		-		-		-		-		185,000		185,000
555 California Street		09/21		5.10%		-		-		-		-		-		597,868		597,868
655 Fifth Avenue		10/21	L+140	1.56%		-		-		-		-		-		140,000		140,000
Two Penn Plaza		12/21	⁽⁴⁾	3.99%		-		-		-		-		-		575,000		575,000
Senior unsecured notes due 2022		01/22		5.00%		-		-		-		-		-		398,744		398,744
Skyline Properties		02/22		2.97%		-		-		-		-		-		678,000		678,000
1290 Avenue of the Americas		11/22		3.34%		-		-		-		-		-		950,000		950,000
2121 Crystal Drive		03/23		5.51%		-		-		-		-		-		146,214		146,214
666 Fifth Avenue Retail Condominium		03/23		3.61%		-		-		-		-		-		390,000		390,000
Bergen Town Center		04/23		3.56%		-		-		-		-		-		300,000		300,000
Las Catalinas		08/24		4.43%		-		-		-		-		-		130,000		130,000
2101 L Street		08/24		3.97%		-		-		-		-		-		148,922		148,922


See notes on the following page.

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DEBT MATURITIES
(unaudited and in thousands)
			Spread
		Maturity	over	Interest
Property		Date⁽¹⁾	LIBOR	Rate	2015		2016		2017		2018		2019		Thereafter		Total
1215 Clark Street, 200 12th Street &
	251 18th Street	01/25		7.94%	$	-	$	-	$	-	$	-	$	-	$	97,584	$	97,584
Other properties		Various				12,091		-		-		28,571		-		38,194		78,856
Purchase accounting valuation adjustments		Various				(15)		-		-		-		-		903		888

Total					$	742,712	$	1,530,311	$	696,922	$	318,827	$	1,266,304	$	6,343,783	$	10,898,859

Weighted average rate						4.45%		5.58%		3.17%		4.08%		2.67%		3.92%		4.00%

Fixed rate debt					$	707,580	$	1,486,730	$	371,922	$	237,827	$	448,457	$	5,805,574	$	9,058,090
Fixed weighted average rate expiring						4.63%		5.70%		4.49%		4.91%		2.50%		4.11%		4.37%

Floating rate debt					$	35,132	$	43,581	$	325,000	$	81,000	$	817,847	$	538,209	$	1,840,769
Floating weighted average rate expiring						0.91%		1.41%		1.67%		1.64%		2.77%		1.89%		2.20%


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

(2)	These notes were redeemed in full on January 1, 2015.

(3)	Comprised of (i) a $550,589 fixed rate loan with an interest rate of 4.29%, and a (ii) $60,000 variable rate loan at LIBOR plus 1.36% (2.36% at December 31, 2014), subject to a LIBOR floor of 1.00%.

(4)	Pursuant to an existing swap agreement, $422,000 of the new loan bears interest at a fixed rate of 4.78% through March 2018, and the balance of $153,000 floats through March 2018. The entire $575,000 will float thereafter for the duration of the loan.

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UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)
						As of December 31, 2014
								Debt
				Percentage		Company's		Company's
		Asset		Ownership at		Carrying		Pro rata		100% of
Joint Venture Name		Category		December 31, 2014		Amount		Share		Joint Venture

Toys			Retailer		32.6%	$	-	$	1,874,278	$	5,748,350

Alexander's, Inc.			Office/Retail		32.4%	$	131,616	$	334,621	$	1,032,780

India real estate ventures			Office/Land		4.1% to 36.5%		76,752		45,885		183,541

Partially owned office buildings:
	280 Park Avenue		Office		50.0%		294,633		365,086		730,171
	One Park Avenue		Office		55.0%		138,433		137,500		250,000
	650 Madison Avenue		Office/Retail		20.1%		114,271		161,024		800,000
	Rosslyn Plaza	Office/Residential			43.7% to 50.4%		53,452		16,881		33,488
	666 Fifth Avenue Office Condominium		Office		49.5%		52,431		605,516		1,223,265
	West 57th Street properties		Office		50.0%		42,958		10,000		20,000
	330 Madison Avenue		Office		25.0%		30,837		37,500		150,000
	Warner Building		Office		55.0%		20,008		160,985		292,700
	Fairfax Square		Office		20.0%		5,916		18,000		90,000
	1101 17th Street		Office		55.0%		-		17,050		31,000
	Other partially owned office buildings		Office		Various		7,810		27,715		70,650

Other investments:
	Independence Plaza		Residential		50.1%		153,084		275,550		550,000
	Monmouth Mall		Retail		50.0%		6,094		77,469		154,938
	Other investments		Various		Various		118,201		108,572		775,547
						$	1,246,496	$	2,399,354	$	6,388,080

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UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)

			Percentage		Our Share of Net Income (Loss) for the				Our Share of EBITDA for the
			Ownership at		Three Months Ended December 31,				Three Months Ended December 31,
Joint Venture Name			December 31, 2014		2014		2013		2014		2013

Toys				32.6%	$	606	$	(293,066)	$	606	$	(176,808)

New York:
		Alexander's, Inc.		32.4%	$	5,704	$	4,936	$	10,657	$	11,069
		West 57th Street properties (partially under development)		50.0%		(3,262)		126		336		548
		330 Madison Avenue		25.0%		1,756		1,459		2,677		2,346
		Independence Plaza		50.1%		(1,716)		(2,850)		4,047		3,718
		666 Fifth Avenue Office Condominium		49.5%		1,229		1,935		4,815		7,183
		825 Seventh Avenue		50.0%		686		378		811		685
		650 Madison Avenue (acquired in September 2013)		20.1%		(551)		(2,229)		2,983		3,058
		One Park Avenue		55.0%		461		68		4,252		1,974
		280 Park Avenue (partially under development)		50.0%		183		(2,069)		6,117		5,346
		Other		Various		(161)		(247)		864		742
						4,329		1,507		37,559		36,669

Washington, DC:
		Rosslyn Plaza		43.7% to 50.4%		(616)		(1,207)		935		1,495
		Warner Building		55.0%		(373)		(1,880)		3,461		1,942
		1101 17th Street		55.0%		323		2,252		651		692
		Fairfax Square		20.0%		(185)		(59)		394		505
		Other		Various		2,099		471		3,072		1,372
						1,248		(423)		8,513		6,006

Retail Properties:
		Monmouth Mall		50.0%		458		562		2,429		2,474
		Other		Various		22		23		114		117
						480		585		2,543		2,591

Other:
		Green Courte		8.3%		12,467		(68)		13,000		474
		India real estate ventures⁽¹⁾		4.1% to 36.5%		(5,869)		(903)		(3,910)		1,133
		Alexander's corporate fee income		32.4%		3,834		1,664		3,834		1,664
		Other		Various		2,200		(2,461)		4,104		5,452
						12,632		(1,768)		17,028		8,723

					$	18,689	$	(99)	$	65,643	$	53,989



(1)	Includes a $5,771 non-cash impairment loss in 2014.

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UNCONSOLIDATED JOINT VENTURES
(unaudited and in thousands)

			Percentage		Our Share of Net Income (Loss) for the				Our Share of EBITDA for the
			Ownership at		Year Ended December 31,				Year Ended December 31,
Joint Venture Name			December 31, 2014		2014		2013		2014		2013

Toys				32.6%	$	(73,556)	$	(362,377)	$	103,632	$	(12,081)

New York:
		Alexander's, Inc.		32.4%	$	21,287	$	17,721	$	41,745	$	42,210
		West 57th Street properties (partially under development)		50.0%		(13,912)		541		1,585		2,466
		666 Fifth Avenue Office Condominium		49.5%		7,163		7,711		27,033		27,585
		825 Seventh Avenue		50.0%		7,095		1,529		3,300		2,762
		330 Madison Avenue		25.0%		6,433		5,173		9,895		8,807
		Independence Plaza		50.1%		(4,829)		(6,049)		18,490		10,543
		650 Madison Avenue (acquired in September 2013)		20.1%		(3,619)		(2,229)		12,283		3,058
		One Park Avenue		55.0%		1,371		1,122		12,650		8,098
		280 Park Avenue (partially under development)		50.0%		715		(8,549)		23,395		20,350
		Other		Various		(1,003)		(1,443)		3,035		2,690
						20,701		15,527		153,411		128,569

Washington, DC:
		Warner Building		55.0%		(4,732)		(8,226)		10,368		6,906
		Rosslyn Plaza		43.7% to 50.4%		(3,390)		(3,365)		4,454		6,287
		1101 17th Street		55.0%		1,202		3,248		2,486		2,665
		Fairfax Square		20.0%		(99)		(146)		2,183		2,099
		Other		Various		3,342		1,521		7,064		5,174
						(3,677)		(6,968)		26,555		23,131

Retail Properties:
		Monmouth Mall		50.0%		1,646		2,012		9,237		9,556
		Other		Various		84		85		453		467
						1,730		2,097		9,690		10,023

Other:
		Green Courte		8.3%		12,467		-		14,606		2,130
		Alexander's corporate fee income		32.4%		8,722		6,681		8,722		6,681
		India real estate ventures⁽¹⁾		4.1% to 36.5%		(8,309)		(3,533)		663		5,841
		Other⁽²⁾⁽³⁾		Various		(16,209)		9,788		8,616		50,065
						(3,329)		12,936		32,607		64,717

					$	15,425	$	23,592	$	222,263	$	226,440


(1)	Includes a $5,771 non-cash impairment loss in 2014.

(2)	In the third quarter of 2014, we recognized a $10,263 non-cash charge, comprised of a $5,959 impairment loss and a $4,304 loan loss reserve, on our equity and debt investments in Suffolk Downs.

(3)	On April 19, 2013, LNR was sold.

