Segment Information (Tables)

12 Months Ended

Dec. 31, 2014


(Amounts in thousands)		For the Year Ended December 31, 2014
											Retail
			Total		New York			Washington, DC			Properties			Toys		Other
Total revenues			$	2,635,940	$	1,520,845		$	537,151		$	326,947		$	-	$	250,997
Total expenses				1,820,298		946,466			358,019			197,206			-		318,607
Operating income (loss)				815,642		574,379			179,132			129,741			-		(67,610)
(Loss) income from partially owned
	entities, including Toys			(58,131)		20,701			(3,677)			1,730			(73,556)		(3,329)
Income from Real Estate Fund				163,034		-			-			-			-		163,034
Interest and other investment
	income, net			38,787		6,711			183			35			-		31,858
Interest and debt expense				(467,715)		(183,427)			(75,395)			(54,754)			-		(154,139)
Net gain on disposition of wholly
	owned and partially owned assets			13,568		-			-			-			-		13,568
Income (loss) before income taxes				505,185		418,364			100,243			76,752			(73,556)		(16,618)
Income tax expense				(11,002)		(4,305)			(242)			(1,721)			-		(4,734)
Income (loss) from continuing
	operations			494,183		414,059			100,001			75,031			(73,556)		(21,352)
Income from discontinued
	operations			514,843		463,163			-			50,873			-		807
Net income (loss)				1,009,026		877,222			100,001			125,904			(73,556)		(20,545)
Less net income attributable to
	noncontrolling interests			(144,174)		(8,626)			-			(119)			-		(135,429)
Net income (loss) attributable to
	Vornado			864,852		868,596			100,001			125,785			(73,556)		(155,974)
Interest and debt expense⁽²⁾				654,398		241,959			89,448			59,322			100,549		163,120
Depreciation and amortization⁽²⁾				685,973		324,239			145,853			73,433			64,533		77,915
Income tax expense⁽²⁾				24,248		4,395			288			1,721			12,106		5,738
EBITDA⁽¹⁾			$	2,229,471	$	1,439,189	⁽³⁾	$	335,590	⁽⁴⁾	$	260,261	⁽⁵⁾	$	103,632	$	90,799	⁽⁶⁾

Balance Sheet Data:
Real estate at cost			$	18,845,392	$	9,732,818		$	4,383,418		$	2,057,374			-	$	2,671,782
Investments in partially owned entities				1,246,496		1,036,130			102,635			6,007			-		101,724
Total assets				21,248,320		10,752,763			4,310,974			3,580,803			-		2,603,780

See notes on pages 141 and 142.


(Amounts in thousands)		For the Year Ended December 31, 2013
											Retail
			Total		New York			Washington, DC			Properties			Toys		Other
Total revenues			$	2,669,269	$	1,470,907		$	541,161		$	372,435		$	-	$	284,766
Total expenses				1,819,009		910,498			347,686			199,650			-		361,175
Operating income (loss)				850,260		560,409			193,475			172,785			-		(76,409)
(Loss) income from partially owned
	entities, including Toys			(338,785)		15,527			(6,968)			2,097			(362,377)		12,936
Income from Real Estate Fund				102,898		-			-			-			-		102,898
Interest and other investment
	(loss) income, net			(24,876)		5,357			129			11			-		(30,373)
Interest and debt expense				(481,304)		(181,966)			(102,277)			(55,219)			-		(141,842)
Net gain on disposition of wholly
	owned and partially owned assets			3,407		-			-			1,377			-		2,030
Income (loss) before income taxes				111,600		399,327			84,359			121,051			(362,377)		(130,760)
Income tax benefit (expense)				6,406		(2,794)			14,031			(2,311)			-		(2,520)
Income (loss) from continuing
	operations			118,006		396,533			98,390			118,740			(362,377)		(133,280)
Income (loss) from discontinued
	operations			446,734		160,314			-			287,067			-		(647)
Net income (loss)				564,740		556,847			98,390			405,807			(362,377)		(133,927)
Less net income attributable to
	noncontrolling interests			(88,769)		(10,786)			-			(3,065)			-		(74,918)
Net income (loss) attributable to
	Vornado			475,971		546,061			98,390			402,742			(362,377)		(208,845)
Interest and debt expense⁽²⁾				758,781		236,645			116,131			63,803			181,586		160,616
Depreciation and amortization⁽²⁾				732,757		293,974			142,409			72,161			135,178		89,035
Income tax expense (benefit)⁽²⁾				26,371		3,002			(15,707)			2,311			33,532		3,233
EBITDA⁽¹⁾			$	1,993,880	$	1,079,682	⁽³⁾	$	341,223	⁽⁴⁾	$	541,017	⁽⁵⁾	$	(12,081)	$	44,039	⁽⁶⁾

