8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

May 19, 2015

VORNADO REALTY L.P.

(Exact Name of Registrant as Specified in Charter)

Delaware	No. 001-34482	No. 13-3925979
(State or Other	(Commission	(IRS Employer
Jurisdiction of	File Number)	Identification No.)
Incorporation)

888 Seventh Avenue New York, New York	10019
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code:(212) 894-7000

Former name or former address, if changed since last report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 8.01. OTHER EVENTS

Vornado Realty L.P. (the “Company”) is filing this Current Report on Form 8-K to present retrospectively revised historical consolidated financial statements and other information for the years ended December 31, 2014, 2013, and 2012 to:

·reclassify the financial results for those retail assets that were placed into discontinued operations which primarily consisted of the 79 strip shopping centers, three malls, and a warehouse park which were spun off to Urban Edge Properties (“UE”) on January 15, 2015 as  well as certain other retail assets not included in the UE spin off but were determined to be part of the strategic shift in the Company’s business under the adoption of ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, in the first quarter of 2015;

·reclassify the former Retail Properties and Toys segments to Other, as the remaining assets and operations no longer meet the qualitative and quantitative thresholds under ASC 280, Segment Reporting;

·reclassify signage revenue from “fee and other income” to “property rentals” to conform to the presentation beginning with the three months ended March 31, 2015.

These reclassifications have no effect on the Company’s reported net income.

This Current Report on Form 8-K updates the following items in the 2014 Form 10-K to reflect retrospectively the changes discussed above for all periods presented:

·Part II, Item 6.  Selected Financial Data

·Part II, Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

·Part II, Item 8.  Financial Statements and Supplementary Data

The information contained in this Current Report on Form 8-K is presented as of December 31, 2014, and other than as indicated above, has not been updated to reflect developments subsequent to this date.  All other items of the Form 10-K remain unchanged.  References to “we,” “us,” “our,” the “Company,” and “Operating Partnership” in the exhibits to this report, unless otherwise noted, refer to Vornado Realty L.P. and its consolidated subsidiaries.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

The following exhibits are filed as part of this Current Report on Form 8-K:

12.1                        Computation of Ratios

23.1                        Consent of Independent Registered Public Accounting Firm

99.1                        Item 6. Selected Financial Data

99.2                        Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

99.3                        Item 8. Financial Statements and Supplementary Data

101.INS                 XBRL Instance Document

101.SCH               XBRL Taxonomy Extension Schema

101.CAL               XBRL Taxonomy Extension Calculation Linkbase

101.DEF                XBRL Taxonomy Extension Definition Linkbase

101.LAB               XBRL Taxonomy Extension Label Linkbase

101.PRE                XBRL Taxonomy Extension Presentation Linkbase

2

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		VORNADO REALTY L.P.
		(Registrant)
Date: May 19, 2015	By:	/s/ Stephen W. Theriot
		Stephen W. Theriot, Chief Financial Officer of Vornado Realty Trust, sole general partner of Vornado Realty L.P. (duly authorized officer and principal financial and accounting officer)

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EXHIBIT INDEX

EXHIBIT NO.

12.1                        Computation of Ratios

23.1                        Consent of Independent Registered Public Accounting Firm

99.1                Item 6. Selected Financial Data

99.2                        Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

99.3                        Item 8. Financial Statements and Supplementary Data

101.INS                 XBRL Instance Document

101.SCH                XBRL Taxonomy Extension Schema

101.CAL               XBRL Taxonomy Extension Calculation Linkbase

101.DEF                XBRL Taxonomy Extension Definition Linkbase

101.LAB               XBRL Taxonomy Extension Label Linkbase

101.PRE                XBRL Taxonomy Extension Presentation Linkbase

4

EX-12

 

EXHIBIT 12.1
COMPUTATION OF RATIOS
(UNAUDITED)
Our consolidated ratios of earnings to fixed charges and earnings to combined fixed charges and preference distributions for each of the fiscal years ended December 31, 2014, 2013, 2012, 2011 and 2010 are as follows:
		For the Year Ended December 31,
(Amounts in thousands)		2014		2013		2012		2011		2010
Income from continuing operations before income taxes and
	income from partially owned entities	$	492,492	$	328,810	$	(29,300)	$	358,473	$	487,589
Fixed charges			487,651		480,058		457,247		461,311		481,716
Income distributions from partially owned entities			96,286		54,030		226,172		93,635		61,037
Capitalized interest and debt expense			(62,786)		(42,303)		(16,801)		(1,197)		(864)
Earnings - Numerator		$	1,013,643	$	820,595	$	637,318	$	912,222	$	1,029,478
Interest and debt expense		$	412,755	$	425,782	$	431,235	$	453,420	$	473,938
Capitalized interest and debt expense			62,786		42,303		16,801		1,197		864
1/3 of rental expense – interest factor			12,110		11,973		9,211		6,694		6,914
Fixed charges - Denominator			487,651		480,058		457,247		461,311		481,716
Preferred unit distributions			81,514		83,965		86,873		82,384		73,726
Combined fixed charges and preference distributions - Denominator		$	569,165	$	564,023	$	544,120	$	543,695	$	555,442
Ratio of earnings to fixed charges			2.08		1.71		1.39		1.98		2.14
Ratio of earnings to combined fixed charges and preference distributions			1.78		1.45		1.17		1.68		1.85
Earnings equals (i) income from continuing operations before income taxes and income from partially owned entities, plus, (ii) fixed charges, (iii) income distributions from partially owned entities, minus (iv) capitalized interest and debt expense and (v) preferred unit distributions of the Operating Partnership. Fixed charges equals (i) interest and debt expense, plus (ii) capitalized interest and debt expense, (iii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals and (iv) preferred unit distributions of the Operating Partnership. Combined fixed charges and preference distributions equals fixed charges plus preferred unit distributions.

EX-23

EXHIBIT 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the following Registration Statements of our report dated February 23, 2015 (May 19, 2015, as it relates to the retrospective adjustments from the effects of reporting discontinued operations and the reclassification of signage income as discussed in Note 2 to the consolidated financial statements and the effects of the change in reportable segments discussed in Note 25 to the consolidated financial statements), relating to the consolidated financial statements and financial statement schedules of Vornado Realty L.P., appearing in this Current Report on Form 8-K dated May 19, 2015 of Vornado Realty L.P. and our report dated February 23, 2015 relating to the effectiveness of Vornado Realty L.P.’s internal control over financial reporting appearing in the Annual Report on Form 10-K of Vornado Realty L.P. for the year ended December 31, 2014:

Registration Statement No. 333-203294 on Form S-3

/s/ DELOITTE & TOUCHE LLP

Parsippany, New Jersey

May 19, 2015

EX-99

											EXHIBIT 99.1
ITEM 6. SELECTED FINANCIAL DATA
			Year Ended December 31,
(Amounts in thousands, except per unit amounts)			2014		2013		2012			2011		2010
Operating Data:
Revenues:
	Property rentals		$	1,911,487	$	1,880,405	$	1,771,264		$	1,802,871	$	1,790,769
	Tenant expense reimbursements			245,819		226,831		207,149			213,200		217,999
	Cleveland Medical Mart development project			-		36,369		235,234			154,080		-
	Fee and other income			155,206		155,571		119,077			123,452		121,103
Total revenues				2,312,512		2,299,176		2,332,724			2,293,603		2,129,871
Expenses:
	Operating			953,611		928,565		891,637			878,777		848,112
	Depreciation and amortization			481,303		461,627		435,545			441,223		416,324
	General and administrative			169,270		177,366		167,194			163,238		170,460
	Cleveland Medical Mart development project			-		32,210		226,619			145,824		-
	Acquisition and transaction related costs,
		and impairment losses		18,435		24,857		17,386			34,930		38,563
Total expenses				1,622,619		1,624,625		1,738,381			1,663,992		1,473,459
Operating income				689,893		674,551		594,343			629,611		656,412
Income (loss) from Real Estate Fund				163,034		102,898		63,936			22,886		(303)
(Loss) income applicable to Toys "R" Us				(73,556)		(362,377)		14,859			48,540		71,624
Income from partially owned entities				15,425		23,592		408,267			70,072		14,601
Interest and debt expense				(412,755)		(425,782)		(431,235)			(453,420)		(473,938)
Interest and other investment income (loss), net				38,752		(24,887)		(261,200)			148,540		234,768
Net gain on disposition of wholly owned and partially
	owned assets			13,568		2,030		4,856			10,856		81,432
Net loss on extinguishment of debt				-		-		-			-		(10,782)
Income (loss) before income taxes				434,361		(9,975)		393,826			477,085		573,814
Income tax (expense) benefit				(9,281)		8,717		(8,132)			(23,891)		(22,100)
Income (loss) from continuing operations				425,080		(1,258)		385,694			453,194		551,714
Income from discontinued operations				583,946		565,998		308,847			286,806		156,317
Net income				1,009,026		564,740		694,541			740,000		708,031
Less net income attributable to noncontrolling
	interests in consolidated subsidiaries			(96,561)		(63,952)		(32,018)			(21,786)		(4,920)
Net income attributable to Vornado Realty L.P.				912,465		500,788		662,523			718,214		703,111
Preferred unit distributions				(81,514)		(83,965)		(86,873)			(80,384)		(66,729)
Preferred unit redemptions				-		(1,130)		8,948			5,000		4,382
Net income attributable to Class A unitholders			$	830,951	$	415,693	$	584,598		$	642,830	$	640,764
Per Unit Data:
	Income (loss) from continuing operations, net - basic		$	1.22	$	(0.76)	$	1.37		$	1.80	$	2.47
	Income (loss) from continuing operations, net - diluted			1.22		(0.75)		1.36			1.78		2.43
	Net income per Class A unit - basic			4.17		2.09		2.95			3.26		3.27
	Net income per Class A unit - diluted			4.14		2.08		2.93			3.23		3.23
	Distributions per Class A unit			2.92		2.92		3.76	(1)		2.76		2.60
Balance Sheet Data:
	Total assets		$	21,248,320	$	20,097,224	$	22,065,049		$	20,446,487	$	20,517,471
	Real estate, at cost			16,822,358		15,392,968		15,287,078			13,383,927		13,140,535
	Accumulated depreciation			(3,161,633)		(2,829,862)		(2,524,718)			(2,346,498)		(2,045,122)
	Debt			9,610,324		8,777,956		9,790,816			8,436,085		8,760,554
	Total equity			7,489,382		7,594,744		7,904,144			7,508,447		6,830,405
(1) Includes a special long-term capital gain distribution of $1.00 per Class A unit.

EX-99

				EXHIBIT 99.2
ITEM 7.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
	OF OPERATIONS
				Page
				Number
	Overview			2
	Overview - Leasing activity			7
	Critical Accounting Policies			12
	Net Income and EBITDA by Segment for the Years Ended
		December 31, 2014, 2013 and 2012		15
	Results of Operations:
		Year Ended December 31, 2014 Compared to December 31, 2013		20
		Year Ended December 31, 2013 Compared to December 31, 2012		27
	Supplemental Information:
		Net Income and EBITDA by Segment for the Three Months Ended
			December 31, 2014 and 2013	35
		Three Months Ended December 31, 2014 Compared to December 31, 2013		40
		Three Months Ended December 31, 2014 Compared to September 30, 2014		42
	Related Party Transactions			44
	Liquidity and Capital Resources			45
		Financing Activities and Contractual Obligations		45
		Certain Future Cash Requirements		48
		Cash Flows for the Year Ended December 31, 2014		51
		Cash Flows for the Year Ended December 31, 2013		53
		Cash Flows for the Year Ended December 31, 2012		55

Overview

Vornado Realty L.P. (the “Operating Partnership” and/or the “Company”) is a Delaware limited partnership. Vornado Realty Trust (“Vornado”) is the sole general partner of, and owned approximately 94.1% of the common limited partnership interest in the Operating Partnership at December 31, 2014.  All references to “we,” “us,” “our,” the “Company” and “Operating Partnership” refer to Vornado Realty L.P. and its consolidated subsidiaries.

On January 15, 2015, we completed the spin-off of substantially all of our retail segment comprised of 79 strip shopping centers, three malls, a warehouse park and $225 million of cash to Urban Edge Properties (“UE”) (NYSE: UE).  As part of this transaction, we received 5,712,000 UE operating partnership units (5.4% ownership interest).  We are providing transition services to UE for an initial period of up to two years, including information technology, human resources, tax and public reporting.  UE is providing us with leasing and property management services for (i) the Monmouth Mall, (ii) certain small retail properties which did not fit UE’s strategy that we plan to sell, and (iii) our affiliate, Alexander’s, Inc. (NYSE: ALX), Rego Park retail assets.  Steven Roth, Chairman of Vornado’s Board of Trustees and its Chief Executive Officer is a member of the Board of Trustees of UE.  The spin-off distribution was effected by Vornado distributing one UE common share for every two Vornado common shares.  The historical financial results of UE have been reflected in our consolidated financial statements as discontinued operations for all periods presented. 

We own and operate office and retail properties (our “core” operations) with large concentrations in the New York City metropolitan area and in the Washington, DC / Northern Virginia area. In addition, we have a 32.4% interest in Alexander’s, Inc. (NYSE: ALX) (“Alexander’s”), which owns six properties in the greater New York metropolitan area, a 32.6% interest in Toys “R” Us, Inc. (“Toys”) as well as interests in other real estate and related investments.

Our business objective is to maximize Vornado shareholder value, which we measure by the total return provided to Vornado’s shareholders. Below is a table comparing Vornado’s performance to the FTSE NAREIT Office Index (“Office REIT”) and the Morgan Stanley REIT Index (“RMS”) for the following periods ended December 31, 2014:

		Total Return(1)
		Vornado	Office REIT	RMS
	Three-months	18.5%	12.7%	14.3%
	One-year	36.4%	25.9%	30.4%
	Three-year	70.8%	51.7%	57.3%
	Five-year	100.6%	78.2%	119.7%
	Ten-year	131.1%	89.5%	122.2%
(1) Past performance is not necessarily indicative of future performance.

We intend to achieve our business objective by continuing to pursue our investment philosophy and execute our operating strategies through:

·      Maintaining a superior team of operating and investment professionals and an entrepreneurial spirit

·      Investing in properties in select markets, such as New York City and Washington, DC, where we believe there is a high likelihood of capital appreciation

·      Acquiring quality properties at a discount to replacement cost and where there is a significant potential for higher rents

·      Investing in retail properties in select under-stored locations such as the New York City metropolitan area

·      Developing and redeveloping existing properties to increase returns and maximize value

·      Investing in operating companies that have a significant real estate component

We expect to finance our growth, acquisitions and investments using internally generated funds, proceeds from possible asset sales and by accessing the public and private capital markets.  We may also offer partnership units in exchange for property and may repurchase or otherwise reacquire these units or any other securities in the future.

We compete with a large number of property owners and developers, some of which may be willing to accept lower returns on their investments than we are. Principal factors of competition include rents charged, sales prices, attractiveness of location, the quality of the property and the breadth and the quality of services provided.  See “Risk Factors” in Item 1A for additional information regarding these factors.

2

Overview - continued

Year Ended December 31, 2014 Financial Results Summary

Net income attributable to Class A unitholders for the year ended December 31, 2014 was $830,951,000, or $4.14 per diluted Class A unit, compared to $415,693,000, or $2.08 per diluted Class A unit for the year ended December 31, 2013. Net income for the years ended December 31, 2014 and 2013 includes $518,772,000 and $412,058,000, respectively, of net gains on sale of real estate, and $26,518,000 and $43,722,000, respectively, of real estate impairment losses.  In addition, the years ended December 31, 2014 and 2013 include certain items that affect comparability which are listed in the table below.  The aggregate of net gains on sale of real estate, real estate impairment losses and the items in the table below increased net income attributable to Class A unitholders for the year ended December 31, 2014 by $490,173,000, or $2.45 per diluted Class A unit and $105,091,000, or $0.53 per diluted Class A unit for the year ended December 31, 2013.

		For the Year Ended December 31,
(Amounts in thousands)		2014		2013
Items that affect comparability income (expense):
	Income from discontinued operations, including LNR in 2013	$	98,726	$	198,381
	Toys "R" Us net loss		(73,556)		(362,377)
	Write-off of deferred financing costs and defeasance costs in connection with refinancings		(22,660)		(8,814)
	Acquisition and transaction related costs		(16,392)		(24,857)
	Net gain on sale of residential condominiums and land parcels		13,568		1,620
	Impairment loss and loan reserve on investment in Suffolk Downs		(10,263)		-
	Losses from the disposition of investment in J.C. Penney		-		(127,888)
	Net gain on sale of marketable securities		-		31,741
	Net gain on sale of Harlem Park property under development		-		23,507
	Other, net		8,496		5,442
Items that affect comparability		$	(2,081)	$	(263,245)

The percentage increase (decrease) in same store Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and cash basis same store EBITDA of our operating segments for the year ended December 31, 2014 over the year ended December 31, 2013 is summarized below.

Same Store EBITDA:			New York	Washington, DC
	December 31, 2014 vs. December 31, 2013
		Same store EBITDA	4.7%	(2.4%)
		Cash basis same store EBITDA	7.6%	(2.3%)

3

Overview - continued

Quarter Ended December 31, 2014  Financial Results Summary

Net income attributable to Class A unitholders for the quarter ended December 31, 2014 was $544,287,000, or $2.71 per diluted Class A unit, compared to a net loss of $73,042,000, or $0.37 per diluted Class A unit for the quarter ended December 31, 2013.  Net income for the quarter ended December 31, 2014 and net loss for the quarter ended December 31, 2013 include $460,216,000 and $127,512,000, respectively, of net gains on sale of real estate, and $5,676,000 and $32,899,000, respectively, of real estate impairment losses.  In addition, the quarters ended December 31, 2014 and 2013 include certain other items that affect comparability which are listed in the table below.  The aggregate of net gains on sale of real estate, real estate impairment losses and the items in the table below increased net income attributable to Class A unitholders for the quarter ended December 31, 2014 by $456,474,000, or $2.28 per diluted Class A unit and decreased net loss attributable to Class A unitholders for the quarter ended December 31, 2013 by $159,307,000, or $0.85 per diluted Class A unit.

		For the Three Months Ended December 31,
(Amounts in thousands)		2014		2013
Items that affect comparability income (expense):
	Income from discontinued operations	$	21,979	$	29,354
	Write-off of deferred financing costs and defeasance costs in connection with refinancings		(16,747)		(8,436)
	Acquisition and transaction related costs		(12,763)		(18,088)
	Toys "R" Us net income (loss)		606		(293,066)
	Net gain on sale of residential condominiums and land parcels		363		481
	Net gain on sale of Harlem Park property under development		-		23,507
	Deferred income tax reversal		-		16,055
	Other, net		8,496		(3,727)
Items that affect comparability		$	1,934	$	(253,920)

The percentage increase (decrease) in same store EBITDA and cash basis same store EBITDA of our operating segments for the quarter ended December 31, 2014 over the quarter ended December 31, 2013 and the trailing quarter ended September 30, 2014 are summarized below.

Same Store EBITDA:			New York	Washington, DC
	December 31, 2014 vs. December 31, 2013
		Same store EBITDA	3.3%	(2.3%)
		Cash basis same store EBITDA	8.2%	(3.8%)
	December 31, 2014 vs. September 30, 2014
		Same store EBITDA	1.8%	(3.0%)
		Cash basis same store EBITDA	4.7%	(3.4%)

Calculations of same store EBITDA, reconciliations of our net income to EBITDA and the reasons we consider these non-GAAP financial measures useful are provided in the following pages of Management’s Discussion and Analysis of the Financial Condition and Results of Operations.

4

Overview – continued

Acquisitions

On June 26, 2014, we invested an additional $22,700,000 to increase our ownership in One Park Avenue to 55.0% from 46.5% through a joint venture with an institutional investor, who increased its ownership interest to 45.0%.  The transaction was based on a property value of $560,000,000.  The property is encumbered by a $250,000,000 interest-only mortgage loan that bears interest at 4.995% and matures in March 2016. 

On July 23, 2014, a joint venture in which we are a 50.1% partner entered into a 99-year ground lease for 61 Ninth Avenue located on the Southwest corner of Ninth Avenue and 15^th Street in Manhattan.  The venture’s current plans are to construct an office building, with retail at the base, of approximately 130,000 square feet.  Total development costs are currently estimated to be approximately $125,000,000.

On August 1, 2014, we acquired the land under our 715 Lexington Avenue retail property located on the Southeast corner of 58^th Street and Lexington Avenue in Manhattan, for $63,000,000.

On October 28, 2014, we completed the purchase of the retail condominium of the St. Regis Hotel for $700,000,000.  We own a 74.3% controlling interest of the joint venture which owns the property. The acquisition was used in a like-kind exchange for income tax purposes for the sale of 1740 Broadway (see below).  We consolidate the accounts of the venture into our consolidated financial statements from the date of acquisition.

On November 21, 2014, we entered into an agreement to acquire the Center Building, an eight story 437,000 square foot office building, located at 33-00 Northern Boulevard in Long Island City, New York.  The building is 98% leased.  The purchase price is approximately $142,000,000, including the assumption of an existing $62,000,000 4.43% mortgage maturing in October 2018.  The purchase is expected to close in the first quarter of 2015, subject to customary closing conditions.  As of December 31, 2014, our $14,200,000 non-refundable deposit was included in “other assets” on our consolidated balance sheet.

On January 20, 2015, we co-invested with our 25% owned Fund and one of the Fund’s limited partners to buy out the Fund’s joint venture partner’s 57% interest in the Crowne Plaza Times Square Hotel.  The purchase price for the 57% interest was approximately $95,000,000 (our share $39,000,000) which valued the property at approximately $480,000,000.  The property is encumbered by a newly placed $310,000,000 mortgage loan bearing interest at LIBOR plus 2.80% and maturing in December 2018 with a one-year extension option.   Our aggregate ownership interest in the property increased to 33% from 11%.

Dispositions

New York

On December 18, 2014, we completed the sale of 1740 Broadway, a 601,000 square foot office building in Manhattan for $605,000,000.  The sale resulted in net proceeds of approximately $580,000,000, after closing costs, and resulted in a financial statement gain of approximately $441,000,000.  The tax gain of approximately $484,000,000, was deferred in like-kind exchanges, primarily for the acquisition of the St. Regis Fifth Avenue retail. 

Retail Properties

On February 24, 2014, we completed the sale of Broadway Mall in Hicksville, Long Island, New York, for $94,000,000.  The sale resulted in net proceeds of $92,174,000 after closing costs.

On March 2, 2014, we entered into an agreement to transfer upon completion, the redeveloped Springfield Town Center, a 1,350,000 square foot mall located in Springfield, Fairfax County, Virginia, to Pennsylvania Real Estate Investment Trust (NYSE: PEI) (“PREIT”) in exchange for $465,000,000 comprised of $340,000,000 of cash and $125,000,000 of PREIT operating partnership units.  In connection therewith, we recorded a non-cash impairment loss of $20,000,000 in the first quarter of 2014, which is included in “income from discontinued operations” on our consolidated statements of income. The redevelopment was substantially completed in October 2014, at which time we reclassified the assets, liabilities and financial results to discontinued operations, and the transfer of the property to PREIT was completed on March 31, 2015.

On July 8, 2014, we completed the sale of Beverly Connection, a 335,000 square foot power shopping center in Los Angeles, California, for $260,000,000, of which $239,000,000 was cash and $21,000,000 was 10-year mezzanine seller financing.  The sale resulted in a net gain of $44,155,000, which was recognized in the third quarter of 2014. 

In addition to the above, during 2014, we sold six of the 22 strip shopping centers which did not fit UE’s strategy, in separate transactions, for an aggregate of $66,410,000 in cash, which resulted in a net gain aggregating $22,500,000.

5

Overview – continued

Financings

Secured Debt

On January 31, 2014, we completed a $600,000,000 loan secured by our 220 Central Park South development site.  The loan bears interest at LIBOR plus 2.75% (2.92% at December 31, 2014) and matures in January 2016, with three one-year extension options.

On April 16, 2014, we completed a $350,000,000 refinancing of 909 Third Avenue, a 1.3 million square foot Manhattan office building.  The seven-year interest only loan bears interest at 3.91% and matures in May 2021. We realized net proceeds of approximately $145,000,000 after defeasing the existing 5.64%, $193,000,000 mortgage, defeasance cost and other closing costs.

On July 16, 2014, we completed a $130,000,000 financing of Las Catalinas, a 494,000 square foot mall located in the San Juan area of Puerto Rico. The 10-year fixed rate loan bears interest at 4.43% and matures in August 2024.  The loan amortizes based on a 30-year schedule beginning in year six.

On August 12, 2014, we completed a $185,000,000 financing of the Universal buildings, a 690,000 square foot, two-building office complex located in Washington, DC. The loan bears interest at LIBOR plus 1.90% (2.06% at December 31, 2014) and matures in August 2019 with two one-year extension options. The loan amortizes based on a 30-year schedule beginning in the fourth year.

On August 26, 2014, we obtained a standby commitment for up to $500,000,000 of five-year mezzanine loan financing to fund a portion of the development expenditures at 220 Central Park South. 

On October 27, 2014, we completed a $140,000,000 financing of 655 Fifth Avenue, a 57,500 square foot retail and office property.  The loan is interest only at LIBOR plus 1.40% (1.56% at December 31, 2014) and matures in October 2019 with two one-year extension options.

On December 8, 2014, we completed a $575,000,000 refinancing of Two Penn Plaza, a 1.6 million square foot Manhattan office building.  The loan is interest-only at LIBOR plus 1.65% (1.81% at December 31, 2014) and matures in 2019 with two one-year extension options.  We realized net proceeds of approximately $143,000,000.  Pursuant to an existing swap agreement, the $422,000,000 previous loan on the property was swapped to a fixed rate of 4.78% through March 2018.  Therefore, $422,000,000 of the new loan bears interest at a fixed rate of 4.78% through March 2018 and the balance of $153,000,000 floats through March 2018.  The entire $575,000,000 will float thereafter for the duration of the new loan.

On January 6, 2015, we completed the modification of the $120,000,000, 6.04% mortgage loan secured by our Montehiedra Town Center, in the San Juan area of Puerto Rico.  The loan has been extended from July 2016 to July 2021 and separated into two tranches, a senior $90,000,000 position with interest at 5.33% to be paid currently, and a junior $30,000,000 position with interest accruing at 3%.  Montehiedra Town Center and the loan were included in the spin-off to UE on January 15, 2015.  As part of the planned redevelopment of the property, UE is committed to fund $20,000,000 through a loan for leasing and building capital expenditures of which $8,000,000 has been funded.  This loan is senior to the $30,000,000 position noted above and accrues interest at 10%.   

Senior Unsecured Notes

On June 16, 2014, we completed a green bond public offering of $450,000,000 2.50% senior unsecured notes due June 30, 2019. The notes were sold at 99.619% of their face amount to yield 2.581%.

On October 1, 2014, we redeemed all of the $445,000,000 principal amount of our outstanding 7.875% senior unsecured notes, which were scheduled to mature on October 1, 2039, at a redemption price of 100% of the principal amount plus accrued interest through the redemption date.  In the fourth quarter of 2014, we wrote off $12,532,000 of unamortized deferred financing costs, which are included as a component of “interest and debt expense” on our consolidated statements of income.

On January 1, 2015, we redeemed all of the $500,000,000 principal amount of our outstanding 4.25% senior unsecured notes, which were scheduled to mature on April 1, 2015, at a redemption price of 100% of the principal amount plus accrued interest through December 31, 2014.

Unsecured Revolving Credit Facility

On September 30, 2014, we extended one of our two $1.25 billion unsecured revolving credit facilities from November 2015 to November 2018 with two six-month extension options.  The interest rate on the extended facility was lowered to LIBOR plus 105 basis points from LIBOR plus 125 basis points and the facility fee was reduced to 20 basis points from 25 basis points. 

6

Overview - continued

Leasing Activity

The leasing activity presented below is based on leases signed during the period and is not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  Tenant improvements and leasing commissions presented below are based on square feet leased during the period.  Second generation relet space represents square footage that has not been vacant for more than nine months.  The leasing activity for the New York segment excludes Alexander’s, the Hotel Pennsylvania and residential.

					New York				Washington, DC
(Square feet in thousands)					Office		Retail		Office
Quarter Ended December 31, 2014:
	Total square feet leased					1,248		51		658
	Our share of square feet leased					1,095		51		619
		Initial rent (1)			$	66.79	$	410.63	$	36.86
		Weighted average lease term (years)				12.3		11.5		9.4
		Second generation relet space:
			Square feet			732		45		461
			Cash basis:
				Initial rent (1)	$	68.25	$	260.31	$	36.64
				Prior escalated rent	$	60.63	$	175.49	$	39.68
				Percentage increase (decrease)		12.6%		48.3%		(7.7%)
			GAAP basis:
				Straight-line rent (2)	$	67.80	$	307.92	$	34.42
				Prior straight-line rent	$	55.87	$	173.75	$	36.89
				Percentage increase (decrease)		21.4%		77.2%		(6.7%)
		Tenant improvements and leasing commissions:
			Per square foot		$	78.45	$	177.43	$	61.48
			Per square foot per annum:		$	6.38	$	15.43	$	6.54
				Percentage of initial rent		9.5%		3.8%		17.7%
Year Ended December 31, 2014:
	Total square feet leased					3,973		119		1,817	(3)
	Our share of square feet leased					3,416		114		1,674	(3)
		Initial rent (1)			$	66.78	$	327.38	$	38.57
		Weighted average lease term (years)				11.3		11.2		8.2
		Second generation relet space:
			Square feet			2,550		92		1,121
			Cash basis:
				Initial rent (1)	$	68.18	$	289.74	$	38.57
				Prior escalated rent	$	60.50	$	206.62	$	41.37
				Percentage increase (decrease)		12.7%		40.2%		(6.8%)
			GAAP basis:
				Straight-line rent (2)	$	67.44	$	331.33	$	36.97
				Prior straight-line rent	$	56.76	$	204.15	$	38.25
				Percentage increase (decrease)		18.8%		62.3%		(3.3%)
		Tenant improvements and leasing commissions:
			Per square foot		$	75.89	$	110.60	$	46.77
			Per square foot per annum:		$	6.72	$	9.88	$	5.70
				Percentage of initial rent		10.1%		3.0%		14.8%
See notes on the following page.

7

Overview - continued
Leasing Activity - continued
					New York				Washington, DC
(Square feet in thousands)					Office		Retail		Office
Year Ended December 31, 2013:
	Total square feet leased					2,410		138		1,836
	Our share of square feet leased:					2,024		121		1,392
		Initial rent (1)			$	60.78	$	268.52	$	39.91
		Weighted average lease term (years)				11.0		8.6		7.0
		Second generation relet space:
			Square feet			1,716		103		910
			Cash basis:
				Initial rent (1)	$	60.04	$	262.67	$	40.91
				Prior escalated rent	$	56.84	$	117.45	$	41.16
				Percentage increase (decrease)		5.6%		123.7%		(0.6%)
			GAAP basis:
				Straight-line rent(2)	$	59.98	$	293.45	$	40.87
				Prior straight-line rent	$	52.61	$	152.34	$	39.36
				Percentage increase		14.0%		92.6%		3.8%
		Tenant improvements and leasing commissions:
			Per square foot		$	61.78	$	100.93	$	33.24
			Per square foot per annum:		$	5.61	$	11.64	$	4.75
				Percentage of initial rent		9.2%		4.3%		11.9%
(1)			Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot.
(2)			Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases, and includes the effect of free rent and periodic step-ups in rent.
(3)			Excludes (i) 165 square feet leased to WeWork that will be redeveloped into rental residential apartments, and (ii) 82 square feet of retail space that was leased at an initial rent of $46.76 per square foot.

8

Overview - continued
	Square footage (in service) and Occupancy as of December 31, 2014:
					Square Feet (in service)
				Number of	Total	Our
	(Square feet in thousands)			properties	Portfolio	Share	Occupancy %
	New York:
		Office		31	20,052	16,808	96.9%
		Retail		56	2,450	2,179	96.4%
		Alexander's		6	2,178	706	99.7%
		Hotel Pennsylvania		1	1,400	1,400
		Residential - 1,654 units		2	1,524	763	95.2%
					27,604	21,856	96.9%
	Washington, DC:
		Office, excluding the Skyline Properties		51	13,461	11,083	87.5%
		Skyline Properties		8	2,648	2,648	53.5%
		Total Office		59	16,109	13,731	80.9%
		Residential - 2,414 units		7	2,597	2,455	97.4%
		Other		6	384	384	100.0%
					19,090	16,570	83.8%
	Other:
		The Mart		2	3,587	3,578	94.7%
		555 California Street		3	1,801	1,261	97.6%
		85 Tenth Avenue(1)		1	613	306	100.0%
		Other Properties		3	2,135	1,174	96.8%
					8,136	6,319
	Total square feet at December 31, 2014				54,830	44,745
	(1)		As of December 31, 2014, we own junior and senior mezzanine loans of 85 Tenth Avenue with an accreted balance of $147.6 million. The junior and senior mezzanine loans bear paid-in-kind interest of 12% and 9%, respectively and mature in May 2017. We account for our investment in 85 Tenth Avenue using the equity method of accounting because we will receive a 49.9% interest in the property after repayment of the junior mezzanine loan. As a result of recording our share of the GAAP losses of the property, the net carrying amount of these loans is $28.2 million on our consolidated balance sheets.

9

Overview - continued
	Square footage (in service) and Occupancy as of December 31, 2013:
					Square Feet (in service)
				Number of	Total	Our
	(Square feet in thousands)			properties	Portfolio	Share	Occupancy %
	New York:
		Office		30	19,217	15,776	96.5%
		Retail		54	2,370	2,147	97.4%
		Alexander's		6	2,178	706	99.4%
		Hotel Pennsylvania		1	1,400	1,400
		Residential - 1,653 units		2	1,523	762	94.8%
					26,688	20,791	96.7%
	Washington, DC:
		Office, excluding the Skyline Properties		51	13,581	11,151	85.4%
		Skyline Properties		8	2,652	2,652	60.8%
		Total Office		59	16,233	13,803	80.7%
		Residential - 2,405 units		7	2,588	2,446	96.3%
		Other		5	379	379	100.0%
					19,200	16,628	83.4%
	Other:
		The Mart		3	3,703	3,694	96.3%
		555 California Street		3	1,795	1,257	94.5%
		85 Tenth Avenue(1)		1	613	306	100.0%
		Other Properties		3	1,908	946	96.8%
					8,019	6,203
	Total square feet at December 31, 2013				53,907	43,622
	(1)		As of December 31, 2013, we own junior and senior mezzanine loans of 85 Tenth Avenue with an accreted balance of $124.1 million. The junior and senior mezzanine loans bear paid-in-kind interest of 12% and 9%, respectively and mature in May 2017. We account for our investment in 85 Tenth Avenue using the equity method of accounting because we will receive a 49.9% interest in the property after repayment of the junior mezzanine loan. As a result of recording our share of the GAAP losses of the property, the net carrying amount of these loans is $24.5 million on our consolidated balance sheets.

10

Overview - continued

Washington, DC Segment

Of the 2,395,000 square feet subject to the effects of the Base Realignment and Closure (“BRAC”) statute, 393,000 square feet has been taken out of service for redevelopment and 1,137,000 square feet has been leased or is pending.  The table below summarizes the status of the BRAC space.

		Rent Per		Square Feet
		Square Foot		Total	Crystal City	Skyline	Rosslyn
Resolved:
	Relet	$	37.19	1,126,000	664,000	381,000	81,000
	Leases pending		34.29	11,000	11,000	-	-
	Taken out of service for redevelopment			393,000	393,000	-	-
				1,530,000	1,068,000	381,000	81,000
To Be Resolved:
	Vacated		35.92	771,000	281,000	425,000	65,000
	Expiring in 2015		43.79	94,000	88,000	6,000	-
				865,000	369,000	431,000	65,000
Total square feet subject to BRAC				2,395,000	1,437,000	812,000	146,000

Due to the effects of BRAC related move-outs and the sluggish leasing environment in the Washington, DC / Northern Virginia area, EBITDA from continuing operations for the year ended December 31, 2013 was lower than 2012 by $14,254,000 and EBITDA from continuing operations for the year ended December 31, 2014 was lower than 2013 by $5,633,000, which was offset by an interest expense reduction of $18,568,000 from the restructuring of the Skyline properties mortgage loan in October 2013.  We expect 2015 EBITDA from continuing operations will be flat to 2014.  

11

Critical Accounting Policies

In preparing the consolidated financial statements we have made estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Set forth below is a summary of the accounting policies that we believe are critical to the preparation of our consolidated financial statements.  The summary should be read in conjunction with the more complete discussion of our accounting policies included in Note 2 to the consolidated financial statements in this Annual Report on Form 10-K.

Real Estate

Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over estimated useful lives which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets.

Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information.  Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions.  We record acquired intangible assets (including acquired above-market leases, acquired in-place leases and tenant relationships) and acquired intangible liabilities (including below–market leases) at their estimated fair value separate and apart from goodwill. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired.

As of December 31, 2014 and 2013, the carrying amounts of real estate, net of accumulated depreciation, were $13.7 billion and $12.6 billion, respectively.  As of December 31, 2014 and 2013, the carrying amounts of identified intangible assets (including acquired above-market leases, tenant relationships and acquired in-place leases) were $225,155,000 and $253,082,000, respectively, and the carrying amounts of identified intangible liabilities, a component of “deferred revenue” on our consolidated balance sheets, were $328,201,000 and $326,917,000, respectively.

Our properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis.  An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value.  Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared.  If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements.  The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results.  Plans to hold properties over longer periods decrease the likelihood of recording impairment losses.

12

Critical Accounting Policies – continued

Partially Owned Entities

We consolidate entities in which we have a controlling financial interest.  In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members as well as whether the entity is a variable interest entity (“VIE”) and we are the primary beneficiary.  We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the entity is not considered a VIE and the approval of all of the partners/members is contractually required with respect to major decisions, such as operating and capital budgets, the sale, exchange or other disposition of real property, the hiring of a chief executive officer, the commencement, compromise or settlement of any lawsuit, legal proceeding or arbitration or the placement of new or additional financing secured by assets of the venture.  We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Investments that do not qualify for consolidation or equity method accounting are accounted for on the cost method.

Investments in partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.  An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value.  Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared.  The ultimate realization of our investments in partially owned entities is dependent on a number of factors, including the performance of each investment and market conditions.  If our estimates of the projected future cash flows, the nature of development activities for properties for which such activities are planned and the estimated fair value of the investment change based on market conditions or otherwise, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements.  The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. 

As of December 31, 2014 and 2013, the carrying amounts of investments in partially owned entities, including Toys “R” Us, was $1.2 billion and $1.2 billion, respectively.

Mortgage and Mezzanine Loans Receivable

We invest in mortgage and mezzanine loans of entities that have significant real estate assets.  These investments are either secured by the real property or by pledges of the equity interests of the entities owning the underlying real estate.  We record these investments at the stated principal amount net of any unamortized discount or premium. We accrete or amortize any discount or premium over the life of the related receivable utilizing the effective interest method or straight-line method, if the result is not materially different.  We evaluate the collectibility of both interest and principal of each of our loans whenever events or changes in circumstances indicate such amounts may not be recoverable. A loan is impaired when it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the investment to the present value of expected future cash flows discounted at the loan’s effective interest rate, or as a practical expedient, to the value of the collateral if the loan is collateral dependent.  Interest on impaired loans is recognized when received in cash.  If our estimates of the collectability of both interest and principal or the fair value of our loans change based on market conditions or otherwise, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements.

As of December 31, 2014 and 2013, the carrying amounts of mortgage and mezzanine loans receivable were $16,748,000 and $170,972,000, respectively, net of an allowance of $5,811,000 and $5,845,000, respectively, and are included in “other assets” on our consolidated balance sheets.   

13

Critical Accounting Policies – continued

Allowance For Doubtful Accounts

We periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts ($12,210,000 and $14,519,000 as of December 31, 2014 and 2013, respectively) for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for receivables arising from the straight-lining of rents ($3,188,000 and $4,355,000 as of December 31, 2014 and 2013, respectively). This receivable arises from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates. These estimates may differ from actual results, which could be material to our consolidated financial statements.

Revenue Recognition

We have the following revenue sources and revenue recognition policies:

·Base Rent — income arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements under the leases.  We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use.  In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease.   

·Percentage Rent — income arising from retail tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the contingency has been removed (i.e., when tenant sales thresholds have been achieved).

·Hotel Revenue — income arising from the operation of the Hotel Pennsylvania which consists of rooms revenue, food and beverage revenue, and banquet revenue. Income is recognized when rooms are occupied. Food and beverage and banquet revenue are recognized when the services have been rendered.

·Trade Shows Revenue — income arising from the operation of trade shows, including rentals of booths. This revenue is recognized when the trade shows have occurred.

·Expense Reimbursements — revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred.

·Management, Leasing and Other Fees — income arising from contractual agreements with third parties or with partially owned entities. This revenue is recognized as the related services are performed under the respective agreements.

·Cleveland Medical Mart — revenue arising from the development of the Cleveland Medical Mart.  This revenue was recognized as the related services were performed under the respective agreements using the criteria set forth in ASC 605-25, Multiple Element Arrangements.

Before we recognize revenue, we assess, among other things, its collectibility. If our assessment of the collectibility of revenue changes, the impact on our consolidated financial statements could be material.

Income Taxes

Vornado operates in a manner intended to enable it to continue to qualify as a Real Estate Investment Trust (“REIT”) under Sections 856-860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its taxable income and therefore, no provision for Federal income taxes is required.  If Vornado fails to distribute the required amount of income to its shareholders, or fails to meet other REIT requirements, it may fail to qualify as a REIT which may result in substantial adverse tax consequences.

14

Net Income and EBITDA by Segment for the Years Ended December 31, 2014, 2013 and 2012

Below is a summary of net income and a reconciliation of net income to EBITDA⁽¹⁾ by segment for the years ended December 31, 2014, 2013 and 2012.

(Amounts in thousands)		For the Year Ended December 31, 2014
			Total		New York			Washington, DC			Other
Total revenues			$	2,312,512	$	1,520,845		$	537,151		$	254,516
Total expenses				1,622,619		946,466			358,019			318,134
Operating income (loss)				689,893		574,379			179,132			(63,618)
(Loss) income from partially owned entities, including Toys				(58,131)		20,701			(3,677)			(75,155)
Income from Real Estate Fund				163,034		-			-			163,034
Interest and other investment income, net				38,752		6,711			183			31,858
Interest and debt expense				(412,755)		(183,427)			(75,395)			(153,933)
Net gain on disposition of wholly owned and partially
	owned assets			13,568		-			-			13,568
Income (loss) before income taxes				434,361		418,364			100,243			(84,246)
Income tax expense				(9,281)		(4,305)			(242)			(4,734)
Income (loss) from continuing operations				425,080		414,059			100,001			(88,980)
Income from discontinued operations				583,946		463,163			-			120,783
Net income				1,009,026		877,222			100,001			31,803
Less net income attributable to noncontrolling interests in
	consolidated subsidiaries			(96,561)		(8,626)			-			(87,935)
Net income (loss) attributable to Vornado Realty L.P.				912,465		868,596			100,001			(56,132)
Interest and debt expense(2)				654,398		241,959			89,448			322,991
Depreciation and amortization(2)				685,973		324,239			145,853			215,881
Income tax expense(2)				24,248		4,395			288			19,565
EBITDA(1)			$	2,277,084	$	1,439,189	(3)	$	335,590	(4)	$	502,305	(5)

____________________________

See notes on pages 17 and 18.

15

Net Income and EBITDA by Segment for the Years Ended December 31, 2014, 2013 and 2012 - continued

(Amounts in thousands)		For the Year Ended December 31, 2013
			Total		New York			Washington, DC			Other
Total revenues			$	2,299,176	$	1,470,907		$	541,161		$	287,108
Total expenses				1,624,625		910,498			347,686			366,441
Operating income (loss)				674,551		560,409			193,475			(79,333)
(Loss) income from partially owned entities, including Toys				(338,785)		15,527			(6,968)			(347,344)
Income from Real Estate Fund				102,898		-			-			102,898
Interest and other investment (loss) income, net				(24,887)		5,357			129			(30,373)
Interest and debt expense				(425,782)		(181,966)			(102,277)			(141,539)
Net gain on disposition of wholly owned and partially
	owned assets			2,030		-			-			2,030
(Loss) income before income taxes				(9,975)		399,327			84,359			(493,661)
Income tax benefit (expense)				8,717		(2,794)			14,031			(2,520)
(Loss) income from continuing operations				(1,258)		396,533			98,390			(496,181)
Income from discontinued operations				565,998		160,314			-			405,684
Net income (loss)				564,740		556,847			98,390			(90,497)
Less net income attributable to noncontrolling interests in
	consolidated subsidiaries			(63,952)		(10,786)			-			(53,166)
Net income (loss) attributable to Vornado Realty L.P.				500,788		546,061			98,390			(143,663)
Interest and debt expense(2)				758,781		236,645			116,131			406,005
Depreciation and amortization(2)				732,757		293,974			142,409			296,374
Income tax expense (benefit)(2)				26,371		3,002			(15,707)			39,076
EBITDA(1)			$	2,018,697	$	1,079,682	(3)	$	341,223	(4)	$	597,792	(5)
(Amounts in thousands)		For the Year Ended December 31, 2012
			Total		New York			Washington, DC			Other
Total revenues			$	2,332,724	$	1,319,470		$	554,028		$	459,226
Total expenses				1,738,381		835,563			360,056			542,762
Operating income (loss)				594,343		483,907			193,972			(83,536)
Income (loss) from partially owned entities, including Toys				423,126		207,773			(5,612)			220,965
Income from Real Estate Fund				63,936		-			-			63,936
Interest and other investment (loss) income, net				(261,200)		4,002			126			(265,328)
Interest and debt expense				(431,235)		(146,350)			(115,574)			(169,311)
Net gain on disposition of wholly owned and partially
	owned assets			4,856		-			-			4,856
Income (loss) before income taxes				393,826		549,332			72,912			(228,418)
Income tax expense				(8,132)		(3,491)			(1,650)			(2,991)
Income (loss) from continuing operations				385,694		545,841			71,262			(231,409)
Income from discontinued operations				308,847		30,293			167,766			110,788
Net income (loss)				694,541		576,134			239,028			(120,621)
Less net income attributable to noncontrolling interests in
	consolidated subsidiaries			(32,018)		(2,138)			-			(29,880)
Net income (loss) attributable to Vornado Realty L.P.				662,523		573,996			239,028			(150,501)
Interest and debt expense(2)				760,523		187,855			133,625			439,043
Depreciation and amortization(2)				735,293		252,257			157,816			325,220
Income tax expense (2)				7,026		3,751			1,943			1,332
EBITDA(1)			$	2,165,365	$	1,017,859	(3)	$	532,412	(4)	$	615,094	(5)

____________________________

See notes on pages 17 and 18.

16

Net Income and EBITDA by Segment for the Years Ended December 31, 2014, 2013 and 2012 - 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 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(b)				281,428		246,808		189,484
	Alexander's (c)				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, 2013 and 2012 includes EBITDA from discontinued operations, net gains on sale of real estate and other items that affect comparability, aggregating $462,239, $163,528 and $37,129, respectively. Excluding these items, EBITDA was $623,023, $596,413 and $531,389, respectively.
	(b)		2014, 2013 and 2012 includes EBITDA from discontinued operations, net gains on sale of real estate and other items that affect comparability, aggregating $1,751, $934 and $510, respectively. Excluding these items, EBITDA was $279,677, $245,874 and $188,974, respectively.
	(c)		2014, 2013 and 2012 includes EBITDA from discontinued operations, net gains on sale of real estate and other items that affect comparability, aggregating $171, $730 and $191,040, respectively. Excluding these items, EBITDA was $41,575, $41,480 and $40,362, respectively.
(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 EBITDA from discontinued operations, net gains on sale of real estate and other items that affect comparability, aggregating $176,935. Excluding these items, EBITDA was $272,513.

17

Net Income and EBITDA by Segment for the Years Ended December 31, 2014, 2013 and 2012 - continued

	Notes to preceding tabular information:
(5)	The elements of "other" EBITDA 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
	Our share of Toys "R" Us				103,632		(12,081)		281,289
	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				26,586		28,505		25,103
					335,438		216,047		551,084
	Corporate general and administrative expenses(c)				(94,929)		(94,904)		(89,082)
	Investment income and other, net(c)				31,665		46,525		45,563
	Urban Edge Properties and residual retail properties discontinued operations(d)				235,989		531,493		201,035
	Acquisition and transaction related costs, and impairment losses				(16,392)		(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 net gains on extinguishment of debt 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
				$	502,305	$	597,792	$	615,094
	(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.
	(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 to UE on January 15, 2015.

18

Net Income and EBITDA by Segment for the Years Ended December 31, 2014, 2013 and 2012 - continued

EBITDA by Region

Below is a summary of the percentages of EBITDA by geographic region, excluding discontinued operations and other items that affect comparability.

		For the Year Ended December 31,
		2014	2013	2012
Region:
	New York City metropolitan area	68%	67%	62%
	Washington, DC / Northern Virginia area	23%	25%	28%
	Chicago, IL	6%	5%	6%
	San Francisco, CA	3%	3%	4%
		100%	100%	100%

19

Results of Operations – Year Ended December 31, 2014 Compared to December 31, 2013

Revenues

Our revenues, which consist of property rentals (including hotel and trade show revenues), tenant expense reimbursements, and fee and other income, were $2,312,512,000 in the year ended December 31, 2014, compared to $2,299,176,000 in the prior year, an increase of $13,336,000.  Excluding decreases of $36,369,000 related to the Cleveland Medical Mart development project and $23,992,000 from the deconsolidation of Independence Plaza, revenues increased by $73,697,000.  Below are the details of the increase (decrease) by segment:

(Amounts in thousands)
Increase (decrease) due to:			Total			New York			Washington, DC		Other
Property rentals:
	Acquisitions and other		$	17,098		$	20,244		$	(1,867)	$	(1,279)
	Deconsolidation of Independence Plaza (1)			(23,992)			(23,992)			-		-
	Properties placed into / taken out of
		service for redevelopment		(9,229)			229			(2,274)		(7,184)
	Same store operations			47,205			35,276			(2,399)		14,328
				31,082			31,757			(6,540)		5,865
Tenant expense reimbursements:
	Acquisitions and other			968			353			809		(194)
	Properties placed into / taken out of
		service for redevelopment		(2,123)			(1,650)			94		(567)
	Same store operations			20,143			17,782			(879)		3,240
				18,988			16,485			24		2,479
Cleveland Medical Mart development project				(36,369)	(2)		-			-		(36,369)	(2)
Fee and other income:
	BMS cleaning fees			19,152			19,358			-		(206)	(3)
	Management and leasing fees			(3,167)			(862)			(2,769)		464
	Lease termination fees			(16,267)			(17,093)	(4)		4,138		(3,312)
	Other income			(83)			293			1,137		(1,513)
				(365)			1,696			2,506		(4,567)
Total increase (decrease) in revenues			$	13,336		$	49,938		$	(4,010)	$	(32,592)
(1)		On June 7, 2013, we sold an 8.65% economic interest in our investment of Independence Plaza, which reduced our economic interest to 50.1%. As a result, we determined that we were no longer the primary beneficiary of the VIE and accordingly, we deconsolidated the operations of the property on June 7, 2013 and began accounting for our investment under the equity method.
(2)		Due to the completion of the project. This decrease in revenue is substantially offset by a decrease in development costs expensed in the period. See note (4) on page 21.
(3)		Represents the change in the elimination of intercompany fees from operating segments upon consolidation. See note (3) on page 21.
(4)		Primarily due to a $19,500 termination fee from a tenant at 1290 Avenue of the Americas recognized during the third quarter of 2013.

20

Results of Operations – Year Ended December 31, 2014 Compared to December 31, 2013 - continued

Expenses

Our expenses, which consist primarily of operating (including hotel and trade show expenses), depreciation and amortization and general and administrative expenses, were $1,622,619,000 in the year ended December 31, 2014, compared to $1,624,625,000 in the prior year, a decrease of $2,006,000.  Excluding expenses of $32,210,000 related to the Cleveland Medical Mart development project in 2013 and $25,899,000 from the deconsolidation of Independence Plaza, expenses increased by $56,103,000.  Below are the details of the (decrease) increase by segment:

(Amounts in thousands)
(Decrease) increase due to:			Total			New York		Washington, DC		Other
Operating:
	Acquisitions and other		$	(657)		$	(197)	$	1,008	$	(1,468)
	Deconsolidation of Independence Plaza(1)			(9,592)			(9,592)		-		-
	Properties placed into / taken out of
		service for redevelopment		(12,124)			(4,374)		(1,113)		(6,637)
	Non-reimbursable expenses, including
		bad-debt reserves		99			1,301		-		(1,202)
	BMS expenses			11,813			12,019		-		(206)	(3)
	Same store operations			35,507			27,651		4,927		2,929
				25,046			26,808		4,822		(6,584)
Depreciation and amortization:
	Acquisitions and other			9,845			9,856		-		(11)
	Deconsolidation of Independence Plaza(1)			(16,307)			(16,307)		-		-
	Properties placed into / taken out of
		service for redevelopment		19,672			23,488		(649)		(3,167)
	Same store operations			6,466			(7,150)		5,881		7,735
				19,676			9,887		5,232		4,557
General and administrative:
	Mark-to-market of deferred compensation
		plan liability (2)		921			-		-		921
	Non-same store			(5,403)			-		-		(5,403)
	Same store operations			(3,614)			(727)		279		(3,166)
				(8,096)			(727)		279		(7,648)
Cleveland Medical Mart development project				(32,210)	(4)		-		-		(32,210)	(4)
Impairment losses, acquisition related costs
	and tenant buy-outs			(6,422)			-		-		(6,422)
Total (decrease) increase in expenses			$	(2,006)		$	35,968	$	10,333	$	(48,307)
(1)		On June 7, 2013, we sold an 8.65% economic interest in our investment of Independence Plaza, which reduced our economic interest to 50.1%. As a result, we determined that we were no longer the primary beneficiary of the VIE and accordingly, we deconsolidated the operations of the Property on June 7, 2013 and began accounting for our investment under the equity method.
(2)		This increase in expense is entirely offset by a corresponding increase in income from the mark-to-market of the deferred compensation plan assets, a component of “interest and other investment income (loss), net” on our consolidated statements of income.
(3)		Represents the change in the elimination of intercompany fees from operating segments upon consolidation. See note (3) on page 20.
(4)		Due to the completion of the project. This decrease in expense is offset by the decrease in development revenue in the period. See note (2) on page 20.

21

Results of Operations – Year Ended December 31, 2014 Compared to December 31, 2013 - continued

Loss Applicable to Toys

We account for Toys on the equity method, which means our investment is increased or decreased for our pro rata share of Toys undistributed net income or loss.  We have not guaranteed any of Toys’ obligations and are not committed to provide any support to Toys.  Pursuant to ASC 323-10-35-20, we discontinued applying the equity method for our Toys’ investment when the carrying amount was reduced to zero in the third quarter of 2014.  We will resume application of the equity method if during the period the equity method was suspended our share of unrecognized net income exceeds our share of unrecognized net losses.

In the year ended December 31, 2014, we recognized a net loss of $73,556,000 from our investment in Toys, comprised of (i) $4,691,000 for our share of Toys’ net loss and a (ii) $75,196,000 non-cash impairment loss, partially offset by (iii) $6,331,000 of management fee income.  In the year ended December 31, 2013, we recognized a net loss of $362,377,000 from our investment in Toys, comprised of (i) $128,919,000 for our share of Toys’ net loss and (ii) $240,757,000 non-cash impairment losses, partially offset by (iii) $7,299,000 of management fee income.

In the first quarter of 2013, we recognized our share of Toys’ fourth quarter net income of $78,542,000 and a corresponding non-cash impairment loss of the same amount to continue to carry our investment at fair value.

At December 31, 2013, we estimated that the fair value of our investment in Toys was approximately $80,062,000 ($83,224,000 including $3,162,000 for our share of Toys’ accumulated other comprehensive income), or $162,215,000 less than the carrying amount after recognizing our share of Toys’ third quarter net loss in our fourth quarter.  In determining the fair value of our investment, we considered, among other inputs, a December 31, 2013 third-party valuation of Toys.  As of December 31, 2013, we have concluded that the decline in the value of our investment was “other-than-temporary” based on, among other factors, Toys’ 2013 holiday sales results, compression of earnings multiples of comparable retailers and our inability to forecast a recovery in the near term.  Accordingly, we recognized an additional non-cash impairment loss of $162,215,000 in the fourth quarter of 2013.

In the first quarter of 2014, we recognized our share of Toys’ fourth quarter net income of $75,196,000 and a corresponding non-cash impairment loss of the same amount to continue to carry our investment at fair value.

Income from Partially Owned Entities

Summarized below are the components of income from partially owned entities for the years ended December 31, 2014 and 2013.

		Percentage	For the Year Ended
		Ownership at	December 31,
(Amounts in thousands)		December 31, 2014	2014		2013
Equity in Net Income (Loss):
Alexander's		32.4%	$	30,009	$	24,402
India real estate ventures (1)		4.1%-36.5%		(8,309)		(3,533)
Partially owned office buildings (2)		Various		93		(4,212)
Other investments (3)		Various		(6,368)		(10,817)
LNR (4)		n/a		-		18,731
Lexington (5)		n/a		-		(979)
			$	15,425	$	23,592
(1)	Includes a $5,771 non-cash impairment loss in 2014.
(2)	Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others.
(3)	Includes interests in Independence Plaza, Monmouth Mall, 85 Tenth Avenue, Fashion Center Mall, 50-70 West 93rd Street and others. In the third quarter of 2014, we recognized a $10,263 non-cash impairment loss and loan loss reserve on our equity and debt investments in Suffolk Downs race track and adjacent land.
(4)	On April 19, 2013, LNR was sold.
(5)	In the first quarter of 2013, we began accounting for our investment in Lexington as a marketable security - available for sale.

22

Results of Operations – Year Ended December 31, 2014 Compared to December 31, 2013 - continued

Income from Real Estate Fund

Below are the components of the income from our Real Estate Fund for the years ended December 31, 2014 and 2013.

(Amounts in thousands)		For the Year Ended December 31,
		2014		2013
Net investment income		$	12,895	$	8,943
Net realized gains			76,337		8,184
Net unrealized gains			73,802		85,771
Income from Real Estate Fund			163,034		102,898
Less income attributable to noncontrolling interests			(92,728)		(53,427)
Income from Real Estate Fund attributable to Vornado Realty L.P.(1)		$	70,306	$	49,471
___________________________________
(1)	Excludes management and leasing fees of $2,865 and $2,992 in the years ended December 31, 2014 and 2013, respectively, which are included as a component of "fee and other income" on our consolidated statements of income.

Interest and Other Investment Income (Loss), net

Interest and other investment income (loss), net was income of $38,752,000 in the year ended December 31, 2014, compared to a loss of $24,887,000 in the prior year, an increase in income of $63,639,000.  This increase resulted from:

(Amounts in thousands)
Losses from the disposition of investment in J.C. Penney in 2013		$	72,974
Lower average mezzanine loans receivable balances in 2014			(15,575)
Higher dividends on marketable securities			1,261
Increase in the value of investments in our deferred compensation plan (offset by a corresponding
	increase in the liability for plan assets in general and administrative expenses)		921
Other, net			4,058
		$	63,639

Interest and Debt Expense

Interest and debt expense was $412,755,000 in the year ended December 31, 2014, compared to $425,782,000 in the prior year, a decrease of $13,027,000. This decrease was primarily due to (i) $20,483,000 of higher capitalized interest and debt expense and (ii) $18,568,000 of interest savings from the restructuring of the Skyline properties mortgage loan in the fourth quarter of 2013, partially offset by (iii) $13,287,000 of interest expense from the $600,000,000 financing of our 220 Central Park South development site in January 2014, (iv) $6,265,000 of interest expense from the issuance of the $450,000,000 unsecured notes in June 2014, and (v) $5,589,000 of defeasance cost in connection with the refinancing of 909 Third Avenue.

Net Gain on Disposition of Wholly Owned and Partially Owned Assets

Net gain on disposition of wholly owned and partially owned assets was $13,568,000 in the year ended December 31, 2014, primarily from the sale of residential condominiums and a land parcel, compared to $2,030,000 in the year ended December 31, 2013, primarily of net gains from the sale of marketable securities, land parcels (including Harlem Park), and residential condominiums aggregating $56,868,000, partially offset by a $54,914,000 net loss on sale of J.C. Penney common shares.

Income Tax (Expense) Benefit

In the year ended December 31, 2014, we had an income tax expense of $9,281,000, compared to a benefit of $8,717,000 in the prior year, an increase in expense of $17,998,000.  This increase resulted primarily from a reversal of previously accrued deferred tax liabilities in the prior year due to a change in the effective tax rate resulting from an amendment of the Washington, DC Unincorporated Business Tax Statute.