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SQUARE FOOTAGE in service
(unaudited and square feet in thousands)
				Owned by Company
			Total
			Portfolio	Total	Office	Retail	Showroom	Other
Segment:
	New York:
		Office	20,052	16,808	16,625	-	183	-
		Retail	2,450	2,179	-	2,179	-	-
		Alexander's (32.4% interest)	2,178	706	287	419	-	-
		Hotel Pennsylvania	1,400	1,400	-	-	-	1,400
		Residential (1,654 units)	1,524	763	-	-	-	763
			27,604	21,856	16,912	2,598	183	2,163

	Washington, DC:
		Office, excluding the Skyline Properties	13,461	11,083	10,265	818	-	-
		Skyline Properties	2,648	2,648	2,599	49	-	-
		Total Office	16,109	13,731	12,864	867	-	-
		Residential (2,414 units)	2,597	2,455	-	-	-	2,455
		Other	384	384	-	9	-	375
			19,090	16,570	12,864	876	-	2,830

	Retail Properties:
		Strip Shopping Centers	13,346	12,920	-	12,920	-	-
		Regional Malls	3,451	2,353	-	2,353	-	-
			16,797	15,273	-	15,273	-	-

	Other:
		The Mart	3,587	3,578	1,691	99	1,788	-
		555 California Street (70% interest)	1,801	1,261	1,168	93	-	-
		Primarily Warehouses	1,555	942	-	-	-	942
			6,943	5,781	2,859	192	1,788	942

Total square feet at December 31, 2014			70,434	59,480	32,635	18,939	1,971	5,935

Total square feet at September 30, 2014			69,427	58,601	31,836	18,834	1,971	5,960


					Number of	Number of
Parking Garages (not included above):				Square Feet	Garages	Spaces
	New York			1,668	10	4,909
	Washington, DC			8,928	56	29,628
	The Mart			558	4	1,664
	555 California Street			168	1	453
	Total at December 31, 2014			11,322	71	36,654

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TOP 30 TENANTS
(unaudited)

			2014
			Annualized		% of 2014
	Square		Revenues		Annualized
Tenants	Footage		(in thousands)		Revenues

U.S. Government		4,210,685	$	151,158		5.6%
IPG and affiliates		754,979		42,339		1.6%
Bank of America		636,317		40,057		1.5%
AXA Equitable Life Insurance		423,174		37,495		1.4%
Macy's		690,433		36,803		1.4%
Amazon.com		470,143		32,157		1.2%
McGraw-Hill Companies, Inc.		479,557		27,380		1.0%
Ziff Brothers Investments, Inc.		287,030		26,766		1.0%
Hennes & Mauritz		110,646		25,301		0.9%
J. Crew		398,250		25,216		0.9%
New York Stock Exchange		381,425		24,920		0.9%
Madison Square Garden		392,786		24,204		0.9%
New York & Co		379,863		21,942		0.8%
Topshop		94,349		21,438		0.8%
Fast Retailing (Uniqlo)		92,577		20,776		0.8%
Motorola Mobility (guaranteed by Google)		607,872		20,066		0.7%
Sears Holding Company (Kmart Corporation and Sears Corporation)		834,148		19,879		0.7%
AOL		233,264		19,685		0.7%
The Home Depot		993,541		19,435		0.7%
Forever 21		125,279		18,961		0.7%
AMC Networks, Inc.		283,745		18,653		0.7%
JCPenney		426,370		17,637		0.6%
Wal-Mart		1,438,730		17,526		0.6%
Hollister		21,741		17,269		0.6%
Family Health International		359,085		16,284		0.6%
Bryan Cave LLP		213,946		15,940		0.6%
Lockheed Martin		328,919		14,828		0.5%
Cushman & Wakefield		166,287		13,879		0.5%
Lowe's		976,415		12,859		0.5%
Information Builders, Inc.		243,486		12,341		0.5%

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LEASE EXPIRATIONS
NEW YORK SEGMENT
(unaudited)
			Our share of
				Square Feet		Weighted Average Annual				Percentage of
		Year of Lease		of Expiring		Rent of Expiring Leases				Annualized
		Expiration		Leases		Total		Per Sq. Ft.		Escalated Rent

	Office:	Month to Month			38,000	$	2,044,000	$	53.79		0.2%

		First Quarter 2015			77,000		4,058,000		52.70		0.4%
		Second Quarter 2015			480,000		29,032,000		60.48		2.9%
		Third Quarter 2015			121,000		9,631,000		79.60		1.0%
		Fourth Quarter 2015			168,000		11,649,000		69.34		1.2%
		Total 2015			846,000		54,370,000		64.27		5.5%
		2016			1,246,000		78,552,000		63.04		7.7%
		2017			713,000		45,551,000		63.89		4.4%
		2018			1,017,000		76,091,000		74.82		7.5%
		2019			987,000		66,135,000		67.01		6.6%
		2020			1,367,000		81,391,000		59.54		8.2%
		2021			1,139,000		74,125,000		65.08		7.4%
		2022			862,000		54,673,000		63.43		5.6%
		2023			1,587,000		110,510,000		69.63		11.3%
		2024			1,098,000		79,538,000		72.44		7.8%

	Retail:	Month to Month			32,000	$	4,809,000	$	150.28		1.4%

		First Quarter 2015			52,000		14,969,000		287.87		4.5%
		Second Quarter 2015			3,000		1,051,000		350.33		0.3%
		Third Quarter 2015			31,000		2,601,000		83.90		0.8%
		Fourth Quarter 2015			8,000		1,621,000		202.63		0.5%
		Total 2015			94,000		20,242,000		215.34		6.0%
		2016			56,000		16,378,000		292.46		4.9%
		2017			14,000		2,999,000		214.21		0.9%
		2018			159,000		38,525,000		242.30		11.5%
		2019			121,000		30,882,000		255.22		9.2%
		2020			61,000		8,909,000		146.05		2.7%
		2021			38,000		7,361,000		193.71		2.2%
		2022			30,000		3,641,000		121.37		1.1%
		2023			81,000		18,271,000		225.57		5.5%
		2024			171,000		53,064,000		310.32		15.8%

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LEASE EXPIRATIONS
WASHINGTON, DC SEGMENT
(unaudited)
			Our share of
				Square Feet		Weighted Average Annual				Percentage of
		Year of Lease		of Expiring		Rent of Expiring Leases				Annualized
		Expiration		Leases		Total		Per Sq. Ft.		Escalated Rent

	Office:	Month to Month			324,000	$	9,293,000	$	28.70		2.1%

		First Quarter 2015			471,000		20,819,000		44.25		4.7%
		Second Quarter 2015			257,000		12,683,000		49.26		2.8%
		Third Quarter 2015			327,000		13,665,000		41.80		3.1%
		Fourth Quarter 2015			625,000		24,917,000		39.84		5.6%
		Total 2015			1,680,000		72,084,000		42.90		16.2%
		2016			1,179,000		50,596,000		42.93		11.4%
		2017			626,000		25,649,000		40.97		5.8%
		2018			987,000		43,790,000		44.36		9.8%
		2019			1,557,000		65,604,000		42.13		14.7%
		2020			728,000		36,326,000		49.89		8.2%
		2021			573,000		26,117,000		45.58		5.9%
		2022			963,000		42,194,000		43.80		9.5%
		2023			161,000		7,473,000		46.38		1.7%
		2024			374,000		14,547,000		38.85		3.3%

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LEASE EXPIRATIONS
RETAIL PROPERTIES SEGMENT
(unaudited)
			Our share of
				Square Feet		Weighted Average Annual				Percentage of
		Year of Lease		of Expiring		Rent of Expiring Leases				Annualized
		Expiration		Leases		Total		Per Sq. Ft.		Escalated Rent

	Strip Shopping Centers:	Month to Month			38,000	$	1,036,000	$	27.03		0.6%

		First Quarter 2015			26,000		1,156,000		44.61		0.7%
		Second Quarter 2015			9,000		241,000		25.54		0.1%
		Third Quarter 2015			52,000		1,766,000		33.67		1.0%
		Fourth Quarter 2015			90,000		2,635,000		29.29		1.5%
		Total 2015			177,000		5,798,000		32.62		3.3%
		2016			606,000		10,304,000		16.99		5.8%
		2017			425,000		7,525,000		17.69		4.3%
		2018			1,293,000		18,767,000		14.51		10.6%
		2019			1,317,000		20,056,000		15.23		11.3%
		2020			1,142,000		15,751,000		13.79		8.9%
		2021			578,000		8,572,000		14.83		4.8%
		2022			927,000		11,147,000		12.03		6.3%
		2023			1,136,000		18,424,000		16.22		10.4%
		2024			1,225,000		14,966,000		12.22		8.5%

	Regional Malls:	Month to Month			30,000	$	952,000	$	32.10		1.9%

		First Quarter 2015			26,000		1,284,000		49.60		2.6%
		Second Quarter 2015			13,000		865,000		64.79		1.7%
		Third Quarter 2015			33,000		554,000		16.73		1.1%
		Fourth Quarter 2015			8,000		705,000		85.32		1.4%
		Total 2015			80,000		3,408,000		42.27		6.8%
		2016			87,000		4,065,000		46.75		8.1%
		2017			40,000		2,453,000		61.82		4.9%
		2018			53,000		3,476,000		65.09		6.9%
		2019			173,000		6,298,000		36.38		12.5%
		2020			105,000		4,738,000		45.22		9.4%
		2021			130,000		3,721,000		28.72		7.4%
		2022			37,000		1,370,000		37.28		2.7%
		2023			37,000		1,454,000		39.55		2.9%
		2024			105,000		3,253,000		31.06		6.5%

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LEASING ACTIVITY
(unaudited)

The leasing activity presented below is based on leases signed during the period and is not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Tenant improvements and leasing commissions presented below are based on square feet leased during the period. Second generation relet space represents square footage that has not been vacant for more than nine months.


					New York				Washington, DC			Retail Properties
(square feet in thousands)					Office		Retail		Office			Strips			Malls

Quarter Ended December 31, 2014
	Total square feet leased					1,248		51		658			210			57
	Our share of square feet leased:					1,095		51		619			210			51
		Initial rent⁽¹⁾			$	66.79	$	410.63	$	36.86		$	18.98		$	49.18
		Weighted average lease term (years)				12.3		11.5		9.4			6.6			6.4
		Second generation relet space:
			Square feet			732		45		461			92			15
			Cash basis:
				Initial rent⁽¹⁾	$	68.25	$	260.31	$	36.64		$	13.16		$	69.20
				Prior escalated rent	$	60.63	$	175.49	$	39.68		$	13.16		$	69.64
				Percentage increase (decrease)		12.6%		48.3%		(7.7%)			-			(0.6%)
			GAAP basis:
				Straight-line rent⁽²⁾	$	67.80	$	307.92	$	34.42		$	13.21		$	70.22
				Prior straight-line rent	$	55.87	$	173.75	$	36.89		$	12.72		$	67.21
				Percentage increase (decrease)		21.4%		77.2%		(6.7%)			3.9%			4.5%
		Tenant improvements and leasing commissions:
			Per square foot		$	78.45	$	177.43	$	61.48		$	5.24		$	16.53
			Per square foot per annum		$	6.38	$	15.43	$	6.54		$	0.79		$	2.58
				Percentage of initial rent		9.5%		3.8%		17.7%			4.2%			5.3%

