Vornado Realty Trust (VNO) 10-K 23 Feb 10 2009 FY Annual report Financial data

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Thousands	Dec. 31, 2009	Dec. 31, 2008
Real estate, at cost:
Land	$4,606,065	$4,598,111
Buildings and improvements	12,902,086	12,136,272
Development costs and construction in progress	313,310	966,676
Leasehold improvements and equipment	128,056	118,620
Total	17,949,517	17,819,679
Less accumulated depreciation and amortization	(2,494,441)	(2,167,403)
Real estate, net	15,455,076	15,652,276
Cash and cash equivalents	535,479	1,526,853
Short-term investments	40,000	0
Restricted cash	293,950	375,888
Marketable securities	380,652	334,322
Accounts receivable, net of allowance for doubtful accounts of $46,708 and $32,834	157,325	201,566
Investments in partially owned entities, including Alexander's of $193,174 and $137,305	799,832	790,154
Investment in Toys "R" Us	409,453	293,096
Mezzanine loans receivable, net of allowance of $190,738 and $46,700	203,286	472,539
Receivable arising from the straight-lining of rents, net of allowance of $4,680 and $5,773	681,526	592,432
Deferred leasing and financing costs, net of accumulated amortization of $183,224 and $168,714	311,825	304,125
Assets related to discontinued operations	0	172,818
Due from officers	13,150	13,185
Other assets	903,918	688,794
Total Assets	20,185,472	21,418,048
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Notes and mortgages payable	8,445,766	8,761,640
Convertible senior debentures	445,458	2,221,743
Senior unsecured notes	711,716	617,816
Exchangeable senior debentures	484,457	478,256
Revolving credit facility debt	852,218	358,468
Accounts payable and accrued expenses	475,242	515,607
Deferred credit	682,384	764,774
Deferred compensation plan	80,443	69,945
Deferred tax liabilities	17,842	19,895
Liabilities related to discontinued operations	0	73,747
Other liabilities	88,912	143,527
Total liabilities	12,284,438	14,025,418
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	1,251,628	1,177,978
Vornado 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	823,686	823,807
Common shares of beneficial interest: $.04 par value per share; authorized, 250,000,000 shares; issued and outstanding 181,214,161 and 155,285,903 shares	7,218	6,195
Additional capital	6,961,007	6,025,976
Earnings less than distributions	(1,577,591)	(1,047,340)
Accumulated other comprehensive income (loss)	28,449	(6,899)
Total Vornado shareholders' equity	6,242,769	5,801,739
Noncontrolling interests in consolidated subsidiaries	406,637	412,913
Total equity	6,649,406	6,214,652
Liabilities And Shareholders' Equity	20,185,472	21,418,048
Redeemable noncontrolling interests units outstanding - Class A [Member]
Redeemable noncontrolling interests:
Total redeemable noncontrolling interests	971,628	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	$0	$15,238

Consolidated Balance Sheets [Pa

Consolidated Balance Sheets [Parentheticals] (USD $)
In Thousands, except Share data	Dec. 31, 2009	Dec. 31, 2008
Consolidated Balance Sheets [Parentheticals]
Accounts receivable, allowance for doubtful accounts	$46,708	$32,834
Investments in partially owned entities, Alexander's	193,174	137,305
Mezzanine loans receivable, allowance	190,738	46,700
Receivable arising from the straight-lining of rents, allowance	4,680	5,773
Deferred leasing and financing costs, accumulated amortization	$183,224	$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	181,214,161	155,285,903
Common shares of beneficial interest: outstanding shares	181,214,161	155,285,903
Redeemable noncontrolling interests units outstanding - Class A [Member]
Consolidated Balance Sheets [Parentheticals]
Redeemable noncontrolling interest units outstanding	13,892,313	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	0	444,559

Consolidated Statements of Inco

Consolidated Statements of Income (USD $)
In Thousands, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
REVENUES:
Property rentals	$2,222,285	$2,207,399	$1,972,230
Tenant expense reimbursements	361,982	357,986	323,075
Fee and other income	158,311	127,301	109,938
Total revenues	2,742,578	2,692,686	2,405,243
EXPENSES:
Operating	1,087,785	1,069,445	950,487
Depreciation and amortization	539,503	536,820	440,224
General and administrative	231,688	194,023	189,024
Impairment and other losses	87,823	81,447	10,375
Total expenses	1,946,799	1,881,735	1,590,110
Operating income	795,779	810,951	815,133
Income applicable to Alexander's	53,529	36,671	50,589
Income (loss) applicable to Toys "R" Us	92,300	2,380	(14,337)
(Loss) income from partially owned entities	(73,439)	(195,878)	31,891
Interest and other investment (loss) income, net	(116,330)	(2,682)	226,425
Interest and debt expense (including amortization of deferred financing costs of $17,691, $17,507, and $15,182)	(634,283)	(635,724)	(599,804)
Net (loss) gain on early extinguishment of debt	(25,915)	9,820	0
Net gain on disposition of wholly owned and partially owned assets other than depreciable real estate	5,641	7,757	39,493
Income before income taxes	97,282	33,295	549,390
Income tax (expense) benefit	(20,737)	204,537	(9,179)
Income from continuing operations	76,545	237,832	540,211
Income from discontinued operations	51,905	173,613	67,622
Net income	128,450	411,445	607,833
Net income attributable to noncontrolling interests, including unit distributions	(22,281)	(52,148)	(66,294)
Net income attributable to Vornado	106,169	359,297	541,539
Preferred share dividends	(57,076)	(57,091)	(57,177)
NET INCOME attributable to common shareholders	$49,093	$302,206	$484,362
INCOME PER COMMON SHARE - BASIC:
Income from continuing operations, net	$0	0.94	2.78
Income from discontinued operations, net	0.28	1.02	0.4
Net income per common share	0.28	1.96	3.18
Weighted average shares	171,595	153,900	151,949
INCOME PER COMMON SHARE - DILUTED:
Income from continuing operations, net	$0	0.91	2.66
Income from discontinued operations, net	0.28	$1	0.39
Net income per common share	0.28	1.91	3.05
Weighted average shares	173,503	158,119	158,558

1_Consolidated Statements of In

Consolidated Statements of Income [Parentheticals] (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Consolidated Statements of Income [Parentheticals]
Amortization of deferred financing costs	$17,691	$17,507	$15,182

