Segment Information (Tables)

6 Months Ended

Jun. 30, 2011

Segment Reporting Disclosure of Entitys Reportable Segments [Abstract]


(Amounts in thousands)			For the Three Months Ended June 30, 2011
						New York		Washington, DC				Merchandise
				Total		Office		Office		Retail		Mart		Toys		Other⁽³⁾
Property rentals				$	548,485	$	197,135	$	141,770	$	106,662	$	56,363	$	-	$	46,555
Straight-line rent adjustments					8,349		3,890		(706)		3,730		653		-		782
Amortization of acquired below-
	market leases, net				16,812		8,178		512		6,996		17		-		1,109
Total rentals					573,646		209,203		141,576		117,388		57,033		-		48,446
Tenant expense reimbursements					82,325		31,483		8,936		36,636		3,744		-		1,526
Cleveland Medical Mart development
	project				32,369		-		-		-		32,369		-		-
Fee and other income:
	Tenant cleaning fees				15,409		23,679		-		-		-		-		(8,270)
	Management and leasing fees				6,989		2,112		4,074		1,343		200		-		(740)
	Lease termination fees				7,323		5,571		900		852		-		-		-
	Other				12,090		5,103		5,317		1,692		(158)		-		136
Total revenues					730,151		277,151		160,803		157,911		93,188		-		41,098
Operating expenses					273,152		116,221		49,748		57,194		32,861		-		17,128
Depreciation and amortization					131,898		45,854		34,065		27,750		11,113		-		13,116
General and administrative					50,251		4,579		6,462		7,291		6,848		-		25,071
Cleveland Medical Mart development
	project				29,940		-		-		-		29,940		-		-
Acquisition and other costs					1,897		-		-		-		-		-		1,897
Total expenses					487,138		166,654		90,275		92,235		80,762		-		57,212
Operating income (loss)					243,013		110,497		70,528		65,676		12,426		-		(16,114)
(Loss) applicable to Toys					(22,846)		-		-		-		-		(22,846)		-
Income (loss) from partially owned
	entities				26,403		(845)		(767)		924		178		-		26,913
Income from Real Estate Fund					19,058		-		-		-		-		-		19,058
Interest and other investment
	income (loss), net				8,007		148		48		(6)		9		-		7,808
Interest and debt expense					(137,202)		(35,033)		(30,729)		(23,344)		(9,437)		-		(38,659)
Income (loss) before income taxes					136,433		74,767		39,080		43,250		3,176		(22,846)		(994)
Income tax expense					(5,922)		(440)		(569)		-		(911)		-		(4,002)
Income (loss) from continuing
	operations				130,511		74,327		38,511		43,250		2,265		(22,846)		(4,996)
Income from discontinued
	operations				458		-		-		458		-		-		-
Net income (loss)					130,969		74,327		38,511		43,708		2,265		(22,846)		(4,996)
Less:
	Net income attributable to
		noncontrolling interests in
		consolidated subsidiaries			(13,657)		(2,325)		-		(69)		-		-		(11,263)
	Net income attributable to
		noncontrolling interests in the
		Operating Partnership, including
		unit distributions			(8,731)		-		-		-		-		-		(8,731)
Net income (loss) attributable to
	Vornado				108,581		72,002		38,511		43,639		2,265		(22,846)		(24,990)
Interest and debt expense⁽²⁾					202,956		36,953		34,093		24,468		9,595		43,393		54,454
Depreciation and amortization⁽²⁾					182,496		47,621		38,306		28,400		11,227		32,896		24,046
Income tax (benefit) expense⁽²⁾					(17,343)		440		607		-		911		(23,969)		4,668
EBITDA⁽¹⁾				$	476,690	$	157,016	$	111,517	$	96,507	$	23,998	$	29,474	$	58,178


See notes of page 34.