Year Ended December 31, 2014
	Total square feet leased					3,973		119		1,817	⁽³⁾		890			161
	Our share of square feet leased:					3,416		114		1,674	⁽³⁾		890			142
		Initial rent⁽¹⁾			$	66.78	$	327.38	$	38.57		$	19.15		$	36.19
		Weighted average lease term (years)				11.3		11.2		8.2			6.8			5.6
		Second generation relet space:
			Square feet			2,550		92		1,121			434			70
			Cash basis:
				Initial rent⁽¹⁾	$	68.18	$	289.74	$	38.57		$	20.31		$	34.16
				Prior escalated rent	$	60.50	$	206.62	$	41.37		$	19.45		$	32.98
				Percentage increase (decrease)		12.7%		40.2%		(6.8%)			4.4%			3.6%
			GAAP basis:
				Straight-line rent⁽²⁾	$	67.44	$	331.33	$	36.97		$	20.53		$	34.71
				Prior straight-line rent	$	56.76	$	204.15	$	38.25		$	18.77		$	32.29
				Percentage increase (decrease)		18.8%		62.3%		(3.3%)			9.4%			7.5%
		Tenant improvements and leasing commissions:
			Per square foot		$	75.89	$	110.60	$	46.77		$	10.66	⁽⁴⁾	$	11.96
			Per square foot per annum		$	6.72	$	9.88	$	5.70		$	1.57	⁽⁴⁾	$	2.14
				Percentage of initial rent		10.1%		3.0%		14.8%			8.2%	⁽⁴⁾		5.9%

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LEASING ACTIVITY
(unaudited)



					New York				Washington, DC		Retail Properties
(square feet in thousands)					Office		Retail		Office		Strips		Malls

Year Ended December 31, 2013
	Total square feet leased					2,410		138		1,836		1,388		674
	Our share of square feet leased:					2,024		121		1,392		1,388		600
		Initial rent⁽¹⁾			$	60.78	$	268.52	$	39.91	$	17.27	$	26.39
		Weighted average lease term (years)				11.0		8.6		7.0		6.2		8.1
		Second generation relet space:
			Square feet			1,716		103		910		959		205
			Cash basis:
				Initial rent⁽¹⁾	$	60.04	$	262.67	$	40.91	$	16.57	$	23.59
				Prior escalated rent	$	56.84	$	117.45	$	41.16	$	15.18	$	22.76
				Percentage increase (decrease)		5.6%		123.7%		(0.6%)		9.2%		3.6%
			GAAP basis:
				Straight-line rent⁽²⁾	$	59.98	$	293.45	$	40.87	$	16.91	$	24.04
				Prior straight-line rent	$	52.61	$	152.34	$	39.36	$	14.76	$	21.87
				Percentage increase		14.0%		92.6%		3.8%		14.6%		9.9%
		Tenant improvements and leasing commissions:
			Per square foot		$	61.78	$	100.93	$	33.24	$	3.96	$	20.69
				Per square foot per annum	$	5.61	$	11.64	$	4.75	$	0.64	$	2.55
				Percentage of initial rent		9.2%		4.3%		11.9%		3.7%		9.7%


(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)	Excludes (i) 165 square feet leased to WeWork that will be redeveloped into rental residential apartments, and (ii) 82 square feet of retail space that was leased at an initial rent of $46.76 per square foot.

(4)	Tenant improvements and leasing commissions for the quarter and the year ended December 31, 2014 reflect first generation leasing activity at our Kearny strip shopping center.

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OCCUPANCY, SAME STORE EBITDA AND RESIDENTIAL STATISTICS
(unaudited)

Occupancy and Same Store EBITDA:

						New York	Washington, DC⁽¹⁾	Retail Properties

Occupancy rate at:
	December 31, 2014					96.9%	83.8%	95.9%
	September 30, 2014					96.7%	83.4%	95.2%
	December 31, 2013					96.7%	83.4%	95.4%

Same store EBITDA % increase (decrease):
	Year ended December 31, 2014 vs. December 31, 2013					4.7%	(2.4%)	1.7%
	Three months ended December 31, 2014 vs. December 31, 2013					3.3%	(2.3%)	1.9%
	Three months ended December 31, 2014 vs. September 30, 2014					1.8%	(3.0%)	0.6%

Cash basis same store EBITDA % increase (decrease):
	Year ended December 31, 2014 vs. December 31, 2013					7.6%	(2.3%)	2.3%
	Three months ended December 31, 2014 vs. December 31, 2013					8.2%	(3.8%)	2.4%
	Three months ended December 31, 2014 vs. September 30, 2014					4.7%	(3.4%)	0.7%


(1)	The total office occupancy rates for the Washington, DC segment were as follows:

		December 31, 2014	80.9%
		September 30, 2014	80.5%
		December 31, 2013	80.7%


Residential Statistics:
					Average Monthly
			Number of Units	Occupancy Rate	Rent Per Unit
	New York:
		December 31, 2014	1,654	95.2%	$	3,163
		September 30, 2014	1,655	94.7%	$	3,074
		December 31, 2013	1,653	94.8%	$	2,864

	Washington, DC:
		December 31, 2014	2,414	97.4%	$	2,078
		September 30, 2014	2,414	97.0%	$	2,102
		December 31, 2013	2,405	96.3%	$	2,101

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CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

CONSOLIDATED
(unaudited and in thousands)
		Year Ended December 31,
Capital expenditures (accrual basis):		2014		2013		2012
Expenditures to maintain assets		$	107,728	$	73,130	$	69,912
Tenant improvements			205,037		120,139		169,205
Leasing commissions			79,636		51,476		56,203
Non-recurring capital expenditures			122,330		49,441		17,198
Total capital expenditures and leasing commissions (accrual basis)			514,731		294,186		312,518
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		140,490		155,035		105,350
	Expenditures to be made in future periods for the current period		(313,746)		(150,067)		(170,744)
Total capital expenditures and leasing commissions (cash basis)		$	341,475	$	299,154	$	247,124

Our share of square feet leased			6,236		5,525		5,217
Tenant improvements and leasing commissions per square foot per annum		$	5.98	$	4.33	$	4.16
Percentage of initial rent			10.6%		9.5%		9.6%



Development and redevelopment expenditures:
	Springfield Mall	$	127,467	$	68,716	$	18,278
	Marriott Marquis Times Square - retail and signage		112,390		40,356		9,092
	220 Central Park South		78,059		243,687		12,191
	330 West 34th Street		41,592		6,832		8
	The Bartlett		38,163		6,289		3,008
	608 Fifth Avenue		20,377		3,492		-
	Wayne Towne Center		19,740		4,927		3,452
	7 West 34th Street		11,555		-		-
	Other		94,844		95,118		110,844
		$	544,187	$	469,417	$	156,873

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CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

NEW YORK SEGMENT
(unaudited and in thousands)
		Year Ended December 31,
Capital expenditures (accrual basis):		2014		2013		2012
Expenditures to maintain assets		$	48,518	$	34,553	$	27,434
Tenant improvements			143,007		87,275		71,572
Leasing commissions			66,369		39,348		27,573
Non-recurring capital expenditures			64,423		11,579		5,822
Total capital expenditures and leasing commissions (accrual basis)			322,317		172,755		132,401
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		67,577		56,345		41,975
	Expenditures to be made in future periods for the current period		(205,258)		(91,107)		(76,283)
Total capital expenditures and leasing commissions (cash basis)		$	184,636	$	137,993	$	98,093

Our share of square feet leased			3,530		2,145		1,939
Tenant improvements and leasing commissions per square foot per annum		$	6.82	$	5.89	$	5.48
Percentage of initial rent			9.1%		8.1%		8.8%



Development and redevelopment expenditures:
	Marriott Marquis Times Square - retail and signage	$	112,390	$	40,356	$	9,092
	330 West 34th Street		41,592		6,832		8
	608 Fifth Avenue		20,377		3,492		-
	7 West 34th Street		11,555		-		-
	Other		27,892		35,305		42,460
		$	213,806	$	85,985	$	51,560

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CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

WASHINGTON, DC SEGMENT
(unaudited and in thousands)
		Year Ended December 31,
Capital expenditures (accrual basis):		2014		2013		2012
Expenditures to maintain assets		$	23,425	$	22,165	$	20,582
Tenant improvements			37,842		6,976		41,846
Leasing commissions			5,857		4,389		11,393
Non-recurring capital expenditures			37,798		37,342		10,296
Total capital expenditures and leasing commissions (accrual basis)			104,922		70,872		84,117
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		45,084		26,075		24,370
	Expenditures to be made in future periods for the current period		(63,283)		(36,702)		(43,600)
Total capital expenditures and leasing commissions (cash basis)		$	86,723	$	60,245	$	64,887

Our share of square feet leased			1,674		1,392		1,901
Tenant improvements and leasing commissions per square foot per annum		$	5.70	$	4.75	$	4.86
Percentage of initial rent			14.8%		11.9%		12.0%



Development and redevelopment expenditures:
	The Bartlett	$	38,163	$	6,289	$	3,008
	Other		45,482		35,412		36,326
		$	83,645	$	41,701	$	39,334

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CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

RETAIL PROPERTIES SEGMENT
(unaudited and in thousands)
		Year Ended December 31,
Capital expenditures (accrual basis):		2014		2013		2012
Expenditures to maintain assets		$	16,715	$	5,664	$	4,676
Tenant improvements			551		12,431		9,052
Leasing commissions			145		2,113		2,368
Non-recurring capital expenditures			10,014		-		-
Total capital expenditures and leasing commissions (accrual basis)			27,425		20,208		16,096
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		5,124		5,562		10,353
	Expenditures to be made in future periods for the current period		(9,814)		(14,011)		(7,754)
Total capital expenditures and leasing commissions (cash basis)		$	22,735	$	11,759	$	18,695

Our share of square feet leased			1,032		1,988		1,377
Tenant improvements and leasing commissions per square foot per annum		$	1.63	$	1.33	$	1.04
Percentage of initial rent			7.6%		6.6%		5.2%



Development and redevelopment expenditures:
	Springfield Mall	$	127,467	$	68,716	$	18,278
	Wayne Towne Center		19,740		4,927		3,452
	Other		8,048		20,283		31,816
		$	155,255	$	93,926	$	53,546

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CAPITAL EXPENDITURES,
TENANT IMPROVEMENTS AND LEASING COMMISSIONS

OTHER
(unaudited and in thousands)
		Year Ended December 31,
Capital expenditures (accrual basis):		2014		2013		2012
Expenditures to maintain assets		$	19,070	$	10,748	$	17,220
Tenant improvements			23,637		13,457		46,735
Leasing commissions			7,265		5,626		14,869
Non-recurring capital expenditures			10,095		520		1,080
Total capital expenditures and leasing commissions (accrual basis)			60,067		30,351		79,904
Adjustments to reconcile to cash basis:
	Expenditures in the current year applicable to prior periods		22,705		67,053		28,652
	Expenditures to be made in future periods for the current period		(35,391)		(8,247)		(43,107)
Total capital expenditures and leasing commissions (cash basis)		$	47,381	$	89,157	$	65,449



Development and redevelopment expenditures:
	220 Central Park South	$	78,059	$	243,687	$	12,191
	Other		13,422		4,118		242
		$	91,481	$	247,805	$	12,433

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DEVELOPMENT COSTS AND CONSTRUCTION IN PROGRESS
(unaudited and in thousands, except square feet)
			Square Feet
					At December 31, 2014
	Development Projects				Total		Development Costs Expended		Land and Acquisition Costs
	New York:
		220 Central Park South - Residential Condominiums	472,000	⁽¹⁾	$	593,080	$	94,313	$	498,767
		1535 Broadway - Marriott Marquis - Retail & Signage	108,000			249,253		90,853		158,400
		Other				89,787		89,787		-
	Total New York					932,120		274,953		657,167

	Washington, DC:
		The Bartlett - Rental Residential / Retail	618,000			90,590		49,290		41,300
		Other				101,675		101,675		-
	Total Washington, DC					192,265		150,965		41,300

	Other Projects					11,959		11,959		-

	Total Amount on the Balance Sheet				$	1,136,344	$	437,877	$	698,467




			Square Feet			Total

	Undeveloped Land

	Washington, DC:
	1900 Crystal Drive		712,000		$	35,356
	Metropolitan Park 6, 7 & 8:
		Retail	23,818
		Residential (1,403 Units)				82,898
	PenPlace:
		Office	553,000
		Hotel (300 Units)				61,970
	Square 649 - Office		675,000			11,597
	Total				$	191,821



	(1)	Zoning square feet.

