Dec. 16, 2004 -- Vornado Realty Trust today announced the pricing of a public offering of eight million 6.625% Perpetual Series G Cumulative Redeemable Preferred Shares, at a price of $25.00 per share, pursuant to an effective registration statement. The Company may redeem the Series G Preferred Shares at a redemption price of $25.00 per share after December 22, 2009. The net proceeds of approximately $193.5 million will be used to redeem the Company's $115 million 8.5% Series C Cumulative Redeemable Preferred Shares and $80 million of its $200 million 8.25% Series D-3 Perpetual Preferred Units. The Preferred Shares and Units will be redeemed on January 19, 2005 at a redemption price equal to $25.00 per share or unit plus accrued dividends.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Vornado Realty Trust, 8.5% Series C Cumulative Redeemable Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 5/17/2004 at $25 per share plus accrued and unpaid dividends, with no stated maturity, and with distributions of 8.50% ($2.215) per annum paid quarterly on 1/1, 4/1, 7/1 & 10/1 to holders of record on the date fixed by the board, not more than 30 days prior to the payment date. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	8.50% $2.125	$25.00 $25.00	Called for 1/19/2005 None	Baa3 BBB- 8/31/2005	1/1, 4/1, 7/1 & 10/1 Click for MW ExDiv Date Click for Yahoo ExDiv Date	No

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Address:   888 Seventh Avenue, New York, NY 10019
Main Phone Number	212-894-7000
Fax Number	201-587-0600
Investor Contact (CFO)   Joseph Macnow	201-587-1000
Toll Free Phone Number	Unknown

CEO - Michael D. Fascitelli

CFO - Joseph Macnow