23

Results of Operations – Year Ended December 31, 2014 Compared to December 31, 2013 - continued

Income from Discontinued Operations

We have reclassified the revenues and expenses of the properties that were sold or are currently held for sale to “income from discontinued operations” and the related assets and liabilities to “assets related to discontinued operations” and “liabilities related to discontinued operations” for all the periods presented in the accompanying financial statements.  The table below sets forth the combined results of assets related to discontinued operations for the years ended December 31, 2014 and 2013.

(Amounts in thousands)	For the Year Ended December 31,
	2014		2013
Total revenues	$	394,056	$	499,964
Total expenses		275,828		312,675
		118,228		187,289
Net gains on sales of real estate		507,192		414,502
Impairment losses		(41,474)		(37,170)
Gain on sale of assets other than real estate		-		1,377
Income from discontinued operations	$	583,946	$	565,998

Net Income Attributable to Noncontrolling Interests in Consolidated Subsidiaries

Net income attributable to noncontrolling interests in consolidated subsidiaries was $96,561,000 in the year ended December 31, 2014, compared to $63,952,000 in the prior year, an increase of $32,609,000.  This increase resulted primarily from higher net income allocated to the noncontrolling interests, including noncontrolling interests of our Real Estate Fund.

Preferred Unit Distributions

Preferred unit distributions were $81,514,000 in the year ended December 31, 2014, compared to $83,965,000 in the prior year, a decrease of $2,451,000.  This decrease resulted from the redemption of $262,500,000 of 6.75% Series F and Series H cumulative redeemable preferred units in February 2013 and the 6.875% Series D-15 cumulative redeemable preferred units in May 2013.

Preferred Unit Redemptions

In the year ended December 31, 2014, we recognized $0of expense in connection with preferred unit redemptions.  In the year ended December 31, 2013, we recognized $1,130,000 of expense in connection with preferred unit redemptions, comprised of $9,230,000 of expense from the redemption of the 6.75% Series F and Series H cumulative redeemable preferred units in February 2013, partially offset by an $8,100,000 discount from the redemption of all of the 6.875% Series D-15 cumulative redeemable preferred units in May 2013.

24

Results of Operations – Year Ended December 31, 2014 Compared to December 31, 2013 - continued

Same Store EBITDA

Same store EBITDA represents EBITDA from property level operations which are owned by us in both the current and prior year reporting periods.  Same store EBITDA excludes segment-level overhead expenses, which are expenses that we do not consider to be property-level expenses, as well as other non-operating items.  We also present same store EBITDA on a cash basis (which excludes income from the straight-lining of rents, amortization of below-market leases, net of above-market leases and other non-cash adjustments).  We present these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers.  Same store EBITDA should not be considered as an alternative to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies. 

Below is the reconciliation of EBITDA to same store EBITDA for each of our segments for the year ended December 31, 2014, compared to the year ended December 31, 2013.

(Amounts in thousands)			New York		Washington, DC
EBITDA for the year ended December 31, 2014			$	1,439,189	$	335,590
	Add-back:
		Non-property level overhead expenses included above		28,479		27,339
	Less EBITDA from:
		Acquisitions		(33,917)		-
		Dispositions, including net gains on sale		(463,991)		(1,858)
		Properties taken out-of-service for redevelopment		(26,056)		(1,432)
		Other non-operating income		(9,013)		(5,446)
Same store EBITDA for the year ended December 31, 2014			$	934,691	$	354,193
EBITDA for the year ended December 31, 2013			$	1,079,682	$	341,223
	Add-back:
		Non-property level overhead expenses included above		29,206		27,060
	Less EBITDA from:
		Acquisitions		(4,764)		-
		Dispositions, including net gains on sale		(160,232)		(150)
		Properties taken out-of-service for redevelopment		(20,013)		(4,056)
		Other non-operating income		(31,522)		(1,129)
Same store EBITDA for the year ended December 31, 2013			$	892,357	$	362,948
Increase (decrease) in same store EBITDA -
	Year ended December 31, 2014 vs. December 31, 2013(1)		$	42,334	$	(8,755)
% increase (decrease) in same store EBITDA				4.7%		(2.4%)
(1)		See notes on following page

25

Results of Operations – Year Ended December 31, 2014 Compared to December 31, 2013 - continued

Notes to preceding tabular information:

New York:

The $42,334,000 increase in New York same store EBITDA resulted primarily from higher (i) rental revenue of $30,213,000 (primarily due to an increase in average rent per square foot) and (ii) cleaning fees, signage revenue, and other income of $26,882,000, partially offset by (iii) higher office operating expenses, net of reimbursements, of $14,761,000.

Washington, DC:

The $8,755,000 decrease in Washington, DC same store EBITDA resulted primarily from (i) lower rental revenue of $2,399,000, (ii) lower management and leasing fee income of $2,769,000 and (iii) higher operating expenses of $4,927,000, partially offset by an increase in other income of $1,538,000.

Reconciliation of Same Store EBITDA to Cash basis Same Store EBITDA

(Amounts in thousands)		New York		Washington, DC
Same store EBITDA for the year ended December 31, 2014		$	934,691	$	354,193
Less: Adjustments for straight line rents, amortization of acquired
	below-market leases, net, and other non-cash adjustments		(103,496)		(9,726)
Cash basis same store EBITDA for the year ended December 31, 2014		$	831,195	$	344,467
Same store EBITDA for the year ended December 31, 2013		$	892,357	$	362,948
Less: Adjustments for straight line rents, amortization of acquired
	below-market leases, net, and other non-cash adjustments		(119,625)		(10,198)
Cash basis same store EBITDA for the year ended December 31, 2013		$	772,732	$	352,750
Increase (decrease) in Cash basis same store EBITDA -
	Year ended December 31, 2014 vs. December 31, 2013	$	58,463	$	(8,283)
% increase (decrease) in Cash basis same store EBITDA			7.6%		(2.3%)

26

Results of Operations – Year Ended December 31, 2013 Compared to December 31, 2012

Revenues

Our revenues, which consist primarily of property rentals (including hotel and trade show revenues), tenant expense reimbursements, and fee and other income, were $2,299,176,000 in the year ended December 31, 2013, compared to $2,332,724,000 in the year ended December 31, 2012, a decrease of $33,548,000. Below are the details of the (decrease) increase by segment:

(Amounts in thousands)
(Decrease) increase due to:			Total			New York			Washington, DC		Other
Property rentals:
	Acquisitions and other		$	74,893		$	75,004		$	462	$	(573)
	Properties placed into / taken out of
		service for redevelopment		(3,506)			(1,138)			(2,333)		(35)
	Same store operations			37,754			44,576			(15,267)		8,445
				109,141			118,442			(17,138)		7,837
Tenant expense reimbursements:
	Acquisitions and other			3,015			2,715			(604)		904
	Properties placed into / taken out of
		service for redevelopment		(132)			(402)			193		77
	Same store operations			16,799			8,385			2,443		5,971
				19,682			10,698			2,032		6,952
Cleveland Medical Mart development project				(198,865)	(1)		-			-		(198,865)	(1)
Fee and other income:
	BMS cleaning fees			(1,079)			(9,208)			-		8,129	(2)
	Management and leasing fees			4,355			4,177			1,691		(1,513)
	Lease termination fees			30,343			25,333	(3)		983		4,027	(4)
	Other income			2,875			1,995			(435)		1,315
				36,494			22,297			2,239		11,958
Total (decrease) increase in revenues			$	(33,548)		$	151,437		$	(12,867)	$	(172,118)
(1)		Due to the completion of the project. This decrease in revenue is substantially offset by a decrease in development costs expensed in the period. See note (3) on page 28.
(2)		Represents the change in the elimination of intercompany fees from operating segments upon consolidation. See note (2) on page 28.
(3)		Primarily due to a $19,500 termination fee from a tenant at 1290 Avenue of the Americas recognized during the third quarter of 2013.
(4)		Primarily due to $3,000 in 2013 from the termination of our subsidiaries' agreements with Cuyahoga County to operate the Cleveland Medical Mart Convention Center.

27

Results of Operations – Year Ended December 31, 2013 Compared to December 31, 2012 - continued

Expenses

Our expenses, which consist primarily of operating (including hotel and trade show expenses), depreciation and amortization and general and administrative expenses, were $1,624,625,000 in the year ended December 31, 2013, compared to $1,738,381,000 in the year ended December 31, 2012, a decrease of $113,756,000. Below are the details of the (decrease) increase by segment:

(Amounts in thousands)
(Decrease) increase due to:			Total			New York		Washington, DC		Other
Operating:
	Acquisitions and other		$	25,000		$	26,583	$	-	$	(1,583)
	Properties placed into / taken out of
		service for redevelopment		(5,760)			(1,933)		(992)		(2,835)
	Non-reimbursable expenses, including
		bad-debt reserves		(542)			(3,366)		-		2,824
	BMS expenses			(4,151)			(7,889)		-		3,738	(2)
	Same store operations			22,381			20,812		2,045		(476)
				36,928			34,207		1,053		1,668
Depreciation and amortization:
	Acquisitions and other			40,673			41,047		-		(374)
	Properties placed into / taken out of
		service for redevelopment		(15,330)			(552)		(16,177)		1,399
	Same store operations			739			(2,955)		2,369		1,325
				26,082			37,540		(13,808)		2,350
General and administrative:
	Mark-to-market of deferred compensation
		plan liability (1)		3,827			-		-		3,827
	Non-same store			9,244			-		-		9,244
	Same store operations			(2,899)			3,188		385		(6,472)
				10,172			3,188		385		6,599
Cleveland Medical Mart development project				(194,409)	(3)		-		-		(194,409)	(3)
Impairment losses, acquisition related costs
	and tenant buy-outs			7,471			-		-		7,471
Total (decrease) increase in expenses			$	(113,756)		$	74,935	$	(12,370)	$	(176,321)
(1)		This increase in expense is entirely offset by a corresponding increase in income from the mark-to-market of the deferred compensation plan assets, a component of “interest and other investment income (loss), net” on our consolidated statements of income.
(2)		Represents the change in the elimination of intercompany fees from operating segments upon consolidation. See note (2) on page 27.
(3)		Due to the completion of the project. This decrease in expense is offset by the decrease in development revenue in the period. See note (1) on page 27.

28

Results of Operations – Year Ended December 31, 2013 Compared to December 31, 2012 - continued

(Loss) Income Applicable to Toys

In the year ended December 31, 2013, we recognized a net loss of $362,377,000 from our investment in Toys, comprised of (i) $128,919,000 for our share of Toys’ net loss and (ii) $240,757,000 non-cash impairment losses, partially offset by (iii) $7,299,000 of management fee income.  In the year ended December 31, 2012, we recognized net income of $14,859,000 from our investment in Toys, comprised of (i) $45,267,000 for our share of Toys’ net income and (ii) $9,592,000 of management fee income, partially offset by a (iii) $40,000,000 non-cash impairment loss.

At December 31, 2012, we estimated that the fair value of our investment was $40,000,000 less than the carrying amount of $518,041,000 and concluded that the decline in the value of our investment was “other-than-temporary” based on, among other factors, compression of earnings multiples of comparable retailers and our inability to forecast a recovery in the near term.  Accordingly, we recognized a non-cash impairment loss of $40,000,000 in the fourth quarter of 2012.

In the first quarter of 2013, we recognized our share of Toys’ fourth quarter net income of $78,542,000 and a corresponding non-cash impairment loss of the same amount to continue to carry our investment at fair value.

At December 31, 2013, we estimated that the fair value of our investment in Toys was approximately $80,062,000 ($83,224,000 including $3,162,000 for our share of Toys’ accumulated other comprehensive income), or $162,215,000 less than the carrying amount after recognizing our share of Toys’ third quarter net loss in our fourth quarter.  In determining the fair value of our investment, we considered, among other inputs, a December 31, 2013 third-party valuation of Toys.  As of December 31, 2013, we have concluded that the decline in the value of our investment was “other-than-temporary” based on, among other factors, Toys’ 2013 holiday sales results, compression of earnings multiples of comparable retailers and our inability to forecast a recovery in the near term.  Accordingly, we recognized an additional non-cash impairment loss of $162,215,000 in the fourth quarter of 2013.

Income from Partially Owned Entities

Summarized below are the components of income from partially owned entities for the years ended December 31, 2013 and 2012.

		Percentage	For the Year Ended
		Ownership at	December 31,
(Amounts in thousands)		December 31, 2013	2013		2012
Equity in Net Income (Loss):
Alexander's (1)		32.4%	$	24,402	$	218,391
India real estate ventures		4.1%-36.5%		(3,533)		(5,008)
Partially owned office buildings (2)		Various		(4,212)		(3,770)
Other investments(3) (4)		Various		(10,817)		103,644
LNR (5)		n/a		18,731		66,270
Lexington (6)		n/a		(979)		28,740
			$	23,592	$	408,267
(1)	2012 includes $186,357 of income comprised of (i) a $179,934 net gain and (ii) $6,423 of commissions in connection with the sale of real estate.
(2)	Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others.
(3)	Includes interests in Independence Plaza, Monmouth Mall, 85 Tenth Avenue, Fashion Center Mall, 50-70 West 93rd Street and others.
(4)	2012 includes $105,366 of income from Independence Plaza comprised of (i) $60,396 from the accelerated amortization of discount on investment in the subordinated debt of the property and (ii) a $44,970 purchase price fair value adjustment from the exercise of a warrant to acquire 25% of the equity interest in the property.
(5)	On April 19, 2013, LNR was sold.
(6)	2012 includes a $28,763 net gain resulting primarily from Lexington's stock issuances. In the first quarter of 2013, we began accounting for our investment in Lexington as a marketable equity security - available for sale.

29

Results of Operations – Year Ended December 31, 2013 Compared to December 31, 2012 - continued

Income from Real Estate Fund

Below are the components of the income from our Real Estate Fund for the years ended December 31, 2013 and 2012.

(Amounts in thousands)		For the Year Ended December 31,
		2013		2012
Net investment income		$	8,943	$	8,575
Net realized gains			8,184		-
Net unrealized gains			85,771		55,361
Income from Real Estate Fund			102,898		63,936
Less income attributable to noncontrolling interests			(53,427)		(39,332)
Income from Real Estate Fund attributable to Vornado Realty L.P.(1)		$	49,471	$	24,604
___________________________________
(1)	Excludes management and leasing fees of $2,992 and $3,278 in the years ended December 31, 2013 and 2012, respectively, which are included as a component of "fee and other income" on our consolidated statements of income.

Interest and Other Investment Loss, net

Interest and other investment loss, net was a loss of $24,887,000 in the year ended December 31, 2013, compared to a loss of  $261,200,000 in the year ended December 31, 2012, a decrease in loss of $236,313,000. This decrease resulted from:

(Amounts in thousands)
Non-cash impairment loss on J.C. Penney common shares ($39,487 in 2013, compared to
	$224,937 in 2012)	$	185,450
J.C. Penney derivative position ($33,487 mark-to-market loss in 2013, compared to a $75,815
	mark-to-market loss in 2012)		42,328
Higher interest on mezzanine loans receivable			5,634
Increase in the value of investments in our deferred compensation plan (offset by a corresponding
	increase in the liability for plan assets in general and administrative expenses)		3,827
Lower dividends and interest on marketable securities			(533)
Other, net			(393)
		$	236,313

Interest and Debt Expense

Interest and debt expense was $425,782,000 in the year ended December 31, 2013, compared to $431,235,000 in the year ended December 31, 2012, a decrease of $5,453,000.  This decrease was primarily due to (i) $25,502,000 of higher capitalized interest, (ii) $4,738,000 of interest savings from the restructuring of the Skyline properties mortgage loan in the fourth quarter of 2013, and (iii) $2,873,000 of interest savings due to lower fees and amounts outstanding on the revolving credit facilities, partially offset by (iv) interest expense of $12,319,000 from the financing of the retail condominium at 666 Fifth Avenue in the first quarter of 2013, (v) an $8,436,000 prepayment penalty in connection with the refinancing of Eleven Penn Plaza, and (vi) interest expense of $6,855,000 from the financing of 1290 Avenue of the Americas in the fourth quarter of 2012.

Net Gain on Disposition of Wholly Owned and Partially Owned Assets

Net gain on disposition of wholly owned and partially owned assets was $2,030,000 in year ended December 31, 2013 (comprised primarily of net gains from the sale of marketable securities, land parcels (including Harlem Park), and residential condominiums aggregating $56,868,000, partially offset by a $54,914,000 net loss on sale of J.C. Penney common shares), compared to $4,856,000, in the year ended December 31, 2012 (comprised of net gains from the sale of marketable securities, land parcels and residential condominiums).

30

Results of Operations – Year Ended December 31, 2013 Compared to December 31, 2012 - continued

Income Tax Benefit (Expense)

Income tax benefit (expense) was a benefit of $8,717,000 in the year ended December 31, 2013, compared to an expense of $8,132,000 in the year ended December 31, 2012 a decrease in expense of $16,849,000. This decrease resulted primarily from a reversal of previously accrued deferred tax liabilities in the current year due to a change in the effective tax rate resulting from an amendment of the Washington, DC Unincorporated Business Tax Statute.

Income from Discontinued Operations

The table below sets forth the combined results of operations of assets related to discontinued operations for the years ended December 31, 2013 and 2012.

	For the Year Ended December 31,
(Amounts in thousands)	2013		2012
Total revenues	$	499,964	$	581,392
Total expenses		312,675		418,653
		187,289		162,739
Net gains on sales of real estate		414,502		245,799
Impairment losses		(37,170)		(127,839)
Gain on sale of Canadian Trade Shows, net of $11,448 of income taxes		-		19,657
Gain on sale of assets other than real estate		1,377		8,491
Income from discontinued operations	$	565,998	$	308,847

Net Income Attributable to Noncontrolling Interests in Consolidated Subsidiaries

Net income attributable to noncontrolling interests in consolidated subsidiaries was $63,952,000 in the year ended December 31, 2013, compared to $32,018,000 in the year ended December 31, 2012, an increase of $31,934,000.  This increase resulted primarily from (i) $14,095,000 of higher net income allocated to the noncontrolling interests of our Real Estate Fund, (ii) $13,222,000 of lower income in the prior year resulting from a priority return on our investment in 1290 Avenue of the Americas and 555 California Street, and (iii) $2,909,000 of income allocated to the noncontrolling interest for its share of the net gain on sale of a retail property in Tampa, Florida.

Preferred Unit Distributions of the Operating Partnership

Preferred unit distributions were $83,965,000 in the year ended December 31, 2013, compared to $86,873,000 in the year ended December 31, 2012, a decrease of $2,908,000.  This decrease resulted primarily from the redemption of the 6.875% Series D-15 cumulative redeemable preferred units in May 2013, and the 7.0% Series D-10 and 6.75% Series D-14 cumulative redeemable preferred units in July 2012.

31

Results of Operations – Year Ended December 31, 2013 Compared to December 31, 2012 - continued

Preferred Unit Redemptions

In the year ended December 31, 2013, we recognized $1,130,000 of expense in connection with preferred unit redemptions, comprised of $9,230,000 of expense from the redemption of the 6.75% Series F and Series H cumulative redeemable preferred units in February 2013, partially offset by an $8,100,000 discount from the redemption of all of the 6.875% Series D-15 cumulative redeemable preferred units in May 2013. In the year ended December 31, 2012, we recognized an $8,948,000 discount primarily from the redemption of all of the 7.0% Series D-10 and 6.75% Series D-14 cumulative redeemable preferred units.

32

Results of Operations – Year Ended December 31, 2013 Compared to December 31, 2012 - continued

Same Store EBITDA

Below is the reconciliation of EBITDA to same store EBITDA for each of our segments for the year ended December 31, 2013, compared to the year ended December 31, 2012.

(Amounts in thousands)				New York		Washington, DC
EBITDA for the year ended December 31, 2013				$	1,079,682	$	341,223
	Add-back:
		Non-property level overhead expenses included above			29,206		27,630
	Less EBITDA from:
		Acquisitions			(67,613)		-
		Dispositions, including net gains on sale			(160,232)		(150)
		Properties taken out-of-service for redevelopment			(20,050)		(4,457)
		Other non-operating income			(27,418)		(1,129)
Same store EBITDA for the year ended December 31, 2013				$	833,575	$	363,117
EBITDA for the year ended December 31, 2012				$	1,017,859	$	532,412
	Add-back:
		Non-property level overhead expenses included above			26,096		27,237
	Less EBITDA from:
		Acquisitions			(4,131)		-
		Dispositions, including net gains on sale			(221,076)		(176,052)
		Properties taken out-of-service for redevelopment			(20,056)		(9,319)
		Other non-operating income			(6,790)		(838)
Same store EBITDA for the year ended December 31, 2012				$	791,902	$	373,440
Increase (decrease) in same store EBITDA -
	Year ended December 31, 2013 vs. December 31,2012(1)			$	41,673	$	(10,323)
% increase (decrease) in same store EBITDA					5.3%		(2.8%)
(1)			See notes on following page.

33

Results of Operations – Year Ended December 31, 2013 Compared to December 31, 2012 - continued

Notes to preceding tabular information:

New York:

The $41,673,000 increase in New York same store EBITDA resulted primarily from increases in Office and Retail of $29,693,000 and $9,229,000, respectively.  The Office increase resulted primarily from higher (i) rental revenue of $13,983,000 (primarily due to a $1.85 increase in average annual rents per square foot) and (ii) signage revenue and management and leasing fees of $16,037,000. The Retail increase resulted primarily from higher rental revenue of $10,414,000, (primarily due to a $9.35 increase in average annual rents per square foot).

Washington, DC:

The $10,323,000 decrease in Washington, DC same store EBITDA resulted primarily from lower rental revenue of $15,267,000, primarily due to a 330 basis point decrease in office average same store occupancy to 82.8% from 86.1%, a significant portion of which resulted from the effects of BRAC related move-outs and the sluggish leasing environment in the Washington, DC / Northern Virginia area (see page 11 for details).

Reconciliation of Same Store EBITDA to Cash basis Same Store EBITDA

(Amounts in thousands)		New York		Washington, DC
Same store EBITDA for the year ended December 31, 2013		$	833,575	$	363,117
Less: Adjustments for straight line rents, amortization of acquired
	below-market leases, net, and other non-cash adjustments		(105,981)		(10,181)
Cash basis same store EBITDA for the year ended December 31, 2013		$	727,594	$	352,936
Same store EBITDA for the year ended December 31, 2012		$	791,902	$	373,440
Less: Adjustments for straight line rents, amortization of acquired
	below-market leases, net, and other non-cash adjustments		(115,711)		(6,484)
Cash basis same store EBITDA for the year ended December 31, 2012		$	676,191	$	366,956
Increase (decrease) in Cash basis same store EBITDA -
	Year ended December 31, 2013 vs. December 31, 2012	$	51,403	$	(14,020)
% increase (decrease) in Cash basis same store EBITDA			7.6%		(3.8%)

34

Supplemental Information

Net Income and EBITDA by Segment for the Three Months Ended December 31, 2014 and 2013

Below is a summary of net income and a reconciliation of net income to EBITDA⁽¹⁾ by segment for the three months ended December 31, 2014 and 2013.

(Amounts in thousands)		For the Three Months Ended December 31, 2014
			Total		New York			Washington, DC			Other
Total revenues			$	597,010	$	400,159		$	133,506		$	63,345
Total expenses				423,765		243,739			92,720			87,306
Operating income (loss)				173,245		156,420			40,786			(23,961)
Income from partially owned entities, including Toys				19,295		4,329			1,248			13,718
Income from Real Estate Fund				20,616		-			-			20,616
Interest and other investment income, net				9,938		1,822			90			8,026
Interest and debt expense				(111,713)		(48,457)			(18,703)			(44,553)
Net gain on disposition of wholly owned and partially owned
	owned assets			363		-			-			363
Income (loss) before income taxes				111,744		114,114			23,421			(25,791)
Income tax expense				(2,498)		(1,308)			(196)			(994)
Income (loss) from continuing operations				109,246		112,806			23,225			(26,785)
Income from discontinued operations				466,740		445,762			-			20,978
Net income (loss)				575,986		558,568			23,225			(5,807)
Less net income attributable to noncontrolling interests in
	consolidated subsidiaries			(11,322)		(1,423)			-			(9,899)
Net income (loss) attributable to Vornado Realty L.P.				564,664		557,145			23,225			(15,706)
Interest and debt expense(2)				143,674		61,809			21,979			59,886
Depreciation and amortization(2)				155,921		83,199			37,486			35,236
Income tax expense(2)				2,759		1,326			200			1,233
EBITDA(1)			$	867,018	$	703,479	(3)	$	82,890	(4)	$	80,649	(5)

_________________________

See notes on pages 37 and 38.

35

Supplemental Information – continued

Net Income and EBITDA by Segment for the Three Months Ended December 31, 2014 and 2013 - continued

(Amounts in thousands)		For the Three Months Ended December 31, 2013
			Total		New York			Washington, DC			Other
Total revenues			$	570,977	$	370,040		$	134,509		$	66,428
Total expenses				410,465		222,117			89,095			99,253
Operating income (loss)				160,512		147,923			45,414			(32,825)
(Loss) income from partially owned entities, including Toys				(293,165)		1,507			(423)			(294,249)
Income from Real Estate Fund				28,951		-			-			28,951
Interest and other investment income, net				8,188		1,418			30			6,740
Interest and debt expense				(107,170)		(56,538)			(18,927)			(31,705)
Net gain on disposition of wholly owned and partially
	owned assets			23,988		-			-			23,988
(Loss) income before income taxes				(178,696)		94,310			26,094			(299,100)
Income tax benefit (expense)				13,409		(1,496)			15,980			(1,075)
(Loss) income from continuing operations				(165,287)		92,814			42,074			(300,175)
Income (loss) from discontinued operations				126,528		135,528			-			(9,000)
Net (loss) income				(38,759)		228,342			42,074			(309,175)
Less net income attributable to noncontrolling interests in
	consolidated subsidiaries			(13,903)		(1,268)			-			(12,635)
Net (loss) income attributable to Vornado Realty L.P.				(52,662)		227,074			42,074			(321,810)
Interest and debt expense(2)				207,424		73,066			22,416			111,942
Depreciation and amortization(2)				183,685		73,694			36,610			73,381
Income tax expense (benefit)(2)				8,270		1,558			(17,841)			24,553
EBITDA(1)			$	346,717	$	375,392	(3)	$	83,259	(4)	$	(111,934)	(5)

_________________________

See notes on pages 37 and 38.

36

Supplemental Information – continued

Net Income and EBITDA by Segment for the Three Months Ended December 31, 2014 and 2013 - 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 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 Three Months Ended December 31,
	(Amounts in thousands)			2014		2013
	Office(a)			$	604,982	$	283,092
	Retail(b)				75,959		69,414
	Alexander's (c)				10,658		11,069
	Hotel Pennsylvania				11,880		11,817
		Total New York		$	703,479	$	375,392
	(a)		2014 and 2013 includes EBITDA from discontinued operations, net gains on sale of real estate and other items that affect comparability, aggregating $445,464 and $135,064, respectively. Excluding these items, EBITDA was $159,518 and $148,028, respectively.
	(b)		2014 and 2013 includes EBITDA from discontinued operations, net gains on sale of real estate and other items that affect comparability, aggregating $464 and $484, respectively. Excluding these items, EBITDA was $75,495 and $68,930, respectively.
	(c)		2014 and 2013 includes EBITDA from discontinued operations, net gains on sale of real estate and other items that affect comparability, aggregating $171 and $730, respectively. Excluding these items, EBITDA was $10,487 and $10,339, respectively.
(4)	The elements of "Washington, DC" EBITDA are summarized below.
				For the Three Months Ended December 31,
	(Amounts in thousands)			2014		2013
	Office, excluding the Skyline Properties			$	66,641	$	65,910
	Skyline properties				5,880		6,953
		Total Office			72,521		72,863
	Residential				10,369		10,396
		Total Washington, DC		$	82,890	$	83,259

37

Supplemental Information – continued

Net Income and EBITDA by Segment for the Three Months Ended December 31, 2014 and 2013 - continued

	Notes to preceding tabular information:
(5)	The elements of "other" EBITDA from continuing operations are summarized below.
				For the Three Months
	(Amounts in thousands)			Ended December 31,
					2014		2013
	Our share of Real Estate Fund:
		Income before net realized/unrealized gains		$	1,380	$	2,015
		Net realized/unrealized gains on investments			4,646		6,574
		Carried interest			3,079		6,256
	Total				9,105		14,845
	The Mart and trade shows				18,598		20,038
	555 California Street				13,278		10,296
	India real estate ventures				1,860		1,133
	Our share of Toys "R" Us				606		(176,808)
	Other investments				5,845		7,183
					49,292		(123,313)
	Corporate general and administrative expenses(a)				(22,977)		(23,850)
	Investment income and other, net(a)				8,901		7,372
	Urban Edge Properties and residual retail properties discontinued operations(b)				50,604		23,295
	Acquisition and transaction related costs, and impairment losses				(12,763)		(18,088)
	Our share of debt satisfaction gains and net gains on sale of real estate
		of partially owned entities			13,000		-
	Our share of impairment losses of partially owned entities				(5,771)		-
	Net gain on sale of land parcels and residential condominiums				363		23,988
	Severance costs (primarily reduction in force at the Mart)				-		(1,338)
				$	80,649	$	(111,934)
	(a)		The amounts in these captions (for this table only) exclude income/expense from the mark-to-market of our deferred compensation plan of $3,425 and $4,429 for the three months ended December 31, 2014 and 2013, respectively.
	(b)		The three months ended December 31, 2014, includes $5,612 of transaction costs related to the spin-off of our strip shopping centers and malls.

38

Supplemental Information – continued

Net Income and EBITDA by Segment for the Three Months Ended December 31, 2014 and 2013 - continued

EBITDA by Region

Below is a summary of the percentages of EBITDA by geographic region, excluding discontinued operations and other items that affect comparability.

		For the Three Months
		Ended December 31,
		2014	2013
Region:
	New York City metropolitan area	69%	67%
	Washington, DC / Northern Virginia area	22%	24%
	Chicago, IL	5%	6%
	San Francisco, CA	4%	3%
		100%	100%

39

Supplemental Information – continued

Three Months Ended December 31, 2014 Compared to December 31, 2013

Same Store EBITDA

Same store EBITDA represents EBITDA from property level operations which are owned by us in both the current and prior year reporting periods.  Same store EBITDA excludes segment-level overhead expenses, which are expenses that we do not consider to be property-level expenses, as well as other non-operating items.  We also present same store EBITDA on a cash basis (which excludes income from the straight-lining of rents, amortization of below-market leases, net of above-market leases and other non-cash adjustments).  We present these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers.  Same store EBITDA should not be considered as an alternative to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies. 

Below is the reconciliation of EBITDA to same store EBITDA for each of our segments for the three months ended December 31, 2014, compared to the three months ended December 31, 2013.

(Amounts in thousands)			New York		Washington, DC
EBITDA for the three months ended December 31, 2014			$	703,479	$	82,890
	Add-back:
		Non-property level overhead expenses included above		6,055		6,866
	Less EBITDA from:
		Acquisitions		(9,711)		-
		Dispositions, including net gains on sale		(445,928)		(1,785)
		Properties taken out-of-service for redevelopment		(8,761)		(47)
		Other non-operating income		(2,467)		(1,336)
Same store EBITDA for the three months ended December 31, 2014			$	242,667	$	86,588
EBITDA for the three months ended December 31, 2013			$	375,392	$	83,259
	Add-back:
		Non-property level overhead expenses included above		7,318		6,848
	Less EBITDA from:
		Acquisitions		(4,525)		-
		Dispositions, including net gains on sale		(135,548)		(33)
		Properties taken out-of-service for redevelopment		(5,269)		(1,124)
		Other non-operating income		(2,442)		(316)
Same store EBITDA for the three months ended December 31, 2013			$	234,926	$	88,634
Increase (decrease) in GAAP basis same store EBITDA -
	Three months ended December 31, 2014 vs. December 31, 2013		$	7,741	$	(2,046)
% increase (decrease) in same store EBITDA				3.3%		(2.3%)

40

Supplemental Information – continued

Three Months Ended December 31, 2014 Compared to December 31, 2013 - continued

Reconciliation of Same Store EBITDA to Cash basis Same Store EBITDA

(Amounts in thousands)		New York		Washington, DC
Same store EBITDA for the three months ended December 31, 2014		$	242,667	$	86,588
Less: Adjustments for straight line rents, amortization of acquired
	below-market leases, net, and other non-cash adjustments		(24,299)		(3,142)
Cash basis same store EBITDA for the three months ended
	December 31, 2014	$	218,368	$	83,446
Same store EBITDA for the three months ended December 31, 2013		$	234,926	$	88,634
Less: Adjustments for straight line rents, amortization of acquired
	below-market leases, net, and other non-cash adjustments		(33,195)		(1,909)
Cash basis same store EBITDA for the three months ended
	December 31, 2013	$	201,731	$	86,725
Increase (decrease) in Cash basis same store EBITDA -
	Three months ended December 31, 2014 vs. December 31, 2013	$	16,637	$	(3,279)
% increase (decrease) in Cash basis same store EBITDA			8.2%		(3.8%)

41

Supplemental Information – continued

Three Months Ended December 31, 2014 Compared to September 30, 2014

Below is the reconciliation of Net Income to EBITDA for the three months ended September 30, 2014.

(Amounts in thousands)		New York		Washington, DC
Net income attributable to Vornado Realty L.P. for the
	three months ended September 30, 2014	$	112,381	$	24,955
Interest and debt expense			58,010		22,208
Depreciation and amortization			79,446		36,411
Income tax expense			746		145
EBITDA for the three months ended September 30, 2014		$	250,583	$	83,719

Below is the reconciliation of EBITDA to same store EBITDA for each of our segments for the three months ended December 31, 2014, compared to the three months ended September 30, 2014.

(Amounts in thousands)			New York		Washington, DC
EBITDA for the three months ended December 31, 2014			$	703,479	$	82,890
	Add-back:
		Non-property level overhead expenses included above		6,055		6,866
	Less EBITDA from:
		Acquisitions		(4,191)		-
		Dispositions, including net gains on sale		(445,929)		(1,785)
		Properties taken out-of-service for redevelopment		(8,761)		(47)
		Other non-operating income		(2,467)		(1,336)
Same store EBITDA for the three months ended December 31, 2014			$	248,186	$	86,588
EBITDA for the three months ended September 30, 2014			$	250,583	$	83,719
	Add-back:
		Non-property level overhead expenses included above		7,986		6,454
	Less EBITDA from:
		Acquisitions		50		-
		Dispositions, including net gains on sale		(5,851)		(73)
		Properties taken out-of-service for redevelopment		(5,897)		(400)
		Other non-operating income		(3,078)		(421)
Same store EBITDA for the three months ended September 30, 2014			$	243,793	$	89,279
Increase (decrease) in same store EBITDA -
	Three months ended December 31, 2014 vs. September 30, 2014		$	4,393	$	(2,691)
% increase (decrease) in same store EBITDA				1.8%		(3.0%)

42

Supplemental Information – continued

Three Months Ended December 31, 2014 Compared to September 30, 2014 - continued

Reconciliation of Same Store EBITDA to Cash basis Same Store EBITDA

(Amounts in thousands)		New York		Washington, DC
Same store EBITDA for the three months ended December 31, 2014		$	248,186	$	86,588
Less: Adjustments for straight line rents, amortization of acquired
	below-market leases, net, and other non-cash adjustments		(25,692)		(3,142)
Cash basis same store EBITDA for the three months ended
	December 31, 2014	$	222,494	$	83,446
Same store EBITDA for the three months ended September 30, 2014		$	243,793	$	89,279
Less: Adjustments for straight line rents, amortization of acquired
	below-market leases, net, and other non-cash adjustments		(31,353)		(2,918)
Cash basis same store EBITDA for the three months ended
	September 30, 2014	$	212,440	$	86,361
Increase (decrease) in Cash basis same store EBITDA -
	Three months ended December 31, 2014 vs. September 30, 2014	$	10,054	$	(2,915)
% increase (decrease) in Cash basis same store EBITDA			4.7%		(3.4%)

43

Related Party Transactions

Alexander’s

We own 32.4% of Alexander’s. Steven Roth, the Chairman of Vornado’s Board of Trustees and its Chief Executive Officer is also the Chairman of the Board of Directors of Alexander’s and its Chief Executive Officer.  We provide various services to Alexander’s in accordance with management, development and leasing agreements.  These agreements are described in Note 6 - Investments in Partially Owned Entities to our consolidated financial statements in this Annual Report on Form 10-K.

On January 15, 2015, we completed the spin-off of 79 strip shopping centers, three malls, a warehouse park and $225,000,000 of cash to UE and the transfer of all of the employees responsible for the management and leasing of those assets.   In addition, we entered into agreements with UE to provide management and leasing services, on our behalf, for Alexander’s Rego Park retail assets.  Fees for these services are similar to the fees we are receiving from Alexander’s as described in Note 6 - Investments in Partially Owned Entities to our consolidated financial statements in this Annual Report on Form 10-K.

Interstate Properties (“Interstate”)

Interstate is a general partnership in which Mr. Roth is the managing general partner. David Mandelbaum and Russell B. Wight, Jr., Trustees of Vornado and Directors of Alexander’s, are Interstate’s two other partners. As of December 31, 2014, Interstate and its partners beneficially owned an aggregate of approximately 6.6% of the common shares of beneficial interest of Vornado and 26.3% of Alexander’s common stock.

We manage and lease the real estate assets of Interstate pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent.  The management agreement has a term of one year and is automatically renewable unless terminated by either of the parties on 60 days’ notice at the end of the term.  We believe, based upon comparable fees charged by other real estate companies, that the management agreement terms are fair to us.  We earned $535,000, $606,000, and $794,000 of management fees under the agreement for the years ended December 31, 2014, 2013 and 2012.

On January 15, 2015, we completed the spin-off of 79 strip shopping centers, three malls, a warehouse park and $225,000,000 of cash to UE and the transfer of all of the employees responsible for the management and leasing of those assets.   In addition, we entered into agreements with UE to provide management and leasing services, on our behalf, for Interstate’s properties.   Fees for these services are similar to the fees we are receiving from Interstate described above.

44

Liquidity and Capital Resources

Property rental income is our primary source of cash flow and is dependent upon the occupancy and rental rates of our properties. Our cash requirements include property operating expenses, capital improvements, tenant improvements, debt service, leasing commissions, distributions to unitholders, as well as acquisition and development costs.    Other sources of liquidity to fund cash requirements include proceeds from debt financings, including mortgage loans, senior unsecured borrowings, and our revolving credit facilities; proceeds from the issuance of securities; and asset sales. 

We anticipate that cash flow from continuing operations over the next twelve months will be adequate to fund our business operations, cash distributions to unitholders, debt amortization and recurring capital expenditures.  Capital requirements for development expenditures and acquisitions may require funding from borrowings and/or equity offerings.

We may from time to time purchase or retire outstanding debt securities.  Such purchases, if any, will depend on prevailing market conditions, liquidity requirements and other factors.  The amounts involved in connection with these transactions could be material to our consolidated financial statements.

Distributions

On January 21, 2015, we declared a quarterly Class A unit distribution of $0.63 per Class A unit (an indicated annual rate of $2.52 per Class A unit).  This Class A unit distribution, if continued for all of 2015, would require us to pay out approximately $474,000,000 of cash for Class A units held by Vornado.  In addition, during 2015, we expect to pay approximately $82,000,000 of cash distributions on outstanding preferred units and approximately $29,000,000 of cash distributions to redeemable security holders.

Financing Activities and Contractual Obligations

We have an effective shelf registration for the offering of our debt securities that is not limited in amount due to our status as a “well-known seasoned issuer.”  We have issued senior unsecured notes from a shelf registration statement that contain financial covenants that restrict our ability to incur debt, and that require us to maintain a level of unencumbered assets based on the level of our secured debt.  Our revolving credit facilities contain financial covenants that require us to maintain minimum interest coverage and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB.  Our revolving credit facilities also contain customary conditions precedent to borrowing, including representations and warranties, and contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal.  As of December 31, 2014, we are in compliance with all of the financial covenants required by our senior unsecured notes and our revolving credit facilities.

As of December 31, 2014, we had $1,198,477,000 of cash and cash equivalents and $2,460,448,000 of borrowing capacity under our revolving credit facilities, net of outstanding borrowings and letters of credit of $0 and $39,552,000, respectively.  A summary of our consolidated debt as of December 31, 2014 and 2013 is presented below.  

		2014			2013
(Amounts in thousands)				Weighted			Weighted
		December 31,		Average	December 31,		Average
Consolidated debt:		Balance		Interest Rate	Balance		Interest Rate
	Variable rate	$	1,763,769	2.20%	$	987,730	2.00%
	Fixed rate		7,846,555	4.36%		7,790,226	4.77%
		$	9,610,324	3.97%	$	8,777,956	4.46%

During 2015, $730,636,000 of our outstanding debt matures; we may refinance this maturing debt as it comes due or choose to repay it using cash and cash equivalents or our revolving credit facilities.  We may also refinance or prepay other outstanding debt depending on prevailing market conditions, liquidity requirements and other factors.  The amounts involved in connection with these transactions could be material to our consolidated financial statements.

45

Liquidity and Capital Resources – continued

Financing Activities and Contractual Obligations – continued  

Below is a schedule of our contractual obligations and commitments at December 31, 2014.

(Amounts in thousands)					Less than
Contractual cash obligations (principal and interest(1)):			Total		1 Year		1 – 3 Years		3 – 5 Years		Thereafter
	Notes and mortgages payable		$	9,890,203	$	729,194	$	2,529,423	$	1,584,971	$	5,046,615
	Operating leases			1,362,024		29,060		60,716		63,765		1,208,483
	Senior unsecured notes due 2019			500,625		11,250		22,500		466,875		-
	Senior unsecured notes due 2022			540,833		20,000		40,000		40,000		440,833
	Senior unsecured notes due 2015			505,313		505,313		-		-		-
	Capital lease obligations			397,292		12,500		25,000		25,000		334,792
	Purchase obligations, primarily construction commitments			650,166		325,083		325,083		-		-
		Total contractual cash obligations	$	13,846,456	$	1,632,400	$	3,002,722	$	2,180,611	$	7,030,723
Commitments:
	Capital commitments to partially owned entities		$	104,050	$	90,277	$	13,773	$	-	$	-
	Standby letters of credit			39,552		39,552		-		-		-
		Total commitments	$	143,602	$	129,829	$	13,773	$	-	$	-
________________________
(1)		Interest on variable rate debt is computed using rates in effect at December 31, 2014.

Details of 2014 financing activities are provided in the “Overview” of Management’s Discussion and Analysis of Financial Conditions and Results of Operations.  Details of 2013 financing activities are discussed below.

Secured Debt

On February 20, 2013, we completed a $390,000,000 financing of the retail condominium located at 666 Fifth Avenue at 53^rd Street, which we had acquired in December 2012.  The 10-year fixed-rate interest only loan bears interest at 3.61%.  This property was previously unencumbered.  The net proceeds from this financing were approximately $387,000,000. 

On March 25, 2013, we completed a $300,000,000 financing of the Outlets at Bergen Town Center, a 948,000 square foot shopping center located in Paramus, New Jersey.  The 10-year fixed-rate interest only loan bears interest at 3.56%.  The property was previously encumbered by a $282,312,000 floating-rate loan.  

On June 7, 2013, we completed a $550,000,000 refinancing of Independence Plaza, a three-building 1,328 unit residential complex in the Tribeca submarket of Manhattan.  The five-year fixed-rate interest only mortgage loan bears interest at 3.48%.  The property was previously encumbered by a $323,000,000 floating-rate loan.  The net proceeds of $219,000,000, after repaying the existing loan and closing costs, were distributed to the partners, of which our share was $137,000,000.   

On October 30, 2013, we completed the restructuring of the $678,000,000 (face amount) 5.74% Skyline properties mortgage loan. The loan was separated into two tranches; a senior $350,000,000 position and a junior $328,000,000 position. The maturity date has been extended from February 2017 to February 2022, with a one-year extension option. The effective interest rate is 2.965%. Amounts expended to re-lease the property are senior to the $328,000,000 junior position.

On November 27, 2013, we completed a $450,000,000 refinancing of Eleven Penn Plaza, a 1.1 million square foot Manhattan office building.  The seven-year fixed-rate interest only loan bears interest at 3.95%. The net proceeds from this refinancing were approximately $107,000,000 after repaying the existing loan and closing costs.

46

Liquidity and Capital Resources – continued

Unsecured Revolving Credit Facility

On March 28, 2013, we extended one of our two $1.25 billion revolving credit facilities from June 2015 to June 2017, with two six-month extension options. The interest on the extended facility was reduced from LIBOR plus 135 basis points to LIBOR plus 115 basis points. In addition, the facility fee was reduced from 30 basis points to 20 basis points.

Preferred Securities

On January 25, 2013, Vornado sold 12,000,000 5.40% Series L Cumulative Redeemable Preferred Shares at a price of $25.00 per share in an underwritten public offering pursuant to an effective registration statement.  Vornado retained aggregate net proceeds of $290,306,000, after underwriters’ discounts and issuance costs, and contributed the net proceeds to us in exchange for 12,000,000 Series L Preferred Units (with economic terms that mirror those of the Series L Preferred Shares).

On February 19, 2013, we redeemed all of the outstanding 6.75% Series F Cumulative Redeemable Preferred Units and 6.75% Series H Cumulative Redeemable Preferred Units at par, for an aggregate of $262,500,000 in cash, plus accrued and unpaid distributions through the date of redemption.

On May 9, 2013, we redeemed all of the outstanding 6.875% Series D-15 Cumulative Redeemable Preferred Units with an aggregate face amount of $45,000,000 for $36,900,000 in cash, plus accrued and unpaid distributions through the date of redemption.

Acquisitions and Investments

Details of 2014 acquisitions and investments are provided in the “Overview” of Management’s Discussion and Analysis of Financial Conditions and Results of Operations.  Details of 2013 acquisitions and investments are discussed below.

650 Madison Avenue

On September 30, 2013, a joint venture, in which we have a 20.1% interest, acquired 650 Madison Avenue, a 27-story, 594,000 square foot Class A office and retail tower located on Madison Avenue between 59th and 60th Street, for $1.295 billion.  The property contains 523,000 square feet of office space and 71,000 square feet of retail space.  The purchase price was funded with cash and a new $800,000,000 seven-year 4.39% interest-only loan.

655 Fifth Avenue

On October 4, 2013, we acquired a 92.5% interest in 655 Fifth Avenue, a 57,500 square foot retail and office property located at the northeast corner of Fifth Avenue and 52nd Street in Manhattan, for $277,500,000 in cash. 

220 Central Park South

On October 15, 2013, we acquired, for $194,000,000 in cash, land and air rights for 137,000 zoning square feet thereby completing the assemblage for our 220 Central Park South development site in Manhattan.

Other

In addition to the above, during 2013, we acquired three Manhattan street retail properties, in separate transactions, for an aggregate of $65,300,000.

47

Liquidity and Capital Resources – continued

Certain Future Cash Requirements

Capital Expenditures

The following table summarizes anticipated 2015 capital expenditures.

(Amounts in millions, except square foot data)				Total		New York			Washington, DC		Other (2)
Expenditures to maintain assets				$	130.0	$	60.0	(1)	$	27.0	$	43.0
Tenant improvements					155.0		54.0			88.0		13.0
Leasing commissions					38.0		24.0			12.0		2.0
	Total capital expenditures and leasing
		commissions		$	323.0	$	138.0		$	127.0	$	58.0
Square feet budgeted to be leased
	(in thousands)						1,200			1,800
Weighted average lease term (years)							10			8
Tenant improvements and leasing commissions:
		Per square foot				$	65.00		$	55.00
		Per square foot per annum				$	6.50		$	6.85
(1)			Includes $15.0 related to 2014 that is expected to be expended in 2015.
(2)			Primarily The Mart and 555 California Street.

The table above excludes anticipated capital expenditures of each of our partially owned non-consolidated subsidiaries, as these entities fund their capital expenditures without additional equity contributions from us.  

48

Liquidity and Capital Resources – continued

Development and Redevelopment Expenditures

On March 2, 2014, we entered into an agreement to transfer upon completion, the redeveloped Springfield Town Center, a 1,350,000 square foot mall located in Springfield, Fairfax County, Virginia, to Pennsylvania Real Estate Investment Trust (NYSE: PEI) (“PREIT’) in exchange for $465,000,000 comprised of $340,000,000 of cash and $125,000,000 of PREIT operating partnership units. The incremental development cost of this project was approximately $250,000,000, of which $225,000,000 has been expended as of December 31, 2014. The redevelopment was substantially completed in October 2014 and the transfer of the property to PREIT was completed on March 31, 2015.

We are in the process of redeveloping and substantially expanding the existing retail space at the Marriott Marquis Times Square Hotel, including converting the below grade parking garage into retail, which is expected to be completed by the end of 2015.  Upon completion of the redevelopment, the retail space will include 20,000 square feet on grade and 20,000 square feet below grade.  As part of the redevelopment, we have completed the construction of a six-story, 300 foot wide block front, dynamic LED sign, which was lit for the first time in November 2014. The incremental development cost of this project is approximately $220,000,000, of which $170,000,000 has been expended as of December 31, 2014. 

We are constructing a residential condominium tower containing 472,000 zoning square feet on our 220 Central Park South development site. The incremental development cost of this project is approximately $1.0 billion, of which $94,000,000 has been expended as of December 31, 2014. In January 2014, we completed a $600,000,000 loan secured by this site. On August 26, 2014, we obtained a standby commitment for up to $500,000,000 of five-year mezzanine loan financing to fund a portion of the development expenditures at 220 Central Park South.

We are developing The Bartlett, a 699-unit residential project in Pentagon City, which is expected to be completed in 2016. The project will include a 37,000 square foot Whole Foods Market at the base of the building. The incremental development cost of this project is approximately $250,000,000, of which $49,000,000 has been expended as of December 31, 2014.

We plan to redevelop an existing 165,000 square foot office building in Crystal City (2221 S. Clark Street), which we have leased to WeWork, into approximately 250 rental residential units. The incremental development cost of this project is approximately $40,000,000. The redevelopment is expected to be completed in the second half of 2015.

We are in the process of repositioning and re-tenanting 280 Park Avenue (50% owned). Our share of the incremental development cost of this project is approximately $62,000,000, of which $34,700,000 was expended prior to 2014, and $22,000,000 has been expended in 2014.

We are also evaluating other development and redevelopment opportunities at certain of our properties in Manhattan, including the Penn Plaza District, and in Washington, including 1900 Crystal Drive, Rosslyn and Pentagon City.

There can be no assurance that any of our development or redevelopment projects will commence, or if commenced, be completed, or completed on schedule or within budget.

49

Liquidity and Capital Resources – continued

Insurance

We maintain general liability insurance with limits of $300,000,000 per occurrence and all risk property and rental value insurance with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as floods.  Our California properties have earthquake insurance with coverage of $180,000,000 per occurrence, subject to a deductible in the amount of 5% of the value of the affected property, up to a $180,000,000 annual aggregate. We maintain coverage for terrorism acts with limits of $4.0 billion per occurrence and in the aggregate, and $2.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as defined by Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2020.

Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for NBCR acts.  Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to PPIC.  For NBCR acts, PPIC is responsible for a deductible of $3,200,000 and 15% of the balance of a covered loss (16% effective January 1, 2016) and the Federal government is responsible for the remaining 85% of a covered loss (84% effective January 1, 2016).  We are ultimately responsible for any loss incurred by PPIC.

We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism.  However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future.

Our debt instruments, consisting of mortgage loans secured by our properties which are non-recourse to us, senior unsecured notes and revolving credit agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. Further, if lenders insist on greater coverage than we are able to obtain it could adversely affect our ability to finance our properties and expand our portfolio.

Other Commitments and Contingencies

We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not expected to have a material adverse effect on our financial position, results of operations or cash flows.

Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us.

Our mortgage loans are non-recourse to us.  However, in certain cases we have provided guarantees or master leased tenant space.  These guarantees and master leases terminate either upon the satisfaction of specified circumstances or repayment of the underlying loans.  As of December 31, 2014, the aggregate dollar amount of these guarantees and master leases is approximately $359,000,000.

At December 31, 2014, $39,552,000 of letters of credit were outstanding under one of our revolving credit facilities.  Our revolving credit facilities contain financial covenants that require us to maintain minimum interest coverage and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB. Our revolving credit facilities also contain customary conditions precedent to borrowing, including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal.

As of December 31, 2014, we expect to fund additional capital to certain of our partially owned entities aggregating approximately $104,000,000.

50

Liquidity and Capital Resources – continued

Cash Flows for the Year Ended December 31, 2014

Our cash and cash equivalents were $1,198,477,000 at December 31, 2014, a $615,187,000 increase over the balance at December 31, 2013.  Our consolidated outstanding debt was $9,610,324,000 at December 31, 2014, a $832,368,000 increase over the balance at December 31, 2013.  As of December 31, 2014 and 2013, $0 and $295,870,000, respectively, was outstanding under our revolving credit facilities.  During 2015 and 2016, $730,636,000 and $1,410,311,000, respectively, of our outstanding debt matures; we may refinance this maturing debt as it comes due or choose to repay it.

Cash flows provided by operating activities of $1,135,310,000 was comprised of (i) net income of $1,009,026,000, (ii) return of capital from Real Estate Fund investments of $215,676,000, and (iii) distributions of income from partially owned entities of $96,286,000, partially offset by (iv) $89,536,000 of non-cash adjustments, which include depreciation and amortization expense, the effect of straight-lining of rental income, equity in net loss of partially owned entities and net gains on sale of real estate and (v) the net change in operating assets and liabilities of $96,142,000, including $3,392,000 related to Real Estate Fund investments.

Net cash used in investing activities of $574,465,000 was comprised of (i) $544,187,000 of development costs and construction in progress, (ii) $279,206,000 of additions to real estate, (iii) $211,354,000 of acquisitions of real estate and other, (iv) $120,639,000 of investments in partially owned entities, and (v) $30,175,000 of investments in mortgage and mezzanine loans receivable and other, partially offset by (vi) $388,776,000 of proceeds from sales of real estate and related investments, (vii) $99,464,000 of changes in restricted cash, (viii) $96,913,000 of proceeds from sales and repayments of mortgages and mezzanine loans receivable and other, and (ix) $25,943,000 of capital distributions from partially owned entities.

Net cash provided by financing activities of $54,342,000 was comprised of (i) $2,428,285,000 of proceeds from borrowings, (ii) $30,295,000 of contributions from noncontrolling interests in consolidated subsidiaries, and (iii) $19,245,000 of proceeds received from exercise of Vornado stock options, partially offset by (iv) $1,312,258,000 for the repayments of borrowings, (v) $547,831,000 of distributions to Vornado, (vi) $220,895,000 of distributions to redeemable security holders and noncontrolling interests, (vii) purchase of marketable securities in connection with the defeasance of mortgage notes payable of $198,884,000, (viii) $81,468,000 of distributions to preferred unitholders, (ix) $58,336,000 of debt issuance and other costs, and (x) $3,811,000 for the repurchase of Class A units related to stock compensation agreements and related tax withholdings.

Capital Expenditures for the Year Ended December 31, 2014

Capital expenditures consist of expenditures to maintain assets, tenant improvement allowances and leasing commissions.  Recurring capital expenditures include expenditures to maintain a property’s competitive position within the market and tenant improvements and leasing commissions necessary to re-lease expiring leases or renew or extend existing leases.  Non-recurring capital improvements include expenditures to lease space that has been vacant for more than nine months and expenditures completed in the year of acquisition and the following two years that were planned at the time of acquisition, as well as tenant improvements and leasing commissions for space that was vacant at the time of acquisition of a property. 

51

Liquidity and Capital Resources – continued

Below is a summary of capital expenditures, leasing commissions and a reconciliation of total expenditures on an accrual basis to the cash expended in the year ended December 31, 2014.

(Amounts in thousands)			Total		New York		Washington, DC		Other
Expenditures to maintain assets			$	107,728	$	48,518	$	23,425	$	35,785
Tenant improvements				205,037		143,007		37,842		24,188
Leasing commissions				79,636		66,369		5,857		7,410
Non-recurring capital expenditures				122,330		64,423		37,798		20,109
Total capital expenditures and leasing commissions (accrual basis)				514,731		322,317		104,922		87,492
Adjustments to reconcile to cash basis:
		Expenditures in the current year applicable to prior periods		140,490		67,577		45,084		27,829
		Expenditures to be made in future periods for the current period		(313,746)		(205,258)		(63,283)		(45,205)
Total capital expenditures and leasing commissions (cash basis)			$	341,475	$	184,636	$	86,723	$	70,116
Tenant improvements and leasing commissions:
	Per square foot per annum		$	6.53	$	6.82	$	5.70	$	-
	Percentage of initial rent			10.3%		9.1%		14.8%		-

Development and Redevelopment Expenditures

Development and redevelopment expenditures consist of all hard and soft costs associated with the development or redevelopment of a property, including capitalized interest, debt and operating costs, until the property is substantially completed and ready for its intended use.

Below is a summary of development and redevelopment expenditures incurred in the year ended December 31, 2014. These expenditures include interest of $62,787,000, payroll of $7,319,000, and other soft costs (primarily architectural and engineering fees, permits, real estate taxes and professional fees) aggregating $67,939,000, that were capitalized in connection with the development and redevelopment of these projects.

(Amounts in thousands)	Total		New York		Washington, DC		Other
Springfield Mall	$	127,467	$	-	$	-	$	127,467
Marriott Marquis Times Square - retail and signage		112,390		112,390		-		-
220 Central Park South		78,059		-		-		78,059
330 West 34th Street		41,592		41,592		-		-
The Bartlett		38,163		-		38,163		-
608 Fifth Avenue		20,377		20,377		-		-
Wayne Towne Center		19,740		-		-		19,740
7 West 34th Street		11,555		11,555		-		-
Other		94,844		27,892		45,482		21,470
	$	544,187	$	213,806	$	83,645	$	246,736

52

Liquidity and Capital Resources – continued

Cash Flows for the Year Ended December 31, 2013

Our cash and cash equivalents were $583,290,000 at December 31, 2013, a $377,029,000 decrease over the balance at December 31, 2012.  Our consolidated outstanding debt was $8,777,956,000 at December 31, 2013, a $1,012,860,000 decrease over the balance at December 31, 2012.

Cash flows provided by operating activities of $1,040,789,000 was comprised of (i) net income of $564,740,000, (ii) $426,643,000 of non-cash adjustments, which include depreciation and amortization expense, the effect of straight-lining of rental income, equity in net loss of partially owned entities and net gains on sale of real estate, (iii) return of capital from Real Estate Fund investments of $56,664,000, and (iv) distributions of income from partially owned entities of $54,030,000, partially offset by (v) the net change in operating assets and liabilities of $61,288,000, including $37,817,000 related to Real Estate Fund investments.

Net cash provided by investing activities of $722,076,000 was comprised of (i) $1,027,608,000 of proceeds from sales of real estate and related investments, (ii) $378,709,000 of proceeds from sales of, and return of investment in, marketable securities, (iii) $290,404,000 of capital distributions from partially owned entities, (iv) $240,474,000 of proceeds from the sale of LNR, (v) $101,150,000 from the return of the J.C. Penney derivative collateral, and (vi) $50,569,000 of proceeds from sales and repayments of mortgage and mezzanine loans receivable and other, partially offset by (vii) $469,417,000 of development costs and construction in progress, (viii) $260,343,000 of additions to real estate, (ix) $230,300,000 of investments in partially owned entities, (x) $193,417,000 of acquisitions of real estate, (xi) $186,079,000 for the funding of the J.C. Penney derivative collateral and settlement of derivative position, (xii) $26,892,000 of changes in restricted cash, and (xiii) $390,000 of investments in mortgage and mezzanine loans receivable and other.

Net cash used in financing activities of $2,139,894,000 was comprised of (i) $3,580,100,000 for the repayments of borrowings, (ii) $545,913,000 of distributions to Vornado, (iii) $299,400,000 for purchases of outstanding preferred units, (iv) $215,247,000 of distributions to redeemable security holders and noncontrolling interests, (v) $83,188,000 of distributions to preferred unitholders, (vi) $19,883,000 of debt issuance and other costs, and (vii) $443,000 for the repurchase of Class A units related to stock compensation agreements and related tax withholdings, partially offset by (viii) $2,262,245,000 of proceeds from borrowings, (ix) $290,306,000 of proceeds from the issuance of preferred units, (x) $43,964,000 of contributions from noncontrolling interests in consolidated subsidiaries, and (xi) $7,765,000 of proceeds received from exercise of Vornado stock options.

