Segment Information (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Segment Information [Table Text Block]


(Amounts in thousands)		For the Three Months Ended March 31, 2016
			Total		New York			Washington, DC			Other
Total revenues			$	613,037	$	410,825		$	128,012		$	74,200
Total expenses				613,317		269,595			256,565			87,157
Operating income (loss)				(280)		141,230			(128,553)			(12,957)
(Loss) income from partially owned entities				(4,240)		(3,563)			(2,043)			1,366
Income from real estate fund investments				11,284		-			-			11,284
Interest and other investment income, net				3,518		1,115			58			2,345
Interest and debt expense				(100,489)		(54,586)			(15,935)			(29,968)
Net gain on disposition of wholly owned and partially
	owned assets			714		-			-			714
Income (loss) before income taxes				(89,493)		84,196			(146,473)			(27,216)
Income tax expense				(2,831)		(959)			(264)			(1,608)
Income (loss) from continuing operations				(92,324)		83,237			(146,737)			(28,824)
Income from discontinued operations				716		-			-			716
Net income				(91,608)		83,237			(146,737)			(28,108)
Less net income attributable to noncontrolling interests				(2,191)		(3,429)			-			1,238
Net income (loss) attributable to Vornado				(93,799)		79,808			(146,737)			(26,870)
Interest and debt expense⁽²⁾				126,120		71,198			19,406			35,516
Depreciation and amortization⁽²⁾				174,811		108,403			42,681			23,727
Income tax expense⁽²⁾				3,261		1,090			265			1,906
EBITDA⁽¹⁾			$	210,393	$	260,499	⁽³⁾	$	(84,385)	⁽⁴⁾	$	34,279	⁽⁵⁾


(Amounts in thousands)		For the Three Months Ended March 31, 2015
			Total		New York			Washington, DC			Other
Total revenues			$	606,802	$	399,513		$	133,968		$	73,321
Total expenses				439,088		252,760			92,997			93,331
Operating income (loss)				167,714		146,753			40,971			(20,010)
(Loss) income from partially owned entities				(2,743)		(5,663)			131			2,789
Income from real estate fund investments				24,089		-			-			24,089
Interest and other investment income, net				10,792		1,862			13			8,917
Interest and debt expense				(91,674)		(45,351)			(18,160)			(28,163)
Net gain on disposition of wholly owned and partially
	owned assets			1,860		-			-			1,860
Income (loss) before income taxes				110,038		97,601			22,955			(10,518)
Income tax expense				(971)		(943)			674			(702)
Income (loss) from continuing operations				109,067		96,658			23,629			(11,220)
Income from discontinued operations				16,179		-			-			16,179
Net income				125,246		96,658			23,629			4,959
Less net income attributable to noncontrolling interests				(21,169)		(1,506)			-			(19,663)
Net income attributable to Vornado				104,077		95,152			23,629			(14,704)
Interest and debt expense⁽²⁾				114,675		58,667			21,512			34,496
Depreciation and amortization⁽²⁾				156,450		94,124			40,752			21,574
Income tax expense ⁽²⁾				(739)		1,002			(2,636)			895
EBITDA⁽¹⁾			$	374,463	$	248,945	⁽³⁾	$	83,257	⁽⁴⁾	$	42,261	⁽⁵⁾


See notes on the following page.


Notes to preceding tabular information:


(1)	EBITDA represents "Earnings Before Interest, Taxes, Depreciation and Amortization." We consider EBITDA a non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on a multiple of EBITDA, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies.


(2)	Interest and debt expense, depreciation and amortization and income tax expense (benefit) in the reconciliation of net (loss) income to EBITDA includes our share of these items from partially owned entities.


(3)	The elements of "New York" EBITDA are summarized below.

	(Amounts in thousands)		For the Three Months Ended March 31,
			2016		2015
	Office^(a)		$	152,729	$	154,309
	Retail			93,323		81,305
	Residential			6,350		5,050
	Alexander's			11,569		10,407
	Hotel Pennsylvania			(3,472)		(2,126)
		Total New York	$	260,499	$	248,945


	(a)	2015 includes $3,540 of EBITDA from 20 Broad Street which was sold in December 2015. Excluding this item, EBITDA was $150,769.


(4)	The elements of "Washington, DC" EBITDA are summarized below.

	(Amounts in thousands)		For the Three Months Ended March 31,
			2016		2015
	Office, excluding the Skyline properties ^(a)		$	61,988	$	67,385
	Skyline properties			5,092		6,055
	Skyline properties impairment loss			(160,700)		-
		Total Office		(93,620)		73,440
	Residential			9,235		9,817
		Total Washington, DC	$	(84,385)	$	83,257


	(a)	2015 includes $1,923 of EBITDA from 1750 Pennsylvania Avenue which was sold in September 2015. Excluding this item, EBITDA was $65,462.

Details of Other EBITDA [Table Text Block]


Notes to preceding tabular information - continued:


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

	(Amounts in thousands)		For the Three Months Ended March 31,
			2016		2015
	Our share of real estate fund investments:
		Income before net realized/unrealized gains	$	2,231	$	1,614
		Net realized/unrealized gains on investments		1,561		5,548
		Carried interest		1,519		3,388
	Total			5,311		10,550
	theMART (including trade shows)			23,028		21,041
	555 California Street			11,615		12,401
	India real estate ventures			1,319		1,841
	Other investments			12,322		6,759
				53,595		52,592
	Corporate general and administrative expenses^{(a) (b)}			(30,606)		(35,942)
	Investment income and other, net^(a)			6,975		8,762
	Acquisition and transaction related costs			(4,607)		(1,981)
	UE and residual retail properties discontinued operations^(c)			721		22,257
	Net gain on sale of residential condominiums			714		1,860
	Net income attributable to noncontrolling interests in the Operating Partnership			7,487		(5,287)
			$	34,279	$	42,261


	(a)	The amounts in these captions (for this table only) exclude the results of the mark-to-market of our deferred compensation plan of $1,938 loss for the three months ended March 31, 2016 and $2,859 income for the three months ended March 31, 2015.
	(b)	The three months ended March 31, 2015 includes a cumulative catch up of $4,542 from the acceleration of recognition of compensation expense related to the modification of the 2012-2014 Out-Performance Plans.
	(c)	The three months ended March 30, 2015 includes $22,645 of transaction costs related to the spin-off of our strip shopping centers and malls.