Segment Information (Tables)

12 Months Ended

Dec. 31, 2011

Segment Information Tables [Abstract]


(Amounts in thousands)			For the Year Ended December 31, 2011
						New York		Washington, DC				Merchandise
				Total		Office		Office		Retail		Mart		Toys		Other⁽³⁾
Property rentals				$	2,157,938	$	783,438	$	558,256	$	424,646	$	208,059	$	-	$	183,539
Straight-line rent adjustments					41,431		25,720		(721)		16,319		(2,680)		-		2,793
Amortization of acquired below-
	market leases, net				62,442		31,547		2,088		23,751		38		-		5,018
Total rentals					2,261,811		840,705		559,623		464,716		205,417		-		191,350
Tenant expense reimbursements					349,420		140,038		36,849		150,338		11,602		-		10,593
Cleveland Medical Mart development
	project				154,080		-		-		-		154,080		-		-
Fee and other income:
	BMS cleaning fees				61,754		95,452		-		-		-		-		(33,698)
	Management and leasing fees				20,103		7,394		12,361		3,071		342		-		(3,065)
	Lease termination fees				16,395		11,539		3,794		767		295		-		-
	Other				52,102		22,189		20,650		5,966		3,558		-		(261)
Total revenues					2,915,665		1,117,317		633,277		624,858		375,294		-		164,919
Operating expenses					1,091,597		485,731		200,677		205,385		132,470		-		67,334
Depreciation and amortization					553,811		186,765		160,729		114,360		41,094		-		50,863
General and administrative					209,981		18,815		26,380		28,098		29,996		-		106,692
Cleveland Medical Mart development
	project				145,824		-		-		-		145,824		-		-
Tenant buy-outs, impairment losses and
	other acquisition related costs				58,299		-		-		24,146		28,228		-		5,925
Total expenses					2,059,512		691,311		387,786		371,989		377,612		-		230,814
Operating income (loss)					856,153		426,006		245,491		252,869		(2,318)		-		(65,895)
Income applicable to Toys					48,540		-		-		-		-		48,540		-
Income (loss) from partially owned
	entities				71,770		(12,559)		(6,381)		4,006		455		-		86,249
Income from Real Estate Fund					22,886		-		-		-				-		22,886
Interest and other investment													-
	income (loss), net				148,826		642		199		(29)		43		-		147,971
Interest and debt expense					(544,015)		(138,336)		(120,724)		(91,895)		(36,873)		-		(156,187)
Net gain on disposition of wholly
	owned and partially owned assets				15,134		-		-		4,278		-		-		10,856
Income (loss) before income taxes					619,294		275,753		118,585		169,229		(38,693)		48,540		45,880
Income tax expense					(24,827)		(2,084)		(2,927)		(34)		(2,237)		-		(17,545)
Income (loss) from continuing
	operations				594,467		273,669		115,658		169,195		(40,930)		48,540		28,335
Income from discontinued operations					145,533		563		46,466		4,000		94,504		-		-
Net income					740,000		274,232		162,124		173,195		53,574		48,540		28,335
Less:
	Net (income) loss attributable to
		noncontrolling interests in
		consolidated subsidiaries			(21,786)		(10,042)		-		237		-		-		(11,981)
	Net (income) attributable to
		noncontrolling interests in the
		Operating Partnership, including
		unit distributions			(55,912)		-		-		-		-		-		(55,912)
Net income (loss) attributable to
	Vornado				662,302		264,190		162,124		173,432		53,574		48,540		(39,558)
Interest and debt expense⁽²⁾					797,920		150,627		134,270		96,644		40,916		157,135		218,328
Depreciation and amortization⁽²⁾					777,421		201,122		181,560		117,716		46,725		134,967		95,331
Income tax expense (benefit)⁽²⁾					4,812		2,204		3,123		34		2,237		(1,132)		(1,654)
EBITDA⁽¹⁾				$	2,242,455	$	618,143	$	481,077	$	387,826	$	143,452	$	339,510	$	272,447

Balance Sheet Data:
Real estate at cost				$	17,627,011	$	5,554,964	$	4,373,361	$	4,828,536	$	963,811	$	-	$	1,906,339
Investments in partially owned entities					1,740,459		355,499		113,536		13,264		3,589		506,809		747,762
Total assets					20,446,487		6,244,822		4,150,140		4,438,198		1,226,084		506,809		3,880,434


See notes on page 173.