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NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK:
Penn Plaza:
One Penn Plaza												Cisco, MWB Leasing, Parsons Brinkerhoff,
	(ground leased through 2098)											United Health Care, United States Customs Department,
		-Office	100.0%	94.5%	$	59.29	2,251,000	2,251,000	-			URS Corporation Group Consulting, Lion Resources
		-Retail	100.0%	99.5%		121.23	270,000	270,000	-			Bank of America, Kmart Corporation
			100.0%	95.1%		65.92	2,521,000	2,521,000	-	$	-

Two Penn Plaza												EMC, Forest Electric, Information Builders, Inc.,
		-Office	100.0%	99.6%		54.58	1,569,000	1,569,000	-			Madison Square Garden, McGraw-Hill Companies, Inc.
		-Retail	100.0%	38.2%		191.38	50,000	50,000	-			Chase Manhattan Bank
			100.0%	97.7%		58.80	1,619,000	1,619,000	-		575,000

Eleven Penn Plaza
		-Office	100.0%	99.5%		57.99	1,135,000	1,135,000	-			Macy's, Madison Square Garden, AMC Networks, Inc.
		-Retail	100.0%	74.4%		207.56	17,000	17,000	-			PNC Bank National Association
			100.0%	99.1%		60.20	1,152,000	1,152,000	-		450,000

100 West 33rd Street
		-Office	100.0%	99.6%		54.57	849,000	849,000	-		223,242	IPG and affiliates, Rocket Fuel

Manhattan Mall
		-Retail	100.0%	92.6%		132.50	256,000	256,000	-		101,758	JCPenney, Aeropostale, Express, Victoria's Secret

330 West 34th Street
	(ground leased through 2148 - 34.8%											Deutsch, Inc. (lease not commenced),
	ownership interest in the land)											New York & Co., Yodle, Inc. (lease not commenced)
		-Office	100.0%	100.0%		53.14	658,000	379,000	279,000
		-Retail	100.0%	-		-	13,000	-	13,000
			100.0%	100.0%		53.14	671,000	379,000	292,000		50,150

435 Seventh Avenue
		-Retail	100.0%	100.0%		266.44	43,000	43,000	-		98,000	Hennes & Mauritz

7 West 34th Street
		-Office	100.0%	100.0%		62.80	456,000	456,000	-			Amazon
		-Retail	100.0%	100.0%		291.61	24,000	24,000	-			Mango NY Inc., Amazon (lease not commenced)
			100.0%	100.0%		74.24	480,000	480,000	-		-

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

431 Seventh Avenue
		-Retail	100.0%	100.0%		219.44	10,000	10,000	-		-

488 Eighth Avenue
		-Retail	100.0%	100.0%		71.98	6,000	6,000	-		-

267 West 34th Street
		-Retail	100.0%	100.0%		163.65	6,000	6,000	-		-

	Total Penn Plaza						7,629,000	7,337,000	292,000		1,498,150

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NEW YORK SEGMENT
PROPERTY TABLE
					Weighted			Square Feet
					Average					Under Development
			%	%	Annual Rent			Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)			Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK (Continued):
Midtown East:
909 Third Avenue													IPG and affiliates, Forest Laboratories, Geller & Company,
	(ground leased through 2063)												Morrison Cohen LLP, Robeco USA Inc.,
		-Office	100.0%	100.0%	$	56.74	⁽²⁾	1,344,000	1,344,000	-	$	350,000	United States Post Office, The Procter & Gamble Distributing LLC

150 East 58th Street													Castle Harlan, Tournesol Realty LLC. (Peter Marino),
		-Office	100.0%	98.2%		67.25		542,000	542,000	-			Various showroom tenants
		-Retail	100.0%	100.0%		171.69		2,000	2,000	-
			100.0%	98.2%		67.63		544,000	544,000	-		-

715 Lexington
		-Retail	100.0%	100.0%		251.66		23,000	23,000	-		-	New York & Company, Zales

966 Third Avenue
		-Retail	100.0%	100.0%		88.91		7,000	7,000	-		-	McDonald's

968 Third Avenue
		-Retail	50.0%	100.0%		244.69		6,000	6,000	-		-	Capital One Financial Corporation

	Total Midtown East							1,924,000	1,924,000	-		350,000

Midtown West:
888 Seventh Avenue
	(ground leased through 2067)												Soros Fund, TPG-Axon Capital,
		-Office	100.0%	93.6%		87.96		862,000	862,000	-			Vornado Executive Headquarters
		-Retail	100.0%	100.0%		201.62		15,000	15,000	-			Redeye Grill L.P.
			100.0%	93.7%		89.90		877,000	877,000	-		318,554

57th Street - 5 buildings
		-Office	50.0%	95.2%		54.45		132,000	132,000	-			Various
		-Retail	50.0%	100.0%		121.28		53,000	26,000	27,000
			50.0%	96.6%		73.60		185,000	158,000	27,000		20,000

825 Seventh Avenue
		-Office	50.0%	100.0%		73.99		170,000	170,000	-			Young & Rubicam
		-Retail	100.0%	100.0%		256.65		4,000	4,000	-			Lindy's
			51.1%	100.0%		78.19		174,000	174,000	-		20,500

	Total Midtown West							1,236,000	1,209,000	27,000		359,054

Park Avenue:
280 Park Avenue													Cohen & Steers Inc.
		-Office	50.0%	100.0%		96.03		1,223,000	751,000	472,000			Investcorp International Inc.
		-Retail	50.0%	100.0%		218.92		18,000	4,000	14,000			Scottrade Inc., Starbucks
			50.0%	100.0%		97.81		1,241,000	755,000	486,000		730,171

350 Park Avenue													Kissinger Associates Inc., Ziff Brothers Investment Inc.,
		-Office	100.0%	99.3%		91.59		553,000	553,000	-			MFA Financial Inc., M&T Bank
		-Retail	100.0%	100.0%		201.31		17,000	17,000	-			Fidelity Investment, AT&T Wireless, Valley National Bank
			100.0%	99.4%		94.86		570,000	570,000	-		294,484

	Total Park Avenue							1,811,000	1,325,000	486,000		1,024,655

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NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average					Under Development
			%	%	Annual Rent		Total			or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property		In Service	for Lease	(in thousands)		Major Tenants
NEW YORK (Continued):
Grand Central:
90 Park Avenue													Alston & Bird, Amster, Rothstein & Ebenstein,
													Capital One, First Manhattan Consulting,
		-Office	100.0%	97.1%	$	75.25	910,000		910,000	-			Factset Research Systems Inc., Foley & Lardner
		-Retail	100.0%	100.0%		114.10	26,000		26,000	-			Citibank
			100.0%	97.2%		76.33	936,000		936,000	-	$	-

330 Madison Avenue													Guggenheim Partners LLC, HSBC Bank AFS,
		-Office	25.0%	99.0%		67.51	806,000		806,000	-			Jones Lang LaSalle Inc., Wells Fargo
		-Retail	25.0%	100.0%		280.98	32,000		32,000	-			Ann Taylor Retail Inc., Citibank
			25.0%	99.1%		75.66	838,000		838,000	-		150,000

510 Fifth Avenue
		-Retail	100.0%	90.6%		141.08	65,000		65,000	-		30,154	Joe Fresh

	Total Grand Central						1,839,000		1,839,000	-		180,154

Madison/Fifth:
640 Fifth Avenue													Fidelity Investments, Janus Capital Group Inc.,
													Scout Capital Management,
		-Office	100.0%	87.5%		84.47	263,000		263,000	-			Legg Mason Investment Counsel
		-Retail	100.0%	100.0%		244.67	62,000		62,000	-			Citibank, Hennes & Mauritz
			100.0%	89.9%		115.03	325,000		325,000	-		-

666 Fifth Avenue													Fulbright & Jaworski, Colliers International NY LLC,
		-Office (Office Condo)	49.5%	76.2%		74.73	1,371,000		1,371,000	-		1,223,265	Integrated Holding Group, Vinson & Elkins LLP
		-Retail (Office Condo)	49.5%	100.0%		164.83	45,000		45,000	-		-	HSBC Bank USA, Citibank (lease not yet commenced)
		-Retail (Retail Condo)	100.0%	100.0%		365.71	114,000	⁽³⁾	114,000	-		390,000	Uniqlo, Hollister, Swatch
				78.7%		99.06	1,530,000		1,530,000	-		1,613,265

595 Madison Avenue													Beauvais Carpets, Levin Capital Strategies LP,
		-Office	100.0%	98.6%		72.52	292,000		292,000	-			Cosmetech Mably Int'l LLC.
		-Retail	100.0%	100.0%		778.99	30,000		30,000	-			Coach, Prada
			100.0%	98.7%		138.34	322,000		322,000	-		-

650 Madison Avenue
		-Office	20.1%	86.2%		103.16	527,000		527,000	-			Memorial Sloan Kettering Cancer Center, Polo Ralph Lauren
		-Retail	20.1%	100.0%		266.46	71,000		71,000	-			Crate & Barrel
			20.1%	87.9%		122.55	598,000		598,000	-		800,000

