Debt (Tables)

9 Months Ended

Sep. 30, 2011

Debt Disclosure [Abstract]

Schedule of Debt

				Interest
(Amounts in thousands)				Rate at	Balance at
				September 30,	September 30,		December 31,
Notes and mortgages payable:			Maturity (1)	2011	2011		2010
Fixed rate:
	New York Office:
		350 Park Avenue	01/12	5.48%	$	430,000	$	430,000
		Two Penn Plaza (2)	03/18	5.13%		425,000		277,347
		1290 Avenue of the Americas	01/13	5.97%		415,934		424,136
		770 Broadway	03/16	5.65%		353,000		353,000
		888 Seventh Avenue	01/16	5.71%		318,554		318,554
		909 Third Avenue	04/15	5.64%		204,203		207,045
		Eleven Penn Plaza	12/11	5.20%		196,253		199,320
	Washington, DC Office:
		Skyline Place	02/17	5.74%		678,000		678,000
		River House Apartments	04/15	5.43%		195,546		195,546
		2121 Crystal Drive (3)	03/23	5.51%		150,000		-
		Bowen Building	06/16	6.14%		115,022		115,022
		1215 Clark Street, 200 12th Street and 251 18th Street	01/25	7.09%		109,067		110,931
		West End 25 (4)	06/21	4.88%		101,671		-
		Universal Buildings	04/14	6.42%		99,456		103,049
		Reston Executive I, II, and III	01/13	5.57%		93,000		93,000
		2011 Crystal Drive	08/17	7.30%		80,711		81,362
		1550 and 1750 Crystal Drive	11/14	7.08%		77,292		79,411
		220 20th Street (5)	02/18	4.61%		75,323		-
		1235 Clark Street	07/12	6.75%		51,569		52,314
		2231 Crystal Drive	08/13	7.08%		44,422		46,358
		1750 Pennsylvania Avenue	06/12	7.26%		44,538		45,132
		1225 Clark Street	08/13	7.08%		26,571		27,616
		1800, 1851 and 1901 South Bell Street	12/11	6.91%		2,610		10,099
	Retail:
		Cross-collateralized mortgages on 40 strip shopping centers	09/20	4.20%		588,377		597,138
		Montehiedra Town Center	07/16	6.04%		120,000		120,000
		Broadway Mall	07/13	5.30%		88,383		90,227
		828-850 Madison Avenue Condominium	06/18	5.29%		80,000		80,000
		North Bergen (Tonnelle Avenue) (6)	01/18	4.59%		75,000		-
		Las Catalinas Mall	11/13	6.97%		56,488		57,737
		510 5th Avenue	01/16	5.60%		31,850		32,189
		Other	03/12-05/36	5.12%-7.30%		95,962		97,054
	Merchandise Mart:
		Merchandise Mart	12/16	5.57%		550,000		550,000
		Boston Design Center	09/15	5.02%		67,655		68,538
		Washington Design Center	n/a	n/a		-		43,447
	Other:
		555 California Street (7)	09/21	5.10%		600,000		640,911
		Borgata Land (8)	02/21	5.14%		60,000		-
		Industrial Warehouses	n/a	n/a		-		24,358
Total fixed rate notes and mortgages payable				5.52%	$	6,701,457	$	6,248,841
___________________
		See notes on page 22.

