Segment Information (Tables)

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Schedule of Segment Information

(Amounts in thousands)	For the Three Months Ended June 30, 2015
		Total		New York			Washington, DC			Other
Total revenues		$	616,288	$	414,262		$	134,856		$	67,170
Total expenses			422,897		250,298			98,661			73,938
Operating income (loss)			193,391		163,964			36,195			(6,768)
(Loss) income from partially owned entities			(5,231)		3,176			(1,805)			(6,602)
Income from real estate fund investments			26,368		-			-			26,368
Interest and other investment income, net			5,666		1,892			13			3,761
Interest and debt expense			(92,092)		(47,173)			(17,483)			(27,436)
Income (loss) before income taxes			128,102		121,859			16,920			(10,677)
Income tax benefit (expense)			88,072		(1,095)			(466)			89,633
Income from continuing operations			216,174		120,764			16,454			78,956
Loss from discontinued operations			(774)		-			-			(774)
Net income			215,400		120,764			16,454			78,182
Less net income attributable to noncontrolling interests			(29,384)		(2,552)			-			(26,832)
Net income attributable to Vornado			186,016		118,212			16,454			51,350
Interest and debt expense(2)			115,073		61,057			20,891			33,125
Depreciation and amortization(2)			163,245		95,567			47,803			19,875
Income tax (benefit) expense(2)			(87,653)		1,152			486			(89,291)
EBITDA(1)		$	376,681	$	275,988	(3)	$	85,634	(4)	$	15,059	(5)

(Amounts in thousands)		For the Three Months Ended June 30, 2014
			Total		New York			Washington, DC			Other
Total revenues			$	574,411	$	375,674		$	134,826		$	63,911
Total expenses				385,143		226,840			87,352			70,951
Operating income (loss)				189,268		148,834			47,474			(7,040)
(Loss) income from partially owned entities				(53,742)		8,996			(2,248)			(60,490)
Income from real estate fund investments				100,110		-			-			100,110
Interest and other investment income, net				9,396		1,614			42			7,740
Interest and debt expense				(103,913)		(49,070)			(18,660)			(36,183)
Net gain on disposition of wholly owned and partially
	owned assets			905		-			-			905
Income before income taxes				142,024		110,374			26,608			5,042
Income tax expense				(3,280)		(1,226)			(115)			(1,939)
Income from continuing operations				138,744		109,148			26,493			3,103
Income from discontinued operations				26,943		5,919			-			21,024
Net income				165,687		115,067			26,493			24,127
Less net income attributable to noncontrolling interests				(68,679)		(3,108)			-			(65,571)
Net income (loss) attributable to Vornado				97,008		111,959			26,493			(41,444)
Interest and debt expense(2)				179,520		64,072			22,463			92,985
Depreciation and amortization(2)				173,443		74,007			35,806			63,630
Income tax (benefit) expense (2)				(574)		1,291			132			(1,997)
EBITDA(1)			$	449,397	$	251,329	(3)	$	84,894	(4)	$	113,174	(5)
See notes on page 31.

(Amounts in thousands)		For the Six Months Ended June 30, 2015
			Total		New York			Washington, DC			Other
Total revenues			$	1,223,090	$	813,775		$	268,824		$	140,491
Total expenses				861,985		503,058			191,658			167,269
Operating income (loss)				361,105		310,717			77,166			(26,778)
Loss from partially owned entities				(7,636)		(2,487)			(1,674)			(3,475)
Income from real estate fund investments				50,457		-			-			50,457
Interest and other investment income, net				16,458		3,754			26			12,678
Interest and debt expense				(183,766)		(92,524)			(35,643)			(55,599)
Net gain on disposition of wholly owned and partially
	owned assets			1,860		-			-			1,860
Income (loss) before income taxes				238,478		219,460			39,875			(20,857)
Income tax benefit (expense)				87,101		(2,038)			208			88,931
Income from continuing operations				325,579		217,422			40,083			68,074
Income from discontinued operations				15,067		-			-			15,067
Net income				340,646		217,422			40,083			83,141
Less net income attributable to noncontrolling interests				(50,553)		(4,058)			-			(46,495)
Net income attributable to Vornado				290,093		213,364			40,083			36,646
Interest and debt expense(2)				229,748		119,724			42,403			67,621
Depreciation and amortization(2)				319,695		189,691			88,555			41,449
Income tax (benefit) expense (2)				(88,392)		2,154			(2,150)			(88,396)
EBITDA(1)			$	751,144	$	524,933	(3)	$	168,891	(4)	$	57,320	(5)