689 Fifth Avenue
		-Office	100.0%	100.0%		69.47	82,000		82,000	-			Yamaha Artist Services Inc.
		-Retail	100.0%	100.0%		724.55	17,000		17,000	-			MAC Cosmetics, Massimo Dutti
			100.0%	100.0%		181.95	99,000		99,000	-		-

655 Fifth Avenue
		-Retail	92.5%	100.0%		189.00	57,000		57,000	-		140,000	Ferragamo

697-703 5th Avenue (St. Regis)
		-Retail	74.3%	100.0%		340.14	25,000		25,000	-		-	Bottega Veneta, DeBeers Diamond Jewelers

	Total Madison/Fifth						2,956,000		2,956,000	-		2,553,265

- 41 -

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NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK (Continued):
Midtown South:
770 Broadway
		-Office	100.0%	100.0%	$	66.60	982,000	982,000	-			AOL, J. Crew, Facebook, Structure Tone
		-Retail	100.0%	100.0%		49.80	166,000	166,000	-			Ann Taylor Retail Inc., Bank of America, Kmart Corporation
			100.0%	100.0%		64.18	1,148,000	1,148,000	-	$	353,000

One Park Avenue

		-Office	55.0%	96.5%		44.77	864,000	864,000	-			New York University, Public Service Mutual Insurance
		-Retail	55.0%	100.0%		61.59	79,000	79,000	-			Bank of Baroda, Citibank, Equinox, Men's Wearhouse
			55.0%	96.8%		46.18	943,000	943,000	-		250,000

4 Union Square South
		-Retail	100.0%	100.0%		92.38	206,000	206,000	-		119,847	Burlington Coat Factory, Whole Foods Market, DSW, Forever 21

692 Broadway
		-Retail	100.0%	100.0%		69.76	35,000	35,000	-		-	Equinox, Major League Baseball

	Total Midtown South						2,332,000	2,332,000	-		722,847

Rockefeller Center:
1290 Avenue of the Americas												AXA Equitable Life Insurance, Hachette Book Group Inc.,
												Bryan Cave LLP, Neuberger Berman (lease not commenced),
												Warner Music Group, Cushman & Wakefield, Fitzpatrick,
		-Office	70.0%	97.8%		75.90	2,036,000	2,036,000	-			Cella, Harper & Scinto, Columbia University, SSB Realty LLC,
		-Retail	70.0%	100.0%		159.18	73,000	73,000	-			Duane Reade, JPMorgan Chase Bank, Sovereign Bank
			70.0%	97.8%		78.78	2,109,000	2,109,000	-		950,000

608 Fifth Avenue (ground leased through 2033)
		-Office	100.0%	93.9%		58.04	81,000	81,000	-
		-Retail	100.0%	100.0%		365.75	44,000	44,000	-			Topshop
			100.0%	96.0%		166.36	125,000	125,000	-		-

	Total Rockefeller Center						2,234,000	2,234,000	-		950,000

Wall Street/Downtown:
20 Broad Street (ground leased through 2081)
		-Office	100.0%	99.3%		58.54	472,000	472,000	-		-	New York Stock Exchange

40 Fulton Street
		-Office	100.0%	99.0%		37.32	244,000	244,000	-			Market News International Inc., Sapient Corp.
		-Retail	100.0%	100.0%		97.78	5,000	5,000	-			TD Bank
			100.0%	99.0%		38.54	249,000	249,000	-		-

	Total Wall Street/Downtown						721,000	721,000	-		-

Times Square:
1540 Broadway												Forever 21, Planet Hollywood, Disney, Sunglass Hut,
		-Retail	100.0%	100.0%		213.74	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%	100.0%		2,050.00	46,000	4,000	42,000			T-Mobile (lease not yet commenced)
		-Theatre	100.0%	100.0%		13.49	62,000	62,000	-			Nederlander-Marquis Theatre
			100.0%	100.0%		136.91	108,000	66,000	42,000		-

	Total Times Square						268,000	226,000	42,000		-

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NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK (Continued):
Soho:
478-486 Broadway - 2 buildings
		-Retail	100.0%	100.0%	$	150.49	85,000	85,000	-	$	-	Topshop, Madewell, J. Crew

443 Broadway
		-Retail	100.0%	100.0%		127.30	16,000	16,000	-		-	Necessary Clothing

304 Canal Street
		-Retail	100.0%	-		-	14,000	-	14,000		-

334 Canal Street
		-Retail	100.0%	100.0%		-	15,000	3,000	12,000		-

155 Spring Street
		-Retail	100.0%	98.5%		78.84	49,000	49,000	-		-	Sigrid Olsen

148 Spring Street
		-Retail	100.0%	100.0%		127.68	7,000	7,000	-		-

150 Spring Street
		-Retail	100.0%	100.0%		237.64	7,000	7,000	-		-	Sandro

	Total Soho						193,000	167,000	26,000		-

Upper East Side:
828-850 Madison Avenue
		-Retail	100.0%	100.0%		574.22	18,000	18,000	-		80,000	Gucci, Chloe, Cartier

677-679 Madison Avenue
		-Retail	100.0%	100.0%		440.24	8,000	8,000	-		-	Anne Fontaine

40 East 66th Street
		-Retail	100.0%	100.0%		855.53	11,000	11,000	-		-	John Varvatos, Nespresso USA, J. Crew

1131 Third Avenue
		-Retail	100.0%	85.9%		109.09	22,000	22,000	-		-	Nike, Boom Fitness

	Total Upper East Side						59,000	59,000	-		80,000

New Jersey:
Paramus
		-Office	100.0%	96.1%		21.41	129,000	129,000	-		-	Vornado's Administrative Headquarters

Washington D.C.:
3040 M Street
		-Retail	100.0%	100.0%		61.67	44,000	44,000	-		-	Nike, Barneys

New York Office:

	Total			96.1%	$	67.08	20,803,000	20,052,000	751,000	$	6,758,366

	Vornado's Ownership Interest			96.9%	$	65.37	17,323,000	16,808,000	515,000	$	4,881,607

New York Retail:

	Total			96.7%	$	168.48	2,572,000	2,450,000	122,000	$	959,759

	Vornado's Ownership Interest			96.4%	$	174.08	2,281,000	2,179,000	102,000	$	959,759

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NEW YORK SEGMENT
PROPERTY TABLE
					Weighted		Square Feet
					Average				Under Development
			%	%	Annual Rent		Total		or Not Available	Encumbrances
Property			Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
NEW YORK (Continued):
ALEXANDER'S, INC.:
New York:
731 Lexington Avenue, Manhattan
		-Office	32.4%	100.0%	$	98.38	885,000	885,000	-	$	300,000	Bloomberg
		-Retail	32.4%	100.0%		174.95	174,000	174,000	-		320,000	Hennes & Mauritz, The Home Depot, The Container Store
			32.4%	100.0%		109.95	1,059,000	1,059,000	-		620,000

Rego Park I, Queens (4.8 acres)			32.4%	100.0%		37.97	343,000	343,000	-		78,246	Sears, Burlington Coat Factory, Bed Bath & Beyond, Marshalls

Rego Park II (adjacent to Rego Park I),
	Queens (6.6 acres)		32.4%	98.9%		41.70	609,000	609,000	-		266,534	Century 21, Costco, Kohl's, TJ Maxx, Toys "R" Us

Flushing, Queens (4) (1.0 acre)			32.4%	100.0%		16.53	167,000	167,000	-		-	New World Mall LLC

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

Property under Development:
Rego Park II Apartment Tower, Queens, NY			32.4%	-		-	255,000	-	255,000		-

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

	Total Alexander's			99.7%		72.2	2,433,000	2,178,000	255,000		1,032,780

Hotel Pennsylvania:
	-Hotel (1,700 Keys)		100.0%	-		-	1,400,000	1,400,000	-		-

Residential:
50-70 W 93rd Street (326 units)			49.9%	98.8%		-	283,000	283,000	-		65,000

Independence Plaza, Tribeca (1,328 units)
		-Residential	50.1%	95.0%		-	1,190,000	1,190,000	-
		-Retail	50.1%	91.5%		61.14	51,000	51,000	-			Duane Reade, Food Emporium
							1,241,000	1,241,000	-		550,000

	Total Residential			95.2%			1,524,000	1,524,000	-		615,000


Total New York				96.4%	$	77.67	28,732,000	27,604,000	1,128,000	$	9,365,905

Vornado's Ownership Interest				96.9%	$	77.58	22,555,000	21,856,000	699,000	$	6,483,971


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

(2)	Excludes US Post Office leased through 2038 (including four five-year renewal options) for which the annual escalated rent is $11.27 PSF.

(3)	75,000 square feet is leased from the office condo.

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

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WASHINGTON, DC SEGMENT
PROPERTY TABLE

				Weighted		Square Feet
				Average				Under Development
		%	%	Annual Rent		Total		or Not Available	Encumbrances
Property		Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
WASHINGTON, DC:
Crystal City:
2011-2451 Crystal Drive - 5 buildings		100.0%	89.3%	$	43.29	2,321,000	2,321,000	-	$	223,652	General Services Administration, Lockheed Martin,
											Conservation International, Smithsonian Institution,
											Natl. Consumer Coop. Bank, Council on Foundations,
											Vornado / Charles E. Smith Headquarters, KBR, Scitor Corp.,
											Food Marketing Institute, Finmeccanica

S. Clark Street / 12th Street - 5 buildings		100.0%	76.9%		40.81	1,540,000	1,540,000	-		58,829	General Services Administration,
											Boeing, L-3 Communications,
											The Int'l Justice Mission, Management Systems International

1550-1750 Crystal Drive /		100.0%	80.4%		40.62	1,484,000	1,484,000	-		40,865	General Services Administration,
	241-251 18th Street - 4 buildings										Alion Science & Technologies, Booz Allen,
											Arete Associates, Battelle Memorial Institute

1800, 1851 and 1901 South Bell Street		100.0%	93.8%		40.22	869,000	506,000	363,000		-	General Services Administration,
	- 3 buildings										Lockheed Martin

2100 / 2200 Crystal Drive - 2 buildings		100.0%	100.0%		33.32	529,000	529,000	-		-	General Services Administration,
											Public Broadcasting Service

223 23rd Street / 2221 South Clark Street		100.0%	-		-	316,000	-	316,000		-	WeWork
	- 2 buildings

2001 Jefferson Davis Highway		100.0%	63.1%		36.45	162,000	162,000	-		-	Institute for the Psychology Sciences, VT Aepco, Inc.,
											National Crime Prevention

Crystal City Shops at 2100		100.0%	96.0%		25.74	80,000	80,000	-		-	Various

Crystal Drive Retail		100.0%	100.0%		45.81	57,000	57,000	-		-	Various

Total Crystal City		100.0%	85.2%		40.66	7,358,000	6,679,000	679,000		323,346

Central Business District:
Universal Buildings		100.0%	98.4%		44.57	685,000	685,000	-		185,000	Family Health International, WeWork
	1825-1875 Connecticut Avenue, NW
	- 2 buildings

