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| <NonNumbericText> <div> <div><!-- 2.0.3657.28464 --><div><!-- body --><div style="font-family: 'Times New Roman', serif;"> <p style="margin: 0in 0in 12pt;" class="BLDHEADII"><strong><font class="_mt" size="2">1.<font style="mso-tab-count: 1;" class="_mt"> Organization and Business</font></font></strong></p> <p style="text-align: justify; text-indent: 0.5in;" class="Bodytext"><font class="_mt" size="2">Vornado Realty Trust (“Vornado”) is a fully-integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., a Delaware limited partnership (the “Operating Partnership”). Vornado is the sole general partner of, and owned approximately 92.5% of the common limited partnership interest in, the Operating Partnership at December 31, 2009. All references to “we,” “us,” “our,” the “Company” and “Vornado” refer to Vornado Realty Trust and its consolidated subsidiaries, including the Operating Partnership.</font></p> <p style="text-align: justify; text-indent: 0.5in;" class="Bodytext"><font class="_mt" size="2">On May 14, 2009, our Board of Trustees executed its long-planned management succession strategy and elected Michael D. Fascitelli, as our Chief Executive Officer, succeeding Steven Roth, who continues to serve as Chairman of the Board.<font style="mso-spacerun: yes;" class="_mt"> </font></font></p> <p style="text-align: justify; text-indent: 0.5in;" class="Bodytext"><font class="_mt" size="2">As of December 31, 2009, we own directly or indirectly:</font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"> </p> <h4 style="margin: 0in 0in 12pt;"><u><font class="_mt" size="2">Office Properties<font style="text-decoration: none; text-underline: none;" class="_mt">:</font></font></u></h4> <p style="text-indent: 20pt; margin: 0in 0in 0pt 20pt; tab-stops: list 72.9pt 107.4pt; mso-list: l0 level1 lfo2;" class="MsoList"><font style="mso-list: Ignore;" class="_mt"><font class="_mt" size="2">(i)</font><font style="font: 7pt 'Times New Roman';" class="_mt"> <font class="_mt" size="2">all or portions of 28 properties aggregating 16.2 million square feet in the New York City metropolitan area (primarily Manhattan);</font></font></font></p> <p style="margin: 0in 0in 0pt 40.5pt; tab-stops: .5in; mso-list: none;" class="MsoList"> </p> <p style="text-indent: 0.3in; margin: 0in 0in 0pt 18.9pt; tab-stops: .5in; mso-list: none;" class="MsoList"><font class="_mt" size="2">(ii) <font style="mso-tab-count: 1;" class="_mt"> all or portions of 84 properties aggregating 18.6 million square feet in the Washington, DC / Northern Virginia areas;</font></font></p> <p style="text-indent: 0.3in; margin: 0in 0in 0pt 18.9pt; tab-stops: .5in; mso-list: none;" class="MsoList"> </p> <p style="text-indent: 0.3in; margin: 0in 0in 0pt 18.9pt; tab-stops: .5in; mso-list: none;" class="MsoList"><font class="_mt" size="2">(iii) <font style="mso-tab-count: 1;" class="_mt"> a 70% controlling interest in 555 California Street, a three-building complex aggregating 1.8 million square feet in San Francisco’s financial district;</font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"> </p> <h4 style="margin: 0in 0in 12pt;"><u><font class="_mt" size="2">Retail Properties<font style="text-decoration: none; text-underline: none;" class="_mt">:</font></font></u></h4> <p style="text-indent: 0.3in; margin: 0in 0in 0pt 18.9pt; tab-stops: .5in; mso-list: none;" class="MsoList"><font class="_mt" size="2">(iv)<font style="mso-tab-count: 1;" class="_mt"> 162 properties aggregating 22.6 million square feet, including 3.9 million square feet owned by tenants on land leased from us, primarily in Manhattan, the northeast states, California and Puerto Rico;</font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"> </p> <h4 style="margin: 0in 0in 12pt;"><u><font class="_mt" size="2">Merchandise Mart Properties<font style="text-decoration: none; text-underline: none;" class="_mt">:</font></font></u></h4> <p style="text-indent: 0.3in; margin: 0in 0in 0pt 18.9pt; tab-stops: .5in; mso-list: none;" class="MsoList"><font class="_mt" size="2">(v)<font style="mso-tab-count: 1;" class="_mt"> 8 properties aggregating 8.9 million square feet of showroom and office space, including the 3.5 million square foot Merchandise Mart in Chicago;<font style="mso-spacerun: yes;" class="_mt"> </font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"> </p> <h4 style="margin: 0in 0in 12pt;"><u><font class="_mt" size="2">Toys “R” Us, Inc. ("Toys"):</font></u></h4> <p style="text-indent: 22.5pt; margin: 0in 0in 0pt 0.25in; tab-stops: .5in; mso-list: none;" class="MsoList"><font class="_mt" size="2">(vi)<font style="mso-tab-count: 1;" class="_mt"> a 32.7% interest in Toys which owns and/or operates 1,567 stores worldwide, including 851 stores in the United States and 716 stores internationally;<font style="mso-spacerun: yes;" class="_mt"> </font></font></font></p> <h4 style="margin: 0in 0in 0pt;"> </h4> <h4 style="margin: 0in 0in 0pt;"><u><font class="_mt" size="2">Other Real Estate Investments<font style="text-decoration: none; text-underline: none;" class="_mt">:</font></font></u></h4> <p style="margin: 0in 0in 0pt 0.25in; tab-stops: .5in; mso-list: none;" class="MsoList"> </p> <p style="text-indent: 0.3in; margin: 0in 0in 0pt 18.9pt; tab-stops: .5in; mso-list: none;" class="MsoList"><font class="_mt" size="2">(vii)<font style="mso-tab-count: 1;" class="_mt"> 32.4% of the common stock of Alexander’s, Inc. (NYSE: ALX), which has seven properties in the greater New York metropolitan area;</font></font></p> <p style="text-indent: 0.3in; margin: 0in 0in 0pt 18.9pt; tab-stops: .5in; mso-list: none;" class="MsoList"> </p> <p style="text-indent: 0.3in; margin: 0in 0in 0pt 18.9pt; tab-stops: .5in; mso-list: none;" class="MsoList"><font class="_mt" size="2">(viii)<font style="mso-tab-count: 1;" class="_mt"> the Hotel Pennsylvania in New York City;</font></font></p> <p style="margin: 0in 0in 0pt; tab-stops: 215.4pt;" class="Bodytext"> </p> <p style="text-indent: 0.3in; margin: 0in 0in 0pt 18.9pt; tab-stops: .5in; mso-list: none;" class="MsoList"><font class="_mt" size="2">(ix)<font style="mso-tab-count: 1;" class="_mt"> mezzanine loans on real estate; and</font></font></p> <p style="margin: 0in 0in 0pt 0.25in; tab-stops: .5in; mso-list: none;" class="MsoList"> </p> <p style="text-indent: 0.3in; margin: 0in 0in 0pt 18.9pt; tab-stops: .5in; mso-list: none;" class="MsoList"><font class="_mt" size="2">(x)<font style="mso-tab-count: 1;" class="_mt"> other real estate and investments, including marketable securities.</font></font></p> </div><!-- body --></div></div> </div> </NonNumbericText> |
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