Debt (Tables)

12 Months Ended

Dec. 31, 2011

Debt Disclosure [Abstract]

Schedule of Debt

				Interest
(Amounts in thousands)				Rate at	Balance at
				December 31,	December 31,		December 31,
Notes and mortgages payable:			Maturity (1)	2011	2011		2010
Fixed rate:
	New York Office:
		350 Park Avenue(2)	01/12	5.48%	$	430,000	$	430,000
		Two Penn Plaza (3)	03/18	5.13%		425,000		277,347
		1290 Avenue of the Americas	01/13	5.97%		413,111		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%		203,217		207,045
		Eleven Penn Plaza(4)	n/a	n/a		-		199,320
	Washington, DC Office:
		Skyline Place(5)	02/17	5.74%		678,000		678,000
		River House Apartments	04/15	5.43%		195,546		195,546
		2121 Crystal Drive (6)	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%		108,423		110,931
		West End 25 (7)	06/21	4.88%		101,671		-
		Universal Buildings	04/14	6.44%		98,239		103,049
		Reston Executive I, II, and III	01/13	5.57%		93,000		93,000
		2011 Crystal Drive	08/17	7.30%		80,486		81,362
		1550 and 1750 Crystal Drive	11/14	7.08%		76,624		79,411
		220 20th Street (8)	02/18	4.61%		75,037		-
		1235 Clark Street	07/12	6.75%		51,309		52,314
		2231 Crystal Drive	08/13	7.08%		43,819		46,358
		1750 Pennsylvania Avenue	06/12	7.26%		44,330		45,132
		1225 Clark Street	08/13	7.08%		26,211		27,616
		1800, 1851 and 1901 South Bell Street	n/a	n/a		-		10,099
	Retail:
		Cross-collateralized mortgages on 40 strip shopping centers	09/20	4.21%		585,398		597,138
		Montehiedra Town Center	07/16	6.04%		120,000		120,000
		Broadway Mall	07/13	5.30%		87,750		90,227
		828-850 Madison Avenue Condominium	06/18	5.29%		80,000		80,000
		North Bergen (Tonnelle Avenue) (9)	01/18	4.59%		75,000		-
		Las Catalinas Mall	11/13	6.97%		55,912		57,737
		510 5th Avenue	01/16	5.60%		31,732		32,189
		Other	03/12-05/36	5.12%-7.30%		95,541		97,054
	Merchandise Mart:
		Merchandise Mart	12/16	5.57%		550,000		550,000
		Boston Design Center	09/15	5.02%		67,350		68,538
		Washington Design Center	n/a	n/a		-		43,447
	Other:
		555 California Street (10)	09/21	5.10%		600,000		640,911
		Borgata Land (11)	02/21	5.14%		60,000		-
		Industrial Warehouses	n/a	n/a		-		24,358
Total fixed rate notes and mortgages payable				5.53%	$	6,489,282	$	6,248,841
___________________
		See notes on page 150.

					Interest
(Amounts in thousands)					Rate at	Balance at
				Spread over	December 31,	December 31,		December 31,
Notes and mortgages payable:			Maturity (1)	LIBOR	2011	2011		2010
Variable rate:
	New York Office:
		Eleven Penn Plaza(4)	01/19	L+235	2.60%	$	330,000	$	-
		Manhattan Mall(12)	02/12	L+55	0.83%		232,000		232,000
		866 UN Plaza (13)	05/16	L+125	1.69%		44,978		44,978
	Washington, DC Office:
		2101 L Street	02/13	L+120	1.50%		150,000		150,000
		River House Apartments	04/18	n/a (14)	1.53%		64,000		64,000
		2200/2300 Clarendon Boulevard	01/15	L+75	1.03%		53,344		59,278
		1730 M and 1150 17th Street	06/14	L+140	1.69%		43,581		43,581
		West End 25 (7)	n/a	n/a	n/a		-		95,220
		220 20th Street (8)	n/a	n/a	n/a		-		83,573
	Retail:
		Green Acres Mall	02/13	L+140	1.67%		325,045		335,000
		Bergen Town Center	03/13	L+150	1.93%		283,590		279,044
		San Jose Strip Center	03/13	L+400	4.32%		112,476		120,863
		Beverly Connection (15)	09/14	L+425(15)	4.75%		100,000		100,000
		4 Union Square South	04/14	L+325	3.69%		75,000		75,000
		Cross-collateralized mortgages on 40 strip
		shopping centers (16)	09/20	L+136(16)	2.36%		60,000		60,000
		435 Seventh Avenue (17)	08/14	L+300(17)	5.00%		51,353		51,844
		Other	11/12	L+375	4.02%		19,876		21,862
	Other:
		220 Central Park South	10/13	L+275	3.03%		123,750		123,750
		Other	n/a	n/a	n/a		-		66,267
	Total variable rate notes and mortgages payable				2.30%		2,068,993		2,006,260
	Total notes and mortgages payable				4.75%	$	8,558,275	$	8,255,101
Senior unsecured notes:
	Senior unsecured notes due 2015		04/15		4.25%	$	499,462	$	499,296
	Senior unsecured notes due 2039 (18)		10/39		7.88%		460,000		460,000
	Senior unsecured notes due 2022(19)		01/22		5.00%		398,199		-
	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				5.70%	$	1,357,661	$	1,082,928
3.88% exchangeable senior debentures due 2025
	(see page 152)		04/12		5.32%	$	497,898	$	491,000
Convertible senior debentures: (see page 152)
	2.85% due 2027		04/12		5.45%	$	10,168	$	9,914
	3.63% due 2026		n/a		n/a		-		176,499
	Total convertible senior debentures (20)				5.45%	$	10,168	$	186,413
Unsecured revolving credit facilities:
	$1.25 billion unsecured revolving credit facility
		($22,085 reserved for outstanding letters of credit) (21)	06/16	L+135	0.00	$	-	$	205,000
	$1.25 billion unsecured revolving credit facility (21)		11/16	L+125	1.48%		138,000		669,000
	Total unsecured revolving credit facilities				1.48%	$	138,000	$	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 January 9, 2012, we completed a $300,000 refinancing of this property. The five-year fixed rate loan bears interest at 3.75% and amortizes based on a 30-year schedule beginning in the third year. The proceeds of the new loan and $132,000 of existing cash were used to repay the existing loan and closing costs.
(3)	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.
(4)	On December 28, 2011, we completed a $330,000 refinancing of this property. The seven-year loan bears interest at LIBOR plus 2.35% and amortizes based on a 30-year schedule beginning in the fourth year.
(5)	In February 2012, we notified the lender that this property currently has a 26% vacancy rate, which is expected to increase due to scheduled lease expirations resulting primarily from the Base Realignment and Closure statute. Based on the projected vacancy and the significant amount of capital, time and effort to re-tenant this property, we requested that the mortgage loan be placed with the special servicer.
(6)	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.
(7)	On May 11, 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.
(8)	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.
(9)	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.
(10)	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.
(11)	On January 6, 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.
(12)	We are currently in negotiations to refinance this loan and have extended its maturity date to March 9, 2012.
(13)	On May 10, 2011, we refinanced this loan for the same amount. The five-year interest only loan is at LIBOR plus 1.25%.
(14)	This loan bears interest at the Freddie Mac Reference Note Rate plus 1.53%.
(15)	This loan has a LIBOR floor of 0.50%.
(16)	This loan has a LIBOR floor of 1.00%.
(17)	This loan has a LIBOR floor of 2.00%.