					Interest
(Amounts in thousands)					Rate at	Balance at
				Spread over	September 30,	September 30,		December 31,
Notes and mortgages payable:			Maturity (1)	LIBOR	2011	2011		2010
Variable rate:
	New York Office:
		Manhattan Mall	02/12	L+55	0.78%	$	232,000	$	232,000
		866 UN Plaza (9)	05/16	L+125 (9)	1.52%		44,978		44,978
	Washington, DC Office:
		2101 L Street	02/13	L+120	1.45%		150,000		150,000
		River House Apartments	04/18	n/a (10)	1.53%		64,000		64,000
		2200/2300 Clarendon Boulevard	01/15	L+75	0.98%		54,833		59,278
		1730 M and 1150 17th Street	06/14	L+140	1.72%		43,581		43,581
		West End 25 (4)	n/a	n/a	n/a		-		95,220
		220 20th Street (5)	n/a	n/a	n/a		-		83,573
	Retail:
		Green Acres Mall	02/13	L+140	1.73%		325,045		335,000
		Bergen Town Center	03/13	L+150	1.76%		279,044		279,044
		San Jose Strip Center	03/13	L+400	4.25%		113,641		120,863
		Beverly Connection (11)	10/11	L+350 (11)	5.00%		100,000		100,000
		4 Union Square South	04/14	L+325	3.52%		75,000		75,000
		Cross-collateralized mortgages on 40 strip
		shopping centers (12)	09/20	L+136 (12)	2.36%		60,000		60,000
		435 Seventh Avenue (13)	08/14	L+300 (13)	5.00%		51,479		51,844
		Other	11/12	L+375	3.97%		20,983		21,862
	Other:
		220 Central Park South(14)	10/11	L+235–L+245 (14)	2.61%		123,750		123,750
		Other	11/11	L+250	2.75%		22,400		66,267
	Total variable rate notes and mortgages payable				2.19%		1,760,734		2,006,260
	Total notes and mortgages payable				4.83%	$	8,462,191	$	8,255,101
Senior unsecured notes:
	Senior unsecured notes due 2015		04/15		4.25%	$	499,421	$	499,296
	Senior unsecured notes due 2039 (15)		10/39		7.88%		460,000		460,000
	Floating rate senior unsecured notes due 2011		n/a		n/a		-		23,250
	Senior unsecured notes due 2011		n/a		n/a		-		100,382
	Total senior unsecured notes				5.99%	$	959,421	$	1,082,928
3.88% exchangeable senior debentures due 2025
	(see page 23)		04/12		5.32%	$	496,139	$	491,000
Convertible senior debentures: (see page 23)
	3.63% due 2026		11/11		5.32%	$	178,696	$	176,499
	2.85% due 2027		04/12		5.45%		10,103		9,914
	Total convertible senior debentures (16)				5.33%	$	188,799	$	186,413
Unsecured revolving credit facilities:
	$1.595 billion unsecured revolving credit facility (17)		09/12	L+55	0.75%	$	300,000	$	669,000
	$1.25 billion unsecured revolving credit facility
		($22,085 reserved for outstanding letters of credit) (18)	06/16	L+135	-		-		205,000
	Total unsecured revolving credit facilities				0.75%	$	300,000	$	874,000
___________________________
	See notes on the following page.

Notes to preceding tabular information (Amounts in thousands):
(1)	Represents the extended maturity for certain loans in which we have the unilateral right, ability and intent to extend. In the case of our convertible and exchangeable debt, represents the earliest date holders may require us to repurchase the debentures.
(2)	On February 11, 2011, we completed a $425,000 refinancing of this property. The seven-year loan bears interest at LIBOR plus 2.00%, which was swapped for the term of the loan to a fixed rate of 5.13%. The loan amortizes based on a 30-year schedule beginning in the fourth year. We retained net proceeds of approximately $139,000, after repaying the existing loan and closing costs.
(3)	On February 10, 2011, we completed a $150,000 financing of this property. The 12-year fixed rate loan bears interest at 5.51% and amortizes based on a 30-year schedule beginning in the third year. This property was previously unencumbered.
(4)	In May 2011, we repaid the outstanding balance of the variable-rate construction loan on this property and closed on a $101,671 mortgage at a fixed rate of 4.88%. The loan has a 10-year term and amortizes based on a 30-year schedule beginning in the sixth year.
(5)	On January 18, 2011, we repaid the outstanding balance of the variable-rate construction loan on this property and closed on a $76,100 mortgage at a fixed rate of 4.61%. The loan has a seven-year term and amortizes based on a 30-year schedule.
(6)	On January 10, 2011, we completed a $75,000 financing of this property. The seven-year fixed rate loan bears interest at 4.59% and amortizes based on a 25-year schedule beginning in the sixth year. This property was previously unencumbered.
(7)	On September 1, 2011, we completed a $600,000 refinancing of this property. The 10-year fixed rate loan bears interest at 5.10% and amortizes based on a 30-year schedule beginning in the fourth year.
(8)	In January 2011, we completed a $60,000 financing of this property. The 10-year fixed rate loan bears interest at 5.14% and amortizes based on a 30-year schedule beginning in the third year.
(9)	On May 10, 2011, we refinanced this loan for the same amount. The five-year interest only loan is at LIBOR plus 1.25%.
(10)	This loan bears interest at the Freddie Mac Reference Note Rate plus 1.53%.
(11)	In October 2011, this loan was refinanced in the same amount for one year, with two one-year extension options. The interest rate on the new loan is at LIBOR plus 4.25% with a LIBOR floor of 0.50%.
(12)	This loan has a LIBOR floor of 1.00%.
(13)	This loan has a LIBOR floor of 2.00%.
(14)	In October 2011, we extended the maturity date of this loan to October 2012, with a provision for a one-year extension option.
(15)	These notes may be redeemed at our option in whole or in part beginning on October 1, 2014, at a price equal to the principal amount plus accrued interest.
(16)	The net proceeds from the offering of these debentures were contributed to the Operating Partnership in the form of an inter-company loan and the Operating Partnership fully and unconditionally guaranteed payment of these debentures. There are no restrictions which limit the Operating Partnership from making distributions to Vornado and Vornado has virtually no independent assets or operations outside of the Operating Partnership.
(17)	We are in the process of renewing this facility and expect to enter into a new $1,250,000 facility that has a four-year term, with a one-year extension option and bears interest on drawn amounts at LIBOR plus 1.25% and has a .25% facility fee (drawn or undrawn), based on our credit ratings.
(18)	On June 8, 2011, we renewed this facility and increased it to $1,250,000 from $1,000,000. The renewed facility matures in four years, has a one-year extension option and bears interest on drawn amounts at LIBOR plus 1.35% and has a .30% facility fee (drawn or undrawn), based on our credit ratings.

