Vornado Realty Trust (VNO) 10-Q 3 Nov 09 2009 Q3 Quarterly report Financial data

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Thousands	Sep. 30, 2009	Dec. 31, 2008
Real estate, at cost:
Land	$4,551,044	$4,491,165
Buildings and improvements	12,567,415	12,134,943
Development costs and construction in progress	841,051	966,676
Leasehold improvements and equipment	125,931	118,603
Total	18,085,441	17,711,387
Less accumulated depreciation and amortization	(2,413,803)	(2,167,403)
Real estate, net	15,671,638	15,543,984
Cash and cash equivalents	2,560,011	1,526,853
Restricted cash	287,575	375,888
Marketable securities	313,218	334,322
Accounts receivable, net of allowance for doubtful accounts of $48,559 and $32,834	161,097	201,566
Investments in partially owned entities, including Alexander's of $187,272 and $137,305	812,424	790,154
Investment in Toys "R" Us	422,165	293,096
Mezzanine loans receivable, net of a $122,738 allowance in 2009	269,976	472,539
Receivables arising from the straight-lining of rents, net of allowance of $4,139 and $5,773	661,074	592,432
Deferred leasing and financing costs, net of accumulated amortization of $187,937 and $168,714	301,339	304,125
Assets related to discontinued operations	108,151	281,110
Due from officers	13,148	13,185
Other assets	768,557	688,794
Total Assets	22,350,373	21,418,048
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY
Notes and mortgages payable	8,895,328	8,761,640
Convertible senior debentures	1,989,955	2,221,743
Senior unsecured notes	711,604	617,816
Exchangeable senior debentures	482,875	478,256
Revolving credit facility debt	648,250	358,468
Accounts payable and accrued expenses	548,407	515,607
Deferred credit	701,637	764,774
Deferred compensation plan	76,777	69,945
Deferred tax liabilities	17,858	19,895
Liabilities related to discontinued operations	0	73,747
Other liabilities	97,009	143,527
Total liabilities	14,169,700	14,025,418
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	1,212,765	1,177,978
Shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 33,952,324 and 33,954,124 shares	823,718	823,807
Common shares of beneficial interest: $.04 par value per share; authorized, 250,000,000 shares; issued and outstanding 179,523,984 and 155,285,903 shares	7,151	6,195
Additional capital	6,993,131	6,025,976
Earnings less than distributions	(1,278,727)	(1,047,340)
Accumulated other comprehensive income (loss)	16,489	(6,899)
Total Vornado shareholders' equity	6,561,762	5,801,739
Noncontrolling interests in consolidated subsidiaries	406,146	412,913
Total equity	6,967,908	6,214,652
Liabilities And Shareholders' Equity	22,350,373	21,418,048
Redeemable noncontrolling interests units outstanding - Class A [Member]
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	917,527	882,740
Redeemable noncontrolling interests units outstanding - Series D [Member]
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	280,000	280,000
Redeemable noncontrolling interests units outstanding - Series B [Member]
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	$15,238	$15,238

Consolidated Balance Sheets [Pa

Consolidated Balance Sheets [Parentheticals] (USD $)
In Thousands, except Share data	Sep. 30, 2009	Dec. 31, 2008
Consolidated Balance Sheets [Parentheticals]
Accounts receivable, allowance for doubtful accounts	$48,559	$32,834
Investments in partially owned entities, Alexander's	187,272	137,305
Mezzanine loans receivable, allowance in 2009	122,738	0
Receivables arising from the straight-lining of rents, allowance	4,139	5,773
Deferred leasing and financing costs, accumulated amortization	$187,937	$168,714
Preferred shares of beneficial interest: authorized shares	110,000,000	110,000,000
Preferred shares of beneficial interest: issued shares	33,952,324	33,954,124
Preferred shares of beneficial interest: outstanding shares	33,952,324	33,954,124
Common shares of beneficial interest: par value per share	0.04	0.04
Common shares of beneficial interest: authorized shares	250,000,000	250,000,000
Common shares of beneficial interest: issued shares	179,523,984	155,285,903
Common shares of beneficial interest: outstanding shares	179,523,984	155,285,903
Redeemable noncontrolling interests units outstanding - Class A [Member]
Consolidated Balance Sheets [Parentheticals]
Redeemable noncontrolling interest units outstanding	14,245,103	14,627,005
Redeemable noncontrolling interests units outstanding - Series D [Member]
Consolidated Balance Sheets [Parentheticals]
Redeemable noncontrolling interest units outstanding	11,200,000	11,200,000
Redeemable noncontrolling interests units outstanding - Series B [Member]
Consolidated Balance Sheets [Parentheticals]
Redeemable noncontrolling interest units outstanding	444,559	444,559

