Segment Information (Tables)

6 Months Ended

Jun. 30, 2012

Segment Reporting Disclosure of Entitys Reportable Segments [Abstract]


(Amounts in thousands)			For the Three Months Ended June 30, 2012
											Retail			Merchandise
				Total		New York			Washington, DC		Properties			Mart		Toys		Other
Property rentals				$	498,644	$	245,948		$	120,532	$	75,718		$	34,015	$	-	$	22,431
Straight-line rent adjustments					21,344		17,065			1,261		2,970			82		-		(34)
Amortization of acquired below-
	market leases, net				12,411		7,623			508		2,791			-		-		1,489
Total rentals					532,399		270,636			122,301		81,479			34,097		-		23,886
Tenant expense reimbursements					78,833		36,985			10,958		28,314			1,267		-		1,309
Cleveland Medical Mart development
	project				56,304		-			-		-			56,304		-		-
Fee and other income:
	BMS cleaning fees				16,982		23,911			-		-			-		-		(6,929)
	Management and leasing fees				4,546		1,113			2,384		1,068			1		-		(20)
	Lease termination fees				479		233			128		1			117		-		-
	Other				11,048		5,455			4,971		388			312		-		(78)
Total revenues					700,591		338,333			140,742		111,250			92,098		-		18,168
Operating expenses					251,970		143,190			48,500		41,527			16,258		-		2,495
Depreciation and amortization					132,529		56,665			35,994		21,415			7,869		-		10,586
General and administrative					46,834		6,654			6,233		6,367			4,848		-		22,732
Cleveland Medical Mart development
	project				53,935		-			-		-			53,935		-		-
Acquisition related costs and
	tenant buy-outs				2,559		-			-		-			-		-		2,559
Total expenses					487,827		206,509			90,727		69,309			82,910		-		38,372
Operating income (loss)					212,764		131,824			50,015		41,941			9,188		-		(20,204)
(Loss) applicable to Toys					(19,190)		-			-		-			-		(19,190)		-
Income (loss) from partially owned
	entities				12,563		6,851			(519)		294			185		-		5,752
Income from Real Estate Fund					20,301		-			-		-			-		-		20,301
Interest and other investment
	(loss) income, net				(49,172)		1,057			29		6			-		-		(50,264)
Interest and debt expense					(128,427)		(36,407)			(29,313)		(18,963)			(7,781)		-		(35,963)
Net gain on disposition of wholly
	owned and partially owned assets				4,856		-			-		-			-		-		4,856
Income (loss) before income taxes					53,695		103,325			20,212		23,278			1,592		(19,190)		(75,522)
Income tax expense					(7,479)		(1,064)			(852)		-			(892)		-		(4,671)
Income (loss) from continuing
	operations				46,216		102,261			19,360		23,278			700		(19,190)		(80,193)
Income (loss) from discontinued
	operations				12,012		(32)			3,713		10,744			(9,588)		-		7,175
Net income (loss)					58,228		102,229			23,073		34,022			(8,888)		(19,190)		(73,018)
Less net (income) loss attributable to
		noncontrolling interests in:
		Consolidated subsidiaries			(14,721)		(2,998)			-		97			-		-		(11,820)
		Operating Partnership, including
		unit distributions			(5,210)		-			-		-			-		-		(5,210)
Net income (loss) attributable to
	Vornado				38,297		99,231			23,073		34,119			(8,888)		(19,190)		(90,048)
Interest and debt expense⁽²⁾					190,942		46,413			32,549		20,102			8,786		37,293		45,799
Depreciation and amortization⁽²⁾					184,028		63,664			39,656		22,131			9,826		32,505		16,246
Income tax (benefit) expense⁽²⁾					(5,214)		1,113			1,034		-			1,215		(14,103)		5,527
EBITDA⁽¹⁾				$	408,053	$	210,421	⁽³⁾	$	96,312	$	76,352	⁽⁴⁾	$	10,939	$	36,505	$	(22,476)	⁽⁵⁾


See notes on page 36.


