F O R W A R D L O O K I N G S T A T E M E N T S

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2 F O R W A R D L O O K I N G S T A T E M E N T S Certain statements in this investor presentation are 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. Forwardlooking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as approximates, believes, expects, projects, anticipates, estimates, intends, plans, would, may or other similar expressions in this investor presentation. We also note the following forward-looking statements: our incremental cash revenue and projected EBITDA. 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, For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this presentation. 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 our Annual Report on Form 10-K, as amended. 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 this presentation. 2

3 V O R N A D O R E A L T Y T R U S T Premier assets and a focused strategy of growing its dominant positions in New York City and Washington, DC office and Manhattan Street Retail One of the largest US REITs with total enterprise value of approximately $35 billion EBITDA composition: 70% New York; 20% Washington, DC; 6% Chicago (themart); 3% California (555 California St.); 1% Other 23.8 million square feet of office space in Manhattan in 39 properties Manhattan s largest owner of street retail, 3.3 million square feet in 71 properties 12.9 million square feet of office space in Washington, DC in 49 properties, including 7.2 million square feet in Crystal City; Arlington, Virginia, in 23 properties and 3,329 residential units Listed on NYSE for over 50 years and S&P 500 constituent since 2005 Investment grade rated by S&P, Moody s & Fitch $4.3 billion available liquidity Vornado trades at a significant discount to NAV $216 million of incremental cash revenue over the next two years, from signed leases as of March 31, 2016; $200 million from New York, themart, and 555 California and $16 million from Washington, DC 3

4 D E E P A N D E X P E R I E N C E D M A N A G E M E N T T E A M 4

5 A L E A D E R I N S U S T A I N A B I L I T Y Nationally recognized, industry-leading sustainability program: Energy Star Partner of the Year, Sustained Excellence Recipient 2015 Over 30 million square feet LEED certified buildings nationwide including 13 million SF in the New York office division NAREIT Leader in the Light award 2015, 6 th year in a row Global Real Estate Sustainability Benchmark (GRESB) Green Star 2015 $450 million Green Bond issued 5

6 C O R P O R A T E G O V E R N A N C E : E N G A G E M E N T A N D O U R R E S P O N S E T O S H A R E H O L D E R S We met with shareholders representing more than 50% of our outstanding shares during the last year. The Chair of our Corporate Governance and Nominating Committee was an active participant in these meetings and shareholder feedback was shared with and discussed among the entire Board. Our Board s Recent Actions in Response to Shareholder Feedback: Adopted a Trustee resignation policy in an uncontested election Amended the charter to provide for annual Trustee elections Appointed Candace Beinecke to be the new Lead Trustee Amended our Corporate Governance Guidelines to clarify and emphasize diversity as a criteria for the selection of new Trustees, and committed to add a new Trustee Committed to consider whether an independent chairperson is appropriate at the time of the next CEO transition Improved the corporate governance disclosures in our proxy statement Additional Corporate Governance and Compensation Changes in 2015: Increased the power and authority of the Lead Trustee role Adopted policies on clawbacks and prohibition on hedging Increased Trustee equity ownership requirements to 5x annual retainer Designated an additional Audit Committee Financial Expert 6

7 E B I T D A B Y B U S I N E S S - S I M P L I F I C A T I O N W H E R E W E W E R E W H E R E W E A R E December 31, 2011 June 30, 2016 New York Office 21% 29% Manhattan Street Retail 9% 1% 5% Washington, DC Strips and Malls 20% 45% 14% 10% themart & 555 California Other 21% 25% 7

8 N E W Y O R K D I V I S I O N 81 properties totaling 24.2 million SF (at share) Office: Retail: Residential: Hotel: 18.9 million SF 3.1 million SF 995 units 1.2 million SF Office Retail Residential Hotel 8

9 M A N H A T T A N O F F I C E L E A S I N G Q $90.00 $85.00 $80.00 $75.00 $70.00 $65.00 $60.00 $55.00 $50.00 $45.00 $40.00 SF Leased Starting Rent PSF Occupancy $83.50 $78.55 $66.78 $60.78 $57.15 $55.37 $ Q ,364,219 3,210,798 1,950,001 2,410,467 3,972,951 2,275, , % 98.0% 96.0% 94.0% 92.0% 90.0% 88.0% 86.0% 84.0% 82.0% 80.0% 78.0% 76.0% 74.0% 72.0% 70.0% MTM % Cash (4.4%) GAAP (2.1%) Cash 18.0% GAAP 18.4% Cash 4.6% GAAP 4.9% Cash 5.6% GAAP 14.0% Cash 12.7% GAAP 18.8% Cash 19.1% GAAP 22.8% Cash 22.8% GAAP 28.3% 9