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Balance	$6,214,652	$6,011,240	$5,006,596
Net income (loss)	103,330	362,560	538,045
Dividends paid on common shares	(262,397)	(561,981)	(524,719)
Dividends paid on preferred shares	(57,076)	(57,091)	(57,177)
Proceeds from the issuance of common shares	710,226
Deferred compensation shares and options	13,092	11,411	(36,439)
Common shares issued:
Under employees' share option plan	(29,638)	(3,441)	34,647
Upon redemption of Class A Operating Partnership units, at redemption value	90,955	82,330	116,085
In connection with dividend reinvestment plan		2,374	2,031
Change in unrealized net gain or loss on securities available-for-sale	6,147	(20,150)	(38,842)
Sale of securities available-for-sale	7,715	6,128	(36,563)
Change in pension plans		3,251	895
Our share of partially owned entities OCI adjustments	22,052
Adjustments to reflect redeemable Class A Operating Partnership units at redemption value	(167,049)	400,647	464,114
Voluntary surrender of equity awards on March 31, 2009	32,588
Equity component of $1.4 billion convertible senior debentures			130,714
Acquisition of noncontrolling interests			398,386
Conversion of Series F-1 Preferred Units		10,000
Allocation of cash paid to the equity component upon repurchase of convertible senior debentures	(30,159)
Other	(5,032)	(32,626)	13,467
Balance	6,649,406	6,214,652	6,011,240
Common Shares
Balance	6,195	6,140	6,083
Dividends paid on common shares	258
Proceeds from the issuance of common shares	690
Conversion of Series A preferred shares to common shares		2	4
Deferred compensation shares and options	1	1	(17)
Common shares issued:
Under employees' share option plan	4	7	30
Upon redemption of Class A Operating Partnership units, at redemption value	70	40	39
In connection with dividend reinvestment plan		1	1
Conversion of Series F-1 Preferred Units		4
Balance	7,218	6,195	6,140
Preferred Shares
Balance	823,807	825,095	828,660
Conversion of Series A preferred shares to common shares	(89)	(1,312)	(3,565)
Common shares issued:
Other	(32)	24
Balance	823,686	823,807	825,095
Additional Capital
Balance	6,025,976	5,491,112	4,776,515
Dividends paid on common shares	285,338
Proceeds from the issuance of common shares	709,536
Conversion of Series A preferred shares to common shares	89	1,310	3,561
Deferred compensation shares and options	13,091	11,410	(36,422)
Common shares issued:
Under employees' share option plan	1,713	26,897	34,617
Upon redemption of Class A Operating Partnership units, at redemption value	90,885	82,290	116,046
In connection with dividend reinvestment plan		2,373	2,030
Adjustments to reflect redeemable Class A Operating Partnership units at redemption value	(167,049)	400,647	464,114
Voluntary surrender of equity awards on March 31, 2009	32,588
Equity component of $1.4 billion convertible senior debentures			130,714
Conversion of Series F-1 Preferred Units		9,996
Allocation of cash paid to the equity component upon repurchase of convertible senior debentures	(30,159)
Other	(1,001)	(59)	(63)
Balance	6,961,007	6,025,976	5,491,112
Earnings Less Than Distributions
Balance	(1,047,340)	(757,177)	(716,716)
Net income (loss)	106,169	359,297	541,539
Dividends paid on common shares	(547,993)	(561,981)	(524,719)
Dividends paid on preferred shares	(57,076)	(57,091)	(57,177)
Common shares issued:
Under employees' share option plan	(31,355)	(30,345)
Other	4	(43)	(104)
Balance	(1,577,591)	(1,047,340)	(757,177)
Accumulated Other Comprehensive Income (Loss)
Balance	(6,899)	29,772	92,963
Common shares issued:
Change in unrealized net gain or loss on securities available-for-sale	6,147	(20,150)	(38,842)
Sale of securities available-for-sale	7,715	6,128	(36,563)
Change in pension plans		3,251	895
Our share of partially owned entities OCI adjustments	22,052
Other	(566)	(25,900)	11,319
Balance	28,449	(6,899)	29,772
Non-controlling Interests
Balance	412,913	416,298	19,091
Net income (loss)	(2,839)	3,263	(3,494)
Common shares issued:
Acquisition of noncontrolling interests			398,386
Other	(3,437)	(6,648)	2,315
Balance	$406,637	$412,913	$416,298

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Cash Flows from Operating Activities:
Net income	$128,450	$411,445	$607,833
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	559,053	577,338	545,885
Mezzanine loan loss accrual (reversal)	190,738	(10,300)	57,000
Straight-lining of rental income	(98,355)	(91,060)	(77,699)
Impairment and other losses	87,823	81,447	10,375
Equity in income of partially owned entities, including Alexander's and Toys	(90,210)	(47,460)	(69,656)
Amortization of below-market leases, net	(72,481)	(96,176)	(83,250)
Net gains on sale of real estate	(45,284)	(57,523)	(64,981)
Distributions of income from partially owned entities	30,473	44,690	24,044
Loss (gain) on early extinguishment of debt and write-off of unamortized financing costs	25,915	(9,820)	7,670
Impairment losses - partially owned entities	17,820	203,919	0
Net gain on dispositions of wholly owned and partially owned assets other than depreciable real estate	(5,641)	(7,757)	(39,493)
Impairment loss - marketable equity securities	3,361	76,352	0
Reversal of H Street deferred tax liability	0	(222,174)	0
Net gain on sale of Americold Realty Trust	0	(112,690)	0
Net loss (gain) from derivative positions	0	33,740	(113,503)
Other non-cash adjustments, including stock-based compensation	47,784	83,735	38,726
Changes in operating assets and liabilities:
Accounts receivable, net	15,383	(1,646)	(25,877)
Prepaid assets	(90,519)	(12,449)	2,380
Accounts payable and accrued expenses	(3,606)	(5,207)	(89,961)
Other assets	(61,878)	(27,382)	(54,858)
Other liabilities	(5,247)	6,790	22,690
Net cash provided by operating activities	633,579	817,812	697,325
Cash Flows from Investing Activities:
Development costs and construction in progress	(465,205)	(598,688)	(358,748)
Proceeds from sales of real estate	367,698	390,468	297,234
Additions to real estate	(216,669)	(207,885)	(166,319)
Purchases of marketable securities	(90,089)	(164,886)	(152,683)
Cash restricted, including mortgage escrows	111,788	12,004	11,652
Proceeds from sales of, and return of investment in, marketable securities	64,355	51,185	112,779
Purchases of short-term investments	(55,000)	0	0
Proceeds received from repayment of mezzanine loans receivable	47,397	52,470	241,289
Investments in partially owned entities	(38,266)	(156,227)	(271,423)
Distributions of capital from partially owned entities	16,790	218,367	22,541
Proceeds from maturing short-term investments	15,000	0	0
Acquisitions of real estate and other	0	(42,642)	(2,849,709)
Investments in mezzanine loans receivable	0	(7,397)	(217,081)
Proceeds received on settlement of derivatives	0	0	260,764
Repayment of officers' loans	0	0	2,000
Net cash used in investing activities	(242,201)	(453,231)	(3,067,704)
Cash Flows from Financing Activities:
Proceeds from borrowings	2,648,175	1,721,974	2,954,497
Acquisition and retirement of convertible senior debentures and senior unsecured notes	(2,221,204)	0	0
Repayments of borrowings	(2,075,236)	(993,665)	(868,055)
Proceeds from issuance of common shares	710,226	0	0
Dividends paid on common shares	(262,397)	(561,981)	(524,719)
Dividends paid on preferred shares	(57,076)	(57,112)	(57,236)
Distributions to noncontrolling interests	(42,451)	(85,419)	(81,065)
Repurchase of shares related to stock compensation arrangements and related tax withholdings	(32,203)	(31,198)	(43,396)
Redemption of redeemable noncontrolling interests	(24,330)	0	0
Debt issuance and other costs	(30,186)	(14,299)	(14,360)
Contributions from noncontrolling interests	2,180	0	0
Proceeds received from exercise of employee share options	1,750	29,377	35,083
Purchase of marketable securities in connection with the legal defeasance of mortgage notes payable	0	0	(109,092)
Net cash (used in) provided by financing activities	(1,382,752)	7,677	1,291,657
Net (decrease) increase in cash and cash equivalents	(991,374)	372,258	(1,078,722)
Cash and cash equivalents at beginning of year	1,526,853	1,154,595	2,233,317
Cash and cash equivalents at end of year	535,479	1,526,853	1,154,595
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest (including capitalized interest of $17,256, $63,063 and $53,648)	648,829	658,376	653,811
Cash payments for income taxes	21,775	22,005	36,489
Non-Cash Transactions:
Adjustments to reflect redeemable Class A Operating Partnership units at redemption value	(167,049)	400,647	464,114
Dividends paid in common shares	285,596	0	0
Conversion of redeemable Class A operating partnership units to common shares, at redemption value	90,955	82,330	116,085
Unit distributions paid in redeemable Class A Operating Partnership units	23,876	0	0
Change in unrealized net gain or loss on securities available-for-sale	6,147	(20,150)	(38,842)
Financing assumed in acquisitions	0	0	1,405,654
Purchase of marketable securities in connection with the legal defeasance of mortgage notes payable	0	0	109,092
Mortgage notes payable legally defeased	0	0	104,571
Operating Partnership units issued in connection with acquisitions	0	0	62,059
Increase in assets and liabilities resulting from the consolidation of investments previously accounted for on the equity method (Beverly Connection in November 2008 and H Street in April 2007):
Real estate, net	0	197,600	342,764
Restricted cash	0	2,287	369
Other assets	0	3,393	11,648
Notes and mortgages payable	0	100,000	55,272
Accounts payable and accrued expenses	0	2,069	3,101
Deferred credit	0	0	2,407
Deferred tax liabilities	0	0	112,797
Other liabilities	$0	$0	$71