(Amounts in thousands)			For the Three Months Ended June 30, 2011
											Retail			Merchandise
				Total		New York			Washington, DC		Properties			Mart		Toys		Other
Property rentals				$	521,431	$	246,218		$	137,430	$	76,137		$	39,295	$	-	$	22,351
Straight-line rent adjustments					7,047		6,093			(698)		1,486			(553)		-		719
Amortization of acquired below-
	market leases, net				16,427		11,671			512		3,135			-		-		1,109
Total rentals					544,905		263,982			137,244		80,758			38,742		-		24,179
Tenant expense reimbursements					77,902		37,891			8,724		28,391			1,543		-		1,353
Cleveland Medical Mart development
	project				32,369		-			-		-			32,369		-		-
Fee and other income:
	BMS cleaning fees				15,409		22,300			-		-			-		-		(6,891)
	Management and leasing fees				7,376		1,574			4,074		1,548			200		-		(20)
	Lease termination fees				6,499		5,571			900		28			-		-		-
	Other				11,578		6,345			5,128		450			(481)		-		136
Total revenues					696,038		337,663			156,070		111,175			72,373		-		18,757
Operating expenses					257,228		139,264			48,163		44,275			21,767		-		3,759
Depreciation and amortization					125,802		54,534			33,472		19,905			6,991		-		10,900
General and administrative					49,795		6,423			6,462		6,746			6,406		-		23,758
Cleveland Medical Mart development
	project				29,940		-			-		-			29,940		-		-
Acquisition related costs and
	tenant buy-outs				1,897		-			-		-			-		-		1,897
Total expenses					464,662		200,221			88,097		70,926			65,104		-		40,314
Operating income (loss)					231,376		137,442			67,973		40,249			7,269		-		(21,557)
(Loss) applicable to Toys					(22,846)		-			-		-			-		(22,846)		-
Income (loss) from partially owned
	entities				26,016		5,408			(767)		635			178		-		20,562
Income from Real Estate Fund					19,058		-			-		-			-		-		19,058
Interest and other investment
	income (loss), net				7,998		1,050			48		(8)			-		-		6,908
Interest and debt expense					(135,361)		(38,709)			(30,729)		(19,487)			(7,781)		-		(38,655)
Income (loss) before income taxes					126,241		105,191			36,525		21,389			(334)		(22,846)		(13,684)
Income tax expense					(5,641)		(440)			(504)		-			(695)		-		(4,002)
Income (loss) from continuing
	operations				120,600		104,751			36,021		21,389			(1,029)		(22,846)		(17,686)
Income (loss) from discontinued
	operations				10,369		110			2,490		4,593			3,294		-		(118)
Net income (loss)					130,969		104,861			38,511		25,982			2,265		(22,846)		(17,804)
Less net income attributable to
		noncontrolling interests in:
		Consolidated subsidiaries			(13,657)		(2,325)			-		(69)			-		-		(11,263)
		Operating Partnership, including
		unit distributions			(8,731)		-			-		-			-		-		(8,731)
Net income (loss) attributable to
	Vornado				108,581		102,536			38,511		25,913			2,265		(22,846)		(37,798)
Interest and debt expense⁽²⁾					202,956		45,268			34,093		20,796			9,595		43,393		49,811
Depreciation and amortization⁽²⁾					182,496		59,363			38,306		21,802			11,227		32,896		18,902
Income tax (benefit) expense⁽²⁾					(17,343)		443			607		-			911		(23,969)		4,665
EBITDA⁽¹⁾				$	476,690	$	207,610	⁽³⁾	$	111,517	$	68,511	⁽⁴⁾	$	23,998	$	29,474	$	35,580	⁽⁵⁾


See notes on page 36.