53

 

Liquidity and Capital Resources – continued

Capital Expenditures in the year ended December 31, 2013

(Amounts in thousands)			Total		New York		Washington, DC		Other
Expenditures to maintain assets			$	73,130	$	34,553	$	22,165	$	16,412
Tenant improvements				120,139		87,275		6,976		25,888
Leasing commissions				51,476		39,348		4,389		7,739
Non-recurring capital expenditures				49,441		11,579		37,342		520
Total capital expenditures and leasing commissions (accrual basis)				294,186		172,755		70,872		50,559
Adjustments to reconcile to cash basis:
		Expenditures in the current year applicable to prior periods		155,035		56,345		26,075		72,615
		Expenditures to be made in future periods for the current period		(150,067)		(91,107)		(36,702)		(22,258)
Total capital expenditures and leasing commissions (cash basis)			$	299,154	$	137,993	$	60,245	$	100,916
Tenant improvements and leasing commissions:
	Per square foot per annum		$	5.55	$	5.89	$	4.75	$	-
	Percentage of initial rent			9.3%		8.1%		11.9%		-

Development and Redevelopment Expenditures in the year ended December 31, 2013

Below is a summary of development and redevelopment expenditures incurred in the year ended December 31, 2013. These expenditures include interest of $42,303,000, payroll of $4,534,000, and other soft costs (primarily architectural and engineering fees, permits, real estate taxes and professional fees) aggregating $27,812,000, that were capitalized in connection with the development and redevelopment of these projects.

(Amounts in thousands)	Total		New York		Washington, DC		Other
220 Central Park South	$	243,687	$	-	$	-	$	243,687
Springfield Mall		68,716		-		-		68,716
Marriott Marquis Times Square - retail and signage		40,356		40,356		-		-
1290 Avenue of the Americas		13,865		13,865		-		-
Other		102,793		31,764		41,701		29,328
	$	469,417	$	85,985	$	41,701	$	341,731

54

Liquidity and Capital Resources – continued

Cash Flows for the Year Ended December 31, 2012

Our cash and cash equivalents were $960,319,000 at December 31, 2012, a $353,766,000 increase over the balance at December 31, 2011.  Our consolidated outstanding debt was $9,790,816,000 at December 31, 2012, a $1,354,731,000 increase from the balance at December 31, 2011. 

Cash flows provided by operating activities of $825,049,000 was comprised of (i) net income of $694,541,000, (ii) distributions of income from partially owned entities of $226,172,000, (iii) return of capital from Real Estate Fund investments of $63,762,000, and (iv) $151,954,000 of non-cash adjustments, which include depreciation and amortization expense, impairment loss on J.C. Penney common shares, the effect of straight-lining of rental income, equity in net income of partially owned entities and net gains on sale of real estate, partially offset by (v) the net change in operating assets and liabilities of $311,380,000, including $262,537,000 related to Real Estate Fund investments.

Net cash used in investing activities of $642,262,000 was comprised of (i) $673,684,000 of acquisitions of real estate and other, (ii) $205,652,000 of additions to real estate, (iii) $191,330,000 for the funding of the J.C. Penney derivative collateral, (iv) $156,873,000 of development costs and construction in progress, (v) $134,994,000 of investments in partially owned entities, (vi) $94,094,000 of investments in mortgage and mezzanine loans receivable and other, and (vii) $75,138,000 of changes in restricted cash, partially offset by (viii) $445,683,000 of proceeds from sales of real estate and related investments, (ix) $144,502,000 of capital distributions from partially owned entities, (x) $134,950,000 from the return of the J.C. Penney derivative collateral, (xi) $60,258,000 of proceeds from sales of, and return of investment in, marketable securities, (xii) $52,504,000 of proceeds from the sale of the Canadian Trade Shows, (xiii) $38,483,000 of proceeds from sales and repayments of mezzanine loans receivable and other, and (xiv) $13,123,000 of proceeds from the repayment of loan to officer.

Net cash provided by financing activities of $170,979,000 was comprised of (i) $3,593,000,000 of proceeds from borrowings, (ii) $290,971,000 of proceeds from the issuance of preferred units, (iii) $213,132,000 of contributions from noncontrolling interests in consolidated subsidiaries, and (iv) $11,853,000 of proceeds from exercise of Vornado stock options, partially offset by (v) $2,747,694,000 for the repayments of borrowings, (vi) $699,318,000 of distributions to Vornado, (vii) $243,300,000 for purchases of outstanding preferred units, (viii) $104,448,000 of distributions to redeemable security holders and noncontrolling interests, (ix) $73,976,000 of distributions to preferred unitholders, (x) $39,073,000 of debt issuance and other costs, and (xi) $30,168,000 for the repurchase of Class A units related to stock compensation agreements and related tax withholdings.

55

Liquidity and Capital Resources – continued

Capital Expenditures in the year ended December 31, 2012

(Amounts in thousands)			Total		New York		Washington, DC		Other
Expenditures to maintain assets			$	69,912	$	27,434	$	20,582	$	21,896
Tenant improvements				169,205		71,572		41,846		55,787
Leasing commissions				56,203		27,573		11,393		17,237
Non-recurring capital expenditures				17,198		5,822		10,296		1,080
Total capital expenditures and leasing commissions (accrual basis)				312,518		132,401		84,117		96,000
Adjustments to reconcile to cash basis:
		Expenditures in the current year applicable to prior periods		105,350		41,975		24,370		39,005
		Expenditures to be made in future periods for the current period		(170,744)		(76,283)		(43,600)		(50,861)
Total capital expenditures and leasing commissions (cash basis)			$	247,124	$	98,093	$	64,887	$	84,144
Tenant improvements and leasing commissions:
	Per square foot per annum		$	5.22	$	5.48	$	4.86	$	-
	Percentage of initial rent			10.1%		8.8%		12.0%		-

Development and Redevelopment Expenditures in the Year Ended December 31, 2012

Below is a summary of development and redevelopment expenditures incurred in the year ended December 31, 2012. These expenditures include interest of $16,801,000, payroll of $1,412,000, and other soft costs (primarily architectural and engineering fees, permits, real estate taxes and professional fees) aggregating $23,749,000, that were capitalized in connection with the development and redevelopment of these projects.

(Amounts in thousands)	Total		New York		Washington, DC		Other
Springfield Mall	$	18,278	$	-	$	-	$	18,278
1290 Avenue of the Americas		16,778		16,778		-		-
Crystal Square 5		15,039		-		15,039		-
220 Central Park South		12,191		-		-		12,191
Bergen Town Center		11,404		-		-		11,404
510 Fifth Avenue		10,206		10,206		-		-
Other		72,977		24,576		24,295		24,106
	$	156,873	$	51,560	$	39,334	$	65,979

56

 

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

ITEM 7A.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We have exposure to fluctuations in market interest rates. Market interest rates are sensitive to many factors that are beyond our control. Our exposure to a change in interest rates on our consolidated and non-consolidated debt (all of which arises out of non-trading activity) is as follows:

(Amounts in thousands, except per unit amounts)			2014					2013
					Weighted	Effect of 1%				Weighted
			December 31,		Average	Change In		December 31,		Average
Consolidated debt:			Balance		Interest Rate	Base Rates		Balance		Interest Rate
	Variable rate		$	1,763,769	2.20%	$	17,638	$	987,730	2.00%
	Fixed rate			7,846,555	4.36%		-		7,790,226	4.77%
			$	9,610,324	3.97%		17,638	$	8,777,956	4.46%
Pro rata share of debt of non-
	consolidated entities (non-recourse):
	Variable rate – excluding Toys		$	319,387	1.72%		3,194	$	196,240	2.09%
	Variable rate – Toys			1,199,835	6.47%		11,998		1,179,001	5.45%
	Fixed rate (including $674,443 and
		$682,484 of Toys debt in 2014 and 2013)		2,754,410	6.45%		-		2,814,162	6.46%
			$	4,273,632	6.10%		15,192	$	4,189,403	5.97%
Total change in annual net income						$	32,830
Per Class A unit-diluted						$	0.17

We may utilize various financial instruments to mitigate the impact of interest rate fluctuations on our cash flows and earnings, including hedging strategies, depending on our analysis of the interest rate environment and the costs and risks of such strategies. As of December 31, 2014, we have one interest rate swap on a $422,000,000 mortgage loan that swapped the rate from LIBOR plus 1.65% (1.81% at December 31, 2014) to a fixed rate of 4.78% through March 2018. 

Fair Value of Debt

The estimated fair value of our consolidated debt is calculated based on current market prices and discounted cash flows at the current rate at which similar loans would be made to borrowers with similar credit ratings for the remaining term of such debt.  As of December 31, 2014, the estimated fair value of our consolidated debt was $9,609,000,000.

57

EX-99

EXHIBIT 99.3

ITEM 8.        FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO FINANCIAL STATEMENTS

	Page
	Number
Report of Independent Registered Public Accounting Firm	2
Consolidated Balance Sheets at December 31, 2014 and 2013	3
Consolidated Statements of Income for the years ended December 31, 2014, 2013 and 2012	4
Consolidated Statements of Comprehensive Income for the years ended December 31, 2014, 2013 and 2012	5
Consolidated Statements of Changes in Equity for the years ended December 31, 2014, 2013 and 2012	6
Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012	9
Notes to Consolidated Financial Statements	11

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Partners

Vornado Realty L.P.

New York, New York

We have audited the accompanying consolidated balance sheets of Vornado Realty L.P. (the “Company”) as of December 31, 2014 and 2013, and the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for each of the three years in the period ended December 31, 2014. Our audits also included the financial statement schedules listed in the Index at Item 15 (not presented herein). These financial statements and financial statement schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion on the financial statements and financial statement schedules based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Vornado Realty L.P. at December 31, 2014 and 2013, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2014, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, such financial statement schedules, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of December 31, 2014, based on the criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 23, 2015 (not presented herein)  expressed an unqualified opinion on the Company’s internal control over financial reporting.

/s/ DELOITTE & TOUCHE LLP

Parsippany, New Jersey

February 23, 2015 (May 19, 2015, as it relates to the retrospective adjustments from the effects of reporting discontinued operations and the reclassification of signage income as discussed in Note 2 to the consolidated financial statements and the effects of the change in reportable segments discussed in Note 25 to the consolidated financial statements)

2

VORNADO REALTY L.P.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except unit amounts)			December 31,		December 31,
ASSETS			2014		2013
Real estate, at cost:
	Land		$	3,861,913	$	3,644,181
	Buildings and improvements			11,705,749		10,601,162
	Development costs and construction in progress			1,128,037		1,019,337
	Leasehold improvements and equipment			126,659		128,288
		Total		16,822,358		15,392,968
	Less accumulated depreciation and amortization			(3,161,633)		(2,829,862)
Real estate, net				13,660,725		12,563,106
Cash and cash equivalents				1,198,477		583,290
Restricted cash				176,204		251,208
Marketable securities				206,323		191,917
Tenant and other receivables, net of allowance for doubtful accounts of $12,210 and $14,519				109,998		108,194
Investments in partially owned entities				1,246,496		1,166,443
Investment in Toys "R" Us				-		83,224
Real Estate Fund investments				513,973		667,710
Receivable arising from the straight-lining of rents, net of allowance of $3,188 and $4,355				787,271		707,200
Deferred leasing and financing costs, net of accumulated amortization of $281,109 and $242,068				475,158		375,567
Identified intangible assets, net of accumulated amortization of $199,821 and $252,121				225,155		253,082
Assets related to discontinued operations				2,238,474		2,636,080
Other assets				410,066		510,203
			$	21,248,320	$	20,097,224
LIABILITIES, REDEEMABLE PARTNERSHIP UNITS AND EQUITY
Mortgages payable			$	8,263,165	$	7,131,231
Senior unsecured notes				1,347,159		1,350,855
Revolving credit facility debt				-		295,870
Accounts payable and accrued expenses				447,745		373,857
Deferred revenue				358,613		359,430
Deferred compensation plan				117,284		116,515
Liabilities related to discontinued operations				1,511,362		1,441,853
Other liabilities				375,830		429,249
	Total liabilities			12,421,158		11,498,860
Commitments and contingencies
Redeemable partnership units:
	Class A units - 11,356,550 and 11,292,038 units outstanding			1,336,780		1,002,620
	Series D cumulative redeemable preferred units - 1 unit outstanding			1,000		1,000
		Total redeemable partnership units		1,337,780		1,003,620
Equity:
	Partners' capital			8,157,544		8,428,534
	Earnings less than distributions			(1,505,385)		(1,734,839)
	Accumulated other comprehensive income			93,267		71,537
		Total Vornado Realty L.P. equity		6,745,426		6,765,232
Noncontrolling interests in consolidated subsidiaries				743,956		829,512
	Total equity			7,489,382		7,594,744
			$	21,248,320	$	20,097,224
See notes to the consolidated financial statements.

3

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF INCOME
			Year Ended December 31,
			2014		2013		2012
(Amounts in thousands, except per unit amounts)
REVENUES:
	Property rentals		$	1,911,487	$	1,880,405	$	1,771,264
	Tenant expense reimbursements			245,819		226,831		207,149
	Cleveland Medical Mart development project			-		36,369		235,234
	Fee and other income			155,206		155,571		119,077
Total revenues				2,312,512		2,299,176		2,332,724
EXPENSES:
	Operating			953,611		928,565		891,637
	Depreciation and amortization			481,303		461,627		435,545
	General and administrative			169,270		177,366		167,194
	Cleveland Medical Mart development project			-		32,210		226,619
	Acquisition and transaction related costs, and impairment losses			18,435		24,857		17,386
Total expenses				1,622,619		1,624,625		1,738,381
Operating income				689,893		674,551		594,343
Income from Real Estate Fund				163,034		102,898		63,936
(Loss) income applicable to Toys "R" Us				(73,556)		(362,377)		14,859
Income from partially owned entities				15,425		23,592		408,267
Interest and debt expense				(412,755)		(425,782)		(431,235)
Interest and other investment income (loss), net				38,752		(24,887)		(261,200)
Net gain on disposition of wholly owned and partially owned assets				13,568		2,030		4,856
Income (loss) before income taxes				434,361		(9,975)		393,826
Income tax (expense) benefit				(9,281)		8,717		(8,132)
Income (loss) from continuing operations				425,080		(1,258)		385,694
Income from discontinued operations				583,946		565,998		308,847
Net income				1,009,026		564,740		694,541
Less net income attributable to noncontrolling interests in
	consolidated subsidiaries			(96,561)		(63,952)		(32,018)
Net income attributable to Vornado Realty L.P.				912,465		500,788		662,523
Preferred unit distributions				(81,514)		(83,965)		(86,873)
Preferred unit redemptions				-		(1,130)		8,948
NET INCOME attributable to Class A unitholders			$	830,951	$	415,693	$	584,598
INCOME (LOSS) PER CLASS A UNIT - BASIC:
		Income (loss) from continuing operations, net	$	1.22	$	(0.76)	$	1.37
		Income from discontinued operations, net		2.95		2.85		1.58
		Net income per Class A unit	$	4.17	$	2.09	$	2.95
		Weighted average units outstanding		198,213		197,551		197,082
INCOME (LOSS) PER CLASS A UNIT - DILUTED:
		Income (loss) from continuing operations, net	$	1.22	$	(0.75)	$	1.36
		Income from discontinued operations, net		2.92		2.83		1.57
		Net income per Class A unit	$	4.14	$	2.08	$	2.93
		Weighted average units outstanding		199,813		198,643		198,134
See notes to consolidated financial statements.

4

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
				Year Ended December 31,
(Amounts in thousands)				2014		2013		2012
Net income				$	1,009,026	$	564,740	$	694,541
Other comprehensive income (loss):
	Change in unrealized net gain (loss) on securities available-for-sale				14,465		142,281		(283,649)
	Amounts reclassified from accumulated other comprehensive income:
		Non-cash impairment loss on J.C. Penney common shares			-		-		224,937
		Sale of available-for-sale securities			-		(42,404)		(3,582)
	Pro rata share of other comprehensive income (loss) of
			nonconsolidated subsidiaries		2,509		(22,814)		(31,758)
	Change in value of interest rate swap				6,079		18,183		(5,659)
	Other				-		533		329
Comprehensive income					1,032,079		660,519		595,159
Less comprehensive income attributable to noncontrolling interests
	in consolidated subsidiaries				(96,561)		(63,952)		(32,018)
Comprehensive income attributable to Vornado Realty L.P.				$	935,518	$	596,567	$	563,141
See notes to consolidated financial statements.

5

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
															Non-
													Accumulated		controlling
(Amounts in thousands)							Class A Units				Earnings		Other		Interests in
			Preferred Units				Owned by Vornado				Less Than		Comprehensive		Consolidated		Total
			Units		Amount		Units		Amount		Distributions		Income (Loss)		Subsidiaries		Equity
Balance, December 31, 2013				52,683	$	1,277,225		187,285	$	7,151,309	$	(1,734,839)	$	71,537	$	829,512	$	7,594,744
Net income attributable to
	Vornado Realty L.P.			-		-		-		-		912,465		-		-		912,465
Net income attributable to noncontrolling
	interests in consolidated subsidiaries			-		-		-		-		-		-		96,561		96,561
Net income attributable to redeemable
	partnership units			-		-		-		-		(47,613)		-		-		(47,613)
Distributions to Vornado				-		-		-		-		(547,831)		-		-		(547,831)
Distributions to preferred unitholders				-		-		-		-		(81,464)		-		-		(81,464)
Class A units issued to Vornado:
	Upon redemption of Class A
		units, at redemption value		-		-		271		27,273		-		-		-		27,273
	Under Vornado's Omnibus share plan			-		-		304		17,440		(3,393)		-		-		14,047
	Under Vornado's dividend reinvestment
		plan		-		-		17		1,804		-		-		-		1,804
Contributions:
	Real Estate Fund			-		-		-		-		-		-		5,297		5,297
	Other			-		-		-		-		-		-		32,998		32,998
Distributions:
	Real Estate Fund			-		-		-		-		-		-		(182,964)		(182,964)
	Other			-		-		-		-		-		-		(4,463)		(4,463)
Transfer of noncontrolling interest
	in Real Estate Fund			-		-		-		-		-		-		(33,028)		(33,028)
Conversion of Series A preferred units to
	Class A units			(4)		(193)		5		193		-		-		-		-
Deferred compensation units and options				-		-		5		5,852		(340)		-		-		5,512
Change in unrealized net gain on securities
	available for sale			-		-		-		-		-		14,465		-		14,465
Pro rata share of other comprehensive
	income of nonconsolidated subsidiaries			-		-		-		-		-		2,509		-		2,509
Change in value of interest rate swap				-		-		-		-		-		6,079		-		6,079
Adjustments to carry redeemable
	Class A units at redemption value			-		-		-		(315,276)		-		-		-		(315,276)
Redeemable partnership units' share of
	above adjustments			-		-		-		-		-		(1,323)		-		(1,323)
Other				-		(6)		-		(8,077)		(2,370)		-		43		(10,410)
Balance, December 31, 2014				52,679	$	1,277,026		187,887	$	6,880,518	$	(1,505,385)	$	93,267	$	743,956	$	7,489,382
See notes to consolidated financial statements.

6

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
															Non-
													Accumulated		controlling
(Amounts in thousands)							Class A Units				Earnings		Other		Interests in
			Preferred Units				Owned by Vornado				Less Than		Comprehensive		Consolidated		Total
			Units		Amount		Units		Amount		Distributions		Income (Loss)		Subsidiaries		Equity
Balance, December 31, 2012				51,185	$	1,240,278		186,735	$	7,202,878	$	(1,573,275)	$	(18,946)	$	1,053,209	$	7,904,144
Net income attributable to
	Vornado Realty L.P.			-		-		-		-		500,788		-		-		500,788
Net income attributable to noncontrolling
	interests in consolidated subsidiaries			-		-		-		-		-		-		63,952		63,952
Net income attributable to redeemable
	partnership units			-		-		-		-		(24,817)		-		-		(24,817)
Distributions to Vornado				-		-		-		-		(545,913)		-		-		(545,913)
Distributions to preferred unitholders				-		-		-		-		(82,807)		-		-		(82,807)
Issuance of Series L preferred units				12,000		290,306		-		-		-		-		-		290,306
Redemption of Series F and Series H
	preferred units			(10,500)		(253,269)		-		-		-		-		-		(253,269)
Class A units issued to Vornado:
	Upon redemption of redeemable Class A
		units, at redemption value		-		-		299		25,317		-		-		-		25,317
	Under Vornado's Omnibus share plan			-		-		104		5,915		(107)		-		-		5,808
	Under Vornado's dividend reinvestment plan			-		-		22		1,851		-		-		-		1,851
	Upon acquisition of real estate			-		-		128		11,461		-		-		-		11,461
Contributions:
	Real Estate Fund			-		-		-		-		-		-		28,078		28,078
	Other			-		-		-		-		-		-		15,886		15,886
Distributions:
	Real Estate Fund			-		-		-		-		-		-		(47,268)		(47,268)
	Other			-		-		-		-		-		-		(133,153)		(133,153)
Conversion of Series A preferred units to
	Class A units			(2)		(90)		3		90		-		-		-		-
Deferred compensation units and options				-		-		(6)		9,577		(307)		-		-		9,270
Change in unrealized net gain on securities
	available-for-sale			-		-		-		-		-		142,281		-		142,281
Amounts reclassified related to sale
	of available-for-sale securities			-		-		-		-		-		(42,404)				(42,404)
Pro rata share of other comprehensive loss
	of nonconsolidated subsidiaries			-		-		-		-		-		(22,814)		-		(22,814)
Change in value of interest rate swap				-		-		-		-		-		18,183		-		18,183
Adjustments to carry redeemable
	Class A units at redemption value			-		-		-		(108,252)		-		-		-		(108,252)
Redeemable partnership units' share of
	above adjustments			-		-		-		-		-		(5,296)		-		(5,296)
Preferred unit redemptions				-		-		-		-		(1,130)		-		-		(1,130)
Deconsolidation of partially owned entity				-		-		-		-		-		-		(165,427)		(165,427)
Consolidation of partially owned entity				-		-		-		-		-		-		16,799		16,799
Other				-		-		-		2,472		(7,271)		533		(2,564)		(6,830)
Balance, December 31, 2013				52,683	$	1,277,225		187,285	$	7,151,309	$	(1,734,839)	$	71,537	$	829,512	$	7,594,744
See notes to consolidated financial statements.

7

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
															Non-
													Accumulated		controlling
(Amounts in thousands)							Class A Units				Earnings		Other		Interests in
			Preferred Units				Owned by Vornado				Less Than		Comprehensive		Consolidated		Total
			Units		Amount		Units		Amount		Distributions		Income (Loss)		Subsidiaries		Equity
Balance, December 31, 2011				42,187	$	1,021,660		185,080	$	7,134,631	$	(1,401,704)	$	73,729	$	680,131	$	7,508,447
Net income attributable to
	Vornado Realty L.P.			-		-		-		-		662,523		-		-		662,523
Net income attributable to noncontrolling
	interests in consolidated subsidiaries			-		-		-		-		-		-		32,018		32,018
Net income attributable to redeemable
	partnership units			-		-		-		-		(45,263)		-		-		(45,263)
Distributions to Vornado				-		-		-		-		(699,318)		-		-		(699,318)
Distributions to preferred unitholders				-		-		-		-		(76,937)		-		-		(76,937)
Issuance of Series K preferred units				12,000		290,971		-		-		-		-		-		290,971
Redemption of Series E preferred units				(3,000)		(72,248)		-		-		-		-		-		(72,248)
Class A units issued to Vornado:
	Upon redemption of Class A
		units, at redemption value		-		-		1,121		89,762		-		-		-		89,762
	Under Vornado's Omnibus share plan			-		-		434		9,539		(16,389)		-		-		(6,850)
	Under Vornado's dividend reinvestment plan			-		-		29		2,307		-		-		-		2,307
	Upon acquisition of real estate			-		-		64		5,124		-		-		-		5,124
Contributions:
	Real Estate Fund			-		-		-		-		-		-		195,029		195,029
	Other			-		-		-		-		-		-		18,103		18,103
Distributions:
	Real Estate Fund			-		-		-		-		-		-		(48,138)		(48,138)
	Other			-		-		-		-		-		-		(59)		(59)
Conversion of Series A preferred units to
	Class A units			(2)		(105)		3		105		-		-		-		-
Deferred compensation units and options				-		-		4		13,527		(473)		-		-		13,054
Change in unrealized net loss on securities
	available-for-sale			-		-		-		-		-		(283,649)		-		(283,649)
Non-cash impairment loss on J.C. Penney
	common shares			-		-		-		-		-		224,937		-		224,937
Amounts reclassified related to sale
	of available-for-sale securities			-		-		-		-		-		(3,582)		-		(3,582)
Pro rata share of other comprehensive loss
	of nonconsolidated subsidiaries			-		-		-		-		-		(31,758)		-		(31,758)
Change in value of interest rate swap				-		-		-		-		-		(5,659)		-		(5,659)
Adjustments to carry redeemable
	Class A units at redemption value			-		-		-		(52,117)		-		-		-		(52,117)
Redeemable partnership units' share of
	above adjustments			-		-		-		-		-		6,707		-		6,707
Preferred unit redemptions				-		-		-		-		8,948		-		-		8,948
Consolidation of partially owned entity				-		-		-		-		-		-		176,132		176,132
Other				-		-		-		-		(4,662)		329		(7)		(4,340)
Balance, December 31, 2012				51,185	$	1,240,278		186,735	$	7,202,878	$	(1,573,275)	$	(18,946)	$	1,053,209	$	7,904,144
See notes to consolidated financial statements.

8

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS
			Year Ended December 31,
			2014		2013		2012
(Amounts in thousands)
Cash Flows from Operating Activities:
Net income			$	1,009,026	$	564,740	$	694,541
Adjustments to reconcile net income to net cash provided by operating activities:
	Depreciation and amortization (including amortization of deferred financing costs)			583,408		561,998		557,888
	Net gains on sale of real estate			(507,192)		(414,502)		(245,799)
	Return of capital from Real Estate Fund investments			215,676		56,664		63,762
	Net realized and unrealized gains on Real Estate Fund investments			(150,139)		(85,771)		(55,361)
	Distributions of income from partially owned entities			96,286		54,030		226,172
	Straight-lining of rental income			(82,800)		(69,391)		(69,648)
	Equity in net loss (income) of partially owned entities, including Toys “R” Us			58,131		338,785		(423,126)
	Amortization of below-market leases, net			(46,786)		(52,876)		(54,359)
	Other non-cash adjustments			37,303		41,663		52,082
	Impairment losses and tenant buy-outs			26,518		37,170		133,977
	Net gain on disposition of wholly owned and partially owned assets			(13,568)		(3,407)		(13,347)
	Defeasance cost in connection with the refinancing of mortgage notes payable			5,589		-		-
	Losses from the disposition of investment in J.C. Penney			-		72,974		300,752
	Gain on sale of Canadian Trade Shows			-		-		(31,105)
	Changes in operating assets and liabilities:
		Real Estate Fund investments		(3,392)		(37,817)		(262,537)
		Tenant and other receivables, net		(8,282)		83,897		(23,271)
		Prepaid assets		(8,786)		(2,207)		(10,549)
		Other assets		(123,435)		(50,856)		(46,573)
		Accounts payable and accrued expenses		44,628		(41,729)		21,595
		Other liabilities		3,125		(12,576)		9,955
Net cash provided by operating activities				1,135,310		1,040,789		825,049
Cash Flows from Investing Activities:
	Development costs and construction in progress			(544,187)		(469,417)		(156,873)
	Additions to real estate			(279,206)		(260,343)		(205,652)
	Proceeds from sales of real estate and related investments			388,776		1,027,608		445,683
	Acquisitions of real estate and other			(211,354)		(193,417)		(673,684)
	Investments in partially owned entities			(120,639)		(230,300)		(134,994)
	Restricted cash			99,464		(26,892)		(75,138)
	Proceeds from sales and repayments of mortgage and mezzanine loans
		receivable and other		96,913		50,569		38,483
	Investments in mortgage and mezzanine loans receivable and other			(30,175)		(390)		(94,094)
	Distributions of capital from partially owned entities			25,943		290,404		144,502
	Proceeds from sales of, and return of investment in, marketable securities			-		378,709		60,258
	Proceeds from the sale of LNR			-		240,474		-
	Funding of J.C. Penney derivative collateral; and settlement of derivative in 2013			-		(186,079)		(191,330)
	Return of J.C. Penney derivative collateral			-		101,150		134,950
	Proceeds from the sale of Canadian Trade Shows			-		-		52,504
	Proceeds from the repayment of loan to officer			-		-		13,123
Net cash (used in) provided by investing activities				(574,465)		722,076		(642,262)
See notes to consolidated financial statements.

9

VORNADO REALTY L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
				Year Ended December 31,
				2014		2013		2012
(Amounts in thousands)
Cash Flows from Financing Activities:
	Proceeds from borrowings			$	2,428,285	$	2,262,245	$	3,593,000
	Repayments of borrowings				(1,312,258)		(3,580,100)		(2,747,694)
	Distributions to Vornado				(547,831)		(545,913)		(699,318)
	Distributions to redeemable security holders and noncontrolling interests				(220,895)		(215,247)		(104,448)
	Purchase of marketable securities in connection with the defeasance of mortgage
		notes payable			(198,884)		-		-
	Distributions to preferred unitholders				(81,468)		(83,188)		(73,976)
	Debt issuance and other costs				(58,336)		(19,883)		(39,073)
	Contributions from noncontrolling interests in consolidated subsidiaries				30,295		43,964		213,132
	Proceeds received from exercise of Vornado stock options				19,245		7,765		11,853
	Repurchase of Class A units related to stock compensation agreements and related
		tax withholdings			(3,811)		(443)		(30,168)
	Purchases of outstanding preferred units				-		(299,400)		(243,300)
	Proceeds from the issuance of preferred units				-		290,306		290,971
Net cash provided by (used in) financing activities					54,342		(2,139,894)		170,979
Net increase (decrease) in cash and cash equivalents					615,187		(377,029)		353,766
Cash and cash equivalents at beginning of period					583,290		960,319		606,553
Cash and cash equivalents at end of period				$	1,198,477	$	583,290	$	960,319
Supplemental Disclosure of Cash Flow Information:
	Cash payments for interest (net of amounts capitalized of $53,139, $42,303 and $16,801)			$	443,538	$	465,260	$	491,869
	Cash payments for income taxes			$	11,696	$	9,023	$	21,709
Non-Cash Investing and Financing Activities:
	Like-kind exchange of real estate:
		Acquisitions		$	606,816	$	66,076	$	230,913
		Dispositions			(630,352)		(128,767)		(230,913)
	Adjustments to carry redeemable Class A units at redemption value				(315,276)		(108,252)		(52,117)
	Marketable securities transferred in connection with the defeasance of mortgage
		notes payable			198,884		-		-
	Defeasance of mortgage notes payable				(193,406)		-		-
	Write-off of fully depreciated assets				(121,673)		(77,106)		(177,367)
	Accrued capital expenditures included in accounts payable and accrued expenses				100,528		72,042		80,350
	Elimination of a mortgage and mezzanine loan asset and liability				59,375		-		-
	Transfer of interest in Real Estate Fund to unconsolidated joint venture				(58,564)		-		-
	Transfer of noncontrolling interest in Real Estate Fund				(33,028)		-		-
	Beverly Connection seller financing				13,620		-		-
	Financing assumed in acquisitions				-		79,253		-
	Financing transferred in dispositions				-		-		(163,144)
	L.A. Mart seller financing				-		-		35,000
	Marriott Marquis Times Square - retail and signage capital lease:
		Asset (included in development costs and construction in progress)			-		-		240,000
		Liability (included in other liabilities)			-		-		(240,000)
	Increase in assets and liabilities resulting from the consolidation of partially owned entities:
			Real estate, net		-		-		342,919
			Notes and mortgages payable		-		-		334,225
	Decrease in assets and liabilities resulting from the deconsolidation of discontinued
		operations and/or investments that were previously consolidated:
			Real estate, net		-		(852,166)		-
			Notes and mortgages payable		-		(322,903)		-
See notes to consolidated financial statements.

10

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.     Organization and Business

Vornado Realty L.P. (the “Operating Partnership” and/or the “Company”) is a Delaware limited partnership. Vornado Realty Trust (“Vornado”) is the sole general partner of, and owned approximately 94.1% of the common limited partnership interest in the Operating Partnership at December 31, 2014.  All references to “we,” “us,” “our,” the “Company” and “Operating Partnership” refer to Vornado Realty L.P. and its consolidated subsidiaries.

On January 15, 2015, we completed the spin-off of substantially all of our retail segment comprised of 79 strip shopping centers, three malls, a warehouse park and $225 million of cash to Urban Edge Properties (“UE”) (NYSE: UE).  As part of this transaction, we received 5,712,000 UE operating partnership units (5.4% ownership interest).  We are providing transition services to UE for an initial period of up to two years, including information technology, human resources, tax and public reporting.  UE is providing us with leasing and property management services for (i) the Monmouth Mall, (ii) certain small retail properties which did not fit UE’s strategy that we plan to sell, and (iii) our affiliate, Alexander’s, Inc. (NYSE: ALX), Rego Park retail assets.  Steven Roth, Chairman of Vornado’s Board of Trustees and its Chief Executive Officer is a member of the Board of Trustees of UE.  The spin-off distribution was effected by Vornado distributing one UE common share for every two Vornado common shares.  The historical financial results of UE have been reflected in our consolidated financial statements as discontinued operations for all periods presented. 

We currently own all or portions of:

New York:

·20.1 million square feet of Manhattan office space in 31 properties;

·2.5 million square feet of Manhattan street retail space in 56 properties;

·Four residential properties containing 1,654 units;

·The 1,700 room Hotel Pennsylvania located on Seventh Avenue at 33^rd Street in the heart of the Penn Plaza district;

·A 32.4% interest in Alexander’s, Inc. (NYSE: ALX), which owns six properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.3 million square foot Bloomberg, L.P. headquarters building;

Washington, DC:

·16.1 million square feet of office space in 59 properties;

·Seven residential properties containing 2,414units;

Other Real Estate and Related Investments:

·The 3.6 million square foot Mart in Chicago;

·A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco’s financial district aggregating 1.8 million square feet, known as the Bank of America Center;

·A 25.0% interest in Vornado Capital Partners, our real estate fund.  We are the general partner and investment manager of the fund;

·A 32.6% interest in Toys “R” Us, Inc.; and

·Other real estate and related investments.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

2.    Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements include the accounts of Vornado Realty L.P. and its consolidated subsidiaries. All inter-company amounts have been eliminated.  Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

The Company reclassified $37,929,000, $32,866,000 and $20,892,000 related to signage revenue from “fee and other income” to “property rentals” for the years ended December 31, 2014, 2013 and 2012, respectively.

The Company reclassified the financial results for those retail assets that were placed into discontinued operations which primarily consisted of the 79 strip shopping centers, three malls, and a warehouse park which were spun off to UE on January 15, 2015 as  well as certain other retail assets not included in the UE spin off but were determined to be part of the strategic shift in the Company’s business under the adoption of ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, in the first quarter of 2015.

Recently Issued Accounting Literature

In April 2014, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2014-08”) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity to ASC Topic 205, Presentation of Financial Statements and ASC Topic 360, Property Plant and Equipment.  Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations.  In addition, ASU 2014-08 expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations.  ASU 2014-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014.  Upon adoption of this standard, individual properties sold in the ordinary course of business are not expected to qualify as discontinued operations.  The financial results of our strip shopping centers and malls, which were spun off to UE on January 15, 2015, will be treated as a discontinued operation in the first quarter of 2015. 

In May 2014, the FASB issued an update ("ASU 2014-09") establishing ASC Topic 606, Revenue from Contracts with Customers.  ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance.  ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures.  ASU 2014-09 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2016.  We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements.

In June 2014, the FASB issued an update (“ASU 2014-12”) to ASC Topic 718, Compensation – Stock Compensation.  ASU 2014-12 requires an entity to treat performance targets that can be met after the requisite service period of a share based award has ended, as a performance condition that affects vesting.  ASU 2014-12 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015.  We are currently evaluating the impact of the adoption of ASU 2014-12 on our consolidated financial statements.

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2.    Basis of Presentation and Significant Accounting Policies - continued

Significant Accounting Policies

Real Estate:  Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over estimated useful lives which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Additions to real estate include interest and debt expense capitalized during construction of $62,786,000 and $42,303,000 for the years ended December 31, 2014 and 2013, respectively.

Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information.  Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions.  We record acquired intangible assets (including acquired above-market leases, acquired in-place leases and tenant relationships) and acquired intangible liabilities (including below–market leases) at their estimated fair value separate and apart from goodwill. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired.

Our properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis.  An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value.  Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared.  If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements.  The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results.  Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. 

The table below summarizes impairment losses and acquisition related costs in the years ended December 31, 2014, 2013 and 2012.

(Amounts in thousands)			For the Year Ended December 31,
			2014		2013			2012
Impairment losses		$	-	$	-		$	6,138
Acquisition related costs			18,435		24,857	(1)		11,248
		$	18,435	$	24,857		$	17,386
(1)	Includes a $10,949 prepayment penalty in connection with the repayment of the mortgage loan upon the acquisition of 655 Fifth Avenue.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

2.    Basis of Presentation and Significant Accounting Policies – continued

Partially Owned Entities:We consolidate entities in which we have a controlling financial interest.  In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members as well as whether the entity is a variable interest entity (“VIE”) and we are the primary beneficiary.  We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the entity is not considered a VIE and the approval of all of the partners/members is contractually required with respect to major decisions, such as operating and capital budgets, the sale, exchange or other disposition of real property, the hiring of a chief executive officer, the commencement, compromise or settlement of any lawsuit, legal proceeding or arbitration or the placement of new or additional financing secured by assets of the venture.  We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Investments that do not qualify for consolidation or equity method accounting are accounted for on the cost method. 

Investments in partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value.  Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared.  In the years ended December 31, 2014, 2013 and 2012, we recognized non-cash impairment losses on investments in partially owned entities, aggregating $85,459,000,$281,098,000 and $44,936,000, respectively.  Included in these amounts are $75,196,000, $240,757,000 and $40,000,000 of impairment losses related to our investment in Toys in 2014, 2013 and 2012, respectively.  

Mortgage and Mezzanine Loans Receivable: We invest in mortgage and mezzanine loans of entities that have significant real estate assets.  These investments are either secured by the real property or by pledges of the equity interests of the entities owning the underlying real estate.  We record these investments at the stated principal amount net of any unamortized discount or premium. We accrete or amortize any discount or premium over the life of the related receivable utilizing the effective interest method or straight-line method, if the result is not materially different.  We evaluate the collectibility of both interest and principal of each of our loans whenever events or changes in circumstances indicate such amounts may not be recoverable. A loan is impaired when it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the investment to the present value of expected future cash flows discounted at the loan’s effective interest rate, or as a practical expedient, to the value of the collateral if the loan is collateral dependent.  Interest on impaired loans is recognized when received in cash.  Mortgage and mezzanine loans receivable are included in “other assets” on our consolidated balance sheets.

Cash and Cash Equivalents:  Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities.  The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, and (iii) Certificate of Deposits placed through an Account Registry Service (“CDARS”).  To date, we have not experienced any losses on our invested cash.

Restricted Cash:  Restricted cash consists of security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-Kind exchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements.   

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

2.    Basis of Presentation and Significant Accounting Policies – continued

Allowance for Doubtful Accounts:  We periodically evaluate the collectibility of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for receivables arising from the straight-lining of rents. This receivable arises from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates.  As of December 31, 2014 and 2013, we had $12,210,000 and $14,519,000, respectively, in allowances for doubtful accounts.  In addition, as of December 31, 2014 and 2013, we had $3,188,000 and $4,355,000, respectively, in allowances for receivables arising from the straight-lining of rents.

Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct costs related to successful leasing activities are capitalized and amortized on a straight line basis over the lives of the related leases. All other deferred charges are amortized on a straight line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate.

Revenue Recognition:  We have the following revenue sources and revenue recognition policies:

•      Base Rent — income arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements under the leases.  We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use.  In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease.

•      Percentage Rent — income arising from retail tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the contingency has been removed (i.e., when tenant sales thresholds have been achieved).

•      Hotel Revenue — income arising from the operation of the Hotel Pennsylvania which consists of rooms revenue, food and beverage revenue, and banquet revenue. Income is recognized when rooms are occupied. Food and beverage and banquet revenue is recognized when the services have been rendered.

•      Trade Shows Revenue — income arising from the operation of trade shows, including rentals of booths. This revenue is recognized when the trade shows have occurred.

•      Expense Reimbursements — revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred.

•      Management, Leasing and Other Fees — income arising from contractual agreements with third parties or with partially owned entities. This revenue is recognized as the related services are performed under the respective agreements.

•      Cleveland Medical Mart — revenue arising from the development of the Cleveland Medical Mart.  This revenue was recognized as the related services were performed under the respective agreements using the criteria set forth in ASC 605-25, Multiple Element Arrangements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

2.    Basis of Presentation and Significant Accounting Policies – continued

Derivative Instruments and Hedging Activities:  ASC 815, Derivatives and Hedging, as amended, establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As of December 31, 2014 and 2013, our derivative instruments consisted of an interest rate cap and an interest rate swap.  We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (loss) (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value are recognized in earnings.

Income Taxes: As a limited partnership, our partners are required to report their respective share of taxable income on their individual tax returns. The provision for income taxes in our consolidated financial statements relate to certain taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001.  Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. Our taxable REIT subsidiaries had a combined current income tax expense of approximately $10,777,000, $9,608,000 and $20,336,000 for the years ended December 31, 2014, 2013 and 2012, respectively, and have immaterial differences between the financial reporting and tax basis of assets and liabilities. 

At December 31, 2014 and 2013, we had deferred tax assets from our taxable REIT subsidiaries of $94,100,000 and $87,800,000, respectively, against which we have recorded a full valuation allowance because we have not determined that it is more likely than not that we will realize these net operating loss carryforwards which expire in 2034.  The year over year change in the valuation allowance relates to an increase in the net operating loss carryforwards.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

3.     Vornado Capital Partners Real Estate Fund (the “Fund”)

We are the general partner and investment manager of the Fund, which has an eight-year term and a three-year investment period that ended in July 2013. During the investment period, the Fund was our exclusive investment vehicle for all investments that fit within its investment parameters, as defined. The Fund is accounted for under the AICPA Investment Company Guide and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting.

On June 26, 2014, the Fund sold its 64.7% interest in One Park Avenue to a newly formed joint venture that we and an institutional investor own 55% and 45%, respectively (see Note 6 - Investments in Partially Owned Entities - One Park Avenue).  This transaction was based on a property value of $560,000,000.  From the inception of this investment through its disposition, the Fund realized a $75,529,000 net gain.

On August 21, 2014, the Fund and its 50% joint venture partner completed the sale of The Shops at Georgetown Park, a 305,000 square foot retail property, for $272,500,000. From the inception of this investment through its disposition, the Fund realized a $51,124,000 net gain.

On January 20, 2015, we co-invested with the Fund and one of the Fund’s limited partners to buy out the Fund’s joint venture partner’s 57% interest in the Crowne Plaza Times Square Hotel.  The purchase price for the 57% interest was approximately $95,000,000 (our share $39,000,000) which valued the property at approximately $480,000,000.  The property is encumbered by a newly placed $310,000,000 mortgage loan bearing interest at LIBOR plus 2.80% and maturing in December 2018 with a one-year extension option.   Our aggregate ownership interest in the property increased to 33% from 11%.

At December 31, 2014, the Fund had seven investments with an aggregate fair value of $513,973,000, or $176,899,000 in excess of cost, and had remaining unfunded commitments of $144,123,000, of which our share was $36,031,000.  At December 31, 2013, the Fund had nine investments with an aggregate fair value of $667,710,000.

Below is a summary of income from the Fund for the years ended December 31, 2014, 2013 and 2012: 

(Amounts in thousands)		For the Year Ended December 31,
		2014		2013		2012
Net investment income		$	12,895	$	8,943	$	8,575
Net realized gains			76,337		8,184		-
Net unrealized gains			73,802		85,771		55,361
Income from Real Estate Fund			163,034		102,898		63,936
Less income attributable to noncontrolling interests			(92,728)		(53,427)		(39,332)
Income from Real Estate Fund attributable to Vornado Realty L.P. (1)		$	70,306	$	49,471	$	24,604
(1)	Excludes $2,865, $2,992, and $3,278 of management and leasing fees in the years ended December 31, 2014, 2013 and 2012, respectively, which are included as a component of "fee and other income" on our consolidated statements of income.

4.     Acquisitions

On August 1, 2014, we acquired the land under our 715 Lexington Avenue retail property located on the Southeast corner of 58^th Street and Lexington Avenue in Manhattan, for $63,000,000.

On October 28, 2014, we completed the purchase of the retail condominium of the St. Regis Hotel for $700,000,000.  We own a 74.3% controlling interest of the joint venture which owns the property.  The acquisition was used in a like-kind exchange for income tax purposes for the sale of 1740 Broadway (see Note 8 – Dispositions).  We consolidate the accounts of the venture into our consolidated financial statements from the date of acquisition.

On November 21, 2014, we entered into an agreement to acquire the Center Building, an eight story 437,000 square foot office building, located at 33-00 Northern Boulevard in Long Island City, New York.  The building is 98% leased.  The purchase price is approximately $142,000,000, including the assumption of an existing $62,000,000 4.43% mortgage maturing in October 2018.  The purchase is expected to close in the first quarter of 2015, subject to customary closing conditions.  As of December 31, 2014, our $14,200,000 non-refundable deposit was included in “other assets” on our consolidated balance sheet.

On January 20, 2015, we co-invested with our 25% owned Fund and one of the Fund’s limited partners to acquire the Fund’s joint venture partner’s 57% interest in the Crowne Plaza Times Square Hotel (see Note 3 – Vornado Capital Partners Real Estate Fund).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

5.    Marketable Securities and Derivative Instruments

Our portfolio of marketable securities is comprised of equity securities that are classified as available-for-sale.  Available-for-sale securities are presented on our consolidated balance sheets at fair value.  Unrealized gains and losses resulting from the mark-to-market of these securities are included in “other comprehensive income (loss).”  Realized gains and losses are recognized in earnings only upon the sale of the securities and are recorded based on the weighted average cost of such securities.

We evaluate our portfolio of marketable securities for impairment each reporting period.  For each of the securities in our portfolio with unrealized losses, we review the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline.  In our evaluation, we consider our ability and intent to hold these investments for a reasonable period of time sufficient for us to recover our cost basis.  We also evaluate the near-term prospects for each of these investments in relation to the severity and duration of the decline.

	Below is a summary of our marketable securities portfolio as of December 31, 2014 and 2013.
		As of December 31, 2014						As of December 31, 2013
				GAAP		Unrealized				GAAP		Unrealized
		Fair Value		Cost		Gain		Fair Value		Cost		Gain
Equity securities:
	Lexington Realty Trust	$	202,789	$	72,549	$	130,240	$	188,567	$	72,549	$	116,018
	Other		3,534		-		3,534		3,350		59		3,291
		$	206,323	$	72,549	$	133,774	$	191,917	$	72,608	$	119,309

Investment in Lexington Realty Trust (“Lexington”) (NYSE: LXP)

From the inception of our investment in Lexington in 2008, until the first quarter of 2013, we accounted for our investment under the equity method because of our ability to exercise significant influence over Lexington’s operating and financial policies. As a result of Lexington’s common share issuances, our ownership interest was reduced over time from approximately 17.2% to 8.8% at March 31, 2013. In the first quarter of 2013, we concluded that we no longer have the ability to exercise significant influence over Lexington’s operating and financial policies, and began accounting for this investment as a marketable equity security – available for sale, in accordance with ASC Topic 320, Investments – Debt and Equity Securities.  

Investment in J.C. Penney Company, Inc. (“J.C. Penney”) (NYSE: JCP)

In the first quarter of 2013, we wrote down 8,584,010 J.C. Penney common shares we owned to fair value, based on J.C. Penney’s March 31, 2013 closing share price of $15.11 per share, and recorded a $39,487,000 impairment loss.  On September 19, 2013, we settled a forward contract and received 4,815,990 J.C. Penney common shares.  In connection therewith, we recognized a $33,487,000 loss from the mark-to-market of the derivative position through its settlement date.  These losses are included in “interest and other investment income (loss), net” on our consolidated statements of income.

In March 2013 and September 2013, we sold an aggregate of 23,400,000 J.C. Penney common shares at a price of $14.29 per share, or $334,500,000, resulting in a net loss of $54,914,000.  The net losses resulting from these sales are included in “net gain on disposition of wholly owned and partially owned assets” on our consolidated statements of income.

Other Investments

During 2013 and 2012, we sold other marketable securities for aggregate proceeds of $44,209,000 and $58,718,000, respectively, resulting in net gains of $31,741,000 and $3,582,000, respectively, which are included as a component of “net gain on disposition of wholly owned and partially owned assets” on our consolidated statements of income. 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

6.    Investments in Partially Owned Entities

Toys “R” Us (“Toys”)

As of December 31, 2014, we own 32.6% of Toys.  We account for our investment in Toys under the equity method and record our share of Toys’ net income or loss on a one-quarter lag basis because Toys’ fiscal year ends on the Saturday nearest January 31, and our fiscal year ends on December 31.  The business of Toys is highly seasonal and substantially all of Toys’ net income is generated in its fourth quarter. 

We have not guaranteed any of Toys’ obligations and are not committed to provide any support to Toys.  Pursuant to ASC 323-10-35-20, we discontinued applying the equity method for our Toys’ investment when the carrying amount was reduced to zero in the third quarter of 2014.  We will resume application of the equity method if during the period the equity method was suspended our share of unrecognized net income exceeds our share of unrecognized net losses.

In the first quarter of 2013, we recognized our share of Toys’ fourth quarter net income of $78,542,000 and a corresponding non-cash impairment loss of the same amount to continue to carry our investment at fair value. 

At December 31, 2013, we estimated that the fair value of our investment in Toys was approximately $80,062,000 ($83,224,000 including $3,162,000 for our share of Toys’ accumulated other comprehensive income), or $162,215,000 less than the carrying amount after recognizing our share of Toys’ third quarter net loss in our fourth quarter.  In determining the fair value of our investment, we considered, among other inputs, a December 31, 2013 third-party valuation of Toys.  As of December 31, 2013, we have concluded that the decline in the value of our investment was “other-than-temporary” based on, among other factors, Toys’ 2013 holiday sales results, compression of earnings multiples of comparable retailers and our inability to forecast a recovery in the near term.  Accordingly, we recognized an additional non-cash impairment loss of $162,215,000 in the fourth quarter of 2013. 

In the first quarter of 2014, we recognized our share of Toys’ fourth quarter net income of $75,196,000 and a corresponding non-cash impairment loss of the same amount to continue to carry our investment at fair value.

Below is a summary of Toys’ latest available financial information on a purchase accounting basis:

(Amounts in thousands)					Balance as of
Balance Sheet:					November 1, 2014		November 2, 2013
	Assets				$	11,267,000	$	11,756,000
	Liabilities					10,377,000		10,437,000
	Noncontrolling interests					82,000		75,000
	Toys “R” Us, Inc. equity (1)					808,000		1,244,000
			For the Twelve Months Ended
Income Statement:			November 1, 2014		November 2, 2013		October 27, 2012
	Total revenues		$	12,645,000	$	13,046,000	$	13,698,000
	Net (loss) income attributable to Toys			(343,000)		(396,000)		138,000
(1)		At December 31, 2014, the carrying amount of our investment in Toys is less than our share of Toys' equity by approximately $263,455. This basis difference results primarily from non-cash impairment losses aggregating $355,953 that we have recognized through December 31, 2014. We have allocated the basis difference primarily to Toys' real estate, which is being amortized over its remaining estimated useful life.

Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX)

As of December 31, 2014, we own 1,654,068 Alexander’s common shares, or approximately 32.4% of Alexander’s common equity.  We manage, lease and develop Alexander’s properties pursuant to agreements which expire in March of each year and are automatically renewable.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

6.    Investments in Partially Owned Entities – continued

Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX) - continued

As of December 31, 2014 the market value (“fair value” pursuant to ASC 820) of our investment in Alexander’s, based on Alexander’s December 31, 2014 closing share price of $437.18, was $723,125,000, or $591,509,000 in excess of the carrying amount on our consolidated balance sheet.  As of December 31, 2014, the carrying amount of our investment in Alexander’s, excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexander’s by approximately $42,048,000.  The majority of this basis difference resulted from the excess of our purchase price for the Alexander’s common stock acquired over the book value of Alexander’s net assets.  Substantially all of this basis difference was allocated, based on our estimates of the fair values of Alexander’s assets and liabilities, to real estate (land and buildings).  We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives.  This depreciation is not material to our share of equity in Alexander’s net income.  The basis difference related to the land will be recognized upon disposition of our investment.

Management, Leasing and Development Agreements

We receive an annual fee for managing Alexander’s and all of its properties equal to the sum of (i) $2,800,000, (ii) 2% of the gross revenue from the Rego Park II Shopping Center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $280,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue.  In addition, we are entitled to a development fee of 6% of development costs, as defined.

We provide Alexander’s with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through twentieth year of a lease term and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by Alexander’s tenants.  In the event third-party real estate brokers are used, our fee increases by 1% and we are responsible for the fees to the third-parties.  We are also entitled to a commission upon the sale of any of Alexander’s assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000, and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more.  The total of these amounts was payable to us in annual installments in an amount not to exceed $4,000,000 with interest on the unpaid balance at one-year LIBOR plus 1.0% (1.58% at December 31, 2014).

On December 22, 2014, the leasing agreements with Alexander’s were amended to eliminate the annual installment cap of $4,000,000.  In addition, Alexander’s repaid to us the outstanding balance of $40,353,000.

On January 15, 2015, we completed the spin-off of 79 strip shopping centers, three malls, a warehouse park and $225,000,000 of cash to UE and the transfer of all of the employees responsible for the management and leasing of those assets.   In addition, we entered into agreements with UE to provide management and leasing services, on our behalf, for Alexander’s Rego Park retail assets.   Fees for these services are similar to the fees we are receiving from Alexander’s described above.

Other Agreements

Building Maintenance Services (“BMS”), our wholly-owned subsidiary, supervises (i) cleaning, engineering and security services at Alexander’s 731 Lexington Avenue property and (ii) security services at Alexander’s Rego Park I and Rego Park II properties, for an annual fee of the costs for such services plus 6%.  During the years ended December 31, 2014, 2013 and 2012, we recognized $2,318,000, $2,036,000 and $2,362,000 of income, respectively, under these agreements.

Below is a summary of Alexander’s latest available financial information:

(Amounts in thousands)				Balance as of December 31,
Balance Sheet:				2014		2013
	Assets			$	1,423,000	$	1,458,000
	Liabilities				1,075,000		1,124,000
	Stockholders' equity				348,000		334,000
		For the Year Ended December 31,
Income Statement:		2014		2013		2012
	Total revenues	$	201,000	$	196,000	$	191,000
	Net income attributable to Alexander’s (1)		68,000		57,000		674,000
(1)	2012 includes a $600,000 net gain on sale of real estate.

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VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

6.    Investments in Partially Owned Entities – continued

LNR Property LLC (“LNR”)

In January 2013, we and the other equity holders of LNR entered into a definitive agreement to sell LNR for $1.053 billion, of which our share of the net proceeds was $240,474,000.  The definitive agreement provided that LNR would not (i) make any cash distributions to the equity holders, including us, through the completion of the sale, which occurred on April 19, 2013, and (ii) take any of the following actions (among others) without the purchaser’s approval, the lending or advancing of any money, the acquisition of assets in excess of specified amounts, or the issuance of equity interests.  Notwithstanding the terms of the definitive agreement, in accordance with GAAP, we recorded our pro rata share of LNR’s earnings on a one-quarter lag basis through the date of sale, which increased the carrying amount of our investment in LNR above our share of the net sales proceeds and resulted in us recognizing a $27,231,000 “other-than-temporary” impairment loss on our investment in the three months ended March 31, 2013.

One Park Avenue

On June 26, 2014, we invested an additional $22,700,000 to increase our ownership in One Park Avenue to 55.0% from 46.5% through a joint venture with an institutional investor, who increased its ownership interest to 45.0% (see Note 3 – Vornado Capital Partners Real Estate Fund).  The transaction was based on a property value of $560,000,000.  The property is encumbered by a $250,000,000 interest-only mortgage loan that bears interest at 4.995% and matures in March 2016.  We account for our investment in the joint venture under the equity method because we share control over major decisions with our joint venture partner.

61 Ninth Avenue

On July 23, 2014, a joint venture in which we are a 50.1% partner entered into a 99-year ground lease for 61 Ninth Avenue located on the Southwest corner of Ninth Avenue and 15^th Street in Manhattan.  The venture’s current plans are to construct an office building, with retail at the base, of approximately 130,000 square feet.  Total development costs are currently estimated to be approximately $125,000,000.  We account for our investment in the joint venture under the equity method because we share control over major decisions with our joint venture partner. 

The following is a summary of condensed combined financial information for all of our partially owned entities, including Toys, Alexander’s and LNR (sold in April 2013), as of December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012.

(Amounts in thousands)				Balance as of December 31,
Balance Sheet:				2014		2013
	Assets			$	21,389,000	$	21,773,000
	Liabilities				17,986,000		17,982,000
	Noncontrolling interests				104,000		96,000
	Equity				3,299,000		3,695,000
		For the Year Ended December 31,
Income Statement:		2014		2013		2012
	Total revenue	$	13,620,000	$	14,092,000	$	15,119,000
	Net (loss) income(1)		(434,000)		(368,000)		1,091,000
(1)	2012 includes a $600,000 net gain on sale of real estate.

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VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

6.    Investments in Partially Owned Entities - continued

Below are schedules summarizing our investments in, and income from, partially owned entities.

			Percentage
(Amounts in thousands)			Ownership at	As of December 31,
Investments:			December 31, 2014	2014		2013
	Toys		32.6%	$	-	$	83,224
	Alexander’s		32.4%	$	131,616	$	167,785
	India real estate ventures		4.1%-36.5%		76,752		88,467
	Partially owned office buildings (1)		Various		760,749		621,294
	Other investments (2)		Various		277,379		288,897
				$	1,246,496	$	1,166,443
______________________________________________________
(1)		Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others.
(2)		Includes interests in Independence Plaza, Monmouth Mall, 85 Tenth Avenue, Fashion Center Mall, 50-70 West 93rd Street and others.

				Percentage
(Amounts in thousands)				Ownership at		For the Year Ended December 31,
Our Share of Net (Loss) Income:				December 31, 2014		2014		2013		2012
	Toys:
		Equity in net (loss) earnings			32.6%	$	(4,691)	$	(128,919)	$	45,267
		Non-cash impairment losses (see page 19 for details)					(75,196)		(240,757)		(40,000)
		Management fees					6,331		7,299		9,592
						$	(73,556)	$	(362,377)	$	14,859
	Alexander's:
		Equity in net income			32.4%	$	21,287	$	17,721	$	24,709
		Management, leasing and development fees					8,722		6,681		13,748
		Net gain on sale of real estate					-		-		179,934
							30,009		24,402		218,391
	India real estate ventures (1)				4.1%-36.5%		(8,309)		(3,533)		(5,008)
	Partially owned office buildings (2)				Various		93		(4,212)		(3,770)
	Other investments (3)				Various		(6,368)		(10,817)		103,644
	LNR (see page 21 for details):
		Equity in net income			n/a		-		42,186		66,270
		Impairment loss					-		(27,231)		-
		Net gain on sale					-		3,776		-
							-		18,731		66,270
	Lexington (see page 18 for details): (4)				n/a
		Equity in net loss					-		(979)		(23)
		Net gain resulting from Lexington's stock issuance and asset
			acquisition				-		-		28,763
							-		(979)		28,740
						$	15,425	$	23,592	$	408,267
______________________________________________________
(1)			Includes a $5,771 non-cash impairment loss in 2014.
(2)			Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others.
(3)			Includes interests in Independence Plaza, Monmouth Mall, 85 Tenth Avenue, Fashion Center Mall, 50-70 West 93rd Street and others. In the third quarter of 2014, we recognized a $10,263 non-cash charge, comprised of a $5,959 impairment loss and a $4,304 loan loss reserve, on our equity and debt investments in Suffolk Downs.
(4)			In the first quarter of 2013, we began accounting for our investment in Lexington as a marketable equity security - available for sale.

