Vornado Declares Quarterly Dividend on Common Shares of $0.65 Payable $0.38 in Cash and $0.27 in Shares

PARAMUS, N.J.--(Business Wire)--
VORNADO REALTY TRUST (NYSE:VNO) announced today that its Board of Trustees has
declared a regular quarterly dividend of $0.65 per share with a cash portion of
$0.38 per share and a stock portion of $0.27 per share. The dividend is payable
on December 14, 2009 to common shareholders of record on November 10, 2009. The
dividend will be paid in a combination of cash, not to exceed 58.5% in the
aggregate, and common shares.

In accordance with Internal Revenue Service procedure, shareholders will be
asked to make an election to receive this dividend all in cash or all in Vornado
common shares. To the extent that more than 58.5% cash is elected, the cash
portion will be prorated. Shareholders who do not make an election will receive
58.5% in cash and 41.5% in common shares. Shares will be priced at the volume
weighted average trading prices of Vornado`s common shares on the New York Stock
Exchange on December 2 and 3, 2009. The Company expects the dividend to be
taxable to its shareholders. Vornado reserves the right to pay the dividend
entirely in cash.

An information letter and election form will be mailed to shareholders of record
promptly after November 10, 2009. The properly completed election form to
receive cash or common shares must be received by Vornado`s transfer agent prior
to 5:00 p.m. (EST) on December 1, 2009. Registered shareholders with questions
regarding the dividend election may call American Stock Transfer and Trust Co.,
Vornado`s transfer agent, at (866) 673-8056. If your shares are held through a
bank, broker or nominee, and you have questions regarding the dividend election
please contact such bank, broker or nominee, who will also be responsible for
distributing to you the letter and election form and submitting the election
form on your behalf.

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.

Vornado Realty Trust
Joseph Macnow, 201-587-1000

Copyright Business Wire 2009