(Amounts in thousands)			For the Three Months Ended June 30, 2010
						New York		Washington, DC				Merchandise
				Total		Office		Office		Retail		Mart		Toys		Other⁽³⁾
Property rentals				$	531,576	$	195,248	$	142,952	$	96,335	$	54,441	$	-	$	42,600
Straight-line rent adjustments					17,552		7,255		964		7,761		725		-		847
Amortization of acquired below-
	market leases, net				16,284		9,134		621		4,933		15		-		1,581
Total rentals					565,412		211,637		144,537		109,029		55,181		-		45,028
Tenant expense reimbursements					86,420		32,431		12,546		35,351		3,829		-		2,263
Fee and other income:
	Tenant cleaning fees				13,468		20,639		-		-		-		-		(7,171)
	Management and leasing fees				3,380		1,393		2,384		321		19		-		(737)
	Lease termination fees				2,841		2,297		82		428		34		-		-
	Other				12,468		4,513		5,061		1,005		744		-		1,145
Total revenues					683,989		272,910		164,610		146,134		59,807		-		40,528
Operating expenses					261,845		111,055		50,013		55,648		28,727		-		16,402
Depreciation and amortization					133,277		44,271		36,018		27,528		11,387		-		14,073
General and administrative					49,540		4,767		6,202		6,807		7,157		-		24,607
Acquisition and other costs					1,930		-		-		-		-		-		1,930
Total expenses					446,592		160,093		92,233		89,983		47,271		-		57,012
Operating income (loss)					237,397		112,817		72,377		56,151		12,536		-		(16,484)
(Loss) applicable to Toys					(21,004)		-		-		-		-		(21,004)		-
Income from partially owned
	entities				4,452		1,337		188		1,129		55		-		1,743
Interest and other investment
	income, net				3,876		163		23		186		12		-		3,492
Interest and debt expense					(142,175)		(33,047)		(34,068)		(20,315)		(9,464)		-		(45,281)
Net (loss) on extinguishment
	of debt				(1,072)		-		-		-		-		-		(1,072)
Net gain (loss) on disposition of wholly
	owned and partially owned assets				4,382		-		-		-		(31)		-		4,413
Income (loss) before income taxes					85,856		81,270		38,520		37,151		3,108		(21,004)		(53,189)
Income tax (expense) benefit					(4,964)		(335)		595		-		(402)		-		(4,822)
Income (loss) from continuing
	operations				80,892		80,935		39,115		37,151		2,706		(21,004)		(58,011)
(Loss) income from discontinued
	operations				(3,681)		-		1,137		(333)		(4,485)		-		-
Net income (loss)					77,211		80,935		40,252		36,818		(1,779)		(21,004)		(58,011)
Less:
	Net (income) loss attributable to
		noncontrolling interests in
		consolidated subsidiaries			(981)		(2,556)		-		256		-		-		1,319
	Net income attributable to
		noncontrolling interests in the
		Operating Partnership, including
		unit distributions			(4,124)		-		-		-		-		-		(4,124)
Net income (loss) attributable to
	Vornado				72,106		78,379		40,252		37,074		(1,779)		(21,004)		(60,816)
Interest and debt expense⁽²⁾					207,512		31,595		34,943		22,526		16,478		42,093		59,877
Depreciation and amortization⁽²⁾					184,103		42,736		39,694		28,500		12,785		34,444		25,944
Income tax (benefit) expense⁽²⁾					(19,140)		335		(617)		-		402		(24,123)		4,863
EBITDA⁽¹⁾				$	444,581	$	153,045	$	114,272	$	88,100	$	27,886	$	31,410	$	29,868


See notes of page 34.


