Vornado’s 32.4% Affiliate, Alexander’s Completes Sale of Kings Plaza Mall for $751 Million and Vornado Declares Special Long

  Vornado’s 32.4% Affiliate, Alexander’s Completes Sale of Kings Plaza Mall
  for $751 Million and Vornado Declares Special Long-Term Capital Gain
  Dividend of $1.00 Per Share

Business Wire

PARAMUS, N.J. -- December 01, 2012

VORNADOREALTYTRUST(NYSE:VNO) announced today that its 32.4% affiliate,
Alexander’s, Inc. completed the previously announced sale of the Kings Plaza
Mall, Brooklyn, New York for $751 million. Vornado’s share of the financial
statement gain is approximately $180 million. Vornado will receive a special
long-term capital gain dividend from Alexander’s of approximately $202 million
from the sale. In turn, Vornado’s Board of Trustees has declared a special
long-term capital gain dividend of $1.00 per Vornado share payable on December
21, 2012 to shareholders of record on December 10, 2012.

Vornado Realty Trust is a fully integrated equity real estate investment
trust.

Certain statements contained herein may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, risks
associated with the timing of and costs associated with property improvements,
financing commitments and general competitive factors.

Contact:

Vornado Realty Trust
Joseph Macnow, 201-587-1000