Washington, DC Office Properties owned by the Company as of December 31, 2005:
## Table 0 ##
(1) Includes Crystal Plaza Two, Three and Four containing an aggregate of 574,000 square feet which have been taken out of service for redevelopment and not included in Percent Leased.
(2) Based on 189,000 square feet placed into service as of December 31, 2005.
(3) Due to ongoing litigation, access to occupancy percentage and encumbrances are not available.
RETAIL PROPERTIES SEGMENT The Company owns 111 retail properties, of which 61 are strip shopping centers located in the Northeast and Mid-Atlantic; 25 are supermarkets in Southern California; 7 are regional malls located in New York, New Jersey and San Juan, Puerto Rico; and 18 are retail properties located in New York City.
The Company’s strip shopping centers and malls are generally located on major regional highways in mature, densely populated areas.
The Company believes these properties attract consumers from a regional, rather than a neighborhood market place because of their location on regional highways.
Strip Shopping Centers: The Company’s strip shopping centers contain an aggregate of 10.8 million square feet and are substantially (over 80%) leased to large stores (over 20,000 square feet).
Tenants include destination retailers such as discount department stores,
supermarkets, home improvement stores, discount apparel stores and membership warehouse clubs.
Tenants typically offer basic consumer necessities such as food, health and beauty aids, moderately priced clothing, building materials and home improvement supplies, and compete primarily on the basis of price and location.
Regional Malls: The Green Acres Mall in Long Island, New York contains 1.6 million square feet, and is anchored by four major department stores: Sears, J. C.  Penney, Federated Department Stores, doing business as Macy’s and Macy’s Men’s Furniture Gallery.
The complex also includes The Plaza at Green Acres, a 175,000 square foot strip shopping center which is anchored by Wal-Mart and National Wholesale Liquidators.
The Company plans to renovate the interior and exterior of the mall and construct 100,000 square feet of free-standing retail space and parking decks in the complex, subject to governmental approvals.
In addition, the Company has entered into a ground lease with B. J.
’s Wholesale Club who will construct its own free-standing store in the mall complex.
The expansion and renovation are expected to be completed in 2007.
The Monmouth Mall in Eatontown, New Jersey, owned 50% by the Company, contains 1.4 million square feet and is anchored by four department stores; Macy’s, Lord & Taylor, J. C.  Penney and Boscovs, three of which own their stores aggregating 719,000 square feet.
The joint venture plans to construct 80,000 square feet of free-standing retail space in the mall complex, subject to governmental approvals.
The expansion is expected to be completed in 2007.
The Broadway Mall in Hicksville, Long Island, New York, contains 1.2 million square feet and is anchored by Macy’s, Ikea, Multiplex Cinema and Target, which owns its store containing 141,000 square feet.
The Bergen Mall in Paramus, New Jersey, as currently exists, contains 900,000 square feet.
The Company plans to demolish approximately 300,000 square feet and construct approximately 580,000 square feet of retail space, which will bring the total square footage of the mall to approximately 1,360,000, including 180,000 square feet to be built by Target on land leased from the Company.
As of December 31, 2005, the Company has taken 480,000 square feet out of service for redevelopment and leased 236,000 square feet to Century 21 and Whole Foods.
All of the foregoing is subject to governmental approvals.
The expansion and renovations, as planned, are expected to be completed in 2008.
The Montehiedra Mall in San Juan, Puerto Rico, contains 563,000 square feet and is anchored by Home Depot, Kmart, and Marshalls.
The South Hills Mall in Poughkeepsie, New York, contains 668,000 square feet and is anchored by Kmart and Burlington Coat Factory.
The Company plans to redevelop and retenant the mall, subject to governmental approvals.
The Las Catalinas Mall in San Juan, Puerto Rico, contains 495,000 square feet and is anchored by Kmart and Sears, which owns its 140,000 square foot store.
Occupancy and average annual base rent per square foot: At December 31, 2005, the aggregate occupancy rate for the 16,169,000 square feet of Retail Properties was 95.6%.
Strip Shopping Centers:
## Table 1 ##
Vornado Realty Trust (“Vornado”) is a fully?integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L. P. , a Delaware limited partnership (the “Operating Partnership”).
Accordingly, Vornado’s cash flow and ability to pay dividends to its shareholders is dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. ?
Vornado is the sole general partner of, and owned approximately 93.5% of the common limited partnership interest in the Operating Partnership as of December 31, 2017. ?