22

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

6.    Investments in Partially Owned Entities - continued

		Below is a summary of the debt of our partially owned entities as of December 31, 2014 and 2013, none of which is recourse to us.
			Percentage		Interest
			Ownership at		Rate at	100% Partially Owned Entities’
(Amounts in thousands)			December 31,		December 31,	Debt at December 31,
			2014	Maturity	2014	2014		2013
Toys:
	Notes, loans and mortgages payable		32.6%	2015-2021	7.23%	$	5,748,350	$	5,702,247
Alexander's:
	Mortgages payable		32.4%	2015-2021	2.59%	$	1,032,780	$	1,049,959
Partially owned office buildings(1):
	Mortgages payable		Various	2015-2023	5.59%	$	3,691,274	$	3,622,759
India Real Estate Ventures:
	TCG Urban Infrastructure Holdings mortgages
		payable	25.0%	2015-2026	13.25%	$	183,541	$	199,021
Other(2):
	Mortgages payable		Various	2015-2023	4.33%	$	1,480,485	$	1,709,509
(1)		Includes 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others.
(2)		Includes Independence Plaza, Monmouth Mall, Fashion Center Mall, 50-70 West 93rd Street and others.

Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities, was $4,273,632,000 and $4,189,403,000 as of December 31, 2014 and 2013, respectively.

7.    Mortgage and Mezzanine Loans Receivable

In October 2012, we acquired a 25% participation in a $475,000,000 first mortgage and mezzanine loan for the acquisition and redevelopment of a 10-story retail building at 701 Seventh Avenue in Times Square.  The loan had an interest rate of LIBOR plus 10.2%, with a LIBOR floor of 1.0%.  Of the $475,000,000, we funded $93,750,000, representing our 25% share of the $375,000,000 that was funded at acquisition.  In March 2013, we transferred at par, the 25% participation in the mortgage loan.  The transfer did not qualify for sale accounting given our continuing interest in the mezzanine loan.  Accordingly, we continued to include the 25% participation in the mortgage loan in “other assets” and recorded a $59,375,000 liability in “other liabilities” on our consolidated balance sheet as of December 31, 2013.  On January 14, 2014, the mortgage and mezzanine loans were repaid; accordingly, the $59,375,000 asset and liability were eliminated. 

On April 17, 2013, a $50,091,000 mezzanine loan that was scheduled to mature in August 2015, was repaid. In connection therewith, we received net proceeds of $55,358,000, including prepayment penalties, which resulted in income of $5,267,000, which is included in “interest and other investment income (loss), net” on our consolidated statement of income.

In March 2014, a $30,000,000 mezzanine loan that was scheduled to mature in January 2015 was repaid. In May 2014, a $25,000,000 mezzanine loan that was scheduled to mature in November 2014 was repaid.

As of December 31, 2014 and 2013, the carrying amounts of mortgage and mezzanine loans receivable were $16,748,000 and $170,972,000, respectively, net of an allowance of $5,811,000 and $5,845,000, respectively, and are included in “other assets” on our consolidated balance sheets.  These loans have a weighted average interest rate of 9.1% and 11.0% at December 31, 2014 and 2013, respectively and have maturities ranging from April 2015 to May 2016.

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VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

8.    Dispositions

Discontinued Operations

2014 Activity:

New York

On December 18, 2014, we completed the sale of 1740 Broadway, a 601,000 square foot office building in Manhattan for $605,000,000.  The sale resulted in net proceeds of approximately $580,000,000, after closing costs, and resulted in a financial statement gain of approximately $441,000,000.  The tax gain of approximately $484,000,000, was deferred in like-kind exchanges, primarily for the acquisition of the St. Regis Fifth Avenue retail (see Note 4 – Acquisitions). 

Retail Properties

On February 24, 2014, we completed the sale of Broadway Mall in Hicksville, Long Island, New York, for $94,000,000.  The sale resulted in net proceeds of $92,174,000 after closing costs.

On March 2, 2014, we entered into an agreement to transfer upon completion, the redeveloped Springfield Town Center, a 1,350,000 square foot mall located in Springfield, Fairfax County, Virginia, to Pennsylvania Real Estate Investment Trust (NYSE: PEI) (“PREIT”) in exchange for $465,000,000 comprised of $340,000,000 of cash and $125,000,000 of PREIT operating partnership units.  In connection therewith, we recorded a non-cash impairment loss of $20,000,000 in the first quarter of 2014, which is included in “income from discontinued operations” on our consolidated statements of income. The redevelopment was substantially completed in October 2014, at which time we reclassified the assets, liabilities and financial results to discontinued operations, and the transfer of the property to PREIT was completed on March 31, 2015.

On July 8, 2014, we completed the sale of Beverly Connection, a 335,000 square foot power shopping center in Los Angeles, California, for $260,000,000, of which $239,000,000 was cash and $21,000,000 was 10-year mezzanine seller financing.  The sale resulted in a net gain of $44,155,000, which was recognized in the third quarter of 2014. 

In addition to the above, during 2014, we sold six of the 22 strip shopping centers which did not fit UE’s strategy (see Note 1 – Organization and Business), in separate transactions, for an aggregate of $66,410,000 in cash, which resulted in a net gain aggregating $22,500,000.

2013 Activity:

New York

On December 17, 2013, we sold 866 United Nations Plaza, a 360,000 square foot office building in Manhattan for $200,000,000.  The sale resulted in net proceeds of $146,439,000 after repaying the existing loan and closing costs, and a net gain of $127,512,000.

Retail Properties

On January 24, 2013, we sold the Green Acres Mall located in Valley Stream, New York, for $500,000,000. The sale resulted in net proceeds of $185,000,000 after repaying the existing loan and closing costs, and a net gain of $202,275,000.

On April 15, 2013, we sold The Plant, a power strip shopping center in San Jose, California, for $203,000,000. The sale resulted in net proceeds of $98,000,000 after repaying the existing loan and closing costs, and a net gain of $32,169,000.

On April 15, 2013, we sold a retail property in Philadelphia, which is a part of the Gallery at Market Street, for $60,000,000. The sale resulted in net proceeds of $58,000,000, and a net gain of $33,058,000.

On September 23, 2013, we sold a retail property in Tampa, Florida for $45,000,000, of which our 75% share was $33,750,000. Our share of the net proceeds after repaying the existing loan and closing costs were $20,810,000, and our share of the net gain was $8,728,000.

In addition to the above, during 2013, we sold 12 other properties, in separate transactions, for an aggregate of $82,300,000, in cash, which resulted in a net gain aggregating $7,851,000.

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VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

8.    Dispositions - continued

2012 Activity:

Washington, DC

On July 26, 2012, we sold 409 Third Street S.W., a 409,000 square foot office building in Washington, DC, for $200,000,000, which resulted in a net gain of $126,621,000.

On November 7, 2012, we sold three office buildings (“Reston Executive”) located in suburban Fairfax County, Virginia, containing 494,000 square feet for $126,250,000, which resulted in a net gain of $36,746,000.

Merchandise Mart

On January 6, 2012, we sold the 350 West Mart Center, a 1.2 million square foot office building in Chicago, Illinois, for $228,000,000, which resulted in a net gain of $54,911,000.

On June 22, 2012, we sold the L.A. Mart, a 784,000 square foot showroom building in Los Angeles, California, for $53,000,000, of which $18,000,000 was cash and $35,000,000 was nine-month seller financing at 6.0%, which was paid on December 28, 2012.

On July 26, 2012, we sold the Washington Design Center, a 393,000 square foot showroom building in Washington, DC and the Canadian Trade Shows, for an aggregate of $103,000,000.  The sale of the Canadian Trade Shows resulted in an after-tax net gain of $19,657,000.

On December 31, 2012, we sold the Boston Design Center, a 554,000 square foot showroom building in Boston, Massachusetts, for $72,400,000, which resulted in a net gain of $5,252,000.

Retail Properties

In 2012, we sold 12 other properties in separate transactions, for an aggregate of $157,000,000, which resulted in a net gain aggregating $22,266,000.

In accordance with the provisions of ASC 360, Property, Plant, and Equipment, we have reclassified the revenues and expenses of all of the properties discussed above to “income from discontinued operations” and the related assets and liabilities to “assets related to discontinued operations” and “liabilities related to discontinued operations” for all of the periods presented in the accompanying financial statements.  The net gains resulting from the sale of these properties are included in “income from discontinued operations” on our consolidated statements of income.  The tables below set forth the assets and liabilities related to discontinued operations at December 31, 2014 and 2013, and their combined results of operations for the years ended December 31, 2014, 2013 and 2012.

	Assets Related to				Liabilities Related to
(Amounts in thousands)	Discontinued Operations as of				Discontinued Operations as of
	December 31,				December 31,
	2014		2013		2014		2013
Retail	$	2,238,474	$	2,497,918	$	1,511,362	$	1,441,853
New York		-		138,162		-		-
Total	$	2,238,474	$	2,636,080	$	1,511,362	$	1,441,853
(Amounts in thousands)			For the Year Ended December 31,
			2014		2013		2012
Total revenues			$	394,056	$	499,964	$	581,392
Total expenses				275,828		312,675		418,653
				118,228		187,289		162,739
Net gains on sales of real estate				507,192		414,502		245,799
Impairment losses				(41,474)		(37,170)		(127,839)
Gain on sale of Canadian Trade Shows, net of $11,448 of income taxes				-		-		19,657
Gain on sale of assets other than real estate				-		1,377		8,491
Income from discontinued operations			$	583,946	$	565,998	$	308,847

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VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

9.    Identified Intangible Assets and Liabilities

The following summarizes our identified intangible assets (primarily acquired above-market leases) and liabilities (primarily acquired below-market leases) as of December 31, 2014 and 2013.

	Balance as of December 31,
(Amounts in thousands)	2014		2013
Identified intangible assets:
Gross amount	$	424,976	$	505,203
Accumulated amortization		(199,821)		(252,121)
Net	$	225,155	$	253,082
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	657,976	$	622,685
Accumulated amortization		(329,775)		(295,768)
Net	$	328,201	$	326,917

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $37,516,000, $41,970,000 and $39,815,000 for the years ended December 31, 2014, 2013 and 2012, respectively.  Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2015 is as follows:

(Amounts in thousands)
2015	$	49,550
2016		37,894
2017		35,069
2018		34,166
2019		23,928

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $28,275,000, $61,915,000 and $46,160,000 for the years ended December 31, 2014, 2013 and 2012, respectively.  Estimated annual amortization of all other identified intangible assets including acquired in-place leases, customer relationships, and third party contracts for each of the five succeeding years commencing January 1, 2015 is as follows:

(Amounts in thousands)
2015	$	25,735
2016		20,122
2017		16,619
2018		12,417
2019		10,470

We are a tenant under ground leases at certain properties.  Amortization of these acquired below-market leases, net of above-market leases, resulted in an increase to rent expense of $1,832,000 and $2,745,000 for the years ended December 31, 2014 and 2013 and a decrease to rent expense of $403,000 for the year ended December 31, 2012.  Estimated annual amortization of these below-market leases, net of above-market leases, for each of the five succeeding years commencing January 1, 2015 is as follows:

(Amounts in thousands)
2015	$	1,832
2016		1,832
2017		1,832
2018		1,832
2019		1,832

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VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

10.    Debt

Secured Debt

On January 31, 2014, we completed a $600,000,000 loan secured by our 220 Central Park South development site.  The loan bears interest at LIBOR plus 2.75% (2.92% at December 31, 2014) and matures in January 2016, with three one-year extension options.

On April 16, 2014, we completed a $350,000,000 refinancing of 909 Third Avenue, a 1.3 million square foot Manhattan office building.  The seven-year interest only loan bears interest at 3.91% and matures in May 2021. We realized net proceeds of approximately $145,000,000 after defeasing the existing 5.64%, $193,000,000 mortgage, defeasance cost and other closing costs.

On July 16, 2014, we completed a $130,000,000 financing of Las Catalinas, a 494,000 square foot mall located in the San Juan area of Puerto Rico. The 10-year fixed rate loan bears interest at 4.43% and matures in August 2024.  The loan amortizes based on a 30-year schedule beginning in year six.

On August 12, 2014, we completed a $185,000,000 financing of the Universal buildings, a 690,000 square foot, two-building office complex located in Washington, DC. The loan bears interest at LIBOR plus 1.90% (2.06% at December 31, 2014) and matures in August 2019 with two one-year extension options. The loan amortizes based on a 30-year schedule beginning in the fourth year.

On August 26, 2014, we obtained a standby commitment for up to $500,000,000 of five-year mezzanine loan financing to fund a portion of the development expenditures at 220 Central Park South. 

On October 27, 2014, we completed a $140,000,000 financing of 655 Fifth Avenue, a 57,500 square foot retail and office property.  The loan is interest only at LIBOR plus 1.40% (1.56% at December 31, 2014) and matures in October 2019 with two one-year extension options.

On December 8, 2014, we completed a $575,000,000 refinancing of Two Penn Plaza, a 1.6 million square foot Manhattan office building.  The loan is interest-only at LIBOR plus 1.65% (1.81% at December 31, 2014) and matures in 2019 with two one-year extension options.  We realized net proceeds of approximately $143,000,000.  Pursuant to an existing swap agreement, the $422,000,000 previous loan on the property was swapped to a fixed rate of 4.78% through March 2018.  Therefore, $422,000,000 of the new loan bears interest at a fixed rate of 4.78% through March 2018 and the balance of $153,000,000 floats through March 2018.  The entire $575,000,000 will float thereafter for the duration of the new loan.

On January 6, 2015, we completed the modification of the $120,000,000, 6.04% mortgage loan secured by our Montehiedra Town Center, in the San Juan area of Puerto Rico.  The loan has been extended from July 2016 to July 2021 and separated into two tranches, a senior $90,000,000 position with interest at 5.33% to be paid currently, and a junior $30,000,000 position with interest accruing at 3%. Montehiedra Town Center and the loan were included in the spin-off to UE on January 15, 2015.  As part of the planned redevelopment of the property, UE is committed to fund $20,000,000 through a loan for leasing and building capital expenditures of which $8,000,000 has been funded.  This loan is senior to the $30,000,000 position noted above and accrues interest at 10%.

Senior Unsecured Notes

On June 16, 2014, we completed a green bond public offering of $450,000,000 2.50% senior unsecured notes due June 30, 2019. The notes were sold at 99.619% of their face amount to yield 2.581%.

On October 1, 2014, we redeemed all of the $445,000,000 principal amount of our outstanding 7.875% senior unsecured notes, which were scheduled to mature on October 1, 2039, at a redemption price of 100% of the principal amount plus accrued interest through the redemption date.  In the fourth quarter of 2014, we wrote off $12,532,000 of unamortized deferred financing costs, which are included as a component of “interest and debt expense” on our consolidated statements of income.

On January 1, 2015, we redeemed all of the $500,000,000 principal amount of our outstanding 4.25% senior unsecured notes, which were scheduled to mature on April 1, 2015, at a redemption price of 100% of the principal amount plus accrued interest through December 31, 2014.

27

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

10.    Debt – continued

Unsecured Revolving Credit Facility

On September 30, 2014, we extended one of our two $1.25 billion unsecured revolving credit facilities from November 2015 to November 2018 with two six-month extension options.  The interest rate on the extended facility was lowered to LIBOR plus 105 basis points from LIBOR plus 125 basis points and the facility fee was reduced to 20 basis points from 25 basis points. 

The following is a summary of our debt:

		Weighted Average
		Interest Rate at			Balance at December 31,
(Amounts in thousands)		December 31, 2014			2014		2013
Mortgages Payable:
	Fixed rate		4.46%	$	6,499,396	$	6,439,371
	Variable rate		2.20%		1,763,769		691,860
			3.98%	$	8,263,165	$	7,131,231
Unsecured Debt:
	Senior unsecured notes		3.89%	$	1,347,159	$	1,350,855
	Unsecured revolving credit facilities		-		-		295,870
			3.89%	$	1,347,159	$	1,646,725

        The net carrying amount of properties collateralizing the mortgages payable amounted to $9.4 billion at December 31, 2014.  As of December 31, 2014, the principal repayments required for the next five years and thereafter are as follows:

				Senior Unsecured
				Debt and
(Amounts in thousands)				Revolving Credit
Year Ending December 31,		Mortgages Payable		Facilities
2015	$	407,229	$	500,000
2016		1,399,378		-
2017		609,680		-
2018		240,674		-
2019		979,197		450,000
Thereafter		4,624,897		400,000

28

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

11.    Redeemable Partnership Units

Redeemable partnership units on our consolidated balance sheets are primarily comprised of Class A units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period.  Changes in the value from period to period are charged to “partners’ capital” on our consolidated balance sheets.  Class A units may be tendered for redemption to us for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis.  Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder. 

Below are the details of redeemable partnership units as of December 31, 2014 and 2013.

(Amounts in thousands, except units and										Preferred or
per unit amounts)		Balance as of				Units Outstanding at		Per Unit		Annual
		December 31,				December 31,		Liquidation		Distribution
Unit Series		2014			2013	2014	2013	Preference		Rate
Common:
	Class A units held by third parties	$	1,336,780	$	1,002,620	11,356,550	11,292,038		n/a	$	2.92
Redeemable Preferred: (1)
	5.00% D-16 Cumulative Redeemable	$	1,000	$	1,000	1	1	$	1,000,000.00	$	50,000.00
(1)	Holders may tender units for redemption to us for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at any time.

Below is a table summarizing the activity of redeemable partnership units.
	(Amounts in thousands)
	Balance at December 31, 2012	$	944,152
	Net income		24,817
	Other comprehensive income		5,296
	Distributions		(34,053)
	Redemption of Class A units, at redemption value		(25,317)
	Adjustments to carry redeemable Class A units at redemption value		108,252
	Redemption of Series D-15 redeemable units		(36,900)
	Other, net		17,373
	Balance at December 31, 2013		1,003,620
	Net income		47,613
	Other comprehensive income		1,323
	Distributions		(33,469)
	Redemption of Class A units, at redemption value		(27,273)
	Adjustments to carry redeemable Class A units at redemption value		315,276
	Other, net		30,690
	Balance at December 31, 2014	$	1,337,780

Redeemable partnership units exclude our Series G Convertible Preferred units and Series D-13 Cumulative Redeemable Preferred units, as they are accounted for as liabilities in accordance with ASC 480, Distinguishing Liabilities and Equity, because of their possible settlement by issuing a variable number of Vornado common shares.  Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $55,097,000 as of December 31, 2014 and 2013. 

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VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

12.    Partners’ Capital

Class A units

As of December 31, 2014, there were 187,887,498 Class A units outstanding that were held by Vornado. These units are classified as “partners’ capital” on our consolidated balance sheets.  As of December 31, 2014, there were 11,356,550 Class A units outstanding, that were held by third parties. These units are classified outside of “partners’ capital” as “redeemable partnership units” on our consolidated balance sheets (See Note 11 – Redeemable Partnership Units).  During 2014, we paid an aggregate of $547,831,000 of distributions to Vornado comprised of quarterly common distributions of $0.73 per unit.

Preferred Units

The following table sets forth the details of our preferred units of beneficial interest as of December 31, 2014 and 2013.

(Amounts in thousands, except unit and		Balance as of				Units Outstanding at		Per Unit		Annual
per unit amounts)		December 31,				December 31,		Liquidation		Distribution
Preferred Units		2014		2013		2014	2013	Preference		Rate(1)
Convertible Preferred:
	6.5% Series A: authorized 83,977 units(2)	$	1,393	$	1,592	28,939	32,807	$	50.00	$	3.25
Cumulative Redeemable:
	6.625% Series G: authorized 8,000,000 units(3)		193,135		193,135	8,000,000	8,000,000	$	25.00	$	1.65625
	6.625% Series I: authorized 10,800,000 units(3)		262,379		262,379	10,800,000	10,800,000	$	25.00	$	1.65625
	6.875% Series J: authorized 9,850,000 units(3)		238,842		238,842	9,850,000	9,850,000	$	25.00	$	1.71875
	5.70% Series K: authorized 12,000,000 units(3)		290,971		290,971	12,000,000	12,000,000	$	25.00	$	1.425
	5.40% Series L: authorized 12,000,000 units(3)		290,306		290,306	12,000,000	12,000,000	$	25.00	$	1.35
		$	1,277,026	$	1,277,225	52,678,939	52,682,807
(1)	Distributions on preferred units are cumulative and are payable quarterly in arrears.
(2)	Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.4334 Class A units per Series A Preferred unit plus accrued and unpaid distributions through the date of redemption, or convertible at any time at the option of the holder for 1.4334 Class A units per Series A Preferred unit.
(3)	Redeemable at Vornado's option at a redemption price of $25.00 per unit, plus accrued and unpaid distributions through the date of redemption.

Accumulated Other Comprehensive Income (Loss)

The following tables set forth the changes in accumulated comprehensive income (loss) by component.

	For the Year Ended December 31, 2014
			Securities		Pro rata share of		Interest
			available-		nonconsolidated		rate
(Amounts in thousands)	Total		for-sale		subsidiaries' OCI		swap		Other
Balance as of December 31, 2013	$	71,537	$	119,309	$	(11,501)	$	(31,882)	$	(4,389)
Net current period OCI		21,730		14,465		2,509		6,079		(1,323)
Balance as of December 31, 2014	$	93,267	$	133,774	$	(8,992)	$	(25,803)	$	(5,712)

13.    Variable Interest Entities (“VIEs”) 

Unconsolidated VIEs

At December 31, 2014, we have unconsolidated VIEs comprised of our investments in the entities that own One Park Avenue, Independence Plaza, and the Warner Building, and at December 31, 2013, our unconsolidated VIEs comprised of our investments in the entities that own Independence Plaza and the Warner Building.  We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities’ economic performance.  We account for our investment in these entities under the equity method (see Note 6 – Investments in Partially Owned Entities).  As of December 31, 2014 and 2013, the net carrying amount of our investments in these entities was $286,783,000 and $152,929,000, respectively, and our maximum exposure to loss in these entities, is limited to our investments.  We did not have any consolidated VIEs as of December 31, 2014 and 2013.

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VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

14.  Fair Value Measurements

ASC 820, Fair Value Measurement and Disclosures defines fair value and establishes a framework for measuring fair value.  The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value.  Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities.  Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets.   

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) marketable securities, (ii) Real Estate Fund investments, (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheet), (iv) interest rate swaps and (v) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units).  The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy at December 31, 2014 and 2013, respectively. 

			As of December 31, 2014
(Amounts in thousands)			Total		Level 1		Level 2		Level 3
	Marketable securities		$	206,323	$	206,323	$	-	$	-
	Real Estate Fund investments (75% of which is attributable to
		noncontrolling interests)		513,973		-		-		513,973
	Deferred compensation plan assets (included in other assets)			117,284		53,969		-		63,315
		Total assets	$	837,580	$	260,292	$	-	$	577,288
	Mandatorily redeemable instruments (included in other liabilities)		$	55,097	$	55,097	$	-	$	-
	Interest rate swap (included in other liabilities)			25,797		-		25,797		-
		Total liabilities	$	80,894	$	55,097	$	25,797	$	-
			As of December 31, 2013
(Amounts in thousands)			Total		Level 1		Level 2		Level 3
	Marketable securities		$	191,917	$	191,917	$	-	$	-
	Real Estate Fund investments (75% of which is attributable to
		noncontrolling interests)		667,710		-		-		667,710
	Deferred compensation plan assets (included in other assets)			116,515		47,733		-		68,782
		Total assets	$	976,142	$	239,650	$	-	$	736,492
	Mandatorily redeemable instruments (included in other liabilities)		$	55,097	$	55,097	$	-	$	-
	Interest rate swap (included in other liabilities)			31,882		-		31,882		-
		Total liabilities	$	86,979	$	55,097	$	31,882	$	-

31

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

14.  Fair Value Measurements - continued

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued

Real Estate Fund Investments

At December 31, 2014, our Real Estate Fund had seven investments with an aggregate fair value of $513,973,000, or $176,899,000 in excess of cost.  These investments are classified as Level 3.  We use a discounted cash flow valuation technique to estimate the fair value of each of these investments, which is updated quarterly by personnel responsible for the management of each investment and reviewed by senior management at each reporting period.  The discounted cash flow valuation technique requires us to estimate cash flows for each investment over the anticipated holding period, which currently ranges from 0.8 to 6.0 years.  Cash flows are derived from property rental revenue (base rents plus reimbursements) less operating expenses, real estate taxes and capital and other costs, plus projected sales proceeds in the year of exit.  Property rental revenue is based on leases currently in place and our estimates for future leasing activity, which are based on current market rents for similar space plus a projected growth factor.  Similarly, estimated operating expenses and real estate taxes are based on amounts incurred in the current period plus a projected growth factor for future periods.  Anticipated sales proceeds at the end of an investment’s expected holding period are determined based on the net cash flow of the investment in the year of exit, divided by a terminal capitalization rate, less estimated selling costs. 

The fair value of each property is calculated by discounting the future cash flows (including the projected sales proceeds), using an appropriate discount rate and then reduced by the property’s outstanding debt, if any, to determine the fair value of the equity in each investment. Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and discount rates.  These rates are based on the location, type and nature of each property, and current and anticipated market conditions, which are derived from original underwriting assumptions, industry publications and from the experience of our Acquisitions and Capital Markets departments.  Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these Fund investments at December 31, 2014.    

			Weighted Average
			(based on fair
Unobservable Quantitative Input		Range	value of investments)
	Discount rates	12.0% to 17.5%	13.7%
	Terminal capitalization rates	4.7% to 6.5%	5.3%

The above inputs are subject to change based on changes in economic and market conditions and/or changes in use or timing of exit.  Changes in discount rates and terminal capitalization rates result in increases or decreases in the fair values of these investments.  The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows.  Therefore, a change in the fair value of these investments resulting from a change in the terminal capitalization rate, may be partially offset by a change in the discount rate.  It is not possible for us to predict the effect of future economic or market conditions on our estimated fair values.

The table below summarizes the changes in the fair value of Fund investments that are classified as Level 3, for the years ended December 31, 2014 and 2013.

	Real Estate Fund Investments
	For The Year Ended December 31,
(Amounts in thousands)	2014		2013
Beginning balance	$	667,710	$	600,786
Purchases		3,392		43,816
Dispositions / Distributions		(307,268)		(70,848)
Net unrealized gains		73,802		85,771
Net realized gains		76,337		8,184
Other, net		-		1
Ending balance	$	513,973	$	667,710

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VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

14.  Fair Value Measurements - continued

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued

Deferred Compensation Plan Assets

Deferred compensation plan assets that are classified as Level 3 consist of investments in limited partnerships and investment funds, which are managed by third parties.  We receive quarterly financial reports from a third-party administrator, which are compiled from the quarterly reports provided to them from each limited partnership and investment fund.  The quarterly reports provide net asset values on a fair value basis which are audited by independent public accounting firms on an annual basis.  The third-party administrator does not adjust these values in determining our share of the net assets and we do not adjust these values when reported in our consolidated financial statements.

The table below summarizes the changes in the fair value of Deferred Compensation Plan Assets that are classified as Level 3, for the years ended December 31, 2014 and 2013.

	Deferred Compensation Plan Assets
	For The Year Ended December 31,
(Amounts in thousands)	2014		2013
Beginning balance	$	68,782	$	62,631
Purchases		14,162		5,018
Sales		(24,951)		(7,306)
Realized and unrealized gains		3,415		7,189
Other, net		1,907		1,250
Ending balance	$	63,315	$	68,782

Fair Value Measurements on a Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis on our consolidated balance sheets consist primarily of real estate assets and our investment in Toys that were written-down to estimated fair value during 2014 or 2013.  See Note 2 – Basis of Presentation and Significant Accounting Policies for details of impairment losses recognized during 2014 and 2013.  See Note 6 – Investments in Partially Owned Entities for details of impairment losses related to Toys recognized during 2014 and 2013.  The fair value of our real estate assets was determined using widely accepted valuation techniques, including (i) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates, and (iii) comparable sales activity.  In determining the fair value of our investment in Toys, we considered, among other inputs, a December 31, 2013 third-party valuation of Toys and Toys’ historical results, financial forecasts and business outlook.  Our determination of the fair value of our investment in Toys included consideration of the following widely-used valuation methodologies: (i) market multiple methodology, that considered comparable publicly traded retail companies and a range of EBITDA multiples from 5.75x to 6.5x, (ii) comparable sales transactions methodology, that considered sales of retailers ranging in size from $150 million to $3 billion, (iii) a discounted cash flow methodology, that utilized five-year financial projections and assumed a terminal EBITDA multiple of 5.75x, a 10% discount rate and a 38% tax rate, and (iv) a Black-Scholes valuation analysis, that assumed one, two and three year time-to-expiration periods and 24% to 29% volatility factors.  Generally, we consider multiple valuation techniques when measuring fair values but in certain circumstances, a single valuation technique may be appropriate.  The tables below aggregate the fair values of these assets by their levels in the fair value hierarchy.

			As of December 31, 2014
(Amounts in thousands)			Total		Level 1		Level 2		Level 3
	Real estate assets		$	4,848	$	-	$	-	$	4,848
			As of December 31, 2013
(Amounts in thousands)			Total		Level 1		Level 2		Level 3
	Real estate assets		$	354,341	$	-	$	-	$	354,341
	Investment in Toys			83,224		-		-		83,224
		Total assets	$	437,565	$	-	$	-	$	437,565

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

14.  Fair Value Measurements – continued

Financial Assets and Liabilities not Measured at Fair Value

 Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government), mortgage and mezzanine loans receivable (included in “other assets” in our consolidated balance sheets) and our secured and unsecured debt.  Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist.  For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument.  The fair value of cash equivalents is classified as Level 1 and the fair value of our mortgage and mezzanine loans receivable is classified as Level 3.  The fair value of our secured and unsecured debt is classified as Level 2.  The table below summarizes the carrying amounts and fair value of these financial instruments as of December 31, 2014 and 2013.

				As of December 31, 2014				As of December 31, 2013
				Carrying		Fair		Carrying		Fair
(Amounts in thousands)				Amount		Value		Amount		Value
		Cash equivalents		$	749,418	$	749,000	$	295,000	$	295,000
		Mortgage and mezzanine loans receivable
			(included in other assets)		16,748		17,000		170,972		171,000
				$	766,166	$	766,000	$	465,972	$	466,000
	Debt:
		Mortgages payable		$	8,263,165	$	8,224,000	$	7,131,231	$	6,903,000
		Senior unsecured notes			1,347,159		1,385,000		1,350,855		1,402,000
		Revolving credit facility debt			-		-		295,870		296,000
				$	9,610,324	$	9,609,000	$	8,777,956	$	8,601,000

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VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

15.    Stock-based Compensation

Vornado’s Omnibus Share Plan (the “Plan”), which was approved in May 2010, provides the Compensation Committee of Vornado’s Board of Trustees (the “Committee”) the ability to grant incentive and non-qualified Vornado stock options, restricted stock, restricted partnership units and out-performance plan awards to certain of Vornado’s employees and officers.  Under the Plan, awards may be granted up to a maximum of 6,000,000 Vornado shares, if all awards granted are Full Value Awards, as defined, and up to 12,000,000 shares, if all of the awards granted are Not Full Value Awards, as defined, plus shares in respect of awards forfeited after May 2010 that were issued pursuant to Vornado’s 2002 Omnibus Share Plan.  Full Value Awards are awards of securities, such as Vornado restricted shares, that, if all vesting requirements are met, do not require the payment of an exercise price or strike price to acquire the securities.  Not Full Value Awards are awards of securities, such as Vornado stock options, that do require the payment of an exercise price or strike price.  This means, for example, if the Committee were to award only Vornado restricted shares, it could award up to 6,000,000 Vornado restricted shares.  On the other hand, if the Committee were to award only Vornado stock options, it could award options to purchase up to 12,000,000 Vornado common shares (at the applicable exercise price).  The Committee may also issue any combination of awards under the Plan, with reductions in availability of future awards made in accordance with the above limitations.  As of December 31, 2014, Vornado has approximately 4,004,000 shares available for future grants under the Plan, if all awards granted are Full Value Awards, as defined.

In the years ended December 31, 2014, 2013 and 2012, we recognized an aggregate of $36,641,000, $34,914,000 and $30,588,000, respectively, of stock-based compensation expense, which is included as a component of “general and administrative” expenses on our consolidated statements of income.  The details of the various components of our stock-based compensation are discussed below.

Out-Performance Plans (“the OPPs”)

OPPs are multi-year, performance-based equity compensation plans under which participants, including Vornado’s Chairman and Chief Executive Officer, have the opportunity to earn compensation payable in the form of units if, and only if, Vornado outperforms a predetermined total shareholder return (“TSR”) and/or outperforms the market with respect to a relative TSR in any year during the requisite performance periods as described below.   The aggregate notional amounts of the 2012, 2013, 2014 and 2015 OPPs are $40,000,000, $40,000,000, $50,000,000 and $40,000,000, respectively. 

Awards under the 2012 OPP have been earned.  Awards under the 2013 OPP may be earned if Vornado (i) achieves a TSR greater than 14% over the two-year performance measurement period, or 21% over the three-year performance measurement period (the “Absolute Component”), and/or (ii) achieves a TSR above that of the SNL REIT Index (the “Index”) over the two-year or three-year performance measurement period (the “Relative Component”).  Awards under the 2014 and 2015 OPP may be earned if Vornado (i) achieves a TSR level greater than 7% per annum, or 21% over the three-year performance measurement periods (the “Absolute Component”), and/or (ii) achieves a TSR above that of the Index over the three-year performance measurement periods (the “Relative Component”).  To the extent awards would be earned under the Absolute Component of each of the OPPs, but Vornado underperforms the Index, such awards would be reduced (and potentially fully negated) based on the degree to which Vornado underperforms the Index.  In certain circumstances, in the event Vornado outperforms the Index but awards would not otherwise be fully earned under the Absolute Component, awards may still be earned or increased under the Relative Component.  To the extent awards would otherwise be earned under the Relative Component but Vornado fails to achieve at least a 6% per annum absolute TSR, such awards earned under the Relative Component would be reduced based on Vornado’s absolute TSR, with no awards being earned in the event Vornado’s TSR during the applicable measurement period is 0% or negative, irrespective of the degree to which Vornado may outperform the Index.  Distributions on awards earned accrue during the performance period. 

If the designated performance objectives are achieved, OPP units are also subject to time-based vesting requirements. Awards earned under the OPPs vest 33% in year three, 33% in year four and 34% in year five.  Vornado’s executive officers (for the purposes of Section 16 of the Exchange Act) are required to hold earned 2013, 2014 and 2015 OPP awards for one year following vesting. 

The fair value of the 2012, 2013, 2014 and 2015 OPPs on the date of grant was $12,250,000, $6,814,000, $8,202,000, and $9,120,000, respectively.  Such amounts are being amortized into expense over a five-year period from the date of grant, using a graded vesting attribution model.  In the years ended December 31, 2014, 2013 and 2012, we recognized $6,185,000, $3,226,000 and $2,826,000, respectively, of compensation expense related to OPPs.  As of December 31, 2014, there was $11,937,000 of total unrecognized compensation cost related to the OPPs, which will be recognized over a weighted-average period of 1.4 years.

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VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

15.    Stock-based Compensation - continued

Stock Options      

Stock options are granted at an exercise price equal to the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, generally vest over four years and expire 10 years from the date of grant.  Compensation expense related to Vornado stock option awards is recognized on a straight-line basis over the vesting period.  In the years ended December 31, 2014, 2013 and 2012, we recognized $4,550,000, $8,234,000 and $8,638,000, respectively, of compensation expense related to Vornado stock options that vested during each year.  As of December 31, 2014, there was $1,855,000 of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 1.5 years.

Below is a summary of Vornado’s stock option activity for the year ended December 31, 2014.

					Weighted-
			Weighted-		Average
			Average		Remaining	Aggregate
			Exercise		Contractual	Intrinsic
		Shares	Price		Term	Value
Outstanding at January 1, 2014		3,248,699	$	67.51
Granted		49,088		91.32
Exercised		(434,204)		67.27
Cancelled or expired		(43,468)		104.74
Outstanding at December 31, 2014		2,820,115	$	67.38	4.6	$	145,317,000
Options vested and expected to vest at
	December 31, 2014	2,818,587	$	67.37	4.6	$	145,271,000
Options exercisable at December 31, 2014		2,606,260	$	65.62	4.4	$	138,912,000

The fair value of each option grant is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2014, 2013 and 2012.

	December 31,
	2014	2013	2012
Expected volatility	36.00%	36.00%	36.00%
Expected life	5.0 years	5.0 years	5.0 years
Risk free interest rate	1.81%	0.91%	1.05%
Expected dividend yield	4.10%	4.30%	4.30%

The weighted average grant date fair value of options granted during the years ended December 31, 2014, 2013 and 2012 was $20.31, $17.18 and $17.50, respectively.  Cash received from option exercises for the years ended December 31, 2014, 2013 and 2012 was $17,441,000, $5,915,000 and $9,546,000, respectively.  The total intrinsic value of options exercised during the years ended December 31, 2014, 2013 and 2012 was $18,223,000, $3,386,000 and $40,887,000, respectively.

36

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

15.    Stock-based Compensation - continued

Restricted Stock

Restricted stock awards are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant and generally vest over four years.  Compensation expense related to restricted stock awards is recognized on a straight-line basis over the vesting period.  In the years ended December 31, 2014, 2013 and 2012, we recognized $1,303,000, $1,344,000 and $1,604,000, respectively, of compensation expense related to restricted stock awards that vested during each year.  As of December 31, 2014, there was $1,468,000 of total unrecognized compensation cost related to unvested restricted stock, which is expected to be recognized over a weighted-average period of 1.7 years.  Dividends paid on unvested restricted stock are charged directly to retained earnings and amounted to $88,000, $110,000 and $200,000 for the years ended December 31, 2014, 2013 and 2012, respectively.

Below is a summary of Vornado’s restricted stock activity under the Plan for the year ended December 31, 2014.

			Weighted-Average
			Grant-Date
Unvested Shares		Shares	Fair Value
	Unvested at January 1, 2014	29,664	$	79.24
	Granted	11,475		91.31
	Vested	(15,733)		74.61
	Cancelled or expired	(2,957)		87.42
	Unvested at December 31, 2014	22,449		87.58

Restricted stock awards granted in 2014, 2013 and 2012 had a fair value of $1,048,000, $857,000 and $929,000, respectively.  The fair value of restricted stock that vested during the years ended December 31, 2014, 2013 and 2012 was $1,174,000, $1,194,000 and $1,864,000, respectively.

Restricted Operating Partnership Units (“OP Units”)

OP Units are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of grant, vest ratably over four years and are subject to a taxable book-up event, as defined.  Compensation expense related to OP Units is recognized ratably over the vesting period using a graded vesting attribution model.  In the years ended December 31, 2014, 2013 and 2012, we recognized $24,603,000, $22,110,000 and $17,520,000, respectively, of compensation expense related to OP Units that vested during each year.  As of December 31, 2014, there was $20,798,000 of total unrecognized compensation cost related to unvested OP Units, which is expected to be recognized over a weighted-average period of 1.7 years.  Distributions paid on unvested OP Units are charged to “preferred unit distributions” on our consolidated statements of income and amounted to $2,866,000, $2,598,000 and $3,203,000 in the years ended December 31, 2014, 2013 and 2012, respectively.   

Below is a summary of restricted OP unit activity under the Plan for the year ended December 31, 2014.

			Weighted-Average
			Grant-Date
Unvested Units		Units	Fair Value
	Unvested at January 1, 2014	765,971	$	76.27
	Granted	226,638		86.79
	Vested	(327,555)		69.48
	Cancelled or expired	(6,575)		83.16
	Unvested at December 31, 2014	658,479		83.20

OP Units granted in 2014, 2013 and 2012 had a fair value of $19,669,000, $31,947,000 and $16,464,000, respectively.  The fair value of OP Units that vested during the years ended December 31, 2014, 2013 and 2012 was $22,758,000, $16,404,000 and $15,014,000, respectively.

37

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

16.    Fee and Other Income

         The following table sets forth the details of our fee and other income:

(Amounts in thousands)		For the Year Ended December 31,
		2014		2013		2012
BMS cleaning fees		$	85,658	$	66,505	$	67,584
Management and leasing fees			19,905		23,073		18,718
Lease termination fees(1)			16,362		32,630		2,287
Other income			33,281		33,363		30,488
		$	155,206	$	155,571	$	119,077
__________________________
(1)	The year ended December 31, 2013 includes $19,500 from a tenant at 1290 Avenue of the Americas, of which our 70% share, net of a $1,529 write-off of the straight lining of rents, was $12,121, and $3,000 from the termination of our subsidiaries' agreements with Cuyahoga County to operate the Cleveland Medical Mart Convention Center.

The above table excludes fee income from partially owned entities, which is included in “income from partially owned entities” (see Note 6 – Investments in Partially Owned Entities).

17.     Interest and Other Investment Income (Loss), Net

          The following table sets forth the details of our interest and other investment income (loss):

(Amounts in thousands)		For the Year Ended December 31,
		2014		2013		2012
Dividends and interest on marketable securities		$	12,707	$	11,446	$	11,979
Mark-to-market of investments in our deferred compensation plan (1)			11,557		10,636		6,809
Interest on mezzanine loans receivable			3,920		19,495		13,861
Losses from the disposition of investment in J.C. Penney			-		(72,974)		(300,752)
Other, net			10,568		6,510		6,903
		$	38,752	$	(24,887)	$	(261,200)
__________________________
(1)	This income is entirely offset by the expense resulting from the mark-to-market of the deferred compensation plan liability, which is included in "general and administrative" expense.

18.     Interest and Debt Expense

          The following table sets forth the details of our interest and debt expense.

(Amounts in thousands)	For the Year Ended December 31,
	2014		2013		2012
Interest expense	$	430,278	$	444,412	$	427,147
Amortization of deferred financing costs		45,263		23,673		20,889
Capitalized interest and debt expense		(62,786)		(42,303)		(16,801)
	$	412,755	$	425,782	$	431,235

38

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

19.    Income Per Class A Unit

The following table provides a reconciliation of both net income and the number of Class A units used in the computation of (i) basic income per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income per Class A unit - which includes the weighted average Class A units and dilutive unit equivalents. Dilutive unit equivalents may include our Series A convertible preferred units, Vornado stock options and restricted units.

(Amounts in thousands, except per unit amounts)			Year Ended December 31,
			2014		2013		2012
Numerator:
	Income (loss) from continuing operations, net of income attributable to
		noncontrolling interests	$	328,519	$	(62,146)	$	351,979
	Income from discontinued operations, net of income attributable to noncontrolling
		interests		583,946		562,934		310,544
	Net income attributable to Vornado Realty L.P.			912,465		500,788		662,523
	Preferred unit distributions			(81,514)		(83,965)		(86,873)
	Preferred unit redemptions			-		(1,130)		8,948
	Net income attributable to Class A unitholders			830,951		415,693		584,598
	Earnings allocated to unvested participating securities			(4,260)		(2,705)		(3,413)
	Numerator for basic income per Class A unit			826,691		412,988		581,185
	Impact of assumed conversions:
		Convertible preferred unit distributions		97		-		113
	Numerator for diluted income per Class A unit		$	826,788	$	412,988	$	581,298
Denominator:
	Denominator for basic income per Class A unit – weighted average units			198,213		197,551		197,082
	Effect of dilutive securities (1):
		Vornado stock options and restricted unit awards		1,557		1,092		1,002
		Convertible preferred units		43		-		50
	Denominator for diluted income per Class A unit – weighted average units and
		assumed conversions		199,813		198,643		198,134
INCOME (LOSS) PER CLASS A UNIT – BASIC:
	Income (loss) from continuing operations, net		$	1.22	$	(0.76)	$	1.37
	Income from discontinued operations, net			2.95		2.85		1.58
	Net income per Class A unit		$	4.17	$	2.09	$	2.95
INCOME (LOSS) PER CLASS A UNIT – DILUTED:
	Income (loss) from continuing operations, net		$	1.22	$	(0.75)	$	1.36
	Income from discontinued operations, net			2.92		2.83		1.57
	Net income per Class A unit		$	4.14	$	2.08	$	2.93
(1)		The effect of dilutive securities in the years ended December 31, 2014, 2013 and 2012 excludes an aggregate of 116, 818 and 2,796 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.

39

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

20.  Leases

As lessor:

We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rentals payable monthly in advance. Office building leases generally require the tenants to reimburse us for operating costs and real estate taxes above their base year costs. Shopping center leases provide for pass-through to tenants the tenant’s share of real estate taxes, insurance and maintenance. Shopping center leases also provide for the payment by the lessee of additional rent based on a percentage of the tenants’ sales. As of December 31, 2014, future base rental revenue under non-cancelable operating leases, excluding rents for leases with an original term of less than one year and rents resulting from the exercise of renewal options, are as follows:

(Amounts in thousands)
Year Ending December 31:
2015	$	1,564,200
2016		1,509,781
2017		1,470,810
2018		1,395,708
2019		1,236,840
Thereafter		6,990,557

These amounts do not include percentage rentals based on tenants’ sales.  These percentage rents approximated $6,343,000, $7,344,000 and $6,987,000, for the years ended December 31, 2014, 2013 and 2012, respectively.

None of our tenants accounted for more than 10% of total revenues in any of the years ended December 31, 2014, 2013 and 2012.

As lessee:           

We are a tenant under operating leases for certain properties.  These leases have terms that expire during the next thirty years.  Future minimum lease payments under operating leases at December 31, 2014 are as follows: 

(Amounts in thousands)
Year Ending December 31:
2015	$	29,060
2016		29,575
2017		31,141
2018		31,629
2019		32,136
Thereafter		1,208,483

Rent expense was $36,329,000, $35,920,000 and $27,634,000 for the years ended December 31, 2014, 2013 and 2012, respectively.

40

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

20.  Leases - continued

We are also a lessee under a capital lease under which we will redevelop the retail and signage components of the Marriott Marquis Times Square Hotel.  The lease has put/call options, which if exercised would lead to our ownership.  Capitalized leases are recorded at the present value of future minimum lease payments or the fair market value of the property.  Capitalized leases are depreciated on a straight-line basis over the estimated life of the asset or life of the related lease.  Depreciation expense on capital leases is included in “depreciation and amortization” on our consolidated statements of income.  As of December 31, 2014, future minimum lease payments under this capital lease are as follows:

(Amounts in thousands)
Year Ending December 31:
2015	$	12,500
2016		12,500
2017		12,500
2018		12,500
2019		12,500
Thereafter		334,792
Total minimum obligations		397,292
Interest portion		(157,292)
Present value of net minimum payments	$	240,000

At December 31, 2014, the carrying amount of the property leased under the capital lease was $249,253,000, which is included as a component of “development costs and construction in progress” on our consolidated balance sheet and present value of net minimum payments of $240,000,000 is included in “other liabilities” on our consolidated balance sheet. 

21.  Multiemployer Benefit Plans

Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining agreements.

Multiemployer Pension Plans

Multiemployer Pension Plans differ from single-employer pension plans in that (i) contributions to multiemployer plans may be used to provide benefits to employees of other     participating employers and (ii) if other participating employers fail to make their contributions, each of our participating subsidiaries may be required to bear its then pro rata share of unfunded obligations.  If a participating subsidiary withdraws from a plan in which it participates, it may be subject to a withdrawal liability.  As of December 31, 2014, our subsidiaries’ participation in these plans were not significant to our consolidated financial statements.

In the years ended December 31, 2014, 2013 and 2012, our subsidiaries contributed $11,431,000, $10,223,000 and $10,683,000, respectively, towards Multiemployer Pension Plans, which is included as a component of “operating” expenses on our consolidated statements of income.  Our subsidiaries’ contributions did not represent more than 5% of total employer contributions in any of these plans for the years ended December 31, 2014, 2013 and 2012.

Multiemployer Health Plans

Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired employees.  In the years ended December 31, 2014, 2013 and 2012, our subsidiaries contributed $29,073,000, $26,262,000 and $26,759,000, respectively, towards these plans, which is included as a component of “operating” expenses on our consolidated statements of income.

41

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

22.  Commitments and Contingencies

Insurance

We maintain general liability insurance with limits of $300,000,000 per occurrence and all risk property and rental value insurance with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as floods.  Our California properties have earthquake insurance with coverage of $180,000,000 per occurrence, subject to a deductible in the amount of 5% of the value of the affected property, up to a $180,000,000 annual aggregate. We maintain coverage for terrorism acts with limits of $4.0 billion per occurrence and in the aggregate, and $2.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as defined by Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2020.

Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for NBCR acts.  Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to PPIC.  For NBCR acts, PPIC is responsible for a deductible of $3,200,000 and 15% of the balance of a covered loss (16% effective January 1, 2016) and the Federal government is responsible for the remaining 85% of a covered loss (84% effective January 1, 2016).  We are ultimately responsible for any loss incurred by PPIC.

We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism.  However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future.

Our debt instruments, consisting of mortgage loans secured by our properties which are non-recourse to us, senior unsecured notes and revolving credit agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. Further, if lenders insist on greater coverage than we are able to obtain it could adversely affect our ability to finance our properties and expand our portfolio.

Other Commitments and Contingencies

We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not expected to have a material adverse effect on our financial position, results of operations or cash flows.

Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us.

Our mortgage loans are non-recourse to us.  However, in certain cases we have provided guarantees or master leased tenant space.  These guarantees and master leases terminate either upon the satisfaction of specified circumstances or repayment of the underlying loans.  As of December 31, 2014, the aggregate dollar amount of these guarantees and master leases is approximately $359,000,000.

At December 31, 2014, $39,552,000 of letters of credit were outstanding under one of our revolving credit facilities.  Our revolving credit facilities contain financial covenants that require us to maintain minimum interest coverage and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB. Our revolving credit facilities also contain customary conditions precedent to borrowing, including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal.

As of December 31, 2014, we expect to fund additional capital to certain of our partially owned entities aggregating approximately $104,000,000.

42

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

23.  Related Party Transactions

Alexander’s

We own 32.4% of Alexander’s. Steven Roth, the Chairman of Vornado’s Board of Trustees and its Chief Executive Officer is also the Chairman of Alexander’s Board of Directors and its Chief Executive Officer.  We provide various services to Alexander’s in accordance with management, development and leasing agreements.  These agreements are described in Note 6 - Investments in Partially Owned Entities.

On January 15, 2015, we completed the spin-off of 79 strip shopping centers, three malls, a warehouse park and $225,000,000 of cash to UE and the transfer of all of the employees responsible for the management and leasing of those assets.   In addition, we entered into agreements with UE to provide management and leasing services, on our behalf, for Alexander’s Rego Park retail assets.   Fees for these services are similar to the fees we are receiving from Alexander’s described in Note 6 - Investments in Partially Owned Entities.

Interstate Properties (“Interstate”)

Interstate is a general partnership in which Mr. Roth is the managing general partner. David Mandelbaum and Russell B. Wight, Jr., Trustees of Vornado and Directors of Alexander’s, are Interstate’s two other partners. As of December 31, 2014, Interstate and its partners beneficially owned an aggregate of approximately 6.6% of the common shares of beneficial interest of Vornado and 26.3% of Alexander’s common stock.

We manage and lease the real estate assets of Interstate pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent.  The management agreement has a term of one year and is automatically renewable unless terminated by either of the parties on 60 days’ notice at the end of the term.  We believe, based upon comparable fees charged by other real estate companies, that the management agreement terms are fair to us.  We earned $535,000, $606,000, and $794,000 of management fees under the agreement for the years ended December 31, 2014, 2013 and 2012.

On January 15, 2015, we completed the spin-off of 79 strip shopping centers, three malls, a warehouse park and $225,000,000 of cash to UE and the transfer of all of the employees responsible for the management and leasing of those assets.   In addition, we entered into agreements with UE to provide management and leasing services, on our behalf, for Interstate’s properties.   Fees for these services are similar to the fees we are receiving from Interstate described above.

24.  Summary of Quarterly Results (Unaudited)

The following summary represents the results of operations for each quarter in 2014 and 2013:

						Net Income (Loss)
						Attributable		Net Income (Loss) Per
						to Class A		Class A Unit (2)
	(Amounts in thousands, except per unit amounts)			Revenues		Unitholders (1)		Basic		Diluted
		2014
			December 31	$	597,010	$	544,287	$	2.73	$	2.71
			September 30		578,710		139,134		0.70		0.69
			June 30		574,411		81,333		0.41		0.40
			March 31		562,381		66,197		0.33		0.33
		2013
			December 31	$	570,977	$	(73,042)	$	(0.37)	$	(0.37)
			September 30		578,322		88,037		0.44		0.44
			June 30		582,258		154,775		0.78		0.78
			March 31		567,619		245,923		1.24		1.23
_______________________________
	(1)		Fluctuations among quarters resulted primarily from non-cash impairment losses, mark-to-market of derivative instruments, net gains on sale of real estate and from seasonality of business operations.
	(2)		The total for the year may differ from the sum of the quarters as a result of weighting.

43

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

25.    Segment Information

As a result of the spin-off of substantially all of our Retail Properties segment (see Note 1 – Organization and Business), the remaining retail properties no longer meet the criteria to be a separate reportable segment.  In addition, as a result of our investment in Toys being reduced to zero, we suspended equity method accounting for our investment in Toys (see Note 6 - Investments in Partially Owned Entities) and the Toys segment no longer meets the criteria to be a separate reportable segment.  Accordingly, the Retail Properties segment and Toys have been reclassified to the Other segment.  Below is a summary of net income and a reconciliation of net income to EBITDA⁽¹⁾ by segment for the years ended December 31, 2014, 2013 and 2012.

(Amounts in thousands)		For the Year Ended December 31, 2014
			Total		New York			Washington, DC			Other
Total revenues			$	2,312,512	$	1,520,845		$	537,151		$	254,516
Total expenses				1,622,619		946,466			358,019			318,134
Operating income (loss)				689,893		574,379			179,132			(63,618)
(Loss) income from partially owned entities, including Toys				(58,131)		20,701			(3,677)			(75,155)
Income from Real Estate Fund				163,034		-			-			163,034
Interest and other investment income, net				38,752		6,711			183			31,858
Interest and debt expense				(412,755)		(183,427)			(75,395)			(153,933)
Net gain on disposition of wholly owned and partially
	owned assets			13,568		-			-			13,568
Income (loss) before income taxes				434,361		418,364			100,243			(84,246)
Income tax expense				(9,281)		(4,305)			(242)			(4,734)
Income (loss) from continuing operations				425,080		414,059			100,001			(88,980)
Income from discontinued operations				583,946		463,163			-			120,783
Net income				1,009,026		877,222			100,001			31,803
Less net income attributable to noncontrolling interests in
	consolidated subsidiaries			(96,561)		(8,626)			-			(87,935)
Net income (loss) attributable to Vornado Realty L.P.				912,465		868,596			100,001			(56,132)
Interest and debt expense(2)				654,398		241,959			89,448			322,991
Depreciation and amortization(2)				685,973		324,239			145,853			215,881
Income tax expense(2)				24,248		4,395			288			19,565
EBITDA(1)			$	2,277,084	$	1,439,189	(3)	$	335,590	(4)	$	502,305	(5)
Balance Sheet Data:
Real estate at cost			$	16,822,358	$	9,732,818		$	4,383,418		$	2,706,122
Investments in partially owned entities				1,246,496		1,036,130			102,635			107,731
Total assets				21,248,320		10,752,763			4,310,974			6,184,583
See notes on pages 47 and 48.

44

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

25.    Segment Information – continued

(Amounts in thousands)		For the Year Ended December 31, 2013
			Total		New York			Washington, DC			Other
Total revenues			$	2,299,176	$	1,470,907		$	541,161		$	287,108
Total expenses				1,624,625		910,498			347,686			366,441
Operating income (loss)				674,551		560,409			193,475			(79,333)
(Loss) income from partially owned entities, including Toys				(338,785)		15,527			(6,968)			(347,344)
Income from Real Estate Fund				102,898		-			-			102,898
Interest and other investment (loss) income, net				(24,887)		5,357			129			(30,373)
Interest and debt expense				(425,782)		(181,966)			(102,277)			(141,539)
Net gain on disposition of wholly owned and partially
	owned assets			2,030		-			-			2,030
(Loss) income before income taxes				(9,975)		399,327			84,359			(493,661)
Income tax benefit (expense)				8,717		(2,794)			14,031			(2,520)
(Loss) income from continuing operations				(1,258)		396,533			98,390			(496,181)
Income from discontinued operations				565,998		160,314			-			405,684
Net income (loss)				564,740		556,847			98,390			(90,497)
Less net income attributable to noncontrolling interests in
	consolidated subsidiaries			(63,952)		(10,786)			-			(53,166)
Net income (loss) attributable to Vornado Realty L.P.				500,788		546,061			98,390			(143,663)
Interest and debt expense(2)				758,781		236,645			116,131			406,005
Depreciation and amortization(2)				732,757		293,974			142,409			296,374
Income tax expense (benefit)(2)				26,371		3,002			(15,707)			39,076
EBITDA(1)			$	2,018,697	$	1,079,682	(3)	$	341,223	(4)	$	597,792	(5)
Balance Sheet Data:
Real estate at cost			$	15,392,968	$	8,422,297		$	4,243,048		$	2,727,623
Investments in partially owned entities				1,249,667		904,278			100,543			244,846
Total assets				20,097,224		9,255,964			4,107,636			6,733,624
See notes on pages 47 and 48.

45

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

25.    Segment Information – continued

(Amounts in thousands)		For the Year Ended December 31, 2012
			Total		New York			Washington, DC			Other
Total revenues			$	2,332,724	$	1,319,470		$	554,028		$	459,226
Total expenses				1,738,381		835,563			360,056			542,762
Operating income (loss)				594,343		483,907			193,972			(83,536)
Income (loss) from partially owned entities, including Toys				423,126		207,773			(5,612)			220,965
Income from Real Estate Fund				63,936		-			-			63,936
Interest and other investment (loss) income, net				(261,200)		4,002			126			(265,328)
Interest and debt expense				(431,235)		(146,350)			(115,574)			(169,311)
Net gain on disposition of wholly owned and partially
	owned assets			4,856		-			-			4,856
Income (loss) before income taxes				393,826		549,332			72,912			(228,418)
Income tax expense				(8,132)		(3,491)			(1,650)			(2,991)
Income (loss) from continuing operations				385,694		545,841			71,262			(231,409)
Income from discontinued operations				308,847		30,293			167,766			110,788
Net income (loss)				694,541		576,134			239,028			(120,621)
Less net income attributable to noncontrolling interests in
	consolidated subsidiaries			(32,018)		(2,138)			-			(29,880)
Net income (loss) attributable to Vornado Realty L.P.				662,523		573,996			239,028			(150,501)
Interest and debt expense(2)				760,523		187,855			133,625			439,043
Depreciation and amortization(2)				735,293		252,257			157,816			325,220
Income tax expense (2)				7,026		3,751			1,943			1,332
EBITDA(1)			$	2,165,365	$	1,017,859	(3)	$	532,412	(4)	$	615,094	(5)
Balance Sheet Data:
Real estate at cost			$	15,287,078	$	8,687,141		$	4,171,879		$	2,428,058
Investments in partially owned entities				1,704,297		576,336			95,670			1,032,291
Total assets				22,065,049		9,215,438			4,196,694			8,652,917
See notes on pages 47 and 48.

46

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

25.    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 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.

47

VORNADO REALTY L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

25.    Segment Information – continued

	Notes to preceding tabular information:
(5)	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
	Our share of Toys "R" Us				103,632		(12,081)		281,289
	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				26,586		28,505		25,103
					335,438		216,047		551,084
	Corporate general and administrative expenses(c)				(94,929)		(94,904)		(89,082)
	Investment income and other, net(c)				31,665		46,525		45,563
	Urban Edge Properties and residual retail properties discontinued operations(d)				235,989		531,493		201,035
	Acquisition and transaction related costs, and impairment losses				(16,392)		(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
				$	502,305	$	597,792	$	615,094
	(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 18 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.

