Segment Information (Tables)

12 Months Ended

Dec. 31, 2013


(Amounts in thousands)		For the Year Ended December 31, 2013
											Retail
			Total		New York			Washington, DC			Properties			Toys		Other
Total revenues			$	2,760,909	$	1,509,266		$	541,161		$	425,716		$	-	$	284,766
Total expenses				1,886,719		926,963			347,686			251,516			-		360,554
Operating income (loss)				874,190		582,303			193,475			174,200			-		(75,788)
(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			(24,699)		5,532			129			13			-		(30,373)
Interest and debt expense				(483,190)		(181,966)			(102,277)			(44,203)			-		(154,744)
Net gain on disposition of wholly
	owned and partially owned assets			3,407		-			-			1,377			-		2,030
Income (loss) before income taxes				133,821		421,396			84,359			133,484			(362,377)		(143,041)
Income tax benefit (expense)				6,406		(2,794)			14,031			(2,311)			-		(2,520)
Income (loss) from continuing
	operations			140,227		418,602			98,390			131,173			(362,377)		(145,561)
Income (loss) from discontinued
	operations			424,513		138,245			-			287,536			-		(1,268)
Net income (loss)				564,740		556,847			98,390			418,709			(362,377)		(146,829)
Less net (income) attributable to
	noncontrolling interests in
	consolidated subsidiaries			(63,952)		(10,786)			-			(3,065)			-		(50,101)
Net income (loss) attributable to
	Vornado Realty L.P.			500,788		546,061			98,390			415,644			(362,377)		(196,930)
Interest and debt expense⁽²⁾				758,781		236,645			116,131			50,901			181,586		173,518
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⁾			$	2,018,697	$	1,079,682	⁽³⁾	$	341,223	⁽⁴⁾	$	541,017	⁽⁵⁾	$	(12,081)	$	68,856	⁽⁶⁾

Balance Sheet Data:
Real estate at cost			$	18,354,626	$	8,591,026		$	4,243,048		$	2,827,044		$	-	$	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			3,387,798			83,224		3,262,602

See notes on page 140.


(Amounts in thousands)		For the Year Ended December 31, 2012
											Retail
			Total		New York			Washington, DC			Properties			Toys		Other
Total revenues			$	2,736,232	$	1,354,874		$	554,028		$	370,177		$	-	$	457,153
Total expenses				2,071,663		851,512			360,056			324,096			-		535,999
Operating income (loss)				664,569		503,362			193,972			46,081			-		(78,846)
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			(260,945)		4,230			126			27			-		(265,328)
Interest and debt expense				(493,713)		(146,350)			(115,574)			(57,057)			-		(174,732)
Net gain on disposition of wholly
	owned and partially owned assets			13,347		-			-			8,491			-		4,856
Income (loss) before income taxes				410,320		569,015			72,912			(1,000)			14,859		(245,466)
Income tax expense				(8,132)		(3,491)			(1,650)			-			-		(2,991)
Income (loss) from continuing
	operations			402,188		565,524			71,262			(1,000)			14,859		(248,457)
Income from discontinued
	operations			292,353		10,610			167,766			39,357			-		74,620
Net income (loss)				694,541		576,134			239,028			38,357			14,859		(173,837)
Less net (income) loss attributable to
	noncontrolling interests in
	consolidated subsidiaries			(32,018)		(2,138)			-			1,812			-		(31,692)
Net income (loss) attributable to
	Vornado Realty L.P.			662,523		573,996			239,028			40,169			14,859		(205,529)
Interest and debt expense⁽²⁾				760,523		187,855			133,625			73,828			147,880		217,335
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⁾			$	2,165,365	$	1,017,859	⁽³⁾	$	532,412	⁽⁴⁾	$	200,526	⁽⁵⁾	$	281,289	$	133,279	⁽⁶⁾

Balance Sheet Data:
Real estate at cost			$	18,238,218	$	8,855,243		$	4,171,879		$	2,812,911		$	-	$	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			3,589,633			478,041		4,585,243

See notes on page 140.