All references to the “Company,” “we,” “us” and “our” mean collectively Vornado, the Operating Partnership and those entities/ subsidiaries consolidated by Vornado.
On July?17, 2017, we completed the spin-off of our Washington, DC segment comprised of (i) 37 office properties totaling over 11.1 million square feet, five multifamily properties with 3,133 units and five other assets totaling approximately 406,000 square feet and (ii) 18 future development assets totaling over 10.4 million square feet of estimated potential development density, and (iii) $412.5 million of cash ($275.0 million plus The Bartlett financing proceeds less transaction costs and other mortgage items) to JBG SMITH Properties (“JBGS”).
On July?18, 2017, JBGS was combined with the management business and certain Washington, DC assets of The JBG Companies (“JBG”), a Washington, DC real estate company.
Steven Roth, the Chairman of the Board of Trustees and Chief Executive Officer of Vornado, is the Chairman of the Board of Trustees of JBGS.
Mitchell Schear, former President of our Washington, DC business, is a member of the Board of Trustees of JBGS.
We are providing transition services to JBGS initially including information technology, financial reporting and payroll services.
The spin-off was effected through a tax-free distribution by Vornado to the holders of Vornado common shares of all of the common shares of JBGS at the rate of one JBGS common share for every two common shares of Vornado and the distribution by the Operating Partnership to the holders of its common units of all of the outstanding common units of JBG SMITH Properties LP (“JBGSLP”) at the rate of one JBGSLP common unit for every two common units of VRLP held of record.
See JBGS’ Amendment No.3 on Form 10 (File No.1-37994) filed with the Securities and Exchange Commission on June?9, 2017 for additional information.
Beginning in the third quarter of 2017, the historical financial results of our Washington, DC segment are reflected in our consolidated financial statements as discontinued operations for all periods presented.
We own and operate office and retail properties with a large concentration in the New York City metropolitan area.
In addition, we have a 32.4% interest in Alexander’s, Inc.  (“Alexander’s”) (NYSE: ALX), which owns seven properties in the greater New York metropolitan area, a 32.5% interest in Toys “R” Us, Inc.  (“Toys”) as well as interests in other real estate and related investments.
Our business objective is to maximize Vornado shareholder value, which we measure by the total return provided to our shareholders.
Below is a table comparing Vornado’s performance to the FTSE NAREIT Office Index (“Office REIT”) and the MSCI US REIT Index (“MSCI”) for the following periods ended December 31, 2017:
## Table 2 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td> Location/Complex</td><td> Number of Buildings</td><td> </td><td> Approximate Leasable Building Square Feet</td><td>Percent Leased</td><td> Encumbrances (in thousands)</td><td> </td></tr><tr><td>Crystal City:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Crystal Park</td><td>5</td><td></td><td>2,206,000</td><td>67.3%</td><td>$249,212</td><td></td></tr><tr><td>Crystal Gateway</td><td>5</td><td></td><td>1,478,000</td><td>94.6%</td><td>203,889</td><td></td></tr><tr><td>Crystal Square</td><td>4</td><td></td><td>1,426,000</td><td>96.0%</td><td>188,633</td><td></td></tr><tr><td>Crystal Plaza</td><td>7</td><td>-1</td><td>1,266,000</td><td>88.5%</td><td>—</td><td></td></tr><tr><td>Crystal Mall</td><td>4</td><td></td><td>1,080,000</td><td>100.0%</td><td>49,214</td><td></td></tr><tr><td>Crystal City Hotel</td><td>1</td><td></td><td>266,000</td><td>100.0%</td><td>—</td><td></td></tr><tr><td>1919 S. Eads Street</td><td>1</td><td></td><td>96,000</td><td>57.4%</td><td>11,757</td><td></td></tr><tr><td>Crystal Drive