2_Consolidated Statements of Ca

Consolidated Statements of Cash Flows [Parentheticals] (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Consolidated Statements of Cash Flows [Parentheticals]
Capitalized interest	$17,256	$63,063	$53,648

Organization and Business

Organization and Business
	12 Months Ended Dec. 31, 2009 USD / shares
Organization and Business [Abstract]
Organization and Business	1. Organization and Business Vornado Realty Trust (Vornado) is a fully-integrated real estate investment trust (REIT) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., a Delaware limited partnership (the Operating Partnership). Vornado is the sole general partner of, and owned approximately 92.5% of the common limited partnership interest in, the Operating Partnership at December 31, 2009. All references to we, us, our, the Company and Vornado refer to Vornado Realty Trust and its consolidated subsidiaries, including the Operating Partnership. On May 14, 2009, our Board of Trustees executed its long-planned management succession strategy and elected Michael D. Fascitelli, as our Chief Executive Officer, succeeding Steven Roth, who continues to serve as Chairman of the Board. As of December 31, 2009, we own directly or indirectly: Office Properties: (i) all or portions of 28 properties aggregating 16.2 million square feet in the New York City metropolitan area (primarily Manhattan); (ii) all or portions of 84 properties aggregating 18.6 million square feet in the Washington, DC / Northern Virginia areas; (iii) a 70% controlling interest in 555 California Street, a three-building complex aggregating 1.8 million square feet in San Franciscos financial district; Retail Properties: (iv) 162 properties aggregating 22.6 million square feet, including 3.9 million square feet owned by tenants on land leased from us, primarily in Manhattan, the northeast states, California and Puerto Rico; Merchandise Mart Properties: (v) 8 properties aggregating 8.9 million square feet of showroom and office space, including the 3.5million square foot Merchandise Mart in Chicago; Toys R Us, Inc. ("Toys"): (vi) a 32.7% interest in Toyswhich owns and/or operates 1,567 stores worldwide, including 851 stores in the United States and 716 stores internationally; Other Real Estate Investments: (vii) 32.4% of the common stock of Alexanders, Inc. (NYSE: ALX), which has seven properties in the greater New York metropolitan area; (viii) the Hotel Pennsylvania in New York City; (ix) mezzanine loans on real estate; and (x) other real estate and investments, including marketable securities.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
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 Vornado Realty Trust and its majority-owned subsidiary, Vornado Realty L.P. All significant inter-company amounts have been eliminated. We account for unconsolidated partially owned entities on the equity method of accounting. 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 and 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 materially from those estimates. Certain prior year balances have been reclassified in order to conform to current year presentation. On July 1, 2009, the Financial Accounting Standards Board (FASB) established the Accounting Standards Codification (ASC) as the primary source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. Although the establishment of the ASC did not change current GAAP, it did change the way we refer to GAAP throughout this document to reflect the updated referencing convention. Impact of Retrospective Application of New Accounting Pronouncements During 2009, we paid quarterly dividends to our common shareholders in a combination of cash and stock and retrospectively adjusted weighted average common shares outstanding in the computations of income per share to include the additional common shares resulting from these dividends in the earliest periods presented in each of our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2009, June 30, 2009 and September 30, 2009 and our Current Report on Form 8-K, issued on October 13, 2009, in which we elected to recast our consolidated financial statements in our Annual Report on Form 10-K/A (Amendment No. 1) for the year ended December 31, 2008. On December 2, 2009, the FASB ratified the consensus reached in EITF 09-E, Accounting for Distribution to Shareholders with Components of Stock and Cash (EITF 09-E) as codified through Accounting Standards Update (ASU) 2010-1 to ASC 505, Equity. EITF 09-E requires an entity to include the additional common shares resulting from the stock portion of these distributions prospectively in the periods following their issuance in all computations of income per share rather than retrospectively as we had previously done. As a result, we have adjusted our computations of income per share presented herein to exclude the additional shares resulting from these dividends in periods prior to their issuance. Below is a reconciliation of previously reported income per share to the amounts presented herein. For the Year Ended December 31, 2008 As Reported EITF 09-E As Adjusted Income per common share basic: Income from continuing operations $ 0.92 $ 0.02 $ 0.94 Net income 1.89 0.07 1.96

Investments in Partially Owned

Investments in Partially Owned Entities
	12 Months Ended Dec. 31, 2009 USD / shares
Investments in Partially Owned Entities [Abstract]
Investments in Partially Owned Entities	3. Investments in Partially Owned Entities Toys As of December 31, 2009, we own 32.7% of Toys. The business of Toys is highly seasonal. Historically, Toys fourth quarter net income accounts for more than 80% of its fiscal year net income. We account for our investment in Toys under the equity method and because Toys fiscal year ends on the Saturday nearest January 31, we record our 32.7% share of Toys net income or loss on a one-quarter lag basis. As of December 31, 2009, the carrying amount of our investment in Toys does not differ materially from our share of the equity in net assets of Toys on a purchase accounting basis. During 2009, we recognized $13,946,000 for our share of income from the reversal of previously recognized deferred financing cost amortization expense, which we initially recorded as a reduction of the basis of our investment in Toys. During 2008, in connection with an audit of Toys purchase accounting basis financial statements for its fiscal years 2006 and 2007, it was determined that the purchase accounting basis income tax expense was understated. Accordingly, we recognized $14,900,000 of income tax expense for our share of this non-cash charge. This non-cash charge had no effect on cash actually paid for income taxes or Toys previously issued Recap basis consolidated financial statements. Below is a summary of Toys latest available financial information presented on a purchase accounting basis: (Amounts in thousands) Balance Sheet: As of October 31, 2009 As of November 1, 2008 Assets $ 12,589,000 $ 12,410,000 Liabilities 11,198,000 11,393,000 Noncontrolling interests 112,000 88,000 Toys R Us, Inc. equity 1,279,000 929,000 For the Twelve Months Ended Income Statement: October 31, 2009 November 1, 2008 November 3, 2007 Total revenue $ 13,172,000 $ 14,090,000 $ 13,646,000 Net income (loss) attributable to Toys 216,000 (13,000) (65,000) Alexanders, Inc. (NYSE: ALX) (Alexanders) At December 31, 2009 and 2008, we owned 32.4% and 32.5%, respectively, of the outstanding common shares of Alexanders. We manage, lease and develop Alexanders properties pursuant to the agreements described below which expire in March of each year and are automatically renewable. At December 31, 2009 the market value (fair value pursuant to ASC 820) of our investment in Alexanders, based on Alexanders December 31, 2009 closing share price of $304.42, was $503,531,000, or $310,357,000 in excess of the carrying amount on our consolidated balance sheet. As of December 31, 2009, the carrying amount of our investment in Alexanders excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexanders by approximately $61,261,000. 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 (