Notes to preceding tabular information (Amounts in thousands):
(18)	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.
(19)	On November 30, 2011, we completed a public offering of $400,000 aggregate principal amount of 5.0%, ten-year senior unsecured notes and retained net proceeds of approximately $395,584. The notes were sold at 99.546% of their face amount to yield 5.057%.
(20)	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.
(21)	In 2011, we renewed both of our unsecured revolving credit facilities aggregating $2,500,000. The first facility, which was renewed in June 2011, bears interest on drawn amounts at LIBOR plus 1.35% and has a 0.30% facility fee (drawn or undrawn). The second facility, which was renewed in November 2011, bears interest on drawn amounts at LIBOR plus 1.25% and has a 0.25% facility fee (drawn or undrawn). The LIBOR spread and facility fee on both facilities are based on our credit ratings. Both facilities mature in four years and have one-year extension options.

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
			December 31,		December 31,		December 31,		December 31,		December 31,			December 31,
Balance Sheet:			2011		2010		2011		2010		2011			2010
	Principal amount of debt component		$	10,233	$	10,233	$	-	$	179,052	$	499,982		$	499,982
	Unamortized discount			(65)		(319)		-		(2,553)		(2,084)			(8,982)
	Carrying amount of debt component		$	10,168	$	9,914	$	-	$	176,499	$	497,898		$	491,000
	Carrying amount of equity component		$	956	$	956	$	-	$	9,604	$	32,301		$	32,301
	Effective interest rate			5.45%		5.45%		n/a		5.32%		5.32	%		5.32%
	Maturity date (period through which
		discount is being amortized)		4/1/12				n/a				4/15/12
	Conversion price per share, as adjusted		$	157.18				n/a			$	87.17
	Number of shares on which the
		aggregate consideration to be
		delivered upon conversion is
		determined		-(1)				n/a				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 December 31, 2011 closing share price of our common shares and the conversion price 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 common shares.

Disclosures of convertible and exchangeable senior debentures

(Amounts in thousands)		For the Year Ended December 31,
Income Statement:		2011		2010		2009
2.85% Convertible Senior Debentures due 2027:
	Coupon interest	$	292	$	553	$	33,743
	Discount amortization – original issue		45		80		4,596
	Discount amortization – ASC 470-20 implementation		209		374		21,514
		$	546	$	1,007	$	59,853
3.63% Convertible Senior Debentures due 2026:
	Coupon interest	$	5,674	$	13,015	$	32,654
	Discount amortization – original issue		694		1,520		3,606
	Discount amortization – ASC 470-20 implementation		1,859		4,069		9,651
		$	8,227	$	18,604	$	45,911
3.88% Exchangeable Senior Debentures due 2025:
	Coupon interest	$	19,374	$	19,374	$	19,428
	Discount amortization – original issue		1,628		1,544		1,464
	Discount amortization – ASC 470-20 implementation		5,270		4,999		4,741
		$	26,272	$	25,917	$	25,633

Schedule of Maturities of Long-Term Debt Table Text Block

				Senior Unsecured
				Debt and
(Amounts in thousands)		Notes and		Revolving Credit
Year Ending December 31,		Mortgages Payable		Facilities
2012	$	828,404	$	-
2013		1,741,750		-
2014		495,098		-
2015		538,159		500,000
2016		1,576,394		138,000
Thereafter		3,366,770		860,000