Consolidated Statements of Inco

Consolidated Statements of Income (USD $)
In Thousands, except Per Share data	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
REVENUES:
Property rentals	$550,054	$547,498	$1,654,357	$1,637,831
Tenant expense reimbursements	89,530	97,815	270,934	269,646
Fee and other income	31,635	30,755	98,284	90,056
Total revenues	671,219	676,068	2,023,575	1,997,533
EXPENSES:
Operating	265,952	276,115	814,561	793,391
Depreciation and amortization	130,503	136,550	398,845	397,807
General and administrative	51,684	49,494	180,381	149,164
Impairment losses on development projects and costs of acquisitions not consummated	0	5,000	0	8,009
Total expenses	448,139	467,159	1,393,787	1,348,371
Operating income	223,080	208,909	629,788	649,162
Income (loss) applicable to Alexander's	21,297	(6,876)	46,044	16,404
Income (loss) applicable to Toys "R" Us	22,077	(8,141)	118,897	41,510
Loss from partially owned entities	(18,784)	(3,099)	(49,124)	(29,167)
Interest and other investment (loss) income, net	20,486	9,638	(63,608)	47,535
Interest and debt expense (including amortization of deferred financing costs of $4,350 and $4,257 in each three-month period, respectively, and $12,722 and $13,181 in each nine-month period, respectively)	(158,205)	(157,646)	(475,028)	(474,862)
Net gains on early extinguishment of debt	3,407	0	26,996	0
Net gains on disposition of wholly owned and partially owned assets other than depreciable real estate	4,432	5,160	4,432	8,546
Income before income taxes	117,790	47,945	238,397	259,128
Income tax (expense) benefit	(5,267)	(5,244)	(15,773)	207,170
Income from continuing operations	112,523	42,701	222,624	466,298
Income from discontinued operations	43,321	846	49,276	172,814
Net income	155,844	43,547	271,900	639,112
Net income attributable to noncontrolling interests, including unit distributions	(15,227)	(6,540)	(28,808)	(67,135)
Net income attributable to Vornado	140,617	37,007	243,092	571,977
Preferred share dividends	(14,269)	(14,271)	(42,807)	(42,820)
NET INCOME attributable to common shareholders	$126,348	$22,736	$200,285	$529,157
INCOME PER COMMON SHARE - BASIC:
Income from continuing operations, net	0.48	0.14	0.9	2.34
Income from discontinued operations, net	0.22	$0	0.27	0.98
Net income per common share	0.7	0.14	1.17	3.32
INCOME PER COMMON SHARE - DILUTED:
Income from continuing operations, net	0.47	0.14	0.89	2.27
Income from discontinued operations, net	0.22	$0	0.27	0.95
Net income per common share	0.69	0.14	1.16	3.22
DIVIDENDS PER COMMON SHARE	0.65	0.9	2.55	2.7

1_Consolidated Statements of In

Consolidated Statements of Income [Parentheticals] (USD $)
In Thousands	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Consolidated Statements of Income [Parentheticals]
Amortization of deferred financing costs	$4,350	$4,257	$12,722	$13,181

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (USD $)
In Thousands	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008	12 Months Ended Dec. 31, 2007
Balance (beginning)		$5,834,397
Cumulative effect of change in accounting principle			176,843
Balance	6,214,652	6,011,240
Net income (loss)	239,650	569,210
Dividends paid on common shares	(194,087)	(415,169)
Dividends paid on preferred shares	(42,809)	(42,819)
Proceeds from the issuance of common shares	710,226
Deferred compensation shares and options	11,529	8,495
Common shares issued:
Under employee share option plan	765	20,278
Upon redemption of redeemable Class A Operating Partnership units, at redemption value	53,091	61,801
In connection with dividend reinvestment plan		1,755
Sale of securities available for sale		6,128
Change in unrealized net loss on securities available for sale	4,099	(22,057)
Our share of partially owned entities' OCI adjustments	11,846
Voluntary surrender of equity awards on March 31, 2009	32,588
Adjustments to redeemable Class A Operating Partnership units	(77,004)	(26,393)
Other	3,362	(24,420)
Balance	6,967,908	6,148,049	6,011,240
Common Shares
Balance (beginning)		6,140
Cumulative effect of change in accounting principle			0
Balance	6,195	6,140
Dividends paid on common shares	230
Proceeds from the issuance of common shares	690
Conversion of Series A preferred shares to common shares		2
Deferred compensation shares and options	2	43
Common shares issued:
Under employee share option plan	(14)	22
Upon redemption of redeemable Class A Operating Partnership units, at redemption value	48	27
Other	0	0
Balance	7,151	6,234	6,140
Preferred Shares
Balance (beginning)		825,095
Cumulative effect of change in accounting principle			0
Balance	823,807	825,095
Conversion of Series A preferred shares to common shares	(89)	(1,312)
Common shares issued:
Other	0	0
Balance	823,718	823,783	825,095
Additional Capital
Balance (beginning)		5,278,717
Cumulative effect of change in accounting principle			212,395
Balance	6,025,976	5,491,112
Dividends paid on common shares	236,920
Proceeds from the issuance of common shares	709,536
Conversion of Series A preferred shares to common shares	89	1,310
Deferred compensation shares and options	11,527	8,452
Common shares issued:
Under employee share option plan	1,219	20,256
Upon redemption of redeemable Class A Operating Partnership units, at redemption value	53,043	61,774
In connection with dividend reinvestment plan		1,755
Voluntary surrender of equity awards on March 31, 2009	32,588
Adjustments to redeemable Class A Operating Partnership units	(77,004)	(26,393)
Other	(763)	(46)
Balance	6,993,131	5,558,220	5,491,112
Earnings Less Than Distributions
Balance (beginning)		(721,625)
Cumulative effect of change in accounting principle			(35,552)
Balance	(1,047,340)	(757,177)
Net income (loss)	243,092	571,977
Dividends paid on common shares	(431,237)	(415,169)
Dividends paid on preferred shares	(42,809)	(42,819)
Common shares issued:
Under employee share option plan	(440)
Other	7	0
Balance	(1,278,727)	(643,188)	(757,177)
Accumulated Other Comprehensive Income (Loss)
Balance (beginning)		29,772
Cumulative effect of change in accounting principle			0
Balance	(6,899)	29,772
Common shares issued:
Sale of securities available for sale		6,128
Change in unrealized net loss on securities available for sale	4,099	(22,057)
Our share of partially owned entities' OCI adjustments	11,846
Other	7,443	(22,518)
Balance	16,489	(8,675)	29,772
Non-controlling Interests
Balance (beginning)		416,298
Cumulative effect of change in accounting principle			0
Balance	412,913	416,298
Net income (loss)	(3,442)	(2,767)
Common shares issued:
Other	(3,325)	(1,856)
Balance	$406,146	$411,675	$416,298