10 V O R N A D O L E A S I N G $ S F D E A L S Q Park Ave Trian Fund Management L.P 8, Park Ave Blue Mountain Capital Mgmt 28, Seventh Ave The McCourt-Broderick Limited Partnership 2, Seventh Ave JS Capital Management LLC 6, Seventh Ave Colbeck Capital Management 8, Seventh Ave Corcoran Real Estate Group 19, Seventh Ave TPG Capital - New York, Inc 7, Park Ave Leeds Equity Partners 8, Park Ave Beach Point Capital Mgmt 5, Fifth Ave Greentech Capital Advisors LLC 10, Fifth Ave The Klein Group LLC 10, Madison Ave Prop Owner (Zeckendorf/Swig) 6, Madison Ave Willettt Advisors LLC (Bloomberg Foundation) 25,732 Total: 13 Deals 149, Q1-Q Park Ave New Advisory LP (PJT) 42, Park Ave Harvest Partners LLC 38, Park Ave Clarksons Platou Securities, Inc. 8, Park Ave Whitebox Advisors LLC 4, Park Ave CICC US Securities Inc. 8, Park Ave Peconic Partners LLC 8, Park Ave Wafra Investment Advisory Group 6, Park Ave Aequitas Capital 5, Park Ave China Investment Corporation 4, Park Ave Liberty Hall Capital Partners LP 3, th Ave Owl Creek Asset Management 17, th Ave GCA Savvian Corporation 12, th Ave HS Management Partners LLC 10, th Ave Dune Real Estate Partners LP 10, th Ave Engineers Gate, LP 10, th Ave Hitchwood Capital Management 10, th Ave Clovis Capital Management 9, Madison Ave BC Partners 12, Madison Ave Key Square Group 10, Madison Ave Coventry Development Corp 5, Madison Ave GMF Capital LLC 7, Broadway Facebook 79, Broadway AOL (Exercised Right of First) 79, th Ave TPG Capital / Axon New York 92, th Ave Tourbillon Capital Partners 19, th Ave Colbeck Capital Management 9, th Ave Welton Investment Corporation 8, th Ave The Corcoran Group 5,814 Total: 28 Deals 544, Lexington Avenue Bloomberg LP 191, Broadway Facebook 79, Tenth Avenue Level 3 Communications 59, Park Avenue Marshall Wace North America, L.P. 4, Madison Avenue Key Square Group 2, Park Avenue Wafra 1, Park Avenue Zhong Rong Hui Xin Futures Co. 8, Park Avenue Citco Corporate Services 18, Madison Avenue Ocean Road Advisors 6,647 Total: 9 Deals 373,850 10

11 W E M A K E T H E B I G D E A L S S U C C E S S F U L L Y R E P O S I T I O N I N G A N D M O D E R N I Z I N G 1 0 M I L L I O N S F 90 PARK AVENUE ,000 SF PricewaterhouseCoopers LLP Foley & Lardner LLP FactSet Alston & Bird 280 PARK AVENUE ,243,000 SF PJT Partners Franklin Templeton Investments Cohen Steers Trian Fund Management Viking Global Investors LP Blue Mountain Capital 330 WEST 34 TH STREET ,000 SF Footlocker Yodle Deutsch Structure Tone 1290 AVE OF THE AMERICAS ,107,000 SF Neuberger Berman AXA Equitable Cushman & Wakefield Hachette Book Group State Street Bank Columbia University Fitzpatrick, Cella, Harper & Scinto 330 MADISON AVENUE ,000 SF Guggenheim Partners JLL Point72 Asset Management HSBC Bank American Century Investments 350 PARK AVENUE ,000 SF M&T Trust Citco Marshall Wace North America, L.P. 640 FIFTH AVENUE ,000 SF Victoria s Secret Fidelity Investments Dune Capital Owl Creek Asset Management Hitchwood Capital Management 731 LEXINGTON AVENUE ,063,000 SF Bloomberg LP 770 BROADWAY ,158,000 SF Facebook AOL J.Crew 7 WEST 34 TH STREET ,000 SF Amazon 888 SEVENTH AVENUE ,000 SF Texas Pacific Group Pershing Square Capital Management United Talent Agency Visium Asset Management 11

