SEC Info - Vornado Realty Trust - ‘10-K’ for 12/31/09

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Vornado Realty Trust – ‘10-K’ for 12/31/09 – ‘XML.R24’

On: Tuesday, 2/23/10, at 8:44am ET · For: 12/31/09 · Accession #: 899689-10-4 · File #: 1-11954

  As Of               Filer                 Filing    For·On·As Docs:Size

 2/23/10  Vornado Realty Trust              10-K       12/31/09   49:29M

Annual Report — Form 10-K — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   7.62M 
 3: EX-21       Subsidiaries List                                   HTML    504K 
 4: EX-23       Consent of Experts or Counsel                       HTML     22K 
 2: EX-12       Statement re: Computation of Ratios                 HTML     57K 
 5: EX-31       Certification -- §302 - SOA'02                      HTML     21K 
 6: EX-31       Certification -- §302 - SOA'02                      HTML     21K 
 7: EX-32       Certification -- §906 - SOA'02                      HTML     18K 
 8: EX-32       Certification -- §906 - SOA'02                      HTML     18K 
39: XML         IDEA XML File -- Definitions and References          XML    143K 
45: XML         IDEA XML File -- Filing Summary                      XML     73K 
43: XML.R1      Consolidated Balance Sheets                          XML    385K 
44: XML.R2      Consolidated Balance Sheets [Parentheticals]         XML    168K 
26: XML.R3      Consolidated Statements of Income                    XML    331K 
31: XML.R4      Consolidated Statements of Income [Parentheticals]   XML     48K 
37: XML.R5      Consolidated Statements of Changes in Equity         XML    673K 
36: XML.R6      Consolidated Statements of Cash Flows                XML    688K 
48: XML.R7      Consolidated Statements of Cash Flows                XML     48K 
                [Parentheticals]                                                 
20: XML.R8      Organization and Business                            XML     40K 
35: XML.R9      Basis of Presentation and Significant Accounting     XML    200K 
                Policies                                                         
18: XML.R10     Investments in Partially Owned Entities              XML    481K 
17: XML.R11     Marketable Securities                                XML     64K 
25: XML.R12     Mezzanine Loans Receivable                           XML     95K 
41: XML.R13     Identified Intangible Assets                         XML    110K 
27: XML.R14     Debt                                                 XML    651K 
28: XML.R15     Redeemable Noncontrolling Interests                  XML    114K 
33: XML.R16     Shareholders' Equity                                 XML     61K 
49: XML.R17     Fair Value Measurements                              XML    136K 
23: XML.R18     Discontinued Operations                              XML     72K 
15: XML.R19     Stock-based Compensation                             XML    121K 
30: XML.R20     Fee and Other Income                                 XML     52K 
40: XML.R21     Interest and Other Investment (Loss) Income, net     XML     66K 
21: XML.R22     Income Per Share                                     XML    113K 
38: XML.R23     Comprehensive Income                                 XML     50K 
29: XML.R24     Leases                                               XML     92K 
47: XML.R25     Commitments and Contingencies                        XML     46K 
42: XML.R26     Related Party Transactions                           XML     36K 
32: XML.R27     Retirement Plans                                     XML     33K 
34: XML.R28     Summary of Quarterly Results (Unaudited)             XML     83K 
16: XML.R29     Segment Information                                  XML    970K 
19: XML.R30     Schedule II - Valuation and Qualifying Accounts      XML     75K 
22: XML.R31     Schedule III - Real Estate and Accumulated           XML   3.22M 
                Depreciation                                                     
24: XML.R32     Document and Entity Information                      XML    107K 
46: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    183K 
 9: EX-101.INS  XBRL Instance -- vno-20091231                        XML   6.59M 
11: EX-101.CAL  XBRL Calculations -- vno-20091231_cal                XML    166K 
12: EX-101.DEF  XBRL Definitions -- vno-20091231_def                 XML    633K 
13: EX-101.LAB  XBRL Labels -- vno-20091231_lab                      XML    597K 
14: EX-101.PRE  XBRL Presentations -- vno-20091231_pre               XML    396K 
10: EX-101.SCH  XBRL Schema -- vno-20091231                          XSD    104K

‘XML.R24’ — Leases

This Financial Report is an XBRL XML File.