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Thousands	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Cash flows from operating activities:
Net income	$271,900	$639,112
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of debt issuance costs)	413,697	437,567
Mezzanine loans loss accrual	122,738	0
Equity in income of partially owned entities, including Alexander's and Toys	(115,817)	(70,490)
Straight-lining of rental income	(75,702)	(63,184)
Amortization of below market leases, net	(56,270)	(73,655)
Write-off of unamortized costs from the voluntary surrender of equity awards	32,588	0
Net gains on early extinguishment of debt	(26,996)	0
Distributions of income from partially owned entities	21,484	12,021
Reversal of H Street deferred tax liability	0	(222,174)
Net gain on sale of Americold Realty Trust	0	(112,690)
Write-off of real estate joint ventures' development costs	0	34,200
Net loss on derivative positions	0	25,812
Impairment losses - marketable securities	0	20,881
Net gains on sale of real estate	(42,655)	(57,523)
Net gains on dispositions of wholly owned and partially owned assets other than depreciable real estate	(4,432)	(8,546)
Impairment losses on development projects and costs of acquisitions not consummated	0	8,009
Amortization of discount on convertible and exchangeable senior debentures	29,106	28,328
Other non-cash adjustments	119	32,812
Changes in operating assets and liabilities:
Accounts receivable, net	11,611	(8,825)
Prepaid assets	(119,608)	(46,823)
Other assets	(43,004)	(26,706)
Accounts payable and accrued expenses	70,511	88,973
Other liabilities	217	10,510
Net cash provided by operating activities	489,487	647,609
Cash flows from investing activities:
Development costs and construction in progress	(384,655)	(413,947)
Additions to real estate	(145,981)	(158,434)
Restricted cash	81,195	(22,674)
Investments in partially owned entities	(28,738)	(115,250)
Proceeds from sales of real estate and related investments	291,652	352,511
Proceeds received from repayment of notes and mortgage loans receivable	46,339	52,032
Distributions of capital from partially owned entities	13,112	182,090
Acquisitions of real estate and other	0	(36,566)
Deposits in connection with real estate acquisitions	1,000	(10,616)
Proceeds from sales of, and return of investment in, marketable securities	59,873	47,723
Investments in notes and mortgage loans receivable	0	(7,397)
Purchases of marketable securities	(11,597)	(8,035)
Net cash used in investing activities	(77,800)	(138,563)
Cash flows from financing activities:
Proceeds from issuance of common shares	710,226	0
Proceeds from borrowings	1,208,204	1,424,458
Repayments of borrowings	(996,218)	(1,043,734)
Dividends paid on common shares	(194,087)	(415,169)
Distributions to noncontrolling interests	(30,291)	(65,925)
Dividends paid on preferred shares	(42,809)	(42,841)
Debt issuance costs	(9,246)	(13,399)
Exercise of share options and other	22	21,981
Purchase of outstanding Series G Preferred Units	(24,330)	0
Net cash provided by (used in) financing activities	621,471	(134,629)
Net increase in cash and cash equivalents	1,033,158	374,417
Cash and cash equivalents at beginning of period	1,526,853	1,154,595
Cash and cash equivalents at end of period	2,560,011	1,529,012
Supplemental disclosure of cash flow information:
Cash payments for interest (including capitalized interest of $14,054 and $49,241)	461,802	463,458
Cash payments for income taxes	6,880	6,153
Non-cash transactions:
Adjustments to redeemable Class A Operating Partnership units	(77,004)	(26,393)
Conversion of redeemable Class A Operating Partnership units to common shares, at redemption value	53,091	61,801
Dividends paid in common shares	237,150	0
Unit distributions paid in redeemable Class A Operating Partnership units	20,072	0
Unrealized net (gain) loss on securities available for sale	($4,099)	$22,057

2_Consolidated Statements of Ca

Consolidated Statements of Cash Flows [Parentheticals] (USD $)
In Thousands	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Consolidated Statements of Cash Flows [Parentheticals]
Capitalized interest	$14,054	$49,241

Organization

Organization
	9 Months Ended Sep. 30, 2009 USD / shares
Organization
Organization [Text Block]	1. Organization Vornado Realty Trust (Vornado) is a fully-integrated real estate investment trust (REIT) and conducts its business through Vornado Realty L.P., a Delaware limited partnership (the Operating Partnership). Vornado is the sole general partner of, and owned approximately 92.1% of the common limited partnership interest in the Operating Partnership at September 30, 2009. All references to we, us, our, the Company and Vornado refer to Vornado Realty Trust and its consolidated subsidiaries, including the Operating Partnership. Substantially all of Vornados assets are held through subsidiaries of the Operating Partnership. Accordingly, Vornados cash flow and ability to pay dividends to its shareholders is dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors.

Basis of Presentation

Basis of Presentation
	9 Months Ended Sep. 30, 2009 USD / shares
Basis of Presentation
Basis of Presentation [Text Block]	2. Basis of Presentation The accompanying consolidated financial statements are unaudited. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the UnitedStates of America (GAAP) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the SEC) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form10-K and 10-K/A for the year ended December31, 2008, as filed with the SEC. The results of operations for the three and nine months ended September 30, 2009, are not necessarily indicative of the operating results for the full year. The accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership, as well as certain partially owned entities in which we own more than 50%, unless a partner has shared board and management representation and substantive participation rights on all significant business decisions, or 50% or less when (i) we are the primary beneficiary and the entity qualifies as a variable interest entity, as defined by GAAP, or (ii) when we are a general partner and meet certain criteria under GAAP. All significant inter-company amounts have been eliminated. Equity interests in partially owned entities are accounted for under the equity method of accounting if they do not meet the criteria for consolidation and we have the ability to exercise significant influence over the operating and financial policies of the company. Generally an ownership interest of 20% or more is sufficient to demonstrate the ability to exercise significant influence. When partially owned investments are in partnership form, the 20% threshold for equity method accounting is generally reduced to 3% to 5%, based on our ability to influence the operating and financial policies of the partnership. Investments accounted for under the equity method are initially recorded at cost and subsequently adjusted for our share of the net income or loss and cash contributions and distributions to or from these entities. Investments in partially owned entities that do not meet the criteria for consolidation or for equity method accounting are accounted for on the cost method. We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Effective July 1, 2009, the Financial Accounting Standards Board ("FASB") established the Accounting Standards Codifcation ("ASC") as the primary source of authoritative GAAP recognized by the FASB to be applie