(Amounts in thousands)		For the Six Months Ended June 30, 2014
		Total		New York			Washington, DC			Other
Total revenues		$	1,136,792	$	736,858		$	270,104		$	129,830
Total expenses			802,283		464,574			176,924			160,785
Operating income (loss)			334,509		272,284			93,180			(30,955)
(Loss) income from partially owned entities			(51,763)		10,562			(3,514)			(58,811)
Income from real estate fund investments			118,258		-			-			118,258
Interest and other investment income, net			21,246		3,055			78			18,113
Interest and debt expense			(200,225)		(91,909)			(38,007)			(70,309)
Net gain on disposition of wholly owned and partially
	owned assets		10,540		-			-			10,540
Income (loss) before income taxes			232,565		193,992			51,737			(13,164)
Income tax (expense) benefit			(4,131)		(2,195)			84			(2,020)
Income (loss) from continuing operations			228,434		191,797			51,821			(15,184)
Income from discontinued operations			35,409		11,786			-			23,623
Net income			263,843		203,583			51,821			8,439
Less net income attributable to noncontrolling interests			(84,118)		(4,513)			-			(79,605)
Net income (loss) attributable to Vornado			179,725		199,070			51,821			(71,166)
Interest and debt expense(2)			350,472		122,140			45,261			183,071
Depreciation and amortization(2)			369,782		161,594			71,956			136,232
Income tax expense (benefit)(2)			19,257		2,323			(57)			16,991
EBITDA(1)		$	919,236	$	485,127	(3)	$	168,981	(4)	$	265,128	(5)
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 non-GAAP financial 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.
	(Amounts in thousands)			For the Three Months Ended						For the Six Months Ended
			June 30,						June 30,
			2015			2014			2015			2014
	Office			$	170,740		$	162,833		$	330,099		$	320,712
	Retail				86,151			67,947			167,456			134,142
	Alexander's				10,241			10,271			20,648			20,701
	Hotel Pennsylvania				8,856			10,278			6,730			9,572
		Total New York		$	275,988		$	251,329		$	524,933		$	485,127
(4)	The elements of "Washington, DC" EBITDA are summarized below.
	(Amounts in thousands)			For the Three Months Ended						For the Six Months Ended
			June 30,						June 30,
			2015			2014			2015			2014
	Office, excluding the Skyline Properties			$	68,514		$	67,057		$	135,898		$	134,314
	Skyline properties				6,984			7,073			13,039			13,572
		Total Office			75,498			74,130			148,937			147,886
	Residential				10,136			10,764			19,954			21,095
		Total Washington, DC		$	85,634		$	84,894		$	168,891		$	168,981

Details of Other EBITDA

	Notes to preceding tabular information - continued:
(5)	The elements of "Other" EBITDA are summarized below.
	(Amounts in thousands)		For the Three Months Ended						For the Six Months Ended
			June 30,						June 30,
			2015			2014			2015			2014
	Our share of real estate fund investments:
		Income before net realized/unrealized gains	$	1,533		$	2,191		$	4,285		$	4,617
		Net realized/unrealized gains on investments		6,054			24,265			10,464			27,807
		Carried interest		2,909			11,874			6,297			13,205
	Total			10,496			38,330			21,046			45,629
	The Mart and trade shows			22,144			22,454			43,185			41,541
	555 California Street			12,831			11,506			25,232			23,572
	Our share of Toys(a)			500			5,189			1,954			90,586
	India real estate ventures			375			99			2,216			1,923
	Other investments			11,222			6,780			18,966			14,380
				57,568			84,358			112,599			217,631
	Corporate general and administrative expenses(b) (c)			(23,760)			(23,022)			(59,702)			(49,004)
	Investment income and other, net(b)			6,561			8,032			15,323			16,105
	Our share of impairment loss on India real estate ventures			(14,806)			-			(14,806)			-
	Our share of gains on sale of real estate of partially owned entities				4,513			-			4,513			-
	Acquisition and transaction related costs			(4,061)			(1,067)			(6,042)			(2,352)
	UE and residual retail properties discontinued operations(d)			(758)			48,672			19,060			80,772
	Net gain on sale of residential condominiums and a land parcel				-			905			1,860			10,540
	Net income attributable to noncontrolling interests in
		the Operating Partnership		(10,198)			(4,704)			(15,485)			(8,564)
			$	15,059		$	113,174		$	57,320		$	265,128
	(a)	As a result of our investment being reduced to zero, we suspended equity method accounting in the third quarter of 2014 (see Note 7 - Investments in Partially Owned Entities). The six months ended June 30, 2014 includes an impairment loss of $75,196.
	(b)	The amounts in these captions (for this table only) exclude income/expense from the mark-to-market of our deferred compensation plan of $609 and $2,380 for the three months ended June 30, 2015 and 2014, respectively, and $2,250 and $6,780 for the six months ended June 30, 2015 and 2014, respectively.
	(c)	The six months ended June 30, 2015 includes $8,817 from the acceleration of the recognition of compensation expense related to 2013-2015 Out-Performance Plans due to the modification of the vesting criteria of awards such that they will fully vest at age 65. The accelerated expense will result in lower general and administrative expense for the remainder of 2015 of $1,734 and $6,217 thereafter.
	(d)	The three months ended June 30, 2015 and 2014, include $327 and $3,016, respectively, and the six months ended June 30, 2015 and 2014, include $22,972 and $3,515, respectively, of transaction costs related to the spin-off of our strip shopping centers and malls (see Note 1 - Organization).