(Amounts in thousands)			For the Year Ended December 31, 2010
						New York		Washington, DC				Merchandise
				Total		Office		Office		Retail		Mart		Toys		Other⁽³⁾
Property rentals				$	2,099,158	$	773,996	$	566,041	$	390,068	$	199,323	$	-	$	169,730
Straight-line rent adjustments					73,007		34,197		5,849		28,604		382		-		3,975
Amortization of acquired below-
	market leases, net				65,542		36,164		2,326		21,470		(75)		-		5,657
Total rentals					2,237,707		844,357		574,216		440,142		199,630		-		179,362
Tenant expense reimbursements					355,616		137,412		51,963		144,224		11,059		-		10,958
Fee and other income:
	BMS cleaning fees				58,053		88,664		-		-		-		-		(30,611)
	Management and leasing fees				20,117		6,192		15,934		1,029		156		-		(3,194)
	Lease termination fees				14,826		4,270		1,148		7,641		467		-		1,300
	Other				54,362		22,283		21,427		3,674		3,838		-		3,140
Total revenues					2,740,681		1,103,178		664,688		596,710		215,150		-		160,955
Operating expenses					1,082,844		469,495		213,935		220,090		114,161		-		65,163
Depreciation and amortization					522,022		176,534		142,720		108,156		40,130		-		54,482
General and administrative					213,949		18,578		25,464		29,610		26,720		-		113,577
Tenant buy-outs, impairment losses and
	other acquisition related costs				129,458		-		-		72,500		20,000		-		36,958
Total expenses					1,948,273		664,607		382,119		430,356		201,011		-		270,180
Operating income (loss)					792,408		438,571		282,569		166,354		14,139		-		(109,225)
Income applicable to Toys					71,624		-		-		-		-		71,624		-
Income (loss) from partially owned
	entities				22,438		(6,354)		(564)		9,401		(179)		-		20,134
(Loss) from Real Estate Fund					(303)		-		-		-		-		-		(303)
Interest and other investment
	income, net				235,315		608		157		180		47		-		234,323
Interest and debt expense					(560,052)		(132,279)		(130,540)		(85,063)		(37,932)		-		(174,238)
Net gain (loss) on extinguishment
	of debt				94,789		-		-		105,571		-		-		(10,782)
Net gain on disposition of wholly
	owned and partially owned assets				81,432		-		54,742		-		765		-		25,925
Income (loss) before income taxes					737,651		300,546		206,364		196,443		(23,160)		71,624		(14,166)
Income tax expense					(22,476)		(2,167)		(1,816)		(37)		(173)		-		(18,283)
Income (loss) from continuing
	operations				715,175		298,379		204,548		196,406		(23,333)		71,624		(32,449)
(Loss) income from discontinued
	operations				(7,144)		168		(4,481)		2,453		(5,284)		-		-
Net income (loss)					708,031		298,547		200,067		198,859		(28,617)		71,624		(32,449)
Less:
	Net (income) loss attributable to
		noncontrolling interests in
		consolidated subsidiaries			(4,920)		(9,559)		-		(778)		-		-		5,417
	Net (income) attributable to
		noncontrolling interests in the
		Operating Partnership, including
		unit distributions			(55,228)		-		-		-		-		-		(55,228)
Net income (loss) attributable to
	Vornado				647,883		288,988		200,067		198,081		(28,617)		71,624		(82,260)
Interest and debt expense⁽²⁾					828,082		126,209		136,174		92,653		61,379		177,272		234,395
Depreciation and amortization⁽²⁾					729,426		170,505		159,283		114,335		51,064		131,284		102,955
Income tax (benefit) expense ⁽²⁾					(23,036)		2,167		2,027		37		232		(45,418)		17,919
EBITDA⁽¹⁾				$	2,182,355	$	587,869	$	497,551	$	405,106	$	84,058	$	334,762	$	273,009

Balance Sheet Data:
Real estate at cost				$	17,387,701	$	5,505,010	$	4,237,438	$	4,782,697	$	970,417	$	-	$	1,892,139
Investments in partially owned entities					1,375,006		97,743		149,295		11,831		4,183		447,334		664,620
Total assets					20,517,471		5,743,781		3,872,209		4,284,871		1,435,714		447,334		4,733,562


See notes on page 173.