(Amounts in thousands)			For the Six Months Ended June 30, 2011
						New York		Washington, DC				Merchandise
				Total		Office		Office		Retail		Mart		Toys		Other⁽³⁾
Property rentals				$	1,088,957	$	391,377	$	280,654	$	214,109	$	118,928	$	-	$	83,889
Straight-line rent adjustments					22,278		11,760		(711)		7,911		1,443		-		1,875
Amortization of acquired below-
	market leases, net				33,571		16,355		978		13,956		34		-		2,248
Total rentals					1,144,806		419,492		280,921		235,976		120,405		-		88,012
Tenant expense reimbursements					173,284		65,359		18,233		75,967		7,767		-		5,958
Cleveland Medical Mart development
	project				73,068		-		-		-		73,068		-		-
Fee and other income:
	Tenant cleaning fees				30,832		47,109		-		-		-		-		(16,277)
	Management and leasing fees				11,095		3,607		6,959		1,898		303		-		(1,672)
	Lease termination fees				8,499		5,636		2,011		852		-		-		-
	Other				25,678		9,866		10,662		3,099		1,878		-		173
Total revenues					1,467,262		551,069		318,786		317,792		203,421		-		76,194
Operating expenses					563,925		238,130		98,584		117,874		74,807		-		34,530
Depreciation and amortization					264,125		92,000		67,749		56,291		22,175		-		25,910
General and administrative					109,254		9,943		12,999		15,313		14,446		-		56,553
Cleveland Medical Mart development
	project				68,218		-		-		-		68,218		-		-
Acquisition and other costs					20,167		-		-		15,000		3,040		-		2,127
Total expenses					1,025,689		340,073		179,332		204,478		182,686		-		119,120
Operating income (loss)					441,573		210,996		139,454		113,314		20,735		-		(42,926)
Income applicable to Toys					90,098		-		-		-		-		90,098		-
Income (loss) from partially owned
	entities				42,687		243		(4,682)		1,242		254		-		45,630
Income from Real Estate Fund					20,138		-		-		-		-		-		20,138
Interest and other investment
	income, net				125,115		320		80		2		18		-		124,695
Interest and debt expense					(271,967)		(68,119)		(59,655)		(46,413)		(18,775)		-		(79,005)
Net gain on disposition of wholly
	owned and partially owned assets				6,677		-		-		-		-		-		6,677
Income before income taxes					454,321		143,440		75,197		68,145		2,232		90,098		75,209
Income tax expense					(12,304)		(959)		(1,307)		(5)		(1,321)		-		(8,712)
Income from continuing
	operations				442,017		142,481		73,890		68,140		911		90,098		66,497
Income from discontinued operations					134,773		-		46,466		5,761		82,546		-		-
Net income					576,790		142,481		120,356		73,901		83,457		90,098		66,497
Less:
	Net (income) loss attributable to
		noncontrolling interests in
		consolidated subsidiaries			(15,007)		(4,596)		-		86		-		-		(10,497)
	Net income attributable to
		noncontrolling interests in the
		Operating Partnership, including
		unit distributions			(40,539)		-		-		-		-		-		(40,539)
Net income attributable to
	Vornado				521,244		137,885		120,356		73,987		83,457		90,098		15,461
Interest and debt expense⁽²⁾					401,804		68,947		66,314		48,632		22,502		83,528		111,881
Depreciation and amortization⁽²⁾					368,344		92,714		80,205		57,376		22,402		67,569		48,078
Income tax expense⁽²⁾					49,485		959		1,455		5		1,321		45,049		696
EBITDA⁽¹⁾				$	1,340,877	$	300,505	$	268,330	$	180,000	$	129,682	$	286,244	$	176,116


See notes on page 34.


(Amounts in thousands)			For the Six Months Ended June 30, 2010
						New York		Washington, DC				Merchandise
				Total		Office		Office		Retail		Mart		Toys		Other⁽³⁾
Property rentals				$	1,048,199	$	387,852	$	279,778	$	191,442	$	112,098	$	-	$	77,029
Straight-line rent adjustments					37,615		15,049		5,172		14,119		1,827		-		1,448
Amortization of acquired below-
	market leases, net				32,055		18,339		1,242		9,449		(106)		-		3,131
Total rentals					1,117,869		421,240		286,192		215,010		113,819		-		81,608
Tenant expense reimbursements					178,350		65,683		27,463		72,946		7,806		-		4,452
Fee and other income:
	Tenant cleaning fees				27,120		41,057		-		-		-		-		(13,937)
	Management and leasing fees				12,520		2,850		10,480		545		33		-		(1,388)
	Lease termination fees				7,811		3,025		528		3,836		422		-		-
	Other				25,633		8,923		10,898		1,745		2,706		-		1,361
Total revenues					1,369,303		542,778		335,561		294,082		124,786		-		72,096
Operating expenses					536,538		226,104		104,770		108,775		65,937		-		30,952
Depreciation and amortization					267,070		87,978		72,230		55,325		23,366		-		28,171
General and administrative					98,170		9,346		12,095		13,748		14,355		-		48,626
Acquisition and other costs					1,930		-		-		-		-		-		1,930
Total expenses					903,708		323,428		189,095		177,848		103,658		-		109,679
Operating income (loss)					465,595		219,350		146,466		116,234		21,128		-		(37,583)
Income applicable to Toys					104,866		-		-		-		-		104,866		-
Income (loss) from partially owned
	entities				15,796		2,640		(4)		2,520		231		-		10,409
Interest and other investment
	income, net				18,580		327		49		189		24		-		17,991
Interest and debt expense					(277,902)		(65,733)		(68,225)		(37,957)		(18,827)		-		(87,160)
Net (loss) on extinguishment
	of debt				(1,072)		-		-		-		-		-		(1,072)
Net gain on disposition of wholly
	owned and partially owned assets				7,687		-		-		-		765		-		6,922
Income (loss) before income taxes					333,550		156,584		78,286		80,986		3,321		104,866		(90,493)
Income tax expense					(10,544)		(809)		(91)		(35)		(596)		-		(9,013)
Income (loss) from continuing
	operations				323,006		155,775		78,195		80,951		2,725		104,866		(99,506)
(Loss) from discontinued operations					(13,251)		-		(7,186)		(535)		(5,530)		-		-
Net income (loss)					309,755		155,775		71,009		80,416		(2,805)		104,866		(99,506)
Less:
	Net (income) loss attributable to
		noncontrolling interests in
		consolidated subsidiaries			(1,194)		(4,848)		-		498		-		-		3,156
	Net income attributable to
		noncontrolling interests in the
		Operating Partnership, including
		unit distributions			(21,903)		-		-		-		-		-		(21,903)
Net income (loss) attributable to
	Vornado				286,658		150,927		71,009		80,914		(2,805)		104,866		(118,253)
Interest and debt expense⁽²⁾					403,699		62,587		70,114		41,880		29,487		83,233		116,398
Depreciation and amortization⁽²⁾					370,252		84,810		79,535		57,311		26,267		69,771		52,558
Income tax expense⁽²⁾					36,566		809		107		35		655		25,587		9,373
EBITDA⁽¹⁾				$	1,097,175	$	299,133	$	220,765	$	180,140	$	53,604	$	283,457	$	60,076


