Segment Information (Tables)

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Schedule of Segment Information

(Amounts in thousands)		For the Three Months Ended September 30, 2015
			Total		New York			Washington, DC			Other
Total revenues			$	627,596	$	429,433		$	132,704		$	65,459
Total expenses				436,156		263,805			102,114			70,237
Operating income (loss)				191,440		165,628			30,590			(4,778)
(Loss) income from partially owned entities				(325)		4,010			(1,909)			(2,426)
Income from real estate fund investments				1,665		-			-			1,665
Interest and other investment income, net				3,160		1,888			34			1,238
Interest and debt expense				(95,344)		(50,480)			(16,580)			(28,284)
Net gain on disposition of wholly owned and partially
	owned assets			103,037		-			102,404			633
Income (loss) before income taxes				203,633		121,046			114,539			(31,952)
Income tax expense				(2,856)		(1,147)			(287)			(1,422)
Income (loss) from continuing operations				200,777		119,899			114,252			(33,374)
Income from discontinued operations				34,463		-			-			34,463
Net income				235,240		119,899			114,252			1,089
Less net income attributable to noncontrolling interests				(16,006)		(2,582)			-			(13,424)
Net income (loss) attributable to Vornado				219,234		117,317			114,252			(12,335)
Interest and debt expense(2)				118,977		64,653			20,010			34,314
Depreciation and amortization(2)				174,209		99,206			48,132			26,871
Income tax expense(2)				3,043		1,214			294			1,535
EBITDA(1)			$	515,463	$	282,390	(3)	$	182,688	(4)	$	50,385	(5)

(Amounts in thousands)		For the Three Months Ended September 30, 2014
			Total		New York			Washington, DC			Other
Total revenues			$	578,710	$	383,828		$	133,541		$	61,341
Total expenses				396,571		238,153			88,375			70,043
Operating income (loss)				182,139		145,675			45,166			(8,702)
(Loss) income from partially owned entities				(26,034)		5,810			(1,411)			(30,433)
Income from real estate fund investments				24,160		-			-			24,160
Interest and other investment income, net				7,568		1,834			15			5,719
Interest and debt expense				(100,817)		(43,061)			(18,685)			(39,071)
Net gain on disposition of wholly owned and partially
	owned assets			2,665		-			-			2,665
Income (loss) before income taxes				89,681		110,258			25,085			(45,662)
Income tax expense				(2,652)		(802)			(130)			(1,720)
Income (loss) from continuing operations				87,029		109,456			24,955			(47,382)
Income from discontinued operations				82,168		5,615			-			76,553
Net income				169,197		115,071			24,955			29,171
Less net income attributable to noncontrolling interests				(17,673)		(2,690)			-			(14,983)
Net income attributable to Vornado				151,524		112,381			24,955			14,188
Interest and debt expense(2)				160,252		58,010			22,208			80,034
Depreciation and amortization(2)				160,270		79,446			36,411			44,413
Income tax expense (2)				2,232		746			145			1,341
EBITDA(1)			$	474,278	$	250,583	(3)	$	83,719	(4)	$	139,976	(5)
See notes on page 32.

(Amounts in thousands)		For the Nine Months Ended September 30, 2015
			Total		New York			Washington, DC			Other
Total revenues			$	1,850,686	$	1,243,208		$	401,528		$	205,950
Total expenses				1,298,141		766,863			293,772			237,506
Operating income (loss)				552,545		476,345			107,756			(31,556)
(Loss) income from partially owned entities				(8,709)		1,523			(3,583)			(6,649)
Income from real estate fund investments				52,122		-			-			52,122
Interest and other investment income, net				19,618		5,642			60			13,916
Interest and debt expense				(279,110)		(143,004)			(52,223)			(83,883)
Net gain on disposition of wholly owned and partially
	owned assets			104,897		-			102,404			2,493
Income (loss) before income taxes				441,363		340,506			154,414			(53,557)
Income tax benefit (expense)				84,245		(3,185)			(79)			87,509
Income from continuing operations				525,608		337,321			154,335			33,952
Income from discontinued operations				50,278		-			-			50,278
Net income				575,886		337,321			154,335			84,230
Less net income attributable to noncontrolling interests				(66,559)		(6,640)			-			(59,919)
Net income attributable to Vornado				509,327		330,681			154,335			24,311
Interest and debt expense(2)				348,725		184,377			62,413			101,935
Depreciation and amortization(2)				493,904		288,897			136,687			68,320
Income tax (benefit) expense (2)				(85,349)		3,368			(1,856)			(86,861)
EBITDA(1)			$	1,266,607	$	807,323	(3)	$	351,579	(4)	$	107,705	(5)

