Segment Information (Tables)

3 Months Ended

Mar. 31, 2014

Schedule of Segment Information [Table Text Block]


(Amounts in thousands)		For the Three Months Ended March 31, 2014
											Retail
			Total		New York			Washington, DC			Properties			Toys		Other
Total revenues			$	660,618	$	371,282		$	135,278		$	88,805		$	-	$	65,253
Total expenses				494,984		241,999			89,572			82,231			-		81,182
Operating income (loss)				165,634		129,283			45,706			6,574			-		(15,929)
Income (loss) from partially owned
	entities, including Toys			1,979		1,566			(1,266)			538			1,847		(706)
Income from Real Estate Fund				18,148		-			-			-			-		18,148
Interest and other investment
	income, net			11,893		1,475			36			9			-		10,373
Interest and debt expense				(109,442)		(42,839)			(19,347)			(9,217)			-		(38,039)
Net gain on disposition of wholly
	owned and partially owned assets			9,635		-			-			-			-		9,635
Income (loss) before income taxes				97,847		89,485			25,129			(2,096)			1,847		(16,518)
Income tax (expense) benefit				(1,582)		(969)			199			(731)			-		(81)
Income (loss) from continuing operations				96,265		88,516			25,328			(2,827)			1,847		(16,599)
Income from discontinued operations				1,891		-			-			1,714			-		177
Net income (loss)				98,156		88,516			25,328			(1,113)			1,847		(16,422)
Less net income attributable to
	noncontrolling interests			(15,439)		(1,405)			-			(17)			-		(14,017)
Net income (loss) attributable to Vornado				82,717		87,111			25,328			(1,130)			1,847		(30,439)
Interest and debt expense⁽²⁾				170,952		58,068			22,798			10,351			38,549		41,186
Depreciation and amortization⁽²⁾				196,339		87,587			36,150			25,328			26,924		20,350
Income tax expense (benefit)⁽²⁾				19,831		1,032			(189)			731			18,077		180
EBITDA⁽¹⁾			$	469,839	$	233,798	⁽³⁾	$	84,087	⁽⁴⁾	$	35,280	⁽⁵⁾	$	85,397	$	31,277	⁽⁶⁾

(Amounts in thousands)		For the Three Months Ended March 31, 2013
										Retail
		Total		New York			Washington, DC			Properties			Toys		Other
Total revenues		$	718,713	$	364,801		$	134,731		$	142,212		$	-	$	76,969
Total expenses			468,419		242,927			85,197			48,580			-		91,715
Operating income (loss)			250,294		121,874			49,534			93,632			-		(14,746)
Income (loss) from partially owned
	entities, including Toys		22,525		5,605			(2,093)			901			1,759		16,353
Income from Real Estate Fund			16,564		-			-			-			-		16,564
Interest and other investment (loss)
	income, net		(49,075)		1,165			76			51			-		(50,367)
Interest and debt expense			(120,346)		(40,431)			(28,250)			(10,286)			-		(41,379)
Net loss on disposition of wholly owned and
	partially owned assets		(36,724)		-			-			-			-		(36,724)
Income (loss) before income taxes			83,238		88,213			19,267			84,298			1,759		(110,299)
Income tax expense			(1,073)		(272)			(378)			-			-		(423)
Income (loss) from continuing operations			82,165		87,941			18,889			84,298			1,759		(110,722)
Income (loss) from discontinued operations			206,762		2,728			-			205,382			-		(1,348)
Net income (loss)			288,927		90,669			18,889			289,680			1,759		(112,070)
Less net income attributable to
	noncontrolling interests		(26,005)		(1,581)			-			(96)			-		(24,328)
Net income (loss) attributable to Vornado			262,922		89,088			18,889			289,584			1,759		(136,398)
Interest and debt expense⁽²⁾			188,780		49,689			31,753			14,223			43,182		49,933
Depreciation and amortization⁽²⁾			194,185		78,413			35,148			18,519			37,674		24,431
Income tax expense⁽²⁾			60,759		347			454			-			59,346		612
EBITDA⁽¹⁾		$	706,646	$	217,537	⁽³⁾	$	86,244	⁽⁴⁾	$	322,326	⁽⁵⁾	$	141,961	$	(61,422)	⁽⁶⁾


See notes on the following page.


	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 elements of "New York" EBITDA are summarized below.

				For the Three Months
				Ended March 31,
	(Amounts in thousands)			2014		2013
	Office			$	157,879	$	146,296
	Retail				66,195		60,382
	Alexander's				10,430		10,541
	Hotel Pennsylvania				(706)		318
		Total New York		$	233,798	$	217,537


(4)	The elements of "Washington, DC" EBITDA are summarized below.

				For the Three Months
				Ended March 31,
	(Amounts in thousands)			2014		2013
	Office, excluding the Skyline Properties			$	67,257	$	67,107
	Skyline properties				6,499		8,162
		Total Office			73,756		75,269
	Residential				10,331		10,975
		Total Washington, DC		$	84,087	$	86,244


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

				For the Three Months
				Ended March 31,
	(Amounts in thousands)			2014		2013
	Strip shopping centers^(a)			$	41,321	$	103,361
	Regional malls^(b)				(6,041)		218,965
		Total Retail properties		$	35,280	$	322,326


	(a)		The three months ended March 31, 2013, includes $59,599 of income pursuant to a settlement agreement with Stop & Shop.

	(b)		The three months ended March 31, 2014, includes a $20,000 non-cash impairment loss on the Springfield Town Center. The three months ended March 31, 2013, includes a $202,275 net gain on sale of Green Acres Mall.

Details of Other EBITDA [Table Text Block]


	Notes to preceding tabular information - continued:


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

				For the Three Months
				Ended March 31,
	(Amounts in thousands)			2014		2013
	Our share of Real Estate Fund:
		Income before net realized/unrealized gains		$	1,982	$	1,462
		Net unrealized gains			3,542		3,379
		Carried interest			1,775		2,183
	Total				7,299		7,024
	Merchandise Mart Building and trade shows				19,087		16,854
	555 California Street				12,066		10,629
	India real estate ventures				1,824		1,759
	LNR^(a)				-		20,443
	Lexington^(b)				-		6,931
	Other investments				4,919		3,117
					45,195		66,757
	Corporate general and administrative expenses^(c)				(25,982)		(22,756)
	Investment income and other, net^(c)				8,073		11,336
	Net gain on sale of a land parcel and residential condominiums				9,635		-
	Acquisition related costs				(1,784)		(601)
	Non-cash impairment loss on J.C. Penney common shares				-		(39,487)
	Loss on sale of J.C. Penney common shares				-		(36,800)
	Loss from the mark-to-market of J.C. Penney derivative position				-		(22,540)
	Merchandise Mart reduction-in-force and severance costs				-		(2,612)
	Net income attributable to noncontrolling interests in the Operating Partnership				(3,848)		(13,933)
	Preferred unit distributions of the Operating Partnership				(12)		(786)
				$	31,277	$	(61,422)


	(a)		On April 19, 2013, LNR was sold for $1.053 billion.

	(b)		In the first quarter of 2013, we began accounting for our investment in Lexington as a marketable equity security - available for sale. The 2013 amount represents our share of Lexington's 2012 fourth quarter earnings which was recorded on a one-quarter lag basis.

	(c)		The amounts in these captions (for this table only) exclude income (expense) from the mark-to-market of our deferred compensation plan.

- 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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