Recently Issued Accounting Lite

Recently Issued Accounting Literature
	9 Months Ended Sep. 30, 2009 USD / shares
Recently Issued Accounting Literature
Recently Issued Accounting Literature [Text Block]	3. Recently Issued Accounting Literature In December 2007, the FASB issued an update to ASC 805, Business Combinations. The amended guidance contained in ASC 805 applies to all transactions and other events in which one entity obtains control over one or more other businesses. It also broadens the fair value measurement and recognition of assets acquired, liabilities assumed, and interests transferred as a result of business combinations; and acquisition related costs will generally be expensed rather than included as part of the basis of the acquisition. The amended guidance also expands required disclosures to improve the ability to evaluate the nature and financial effects of business combinations. The amended guidance became effective for all transactions entered into on or after January 1, 2009. The adoption of this guidance on January 1, 2009 did not have any effect on our consolidated financial statements because there have been no acquisitions during 2009. In December 2007, the FASB issued an update to ASC 810, Consolidation. The amended guidance contained in ASC 810 requires a noncontrolling interest in a subsidiary to be reported as equity and the amount of consolidated net income specifically attributable to the noncontrolling interest to be identified in the consolidated financial statements. It also calls for consistency in the manner of reporting changes in the parents ownership interest and requires fair value measurement of any noncontrolling equity investment retained in a deconsolidation. The amended guidance became effective on January 1, 2009 and resulted in (i) the reclassification of minority interests in consolidated subsidiaries to noncontrolling interests in consolidated subsidiaries, a component of permanent equity on our consolidated balance sheets, (ii) the reclassification of minority interest expense to net income attributable to noncontrolling interests, on our consolidated statements of income, and (iii) additional disclosures, including a consolidated statement of changes in equity in quarterly reporting periods. In March 2008, the FASB issued an update to ASC 815, Derivatives and Hedging. The amended guidance contained in ASC 815 requires enhanced disclosures related to derivative instruments and hedging activities, including disclosures regarding how an entity uses derivative instruments, how derivative instruments and related hedged items are accounted for and the impact of derivative instruments and related hedged items on an entitys financial position, financial performance and cash flows. It also provided a new two-step model to be applied in determining whether a financial instrument or an embedded feature is indexed to an issuers own stock. The amended guidance became effective on January 1, 2009. The adoption of this guidance on January 1, 2009 did not have a material effect on our consolidated financial statements. In June 2008, the FASB issued an update to ASC 260, Earnings Per Share. The amended guidance contained in ASC 260 requires companies to treat unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents as participating secu

Fair Value Measurements

Fair Value Measurements
	9 Months Ended Sep. 30, 2009 USD / shares
Fair Value Measurements
Fair Value Measurements [Text Block]	4.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. Financial assets and liabilities measured at fair value in our consolidated financial statements consist primarily of (i) marketable equity securities and (ii) the assets of our deferred compensation plan (primarily marketable equity securities and equity investments in limited partnerships), for which there is a corresponding liability on our consolidated balance sheets. Financial assets and liabilities measured at fair value as of September 30, 2009 are presented in the table below based on their level in the fair value hierarchy. Fair Value Hierarchy (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable equity securities $ 85,717 $ 85,717 $ $ Deferred compensation plan assets 76,777 39,554 37,223 Total assets $ 162,494 $ 125,271 $ $ 37,223 Mandatorily redeemable instruments (included in other liabilities) $ 59,762 $ 59,762 $ $ The fair value of Level 3 deferred compensation plan assets represents equity investments in certain limited partnerships, for which there is a corresponding Level 3 liability to the plans participants. The following is a summary of changes in Level 3 deferred compensation plan assets and liabilities, for the three and nine months ended September 30, 2009. (Amounts in thousands) Beginning Balance Total Realized/ Unrealized Gains Purchases, Sales, Other Settlements and Issuances, net Ending Balance For the three months ended September 30, 2009 $ 36,168 $ 688 $ 367 $ 37,223 For the nine months ended September 30, 2009 $ 34,176 $ 1,998 $ 1,049 $ 37,223 We have estimated the fair value of all financial instruments reflected in the accompanying consolidated balance sheets at amounts which are based upon an interpretation of available market information and valuation met

Investments in Partially Owned

Investments in Partially Owned Entities
	9 Months Ended Sep. 30, 2009 USD / shares
Investments in Partially Owned Entities
Investments in Partially Owned Entities [Text Block]	5. Investments in Partially Owned Entities Toys R Us (Toys) As of September 30, 2009, we own 32.7% of Toys. We account for our investment in Toys under the equity method and record our 32.7% share of Toys 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. Historically, Toys fourth quarter net income accounts for more than 80% of its fiscal year net income. As of September 30, 2009, the carrying amount of our investment in Toys does not differ materially from our share of the equity in the net assets of the parent company. Below is a summary of Toys latest available financial information on a purchase accounting basis. (Amounts in millions) Balance Sheet: As of August 1, 2009 As of November 1, 2008 Total assets $ 11,449 $ 12,410 Total liabilities $ 9,999 $ 11,393 Toys stockholders equity $ 1,341 $ 929 For the Three Months Ended For the Nine Months Ended Income Statement: August 1, 2009 August 2, 2008 August 1, 2009 August 2, 2008 Total revenues $ 2,567 $ 2,771 $ 10,505 $ 11,317 Net income (loss) attributable to Toys $ 62 $ (31 ) $ 304 $ 113 Alexanders (NYSE: ALX) As of September 30, 2009, we own 32.4% of the outstanding common stock of Alexanders. We manage, lease and develop Alexanders properties pursuant to agreements, which expire in March of each year and are automatically renewable. As of September 30, 2009 and December 31, 2008, Alexanders owed us $57,197,000 and $44,086,000, respectively, in fees under these agreements. Based on Alexanders September 30, 2009 closing share price of $295.88, the market value (fair value pursuant toASC 820) of our investment in Alexanders is $489,406,000, or $302,134,000 in excess of the carrying amount on our consolidated balance sheet. As of September 30, 2009, the carrying amount of our investment in Alexanders exceeds our share of the equity in the net assets of Alexanders by approximately $35,249,000. The majority of this basis difference resulted from the excess of our purchase price for the Alexanders common stock acquired over the book value of Alexanders net assets. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Alexanders 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 Alexanders net income or loss. The basis difference related to the land will be recognized upon disposition of our investment. Lexington Realty Trust (Lexington) (NYSE: LXP) As of September 30, 2009, we own 18,468,969 Lexington common shares, or approximately 16.1% of Lexingtons common equity. We account for our investment in Lexington under the equity method because we believe we have the ab