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<ReportName> Leases </ReportName>

<LabelColumn> false </LabelColumn>

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</Columns>

<Rows>

<Row>

<Label> Leases [Abstract] </Label>

<ElementName> us-gaap_LeasesAbstract </ElementName>

<PeriodType> duration </PeriodType>

<ElementDataType> string </ElementDataType>

<ShortDefinition> No definition available. </ShortDefinition>

<IsReportTitle> false </IsReportTitle>

<IsSegmentTitle> false </IsSegmentTitle>

<IsSubReportEnd> false </IsSubReportEnd>

<IsCalendarTitle> false </IsCalendarTitle>

<IsTuple> false </IsTuple>

<IsBeginningBalance> false </IsBeginningBalance>

<IsEndingBalance> false </IsEndingBalance>

<IsEPS> false </IsEPS>

<Cells>

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<ShowCurrencySymbol> false </ShowCurrencySymbol>

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<ElementDefenition> No definition available. </ElementDefenition>

<IsTotalLabel> false </IsTotalLabel>

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<Row>

<Label> Leases </Label>

<ElementName> vno_LeasesTextBlock </ElementName>

<IsBaseElement> false </IsBaseElement>

<PeriodType> duration </PeriodType>

<ElementDataType> string </ElementDataType>

<ShortDefinition> Description and amounts of an entity's (as a lessor) leasing arrangements for operating, capital and leveraged leases and... </ShortDefinition>

<IsReportTitle> false </IsReportTitle>

<IsSegmentTitle> false </IsSegmentTitle>

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<IsCalendarTitle> false </IsCalendarTitle>

