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EXHIBIT 11
VORNADO REALTY L.P.
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
Three Months Ended Nine Months Ended
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September 30, September 30, September 30, September 30,
1997 1996 1997 1996
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Weighted average number of
Class A units outstanding 52,873,509 48,908,786 52,411,062 48,677,798
Common unit equivalents for
options after applying
treasury stock method 1,089,545 198,730 1,215,965 318,392
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Weighted average number of
Class A units and Class A
unit equivalents outstanding 53,963,054 49,107,516 53,627,027 48,996,190
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Net income applicable to
Class A units $10,385,000 $14,939,000 $29,008,000 $45,981,000
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Net income per Class A unit $ .19 $ .31 $ .54 $ .94
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