VORNADO REALTY TRUST 85 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 16.  Summary of Quarterly Results (Unaudited) The following summary represents the results of operations for each quarter in 2003, 2002 and 2001: (1) The total for the year may differ from the sum of the quarters as a result of weighting. (2) Includes gains on sale of real estate of $158,378. In 2002, the Company had a 70% interest in a joint ventur e to develop an office tower over the Port Authority Bus Terminal  in New York City. Market conditions existing in 2002 resulted in the joint venture writing off $9,700,000, representing all  pre-development costs capitalized to date, of which the Company’s share is $6,874,000. In 2001, the Company was unable to reach a final agreement with the Port Authority of NY & NJ to conclude a net lease  of the World Trade Center. Accordingly in 2001 the Company wrote off costs of $5,223,000 primarily associated with the World Trade Center. The Company has four business segments: Office, Retail, Mer chandise Mart Properties and Temperature Controlled Logistics. In 2003, the Company revised how it presents EBITDA, a measure of performance of its segments, and has revised the disclo- sure for all periods presented. EBITDA as disclosed represents “Earnings before Interest, Taxes, Depreciation and Amortization.” This change is consistent with the Securities and Exchange Commission’s Regulation G. 18.  Segment Information 17.  Costs of Acquisitions and Development Not Consummated Net Income Income Per Applicable to  Common Share (1) Common  (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) Revenue Shares Basic Diluted 2003 March 31 $364,977 $ 86,317 $ 0.79 $0.77 June 30 371,129 82,331 0.74 0.71 September 30 380,174 70,981 0.63 0.60 December 31 386,775 200,259 (2) 1.73 1.66 2002 March 31 $349,199 $ 45,396 $ 0.44  $0.42 June 30 344,727 64,553  0.61 0.58 September 30 352,983 59,247  0.55 0.54 December 31 345,331 39,434 0.37 0.36 2001 March 31 $233,959 $ 46,836 $ 0.54 $0.52 June 30 237,973 56,920 0.65 0.64 September 30 241,026 67,876 0.76 0.74 December 31 239,462 55,601 0.59 0.57