Convertible And Exchangeable Senior Debentures, Balance Sheet Schedule

			2.85% Convertible				3.63% Convertible				3.88% Exchangeable
(Amounts in thousands, except per share amounts)			Senior Debentures due 2027				Senior Debentures due 2026				Senior Debentures due 2025
			September 30,		December 31,		September 30,		December 31,		September 30,		December 31,
Balance Sheet:			2011		2010		2011		2010		2011		2010
	Principal amount of debt component		$	10,233	$	10,233	$	179,052	$	179,052	$	499,982	$	499,982
	Unamortized discount			(130)		(319)		(356)		(2,553)		(3,843)		(8,982)
	Carrying amount of debt component		$	10,103	$	9,914	$	178,696	$	176,499	$	496,139	$	491,000
	Carrying amount of equity component		$	956	$	956	$	9,604	$	9,604	$	32,301	$	32,301
	Effective interest rate			5.45%		5.45%		5.32%		5.32%		5.32%		5.32%
	Maturity date (period through which
		discount is being amortized)		4/1/12				11/15/11				4/15/12
	Conversion price per share, as adjusted		$	157.18			$	148.46			$	87.17
	Number of shares on which the
		aggregate consideration to be
		delivered upon conversion is
		determined		-(1)				-(1)				5,736
__________________
(1)		Our convertible senior debentures require that upon conversion, the entire principal amount is to be settled in cash, and at our option, any excess value above the principal amount may be settled in cash or common shares. Based on the September 30, 2011 closing share price of our common shares and the conversion prices in the table above, there was no excess value; accordingly, no common shares would be issued if these securities were settled on this date. The number of common shares on which the aggregate consideration that would be delivered upon conversion is 65 and 1,206 common shares, respectively.

Disclosures Of Convertible And Exchangeable Senior Debentures Income Statement Schedule

		Three Months Ended				Nine Months Ended
(Amounts in thousands)		September 30,				September 30,
Income Statement:		2011		2010		2011		2010
2.85% Convertible Senior Debentures due 2027:
	Coupon interest	$	74	$	160	$	219	$	480
	Discount amortization – original issue		11		23		33		69
	Discount amortization – ASC 470-20 implementation		52		110		156		325
		$	137	$	293	$	408	$	874
3.63% Convertible Senior Debentures due 2026:
	Coupon interest	$	1,623	$	3,523	$	4,868	$	11,328
	Discount amortization – original issue		202		417		598		1,320
	Discount amortization – ASC 470-20 implementation		540		1,117		1,599		3,533
		$	2,365	$	5,057	$	7,065	$	16,181
3.88% Exchangeable Senior Debentures due 2025:
	Coupon interest	$	4,843	$	4,844	$	14,531	$	14,532
	Discount amortization – original issue		410		389		1,213		1,151
	Discount amortization – ASC 470-20 implementation		1,326		1,258		3,926		3,724
		$	6,579	$	6,491	$	19,670	$	19,407