Retail</td><td>1</td><td></td><td>56,000</td><td>82.5%</td><td>—</td><td></td></tr><tr><td>Total Crystal City</td><td>28</td><td></td><td>7,874,000</td><td>86.4%</td><td>702,705</td><td></td></tr><tr><td>Skyline</td><td>7</td><td></td><td>2,080,000</td><td>94.7%</td><td>128,732</td><td></td></tr><tr><td>Courthouse Plaza(ground leased through 2062)</td><td>2</td><td></td><td>622,000</td><td>97.9%</td><td>75,971</td><td></td></tr><tr><td>Warner Building</td><td>1</td><td></td><td>603,000</td><td>91.4%</td><td>149,953</td><td></td></tr><tr><td>Reston Executive</td><td>3</td><td></td><td>486,000</td><td>87.5%</td><td>93,000</td><td></td></tr><tr><td>One Skyline Tower</td><td>1</td><td></td><td>479,000</td><td>95.8%</td><td>62,725</td><td></td></tr><tr><td>Tysons Dulles</td><td>3</td><td></td><td>478,000</td><td>95.1%</td><td>—</td><td></td></tr><tr><td>Commerce Executive</td><td>3</td><td></td><td>384,000</td><td>90.7%</td><td>51,122</td><td></td></tr><tr><td>2101 L Street</td><td>1</td><td></td><td>354,000</td><td>99.5%</td><td>—</td><td></td></tr><tr><td>1750 Pennsylvania Avenue</td><td>1</td><td></td><td>260,000</td><td>97.9%</td><td>48,359</td><td></td></tr><tr><td>1150 17th Street</td><td>1</td><td></td><td>230,000</td><td>91.9%</td><td>31,397</td><td></td></tr><tr><td>Bowen Building</td><td>1</td><td></td><td>230,000</td><td>100.0%-2</td><td>62,099</td><td></td></tr><tr><td>Democracy Plaza I(ground leased through 2084)</td><td>1</td><td></td><td>210,000</td><td>97.4%</td><td>—</td><td></td></tr><tr><td>1101 17th Street</td><td>1</td><td></td><td>209,000</td><td>99.3%</td><td>26,001</td><td></td></tr><tr><td>1730 M Street (ground leased through 2061)</td><td>1</td><td></td><td>194,000</td><td>89.8%</td><td>16,233</td><td></td></tr><tr><td>1140 Connecticut Avenue</td><td>1</td><td></td><td>183,000</td><td>95.1%</td><td>19,231</td><td></td></tr><tr><td>Arlington Plaza</td><td>1</td><td></td><td>179,000</td><td>94.0%</td><td>14,393</td><td></td></tr><tr><td>South Capitol</td><td>3</td><td></td><td>58,000</td><td>96.9%</td><td>—</td><td></td></tr><tr><td>Partially-owned:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>H Street equity interests(4% to 50% interests)</td><td>18</td><td></td><td>2,018,400</td><td>N/A-3</td><td>N/A</td><td>-3</td></tr><tr><td>Rosslyn Plaza (46% interest)</td><td>6</td><td></td><td>431,000</td><td>96.0%</td><td>27,280</td><td></td></tr><tr><td>Fairfax Square (20% interest)</td><td>3</td><td></td><td>105,000</td><td>95.7%</td><td>13,247</td><td></td></tr><tr><td>Kaempfer equity interests (2.5% to 7.5%)</td><td>4</td><td></td><td>60,000</td><td>95.3%</td><td>7,733</td><td></td></tr><tr><td>Total Washington D.C.</td><td>91</td><td></td><td>17,727,400</td><td>91.2%</td><td>$1,530,181</td><td></td></tr></table>
<table><tr><td>As of December 31,</td><td>Rentable Square Feet</td><td>Occupancy Rate</td><td>Average Annual Base Rent Per Square Foot</td></tr><tr><td>2005</td><td>10,750,000</td><td>95.5%</td><td>$12.07</td></tr><tr><td>2004</td><td>9,931,000</td><td>94.5%</td><td>12.00</td></tr><tr><td>2003</td><td>8,798,000</td><td>92.3%</td><td>11.91</td></tr><tr><td>2002</td><td>9,295,000</td><td>85.7%</td><td>11.11</td></tr><tr><td>2001</td><td>9,008,000</td><td>89.0%</td><td>10.60</td></tr></table>
<table><tr><td></td><td colspan="3">Total Return<sup>-1</sup></td></tr><tr><td></td><td>Vornado</td><td>Office REIT</td><td>MSCI</td></tr><tr><td>Three-month</td><td>2.5%</td><td>4.3%</td><td>1.4%</td></tr><tr><td>One-year</td><td>-4.3%</td><td>5.3%</td><td>5.1%</td></tr><tr><td>Three-year</td><td>-1.4%</td><td>19.5%</td><td>17.0%</td></tr><tr><td>Five-year</td><td>54.3%</td><td>58.7%</td><td>56.3%</td></tr><tr><td>Ten-year</td><td>75.7%</td><td>70.1%</td><td>105.1%</td></tr></table>

Question: How many is the Number of Buildings in terms of Crystal City Hotel less than the Total Number of Buildings in Crystal City?
Answer: 27
Reasoning program: subtract(28,1)