Segment Information (Tables)

9 Months Ended

Sep. 30, 2012

Segment Reporting Disclosure of Entitys Reportable Segments [Abstract]


(Amounts in thousands)			For the Three Months Ended September 30, 2012
												Retail			Merchandise
				Total			New York			Washington, DC		Properties			Mart		Toys		Other
Property rentals				$	492,989		$	255,703		$	115,641	$	67,919		$	31,625	$	-	$	22,101
Straight-line rent adjustments					11,910			8,140			1,267		2,392			(171)		-		282
Amortization of acquired below-
	market leases, net				13,242			8,458			506		2,868			-		-		1,410
Total rentals					518,141			272,301			117,414		73,179			31,454		-		23,793
Tenant expense reimbursements					80,497			45,164			9,601		21,069			1,201		-		3,462
Cleveland Medical Mart development
	project				72,651			-			-		-			72,651		-		-
Fee and other income:
	BMS cleaning fees				16,945			23,918			-		-			-		-		(6,973)
	Signage revenue				4,783			4,783			-		-			-		-		-
	Management and leasing fees				7,234			1,816			4,615		736			142		-		(75)
	Lease termination fees				282			78			128		73			3		-		-
	Other income				10,444			1,116			8,288		632			481		-		(73)
Total revenues					710,977			349,176			140,046		95,689			105,932		-		20,134
Operating expenses					264,487			159,048			50,305		33,519			19,130		-		2,485
Depreciation and amortization					124,335			57,967			29,825		18,202			7,439		-		10,902
General and administrative					48,742			6,739			6,668		6,103			4,120		-		25,112
Cleveland Medical Mart development
	project				70,431			-			-		-			70,431		-		-
Acquisition related costs and
	tenant buy-outs				1,070			-			-		-			-		-		1,070
Total expenses					509,065			223,754			86,798		57,824			101,120		-		39,569
Operating income (loss)					201,912			125,422			53,248		37,865			4,812		-		(19,435)
(Loss) applicable to Toys					(8,585)			-			-		-			-		(8,585)		-
Income (loss) from partially owned
	entities				21,268			9,309			(2,182)		342			219		-		13,580
Income from Real Estate Fund					5,509			-			-		-			-		-		5,509
Interest and other investment
	income, net				10,523			1,057			24		4			-		-		9,438
Interest and debt expense					(120,770)			(36,817)			(28,311)		(14,732)			(7,906)		-		(33,004)
Income (loss) before income taxes					109,857			98,971			22,779		23,479			(2,875)		(8,585)		(23,912)
Income tax (expense) benefit					(3,015)			(815)			25		-			2,166		-		(4,391)
Income (loss) from continuing
	operations				106,842			98,156			22,804		23,479			(709)		(8,585)		(28,303)
Income from discontinued
	operations				157,314			-			126,437		11,085			19,792		-		-
Net income (loss)					264,156			98,156			149,241		34,564			19,083		(8,585)		(28,303)
Less net (income) loss attributable to
		noncontrolling interests in:
		Consolidated subsidiaries			(6,610)			(2,092)			-		97			-		-		(4,615)
		Operating Partnership, including
		unit distributions			(16,240)			-			-		-			-		-		(16,240)
Net income (loss) attributable to
	Vornado				241,306			96,064			149,241		34,661			19,083		(8,585)		(49,158)
Interest and debt expense⁽²⁾					183,241			46,823			33,280		17,499			8,916		34,526		42,197
Depreciation and amortization⁽²⁾					177,593			62,905			35,071		21,345			7,662		33,160		17,450
Income tax expense (benefit)⁽²⁾					3,850			871			(25)		-			9,281		(11,118)		4,841
EBITDA⁽¹⁾					605,990			206,663			217,567		73,505			44,942		47,983		15,330
Less EBITDA from discontinued
	operations				(176,110)	⁽³⁾		-			(128,745)		(15,160)			(32,205)		-		-
EBITDA from continuing operations				$	429,880		$	206,663	⁽⁴⁾	$	88,822	$	58,345	⁽⁵⁾	$	12,737	$	47,983	$	15,330	⁽⁶⁾


See notes on page 38.