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<Cells>

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<div> <div><div><div style="font-family: 'Times New Roman', serif;"> 17. Leases <h3 style="margin: 0in 0in 0pt 0.25in; tab-stops: .5in; mso-para-margin-left: 1.8gd;">As lessor:</h3> We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rentals payable monthly in advance. Office building leases generally require the tenants to reimburse us for operating costs and real estate taxes above their base year costs. Shopping center leases provide for the passthrough to tenants the tenants’ share of real estate taxes, insurance and maintenance. Shopping center leases also provide for the payment by the lessee of additional rent based on a percentage of the tenants’ sales. As of December 31, 2009, future base rental revenue under non-cancelable operating leases, excluding rents for leases with an original term of less than one year and rents resulting from the exercise of renewal options, is as follows: <div align="center"> <table style="width: 38.4%; border-collapse: collapse; mso-padding-alt: 0in 0in 0in 0in;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="38%"> <tr style="page-break-inside: avoid; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 56.48%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="56%"> (Amounts in thousands) </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.3%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 24.98%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="24%" colspan="2"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.24%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 1;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 56.48%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="56%"> Year Ending December 31: </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.3%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 24.98%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="24%" colspan="2"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.24%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 2;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 56.48%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="56%"> 2010 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.3%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 4.02%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="4%"> $ </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 20.96%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="20%"> 1,873,000 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.24%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 3;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 56.48%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="56%"> 2011 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.3%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 4.02%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="4%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 20.96%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="20%"> 1,755,000 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.24%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 4;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 56.48%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="56%"> 2012 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.3%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 4.02%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="4%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 20.96%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="20%"> 1,593,000 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.24%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 5;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 56.48%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="56%"> 2013 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.3%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 4.02%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="4%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 20.96%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="20%"> 1,453,000 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.24%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 6;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 56.48%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="56%"> 2014 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.3%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 4.02%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="4%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 20.96%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="20%"> 1,331,000 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.24%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 7; mso-yfti-lastrow: yes;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 56.48%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="56%"> Thereafter </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.3%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 4.02%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="4%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 20.96%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="20%"> 6,471,000 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.24%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> </tr> </table> </div> These amounts do not include rentals based on tenants’ sales. These percentage rents approximated $9,051,000, $7,322,000, and $9,379,000, for the years ended December 31, 2009, 2008, and 2007, respectively. None of our tenants accounted for more than 10% of total revenues in any of the years ended December 31, 2009, 2008 and 2007. <font style="font-family: 'Times New Roman','serif'; font-size: 10pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;" class="_mt"> Former Bradlees Locations Pursuant to the Master Agreement and Guaranty, dated May 1, 1992, we are due $5,000,000 per annum of additional rent from Stop & Shop which was allocated to certain of Bradlees former locations. On December 31, 2002, prior to the expiration of the leases to which the additional rent was allocated, we reallocated this rent to other former Bradlees leases also guaranteed by Stop & Shop. Stop & Shop is contesting our right to reallocate and claims that we are no longer entitled to the additional rent. At December 31, 2009, we were due an aggregate of $35,417,000. We believe the additional rent provision of the guaranty expires, at the earliest, in 2012 and we are vigorously contesting Stop & Shop’s position. As lessee: We are a tenant under operating leases for certain properties. These leases have terms that expire during the next thirty years. Future minimum lease payments under operating leases at December 31, 2009, are as follows: <div align="center"> <table style="width: 37.06%; border-collapse: collapse; mso-padding-alt: 0in 0in 0in 0in;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="37%"> <tr style="page-break-inside: avoid; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 58.52%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="58%"> (Amounts in thousands) </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.64%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 22.24%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="22%" colspan="2"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.6%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 1;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 58.52%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="58%"> Year Ending December 31: </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.64%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 22.24%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="22%" colspan="2"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.6%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 2;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 58.52%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="58%"> 2010 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.64%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 4.18%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="4%"> $ </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 18.06%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="18%"> 27,113 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.6%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 3;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 58.52%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="58%"> 2011 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.64%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 4.18%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="4%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 18.06%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="18%"> 26,896 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.6%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 4;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 58.52%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="58%"> 2012 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.64%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 4.18%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="4%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 18.06%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="18%"> 27,152 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.6%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 5;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 58.52%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="58%"> 2013 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.64%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 4.18%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="4%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 18.06%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="18%"> 27,166 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.6%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 6;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 58.52%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="58%"> 2014 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.64%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 4.18%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="4%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 