See notes on the following page.

##FNSEGMENT. Segment Information - continued

	Notes to preceding tabular information:

(1)	EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." We consider EBITDA a supplemental measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on a multiple of EBITDA, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies.

(2)	Interest and debt expense, depreciation and amortization and income tax (benefit) expense in the reconciliation of net income (loss) to EBITDA includes our share of these items from partially owned entities.

(3)	The components of other EBITDA are summarized below. The totals for each of the columns below agree to the total EBITDA for the "other" column in the preceding EBITDA by segment reconciliations.

Details of Other EBITDA (Table)

			For the Three Months				For the Six Months
(Amounts in thousands)			Ended June 30,				Ended June 30,
			2011		2010		2011		2010
Our share of Real Estate Fund:
	Operations		$	827	$	-	$	1,807	$	-
	Net unrealized gains			3,218		-		3,392		-
	Net realized gains			771		-		771		-
	Carried interest			2,140		-		2,140		-
Total				6,956		-		8,110		-
Alexander's				15,821		14,260		30,989		28,659
Lexington⁽¹⁾				17,313		11,435		29,306		29,283
LNR (acquired in July 2010)⁽²⁾				13,410		-		22,800		-
555 California Street				10,423		11,136		21,388		22,624
Hotel Pennsylvania				8,677		6,616		8,609		6,169
Other investments				11,735		8,469		19,936		18,615
				84,335		51,916		141,138		105,350
Corporate general and administrative expenses⁽³⁾				(20,024)		(20,642)		(41,379)		(39,956)
Investment income and other, net⁽³⁾				11,954		14,554		26,330		26,068
Mezzanine loans loss (accrual) reversal and net gain on disposition				-		(6,900)		82,744		(6,900)
(Loss) income from the mark-to-market of J.C. Penney derivative
	position			(6,762)		-		10,401		-
Net gain on sale of condominiums				-		722		4,586		3,149
Acquisition costs				(2,191)		(1,930)		(3,714)		(1,930)
Real Estate Fund placement fees				(403)		(2,656)		(3,451)		(2,730)
Net loss on extinguishment of debt				-		(1,072)		-		(1,072)
Net income attributable to noncontrolling interests in the Operating
	Partnership, including unit distributions			(8,731)		(4,124)		(40,539)		(21,903)
			$	58,178	$	29,868	$	176,116	$	60,076


(1)		Includes net gains of $8,308 in the three months ended June 30, 2011, and $9,760 and $5,998 in the six months ended June 30, 2011 and 2010,
		respectively, resulting from Lexington's stock issuances.

(2)		The three and six months ended June 30, 2011 include $6,020 for our share of net gains from asset sales. The six months ended June 30, 2011
		also includes $8,977 for our share of a tax settlement gain.

(3)		The amounts in these captions (for this table only) exclude the mark-to-market of our deferred compensation plan assets and offsetting liability.

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details