Marketable Securities

Marketable Securities
	12 Months Ended Dec. 31, 2009 USD / shares
Marketable Securities [Abstract]
Marketable Securities	4. Marketable Securities We classify equity securities that we intend to buy and sell on a short-term basis as trading securities; debt securities and mandatorily redeemable preferred stock investments that we have the intent and ability to hold to maturity as held-to-maturity securities; and debt and equity securities we intend to hold for an indefinite period of time as available-for-sale securities. Trading securities are presented at fair value at the end of each reporting period, with any unrealized gains or losses included in earnings; held-to-maturity securities are presented at amortized cost at the end of each reporting period and unrealized gains and losses are not recognized; and available-for-sale marketable equity securities are presented at fair value at the end of each reporting period, with any unrealized gains or losses included as a separate component of equity (i.e., as an element of other comprehensive income). Realized gains and losses on debt and equity securities are recognized in earnings 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. During 2009 and 2008, we concluded that certain of our investments in marketable securities were other-than-temporarily impaired and recognized an aggregate of $3,361,000 and $76,352,000, respectively, of non-cash impairment losses. These charges are included as a component of interest and other investment (loss) income, net on our consolidated statements of income. Our conclusions were based on the severity and duration of the decline in the market value of these securities and our inability to forecast a recovery in the near term. No impairment losses were recognized in the year ended December 31, 2007 The carrying amount of marketable securities on consolidated balance sheets and their corresponding fair values at December 31, 2009 and 2008 are as follows: As of December 31, 2009 As of December 31, 2008 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Marketable equity securities $ 79,925 $ 79,925 $ 118,438 $ 118,438 Debt securities held-to-maturity 300,727 319,393 215,884 164,728 $ 380,652 $ 399,318 $ 334,322 $ 283,166 At December 31, 2009, aggregate unrealized gains and losses were $13,026,000 and $1,223,000 respectively. At December 31, 2008, aggregate unrealized gains and losses were $164,000 and $2,225,000, respectively. During the years ended December 31, 2009,

Mezzanine Loans Receivable

Mezzanine Loans Receivable
	12 Months Ended Dec. 31, 2009 USD / shares
Mezzanine Loans Receivable [Abstract]
Mezzanine Loans Receivable	5. Mezzanine Loans Receivable The following is a summary of our investments in mezzanine loans as of December 31, 2009 and 2008. (Amounts in thousands) Interest Rate as of Carrying Amount as of Mezzanine Loans Receivable: Maturity December 31, 2009 December 31, 2009 December 31, 2008 Equinox (1) 02/13 14.00% $ 97,968 $ 85,796 Tharaldson Lodging Companies (2) 04/10 4.47% 74,701 76,341 Riley HoldCo Corp. (3) 02/15 10.00% 74,437 74,381 280 Park Avenue (4) 06/16 10.25% 73,750 73,750 Charles Square Hotel, Cambridge (5) (5) (5) 41,796 Other, net 7/13-8/15 5.86%-8.40% 73,168 167,175 394,024 519,239 Valuation allowance (6) (190,738 ) (46,700) $ 203,286 $ 472,539 _____________________ (1) On January 28, 2010, Equinox pre-paid the entire balance of this loan plus accrued interest. We received $99,314, including accrued interest, for our 50% interest in the loan which we acquired in 2006 for $57,500. (2) On June 16, 2006, we acquired an 81.5% interest in a $95,968 mezzanine loan to Tharaldson Lodging Companies for $78,166 in cash. The loan is secured by a 107 hotel property portfolio with brands including Fairfield Inn, Residence Inn, Comfort Inn and Courtyard by Marriott. The loan is subordinate to $671,778 of debt and is senior to approximately $192,000 of other debt and equity. The loan provides for a 0.75% placement fee and bears interest at LIBOR plus 4.25% (4.47% at December 31, 2009). The borrower has a one-year extension option. (3) In 2005, we made a $135,000 loan to Riley HoldCo Corp., consisting of a $60,000 mezzanine loan and a $75,000 fixed rate unsecured loan. During 2006, we were repaid the $60,000 balance of the mezzanine loan. (4) On June 30, 2006, we made a $73,750 mezzanine loan secured by the equity interests in 280 Park Avenue, a 1.2 million square foot office building, located between 48th and 49th Streets in Manhattan. The loan bears interest at 10.25% and matures in June 2016. The loan is subordinate to $1.036billion of other debt and is senior to approximately $260,000 of equity and interest reserves. (5) On June 1, 2009, this loan, which was scheduled to mature in September 2009, was repaid. (6) Represents loan loss accruals on certain 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.

Identified Intangible Assets

Identified Intangible Assets
	12 Months Ended Dec. 31, 2009 USD / shares
Identified Intangible Assets [Abstract]
Identified Intangible Assets	6. Identified Intangible Assets The following summarizes our identified intangible assets (primarily acquired above-market leases) and intangible liabilities (primarily acquired below-market leases) as of December 31, 2009 and December 31, 2008. Balance as of (Amounts in thousands) December 31, 2009 December 31, 2008 Identified intangible assets (included in other assets): Gross amount $ 755,467 $ 780,476 Accumulated amortization (312,957 ) (257,757 ) Net $ 442,510 $ 522,719 Identified intangible liabilities (included in deferred credit): Gross amount $ 942,968 $ 998,179 Accumulated amortization (309,476 ) (278,357 ) Net $ 633,492 $ 719,822 Amortization of acquired below-market leases, net of acquired above-market leases resulted in an increase to rental income of $72,481,000, $96,176,000 and $83,274,000 for the years ended December 31, 2009, 2008 and 2007, respectively. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases for each of the five succeeding years is as follows: (Amounts in thousands) 2010 $ 62,740 2011 58,697 2012 54,404 2013 46,471 2014 40,512 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $64,529,000, $86,388,000 and $45,654,000 for the years ended December 31, 2009, 2008 and 2007, respectively. The 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 is as follows: (Amounts in thousands) 2010 $ 54,069 2011 51,775 2012 46,446 2013 38,957 2014 20,149 We are a tenant under ground leases for certain properties. Amortization of these acquired below-market leases resulted in an increase to rent expense of $1,831,000, $2,654,000 and $1,565,000 for the years ended December 31, 2009, 2008 and 2007, respectively. Estimated annual amortization of these below market leases for each of the five succeeding years is as follows: (Amounts in thousands) 2010 $ 2,157 2011 2,157 2012 2,157 2013 2,157 2014 2,157

Debt

Debt
	12 Months Ended Dec. 31, 2009 USD / shares
Debt [Abstract]
Debt	7. Debt The following is a summary of our debt: (Amounts in thousands) Balance at Notes and mortgages payable: Maturity (1) Interest Rate at December 31, 2009 December 31, 2009 December 31, 2008 Fixed rate: New York Office: 1290 Avenue of the Americas 01/13 5.97% $ 434,643 $ 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% 282,492 287,386 909 Third Avenue 04/15 5.64% 210,660 214,074 Eleven Penn Plaza 12/11 5.20% 203,198 206,877 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% 113,267 115,440 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% 85,910 87,721 1550 and 1750 Crystal Drive 11/14 7.08% 81,822 83,912 Universal Buildings (2) 04/14 6.33% 106,630 59,728 1235 Clark Street 07/12 6.75% 53,252 54,128 2231 Crystal Drive 08/13 7.08% 48,533 50,394 1750 Pennsylvania Avenue 06/12 7.26% 45,877 46,570 241 18th Street 10/10 6.82% 45,609 46,532 2011 Crystal Drive (3) 08/17 7.30% 82,178 38,338 1225 Clark Street 08/13 7.08% 28,925 30,145 1800, 1851 and 1901 South Bell Street 12/11 6.91% 19,338 27,801 Retail: Cross-collateralized mortgages on 42 shopping centers (4) 448,115 Springfield Mall (including present value of purchase option) (5) 10/12-04/13 5.45% 242,583 252,803 Montehiedra Town Center 07/16 6.04% 120,000 120,000 Broadway Mall 07/13 5.30% 92,601 94,879 828-850 Madison Avenue Condominium 06/18 5.29% 80,000 80,000 Las Catalinas Mall 11/13 6.97% 59,304 60,766 Other 12/10-05/36 4.75%-7.33% 156,709 159,597 Merchandise Mart: Merchandise Mart 12/16 5.57% 550,000 550,000 High Point Complex 09/16 6.35% 217,815 220,361 Boston Design Center 09/15 5.02% 69,667 70,740 Washington Design Center 11/11 6.95% 44,247 44,992 Other: 555 California Street (6) 05/10-09/11 5.94% 664,117 720,671 Industrial Warehouses 10/11 6.95% 24,813 25,268 Total fixed interest notes and mortgages payable 5.86% 6,640,012 7,117,727 (Amounts in thousands) Balance at Notes and mortgages paya