48

XML

Dispositions (Tables)

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Schedule Of Assets And Liabilities And Results Of Operations Related To Discontinued Operations

	Assets Related to				Liabilities Related to
(Amounts in thousands)	Discontinued Operations as of				Discontinued Operations as of
	December 31,				December 31,
	2014		2013		2014		2013
Retail	$	2,238,474	$	2,497,918	$	1,511,362	$	1,441,853
New York		-		138,162		-		-
Total	$	2,238,474	$	2,636,080	$	1,511,362	$	1,441,853
(Amounts in thousands)			For the Year Ended December 31,
			2014		2013		2012
Total revenues			$	394,056	$	499,964	$	581,392
Total expenses				275,828		312,675		418,653
				118,228		187,289		162,739
Net gains on sales of real estate				507,192		414,502		245,799
Impairment losses				(41,474)		(37,170)		(127,839)
Gain on sale of Canadian Trade Shows, net of $11,448 of income taxes				-		-		19,657
Gain on sale of assets other than real estate				-		1,377		8,491
Income from discontinued operations			$	583,946	$	565,998	$	308,847

XML

Basis of Presentation and Significant Accounting Policies (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 15, 2015 Properties
Basis of Presentation and Significant Accounting Policies [Abstract]
Reclassification of signage revenue from fee and other income to property rentals	$ 37,929	$ 32,866	$ 20,892
Property Plant And Equipment [Line Items]
Interest Costs Capitalized	$ 62,786	$ 42,303
Retail Segment Strip Shopping Centers [Member] | Urban Edge Properties [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Number Of Real Estate Properties				79
Retail Segment Regional Malls [Member] | Urban Edge Properties [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Number Of Real Estate Properties				3
Warehouse [Member] | Urban Edge Properties [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Number Of Real Estate Properties				1
Maximum [Member]
Property Plant And Equipment [Line Items]
Property Plant And Equipment Useful Life	40 years
Minimum [Member]
Property Plant And Equipment [Line Items]
Property Plant And Equipment Useful Life	7 years

XML

Interest and Debt Expense (Tables)

12 Months Ended

Dec. 31, 2014

Interest Expense Debt [Abstract]

Interest And Debt Expense [Table Text Block]

(Amounts in thousands)	For the Year Ended December 31,
	2014		2013		2012
Interest expense	$	430,278	$	444,412	$	427,147
Amortization of deferred financing costs		45,263		23,673		20,889
Capitalized interest and debt expense		(62,786)		(42,303)		(16,801)
	$	412,755	$	425,782	$	431,235

XML

Identified Intangible Assets and Intangible Liabilities (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross amount	$ 424,976	$ 505,203
Accumulated amortization	(199,821)	(252,121)
Net	225,155	253,082
Gross amount	657,976	622,685
Accumulated amortization	(329,775)	(295,768)
Net	328,201	326,917
Below Market Leases Net Of Above Market Leases [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization of Intangible Assets	37,516	41,970	39,815
2015	49,550
2016	37,894
2017	35,069
2018	34,166
2019	23,928
Other Identified Intangible Assets [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization of Intangible Assets	28,275	61,915	46,160
2015	25,735
2016	20,122
2017	16,619
2018	12,417
2019	10,470
Tenant Under Ground Leases [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Amortization of Intangible Assets	1,832	2,745	(403)
2015	1,832
2016	1,832
2017	1,832
2018	1,832
2019	$ 1,832

XML

Basis of Presentation and Significant Accounting Policies (Details 1) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule Of Equity Method Investments [Line Items]
Acquisition and transaction related costs, and impairment losses	$ 18,435	$ 24,857	$ 17,386
Significant Policies Other Details [Abstract]
Tenant and other receivables, allowance for doubtful accounts (in US dollars)	12,210	14,519
Receivables Arising From Straight Lining Of Rents Allowance	3,188	4,355
Impairment Loss [Member]
Schedule Of Equity Method Investments [Line Items]
Acquisition and transaction related costs, and impairment losses	0	0	6,138
Acquisitions related costs [Member]
Schedule Of Equity Method Investments [Line Items]
Acquisition and transaction related costs, and impairment losses	18,435	24,857	11,248
Acquisitions related costs [Member] | New York 655 Fifth Avenue [Member]
Schedule Of Equity Method Investments [Line Items]
Penalty on early repayment of loan	10,949
Equity Method Investments [Member]
Schedule Of Equity Method Investments [Line Items]
Other than Temporary Impairment Losses Investments	85,459	281,098	44,936
Toys R Us [Member] | Impairment Loss [Member]
Schedule Of Equity Method Investments [Line Items]
Other than Temporary Impairment Losses Investments	$ 75,196	$ 240,757	$ 40,000

XML

Fair Value Measurements (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 206,323	$ 191,917
Real Estate Fund Nondepreciable Real Estate	513,973	667,710
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	206,323	191,917
Real Estate Fund Nondepreciable Real Estate	513,973	667,710
Deferred Compensation Plan Assets	117,284	116,515
Total assets	837,580	976,142
Mandatorily redeemable instruments (included in other liabilities)	55,097	55,097
Interest rate swap (included in other liabilities)	25,797	31,882
Total liabilities	80,894	86,979
Other Partners Ownership Interest In Real Estate Fund (in percentage)	75.00%	75.00%
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real Estate, Net at Fair Value	4,848	354,341
Total Assets, Nonrecurring		437,565
Fair Value, Measurements, Nonrecurring [Member] | Toys R Us [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in Partially Owned Entities at Fair Value		83,224
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	206,323	191,917
Real Estate Fund Nondepreciable Real Estate	0	0
Deferred Compensation Plan Assets	53,969	47,733
Total assets	260,292	239,650
Mandatorily redeemable instruments (included in other liabilities)	55,097	55,097
Interest rate swap (included in other liabilities)	0	0
Total liabilities	55,097	55,097
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real Estate, Net at Fair Value	0	0
Total Assets, Nonrecurring		0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Toys R Us [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in Partially Owned Entities at Fair Value		0
Fair Value Inputs Level 2 Member | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	0	0
Real Estate Fund Nondepreciable Real Estate	0	0
Deferred Compensation Plan Assets	0	0
Total assets	0	0
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swap (included in other liabilities)	25,797	31,882
Total liabilities	25,797	31,882
Fair Value Inputs Level 2 Member | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real Estate, Net at Fair Value	0	0
Total Assets, Nonrecurring		0
Fair Value Inputs Level 2 Member | Fair Value, Measurements, Nonrecurring [Member] | Toys R Us [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in Partially Owned Entities at Fair Value		0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	0	0
Real Estate Fund Nondepreciable Real Estate	513,973	667,710
Deferred Compensation Plan Assets	63,315	68,782
Total assets	577,288	736,492
Mandatorily redeemable instruments (included in other liabilities)	0	0
Interest rate swap (included in other liabilities)	0	0
Total liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real Estate, Net at Fair Value	4,848	354,341
Total Assets, Nonrecurring		437,565
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Toys R Us [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in Partially Owned Entities at Fair Value		$ 83,224

XML

Fee and Other Income (Tables)

12 Months Ended

Dec. 31, 2014

Fee And Other Income Tables [Abstract]

Fee and Other Income (Table)

(Amounts in thousands)		For the Year Ended December 31,
		2014		2013		2012
BMS cleaning fees		$	85,658	$	66,505	$	67,584
Management and leasing fees			19,905		23,073		18,718
Lease termination fees(1)			16,362		32,630		2,287
Other income			33,281		33,363		30,488
		$	155,206	$	155,571	$	119,077
__________________________
(1)	The year ended December 31, 2013 includes $19,500 from a tenant at 1290 Avenue of the Americas, of which our 70% share, net of a $1,529 write-off of the straight lining of rents, was $12,121, and $3,000 from the termination of our subsidiaries' agreements with Cuyahoga County to operate the Cleveland Medical Mart Convention Center.

XML

Segment Information

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Information

25. Segment Information

As a result of the spin-off of substantially all of our Retail Properties segment (see Note 1 – Organization and Business), the remaining retail properties no longer meet the criteria to be a separate reportable segment. In addition, as a result of our investment in Toys being reduced to zero, we suspended equity method accounting for our investment in Toys (see Note 6 - Investments in Partially Owned Entities) and the Toys segment no longer meets the criteria to be a separate reportable segment. Accordingly, the Retail Properties segment and Toys have been reclassified to the Other segment. Below is a summary of net income and a reconciliation of net income to EBITDA(1) by segment for the years ended December 31, 2014, 2013 and 2012.

(Amounts in thousands)		For the Year Ended December 31, 2014
			Total		New York			Washington, DC			Other
Total revenues			$	2,312,512	$	1,520,845		$	537,151		$	254,516
Total expenses				1,622,619		946,466			358,019			318,134
Operating income (loss)				689,893		574,379			179,132			(63,618)
(Loss) income from partially owned entities, including Toys				(58,131)		20,701			(3,677)			(75,155)
Income from Real Estate Fund				163,034		-			-			163,034
Interest and other investment income, net				38,752		6,711			183			31,858
Interest and debt expense				(412,755)		(183,427)			(75,395)			(153,933)
Net gain on disposition of wholly owned and partially
	owned assets			13,568		-			-			13,568
Income (loss) before income taxes				434,361		418,364			100,243			(84,246)
Income tax expense				(9,281)		(4,305)			(242)			(4,734)
Income (loss) from continuing operations				425,080		414,059			100,001			(88,980)
Income from discontinued operations				583,946		463,163			-			120,783
Net income				1,009,026		877,222			100,001			31,803
Less net income attributable to noncontrolling interests in
	consolidated subsidiaries			(96,561)		(8,626)			-			(87,935)
Net income (loss) attributable to Vornado Realty L.P.				912,465		868,596			100,001			(56,132)
Interest and debt expense(2)				654,398		241,959			89,448			322,991
Depreciation and amortization(2)				685,973		324,239			145,853			215,881
Income tax expense(2)				24,248		4,395			288			19,565
EBITDA(1)			$	2,277,084	$	1,439,189	(3)	$	335,590	(4)	$	502,305	(5)
Balance Sheet Data:
Real estate at cost			$	16,822,358	$	9,732,818		$	4,383,418		$	2,706,122
Investments in partially owned entities				1,246,496		1,036,130			102,635			107,731
Total assets				21,248,320		10,752,763			4,310,974			6,184,583
See notes on pages 111 and 112.

25. Segment Information – continued

(Amounts in thousands)		For the Year Ended December 31, 2013
			Total		New York			Washington, DC			Other
Total revenues			$	2,299,176	$	1,470,907		$	541,161		$	287,108
Total expenses				1,624,625		910,498			347,686			366,441
Operating income (loss)				674,551		560,409			193,475			(79,333)
(Loss) income from partially owned entities, including Toys				(338,785)		15,527			(6,968)			(347,344)
Income from Real Estate Fund				102,898		-			-			102,898
Interest and other investment (loss) income, net				(24,887)		5,357			129			(30,373)
Interest and debt expense				(425,782)		(181,966)			(102,277)			(141,539)
Net gain on disposition of wholly owned and partially
	owned assets			2,030		-			-			2,030
(Loss) income before income taxes				(9,975)		399,327			84,359			(493,661)
Income tax benefit (expense)				8,717		(2,794)			14,031			(2,520)
(Loss) income from continuing operations				(1,258)		396,533			98,390			(496,181)
Income from discontinued operations				565,998		160,314			-			405,684
Net income (loss)				564,740		556,847			98,390			(90,497)
Less net income attributable to noncontrolling interests in
	consolidated subsidiaries			(63,952)		(10,786)			-			(53,166)
Net income (loss) attributable to Vornado Realty L.P.				500,788		546,061			98,390			(143,663)
Interest and debt expense(2)				758,781		236,645			116,131			406,005
Depreciation and amortization(2)				732,757		293,974			142,409			296,374
Income tax expense (benefit)(2)				26,371		3,002			(15,707)			39,076
EBITDA(1)			$	2,018,697	$	1,079,682	(3)	$	341,223	(4)	$	597,792	(5)
Balance Sheet Data:
Real estate at cost			$	15,392,968	$	8,422,297		$	4,243,048		$	2,727,623
Investments in partially owned entities				1,249,667		904,278			100,543			244,846
Total assets				20,097,224		9,255,964			4,107,636			6,733,624
See notes on page 111 and 112.

25. Segment Information – continued

(Amounts in thousands)		For the Year Ended December 31, 2012
			Total		New York			Washington, DC			Other
Total revenues			$	2,332,724	$	1,319,470		$	554,028		$	459,226
Total expenses				1,738,381		835,563			360,056			542,762
Operating income (loss)				594,343		483,907			193,972			(83,536)
Income (loss) from partially owned entities, including Toys				423,126		207,773			(5,612)			220,965
Income from Real Estate Fund				63,936		-			-			63,936
Interest and other investment (loss) income, net				(261,200)		4,002			126			(265,328)
Interest and debt expense				(431,235)		(146,350)			(115,574)			(169,311)
Net gain on disposition of wholly owned and partially
	owned assets			4,856		-			-			4,856
Income (loss) before income taxes				393,826		549,332			72,912			(228,418)
Income tax expense				(8,132)		(3,491)			(1,650)			(2,991)
Income (loss) from continuing operations				385,694		545,841			71,262			(231,409)
Income from discontinued operations				308,847		30,293			167,766			110,788
Net income (loss)				694,541		576,134			239,028			(120,621)
Less net income attributable to noncontrolling interests in
	consolidated subsidiaries			(32,018)		(2,138)			-			(29,880)
Net income (loss) attributable to Vornado Realty L.P.				662,523		573,996			239,028			(150,501)
Interest and debt expense(2)				760,523		187,855			133,625			439,043
Depreciation and amortization(2)				735,293		252,257			157,816			325,220
Income tax expense (2)				7,026		3,751			1,943			1,332
EBITDA(1)			$	2,165,365	$	1,017,859	(3)	$	532,412	(4)	$	615,094	(5)
Balance Sheet Data:
Real estate at cost			$	15,287,078	$	8,687,141		$	4,171,879		$	2,428,058
Investments in partially owned entities				1,704,297		576,336			95,670			1,032,291
Total assets				22,065,049		9,215,438			4,196,694			8,652,917
See notes on page 111 and 112.

25. 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 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.

25. Segment Information – continued

	Notes to preceding tabular information:
(5)	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
	Our share of Toys "R" Us				103,632		(12,081)		281,289
	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				26,586		28,505		25,103
					335,438		216,047		551,084
	Corporate general and administrative expenses(c)				(94,929)		(94,904)		(89,082)
	Investment income and other, net(c)				31,665		46,525		45,563
	Urban Edge Properties and residual retail properties discontinued operations(d)				235,989		531,493		201,035
	Acquisition and transaction related costs, and impairment losses				(16,392)		(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
				$	502,305	$	597,792	$	615,094
	(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 82 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.

XML

Fair Value Measurements (Details 1) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Real Estate Fund [Member]
Unobservable Quantitative Input [Abstract]
Opening Balance - changes in Level 3 " deferred compensation plan assets"	$ 667,710	$ 600,786
Purchases	3,392	43,816
Sales/Dispositions/Distributions	(307,268)	(70,848)
Net realized gains	73,802	85,771
Net unrealized gains	76,337	8,184
Other, Net	0	1
Closing Balance - changes in Level 3 " deferred compensation plan assets"	513,973	667,710
Real Estate Fund [Member] | Minimum [Member]
Unobservable Quantitative Input [Abstract]
Discount rates	12.00%
Terminal capitalization rates	4.70%
Fair Value Measurement Anticipated Investment Holding Period	0 years 9 months 18 days
Real Estate Fund [Member] | Maximum [Member]
Unobservable Quantitative Input [Abstract]
Discount rates	17.50%
Terminal capitalization rates	6.50%
Fair Value Measurement Anticipated Investment Holding Period	6 years 0 months 0 days
Real Estate Fund [Member] | Weighted Average [Member]
Unobservable Quantitative Input [Abstract]
Discount rates	13.70%
Terminal capitalization rates	5.30%
Deferred Compensation Plan Assets [Member]
Unobservable Quantitative Input [Abstract]
Opening Balance - changes in Level 3 " deferred compensation plan assets"	68,782	62,631
Purchases	14,162	5,018
Sales/Dispositions/Distributions	(24,951)	(7,306)
Realized and unrealized gains	3,415	7,189
Other, Net	1,907	1,250
Closing Balance - changes in Level 3 " deferred compensation plan assets"	$ 63,315	$ 68,782

XML

Redeemable Partnership Units (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Redeemable Noncontrolling Interest Units Table [Abstract]
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount	$ 1,336,780	$ 1,002,620
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount	1,000	1,000
Redeemable Noncontrolling Interests Rollforward [Abstract]
Reedemable Noncontrolling Interest, Beginning Balance	1,003,620	944,152
Net Income	47,613	24,817
Other comprehensive income (loss)	1,323	5,296	(6,707)
Distributions	(33,469)	(34,053)
Cumulative Redeemable Preferred Units Redemption Amount		(36,900)
Other, net	30,690	17,373
Reedemable Noncontrolling Interest, Ending Balance	1,337,780	1,003,620	944,152
Capital Unit, Class A [Member]
Redeemable Noncontrolling Interest Units Table [Abstract]
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount	1,336,780	1,002,620
Outstanding Partnership Units held by Third Parties (in units)	11,356,550	11,292,038
Preferred Or Annual Distribution Rate (in dollars per unit)	$ 2.92
Redeemable Noncontrolling Interests Rollforward [Abstract]
Redemption of Class A units for common shares, at redemption value	(27,273)	(25,317)
Adjustment to carry Class A redeemable units at redemption value	315,276	108,252
Series D16 Cumulative Redeemable Preferred Unit [Member]
Redeemable Noncontrolling Interest Units Table [Abstract]
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount	1,000	1,000
Outstanding Partnership Units held by Third Parties (in units)	1	1
Par or Stated Value Per Share	$ 1,000,000
Preferred Or Annual Distribution Rate (in dollars per unit)	$ 50,000
Dividend Percentage	5.00%
Cumulative Redeemable Preferred Unit [Member]
Redeemable Noncontrolling Interest Units Table [Abstract]
Outstanding Partnership Units held by Third Parties (in units)	1	1
Redeemable Noncontrolling Interests Additional Disclosure [Abstract]
Fair value of Series G convertible preferred units and Series D-13 cumulative redeemable preferred units	$ 55,097	$ 55,097

XML

Multiemployer Plans (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Multiemployer Plans, Pension [Member]
Multiemployer Plans [Line Items]
Multiemployer Plan, Period Contributions	$ 11,431	$ 10,223	$ 10,683
Multiemployer Plans, Period Contributions, Significance of Contributions	false
Multiemployer Plans, Healthcare Benefit [Member]
Multiemployer Plans [Line Items]
Multiemployer Plan, Period Contributions	$ 29,073	$ 26,262	$ 26,759

XML

Vornado Capital Partners Real Estate Fund (the "Fund") (Narratives) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended		0 Months Ended
	Dec. 31, 2014 Investments	Dec. 31, 2013 Investments	Aug. 21, 2014 sqft	Jun. 26, 2014	Jan. 20, 2015
Investment Holdings [Line Items]
Aggregate fair value of Real Estate Fund investments (in US Dollars)	$ 513,973	$ 667,710
Mortgages payable (in US Dollars)	8,263,165	7,131,231
Unfunded Commitments Of Fund	36,031
Real Estate Fund [Member]
Investment Holdings [Line Items]
Aggregate fair value of Real Estate Fund investments (in US Dollars)	513,973	667,710
Term of the Fund, years	8 years
Investment period for commitments of the Fund, years	3 years
Number Of Investments Held By Fund	7	9
Excess of fair value over cost	176,899
Unfunded Commitments Of Fund	144,123
Real Estate Fund [Member] | Subsequent Event [Member]
Investment Holdings [Line Items]
Equity method ownership percentage					25.00%
Number Of Limited Partners					1
Retail Georgetown Park [Member] | Real Estate Fund [Member]
Investment Holdings [Line Items]
Net realized gain on sale of investment			51,124
Square Footage Of Real Estate Property			305,000
Proceeds from sale of real estate			272,500
Retail Georgetown Park [Member] | Real Estate Fund [Member] | Joint Venture [Member]
Investment Holdings [Line Items]
Equity method ownership percentage			50.00%
One Park Avenue [Member]
Investment Holdings [Line Items]
Aggregate fair value of Real Estate Fund investments (in US Dollars)				560,000
One Park Avenue [Member] | Co Venture [Member]
Investment Holdings [Line Items]
Equity method ownership percentage				45.00%
One Park Avenue [Member] | Vornado Realty Trust Excluding Real Estate Fund [Member]
Investment Holdings [Line Items]
Equity method ownership percentage				55.00%
One Park Avenue [Member] | Real Estate Fund [Member]
Investment Holdings [Line Items]
Aggregate fair value of Real Estate Fund investments (in US Dollars)				560,000
Net realized gain on sale of investment				75,529
One Park Avenue [Member] | Real Estate Fund [Member] | Joint Venture [Member]
Investment Holdings [Line Items]
Sale Of Investments Percentage				64.70%
Crowne Plaza Time Square Hotel [Member]
Investment Holdings [Line Items]
Equity method ownership percentage	11.00%
Crowne Plaza Time Square Hotel [Member] | Subsequent Event [Member]
Investment Holdings [Line Items]
Equity method ownership percentage					33.00%
Crowne Plaza Time Square Hotel [Member] | Real Estate Fund [Member] | Subsequent Event [Member]
Investment Holdings [Line Items]
Mortgages payable (in US Dollars)					310,000
Debt Instrument, Description of Variable Rate Basis					LIBOR
Spread Over LIBOR (in percentage)					2.80%
Debt Instrument Maturity					December 2018
Length Of Extension Available					1 year
Crowne Plaza Time Square Hotel [Member] | Real Estate Fund Joint Venture [Member] | Subsequent Event [Member]
Investment Holdings [Line Items]
Equity method ownership percentage					57.00%
Aggregate fair value of Real Estate Fund investments (in US Dollars)					480,000
Business Acquisition Cost Of Acquired Entity					95,000
Crowne Plaza Time Square Hotel [Member] | Vornado Realty Trust [Member] | Subsequent Event [Member]
Investment Holdings [Line Items]
Business Acquisition Cost Of Acquired Entity					$ 39,000

XML

Variable Interest Entities (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2014
Consolidated Variable Interest Entities [Member] | Independence Plaza And Warner Building [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net	$ 0
Consolidated Variable Interest Entities [Member] | One Park Avenue, Independence Plaza, And Warner Building [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net		0
Non Consolidated Variable Interest Entities [Member] | Independence Plaza And Warner Building [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	152,929
Non Consolidated Variable Interest Entities [Member] | One Park Avenue, Independence Plaza, And Warner Building [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets		$ 286,783

XML

Income Per Class A Unit (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Per Class A Unit [Abstract]
Income (loss) from continuing operations, net of income attributable to noncontrolling interests									$ 328,519	$ (62,146)	$ 351,979
Income from discontinued operations, net of income attributable to noncontrolling interests									583,946	562,934	310,544
Net income attributable to Vornado Realty L.P.									912,465	500,788	662,523
Preferred unit distributions									(81,514)	(83,965)	(86,873)
Preferred unit redemptions									0	(1,130)	8,948
Net income attributable to Class A unitholders	544,287	139,134	81,333	66,197	(73,042)	88,037	154,775	245,923	830,951	415,693	584,598
Earnings allocated to unvested participating securities									(4,260)	(2,705)	(3,413)
Numerator for basic income per Class A unit									826,691	412,988	581,185
Convertible preferred unit distributions									97	0	113
Numerator for diluted income per Class A unit									$ 826,788	$ 412,988	$ 581,298
Denominator for basic income per Class A unit - weighted average units (in units)									198,213	197,551	197,082
Vornado stock options and restricted unit awards (in units)									1,557	1,092	1,002
Convertible preferred units (in units)									43	0	50
Denominator for diluted income per Class A unit - weighted average units and assumed conversions (in units)									199,813	198,643	198,134
INCOME (LOSS) PER CLASS A UNIT - BASIC:
Income (loss) from continuing operations, net (in dollars per unit)									$ 1.22	$ (0.76)	$ 1.37
Income from discontinued operations, net (in dollars per unit)									$ 2.95	$ 2.85	$ 1.58
Net income per Class A unit (in dollars per unit)	$ 2.73	$ 0.70	$ 0.41	$ 0.33	$ (0.37)	$ 0.44	$ 0.78	$ 1.24	$ 4.17	$ 2.09	$ 2.95
INCOME (LOSS) PER CLASS A UNIT - DILUTED:
Income (loss) from continuing operations, net (in dollars per unit)									$ 1.22	$ (0.75)	$ 1.36
Income from discontinued operations, net (in dollars per unit)									$ 2.92	$ 2.83	$ 1.57
Net income per Class A unit (in dollars per unit)	$ 2.71	$ 0.69	$ 0.40	$ 0.33	$ (0.37)	$ 0.44	$ 0.78	$ 1.23	$ 4.14	$ 2.08	$ 2.93

XML

Stock-based Compensation (Narratives) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Expense	$ 36,641	$ 34,914	$ 30,588
Full Value Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized (in Shares)	6,000,000
Share Based Compensation Shares Available For Grant (in Shares)	4,004,000
Not Full Value Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized (in Shares)	12,000,000
Out Performance Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Expense	6,185	3,226	2,826
Out Performance Plan [Abstract]
Award vesting in three years	33.00%
Award versting in four years	33.00%
Award vesting in five years	34.00%
Compensation Cost Not Yet Recognized	11,937
Compensation Cost Recognition Period	1 year 4 months 24 days
Out Performance Plan 2015 [Member]
Out Performance Plan [Abstract]
Out of performance plan notional amount	40,000
Required award holding period after versing	1 year
Fair Value Of Awards Granted	9,120
Award Amortization Period	5 years
Out Performance Plan 2015 [Member] | Absolute [Member]
Out Performance Plan [Abstract]
Duration Of Performance Measurement Period	3 years
Required Shareholder Return Per Year	7.00%
Required Shareholder Return Three Year	21.00%
Out Performance Plan 2015 [Member] | Relative [Member]
Out Performance Plan [Abstract]
Duration Of Performance Measurement Period	3 years
Required Shareholder Return Under Relative Component	6.00%
Percentage Of Shareholder Return Under Which No Awards Will Be Earned	0.00%
Out Performance Plan 2014 [Member]
Out Performance Plan [Abstract]
Out of performance plan notional amount	50,000
Required award holding period after versing	1 year
Fair Value Of Awards Granted	8,202
Award Amortization Period	5 years
Out Performance Plan 2014 [Member] | Absolute [Member]
Out Performance Plan [Abstract]
Duration Of Performance Measurement Period	3 years
Required Shareholder Return Per Year	7.00%
Required Shareholder Return Three Year	21.00%
Out Performance Plan 2014 [Member] | Relative [Member]
Out Performance Plan [Abstract]
Duration Of Performance Measurement Period	3 years
Required Shareholder Return Under Relative Component	6.00%
Percentage Of Shareholder Return Under Which No Awards Will Be Earned	0.00%
Out Performance Plan 2013 [Member]
Out Performance Plan [Abstract]
Out of performance plan notional amount	40,000
Required award holding period after versing	1 year
Fair Value Of Awards Granted	6,814
Award Amortization Period	5 years
Out Performance Plan 2013 [Member] | Absolute [Member]
Out Performance Plan [Abstract]
Duration Of First Performance Measurement Period	2 years
Duration Of Second Performance Measurement Period	3 years
Required Shareholder Return Per Two Year	14.00%
Required Shareholder Return Three Year	21.00%
Out Performance Plan 2013 [Member] | Relative [Member]
Out Performance Plan [Abstract]
Duration Of First Performance Measurement Period	2 years
Duration Of Second Performance Measurement Period	3 years
Required Shareholder Return Under Relative Component	6.00%
Percentage Of Shareholder Return Under Which No Awards Will Be Earned	0.00%
Out Performance Plan 2012 [Member]
Out Performance Plan [Abstract]
Out of performance plan notional amount	40,000
Fair Value Of Awards Granted	12,250
Award Amortization Period	5 years
Employee Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Expense	4,550	8,234	8,638
Out Performance Plan [Abstract]
Compensation Cost Not Yet Recognized	1,855
Compensation Cost Recognition Period	1 year 6 months 0 days
Stock options expiration term	10 years
Award Vesting Period	4 years
Share Based Compensation Employee Stock Purchase Plan Activity [Abstract]
Grant Date Fair Value Of Options (in dollars per shares)	$ 20.31	$ 17.18	$ 17.50
Cash Received From Exercise Of Stock Options	17,441	5,915	9,546
Total Intrinsic Value Of Options Excercised	18,223	3,386	40,887
Restricted Stock Units RSU [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Expense	1,303	1,344	1,604
Out Performance Plan [Abstract]
Compensation Cost Not Yet Recognized	1,468
Compensation Cost Recognition Period	1 year 8 months 12 days
Dividends Paid On Nonvested Units	88	110	200
Fair Value Of Awards Granted	1,048	857	929
Award Vesting Period	4 years
Fair Value Of Awards Vested	1,174	1,194	1,864
Restricted Operating Partnership Units Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Expense	24,603	22,110	17,520
Out Performance Plan [Abstract]
Compensation Cost Not Yet Recognized	20,798
Compensation Cost Recognition Period	1 year 8 months 12 days
Dividends Paid On Nonvested Units	2,866	2,598	3,203
Fair Value Of Awards Granted	19,669	31,947	16,464
Award Vesting Period	4 years
Fair Value Of Awards Vested	$ 22,758	$ 16,404	$ 15,014

XML

Income Per Class A Unit (Parentheticals) (Details) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Per Class A Unit [Abstract]
Weighted average Class A unit equivalents of excluded dilutive securities due to anti-dilutive effect	116	818	2,796

XML

Fair Value Measurements (Narratives) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014 Investments	Dec. 31, 2013 Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real Estate Fund investments	$ 513,973,000	$ 667,710,000
Toys R Us [Member] | Discounted Cash Flow Methodology [Member]
Fair Value Inputs [Abstract]
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	5.75
Financial Projections Period	5 years
Discount rates	10.00%
Fair Value Inputs Tax Rate	38.00%
Minimum [Member] | Toys R Us [Member] | Market Multiple Methodology [Member]
Fair Value Inputs [Abstract]
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	5.75
Minimum [Member] | Toys R Us [Member] | Comparable Sales Methodology [Member]
Fair Value Inputs [Abstract]
Fair Value Assumptions, Sales Of Comparable Companies (in US Dollars)	150,000,000
Minimum [Member] | Toys R Us [Member] | Black Scholes Valuation Analysis [Member]
Fair Value Inputs [Abstract]
Fair Value Assumptions Expiration Periods	1 year
Fair Value Assumptions, Expected Volatility Rate	24.00%
Maximum [Member] | Toys R Us [Member] | Market Multiple Methodology [Member]
Fair Value Inputs [Abstract]
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	6.5
Maximum [Member] | Toys R Us [Member] | Comparable Sales Methodology [Member]
Fair Value Inputs [Abstract]
Fair Value Assumptions, Sales Of Comparable Companies (in US Dollars)	3,000,000,000
Maximum [Member] | Toys R Us [Member] | Black Scholes Valuation Analysis [Member]
Fair Value Inputs [Abstract]
Fair Value Assumptions Expiration Periods	3 years
Fair Value Assumptions, Expected Volatility Rate	29.00%
Weighted Average [Member] | Toys R Us [Member] | Black Scholes Valuation Analysis [Member]
Fair Value Inputs [Abstract]
Fair Value Assumptions Expiration Periods	2 years
Real Estate Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number Of Investments Held By Fund	7	9
Real Estate Fund investments	513,973,000	667,710,000
Excess of fair value over cost	$ 176,899,000
Real Estate Fund [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurement Anticipated Investment Holding Period	0 years 9 months 18 days
Fair Value Inputs [Abstract]
Discount rates	12.00%
Real Estate Fund [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurement Anticipated Investment Holding Period	6 years 0 months 0 days
Fair Value Inputs [Abstract]
Discount rates	17.50%
Real Estate Fund [Member] | Weighted Average [Member]
Fair Value Inputs [Abstract]
Discount rates	13.70%

XML

Debt (Narratives) (Details) (USD $)	12 Months Ended			0 Months Ended										1 Months Ended	3 Months Ended	1 Months Ended	0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 16, 2014	Jan. 31, 2014	Apr. 16, 2014 sqft	Jul. 16, 2014 sqft	Dec. 08, 2014	Jan. 06, 2015 Tranches	Jan. 15, 2015	Aug. 12, 2014 Properties Extensions sqft	Oct. 27, 2014 Extensions sqft	Aug. 26, 2014	Oct. 31, 2014	Dec. 31, 2014	Jan. 31, 2015	Sep. 30, 2014 Extensions CreditFacilities
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)	$ 8,263,165,000	$ 7,131,231,000													$ 8,263,165,000
Proceeds from borrowings	2,428,285,000	2,262,245,000	3,593,000,000
Senior Unsecured Notes Due 2019 [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity				June 30, 2019
Interest Rate, End of Period (in percentage)				2.581%
Public Offering Of Notes Payable (in US Dollars)				450,000,000
Public Offering, Interest Rate				2.50%
Debt Instrument Issuance Price Percentage				99.619%
New York Manhattan 220 Central Park South Site [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis					LIBOR
New York Two Penn Plaza [Member]
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)								153,000,000
Notes And Mortgages Payable Fixed Rate [Member]
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)	6,499,396,000	6,439,371,000													6,499,396,000
Interest Rate, End of Period (in percentage)	4.46%														4.46%
Notes And Mortgages Payable Fixed Rate [Member] | New York 909 Third Avenue [Member]
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)						193,000,000
Debt Instrument Maturity						May 2021
Notes And Loans Payable Refinanced Amount (in US Dollars)						350,000,000
Square Footage Of Real Estate Property						1,300,000
Debt Term						7 years
Interest Rate, End of Period (in percentage)		5.64%				3.91%
Proceeds from borrowings						145,000,000
Notes And Mortgages Payable Fixed Rate [Member] | Las Catalinas Mall [Member]
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)							130,000,000
Debt Instrument Maturity							August 2024
Square Footage Of Real Estate Property							494,000
Debt Term							10 years
Interest Rate, End of Period (in percentage)							4.43%
Debt Instrument Amortization Period							30 years
Debt Maturity Beginning Period							6 years
Notes And Mortgages Payable Fixed Rate [Member] | New York Two Penn Plaza [Member]
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)								422,000,000
Debt Instrument Maturity								March 2018
Interest Rate, End of Period (in percentage)								4.78%
Notes And Mortgages Payable Fixed Rate [Member] | New York Two Penn Plaza [Member] | Swap [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity								March 2018
Interest Rate, End of Period (in percentage)								4.78%
Notes And Mortgages Payable Fixed Rate [Member] | Retail Montehiedra Town Center [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)									120,000,000
Interest Rate, End of Period (in percentage)									6.04%
Number Of Loan Tranches									2
Debt Instrument Maturity Date Original									July 2016
Debt Instrument Maturity Date New									July 2021
Notes And Mortgages Payable Fixed Rate [Member] | Retail Montehiedra Town Center [Member] | Subsequent Event [Member] | Urban Edge Properties [Member]
Debt Instrument [Line Items]
Interest Rate, End of Period (in percentage)										10.00%
Unfunded Commitments to the Real Estate Fund										20,000,000
Commitment Funded During Period										8,000,000
Notes And Mortgages Payable Fixed Rate Senior Position [Member] | Retail Montehiedra Town Center [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Interest Rate, End of Period (in percentage)									5.33%
Principal amount of mortgage loans									90,000,000
Notes And Mortgages Payable Fixed Rate Junior Position [Member] | Retail Montehiedra Town Center [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Interest Rate, End of Period (in percentage)									3.00%
Principal amount of mortgage loans									30,000,000
Notes And Mortgages Payable Variable Rate [Member]
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)	1,763,769,000	691,860,000													1,763,769,000
Interest Rate, End of Period (in percentage)	2.20%														2.20%
Notes And Mortgages Payable Variable Rate [Member] | New York Manhattan 220 Central Park South Site [Member]
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)					600,000,000
Spread Over LIBOR (in percentage)					2.75%
Debt Instrument Maturity					January 2016
Number Of Extensions Available					3
Length Of Extension Available					1 year
Interest Rate, End of Period (in percentage)	2.92%														2.92%
Notes And Mortgages Payable Variable Rate [Member] | Washington DC Universal Buildings [Member]
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)											185,000,000
Debt Instrument, Description of Variable Rate Basis											LIBOR
Spread Over LIBOR (in percentage)											1.90%
Debt Instrument Maturity											August 2019
Number Of Extensions Available											2
Length Of Extension Available											1 year
Square Footage Of Real Estate Property											690,000
Interest Rate, End of Period (in percentage)	2.06%														2.06%
Debt Instrument Amortization Period											30 years
Debt Maturity Beginning Period											4 years
Number Of Office Buildings											2
Notes And Mortgages Payable Variable Rate [Member] | New York 655 Fifth Avenue [Member]
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)												140,000,000
Debt Instrument, Description of Variable Rate Basis												LIBOR
Spread Over LIBOR (in percentage)												1.40%
Debt Instrument Maturity												October 2019
Number Of Extensions Available												2
Length Of Extension Available												1 year
Square Footage Of Real Estate Property												57,500
Interest Rate, End of Period (in percentage)	1.56%														1.56%
Notes And Mortgages Payable Variable Rate [Member] | New York Two Penn Plaza [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis								LIBOR
Spread Over LIBOR (in percentage)								1.65%
Debt Instrument Maturity								2019
Number Of Extensions Available								2
Length Of Extension Available								1 year
Notes And Loans Payable Refinanced Amount (in US Dollars)								575,000,000
Square Footage Of Real Estate Property								1,600,000
Interest Rate, End of Period (in percentage)	1.81%														1.81%
Proceeds from borrowings								143,000,000
Notes And Mortgages Payable Variable Rate [Member] | New York Two Penn Plaza [Member] | Swap [Member]
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)								422,000,000
Total Notes And Mortgages Payable [Member]
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)	8,263,165,000	7,131,231,000													8,263,165,000
Interest Rate, End of Period (in percentage)	3.98%														3.98%
Standby Commitment [Member] | New York Manhattan 220 Central Park South Site [Member]
Debt Instrument [Line Items]
Debt Term													5 years
Mezzanine loan financing (in US Dollars)													500,000,000
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Interest Rate, End of Period (in percentage)	3.89%														3.89%
Senior Unsecured Notes 7.875% [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity														October 1, 2039
Interest Rate, End of Period (in percentage)														7.875%
Redemption of senior unsecured notes														445,000,000
Redemption Price, Percentage of Principal Amount Redeemed														100.00%
Unamortized deferred financing costs, write off															12,532,000
Senior Unsecured Notes 4.25% [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity																April 1, 2015
Interest Rate, End of Period (in percentage)																4.25%
Redemption of senior unsecured notes																500,000,000
Redemption Price, Percentage of Principal Amount Redeemed																100.00%
Unsecured Revolving Credit Facilities [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis																	LIBOR
Spread Over LIBOR (in percentage)	1.05%	1.25%
Number Of Extensions Available																	2
Length Of Extension Available																	6 months
Interest Rate, End of Period (in percentage)
Number Of Revolving Credit Facilities																	2
Extension Executed On Number Of Revolving Credit Facility																	1
Line of Credit Facility, Maximum Borrowing Capacity																	$ 1,250,000,000
Debt Instrument Maturity Date Original																	November 2015
Debt Instrument Maturity Date New																	November 2018
Facility Fee (in percentage)	0.20%	0.25%

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Interest and Other Investment Income (Loss), Net

12 Months Ended

Dec. 31, 2014

Interest and Other Investment (Loss) Income, net [Abstract]

Interest and Other Investment Income (Loss), Net

17. Interest and Other InvestmentIncome(Loss), Net

The following table sets forth the details of our interest and other investment income(loss):

(Amounts in thousands)		For the Year Ended December 31,
		2014		2013		2012
Dividends and interest on marketable securities		$	12,707	$	11,446	$	11,979
Mark-to-market of investments in our deferred compensation plan (1)			11,557		10,636		6,809
Interest on mezzanine loans receivable			3,920		19,495		13,861
Losses from the disposition of investment in J.C. Penney			-		(72,974)		(300,752)
Other, net			10,568		6,510		6,903
		$	38,752	$	(24,887)	$	(261,200)
__________________________
(1)	This income is entirely offset by the expense resulting from the mark-to-market of the deferred compensation plan liability, which is included in "general and administrative" expense.

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Leases (Tables)

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Schedule Of Future Base Rental [Table Text Block]

(Amounts in thousands)
Year Ending December 31:
2015	$	1,564,200
2016		1,509,781
2017		1,470,810
2018		1,395,708
2019		1,236,840
Thereafter		6,990,557

Schedule Of Future Minimum Rental Payments For Operating Leases [Table Text Block]

(Amounts in thousands)
Year Ending December 31:
2015	$	29,060
2016		29,575
2017		31,141
2018		31,629
2019		32,136
Thereafter		1,208,483

Schedule Of Future Minimum Lease Payments For Capital Leases [Table Text Block]

(Amounts in thousands)
Year Ending December 31:
2015	$	12,500
2016		12,500
2017		12,500
2018		12,500
2019		12,500
Thereafter		334,792
Total minimum obligations		397,292
Interest portion		(157,292)
Present value of net minimum payments	$	240,000

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Redeemable Partnership Units (Tables)

12 Months Ended

Dec. 31, 2014

Redeemable Noncontrolling Interests [Abstract]

Operating Partnership Units Held By Third Parties

(Amounts in thousands, except units and										Preferred or
per unit amounts)		Balance as of				Units Outstanding at		Per Unit		Annual
		December 31,				December 31,		Liquidation		Distribution
Unit Series		2014			2013	2014	2013	Preference		Rate
Common:
	Class A units held by third parties	$	1,336,780	$	1,002,620	11,356,550	11,292,038		n/a	$	2.92
Redeemable Preferred: (1)
	5.00% D-16 Cumulative Redeemable	$	1,000	$	1,000	1	1	$	1,000,000.00	$	50,000.00
(1)	Holders may tender units for redemption to us for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at any time.

Summary Of Activity Of Redeemable Noncontrolling Interests

Below is a table summarizing the activity of redeemable partnership units.
	(Amounts in thousands)
	Balance at December 31, 2012	$	944,152
	Net income		24,817
	Other comprehensive income		5,296
	Distributions		(34,053)
	Redemption of Class A units, at redemption value		(25,317)
	Adjustments to carry redeemable Class A units at redemption value		108,252
	Redemption of Series D-15 redeemable units		(36,900)
	Other, net		17,373
	Balance at December 31, 2013		1,003,620
	Net income		47,613
	Other comprehensive income		1,323
	Distributions		(33,469)
	Redemption of Class A units, at redemption value		(27,273)
	Adjustments to carry redeemable Class A units at redemption value		315,276
	Other, net		30,690
	Balance at December 31, 2014	$	1,337,780

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Partners' Capital (Details 1) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
Accumulated other comprehensive (loss) income, Beginning Balance	$ 71,537
Net current period OCI	21,730
Accumulated other comprehensive (loss) income, Ending Balance	93,267
Interest rate Swap [Member]
Accumulated other comprehensive (loss) income, Beginning Balance	(31,882)
Net current period OCI	6,079
Accumulated other comprehensive (loss) income, Ending Balance	(25,803)
Securities available for sale [Member]
Accumulated other comprehensive (loss) income, Beginning Balance	119,309
Net current period OCI	14,465
Accumulated other comprehensive (loss) income, Ending Balance	133,774
Pro Rata Share Of Non Consolidated Subsidiaries Oci [Member]
Accumulated other comprehensive (loss) income, Beginning Balance	(11,501)
Net current period OCI	2,509
Accumulated other comprehensive (loss) income, Ending Balance	(8,992)
Other [Member]
Accumulated other comprehensive (loss) income, Beginning Balance	(4,389)
Net current period OCI	(1,323)
Accumulated other comprehensive (loss) income, Ending Balance	$ (5,712)

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Marketable Securities and Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Unrealized Gain (Loss) on Investments [Abstract]

Unrealized Gain (Loss) on Investments [Table Text Block]

	Below is a summary of our marketable securities portfolio as of December 31, 2014 and 2013.
		As of December 31, 2014						As of December 31, 2013
				GAAP		Unrealized				GAAP		Unrealized
		Fair Value		Cost		Gain		Fair Value		Cost		Gain
Equity securities:
	Lexington Realty Trust	$	202,789	$	72,549	$	130,240	$	188,567	$	72,549	$	116,018
	Other		3,534		-		3,534		3,350		59		3,291
		$	206,323	$	72,549	$	133,774	$	191,917	$	72,608	$	119,309

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Segment Information (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Schedule of Segment Information

(Amounts in thousands)		For the Year Ended December 31, 2014
			Total		New York			Washington, DC			Other
Total revenues			$	2,312,512	$	1,520,845		$	537,151		$	254,516
Total expenses				1,622,619		946,466			358,019			318,134
Operating income (loss)				689,893		574,379			179,132			(63,618)
(Loss) income from partially owned entities, including Toys				(58,131)		20,701			(3,677)			(75,155)
Income from Real Estate Fund				163,034		-			-			163,034
Interest and other investment income, net				38,752		6,711			183			31,858
Interest and debt expense				(412,755)		(183,427)			(75,395)			(153,933)
Net gain on disposition of wholly owned and partially
	owned assets			13,568		-			-			13,568
Income (loss) before income taxes				434,361		418,364			100,243			(84,246)
Income tax expense				(9,281)		(4,305)			(242)			(4,734)
Income (loss) from continuing operations				425,080		414,059			100,001			(88,980)
Income from discontinued operations				583,946		463,163			-			120,783
Net income				1,009,026		877,222			100,001			31,803
Less net income attributable to noncontrolling interests in
	consolidated subsidiaries			(96,561)		(8,626)			-			(87,935)
Net income (loss) attributable to Vornado Realty L.P.				912,465		868,596			100,001			(56,132)
Interest and debt expense(2)				654,398		241,959			89,448			322,991
Depreciation and amortization(2)				685,973		324,239			145,853			215,881
Income tax expense(2)				24,248		4,395			288			19,565
EBITDA(1)			$	2,277,084	$	1,439,189	(3)	$	335,590	(4)	$	502,305	(5)
Balance Sheet Data:
Real estate at cost			$	16,822,358	$	9,732,818		$	4,383,418		$	2,706,122
Investments in partially owned entities				1,246,496		1,036,130			102,635			107,731
Total assets				21,248,320		10,752,763			4,310,974			6,184,583
See notes on pages 111 and 112.

(Amounts in thousands)		For the Year Ended December 31, 2013
			Total		New York			Washington, DC			Other
Total revenues			$	2,299,176	$	1,470,907		$	541,161		$	287,108
Total expenses				1,624,625		910,498			347,686			366,441
Operating income (loss)				674,551		560,409			193,475			(79,333)
(Loss) income from partially owned entities, including Toys				(338,785)		15,527			(6,968)			(347,344)
Income from Real Estate Fund				102,898		-			-			102,898
Interest and other investment (loss) income, net				(24,887)		5,357			129			(30,373)
Interest and debt expense				(425,782)		(181,966)			(102,277)			(141,539)
Net gain on disposition of wholly owned and partially
	owned assets			2,030		-			-			2,030
(Loss) income before income taxes				(9,975)		399,327			84,359			(493,661)
Income tax benefit (expense)				8,717		(2,794)			14,031			(2,520)
(Loss) income from continuing operations				(1,258)		396,533			98,390			(496,181)
Income from discontinued operations				565,998		160,314			-			405,684
Net income (loss)				564,740		556,847			98,390			(90,497)
Less net income attributable to noncontrolling interests in
	consolidated subsidiaries			(63,952)		(10,786)			-			(53,166)
Net income (loss) attributable to Vornado Realty L.P.				500,788		546,061			98,390			(143,663)
Interest and debt expense(2)				758,781		236,645			116,131			406,005
Depreciation and amortization(2)				732,757		293,974			142,409			296,374
Income tax expense (benefit)(2)				26,371		3,002			(15,707)			39,076
EBITDA(1)			$	2,018,697	$	1,079,682	(3)	$	341,223	(4)	$	597,792	(5)
Balance Sheet Data:
Real estate at cost			$	15,392,968	$	8,422,297		$	4,243,048		$	2,727,623
Investments in partially owned entities				1,249,667		904,278			100,543			244,846
Total assets				20,097,224		9,255,964			4,107,636			6,733,624
See notes on page 111 and 112.

(Amounts in thousands)		For the Year Ended December 31, 2012
			Total		New York			Washington, DC			Other
Total revenues			$	2,332,724	$	1,319,470		$	554,028		$	459,226
Total expenses				1,738,381		835,563			360,056			542,762
Operating income (loss)				594,343		483,907			193,972			(83,536)
Income (loss) from partially owned entities, including Toys				423,126		207,773			(5,612)			220,965
Income from Real Estate Fund				63,936		-			-			63,936
Interest and other investment (loss) income, net				(261,200)		4,002			126			(265,328)
Interest and debt expense				(431,235)		(146,350)			(115,574)			(169,311)
Net gain on disposition of wholly owned and partially
	owned assets			4,856		-			-			4,856
Income (loss) before income taxes				393,826		549,332			72,912			(228,418)
Income tax expense				(8,132)		(3,491)			(1,650)			(2,991)
Income (loss) from continuing operations				385,694		545,841			71,262			(231,409)
Income from discontinued operations				308,847		30,293			167,766			110,788
Net income (loss)				694,541		576,134			239,028			(120,621)
Less net income attributable to noncontrolling interests in
	consolidated subsidiaries			(32,018)		(2,138)			-			(29,880)
Net income (loss) attributable to Vornado Realty L.P.				662,523		573,996			239,028			(150,501)
Interest and debt expense(2)				760,523		187,855			133,625			439,043
Depreciation and amortization(2)				735,293		252,257			157,816			325,220
Income tax expense (2)				7,026		3,751			1,943			1,332
EBITDA(1)			$	2,165,365	$	1,017,859	(3)	$	532,412	(4)	$	615,094	(5)
Balance Sheet Data:
Real estate at cost			$	15,287,078	$	8,687,141		$	4,171,879		$	2,428,058
Investments in partially owned entities				1,704,297		576,336			95,670			1,032,291
Total assets				22,065,049		9,215,438			4,196,694			8,652,917
See notes on page 111 and 112.

	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.

Details of Other EBITDA (Table)

	Notes to preceding tabular information:
(5)	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
	Our share of Toys "R" Us				103,632		(12,081)		281,289
	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				26,586		28,505		25,103
					335,438		216,047		551,084
	Corporate general and administrative expenses(c)				(94,929)		(94,904)		(89,082)
	Investment income and other, net(c)				31,665		46,525		45,563
	Urban Edge Properties and residual retail properties discontinued operations(d)				235,989		531,493		201,035
	Acquisition and transaction related costs, and impairment losses				(16,392)		(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
				$	502,305	$	597,792	$	615,094
	(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 82 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.

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Mortgage and Mezzanine Loans Receivable (Narratives) (Details) (USD $)	12 Months Ended			0 Months Ended	1 Months Ended		0 Months Ended	1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 14, 2014	Mar. 31, 2013	Oct. 31, 2012 Story	Apr. 17, 2013	May 31, 2014	Mar. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other liabilities	$ 375,830,000	$ 429,249,000
Elimination of a mortgage and mezzanine loan asset and liability	59,375,000	0	0
Interest And Other investment (Loss) Income Net	38,752,000	(24,887,000)	(261,200,000)
Mortgage and mezzanine loans receivable	16,748,000	170,972,000
Mortgage and mezzanine loans receivable, allowance (in US dollars)	5,811,000	5,845,000
Mezzanine Loan Receivable - Interest Rate	9.10%	11.00%
Mezzanine Loans Receiveable - Maturity Start Date	April 2015
Mezzanine Loans Receiveable - Maturity End Date	May 2016
NY 701 Seventh Avenue [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mezzanine Loan Ownership Percentage						25.00%
Mortgage and mezzanine loan for the acquisition and redevelopment						475,000,000
Number Of Story In Office Tower						10
Loans Receivable Description Of Variable Rate Basis						LIBOR
Loans Receivable, Basis Spread on Variable Rate						10.20%
LIBOR Floor (in percentage)						1.00%
Mezzanine Loans Receivable - Carrying Amount						375,000,000
Percentage Of Participation In Mortgage Interest Sold					25.00%
Other liabilities		59,375,000
Elimination of a mortgage and mezzanine loan asset and liability				59,375,000
NY 701 Seventh Avenue [Member] | Vornado Realty Trust [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mezzanine Loans Receivable - Carrying Amount						93,750,000
Other Mezzanine Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Prepayment Of Mezzanine Loan Receivable							50,091,000	25,000,000	30,000,000
Mezzanine Loan Receivable - Maturity Date							August 2015	November 2014	January 2015
Proceeds From Collection Of Notes Receivable Including Prepayment Penalty							55,358,000
Interest And Other investment (Loss) Income Net							$ 5,267,000

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Marketable Securities and Derivative Instruments: Marketable Securities (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Equity Securities	$ 206,323	$ 191,917
Available-for-sale Equity Securities, Amortized Cost Basis	72,549	72,608
Available-for-sale Securities, Gross Unrealized Gain (Loss)	133,774	119,309
Lexington Realty Trust [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Equity Securities	202,789	188,567
Available-for-sale Equity Securities, Amortized Cost Basis	72,549	72,549
Available-for-sale Securities, Gross Unrealized Gain (Loss)	130,240	116,018
Other Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Equity Securities	3,534	3,350
Available-for-sale Equity Securities, Amortized Cost Basis	0	59
Available-for-sale Securities, Gross Unrealized Gain (Loss)	$ 3,534	$ 3,291

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Interest and Other Investment Income (Loss), Net (Tables)

12 Months Ended

Dec. 31, 2014

Interest and Other Investment (Loss) Income, net [Abstract]

Schedule Of Interest And Other Investment Income Net [Table Text Block]

(Amounts in thousands)		For the Year Ended December 31,
		2014		2013		2012
Dividends and interest on marketable securities		$	12,707	$	11,446	$	11,979
Mark-to-market of investments in our deferred compensation plan (1)			11,557		10,636		6,809
Interest on mezzanine loans receivable			3,920		19,495		13,861
Losses from the disposition of investment in J.C. Penney			-		(72,974)		(300,752)
Other, net			10,568		6,510		6,903
		$	38,752	$	(24,887)	$	(261,200)
__________________________
(1)	This income is entirely offset by the expense resulting from the mark-to-market of the deferred compensation plan liability, which is included in "general and administrative" expense.

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Organization and Business

12 Months Ended

Dec. 31, 2014

Organization and Business [Abstract]

Organization And Business

1. Organization and Business

Vornado Realty L.P. (the “Operating Partnership” and/or the “Company”) is a Delaware limited partnership. Vornado Realty Trust (“Vornado”) is the sole general partner of, and owned approximately 94.1% of the common limited partnership interest in the Operating Partnership at December 31, 2014. All references to “we,” “us,” “our,” the “Company” and “Operating Partnership” refer to Vornado Realty L.P. and its consolidated subsidiaries.

On January 15, 2015, we completed the spin-off of substantially all of our retail segment comprised of 79 strip shopping centers, three malls, a warehouse park and $225 million of cash to Urban Edge Properties (“UE”) (NYSE: UE). As part of this transaction, we received 5,712,000 UE operating partnership units (5.4% ownership interest). We are providing transition services to UE for an initial period of up to two years, including information technology, human resources, tax and public reporting. UE is providing us with leasing and property management services for (i) the Monmouth Mall, (ii) certain small retail properties which did not fit UE's strategy that we plan to sell, and (iii) our affiliate, Alexander's, Inc. (NYSE: ALX),Rego Park retail assets. Steven Roth, Chairman of Vornado's Board of Trustees and its Chief Executive Officer is a member of the Board of Trustees of UE. The spin-off distribution was effected by Vornado distributing one UE common share for every two Vornado common shares. The historical financial results of UE have been reflected in our consolidated financial statements as discontinued operations for all periods presented.

We currently own all or portions of:

New York:

• 20.1million square feet of Manhattan office space in 31 properties;
• 2.5 million square feet of Manhattan street retail space in 56 properties;
• Four residential properties containing 1,654 units;
• The 1,700 room Hotel Pennsylvania located on Seventh Avenue at 33rd Street in the heart of the Penn Plaza district;
• A 32.4% interest in Alexander's, Inc. (NYSE: ALX), which owns six properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.3 million square foot Bloomberg, L.P. headquarters building;

  Washington, DC:

• 16.1 million square feet of office space in 59 properties;
• Seven residential properties containing 2,414units;

  Other Real Estate and Related Investments:

• The3.6 million square foot Mart in Chicago;
• A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco's financial district aggregating 1.8 million square feet, known as the Bank of America Center;
• A 25.0% interest in Vornado Capital Partners,our real estate fund. We are the general partner and investment manager of the fund;
• A 32.6% interest in Toys “R” Us, Inc.; and
• Other real estate and related investments.

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Investments in Partially Owned Entities (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended			3 Months Ended		12 Months Ended			3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2014	Mar. 31, 2013	Nov. 01, 2014	Nov. 02, 2013	Oct. 27, 2012	Dec. 31, 2013	Sep. 30, 2014
Equity Method Investments And Income From Equity Method Investments [Abstract]
Carrying amount of investments in partially owned entities	$ 1,246,496	$ 1,249,667	$ 1,704,297						$ 1,249,667
Comprehensive Income Net of Tax	935,518	596,567	563,141
Income (Loss) From Equity Method Investments	(58,131)	(338,785)	423,126
Non-cash impairment losses	0	72,974	300,752
Impairment Losses	26,518	37,170	133,977
Condensed Financial Information For Equity Method Investments [Abstract]
Assets	21,389,000	21,773,000							21,773,000
Liabilities	17,986,000	17,982,000							17,982,000
Noncontrolling interests	104,000	96,000							96,000
Equity	3,299,000	3,695,000							3,695,000
Total revenue	13,620,000	14,092,000	15,119,000
Net (loss) income attributable to investee	(434,000)	(368,000)	1,091,000
Equity Method Investment Summarized Financial Information Gain On Sale Of Real Estate Assets			600,000
Toys R Us [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Equity method ownership percentage	32.60%
Equity in net income				75,196	78,542
Fair value of invesements in Toys R Us		80,062							80,062
Carrying amount of investments in partially owned entities	0	83,224							83,224
Comprehensive Income Net of Tax		3,162
Excess of investee's carrying amount over equity in net assets		162,215							162,215
Income (Loss) From Equity Method Investments	(73,556)	(362,377)	14,859
Non-cash impairment losses	355,953			75,196	78,542
Condensed Financial Information For Equity Method Investments [Abstract]
Assets						11,267,000	11,756,000
Liabilities						10,377,000	10,437,000
Noncontrolling interests						82,000	75,000
Equity						808,000	1,244,000
Total revenue						12,645,000	13,046,000	13,698,000
Net (loss) income attributable to investee						(343,000)	(396,000)	138,000
Equity Method Investment, Difference Excess Of Underlying Equity Over Carrying Amount	263,455
Toys R Us [Member] | Equity In Net Income After Income Taxes [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Income (Loss) From Equity Method Investments	(4,691)	(128,919)	45,267
Toys R Us [Member] | Management Fees [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Income (Loss) From Equity Method Investments	6,331	7,299	9,592
Toys R Us [Member] | Impairment Loss [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Other than Temporary Impairment Losses Investments									162,215
Income (Loss) From Equity Method Investments	(75,196)	(240,757)	(40,000)
Alexanders Inc [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Equity method ownership percentage	32.40%
Carrying amount of investments in partially owned entities	131,616	167,785							167,785
Excess of investee's carrying amount over equity in net assets	42,048
Income (Loss) From Equity Method Investments	30,009	24,402	218,391
Condensed Financial Information For Equity Method Investments [Abstract]
Assets	1,423,000	1,458,000							1,458,000
Liabilities	1,075,000	1,124,000							1,124,000
Equity	348,000	334,000							334,000
Total revenue	201,000	196,000	191,000
Net (loss) income attributable to investee	68,000	57,000	674,000
Equity Method Investment Summarized Financial Information Gain On Sale Of Real Estate Assets			600,000
Alexanders Inc [Member] | Equity In Net Income After Income Taxes [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Income (Loss) From Equity Method Investments	21,287	17,721	24,709
Alexanders Inc [Member] | Management Leasing And Development Fees [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Income (Loss) From Equity Method Investments	8,722	6,681	13,748
Alexanders Inc [Member] | Net Gain On Sale Of Real Estate [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Income (Loss) From Equity Method Investments	0	0	179,934
India real estate ventures [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Carrying amount of investments in partially owned entities	76,752	88,467							88,467
Income (Loss) From Equity Method Investments	(8,309)	(3,533)	(5,008)
Non-cash impairment losses	5,771
India real estate ventures [Member] | Minimum [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Equity method ownership percentage	4.10%
India real estate ventures [Member] | Maximum [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Equity method ownership percentage	36.50%
India real estate ventures [Member] | Tcg Urban Infrastructure Holdings [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Equity method ownership percentage	25.00%
Partially owned office buildings [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Carrying amount of investments in partially owned entities	760,749	621,294							621,294
Income (Loss) From Equity Method Investments	93	(4,212)	(3,770)
Other equity method investments [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Carrying amount of investments in partially owned entities	277,379	288,897							288,897
Income (Loss) From Equity Method Investments	(6,368)	(10,817)	103,644
Other equity method investments [Member] | Suffolk Downs [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Non-cash impairment losses										10,263
Impairment Losses										5,959
Asset Impairment Loan Loss Reserve										4,304
Lexington Realty Trust [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Income (Loss) From Equity Method Investments	0	(979)	28,740
Lexington Realty Trust [Member] | Net Gain From Stock Issuance And Asset Acquisition [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Income (Loss) From Equity Method Investments	0	0	28,763
Lexington Realty Trust [Member] | Impairment Loss [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Income (Loss) From Equity Method Investments	0	(979)	(23)
LNR [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Other than Temporary Impairment Losses Investments					27,231
Income (Loss) From Equity Method Investments	0	18,731	66,270
LNR [Member] | Net gain on sale [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Income (Loss) From Equity Method Investments	0	3,776	0
LNR [Member] | Equity In Net Income After Income Taxes [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Income (Loss) From Equity Method Investments	0	42,186	66,270
LNR [Member] | Impairment Loss [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Income (Loss) From Equity Method Investments	0	(27,231)	0
All Equity Method Investees Excluding Toys [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Carrying amount of investments in partially owned entities	1,246,496	1,166,443							1,166,443
Income (Loss) From Equity Method Investments	$ 15,425	$ 23,592	$ 408,267

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Partners' Capital (Tables)

12 Months Ended

Dec. 31, 2014

Partner's Capital [Abstract]

Schedule Of Preferred Units [Table Text Block]

(Amounts in thousands, except unit and		Balance as of				Units Outstanding at		Per Unit		Annual
per unit amounts)		December 31,				December 31,		Liquidation		Distribution
Preferred Units		2014		2013		2014	2013	Preference		Rate(1)
Convertible Preferred:
	6.5% Series A: authorized 83,977 units(2)	$	1,393	$	1,592	28,939	32,807	$	50.00	$	3.25
Cumulative Redeemable:
	6.625% Series G: authorized 8,000,000 units(3)		193,135		193,135	8,000,000	8,000,000	$	25.00	$	1.65625
	6.625% Series I: authorized 10,800,000 units(3)		262,379		262,379	10,800,000	10,800,000	$	25.00	$	1.65625
	6.875% Series J: authorized 9,850,000 units(3)		238,842		238,842	9,850,000	9,850,000	$	25.00	$	1.71875
	5.70% Series K: authorized 12,000,000 units(3)		290,971		290,971	12,000,000	12,000,000	$	25.00	$	1.425
	5.40% Series L: authorized 12,000,000 units(3)		290,306		290,306	12,000,000	12,000,000	$	25.00	$	1.35
		$	1,277,026	$	1,277,225	52,678,939	52,682,807
(1)	Distributions on preferred units are cumulative and are payable quarterly in arrears.
(2)	Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.4334 Class A units per Series A Preferred unit plus accrued and unpaid distributions through the date of redemption, or convertible at any time at the option of the holder for 1.4334 Class A units per Series A Preferred unit.
(3)	Redeemable at Vornado's option at a redemption price of $25.00 per unit, plus accrued and unpaid distributions through the date of redemption.

