NOTES TO CONSOLIDATED FINANCIAL STATEMENTS VORNADO REALTY TRUST 89 (1) Management considers EBITDA a supplemental measure for making decisions and assessing the performance of its segments. EBITDA should not be considered a substitute for net income. EBITDA may not be comparable to similarly titled measures employed by other companies. (2) Other EBITDA is comprised of: For the Year Ended December 31, (3) Interest and debt expense and depreciation and amortization included in the reconciliation of net income to EBITDA reflects amounts which are netted in income from partially-owned entities. (AMOUNTS IN THOUSANDS) 2003 2002 2001 Newkirk Joint Ventures: Equity in income of limited partnerships $ 68,341 $ 60,756 $ 54,695 Interest and other income 8,532 8,795 8,700 Alexander’s 23,001 39,436 19,362 Industrial warehouses 6,208 6,223 6,639 Palisades 5,006 161 — Hotel Pennsylvania 4,573 7,636 16,978 Student housing 2,000 2,340 2,428 400 North LaSalle (phased into service beginning October 2003) (680) — — 116,981 125,347 108,802 Minority interest expense (177,556) (135,158) (109,897) Corporate general and administrative expenses (51,461) (34,743) (33,515) Investment income and other 28,350 22,907 44,222 Net gain on sale of marketable securities 2,950 12,346 — Primestone foreclosure and impairment loss (1,388) (35,757) — Amortization of Officer’s deferred compensation expense — (27,500) — Write-off of 20 Times Square pre-development costs (2002) and  World Trade Center acquisition costs (2001) — (6,874) (5,223) Gain on transfer of mortgages — 2,096 — Net gain on sale of air rights — 1,688 — After-tax net gain on sale of Park Laurel condominium units — — 15,657 Write-off of net investment in Russian Tea Room — — (7,374) Write-off of investments in technology companies — — (16,513) $ (82,124) $ (75,648) $ (3,841)