(Amounts in thousands)			For the Three Months Ended September 30, 2011
												Retail			Merchandise
				Total			New York			Washington, DC		Properties			Mart		Toys		Other
Property rentals				$	507,258		$	247,794		$	133,659	$	67,616		$	35,586	$	-	$	22,603
Straight-line rent adjustments					7,087			6,445			(1,308)		1,911			(501)		-		540
Amortization of acquired below-
	market leases, net				15,847			9,833			557		4,346			-		-		1,111
Total rentals					530,192			264,072			132,908		73,873			35,085		-		24,254
Tenant expense reimbursements					85,757			49,125			9,640		23,059			1,681		-		2,252
Cleveland Medical Mart development
	project				35,135			-			-		-			35,135		-		-
Fee and other income:
	BMS cleaning fees				15,647			22,571			-		-			-		-		(6,924)
	Signage revenue				5,085			5,085			-		-			-		-		-
	Management and leasing fees				4,773			1,022			2,670		755			45		-		281
	Lease termination fees				4,803			3,540			1,002		261			-		-		-
	Other income				6,468			1,049			5,039		229			543		-		(392)
Total revenues					687,860			346,464			151,259		98,177			72,489		-		19,471
Operating expenses					262,837			152,880			49,013		37,415			21,289		-		2,240
Depreciation and amortization					126,935			55,685			32,346		20,414			7,642		-		10,848
General and administrative					46,121			6,452			6,502		6,088			9,206		-		17,873
Cleveland Medical Mart development
	project				33,419			-			-		-			33,419		-		-
Acquisition related costs and
	tenant buy-outs				2,288			1,558			-		35			-		-		695
Total expenses					471,600			216,575			87,861		63,952			71,556		-		31,656
Operating income (loss)					216,260			129,889			63,398		34,225			933		-		(12,185)
(Loss) applicable to Toys					(9,304)			-			-		-			-		(9,304)		-
Income (loss) from partially owned
	entities				13,140			1,203			(1,356)		575			38		-		12,680
Income from Real Estate Fund					5,353			-			-		-			-		-		5,353
Interest and other investment
	(loss) income, net				(30,011)			1,047			39		1			1		-		(31,099)
Interest and debt expense					(131,998)			(39,088)			(28,928)		(17,639)			(7,866)		-		(38,477)
Net gain on disposition of wholly
	owned and partially owned assets				1,298			-			-		-			-		-		1,298
Income (loss) before income taxes					64,738			93,051			33,153		17,162			(6,894)		(9,304)		(62,430)
Income tax expense					(6,959)			(678)			(881)		-			(784)		-		(4,616)
Income (loss) from continuing
	operations				57,779			92,373			32,272		17,162			(7,678)		(9,304)		(67,046)
Income (loss) from discontinued
	operations				8,444			165			1,622		6,272			483		-		(98)
Net income (loss)					66,223			92,538			33,894		23,434			(7,195)		(9,304)		(67,144)
Less net (income) loss attributable to
		noncontrolling interests in:
		Consolidated subsidiaries			(5,636)			(2,219)			-		110			-		-		(3,527)
		Operating Partnership, including
		unit distributions			(6,825)			-			-		-			-		-		(6,825)
Net income (loss) attributable to
	Vornado				53,762			90,319			33,894		23,544			(7,195)		(9,304)		(77,496)
Interest and debt expense⁽²⁾					197,864			46,691			33,703		20,678			9,523		38,018		49,251
Depreciation and amortization⁽²⁾					193,394			65,539			38,085		24,117			12,230		34,293		19,130
Income tax (benefit) expense⁽²⁾					(7,350)			734			925		-			890		(15,135)		5,236
EBITDA⁽¹⁾					437,670			203,283			106,607		68,339			15,448		47,872		(3,879)
Less EBITDA from discontinued
	operations				(22,597)	⁽³⁾		(276)			(4,568)		(11,288)			(6,563)		-		98
EBITDA from continuing operations				$	415,073		$	203,007	⁽⁴⁾	$	102,039	$	57,051	⁽⁵⁾	$	8,885	$	47,872	$	(3,781)	⁽⁶⁾


See notes on page 38.