Warner Building - 1299 Pennsylvania		55.0%	77.4%		68.96	613,000	613,000	-		292,700	Baker Botts LLP, General Electric, Cooley LLP,
	Avenue, NW										Facebook, Live Nation

2101 L Street, NW		100.0%	99.0%		66.51	380,000	380,000	-		148,922	Greenberg Traurig, LLP, US Green Building Council,
											American Insurance Association, RTKL Associates, DTZ

1750 Pennsylvania Avenue, NW		100.0%	94.0%		48.37	277,000	277,000	-		-	General Services Administration, UN Foundation, AOL

1150 17th Street, NW		100.0%	91.7%		45.13	241,000	241,000	-		28,728	American Enterprise Institute

Bowen Building - 875 15th Street, NW		100.0%	100.0%		68.24	231,000	231,000	-		115,022	Paul Hastings LLP, Millennium Challenge Corporation

1101 17th Street, NW		55.0%	97.2%		47.73	214,000	214,000	-		31,000	AFSCME, Verto Solutions

1730 M Street, NW		100.0%	90.8%		46.53	203,000	203,000	-		14,853	General Services Administration
	(ground rent through 2061)

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WASHINGTON, DC SEGMENT
PROPERTY TABLE

				Weighted		Square Feet
				Average				Under Development
	%		%	Annual Rent		Total		or Not Available		Encumbrances
Property	Ownership		Occupancy	PSF (1)		Property	In Service	for Lease		(in thousands)		Major Tenants
WASHINGTON, DC (Continued):
1726 M Street, NW	100.0%		98.0%	$	42.60	92,000	92,000	-		$	-	Aptima, Inc., Nelnet Corporation


Waterfront Station	2.5%		-		-	675,000	-	675,000	*		-

1501 K Street, NW	5.0%		100.0%		66.80	379,000	379,000	-			-	Sidley Austin LLP, UBS

1399 New York Avenue, NW	100.0%		90.4%		79.64	129,000	129,000	-			-	Bloomberg, Abbott Laboratories, Abbvie US LLC

Total Central Business District			93.9%		55.17	4,119,000	3,444,000	675,000			816,225

Skyline Properties:
Skyline Place - 7 buildings	100.0%		42.2%		33.39	2,130,000	2,130,000	-			560,392	General Services Administration, Analytic Services,
												Northrop Grumman, Axiom Resource Management,
												Booz Allen, Intellidyne, Inc.

One Skyline Tower	100.0%		100.0%		33.17	518,000	518,000	-			138,938	General Services Administration

Total Skyline Properties	100.0%		53.5%		33.30	2,648,000	2,648,000	-			699,330

Rosslyn / Ballston:
2200 / 2300 Clarendon Blvd	100.0%		94.7%		44.06	638,000	638,000	-			35,132	Arlington County, General Services Administration,
(Courthouse Plaza) - 2 buildings												AMC Theaters
(ground leased through 2062)

Rosslyn Plaza - 4 buildings	46.2%		55.8%		40.89	736,000	534,000	202,000			33,488	General Services Administration, Corporate Executive Board
												Nathan Associates, Inc.

Total Rosslyn / Ballston			83.7%		43.42	1,374,000	1,172,000	202,000			68,620

Reston:
Commerce Executive - 3 buildings	100.0%	`	86.8%		32.82	419,000	400,000	19,000	*		-	L-3 Communications, Allworld Language Consultants,
												BT North America, Applied Information Sciences, Clarabridge Inc.

Rockville/Bethesda:
Democracy Plaza One	100.0%		92.4%		32.08	216,000	216,000	-			-	National Institutes of Health
(ground leased through 2084)

Tysons Corner:
Fairfax Square - 3 buildings	20.0%		86.2%		41.96	559,000	559,000	-			90,000	Dean & Company, Womble Carlyle

Pentagon City:
Fashion Centre Mall	7.5%		98.0%		41.53	821,000	821,000	-			410,000	Macy's, Nordstrom

Washington Tower	7.5%		100.0%		41.68	170,000	170,000	-			40,000	The Rand Corporation

Total Pentagon City			98.4%		41.56	991,000	991,000	-			450,000

Total Washington, DC office properties			82.1%	$	43.64	17,684,000	16,109,000	1,575,000		$	2,447,521

Vornado's Ownership Interest			80.9%	$	42.69	14,534,000	13,731,000	803,000		$	1,797,000

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WASHINGTON, DC SEGMENT
PROPERTY TABLE

			Weighted		Square Feet
			Average				Under Development
	%	%	Annual Rent		Total		or Not Available		Encumbrances
Property	Ownership	Occupancy	PSF (1)		Property	In Service	for Lease		(in thousands)		Major Tenants
WASHINGTON, DC (Continued):
Residential:
For rent residential:
Riverhouse - 3 buildings (1,670 units)	100.0%	97.4%	$	-	1,802,000	1,802,000	-		$	259,546

West End 25 (283 units)	100.0%	96.8%		-	273,000	273,000	-			101,671

220 20th Street (265 units)	100.0%	98.5%		-	269,000	269,000	-			71,256

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

Total Residential		97.4%			2,597,000	2,597,000	-			432,473

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

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

The Bartlett - 1 building	100.0%	-		-	618,000	-	618,000			-	Whole Foods

Other - 3 buildings	100.0%	100.0%		-	11,000	9,000	2,000	*		-

Total Other		100.0%			1,024,000	384,000	640,000			-

Total Washington, DC		84.5%	$	43.64	21,305,000	19,090,000	2,215,000		$	2,879,994

Vornado's Ownership Interest		83.8%	$	42.69	18,012,000	16,570,000	1,442,000		$	2,229,472



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

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

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RETAIL PROPERTIES SEGMENT
PROPERTY TABLE
			Weighted		Square Feet
			Average			In Service		Under Development
	%	%	Annual Rent		Total	Owned by	Owned By	or Not Available	Encumbrances
Property	Ownership	Occupancy	PSF (1)		Property	Company	Tenant (2)	for Lease	(in thousands)			Major Tenants
RETAIL PROPERTIES:
STRIP SHOPPING CENTERS:
New Jersey:
Wayne Town Center, Wayne	100.0%	100.0%	$	26.25	663,000	101,000	443,000	119,000	$	-		JCPenney, Costco, Dick's Sporting Goods
(ground leased through 2064)

East Brunswick	100.0%	100.0%		17.10	427,000	254,000	173,000	-		35,793	⁽³⁾	Lowe's, Kohl's, Dick's Sporting Goods, P.C. Richard & Son,
												T.J. Maxx, LA Fitness

North Bergen (Tonnelle Avenue)	100.0%	98.9%		25.81	410,000	204,000	206,000	-		75,000		Wal-Mart, BJ's Wholesale Club, PetSmart, Staples

East Hanover (200 - 240 Route 10 West)	100.0%	86.3%		19.52	343,000	337,000	6,000	-		37,345	⁽³⁾	The Home Depot, Dick's Sporting Goods, Marshalls

Bricktown	100.0%	92.8%		18.23	278,000	275,000	3,000	-		31,192	⁽³⁾	Kohl's, ShopRite, Marshalls

Union (Route 22 and Morris Avenue)	100.0%	99.4%		25.59	276,000	113,000	163,000	-		31,567	⁽³⁾	Lowe's, Toys "R" Us, Office Depot

Hackensack	100.0%	74.5%		23.44	275,000	269,000	6,000	-		39,592	⁽³⁾	The Home Depot, Staples, Petco

Totowa	100.0%	100.0%		19.28	271,000	177,000	94,000	-		24,183	⁽³⁾	The Home Depot, Bed Bath & Beyond,
												buy buy Baby, Marshalls, Staples

Cherry Hill	100.0%	97.3%		15.41	261,000	68,000	193,000	-		13,536	⁽³⁾	Wal-Mart, Toys "R" Us

Jersey City	100.0%	100.0%		23.18	236,000	66,000	170,000	-		19,796	⁽³⁾	Lowe's, P.C. Richard & Son

Union (2445 Springfield Avenue)	100.0%	100.0%		17.85	232,000	232,000	-	-		27,822	⁽³⁾	The Home Depot

Middletown	100.0%	94.9%		14.82	231,000	179,000	52,000	-		16,960	⁽³⁾	Kohl's, Stop & Shop

Woodbridge	100.0%	100.0%		21.08	226,000	86,000	140,000	-		20,171	⁽³⁾	Wal-Mart

Marlton	100.0%	100.0%		13.94	213,000	209,000	4,000	-		16,853	⁽³⁾	Kohl's (4), ShopRite, PetSmart

North Plainfield	100.0%	88.3%		17.62	212,000	60,000	152,000	-		-		Costco, The Tile Shop

Bergen Town Center - East, Paramus	100.0%	93.6%		38.04	211,000	44,000	167,000	-		-		Lowe's, REI

Manalapan	100.0%	100.0%		16.58	208,000	206,000	2,000	-		20,545	⁽³⁾	Best Buy, Bed Bath & Beyond, Babies "R" Us,
												Modell's Sporting Goods, PetSmart

East Rutherford	100.0%	100.0%		34.43	197,000	42,000	155,000	-		13,269	⁽³⁾	Lowe's

Garfield	100.0%	100.0%		21.47	195,000	46,000	149,000	-		-		Wal-Mart, Marshalls

Morris Plains	100.0%	95.9%		20.76	177,000	176,000	1,000	-		20,866	⁽³⁾	Kohl's, ShopRite (7)

Dover	100.0%	93.0%		12.37	173,000	167,000	6,000	-		12,841	⁽³⁾	ShopRite, T.J. Maxx

Lodi (Route 17 North)	100.0%	100.0%		11.92	171,000	171,000	-	-		11,075	⁽³⁾	National Wholesale Liquidators

Watchung	100.0%	96.6%		25.93	170,000	54,000	116,000	-		14,713	⁽³⁾	BJ's Wholesale Club

Lawnside	100.0%	100.0%		14.11	145,000	142,000	3,000	-		10,433	⁽³⁾	The Home Depot, PetSmart

Hazlet	100.0%	100.0%		2.64	123,000	123,000	-	-		-		Stop & Shop (7)

Kearny	100.0%	100.0%		16.31	104,000	91,000	13,000	-		-		Marshalls, LA Fitness (lease not commenced)

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RETAIL PROPERTIES SEGMENT
PROPERTY TABLE
			Weighted		Square Feet
			Average				In Service			Under Development
	%	%	Annual Rent		Total		Owned by	Owned By		or Not Available	Encumbrances
Property	Ownership	Occupancy	PSF (1)		Property		Company	Tenant (2)		for Lease	(in thousands)			Major Tenants
RETAIL PROPERTIES (Continued):
Turnersville	100.0%	96.3%	$	6.40	96,000		93,000	3,000		-	$	-		Haynes Furniture