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	For the Year Ended December 31, 2014
			Securities		Pro rata share of		Interest
			available-		nonconsolidated		rate
(Amounts in thousands)	Total		for-sale		subsidiaries' OCI		swap		Other
Balance as of December 31, 2013	$	71,537	$	119,309	$	(11,501)	$	(31,882)	$	(4,389)
Net current period OCI		21,730		14,465		2,509		6,079		(1,323)
Balance as of December 31, 2014	$	93,267	$	133,774	$	(8,992)	$	(25,803)	$	(5,712)

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Multiemployer Benefit Plans

12 Months Ended

Dec. 31, 2014

Multiemployer Plans [Abstract]

Multiemployer Benefit Plans

21.Multiemployer Benefit Plans

Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining agreements.

Multiemployer Pension Plans

Multiemployer Pension Plans differ from single-employer pension plans in that (i) contributions to multiemployer plans may be used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make their contributions, each of our participating subsidiaries may be required to bear its then pro rata share of unfunded obligations. If a participating subsidiary withdraws from a plan in which it participates, it may be subject to a withdrawal liability. As of December31,2014, our subsidiaries' participation in these plans were not significant to our consolidated financial statements.

In the years ended December 31, 2014, 2013 and 2012,our subsidiariescontributed $11,431,000, $10,223,000 and $10,683,000, respectively, towards Multiemployer Pension Plans, which is included as a component of “operating” expenses on our consolidated statements of income. Our subsidiaries' contributions did not represent more than 5% of total employer contributions in any of these plans for the years ended December 31, 2014, 2013 and 2012.

Multiemployer Health Plans

Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired employees. In the years ended December 31, 2014, 2013 and 2012,our subsidiaries contributed $29,073,000, $26,262,000 and $26,759,000, respectively, towards these plans, which is included as a component of “operating” expenses on our consolidated statements of income.

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Leases

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Leases [Text Block]

20.Leases

As lessor:

We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rentals payable monthly in advance. Office building leases generally require the tenants to reimburse us for operating costs and real estate taxes above their base year costs. Shopping center leases provide for pass-through to tenants the tenant's share of real estate taxes, insurance and maintenance. Shopping center leases also provide for the payment by the lessee of additional rent based on a percentage of the tenants' sales. As of December 31, 2014, future base rental revenue under non-cancelable operating leases, excluding rents for leases with an original term of less than one year and rents resulting from the exercise of renewal options, areas follows:

(Amounts in thousands)
Year Ending December 31:
2015	$	1,564,200
2016		1,509,781
2017		1,470,810
2018		1,395,708
2019		1,236,840
Thereafter		6,990,557

These amounts do not include percentage rentals based on tenants' sales. These percentage rents approximated $6,343,000, $7,344,000 and $6,987,000, for the years ended December 31, 2014, 2013 and 2012, respectively.

None of our tenants accounted for more than 10% of total revenues in any of the years ended December 31, 2014, 2013 and 2012.

As lessee:

We are a tenant under operating leases for certain properties. These leases have terms that expire during the next thirty years. Future minimum lease payments under operating leases at December 31, 2014 are as follows:

(Amounts in thousands)
Year Ending December 31:
2015	$	29,060
2016		29,575
2017		31,141
2018		31,629
2019		32,136
Thereafter		1,208,483

Rent expense was $36,329,000, $35,920,000 and $27,634,000 for the years ended December 31, 2014, 2013 and 2012, respectively.

20.       Leases - continued

We are also a lessee under a capital lease under which we will redevelop the retail and signage components of the Marriott Marquis Times Square Hotel. The lease has put/call options, which if exercised would lead to our ownership. Capitalized leases are recorded at the present value of future minimum lease payments or the fair market value of the property. Capitalized leases are depreciated on a straight-line basis over the estimated life of the asset or life of the related lease. Depreciation expense on capital leases is included in “depreciation and amortization” on our consolidated statements of income. As of December 31, 2014, future minimum lease payments under this capital lease are as follows:

(Amounts in thousands)
Year Ending December 31:
2015	$	12,500
2016		12,500
2017		12,500
2018		12,500
2019		12,500
Thereafter		334,792
Total minimum obligations		397,292
Interest portion		(157,292)
Present value of net minimum payments	$	240,000

At December 31, 2014, the carrying amount of the property leased under the capital lease was $249,253,000, which is included as a component of “development costs and construction in progress” on our consolidated balance sheet and present value of net minimum payments of $240,000,000 is included in “other liabilities” on our consolidated balance sheet.

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Basis of Presentation and Significant Accounting Policies (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Tax Treatment Of Dividend [Line Items]
Minimum Percentage of Taxable Income Distributed As Dividends									90.00%
Deferred Tax Assets, Valuation Allowance	$ 94,100				$ 87,800				$ 94,100	$ 87,800
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Line Items]
Net income attributable to Class A unitholders	544,287	139,134	81,333	66,197	(73,042)	88,037	154,775	245,923	830,951	415,693	584,598
Income Tax Liability Relating to Taxable REIT Subsidiaries Current									$ 10,777	$ 9,608	$ 20,336
Ordinary Income [Member]
Tax Treatment Of Dividend [Line Items]
Percentage Of Taxable Income Distributed									100.00%		62.70%
Long Term Capital Gain [Member]
Tax Treatment Of Dividend [Line Items]
Percentage Of Taxable Income Distributed											37.30%

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Fair Values of Financial Assets and Liabilities by Levels [Table Text Block]

			As of December 31, 2014
(Amounts in thousands)			Total		Level 1		Level 2		Level 3
	Marketable securities		$	206,323	$	206,323	$	-	$	-
	Real Estate Fund investments (75% of which is attributable to
		noncontrolling interests)		513,973		-		-		513,973
	Deferred compensation plan assets (included in other assets)			117,284		53,969		-		63,315
		Total assets	$	837,580	$	260,292	$	-	$	577,288
	Mandatorily redeemable instruments (included in other liabilities)		$	55,097	$	55,097	$	-	$	-
	Interest rate swap (included in other liabilities)			25,797		-		25,797		-
		Total liabilities	$	80,894	$	55,097	$	25,797	$	-
			As of December 31, 2013
(Amounts in thousands)			Total		Level 1		Level 2		Level 3
	Marketable securities		$	191,917	$	191,917	$	-	$	-
	Real Estate Fund investments (75% of which is attributable to
		noncontrolling interests)		667,710		-		-		667,710
	Deferred compensation plan assets (included in other assets)			116,515		47,733		-		68,782
		Total assets	$	976,142	$	239,650	$	-	$	736,492
	Mandatorily redeemable instruments (included in other liabilities)		$	55,097	$	55,097	$	-	$	-
	Interest rate swap (included in other liabilities)			31,882		-		31,882		-
		Total liabilities	$	86,979	$	55,097	$	31,882	$	-

Fair Value Inputs, Assets, Quantitative Information [Table Text Block]

			Weighted Average
			(based on fair
Unobservable Quantitative Input		Range	value of investments)
	Discount rates	12.0% to 17.5%	13.7%
	Terminal capitalization rates	4.7% to 6.5%	5.3%

Non-financial Assets Measured at Fair Value on a Nonrecurring Basis [Table Text Block]

			As of December 31, 2014
(Amounts in thousands)			Total		Level 1		Level 2		Level 3
	Real estate assets		$	4,848	$	-	$	-	$	4,848
			As of December 31, 2013
(Amounts in thousands)			Total		Level 1		Level 2		Level 3
	Real estate assets		$	354,341	$	-	$	-	$	354,341
	Investment in Toys			83,224		-		-		83,224
		Total assets	$	437,565	$	-	$	-	$	437,565

Schedule Of Carrying Amounts And Fair Values Of Financial Instruments [Table Text Block]

				As of December 31, 2014				As of December 31, 2013
				Carrying		Fair		Carrying		Fair
(Amounts in thousands)				Amount		Value		Amount		Value
		Cash equivalents		$	749,418	$	749,000	$	295,000	$	295,000
		Mortgage and mezzanine loans receivable
			(included in other assets)		16,748		17,000		170,972		171,000
				$	766,166	$	766,000	$	465,972	$	466,000
	Debt:
		Mortgages payable		$	8,263,165	$	8,224,000	$	7,131,231	$	6,903,000
		Senior unsecured notes			1,347,159		1,385,000		1,350,855		1,402,000
		Revolving credit facility debt			-		-		295,870		296,000
				$	9,610,324	$	9,609,000	$	8,777,956	$	8,601,000

Real Estate Fund [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of Changes in Level 3 Plan Assets [Table Text Block]

	Real Estate Fund Investments
	For The Year Ended December 31,
(Amounts in thousands)	2014		2013
Beginning balance	$	667,710	$	600,786
Purchases		3,392		43,816
Dispositions / Distributions		(307,268)		(70,848)
Net unrealized gains		73,802		85,771
Net realized gains		76,337		8,184
Other, net		-		1
Ending balance	$	513,973	$	667,710

Deferred Compensation Plan Assets [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of Changes in Level 3 Plan Assets [Table Text Block]

	Deferred Compensation Plan Assets
	For The Year Ended December 31,
(Amounts in thousands)	2014		2013
Beginning balance	$	68,782	$	62,631
Purchases		14,162		5,018
Sales		(24,951)		(7,306)
Realized and unrealized gains		3,415		7,189
Other, net		1,907		1,250
Ending balance	$	63,315	$	68,782

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

22.Commitments and Contingencies

Insurance

We maintain general liability insurance with limits of $300,000,000 per occurrence and all risk property and rental value insurance with limits of $2.0 billion per occurrence, with sub-limits for certain perils such as floods. Our California properties have earthquake insurance with coverage of $180,000,000 per occurrence, subject to a deductible in the amount of 5% of the value of the affected property, up to a $180,000,000 annual aggregate. We maintain coverage for terrorism acts with limits of $4.0 billion per occurrence and in the aggregate, and $2.0 billion per occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as defined by Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2020.

Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $3,200,000 and 15% of the balance of a covered loss (16% effective January 1, 2016) and the Federal government is responsible for the remaining 85% of a covered loss (84% effective January 1, 2016). We are ultimately responsible for any loss incurred by PPIC.

We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future.

Our debt instruments, consisting of mortgage loans secured by our properties which are non-recourse to us, senior unsecured notes and revolving credit agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. Further, if lenders insist on greater coverage than we are able to obtain it could adversely affect our ability to finance our properties and expand our portfolio.

Other Commitments and Contingencies

We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not expected to have a material adverse effect on our financial position, results of operations or cash flows.

Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in cleanup requirements would not result in significant costs to us.

Our mortgage loans are non-recourse to us. However, in certain cases we have provided guarantees or master leased tenant space. These guarantees and master leases terminate either upon the satisfaction of specified circumstances or repayment of the underlying loans. As of December 31, 2014, the aggregate dollar amount of these guarantees and master leases is approximately $359,000,000.

At December 31, 2014, $39,552,000 of letters of credit were outstanding under one of our revolving credit facilities. Our revolving credit facilities contain financial covenants that require us to maintain minimum interest coverage and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below Baa3/BBB. Our revolving credit facilities also contain customary conditions precedent to borrowing, including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment, including such items as failure to pay interest or principal.

As of December 31, 2014, we expect to fund additional capital to certain of our partially owned entities aggregating approximately $104,000,000.

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Related Party Transactions

12 Months Ended

Dec. 31, 2014

Related Party Transactions Abstract

Related Party Transactions Disclosure [Text Block]

23.Related Party Transactions

Alexander's

We own 32.4% of Alexander's. Steven Roth, the Chairman of Vornado's Boardof Trustees and its Chief Executive Officer is also the Chairman of Alexander's Board of Directors and its Chief Executive Officer. We provide various services to Alexander's in accordance with management, development and leasing agreements. These agreements are described in Note 6 - Investments in Partially Owned Entities.

On January 15, 2015, we completed the spin-off of 79 strip shopping centers, three malls, a warehouse park and $225,000,000 of cashto UE and the transfer of all of the employees responsible for the management and leasing of those assets. In addition, we entered into agreements with UE to provide management and leasing services, on our behalf, for Alexander's Rego Park retail assets. Fees for these services are similar to the fees we are receiving from Alexander's described in Note 6 - Investments in Partially Owned Entities.

Interstate Properties (“Interstate”)

Interstate is a general partnership in which Mr. Roth is the managing general partner. David Mandelbaum and Russell B.Wight, Jr., Trustees of Vornado and Directors of Alexander's, are Interstate's two other partners. As of December 31, 2014, Interstate and its partners beneficially owned an aggregate ofapproximately 6.6% of the common shares of beneficial interest of Vornado and 26.3% of Alexander's common stock.

We manage and lease the real estate assets of Interstate pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent. The management agreement has a term of one year and is automatically renewable unless terminated by either of the parties on 60 days' notice at the end of the term. We believe, based upon comparable fees charged by other real estate companies, that the management agreement terms are fair to us.We earned $535,000, $606,000, and $794,000 of management fees under the agreement for the years ended December 31, 2014, 2013 and 2012.

On January 15, 2015, we completed the spin-off of 79 strip shopping centers, three malls, a warehouse park and $225,000,000 of cashto UE and the transfer of all of the employees responsible for the management and leasing of those assets. In addition, we entered into agreements with UE to provide management and leasing services, on our behalf, for Interstate's properties. Fees for these services are similar to the fees we are receiving from Interstate described above.

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Consolidated Statements of Cash Flows (Parentheticals) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Cash Flows [Abstract]
Cash paid for capitalized interest	$ 53,139	$ 42,303	$ 16,801

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Summary of Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Data [Abstract]

Summary of Quarterly Results (Unaudited)

24.Summary of Quarterly Results (Unaudited)

The following summary represents the results of operations for each quarter in 2014and 2013:

						Net Income (Loss)
						Attributable		Net Income (Loss) Per
						to Class A		Class A Unit (2)
	(Amounts in thousands, except per unit amounts)			Revenues		Unitholders (1)		Basic		Diluted
		2014
			December 31	$	597,010	$	544,287	$	2.73	$	2.71
			September 30		578,710		139,134		0.70		0.69
			June 30		574,411		81,333		0.41		0.40
			March 31		562,381		66,197		0.33		0.33
		2013
			December 31	$	570,977	$	(73,042)	$	(0.37)	$	(0.37)
			September 30		578,322		88,037		0.44		0.44
			June 30		582,258		154,775		0.78		0.78
			March 31		567,619		245,923		1.24		1.23
_______________________________
	(1)		Fluctuations among quarters resulted primarily from non-cash impairment losses, mark-to-market of derivative instruments, net gains on sale of real estate and from seasonality of business operations.
	(2)		The total for the year may differ from the sum of the quarters as a result of weighting.

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Fee and Other Income (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fee And Other Income [Line Items]
BMS cleaning fees	$ 85,658	$ 66,505	$ 67,584
Management and leasing fees	19,905	23,073	18,718
Lease termination fees	16,362	32,630	2,287
Other income	33,281	33,363	30,488
Fee and other income	155,206	155,571	119,077
New York 1290 Avenue Of Americas [Member]
Fee And Other Income [Line Items]
Lease termination fees		19,500
Write Off Of Straight Lining Of Rent		1,529
Equity method ownership percentage		70.00%
Cuyahoga County [Member]
Fee And Other Income [Line Items]
Lease termination fees		3,000
Vornado Realty Trust [Member] | New York 1290 Avenue Of Americas [Member]
Fee And Other Income [Line Items]
Lease termination fees		$ 12,121

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Identified Intangible Assets and Intangible Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Finite-Lived Intangible Assets And Liabilities [Line Items]

Schedule of Identified Intangible Assets and Intangible Liabilities (Table)

	Balance as of December 31,
(Amounts in thousands)	2014		2013
Identified intangible assets:
Gross amount	$	424,976	$	505,203
Accumulated amortization		(199,821)		(252,121)
Net	$	225,155	$	253,082
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	657,976	$	622,685
Accumulated amortization		(329,775)		(295,768)
Net	$	328,201	$	326,917

Below Market Leases Net Of Above Market Leases [Member]

Finite-Lived Intangible Assets And Liabilities [Line Items]

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

(Amounts in thousands)
2015	$	49,550
2016		37,894
2017		35,069
2018		34,166
2019		23,928

Other Identified Intangible Assets [Member]

Finite-Lived Intangible Assets And Liabilities [Line Items]

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

(Amounts in thousands)
2015	$	25,735
2016		20,122
2017		16,619
2018		12,417
2019		10,470

Tenant Under Ground Leases [Member]

Finite-Lived Intangible Assets And Liabilities [Line Items]

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

(Amounts in thousands)
2015	$	1,832
2016		1,832
2017		1,832
2018		1,832
2019		1,832

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Organization and Business (Details) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended	0 Months Ended	12 Months Ended
	Dec. 31, 2014	Jan. 15, 2015	Dec. 31, 2013 Properties	Dec. 31, 2012 Properties
Organization and Business [Abstract]
Common limited partnership interest in the Operating Partnership	94.10%
Toys R Us [Member]
Real Estate Properties [Line Items]
Equity method ownership percentage	32.60%
Alexanders Inc [Member]
Real Estate Properties [Line Items]
Equity method ownership percentage	32.40%
Retail Segment Strip Shopping Centers [Member]
Real Estate Properties [Line Items]
Number Of Real Estate Properties	22
Number Of Real Estate Properties Sold	6
Subsequent Event [Member] | Toys R Us [Member]
Real Estate Properties [Line Items]
Equity method ownership percentage		32.60%
Subsequent Event [Member] | Vornado Realty Trust [Member]
Real Estate Properties [Line Items]
Number of shares/units convered during spin off for 1 share of UE		2
Subsequent Event [Member] | Urban Edge Properties [Member]
Real Estate Properties [Line Items]
Cash Considerations Transferred During Spin Off (in US Dollars)		225
Partnership Units received during spin off		5,712,000
Duration Of Administrative Services		2 years
Number of new shares issued during spin off for every 2 shares/units of Vornado and Vornado L.P.		1
Equity method ownership percentage		5.40%
Subsequent Event [Member] | Urban Edge Properties [Member] | Retail Segment Strip Shopping Centers [Member]
Real Estate Properties [Line Items]
Number Of Real Estate Properties		79
Subsequent Event [Member] | Urban Edge Properties [Member] | Retail Segment Regional Malls [Member]
Real Estate Properties [Line Items]
Number Of Real Estate Properties		3
Subsequent Event [Member] | Vornado Realty L.P. [Member]
Real Estate Properties [Line Items]
Number of shares/units convered during spin off for 1 share of UE		2
Real Estate Fund [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Equity method ownership percentage		25.00%
New York Segment [Member] | Subsequent Event [Member] | Alexanders Inc [Member]
Real Estate Properties [Line Items]
Equity method ownership percentage		32.40%
New York Segment [Member] | New York City Metropolitan Area [Member] | Subsequent Event [Member] | Alexanders Inc [Member]
Real Estate Properties [Line Items]
Number Of Real Estate Properties		6
New York Segment [Member] | New York City Metropolitan Area [Member] | Lexington Avenue 731 [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Square Footage Of Real Estate Property		1,300,000
Retail Properties Segment [Member] | Retail Segment Strip Shopping Centers [Member]
Real Estate Properties [Line Items]
Number Of Real Estate Properties Sold			12	12
Warehouse [Member] | Subsequent Event [Member] | Urban Edge Properties [Member]
Real Estate Properties [Line Items]
Number Of Real Estate Properties		1
Office Building [Member] | San Francisco [Member] | Other Properties 555 California Street [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Number Of Real Estate Properties		3
Square Footage Of Real Estate Property		1,800,000
Contolling Interest In Real Estate Properties Percent		70.00%
Office Building [Member] | New York Segment [Member] | Manhattan [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Number Of Real Estate Properties		31
Square Footage Of Real Estate Property		20,100,000
Office Building [Member] | Washington DC Segment [Member] | Washington Dc Northern Virginia [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Number Of Real Estate Properties		59
Square Footage Of Real Estate Property		16,100,000
Retail Properties [Member] | New York Segment [Member] | Manhattan [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Number Of Real Estate Properties		56
Square Footage Of Real Estate Property		2,500,000
Merchandise Mart Properties [Member] | Merchandise Mart IL Chicago [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Square Footage Of Real Estate Property		3,600,000
Other Real Estate And Related Investments [Member] | New York Segment [Member] | Manhattan [Member] | Hotel Pennsylvania [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Number of Units in Real Estate Property (in number of residential units)/ (in number of rooms)		1,700
Residential Properties [Member] | New York Segment [Member] | Manhattan [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Number Of Real Estate Properties		4
Number of Units in Real Estate Property (in number of residential units)/ (in number of rooms)		1,654
Residential Properties [Member] | Washington DC Segment [Member] | Washington Dc Northern Virginia [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Number Of Real Estate Properties		7
Number of Units in Real Estate Property (in number of residential units)/ (in number of rooms)		2,414

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Debt (Summary of Debt) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)	$ 8,263,165,000	$ 7,131,231,000
Senior unsecured notes	1,347,159,000	1,350,855,000
Revolving credit facility debt	0	295,870,000
Debt Fiscal Year Maturity [Abstract]
Collateral Property Net Carrying Value	9,400,000,000
Unsecured Debt [Member]
Debt Fiscal Year Maturity [Abstract]
2015	500,000,000
2016	0
2017	0
2018	0
2019	450,000,000
Thereafter	400,000,000
Notes And Mortgages Payable Fixed Rate [Member]
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)	6,499,396,000	6,439,371,000
Interest Rate, End of Period (in percentage)	4.46%
Notes And Mortgages Payable Variable Rate [Member]
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)	1,763,769,000	691,860,000
Interest Rate, End of Period (in percentage)	2.20%
Total Notes And Mortgages Payable [Member]
Debt Instrument [Line Items]
Mortgages payable (in US Dollars)	8,263,165,000	7,131,231,000
Interest Rate, End of Period (in percentage)	3.98%
Debt Fiscal Year Maturity [Abstract]
2015	407,229,000
2016	1,399,378,000
2017	609,680,000
2018	240,674,000
2019	979,197,000
Thereafter	4,624,897,000
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes	1,347,159,000	1,350,855,000
Interest Rate, End of Period (in percentage)	3.89%
Unsecured Revolving Credit Facilities [Member]
Debt Instrument [Line Items]
Revolving credit facility debt	0	295,870,000
Interest Rate, End of Period (in percentage)
Unsecured Debt [Member]
Debt Instrument [Line Items]
Unsecured Debt And Revolving Credit Facility	$ 1,347,159,000	$ 1,646,725,000
Interest Rate, End of Period (in percentage)	3.89%

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Real estate, at cost:
Land	$ 3,861,913	$ 3,644,181
Buildings and improvements	11,705,749	10,601,162
Development costs and construction in progress	1,128,037	1,019,337
Leasehold improvements and equipment	126,659	128,288
Total	16,822,358	15,392,968
Less accumulated depreciation and amortization	(3,161,633)	(2,829,862)
Real estate, net	13,660,725	12,563,106
Cash and cash equivalents	1,198,477	583,290
Restricted cash	176,204	251,208
Marketable securities	206,323	191,917
Tenant and other receivables, net of allowance for doubtful accounts of $12,210 and $14,519	109,998	108,194
Investments in partially owned entities	1,246,496	1,249,667
Real Estate Fund investments	513,973	667,710
Receivable arising from the straight-lining of rents, net of allowance of $3,188 and $4,355	787,271	707,200
Deferred leasing and financing costs, net of accumulated amortization of $281,109 and $242,068	475,158	375,567
Identified intangible assets, net of accumulated amortization of $199,821 and $252,121	225,155	253,082
Assets related to discontinued operations	2,238,474	2,636,080
Other assets	410,066	510,203
Assets	21,248,320	20,097,224
LIABILITIES, REDEEMABLE PARTNERSHIP UNITS AND EQUITY
Mortgages payable	8,263,165	7,131,231
Senior unsecured notes	1,347,159	1,350,855
Revolving credit facility debt	0	295,870
Accounts payable and accrued expenses	447,745	373,857
Deferred revenue	358,613	359,430
Deferred compensation plan	117,284	116,515
Liabilities related to discontinued operations	1,511,362	1,441,853
Other liabilities	375,830	429,249
Total liabilities	12,421,158	11,498,860
Commitments and contingencies
Redeemable partnership units:
Class A units - 11,365,550 and 11,292,038 units outstanding	1,336,780	1,002,620
Series D cumulative redeemable preferred units - 1 unit outstanding	1,000	1,000
Total redeemable partnership units	1,337,780	1,003,620
Equity:
Partners' capital	8,157,544	8,428,534
Earnings less than distributions	(1,505,385)	(1,734,839)
Accumulated other comprehensive income	93,267	71,537
Total Vornado Realty L.P. equity	6,745,426	6,765,232
Noncontrolling interests in consolidated subsidiaries	743,956	829,512
Total equity	7,489,382	7,594,744
Total liabilities, redeemable partnership units and equity	21,248,320	20,097,224
Toys R Us [Member]
Real estate, at cost:
Investments in partially owned entities	0	83,224
All Equity Method Investees Excluding Toys [Member]
Real estate, at cost:
Investments in partially owned entities	$ 1,246,496	$ 1,166,443

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Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule Of Share Based Compensation Stock Options Activity [Table Text Block]

					Weighted-
			Weighted-		Average
			Average		Remaining	Aggregate
			Exercise		Contractual	Intrinsic
		Shares	Price		Term	Value
Outstanding at January 1, 2014		3,248,699	$	67.51
Granted		49,088		91.32
Exercised		(434,204)		67.27
Cancelled or expired		(43,468)		104.74
Outstanding at December 31, 2014		2,820,115	$	67.38	4.6	$	145,317,000
Options vested and expected to vest at
	December 31, 2014	2,818,587	$	67.37	4.6	$	145,271,000
Options exercisable at December 31, 2014		2,606,260	$	65.62	4.4	$	138,912,000

Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Table Text Block]

	December 31,
	2014	2013	2012
Expected volatility	36.00%	36.00%	36.00%
Expected life	5.0 years	5.0 years	5.0 years
Risk free interest rate	1.81%	0.91%	1.05%
Expected dividend yield	4.10%	4.30%	4.30%

Schedule Of Sharebased Compensation Restricted Stock And Restricted Stock Units Activity [Table Text Block]

			Weighted-Average
			Grant-Date
Unvested Shares		Shares	Fair Value
	Unvested at January 1, 2014	29,664	$	79.24
	Granted	11,475		91.31
	Vested	(15,733)		74.61
	Cancelled or expired	(2,957)		87.42
	Unvested at December 31, 2014	22,449		87.58

Schedule Of Sharebased Compensation Restricted Operating Partnership Units Activity [Table Text Block]

			Weighted-Average
			Grant-Date
Unvested Units		Units	Fair Value
	Unvested at January 1, 2014	765,971	$	76.27
	Granted	226,638		86.79
	Vested	(327,555)		69.48
	Cancelled or expired	(6,575)		83.16
	Unvested at December 31, 2014	658,479		83.20

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Consolidated Statements of Changes in Equity (USD $) In Thousands, unless otherwise specified	Total	Series L Preferred Stock [Member]	Series K Preferred Stock [Member]	Series E Preferred Stock [Member]	Series F And Series H Preferred Stock [Member]	Real Estate Fund [Member]	All Other Except Real Estate Fund [Member]	Preferred Shares	Preferred Shares Series L Preferred Stock [Member]	Preferred Shares Series K Preferred Stock [Member]	Preferred Shares Series E Preferred Stock [Member]	Preferred Shares Series F And Series H Preferred Stock [Member]	Class A Units Owned By Vornado	Earnings Less Than Distributions	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests	Non-controlling Interests Real Estate Fund [Member]	Non-controlling Interests All Other Except Real Estate Fund [Member]
Beginning balance, Value at Dec. 31, 2011	$ 7,508,447							$ 1,021,660					$ 7,134,631	$ (1,401,704)	$ 73,729	$ 680,131
Beginning balance, Units at Dec. 31, 2011								42,187					185,080
Net income attributable to Vornado Realty L.P.	662,523													662,523
Net income attributable to noncontrolling interests in consolidated subsidiaries in consolidated subsidiaries	32,018					39,332										32,018
Net income attributable to redeemable partnership units	(45,263)													(45,263)
Distributions to Vornado	(699,318)													(699,318)
Distributions to preferred unitholders	(76,937)													(76,937)
Issuance of preferred units, Units										12,000
Issuance of preferred units, Value			290,971							290,971
Redemption of preferred units, Units											(3,000)
Redemption of preferred units, Value				(72,248)							(72,248)
Class A units issued to Vornado:
Upon redemption of Class A units, at redemption value, Units													1,121
Upon redemption of Class A units, at redemption value, Value	89,762												89,762
Under Vornado's Omnibus share plan, Units													434
Under Vornado's Omnibus share plan, Value	(6,850)												9,539	(16,389)
Under Vornado's dividend reinvestment plan, Units													29
Under Vornado's dividend reinvestment plan, Value	2,307												2,307
Upon acquisition of real estate, Units													64
Upon acquisition of real estate, Value	5,124												5,124
Contributions:
Contributions						195,029	18,103										195,029	18,103
Distribution:
Distributions						(48,138)	(59)										(48,138)	(59)
Transfer of noncontrolling interest in Real Estate Fund	0
Conversion of Series A preferred units to Class A units, Units								(2)					3
Conversion of Series A preferred units to Class A units, Value	0							(105)					105
Deferred compensation units and options, Units													4
Deferred compensation units and options, Value	13,054												13,527	(473)
Change in unrealized net gain (loss) on securities available-for-sale	(283,649)														(283,649)
Non-cash impairment loss on J.C. Penney common shares	224,937														224,937
Amounts reclassified related to sale of available-for-sale securities	(3,582)														(3,582)
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	(31,758)														(31,758)
Change in value of interest rate swap	(5,659)														(5,659)
Adjustments to carry redeemable Class A units at redemption value	(52,117)												(52,117)
Redeemable noncontrolling interests' share of above adjustments	6,707														6,707
Preferred unit redemptions	8,948													8,948
Consolidation of a partially owned entity	176,132															176,132
Other	(4,340)							0						(4,662)	329	(7)
Ending balance, Value at Dec. 31, 2012	7,904,144							1,240,278					7,202,878	(1,573,275)	(18,946)	1,053,209
Ending balance, Units at Dec. 31, 2012								51,185					186,735
Net income attributable to Vornado Realty L.P.	500,788													500,788
Net income attributable to noncontrolling interests in consolidated subsidiaries in consolidated subsidiaries	63,952					53,427										63,952
Net income attributable to redeemable partnership units	(24,817)													(24,817)
Distributions to Vornado	(545,913)													(545,913)
Distributions to preferred unitholders	(82,807)													(82,807)
Issuance of preferred units, Units									12,000
Issuance of preferred units, Value		290,306							290,306
Redemption of preferred units, Units												(10,500)
Redemption of preferred units, Value					(253,269)							(253,269)
Class A units issued to Vornado:
Upon redemption of Class A units, at redemption value, Units													299
Upon redemption of Class A units, at redemption value, Value	25,317												25,317
Under Vornado's Omnibus share plan, Units													104
Under Vornado's Omnibus share plan, Value	5,808												5,915	(107)
Under Vornado's dividend reinvestment plan, Units													22
Under Vornado's dividend reinvestment plan, Value	1,851												1,851
Upon acquisition of real estate, Units													128
Upon acquisition of real estate, Value	11,461												11,461
Contributions:
Contributions						28,078	15,886										28,078	15,886
Distribution:
Distributions	(34,053)					(47,268)	(133,153)										(47,268)	(133,153)
Transfer of noncontrolling interest in Real Estate Fund	0
Conversion of Series A preferred units to Class A units, Units								(2)					3
Conversion of Series A preferred units to Class A units, Value	0							(90)					90
Deferred compensation units and options, Units													(6)
Deferred compensation units and options, Value	9,270												9,577	(307)
Change in unrealized net gain (loss) on securities available-for-sale	142,281														142,281
Non-cash impairment loss on J.C. Penney common shares	0
Amounts reclassified related to sale of available-for-sale securities	(42,404)														(42,404)
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	(22,814)														(22,814)
Change in value of interest rate swap	18,183														18,183
Adjustments to carry redeemable Class A units at redemption value	(108,252)												(108,252)
Redeemable noncontrolling interests' share of above adjustments	(5,296)														(5,296)
Preferred unit redemptions	(1,130)													(1,130)
Deconsolidation of partially owned entity	(165,427)															(165,427)
Consolidation of a partially owned entity	16,799															16,799
Other	(6,830)												2,472	(7,271)	533	(2,564)
Ending balance, Value at Dec. 31, 2013	7,594,744							1,277,225					7,151,309	(1,734,839)	71,537	829,512
Ending balance, Units at Dec. 31, 2013								52,683					187,285
Net income attributable to Vornado Realty L.P.	912,465													912,465
Net income attributable to noncontrolling interests in consolidated subsidiaries in consolidated subsidiaries	96,561					92,728										96,561
Net income attributable to redeemable partnership units	(47,613)													(47,613)
Distributions to Vornado	(547,831)													(547,831)
Distributions to preferred unitholders	(81,464)													(81,464)
Class A units issued to Vornado:
Upon redemption of Class A units, at redemption value, Units													271
Upon redemption of Class A units, at redemption value, Value	27,273												27,273
Under Vornado's Omnibus share plan, Units													304
Under Vornado's Omnibus share plan, Value	14,047												17,440	(3,393)
Under Vornado's dividend reinvestment plan, Units													17
Under Vornado's dividend reinvestment plan, Value	1,804												1,804	0
Contributions:
Contributions						5,297	32,998										5,297	32,998
Distribution:
Distributions	(33,469)					(182,964)	(4,463)										(182,964)	(4,463)
Transfer of noncontrolling interest in Real Estate Fund	(33,028)															(33,028)
Conversion of Series A preferred units to Class A units, Units								(4)					5
Conversion of Series A preferred units to Class A units, Value	0							(193)					193
Deferred compensation units and options, Units													5
Deferred compensation units and options, Value	5,512												5,852	(340)
Change in unrealized net gain (loss) on securities available-for-sale	14,465														14,465
Non-cash impairment loss on J.C. Penney common shares	0
Amounts reclassified related to sale of available-for-sale securities	0
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	2,509														2,509
Change in value of interest rate swap	6,079														6,079
Adjustments to carry redeemable Class A units at redemption value	(315,276)												(315,276)
Redeemable noncontrolling interests' share of above adjustments	(1,323)														(1,323)
Preferred unit redemptions	0
Other	(10,410)							(6)					(8,077)	(2,370)	0	43
Ending balance, Value at Dec. 31, 2014	$ 7,489,382							$ 1,277,026					$ 6,880,518	$ (1,505,385)	$ 93,267	$ 743,956
Ending balance, Units at Dec. 31, 2014								52,679					187,887

XML

Segment Information (Parentheticals) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	$ 2,277,084	$ 2,018,697	$ 2,165,365
Mark-to-market of investments in our deferred compensation plan	11,557	10,636	6,809
Retail Segment Strip Shopping Centers [Member]
Segment Reporting Information [Line Items]
Transaction Costs Spin Off	14,956
New York Segment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	1,439,189	1,079,682	1,017,859
New York Segment [Member] | Alexanders Inc [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	41,746	42,210	231,402
New York Segment [Member] | Alexanders Inc [Member] | Net Gain On Sale Of Real Estate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Gain from Disposal of Discontinued Operation			179,934
New York Segment [Member] | Hotel Pennsylvania [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	30,753	30,723	28,455
New York Segment [Member] | Retail Properties [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	281,428	246,808	189,484
New York Segment [Member] | Office Building [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	1,085,262	759,941	568,518
New York Segment [Member] | Office Building [Member] | Net Gain On Sale Of Real Estate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Gain from Disposal of Discontinued Operation	440,537	127,512
Washington DC Segment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	335,590	341,223	532,412
Washington DC Segment [Member] | Washington Dc Office Excluding Skyline Properties [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	266,859	268,373	449,448
Washington DC Segment [Member] | Washington Dc Office Excluding Skyline Properties [Member] | Net Gain On Sale Of Real Estate [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Gain from Disposal of Discontinued Operation			163,367
Washington DC Segment [Member] | Washington DC Skyline Properties [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	27,150	29,499	40,037
Washington DC Segment [Member] | Washington Dc Residential Property [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	41,581	43,351	42,927
Washington DC Segment [Member] | Office Building [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	294,009	297,872	489,485
Other Segment [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	502,305	597,792	615,094
Other Segment [Member] | Real Estate Fund [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	70,306	49,471	24,604
Other Segment [Member] | Our share of Toys "R" Us [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	103,632	(12,081)	281,289
Other Segment [Member] | Merchandise Mart Other [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	79,636	74,270	62,470
Other Segment [Member] | Other Properties 555 California Street [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	48,844	42,667	46,167
Other Segment [Member] | India real estate ventures [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	6,434	5,841	3,654
Other Segment [Member] | LNR [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	0	20,443	75,202
Other Segment [Member] | Lexington Realty Trust [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	0	6,931	32,595
Other Segment [Member] | Lexington Realty Trust [Member] | Net Gains From Stock Issuances [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	0	0	28,763
Other Segment [Member] | Other Investments [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	26,586	28,505	25,103
Other Segment [Member] | Corporate General And Administrative Expenses [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	(94,929)	(94,904)	(89,082)
Other Segment [Member] | Investment Income and other, net [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	31,665	46,525	45,563
Other Segment [Member] | Urban Edge Properties And Residual Retail Properties Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	235,989	531,493	201,035
Other Segment [Member] | Acquisition and transaction related costs, and impairment losses [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	(16,392)	(24,857)	(17,386)
Other Segment [Member] | Net Gain On Sale Of Marketable Securities Land Parcels And Residential Condominimums [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	13,568	56,868	4,856
Other Segment [Member] | Our share of debt satisfaction gains and net gains on sale of real estate [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	13,000	0	0
Other Segment [Member] | Suffolk Downs impairment loss and loan reserve [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	(10,263)	0	0
Other Segment [Member] | Our share of impairment losses of partially owned entities [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	(5,771)	0	(4,936)
Other Segment [Member] | Loss On Sale Of J C Penney Common Shares [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	0	(127,888)	(300,752)
Other Segment [Member] | Severance Costs [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	0	(5,492)	(3,005)
Other Segment [Member] | Merchandise Mart Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	0	0	93,588
Other Segment [Member] | Other EBITDA attributable to identifiable investments [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	335,438	216,047	551,084
Other Segment [Member] | Independence Plaza [Member] | Net Gain On Asset Purchase [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	0	0	105,366
Other Segment [Member] | Income before net realized / unrealized gains (Operations) [Member] | Real Estate Fund [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	8,056	7,752	6,385
Other Segment [Member] | Carried Interest [Member] | Real Estate Fund [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	24,715	18,230	4,379
Other Segment [Member] | Net realized/unrealized gains on investments [Member] | Real Estate Fund [Member]
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation, and Amortization	$ 37,535	$ 23,489	$ 13,840

XML

Acquisitions (Narratives) (Details) (USD $) In Thousands, unless otherwise specified	0 Months Ended
	Aug. 01, 2014	Oct. 28, 2014	Nov. 21, 2014 Story sqft	Dec. 31, 2014	Dec. 31, 2013	Jan. 20, 2015 LimitedPartners
Business Acquisition [Line Items]
Mortgages payable				$ 8,263,165	$ 7,131,231
Subsequent Event [Member] | Real Estate Fund [Member]
Business Acquisition [Line Items]
Equity method ownership percentage						25.00%
Number Of Limited Partners						1
Lexington Avenue 715 Retail [Member] | New York Segment [Member]
Business Acquisition [Line Items]
Business Acquisition Cost Of Acquired Entity	63,000
St Regis Hotel [Member] | Retail Properties [Member]
Business Acquisition [Line Items]
Business Acquisition Cost Of Acquired Entity		700,000
St Regis Hotel [Member] | Retail Properties [Member] | Joint Venture [Member]
Business Acquisition [Line Items]
Equity method ownership percentage		74.30%
Center Building [Member] | New York Segment [Member] | Office Building [Member]
Business Acquisition [Line Items]
Business Acquisition Cost Of Acquired Entity			142,000
Square Footage Of Real Estate Property			437,000
Number Of Story In Office Tower			8
Lease Percentage Of Property			98.00%
Mortgages payable			62,000
Interest Rate, End of Period (in percentage)			4.43%
Debt Instrument Maturity			October 2018
Non Refundable Deposit			$ 14,200
Crowne Plaza Time Square Hotel [Member] | Subsequent Event [Member] | Real Estate Fund [Member]
Business Acquisition [Line Items]
Number Of Limited Partners						1
Crowne Plaza Time Square Hotel [Member] | New York Segment [Member] | Joint Venture [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Equity method ownership percentage						57.00%

XML

Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Basis of Presentation and Significant Accounting Policies [Abstract]

Non Cash Impairment And Other Losses [Table Text Block]

(Amounts in thousands)			For the Year Ended December 31,
			2014		2013			2012
Impairment losses		$	-	$	-		$	6,138
Acquisition related costs			18,435		24,857	(1)		11,248
		$	18,435	$	24,857		$	17,386
(1)	Includes a $10,949 prepayment penalty in connection with the repayment of the mortgage loan upon the acquisition of 655 Fifth Avenue.

XML

Investments in Partially Owned Entities (One Park Avenue and 61 Ninth Avenue) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended	0 Months Ended
	Dec. 31, 2014	Jun. 26, 2014	Jul. 23, 2014 sqft	Dec. 31, 2013
Schedule Of Equity Method Investments [Line Items]
Aggregate fair value of Real Estate Fund investments (in US Dollars)	$ 513,973			$ 667,710
Notes And Loans Payable	8,263,165			7,131,231
Lease expiration term	30 years
One Park Avenue [Member]
Schedule Of Equity Method Investments [Line Items]
Aggregate fair value of Real Estate Fund investments (in US Dollars)		560,000
Maturity, Range, End		March 2016
One Park Avenue [Member] | Mortgage loan at 4.995% Matures 2016 [Member]
Schedule Of Equity Method Investments [Line Items]
Notes And Loans Payable		250,000
Interest Rate, End of Period (in percentage)		4.995%
One Park Avenue [Member] | Vornado Realty Trust [Member]
Schedule Of Equity Method Investments [Line Items]
Equity Method Investment Ownership Additional Investment		22,700
Equity method ownership percentage		55.00%		46.50%
One Park Avenue [Member] | Co Venture [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage		45.00%
Sixty One Ninth Avenue Property [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage			50.10%
Lease expiration term			99 years
Square Footage Of Real Estate Property			130,000
Estimated Development Cost			$ 125,000

XML

Fair Value Measurements

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

14. Fair Value Measurements

ASC 820, Fair Value Measurement and Disclosures defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) marketable securities, (ii) Real Estate Fund investments, (iii) the assets in our deferred compensation plan (for which there is a corresponding liability on our consolidated balance sheet), (iv) interest rate swaps and (v) mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable preferred units). The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy at December 31, 2014 and 2013, respectively.

			As of December 31, 2014
(Amounts in thousands)			Total		Level 1		Level 2		Level 3
	Marketable securities		$	206,323	$	206,323	$	-	$	-
	Real Estate Fund investments (75% of which is attributable to
		noncontrolling interests)		513,973		-		-		513,973
	Deferred compensation plan assets (included in other assets)			117,284		53,969		-		63,315
		Total assets	$	837,580	$	260,292	$	-	$	577,288
	Mandatorily redeemable instruments (included in other liabilities)		$	55,097	$	55,097	$	-	$	-
	Interest rate swap (included in other liabilities)			25,797		-		25,797		-
		Total liabilities	$	80,894	$	55,097	$	25,797	$	-
			As of December 31, 2013
(Amounts in thousands)			Total		Level 1		Level 2		Level 3
	Marketable securities		$	191,917	$	191,917	$	-	$	-
	Real Estate Fund investments (75% of which is attributable to
		noncontrolling interests)		667,710		-		-		667,710
	Deferred compensation plan assets (included in other assets)			116,515		47,733		-		68,782
		Total assets	$	976,142	$	239,650	$	-	$	736,492
	Mandatorily redeemable instruments (included in other liabilities)		$	55,097	$	55,097	$	-	$	-
	Interest rate swap (included in other liabilities)			31,882		-		31,882		-
		Total liabilities	$	86,979	$	55,097	$	31,882	$	-

14. Fair Value Measurements - continued

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued

Real Estate Fund Investments

At December 31, 2014, our Real Estate Fund had seveninvestments with an aggregate fair value of $513,973,000, or $176,899,000 in excess of cost. These investments are classified as Level 3. We use a discounted cash flow valuation technique to estimate the fair value of each of these investments, which is updated quarterly by personnel responsible for the management of each investment and reviewed by senior management at each reporting period. The discounted cash flow valuation technique requires us to estimate cash flows for each investment over the anticipated holding period, which currently ranges from 0.8 to 6.0 years. Cash flows are derived from property rental revenue (base rents plus reimbursements) less operating expenses, real estate taxes and capital and other costs, plus projected sales proceeds in the year of exit. Property rental revenue is based on leases currently in place and our estimates for future leasing activity, which are based on current market rents for similar space plus a projected growth factor. Similarly, estimated operating expenses and real estate taxes are based on amounts incurred in the current period plus a projected growth factor for future periods. Anticipated sales proceeds at the end of an investment's expected holding period are determined based on the net cash flow of the investment in the year of exit, divided by a terminal capitalization rate, less estimated selling costs.

The fair value of each property is calculated by discounting the future cash flows (including the projected sales proceeds), using an appropriate discount rate and then reduced by the property's outstanding debt, if any, to determine the fair value of the equity in each investment. Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and discount rates. These rates are based on the location, type and nature of each property, and current and anticipated market conditions, which are derived from original underwriting assumptions, industry publications and from the experience of our Acquisitions and Capital Markets departments. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these Fund investments at December 31, 2014.

			Weighted Average
			(based on fair
Unobservable Quantitative Input		Range	value of investments)
	Discount rates	12.0% to 17.5%	13.7%
	Terminal capitalization rates	4.7% to 6.5%	5.3%

The above inputs are subject to change based on changes in economic and market conditions and/or changes in use or timing of exit. Changes in discount rates and terminal capitalization rates result in increases or decreases in the fair values of these investments. The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. Therefore, a change in the fair value of these investments resulting from a change in the terminal capitalization rate, may be partially offset by a change in the discount rate. It is not possible for us to predict the effect of future economic or market conditions on our estimated fair values.

The table below summarizes the changes in the fair value of Fund investments that are classified as Level 3, for the years ended December 31, 2014 and 2013.

	Real Estate Fund Investments
	For The Year Ended December 31,
(Amounts in thousands)	2014		2013
Beginning balance	$	667,710	$	600,786
Purchases		3,392		43,816
Dispositions / Distributions		(307,268)		(70,848)
Net unrealized gains		73,802		85,771
Net realized gains		76,337		8,184
Other, net		-		1
Ending balance	$	513,973	$	667,710

14. Fair Value Measurements - continued

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued

Deferred Compensation Plan Assets

Deferred compensation plan assets that are classified as Level 3 consist of investments in limited partnerships and investment funds, which are managed by third parties. We receive quarterly financial reports from a third-party administrator, which are compiled from the quarterly reports provided to them from each limited partnership and investment fund. The quarterly reports provide net asset values on a fair value basis which are audited by independent public accounting firms on an annual basis. The third-party administrator does not adjust these values in determining our share of the net assets and we do not adjust these values when reported in our consolidated financial statements.

The table below summarizes the changes in the fair value of Deferred Compensation Plan Assets that are classified as Level 3, for the years ended December 31, 2014 and 2013.

	Deferred Compensation Plan Assets
	For The Year Ended December 31,
(Amounts in thousands)	2014		2013
Beginning balance	$	68,782	$	62,631
Purchases		14,162		5,018
Sales		(24,951)		(7,306)
Realized and unrealized gains		3,415		7,189
Other, net		1,907		1,250
Ending balance	$	63,315	$	68,782

Fair Value Measurements on a Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis on our consolidated balance sheets consist primarily ofreal estate assets and our investment in Toys that were written-down to estimated fair value during2014or2013. See Note 2 – Basis of Presentation and Significant Accounting Policies for details of impairment losses recognized during 2014 and 2013. See Note 6 – Investments in Partially Owned Entities for details of impairment losses related to Toys recognized during 2014 and 2013. The fair value of our real estate assets was determined using widely accepted valuation techniques, including (i) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates, and (iii) comparable sales activity. In determining the fair value of our investment in Toys, we considered, among other inputs, a December 31, 2013 third-party valuation of Toys and Toys' historical results, financial forecasts and business outlook. Our determination of the fair value of our investment in Toys included consideration of the following widely-used valuation methodologies: (i) market multiple methodology, that considered comparable publicly traded retail companies and a range of EBITDA multiples from 5.75x to 6.5x, (ii) comparable sales transactions methodology, that considered sales of retailers ranging in size from $150 million to $3 billion, (iii) a discounted cash flow methodology, that utilized five-year financial projections and assumed a terminal EBITDA multiple of 5.75x, a 10% discount rate and a 38% tax rate, and (iv) a Black-Scholes valuation analysis, that assumed one, two and three year time-to-expiration periods and 24% to 29% volatility factors.Generally, we consider multiple valuation techniques when measuring fair values but in certain circumstances, a single valuation technique may be appropriate. The tables below aggregate the fair values of these assets by their levels in the fair value hierarchy.

			As of December 31, 2014
(Amounts in thousands)			Total		Level 1		Level 2		Level 3
	Real estate assets		$	4,848	$	-	$	-	$	4,848
			As of December 31, 2013
(Amounts in thousands)			Total		Level 1		Level 2		Level 3
	Real estate assets		$	354,341	$	-	$	-	$	354,341
	Investment in Toys			83,224		-		-		83,224
		Total assets	$	437,565	$	-	$	-	$	437,565

14. Fair Value Measurements – continued

Financial Assets and Liabilities not Measured at Fair Value

Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents (primarily money market funds, which invest in obligations of the United States government), mortgage and mezzanine loans receivable (included in “otherassets” in our consolidated balance sheets) and our secured and unsecured debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. The fair value of cash equivalents is classified as Level 1 and the fair value of our mortgage and mezzanine loans receivable is classified as Level 3. The fair value of our secured and unsecured debt is classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of December 31, 2014 and 2013.

				As of December 31, 2014				As of December 31, 2013
				Carrying		Fair		Carrying		Fair
(Amounts in thousands)				Amount		Value		Amount		Value
		Cash equivalents		$	749,418	$	749,000	$	295,000	$	295,000
		Mortgage and mezzanine loans receivable
			(included in other assets)		16,748		17,000		170,972		171,000
				$	766,166	$	766,000	$	465,972	$	466,000
	Debt:
		Mortgages payable		$	8,263,165	$	8,224,000	$	7,131,231	$	6,903,000
		Senior unsecured notes			1,347,159		1,385,000		1,350,855		1,402,000
		Revolving credit facility debt			-		-		295,870		296,000
				$	9,610,324	$	9,609,000	$	8,777,956	$	8,601,000

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Vornado Capital Partners Real Estate Fund (the "Fund") (Tables)

12 Months Ended

Dec. 31, 2014

Real Estate Fund [Abstract]

Schedule Of Income And Loss From The Fund [Table Text Block]

(Amounts in thousands)		For the Year Ended December 31,
		2014		2013		2012
Net investment income		$	12,895	$	8,943	$	8,575
Net realized gains			76,337		8,184		-
Net unrealized gains			73,802		85,771		55,361
Income from Real Estate Fund			163,034		102,898		63,936
Less income attributable to noncontrolling interests			(92,728)		(53,427)		(39,332)
Income from Real Estate Fund attributable to Vornado Realty L.P. (1)		$	70,306	$	49,471	$	24,604
(1)	Excludes $2,865, $2,992, and $3,278 of management and leasing fees in the years ended December 31, 2014, 2013 and 2012, respectively, which are included as a component of "fee and other income" on our consolidated statements of income.

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Fee and Other Income

12 Months Ended

Dec. 31, 2014

Fee and Other Income [Abstract]

Fee and Other Income

16. Fee and Other Income

The following table sets forth the details of our fee and other income:

(Amounts in thousands)		For the Year Ended December 31,
		2014		2013		2012
BMS cleaning fees		$	85,658	$	66,505	$	67,584
Management and leasing fees			19,905		23,073		18,718
Lease termination fees(1)			16,362		32,630		2,287
Other income			33,281		33,363		30,488
		$	155,206	$	155,571	$	119,077
__________________________
(1)	The year ended December 31, 2013 includes $19,500 from a tenant at 1290 Avenue of the Americas, of which our 70% share, net of a $1,529 write-off of the straight lining of rents, was $12,121, and $3,000 from the termination of our subsidiaries' agreements with Cuyahoga County to operate the Cleveland Medical Mart Convention Center.

The above table excludes fee income from partially owned entities, which is included in “income from partially owned entities” (see Note 6 – Investments in Partially Owned Entities).