Mezzanine Loans Receivable

Mezzanine Loans Receivable
	9 Months Ended Sep. 30, 2009 USD / shares
Mezzanine Loans Receivable
Mezzanine Loans Receivable [Text Block]	6. Mezzanine Loans Receivable The following is a summary of our investments in mezzanine loans as of September 30, 2009 and December 31, 2008. (Amounts in thousands) Interest Rate as of Carrying Amount as of Mezzanine Loans Receivable: Maturity September 30, 2009 September 30, 2009 December 31, 2008 Equinox 02/13 14.00% $ 95,325 $ 85,796 Tharaldson Lodging Companies 04/10 (1) 4.49% 75,573 76,341 Riley HoldCo Corp 02/15 10.00% 74,438 74,381 280 Park Avenue 06/16 10.25% 73,750 73,750 Charles Square Hotel, Cambridge (2) (2) 41,796 Other, net 01/14-12/18 5.86%-12.00% 73,628 120,475 392,714 472,539 Valuation allowance (3) (122,738 ) $ 269,976 $ 472,539 __________________ (1) The borrower has a one-year extension option. (2) On June 1, 2009, this loan, which was scheduled to mature in September 2009, was repaid. (3) Represents loan loss accruals on mezzanine loans based on our estimate of the net realizable value of each loan. Our estimates are based on the present value of expected cash flows, discounted at each loans effective interest rate, or if a loan is collateralized, based on the fair value of the underlying collateral, adjusted for estimated costs to sell. The excess of the carrying amount over the net realizable value of a loan is recognized as a reduction of interest and other investment (loss) income, net in our consolidated statement of income.

Discontinued Operations

Discontinued Operations
	9 Months Ended Sep. 30, 2009 USD / shares
Discontinued Operations
Discontinued Operations [Text Block]	7. Discontinued Operations On September 1, 2009, we sold 1999 K Street, a newly developed 250,000 square foot office building, in Washingtons Central Business District, for $207,800,000 in cash, which resulted in a net gain of $41,211,000. Accordingly, during the third quarter of 2009, we classified this property as a discontinued operation. In addition, we have classified the revenues and expenses of other properties sold or to be sold as income from discontinued operations and the related assets and liabilities as assets related to discontinued operations and liabilities related to discontinued operations for all periods presented in the accompanying consolidated financial statements. The tables below set forth the assets and liabilities related to discontinued operations at September 30, 2009 and December 31, 2008, and the combined results of operations related to discontinued operations for the three and nine months ended September 30, 2009 and 2008. (Amounts in thousands) Assets related to Discontinued Operations as of Liabilities related to Discontinued Operations as of September 30, 2009 December 31, 2008 September 30, 2009 December 31, 2008 H Street land under sales contract $ 108,151 $ 108,292 $ $ 1999 K Street 124,402 73,747 Retail properties 48,416 Total $ 108,151 $ 281,110 $ $ 73,747 (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2009 2008 2009 2008 Revenues $ 1,356 $ 1,077 $ 9,846 $ 225,620 Expenses 690 343 3,225 223,019 Net income 666 734 6,621 2,601 Net gain on sale of 1999 K Street 41,211 41,211 Net gain on sale of our 47.6% interest in Americold Realty Trust 112,690 Net gain on sale of Tysons Dulles Plaza 56,831 Net gains on sale of other real estate 1,444 112 1,444 692 Income from discontinued operations $ 43,321 $ 846 $ 49,276 $ 172,814

Identified Intangible Assets an

Identified Intangible Assets and Intangible Liabilities
	9 Months Ended Sep. 30, 2009 USD / shares
Identified Intangible Assets and Intangible Liabilities
Identified Intangible Assets and Intangible Liabilities [Text Block]	8. Identified Intangible Assets and Intangible Liabilities The following summarizes our identified intangible assets (primarily acquired above-market leases) and intangible liabilities (primarily acquired below-market leases) as of September 30, 2009 and December 31, 2008. Balance as of (Amounts in thousands) September 30, 2009 December 31, 2008 Identified intangible assets (included in other assets): Gross amount $ 768,364 $ 780,476 Accumulated amortization (304,309 ) (257,757 ) Net $ 464,055 $ 522,719 Identified intangible liabilities (included in deferred credit): Gross amount $ 955,651 $ 998,179 Accumulated amortization (303,350 ) (278,357 ) Net $ 652,301 $ 719,822 Amortization of acquired below-market leases, net of acquired above-market leases resulted in an increase to rental income of $18,728,000 and $24,526,000 for the three months ended September 30, 2009 and 2008, respectively, and $56,270,000 and $73,655,000 for the nine months ended September 30, 2009 and 2008, 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, 2010 is as follows: (Amounts in thousands) 2010 $ 63,104 2011 58,966 2012 54,771 2013 46,798 2014 40,995 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $15,698,000 and $21,207,000 for the three months ended September 30, 2009 and 2008, respectively, and $49,262,000 and $65,417,000 for the nine months ended September 30, 2009 and 2008, 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, 2010 is as follows: (Amounts in thousands) 2010 $ 55,898 2011 53,264 2012 48,828 2013 41,651 2014 23,577 We are a tenant under ground leases for certain of our properties. Amortization of these acquired below-market leases resulted in an increase to rent expense of $533,000 and $1,599,000 in each of the three-month and nine-month periods ended September 30, 2009 and 2008, respectively. Estimated annual amortization of these below market leases for each of the five succeeding years, commencing January 1, 2010 is as follows: (Amounts in thousands) 2010 $ 2,133 2011 2,133 2012 2,133 2013 2,133 2014 2,133