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests
	12 Months Ended Dec. 31, 2009 USD / shares
Redeemable Noncontrolling Interests [Abstract]
Redeemable Noncontrolling Interests	8. 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. Class A units of the Operating Partnership may be tendered for redemption to the Operating Partnership for cash; we, at our 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 Operating Partnership units held by third-parties that are included in redeemable noncontrolling interests as of December 31, 2009 and 2008: Outstanding Units at Per Unit Preferred or Conversion Annual Unit Series December 31, December 31, Liquidation Distribution Rate Into Class 2009 2008 Preference Rate A Units Common: Class A 13,892,313 14,627,005 N/A $ 3.65 N/A Convertible Preferred: B-1 Convertible Preferred (1) 139,798 $ 50.00 $ 2.50 (1) B-2 Convertible Preferred (1) 304,761 $ 50.00 $ 4.00 (1) Perpetual Preferred: (2) 7.00% D-10 Cumulative Redeemable 3,200,000 3,200,000 $ 25.00 $ 1.75 N/A 7.20% D-11 Cumulative Redeemable 1,400,000 1,400,000 $ 25.00 $ 1.80 N/A 6.55% D-12 Cumulative Redeemable 800,000 800,000 $ 25.00 $ 1.637 N/A 6.75% D-14 Cumulative Redeemable 4,000,000 4,000,000 $ 25.00 $ 1.6875 N/A 6.875% D-15 Cumulative Redeemable 1,800,000 1,800,000 $ 25.00 $ 1.71875 N/A __________________________________ (1) On October 20, 2009, we redeemed all of the outstanding Series B convertible units in exchange for 139,798 Class A units, with an aggregate market value of approximately $8,600,000 at redemption. (2) Holders may tender units for redemption to the Operating Partnership for cash at their stated redemption amount; we, at our 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 our option after the 5th anniversary of the date of issuance (ranging from November 2008 to December 2011). Redeemable noncontrolling interests on our consolidated balance sheets 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 peri

Shareholders' Equity

Shareholders' Equity
	12 Months Ended Dec. 31, 2009 USD / shares
Shareholders' Equity [Abstract]
Shareholders' Equity	9. Shareholders Equity Common Shares In April 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 $710,226,000, after underwriters' discount and offering expenses and contributed the net proceeds to theOperating Partnership in exchange for 17,250,000 Class A units of the Operating Partnership. Preferred Shares The following table sets forth the details of our preferred shares of beneficial interest outstanding as of December 31, 2009 and 2008. (Amounts in thousands, except share and per share amounts) December 31, 2009 2008 6.5% Series A: liquidation preference $50.00 per share; authorized 5,750,000 shares; issued and $ 2,673 $ 2,762 outstanding 52,324 and 54,124 shares 7.0% Series D-10: liquidation preference $25.00 per share; authorized 4,800,000 shares; issued and 39,982 39,982 outstanding 1,600,000 shares 7.0% Series E: liquidation preference $25.00 per share; authorized 3,450,000 shares; issued and 72,248 72,248 outstanding 3,000,000 shares 6.75% Series F: liquidation preference $25.00 per share; authorized 6,000,000 shares; issued and 144,720 144,720 outstanding 6,000,000 shares 6.625% Series G: liquidation preference $25.00 per share; authorized 9,200,000 shares; issued and 193,135 193,135 outstanding 8,000,000 shares 6.75% Series H: liquidation preference $25.00 per share; authorized 4,600,000 shares; issued and 108,549 108,559 outstanding 4,500,000 shares 6.625% Series I: liquidation preference $25.00 per share; authorized 12,050,000 shares; issued and 262,379 262,401 outstanding 10,800,000 shares $ 823,686 $ 823,807 Series A Convertible Preferred Shares of Beneficial Interest Holders of Series A Preferred Shares of beneficial interest are entitled to receive dividends in an amount equivalent to $3.25 per annum per share. These dividends are cumulative and payable quarterly in arrears. The Series A Preferred Shares are convertible at any time at the option of their respective holders at a conversion rate of 1.4334 common shares per Series A Preferred Share, subject to adjustment in certain circumstances. In addition, upon the satisfaction of certain conditions we, at our option, may redeem the $3.25 Series A Preferred Shares at a current conversion rate of 1.4334 common shares per Series A Preferred Share, subject to adjustment in certain circumstances. At no time will the Series A Preferred Shares be redeemable for cash. Series D-10 Cumulative Redeemable Preferred Shares of Beneficial Interest Holders of Series D-10 Preferred Shares of beneficial interest are entitled to receive dividends at an annual rate of 7.0% of the liquidation preference of $25.00 per share, or $1.75 per Series D-10 Preferred Share per annum. These dividends are cumulative and payable quarterly in arrears. The Series D-10 Preferred Shares are not c

Fair Value Measurements

Fair Value Measurements
	12 Months Ended Dec. 31, 2009 USD / shares
Fair Value Measurements [Abstract]
Fair Value Measurements	10. 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 fair value of our financial and non-financial assets and liabilities. Accordingly, there can be no assurance that the fair values we present herein are indicative of amounts that may ultimately be realized upon sale or other disposition of these assets. Fair Value Measurements on a Recurring Basis Financial assets and liabilities that are measured at fair value on a recurring basis in our consolidated financial statements consist primarily of (i) marketable equity securities, (ii) the assets of our deferred compensation plan, which are primarily marketable equity securities and equity investments in limited partnerships, (iii) short-term investments (CDARS classified as available-for-sale) and (iv) mandatorily redeemable instruments (Series G convertible preferred units and Series D-13 cumulative redeemable preferred units). The tables below aggregate the fair values of financial assets and liabilities by the levels in the fair value hierarchy at December 31, 2009 and 2008, respectively. As of December 31, 2009 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable equity securities $ 79,925 $ 79,925 $ $ Deferred compensation plan assets (included in other assets) 80,443 40,854 39,589 Short-term investments 40,000 40,000 Total assets $ 200,368 $ 160,779 $ $ 39,589 Mandatorily redeemable instruments (included in other liabilities) $ 60,271 $ 60,271 $ $ As of December 31, 2008 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable equity securities $ 118,438 $ 118,438 $ $ Deferred compensation plan assets 69,945 35,769 34,176 Total assets $ 188,383 $ 154,207 $ $ 34,176 Mandator