(Amounts in thousands)		For the Year Ended December 31, 2011
											Retail
			Total		New York			Washington, DC			Properties			Toys		Other
Total revenues			$	2,702,808	$	1,333,280		$	603,317		$	374,482		$	-	$	391,729
Total expenses				1,890,582		841,863			369,255			215,075			-		464,389
Operating income (loss)				812,226		491,417			234,062			159,407			-		(72,660)
Income (loss) from partially owned
	entities, including Toys			118,612		12,062			(6,381)			2,700			48,540		61,691
Income from Real Estate Fund				22,886		-			-			-			-		22,886
Interest and other investment
	income (loss), net			148,783		4,245			199			(33)			-		144,372
Interest and debt expense				(519,157)		(151,728)			(115,456)			(64,592)			-		(187,381)
Net gain on disposition of wholly
	owned and partially owned assets			15,134		-			-			4,278			-		10,856
Income (loss) before income taxes				598,484		355,996			112,424			101,760			48,540		(20,236)
Income tax expense				(23,925)		(2,084)			(2,690)			(34)			-		(19,117)
Income (loss) from continuing
	operations			574,559		353,912			109,734			101,726			48,540		(39,353)
Income from discontinued operations				165,441		11,155			52,390			27,557			-		74,339
Net income				740,000		365,067			162,124			129,283			48,540		34,986
Less net (income) loss attributable to
	noncontrolling interests in
	consolidated subsidiaries			(21,786)		(10,042)			-			237			-		(11,981)
Net income attributable to
	Vornado Realty L.P.			718,214		355,025			162,124			129,520			48,540		23,005
Interest and debt expense⁽²⁾				797,920		181,740			134,270			82,608			157,135		242,167
Depreciation and amortization⁽²⁾				777,421		247,630			181,560			91,040			134,967		122,224
Income tax expense (benefit)⁽²⁾				4,812		2,170			3,123			34			(1,132)		617
EBITDA⁽¹⁾			$	2,298,367	$	786,565	⁽³⁾	$	481,077	⁽⁴⁾	$	303,202	⁽⁵⁾	$	339,510	$	388,013	⁽⁶⁾

Balance Sheet Data:
Real estate at cost			$	16,421,701	$	6,991,960		$	4,176,894		$	2,898,501		$	-	$	2,354,346
Investments in partially owned entities				1,740,459		536,393			113,536			7,747			506,809		575,974
Total assets				20,446,487		7,130,240			4,150,140			3,748,303			506,809		4,910,995

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 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)			2013		2012		2011
	Office^(a)			$	759,941	$	568,518	$	539,734
	Retail				246,808		189,484		163,033
	Alexander's^(b)				42,210		231,402		53,663
	Hotel Pennsylvania				30,723		28,455		30,135
		Total New York		$	1,079,682	$	1,017,859	$	786,565


	(a)		2013 includes a $127,512 net gain on sale of real estate.

	(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)			2013		2012		2011
	Office, excluding the Skyline Properties ^(a)			$	268,373	$	449,448	$	385,285
	Skyline properties				29,499		40,037		56,148
		Total Office			297,872		489,485		441,433
	Residential				43,351		42,927		39,644
		Total Washington, DC		$	341,223	$	532,412	$	481,077


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


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

				For the Year Ended December 31,
	(Amounts in thousands)			2013		2012		2011
	Strip shopping centers^(a)			$	285,612	$	172,708	$	210,022
	Regional malls^(b)				255,405		27,818		93,180
		Total Retail properties		$	541,017	$	200,526	$	303,202


	(a)		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)		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,
				2013		2012			2011
	Our share of Real Estate Fund:
		Income before net realized/unrealized gains		$	1,676	$	4,926	$	4,205
		Net unrealized gains			21,443		13,840		2,999
		Net realized gains			2,046		-		1,348
		Carried interest			24,306		5,838		736
	Total				49,471		24,604		9,288
	Merchandise Mart Building, 7 West 34th Street and trade shows				74,270		62,470		50,406
	555 California Street				42,667		46,167		44,724
	India real estate ventures				5,841		3,654		7,037
	LNR^(a)				20,443		75,202		47,614
	Lexington^(b)				6,931		32,595		34,779
	Other investments				18,981		25,612		26,092
					218,604		270,304		219,940
	Corporate general and administrative expenses^(c)				(94,904)		(89,082)		(85,922)
	Investment income and other, net^(c)				46,525		45,563		55,202
	Net gain on sale of marketable securities, land parcels and residential
		condominiums			56,868		4,856		10,904
	Loss on sale of J.C. Penney common shares				(54,914)		-		-
	Non-cash impairment loss on J.C. Penney common shares				(39,487)		(224,937)		-
	(Loss) income from the mark-to-market of J.C. Penney derivative position				(33,487)		(75,815)		12,984
	Acquisition related costs and impairment losses				(24,857)		(17,386)		(5,925)
	Severance costs (primarily reduction in force at the Merchandise Mart)				(5,492)		(3,005)		(4,226)
	Purchase price fair value adjustment and accelerated amortization of
		discount on investment in subordinated debt of Independence Plaza			-		105,366		-
	Merchandise Mart discontinued operations (including net gains on sale of assets)				-		93,588		97,272
	Net gain resulting from Lexington's stock issuance and asset acquisition				-		28,763		9,760
	Verde Realty impairment loss				-		(4,936)		-
	Mezzanine loans loss reversal and net gain on disposition				-		-		82,744
	Non-cash impairment loss on India land parcel				-		-		(13,794)
	Net gain from Suffolk Downs' sale of a partial interest				-		-		12,525
	Real Estate Fund placement fees				-		-		(3,451)
				$	68,856	$	133,279	$	388,013


	(a)		On April 19, 2013, LNR was sold (see page 111 for details).

	(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 108 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.

- 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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