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of its Third Avenue property, partially offset by (iii) the Company’s $6,298,000 share of Alexander’s gain on the sale of its Fordham Road property in the prior year. 

## Income from Partially-Owned Entities 

Below ar the condensed statements of operations of the Company’s unconsolidated subsidiaries as well as the increase (decrease) in income from these partially-owned entities for the years ended December 31, 2002 and 2001: 

<img src='content_image/26803.jpg'>

(1) On Januar 1, 2002, the Company acquired the remaining 66% of CESCR it did not previously own. Accordingly, CESCR is consolidated as of January 1, 2002. 

(2) On September 20, 2002, the Company acquired the remaining 50% of the Mall and 25% of the Kmart anchor store that it did not previously own. Accordingly Las Catalinas is consolidated for the period from September 20, 2002 to December 31, 2002. 

(3) On October 10, 2002, a joint venture, in which the Company has a 50% interest, acquired the Monmouth Mall. 

(4) Vornado’ interest in the equity in net income of the Monmouth Mall includes a preferred return of $748 for the year ended December 31, 2002. 

(5) The year ended December 31, 2001 includes $1,394 for the Company’ share of a gain on sale of a property. 

(6) The year ended December 31, 2002 excludes 570 Lexington Avenue which was sold in May 2001. 

(7) The year ended December 31, 2001 includes $2,000 for the Company’ share of equity in loss of its Russian Tea Room (“RTR”) investment. In the third quarter of 2001, the Company wrote-off its entire net investment in RTR based on the operating losses and an assessment of the value of the real estate. 