(Amounts in thousands)			For the Year Ended December 31, 2009
						New York		Washington, DC				Merchandise
				Total		Office		Office		Retail		Mart		Toys		Other⁽³⁾
Property rentals				$	1,989,169	$	757,372	$	526,683	$	354,397	$	191,485	$	-	$	159,232
Straight-line rent adjustments					89,405		36,832		22,683		26,943		2,478		-		469
Amortization of acquired below-
	market leases, net				70,401		39,474		3,452		22,095		89		-		5,291
Total rentals					2,148,975		833,678		552,818		403,435		194,052		-		164,992
Tenant expense reimbursements					351,290		136,368		60,620		132,385		12,079		-		9,838
Fee and other income:
	BMS cleaning fees				53,824		75,549		-		-		-		-		(21,725)
	Management and leasing fees				11,456		4,211		8,183		1,731		88		-		(2,757)
	Lease termination fees				4,886		1,840		2,224		464		219		-		139
	Other				85,160		18,868		47,745		2,565		7,528		-		8,454
Total revenues					2,655,591		1,070,514		671,590		540,580		213,966		-		158,941
Operating expenses					1,050,545		451,977		220,333		200,457		113,078		-		64,700
Depreciation and amortization					519,534		173,433		142,415		99,217		41,587		-		62,882
General and administrative					230,584		22,662		26,205		30,339		30,749		-		120,629
Tenant buy-outs, impairment losses and
	other acquisition related costs				73,763		-		24,875		9,589		-		-		39,299
Total expenses					1,874,426		648,072		413,828		339,602		185,414		-		287,510
Operating income (loss)					781,165		422,442		257,762		200,978		28,552		-		(128,569)
Income applicable to Toys					92,300		-		-		-		-		92,300		-
(Loss) income from partially owned
	entities				(19,910)		5,817		4,850		4,728		151		-		(35,456)
Interest and other investment (loss)
	income, net				(116,350)		876		786		69		95		-		(118,176)
Interest and debt expense					(617,768)		(133,647)		(128,039)		(88,844)		(38,009)		-		(229,229)
Net (loss) gain on extinguishment
	of debt				(25,915)		-		-		769		-		-		(26,684)
Net gain on disposition of wholly
	owned and partially owned assets				5,641		-		-		-		-		-		5,641
Income (loss) before income taxes					99,163		295,488		135,359		117,700		(9,211)		92,300		(532,473)
Income tax expense					(20,642)		(1,332)		(1,482)		(319)		(2,140)		-		(15,369)
Income (loss) from continuing
	operations				78,521		294,156		133,877		117,381		(11,351)		92,300		(547,842)
Income (loss) from discontinued operations					49,929		945		52,308		(3,430)		106		-		-
Net income (loss)					128,450		295,101		186,185		113,951		(11,245)		92,300		(547,842)
Less:
	Net loss (income) attributable to
		noncontrolling interests in
		consolidated subsidiaries			2,839		(9,098)		-		915		-		-		11,022
	Net (income) attributable to
		noncontrolling interests in the
		Operating Partnership, including
		unit distributions			(25,120)		-		-		-		-		-		(25,120)
Net income (loss) attributable to
	Vornado				106,169		286,003		186,185		114,866		(11,245)		92,300		(561,940)
Interest and debt expense⁽²⁾					826,827		126,968		132,610		95,990		52,862		127,390		291,007
Depreciation and amortization⁽²⁾					728,815		168,517		152,747		105,903		56,702		132,227		112,719
Income tax expense (benefit)⁽²⁾					10,193		1,332		1,590		319		2,208		(13,185)		17,929
EBITDA⁽¹⁾				$	1,672,004	$	582,820	$	473,132	$	317,078	$	100,527	$	338,732	$	(140,285)

Balance Sheet Data:
Real estate at cost				$	17,293,970	$	5,421,640	$	4,593,749	$	4,517,625	$	992,290	$	-	$	1,768,666
Investments in partially owned entities					1,209,285		128,961		119,182		22,955		6,520		409,453		522,214
Total assets					20,185,472		5,538,362		4,138,752		3,511,987		1,455,000		409,453		5,131,918


See notes on the following page.

23. 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 expense in the reconciliation of net income (loss) to EBITDA includes our share of these items from partially owned entities.

(3)	The tables below provide information about EBITDA from certain investments that are included in the "other" column of the preceding EBITDA by segment reconciliations. 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)


(Amounts in thousands)			For the Year Ended December 31,
			2011		2010			2009
Our share of Real Estate Fund:
	Income before net realized/unrealized gains		$	4,205	$	503	$	-
	Net unrealized gains			2,999		-		-
	Net realized gains			1,348		-		-
	Carried interest accrual			736		-		-
Total				9,288		503		-
Alexander's				61,080		57,425		81,703
LNR (acquired in July 2010)				47,614		6,116		-
Lexington⁽¹⁾				44,539		55,304		50,024
555 California Street				44,724		46,782		44,757
Hotel Pennsylvania				30,135		23,763		15,108
Other investments				33,529		30,463		11,070
				270,909		220,356		202,662
Corporate general and administrative expenses⁽²⁾				(85,922)		(90,343)		(79,843)
Investment income and other, net⁽²⁾				52,405		65,499		78,593
Mezzanine loans loss reversals (accrual) and net gain on disposition				82,744		53,100		(190,738)
Income from the mark-to-market of J.C. Penney derivative position				12,984		130,153		-
Net gain from Suffolk Downs' sale of a partial interest				12,525		-		-
Net gain on sale of condominiums				5,884		3,149		648
Acquisition costs				(5,925)		(6,945)		-
Real Estate Fund placement fees				(3,451)		(5,937)		-
Net loss on extinguishment of debt				-		(10,782)		(26,684)
Non-cash asset write-downs:
	Investment in Lexington			-		-		(19,121)
	Marketable equity securities			-		-		(3,361)
	Real estate - primarily development projects:
		Wholly owned entities		-		(30,013)		(39,299)
		Partially owned entities		(13,794)		-		(17,820)
Write-off of unamortized costs from the voluntary surrender of equity awards				-		-		(20,202)
Net income attributable to noncontrolling interests in the Operating Partnership,
	including unit distributions			(55,912)		(55,228)		(25,120)
			$	272,447	$	273,009	$	(140,285)


(1)		Includes net gains of $9,760 and $13,710 in 2011 and 2010, respectively, resulting from Lexington's stock issuances.

(2)		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