(Amounts in thousands)			For the Six Months Ended June 30, 2012
											Retail			Merchandise
				Total		New York			Washington, DC		Properties			Mart		Toys		Other
Property rentals				$	997,745	$	479,884		$	245,772	$	151,347		$	76,062	$	-	$	44,680
Straight-line rent adjustments					43,643		34,194			3,127		5,245			751		-		326
Amortization of acquired below-
	market leases, net				25,986		15,318			1,031		6,780			-		-		2,857
Total rentals					1,067,374		529,396			249,930		163,372			76,813		-		47,863
Tenant expense reimbursements					157,934		73,697			21,122		57,738			2,501		-		2,876
Cleveland Medical Mart development
	project				111,363		-			-		-			111,363		-		-
Fee and other income:
	BMS cleaning fees				32,492		46,558			-		-			-		-		(14,066)
	Management and leasing fees				9,300		2,221			5,167		1,904			46		-		(38)
	Lease termination fees				890		256			128		1			505		-		-
	Other				23,662		11,802			10,562		739			740		-		(181)
Total revenues					1,403,015		663,930			286,909		223,754			191,968		-		36,454
Operating expenses					515,339		288,862			95,662		85,033			40,799		-		4,983
Depreciation and amortization					267,983		110,424			79,517		42,025			14,885		-		21,132
General and administrative					102,405		15,241			13,186		12,700			10,757		-		50,521
Cleveland Medical Mart development
	project				106,696		-			-		-			106,696		-		-
Acquisition related costs and
	tenant buy-outs				3,244		-			-		-			-		-		3,244
Total expenses					995,667		414,527			188,365		139,758			173,137		-		79,880
Operating income (loss)					407,348		249,403			98,544		83,996			18,831		-		(43,426)
Income applicable to Toys					97,281		-			-		-			-		97,281		-
Income (loss) from partially owned
	entities				32,223		11,036			(2,389)		698			341		-		22,537
Income from Real Estate Fund					32,063		-			-		-			-		-		32,063
Interest and other investment
	(loss) income, net				(33,507)		2,109			73		20			-		-		(35,709)
Interest and debt expense					(262,655)		(72,548)			(59,724)		(38,171)			(15,561)		-		(76,651)
Net gain on disposition of wholly
	owned and partially owned assets				4,856		-			-		-			-		-		4,856
Income (loss) before income taxes					277,609		190,000			36,504		46,543			3,611		97,281		(96,330)
Income tax expense					(14,304)		(1,665)			(1,302)		-			(1,823)		-		(9,514)
Income (loss) from continuing
	operations				263,305		188,335			35,202		46,543			1,788		97,281		(105,844)
Income (loss) from discontinued operations					75,187		(640)			5,943		15,395			47,499		-		6,990
Net income (loss)					338,492		187,695			41,145		61,938			49,287		97,281		(98,854)
Less net (income) loss attributable to
	noncontrolling interests in:
	Consolidated subsidiaries				(24,318)		(5,174)			-		211			-		-		(19,355)
	Operating Partnership, including
		unit distributions			(24,355)		-			-		-			-		-		(24,355)
Net income (loss) attributable to
	Vornado				289,819		182,521			41,145		62,149			49,287		97,281		(142,564)
Interest and debt expense⁽²⁾					384,024		93,471			66,206		40,540			17,576		68,862		97,369
Depreciation and amortization⁽²⁾					375,201		125,575			87,916		44,406			19,304		67,211		30,789
Income tax expense⁽²⁾					46,226		1,806			1,557		-			2,377		29,100		11,386
EBITDA⁽¹⁾				$	1,095,270	$	403,373	⁽³⁾	$	196,824	$	147,095	⁽⁴⁾	$	88,544	$	262,454	$	(3,020)	⁽⁵⁾


See notes on page 36.


(Amounts in thousands)			For the Six Months Ended June 30, 2011
											Retail			Merchandise
				Total		New York			Washington, DC		Properties			Mart		Toys		Other
Property rentals				$	1,032,339	$	480,092		$	272,075	$	151,863		$	82,954	$	-	$	45,355
Straight-line rent adjustments					19,703		16,191			(696)		3,219			(760)		-		1,749
Amortization of acquired below-
	market leases, net				32,772		23,340			978		6,206			-		-		2,248
Total rentals					1,084,814		519,623			272,357		161,288			82,194		-		49,352
Tenant expense reimbursements					164,507		76,796			17,685		61,103			3,307		-		5,616
Cleveland Medical Mart development
	project				73,068		-			-		-			73,068		-		-
Fee and other income:
	BMS cleaning fees				30,832		44,342			-		-			-		-		(13,510)
	Management and leasing fees				11,887		2,538			6,959		2,313			303		-		(226)
	Lease termination fees				7,675		5,636			2,011		28			-		-		-
	Other				24,654		12,003			10,281		950			1,248		-		172
Total revenues					1,397,437		660,938			309,293		225,682			160,120		-		41,404
Operating expenses					528,642		282,639			95,384		91,714			49,921		-		8,984
Depreciation and amortization					251,598		109,346			66,562		40,243			13,952		-		21,495
General and administrative					108,243		13,957			12,999		13,958			13,453		-		53,876
Cleveland Medical Mart development
	project				68,218		-			-		-			68,218		-		-
Acquisition related costs and
	tenant buy-outs				20,167		15,000			-		-			3,040		-		2,127
Total expenses					976,868		420,942			174,945		145,915			148,584		-		86,482
Operating income (loss)					420,569		239,996			134,348		79,767			11,536		-		(45,078)
Income applicable to Toys					90,098		-			-		-			-		90,098		-
Income (loss) from partially owned
	entities				41,895		12,117			(4,682)		646			254		-		33,560
Income from Real Estate Fund					20,138		-			-		-			-		-		20,138
Interest and other investment
	income, net				125,097		2,122			80		-			-		-		122,895
Interest and debt expense					(268,296)		(75,293)			(59,655)		(38,875)			(15,476)		-		(78,997)
Net gain on disposition of wholly
	owned and partially owned assets				6,677		-			-		-			-		-		6,677
Income (loss) before income taxes					436,178		178,942			70,091		41,538			(3,686)		90,098		59,195
Income tax expense					(11,589)		(959)			(1,174)		(5)			(739)		-		(8,712)
Income (loss) from continuing
	operations				424,589		177,983			68,917		41,533			(4,425)		90,098		50,483
Income (loss) from discontinued operations					152,201		233			51,439		12,890			87,882		-		(243)
Net income					576,790		178,216			120,356		54,423			83,457		90,098		50,240
Less net (income) loss attributable to
	noncontrolling interests in:
	Consolidated subsidiaries				(15,007)		(4,596)			-		86			-		-		(10,497)
	Operating Partnership, including
		unit distributions			(40,539)		-			-		-			-		-		(40,539)
Net income (loss) attributable to
	Vornado				521,244		173,620			120,356		54,509			83,457		90,098		(796)
Interest and debt expense⁽²⁾					401,804		85,557			66,314		41,466			22,502		83,528		102,437
Depreciation and amortization⁽²⁾					368,344		116,072			80,205		44,177			22,402		67,569		37,919
Income tax expense⁽²⁾					49,485		910			1,455		5			1,321		45,049		745
EBITDA⁽¹⁾				$	1,340,877	$	376,159	⁽³⁾	$	268,330	$	140,157	⁽⁴⁾	$	129,682	$	286,244	$	140,305	⁽⁵⁾