(Amounts in thousands)		For the Nine Months Ended September 30, 2014
		Total		New York			Washington, DC			Other
Total revenues		$	1,715,502	$	1,120,686		$	403,645		$	191,171
Total expenses			1,198,854		702,727			265,299			230,828
Operating income (loss)			516,648		417,959			138,346			(39,657)
(Loss) income from partially owned entities			(78,676)		16,372			(4,925)			(90,123)
Income from real estate fund investments			142,418		-			-			142,418
Interest and other investment income, net			28,814		4,889			93			23,832
Interest and debt expense			(301,042)		(134,970)			(56,692)			(109,380)
Net gain on disposition of wholly owned and partially
	owned assets		13,205		-			-			13,205
Income (loss) before income taxes			321,367		304,250			76,822			(59,705)
Income tax expense			(6,783)		(2,997)			(46)			(3,740)
Income (loss) from continuing operations			314,584		301,253			76,776			(63,445)
Income from discontinued operations			118,456		17,401			-			101,055
Net income			433,040		318,654			76,776			37,610
Less net income attributable to noncontrolling interests			(101,791)		(7,203)			-			(94,588)
Net income (loss) attributable to Vornado			331,249		311,451			76,776			(56,978)
Interest and debt expense(2)			510,724		180,150			67,469			263,105
Depreciation and amortization(2)			530,052		241,040			108,367			180,645
Income tax expense(2)			21,489		3,069			88			18,332
EBITDA(1)		$	1,393,514	$	735,710	(3)	$	252,700	(4)	$	405,104	(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 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 Nine Months Ended
			September 30,						September 30,
			2015			2014			2015			2014
	Office			$	166,663		$	159,568		$	496,762		$	480,280
	Retail				97,604			71,327			265,060			205,469
	Alexander's				10,502			10,387			31,150			31,088
	Hotel Pennsylvania				7,621			9,301			14,351			18,873
		Total New York		$	282,390		$	250,583		$	807,323		$	735,710
(4)	The elements of "Washington, DC" EBITDA are summarized below.
	(Amounts in thousands)			For the Three Months Ended						For the Nine Months Ended
			September 30,						September 30,
			2015			2014			2015			2014
	Office, excluding the Skyline properties			$	64,733		$	65,904		$	200,631		$	200,218
	Gain on sale of 1750 Pennsylvania Avenue				102,404			-			102,404			-
	Skyline properties				5,998			7,698			19,037			21,270
		Total Office			173,135			73,602			322,072			221,488
	Residential				9,553			10,117			29,507			31,212
		Total Washington, DC		$	182,688		$	83,719		$	351,579		$	252,700

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 Nine Months Ended
			September 30,						September 30,
			2015			2014			2015			2014
	Our share of real estate fund investments:
		Income before net realized/unrealized (losses) gains	$	2,594		$	2,051		$	6,879		$	6,668
		Net realized/unrealized (losses) gains on investments		(922)			5,083			9,542			32,890
		Carried interest		(49)			8,438			6,248			21,643
	Total			1,623			15,572			22,669			61,201
	The Mart and trade shows			19,044			19,497			62,229			61,038
	555 California Street			13,005			11,994			38,237			35,566
	Our share of Toys(a)			46			12,440			2,000			103,026
	India real estate ventures			13			2,651			2,229			4,574
	Other investments			11,558			4,372			25,787			13,594
				45,289			66,526			153,151			278,999
	Corporate general and administrative expenses(b) (c)			(22,341)			(22,948)			(82,043)			(71,952)
	Investment income and other, net(b)			5,952			6,659			21,275			22,764
	Gains on sale of partially owned entities and other				33,153			-			37,666			-
	UE and residual retail properties discontinued operations(d)			2,516			106,602			26,313			192,532
	Acquisition and transaction related costs			(1,518)			(1,277)			(7,560)			(3,629)
	Net gain on sale of residential condominiums and a land parcel				633			2,665			2,493			13,205
	Impairment loss and loan loss reserve on investment in Suffolk Downs			(595)			(10,263)			(595)			(10,263)
	Our share of impairment losses on India real estate ventures			-			-			(14,806)			-
	Net income attributable to noncontrolling interests in
		the Operating Partnership		(12,704)			(7,988)			(28,189)			(16,552)
			$	50,385		$	139,976		$	107,705		$	405,104
	(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 nine months ended September 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 $2,577 and $1,352 for the three months ended September 30, 2015 and 2014, respectively, and $327 and $8,132 for the nine months ended September 30, 2015 and 2014, respectively.
	(c)	The nine months ended September 30, 2015 includes $7,084 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 $867 and $6,217 thereafter.
	(d)	The three months ended September 30, 2014 and the nine months ended September 30, 2015 and 2014, includes $5,828, $22,972 and $9,343, respectively, of transaction costs related to the spin-off of our strip shopping centers and malls (see Note 1 - Organization).