Debt

Debt
	9 Months Ended Sep. 30, 2009 USD / shares
Debt
Debt [Text Block]	9. Debt The following is a summary of our debt: (Amounts in thousands) Balance at Notes and mortgages payable: Maturity (1) Interest Rate at September 30, 2009 September 30, 2009 December 31, 2008 Fixed rate: New York Office: 1290 Avenue of the Americas 01/13 5.97% $ 437,210 $ 444,667 350 Park Avenue 01/12 5.48% 430,000 430,000 770 Broadway 03/16 5.65% 353,000 353,000 888 Seventh Avenue 01/16 5.71% 318,554 318,554 Two Penn Plaza 02/11 4.97% 283,748 287,386 909 Third Avenue 04/15 5.64% 211,540 214,074 Eleven Penn Plaza 12/11 5.20% 204,114 206,877 Washington, DC Office: Skyline Place 02/17 5.74% 678,000 678,000 Warner Building 05/16 6.26% 292,700 292,700 River House Apartments 04/15 5.43% 195,546 195,546 1215 Clark Street, 200 12th Street and 251 18th Street 01/25 7.09% 113,992 115,440 Bowen Building 06/16 6.14% 115,022 115,022 Reston Executive I, II and III 01/13 5.57% 93,000 93,000 1101 17th , 1140 Connecticut, 1730 M and 1150 17th Street 08/10 6.74% 86,401 87,721 1550 and 1750 Crystal Drive 11/14 7.08% 82,399 83,912 Universal Buildings (2) 04/14 6.33% 107,553 59,728 1235 Clark Street 07/12 6.75% 53,479 54,128 2231 Crystal Drive 08/13 7.08% 49,054 50,394 1750 Pennsylvania Avenue 06/12 7.26% 46,057 46,570 241 18th Street 10/10 6.82% 45,860 46,532 2011 Crystal Drive (3) 8/17 7.30% 82,436 38,338 1225 Clark Street 08/13 7.08% 29,342 30,145 1800, 1851 and 1901 South Bell Street 12/11 6.91% 21,524 27,801 Retail: Cross-collateralized mortgages on 42 shopping centers (4) 03/10 7.86% 394,876 448,115 Springfield Mall (including present value of purchase option) 10/12-04/13 5.45% 249,683 252,803 Montehiedra Town Center 07/16 6.04% 120,000 120,000 Broadway Mall 07/13 5.40% 93,183 94,879 828-850 Madison Avenue Condominium 06/18 5.29% 80,000 80,000 Las Catalinas Mall 11/13 6.97% 59,680 60,766 Other 12/10-05/36 4.75%-7.33% 157,452 159,597 Merchandise Mart: Merchandise Mart 12/16 5.57% 550,000 550,000 High Point Complex 09/16 6.34% 218,475 220,361 Boston Design Center 09/15 5.02% 69,943 70,740 Washington Design Center 11/11 6.95% 44,440 44,992 Other: 555 California Street (5) 05/10-09/11 5.94% 663,545 720,671 Industrial Warehouses 10/11 6.95% 24,956 25,268 Total fixed interest notes and mortgages payable 5.97% 7,056,764 7,117,727 _____________________ See notes on page 22.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests
	9 Months Ended Sep. 30, 2009 USD / shares
Redeemable Noncontrolling Interests [Abstract]
Redeemable Noncontrolling Interests [Text Block]	10. Redeemable Noncontrolling Interests Redeemable noncontrolling interests on our consolidated balance sheets represent Operating Partnership units held by third parties and are comprised of (i) Class A units, (ii) Series B convertible preferred units, and (iii) Series D-10, D-11, D-12, D-14 and D-15 (collectively, Series D) cumulative redeemable preferred units. Redeemable noncontrolling interests are presented 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 additional capital on our consolidated balance sheets. As of September 30, 2009 and December 31, 2008, the aggregate value of the redeemable noncontrolling interests was $1,212,765,000 and $1,177,978,000, respectively. Below is a table reflecting the activity of the redeemable noncontrolling interests. (Amounts in thousands) Balance at December 31, 2007 $ 1,658,303 Net income 69,844 Distributions (56,445 ) Conversion of Class A redeemable units into common shares, at redemption value (61,801 ) Mark-to-market adjustments on Class A redeemable units 26,393 Other, net 19,812 Balance at September 30, 2008 $ 1,656,106 Balance at December 31, 2008 $ 1,177,978 Net income 32,250 Distributions (31,313 ) Conversion of Class A redeemable units into common shares, at redemption value (53,091 ) Mark-to-market adjustments on Class A redeemable units 77,004 Other, net 9,937 Balance at September 30, 2009 $ 1,212,765 Redeemable noncontrolling interests 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 GAAP, 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 $59,762,000 and $83,079,000 as of September 30, 2009 and December 31, 2008, respectively. On October 30, 2009, all of the Series B convertible preferred units were redeemed by us in exchange for 139,798 Class A units.