Lodi (Washington Street)	100.0%	94.1%		19.85	85,000		85,000	-		-		-		Blink Fitness, Aldi

Carlstadt (ground leased through 2050)	100.0%	100.0%		21.63	78,000		78,000	-		-		-		Stop & Shop

Paramus (ground leased through 2033)	100.0%	100.0%		42.23	63,000		63,000	-		-		-		24 Hour Fitness

North Bergen (Kennedy Boulevard)	100.0%	100.0%		26.76	62,000		6,000	56,000		-		4,976	⁽³⁾	Food Basics

South Plainfield (ground leased through 2039)	100.0%	85.9%		22.04	56,000		56,000	-		-		5,003	⁽³⁾	Staples, Party City

Englewood	100.0%	73.6%		19.96	41,000		41,000	-		-		11,571		New York Sports Club

Eatontown	100.0%	73.7%		29.09	30,000		30,000	-		-		-		Petco

East Hanover (280 Route 10 West)	100.0%	100.0%		35.20	26,000		26,000	-		-		4,441	⁽³⁾	REI

Montclair	100.0%	100.0%		23.34	18,000		18,000	-		-		2,568	⁽³⁾	Whole Foods Market

Total New Jersey					6,983,000		4,388,000	2,476,000		119,000		522,111

New York:
Bronx (Bruckner Boulevard)	100.0%	89.6%		20.87	501,000		387,000	114,000		-		-		Kmart, Toys "R" Us, Marshalls, Old Navy, Gap

Buffalo (Amherst)	100.0%	100.0%		9.84	311,000		242,000	69,000		-		-		BJ's Wholesale Club, T.J. Maxx, Home Goods,
														Toys "R" Us, LA Fitness

Huntington	100.0%	100.0%		14.81	324,000	⁽⁵⁾	205,000	119,000	⁽⁵⁾	-		16,265	⁽³⁾	The Home Depot (5), Kmart, Marshalls, Old Navy, Petco

Rochester	100.0%	100.0%		-	205,000		-	205,000		-		4,280	⁽³⁾	Wal-Mart

Mt. Kisco	100.0%	100.0%		23.45	189,000		72,000	117,000		-		27,733		Target, A&P

Freeport (437 East Sunrise Highway)	100.0%	100.0%		18.86	173,000		173,000	-		-		20,866	⁽³⁾	The Home Depot, Staples

Rochester (Henrietta)	100.0%	96.2%		3.81	165,000		158,000	7,000		-		-		Kohl's
(ground leased through 2056)

Staten Island	100.0%	88.2%		23.74	165,000		165,000	-		-		17,000		Western Beef, Planet Fitness

New Hyde Park (ground and building	100.0%	100.0%		20.21	101,000		101,000	-		-		-		Stop & Shop
leased through 2029)

Inwood	100.0%	80.1%		18.94	96,000		96,000	-		-		-		Stop & Shop

West Babylon	100.0%	95.4%		17.41	66,000		66,000	-		-		-		Best Market, Rite Aid

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RETAIL PROPERTIES SEGMENT
PROPERTY TABLE
			Weighted		Square Feet
			Average				In Service			Under Development
	%	%	Annual Rent		Total		Owned by	Owned By		or Not Available	Encumbrances
Property	Ownership	Occupancy	PSF (1)		Property		Company	Tenant (2)		for Lease	(in thousands)			Major Tenants
RETAIL PROPERTIES (Continued):
Bronx (1750-1780 Gun Hill Road)	100.0%	90.7%	$	32.63	77,000		77,000	-		-	$	-		Aldi, Planet Fitness

Commack	100.0%	100.0%		21.45	47,000		47,000	-		-		-		PetSmart, Ace Hardware
(ground and building leased through 2021)

Dewitt	100.0%	100.0%		20.46	46,000		46,000	-		-		-		Best Buy
(ground leased through 2041)

Freeport (240 West Sunrise Highway)	100.0%	100.0%		20.28	44,000		44,000	-		-		-		Bob's Discount Furniture
(ground and building leased through 2040)

Oceanside	100.0%	100.0%		28.00	16,000		16,000	-		-		-		Party City

Total New York					2,526,000		1,895,000	631,000		-		86,144

Pennsylvania:
Allentown	100.0%	100.0%		15.04	554,000	⁽⁵⁾	270,000	284,000	⁽⁵⁾	-		29,266	⁽³⁾	Wal-Mart (5), Burlington Coat Factory, Giant Food,
														Dick's Sporting Goods, T.J. Maxx, Petco

Wilkes-Barre (461 - 499 Mundy Street)	100.0%	91.7%		12.81	329,000	⁽⁵⁾	204,000	125,000	⁽⁵⁾	-		-		Target (5), Bob's Discount Furniture, Babies "R" Us,
														Ross Dress for Less, Marshalls, Petco

Lancaster	100.0%	82.1%		15.68	228,000		58,000	170,000		-		5,270	⁽³⁾	Lowe's, Sleepy's

Bensalem	100.0%	98.9%		11.60	185,000		177,000	8,000		-		14,526	⁽³⁾	Kohl's, Ross Dress for Less, Staples, Petco

Broomall	100.0%	100.0%		11.09	169,000		147,000	22,000		-		10,433	⁽³⁾	Giant Food (4), Planet Fitness, A.C. Moore, PetSmart

Bethlehem	100.0%	98.9%		8.01	147,000		144,000	3,000		-		5,457	⁽³⁾	Giant Food, Petco

York	100.0%	86.2%		8.75	111,000		111,000	-		-		5,083	⁽³⁾	Ashley Furniture, Tractor Supply Company, Aldi

Glenolden	100.0%	100.0%		25.84	102,000		10,000	92,000		-		6,688	⁽³⁾	Wal-Mart

Wyomissing	100.0%	93.2%		15.56	76,000		76,000	-		-		-		LA Fitness, PetSmart
(ground and building leased through 2065)

Springfield	100.0%	100.0%		20.90	41,000		41,000	-		-		-		PetSmart
(ground and building leased through 2025)

Total Pennsylvania					1,942,000		1,238,000	704,000		-		76,723

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RETAIL PROPERTIES SEGMENT
PROPERTY TABLE
			Weighted		Square Feet
			Average			In Service		Under Development
	%	%	Annual Rent		Total	Owned by	Owned By	or Not Available	Encumbrances
Property	Ownership	Occupancy	PSF (1)		Property	Company	Tenant (2)	for Lease	(in thousands)			Major Tenants
RETAIL PROPERTIES (Continued):
California:
San Francisco (2675 Geary Street)	100.0%	100.0%	$	50.34	55,000	55,000	-	-	$	-		Best Buy
(ground and building leased through 2043)

Signal Hill	100.0%	100.0%		24.08	45,000	45,000	-	-		-		Best Buy

Vallejo	100.0%	100.0%		17.51	45,000	45,000	-	-		-		Best Buy
(ground leased through 2043)

Walnut Creek (1149 South Main Street)	100.0%	100.0%		45.11	29,000	29,000	-	-		-		Barnes & Noble

Walnut Creek (Mt. Diablo)	95.0%	100.0%		70.00	7,000	7,000	-	-		-		Anthropologie

Total California					181,000	181,000	-	-		-

Massachusetts:
Chicopee	100.0%	100.0%		-	224,000	-	224,000	-		8,106	⁽³⁾	Wal-Mart

Springfield	100.0%	100.0%		16.39	182,000	33,000	149,000	-		5,591	⁽³⁾	Wal-Mart

Milford	100.0%	100.0%		9.01	83,000	83,000	-	-		-		Kohl's
(ground and building leased through 2019)

Cambridge	100.0%	100.0%		21.83	48,000	48,000	-	-		-		PetSmart, Modell's Sporting Goods
(ground and building leased through 2033)

Total Massachusetts					537,000	164,000	373,000	-		13,697

Maryland:
Baltimore (Towson)	100.0%	100.0%		16.49	155,000	155,000	-	-		15,248	⁽³⁾	Shoppers Food Warehouse, h.h.gregg, Staples,
												Home Goods, Golf Galaxy

Annapolis	100.0%	100.0%		8.99	128,000	128,000	-	-		-		The Home Depot
(ground and building leased through 2042)

Glen Burnie	100.0%	90.5%		10.56	121,000	65,000	56,000	-		-		Gavigan's Home Furnishings, Pep Boys

Rockville	100.0%	98.1%		23.92	94,000	94,000	-	-		-		Regal Cinemas

Wheaton	100.0%	100.0%		14.94	66,000	66,000	-	-		-		Best Buy
(ground leased through 2060)

Total Maryland					564,000	508,000	56,000	-		15,248

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RETAIL PROPERTIES SEGMENT
PROPERTY TABLE
			Weighted		Square Feet
			Average			In Service		Under Development
	%	%	Annual Rent		Total	Owned by	Owned By	or Not Available	Encumbrances
Property	Ownership	Occupancy	PSF (1)		Property	Company	Tenant (2)	for Lease	(in thousands)			Major Tenants
RETAIL PROPERTIES (Continued):
Connecticut:
Newington	100.0%	100.0%	$	18.61	188,000	29,000	159,000	-	$	10,969	⁽³⁾	Wal-Mart, Staples

Waterbury	100.0%	68.8%		16.58	148,000	143,000	5,000	-		13,643	⁽³⁾	ShopRite

Total Connecticut					336,000	172,000	164,000	-		24,612

Virginia:
Norfolk	100.0%	100.0%		6.44	114,000	114,000	-	-		-		BJ's Wholesale Club
(ground and building leased through 2069)

Tyson's Corner	100.0%	100.0%		39.13	38,000	38,000	-	-		-		Best Buy
(ground and building leased through 2035)

Total Virginia					152,000	152,000	-	-		-

Illinois:
Arlington Heights	100.0%	100.0%		9.00	46,000	46,000	-	-		-		Value City Furniture
(ground and building leased through 2043)

Chicago	100.0%	100.0%		8.95	41,000	41,000	-	-		-
(ground and building leased through 2051)

Total Illinois					87,000	87,000	-	-		-

Texas:
San Antonio	100.0%	100.0%		10.63	43,000	43,000	-	-		-		Best Buy
(ground and building leased through 2041)

South Carolina:
Charleston	100.0%	100.0%		14.19	45,000	45,000	-	-		-		Best Buy
(ground leased through 2063)

New Hampshire:
Salem	100.0%	100.0%		-	37,000	-	37,000	-		-		Babies "R" Us
(ground leased through 2102)