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 elements of "New York" EBITDA are summarized below.
				For the Three Months				For the Six Months
				Ended June 30,				Ended June 30,
	(Amounts in thousands)			2012		2011		2012		2011
	Office			$	142,573	$	137,630	$	278,520	$	262,321
	Retail^(a)				45,081		47,382		89,234		78,027
	Alexander's				13,026		13,921		26,397		27,202
	Hotel Pennsylvania				9,741		8,677		9,222		8,609
		Total New York		$	210,421	$	207,610	$	403,373	$	376,159


	(a)		The EBITDA for the six months ended June 30, 2011 is after a $15,000 expense for the buy-out of a below market lease.


(4)	The elements of "Retail Properties" EBITDA are summarized below.
				For the Three Months				For the Six Months
				Ended June 30,				Ended June 30,
	(Amounts in thousands)			2012		2011		2012		2011
	Strip Shopping Centers^(a)			$	52,268	$	45,622	$	99,176	$	95,782
	Regional Malls				24,084		22,889		47,919		44,375
		Total Retail Properties		$	76,352	$	68,511	$	147,095	$	140,157


	(a)		EBITDA from continuing operations was $41,438 and $39,564 for the three months ended June 30, 2012 and 2011, respectively, and $82,604 and $79,605 for the six months ended June 30, 2012 and 2011, respectively.

Details of Other EBITDA (Table)

21. Segment Information - continued

	Notes to preceding tabular information - continued:


(5)	The elements of "other" EBITDA are summarized below.
				For the Three Months				For the Six Months
				Ended June 30,				Ended June 30,
	(Amounts in thousands)			2012		2011		2012		2011
	Our share of Real Estate Fund:
		Income before net realized/unrealized gains		$	170	$	827	$	2,288	$	1,807
		Net unrealized gains			5,284		3,218		6,995		3,392
		Net realized gains			-		771		-		771
		Carried interest			2,541		2,140		2,541		2,140
	Total				7,995		6,956		11,824		8,110
	LNR				11,671		13,410		27,233		22,800
	555 California Street				10,377		10,423		20,692		21,388
	Lexington				7,703		9,005		16,921		19,546
	Other investments				11,523		11,735		20,823		19,936
					49,269		51,529		97,493		91,780
	Corporate general and administrative expenses^(a)				(21,812)		(20,024)		(44,129)		(41,379)
	Investment income and other, net^(a)				13,387		11,660		23,832		24,743
	Fee income from Alexander's				1,907		1,900		3,796		3,787
	(Loss) income from the mark-to-market of J.C. Penney derivative
		position			(58,732)		(6,762)		(57,687)		10,401
	Acquisition costs				(2,559)		(1,897)		(3,244)		(2,127)
	Net gain on sale of condominiums				1,274		-		1,274		4,586
	Net gain resulting from Lexington's stock issuance				-		8,308		-		9,760
	Real Estate Fund placement fees				-		(403)		-		(3,451)
	Mezzanine loans loss reversal and net gain on disposition				-		-		-		82,744
	Net income attributable to noncontrolling interests in the Operating
		Partnership, including unit distributions			(5,210)		(8,731)		(24,355)		(40,539)
				$	(22,476)	$	35,580	$	(3,020)	$	140,305


	(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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