Income Per Share

Income Per Share
	9 Months Ended Sep. 30, 2009 USD / shares
Income Per Share
Income Per Share [Text Block]	11. Income Per Share During 2009, we paid a portion of our common dividends in Vornado common shares. Consequently, we have included the 5,736,000 newly issued common shares in the computation of income per share retroactively for the three and nine months ended September 30, 2008. On April 22, 2009, we sold 17,250,000 common shares, including underwriters over-allotment, in an underwritten public offering pursuant to an effective registration statement at an initial public offering price of $43.00 per share. We received net proceeds of approximately $710,226,000, after the underwriters discount and offering expenses and contributed the net proceeds to the Operating Partnership in exchange for 17,250,000 Class A units of the Operating Partnership. The following table provides a reconciliation of both net income and the number of common shares used in the computation of (i) basic income per common share, which utilizes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income per common share, which includes the weighted average common shares and potentially dilutive share equivalents. Potentially dilutive share equivalents include our Series A convertible preferred shares, employee stock options, restricted share awards and exchangeable senior debentures due 2025. (Amounts in thousands, except per share amounts) For The Three Months Ended September 30, For The Nine Months Ended September 30, 2009 2008 2009 2008 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 100,518 $ 36,171 $ 197,038 $ 415,253 Income from discontinued operations, net of income attributable to noncontrolling interests 40,099 836 46,054 156,724 Net income attributable to Vornado 140,617 37,007 243,092 571,977 Preferred share dividends (14,269 ) (14,271 ) (42,807 ) (42,820 ) Net income attributable to common shareholders 126,348 22,736 200,285 529,157 Earnings allocated to unvested participating securities (38 ) (80 ) (147 ) (242 ) Numerator for basic income per share 126,310 22,656 200,138 528,915 Impact of assumed conversions: Convertible preferred share dividends 43 145 Numerator for diluted income per share $ 126,353 $ 22,656 $ 200,138 $ 529,060 Denominator: Denominator for basic income per share weighted average shares 179,422 159,761 171,620 159,405 Effect of dilutive securities (1): Employee stock options and restricted share awards 2,213 4,663 1,558 4,609 Convertible preferred shares 75 85 Denominator for diluted income per share weighted average shares and assumed conversions 181,710 164,424 173,178 164,099 INCOME PER COMMON SHARE BASIC: Income from continuing operations, net $ 0.48 $ 0.14 $ 0.90 $ 2.3

Comprehensive Income

Comprehensive Income
	9 Months Ended Sep. 30, 2009 USD / shares
Comprehensive Income
Comprehensive Income [Text Block]	12. Comprehensive Income (Amounts in thousands) For The Three Months Ended September 30, For The Nine Months Ended September 30, 2009 2008 2009 2008 Net income $ 155,844 $ 43,547 $ 271,900 $ 639,112 Other comprehensive income (loss) 52,340 19,656 23,388 (38,447 ) Comprehensive income 208,184 63,203 295,288 600,665 Comprehensive income attributable to noncontrolling interests (19,257 ) (8,329 ) (30,796 ) (63,598 ) Comprehensive income attributable to Vornado $ 188,927 $ 54,874 $ 264,492 $ 537,067 Substantially all of the other comprehensive income (loss) for the three and nine months ended September 30, 2009 and 2008 relates to the mark-to-market of marketable equity securities classified as available-for-sale and our share of other comprehensive income of partially owned entities (primarily Toys).

Fee and Other Income

Fee and Other Income
	9 Months Ended Sep. 30, 2009 USD / shares
Fee and Other Income
Fee And Other Income [Text Block]	13. Fee and Other Income The following table sets forth the details of our fee and other income: (Amounts in thousands) For The Three Months Ended September 30, For The Nine Months Ended September 30, 2009 2008 2009 2008 Tenant cleaning revenue $ 14,514 $ 13,627 $ 43,372 $ 41,431 Management and leasing fees 2,837 2,518 8,255 10,326 Lease termination fees 1,608 1,455 4,356 4,469 Other income 12,676 13,155 42,301 33,830 $ 31,635 $ 30,755 $ 98,284 $ 90,056 Fee and other income above include management fee income from InterstateProperties, a related party, of $197,000 and $196,000 for the three months ended September 30, 2009 and 2008, respectively, and $578,000 and $604,000 for the nine months ended September 30, 2009 and 2008, respectively. The above table excludes fee income from partially owned entities, which is included in income from partially owned entities (see Note 5 Investments in Partially Owned Entities).

Stock-based Compensation

Stock-based Compensation
	9 Months Ended Sep. 30, 2009 USD / shares
Stock-based Compensation
Stock-based Compensation [Text Block]	14. Stock-based Compensation Our Share Option Plan (the Plan) provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, performance shares and limited partnership units to certain of our employees and officers. We account for all stock-based compensation in accordance GAAP. Stock based compensation expense for the three months ended September 30, 2009 and 2008 consists of stock option awards, restricted common shares, Operating Partnership unit awards and out-performance plan awards. During the three and nine months ended September 30, 2009, we recognized $5,639,000 and $21,539,000 of stock-based compensation expense, respectively. During the three and nine months ended September 30, 2008 we recognized $8,789,000 and $25,762,000 of stock based compensation expense, respectively. On March 31, 2009, our nine most senior executives voluntarily surrendered their 2007 and 2008 stock option awards and their 2008 out-performance plan awards. Accordingly, we recognized $32,588,000 of expense in the first quarter of 2009 representing the unamortized portion of these awards, which is included as a component of general and administrative expense on our consolidated statement of income. As a result of these voluntary surrenders, stock-based compensation expense will be approximately $7,000,000 lower in 2009 and $9,400,000, $9,400,000, $5,700,000 and $1,000,000 lower in 2010, 2011, 2012 and 2013, respectively.

Commitments and Contingencies

Commitments and Contingencies
	9 Months Ended Sep. 30, 2009 USD / shares
Commitments and Contingencies
Commitments and Contingencies [Text Block]	15. Commitments and Contingencies Insurance We carry commercial liability and all risk property insurance ((i) fire, (ii) flood, (iii) extended coverage, (iv) acts of terrorism as defined in the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA), which expires in December 2014, and (v) rental loss insurance) with respect to our assets. Our New York Office, Washington, DC Office, Retail and Merchandise Mart divisions have $2.0 billion of per occurrence all risk property insurance coverage in effect through February 15, 2011. Our California properties have earthquake insurance with coverage of $150,000,000 per occurrence, subject to a deductible in the amount of 5% of the value of the affected property, and a $150,000,000 annual aggregate. Penn Plaza Insurance Company, LLC (PPIC), our wholly owned subsidiary, acts as a re-insurer with respect to a portion of our earthquake insurance coverage and as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (NBCR) acts, as defined by TRIPRA. Coverage for acts of terrorism is fully reinsured by third party insurance companies and the Federal government with no exposure to PPIC. Our coverage for NBCR losses is up to $2 billion, per occurrence, for which PPIC is responsible for a deductible of $3,200,000 and 15% of the balance of a covered loss and the Federal government is responsible for the remaining 85% of a covered loss. We are ultimately responsible for any loss borne 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 future policy years. Our debt instruments, consisting of mortgage loans secured by our properties (which are generally non-recourse to us), senior unsecured notes, exchangeable senior debentures, convertible senior debentures 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 and/or refinance our properties and expand our portfolio. Other Contractual Obligations At September 30, 2009, there were $39,282,000 of outstanding letters of credit under our $965,000,000 revolving credit facility. Our credit facilities and our senior unsecured notes 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 credit facilities and our senior unsecured notes 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 items such as the failure to pay interest or principa