Kentucky:
Owensboro	100.0%	100.0%		7.66	32,000	32,000	-	-		-		Best Buy
(ground and building leased through 2046)

Total Strip Shopping Centers		96.1%	$	17.45	13,465,000	8,905,000	4,441,000	119,000	$	738,535

Vornado's Ownership Interest		96.1%	$	17.45	13,039,000	8,905,000	4,015,000	119,000	$	738,535

- 52 -

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RETAIL PROPERTIES SEGMENT

PROPERTY TABLE

Weighted

Square Feet

Average

In Service

Under Development

%

Annual Rent

Total

Owned by

Owned By

or Not Available

Encumbrances

Property

Ownership

Occupancy

PSF (1)

Property

Company

Tenant (2)

for Lease

(in thousands)

Major Tenants

RETAIL PROPERTIES (Continued):

REGIONAL MALLS:

Monmouth Mall, Eatontown, NJ

50.0%

92.5%

$

35.39

⁽⁶⁾

1,463,000

⁽⁵⁾

851,000

612,000

⁽⁵⁾

-

$

166,408

Macy's (5), JCPenney (5), Lord & Taylor, Boscov's,

Loews Theatre, Barnes & Noble, Forever 21

Bergen Town Center - West, Paramus, NJ

100.0%

99.4%

44.03

⁽⁶⁾

952,000

921,000

31,000

-

300,000

Target, Century 21, Whole Foods Market, Marshalls,

Nordstrom Rack, Saks Off 5th, Home Goods, Old Navy,

Hennes & Mauritz, Neiman Marcus Last Call Studio,

Bloomingdale's Outlet, Nike Factory Store

Montehiedra, Puerto Rico

100.0%

90.9%

37.84

⁽⁶⁾

542,000

-

120,000

The Home Depot, Kmart, Marshalls, Caribbean Theatres,

Tiendas Capri, Nike Factory Store

Las Catalinas, Puerto Rico

100.0%

94.0%

55.35

⁽⁶⁾

494,000

⁽⁵⁾

355,000

139,000

⁽⁵⁾

-

130,000

Kmart, Sears (5)

Total Regional Malls

94.7%

$

42.27

3,451,000

2,669,000

782,000

-

$

716,408

Vornado's Ownership Interest

95.1%

$

43.89

2,353,000

2,244,000

109,000

-

$

633,205

Total Retail Properties

95.8%

16,916,000

11,574,000

5,223,000

119,000

$

1,454,943

Vornado's Ownership Interest

95.9%

15,392,000

11,149,000

4,124,000

119,000

$

1,371,740

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

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

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

(3) These encumbrances are cross-collateralized under a blanket mortgage in the amount of $607,231 as of December 31, 2014.

(4) The lease for these former Bradlees locations is guaranteed by Stop & Shop.

(5) Includes square footage of anchors who own the land and building.

(6) Weighted Average Annual Rent PSF shown is for in-line tenants only.

(7) The tenant has ceased operations at these locations but continues to pay rent.

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Graphic -- Picture -- vnologo.jpg

OTHER
PROPERTY TABLE
				Weighted		Square Feet
				Average				Under Development
		%	%	Annual Rent		Total		or Not Available	Encumbrances
Property		Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
555 CALIFORNIA STREET:
555 California Street		70.0%	97.0%	$	67.10	1,506,000	1,506,000	-	$	597,868	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 (lease not commenced)

315 Montgomery Street		70.0%	100.0%		50.12	231,000	231,000	-		-	Bank of America, Regus (lease not commenced)

345 Montgomery Street		70.0%	100.0%		96.83	64,000	64,000	-		-	Bank of America

Total 555 California Street			97.6%	$	65.98	1,801,000	1,801,000	-	$	597,868

Vornado's Ownership Interest			97.6%	$	65.98	1,261,000	1,261,000	-	$	418,508

The Mart:
Illinois:
The Mart, Chicago		100.0%	94.7%	$	35.97	3,568,000	3,568,000	-	$	550,000	American Intercontinental University (AIU), Steelcase,
											Baker, Knapp & Tubbs, Motorola Mobility (guaranteed by Google),
											CCC Information Services, Ogilvy Group (WPP),
											Chicago Teachers Union, Publicis Groupe,
											Office of the Special Deputy Receiver, Holly Hunt Ltd.,
											Razorfish, 1871, Chicago School of Professional Psychology,
											Yelp Inc., Paypal, Inc.

Other		50.0%	100.0%		32.18	19,000	19,000	-		22,808

	Total Illinois		94.7%		35.94	3,587,000	3,587,000	-		572,808

Total The Mart			94.7%	$	35.94	3,587,000	3,587,000	-	$	572,808

Vornado's Ownership Interest			94.7%	$	35.94	3,578,000	3,578,000	-	$	561,404


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

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Graphic -- Picture -- vnologo.jpg

REAL ESTATE FUND
PROPERTY TABLE
			Weighted		Square Feet
			Average				Under Development
	Fund	%	Annual Rent		Total		or Not Available	Encumbrances
Property	Ownership %	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)		Major Tenants
VORNADO CAPITAL PARTNERS
REAL ESTATE FUND:
New York, NY:
Lucida, 86th Street and Lexington Avenue
(ground leased through 2082)										Barnes & Noble, Hennes & Mauritz,
- Retail	100.0%	100.0%	$	188.31	95,000	95,000	-			Sephora, Bank of America
- Residential	100.0%	100.0%		-	51,000	51,000	-
	100.0%	100.0%		-	146,000	146,000	-	$	146,000

11 East 68th Street Retail	100.0%	100.0%		783.65	11,000	8,000	3,000		-	Belstaff, Kent & Curwen

Crowne Plaza Times Square
- Hotel (795 Keys)
- Retail	38.2%	100.0%		353.24	15,000	15,000	-			Hershey
- Office	38.2%	100.0%		38.09	220,000	220,000	-			American Management Association
	38.2%	100.0%		58.21	235,000	235,000	-		310,000

501 Broadway	100.0%	100.0%		240.10	9,000	9,000	-		20,000	Capital One

Santa Monica, CA:
										Premier Office Centers LLC, Diversified Mercury Comm,
520 Broadway	100.0%	90.9%		55.35	112,000	112,000	-		30,000	Microsoft Corporation

Culver City, CA:
										Meredith Corp., West Publishing Corp., Symantec Corp.,
800 Corporate Pointe - 2 buildings	100.0%	57.0%		34.38	243,000	243,000	-		60,094	Syska Hennessy Group, X Prize Foundation

Miami, FL:
1100 Lincoln Road
- Retail	100.0%	100.0%		126.29	48,000	48,000	-			Anthropologie, Banana Republic
- Theatre	100.0%	100.0%		35.63	79,000	79,000	-			Regal Cinema
	100.0%	100.0%		70.14	127,000	127,000	-		66,000


Total Real Estate Fund	83.5%	84.4%			883,000	880,000	3,000	$	632,000

Vornado's Ownership Interest	20.9%	84.4%			185,000	184,000	1,000	$	110,000



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

- 55 -

Graphic -- Picture -- vnologo.jpg

OTHER
PROPERTY TABLE
				Weighted		Square Feet
				Average				Under Development
		%	%	Annual Rent		Total		or Not Available	Encumbrances
Property		Ownership	Occupancy	PSF (1)		Property	In Service	for Lease	(in thousands)			Major Tenants
OTHER:
NEW YORK
85 Tenth Avenue, Manhattan												Google, General Services Administration,
												Telehouse International Corp., L-3 Communications,
- Office			100.0%	$	58.47	575,000	575,000	-				Moet Hennessy USA, Inc.
- Retail			100.0%		60.02	38,000	38,000	-				Craft Restaurants Inc., IL Posto LLC, Toro NYC Restaurant
		n/a ⁽²⁾	100.0%		58.56	613,000	613,000	-	$	270,000	⁽³⁾

NEW JERSEY
East Hanover Warehouse Park - 5 buildings		100.0%	60.8%		4.41	942,000	942,000	-		-		Foremost Groups Inc., Fidelity Paper & Supply Inc.,
												Consolidated Simon Distributors Inc., Givaudan Flavors Corp.,
												J & J Tri-State Delivery (lease not commenced),
												Meyer Distributing Inc.

Total Other			76.3%	$	32.41	1,555,000	1,555,000	-	$	270,000

Vornado's Ownership Interest			60.8%	$	4.41	942,000	942,000	-	$	-


(1)	Weighted Average Annual Rent PSF excludes ground rent, storage rent and garages.
(2)	As of December 31, 2014, we own junior and senior mezzanine loans of 85 Tenth Avenue with an accreted balance of $147.6 million. The junior and senior mezzanine loans bear paid-in-kind interest of 12% and 9%, respectively and mature in May 2017. We account for our investment in 85 Tenth Avenue using the equity method of accounting because we will receive a 49.9% interest in the property after repayment of the junior mezzanine loan. As a result of recording our share of the GAAP losses of the property, the net carrying amount of these loans is $28.2 million on our consolidated balance sheets.
(3)	Excludes the Company's junior and senior mezzanine loans which are accounted for as equity.

Vornado Realty Trust, et al. – ‘8-K’ for 2/17/15 – EX-99

On: Wednesday, 2/18/15, at 8:48am ET · For: 2/17/15 · Accession #: 899689-15-8 · File #s: 1-11954, 1-34482

Previous ‘8-K’: ‘8-K’ on 1/21/15 for 1/14/15 · Next: ‘8-K’ on 3/10/15 for 3/6/15 · Latest: ‘8-K’ on 4/10/24 for 4/9/24

Current Report — Form 8-K
Filing Table of Contents

EX-99 — Miscellaneous Exhibit — exhibit992

This exhibit is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

This ‘8-K’ Filing	Date	Other Filings

	11/2/15
	8/3/15
	5/4/15
Filed on:	2/18/15
For Period End:	2/17/15	10-K, SC 13G/A
	1/15/15	4
	1/1/15
	12/31/14	10-K, 5
	9/30/14	10-Q
	1/1/14
	12/31/13	10-K, 10-K/A, 5
	4/19/13	3
		List all Filings

Vornado Realty Trust, et al. – ‘8-K’ for 2/17/15 – EX-99

On: Wednesday, 2/18/15, at 8:48am ET · For: 2/17/15 · Accession #: 899689-15-8 · File #s: 1-11954, 1-34482

Previous ‘8-K’: ‘8-K’ on 1/21/15 for 1/14/15 · Next: ‘8-K’ on 3/10/15 for 3/6/15 · Latest: ‘8-K’ on 4/10/24 for 4/9/24

Current Report — Form 8-KFiling Table of Contents

EX-99 — Miscellaneous Exhibit — exhibit992

This exhibit is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Current Report — Form 8-K
Filing Table of Contents