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Dispositions (Narratives) (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Feb. 24, 2014	Jul. 08, 2014 sqft	Mar. 02, 2014 sqft	Jan. 24, 2013	Apr. 15, 2013	Sep. 23, 2013	Nov. 07, 2012 Properties sqft	Jul. 26, 2012 sqft	Jan. 06, 2012 sqft	Jun. 22, 2012 sqft	Dec. 31, 2012 sqft	Dec. 18, 2014 sqft	Dec. 17, 2013 sqft
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Net gains on sale of real estate	$ 507,192,000	$ 414,502,000	$ 245,799,000
Gain on sale of Canadian Trade Shows	0	0	31,105,000
Impairment Losses	26,518,000	37,170,000	133,977,000
Seller Financing Related To Property Sales	0	0	35,000,000
Retail Segment Strip Shopping Centers [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Gross proceeds from the sale of real estate	66,410,000
Net gains on sale of real estate	22,500,000
Number Of Real Estate Properties Sold	6
Number Of Real Estate Properties	22
Canadian Trade Shows [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Gain on sale of Canadian Trade Shows	0	0	19,657,000
Income tax on gain on sale			11,448,000
Retail Properties Segment [Member] | Retail Segment Strip Shopping Centers [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Sale price of real estate		82,300,000	157,000,000
Net gains on sale of real estate		7,851,000	22,266,000
Number Of Real Estate Properties Sold		12	12
Retail Properties Segment [Member] | Retail NY Hicksville (Broadway Mall) [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Gross proceeds from the sale of real estate				94,000,000
Net proceeds from the sale of real estate				92,174,000
Retail Properties Segment [Member] | Retail CA Los Angeles Beverly Connection [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Gross proceeds from the sale of real estate					260,000,000
Square Footage Of Real Estate Property Sold					335,000
Sale price of real estate					239,000,000
Mortgage loan receivable					21,000,000
Mortgage loan receivable maturity tenure					10 years
Net gains on sale of real estate					44,155,000
Retail Properties Segment [Member] | Retail Springfield Mall [Member] | Pennsylevenia Real Estate Investment Trust [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Gross proceeds from the sale of real estate						465,000,000
Square Footage Of Real Estate Property Sold						1,350,000
Sale price of real estate						340,000,000
Operating Partnership Units Value Received From Buyer						125,000,000
Impairment Losses						20,000,000
Retail Properties Segment [Member] | Green Acres Mall [Member] | Retail Segment Regional Malls [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Gross proceeds from the sale of real estate							500,000,000
Net proceeds from the sale of real estate							185,000,000
Net gains on sale of real estate							202,275,000
Retail Properties Segment [Member] | Plant [Member] | Retail Segment Strip Shopping Centers [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Gross proceeds from the sale of real estate								203,000,000
Net proceeds from the sale of real estate								98,000,000
Net gains on sale of real estate								32,169,000
Retail Properties Segment [Member] | Gallery At Market Street [Member] | Retail Segment Strip Shopping Centers [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Gross proceeds from the sale of real estate								60,000,000
Net proceeds from the sale of real estate								58,000,000
Net gains on sale of real estate								33,058,000
Retail Properties Segment [Member] | Tampa Florida [Member] | Retail Segment Strip Shopping Centers [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Gross proceeds from the sale of real estate									45,000,000
Retail Properties Segment [Member] | Tampa Florida [Member] | Retail Segment Strip Shopping Centers [Member] | Vornado Realty Trust [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Gross proceeds from the sale of real estate									33,750,000
Net proceeds from the sale of real estate									20,810,000
Net gains on sale of real estate									8,728,000
Sale Of Ownership Interest Percent									75.00%
Washington DC Segment [Member] | Reston Executive [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Gross proceeds from the sale of real estate										126,250,000
Square Footage Of Real Estate Property Sold										494,000
Net gains on sale of real estate										36,746,000
Number Of Real Estate Properties Sold										3
Washington DC Segment [Member] | 409 Third Street SW [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Square Footage Of Real Estate Property Sold											409,000
Sale price of real estate											200,000,000
Net gains on sale of real estate											126,621,000
Merchandise Mart Segment [Member] | West Mart Center 350 [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Square Footage Of Real Estate Property Sold												1,200,000
Sale price of real estate												228,000,000
Net gains on sale of real estate												54,911,000
Merchandise Mart Segment [Member] | LA Mart [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Gross proceeds from the sale of real estate													53,000,000
Square Footage Of Real Estate Property Sold													784,000
Sale price of real estate													18,000,000
Duration Of Seller Financing Rate													9 months
Seller financing rate													6.00%
Seller Financing Related To Property Sales													35,000,000
Merchandise Mart Segment [Member] | Washington Design Center and Canadian Trade Shows [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Sale price of real estate											103,000,000
Merchandise Mart Segment [Member] | Washington Design Center [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Square Footage Of Real Estate Property Sold											393,000
Merchandise Mart Segment [Member] | Canadian Trade Shows [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Gain on sale of Canadian Trade Shows											19,657,000
Merchandise Mart Segment [Member] | Boston Design Center [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Square Footage Of Real Estate Property Sold			554,000											554,000
Sale price of real estate														72,400,000
Net gains on sale of real estate														5,252,000
New York Segment [Member] | New York Office 1740 Broadway [Member] | Office Building [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Gross proceeds from the sale of real estate															605,000,000
Net proceeds from the sale of real estate															580,000,000
Square Footage Of Real Estate Property Sold															601,000
Net gains on sale of real estate															441,000,000
Income tax on gain on sale															484,000,000
New York Segment [Member] | New York Office 866 UN Plaza [Member]
Disposal Group Including Discontinued Operation Additional Disclosures [Abstract]
Gross proceeds from the sale of real estate																200,000,000
Net proceeds from the sale of real estate																146,439,000
Square Footage Of Real Estate Property Sold																360,000
Net gains on sale of real estate																$ 127,512,000

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash Flows from Operating Activities:
Net income	$ 1,009,026	$ 564,740	$ 694,541
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)	583,408	561,998	557,888
Net gains on sale of real estate	(507,192)	(414,502)	(245,799)
Return of capital from Real Estate Fund investments	215,676	56,664	63,762
Net realized and unrealized gains on Real Estate Fund investments	(150,139)	(85,771)	(55,361)
Distributions of income from partially owned entities	96,286	54,030	226,172
Straight-lining of rental income	(82,800)	(69,391)	(69,648)
Equity in net loss (income) of partially owned entities, including Toys R Us	58,131	338,785	(423,126)
Amortization of below-market leases, net	(46,786)	(52,876)	(54,359)
Other non-cash adjustments	37,303	41,663	52,082
Impairment losses and tenant buy-outs	26,518	37,170	133,977
Net gain on disposition of wholly owned and partially owned assets	(13,568)	(3,407)	(13,347)
Defeasance cost in connection with the refinancing of mortgage notes payable	5,589	0	0
Losses from the disposition of investment in J.C. Penney	0	72,974	300,752
Gain on sale of Canadian Trade Shows	0	0	(31,105)
Changes in operating assets and liabilities:
Real Estate Fund investments	(3,392)	(37,817)	(262,537)
Tenant and other receivables, net	(8,282)	83,897	(23,271)
Prepaid assets	(8,786)	(2,207)	(10,549)
Other assets	(123,435)	(50,856)	(46,573)
Accounts payable and accrued expenses	44,628	(41,729)	21,595
Other liabilities	3,125	(12,576)	9,955
Net cash provided by operating activities	1,135,310	1,040,789	825,049
Cash Flows from Investing Activities:
Development costs and construction in progress	(544,187)	(469,417)	(156,873)
Additions to real estate	(279,206)	(260,343)	(205,652)
Proceeds from sales of real estate and related investments	388,776	1,027,608	445,683
Acquisitions of real estate and other	(211,354)	(193,417)	(673,684)
Investments in partially owned entities	(120,639)	(230,300)	(134,994)
Restricted cash	99,464	(26,892)	(75,138)
Proceeds from sales and repayments of mortgage and mezzanine loans receivable and other	96,913	50,569	38,483
Investments in mortgage and mezzanine loans receivable and other	(30,175)	(390)	(94,094)
Distributions of capital from partially owned entities	25,943	290,404	144,502
Proceeds from sales of, and return of investment in, marketable securities	0	378,709	60,258
Proceeds from the sale of LNR	0	240,474	0
Funding of J.C. Penney derivative collateral; and settlement of derivative in 2013	0	(186,079)	(191,330)
Return of J.C. Penney derivative collateral	0	101,150	134,950
Proceeds from the sale of Canadian Trade Shows	0	0	52,504
Proceeds from the repayment of loan to officer	0	0	13,123
Net cash (used in) provided by investing activities	(574,465)	722,076	(642,262)
Cash Flows from Financing Activities:
Proceeds from borrowings	2,428,285	2,262,245	3,593,000
Repayments of borrowings	(1,312,258)	(3,580,100)	(2,747,694)
Distributions to Vornado	(547,831)	(545,913)	(699,318)
Distributions to redeemable security holders and noncontrolling interests	(220,895)	(215,247)	(104,448)
Purchase of marketable securities in connection with the defeasance of mortgage notes payable	(198,884)	0	0
Distributions to preferred unitholders	(81,468)	(83,188)	(73,976)
Debt issuance and other costs	(58,336)	(19,883)	(39,073)
Contributions from noncontrolling interests in consolidated subsidiaries	30,295	43,964	213,132
Proceeds received from exercise of Vornado stock options	19,245	7,765	11,853
Repurchase of Class A units related to stock compensation agreements and related tax withholdings	(3,811)	(443)	(30,168)
Purchases of outstanding preferred units	0	(299,400)	(243,300)
Proceeds from the issuance of preferred units	0	290,306	290,971
Net Cash provided by (used in) financing activities	54,342	(2,139,894)	170,979
Net increase (decrease) in cash and cash equivalents	615,187	(377,029)	353,766
Cash and cash equivalents at beginning of period	583,290	960,319	606,553
Cash and cash equivalents at end of period	1,198,477	583,290	960,319
Supplemental Disclosure Of Cash Flow Information:
Cash payments for interest (net of amounts capitalized of $53,139, $42,303, and $16,801	443,538	465,260	491,869
Cash payments for income taxes	11,696	9,023	21,709
Non-Cash Investing and Financing Activities:
Adjustments to carry redeemable Class A units at redemption value	(315,276)	(108,252)	(52,117)
Marketable securities transferred in connection with the defeasance of mortgage notes payable	198,884	0	0
Defeasance of mortgage notes payable	(193,406)	0	0
Write-off of fully depreciated assets	(121,673)	(77,106)	(177,367)
Accrued capital expenditures included in accounts payable and accrued expenses	100,528	72,042	80,350
Elimination of a mortgage and mezzanine loan asset and liability	59,375	0	0
Transfer of interest in Real Estate Fund to unconsolidated joint venture	(58,564)	0	0
Transfer of noncontrolling interest in Real Estate Fund	(33,028)	0	0
Beverly Connection seller financing	13,620	0	0
Financing assumed in acquisitions	0	79,253	0
Financings transferred in dispositions	0	0	(163,144)
L.A. Mart seller financing	0	0	35,000
Marriott Marquis Times Square - retail and signage capital lease:
Asset (included in development costs and construction in progress)	0	0	240,000
Liability (included in other liabilities)	0	0	(240,000)
Increase in assets and liabilities resulting from the consolidation of partially owned entities:
Real Estate, net	0	0	342,919
Notes and mortgages payable	0	0	334,225
Decrease in assets and liabilities resulting from deconsolidation of discontinued operations and /or investments that were previously consolidated:
Real estate, Net	0	(852,166)	0
Notes and Mortgages Payable	0	(322,903)	0
Acquisitions [Member]
Non-Cash Investing and Financing Activities:
Like-kind exchange of real estate	606,816	66,076	230,913
Dispositions [Member]
Non-Cash Investing and Financing Activities:
Like-kind exchange of real estate	$ (630,352)	$ (128,767)	$ (230,913)

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Consolidated Balance Sheets (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Tenant and other receivables, allowance for doubtful accounts (in US dollars)	$ 12,210	$ 14,519
Receivable arising from the straight-lining of rents, allowance (in US dollars)	3,188	4,355
Deferred leasing and financing costs, accumulated amortization (in US dollars)	281,109	242,068
Identified intangible assets, accumulated amortization (in US dollars)	$ 199,821	$ 252,121
Capital Unit, Class A [Member]
LIABILITIES, REDEEMABLE PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties (in units)	11,356,550	11,292,038
Cumulative Redeemable Preferred Unit [Member]
LIABILITIES, REDEEMABLE PARTNERSHIP UNITS AND EQUITY
Outstanding Partnership Units held by Third Parties (in units)	1	1

XML

Identified Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2014

Identified Intangible Assets and Liabilities [Abstract]

Identified Intangible Assets and Intangible Liabilities

9. Identified Intangible Assets and Liabilities

The following summarizes our identified intangible assets (primarily acquired above-market leases) and liabilities (primarily acquired below-market leases) as of December 31, 2014 and2013.

	Balance as of December 31,
(Amounts in thousands)	2014		2013
Identified intangible assets:
Gross amount	$	424,976	$	505,203
Accumulated amortization		(199,821)		(252,121)
Net	$	225,155	$	253,082
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	657,976	$	622,685
Accumulated amortization		(329,775)		(295,768)
Net	$	328,201	$	326,917

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $37,516,000, $41,970,000 and $39,815,000 for the years ended December 31, 2014, 2013 and 2012, respectively. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2015 is as follows:

(Amounts in thousands)
2015	$	49,550
2016		37,894
2017		35,069
2018		34,166
2019		23,928

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $28,275,000, $61,915,000 and $46,160,000for the years ended December 31, 2014, 2013 and 2012, respectively. Estimated annual amortization of all other identified intangible assets including acquired in-place leases, customer relationships, and third party contracts for each of the five succeeding years commencing January 1, 2015 is as follows:

(Amounts in thousands)
2015	$	25,735
2016		20,122
2017		16,619
2018		12,417
2019		10,470

We are a tenant under ground leases at certain properties. Amortization of these acquired below-market leases, net of above-market leases, resulted in an increase to rent expense of $1,832,000 and $2,745,000for the years ended December 31, 2014 and2013and a decrease to rent expense of $403,000for the year endedDecember 31, 2012. Estimated annual amortization of these below-market leases, net of above-market leases, for each of the five succeeding years commencing January 1, 2015 is as follows:

(Amounts in thousands)
2015	$	1,832
2016		1,832
2017		1,832
2018		1,832
2019		1,832

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Segment Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Total Revenues	$ 597,010	$ 578,710	$ 574,411	$ 562,381	$ 570,977	$ 578,322	$ 582,258	$ 567,619	$ 2,312,512	$ 2,299,176	$ 2,332,724
Total expenses									1,622,619	1,624,625	1,738,381
Operating income									689,893	674,551	594,343
(Loss) income from partially owned entities									(58,131)	(338,785)	423,126
Income from Real Estate Fund									163,034	102,898	63,936
Interest and other investment income (loss), net									38,752	(24,887)	(261,200)
Interest and debt expense									(412,755)	(425,782)	(431,235)
Net gain on disposition of wholly owned and partially owned assets									13,568	2,030	4,856
Income (loss) before income taxes									434,361	(9,975)	393,826
Income tax (expense) benefit									(9,281)	8,717	(8,132)
Income (loss) from continuing operations									425,080	(1,258)	385,694
Income from discontinued operations									583,946	565,998	308,847
Net income									1,009,026	564,740	694,541
Less net income attributable to noncontrolling interests in consolidated subsidiaries									(96,561)	(63,952)	(32,018)
Net income attributable to Vornado Realty L.P.									912,465	500,788	662,523
Interest and debt expense (2)									654,398	758,781	760,523
Depreciation and amortization (2)									685,973	732,757	735,293
Income tax expense (benefit) (2)									24,248	26,371	7,026
EBITDA									2,277,084	2,018,697	2,165,365
Real estate at cost	16,822,358				15,392,968				16,822,358	15,392,968	15,287,078
Investments in partially owned entities	1,246,496				1,249,667				1,246,496	1,249,667	1,704,297
Total assets	21,248,320				20,097,224				21,248,320	20,097,224	22,065,049
New York Segment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total Revenues									1,520,845	1,470,907	1,319,470
Total expenses									946,466	910,498	835,563
Operating income									574,379	560,409	483,907
(Loss) income from partially owned entities									20,701	15,527	207,773
Income from Real Estate Fund									0	0	0
Interest and other investment income (loss), net									6,711	5,357	4,002
Interest and debt expense									(183,427)	(181,966)	(146,350)
Net gain on disposition of wholly owned and partially owned assets									0	0	0
Income (loss) before income taxes									418,364	399,327	549,332
Income tax (expense) benefit									(4,305)	(2,794)	(3,491)
Income (loss) from continuing operations									414,059	396,533	545,841
Income from discontinued operations									463,163	160,314	30,293
Net income									877,222	556,847	576,134
Less net income attributable to noncontrolling interests in consolidated subsidiaries									(8,626)	(10,786)	(2,138)
Net income attributable to Vornado Realty L.P.									868,596	546,061	573,996
Interest and debt expense (2)									241,959	236,645	187,855
Depreciation and amortization (2)									324,239	293,974	252,257
Income tax expense (benefit) (2)									4,395	3,002	3,751
EBITDA									1,439,189	1,079,682	1,017,859
Real estate at cost	9,732,818				8,422,297				9,732,818	8,422,297	8,687,141
Investments in partially owned entities	1,036,130				904,278				1,036,130	904,278	576,336
Total assets	10,752,763				9,255,964				10,752,763	9,255,964	9,215,438
Washington DC Segment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total Revenues									537,151	541,161	554,028
Total expenses									358,019	347,686	360,056
Operating income									179,132	193,475	193,972
(Loss) income from partially owned entities									(3,677)	(6,968)	(5,612)
Income from Real Estate Fund									0	0	0
Interest and other investment income (loss), net									183	129	126
Interest and debt expense									(75,395)	(102,277)	(115,574)
Net gain on disposition of wholly owned and partially owned assets									0	0	0
Income (loss) before income taxes									100,243	84,359	72,912
Income tax (expense) benefit									(242)	14,031	(1,650)
Income (loss) from continuing operations									100,001	98,390	71,262
Income from discontinued operations									0	0	167,766
Net income									100,001	98,390	239,028
Less net income attributable to noncontrolling interests in consolidated subsidiaries									0	0	0
Net income attributable to Vornado Realty L.P.									100,001	98,390	239,028
Interest and debt expense (2)									89,448	116,131	133,625
Depreciation and amortization (2)									145,853	142,409	157,816
Income tax expense (benefit) (2)									288	(15,707)	1,943
EBITDA									335,590	341,223	532,412
Real estate at cost	4,383,418				4,243,048				4,383,418	4,243,048	4,171,879
Investments in partially owned entities	102,635				100,543				102,635	100,543	95,670
Total assets	4,310,974				4,107,636				4,310,974	4,107,636	4,196,694
Other Segment [Member]
Segment Reporting Information [Line Items]
Total Revenues									254,516	287,108	459,226
Total expenses									318,134	366,441	542,762
Operating income									(63,618)	(79,333)	(83,536)
(Loss) income from partially owned entities									(75,155)	(347,344)	220,965
Income from Real Estate Fund									163,034	102,898	63,936
Interest and other investment income (loss), net									31,858	(30,373)	(265,328)
Interest and debt expense									(153,933)	(141,539)	(169,311)
Net gain on disposition of wholly owned and partially owned assets									13,568	2,030	4,856
Income (loss) before income taxes									(84,246)	(493,661)	(228,418)
Income tax (expense) benefit									(4,734)	(2,520)	(2,991)
Income (loss) from continuing operations									(88,980)	(496,181)	(231,409)
Income from discontinued operations									120,783	405,684	110,788
Net income									31,803	(90,497)	(120,621)
Less net income attributable to noncontrolling interests in consolidated subsidiaries									(87,935)	(53,166)	(29,880)
Net income attributable to Vornado Realty L.P.									(56,132)	(143,663)	(150,501)
Interest and debt expense (2)									322,991	406,005	439,043
Depreciation and amortization (2)									215,881	296,374	325,220
Income tax expense (benefit) (2)									19,565	39,076	1,332
EBITDA									502,305	597,792	615,094
Real estate at cost	2,706,122				2,727,623				2,706,122	2,727,623	2,428,058
Investments in partially owned entities	107,731				244,846				107,731	244,846	1,032,291
Total assets	$ 6,184,583				$ 6,733,624				$ 6,184,583	$ 6,733,624	$ 8,652,917

XML

Related Party Transactions (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 15, 2015
Urban Edge Properties [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Cash Considerations Transferred During Spin Off				$ 225,000,000
Equity method ownership percentage				5.40%
Retail Segment Strip Shopping Centers [Member]
Related Party Transaction [Line Items]
Number Of Real Estate Properties	22
Retail Segment Strip Shopping Centers [Member] | Urban Edge Properties [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Number Of Real Estate Properties				79
Retail Segment Regional Malls [Member] | Urban Edge Properties [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Number Of Real Estate Properties				3
Warehouse [Member] | Urban Edge Properties [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Number Of Real Estate Properties				1
Alexanders Inc [Member]
Related Party Transaction [Line Items]
Percentage of Affiliated Entity Owned By Company	32.40%
Percentage Of Affiliated Entity Owned By Related Parties	26.30%
Interstate Properties [Member]
Related Party Transaction [Line Items]
Percentage of Company Owned by Related Party	6.60%
Related Party Transaction Annual Fee Percentage	4.00%
Fee And Other Income From Related Parties (in US dollars)	535,000	$ 606,000	$ 794,000
Term Of Management Agreement	1 year
Period Allowed For Termination Of Automatic Renewal Of Management Agreement	60 days
Related Party Transaction Description Of Transaction	We manage and lease the real estate assets of Interstate pursuant to a management agreement for which we receive an annual fee equal to 4% of annual base rent and percentage rent. The management agreement has a term of one year and is automatically renewable unless terminated by either of the parties on 60 days’ notice at the end of the term. We believe, based upon comparable fees charged by other real estate companies, that the management agreement terms are fair to us.

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Document and Entity Information (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	VORNADO REALTY LP
Entity Central Index Key	0001040765
Document Type	8-K
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Entity Public Float		$ 0
Entity Well Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

XML

Debt

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt

10. Debt

Secured Debt

On January 31, 2014, we completed a $600,000,000 loan secured by our 220 Central Park South development site. The loan bears interest at LIBOR plus 2.75% (2.92% at December 31, 2014) and matures in January 2016, with three one-year extension options.

On April 16,2014, we completed a $350,000,000 refinancing of 909 Third Avenue, a 1.3 million square foot Manhattan office building. The seven-year interest only loan bears interest at 3.91% and matures in May 2021. We realized net proceeds of approximately $145,000,000 after defeasing the existing 5.64%, $193,000,000 mortgage, defeasance cost and other closing costs.

On July 16, 2014, we completed a $130,000,000 financing of Las Catalinas, a 494,000 square foot mall located in the San Juan area of Puerto Rico. The 10-year fixed rate loan bears interest at 4.43% and matures in August 2024. The loan amortizes based on a 30-year schedule beginning in year six.

On August 12, 2014, we completed a $185,000,000 financing of the Universal buildings, a 690,000 square foot, two-building office complex located in Washington, DC. The loan bears interest at LIBOR plus 1.90% (2.06% at December 31, 2014) and matures in August 2019 with two one-year extension options. The loan amortizes based on a 30-year schedule beginning in the fourth year.

On August 26, 2014, we obtained a standby commitment for up to $500,000,000 of five-year mezzanine loan financing to fund a portion of the development expenditures at 220 Central Park South.

On October 27, 2014, we completed a $140,000,000 financing of 655 Fifth Avenue, a 57,500 square foot retail and office property. The loan is interest only at LIBOR plus 1.40% (1.56% at December 31, 2014) and matures in October 2019 with two one-year extension options.

On December 8, 2014, we completed a $575,000,000 refinancing of Two Penn Plaza, a 1.6 million square foot Manhattan office building. The loan is interest-only at LIBOR plus 1.65% (1.81% at December 31, 2014) and matures in 2019 with two one-year extension options. We realized net proceeds of approximately $143,000,000. Pursuant to an existing swap agreement, the $422,000,000 previous loan on the property was swapped to a fixed rate of 4.78% through March 2018. Therefore, $422,000,000 of the new loan bears interest at a fixed rate of 4.78% through March 2018 and the balance of $153,000,000 floats through March 2018. The entire $575,000,000 will float thereafter for the duration of the new loan.

On January 6, 2015, we completed the modification of the $120,000,000, 6.04% mortgage loan secured by ourMontehiedra Town Center, in the San Juan area of Puerto Rico. The loan has been extended from July 2016 to July 2021 and separated into two tranches, a senior $90,000,000 position with interest at 5.33% to be paid currently, and a junior $30,000,000 position with interest accruing at 3%. Montehiedra Town Center and the loan were included in the spin-off to UEon January 15, 2015. As part of the planned redevelopment of the property, UE is committed to fund $20,000,000 through a loan for leasing and building capital expenditures of which $8,000,000 has been funded. This loan is senior to the $30,000,000 position noted above and accrues interest at 10%.

Senior Unsecured Notes

On June 16, 2014, we completed a green bond public offering of $450,000,000 2.50% senior unsecured notes due June 30, 2019. The notes were sold at 99.619% of their face amount to yield 2.581%.

On October 1, 2014, we redeemed all of the $445,000,000 principal amount of our outstanding 7.875% senior unsecured notes, which were scheduled to mature on October 1, 2039, at a redemption price of 100% of the principal amount plus accrued interest through the redemption date. In the fourth quarter of 2014, we wrote off $12,532,000 of unamortized deferred financing costs, which are included as a component of “interest and debt expense” on our consolidated statements of income.

On January 1, 2015, we redeemed all of the $500,000,000 principal amount of our outstanding 4.25% senior unsecured notes, which were scheduled to mature on April 1, 2015, at a redemption price of 100% of the principal amount plus accrued interest through December 31, 2014.

10. Debt – continued

Unsecured Revolving Credit Facility

On September 30, 2014, we extended one of our two $1.25 billion unsecured revolving credit facilities from November 2015 to November 2018 with two six-month extension options. The interest rate on the extended facility was lowered to LIBOR plus 105 basis points from LIBOR plus 125 basis points and the facility fee was reduced to 20 basis points from 25basis points.

The following is a summary of our debt:

		Weighted Average
		Interest Rate at			Balance at December 31,
(Amounts in thousands)		December 31, 2014			2014		2013
Mortgages Payable:
	Fixed rate		4.46%	$	6,499,396	$	6,439,371
	Variable rate		2.20%		1,763,769		691,860
			3.98%	$	8,263,165	$	7,131,231
Unsecured Debt:
	Senior unsecured notes		3.89%	$	1,347,159	$	1,350,855
	Unsecured revolving credit facilities		-		-		295,870
			3.89%	$	1,347,159	$	1,646,725

       The net carrying amount of properties collateralizing the mortgages payable amounted to $9.4 billion at December 31, 2014. As of December 31, 2014, the principal repayments required for the next five years and thereafter are as follows:

				Senior Unsecured
				Debt and
(Amounts in thousands)				Revolving Credit
Year Ending December 31,		Mortgages Payable		Facilities
2015	$	407,229	$	500,000
2016		1,399,378		-
2017		609,680		-
2018		240,674		-
2019		979,197		450,000
Thereafter		4,624,897		400,000

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Fair Value Measurements (Details 2) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior unsecured notes	$ 1,347,159	$ 1,350,855
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	749,418	295,000
Mortgage and mezzanine loans receivable	16,748	170,972
Total assets	766,166	465,972
Mortgages payable	8,263,165	7,131,231
Senior unsecured notes	1,347,159	1,350,855
Revolving credit facility debt	0	295,870
Total debt	9,610,324	8,777,956
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	749,000	295,000
Mortgage and mezzanine loans receivable	17,000	171,000
Total assets	766,000	466,000
Mortgages payable	8,224,000	6,903,000
Senior unsecured notes	1,385,000	1,402,000
Revolving credit facility debt	0	296,000
Total debt	$ 9,609,000	$ 8,601,000

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Commitments and Contingencies (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Jan. 01, 2016
Loss Contingencies [Line Items]
Guarantees and master leases	$ 359,000,000
Outstanding letters of credit	39,552,000
Commitment to fund additional capital to partially owned entities	104,000,000
NBCR Losses [Member]
Loss Contingencies [Line Items]
Insurance limit per occurrence and in the aggregate	2,000,000,000
Federal government deductible, percentage of balance of a covered loss	85.00%
NBCR Losses [Member] | Subsequent Event [Member]
Loss Contingencies [Line Items]
Federal government deductible, percentage of balance of a covered loss		84.00%
Earthquake California Properties [Member]
Loss Contingencies [Line Items]
Insurance limit per occurrence and in the aggregate	180,000,000
Vornado deductible, percentage of property value	5.00%
Vornado deductible, annual aggregate	180,000,000
All Risk And Rental Value [Member]
Loss Contingencies [Line Items]
Insurance limit per occurrence and in the aggregate	2,000,000,000
General Liability [Member]
Loss Contingencies [Line Items]
Insurance limit per occurrence and in the aggregate	300,000,000
Terrorism Acts [Member]
Loss Contingencies [Line Items]
Insurance limit per occurrence and in the aggregate	4,000,000,000
PPIC [Member] | NBCR Losses [Member]
Loss Contingencies [Line Items]
Insurance deductible	$ 3,200,000
Insurance Deductible Percentage Of Balance Of Covered Loss	15.00%
PPIC [Member] | NBCR Losses [Member] | Subsequent Event [Member]
Loss Contingencies [Line Items]
Insurance Deductible Percentage Of Balance Of Covered Loss		16.00%

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Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REVENUES:
Property rentals	$ 1,911,487	$ 1,880,405	$ 1,771,264
Tenant expense reimbursements	245,819	226,831	207,149
Cleveland Medical Mart development project	0	36,369	235,234
Fee and other income	155,206	155,571	119,077
Total revenues	2,312,512	2,299,176	2,332,724
EXPENSES:
Operating	953,611	928,565	891,637
Depreciation and amortization	481,303	461,627	435,545
General and administrative	169,270	177,366	167,194
Cleveland Medical Mart development project	0	32,210	226,619
Acquisition and transaction related costs, and impairment losses	18,435	24,857	17,386
Total expenses	1,622,619	1,624,625	1,738,381
Operating income	689,893	674,551	594,343
Income from Real Estate Fund	163,034	102,898	63,936
(Loss) income from partially owned entities	(58,131)	(338,785)	423,126
Interest and debt expense	(412,755)	(425,782)	(431,235)
Interest and other investment income (loss), net	38,752	(24,887)	(261,200)
Net gain on disposition of wholly owned and partially owned assets	13,568	2,030	4,856
Income (loss) before income taxes	434,361	(9,975)	393,826
Income tax (expense) benefit	(9,281)	8,717	(8,132)
Income (loss) from continuing operations	425,080	(1,258)	385,694
Income from discontinued operations	583,946	565,998	308,847
Net income	1,009,026	564,740	694,541
Less net income attributable to noncontrolling interests in consolidated subsidiaries	(96,561)	(63,952)	(32,018)
Net income attributable to Vornado Realty L.P.	912,465	500,788	662,523
Preferred unit distributions	(81,514)	(83,965)	(86,873)
Preferred unit redemptions	0	(1,130)	8,948
NET INCOME attributable to Class A unitholders	830,951	415,693	584,598
INCOME (LOSS) PER CLASS A UNIT - BASIC:
Income (loss) from continuing operations, net (in dollars per unit)	$ 1.22	$ (0.76)	$ 1.37
Income from discontinued operations, net (in dollars per unit)	$ 2.95	$ 2.85	$ 1.58
Net income per Class A unit (in dollars per unit)	$ 4.17	$ 2.09	$ 2.95
Weighted average units outstanding (in shares)	198,213	197,551	197,082
INCOME (LOSS) PER CLASS A UNIT - DILUTED:
Income (loss) from continuing operations, net (in dollars per unit)	$ 1.22	$ (0.75)	$ 1.36
Income from discontinued operations, net (in dollars per unit)	$ 2.92	$ 2.83	$ 1.57
Net income per Class A unit (in dollars per unit)	$ 4.14	$ 2.08	$ 2.93
Weighted average units outstanding (in shares)	199,813	198,643	198,134
Toys R Us [Member]
EXPENSES:
(Loss) income from partially owned entities	(73,556)	(362,377)	14,859
All Equity Method Investees Excluding Toys [Member]
EXPENSES:
(Loss) income from partially owned entities	$ 15,425	$ 23,592	$ 408,267

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Acquisitions

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Acquisitions

4.Acquisitions

On August 1, 2014, we acquired the land under our 715 Lexington Avenue retail property located on the Southeast corner of 58th Street and Lexington Avenue in Manhattan, for $63,000,000.

On October 28, 2014, we completed the purchase of the retail condominium of the St. Regis Hotel for $700,000,000. We own a74.3% controlling interest of the joint venture which owns the property. The acquisition was used in a like-kind exchange for income tax purposes for the sale of 1740 Broadway (see Note 8 – Dispositions). We consolidate the accounts of the venture into our consolidated financial statements from the date of acquisition.

On November 21, 2014, we entered into an agreement to acquire the Center Building, an eight story 437,000 square foot office building, located at 33-00 Northern Boulevard in Long Island City, New York. The building is 98% leased. The purchase price is approximately $142,000,000, including the assumption of an existing $62,000,000 4.43% mortgage maturing in October 2018. The purchase is expected to close in the first quarter of 2015, subject to customary closing conditions. As of December 31, 2014, our $14,200,000 non-refundable deposit was included in “other assets” on our consolidated balance sheet.

On January 20, 2015, we co-invested with our25% owned Fund and one of the Fund's limited partnersto acquire the Fund's joint venture partner's 57% interest in the Crowne Plaza Times Square Hotel (see Note 3 – Vornado Capital Partners Real Estate Fund).

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Vornado Capital Partners Real Estate Fund (the "Fund")

12 Months Ended

Dec. 31, 2014

Real Estate Fund [Abstract]

Vornado Capital Partners Real Estate Fund (the "Fund")

3. Vornado Capital Partners Real Estate Fund (the “Fund”)

We are the general partner and investment manager of the Fund, which has an eight-year term and a three-year investment period that ended in July 2013. During the investment period, the Fund was our exclusive investment vehicle for all investments that fit within its investment parameters, as defined. The Fund is accounted for under the AICPA Investment Company Guide and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting.

On June 26, 2014, the Fund sold its 64.7% interest in One Park Avenue to a newly formed joint venture that we and an institutional investor own 55% and 45%, respectively (see Note 6 - Investments in Partially Owned Entities - One Park Avenue). This transaction was based on a property value of $560,000,000. From the inception of this investment through its disposition, the Fund realized a $75,529,000 net gain.

On August 21, 2014, the Fund and its 50% joint venture partner completed the sale of The Shops at Georgetown Park, a 305,000 square foot retail property, for $272,500,000. From the inception of this investment through its disposition, the Fund realized a $51,124,000 net gain.

On January 20, 2015, we co-invested with theFund and one of the Fund's limited partners to buy out the Fund's joint venture partner's 57% interest in the Crowne Plaza Times Square Hotel.  The purchase price for the 57% interest was approximately $95,000,000 (our share $39,000,000) which valued the property at approximately $480,000,000. The property is encumbered by a newly placed $310,000,000 mortgage loan bearing interest at LIBOR plus 2.80% and maturing in December 2018 with a one-year extension option. Our aggregate ownership interest in the property increased to 33% from 11%.

At December 31, 2014, the Fund had seveninvestments with an aggregate fair value of $513,973,000, or $176,899,000 in excess of cost, and had remaining unfunded commitments of $144,123,000, of which our share was $36,031,000. At December 31, 2013, the Fund had nine investments with an aggregate fair value of $667,710,000.

Below is a summary of income from the Fund for the years endedDecember 31, 2014, 2013 and 2012:

(Amounts in thousands)		For the Year Ended December 31,
		2014		2013		2012
Net investment income		$	12,895	$	8,943	$	8,575
Net realized gains			76,337		8,184		-
Net unrealized gains			73,802		85,771		55,361
Income from Real Estate Fund			163,034		102,898		63,936
Less income attributable to noncontrolling interests			(92,728)		(53,427)		(39,332)
Income from Real Estate Fund attributable to Vornado Realty L.P. (1)		$	70,306	$	49,471	$	24,604
(1)	Excludes $2,865, $2,992, and $3,278 of management and leasing fees in the years ended December 31, 2014, 2013 and 2012, respectively, which are included as a component of "fee and other income" on our consolidated statements of income.

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Stock-based Compensation

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation

15.       Stock-based Compensation

Vornado'sOmnibus Share Plan (the “Plan”), which was approved in May 2010, provides the Compensation Committee of Vornado's Board of Trustees (the “Committee”) the ability to grant incentive and non-qualified Vornado stock options, restricted stock, restricted partnership units and out-performance plan awards to certain of Vornado's employees and officers. Under the Plan, awards may be granted up to a maximum of 6,000,000 Vornado shares, if all awards granted are Full Value Awards, as defined, and up to 12,000,000 shares, if all of the awards granted are Not Full Value Awards, as defined, plus shares in respect of awards forfeited after May 2010 that were issued pursuant to Vornado's 2002 Omnibus Share Plan. Full Value Awards are awards of securities, such as Vornado restricted shares, that, if all vesting requirements are met, do not require the payment of an exercise price or strike price to acquire the securities. Not Full Value Awards are awards of securities, such as Vornado stock options, that do require the payment of an exercise price or strike price. This means, for example, if the Committee were to award only Vornado restricted shares, it could award up to 6,000,000 Vornado restricted shares. On the other hand, if the Committee were to award only Vornado stock options, it could award options to purchase up to 12,000,000 Vornado common shares (at the applicable exercise price). The Committee may also issue any combination of awards under the Plan, with reductions in availability of future awards made in accordance with the above limitations. As of December 31, 2014, Vornado has approximately 4,004,000 shares available for future grants under the Plan, if all awards granted are Full Value Awards, as defined.

In the years ended December 31, 2014, 2013 and 2012, we recognized an aggregate of $36,641,000, $34,914,000 and $30,588,000, respectively, of stock-based compensation expense, which is included as a component of “general and administrative” expenses on our consolidated statements of income. The details of the various components of our stock-based compensation are discussed below.

Out-Performance Plans (“the OPPs”)

OPPsare multi-year, performance-based equity compensation plans under which participants, including Vornado's Chairman and Chief Executive Officer, have the opportunity to earn compensation payable in the form of units if, and only if, Vornado outperforms a predetermined total shareholder return (“TSR”) and/or outperforms the market with respect to a relative TSR in any year during the requisite performance periods as described below.   The aggregate notional amounts ofthe 2012, 2013, 2014 and 2015 OPPs are $40,000,000, $40,000,000, $50,000,000 and $40,000,000, respectively.

Awards under the 2012 OPP have been earned.  Awards under the 2013 OPP may be earned if Vornado (i) achieves a TSR greater than 14% over the two-year performance measurement period, or 21% over the three-year performance measurement period (the “Absolute Component”), and/or (ii) achieves a TSR above that of the SNL REIT Index (the “Index”) over the two-year or three-year performance measurement period (the “Relative Component”). Awards under the 2014 and 2015 OPP may be earned if Vornado (i) achieves a TSR level greater than 7% per annum, or 21% over the three-year performance measurement periods (the “Absolute Component”), and/or (ii) achieves a TSR above that of the Index over the three-year performance measurement periods (the “Relative Component”).To the extent awards would be earned under the Absolute Component of each of the OPPs, but Vornado underperforms the Index, such awards would be reduced (and potentially fully negated) based on the degree to which Vornado underperforms the Index.  In certain circumstances, in the event Vornado outperforms the Index but awards would not otherwise be fully earned under the Absolute Component, awards may still be earned or increased under the Relative Component.  To the extent awards would otherwise be earned under the Relative Component but Vornado fails to achieve at least a 6% per annum absolute TSR, such awards earned under the Relative Component would be reduced based on Vornado's absolute TSR, with no awards being earned in the event Vornado's TSR during the applicable measurement period is 0% or negative, irrespective of the degree to which Vornado may outperform the Index.  Distributions on awards earned accrue during the performance period.

If the designated performance objectives are achieved, OPP units are also subject to time-based vesting requirements. Awards earned under the OPPs vest 33% in year three, 33% in year four and 34% in year five. Vornado's executive officers (for the purposes of Section 16 of the Exchange Act) are required to hold earned 2013, 2014 and 2015 OPP awards for one year following vesting.

The fair value of the 2012, 2013, 2014 and 2015OPPs on the date of grantwas $12,250,000, $6,814,000, $8,202,000, and $9,120,000,respectively. Such amounts are being amortized into expense over a five-year period from the date of grant, using a graded vesting attribution model.In the years ended December 31, 2014, 2013 and 2012, we recognized $6,185,000, $3,226,000 and $2,826,000, respectively, of compensation expense related to OPPs. As of December 31, 2014, there was $11,937,000 of total unrecognized compensation cost related to the OPPs, which will be recognized over a weighted-average period of 1.4 years.

15.       Stock-based Compensation - continued

Stock Options

Stock options are granted at an exercise price equal to the average of the high and low market price of Vornado's common shares on the NYSE on the date of grant, generally vest over four years and expire 10 years from the date of grant. Compensation expense related to Vornado stock option awards is recognized on a straight-line basis over the vesting period.In the years ended December 31, 2014, 2013 and 2012, we recognized $4,550,000, $8,234,000 and $8,638,000, respectively, of compensation expense related to Vornado stock options that vested during each year. As of December 31, 2014, there was $1,855,000of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 1.5years.

Below is a summary of Vornado's stock option activity for the year ended December 31, 2014.

					Weighted-
			Weighted-		Average
			Average		Remaining	Aggregate
			Exercise		Contractual	Intrinsic
		Shares	Price		Term	Value
Outstanding at January 1, 2014		3,248,699	$	67.51
Granted		49,088		91.32
Exercised		(434,204)		67.27
Cancelled or expired		(43,468)		104.74
Outstanding at December 31, 2014		2,820,115	$	67.38	4.6	$	145,317,000
Options vested and expected to vest at
	December 31, 2014	2,818,587	$	67.37	4.6	$	145,271,000
Options exercisable at December 31, 2014		2,606,260	$	65.62	4.4	$	138,912,000

The fair value of each option grant is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2014, 2013 and 2012.

	December 31,
	2014	2013	2012
Expected volatility	36.00%	36.00%	36.00%
Expected life	5.0 years	5.0 years	5.0 years
Risk free interest rate	1.81%	0.91%	1.05%
Expected dividend yield	4.10%	4.30%	4.30%

The weighted average grant date fair value of options granted during the years ended December 31, 2014, 2013 and 2012 was $20.31, $17.18 and $17.50, respectively. Cash received from option exercises for the years ended December 31, 2014, 2013 and 2012 was $17,441,000, $5,915,000 and $9,546,000, respectively. The total intrinsic value of options exercised during the years ended December 31, 2014, 2013 and 2012 was $18,223,000, $3,386,000 and $40,887,000, respectively.

15.       Stock-based Compensation - continued

Restricted Stock

Restricted stock awards are granted at the average of the high and low market price of Vornado's common shares on the NYSE on the date of grant and generally vest over four years. Compensation expense related to restricted stock awards is recognized on a straight-line basis over the vesting period. In the years ended December 31, 2014, 2013 and 2012, we recognized $1,303,000, $1,344,000 and $1,604,000, respectively, of compensation expense related to restricted stock awards that vested during each year. As of December 31, 2014, there was $1,468,000 of total unrecognized compensation cost related to unvested restricted stock, which is expected to be recognized over a weighted-average period of1.7 years. Dividends paid on unvested restricted stock are charged directly to retained earnings and amounted to $88,000, $110,000 and $200,000 for the years ended December 31, 2014, 2013 and 2012, respectively.

Below is a summary of Vornado's restricted stock activity under the Plan for the year ended December 31, 2014.

			Weighted-Average
			Grant-Date
Unvested Shares		Shares	Fair Value
	Unvested at January 1, 2014	29,664	$	79.24
	Granted	11,475		91.31
	Vested	(15,733)		74.61
	Cancelled or expired	(2,957)		87.42
	Unvested at December 31, 2014	22,449		87.58

Restricted stock awards granted in 2014, 2013 and 2012 had a fair value of $1,048,000, $857,000 and $929,000, respectively. The fair value of restricted stock that vested during the years ended December 31, 2014, 2013 and 2012 was $1,174,000, $1,194,000 and $1,864,000, respectively.

Restricted Operating Partnership Units (“OP Units”)

OP Units are granted at the average of the high and low market price of Vornado's common shares on the NYSE on the date of grant, vest ratably over four years and are subject to a taxable book-up event, as defined. Compensation expense related to OP Units is recognized ratably over the vesting period using a graded vesting attribution model. In the years ended December 31, 2014, 2013 and 2012, we recognized $24,603,000, $22,110,000and $17,520,000, respectively, of compensation expense related to OP Units that vested during each year. As of December 31, 2014, there was $20,798,000 of total unrecognized compensation cost related to unvested OP Units, which is expected to be recognized over a weighted-average period of 1.7 years. Distributions paid on unvested OP Units are charged to “preferred unit distributions” on our consolidated statements of income and amounted to $2,866,000, $2,598,000 and $3,203,000in the years ended December 31, 2014, 2013 and 2012, respectively.

Below is a summary of restricted OP unit activity under the Plan for the year ended December 31, 2014.

			Weighted-Average
			Grant-Date
Unvested Units		Units	Fair Value
	Unvested at January 1, 2014	765,971	$	76.27
	Granted	226,638		86.79
	Vested	(327,555)		69.48
	Cancelled or expired	(6,575)		83.16
	Unvested at December 31, 2014	658,479		83.20

OP Units granted in 2014, 2013 and 2012 had a fair value of $19,669,000, $31,947,000 and $16,464,000, respectively. The fair value of OP Units that vested during the years ended December 31, 2014, 2013 and 2012 was $22,758,000, $16,404,000 and $15,014,000, respectively.

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Redeemable Partnership Units

12 Months Ended

Dec. 31, 2014

Redeemable Noncontrolling Interests [Abstract]

Redeemable Partnership Units

11. Redeemable Partnership Units

Redeemable partnership units on our consolidated balance sheets are primarily comprised of Class A units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “partners' capital” on our consolidated balance sheets. Class A units may be tendered for redemption to us for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder.

Below are the details of redeemable partnership units as of December 31, 2014 and 2013.

(Amounts in thousands, except units and										Preferred or
per unit amounts)		Balance as of				Units Outstanding at		Per Unit		Annual
		December 31,				December 31,		Liquidation		Distribution
Unit Series		2014			2013	2014	2013	Preference		Rate
Common:
	Class A units held by third parties	$	1,336,780	$	1,002,620	11,356,550	11,292,038		n/a	$	2.92
Redeemable Preferred: (1)
	5.00% D-16 Cumulative Redeemable	$	1,000	$	1,000	1	1	$	1,000,000.00	$	50,000.00
(1)	Holders may tender units for redemption to us for cash at their stated redemption amount; Vornado, at its option, may assume that obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at any time.

Below is a table summarizing the activity of redeemable partnership units.
	(Amounts in thousands)
	Balance at December 31, 2012	$	944,152
	Net income		24,817
	Other comprehensive income		5,296
	Distributions		(34,053)
	Redemption of Class A units, at redemption value		(25,317)
	Adjustments to carry redeemable Class A units at redemption value		108,252
	Redemption of Series D-15 redeemable units		(36,900)
	Other, net		17,373
	Balance at December 31, 2013		1,003,620
	Net income		47,613
	Other comprehensive income		1,323
	Distributions		(33,469)
	Redemption of Class A units, at redemption value		(27,273)
	Adjustments to carry redeemable Class A units at redemption value		315,276
	Other, net		30,690
	Balance at December 31, 2014	$	1,337,780

Redeemable partnership units exclude our Series G Convertible Preferred units and Series D-13 Cumulative Redeemable Preferred units, as they are accounted for as liabilities in accordance with ASC 480, Distinguishing Liabilities and Equity, because of their possible settlement by issuing a variable number of Vornado common shares. Accordingly, the fair value of these units is included as a component of “other liabilities” on our consolidated balance sheets and aggregated $55,097,000 as of December 31, 2014 and 2013.

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Interest and Other Investment Income (Loss), Net (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Dividends and interest on marketable securities	$ 12,707	$ 11,446	$ 11,979
Mark-to-market of investments in our deferred compensation plan	11,557	10,636	6,809
Interest on mezzanine loans receivable	3,920	19,495	13,861
Losses from the disposition of investment in J.C. Penney	0	(72,974)	(300,752)
Other, net	10,568	6,510	6,903
Interest and other investment (loss) income, net	$ 38,752	$ (24,887)	$ (261,200)

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Mortgage and Mezzanine Loans Receivable

12 Months Ended

Dec. 31, 2014

Mezzanine Loans Receivable [Abstract]

Mortgage and Mezzanine Loans Receivable

7. Mortgage and Mezzanine Loans Receivable

In October 2012, we acquired a 25% participation in a $475,000,000 first mortgage and mezzanine loan for the acquisition and redevelopment of a 10-story retail building at 701 Seventh Avenue in Times Square.  The loan had an interest rate of LIBOR plus 10.2%, with a LIBOR floor of 1.0%.  Of the $475,000,000, we funded $93,750,000, representing our 25% share of the $375,000,000 that was funded at acquisition. In March 2013, we transferred at par, the 25% participation in the mortgage loan. The transfer did not qualify for sale accounting given our continuing interest in the mezzanine loan. Accordingly, we continued to include the 25% participation in the mortgage loan in “other assets” and recorded a $59,375,000 liability in “other liabilities”on our consolidated balance sheet as of December 31, 2013. On January 14, 2014, the mortgage and mezzanine loanswere repaid; accordingly, the $59,375,000 asset and liability were eliminated.

On April 17, 2013, a $50,091,000 mezzanine loan that was scheduled to mature in August 2015, was repaid. In connection therewith, we received net proceeds of $55,358,000, including prepayment penalties, which resulted in income of $5,267,000, which is included in “interest and other investment income (loss), net” on our consolidated statement of income.

In March 2014, a $30,000,000 mezzanine loan that was scheduled to mature in January 2015 was repaid. In May 2014, a $25,000,000 mezzanine loan that was scheduled to mature in November 2014 was repaid.

As of December 31, 2014 and 2013, the carrying amounts of mortgage and mezzanine loans receivable were $16,748,000and $170,972,000, respectively, net of an allowance of $5,811,000 and $5,845,000, respectively, and are included in “other assets” on our consolidated balance sheets. These loans have a weighted average interest rate of 9.1%and 11.0% at December 31, 2014 and 2013, respectively and have maturities ranging from April 2015to May 2016.

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Marketable Securities and Derivative Instruments: Derivative Instruments (Narratives) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended			0 Months Ended	3 Months Ended	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 19, 2013	Mar. 31, 2013	Sep. 30, 2013
Derivative [Line Items]
Proceeds from sales of, and return of investment in, marketable securities	$ 0	$ 378,709	$ 60,258
JC Penney [Member]
Summary Of Derivative Instruments [Abstract]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities					39,487
Derivative [Line Items]
Closing share price (in dollars per share)					$ 15.11	$ 14.29
Impairment loss					39,487
Loss from the mark-to-market of J.C. Penney derivative position				33,487
Net loss on sale of common shares in J.C Penney						54,914
Sale of Stock, Number of Shares						23,400,000
Proceeds from sales of, and return of investment in, marketable securities						334,500
Lexington Realty Trust [Member] | Maximum [Member]
Derivative [Line Items]
Ownership Percentage					17.20%
Lexington Realty Trust [Member] | Minimum [Member]
Derivative [Line Items]
Ownership Percentage					8.80%
Other Investments [Member]
Derivative [Line Items]
Marketable Securities Gain (Loss)		31,741	3,582
Proceeds from sales of, and return of investment in, marketable securities		$ 44,209	$ 58,718
Shares Owned [Member] | JC Penney [Member]
Derivative [Line Items]
Ownership common shares, investee (in shares)					8,584,010
Common Shares [Member] | JC Penney [Member]
Derivative [Line Items]
Receipt of common shares by settling forward contract				4,815,990

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Marketable Securities and Derivative Instruments

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Marketable Securities [Abstract]

Derivative Instrument and Marketable Securities

5.Marketable Securities and Derivative Instruments

Our portfolio of marketable securities is comprised of equity securities that are classified as available-for-sale. Available-for-sale securities are presented on our consolidated balance sheets at fair value. Unrealized gains and losses resulting from the mark-to-market of these securities are included in “other comprehensiveincome (loss).” Realized gains and losses are recognized in earnings only upon the sale of the securities and are recorded based on the weighted average cost of such securities.

We evaluate our portfolio of marketable securities for impairment each reporting period. For each of the securities in our portfoliowith unrealized losses, we review the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline. In our evaluation, we consider our ability and intent to hold these investments for a reasonable period of time sufficient for us to recover our cost basis. We also evaluate the near-term prospects for each of these investments in relation to the severity and duration of the decline.

	Below is a summary of our marketable securities portfolio as of December 31, 2014 and 2013.
		As of December 31, 2014						As of December 31, 2013
				GAAP		Unrealized				GAAP		Unrealized
		Fair Value		Cost		Gain		Fair Value		Cost		Gain
Equity securities:
	Lexington Realty Trust	$	202,789	$	72,549	$	130,240	$	188,567	$	72,549	$	116,018
	Other		3,534		-		3,534		3,350		59		3,291
		$	206,323	$	72,549	$	133,774	$	191,917	$	72,608	$	119,309

Investment in Lexington Realty Trust (“Lexington”) (NYSE: LXP)

From the inception of our investment in Lexington in 2008, until the first quarter of 2013, we accounted for our investment under the equity method because of our ability to exercise significant influence over Lexington's operating and financial policies. As a result of Lexington's common share issuances, our ownership interest was reduced over time from approximately 17.2% to 8.8% at March 31, 2013. In the first quarter of 2013, we concluded that we no longer have the ability to exercise significant influence over Lexington's operating and financial policies, and began accounting for this investment as a marketable equity security – available for sale, in accordance with ASC Topic 320, Investments – Debt and Equity Securities.

Investment in J.C. Penney Company, Inc. (“J.C. Penney”) (NYSE: JCP)

In the first quarter of 2013, we wrote down 8,584,010 J.C. Penney common shares we owned to fair value, based on J.C. Penney's March 31, 2013 closing share price of $15.11 per share, and recorded a $39,487,000 impairment loss. On September 19, 2013, we settled a forward contract and received 4,815,990 J.C. Penney common shares. In connection therewith, we recognized a $33,487,000 loss from the mark-to-market of the derivative position through its settlement date. These losses are included in “interest and other investment income (loss), net” on our consolidated statements of income.

In March 2013 and September 2013, we sold an aggregate of 23,400,000 J.C. Penney common shares at a price of $14.29 per share, or $334,500,000, resulting in a net loss of $54,914,000. The net losses resulting from these sales are included in “net gain on disposition of wholly owned and partially owned assets” on our consolidated statements of income.

Other Investments

During 2013 and 2012, we sold other marketable securities for aggregate proceeds of $44,209,000 and $58,718,000, respectively, resulting in net gains of $31,741,000 and $3,582,000, respectively, which are included as a component of “net gain on disposition of wholly owned and partially owned assets” on our consolidated statements of income.

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Investments in Partially Owned Entities

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investments in Partially Owned Entities

6. Investments in Partially Owned Entities

Toys “R” Us (“Toys”)

As of December 31, 2014, we own 32.6% of Toys. We account for our investment in Toys under the equity method and record our share of Toys' net income or loss on a one-quarter lag basis because Toys' fiscal year ends on the Saturday nearest January 31, and our fiscal year ends on December 31. The business of Toys is highly seasonal and substantially all of Toys' net income is generated in its fourth quarter.

We have not guaranteed any of Toys' obligations and are not committed to provide any support to Toys.  Pursuant to ASC 323-10-35-20, we discontinued applying the equity method for our Toys' investment when the carrying amount was reduced to zero in the third quarter of 2014. We will resume application of the equity methodif during the period the equity method was suspended our share of unrecognized net income exceeds our share of unrecognized net losses.

In the first quarter of 2013, we recognized our share of Toys' fourth quarter net income of $78,542,000 and a corresponding non-cash impairment loss of the same amount to continue to carry our investment at fair value.

At December 31, 2013, we estimated that the fair value of our investment in Toys was approximately $80,062,000 ($83,224,000 including $3,162,000 for our share of Toys' accumulated other comprehensive income),or $162,215,000less than the carrying amount after recognizing our share of Toys' third quarter net loss in our fourth quarter.In determining the fair value of our investment, we considered, among other inputs, a December 31, 2013 third-party valuation of Toys. As of December 31, 2013, we have concluded that the decline in the value of our investment was “other-than-temporary” based on, among other factors, Toys' 2013 holiday sales results, compression of earnings multiples of comparable retailers and our inability to forecast a recovery in the near term. Accordingly, we recognized an additional non-cash impairment loss of $162,215,000 in the fourth quarter of 2013.

In the first quarter of 2014, we recognized our share of Toys' fourth quarter net income of $75,196,000 and a corresponding non-cash impairment loss of the same amount to continue to carry our investment at fair value.

Below is a summary of Toys' latest available financial information on a purchase accounting basis:

(Amounts in thousands)					Balance as of
Balance Sheet:					November 1, 2014		November 2, 2013
	Assets				$	11,267,000	$	11,756,000
	Liabilities					10,377,000		10,437,000
	Noncontrolling interests					82,000		75,000
	Toys “R” Us, Inc. equity (1)					808,000		1,244,000
			For the Twelve Months Ended
Income Statement:			November 1, 2014		November 2, 2013		October 27, 2012
	Total revenues		$	12,645,000	$	13,046,000	$	13,698,000
	Net (loss) income attributable to Toys			(343,000)		(396,000)		138,000
(1)		At December 31, 2014, the carrying amount of our investment in Toys is less than our share of Toys' equity by approximately $263,455. This basis difference results primarily from non-cash impairment losses aggregating $355,953 that we have recognized through December 31, 2014. We have allocated the basis difference primarily to Toys' real estate, which is being amortized over its remaining estimated useful life.

Alexander's, Inc. (“Alexander's”) (NYSE: ALX)

As ofDecember 31, 2014, we own1,654,068 Alexander's common shares, or approximately 32.4% of Alexander's common equity. We manage, lease and develop Alexander's properties pursuant to agreements which expire in March of each year and are automatically renewable.

6. Investments in Partially Owned Entities – continued

Alexander's, Inc. (“Alexander's”) (NYSE: ALX)- continued

As of December 31, 2014 the market value (“fair value” pursuant to ASC 820) of our investment in Alexander's, based on Alexander's December 31, 2014 closing share price of $437.18, was $723,125,000, or $591,509,000 in excess of the carrying amount on our consolidated balance sheet. As of December 31, 2014, the carrying amount of our investment in Alexander's, excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexander's by approximately $42,048,000. The majority of this basis difference resulted from the excess of our purchase price for the Alexander's common stock acquired over the book value of Alexander's net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Alexander's assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation is not material to our share of equity in Alexander's net income. The basis difference related to the land will be recognized upon disposition of our investment.

Management, Leasing and Development Agreements

We receive an annual fee for managing Alexander's and all of its properties equal to the sum of (i) $2,800,000, (ii) 2% of the gross revenue from the Rego Park II Shopping Center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $280,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue.In addition, we are entitled to a development fee of 6% of development costs, as defined.

We provide Alexander's with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through twentieth year of a lease term and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by Alexander's tenants. In the event third-party real estate brokers are used, our fee increases by 1% and we are responsible for the fees to the third-parties. We are also entitled to a commission upon the sale of any of Alexander's assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000, and1% of gross proceeds, as defined, for asset sales of $50,000,000 or more.The total of these amounts was payable to us in annual installments in an amount not to exceed $4,000,000 with interest on the unpaid balance at one-year LIBOR plus 1.0% (1.58% at December 31, 2014).

On December 22, 2014, the leasing agreements with Alexander's were amended to eliminate the annual installment cap of $4,000,000. In addition, Alexander's repaid to us the outstanding balance of $40,353,000.

On January 15, 2015, we completed the spin-off of 79 strip shopping centers, three malls, a warehouse park and $225,000,000 of cashto UE and the transfer of all of the employees responsible for the management and leasing of those assets. In addition, we entered into agreements with UE to provide management and leasing services, on our behalf, for Alexander's Rego Park retail assets. Fees for these services are similar to the fees we are receiving from Alexander's described above.

Other Agreements

Building Maintenance Services (“BMS”), our wholly-owned subsidiary, supervises (i) cleaning, engineering and security services at Alexander's 731 Lexington Avenue property and (ii) security services at Alexander's Rego Park I and Rego Park II properties, for an annual fee of the costs for such services plus 6%. During the years ended December 31, 2014,2013 and 2012, we recognized $2,318,000, $2,036,000 and $2,362,000of income, respectively, under these agreements.

Below is a summary of Alexander's latest available financial information:

(Amounts in thousands)				Balance as of December 31,
Balance Sheet:				2014		2013
	Assets			$	1,423,000	$	1,458,000
	Liabilities				1,075,000		1,124,000
	Stockholders' equity				348,000		334,000
		For the Year Ended December 31,
Income Statement:		2014		2013		2012
	Total revenues	$	201,000	$	196,000	$	191,000
	Net income attributable to Alexander’s (1)		68,000		57,000		674,000
(1)	2012 includes a $600,000 net gain on sale of real estate.

6. Investments in Partially Owned Entities – continued

LNR Property LLC (“LNR”)

In January 2013, we and the other equity holders of LNR entered into a definitive agreement to sell LNR for $1.053 billion, of which our share of the net proceeds was $240,474,000. The definitive agreement provided that LNR would not (i) make any cash distributions to the equity holders, including us, through the completion of the sale, which occurred on April 19, 2013, and (ii) take any of the following actions (among others) without the purchaser's approval, the lending or advancing of any money, the acquisition of assets in excess of specified amounts, or the issuance of equity interests. Notwithstanding the terms of the definitive agreement, in accordance with GAAP, we recorded our pro rata share of LNR's earnings on a one-quarter lag basis through the date of sale, which increased the carrying amount of our investment in LNR above our share of the net sales proceeds and resulted in us recognizing a $27,231,000 “other-than-temporary” impairment loss on our investment in the three months ended March 31, 2013.

One Park Avenue

On June 26, 2014, we invested an additional $22,700,000 to increase our ownership in One Park Avenue to 55.0% from 46.5% through a joint venture with an institutional investor, who increased its ownership interest to 45.0%(see Note 3 –Vornado Capital Partners Real Estate Fund). The transaction was based on a property valueof $560,000,000. The propertyis encumbered by a $250,000,000 interest-only mortgage loan that bears interest at 4.995% and matures in March 2016. We account for our investment in the joint venture under the equity method because we share control over major decisions with our joint venture partner.

61 Ninth Avenue

On July 23, 2014, a joint venture in which we are a 50.1% partner entered into a 99-year ground lease for 61 Ninth Avenue located on the Southwest corner of Ninth Avenue and 15th Street in Manhattan. The venture's current plans are to construct an office building, with retail at the base, of approximately 130,000 square feet. Total development costs are currently estimated to be approximately $125,000,000. We account for our investment in the joint venture under the equity method because we share control over major decisions with our joint venture partner.

The following is a summary of condensed combined financial information for all of our partially owned entities, including Toys, Alexander'sand LNR (sold in April 2013),as of December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012.

(Amounts in thousands)				Balance as of December 31,
Balance Sheet:				2014		2013
	Assets			$	21,389,000	$	21,773,000
	Liabilities				17,986,000		17,982,000
	Noncontrolling interests				104,000		96,000
	Equity				3,299,000		3,695,000
		For the Year Ended December 31,
Income Statement:		2014		2013		2012
	Total revenue	$	13,620,000	$	14,092,000	$	15,119,000
	Net (loss) income(1)		(434,000)		(368,000)		1,091,000
(1)	2012 includes a $600,000 net gain on sale of real estate.

6. Investments in Partially Owned Entities - continued

Below are schedules summarizing our investments in, and income from, partially owned entities.

			Percentage
(Amounts in thousands)			Ownership at	As of December 31,
Investments:			December 31, 2014	2014		2013
	Toys		32.6%	$	-	$	83,224
	Alexander’s		32.4%	$	131,616	$	167,785
	India real estate ventures		4.1%-36.5%		76,752		88,467
	Partially owned office buildings (1)		Various		760,749		621,294
	Other investments (2)		Various		277,379		288,897
				$	1,246,496	$	1,166,443
______________________________________________________
(1)		Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others.
(2)		Includes interests in Independence Plaza, Monmouth Mall, 85 Tenth Avenue, Fashion Center Mall, 50-70 West 93rd Street and others.

				Percentage
(Amounts in thousands)				Ownership at		For the Year Ended December 31,
Our Share of Net (Loss) Income:				December 31, 2014		2014		2013		2012
	Toys:
		Equity in net (loss) earnings			32.6%	$	(4,691)	$	(128,919)	$	45,267
		Non-cash impairment losses (see page 83 for details)					(75,196)		(240,757)		(40,000)
		Management fees					6,331		7,299		9,592
						$	(73,556)	$	(362,377)	$	14,859
	Alexander's:
		Equity in net income			32.4%	$	21,287	$	17,721	$	24,709
		Management, leasing and development fees					8,722		6,681		13,748
		Net gain on sale of real estate					-		-		179,934
							30,009		24,402		218,391
	India real estate ventures (1)				4.1%-36.5%		(8,309)		(3,533)		(5,008)
	Partially owned office buildings (2)				Various		93		(4,212)		(3,770)
	Other investments (3)				Various		(6,368)		(10,817)		103,644
	LNR (see page 85 for details):
		Equity in net income			n/a		-		42,186		66,270
		Impairment loss					-		(27,231)		-
		Net gain on sale					-		3,776		-
							-		18,731		66,270
	Lexington (see page 82 for details): (4)				n/a
		Equity in net loss					-		(979)		(23)
		Net gain resulting from Lexington's stock issuance and asset
			acquisition				-		-		28,763
							-		(979)		28,740
						$	15,425	$	23,592	$	408,267
______________________________________________________
(1)			Includes a $5,771 non-cash impairment loss in 2014.
(2)			Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others.
(3)			Includes interests in Independence Plaza, Monmouth Mall, 85 Tenth Avenue, Fashion Center Mall, 50-70 West 93rd Street and others. In the third quarter of 2014, we recognized a $10,263 non-cash charge, comprised of a $5,959 impairment loss and a $4,304 loan loss reserve, on our equity and debt investments in Suffolk Downs.
(4)			In the first quarter of 2013, we began accounting for our investment in Lexington as a marketable equity security - available for sale.