Retirement Plans

Retirement Plans
	9 Months Ended Sep. 30, 2009 USD / shares
Retirement Plans
Retirement Plans [Text Block]	16. Retirement Plans In the first quarter of 2009, we finalized the termination of the Merchandise Mart Properties Pension Plan, which resulted in a $2,800,000 pension settlement expense that is included as a component of general and administrative expense on our consolidated statement of income for the nine months ended September 30, 2009.

Impairment losses on Developmen

Impairment losses on Development Projects and Costs of Acquisitions Not Consummated
	9 Months Ended Sep. 30, 2009 USD / shares
Impairment losses on Development Projects and Costs of Acquisitions Not Consummated
Impairment losses on Development Projects and Costs of Acquisitions Not Consummated [Text Block]	17. Impairment losses on Development Projects and Costs of Acquisitions Not Consummated During the three months ended September 30, 2008, we recognized a $5,000,000 non-cash impairment charge to write down the carrying amount of land held for development to its fair value. During the first and second quarters of 2008, we wrote-off an aggregate of $3,009,000 of costs associated with acquisitions not consummated (primarily Hudson Rail Yards).

Marketable Securities

Marketable Securities
	9 Months Ended Sep. 30, 2009 USD / shares
Marketable Securities
Marketable Securities [Text Block]	18. Marketable Securities At September 30, 2009 and December 31, 2008, we had $4,099,000 of net unrealized gains and $2,061,000 of net unrealized losses, respectively, on our marketable equity securities. During 2008, we concluded that certain of the investments in our marketable equity securities portfolio were other-than-temporarily impaired; accordingly, we recognized non-cash impairment charges, aggregating $20,881,000, of which $9,073,000 and $11,808,000 were recognized in the first and third quarters of 2008, respectively. Our conclusions were based on the severity of the declines in the market value of those securities and our inability to forecast a recovery in the near-term. The following table sets forth the details of our marketable securities: As of September 30, 2009 As of December 31, 2008 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Marketable equity securities $ 85,717 $ 85,717 $ 118,438 $ 118,438 Debt securities held-to-maturity 227,501 242,848 215,884 164,728 $ 313,218 $ 328,565 $ 334,322 $ 283,166

Segment Information

Segment Information
	9 Months Ended Sep. 30, 2009 USD / shares
Segment Information
Segment Information [Text Block]	19. Segment Information Below is a summary of net income and a reconciliation of our net income to EBITDA(1) by segment for the three and nine months ended September 30, 2009 and 2008. (Amounts in thousands) For the Three Months Ended September 30, 2009 Total New York Office Washington, DC Office Retail Merchandise Mart Toys Other (3) Property rentals $ 509,968 $ 189,896 $ 137,139 $ 91,286 $ 52,269 $ $ 39,378 Straight-line rents: Contractual rent increases 16,676 10,126 3,573 2,827 135 15 Amortization of free rent 4,682 (98 ) 2,760 1,963 19 38 Amortization of acquired below- market leases, net 18,728 10,710 1,069 4,826 30 2,093 Total rentals 550,054 210,634 144,541 100,902 52,453 41,524 Tenant expense reimbursements 89,530 36,360 14,892 32,121 3,661 2,496 Fee and other income: Tenant cleaning revenue 14,514 20,661 (6,147 ) Management and leasing fees 2,837 1,269 1,984 557 11 (984 ) Lease termination fees 1,608 1,226 234 9 139 Other 12,676 3,182 4,979 648 3,461 406 Total revenues 671,219 273,332 166,630 134,228 59,595 37,434 Operating expenses 265,952 117,362 57,889 49,304 26,469 14,928 Depreciation and amortization 130,503 42,621 35,187 24,091 13,654 14,950 General and administrative 51,684 4,895 6,079 6,802 7,198 26,710 Total expenses 448,139 164,878 99,155 80,197 47,321 56,588 Operating income (loss) 223,080 108,454 67,475 54,031 12,274 (19,154 ) Income applicable to Alexanders 21,297 192 187 20,918 Income applicable to Toys 22,077 22,077 (Loss) income from partially owned entities (18,784 ) 1,454 1,876 580 26 (22,720 ) Interest and other investment income, net 20,486 190 254 10 12 20,020 Interest and debt expense (158,205 ) (33,644 ) (32,454 ) (22,315 ) (13,088 ) (56,704 ) Net gains of early extinguishment of debt 3,407 3,407 Net gains on disposition of wholly owned and partially owned assets other than depreciable real estate 4,432 4,432 Income (loss) before income taxes 117,790 76,646 37,151 32,493 (776 ) 22,077 (49,801 ) Income tax expense (5,267 ) (585 ) (44 ) (39 ) (847 ) (3,752 ) Income (loss) from continuing operations 112,523 76,061 37,107 32,454 (1,623 ) 22,077 (53,553 ) Income from discontinued operations 43,321 41,992 1,329 Net income (loss) 155,844 76,061 79,099 33,783 (1,623 )

Document Information

Document Information
	9 Months Ended Sep. 30, 2009 USD / shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-09-30

Entity Information

Entity Information (USD $)
	9 Months Ended Sep. 30, 2009
Entity Information [Line Items]
Entity Registrant Name	VORNADO REALTY TRUST
Entity Central Index Key	0000899689
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding	179,523,984