Page 1

VORNADO REALTY TRUST PRESS RELEASE Vornado Announces First Quarter 2021 Financial Results New York City | May 3 , 2021 Vornado Realty Trust ( NYSE : VNO ) reported today : Quarter Ended March 31 , 2021 Financial Results NET INCOME attributable to common shareholders for the quarter ended March 31 , 2021 was $ 4,083,000 , or $ 0.02 per diluted share , compared to $ 4,963,000 , or $ 0.03 per diluted share , for the prior year's quarter . Adjusting for the items that impact period - to - period comparability listed in the table below , net income attributable to common shareholders , as adjusted ( non - GAAP ) for the quarters ended March 31 , 2021 and 2020 was $ 12,446,000 and $ 31,947,000 , or $ 0.06 and $ 0.17 per diluted share , respectively . FUNDS FROM OPERATIONS ( " FFO " ) attributable to common shareholders plus assumed conversions ( non - GAAP ) for the quarter ended March 31 , 2021 was $ 118,407,000 , or $ 0.62 per diluted share , compared to $ 130,360,000 , or $ 0.68 per diluted share , for the prior year's quarter . Adjusting for the items that impact period - to - period comparability listed in the table on the following page , FFO attributable to common shareholders plus assumed conversions , as adjusted ( non - GAAP ) for the quarters ended March 31 , 2021 and 2020 was $ 124,359,000 and $ 146,829,000 , or $ 0.65 and $ 0.77 per diluted share , respectively . The following table reconciles our net income attributable to common shareholders to net income attributable to common shareholders , as adjusted ( non - GAAP ) : ( Amounts in thousands , except per share amounts ) Net income attributable to common shareholders Per diluted share Certain expense ( income ) items that impact net income attributable to common shareholders : Hotel Pennsylvania ( temporarily closed on April 1 , 2020 , permanently closed on April 5 , 2021 ) Our share of ( income ) loss from real estate fund investments After - tax net gain on sale of 220 Central Park South ( " 220 CPS " ) condominium units Credit losses on loans receivable Mark - to - market decrease in Pennsylvania Real Estate Investment Trust ( " PREIT " ) common shares ( sold on January 23 , 2020 ) Other Net income attributable to common shareholders , as adjusted ( non - GAAP ) Per diluted share ( non - GAAP ) NEW YORK CITY | CHICAGO | SAN FRANCISCO OFFICE | RETAIL | DEVELOPMENT $ $ Noncontrolling interests ' share of above adjustments Total of certain expense ( income ) items that impact net income attributable to common shareholders $ NYSE : VNO | WWW.VNO.COM $ $ $ For the Three Months Ended March 31 , 2021 4,083 $ 0.02 $ 8,990 $ ( 260 ) 194 8,924 ( 561 ) 8,363 $ 12,446 $ 0.06 $ 2020 4,963 0.03 12,393 56,158 ( 59,911 ) 7,261 4,938 7,896 28,735 ( 1,751 ) 26,984 31,947 0.17 PAGE 1 OF 15