6. Investments in Partially Owned Entities - continued

		Below is a summary of the debt of our partially owned entities as of December 31, 2014 and 2013, none of which is recourse to us.
			Percentage		Interest
			Ownership at		Rate at	100% Partially Owned Entities’
(Amounts in thousands)			December 31,		December 31,	Debt at December 31,
			2014	Maturity	2014	2014		2013
Toys:
	Notes, loans and mortgages payable		32.6%	2015-2021	7.23%	$	5,748,350	$	5,702,247
Alexander's:
	Mortgages payable		32.4%	2015-2021	2.59%	$	1,032,780	$	1,049,959
Partially owned office buildings(1):
	Mortgages payable		Various	2015-2023	5.59%	$	3,691,274	$	3,622,759
India Real Estate Ventures:
	TCG Urban Infrastructure Holdings mortgages
		payable	25.0%	2015-2026	13.25%	$	183,541	$	199,021
Other(2):
	Mortgages payable		Various	2015-2023	4.33%	$	1,480,485	$	1,709,509
(1)		Includes 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others.
(2)		Includes Independence Plaza, Monmouth Mall, Fashion Center Mall, 50-70 West 93rd Street and others.

Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned entities, was $4,273,632,000and $4,189,403,000 as of December 31, 2014 and 2013, respectively.

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Dispositions

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

8. Dispositions

Discontinued Operations

2014 Activity:

New York

On December 18, 2014, we completed the sale of 1740 Broadway, a 601,000 square foot office building in Manhattan for $605,000,000. The sale resulted in net proceeds of approximately $580,000,000, after closing costs, and resulted in a financial statement gain of approximately $441,000,000. The tax gain of approximately $484,000,000,was deferred in like-kind exchanges, primarily for the acquisition of the St. Regis Fifth Avenue retail (see Note 4 – Acquisitions).

Retail Properties

On February 24, 2014, we completed the sale of Broadway Mall in Hicksville, Long Island, New York, for $94,000,000. The sale resulted in net proceeds of $92,174,000 after closing costs.

On March 2, 2014, we entered into an agreement to transfer upon completion, the redeveloped Springfield Town Center, a 1,350,000 square foot mall located in Springfield, Fairfax County, Virginia, to Pennsylvania Real Estate Investment Trust (NYSE: PEI) (“PREIT”) in exchange for $465,000,000 comprised of $340,000,000 of cash and $125,000,000 of PREIT operating partnership units. In connection therewith, we recorded a non-cash impairment loss of $20,000,000 in the first quarter of 2014, which is included in “income from discontinued operations” on our consolidated statements of income. The redevelopment was substantially completed in October 2014, at which time we reclassified the assets, liabilities and financial results to discontinued operations, and the transferof the property to PREIT wascompleted on March 31, 2015.

On July 8, 2014, we completed the sale of Beverly Connection, a 335,000 square foot power shopping center in Los Angeles, California, for $260,000,000, of which $239,000,000 was cash and $21,000,000 was 10-year mezzanine seller financing. The sale resulted in a net gain of $44,155,000, which was recognized in the third quarter of 2014.

In addition to the above, during 2014, we sold six of the 22 strip shopping centers which did not fit UE's strategy (see Note 1 – Organization and Business), in separate transactions, for an aggregate of $66,410,000 in cash, which resulted in a net gain aggregating $22,500,000.

2013 Activity:

New York

On December 17, 2013, we sold 866 United Nations Plaza, a 360,000 square foot office building in Manhattan for $200,000,000. The sale resulted in net proceeds of $146,439,000 after repaying the existing loan and closing costs, and a net gain of $127,512,000.

Retail Properties

On January 24, 2013, we sold the Green Acres Mall located in Valley Stream, New York, for $500,000,000. The sale resulted in net proceeds of $185,000,000 after repaying the existing loan and closing costs, and a net gain of $202,275,000.

On April 15, 2013, we sold The Plant, a power strip shopping center in San Jose, California, for $203,000,000. The sale resulted in net proceeds of $98,000,000 after repaying the existing loan and closing costs, and a net gain of $32,169,000.

On April 15, 2013, we sold a retail property in Philadelphia, which is a part of the Gallery at Market Street, for $60,000,000. The sale resulted in net proceeds of $58,000,000, and a net gain of $33,058,000.

On September 23, 2013, we sold a retail property in Tampa, Florida for $45,000,000, of which our 75% share was $33,750,000. Our share of the net proceeds after repaying the existing loan and closing costs were $20,810,000, and our share of the net gain was $8,728,000.

In addition to the above, during 2013, we sold 12 other properties, in separate transactions, for an aggregate of $82,300,000, in cash, which resulted in a net gain aggregating $7,851,000.

8. Dispositions - continued

2012 Activity:

Washington, DC

On July 26, 2012, we sold 409 Third Street S.W., a 409,000 square foot office building in Washington, DC, for $200,000,000, which resulted in a net gain of $126,621,000.

On November 7, 2012, we sold three office buildings (“Reston Executive”) located in suburban Fairfax County, Virginia, containing 494,000 square feet for $126,250,000, which resulted in a net gain of $36,746,000.

Merchandise Mart

On January 6, 2012, we sold the 350 West Mart Center, a 1.2 million square foot office building in Chicago, Illinois, for $228,000,000, which resulted in a net gain of $54,911,000.

On June 22, 2012, we sold the L.A. Mart, a 784,000 square foot showroom building in Los Angeles, California, for $53,000,000, of which $18,000,000 was cash and $35,000,000 was nine-month seller financing at 6.0%, which was paid on December 28, 2012.

On July 26, 2012, we sold the Washington Design Center, a 393,000 square foot showroom building in Washington, DC and the Canadian Trade Shows, for an aggregate of $103,000,000. The sale of the Canadian Trade Shows resulted in an after-tax net gain of $19,657,000.

On December 31, 2012, we sold the Boston Design Center, a 554,000 square foot showroom building in Boston, Massachusetts, for $72,400,000, which resulted in a net gain of $5,252,000.

Retail Properties

In 2012, we sold 12 other properties in separate transactions, for an aggregate of $157,000,000, which resulted in a net gain aggregating $22,266,000.

In accordance with the provisions of ASC 360, Property, Plant, and Equipment, we have reclassified the revenues and expenses of all of the properties discussed above to “income from discontinued operations” and the related assets and liabilities to “assets related to discontinued operations” and “liabilities related to discontinued operations” for all of the periods presented in the accompanying financial statements. The net gains resulting from the sale of these properties are included in “income from discontinued operations” on our consolidated statements of income. The tables below set forth the assets and liabilities related to discontinued operations at December 31, 2014 and 2013, and their combined results of operations for the years ended December 31, 2014, 2013 and 2012.

	Assets Related to				Liabilities Related to
(Amounts in thousands)	Discontinued Operations as of				Discontinued Operations as of
	December 31,				December 31,
	2014		2013		2014		2013
Retail	$	2,238,474	$	2,497,918	$	1,511,362	$	1,441,853
New York		-		138,162		-		-
Total	$	2,238,474	$	2,636,080	$	1,511,362	$	1,441,853
(Amounts in thousands)			For the Year Ended December 31,
			2014		2013		2012
Total revenues			$	394,056	$	499,964	$	581,392
Total expenses				275,828		312,675		418,653
				118,228		187,289		162,739
Net gains on sales of real estate				507,192		414,502		245,799
Impairment losses				(41,474)		(37,170)		(127,839)
Gain on sale of Canadian Trade Shows, net of $11,448 of income taxes				-		-		19,657
Gain on sale of assets other than real estate				-		1,377		8,491
Income from discontinued operations			$	583,946	$	565,998	$	308,847

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Investments in Partially Owned Entities (LNR) (Details) (USD $)	12 Months Ended			1 Months Ended	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 31, 2013	Mar. 31, 2013
Schedule Of Equity Method Investments [Line Items]
Proceeds from the sale of LNR	$ 0	$ 240,474,000	$ 0
LNR [Member]
Schedule Of Equity Method Investments [Line Items]
Sales Of Real Estate				1,053,000,000
Impairment loss					27,231,000
LNR [Member] | Vornado Realty Trust [Member]
Schedule Of Equity Method Investments [Line Items]
Proceeds from the sale of LNR				$ 240,474,000

XML

Interest and Debt Expense (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest Expense Debt [Abstract]
Interest expense	$ 430,278	$ 444,412	$ 427,147
Amortization of deferred financing costs	45,263	23,673	20,889
Capitalized interest and debt expenses	(62,786)	(42,303)	(16,801)
Interest and Debt Expense, Total	$ 412,755	$ 425,782	$ 431,235

XML

Investments in Partially Owned Entities - Debt (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Schedule Of Equity Method Investments [Line Items]
Equity Method Investment Pro Rata Share Debt Of Partially Owned Entities	$ 4,273,632	$ 4,189,403
Toys R Us [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage	32.60%
Maturity, Range, Start	2015
Maturity, Range, End	2021
Interest Rate, End of Period (in percentage)	7.23%
Equity Method Investment Debt Of Partially Owned Entities	5,748,350	5,702,247
Alexanders Inc [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage	32.40%
Maturity, Range, Start	2015
Maturity, Range, End	2021
Interest Rate, End of Period (in percentage)	2.59%
Equity Method Investment Debt Of Partially Owned Entities	1,032,780	1,049,959
Partially owned office buildings [Member]
Schedule Of Equity Method Investments [Line Items]
Maturity, Range, Start	2015
Maturity, Range, End	2023
Interest Rate, End of Period (in percentage)	5.59%
Equity Method Investment Debt Of Partially Owned Entities	3,691,274	3,622,759
India real estate ventures [Member] | Minimum [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage	4.10%
India real estate ventures [Member] | Maximum [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage	36.50%
India real estate ventures [Member] | Tcg Urban Infrastructure Holdings [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage	25.00%
Maturity, Range, Start	2015
Maturity, Range, End	2026
Interest Rate, End of Period (in percentage)	13.25%
Equity Method Investment Debt Of Partially Owned Entities	183,541	199,021
Other equity method investments [Member]
Schedule Of Equity Method Investments [Line Items]
Maturity, Range, Start	2015
Maturity, Range, End	2023
Interest Rate, End of Period (in percentage)	4.33%
Equity Method Investment Debt Of Partially Owned Entities	$ 1,480,485	$ 1,709,509

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Investments in Partially Owned Entities (Alexander's Inc.) (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 22, 2014	Jan. 15, 2015
Leasing Agreement [Abstract]
Fee And Other Income	$ 155,206,000	$ 155,571,000	$ 119,077,000
Condensed Financial Information For Equity Method Investments [Abstract]
Assets	21,389,000,000	21,773,000,000
Liabilities	17,986,000,000	17,982,000,000
Noncontrolling interests	104,000,000	96,000,000
Equity	3,299,000,000	3,695,000,000
Total revenue	13,620,000,000	14,092,000,000	15,119,000,000
Net (loss) income attributable to investee	(434,000,000)	(368,000,000)	1,091,000,000
Equity Method Investment Summarized Financial Information Gain On Sale Of Real Estate Assets			600,000,000
Retail Segment Strip Shopping Centers [Member]
Managment And Development Agreement [Abstract]
Number Of Real Estate Properties	22
Subsequent Event [Member] | Urban Edge Properties [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Equity method ownership percentage					5.40%
Managment And Development Agreement [Abstract]
Cash Considerations Transferred During Spin Off					225,000,000
Subsequent Event [Member] | Urban Edge Properties [Member] | Retail Segment Strip Shopping Centers [Member]
Managment And Development Agreement [Abstract]
Number Of Real Estate Properties					79
Subsequent Event [Member] | Urban Edge Properties [Member] | Retail Segment Regional Malls [Member]
Managment And Development Agreement [Abstract]
Number Of Real Estate Properties					3
Subsequent Event [Member] | Urban Edge Properties [Member] | Warehouse [Member]
Managment And Development Agreement [Abstract]
Number Of Real Estate Properties					1
Alexanders Inc [Member]
Equity Method Investments And Income From Equity Method Investments [Abstract]
Ownership common shares, investee (in shares)	1,654,068
Equity method ownership percentage	32.40%
Closing share price (in dollars per share)	$ 437.18
Equity Method Investment Market Value	723,125,000
Excess of investee's fair value over carrying amount	591,509,000
Excess of investee's carrying amount over equity in net assets	42,048,000
Managment And Development Agreement [Abstract]
Property Management Fee Description	equal to the sum of (i) $2,800,000, (ii) 2% of the gross revenue from the Rego Park II Shopping Center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $280,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue.
Management and Development fee income	2,800,000
Development Fee Percent	6.00%
Leasing Agreement [Abstract]
Leasing Services Fee Description	leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through twentieth year of a lease term and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by Alexander’s tenants. In the event third-party real estate brokers are used, our fee increases by 1% and we are responsible for the fees to the third-parties.
Lease Fee Percentage Of Rent One To Ten Years	3.00%
Lease Fee Percentage Of Rent Eleven To Twenty Years	2.00%
Lease Fee Percentage Of Rent Twenty First To Thirty Years	1.00%
Percentage Increase Lease Fee If Broker Used	1.00%
Asset Sale Commission Threshold	50,000,000
Percentage Commissions On Sale Of Assets Under Fifty Million	3.00%
Percentage Commissions On Sale Of Assets Over Fifty Million	1.00%
Leasing Services Fee And Commission On Asset Sales Annual Installment Maximum				4,000,000
Debt Instrument, Description of Variable Rate Basis	one-year LIBOR
Spread Over LIBOR (in percentage)	1.00%
Unpaid Balance Year End Interest Rate	1.58%
Repayment of Alexander's Inc. leasing commissions				40,353,000
Other Agreements [Abstract]
Fee Income recognized by equity method investees for building maintenance services	2,318,000	2,036,000	2,362,000
Other Financial Data For Equity Method Investments [Abstract]
Commission On Asset Sales Description	commission upon the sale of any of Alexander’s assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000, and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more.
Other Services Fee Description	Building Maintenance Services (“BMS”), our wholly-owned subsidiary, supervises (i) cleaning, engineering and security services at Alexander’s 731 Lexington Avenue property and (ii) security services at Alexander’s Rego Park I and Rego Park II properties, for an annual fee of the costs for such services plus 6%.
Condensed Financial Information For Equity Method Investments [Abstract]
Assets	1,423,000,000	1,458,000,000
Liabilities	1,075,000,000	1,124,000,000
Equity	348,000,000	334,000,000
Total revenue	201,000,000	196,000,000	191,000,000
Net (loss) income attributable to investee	68,000,000	57,000,000	674,000,000
Equity Method Investment Summarized Financial Information Gain On Sale Of Real Estate Assets			600,000,000
Alexanders Inc [Member] | Rego Park 2 Property [Member]
Managment And Development Agreement [Abstract]
Property Management Fee Agreement Percentage Of Income	2.00%
Alexanders Inc [Member] | Lexington Avenue 731 [Member]
Managment And Development Agreement [Abstract]
Property Management Fee Agreement Price Per Square Foot	0.50
Alexanders Inc [Member] | Common Area 731 Lexington Avenue [Member]
Managment And Development Agreement [Abstract]
Management and Development fee income	$ 280,000
Property Management Fee Agreement Percentage Of Income	3.00%
Other Agreements [Abstract]
Other Supervisory Fees Percent	6.00%

XML

Summary of Quarterly Results (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 597,010	$ 578,710	$ 574,411	$ 562,381	$ 570,977	$ 578,322	$ 582,258	$ 567,619	$ 2,312,512	$ 2,299,176	$ 2,332,724
Net income (loss) attributable to common shareholders	$ 544,287	$ 139,134	$ 81,333	$ 66,197	$ (73,042)	$ 88,037	$ 154,775	$ 245,923	$ 830,951	$ 415,693	$ 584,598
Net income (loss) per common share - Basic	$ 2.73	$ 0.70	$ 0.41	$ 0.33	$ (0.37)	$ 0.44	$ 0.78	$ 1.24	$ 4.17	$ 2.09	$ 2.95
Net income (loss) per common share - Diluted	$ 2.71	$ 0.69	$ 0.40	$ 0.33	$ (0.37)	$ 0.44	$ 0.78	$ 1.23	$ 4.14	$ 2.08	$ 2.93

XML

Basis of Presentation and Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2014

Basis of Presentation and Significant Accounting Policies [Abstract]

Basis of Presentation Policy

Basis of Presentation

The accompanying consolidated financial statements include the accounts of VornadoRealty L.P. and its consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

New Accounting Pronouncements Policy [Policy Text Block]

Recently Issued Accounting Literature

In April 2014, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2014-08”) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity to ASC Topic 205, Presentation of Financial Statements and ASC Topic 360, Property Plant and Equipment. Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity's results and operations would qualify as discontinued operations. In addition, ASU 2014-08expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations.ASU 2014-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014.Upon adoption of this standard, individual properties sold in the ordinary course of business are not expected to qualify as discontinued operations. The financial results of our strip shopping centers and malls, which were spun off to UE on January 15, 2015, will be treated as a discontinued operation in the first quarter of 2015.

Real Estate [Policy Text Block]

2. Basis of Presentation and Significant Accounting Policies - continued

Significant Accounting Policies

Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over estimated useful lives which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Additions to real estate include interest and debt expense capitalized during construction of $62,786,000 and $42,303,000 for the years ended December 31, 2014 and 2013, respectively.

Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We record acquired intangible assets (including acquired above-market leases, acquired in-place leases and tenant relationships) and acquired intangible liabilities (including below–market leases) at their estimated fair value separate and apart from goodwill. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired.

Our properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property's carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses.

Partially Owned Entities [Policy Text Block]

Partially Owned Entities:We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members as well as whether the entity is a variable interest entity (“VIE”) and we are the primary beneficiary. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the entity is not considered a VIE and the approval of all of the partners/members is contractually required with respect to major decisions, such as operating and capital budgets, the sale, exchange or other disposition of real property, the hiring of a chief executive officer, the commencement, compromise or settlement of any lawsuit, legal proceeding or arbitration or the placement of new or additional financing secured by assets of the venture. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Investments that do not qualify for consolidation or equity method accounting are accounted for on the cost method.

Investments in partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared.

Mezzanine Loans Receivable [Policy Text Block]

Mortgage and Mezzanine Loans Receivable: We invest in mortgage and mezzanine loans of entities that have significant real estate assets. These investments are either secured by the real property or by pledges of the equity interests of the entities owning the underlying real estate. We record these investments at the stated principal amount net of any unamortized discount or premium. We accrete or amortize any discount or premium over the life of the related receivable utilizing the effective interest method or straight-line method, if the result is not materially different. We evaluate the collectibility of both interest and principal of each of our loans whenever events or changes in circumstances indicate such amounts may not be recoverable. A loan is impaired whenit is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the investment to the present value of expected future cash flows discounted at the loan's effective interest rate, or as a practical expedient, to the value of the collateral if the loan is collateral dependent. Interest on impaired loans is recognized when received in cash.

Cash And Cash Equivalents [Policy Text Block]

Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investmentswith original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, and (iii) Certificate of Deposits placed through an Account Registry Service (“CDARS”).

Cash And Cash Equivalents Restricted Cash And Cash Equivalents Policy

Restricted Cash: Restricted cash consists of security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-Kind exchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements.

Allowance For Doubtful Accounts [Policy Text Block]

Allowance for Doubtful Accounts: We periodically evaluate the collectibility of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for receivables arising from the straight-lining of rents. This receivable arises from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates. As of December 31, 2014 and 2013, we had $12,210,000 and $14,519,000, respectively, in allowances for doubtful accounts. In addition, as of December 31, 2014 and 2013, we had $3,188,000 and $4,355,000, respectively, in allowances for receivables arising from the straight-lining of rents.

Deferred Charges [Policy Text Block]

Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct costs related to successful leasing activities are capitalized and amortized on a straight line basis over the lives of the related leases. All other deferred charges are amortized on a straight line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate.

Derivative Instruments and Hedging Activities: ASC 815, Derivatives and Hedging, as amended, establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As of December 31, 2014 and 2013, our derivative instruments consisted ofan interest rate cap and an interest rate swap. We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (loss) (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value are recognized in earnings.

Revenue Recognition [Policy Text Block]

Revenue Recognition: We have the following revenue sources and revenue recognition policies:

•       Base Rent — income arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease.

•       Percentage Rent — income arising from retail tenant leases that is contingent upon tenantsales exceeding defined thresholds. These rents are recognized only after the contingency has been removed (i.e., when tenant sales thresholds have been achieved).

•       Hotel Revenue — income arising from the operation of the Hotel Pennsylvania which consists of rooms revenue, food and beverage revenue, and banquet revenue. Income is recognized when rooms are occupied. Food and beverage and banquet revenue is recognized when the services have been rendered.

•       Trade Shows Revenue — income arising from the operation of trade shows, including rentals of booths. This revenue is recognized when the trade shows have occurred.

•       Expense Reimbursements — revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred.

•       Management, Leasing and Other Fees — income arising from contractual agreements with third parties or with partially owned entities. This revenue is recognized as the related services are performed under the respective agreements.

•Cleveland Medical Mart — revenue arising from the development of the Cleveland Medical Mart. This revenue was recognized as the related services were performed under the respective agreements using the criteria set forth in ASC 605-25, Multiple Element Arrangements.

Income Tax [Policy Text Block]

Income Taxes:As a limited partnership, our partners are required to report their respective share of taxable income on their individual tax returns. The provision for income taxes in our consolidated financial statements relate to certain taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates.

Marketable Securities [Policy Text Block]

Our portfolio of marketable securities is comprised of equity securities that are classified as available-for-sale. Available-for-sale securities are presented on our consolidated balance sheets at fair value. Unrealized gains and losses resulting from the mark-to-market of these securities are included in “other comprehensiveincome (loss).” Realized gains and losses are recognized in earnings only upon the sale of the securities and are recorded based on the weighted average cost of such securities.

We evaluate our portfolio of marketable securities for impairment each reporting period. For each of the securities in our portfoliowith unrealized losses, we review the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline. In our evaluation, we consider our ability and intent to hold these investments for a reasonable period of time sufficient for us to recover our cost basis. We also evaluate the near-term prospects for each of these investments in relation to the severity and duration of the decline.

Redeemable Noncontrolling Interests Policy [Text Block]

11. Redeemable Partnership Units

Redeemable partnership units on our consolidated balance sheets are primarily comprised of Class A units held by third parties and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to “partners' capital” on our consolidated balance sheets. Class A units may be tendered for redemption to us for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder.

Redeemable partnership units exclude our Series G Convertible Preferred units and Series D-13 Cumulative Redeemable Preferred units, as they are accounted for as liabilities in accordance with ASC 480, Distinguishing Liabilities and Equity, because of their possible settlement by issuing a variable number of Vornado common shares.

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Summary of Quarterly Results (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Data [Abstract]

Schedule Of Quarterly Financial Information Table Text Block

						Net Income (Loss)
						Attributable		Net Income (Loss) Per
						to Class A		Class A Unit (2)
	(Amounts in thousands, except per unit amounts)			Revenues		Unitholders (1)		Basic		Diluted
		2014
			December 31	$	597,010	$	544,287	$	2.73	$	2.71
			September 30		578,710		139,134		0.70		0.69
			June 30		574,411		81,333		0.41		0.40
			March 31		562,381		66,197		0.33		0.33
		2013
			December 31	$	570,977	$	(73,042)	$	(0.37)	$	(0.37)
			September 30		578,322		88,037		0.44		0.44
			June 30		582,258		154,775		0.78		0.78
			March 31		567,619		245,923		1.24		1.23
_______________________________
	(1)		Fluctuations among quarters resulted primarily from non-cash impairment losses, mark-to-market of derivative instruments, net gains on sale of real estate and from seasonality of business operations.
	(2)		The total for the year may differ from the sum of the quarters as a result of weighting.

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Variable Interest Entities ("VIEs")

12 Months Ended

Dec. 31, 2014

Variable Interest Entities [Abstract]

Variable Interest Entities ("VIEs")

13. Variable Interest Entities (“VIEs”)

Unconsolidated VIEs

AtDecember31, 2014, we have unconsolidated VIEs comprised of our investments in the entities that own One Park Avenue, Independence Plaza, and the Warner Building, and at December 31, 2013,our unconsolidated VIEs comprised of our investments in the entities that own Independence Plaza and the Warner Building. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that significantly affect these entities' economic performance. We account for our investment in these entities under the equity method (see Note 6 – Investments in Partially Owned Entities). As of December 31, 2014 and 2013, the net carrying amount of our investments in these entities was$286,783,000 and $152,929,000, respectively, and our maximum exposure to loss in these entities, is limited to our investments. We did not have any consolidated VIEs as of December 31, 2014 and 2013.

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Interest and Debt Expense

12 Months Ended

Dec. 31, 2014

Interest Expense Debt [Abstract]

Interest And Debt Expense [Text Block]

18. Interest and Debt Expense

The following table sets forth the details of our interest and debt expense.

(Amounts in thousands)	For the Year Ended December 31,
	2014		2013		2012
Interest expense	$	430,278	$	444,412	$	427,147
Amortization of deferred financing costs		45,263		23,673		20,889
Capitalized interest and debt expense		(62,786)		(42,303)		(16,801)
	$	412,755	$	425,782	$	431,235

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Income Per Class A Unit (Tables)

12 Months Ended

Dec. 31, 2014

Income Per Class A Unit [Abstract]

Schedule Of Earnings Per Share Basic And Diluted [Text Block]

(Amounts in thousands, except per unit amounts)			Year Ended December 31,
			2014		2013		2012
Numerator:
	Income (loss) from continuing operations, net of income attributable to
		noncontrolling interests	$	328,519	$	(62,146)	$	351,979
	Income from discontinued operations, net of income attributable to noncontrolling
		interests		583,946		562,934		310,544
	Net income attributable to Vornado Realty L.P.			912,465		500,788		662,523
	Preferred unit distributions			(81,514)		(83,965)		(86,873)
	Preferred unit redemptions			-		(1,130)		8,948
	Net income attributable to Class A unitholders			830,951		415,693		584,598
	Earnings allocated to unvested participating securities			(4,260)		(2,705)		(3,413)
	Numerator for basic income per Class A unit			826,691		412,988		581,185
	Impact of assumed conversions:
		Convertible preferred unit distributions		97		-		113
	Numerator for diluted income per Class A unit		$	826,788	$	412,988	$	581,298
Denominator:
	Denominator for basic income per Class A unit – weighted average units			198,213		197,551		197,082
	Effect of dilutive securities (1):
		Vornado stock options and restricted unit awards		1,557		1,092		1,002
		Convertible preferred units		43		-		50
	Denominator for diluted income per Class A unit – weighted average units and
		assumed conversions		199,813		198,643		198,134
INCOME (LOSS) PER CLASS A UNIT – BASIC:
	Income (loss) from continuing operations, net		$	1.22	$	(0.76)	$	1.37
	Income from discontinued operations, net			2.95		2.85		1.58
	Net income per Class A unit		$	4.17	$	2.09	$	2.95
INCOME (LOSS) PER CLASS A UNIT – DILUTED:
	Income (loss) from continuing operations, net		$	1.22	$	(0.75)	$	1.36
	Income from discontinued operations, net			2.92		2.83		1.57
	Net income per Class A unit		$	4.14	$	2.08	$	2.93
(1)		The effect of dilutive securities in the years ended December 31, 2014, 2013 and 2012 excludes an aggregate of 116, 818 and 2,796 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.

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Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of Debt

		Weighted Average
		Interest Rate at			Balance at December 31,
(Amounts in thousands)		December 31, 2014			2014		2013
Mortgages Payable:
	Fixed rate		4.46%	$	6,499,396	$	6,439,371
	Variable rate		2.20%		1,763,769		691,860
			3.98%	$	8,263,165	$	7,131,231
Unsecured Debt:
	Senior unsecured notes		3.89%	$	1,347,159	$	1,350,855
	Unsecured revolving credit facilities		-		-		295,870
			3.89%	$	1,347,159	$	1,646,725

Schedule of Maturities of Long-Term Debt Table Text Block

				Senior Unsecured
				Debt and
(Amounts in thousands)				Revolving Credit
Year Ending December 31,		Mortgages Payable		Facilities
2015	$	407,229	$	500,000
2016		1,399,378		-
2017		609,680		-
2018		240,674		-
2019		979,197		450,000
Thereafter		4,624,897		400,000

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Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net income	$ 1,009,026	$ 564,740	$ 694,541
Other comprehensive income (loss):
Change in unrealized net gain (loss) on securities available-for-sale	14,465	142,281	(283,649)
Amounts reclassified from accumulated other comprehensive income:
Non-cash impairment loss on J.C. Penney common shares	0	0	224,937
Sale of available-for-sale securities	0	(42,404)	(3,582)
Pro rata share of other comprehensive income (loss) of nonconsolidated subsidiaries	2,509	(22,814)	(31,758)
Change in value of interest rate swap	6,079	18,183	(5,659)
Other	0	533	329
Comprehensive income	1,032,079	660,519	595,159
Less comprehensive income attributable to noncontrolling interests in consolidated subsidiaries	(96,561)	(63,952)	(32,018)
Comprehensive income attributable to Vornado Realty L.P.	$ 935,518	$ 596,567	$ 563,141

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Leases (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014 Tenants	Dec. 31, 2013 Tenants	Dec. 31, 2012 Tenants
Concentration Risk [Line Items]
Number Of Tenants Contributing Ten Percent Or More Of Total Revenues	0	0	0
Operating Leases Future Minimum Payments Receivable [Abstract]
2015	$ 1,564,200
2016	1,509,781
2017	1,470,810
2018	1,395,708
2019	1,236,840
Thereafter	6,990,557
Percentage Rent	6,343	7,344	6,987
Operating Leases Future Minimum Payments Due [Abstract]
2015	29,060
2016	29,575
2017	31,141
2018	31,629
2019	32,136
Thereafter	1,208,483
Lessee Leasing Arrangements Operating Leases Term Of Contract	30 years
Rent Expense	36,329	35,920	27,634
Capital Leases Future Minimum Payments Due [Abstract]
2015	12,500
2016	12,500
2017	12,500
2018	12,500
2019	12,500
Thereafter	334,792
Total Minimum Obligations	397,292
Interest Portion	(157,292)
Present Value Of Net Minimum Payments	240,000
Property Leased Under Capital Leases Cost	$ 249,253
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Percentage Of Minimum Revenue Threshold Contributed By One Tenant	10.00%	10.00%	10.00%

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Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Basis of Presentation and Significant Accounting Policies [Abstract]

Basis Of Presentation And Significant Accounting Policies

2. Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements include the accounts of VornadoRealty L.P. and its consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

The Company reclassified $37,929,000, $32,866,000 and $20,892,000 related to signage revenue from “fee and other income” to “property rentals” for the years ended December 31, 2014, 2013 and 2012, respectively.

The Company reclassified the financial results for those retail assets that were placed into discontinued operations which primarily consisted of the 79 strip shopping centers, three malls, and a warehouse park which were spun off to UE on January 15, 2015 as  well as certain other retail assets not included in the UE spin off but were determined to be part of the strategic shift in the Company's business under the adoption of ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, in the first quarter of 2015.

Recently Issued Accounting Literature

In April 2014, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2014-08”) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity to ASC Topic 205, Presentation of Financial Statements and ASC Topic 360, Property Plant and Equipment. Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity's results and operations would qualify as discontinued operations. In addition, ASU 2014-08expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations.ASU 2014-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014.Upon adoption of this standard, individual properties sold in the ordinary course of business are not expected to qualify as discontinued operations. The financial results of our strip shopping centers and malls, which were spun off to UE on January 15, 2015, will be treated as a discontinued operation in the first quarter of 2015.

In May 2014, the FASB issued an update ("ASU 2014-09")establishing ASC Topic 606, Revenue from Contracts with Customers. ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2016. We are currently evaluating the impact of the adoption ofASU 2014-09 on our consolidated financial statements.

In June 2014, the FASB issued an update (“ASU 2014-12”) to ASC Topic 718, Compensation – Stock Compensation. ASU 2014-12 requires an entity to treat performance targets that can be met after the requisite service period of a share based award has ended, as a performance condition that affects vesting. ASU 2014-12 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. We are currently evaluating the impact of the adoption of ASU 2014-12 on our consolidated financial statements.

2. Basis of Presentation and Significant Accounting Policies - continued

Significant Accounting Policies

Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair value of redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over estimated useful lives which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Additions to real estate include interest and debt expense capitalized during construction of $62,786,000 and $42,303,000 for the years ended December 31, 2014 and 2013, respectively.

Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase price based on these assessments. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We record acquired intangible assets (including acquired above-market leases, acquired in-place leases and tenant relationships) and acquired intangible liabilities (including below–market leases) at their estimated fair value separate and apart from goodwill. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired.

Our properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property's carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses.

The table below summarizesimpairment losses andacquisition related costsin the years ended December 31, 2014, 2013 and 2012.

(Amounts in thousands)			For the Year Ended December 31,
			2014		2013			2012
Impairment losses		$	-	$	-		$	6,138
Acquisition related costs			18,435		24,857	(1)		11,248
		$	18,435	$	24,857		$	17,386
(1)	Includes a $10,949 prepayment penalty in connection with the repayment of the mortgage loan upon the acquisition of 655 Fifth Avenue.

2. Basis of Presentation and Significant Accounting Policies – continued

Partially Owned Entities:We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members as well as whether the entity is a variable interest entity (“VIE”) and we are the primary beneficiary. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the entity is not considered a VIE and the approval of all of the partners/members is contractually required with respect to major decisions, such as operating and capital budgets, the sale, exchange or other disposition of real property, the hiring of a chief executive officer, the commencement, compromise or settlement of any lawsuit, legal proceeding or arbitration or the placement of new or additional financing secured by assets of the venture. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. Investments that do not qualify for consolidation or equity method accounting are accounted for on the cost method.

Investments in partially owned entities are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared.In the years ended December 31, 2014, 2013 and 2012, we recognized non-cash impairment losses on investments in partially owned entities, aggregating $85,459,000,$281,098,000 and $44,936,000, respectively. Included in these amounts are $75,196,000, $240,757,000 and $40,000,000 of impairment losses related to our investment in Toys in 2014, 2013 and 2012, respectively.

Mortgage and Mezzanine Loans Receivable: We invest in mortgage and mezzanine loans of entities that have significant real estate assets. These investments are either secured by the real property or by pledges of the equity interests of the entities owning the underlying real estate. We record these investments at the stated principal amount net of any unamortized discount or premium. We accrete or amortize any discount or premium over the life of the related receivable utilizing the effective interest method or straight-line method, if the result is not materially different. We evaluate the collectibility of both interest and principal of each of our loans whenever events or changes in circumstances indicate such amounts may not be recoverable. A loan is impaired whenit is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the investment to the present value of expected future cash flows discounted at the loan's effective interest rate, or as a practical expedient, to the value of the collateral if the loan is collateral dependent. Interest on impaired loans is recognized when received in cash.Mortgage and mezzanine loans receivable are included in “other assets” on our consolidated balance sheets.

Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investmentswith original maturities of three months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, and (iii) Certificate of Deposits placed through an Account Registry Service (“CDARS”). To date, we have not experienced any losses on our invested cash.

Restricted Cash: Restricted cash consists of security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-Kind exchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements.

2. Basis of Presentation and Significant Accounting Policies – continued

Allowance for Doubtful Accounts: We periodically evaluate the collectibility of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for receivables arising from the straight-lining of rents. This receivable arises from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates. As of December 31, 2014 and 2013, we had $12,210,000 and $14,519,000, respectively, in allowances for doubtful accounts. In addition, as of December 31, 2014 and 2013, we had $3,188,000 and $4,355,000, respectively, in allowances for receivables arising from the straight-lining of rents.

Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct costs related to successful leasing activities are capitalized and amortized on a straight line basis over the lives of the related leases. All other deferred charges are amortized on a straight line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate.

Revenue Recognition: We have the following revenue sources and revenue recognition policies:

•       Base Rent — income arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease.

•       Percentage Rent — income arising from retail tenant leases that is contingent upon tenantsales exceeding defined thresholds. These rents are recognized only after the contingency has been removed (i.e., when tenant sales thresholds have been achieved).

•       Hotel Revenue — income arising from the operation of the Hotel Pennsylvania which consists of rooms revenue, food and beverage revenue, and banquet revenue. Income is recognized when rooms are occupied. Food and beverage and banquet revenue is recognized when the services have been rendered.

•       Trade Shows Revenue — income arising from the operation of trade shows, including rentals of booths. This revenue is recognized when the trade shows have occurred.

•       Expense Reimbursements — revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred.

•       Management, Leasing and Other Fees — income arising from contractual agreements with third parties or with partially owned entities. This revenue is recognized as the related services are performed under the respective agreements.

•Cleveland Medical Mart — revenue arising from the development of the Cleveland Medical Mart. This revenue was recognized as the related services were performed under the respective agreements using the criteria set forth in ASC 605-25, Multiple Element Arrangements

2. Basis of Presentation and Significant Accounting Policies – continued

Derivative Instruments and Hedging Activities: ASC 815, Derivatives and Hedging, as amended, establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As of December 31, 2014 and 2013, our derivative instruments consisted ofan interest rate cap and an interest rate swap. We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (loss) (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value are recognized in earnings.

Income Taxes:As a limited partnership, our partners are required to report their respective share of taxable income on their individual tax returns. The provision for income taxes in our consolidated financial statements relate to certain taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. Our taxable REIT subsidiaries had a combined current income tax expense of approximately $10,777,000, $9,608,000 and $20,336,000for the years ended December 31, 2014, 2013 and 2012, respectively, and have immaterial differences between the financial reporting and tax basis of assets and liabilities.

At December 31, 2014 and 2013, we had deferred tax assets from our taxable REIT subsidiaries of $94,100,000 and $87,800,000, respectively, against which we have recorded a full valuation allowance because we have not determined that it is more likely than not that we will realize these net operating loss carryforwards which expire in 2034. The year over year change in the valuation allowance relates to an increase in the net operating loss carryforwards.

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Vornado Capital Partners Real Estate Fund (the "Fund") (Details 1) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Details Of Income From Real Estate Funds [Abstract]
Income from Real Estate Fund	$ 163,034	$ 102,898	$ 63,936
Less income attributable to noncontrolling interests	(96,561)	(63,952)	(32,018)
Income From Real Estate Fund Attributable To Vornado	70,306	49,471	24,604
Fee And Other Income	155,206	155,571	119,077
Real Estate Fund [Member]
Details Of Income From Real Estate Funds [Abstract]
Less income attributable to noncontrolling interests	(92,728)	(53,427)	(39,332)
Fee And Other Income	2,865	2,992	3,278
Net investment income [Member] | Real Estate Fund [Member]
Details Of Income From Real Estate Funds [Abstract]
Income from Real Estate Fund	12,895	8,943	8,575
Net realized gains [Member] | Real Estate Fund [Member]
Details Of Income From Real Estate Funds [Abstract]
Income from Real Estate Fund	76,337	8,184	0
Net realized/unrealized gains on investments [Member] | Real Estate Fund [Member]
Details Of Income From Real Estate Funds [Abstract]
Income from Real Estate Fund	$ 73,802	$ 85,771	$ 55,361

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Stock-based Compensation (Details 1) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Restricted Stock Units RSU [Member]
Share Based Compensation Equity Instruments Other Than Options Plan Activity [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning of Period	$ 79.24
Units Granted Weighted Average Grant Date Fair Value	$ 91.31
Awards Vested Weighted Average Grant Date Fair Value	$ 74.61
Units Cancelled Weighted Average Grant Date Fair Value	$ 87.42
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, End of Period	$ 87.58
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance	29,664
Restricted Stock Granted Shares	11,475
Units Vested	(15,733)
Forfeited Units	(2,957)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	22,449
Restricted Operating Partnership Units Plan [Member]
Share Based Compensation Equity Instruments Other Than Options Plan Activity [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning of Period	$ 76.27
Units Granted Weighted Average Grant Date Fair Value	$ 86.79
Awards Vested Weighted Average Grant Date Fair Value	$ 69.48
Units Cancelled Weighted Average Grant Date Fair Value	$ 83.16
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, End of Period	$ 83.20
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance	765,971
Restricted Stock Granted Shares	226,638
Units Vested	(327,555)
Forfeited Units	(6,575)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	658,479
Employee Stock Option [Member]
Share Based Compensation Employee Stock Purchase Plan Activity [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning of Period	$ 67.51
Stock Options Granted Weighted Average Exercise Price	$ 91.32
Stock Options Exercised Weighted Average Exercise Price	$ 67.27
Stock Options Cancelled Weighted Average Exercise Price	$ 104.74
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, End of Period	$ 67.38	$ 67.51
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance	3,248,699
Stock Options Granted Shares	49,088
Stock Options Exercised Shares	(434,204)
Stock Options Cancelled Shares	(43,468)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	2,820,115	3,248,699
Options Vested And Expected To Vest Shares	2,818,587
Options Vested And Expected To Vest Weighted Average Exercise Price	$ 67.37
Options Excercisable Shares	2,606,260
Options Excercisable Weighted Average Exercise Price	$ 65.62
Options Exercisable Weighted Average Remaining Contractual Term	4 years 4 months 24 days
Options Outstanding Weighted Average Remaining Contractual Term	4 years 7 months 6 days
Options Vested And Expected To Vest Weighted Average Remaining Contractual Term	4 years 7 months 6 days
Options Outstanding Aggregate Intrinsic Value (in US dollars)	$ 145,317
Options Vested And Expected To Vest Aggregate Intrinsic Value (in US dollars)	145,271
Options Excercisable Aggregate Intrinsic Value (in US dollars)	$ 138,912
Fair Value Assumptions Expected Volatility Rate	36.00%	36.00%	36.00%
Fair Value Assumptions Expected Life	5 years	5 years	5 years
Fair Value Assumptions Risk Free Interest Rate	1.81%	0.91%	1.05%
Fair Value Assumptions Risk Expected Dividend Yield (in percentage)	4.10%	4.30%	4.30%

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Dispositions (Details 1) (USD $) In Thousands, unless otherwise specified	12 Months Ended			0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jul. 26, 2012
Disposal Group Including Discontinued Operation Unclassified Balance Sheet Disclosures Abstract
Assets related to discontinued operations	$ 2,238,474	$ 2,636,080
Liabilities related to discontinued operations	1,511,362	1,441,853
Discontinued Operation, Income (Loss) from Discontinued Operations Disclosure [Abstract]
Total revenues	394,056	499,964	581,392
Total expenses	275,828	312,675	418,653
Income from discontinued operations before gain on sale of real estate	118,228	187,289	162,739
Net gains on sale of real estate	507,192	414,502	245,799
Impairment losses	(41,474)	(37,170)	(127,839)
Gain on sale of Canadian Trade Shows, net of 11,448 of income taxes	0	0	31,105
Gain on sale of assets other than real estate	0	1,377	8,491
Income (Loss) from Discontinued Operations	583,946	565,998	308,847
Canadian Trade Shows [Member]
Discontinued Operation, Income (Loss) from Discontinued Operations Disclosure [Abstract]
Gain on sale of Canadian Trade Shows, net of 11,448 of income taxes	0	0	19,657
Retail Properties Segment [Member]
Disposal Group Including Discontinued Operation Unclassified Balance Sheet Disclosures Abstract
Assets related to discontinued operations	2,238,474	2,497,918
Liabilities related to discontinued operations	1,511,362	1,441,853
New York Segment [Member]
Disposal Group Including Discontinued Operation Unclassified Balance Sheet Disclosures Abstract
Assets related to discontinued operations	0	138,162
Liabilities related to discontinued operations	0	0
Other Segment [Member]
Discontinued Operation, Income (Loss) from Discontinued Operations Disclosure [Abstract]
Income (Loss) from Discontinued Operations	120,783	405,684	110,788
Merchandise Mart Segment [Member] | Canadian Trade Shows [Member]
Discontinued Operation, Income (Loss) from Discontinued Operations Disclosure [Abstract]
Gain on sale of Canadian Trade Shows, net of 11,448 of income taxes				$ 19,657

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Income Per Class A Unit

12 Months Ended

Dec. 31, 2014

Income Per Class A Unit [Abstract]

Income Per Unit

19.       Income Per Class A Unit

The following table provides a reconciliation of both net income and the number of Class A units used in the computation of (i) basic income per Class A unit - which includes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income per Class A unit - which includes the weighted average Class A units and dilutive unit equivalents. Dilutive unit equivalents may include our Series A convertible preferred units, Vornado stock options and restricted units.

(Amounts in thousands, except per unit amounts)			Year Ended December 31,
			2014		2013		2012
Numerator:
	Income (loss) from continuing operations, net of income attributable to
		noncontrolling interests	$	328,519	$	(62,146)	$	351,979
	Income from discontinued operations, net of income attributable to noncontrolling
		interests		583,946		562,934		310,544
	Net income attributable to Vornado Realty L.P.			912,465		500,788		662,523
	Preferred unit distributions			(81,514)		(83,965)		(86,873)
	Preferred unit redemptions			-		(1,130)		8,948
	Net income attributable to Class A unitholders			830,951		415,693		584,598
	Earnings allocated to unvested participating securities			(4,260)		(2,705)		(3,413)
	Numerator for basic income per Class A unit			826,691		412,988		581,185
	Impact of assumed conversions:
		Convertible preferred unit distributions		97		-		113
	Numerator for diluted income per Class A unit		$	826,788	$	412,988	$	581,298
Denominator:
	Denominator for basic income per Class A unit – weighted average units			198,213		197,551		197,082
	Effect of dilutive securities (1):
		Vornado stock options and restricted unit awards		1,557		1,092		1,002
		Convertible preferred units		43		-		50
	Denominator for diluted income per Class A unit – weighted average units and
		assumed conversions		199,813		198,643		198,134
INCOME (LOSS) PER CLASS A UNIT – BASIC:
	Income (loss) from continuing operations, net		$	1.22	$	(0.76)	$	1.37
	Income from discontinued operations, net			2.95		2.85		1.58
	Net income per Class A unit		$	4.17	$	2.09	$	2.95
INCOME (LOSS) PER CLASS A UNIT – DILUTED:
	Income (loss) from continuing operations, net		$	1.22	$	(0.75)	$	1.36
	Income from discontinued operations, net			2.92		2.83		1.57
	Net income per Class A unit		$	4.14	$	2.08	$	2.93
(1)		The effect of dilutive securities in the years ended December 31, 2014, 2013 and 2012 excludes an aggregate of 116, 818 and 2,796 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.

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Partners' Capital (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended				12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Common Stock Number Of Shares Par Value And Other Disclosures [Abstract]
Distributions to Vornado					$ 547,831	$ 545,913	$ 699,318
Quarterly Common Distributions (in USD)	$ 0.73	$ 0.73	$ 0.73	$ 0.73
Details Of Preferred Shares Of Beneficial Interest [Abstract]
Preferred Stock, Value	1,277,026				1,277,026	1,277,225
Preferred shares of beneficial interest: outstanding shares	52,678,939				52,678,939	52,682,807
General Partners Capital Account	8,157,544				8,157,544	8,428,534
Accumulated Other Comprehensive Income Loss Net Of Tax	93,267				93,267	71,537
Class A Units Owned By Vornado [Member]
Common Stock Number Of Shares Par Value And Other Disclosures [Abstract]
Redeemable noncontrolling interests units outstanding, Class A units	187,887,498				187,887,498
Capital Unit, Class A [Member]
Details Of Preferred Shares Of Beneficial Interest [Abstract]
General Partners' Capital Account, Units Outstanding (in shares)	11,356,550				11,356,550
Series A Preferred Stock [Member] | Convertible Preferred Stock [Member]
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred Stock Dividend Rate Percentage					6.50%
Details Of Preferred Shares Of Beneficial Interest [Abstract]
General Partners Capital Account	1,393				1,393	1,592
General Partners' Capital Account, Units Outstanding (in shares)	28,939				28,939	32,807
Per Unit Liquidation Preference (in dollars per share)	$ 50.00				$ 50.00
Annual Distribution Rate (in dollars per share)					$ 3.25
General Partners' Capital Account, Units Authorized (in shares)	83,977				83,977	83,977
Conversion rate of Class A units per Series A Preferred unit	1.4334				1.4334
Series G Preferred Stock [Member] | Redeemable Preferred Stock [Member]
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred Stock Dividend Rate Percentage					6.625%
Preferred Stock Redemption Price Per Share	$ 25.00				$ 25.00
Details Of Preferred Shares Of Beneficial Interest [Abstract]
General Partners Capital Account	193,135				193,135	193,135
General Partners' Capital Account, Units Outstanding (in shares)	8,000,000				8,000,000	8,000,000
Per Unit Liquidation Preference (in dollars per share)	$ 25.00				$ 25.00
Annual Distribution Rate (in dollars per share)					$ 1.65625
General Partners' Capital Account, Units Authorized (in shares)	8,000,000				8,000,000	8,000,000
Series I Preferred Stock [Member] | Redeemable Preferred Stock [Member]
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred Stock Dividend Rate Percentage					6.625%
Preferred Stock Redemption Price Per Share	$ 25.00				$ 25.00
Details Of Preferred Shares Of Beneficial Interest [Abstract]
General Partners Capital Account	262,379				262,379	262,379
General Partners' Capital Account, Units Outstanding (in shares)	10,800,000				10,800,000	10,800,000
Per Unit Liquidation Preference (in dollars per share)	$ 25.00				$ 25.00
Annual Distribution Rate (in dollars per share)					$ 1.65625
General Partners' Capital Account, Units Authorized (in shares)	10,800,000				10,800,000	10,800,000
Series J Preferred Stock [Member] | Redeemable Preferred Stock [Member]
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred Stock Dividend Rate Percentage					6.875%
Preferred Stock Redemption Price Per Share	$ 25.00				$ 25.00
Details Of Preferred Shares Of Beneficial Interest [Abstract]
General Partners Capital Account	238,842				238,842	238,842
General Partners' Capital Account, Units Outstanding (in shares)	9,850,000				9,850,000	9,850,000
Per Unit Liquidation Preference (in dollars per share)	$ 25.00				$ 25.00
Annual Distribution Rate (in dollars per share)					$ 1.71875
General Partners' Capital Account, Units Authorized (in shares)	9,850,000				9,850,000	9,850,000
Series K Preferred Stock [Member] | Redeemable Preferred Stock [Member]
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred Stock Dividend Rate Percentage					5.70%
Preferred Stock Redemption Price Per Share	$ 25.00				$ 25.00
Details Of Preferred Shares Of Beneficial Interest [Abstract]
General Partners Capital Account	290,971				290,971	290,971
General Partners' Capital Account, Units Outstanding (in shares)	12,000,000				12,000,000	12,000,000
Per Unit Liquidation Preference (in dollars per share)	$ 25.00				$ 25.00
Annual Distribution Rate (in dollars per share)					$ 1.425
General Partners' Capital Account, Units Authorized (in shares)	12,000,000				12,000,000	12,000,000
Series L Preferred Stock [Member] | Redeemable Preferred Stock [Member]
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred Stock Dividend Rate Percentage					5.40%
Preferred Stock Redemption Price Per Share	$ 25.00				$ 25.00
Details Of Preferred Shares Of Beneficial Interest [Abstract]
General Partners Capital Account	$ 290,306				$ 290,306	$ 290,306
General Partners' Capital Account, Units Outstanding (in shares)	12,000,000				12,000,000	12,000,000
Per Unit Liquidation Preference (in dollars per share)	$ 25.00				$ 25.00
Annual Distribution Rate (in dollars per share)					$ 1.35
General Partners' Capital Account, Units Authorized (in shares)	12,000,000				12,000,000	12,000,000

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Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 2014

Schedule Of Equity Method Investments [Line Items]

Equity Method Investment Summarized Financial Information [Table Text Block]

(Amounts in thousands)				Balance as of December 31,
Balance Sheet:				2014		2013
	Assets			$	21,389,000	$	21,773,000
	Liabilities				17,986,000		17,982,000
	Noncontrolling interests				104,000		96,000
	Equity				3,299,000		3,695,000
		For the Year Ended December 31,
Income Statement:		2014		2013		2012
	Total revenue	$	13,620,000	$	14,092,000	$	15,119,000
	Net (loss) income(1)		(434,000)		(368,000)		1,091,000
(1)	2012 includes a $600,000 net gain on sale of real estate.

Equity Method Investments [Table Text Block]

			Percentage
(Amounts in thousands)			Ownership at	As of December 31,
Investments:			December 31, 2014	2014		2013
	Toys		32.6%	$	-	$	83,224
	Alexander’s		32.4%	$	131,616	$	167,785
	India real estate ventures		4.1%-36.5%		76,752		88,467
	Partially owned office buildings (1)		Various		760,749		621,294
	Other investments (2)		Various		277,379		288,897
				$	1,246,496	$	1,166,443
______________________________________________________
(1)		Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others.
(2)		Includes interests in Independence Plaza, Monmouth Mall, 85 Tenth Avenue, Fashion Center Mall, 50-70 West 93rd Street and others.

				Percentage
(Amounts in thousands)				Ownership at		For the Year Ended December 31,
Our Share of Net (Loss) Income:				December 31, 2014		2014		2013		2012
	Toys:
		Equity in net (loss) earnings			32.6%	$	(4,691)	$	(128,919)	$	45,267
		Non-cash impairment losses (see page 83 for details)					(75,196)		(240,757)		(40,000)
		Management fees					6,331		7,299		9,592
						$	(73,556)	$	(362,377)	$	14,859
	Alexander's:
		Equity in net income			32.4%	$	21,287	$	17,721	$	24,709
		Management, leasing and development fees					8,722		6,681		13,748
		Net gain on sale of real estate					-		-		179,934
							30,009		24,402		218,391
	India real estate ventures (1)				4.1%-36.5%		(8,309)		(3,533)		(5,008)
	Partially owned office buildings (2)				Various		93		(4,212)		(3,770)
	Other investments (3)				Various		(6,368)		(10,817)		103,644
	LNR (see page 85 for details):
		Equity in net income			n/a		-		42,186		66,270
		Impairment loss					-		(27,231)		-
		Net gain on sale					-		3,776		-
							-		18,731		66,270
	Lexington (see page 82 for details): (4)				n/a
		Equity in net loss					-		(979)		(23)
		Net gain resulting from Lexington's stock issuance and asset
			acquisition				-		-		28,763
							-		(979)		28,740
						$	15,425	$	23,592	$	408,267
______________________________________________________
(1)			Includes a $5,771 non-cash impairment loss in 2014.
(2)			Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others.
(3)			Includes interests in Independence Plaza, Monmouth Mall, 85 Tenth Avenue, Fashion Center Mall, 50-70 West 93rd Street and others. In the third quarter of 2014, we recognized a $10,263 non-cash charge, comprised of a $5,959 impairment loss and a $4,304 loan loss reserve, on our equity and debt investments in Suffolk Downs.
(4)			In the first quarter of 2013, we began accounting for our investment in Lexington as a marketable equity security - available for sale.

Schedule of debt of partially owned entities [Table Text Block]

		Below is a summary of the debt of our partially owned entities as of December 31, 2014 and 2013, none of which is recourse to us.
			Percentage		Interest
			Ownership at		Rate at	100% Partially Owned Entities’
(Amounts in thousands)			December 31,		December 31,	Debt at December 31,
			2014	Maturity	2014	2014		2013
Toys:
	Notes, loans and mortgages payable		32.6%	2015-2021	7.23%	$	5,748,350	$	5,702,247
Alexander's:
	Mortgages payable		32.4%	2015-2021	2.59%	$	1,032,780	$	1,049,959
Partially owned office buildings(1):
	Mortgages payable		Various	2015-2023	5.59%	$	3,691,274	$	3,622,759
India Real Estate Ventures:
	TCG Urban Infrastructure Holdings mortgages
		payable	25.0%	2015-2026	13.25%	$	183,541	$	199,021
Other(2):
	Mortgages payable		Various	2015-2023	4.33%	$	1,480,485	$	1,709,509
(1)		Includes 280 Park Avenue, 650 Madison Avenue, One Park Avenue, 666 Fifth Avenue (Office), 330 Madison Avenue and others.
(2)		Includes Independence Plaza, Monmouth Mall, Fashion Center Mall, 50-70 West 93rd Street and others.

Toys R Us [Member]

Schedule Of Equity Method Investments [Line Items]

Equity Method Investment Summarized Financial Information [Table Text Block]

(Amounts in thousands)					Balance as of
Balance Sheet:					November 1, 2014		November 2, 2013
	Assets				$	11,267,000	$	11,756,000
	Liabilities					10,377,000		10,437,000
	Noncontrolling interests					82,000		75,000
	Toys “R” Us, Inc. equity (1)					808,000		1,244,000
			For the Twelve Months Ended
Income Statement:			November 1, 2014		November 2, 2013		October 27, 2012
	Total revenues		$	12,645,000	$	13,046,000	$	13,698,000
	Net (loss) income attributable to Toys			(343,000)		(396,000)		138,000
(1)		At December 31, 2014, the carrying amount of our investment in Toys is less than our share of Toys' equity by approximately $263,455. This basis difference results primarily from non-cash impairment losses aggregating $355,953 that we have recognized through December 31, 2014. We have allocated the basis difference primarily to Toys' real estate, which is being amortized over its remaining estimated useful life.

Alexanders Inc [Member]

Schedule Of Equity Method Investments [Line Items]

Equity Method Investment Summarized Financial Information [Table Text Block]

(Amounts in thousands)				Balance as of December 31,
Balance Sheet:				2014		2013
	Assets			$	1,423,000	$	1,458,000
	Liabilities				1,075,000		1,124,000
	Stockholders' equity				348,000		334,000
		For the Year Ended December 31,
Income Statement:		2014		2013		2012
	Total revenues	$	201,000	$	196,000	$	191,000
	Net income attributable to Alexander’s (1)		68,000		57,000		674,000
(1)	2012 includes a $600,000 net gain on sale of real estate.

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Partners' Capital

12 Months Ended

Dec. 31, 2014

Partner's Capital [Abstract]

Partners' Capital

12. Partners' Capital

Class A units

As of December 31, 2014, there were 187,887,498Class A units outstanding that were held by Vornado. These units are classified as “partners' capital” on our consolidated balance sheets. As of December 31, 2014, there were 11,356,550 Class A units outstanding, that were held by third parties. These units are classified outside of “partners' capital” as “redeemable partnership units” on our consolidated balance sheets (See Note 11 – Redeemable Partnership Units).During 2014, we paid an aggregate of $547,831,000 of distributions to Vornado comprised of quarterly common distributions of $0.73 per unit.

Preferred Units

The following table sets forth the details of our preferred units of beneficial interest as of December 31,2014and2013.

(Amounts in thousands, except unit and		Balance as of				Units Outstanding at		Per Unit		Annual
per unit amounts)		December 31,				December 31,		Liquidation		Distribution
Preferred Units		2014		2013		2014	2013	Preference		Rate(1)
Convertible Preferred:
	6.5% Series A: authorized 83,977 units(2)	$	1,393	$	1,592	28,939	32,807	$	50.00	$	3.25
Cumulative Redeemable:
	6.625% Series G: authorized 8,000,000 units(3)		193,135		193,135	8,000,000	8,000,000	$	25.00	$	1.65625
	6.625% Series I: authorized 10,800,000 units(3)		262,379		262,379	10,800,000	10,800,000	$	25.00	$	1.65625
	6.875% Series J: authorized 9,850,000 units(3)		238,842		238,842	9,850,000	9,850,000	$	25.00	$	1.71875
	5.70% Series K: authorized 12,000,000 units(3)		290,971		290,971	12,000,000	12,000,000	$	25.00	$	1.425
	5.40% Series L: authorized 12,000,000 units(3)		290,306		290,306	12,000,000	12,000,000	$	25.00	$	1.35
		$	1,277,026	$	1,277,225	52,678,939	52,682,807
(1)	Distributions on preferred units are cumulative and are payable quarterly in arrears.
(2)	Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.4334 Class A units per Series A Preferred unit plus accrued and unpaid distributions through the date of redemption, or convertible at any time at the option of the holder for 1.4334 Class A units per Series A Preferred unit.
(3)	Redeemable at Vornado's option at a redemption price of $25.00 per unit, plus accrued and unpaid distributions through the date of redemption.

Accumulated Other Comprehensive Income (Loss)

The following tables set forth the changes in accumulated comprehensive income (loss) by component.

	For the Year Ended December 31, 2014
			Securities		Pro rata share of		Interest
			available-		nonconsolidated		rate
(Amounts in thousands)	Total		for-sale		subsidiaries' OCI		swap		Other
Balance as of December 31, 2013	$	71,537	$	119,309	$	(11,501)	$	(31,882)	$	(4,389)
Net current period OCI		21,730		14,465		2,509		6,079		(1,323)
Balance as of December 31, 2014	$	93,267	$	133,774	$	(8,992)	$	(25,803)	$	(5,712)