Discontinued Operations

Discontinued Operations
	12 Months Ended Dec. 31, 2009 USD / shares
Discontinued Operations [Abstract]
Discontinued Operations	11. Discontinued Operations In accordance with the provisions of ASC 360, Property, Plant, and Equipment, we have reclassified the revenues and expenses of properties and businesses sold or 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 periods presented in the accompanying consolidated financial statements. The net gains resulting from the sale of the properties below are included in income from discontinued operations on our consolidated statements of income. 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 approximately $41,211,000. During 2009, we sold 15 retail properties in separate transactions for an aggregate of $55,000,000 in cash which resulted in net gains aggregating $4,073,000. On March 31, 2008, we sold our 47.6% interest in Americold, our Temperature Controlled Logistics segment for $220,000,000 in cash which resulted in a net gain of $112,690,000. On June 10, 2008, we sold our Tysons Dulles Plaza office building complex for $152,800,000 in cash which resulted in a net gain of $56,831,000. On July 16, 2007, we sold our Vineland, New Jersey shopping center property for $2,774,000 in cash which resulted in a net gain of $1,708,000. On August 9, 2007, we sold Crystal Mall Two, a 277,000square foot office building located at 1801South Bell Street in Crystal City for $103,600,000 which resulted in a net gain of $19,893,000. All of the proceeds from the sale have been reinvested in tax-free like-kind exchange investments in accordance with Section 1031. On October 17, 2007, we sold Arlington Plaza, a 188,000 square foot office building located in Arlington, Virginia for $71,500,000 in cash which resulted in a net gain of $33,900,000. During the fourth quarter of 2009, we reclassified an 8.6 acre parcel of land out of assets related to discontinued operations since it no longer met such criteria, as the buyer terminated the sales contract. The tables below set forth the assets and liabilities related to discontinued operations at December 31, 2009 and 2008, and their combined results of operations for the years ended December 31, 2009, 2008 and 2007. (Amounts in thousands) Assets Related to Liabilities Related to Discontinued Operations as of Discontinued Operations as of December 31, December 31, 2009 2008 2009 2008 1999 K Street $ $ 124,402 $ $ 73,747 Retail properties 48,416 Total $ $ 172,818 $ $ 73,747 (Amounts in thousands) For the Year Ended December 31, 2009 2008 2007 Total revenues $ 9,846 $ 226,726 $ 870,857 Total expenses 3,225 223,326 868,216 Net income (loss) 6,621 3,400 2,641 Net gains on sale of real estate 45,284 170,213 64,981 Income from discontinued o

Stock-based Compensation

Stock-based Compensation
	12 Months Ended Dec. 31, 2009 USD / shares
Stock-based Compensation [Abstract]
Stock-based Compensation	12. Stock-based Compensation Our Share Option Plan (the Plan) provides for grants of incentive and non-qualified stock options, restricted stock, restricted Operating Partnership units and out-performance plan awards. We have approximately 4,854,000 shares available for future grant under the Plan at December 31, 2009. During the first quarter of 2009, our nine most senior executives voluntarily surrendered their 2008 out-performance plan awards and their 2007 and 2008 stock option awards. Accordingly, we recognized $32,588,000 of expense, representing the unamortized portion of these awards, which is included in general and administrative expenses on our consolidated statement of income. As a result of these surrenders, stock-based compensation expense will be approximately $9,400,000, $9,400,000, $5,700,000 and $1,000,000 lower in 2010, 2011, 2012 and 2013, respectively. Out-Performance Plans On March 31, 2008, the Compensation Committee of our Board of Trustees approved a $75,000,000 out-performance plan (the 2008 OPP). Under the 2008 OPP, the total return to our shareholders (the Total Return) resulting from both share appreciation and dividends for the four-year period from March 31, 2008 to March 31, 2012 must exceed both an absolute and a relative hurdle. The initial value from which to determine the Total Return is $86.20 per share, a 0.93% premium to the trailing 10-day average closing price on the New York Stock Exchange for our common shares on the date the plan was adopted. During the four-year performance period, participants are entitled to receive 10% of the common dividends paid on Vornados common shares for each 2008 OPP unit awarded, regardless of whether the units are ultimately earned. The fair value of the 2008 OPP awards on the date of grant, as adjusted for estimated forfeitures, was approximately $21,600,000, and is being amortized into expense over a five-year period beginning on the date of grant through the final vesting period, using a graded vesting attribution model, with the exception of an aggregate of $13,722,000 which was accelerated into expense in the first quarter of 2009 as a result of the voluntary surrender of such awards discussed above. On April 25, 2006, our Compensation Committee approved a $100,000,000 Out-performance plan (the 2006 OPP), under which 91% of the total Out-Performance Plan was awarded. The fair value of the awards on the date of grant, as adjusted for estimated forfeitures, was approximately $46,141,000 and is being amortized into expense over the five-year vesting period beginning on the date of grant, using a graded vesting attribution model. As of January 12, 2007, the maximum performance threshold under the Out-Performance Plan was achieved, concluding the performance period. During the years ended December 31, 2009, 2008 and 2007, we recognized $23,493,000, $16,021,000 and $12,734,000 of compensation expense, respectively, for these plans. As of December 31, 2009, there was $6,318,000 of total unrecognized compensation cost related these plans, which will be recognized over a weighted-average period of 1.37 years. Distributions paid on unvested OPP Units are

Fee and Other Income

Fee and Other Income
	12 Months Ended Dec. 31, 2009 USD / shares
Fee and Other Income [Abstract]
Fee and Other Income	13. Fee and Other Income The following table sets forth the details of our fee and other income: For The Years Ended December 31, (Amounts in thousands) 2009 2008 2007 Tenant cleaning fees $ 58,512 $ 56,416 $ 46,238 Management and leasing fees 11,456 13,397 15,713 Lease termination fees 5,525 8,634 7,453 Other income 82,818 (1) 48,854 40,534 $ 158,311 $ 127,301 $ 109,938 ________________________ (1) In December 2009, an agreement to sell an 8.6 acre parcel of land in the Pentagon City area of Arlington, Virginia, was terminated and we recognized $27,089 of income, representing the buyers non-refundable purchase deposit, which is included in other income. Fee and other income above includes management fee income from InterstateProperties, a related party, of $782,000, $803,000 and $800,000 for the years ended December 31, 2009, 2008 and 2007, respectively. The above table excludes fee income from partially owned entities, which is included in income from partially owned entities (see Note 3 Investments in Partially Owned Entities).

Interest and Other Investment

Interest and Other Investment (Loss) Income, net
	12 Months Ended Dec. 31, 2009 USD / shares
Interest and Other Investment (Loss) Income, net [Abstract]
Interest and Other Investment (Loss) Income, net	14. Interest and Other Investment (Loss) Income, net The following table sets forth the details of our interest and other investment (loss) income: For the Years Ended December 31, (Amounts in thousands) 2009 2008 2007 Mezzanine loan loss (accrual) reversal (see note 5 Mezzanine Loans Receivable) $ (190,738) $ 10,300 $ (57,000) Interest on mezzanine loans (see note 5 Mezzanine Loans Receivable) 32,181 44,721 65,243 Dividends and interest on marketable securities (see note 4 Marketable Securities) 25,908 24,658 25,732 Interest on other investments 5,850 28,156 56,406 Mark-to-market of investments in our deferred compensation plan (1) 9,506 (14,204) 1,140 Impairment losses on marketable equity securities (see note 4 Marketable Securities) (3,361) (76,742) Derivative positions in marketable equity securities (33,602) 113,547 Other, net 4,324 14,031 21,357 $ (116,330) $ (2,682) $ 226,425 __________________________ (1) This income (loss) is entirely offset by the expense (income) resulting from the mark-to-market of the deferred compensation plan liability.