Balance Sheet Data:
Real estate at cost			$	17,418,946	$	8,422,297		$	4,243,048		$	2,060,093		$	-	$	2,693,508
Investments in partially owned entities				1,249,667		904,278			100,543			6,640			83,224		154,982
Total assets				20,097,224		9,255,964			4,107,636			3,374,896			83,224		3,275,504

See notes on page 141 and 142.


(Amounts in thousands)		For the Year Ended December 31, 2012
											Retail
			Total		New York			Washington, DC			Properties			Toys		Other
Total revenues			$	2,649,217	$	1,319,470		$	554,028		$	318,566		$	-	$	457,153
Total expenses				1,921,425		835,563			360,056			189,480			-		536,326
Operating income (loss)				727,792		483,907			193,972			129,086			-		(79,173)
Income (loss) from partially owned
	entities, including Toys			423,126		207,773			(5,612)			1,458			14,859		204,648
Income from Real Estate Fund				63,936		-			-			-			-		63,936
Interest and other investment
	(loss) income, net			(261,179)		4,002			126			21			-		(265,328)
Interest and debt expense				(484,794)		(146,350)			(115,574)			(53,772)			-		(169,098)
Net gain on disposition of wholly
	owned and partially owned assets			13,347		-			-			8,491			-		4,856
Income (loss) before income taxes				482,228		549,332			72,912			85,284			14,859		(240,159)
Income tax expense				(8,132)		(3,491)			(1,650)			-			-		(2,991)
Income (loss) from continuing
	operations			474,096		545,841			71,262			85,284			14,859		(243,150)
Income (loss) from discontinued
	operations			220,445		30,293			167,766			(52,561)			-		74,947
Net income (loss)				694,541		576,134			239,028			32,723			14,859		(168,203)
Less net (income) loss attributable to
	noncontrolling interests			(77,281)		(2,138)			-			1,812			-		(76,955)
Net income (loss) attributable to
	Vornado			617,260		573,996			239,028			34,535			14,859		(245,158)
Interest and debt expense⁽²⁾				760,523		187,855			133,625			79,462			147,880		211,701
Depreciation and amortization⁽²⁾				735,293		252,257			157,816			86,529			135,179		103,512
Income tax expense (benefit)⁽²⁾				7,026		3,751			1,943			-			(16,629)		17,961
EBITDA⁽¹⁾			$	2,120,102	$	1,017,859	⁽³⁾	$	532,412	⁽⁴⁾	$	200,526	⁽⁵⁾	$	281,289	$	88,016	⁽⁶⁾
Balance Sheet Data:
Real estate at cost			$	17,365,533	$	8,687,141		$	4,171,879		$	2,108,328		$	-	$	2,398,185
Investments in partially owned entities				1,704,297		576,336			95,670			7,083			478,041		547,167
Total assets				22,065,049		9,215,438			4,196,694			3,583,999			478,041		4,590,877

See notes on page 141 and 142.


	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 (benefit) 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 Year Ended December 31,
	(Amounts in thousands)			2014		2013		2012
	Office^(a)			$	1,085,262	$	759,941	$	568,518
	Retail				281,428		246,808		189,484
	Alexander's^(b)				41,746		42,210		231,402
	Hotel Pennsylvania				30,753		30,723		28,455
		Total New York		$	1,439,189	$	1,079,682	$	1,017,859


	(a)		2014 and 2013 includes $440,537 and $127,512 net gains on sale of real estate, respectively.