(Amounts in thousands)			For the Nine Months Ended September 30, 2012
												Retail			Merchandise
				Total			New York			Washington, DC		Properties			Mart		Toys		Other
Property rentals				$	1,469,751		$	735,587		$	356,459	$	203,237		$	107,687	$	-	$	66,781
Straight-line rent adjustments					55,189			42,334			4,382		7,285			580		-		608
Amortization of acquired below-
	market leases, net				39,228			23,776			1,537		9,648			-		-		4,267
Total rentals					1,564,168			801,697			362,378		220,170			108,267		-		71,656
Tenant expense reimbursements					224,287			118,861			30,471		64,915			3,702		-		6,338
Cleveland Medical Mart development
	project				184,014			-			-		-			184,014		-		-
Fee and other income:
	BMS cleaning fees				49,437			70,476			-		-			-		-		(21,039)
	Signage revenue				14,252			14,252			-		-			-		-		-
	Management and leasing fees				16,534			4,037			9,782		2,640			188		-		(113)
	Lease termination fees				1,172			334			256		74			508		-		-
	Other income				24,623			3,449			18,846		1,361			1,221		-		(254)
Total revenues					2,078,487			1,013,106			421,733		289,160			297,900		-		56,588
Operating expenses					764,018			447,910			143,923		104,788			59,929		-		7,468
Depreciation and amortization					386,974			168,391			107,395		56,830			22,324		-		32,034
General and administrative					151,142			21,980			19,849		18,803			14,877		-		75,633
Cleveland Medical Mart development
	project				177,127			-			-		-			177,127		-		-
Acquisition related costs and
	tenant buy-outs				4,314			-			-		-			-		-		4,314
Total expenses					1,483,575			638,281			271,167		180,421			274,257		-		119,449
Operating income (loss)					594,912			374,825			150,566		108,739			23,643		-		(62,861)
Income applicable to Toys					88,696			-			-		-			-		88,696		-
Income (loss) from partially owned
	entities				53,491			20,345			(4,571)		1,040			560		-		36,117
Income from Real Estate Fund					37,572			-			-		-			-		-		37,572
Interest and other investment
	(loss) income, net				(22,984)			3,166			97		24			-		-		(26,271)
Interest and debt expense					(377,600)			(109,365)			(85,408)		(49,705)			(23,467)		-		(109,655)
Net gain on disposition of wholly
	owned and partially owned assets				4,856			-			-		-			-		-		4,856
Income (loss) before income taxes					378,943			288,971			60,684		60,098			736		88,696		(120,242)
Income tax (expense) benefit					(17,319)			(2,480)			(1,277)		-			343		-		(13,905)
Income (loss) from continuing
	operations				361,624			286,491			59,407		60,098			1,079		88,696		(134,147)
Income (loss) from discontinued
	operations				241,024			(640)			130,979		36,404			67,291		-		6,990
Net income (loss)					602,648			285,851			190,386		96,502			68,370		88,696		(127,157)
Less net (income) loss attributable to
	noncontrolling interests in:
	Consolidated subsidiaries				(30,928)			(7,266)			-		308			-		-		(23,970)
	Operating Partnership, including
		unit distributions			(40,595)			-			-		-			-		-		(40,595)
Net income (loss) attributable to
	Vornado				531,125			278,585			190,386		96,810			68,370		88,696		(191,722)
Interest and debt expense⁽²⁾					567,265			140,294			99,486		58,039			26,492		103,388		139,566
Depreciation and amortization⁽²⁾					552,794			188,480			122,987		65,751			26,966		100,371		48,239
Income tax expense⁽²⁾					50,076			2,677			1,532		-			11,658		17,982		16,227
EBITDA⁽¹⁾					1,701,260			610,036			414,391		220,600			133,486		310,437		12,310
Less EBITDA from discontinued
	operations				(279,464)	⁽³⁾		640			(138,707)		(48,251)			(86,156)		-		(6,990)
EBITDA from continuing operations				$	1,421,796		$	610,676	⁽⁴⁾	$	275,684	$	172,349	⁽⁵⁾	$	47,330	$	310,437	$	5,320	⁽⁶⁾

See notes on page 38.


