EXHIBIT 12





<TABLE>
<CAPTION>


                                                VORNADO REALTY L.P.

     CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES AND PREFERRED UNIT DISTRIBUTION
                                                   REQUIREMENTS


                                                                        December 31,
                                          -----------------------------------------------------------------------
                                            1998            1997            1996           1995           1994
                                          ---------      ---------       ----------     ---------      ----------
<S>                                       <C>            <C>             <C>            <C>            <C>
Income from continuing                                                                                            
    operations before                                                                                             
    income taxes                          $ 131,164      $  45,474       $  61,364      $  53,008      $  41,240
Fixed charges                               139,765         59,104          17,214         17,333         16,229
                                          ---------      ---------       ---------      ---------      ---------
Income from continuing                                                                                            
    operations before                                                                                             
    income taxes and                                                                                              
    fixed charges                         $ 270,929      $ 104,578       $  78,578      $  70,341      $  57,469
                                          =========      =========       =========      =========      =========
Fixed charges:                                                                                                    
    Interest and debt expense             $ 114,686      $  42,888       $  16,726      $  16,426      $  14,209
    Preferred unit distribution              21,690         15,549              --             --             --
    1/3 of rent expense--                                                                                         
      interest factor                         1,979            667             488            465            438
                                          ---------      ---------       ---------      ---------      ---------
                                            138,355         59,104          17,214         16,891         14,647
Capitalized interest                          1,410             --              --            442          1,582
                                          ---------      ---------       ---------      ---------      ---------
                                          $ 139,765      $  59,104         $17,214      $  17,333      $  16,229
                                          =========      =========       =========      =========      =========


Ratio of earnings to                                                                                              
    fixed charges                              1.94           1.76            4.56           4.06           3.54
</TABLE>

Note:      For purposes of this calculation, earnings before fixed charges
           consist of earnings before income taxes plus fixed charges. Fixed
           charges consist of interest expense on all indebtedness (including
           amortization of deferred debt issuance costs) preferred stock
           dividends and the portion of operating lease rental expense that is
           representative of the interest factor (deemed to be one third of
           operating lease rentals).

<TABLE>
<S>                                       <C>            <C>             <C>            <C>            <C>
Rent Expense                              $   5,937      $   2,001       $   1,465      $   1,395      $   1,313
                                          =========      =========       =========      =========      =========
</TABLE>


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