	(b)		2012 includes $179,934 for our share of net gain on sale of Kings Plaza.



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

				For the Year Ended December 31,
	(Amounts in thousands)			2014		2013		2012
	Office, excluding the Skyline Properties ^(a)			$	266,859	$	268,373	$	449,448
	Skyline properties				27,150		29,499		40,037
		Total Office			294,009		297,872		489,485
	Residential				41,581		43,351		42,927
		Total Washington, DC		$	335,590	$	341,223	$	532,412


	(a)		2012 includes $163,367 of net gains on sale of real estate.


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

				For the Year Ended December 31,
	(Amounts in thousands)			2014		2013		2012
	Strip shopping centers^(a)			$	219,122	$	285,612	$	172,708
	Regional malls^(b)				41,139		255,405		27,818
		Total Retail properties		$	260,261	$	541,017	$	200,526


	(a)		2014 includes $66,023 of net gains on sale of real estate and $5,676 of impairment losses. 2013 includes $81,806 of net gains on sale of real estate, $59,599 of income pursuant to a settlement agreement with Stop & Shop and a $19,000 real estate impairment loss. 2012 includes $15,821 of net gains on sale of real estate and a $33,775 real estate impairment loss.

	(b)		2014 includes $20,842 of impairment losses. 2013 includes a $202,275 net gain on sale of the Green Acres Mall and a $13,443 real estate impairment loss. 2012 includes a $70,100 real estate impairment loss.

Details of Other EBITDA (Table)


	Notes to preceding tabular information:

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

	(Amounts in thousands)			For the Year Ended December 31,
				2014		2013			2012
	Our share of Real Estate Fund:
		Income before net realized/unrealized gains		$	8,056	$	7,752	$	6,385
		Net realized/unrealized gains on investments			37,535		23,489		13,840
		Carried interest			24,715		18,230		4,379
	Total				70,306		49,471		24,604
	The Mart and trade shows				79,636		74,270		62,470
	555 California Street				48,844		42,667		46,167
	India real estate ventures				6,434		5,841		3,654
	LNR^(a)				-		20,443		75,202
	Lexington^(b)				-		6,931		32,595
	Other investments				17,270		18,981		25,612
					222,490		218,604		270,304
	Corporate general and administrative expenses^(c)				(94,929)		(94,904)		(89,082)
	Investment income and other, net^(c)				31,665		46,525		45,563
	Acquisition and transaction related costs, and impairment losses^(d)				(31,348)		(24,857)		(17,386)
	Net gain on sale of marketable securities, land parcels and residential
		condominiums			13,568		56,868		4,856
	Our share of debt satisfaction gains and net gains on sale of real estate
		of partially owned entities			13,000		-		-
	Suffolk Downs impairment loss and loan reserve				(10,263)		-		-
	Our share of impairment losses of partially owned entities				(5,771)		-		(4,936)
	Losses from the disposition of investment in J.C. Penney				-		(127,888)		(300,752)
	Severance costs (primarily reduction in force at the Mart)				-		(5,492)		(3,005)
	Purchase price fair value adjustment and accelerated amortization of
		discount on investment in subordinated debt of Independence Plaza			-		-		105,366
	The Mart discontinued operations				-		-		93,588
	Net gain resulting from Lexington's stock issuance and asset acquisition				-		-		28,763
	Net income attributable to noncontrolling interests in the Operating Partnership				(47,563)		(23,659)		(35,327)
	Preferred unit distributions of the Operating Partnership				(50)		(1,158)		(9,936)
				$	90,799	$	44,039	$	88,016


	(a)		On April 19, 2013, LNR was sold.

	(b)		In the first quarter of 2013, we began accounting for our investment in Lexington as a marketable equity security - available for sale. This investment was previously accounted for under the equity method (see page 112 for details).

	(c)		The amounts in these captions (for this table only) exclude income/expense from the mark-to-market of our deferred compensation plan of $11,557, $10,636 and $6,809 for the years ended December 31, 2014, 2013 and 2012, respectively.

	(d)		The year ended December 31, 2014, includes $14,956 of transaction costs related to the spin-off of our strip shopping centers and malls.

- 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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