VORNADO REALTY TRUST 1 SELECTED FINANCIAL DATA Year Ended December 31, (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) 2003 2002 (2) 2001 2000 1999 Operating Data Revenues: Rentals $1,261,042 $1,209,755 $ 813,089 $ 666,248 $ 565,462 Expense reimbursements 179,214 154,766 129,013 116,422 94,353 Other income 62,799 27,718 10,059 9,753 7,707 Total Revenues 1,503,055 1,392,239 952,161 792,423 667,522 Expenses: Operating 583,660 519,345 385,449 305,141 269,892 Depreciation and amortization 215,032 198,601 120,614 96,116 80,340 General and administrative 122,405 100,050 71,716 47,093 39,359 Amortization of officer’s deferred compensation expense — 27,500 — — — Costs of acquisitions and development not consummated — 6,874 5,223 — — Total Expenses 921,097 852,370 583,002 448,350 389,591 Operating Income 581,958 539,869 369,159 344,073 277,931 Income applicable to Alexander’s 15,574 29,653 25,718 17,363 11,772 Income from partially-owned entities 67,901 44,458 80,612 86,654 78,560 Interest and other investment income 25,402 31,685 54,385 32,809 18,110 Interest and debt expense (229,662) (234,113) (167,430) (164,325) (137,086) Net (loss) gain on disposition of  wholly-owned and partially-owned  assets other than real estate 2,343 (17,471) (8,070) — — Minority interest: Perpetual preferred unit distributions (72,716) (72,500) (70,705) (62,089) (19,254) Minority limited partnership earnings (105,132) (64,899) (39,138) (38,320) (33,904) Partially-owned entities (827) (3,534) (2,520) (1,965) (1,840) Income before discontinued operations,  gains on sale of real estate and  cumulative effect of change in  accounting principle 284,841 253,148 242,011 214,200 194,289 Discontinued operations 14,073 9,884 10,342 8,826 8,230 Gains on sale of real estate (discontinued  operations in 2003) 161,789 — 15,495 10,965 — Cumulative effect of change in accounting  principle — (30,129) (4,110) — — Net income 460,703 232,903 263,738 233,991 202,519 Preferred share dividends (20,815) (23,167) (36,505) (38,690) (33,438) Net income applicable to common shares $ 439,888 $ 209,736 $ 227,233 $ 195,301 $ 169,081 Income before discontinued operations,  gains on sale of real estate and  cumulative effect of change in  accounting principle per share—basic $ 2.35 $ 2.17 $ 2.31 $ 2.03 $ 1.88 Income before discontinued operations,  gains on sale of real estate and  cumulative effect of change in  accounting principle per share—diluted $ 2.29 $ 2.09 $ 2.23 $ 1.98 $ 1.85 Income per share—basic $ 3.92 $ 1.98 $ 2.55 $ 2.26 $ 1.97 Income per share—diluted $ 3.80 $ 1.91 $ 2.47 $ 2.20 $ 1.94 Cash dividends declared for  common shares $ 2.91 $ 2.66 $ 2.63 $ 1.97 $ 1.80 Balance Sheet Data Total assets $9,518,928 $9,018,179 $6,777,343 $6,403,210 $5,479,218 Real estate, at cost 7,748,452 7,282,651 4,426,560 4,220,307 3,790,857 Accumulated depreciation 869,849 702,686 485,447 375,730 293,497 Debt 4,184,385 4,071,320 2,477,173 2,688,308 2,048,804 Shareholders’ equity 3,077,573 2,627,356 2,570,372 2,078,720 2,055,368 See notes on following page.