12 C H I C A G O t h e M A R T T R A N S F O R M A T I O N T O T E C H H U B C R E A T I N G S I G N I F I C A N T E A R N I N G S G R O W T H A N D V A L U E C R E A T I O N 3,663,000 SF 97.8% Occupancy 1,189,000 SF leased since 2012: Motorola/Google ConAgra 1871/Matter Yelp PayPal Allstate Kellogg s 12

13 S A N F R A N C I S C O C A L I F O R N I A S T R E E T 1,800,000 SF 92.1% Occupancy 1,500,000 SF leased (at 100%) since 2010: Bank of America Kirkland & Ellis Dodge & Cox Fenwick & West LLP Sidley Austin Microsoft Jones Day Morgan Stanley UBS AG Wells Fargo Regus Supercell AllianceBernstein McKinsey & Company 13

14 C H E L S E A / M E A T P A C K I N G O W N E R S H I P 260 ELEVENTH AVENUE 85 TENTH AVENUE 14

15 M A N H A T T A N S T R E E T R E T A I L 15

16 O W N E R S H I P O F B O T H S I D E S O F T H E B O W T I E I N T I M E S S Q U A R E 16

17 W A S H I N G T O N, D C D I V I S I O N 63 properties totaling 13.7 million SF (at share) Office: Residential: Hotel: 10.5 million SF 2,881 units 0.3 million SF All data excludes Skyline Office Residential Hotel 17

18 W A S H I N G T O N, D C O F F I C E L E A S I N G Q % 95.0% $41.92 $41.45 $42.24 Starting Rent PSF Occupancy - DC, excluding Skyline Occupancy - Crystal City 90.0% $39.92 $40.96 $ % 80.0% $ % 70.0% SF Leased Q ,469,026 1,549,711 1,876,544 1,519,613 1,524,194 1,823, ,898 MTM % Cash 3.9% GAAP 9.2% Cash 6.0% GAAP 8.9% Cash (0.5%) GAAP 2.9% Cash (1.0%) GAAP 3.8% Cash (8.3%) GAAP (1.9%) Cash (9.7%) GAAP (8.3%) Cash (2.8%) GAAP (3.2%) 18

19 W A S H I N G T O N, D C D E V E L O P M E N T P R O J E C T S I N P R O G R E S S : W E L I V E / W E W O R K C R Y S T A L C I T Y O P E N M A Y U N I T S W E L I V E 2 7, S F W E W O R K T H E B A R T L E T T P E N T A G O N C I T Y O P E N J U N E U N I T S 3 7, S F W H O L E F O O D S A T B A S E C R Y S T A L D R I V E C R Y S T A L C I T Y O P E N , S F F U T U R E D E V E L O P M E N T O P P O R T U N I T I E S : C R Y S T A L C I T Y R E Z O N I N G F O R 3. 5 M I L L I O N S F U P S I Z E D R E D E V E L O P M E N T P O T E N T I A L Z O N I N G I N C L U D E S O F F I C E, R E S I D E N T I A L A N D R E T A I L P E N T A G O N C I T Y Z O N I N G F O R 1, R E S I D E N T I A L U N I T S 10- A C R E L O T W I T H Z O N I N G F O R 2. 5 M I L L I O N S Q U A R E F E E T O F O F F I C E, R E S I D E N T I A L, H O T E L A N D R E T A I L R O S S L Y N W A T E R F R O N T Z O N I N G F O R 2. 5 M I L L I O N S Q U A R E F E E T O F O F F I C E, R E S I D E N T I A L, H O T E L A N D R E T A I L 19

20 P E N N P L A Z A T H E H E A R T O F T H E C I T Y 20

21 P E N N P L A Z A A N U N P R E C E D E N T E D O P P O R T U N I T Y 21

22 T W O P E N N P L A Z A B J A R K E I N G E L S G R O U P 22

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