Income Per Share

Income Per Share
	12 Months Ended Dec. 31, 2009 USD / shares
Income Per Share [Abstract]
Income Per Share	15. Income Per Share 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) Year Ended December 31, 2009 2008 2007 Numerator: Income from continuing operations, net of income attributable to noncontrolling interests $ 57,679 $ 201,774 $ 479,974 Income from discontinued operations, net of income attributable to noncontrolling interests 48,490 157,523 61,565 Net income attributable to Vornado 106,169 359,297 541,539 Preferred share dividends (57,076 ) (57,091 ) (57,177 ) Net income attributable to common shareholders 49,093 302,206 484,362 Earnings allocated to unvested participating securities (184 ) (328 ) (543 ) Numerator for basic income per share 48,909 301,878 483,819 Impact of assumed conversions: Convertible preferred share dividends 277 Numerator for diluted income per share $ 48,909 $ 301,878 $ 484,096 Denominator: Denominator for basic income per share weighted average shares 171,595 153,900 151,949 Effect of dilutive securities (1): Employee stock options and restricted share awards 1,908 4,219 6,491 Convertible preferred shares 118 Denominator for diluted income per share 173,503 158,119 158,558 adjusted weighted average shares and assumed conversions INCOME PER COMMON SHARE BASIC: Income from continuing operations, net $ 0.00 $ 0.94 $ 2.78 Income from discontinued operations, net 0.28 1.02 0.40 Net income per common share $ 0.28 $ 1.96 $ 3.18 INCOME PER COMMON SHARE DILUTED: Income from continuing operations, net $ 0.00 $ 0.91 $ 2.66 Income from discontinued operations, net 0.28 1.00 0.39 Net income per common share $ 0.28 $ 1.91 $ 3.05 __________________________________ (1) The effect of dilutive securities in the years ended December 31, 2009, 2008 and 2007 excludes an aggregate of 21,276, 25,501, and 22,272 weighted average common share equivalents, respectively, as their effect was anti-dilutive.

Comprehensive Income

Comprehensive Income
	12 Months Ended Dec. 31, 2009 USD / shares
Comprehensive Income [Abstract]
Comprehensive Income	16.Comprehensive Income (Amounts in thousands) For The Years Ended December 31, 2009 2008 2007 Net income $ 128,450 $ 411,445 $ 607,833 Other comprehensive income (loss) 35,348 (36,671) (63,191) Comprehensive income 163,798 374,774 544,642 Less: Comprehensive income attributable to noncontrolling interests (25,144) (48,701) (60,038) Comprehensive income attributable to Vornado $ 138,654 $ 326,073 $ 484,604 Substantially all of the other comprehensive income (loss) for the years ended December 31, 2009, 2008 and 2007 relates to losses or income from the mark-to-market of marketable equity securities classified as available-for-sale and our share of other comprehensive income of partially owned entities.

Leases

Leases
	12 Months Ended Dec. 31, 2009 USD / shares
Leases [Abstract]
Leases	17. 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 the passthrough to tenants the tenants share of real estate taxes, insurance and maintenance. Shopping center leases also provide for the payment by the lessee of additional rent basedon a percentage of the tenants sales. As of December 31, 2009, 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, is as follows: (Amounts in thousands) Year Ending December 31: 2010 $ 1,873,000 2011 1,755,000 2012 1,593,000 2013 1,453,000 2014 1,331,000 Thereafter 6,471,000 These amounts do not include rentals based on tenants sales. These percentage rents approximated $9,051,000, $7,322,000, and $9,379,000, for the years ended December 31, 2009, 2008, and 2007, respectively. None of our tenants accounted for more than 10% of total revenues in any of the years ended December 31, 2009, 2008 and 2007. Former Bradlees Locations Pursuant to the Master Agreement and Guaranty, dated May 1, 1992, we are due $5,000,000 per annum of additional rent from Stop Shop which was allocated to certain of Bradlees former locations. On December31, 2002, prior to the expiration of the leases to which the additional rent was allocated, we reallocated this rent to other former Bradlees leases also guaranteed by Stop Shop. Stop Shop is contesting our right to reallocate and claims that we are no longer entitled to the additional rent. At December 31, 2009, we were due an aggregate of $35,417,000. We believe the additional rent provision of the guaranty expires, at the earliest, in 2012 and we are vigorously contesting Stop Shops position. 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, 2009, are as follows: (Amounts in thousands) Year Ending December 31: 2010 $ 27,113 2011 26,896 2012 27,152 2013 27,166 2014 27,326 Thereafter 1,036,466 Rent expense was $35,463,000, $29,320,000, and $24,503,000 for the years ended December 31, 2009, 2008 and 2007, respectively. We are also a lessee under capital leases for real estate. Lease terms generally range from 5-20 years with renewal or purchase options. 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, whichever is shorter. Amortization expense on capital leases is included in depreciation and amortization on our consolidated statements of income. As of Decem

Commitments and Contingencies

Commitments and Contingencies
	12 Months Ended Dec. 31, 2009 USD / shares
Commitments and Contingencies [Abstract]
Commitments and Contingencies	18. 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, including coverage for terrorist acts, with sub-limits for certain perils such as floods. 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 consolidated 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 (excluding NBCR acts) 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 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 Commitments and Contingencies 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, 2009, the aggregate dollar amount of these guarantees and master leases is approximately $135,000,000. At December 31, 2009, $37,232,000 of letters of credit were outstanding under our $0.965 billion revolving credit facility. Our 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 credit facilities also contain customary conditions precedent to borrowing, including representations and warranties and also contain customary events of defaul

Related Party Transactions

Related Party Transactions
	12 Months Ended Dec. 31, 2009 USD / shares
Related Party Transactions [Abstract]
Related Party Transactions	19. Related Party Transactions Transactions with Affiliates and Officers and Trustees Alexanders We own 32.4% of Alexanders. Steven Roth, the Chairman of our Board, and Michael D. Fascitelli, our President and Chief Executive Officer, are officers and directors of Alexanders. We provide various services to Alexanders in accordance with management, development and leasing agreements. These agreements are described in Note 3 - Investments in Partially Owned Entities. On March 2, 2009, Mr. Roth and Mr. Fascitelli each exercised 150,000 stock appreciation rights (SARs) which were scheduled to expire on March 4, 2009 and each received gross proceeds of $11,419,000. On September 9, 2008, Alexanders Board of Directors declared a special dividend of $7.00 per share, payable on October 30, 2008, to shareholders of record on October 14, 2008. The dividend was attributable to the liquidation of the wholly owned 731 Lexington Avenue taxable REIT subsidiary into Alexanders. Accordingly, on October 30, we received $11,578,000, which was accounted for as a reduction of our investment in Alexanders. On September 15, 2008 and October 14, 2008, Mr. Roth exercised an aggregate of 200,000 SARs which were scheduled to expire on March 4, 2009 and received gross proceeds of $62,809,000. Interstate Properties (Interstate) Interstate is a general partnership in which Mr. Roth is the managing general partner. David Mandelbaum and RussellB. Wight,Jr., Trustees of Vornado and Directors of Alexanders, are Interstates two other partners. As of December 31, 2009, Interstate and its partners beneficially owned approximately 7.3% of the common shares of beneficial interest of Vornado and 27.2% of Alexanders 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 sixty 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 $782,000, $803,000 and $800,000 of management fees under the agreement for the years ended December 31, 2009, 2008 and 2007.

Retirement Plans

Retirement Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Retirement Plans [Abstract]
Retirement Plans	20. Retirement Plans Prior to December 2008, we had two defined benefit pension plans, a Vornado Realty Trust Retirement Plan (Vornado Plan) and a Merchandise Mart Properties Pension Plan (Mart Plan). The benefits under the Vornado Plan and the Mart Plan (collectively, the Plans) were frozen in December 1997 and June 1999, respectively. Benefits under the Plans were primarily based on years of service and compensation during employment or on years of credited service and established monthly benefits. Funding policy for the Plans was based on contributions at the minimum amounts required by law. During the first quarter of 2009, we finalized the termination of the Mart Plan, which resulted in a $2,800,000 pension settlement expense. During the fourth quarter of 2008, we finalized the termination of the Vornado Plan which resulted in a $4,600,000 pension settlement expense. These charges are included as a component of general and administrative expense on our consolidated statements of income.