18.06%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="18%"> 27,326 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.6%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 7; mso-yfti-lastrow: yes;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 58.52%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="58%"> Thereafter </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.64%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 4.18%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="4%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 18.06%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="18%"> 1,036,466 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 9.6%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="9%"> </td> </tr> </table> </div> Rent expense was $35,463,000, $29,320,000, and $24,503,000 for the years ended December 31, 2009, 2008 and 2007, respectively. We are also a lessee under capital leases for real estate. Lease terms generally range from 5-20 years with renewal or purchase options. Capitalized leases are recorded at the present value of future minimum lease payments or the fair market value of the property. Capitalized leases are depreciated on a straight-line basis over the estimated life of the asset or life of the related lease, whichever is shorter. Amortization expense on capital leases is included in “depreciation and amortization” on our consolidated statements of income. As of December 31, 2009, future minimum lease payments under capital leases are as follows: <div align="center"> <table style="width: 45.1%; border-collapse: collapse; mso-padding-alt: 0in 0in 0in 0in;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="45%"> <tr style="page-break-inside: avoid; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 65.9%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="65%"> (Amounts in thousands) </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.92%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 18.28%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="18%" colspan="2"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.9%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 1;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 65.9%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="65%"> Year Ending December 31: </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.92%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 18.28%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="18%" colspan="2"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.9%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 2;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 65.9%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="65%"> 2010 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.92%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 3.44%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="3%"> $ </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 14.84%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="14%"> 707 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.9%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 3;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 65.9%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="65%"> 2011 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.92%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 3.44%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="3%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 14.84%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="14%"> 706 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.9%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 4;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 65.9%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="65%"> 2012 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.92%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 3.44%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="3%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 14.84%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="14%"> 707 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.9%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 5;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 65.9%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="65%"> 2013 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.92%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 3.44%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="3%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 14.84%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="14%"> 706 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.9%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 6;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 65.9%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="65%"> 2014 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.92%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 3.44%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="3%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 14.84%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="14%"> 707 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.9%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 7;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 65.9%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="65%"> Thereafter </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.92%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 3.44%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="3%"> </td> <td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 14.84%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in; mso-border-bottom-alt: solid windowtext .5pt;" valign="bottom" width="14%"> 17,427 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.9%; padding-right: 0in; background: white; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 8;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 65.9%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="65%"> Total minimum obligations </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.92%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 3.44%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="3%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 14.84%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt;" valign="bottom" width="14%"> 20,960 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.9%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 9;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; padding-left: 0in; width: 65.9%; padding-right: 0in; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="65%"> Interest portion </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; padding-left: 0in; width: 7.92%; padding-right: 0in; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; padding-left: 0in; width: 3.44%; padding-right: 0in; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="3%"> </td> <td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; padding-left: 0in; width: 14.84%; padding-right: 0in; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in; mso-border-bottom-alt: solid windowtext .5pt;" valign="bottom" width="14%"> (14,207 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; padding-left: 0in; width: 7.9%; padding-right: 0in; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> ) </td> </tr> <tr style="page-break-inside: avoid; mso-yfti-irow: 10; mso-yfti-lastrow: yes;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 65.9%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="65%"> Present value of net minimum payments </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.92%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 3.44%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="3%"> $ </td> <td style="border-bottom: windowtext 1.5pt double; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 14.84%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in; mso-border-top-alt: solid windowtext .5pt;" valign="bottom" width="14%"> 6,753 </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; padding-left: 0in; width: 7.9%; padding-right: 0in; background: #ccffff; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" valign="bottom" width="7%"> </td> </tr> </table> </div> At December 31, 2009 and 2008, $6,753,000 and $6,788,000, respectively, representing the present value of net minimum payments are included in “Other Liabilities” on our consolidated balance sheets. At December 31, 2009 and 2008, property leased under capital leases had a total cost of $6,216,000 and $6,216,000, respectively, and accumulated depreciation of $1,873,000 and $1,717,000, respectively. <font style="font-family: 'Times New Roman','serif'; font-size: 10pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;" class="_mt"> </div></div></div> </div>

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<NonNumericTextHeader> 17. Leases As lessor: We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rentals </NonNumericTextHeader>

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<ElementDefenition> Description and amounts of an entity's (as a lessor) leasing arrangements for operating, capital and leveraged leases and disclosure of entity's leasing arrangements (as a lessee) including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. This element can be used to disclose the entity's entire lease disclosure as a single block of text. </ElementDefenition>

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<IsTotalLabel> false </IsTotalLabel>

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<HasScenarios> false </HasScenarios>

<MonetaryRoundingLevel> UnKnown </MonetaryRoundingLevel>

<SharesRoundingLevel> UnKnown </SharesRoundingLevel>

<PerShareRoundingLevel> UnKnown </PerShareRoundingLevel>

<HasPureData> false </HasPureData>

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Filing Submission 0000899689-10-000004 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Vornado Realty Trust – ‘10-K’ for 12/31/09 – ‘XML.R24’

On: Tuesday, 2/23/10, at 8:44am ET · For: 12/31/09 · Accession #: 899689-10-4 · File #: 1-11954

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Annual Report — Form 10-K — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘XML.R24’ — Leases

This Financial Report is an XBRL XML File.

Annual Report — Form 10-K — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents