VORNADO REALTY TRUST 86 NOTES TO CONSOLIDATED FINANCIAL STA TEMENTS Temperature Merchandise Controlled (AMOUNTS IN THOUSANDS) Total Office Retail Mart Logistics Other (2) Property rentals $1,210,048 $ 823,302 $136,490 $197,554 $ — $ 52,702 Straight-line rents: Contractual rent increases 34,023 27,031 3,108 3,875 — 9 Amortization of free rent 7,924 292 5,390 2,251 — (9) Amortization of acquired below market leases, net 9,047 8,007 1,040 — — — Total rentals 1,261,042 858,632 146,028 203,680 — 52,702 Expense reimbursements 179,214 102,826 56,900 16,402 — 3,086 Fee and other income: Tenant cleaning fees 29,062 29,062 — — — — Management and leasing fees 12,812 11,427 1,290 — — 95 Other 20,925 8,852 4,694 7,344 — 35 Total revenues 1,503,055 1,010,799 208,912 227,426 — 55,918 Operating expenses 583,660 377,500 70,462 91,033 — 44,665 Depreciation and amortization 215,032 151,994 18,835 30,125 — 14,078 General and administrative 122,405 37,251 9,783 20,215 — 55,156 Total expenses 921,097 566,745 99,080 141,373 — 113,899 Operating income 581,958 444,054 109,832 86,053 — (57,981) Income applicable to Alexander’s 15,574 — — — — 15,574 Income from partially-owned entities 67,901 2,426 3,752 (108) 18,416 43,415 Interest and other investment income 25,402 2,960 359 93 — 21,990 Interest and debt expense (229,662) (134,715) (59,674) (14,788) — (20,485) Net gain on disposition of wholly-owned and partially-owned assets other than real estate 2,343 180 — 188 — 1,975 Minority interest (178,675) (1,119) — — — (177,556) Income before discontinued operations and  gains on sale of real estate 284,841 313,786 54,269 71,438 18,416 (173,068) Discontinued operations 14,073 15,536 261 — — (1,724) Gains on sale of real estate (discontinued operations) 161,789 157,200 4,589 — — — Net income 460,703 486,522 59,119 71,438 18,416 (174,792) Interest and debt expense (3) 296,059 138,379 62,718 15,700 24,670 54,592 Depreciation and amortization (3) 279,507 155,743 21,642 30,749 34,879 36,494 Income taxes 1,627 45 — — — 1,582 EBITDA (1) $1,037,896 $ 780,689 $143,479 $117,887 $ 77,965 $ (82,124) Balance sheet data: Real estate, net $6,878,603 $ 4,966,074 $730,443 $904,546 $ — $277,540 Investments and advances to partially-owned entities 900,600 44,645 57,317 6,063 426,773 365,802 Capital expenditures: Acquisitions 249,954 95,420 154,534 — — — Other 239,222 108,230 45,707 36,341 5,700 43,244 See notes on page 89 December 31, 2003