Summary of Quarterly Results

Summary of Quarterly Results (Unaudited)
	12 Months Ended Dec. 31, 2009 USD / shares
Summary of Quarterly Results (Unaudited) [Abstract]
Summary of Quarterly Results (Unaudited)	21. Summary of Quarterly Results (Unaudited) The following summary represents the results of operations for each quarter in 2009 and 2008: Net (Loss) Income Attributable Net (Loss) Income Per Common Share (2) Revenues to Common Basic Diluted Shareholders (1) (Amounts in thousands, except per share amounts) 2009 December 31 $ 719,003 $ (151,192) $ (0.84) $ (0.84) September 30 671,219 126,348 0.71 0.70 June 30 673,790 (51,904) (0.30) (0.30) March 31 678,566 125,841 0.81 0.80 2008 December 31 $ 695,153 $ (226,951) $ (1.47) $ (1.47) September 30 676,068 22,736 0.15 0.14 June 30 673,261 116,858 0.76 0.74 March 31 648,204 389,563 2.54 2.42 __________________________________ (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.

Segment Information

Segment Information
	12 Months Ended Dec. 31, 2009 USD / shares
Segment Information [Abstract]
Segment Information	22. Segment Information The financial information summarized below is presented by reportable operating segment, consistent with how we review and manage our businesses. (Amounts in thousands) For the Year Ended December 31, 2009 New York Washington, DC Merchandise Total Office Office Retail Mart Toys Other (3) Property rentals $ 2,058,811 $ 758,557 $ 538,882 $ 365,379 $ 236,761 $ $ 159,232 Straight-line rents: Contractual rent increases 54,945 28,423 11,942 12,596 1,891 93 Amortization of free rent 36,048 8,382 12,257 14,631 402 376 Amortization of acquired below- market 72,481 40,129 3,891 23,081 89 5,291 leases, net Total rentals 2,222,285 835,491 566,972 415,687 239,143 164,992 Tenant expense reimbursements 361,982 136,541 64,441 135,178 15,984 9,838 Fee and other income: Tenant cleaning fees 58,512 80,237 (21,725 ) Management and leasing fees 11,456 4,211 8,183 1,731 88 (2,757 ) Lease termination fees 5,525 1,840 2,224 464 858 139 Other 82,818 14,180 47,830 2,677 9,677 8,454 Total revenues 2,742,578 1,072,500 689,650 555,737 265,750 158,941 Operating expenses 1,087,785 452,370 228,740 206,590 135,385 64,700 Depreciation and amortization 539,503 173,923 144,317 102,210 56,171 62,882 General and administrative 231,688 22,820 26,219 30,433 31,587 120,629 Impairment and other losses 87,823 24,875 23,649 39,299 Total expenses 1,946,799 649,113 424,151 362,882 223,143 287,510 Operating income (loss) 795,779 423,387 265,499 192,855 42,607 (128,569 ) Income applicable to Alexanders 53,529 770 791 51,968 Income applicable to Toys 92,300 92,300 (Loss) income from partially owned (73,439 ) 5,047 4,850 3,937 151 (87,424 ) entities Interest and other investment (loss) (116,330 ) 876 789 85 96 (118,176 ) income, net Interest and debt expense (634,283 ) (133,647 ) (129,380 ) (90,068 ) (51,959 ) (229,229 ) Net (loss) gain on early extinguishment of debt (25,915 ) 769 (26,684 ) Net gain on disposition of wholly owned 5,641 5,641 and partially owned assets other than depreciable real estate Income (loss) before income taxes 97,282 296,433 141,758 108,369 (9,105 ) 92,300 (532,473 ) Income tax expense (20,737 ) (1,332 ) (1,577 ) (319

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts
	12 Months Ended Dec. 31, 2009 USD / shares
Schedule of Valuation and Qualifying Accounts Disclosure [Abstract]
Schedule of Valuation and Qualifying Accounts Disclosure	SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS December 31, 2009 (Amounts in Thousands) ColumnA Column B Column C Column D Column E Description Balance at Beginning of Year Additions Charged Against Operations Uncollectible Accounts Written-off Balance at End of Year Year Ended December 31, 2009:Allowance for doubtful accounts $ 85,307 $ 216,712 $ (59,893 ) $ 242,126 Year Ended December 31, 2008:Allowance for doubtful accounts $ 79,227 $ 20,931 $ (14,851 ) $ 85,307 Year Ended December 31, 2007:Allowance for doubtful accounts $ 18,199 $ 65,680 $ (4,652 ) $ 79,227

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation
	12 Months Ended Dec. 31, 2009 USD / shares
Schedule of Real Estate and Accumulated Depreciation [Abstract]
Schedule of Real Estate and Accumulated Depreciation	VORNADO REALTY TRUST AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Amounts in thousands) COLUMNA COLUMNB COLUMNC COLUMND COLUMNE COLUMNF COLUMNG COLUMNH COLUMNI Initialcosttocompany(1) Grossamountatwhich carriedatcloseofperiod Lifeonwhich depreciation Description Encumbrances Land Buildingsand improvements Costs capitalized subsequent toacquisition Land Buildings and improvements Total(2) Accumulated depreciation and amortization Dateof construction(3) Date acquired inlatest income statement iscomputed Office Buildings New York Manhattan 1290 Avenue of the Americas $ 434,643 $ 515,539 $ 923,653 $ 59,072 $ 515,539 $ 982,725 $ 1,498,264 $ 72,814 1963 2007 (4) 350 Park Avenue 430,000 265,889 363,381 21,432 265,889 384,813 650,702 28,686 1960 2006 (4) One Penn Plaza - - 412,169 143,618 - 555,787 555,787 162,385 1972 1998 (4) 100 W.33rd St (Manhattan Mall) 159,361 242,776 247,970 1,870 242,776 249,840 492,616 18,522 1911 2007 (4) Two Penn Plaza 282,492 53,615 164,903 74,212 52,689 240,041 292,730 85,541 1968 1997 (4) 770 Broadway 353,000 52,898 95,686 73,471 52,898 169,157 222,055 55,543 1907 1998 (4) 90 Park Avenue - 8,000 175,890 31,450 8,000 207,340 215,340 64,950 1964 1997 (4) 888 Seventh Avenue 318,554 - 117,269 90,468 - 207,737 207,737 59,795 1980 1998 (4) 640 Fifth Avenue - 38,224 25,992 107,485 38,224 133,477 171,701 41,348 1950 1997 (4) Eleven Penn Plaza 203,198 40,333 85,259 41,681 40,333 126,940 167,273 40,104 1923 1997 (4) 1740 Broadway - 26,971 102,890 36,366 26,971 139,256 166,227 37,381 1950 1997 (4) 909 Third Avenue 210,660 - 120,723 34,952 - 155,675 155,675 44,449 1969 1999 (4) 150 East 58th Street - 39,303 80,216 27,970 39,303 108,186 147,489 34,175 1969 1998 (4) 595 Madison Avenue - 62,731 62,888 13,103 62,731 75,991 138,722 18,779 1968 1999 (4) 866 United Nations Plaza 44,978 32,196 37,534 10,217 32,196 47,751 79,947 16,834 1966 1997 (4) 20 Broad Street - - 28,760 24,838 - 53,598 53,598 12,977 1956 1998 (4) 40 Fulton Street - 15,732 26,388 4,054 15,732 30,442 46,174 10,081 1987 1998 (4) 689

Document and Entity Information

Document and Entity Information (USD $)
In Thousands, except Share data	12 Months Ended Dec. 31, 2009	Jun. 30, 2009
Document and Entity Information [Abstract]
Entity Registrant Name	VORNADO REALTY TRUST
Entity Central Index Key	0000899689
Document Type	10-K
Document Period End Date	2009-12-31
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float		$7,216,326
Entity Common Stock, Shares Outstanding	181,214,161