(Amounts in thousands)			For the Nine Months Ended September 30, 2011
											Retail			Merchandise
			Total			New York			Washington, DC		Properties			Mart		Toys		Other
Property rentals			$	1,517,994		$	727,886		$	400,909	$	202,701		$	118,540	$	-	$	67,958
Straight-line rent adjustments				26,192			22,636			(2,138)		4,666			(1,261)		-		2,289
Amortization of acquired below-
	market leases, net			48,681			33,173			1,597		10,552			-		-		3,359
Total rentals				1,592,867			783,695			400,368		217,919			117,279		-		73,606
Tenant expense reimbursements				237,945			125,921			27,242		71,926			4,988		-		7,868
Cleveland Medical Mart development
	project			108,203			-			-		-			108,203		-		-
Fee and other income:
	BMS cleaning fees			46,479			66,913			-		-			-		-		(20,434)
	Signage revenue			14,746			14,746			-		-			-		-		-
	Management and leasing fees			16,660			3,560			9,629		3,068			348		-		55
	Lease termination fees			12,478			9,176			3,013		289			-		-		-
	Other income			21,450			3,391			15,316		1,172			1,791		-		(220)
Total revenues				2,050,828			1,007,402			455,568		294,374			232,609		-		60,875
Operating expenses				773,331			435,519			142,211		113,167			71,210		-		11,224
Depreciation and amortization				373,380			165,031			96,940		57,472			21,594		-		32,343
General and administrative				154,359			20,409			19,496		20,046			22,659		-		71,749
Cleveland Medical Mart development
	project			101,637			-			-		-			101,637		-		-
Acquisition related costs and
	tenant buy-outs			22,455			16,558			-		35			3,040		-		2,822
Total expenses				1,425,162			637,517			258,647		190,720			220,140		-		118,138
Operating income (loss)				625,666			369,885			196,921		103,654			12,469		-		(57,263)
Income applicable to Toys				80,794			-			-		-			-		80,794		-
Income (loss) from partially owned
	entities			55,035			13,320			(6,038)		1,221			292		-		46,240
Income from Real Estate Fund				25,491			-			-		-			-		-		25,491
Interest and other investment
	income, net			95,086			3,169			119		1			1		-		91,796
Interest and debt expense				(394,192)			(114,381)			(85,971)		(53,024)			(23,342)		-		(117,474)
Net gain on disposition of wholly
	owned and partially owned assets			7,975			-			-		-			-		-		7,975
Income (loss) before income taxes				495,855			271,993			105,031		51,852			(10,580)		80,794		(3,235)
Income tax expense				(18,548)			(1,637)			(2,055)		(5)			(1,523)		-		(13,328)
Income (loss) from continuing
	operations			477,307			270,356			102,976		51,847			(12,103)		80,794		(16,563)
Income (loss) from discontinued
	operations			165,706			398			51,274		26,010			88,365		-		(341)
Net income (loss)				643,013			270,754			154,250		77,857			76,262		80,794		(16,904)
Less net (income) loss attributable to
	noncontrolling interests in:
	Consolidated subsidiaries			(20,643)			(6,815)			-		196			-		-		(14,024)
	Operating Partnership, including
		unit distributions		(47,364)			-			-		-			-		-		(47,364)
Net income (loss) attributable to
	Vornado			575,006			263,939			154,250		78,053			76,262		80,794		(78,292)
Interest and debt expense⁽²⁾				599,668			132,248			100,017		62,144			32,025		121,546		151,688
Depreciation and amortization⁽²⁾				561,738			181,611			118,290		68,294			34,632		101,862		57,049
Income tax expense⁽²⁾				42,135			1,644			2,380		5			2,211		29,914		5,981
EBITDA⁽¹⁾				1,778,547			579,442			374,937		208,496			145,130		334,116		136,426
Less EBITDA from discontinued
	operations			(211,539)	⁽³⁾		(710)			(60,220)		(40,988)			(109,962)		-		341
EBITDA from continuing operations			$	1,567,008		$	578,732	⁽⁴⁾	$	314,717	$	167,508	⁽⁵⁾	$	35,168	$	334,116	$	136,767	⁽⁶⁾


See notes on the following page.

21. 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 following table reconciles income from discontinued operations to EBITDA from discontinued operations.

				For the Three Months				For the Nine Months
				Ended September 30,				Ended September 30,
	(Amounts in thousands)			2012		2011		2012		2011
	Income from discontinued operations			$	157,314	$	8,444	$	241,024	$	165,706
	Interest and debt expense				3,799		4,732		11,415		17,917
	Depreciation and amortization				3,560		9,236		14,818		26,916
	Income taxes				11,437		185		12,207		1,000
		EBITDA from discontinued operations		$	176,110	$	22,597	$	279,464	$	211,539


(4)	The elements of "New York" EBITDA from continuing operations are summarized below.

				For the Three Months				For the Nine Months
				Ended September 30,				Ended September 30,
	(Amounts in thousands)			2012		2011		2012		2011
	Office			$	139,894	$	137,295	$	419,054	$	399,182
	Retail				46,165		43,109		135,399		121,136	^(a)
	Alexander's				13,080		12,830		39,477		40,032
	Hotel Pennsylvania				7,524		9,773		16,746		18,382
		Total New York		$	206,663	$	203,007	$	610,676	$	578,732


	(a)		The EBITDA for the nine months ended September 30, 2011 is after a $16,558 expense for the buy-out of below-market leases.


(5)	The elements of "Retail Properties" EBITDA from continuing operations are summarized below.

				For the Three Months				For the Nine Months
				Ended September 30,				Ended September 30,
	(Amounts in thousands)			2012		2011		2012		2011
	Strip shopping centers			$	42,468	$	41,282	$	125,072	$	120,887
	Regional malls				15,877		15,769		47,277		46,621
		Total Retail properties		$	58,345	$	57,051	$	172,349	$	167,508

Details of Other EBITDA (Table)

21. Segment Information - continued

	Notes to preceding tabular information - continued:


(6)	The elements of "other" EBITDA from continuing operations are summarized below.

				For the Three Months				For the Nine Months
				Ended September 30,				Ended September 30,
	(Amounts in thousands)			2012		2011		2012		2011
	Our share of Real Estate Fund:
		Income before net realized/unrealized gains		$	1,874	$	743	$	4,162	$	2,550
		Net unrealized gains			1,389		1,410		8,384		4,802
		Net realized gains			-		-		-		771
		Carried interest			(2,541)		(475)		-		1,665
	Total				722		1,678		12,546		9,788
	LNR				18,773		15,769		46,006		38,569
	555 California Street				10,714		11,220		31,406		32,608
	Lexington				7,859		8,424		24,780		27,970
	Other investments				11,121		10,173		24,954		30,352
					49,189		47,264		139,692		139,287
	Corporate general and administrative expenses^(a)				(22,811)		(21,585)		(66,940)		(62,964)
	Investment income and other, net^(a)				5,033		12,541		28,865		37,284
	Fee income from Alexander's				1,821		1,758		5,617		5,545
	Income (loss) from the mark-to-market of J.C. Penney derivative
		position			4,344		(37,537)		(53,343)		(27,136)
	Verde Realty impairment loss				(4,936)		-		(4,936)		-
	Acquisition costs				(1,070)		(695)		(4,314)		(2,822)
	Net gain on sale of residential condominiums				-		1,298		1,274		5,884
	Mezzanine loans loss reversal and net gain on disposition				-		-		-		82,744
	Net gain resulting from Lexington's stock issuance				-		-		-		9,760
	Real Estate Fund placement fees				-		-		-		(3,451)
	Net income attributable to noncontrolling interests in the
		Operating Partnership, including unit distributions			(16,240)		(6,825)		(40,595)		(47,364)
				$	15,330	$	(3,781)	$	5,320	$	136,767


	(a)		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.

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